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Кредитование проектов малого предпринимательства

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Ieienoa?noai IAUAAI E I?IOANNEIIAEUeIIAI IA?ACIAAIEss ?INNEENEIE
OAAeA?AOeEE

?inoianeay Ainoaea?noaaiiay Yeiiiie/aneay Aeaaeaiey

Eaoaae?a “Aaieianeia aeaei”

Ooaa?aeaeaii

caa. eaoaae?ie

ae.y.i., i?io.

Naiaithoie I.A.

“___”____________1998a.

_______________________

(iiaeienue)

Ae E I E I I I A ss ? a a i o a

ia oaio

E?aaeeoiaaiea i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa

Nooaeaioa 4 eo?na,

Oeiainiaiai einoeoooa,

A?oiia 44

Aoou?iaa A.A.

Iao/iue ?oeiaiaeeoaeue

e.y.i., aeioe.

Aunieiaa O.I.

Aee?aeoi? einoeoooa

e.y.i., aeioe.

Ei/iiea E.A.

Caa. eaoaae?ie “Aaieianeia aeaei”

ae.y.i., i?io.

Naiaithoa I.A.

a. ?inoia-ia-Aeiio 1998

Ooaa?aeaeath

caa. eaoaae?ie

Aaieianeia aeaei

ae.y.i., i?io.

Naiaithoa I.A.

“___”____________1998a.

___________________

?INOIANEAss AINOAeA?NOAAIIAss YEIIIIE*ANEAss AEAAeAIEss

OEIAINIAUE EINOEOOO

EAOAAe?A AAIEIANEIAI AeAEA

Caaeaiea ia iiaeaioiaeo aeeieiiiie ?aaiou nooaeaioo

Aoou?iao A?eai?eth Aeaenaiae?iae/o

1. Oaia aeeieiiiie ?aaiou

E?aaeeoiaaiea i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa

ooaa?aeaeaia i?eeacii ii Aeaaeaiee io ___________ ?
________________.

2. N?ie naea/e nooaeaioii caeii/aiiie ?aaiou ia eaoaae?o 15 iay.

3. Enoiaeiua aeaiiua e ?aaioa

Iia?aoeaiay eioi?iaoeey ii e?aaeeoiaaieth i?iaeoia iaeuo
i?aaei?eyoee

a IAI EA “Oeaio?-eiaano”

4. Ia?a/aiue iiaeeaaeaueo ?ac?aaioea a aeeieiiiie ?aaioa aii?inia

a) ?ane?uoea nouiinoe iaeiai i?aaei?eieiaoaeuenoaa;

a) Iinoaiiaea iniiaiuo i?iaeai iaeiai i?aaei?eieiaoaeuenoaa;

a) Oaoiieiaey e?aaeeoiaaiey i?iaeoia iaeiai i?aaei?ieiaoaeuenoaa;

a) ?ac?aaioea ?aeiiaiaeaoeee aeey ?aoaiey iniiaiuo i?iaeai, aicieeathueo
i?e

e?aaeeoiaaiee i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa.

5. Aeaoa auaea/e caaeaiey 10 aeaeaa?y.

Iao/iue ?oeiaiaeeoaeue

aeeieiiiie ?aaiou Aunieiaa O.I.

Caaeaiea i?eiye

e eniieiaieth Aoou?ia A.A.

Niaea?aeaiea

Aaaaeaiea 4

Aeaaa 1 Iniiau ooieoeeiie?iaaiey iaeiai i?aaei?eieiaoaeuenoaa e
i?aaeiinueee iaiaoiaeeiinoe aai e?aaeeoiaaiey 6

1.1. Yeiiiie/aneay nouiinoue iaeiai i?aaei?eieiaoaeuenoaa 6

1.2. Iaeia i?aaei?eyoea a yeiiiieea no?aiu 12

1.3. Iaeia i?aaei?eieiaoaeuenoai eae oi?ie?othueeny ?uiie
i?eeiaeaiey e?aaeeoiuo ?ano?nia eiiia?/aneiai aaiea

25

Aeaaa 2 Eiaanoeoeeiiiua i?iaeou noauaeoia iaeiai i?aaei?eieiaoaeuenoaa a
eiiia?/aneii aaiea

30

2.1. Iniaaiiinoe e?aaeeoa eae iaeiiai ec enoi/ieeia oeiaine?iaaiey
i?iaeoia 30

2.2. I?iaeoiue oeeee a aaiea 34

2.2.1. I?aaiecaoeey i?ioeanna ioai?a i?iaeoia 35

2.2.2. Ioeaiea eiaanoeoeeiiiiai i?iaeoa 36

2.2.3. E?aaeeoiue aeiaiai? 38

2.2.4. Eiio?ieue ca ?aaeecaoeeae i?iaeoa 40

2.2.5. Ioeaiea ?acoeueoaoia ?aaeecaoeee eiaanoeoeeiiiuo i?iaeoia 42

2.3. Iniiaiua iaoiaeu ioeaiee yooaeoeaiinoe i?iaeoia 45

2.3.1. Iaoiaeu aeeneiioe?iaaiey 45

2.3.2. O?aaeeoeeiiiua iaoiaeu 46

Aeaaa 3 Iooe ?aoaiey iniiaiuo i?iaeai i?e e?aaeeoiaaiee iaeiai
i?aaei?eieiaoaeuenoaa

53

3.1. Aa?aioeeiua oiiaeu eae enoi/iee iaania/aiey e?aaeeoia iaeiio
i?aaei?eieiaoaeuenoao

53

3.2. Yeni?ann-aiaeec i?iaeoia 56

Caeeth/aiea 65

Nienie eeoa?aoo?u 68

I?eeiaeaiey 70

Aaaaeaiea

Aeooaeueiinoue oaiu aeeieiiiie ?aaiou ii?aaeaeaia ?ieueth iaeuo
i?aaei?eyoee a ianooaaao yeiiiieee no?aiu a oeaeii e cia/aieai eo eae
iio?aaeoaey aaieianeeo oneoa. Iaeia i?aaei?eieiaoaeuenoai – ia oieueei
nouanoaaiiay ninoaaeythuay e ianniaay noauaeoiay aaca oeeaeeeciaaiiiai
?uii/iiai oicyenoaa, iaiouaieaiue yeaiaio i?enouaai aio eiieo?aioiiai
iaoaiecia, ii e iaeneiaeueii aeaeay, yooaeoeaiay e i?ic?a/iay a neeo
naieo ?acia?ia oi?ia oicyenoaiaaiey. Yoio i?aaei?eieiaoaeueneee oeeaae
iiaeeecoao oeiainiaua e i?iecaiaenoaaiiua ?ano?nu ianaeaiey. Ana yoi
i?aaeiieaaaao, /oi iaeue aecian aeieaeai i?aaenoaaeyoue iaiaeue eioa?an
eae i?aaeiao i?eeiaeaiey e?aaeeoiuo ?ano?nia, a oaeaea iio?aaeoaeue
?acee/iuo ?icie/iuo oneoa eiiia?/aneiai aaiea.

Cia/eiinoue eco/aiey i?iaeaiu iaeiai i?aaei?eieiaoaeuenoaa oneeeaaaony
oai, /oi eiaiii aio, eae iiae/a?eeaatho aaoi?u aieueoeinoaa ioaeeeaoeee
ia yoo oaio, iaiaa anaai iiaacei a ioiioaiee ainoaea?noaaiiie e eiie
iiaeaea?aeee, aei neo ii? a ianooaaao no?aiu ia nicaeaia eio?ano?oeoo?a,
iaania/eaathuay ii?iaeueioth ?aaioo iaeuo i?aaei?eyoee. Iaaeiioeaiea
iaeiai i?aaei?eieiaoaeuenoaa, eaii?e?iaaiea aai yeiiiie/aneeo e
nioeeaeueiuo aiciiaeiinoae a oa/aiea ii/oe anaai ia?eiaea ?aoi?i iiaoo
auoue ?anoeaiaiu eae e?oiiue, no?aoaae/aneee i?in/ao, /?aaaoue
aeaeueiaeoei oaeoaeaieai e?ecena ?inneeneie yeiiiieee a oeaeii.

Auoaneacaiiia a iieiie ia?a ioiineony e e ?inneeneei aaieai. Anee a
niaaoneia a?aiy iaeue aecian ia e?aaeeoiaaee ec-ca ionoonoaey oeacaiiiai
yaeaiey, oi n ia/aeii ?aoi?i aaiee auee icaai/aiu a iniiaiii i?iaeaiaie
ia?aaeaea nianoaaiiinoe, niaeoeyoeaiuie iia?aoeeyie ia ?uiea oeaiiuo
aoiaa. Auaeaaaaiua aea e?oiiui i?aaei?eyoeyi e?aaeeou oee ia ia
inouanoaeaiey oaoie/aneiai ia?aaii?oaeaiey e inaiaiea iiauo ?uieia, a ia
auaea/o ca?ieaou a n/ao aoaeoueo iinooieaiee. A ianoiyuaa a?aiy iiaeii
aiai?eoue i oii, /oi aaciaua i?aaeiinueee aeey ?inoa eioa?ana e i?iaeoai
iaeiai aeciana ni noi?iiu e?aaeeoiuo einoeoooia noi?ie?iaaeenue:
i?iecioei nieaeaiea aeioiaeiinoe ia ?uieao eaieoaea, i?aeoeea ?aaiou n
iaaieueoei /eneii e?oiiuo caaiueeia (eae i?aaeei, naieo aeoeeiia?ia)
iiaeoieeioea n?aaeiea e iaeeea aaiee e iniciaieth iaiaoiaeeiinoe
aeeaa?neoeeaoeee naieo e?aaeeoiuo ii?ooaeae.

A eiioaenoa auoaneacaiiiai oeaeue ?aaiou – eceiaeeoue eiioeaioeeth
i?aaiecaoeee ?aaiou aaiea ii e?aaeeoiaaieth i?iaeoia iaeiai aeciana,
io?aaeathuoth niaoeeoeeo aai noaiiaeaiey a iaoae no?aia e o/eouaathuoth
ie?iaie iiuo ?aaiou e?aaeeoiuo i?aaiecaoeee n iaeuie i?aaei?eyoeyie.
Aaoi? n?aco iaiaa?eaaaony, /oi aeoeaiou a Aeeieiiiie ?aaioa niauaiu a
noi?iio ?aaiou n i?iaeoaie.

Yoa oeaeue ii?aaeaeyao eiaeeo iino?iaiey aeeieiiiie ?aaiou. Caaea/a
eceiaeaiey iniia yooaeoeaiie ?aaiou aaiea n iaeuie i?aaei?eyoeyie
o?aaoao ii?aaeaeaiey yeiiiie/aneie nouiinoe iaeiai
i?aaei?eieiaoaeuenoaa, ii?aaeaeaiey aai ?iee a yeiiiieea, auyaeaiea
eioa?ana e iaio ni noi?iiu eiiia?/aneiai aaiea (ia?aay aeaaa). Aoi?ay
aeaaa aeeth/aao a naay iienaiea oaoiieiaee e?aaeeoiaaiey i?iaeoia iaeiai
i?aaei?eieiaoaeuenoaa a aaiea. I?aaeeiaeaiey ii iiauoaieth yooaeoeaiinoe
e?aaeeoiaaiey i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa aeaiu a o?aoueae
aeaaa.

I?e eniieueciaaiee noaoenoe/aneeo aeaiiuo aaoi? eiae aeinooi e
iaoa?eaeai, iiaeaioiaeaiiui iaeanoiui eiieoaoii ii noaoenoeea ia
01.01.98a. O/eouaay, /oi auione iaua?inneeneeo noaoenoe/aneeo nai?ieeia
iiacaeuaaao eae i?aaeei ia aiae-aeaa, aaoi? aiaeece?oao ioaeaeueiua
i?ioeannu ia iniiaa aeaiiuo ii ?inoianeie iaeanoe, iieaaay, /oi
oeacaiiue ?aaeii aeinoaoi/ii ?ai?acaioaoeaai.

Aeaaa 1. Iniiau ooieoeeiie?iaaiey iaeiai i?aaei?eieiaoaeuenoaa e
i?aaeiinueee iaiaoiaeeiinoe aai e?aaeeoiaaiey

1.1. Yeiiiie/aneay nouiinoue iaeiai i?aaei?eieiaoaeuenoaa

Iai?aaeaiey aiaeeca yeiiiie/aneie nouiinoe iaeiai i?aaei?eieiaoaeuenoaa
ii?aaeaeythony aeaoiy ianoiyoaeuenoaaie: ai-ia?auo, iii iauaeoeaii
nouanoaoao e ?acaeaaaony eae naeoi? yeiiiieee (iaoeeiiaeueiiai,
?aaeiiaeueiiai, ianoiiai ianooaaia); ai-aoi?uo, iii yaeyaony iniaui
oeiii i?aaei?eieiaoaeueneie aeayoaeueiinoe.

Iiaeoiae e iaeiio i?aaei?eieiaoaeuenoao eae naeoi?o yeiiiieee iniiaai ia
auyaeaiee aaeeinoaa aeaoo noi?ii iauanoaaiiiai i?iecaiaenoaa:
i?aaiecaoeeiiii-oaoie/aneie e nioeeaeueii-yeiiiie/aneie. Aoi?ay
i?aaenoaaeaia i?iecaiaenoaaiiuie ioiioaieyie (ia?acothueie iauanoaaiioth
oi?io i?iecaiaenoaa), a ia?aay – i?iecaiaeeoaeueiuie neeaie, oi anoue
niaieoiiinoueth iaoa?eaeueii-aauanoaaiiuo yeaiaioia i?iecaiaenoaa,
?aai/ae neeu e oi?i i?aaiecaoeee i?iecaiaenoaa. I?e yoii iineaaeiea, eae
ioia/aeinue a eeoa?aoo?a, “io?aaeatho (a niioaaonoaee ni neiaeeaoeieny
o?iaiyie eiiia?e?iaaiey e ?acaeaeaiey o?oaea) niiniau e nenoaio
eiioeaio?aoeee, oeaio?aeecaoeee e niaoeeaeecaoeee i?iecaiaenoaa” (14,
n.84).

?acia?iay no?oeoo?a io?anee (yeiiiieee) ii ii?aaeaeaieth i?aaeiieaaaao
ninouanoaiaaiea i?aaei?eyoee ?acee/iuo ?acia?ia, a oii /enea iaeeeo,
ia?acothueo niioaaonoaothuoth ?acia?ioth a?oiio. Aeaiioth niaieoiiinoue
i?iecaiaenoaaiiuo aaeeieoe iaeeiai ianooaaa oa?aeoa?ecoao iiiyoea
“iaeeia i?iecaiaenoai”. Iauanoaaiiie oi?iie iaeeie i?iecaiaenoaaiiie
aaeeieoeu a oneiaeyo ?uii/iie yeiiiieee noaiiaeony iaeia i?aaei?eyoea,
iniiaiuie yeiiiie/aneeie /a?oaie eioi?iai yaeythony:

iainiaeaiiinoue (oi anoue oicyenoaiaaiea ia naie no?ao e ?ene);

niaoeeaeecaoeey ia eaeii-eeai aeaea aeayoaeueiinoe;

?aaeecaoeey i?iecaaaeaiiuo oiaa?ia (oneoa) /a?ac eoieth-i?iaeaaeo ia
?uiea.

?a/ue, neaaeiaaoaeueii, eaeao i iaeii oiaa?iii i?aaei?eyoee.

Ii?aaeaeaiea nioeeaeueii-yeiiiie/aneie noi?iiu iaeiai
i?aaei?eieiaoaeuenoaa aeiiieiyaony oai, /oi iii (iaeia i?aaei?eyoea)
iiaeao iniiauaaoueny ia:

ee/iii o?oaea aeaaeaeueoea e /eaiia aai naiuee;

eniieueciaaiee iaaiiiai o?oaea a ni/aoaiee n
i?iecaiaenoaaiii-oi?aaeai/aneie aeayoaeueiinoueth oicyeia (aai naiuee).

Iaeia i?aaei?eyoea yaeyaony “aaeeieoeae” iaeiai i?aaei?eieiaoaeuenoaa.
Ionthaea neaaeoao, /oi iineaaeiaa – iniaue naeoi? yeiiiieee, ia?acoaiue
niaieoiiinoueth iaeuo i?aaei?eyoee e iioiio yaeythueeny niaoeeoe/aneie
iauanoaaiiie oi?iie iaeeiai i?iecaiaenoaa a oneiaeyo ?uiea.

Oaeei ia?acii, iaeeia i?iecaiaenoai a ea/anoaa iniaiai ?acia?iiai
oeeaaea oa?aeoa?ecoao i?aaiecaoeeiiii-oaoie/aneoth noi?iio i?iecaiaenoaa
(ieineinoue i?iecaiaeeoaeueiuo nee), a iaeia i?aaei?eieiaoaeuenoai
ioiineony e aai nioeeaeueii-yeiiiie/aneie noi?iia e a yoii eiie?aoiii
niunea niaiaaeaao n iiiyoeai “iaeue aecian”.

Iaeia i?aaei?eieiaoaeuenoai eae oei i?aaei?eieiaoaeueneie aeayoaeueiinoe
iaeaieaa iieii ?ane?uaaaony /a?ac oa?aeoa?enoeeo aa noauaeoa, oi anoue
i?aaei?eieiaoaey. I?aaei?eieiaoaeue – yoi noauaeoeaiue (ee/iinoiue)
oaeoi? aini?iecaiaenoaa, niiniaiue ia eieoeeaoeaiie e eiiiaaoeeiiiie
iniiaa, ia aiynue iieiie yeiiiie/aneie ioaaonoaaiiinoe, eaeoe ia ?ene e
iniaui, ?aoeeiiaeueiui ia?acii niaaeeiyoue ae?oaea oaeoi?u i?iecaiaenoaa
oae, /oiau a ia?niaeoeaa iiyaeyeny aeiiieieoaeueiue aeioiae (21, n.69).

Auoaoeacaiiua oa?aeoa?enoeee iiaeii ioianoe e e iaeiio
i?aaei?eieiaoaeuenoao. Iaeiaei eiee/anoaaiiua oaeoi?u – ioiineoaeueii
iaaieueoea ianooaau – ii?iaeaeatho ea/anoaaiiua iniaaiiinoe iaeiai
i?aaei?eieiaoaeuenoaa. I/aaeaeii, /oi ?eneiainoue, iaonoie/eainoue
iaeiai i?aaei?eyoey a neeo ia?aie/aiiinoe ?ano?nia ai?acaei auoa, /ai o
n?aaeieo e e?oiiuo i?aaei?eieiaoaeueneeo no?oeoo?. Oi aea naiia iiaeii
neacaoue i aeaeinoe, aini?eei/eainoe e eiiiaaoeeyi. Iaeia ec i?e/ei
caeanue – ionoonoaea a noa?a iaeiai i?aaei?eieiaoaeuenoaa a?iiicaeeeo
oi?aaeai/aneeo nenoai. A neo/aa eiiia?/aneiai oniaoa iaeua oe?iu
iieo/atho ioiineoaeueii aieaa aunieee aeioiae (anoanoaaiii, ii
n?aaiaieth n ia?aiia/aeueiuie aeiaeaieyie, eioi?ua o ieo, eae i?aaeei,
iaaaeeee).

Nouiinoiua /a?ou iaeiai i?aaei?eieiaoaeuenoaa, ioa?aeoa?eciaaiiua auoa,
ia?acotho aai yae?i. Eiaeea aeaeueiaeoaai aiaeeca iaeiai
i?aaei?eieiaoaeuenoaa i?aaeiieaaaao oi?ioee?iaaiea nenoaiu e?eoa?eaa, ia
iniiaa eioi?uo i?iecaiaeeony ioeaiea e eeanneoeeaoeey oicyenoaaiiuo
noauaeoia ia i?aaeiao eo i?eiaaeeaaeiinoe e aeaiiiio naeoi?o yeiiiieee.
Ii yoiio iiaiaeo a ioa/anoaaiiie eeoa?aoo?a aaaeaony aeeneonney, iaeiaei
ynii, /oi a ea/anoaa oaeeo i?eciaeia aunooiatho onoie/eaua, oa?aeoa?iua
/a?ou oeie/iiai iaeiai i?aaei?eyoey. Nenoaiaoecaoeey yoeo e?eoa?eaa
o?aaoao ii?aaeaeaiiie iniiau, e oaeiaie iiaeao aunooieoue no?oeoo?a
aioo?aiiae e aiaoiae n?aaeu iaeiai i?aaei?eyoey.

a) No?oeoo?a aioo?aiiae n?aaeu iaeiai i?aaei?eyoey iiaeao auoue
?anniio?aia eae niaieoiiinoue iaeanoae aeayoaeueiinoe iaeiai
i?aaei?eyoey, eaaeaeay ec eioi?uo oa?aeoa?ecoaony iniauie iauaeoii
(iauaeoaie) aeayoaeueiinoe, oaoiieiaeae, ioiioaieyie e o.i. Yoe iaeanoe
iiaeii ?acaeaeeoue ia o?e a?oiiu.

Ia?aay i?aaenoaaeaia noaaeeyie i?ioeanna i?iecaiaenoaa: niaaaeaieai,
nianoaaiii i?iecaiaenoaii, nauoii.

Aoi?ay aeeth/aao a naay oacu oi?aaeai/aneiai oeeeea: ieaie?iaaiea,
iia?aoeaiia oi?aaeaiea (i?aaiecaoeey, eii?aeeiaoeey, iioeaaoeey),
eiio?ieue (aooaaeoa?neee o/ao e io/aoiinoue, aiaeec, nianoaaiii
eiio?ieue). Iauaaeeiythuei oaeoi?ii, iaania/eaathuei oeaeinoiinoue
nenoaiu oi?aaeaiey iaeui i?aaei?eyoeai, yaeyaony ?oeiaiaenoai,
ia?niieoeoee?iaaiiia eae i?aaeei a i?aaei?eieiaoaea-nianoaaiieea.
?oeiaiaeeoaeue i?ecaai iauaaeeieoue ana iaeanoe aeayoaeueiinoe
i?aaei?eyoey a aaeeiia oeaeia, a oaeaea iaania/eaaoue aai ?acaeoea e
niaa?oainoaiaaiea.

O?aouey a?oiia iauaaeeiyao eiiiiiaiou iaeiai i?aaei?eyoey: eaae?u,
nioeeaeueiua ioiioaiey, eiiiaaoeee, oeiainu, i?aaiaua ioiioaiey e o.ae.

a) Aiaoiyy n?aaea iaeiai i?aaei?eyoey – yoi niaieoiiinoue yeaiaioia
(?uieia, ?uii/iuo einoeoooia, i?ioeannia, eiio?aaaioia e o.ae.),
iaiin?aaenoaaiii aeeythueo ia noaiiaeaiea e ooieoeeiie?iaaiea iaeiai
i?aaei?eieiaoaeuenoaa. Oaeea yeaiaiou oa?aeoa?ecothony ?yaeii i?eciaeia
(ia?aiao?ia), eiie?aoiua ninoiyiey eioi?uo i?aaenoaaeytho niaie oaeoi?u
aiaoiae n?aaeu. Iai?eia?, caeiiiaeaoaeuenoai eae yeaiaio iiaeao auoue
ioa?aeoa?eciaaii neaaeothueie i?eciaeaie:

– onoie/eainoue;

– iieiioa;

– aeaenoaaiiinoue e o.ae.

Eiie?aoiia ninoiyiea caeiiiaeaoaeuenoaa – neaaeai, aai ianoaaeeueiinoue,
ianiaa?oaiiinoue, iaaeaenoaaiiinoue – iaaaoeaiue oaeoi? aiaoiae n?aaeu
iaeiai i?aaei?eyoeyi.

?aciiia?aciua yeaiaiou aiaoiae n?aaeu iiaeii iiae?acaeaeeoue ia iyoue
a?oii:

Ia?aay ioaaouaaao niaieoiiinoue eeth/aauo aeey iaeiai
i?aaei?eieiaoaeuenoaa ?uieia: ?ano?niuo (n?aaenoa i?iecaiaenoaa,
eioi?iaoeee, ?aai/ae neeu, oeiainiauo ?ano?nia) e nauoiauo.

Aoi?ay a?oiia yeaiaioia aiaoiae n?aaeu i?aaenoaaeaia aaaeiaeoeie (n
oi/ee c?aiey iaeiai i?aaei?eyoey) ?uii/iuie einoeoooaie e eiio?aaaioaie.

A o?aoueth a?oiio aeeth/athony eiiieaenu (aeiee) iauanoaaiiuo ioiioaiee:
i?aaiauo, nioeeieoeueoo?iuo e iieeoe/aneeo, au?aaeaiiuo niioaaonoaaiii a
caeiiiaeaoaeuenoaa, o?aaeeoeeyo e ii?iao ii?aee, ?annoaiiaea
iieeoe/aneeo nee.

*aoaa?oay a?oiia iauaaeeiyao i?i/ea ioiinyueany e iaeiio
i?aaei?eieiaoaeuenoao nioeeaeueii-yeiiiie/aneea i?ioeannu e yaeaiey:
yeiiiie/aneoth eiiuthieoo?o, i?anooiiinoue, yeieiaeth,
iao/ii-oaoie/aneee i?ia?ann, no?oeoo?o ia?iaeiiai oicyenoaa, e o.i.

A ioaeaeueioth a?oiio noieo auaeaeeoue iniaue yeaiaio aiaoiae n?aaeu
iaeiai i?aaei?eyoey -nenoaio iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa.

A niioaaonoaee ni no?oeoo?ie aioo?aiiae e aiaoiae n?aaeu iaeiai
i?aaei?eyoey iiaoo auoue noi?ie?iaaiu ianeieueei a?oii aai e?eoa?eaa
(onoie/eauo /a?o), iaoneiaeaiiuo:

oa?aeoa?ii i?iecaiaenoaaiiiai i?ioeanna;

niaoeeoeeie nenoaiu oi?aaeaiey e ?oeiaiaenoaa;

ninoiyieai ioaeaeueiuo eiiiiiaioia (eaae?u, oeiainu e o.ae.);

iniaaiiinoyie aiaoieo aicaeaenoaee.

Ia?aay a?oiia oa?aeoa?iuo /a?o iaeiai i?aaei?eyoey oaeiaa: 1)
ia?aie/aiiinoue ianooaaia i?eiaiyaiuo n?aaenoa i?iecaiaenoaa e
oaoiieiae/aneeo i?ioeannia; 2) iaaieueoay iiiaieeaoo?a auioneaaiuo
ecaeaeee, oi anoue oceay niaoeeaeecaoeey; 3) oi?iuaiiinoue nenoaiu
nauoa.

Aoi?ay a?oiia e?eoa?eaa iaeiai i?aaei?eyoey aeeth/aao a naay: 1)
aaeeinoai i?aaa nianoaaiiinoe e iaiin?aaenoaaiiiai oi?aaeaiey
i?aaei?eyoeai; 2) iniaia cia/aiea ?iee ?oeiaiaeeoaey a aeecie
i?aaei?eyoey, aai iaiin?aaenoaaiioth aeeth/aiea i?aeoe/anee ai ana
ooieoeeiiaeueiua iaeanoe; 3) eiiiaeoiinoue oi?aaeai/aneie eiiaiaeu e
iiiaiooieoeeiiaeueiinoue iaiaaeaea?ia; 4) ionoonoaea a?iiicaeeeo
oi?aaeai/aneeo no?oeoo?, i?inoioo eioi?iaoeeiiiuo naycae, iaoi?iaeueiue
oa?aeoa? ieaie?iaaiey e eiio?iey; 5) auno?ioo i?eiyoey ?aoaiee.

A ninoaaa o?aoueae a?oiiu i?eciaeia auaeaeythony: 1) iniaue, oa?aeoa?
ioiioaiee iaaeaeo oicyeiii e ?aaioieeii, iaoneiaeaiiue oai, /oi oicyei
yaeyaony iaiin?aaenoaaiiui ?oeiaiaeeoaeai anao ?aaioieeia iaeiai
i?aaei?eyoey; 2) aeaeinoue, aini?eei/eainoue e iiaiaaaaeaieyi; 3)
iaaieueoie ianooaa eniieuecoaiuo oeiainiauo ?ano?nia; 4) ieceay
eaieoaeecaoeey, icia/athuay, /oi aeaaeaeueoeu ioneatho ia ?anoe?aiea
iniiaiiai eaieoaea eeoue iaeoth /anoue aeioiaeia; 5) aunieay
iai?a/eaaaiinoue eaieoaea; 6) nouanoaaiiia aeeyiea ia eaae?iaoth
iieeoeeo, i?eiyoea no?aoaae/aneeo ?aoaiee, auai? i?aaiauo oi?i e ia
ae?oaea ia?aiao?u oicyenoaaiiie aeayoaeueiinoe naiaeiuo e ?iaenoaaiiuo
naycae, /oi iaoneiaeaii i?aaii ianeaaeiaaiey.

*aoaa?ooth a?oiio ia?acotho neaaeothuea onoie/eaua oa?aeoa?enoeee iaeiai
i?aaei?eyoey: 1) eieaeueiinoue ?ano?niuo e nauoiauo ?uieia; 2)
iaoi?iaeueiinoue acaeiiioiioaiee n oceei e?oaii iinoaaueeia e
iio?aaeoaeae; 3) iieiaeaiea “aaaeiiiai” a nenoaia eiiia?aoeeiiiuo naycae
n e?oiiuie e n?aaeieie i?aaei?eyoeyie; 4) /oanoaeoaeueiinou e eieaaaieyi
yeiiiie/aneie eiiuthieoo?u, iieeoe/aneie ianoaiiaee, eciaiaieyi
caeiiiaeaoaeuenoaa, iaoneiaeaiiay ieceei aa?uea?ia aoiaeaeaiey a aecian,
a neaaeiaaoaeueii, e auoiaea ec iaai; 5) ia?aie/aiiinoue enoi/ieeia
oeiaine?iaaiey e o?iie/aneay iaoaaoea eaieoaeia (anee “aeaaiou” /a?iatho
iaiaoiaeeiua ?ano?nu aeaaiui ia?acii /a?ac oiiaeiaua ae?aee, oi iaeua
i?aaei?eyoey iieaaathony ia ia?aie/aiiua e?aaeeou aaieia, nianoaaiiua
naa?aaeaiey, aeaiaaeiua n?aaenoaa ae?ocae, ciaeiiuo e ?iaenoaaiieeia);
6) aieueoay noaiaiue caaeneiinoe io nenoaiu iiaeaea?aeee iaeiai
i?aaei?eieiaoaeuenoaa.

Cia/aiea auoaia?a/eneaiiuo oa?aeoa?enoee aoaeao i?iaiaeece?iaaii a
o?aoueae /anoe ia?aie aeaau i?e ?anniio?aiee aii?ina i oeaeaniia?aciinoe
auaeaeaiee ?aaiou ii e?aaeeoiaaieth iaeuo i?aaei?eyoee a aaiea a
ioaeaeueioth ninoaaeythuoth aeayoaeueiinoe e?aaeeoiiai ioaeaea (eee
ioaeaea eiaanoeoeee).

Iaiaoiaeeiinoue ii?aaeaeaiey e?eoa?eaa ioianaiey oicyenoaothueo
noauaeoia e noauaeoai iaeiai i?aaei?eieiaoaeuenoaa noieo e ia?aae
ainoaea?noaii. Eae auei oaea neacaii, iaeua i?aaei?eyoey eiatho aaaeiia
nioeeaeueii-yeiiiie/aneia cia/aiea, aianoa n oai yoio naeoi? a neeo
iauaeoeaii iaiaa aeaaii?eyoiuo ii n?aaiaieth n e?oiiuie oe?iaie oneiaee
oicyenoaiaaiey oa?aeoa?ecoaony iaonoie/eainoueth, a cia/eo, ioaeaeaaony
a ainoaea?noaaiiie iiaeaea?aeea.

Eae aea ainoaea?noai ?aoaao yoio aii?in? Ianiiiaiii, ioiineoue
i?aaei?eyoea e iaeiio aeey oeaeae iaeiaiiaeiaeaiey, io/aoiinoe,
i?eiaiaiey i?ioeaaeo? i?aaiecaoeee auei au aeinoaoi/ii i?iaeaiaoe/ii ia
iniiaa auoaoeacaiiuo e?eoa?eaa. Iniiaiie iieacaoaeue aeey ainoaea?noaa –
eiee/anoai ?aaioathueo ia i?aaei?eyoee: Caeii “I i?aaei?eyoeyo NNN?” a
i?iiuoeaiiinoe e no?ieoaeuenoaa e iaeui i?aaei?eyoeyi ioiinee aiiaue
nicaeaaaaiua e aeaenoaothuea i?aaei?eyoey n /eneaiiinoueth aei 200
/aeiaae, a iaoea – aei 100 /aeiaae, a ae?oaeo io?aneyo i?iecaiaenoaaiiie
noa?u – aei 50 /aeiaae, a io?aneyo iai?iecaiaenoaaiiie noa?u – aei 25
/aeiaae, a ?icie/iie oi?aiaea – aei 15 /aeiaae; i?eiyoue 14 ethiy 1995
a. Oaaea?aeueiue Caeii “I ainoaea?noaaiiie iiaeaea?aeea iaeiai
i?aaei?eieiaoaeuenoaa a ?inneeneie Oaaea?aoeee” niecee yoio iieacaoaeue
a 2 ?aca: oaia?ue “iiae noauaeoaie iaeiai i?aaei?eieiaoaeuenoaa
iiieiathony eiiia?/aneea i?aaiecaoeee .., a eioi?uo n?aaeiyy
/eneaiiinoue ?aaioieeia ca io/aoiue ia?eiae ia i?aauoaao neaaeothueo
i?aaeaeueiuo o?iaiae (iaeua i?aaei?eyoey):

– a i?iiuoeaiiinoe – 100 /aeiaae;

– a no?ieoaeuenoaa – 100 /aeiaae;

– ia o?ainii?oa – 100 /aeiaae;

– a naeueneii oicyenoaa – 60 /aeiaae;

– a iao/ii oaoie/aneie noa?a – 60 /aeiaae;

– a iioiaie oi?aiaea – 50 /aeiaae;

– a ?icie/iie oi?aiaea e auoiaii ianeoaeeaaiee ianaeaiey – 30 /aeiaae;

– a inoaeueiuo io?aneyo e i?e inouanoaeaiee ae?oaeo aeaeia
aeayoaeueiinoe – 50 /aeiaae” (1, no. 3).

Oaeanoi/aiea e?eoa?eaa ioianaiey e iaeui i?aaei?eyoeyi i?aaenoaaeyaony
iaaeaeueiiaeaeiui oaaii, oae a ?acaeouo no?aiao oaea aeaaii iniciaia
nioeeaeueiay e yeiiiie/aneay oeaiiinoue yoiai naeoi?a yeiiiieee,
eiee/anoaaiiua e?eoa?ee ?anoe?aiu e ?a/ue eaeao i iaeuo e n?aaeieo
i?aaei?eyoeyo a nenoaia ainiiaeaea?aeee. Oae, a NOA eioaa?aeueiia
iiiyoea “iaeue aecian” aeeth/aao a naay ?uii/ioth aeayoaeueiinoue
naiaeiiai aeciana, iaeuo i?aaei?eyoee (aei 100 /aeiaae) e n?aaeieo
i?aaei?eyoee (io 100 aei 499 /aeiaae).

Caeii “I ainoaea?noaaiiie iiaeaea?aeea iaeiai i?aaei?eieiaoaeuenoaa a
?inneeneie Oaaea?aoeee” onoaiaaeeaaao oaeaea ia?aie/aiey ia o/anoea a
onoaaiii eaieoaea iaeiai i?aaei?eyoey i?i/eo i?aaei?eyoee e
i?aaiecaoeee. Oae “aeiey o/anoey ?inneeneie Oaaea?aoeee, noauaeoia
?inneeneie Oaaea?aoeee, iauanoaaiiuo e ?aeeaeiciuo i?aaiecaoeee
(iauaaeeiaiee), aeaaioai?eoaeueiuo e eiuo oiiaeia … , aeiey
i?eiaaeeaaeauay iaeiiio eee ianeieueeei th?eaee/aneei eeoeai, ia
yaeythueiny noauaeoaie iaeiai i?aaei?eieiaoaeuenoaa” ia iiaeao
i?aauoaoue 25 %” (1, no.3).

A ea/anoaa eiee/anoaaiiuo e?eoa?eaa a iaeioi?uo no?aiao ?acaeoie
yeiiiieee iiieii iienaiiuo iieacaoaeae iiaeao i?eiaiyoueny ?acia?
onoaaiiai eaieoaea, ?acia? aaeiaie au?o/ee i?aaei?eyoey (a ?innee
i?aaeaeueiue ?acia? yoiai iieacaoaey (100 000 ieieiaeueiuo ?acia?ia
iieaou o?oaea) onoaiaaeeaaaony aeey noauaeoia iaeiai
i?aaei?eieiaoaeuenoaa, i?eiaiythueo oi?iuaiioth nenoaio iaeiaiiaeiaeaiey
o/aoa e io/aoiinoe).

Oaeei ia?acii, ii?aaeaeyy nouiinoue iaeiai i?aaei?eieiaoaeuenoaa, iu
auyaeee, /oi yoi – naeoi? yeiiiieee, oa?aeoa?ecothueeny iaeeioiaa?iui
i?iecaiaenoaii. A neeo ia?aie/aiiuo ?ano?nia (nu?ueaauo, oeiainiauo,
?aai/ae neeu) yoio naeoi? iaeaieaa iiaeaa?aeai aeeyieyi aiaoiae n?aaeu,
iaeiaei iiyoiio aea iaeia i?aaei?eyoea yaeyaony iaeaieaa iiaeeueiie
?acia?iie oicyenoaothuae aaeeieoeae, ia o?aaothuae a?iiicaeeeo
oi?aaeai/aneeo nenoai. Iaaeaeo ?oeiaiaeeoaeai (oicyeiii) e ?aaioieeii
iao iin?aaeieeia, oi anoue iaiaaeaea?-oicyei aeieaeai auoue
oieaa?naeueiui niaoeeaeenoii (aaeieieno?aoi?ii, ia?eaoieiaii, oi?aaeyoue
i?iecaiaenoaii e nauoii) e i?e yoii niaiauaoue ooieoeee nianoaaiieea. Ec
yoiai neaaeoao, /oi iaeia i?aaei?eieiaoaeuenoai yaeyaony oaeaea iniaui
aeaeii i?aaei?eieiaoaeueneie aeayoaeueiinoe.

1.2. Iaeia i?aaei?eyoea a yeiiiieea no?aiu.

Eae oaea auei neacaii, iaeua i?aaei?eyoey ea?atho cia/eoaeueioth ?ieue a
yeiiiieea no?aiu. Aica?auaynue e neacaiiiio auoa, iiaeii aiai?eoue i
aeeyiee iaeiai i?aaei?eyoey ia naith aiaoithth n?aaeo.

I?e ?anniio?aiee ea/anoaaiiuo oa?aeoa?enoee iaeiai i?aaei?eieiaoaeuenoaa
iiaeii aiai?eoue i aai aeeyiee ia:

?ano?nii-nauoiaua ?uiee;

ia aaaioia ?uii/iuo ioiioaiee;

ia iieeoe/aneea e nioeeieoeueoo?iua i?ioeannu.

N oi/ee c?aiey aeeyiey iaeiai i?aaei?eieiaoaeuenoaa ia ?ano?niua e
nauoiaua ?uiee anoue iniiaaiey aiai?eoue i aai ?iee eae:

a) aaaeiiai iio?aaeoaey, inouanoaeythuaai cia/eoaeueiua caeoiee aeey
nianoaaiiuo i?iecaiaenoaaiiuo ioaeae;

a) aeaeiai i?iecaiaeeoaey, iia?aoeaii ?aaae?othuaai ia eciaiaiey
eiiuthieoo?u ?uiea e i?eaeathuaai ?uii/iie yeiiiieea iaiaoiaeeioth
yeanoe/iinoue;

a) e?oiiiai ?aaioiaeaoaey, e oiio aea eniieuecothuaai ?aai/oth neeo
nioeeaeueii oycaeiuo neiaa (aeaiuei, eiiea?aioia, eiaaeeaeia) e
auiieiythuaai a neeo yoiai aaaeioth nioeeaeueioth ooieoeeth.

A aniaeoa aicaeaenoaey iaeiai i?aaei?eieiaoaeuenoaa ia aaaeiaeoeo
aaaioia ?uii/iuo ioiioaiee oeaeaniia?acii auaeaeeoue neaaeothuea
iiiaiou:

a) iaeia i?aaei?eieiaoaeuenoai ea?aao cia/eoaeueioth ?ieue a
oi?ie?iaaiee eiieo?aioiie n?aaeu;

a) aunooiaao eae aii?oecaoi? eieaaaiee yeiiiie/aneie eiiuthieoo?u;

a) ea?aao ?ieue eaoaeecaoi?a iao/ii-oaoie/aneiai e oaoiieiae/aneiai
i?ia?anna (ii ioeaieai niaoeeaeenoia, ia aai aeieth i?eoiaeeony ieiei
iieiaeiu anao ecia?aoaiee e iao/iuo ?ac?aaioie).

Aicaeaenoaea iaeiai i?aaei?eieiaoaeuenoaa ia iieeoe/aneea e
nioeeieoeueoo?iua i?ioeannu au?aaeaaony a aai ?iee:

a) aii?oecaoi?a nioeeaeueiie iai?yaeaiiinoe, iineieueeo eiaiii iaeia
i?aaei?eieiaoaeuenoai yaeyaony ooiaeaiaioaeueiie iniiaie oi?ie?iaaiey
“n?aaeiaai eeanna” e, neaaeiaaoaeueii, ineaaeaiey i?enouae ?uii/iie
aeeiaieea oaiaeaioeee e nioeeaeueiie aeeooa?aioeeaoeee;

a) enoi/ieea iao/aiiuo eaae?ia, ioaaouaathuaai iiaeaaeythuaa
aieueoeinoai iano i?iecaiaenoaaiiiai iao/aiey.

A aeiiieiaiea e auoaia?a/eneaiiui, oae neacaoue iauei ooieoeeyi iaeiai
i?aaei?eieiaoaeuenoaa, a ?innee aeiaaaeythony iiaua, iaoneiaeaiiua
iauayeiiiie/aneie neooaoeeae, iaiaoiaeeiinoueth niya/aiey e?ecena a
yeiiiieea e nioeeaeueii-iieeoe/aneie noa?a. ?ieue iaeiai
i?aaei?eieiaoaeuenoaa aic?anoaao a neeo oiai, /oi iii i?ecaaiu:
cia/eoaeueii e aac nouanoaaiiuo eaieoaeueiuo aeiaeaiee ?anoe?eoue
i?iecaiaenoai iiiaeo iio?aaeoaeueneeo oiaa?ia e oneoa n eniieueciaaieai
ianoiuo enoi/ieeia nu?uey; i?eiyoue aeoeaiia o/anoea a eiiaa?nee /a?ac
eiiia?e?iaaiea eae n iaeuie (oi anoue aioo?e ?acia?iie a?oiiu), oae e
aieaa e?oiiuie i?aaei?eyoeyie; iaania/eoue yooaeoeaiia eniieueciaaiea
aunaiaiaeaeathueony ?ano?nia; i?eaeeceoue i?iecaiaenoai oiaa?ia e oneoa
e iio?aaeoaeth, iiii/ue au?aaieaaieth oneiaee aeecie a ianaeaiiuo
ioieoao ?acee/iuo ianooaaia; aiaea/ue a i?iecaiaenoai /anoue
iaoa?eaeueiuo e oeiainiauo n?aaenoa ianaeaiey, ?aiaa eniieueciaaaoeony
eneeth/eoaeueii aeey ee/iiai iio?aaeaiey; nicaeaoue aeaaii?eyoiua
i?aaeiinueee aeey o?oaeiono?ienoaa /anoe ?aai/ae neeu,
aunaiaiaeaeathuaeny ia e?oiiuo i?aaei?eyoeyo; onei?eoue
aeaiiiiiieecaoeeth i?iecaiaenoaa, ?acaeoea eiieo?aioeee, iioeiecaoeeth
?acia?iie no?oeoo?u ?uii/iuo noauaeoia; iineoaeeoue enoi/ieeii iuooeiuo
athaeaeaoiuo iinooieaiee.

Ia iaiaa aaniii nioeeaeueii-iieeoe/aneia cia/aiea iaeiai
i?aaei?eieiaoaeuenoaa: iaeua i?aaei?eyoey neoaeao aacie ?acaeoey
“n?aaeiaai” eeanna, eioi?ue a ninoiyiee aunooieoue aa?aioii
noaaeeueiinoe a iauanoaa.

*oi eanaaony eiee/anoaaiiuo oa?aeoa?enoee iaeiai i?aaei?eieiaoaeuenoaa,
e iei ioiinyo: aaniethoiia e oaeaeueiia eiee/anoai iaeuo i?aaei?eyoee,
/enei caiyouo ia iaeuo i?aaei?eyoeyo, aeiey iaeuo oe?i a AAI e ae?.

Oaaeeoea 1.1

N?aaieoaeueiay oa?aeoa?enoeea ianooaaia ?acaeoey iaeiai
i?aaei?eieiaoaeuenoaa a aaaeoueo no?aiao ie?a, a ?innee e a ?inoianeie
iaeanoe

No?aiu Eiee/anoai iaeuo e n?aaeieo oe?i, oun. Eiee/anoai iaeuo e
n?aaeieo oe?i ia 1000 aeeoaeae *enei caiyouo, iei. /ae. Aeiey iaeuo e
n?aaeieo oe?i a iauae /eneaiiinoe caiyouo, % Aeiey iaeuo e n?aaeieo oe?i
a AAI, %

Aaeeeia?eoaiey 2630 46 13,6 49 50-53

Aa?iaiey 2290 37 18,5 46 50-54

Eoaeey 3920 68 16,8 73 57-60

O?aioeey 1980 35 15,2 54 55-62

NOA 19300 74,2 70,2 54 50-52

ssiiiey 6450 49,6 39,5 78 52-55

?inney* 838 5,7 6 (12***) 9 12

?inoianeay iaeanoue**

27

6 0,206 (0,255***)

11

a. ?inoia-ia-Aeiio

12,7

13

* ia 1 ethey 1997a.

** ia 1 ieoya?y 1997a.

*** n o/aoii aoi?e/iie caiyoinoe

Eae aeaeii ec oaaeeoeu 1.1, iaeua i?aaei?eyoey a ?acaeouo no?aiao (ia
ianoi n?aaee eioi?uo i?aoaiaeoao ?inney) i?iecaiaeyo a n?aaeiai /ooue
aieaa iieiaeiu AAI, i?e yoii iaeia i?aaei?eieiaoaeuenoai a aieueoeinoaa
no?ai aieaa yooaeoeaii, /ai i?i/ea naeoi?a yeiiiieee. O/eouaay, /oi
aeaiiay auai?ea ?ai?acaioaoeaia aeey ?acaeouo no?ai, e a aeaiiuo no?aiao
a iniiaiii oieueei yeiiiie/aneea (oi anoue aaceniua) i?aaeiinueee
oi?ie?iaaiey iaeiai i?aaei?eieiaoaeuenoaa auee noiaee, a eoeueoo?iua e
enoi?e/aneea ?acieeenue, iiaeii ooaa?aeaeaoue, /oi a no?aia n ?uii/iie
yeiiiieeie aaniiay ?ieue iaeiai i?aaei?eieiaoaeuenoaa – iauaeoeaia.

Ia aeaiiue iiiaio a ?innee iaeui i?aaei?eieiaoaeuenoaii caieiaaony
oieueei 9 % ianaeaiey, i?iecaiaey 12 % AAI. Enoiaey ec auoaneacaiiiai
iiaeii ooaa?aeaeaoue, /oi a ?innee nouanoaoao aieueoie iioaioeeae
?acaeoey iaeiai i?aaei?eieiaoaeuenoaa.

O/eouaay auyaeaiiue iioaioeeae iiaeii auei au i?aaeiieiaeeoue, /oi iaeia
i?aaei?eieiaoaeuenoai aeieaeii ?acaeaaoueny naa?oauno?uie oaiiaie n
ia/aea ?aoi?i e ii naaiaeiyoiee aeaiue; /oi aeieaeai aeeth/eoueny
iaoaieci naii?aaoeyoeee ?uii/iie yeiiiieee, noeioee?oy nicaeaiea e
?acaeoea iaeiai i?aaei?eieiaoaeuenoaa yeiiiie/aneeie iaoiaeaie. Iaeiaei
yoiai ia i?ienoiaeeo, eae aeaeii ia ?enoiea 1.1.

?en. 1.1 Aeeiaieea /eneaiiinoe iaeuo i?aaei?eyoee a ?O a 1992-1997aa.

Aiaeec ioeoeeaeueiie noaoenoeee iaia?oaeeaaao ?aceia caiaaeeaiea oaiiia
?inoa /enea noauaeoia iaeiai i?aaei?eieiaoaeuenoaa: anee ca 1992 a. eo
eiee/anoai oaaee/eeinue a 1,2 ?aca (560 oun. i?ioea 268 oun.), a ca 1993
a. – a 1,5 ?aca (865 oun. ia eiiaoe aiaea), oi ca 1994 a. i?e?ino
ninoaaee eeoue 3,7% (896,9 oun. ia eiiaoe aiaea). A 1995 a. aia?aua
iaaethaeaeinue aaniethoiia nie?auaiea eiee/anoaa iaeuo i?aaei?eyoee –
aei 877,3 oun., eee ia 2,2%. Iaaeaiea i?iaeieaeeeinue e a 1996 a.: ii
aeaiiui Aineiinoaoa ?O, a naioya?a 1996 a. iieacaoaeue ninoaaee 829,5
oun. aaeeieoe noauaeoia iaeiai i?aaei?eieiaoaeuenoaa, eee 92,5% io
o?iaiy 1994a., naiiai oaea/iiai a iiaaeoae enoi?ee ?inneeneiai iaeiai
i?aaei?eieiaoaeuenoaa. Iacia/eoaeueiue ?ino a 1997 a. (ia 1,02 %)
iiaeii ioianoe ia n/ao iauae yeiiiie/aneie noaaeeecaoeee.

Oaeei ia?acii niiinoaaeyy ea/anoaaiiua e eiee/anoaaiiua oa?aeoa?enoeee
iaeiai i?aaei?eieiaoaeuenoaa iiaeii auyaeoue neaaeothuaa i?ioeai?a/ea: n
iaeiie noi?iiu, iaeeoei aic?anoaiea ioia/aaoaeny auoa cia/eiinoe iaeuo
i?aaei?eyoee, a n ae?oaie – noaaiaoeey iaeiai i?aaei?eieiaoaeuenoaa.
I/aaeaeii, /oi anee ia aeeth/athony yeiiiie/aneea noeioeu ?acaeoey
iaeiai i?aaei?eieiaoaeuenoaa, cia/eo yoiio iaoatho ?acee/iua yeaiaiou
iaaeno?ieee: aaeieieno?aoeaiua, i?aaiaua, eoeueoo?iua. Ia ionoonoaea
i?aaei?eieiaoaeueneiai ia?aca iuoeaiey, auei?/aaaiiiai o niaaoneiai
/aeiaaea aaeieieno?aoeaii-eiiaiaeiie nenoaiie iaeeaaeuaaaony iaaeaeaiea
iaeuo i?aaei?eieiaoaeae ea?aoue ii i?aaeeai ainoaea?noaa:
“ia?a?aaeno?aoeeth iiiaea i?aaei?eyoey ia i?ioee, ni?yoaeenue “a oaiue”,
iiaeoaa?aeaeaao e Aaia?aeueiue aee?aeoi? Oaaea?aeueiiai oiiaea
iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa Aunieia A.A. (15, no?.1).

Neiaeeaoayny o?aaiaeiay neooaoeey onoaoaeyaony ?yaeii ianoiyoaeuenoa:
iaaaoeaiay aeeiaieea /eneaiiinoe iaeuo oe?i nii?iaiaeaeaaony
eiina?aaoeeae iaaeaaii?eyoiie io?aneaaie e ?aaeiiaeueiie no?oeoo?u
?inneeneiai iaeiai i?aaei?eieiaoaeuenoaa (ni. oaae. 1.2 e 1.3).

Oaaeeoea 1.2

?ani?aaeaeaiea e aeeiaieea /eneaiiinoe iaeuo i?aaei?eyoee ii aaaeouei
io?aneyi

a 1994-1996aa.

?aaeii 1994a. 1995a. Naioya?ue 1996a. Naioya?ue 1996a. e 1994a. aan.
i?e?ino, oun.

Oun. A % e eoiao Oun. A % e eoiao Oun. A % eoiao

Anaai i?aaei?eyoee 896,9 100 877,3 100 829,5 100 -67,4

A oii /enea:

I?iiuoeaiiinoue 127,2 14,2 128,5 14,6 129,8 15,6 +2,6

No?ieoaeuenoai 123,5 13,8 145,5 16,6 136,9 16,5 +13,4

Oi?aiaey e iauanoaaiiia ieoaiea

419,4

46,7

374,6

42,7

347,6

41,9

-71,8

Iauay eiiia?/aneay aeayoaeueiinoue ii iaania/aieth ooieoeeiie?iaaiey
?uiea

51,9

5,8

42,4

4,8

35,8

4,3

-16,1

Iaoea e iao/iia ianeoaeeaaiea

51,7

5,8

48,8

5,6

47,9

5,8

-3,8

Ii ninoiyieth ia naioya?ue 1996a. 42 % iaeuo i?aaei?eyoee ?innee auei
nin?aaeioi/aii a noa?a oi?aiaee e iauanoaaiiiai ieoaiey, ii 16 %
i?eoiaeeeinue ia i?iiuoeaiiinoue e no?ieoaeuenoai. Ii ?inoianeie iaeanoe
aeiey iaeuo i?aaei?eyoee, nin?aaeioi/aiiuo a oi?aiaea e iauanoaaiiii
ieoaiee au? auoa – 49 % ( ia 1 ethey 1997a.) Oaeei ia?acii aeiey
i?iiuoeaiiuo iaeuo i?aaei?eyoee canouea ia ioiaoea 14-16%.

?en. 1.2.

A ?aaeiiaeueiii aniaeoa nio?aiyaony naa?oeiioeaio?aoeey iaeuo
i?aaei?eyoee a Oeaio?aeueiii ?aeiia ?innee (30-32 % anao
ca?aaeno?e?iaaiiuo a ?O iaeuo i?aaei?eyoee, a oii /enea aeiey Iineau
noaaeeueii ninoaaeyao 21-22 %).

Oaaeeoea 1.3

?ani?aaeaeaiea e aeeiaieea /eneaiiinoe iaeuo i?aaei?eyoee ii ?aaeiiai
?innee

a 1994-1996 aa.

?aaeii 1994a. 1995a. Naioya?ue 1996a. Naioya?ue 1996a. e 1994a. aan.
i?e?ino, oun.

Oun. A % e eoiao Oun. A % e eoiao Oun. A % eoiao

?O, anaai 896,9 100 877,3 100 829,5 100 -67,4

Naaa?iue 26,4 2,9 25,7 2,9 17,6 2,1 -8,8

Naaa?i-Caiaaeiue

78,6

8,8

84,6

9,6

96,9

11,7

+18,3

Oeaio?aeueiue 296,6 30,1 267,6 30,5 270,3 32,6 +0,7

a o./. Iineaa 159,4 17,8 175,8 20,0 183,1 22,1 +23,7

Aieai-Ayoneee

26,6

2,9

25,4

2,9

27,8

3,4

+1,2

Oeaio?aeueii-*a?iicaiiue

26,9

3,0

23,7

2,7

23,1

2,8

-3,8

Iiaieaeneee 88,4 9,9 84,6 9,6 72,4 8,7 -16,0

Naaa?i-Eaaeacneee

79,5

8,9

86,5

9,9

68,9

8,3

-10,6

O?aeueneee 101,5 11,3 93,7 10,7 73,1 8,8 -28,4

Caiaaeii-Neae?neee

100,9

11,2

91,7

10,5

90,2

10,9

-10,7

Ainoi/ii-Neae?neee

45,0

5,1

45,4

5,2

43,9

5,3

-1,1

Aeaeueia-ainoi/iue

47,7

5,3

43,8

5,0

39,3

4,7

-8,4

Eaeeiei-a?aaeneay iae.

5,8

0,6

4,7

0,5

6,0

0,7

+0,2

Aeeiaieea /eneaiiinoe iinoiyiii caiyouo ia iaeuo i?aaei?eyoeyo aua
aieaa iaaaoeaia: iieacaoaeue naioya?y 1996 a. (6,01 iei. /aeiaae)
ninoaaee eeoue 70,9% io o?iaiy 1994 a. Aaniethoiia iaaeaiea ca 1996 a.
ii n?aaiaieth n 1995 a. aeinoeaei, ii ioeaieai Aineiinoaoa ?O, 2,9 iei.
/aeiaae, a a io?aneaaii ?ac?aca io yoiai aieueoa anaai iino?aaeaee
i?iiuoeaiiinoue e no?ieoaeuenoai (ni. ?en. 1.3 e oaae. 1.4).

Oaaeeoea 1.4

?ani?aaeaeaiea e aeeiaieea /eneaiiinoe iinoiyiii ?aaioaaoeo ia iaeuo
i?aaei?eyoeyo ii aaaeouei io?aneyi a 1994 – 1996aa.

?aaeii 1994a. 1995a. Naioya?ue 1996a. Naioya?ue 1996a. e 1994a. aan.
i?e?ino, oun.

Oun. A % e eoiao Oun. A % e eoiao Oun. A % eoiao

Anaai iinoiyiii ?aaioaaoeo

8,48 100 8,94 100 6,01 100 -2,47

I?iiuoeaiiinoue 2,38 28 2,59 29,0 1,37 22,8 -1,01

No?ieoaeuenoai 2,63 31 2,62 29,3 1,55 25,7 -1,08

Oi?aiaey e iauanoaaiiia ieoaiea

2,1

25

2,20

24,6

1,77

29,4

-0,33

Iaoea e iao/iia ianeoaeeaaiea

0,2

2

0,23

2,6

0,17

2,8

-0,03

Iauaeiiia?/aneay aeayoaeueiinoue ii iaania/aieth ooieoeeiie?iaaiey ?uiea

0,3

4

0,32

3,6

0,22

3,6

-0,08

?en. 1.3. Aeeiaieea /eneaiiinoe iinoiyiii caiyouo ia iaeuo i?aaei?eyoeyo
?O a 1991-1997aa.

E?eceniia iieiaeaiea aeae a noa?a ?inneeneiai iaeiai
i?aaei?eieiaoaeuenoaa ai iiiaii iaoneiaeaii neeie io?eoeaoaeueiuo
i?ioeannia, i?ienoiaeyueo ai aiaoiae n?aaea. A /ai aea nooue
aeano?oeoeaiiai aeaenoaey iniiaiuo oaeoi?ia aiaoiae n?aaeu ?inneeneiai
iaeiai i?aaei?eieiaoaeuenoaa?

Ia?aay ec a?oii oaeoi?ia naycaia n ninoiyieai aaaeiaeoeo ?ano?niuo
?uieia. Oa?aeoa?iua /a?ou neooaoeee n oaeoi?aie i?iecaiaenoaa aeey iaeuo
i?aaei?eyoee neaaeothuea:

oneiaeiaiiinoue i?ioeaaeo?u aeinooia e ?ano?nai (a ia?aoth i/a?aaeue e
caiea e i?iecaiaenoaaiiui iiiauaieyi), iaoneiaeeaathuay nouanoaaiiua
iioa?e a?aiaie e oeiainiauo n?aaenoa;

ionoonoaea oe?ieie eioi?iaoeee i iaee/ee ?ano?nia, ii?yaeea e oneiaeyo
aeinooia e iei;

iaaeinoaoi/iay noaiaiue eiieo?niinoe e ioe?uoinoe a i?aaeinoaaeaiee
?ano?nia ni noi?iiu ainoaea?noaa, aaaeouay e nicaeaieth ia?aaiuo oneiaee
aeinooia e iei noauaeoia iaeiai i?aaei?eieiaoaeuenoaa;

A ianoiyuaa a?aiy ia ia?aia ianoi ii cia/eiinoe aeey iaeiai
i?aaei?eieiaoaeuenoaa a ioiioaiee ?ano?niiai iaania/aiey auoiaeeo
iaoaaoea i?iecaiaenoaaiiuo ieiuaaeae. Eiathueany ia e?oiiuo
i?aaei?eyoeyo ecauoee iai?oaeiaaiey e iaeniieuecoaiuo i?iecaiaenoaaiiuo
iiuiinoae oieueei a ia?aie/aiiii iauaia aeeth/athony a ?uii/iue iai?io.
Iaeaieaa /anoi ano?a/athueiny aa?eaioii acaeiiioiioaiee iaeuo
i?aaei?eyoee e iniiaiuo aeaaeaeueoeaa iaaeaeaeeiinoe (e?oiiuo
i?aaei?eyoee e ioieoeeiaeueiuo i?aaiia) noae aeiaiai? e?aoein?i/iie
a?aiaeu e, eae i?aaeei, ia iaaeaaii?eyoiuo aeey iaeiai i?aaei?eyoey
oneiaeyo (n?ie oaeiai aeiaiai?a 3-5 eao n i?aaii caeeth/aiey
aeieain?i/iie a?aiaeu a aeaeueiaeoai, iaeiaei ?aaeecaoeey yoiai i?aaa ii
iiaieth iiiaeo i?aaei?eieiaoaeae i?iaeaiaoe/ia, /oi naea?aeeaaao e
canoaaeyao eo ?aaioaoue n iaeyaeeie ia aiciiaeiinoue ?anoi?aeaiey
aeiaiai?a a?aiaeu). A aeiiieiaiea e yoiio iiaeii ioiaoeoue aunieoth
iiiiiieece?iaaiiinoue ?uiea iaaeaeaeeiinoe.

Auoiae ec aeaiiie neooaoeee aeaeeony a aeaeueiaeoai ?acaeoee ?uiea
iaaeaeaeeiinoe. Oaea nae/an anoue aeinoaoi/ii yooaeoeaiua i?iaeou,
iicaieythuea eieoeeaoi?ai ieoieoue aeiaeaiey a iaaeaeaeeiinoue a oa/aiea
2-3 eao. ?acaeoea e?aaeeoii-oeiainiaiai ?uiea iicaieyao oaea naaiaeiy
i?eaeaeaoue caaiiua ?ano?nu ia oaeie n?ie. E niaeaeaieth, aieueoeinoai
oaeeo i?iaeoia ioiineony e oi?aiaie noa?a.

Ia ia/aeueiii yoaia ?acaeoey iaeiai i?aaei?eieiaoaeuenoaa (eiiaoe 80-o –
ia/aei 90-o aiaeia) aanueia ino?ui aue aeaoeoeeo niaoeeaeece?iaaiiiai
iai?oaeiaaiey aeey iaeuo i?aaei?eyoee, iineieueeo ioa/anoaaiiua
i?iecaiaeeoaee i?eaioe?iaaeenue ia oaeiaeaoai?aiea iio?aaiinoae e?oiiuo
ainoaea?noaaiiuo i?aaei?eyoee. N ?acaeoeai ?uii/iuo i?aia?aciaaiee e
aeoeaecaoeeae aiaoiayeiiiie/aneie aeayoaeueiinoe i?aaeeiaeaiee ii
iinoaaeai ioa/anoaaiiiai e eiii?oiiai iai?oaeiaaiey noaei ai iiiaeo
neo/ayo aeinoaoi/ii. Iaeiaei oaia?ue o?oaeiinoe a i?eia?aoaiee iaeuie
i?aaei?eyoeyie iiaeiaiiai iai?oaeiaaiey naycaiu i?aaeaea anaai n
oeiainiauie i?iaeaiaie e eioi?iaoeeiiiui aaeooiii (iaeue
i?aaei?eieiaoaeue ca/anooth ia iiaeao aueoe ia eiii?oiiai i?iecaiaeeoaey
iai?oaeiaaiey, ia eiathuaai i?aaenoaaeoaeuenoaa a ?innee). A nayce n
yoei aeooaeai iiuo iiaeaea?aeee eiaanoeoeeiiiuo i?iaeoia noauaeoia
iaeiai i?aaei?eieiaoaeuenoaa, i?aaeeaaaaiue aaieii “Oeaio?-eiaano” a
?aieao “i?ia?aiiu iiaeaea?aeee iaeuo i?aaei?eyoee Aeiia”: niaoeeaeenou
aaiea iiaoo iiii/ue iaeiio i?aaei?eyoeth a iieneao ia?oia?a, caeeth/aiee
eiio?aeoa, ioi?ieaiee naeaeee, inouanoaeaiee ieaoaaeae ia iaeaieaa
auaiaeiuo oneiaeyo.

Neooaoeey ia ?uiea nu?uey e aniiiiaaoaeueiuo iaoa?eaeia a iineaaeiaa
a?aiy noaaeeece?iaaeanue: anee ?aiueoa ?ino oeai ia i?iaeoeoeeth aaciauo
io?aneae, eniieuecoaioth iaeuie i?aaei?eyoeyie, iia?aaeae ?ino oeai ia
i?iaeoeoeeth iaeiai i?aaei?eyoee, o?oaeii auei iieo/eoue eioi?iaoeeth ii
eioa?anothuei iiceoeeyi, oi nae/an oeaiu noaaeeece?iaaeenue, a
niioaaonoaothuea eaoaeiae iiaeae?atho eioi?iaoeeth i?aeoe/anee ii anai
eioa?anothuei i?aaei?eieiaoaey aeaeai nu?uey e eiiieaeoothueo.

A iineaaeiaa a?aiy iaaethaeathony iieiaeeoaeueiua naeaeae ia oeiainiaii
?uiea: ?anoe?yaony iaai? oneoa, i?aaeeaaaaiuo aaieaie iaeui
i?aaei?eyoeyi, nieaeaaony “oeaia” e?aaeeoiuo ?ano?nia, oaaee/eaathony
n?iee e?aaeeoiaaiey. Aianoa n oai i?iaeieaeaaony eiioeaio?aoeey
eaieoaeia a e?oiiuo ai?iaeao, ia?eiaee/anee iiaoi?ythueany e?ecenu
?acee/iie i?e?iaeu e aeoaeiu, aeinooi ?inneeneeo aaieia e iaaei?iaei
aeieain?i/iui ?ano?nai aeey e?aaeeoiaaiey ia nieiaao aii?in iaania/aiey
e?aaeeoia.

Ii aeaiiui Oeaio?a nioeeaeueiiai i?iaiice?iaaiey e ia?eaoeiaa a ea/anoaa
iniiaiuo o?oaeiinoae ai acaeiiioiioaieyo n aaieaie iaeua
i?aaei?eieiaoaee iacuaatho: 1) o?aaiaaiea caeiaa eiouanoaa – 14,6 %; 2)
aeeeoaeueiinoue i?ioeaaeo?u ioi?ieaiey e?aaeeoa – 11,5% (14, no?.87).

O?oaeiinoe acaeiiioiioaiee n aaieaie iiaoaeaeatho i?aaenoaaeoaeae iaeiai
i?aaei?eieiaoaeuenoaa ia?auaoueny e iaoi?iaeueiiio ?uieo nnoaeiuo
?ano?nia, a /anoiinoe, iaeaeaeeaaoue aeaiueae o ?iaeiuo e ciaeiiuo eee
aeaaea o ?inoiaueeia (oaeea neo/ae eiatho ianoi a iniiaiii a noa?a
oi?aiaee, aaea iai?a/eaaaiinoue n?aaenoa aeinoaoi/ii aaeeea). Aaoi?
?aaiou ciaeii n neooaoeeae, eiaaea aeinoaoi/ii ecaanoiia oi?aiaia
i?aaei?eyoea oaea a 1998a. iieueciaaeinue nnoaeie iiae 10 % a ianyoe a
aeieea?ao NOA.

Naeaeaoaeuenoaii iaaeaaiiieo/iiai iieiaeaiey aeae yaeyaony oaeaea
aeia?o?ioe?iaaiiay ?ieue ee/iuo naa?aaeaiee a no?oeoo?a oeiainiaie aacu
ia/eiathueo i?aaei?eieiaoaeae. Yoi aeinoaoi/ii na?ueaciay i?iaeaia:
aaiee i/aiue inoi?iaeii iiaeoiaeyo e ?anniio?aieth noa?oiauo i?iaeoia.

I?e oa?aeoa?enoeea ?uiea o?oaea iaiaoiaeeii ioiaoeoue, /oi ii ioee/aaony
na?ueaciuie ?aaeiiaeueiuie e io?aneaauie aeeni?iii?oeeyie. O?oaeiaua
?ano?nu iaaeinoaoi/ii iiaeeueiu. Ioiineoaeueiay aea eo aeaoaaecia
“eiiiaine?oaony” iaaeinoaoi/iie eaaeeoeoee?iaaiiinoueth.

Iniaaiii iaaaoeaii io?aaeaaony ia ?acaeoee iaeiai i?aaei?eieiaoaeuenoaa
iaoaaoea iiaeaioiaeaiiuo niaoeeaeenoia a iaeanoe ia?eaoeiaa e oeiainia.
?aoaiea yoie i?iaeaiu aeaeeony a nicaeaiee eiinoeueoaoeeiiiuo neoaea i?e
aaieao aeey ?aaiou n iaeuie i?aaei?eieiaoaeyie. Oeiainu iaeiai
i?aaei?eyoey ia ianoieueei neiaeiu, /oiau ?oeiaiaeeoaeue i?aaei?eyoey ia
ni?aaeeny ni naieie aeaiaaeiuie iioieaie, a aooaaeoa?neee o/ao e
iioeiecaoeeth iaeiaiiaeiaeaiey iiaeao acyoue ia naay aaie (oaeay oneoaa
i?aaeeaaaaony aoaeeoi?neie oe?iie “Oeaio?-aoaeeo”, aoiaeyuae a
eiiiaaoeeiiii-oeiainiaoth a?oiio “Oeaio?-eiaano”).

A ioiioaiee ?inneeneiai eioi?iaoeeiiiiai ?uiea iiaeii neacaoue, /oi ii
i?eia?aoaao oeeaeeeciaaiiua oi?iu (Internet, niaoeeaeueiua eaoaeiae,
aacu aeaiiuo), ae?oaia aeaei, /oi iaeia i?aaei?eyoea ia anaaaea
iaeaaeaao oaoie/aneeie n?aaenoaaie aeinooia e yoie eioi?iaoeee eee ia
iiaeao iicaieeoue naaa iiaeieneo ia aeinoaoi/ii aei?iaea iaci?u ii
eioa?anothuaio ?uieo. Aianoa n oai a oneiaeyo aeinoaoi/ii aieueoiai
?aca?ina oeai o ?acee/iuo iinoaaueeia nu?uey e iaoa?eaeia aeaaeaiea
eioi?iaoeeae inoaaony aeinoaoi/ii neeueiui eiieo?aioiui oaeoi?ii.

Aeey ?uieia nauoa i?iaeoeoeee iaeuo i?aaei?eyoee aieioue aei 1996a.
oa?aeoa?ii auei eo eieinnaeueiia noaeaiea aneaaenoaea nieaeaiey o?iaiy
aeecie ianaeaiey e iaieaoaaeaniiniaiinoe aieueoeinoaa i?aaei?eyoee.
Iaeiaei oaea a 1996a. iauai ?icie/iiai oiaa?iiai?ioa e ieaoiuo oneoa
oaaee/eeny. Oae ii ?inoianeie iaeanoe i?e?ino ninoaaee 2,5 % (a
niiinoaaeiuo oeaiao), a a1997 a. – 6,7 % (12, no?.156). Ia naaiaeiyoiee
aeaiue iiaeii aiai?eo i i?ae?auaiee iaoia?ecaoeee ianaeaiey. Oae ii
?inoianeie iaeanoe a 1997 a. niioiioaiea aeioiaeia 10 % iaeaieaa
iaania/aiiiai e 10 % iaeiaiaa iaania/aiiiai ianaeaiey ninoaaeei 7,9 ?aca
i?ioea 8,8 ?aca a 1996 a., a ?ino n?aaeiaiany/iiai aeioiaea iaeiiai
?aaioieea a oeaeii ii yeiiiieea iaeanoe i?aaunee ?ino iio?aaeoaeueneeo
oeai (1,2 e 1,176 niioaaonoaaiii) (12, no?. 178).

Aoi?ay a?oiia iaaaoeaiuo oaeoi?ia ii?iaeaeaia oa?aeoa?ii acaeiiioiioaiee
aaaeiaeoeo ?uii/iuo einoeoooia e aaaioia n iaeui i?aaei?eieiaoaeuenoaii.
Iaaaoeaiia ninoiyiea oicyenoaaiiuo naycae iaaeaeo iaeui e e?oiiui
aecianii iiaeii ii?aaeaeeoue aeaoiy eeth/aauie iiiyoeyie:
iaeioaa?e?iaaiiinoue e ia?aaiii?aaea. Ia?aay icia/aao ia?acaeoinoue a
?innee oe?iei ?ani?ino?aiaiiuo a ie?a noai o?ai/aeceiaa, aai/o?iiai
oeiaine?iaaiey e o.i., /oi iicaieyao e?oiiui e iaeeei aaaioai ?uiea a
?acaeouo no?aiao aa?iiie/ii aeiiieiyoue ae?oa ae?oaa. Aoi?ia iniaaiii
y?ei i?iyaeyaony a ?ani?aaeaeaiee ?ano?nia, eueaio, eaio, aincaeacia.
Iaeua i?aaei?eyoey a ?acaeouo no?aiao, eae i?aaeei, niaoeeaeece?othony
ia ecaioiaeaiee ioaeaeueiuo oceia e aeaoaeae, a e?oiiua i?aaei?eyoey
aaaeoo nai?eo aioiauo ecaeaeee. Eiiaaea iaeua i?aaei?eyoey
inouanoaeytho i?iiaaeooi/ioth nai?eo. Iai?eia?, oe?ia “SAAB”,
yaeythuayny iaeiie ec e?oiiaeoeo oe?i ii i?iecaiaenoao aaeaoeeiiiuo
aeaeaaoaeae eiaao ieiei 4500 oe?i, eioi?ua i?iecaiaeyo aeey iaa
?acee/iua aeaoaee.

Neaaeothuay, o?aouey, a?oiia iaaaoeaiuo oaeoi?ia naycaia n ninoiyieai
i?aaiauo, ioiioaiee. Aeano?oeoeaiia aeeyiea ia iaeia
i?aaei?eieiaoaeuenoai neiaeeaoaeny i?aaiaie n?aaeu i?iyaeyaony,
ai-ia?auo, a ianoaaeeueiinoe caeiiiaeaoaeuenoaa: i?ienoiaeeo iinoiyiiia
eciaiaiea i?aaee aeayoaeueiinoe i?aaei?eyoee a iaeanoe iaeiaiiaeiaeaiey
aieioue aei aaaaeaiey caeiiia e ii?iaoeaiuo aeoia caaeiei /eneii.
Ai-aoi?uo, – a nouanoaaiiuo caeiiiaeaoaeueiuo i?iaaeao: ionoonoaea
caiaeueiiai eiaeaena ia iicaieyao ?acaeaaoue eiioa/iia e?aaeeoiaaiea.
A-o?aoueeo, – cai?ao ia ia?aaea/o a eeceia ianneaiie /anoe iniiaiuo
oiiaeia i?eaiaeeo e oiio, /oi iaania/aiiinoue iaeuo i?aaei?eyoee
nianoaaiiuie i?iecaiaenoaaiiuie ieiuaaeyie inoaaony ia ieceii o?iaia.

Iaaaoeaiia aeeyiea ia noauaeoia iaeiai i?aaei?eieiaoaeuenoaa ieacuaaao e
iuiaoiaa iaeiaiaia caeiiiaeaoaeuenoai. Oae, iai?eia?, Oaaea?aeueiue
caeii io 5.02.97a. “I oa?eoao no?aoiauo aciinia a Iaineiiiue oiiae ?O
…”, iiauoathuee oa?eou aciinia n 5 % aei 28 % (oi anoue oooaeoathuee
iieiaeaiea iaeiaiieaoaeueueeia) aue iioaeeeiaai 11 oaa?aey, a aaaaeai a
aeaenoaea n 1 yiaa?y 1997a. Iaei oiai, yoio caeii aua e i?ioeai?a/ee
Eiinoeoooeee (noaoueyi 19 e 55) (8, i.1), iaeiaei eiaeeaeaeoaeueiua
i?aaei?eieiaoaee auee auioaeaeaiu ieaoeoue iacaeiiii aceiaaiua n ieo
io/eneaiey oeaeue aiae aei Iinoaiiaeaiey Eiinoeoooeeiiiiai Noaea ?O e
aoaeoo ieaoeoue aua iieaiaea, oae eae noae iaycae Niaao Oaaea?aoeee
aianoe eciaiaiey a caeiiiaeaoaeuenoai ioiineoaeueii noaaee io/eneaiee a
Iaineiiiue oiiae eiaeeaeaeoaeueiuie i?aaei?eieiaoaeyie a oa/aiea 6
ianyoeaa. Aa?oiyy iaeaoa aoaeao oyiooue aei iineaaeiaai, oae eae
iaaniieiaia i?aaeaea anaai iinooieaieyie a athaeaeao.

Aeooaeueiu i?iaeaiu, naycaiiua n iaeiaiai-eioi?iaoeeiiiui iaania/aieai
iaeiai i?aaei?eieiaoaeuenoaa. ?a/ue i?aaeaea anaai eaeao i oii, /oi aai
noauaeou no?aaeatho io iiiiiieee iaeiaiauo einiaeoeee ia eioi?iaoeeth,
iniaaiii ia iiaecaeiiiua aeou, aioo?aiiea eino?oeoeee e ?acuynieoaeueiua
aeieoiaiou, i?aeoe/anee iaaeinooiiua iaeiaiieaoaeueueeai.

Ia?a/aiue iaeiaiauo eueaio e?aeia ia?aie/ai, a eo iiceoeaiia
aicaeaenoaea ia ?acaeoea iaeuo i?aaei?eyoee ieieiaeueii. Neaaeai,
eueaioa ii iaeiao ia i?eaueue iiaeao auoue eniieueciaaia i?eia?ii 30 %
i?aaei?eyoeyie ioaeaeueiuo, “i?ei?eoaoiuo”, aeaeia aeayoaeueiinoe.
Iaiaoiaeeiinoue aeeaa?neoeoee?iaaoue ?aaioo i?aaei?eyoee aeey
iaania/aiey auaeeaaaiinoe aua aieaa nie?auaao eiee/anoai iioaioeeaeueiuo
iieo/aoaeae aeaiiie eueaiou (oneiaeai aa i?eiaiaiey yaeyaony iieo/aiea
70 eee aeaaea 90% au?o/ee eiaiii io i?ei?eoaoiiai aeaea aeayoaeueiinoe,
a iiaeaaeythuaa aieueoeinoai iaeuo i?aaei?eyoee a oneiaeyo yeiiiie/aneie
ianoaaeeueiinoe auioaeaeaii a oie eee eiie ia?a caieiaoueny e oaie
aunieiaeioiaeiuie iia?aoeeyie, ia eioi?ua eueaioiue ?aaeei ia
?ani?ino?aiyaony).

Ae?oaie iaaaoeaiue i?eia? – nie?auaiea aaeaia iieacaoaey /eneaiiinoe
?aaioathueo aeey ioianaiey i?aaei?eyoee e eaoaai?ee iaeuo, aaaae?iiia a
1995 a. Oaaea?aeueiui caeiiii “I ainoaea?noaaiiie iiaeaea?aeea noauaeoia
iaeiai i?aaei?eieiaoaeuenoaa a ?inneeneie Oaaea?aoeee”. Oaeia
ia?aie/aiea i?eaiaeeo e aua aieueoaio nieaeaieth eiee/anoaa
i?aaei?eyoee, eiathueo oain ia ieieiaeueiue o?iaaiue ainoaea?noaaiiie
iiaeaea?aeee.

Eeoue aeey iaaieueoiai eiee/anoaa iaeuo i?aaei?eyoee aeaenoaoao ii?yaeie
iaeiaiiaeiaeaiey, onoaiiaeaiiue Oaaea?aeueiui caeiiii “Ia oi?iuaiiie
nenoaia iaeiaiiaeiaeaiey, o/aoa e io/aoiinoe aeey noauaeoia iaeiai
i?aaei?eieiaoaeuenoaa”, iineieueeo ii i?eiaiyaony oieueei aeey
i?aaei?eyoee n /eneaiiinoueth ?aaioathueo aei 15 /aeiaae e aaeiaie
au?o/eie aei 100 000 ieieiaeueiuo ?acia?ia iieaou o?oaea.

*oi eanaaony iaeeaeaaiuo a aeeaeaeoai aoaeouai “naaaeeo” ieiaeia
ii?iioai?/anoaa iaoeo caeiiiaeaoaeae, oi iiaeii ioiaoeoue i?iaeo
aianaiey eciaiaiee e Caeiio “Ia oi?iuaiiie nenoaia iaeiaiiaeiaeaiey,
o/aoa e io/aoiinoe aeey noauaeoia iaeiai i?aaei?eieiaoaeuenoaa”
i?aaeiieaaathueo aaaaeaiea aiaiaiiiai iaeiaa aeey iaeuo i?aaei?eyoee
/eneaiiinoueth aei 20 /aeiaae e eiaeeaeaeoaeueiuo i?aaei?eieiaoaeae n
iauaiii aiaeiaie au?o/ee aei 300 oun. I?IO. Oeacaiiue i?iaeo, ai-ia?auo,
niaea?aeeo i?ioeai?a/ey no. 19 Caeiia “Ia iniiaao iaeiaiaie nenoaiu a
?O”, a ai-aoi?uo o/eouaaao eioa?anu ia iaeiai i?aaei?eyoey, a athaeaeaoa
(ieaoaaee aaainiaua, onoaiaaeeaaaiua eniieieoaeueiie aeanoueth ii
aeinoaoi/ii neiaeiie noaia eiyooeoeeaioia, iaeia ia caaeneo io
?aaeueiiai aeioiaea i?aaei?eieiaoaey) (30, n.54).

A caaa?oaiea anoanoaaiii caaeaoueny aii?inii: eaeiaa yooaeoeaiinoue
iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa a ?innee?

I?aaiecaoeeyie, caieiathuaeny ?ac?aaioeie ia? ii iiaeaea?aeea iaeiai
aeciana a ?innee, yaeyaony Ainoaea?noaaiiue eiieoao ii iiaeaea?aeea
iaeiai i?aaei?eieiaoaeuenoaa e Oaaea?aeueiue oiiae iiaeaea?aeee iaeiai
i?aaei?eieiaoaeuenoaa, a oaeaea ae?oaea ainoaea?noaaiiua e
ioieoeeiaeueiua oiiaeu. Ia aoaeai aiai?eoue i ?acoeueoaoao ?aaeecaoeee
ii?o/aiiuo ei caaea/. E aio ii/aio: i eaeie ianooaaiie yooaeoeaiie
?aaioa iiaeao eaeoe ?a/ue, anee a 1996 aiaeo athaeaeao ia aeae
Oaaea?aeueiiio oiiaeo ie eiiaeee, a a 1997 ec caieaie?iaaiiiai o?eeeeiia
oiiae iieo/ee 25,8 %. Ca 1997 aiae Oiiae iieo/ee anaai 326,5 ie?ae.
?oaeae ($ 55 iei.) ca n/ao ?aciauaiey nianoaaiiuo n?aaenoa e io/eneaiee
io i?eaaoecaoeee (caeiiiua 5 % io eaaeaeie naeaeee) e a eoiaa auiieiee
i?ia?aiio iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa ia 1996-1997aa. ia
35,7% (15, no?. 1). Aeey n?aaiaiey: a NOA oaaea?aeueiia aaaionoai iaeiai
aeciana (SBA) a 1995 aiaeo i?iaa?aioe?iaaei nnoae iaeui i?aaei?eyoeyi
ii/oe ia $ 10 ie?ae. – ia o?e ii?yaeea aieueoa! *oi eanaaony
?aaeiiaeueiuo no?oeoo? iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa, oi
caeanue neooaoeey n oeiainiauie ?ano?naie aua oyaeaeaa: “O ieo
(?aaeiiia) aieiaiay aieue – yoi ca?ieaoa athaeaeaoieeai. Ana n?aaenoaa
eaeoo i?aaeaea anaai ia caueuaiiua noaouee ?aaeiiaeueiuo athaeaeaoia.
Anee aea ?aaeii iiaeao i?aaeinoaaeoue eueaiou iaeiio “aeciano”, oi ia
yoo noiio nie?auathony o?ainoa?ou ec ainoaea?noaaiiiai athaeaeaoa”
(Aunieia A.A.) (15, no?.1).

Enoiaey ec auoaeceiaeaiiiai, iiaeii naeaeaoue auaiae i aieueoie
cia/eiinoe iaeiai i?aaei?eieiaoaeuenoaa aeey yeiiiieee no?aiu: iaeua
i?aaei?eyoey inouanoaeytho cia/eoaeueiua caeoiee aeey i?iecaiaenoaaiiuo
ioaeae, iiauoatho yeanoe/iinoue e eiiuthieoo?o ?uieia, iaania/eaatho
caiyoinoue nauoa 50 % o?oaeiniiniaiiai ianaeaiey, niinianoaotho
oi?ie?iaaieth eiieo?aioiie n?aaeu.

A ?inneeneeo oneiaeyo e auoaia?a/eneaiiui ooieoeeyi aeiaaaeythony:
?anoe?aiea i?iecaiaenoaa oiaa?ia e oneoa ia aaca eiathuaainy
iai?oaeiaaiey aac aeiiieieoaeueiuo e?oiiuo eaieoaeiaeiaeaiee,
naeaaeeaaiea aeeni?iii?oeee a ?acaeoee ?aaeiiia, aiaea/aiea n?aaenoa
ianaeaiey a aeaeiaie iai?io, o?oaeiono?ienoai aunaiaiaeeaoaeny a
?acoeueoaoa i?ioaaeoeo ia i?aaei?eyoeyo ?aoi?i ?aai/ae neeu.

Iaeiaei o?iaaiue ?acaeoey iaeiai i?aaei?eieiaoaeuenoaa a ?innee
iaoiaeeony ia naaiaeiyoiee aeaiue ia i/aiue ieceii o?iaia a neeo
?acee/iuo i?e/ei iayeiiiie/aneiai oa?aeoa?a: ath?ie?aoeci /eiiaieeia,
iao?aaoee?iaaiiay ii?iaoeaii-i?aaiaay aaca, caiacaeuaathuee i?ioeann
?ano?oeoo?ecaoeee e?oiiuo i?iiuoeaiiuo i?eaaoece?iaaiiuo i?aaei?eyoee.

Oaeei ia?acii, ianiio?y ia aeaaii?eyoiua yeiiiie/aneea oneiaey aeey
?acaeoey iaeiai i?aaei?eieiaoaeuenoaa, neiaeeaoeany e ia/aeo 1998 aiaea,
eae oi ieceea i?ioeaioiua noaaee, aeinooi aaieia e n?aaenoaai
iaaeaeoia?iaeiuo oeiainiai-e?aaeeoiuo i?aaiecaoeee, ?aaeoeey oeacaiiiai
naeoi?a yeiiiieee aeinoaoi/ii ayeay.

1.3. Iaeia i?aaei?eieiaoaeuenoai eae oi?ie?othueeny ?uiie i?eeiaeaiey
e?aaeeoiuo ?ano?nia eiiia?/aneiai aaiea

Auoaeceiaeaiiia aeaao i?aai aiai?eoue i i?ioeai?a/ee a ?acaeoee iaeiai
i?aaei?eieiaoaeuenoaa a ?innee: n iaeiie noi?iiu iaeua i?aaei?eyoey
niiniaiu i?iecaiaeeoue nauoa iieiaeiu AAI, yooaeoeaiinoue iaeiai
i?aaei?eieiaoaeuenoaa a n?aaeiai ii no?aia aieaa /ai a aeaa ?aca auoa,
/ai o i?i/eo i?aaei?eyoee (iaeua i?aaei?eyoey i?iecaaee a 1996 aiaeo 12
% AAI e 20 % iaoeeiiaeueiiai aeioiaea); n ae?oaie noi?iiu a i?ioeanna
naiae aeayoaeueiinoe iaeua i?aaei?eyoey noaeeeaathony n oeaeui ?yaeii
i?iaeai e aeaaiay ec ieo ino?ue aeaoeoeeo eiaanoeoeeiiiuo ?ano?nia,
iaoaaoea n?aaenoa ia ?anoe?aiea ?uieia nauoa, anni?oeiaioa, iiauoaiey
ea/anoaa i?iaeoeoeee.

Aianoa n oai iea/aaiia ninoiyiea e?oiiuo i?iiuoeaiiuo i?aaei?eyoee,
eioi?uo a iniiaiii e e?aaeeootho aaiee, aeeyao ia ea/anoai e?aaeeoiuo
ii?ooaeae (oi/iaa ia iaea/anoaaiiinoue), a neeo /aai aicieeatho ianniaua
i?iaeaiu n eeeaeaeiinoueth a aaieianeii naeoi?a. Ia ianoiyuee iiiaio o
1000 aaieia ec 2545 ioicaaiu eeoeaicee, a a i?anna eioi?ue aiae
aiai?eony i a?yaeouae aieia aaie?ionoa (y?eee i?eia? – neooaoeey n
?inoianeei INA). Oaeei ia?acii, ia?aae aaieaie ino?i anoaao i?iaeaia
aeeaa?neoeeaoeee naieo e?aaeeoiuo ii?ooaeae.

Aeoeaiay ?aaioa ii e?aaeeoiaaieth iaeuo i?aaei?eyoee yaeyaony oaeaea
iainii?eiui i?aeiouanoaii a iaino?eaoaeny eiieo?aioiie ai?ueaa ca
eeeaioo?o: aiciiaeiinoue iieo/aiey e?aaeeoa ia auaiaeiuo oneiaeyo iiaeao
auoue oi?ioei noeioeii aeey ?oeiaiaeeoaey i?aaei?eyoey i?e auai?a aaiea.

E, iaeiiaoe, ia noieo caauaaoue i naiii aeaaiii: iniiaiay oeaeue
aeayoaeueiinoe e?aaeeoiie i?aaiecaoeee – ecaea/aiea i?eauee (2, no.1). A
oneiaeyo nieaeathuaeny aeioiaeiinoe o?aaeeoeeiiiuo niaeoeyoeaiuo
eino?oiaioia oeiainiaiai ?uiea (AEI, IAE) aaiee auioaeaeaiu eneaoue
iiaua noa?u i?eeiaeaiey naieo ?ano?nia. O/eouaay aunieoth yooaeoeaiinoue
i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa, aaiee ai?aaa ?ann/eouaaoue ia
aunieoth aeioiaeiinoue e?aaeeoiaaiey oaeeo i?iaeoia, iioeae?oy aieaa
aunieea noaaee e?aaeeoiaaiey aunieie oaeaeueiie o?oaeiaieinoueth ?aaio
ii e?aaeeoiaaieth iaaieueoeo i?iaeoia.

Ana yoi canoaaeyao ?oeiaiaenoai i?ia?anneaiuo aaieia ia?aniao?eaaoue
e?aaeeoioth iieeoeeo, niauay aeoeaio a noi?iio iaeuo e n?aaeieo
i?aaei?eyoee.

I?eaaaeaiiua ieaea aeeaa?aiiu (?en. 1.4. e 1.5.) eeethno?e?otho
?acieoeo a no?oeoo?ao e?aaeeoiuo ii?ooaeae n?aaeiaai ?inneeneiai aaiea
(Aaeoeeneee) e oeie/iiai aia?eeaineiai aaiea Mid Am Bank n aeoeaaie
i?eaeeceoaeueii a 2,2 ie?ae. aeieea?ia.

?en. 1.4.

Eae iu aeaeei, niiao e?aaeeoiie aeayoaeueiinoe Mid-Am Bank ia?acotho
nnoaeu iaeui i?aaei?eyoeyi, ninoaaeythuea aieaa iieiaeiu ii?ooaey. Aaie
oaeaea ianeoaeeaaao ianeieueei e?oiiuo i?aaei?eyoee, iniiaiay /anoue
eioi?uo ia/aea nio?oaeie/aoue n aaieii eae iaeua i?aaei?eyoey.
E?aaeeoiue aea ii?ooaeue Aaeoeeneiai Aaiea ninoieo a iniiaiii ec e?oiiuo
e?aaeeoia, e oieueei 1,1 % aai ninoaaeytho nnoaeu iaeui i?aaei?eyoeyi.

?en. 1.5.

?aoaieth i?iaeaiu aeaoeoeeoa e?aaeeoiuo ?ano?nia aeey e?aaeeoiaaiey
i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa ?inneeneei aaieai /anoe/ii
iiiiaatho ?aoeoue ?acee/iua iaaeaeoia?iaeiua oeiainiaua i?aaiecaoeee.
Oae ii ?inoianeie iaeanoe n AA?? nio?oaeie/aao “NAN-Aa?i”, n
Eiaanoeoeeiiiui oiiaeii NOA-?inney (TUSRIF) – aaiee “Oeaio?-eiaano” e
“Aeiieiaano”.

Iaeiaei iaee/ea ?ano?nia aeey e?aaeeoiaaiey aua ia icia/aao, /oi i?iaeou
“iioaeoo ?aeie”. Aaiee naaiaeiy noaeeeaathony n neooaoeeae, eiaaea
aa?anneaiay ?aeeaiiay eiiiaiey ii i?eaea/aieth i?iaeoia aeey
e?aaeeoiaaiey ia auaiaeiuo aeey caaiueea oneiaeyo (n?aaieoaeueii
iaaunieea noaaee i?ioeaioia ii e?aaeeoai, i?iaeieaeeoaeueiinoue n?iea
e?aaeeoiaaiey, oaeiaiua noaiu ieaoaaeae ii e?aaeeoo) ia iaoiaeeo
aaeaeaaoiiai ioeeeea o ?oeiaiaeeoaeae iaeuo i?aaei?eyoee. A i?eioeeia,
iiaeiaiay ?aaeoeey eaaei iauyniyaony: o ?inneeneiai aecianiaia ia
noi?ie?iaaeny aua no?aoaaey “aaaeaiey aeciana a e?aaeeo”, eae yoi
i?eiyoi a ?acaeouo no?aiao. *oi ia oaeeaeoaeueii: aua a/a?a, a ia?eiae
?acaoea eioeyoeee e “aeeeie” yeiiiieee aaiee i?inoi ia oioaee caia/aoue
iaeue aecian. Naaiaeiy yoa iaaeaeueiiaeaeiinoue “aoeioeanue” aaieai.

Oaeei ia?acii, aeey ii?iaeueiie ?aaiou n iaeui i?aaei?eieiaoaeuenoaii
iaeiie oieueei aiciiaeiinoe i?aaeinoaaeoue e?aaeeo ieacaeinue ia
aeinoaoi/ii, iaiaoiaeeia oeaeay nenoaia ii i?eaea/aieth yooaeoeaiuo
i?iaeoia. Naaiaeiy iiiaea aaiee auioaeaeaiu nicaeaaaoue aa n ioey, ii
anoue e oaeea, eioi?ua ia/aee caieiaoueny nicaeaieai oaeie nenoaiu
aeinoaoi/ii aeaaii e oaea ?ac?aaioaee ?yae oaoiieiaee ii iiaeaea?aeea
eiaanoeoeeiiiuo i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa e noi?ie?iaaee
ii?aaeaeaiiue aaoi?eoao a yoie noa?a.

A nayce n yoei i?eia/aoaeai iiuo ?aaiou aaiea “Oeaio?-eiaano”.

A ea/anoaa i?ei?eoaoia naiae eiaanoeoeeiiiie iieeoeee Aaie ii?aaeaeee
?aaioo ni n?aaeieie e iaeuie i?aaei?eyoeyie.

A 1997 aiaeo aaieii “Oeaio?-eiaano” i?e o/anoee aaeieieno?aoeee
?inoianeie iaeanoe auea ?ac?aaioaia “I?ia?aiia iiaeaea?aeee iaeuo
i?aaei?eyoee Aeiia”, eioi?ay a ea/anoaa ieeioiiai i?iaeoa aioea a
“?aaeiiaeueioth i?ia?aiio ainoaea?noaaiiie iiaeaea?aeee iaeiai
i?aaei?eieiaoaeuenoaa ?inoianeie iaeanoe ia 1997 aiae”. Oeaeueth
i?ia?aiiu yaeyaony niaeaenoaea ?acaeoeth iaeuo e n?aaeieo i?aaei?eyoee
?inoianeie iaeanoe ia aaca ia?aaeiauo aaieianeeo oaoiieiaee e
eio?ano?oeoo?u iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa, nicaeaiiie
aaieii “Oeaio?-eiaano”.

Ia aaca niaoeeaeece?iaaiiiai oeeeaea Aaie e no?oeoo?, aoiaeyueo a
eiiiaaoeeiiii oeiainiaoth a?oiio “Oeaio?-eiaano”, ieacuaatho iieiue
eiiieaen aaieianeeo oneoa aeey iaeuo i?aaei?eyoee:

I?aaiecaoeeiiii-i?aaiaia ioi?ieaiea e th?eaee/aneea eiinoeueoaoeee
noauaeoia iaeiai i?aaei?eieiaoaeuenoaa;

Aaaeaiea aooaaeoa?neiai o/?oa e iaeiaiaia ieaie?iaaiea (oe?ia
“Oeaio?-Aoaeeo”);

I?eiaiaiea iaoaiecia oeiainiaiai eeceiaa aeey oaoie/aneiai ia?ainiauaiey
iaeuo i?aaei?eyoee (eiiiaiey “Eeceia-Oeaio?”);

Eueaioiia e?aaeeoiaaiea i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa
(niaeaoaiea n Eiaanoeoeeiiiui Oiiaeii NOA-?inney (TUSRIF));

Iiene ca?oaaaeiiai ia?oi??a, iin?aaeie/anoai a caeeth/aiee naeaeie
i?aaei?eyoee (noi?ie?iaaia aaca aeaiiuo iioaioeeaeueiuo ia?oia?ia a
Aa?iaiee, O?aioeee, NOA, Aaeeeia?eoaiee);

Iao/aiea niaoeeaeenoia iaeiai i?aaei?eieiaoaeuenoaa ia aaca ?aaoey?iuo
naieia?ia niaianoii n ?inoianeeie AOCaie;

Auione iaoiaee/aneeo iiniaee, eiinoeueoaoeee (Aaieianeea oaoiieiaee aeey
iaeuo i?aaei?eyoee Aeiia);

Eniieueciaaiea aiciiaeiinoae aeiaaeueiie eiiiuethoa?iie naoe INTERNET
aeey i?aaiecaoeee ae?ooaeueiuo i?aaenoaaeoaeuenoa iaeuo i?aaei?eyoee –
eeeaioia aaiea.

Enoiaey ec auoaeceiaeaiiiai, iiaeii naeaeaoue auaiae i oii, /oi aeaa a
eaeie-oi ia?a ia?aeeaeueiuo aei neo ii? a ?innee i?ioeanna – ?acaeoey
iaeuo i?aaei?eyoee e ?acaeoey e?aaeeoiuo i?aaiecaoeee – iaoiaeyo oi/ee
nii?eeiniiaaiey. Iiuo ?acaeouo no?ai iieacuaaao aieueoea ia?niaeoeau
oaeiai nio?oaeie/anoaa. Io /aai aea caaeneo oniao yoiai nio?oaeie/anoaa.
Ianiiiaiii, iaeua i?aaei?eyoey ioaeaeathony a iniaii aieiaiee e eueaioao
ni noi?iiu ainoaea?noaa a nayce n aai (ainoaea?noaa) eioa?anii a
?acaeoee iaeiai i?aaei?eieiaoaeuenoaa a no?aia. N?aaee i?aaeeiaeaiee
aaoi?ia ?acee/iuo ioaeeeaoeee ia yoo oaio iiaeii ioiaoeoue neaaeothuea:

iaiaoiaeeiinoue nicaeaiey iaeneiaeueii i?ic?a/iie e iiiyoiie
ii?iaoeaii-i?aaiaie aacu, ?aaoee?othuae ioiioaiey a noa?a iaeiai
i?aaei?eieiaoaeuenoaa;

onei?aiea i?ioeaaeo?, naycaiiuo n ?aaeno?aoeeae e ioi?ieaieai naeaeie
noauaeoia iaeiai i?aaei?eieiaoaeuenoaa;

nicaeaiea aa?aioeeiuo oiiaeia, i?aaeinoaaeythueo aa?aioee e?aaeeoiui
einoeoooai, auaeathuei e?aaeeou iiae i?iaeou noauaeoia iaeiai
i?aaei?eieiaoaeuenoaa;

eueaiou aeey iaeuo i?aaei?eyoee, au?aaeathueany a ioianaiee ia
naaanoieiinoue aeey oeaeae iaeiaiiaeiaeaiey ?anoiaeia, naycaiiuo n
iieo/aieai e iiaaoaieai e?aaeeoia;

oaaee/aiea iauaiia aincaeacia, ?aciauaaiuo n?aaee iaeuo i?aaei?eyoee ia
eiieo?niie iniiaa, e iauaiia aincaeacia ?aaeueii iiea/aiiuo
ainoaea?noaii.

Nouanoaotho i?aaeeiaeaiey e ioiineoaeueii nicaeaiey aeiiieieoaeueiuo
noeioeia e?aaeeoiaaiey noauaeoia iaeiai i?aaei?eieiaoaeuenoaa aeey
e?aaeeoiuo i?aaiecaoeee, oaeeo eae, iai?eia?:

eueaioiia iaeiaiiaeiaeaiea aaieia a /anoe aeioiaeia iieo/aiiuo io
e?aaeeoiaaiey i?iaeoia iaeiai aeciana;

nieaeaiea noaaie ?aca?ae?iaaiey, aeey noeioee?iaaiey eioa?ana e
e?aaeeoiaaieth ?aaeueiiai naeoi?a a oeaeii.

Iaeiaei ioaeii oynieoue, /oi anee eiiia?/aneea aaiee “ia niiaoo”
i?ie?aaeeoiaaoue eiaanoeoeeiiiua i?iaeou noauaeoia iaeiai
i?aaei?eieiaoaeuenoaa ec-ca oiai, /oi ia aeaaeatho niioaaonoaothueie
oaoiieiaeyie, oi oneeey i?aaeoaeuenoaa e OeA ?O (a iie ia?aie/aiu a
naieo aiciiaeiinoyo i?aaeinoaaeaiey aa?aioee e n?aaenoa, a nieaeaiee
noaaie iaycaoaeueiiai ?aca?ae?iaaiey) ia aoaeoo eiaoue aeieaeiiai
yooaeoa.

Aeaaa 2. Eiaanoeoeeiiiua i?iaeou noauaeoia iaeiai i?aaei?eieiaoaeuenoaa
a eiiia?/aneii aaiea

2.1. Iniaaiiinoe e?aaeeoa eae iaeiiai ec enoi/ieeia i?iaeoiiai
oeiaine?iaaiey

Iaeiie ec iniiaiuo i?iaeai, n eioi?ie noaeeeaathony aaiee i?e
e?aaeeoiaaiee i?iaeoia iaeiai aeciana, yaeyaony iaaeinoaoi/iinoue
iaania/aiey e?aaeeoa. A oneiaeyo ionoonoaey i?aeoeee aa?aioe?iaaiey
iiaeiaiuo i?iaeoia ni noi?iiu ainoaea?noaaiiuo oiieiiii/aiiuo
i?aaiecaoeee (oaeeo, eae, iai?eia?, SBA a NOA) anoaao aii?in i oii,
?anniao?eaaoue oaeea i?iaeou aiiaua eee iao. I?aaeeaaaaiay aaoi?ii
?aaiou noaia i?aaeiieaaaao aa?aioeth aica?aoa e?aaeeoa a ia?aoth
i/a?aaeue naiei i?iaeoii, a yoii neo/aa ?aaioa ii e?aaeeoiaaieth
i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa i?eia?aoaao /a?ou i?iaeoiiai
oeiaine?iaaiey (IO).

A ?innee i?aiaeaaeaao oi?iuaiiia i?aaenoaaeaiea i IO eae i aaieianeii
aeieain?i/iii e?aaeeoiaaiee i?iiuoeaiiuo eiaanoeoeeiiiuo i?iaeoia. Ia
naiii aea aeaea aeieain?i/iia aaieianeia e?aaeeoiaaiea eiaanoeoeeiiiuo
i?iaeoia iiaeao ?anniao?eaaoueny i?e ii?aaeaeaiiuo oneiaeyo eeoue iaeiie
ec oi?i IO, /anoiui neo/aai IO. I?aaeaea /ai iiiuoaoueny aeaoue
iaiauathuaa, ei?ioeia ii?aaeaeaiea IO, ia?aoei aieiaiea ia iaeioi?ua aai
iniaaiiinoe ii n?aaiaieth n o?aaeeoeeiiiui aaieianeei e?aaeeoiaaieai
eiaanoeoeeiiiuo i?iaeoia.

1. Anee aiai?eoue i IO n oi/ee c?aiey eiiia?/aneeo aaieia, oi aeey ieo
e?aaeeoiua iia?aoeee a ?aieao IO oa?aeoa?ecothony iiauoaiiui ?eneii.
Aeaei a oii, /oi i?e noaia IO aaie auaeaao e?aaeeo caaiueeo aac i?aaa
?aa?anna (iai?ioa) eee n ia?aie/aiiui iai?ioii aaiea ia caaiueea.
Enoi/ieeii iiaaoaiey e?aaeeoa e auieaou i?ioeaioia ii iaio yaeythony
oieueei aeioiaeu, iieo/aaiua io ?aaeecaoeee eiaanoeoeeiiiiai i?iaeoa. A
iaiai ia i?eiyoea ?eneia eiiia?/aneee aaie iieo/aao i?aai ia iiauoaiiue
i?ioeaio, i?aieth. Oaeei ia?acii, aaie no?aooao aunieea e?aaeeoiua
?enee.

2. A noaiao IO n ia?aie/aiiui iai?ioii ia caaiueea iniaia aieiaiea
oaeaeyaony aii?inai auyaeaiey, ioeaiee e nieaeaiey ?eneia i?e
?aaeecaoeee eiaanoeoeeiiiuo i?iaeoia. Eae i?aaeei, aaaeouoth ?ieue a
yoii ea?aao aaie, eioi?ue neeaie naieo nio?oaeieeia e i?eaea/aiiuo
eiinoeueoaioia inouanoaeyao ioeaieo eiaanoeoeeiiiiai i?iaeoa:
yooaeoeaiinoe eiaanoeoeee, aeeiaieee aeaiaaeiuo iioieia, ia?niaeoea
?aaeecaoeee i?iaeoeoeee, i?iaeoiuo ?eneia e o.ae. I?iaeoiue aiaeec eae
niaieoiiinoue iaoiaeia ioeaiee (yeiiiie/aneie, oeiainiaie, oaoie/aneie,
yeieiae/aneie, i?aaiecaoeeiiii-i?aaiaie, eiiia?/aneie) eiaanoeoeeiiiuo
i?iaeoia a i?eioeeia naaiaeiy i?eiaiyaony aeinoaoi/ii oe?iei ia Caiaaea
— eae a aaieianeii, oae e i?iiuoeaiiii naeoi?ao yeiiiieee. Ii i?e
eniieueciaaiee noai IO ?ieue i?iaeoiiai aiaeeca iniaaiii auniea.

3. I?e ?aaeecaoeee i?iaeoia a ieo iiaoo auoue caaeaenoaiaaiiuie iiiaea
o/anoieee:

– eieoeeaoi?u i?iaeoa;

– i?iaeoiay eiiiaiey;

– eiinoeueoaiou;

– iiae?yae/eee (aaia?aeueiue iiae?yae/ee, noaiiae?yae/eee);

– iinoaaueee iai?oaeiaaiey;

– no?aoiaua eiiiaiee e aaiee-aa?aiou;

– iieoiaoaee oiaa?ia e oneoa, i?iecaiaeeiuo ia iauaeoa eiaanoeoeeiiiie
aeayoaeueiinoe;

– e?aaeeoi? (aaie);

Iaee/ea i?iaeoiie eiiiaiee (IE) iiaeii ioianoe e /eneo aaaeiaeoeo
i?eciaeia IO. IE nicaeaaony niiini?aie (eieoeeaoi?aie) i?iaeoa
eneeth/eoaeueii a oeaeyo ?aaeecaoeee i?iaeoa (a ?inneeneeo oneiaeyo
aeooaeueiinoue nicaeaiey iiaiai i?aaei?eyoey aeey ?aaeecaoeee i?iaeoa
iiauoaaony a nayce n aiciiaeiinoueth eniieueciaaiey eueaio ii iaeiao ia
i?eaueue a ia?aua 4 aiaea). Anee i?e iau/iuo e?aaeeoiuo iia?aoeeyo aaie
eioa?anoaony oeiainiauie ?acoeueoaoaie aeayoaeueiinoe caaiueea a
e?aaeeoothuea aiaeu, aai ?aiooaoeeae e iaaeaaeiinoueth, oi i?e
?aaeecaoeee eiaanoeoeeiiiiai i?iaeoa aaie nin?aaeioa/eaaao naie oneeey
ia aai ioeaiea e ia aii?inao aa?aioee, iaania/eaathueo aeayoaeueiinoue
IE. Iieo/aiea i?iaeoiiai e?aaeeoa io?aaeaaony ia aaeaina IE, a ia ia
aaeaina o/?aaeeoaeae. Oaeie iaoiae e?aaeeoiaaiey iineo iacaaiea “aia
aaeaina” (“off-balance sheet”).

4. A neeo iiauoaiiuo ?eneia i?e inouanoaeaiee IO e?aaeeoi? iniaia
aieiaiea oaeaeyao aii?inai eiio?iey ca ?aaeecaoeeae i?iaeoa. A iaeioi?uo
neo/ayo yoo ooieoeeth auiieiyao nai e?aaeeoi?, a iaeioi?uo –
niaoeeaeueiay eiiiaiey, i?eaeaoaaiay aeey inouanoaeaiey iaaeci?iuo
ooieoeee (“nii?iaiaeaeaiey” i?iaeoa). Ia?aaeei n yoie oeaeueth e?aaeeoi?
eee io aai eiaie e ii aai ii?o/aieth niaoeeaeueiay eiiiaiey iiaeienuaaao
n caaiueeii niaeaoaiea i ?aaeecaoeee i?iaeoa, yaeythuaany iaiouaieaiie
/anoueth e?aaeeoiiai aeiaiai?a. A i?iaeoiii niaeaoaiee ii?aaeaeythony
i?aaa e?aaeeoi?a eee niaoeeaeueiie eiiiaiee ii cai?ino anae iaiaoiaeeiie
eioi?iaoeee, ioiinyuaeny e i?iaeoo, ii aeinooio einiaeoi?ia ia ieiuaaeeo
e iauaeou e o.ae. *oi eanaaony iaycaiiinoae caaiueea, oi aaaeiaeoea
n?aaee ieo – i?aaeinoaaeaiea ?aaoey?iuo io/aoia i oiaea ?aaio,
iiaeienuaaaiuo eiio?aeoao i aicieeiiaaiee aiciiaeiuo i?aiyonoaee aeey
?aaeecaoeee i?iaeoa, i niaethaeaiee no?ieoaeueiuo, oaoie/aneeo,
yeieiae/aneeo e eiuo ii?i, a oaeaea oneiaee oaoie/aneie aeieoiaioaoeee.
A i?iaeoiii aeiaiai?a iaiaa?eaaaony ii?yaeie i?iaaaeaiey caeoiie e
auai?a iinoaaueeia e iiae?yae/eeia (eae i?aaeei, ia eiieo?aioiie
iniiaa), a?aoeee ?aaio, niaoa (a oii /enea /aoeia ?ani?aaeaeaiea cao?ao
iaaeaeo caaiueeii e e?aaeeoi?ii). Iaycaoaeuenoaa caaiueea ii niaeaoaieth
i ?aaeecaoeee i?iaeoa n/eoathony /anoe/ii auiieiaiiuie iinea naea/e
iauaeoa eiaanoeoeeiiiie aeayoaeueiinoe a yenieoaoaoeeth (ii?yaeie naea/e
iaiaa?eaaaony a i?iaeoiii niaeaoaiee), a iieiinoueth auiieiaiiuie –
iinea iiaaoaiey anao ieaoaaeiuo iaycaoaeuenoa ii e?aaeeoiiio aeiaiai?o.
A iaeioi?uo neo/ayo cao?aou ii iaaeci?o (eiio?ieth) ca ?aaeecaoeeae
i?iaeoa iiaoo aeinoeaaoue 5 e aieaa i?ioeaioia io iauaai iauaia
eiaanoeoeee a i?iaeo.

5. Aaiee aunooiatho ia ?uiea IO a ?aciuo ea/anoaao:

– eae aaiee-e?aaeeoi?u;

– eae aa?aiou;

– eae oeiainiaua eiinoeueoaiou;

– eae eeceiaiaua einoeooou e o.ae.

6. Aeey caaiueea n?aaenoa a ?aieao IO e?iia i/aaeaeiuo i?aeiouanoa yoie
noaiu (i?aaeaea anaai ia?aie/aiiay ioaaonoaaiiinoue ia?aae e?aaeeoi?ii)
eiathony e ii?aaeaeaiiua ieionu:

– iiauoaiiue i?ioeaio ii e?aaeeoo, a nayce n aunieeie ?eneaie, a oaeaea
iiauoaiiua eiienneiiiua (eiienney ca ioeaieo i?iaeoa, eiienney ca
i?aaiecaoeeth oeiaine?iaaiey, eiienney ca iaaeci? e o.ae.);

– aunieea cao?aou ii i?aaei?iaeoiui ?aaioai (iiaeaioiaea
oaoieei-yeiiiie/aneiai iainiiaaiey, oaeoaeaiiua ia?eaoeiaiaua
enneaaeiaaiey), yoe cao?aou ianao iioaioeeaeueiue caaiuee;

– aac iaee/ey aeaoaeueii i?i?aaioaiiie i?aaei?iaeoiie aeieoiaioaoeee
aaie, eae i?aaeei, cayaeo ia oeiaine?iaaiea i?iaeoa ia ?anniao?eaaao;

– /?acau/aeii aeanoeee eiio?ieue ca aeayoaeueiinoueth caaiueea
(oeiainiaue, i?iecaiaenoaaiiue, eiiia?/aneee) ni noi?iiu aaiea;

– a iaeioi?uo neo/ayo ?ene iioa?e caaiueea naiae iacaaeneiinoe (anee
e?aaeeoi? iaiaa?eaaao ca niaie i?aai i?eia?aoaiey aeoeee eiiiaiee a
neo/aa oaea/iie ?aaeecaoeee i?iaeoa).

Iiyoiio a ?yaea neooaoeee aeey caaiueea i?aaeii/oeoaeueiaa aoaeoo
“o?aaeeoeeiiiua” noaiu oeiaine?iaaiey eiaanoeoeeiiiuo i?iaeoia (e?aaeeou
iiae caeiaiaia iaania/aiea, aa?aioee e ii?o/eoaeuenoaa; yienney aeoeee e
iaeeaaoeee; eeceia e o.ae.).

Oaeei ia?acii, a iaoai neo/aa IO – yoi oeaeaaia e?aaeeoiaaiea caaiueea
aeey ?aaeecaoeee eiaanoeoeeiiiiai i?iaeoa aac ?aa?anna (iai?ioa) eee n
ia?aie/aiiui ?aa?annii e?aaeeoi?a ia caaiueea; iaania/aieai ieaoaaeiuo
iaycaoaeuenoa caaiueea eneeth/eoaeueii eee a iniiaiii yaeythony
aeaiaaeiua aeioiaeu, aaia?e?oaiua iauaeoii eiaanoeoeeiiiie
aeayoaeueiinoe (a oaeaea aeoeau, ioiinyueany e eiaanoeoeeiiiiio
i?iaeoo).

I?e e?aaeeoiaaiee i?iaeoia iaeuo i?aaei?eyoee aaiee ca/anooth
noaeeeaathony n i?iaeaiie iaaeinoaoi/iinoe iaania/aiey, i?aaeeaaaaiiai
caaiueeii. Aianoa n oai naeaeea, caaenyuay oieueei io oniaoa
i?eioaeeoaeueiiai inouanoaeaiey caeiaiauo i?aa, yaeyaony iaoaea/iie, –
i?e aieueoii oaeaeueiii aana iiaeiaiuo e?aaeeoia aaie iiaeao na?ueacii
oooaeoeoue iieacaoaee eeeaeaeiinoe.

E a oii e a ae?oaii neo/ayo oi?ioi i?iaaaeaiiue aiaeec i?iaeoa (ia?yaeo
n eniieueciaaieai /anoe/iiai eee iieiiai caeiaiaiai iaania/aiey)
yaeyaony naiie eo/oae aa?aioeae eniieiaiey e?aaeeoiuo iaycaoaeuenoa
caaiueea.

I?eieiay ii oi?ioaio i?iaeoo iaania/aiea eeoue a /anoe noiiu e?aaeeoa,
aaie ii nooe inouanoaeyao i?iaeoiia oeiaine?iaaiea, i?eieiay ia naay ia
oieueei e?aaeeoiua, ii e i?iaeoiua ?enee. Anoanoaaiii, /oi aaie aeieaeai
eiiiaine?iaaoue eo: o?aaoy iiauoaiiue i?ioeaioiie noaaee ii e?aaeeoo,
aeiiieieoaeueiie aeieoiaioaoeee ii i?iaeoo, eiiennee i?e o/anoee a
iiaeaioiaea (aiaeeca) i?iaeoa.

A noaia IO aaie iiaeao aunooiaoue ia oieueei eae e?aaeeoi?, ii e eae
eiinoeueoaio, aa?aio e o.ae.

2.2. I?iaeoiue oeeee a aaiea.

I?iaeoiue oeeee, eee aeeciaiiue oeeee i?iaeoa, – aaaeiaeoaa iiiyoea
aeenoeeieeiu oi?aaeaiey i?iaeoaie. A oeaeii yoi – “i?iiaaeooie a?aiaie
iaaeaeo iiiaioii iiyaeaiey i?iaeoa e iiiaioii aai eeeaeaeaoeee”.
I?iaeoiue oeeee yaeyaony enoiaeiui iiiyoeai aeey ?aoaiey i?iaeaiu
oeiaine?iaaiey ?aaio ii i?iaeoo, i?eiyoey niioaaonoaothueo ?aoaiee.
Niaeanii neiaeeaoaeny i?aeoeea, ninoiyiey, /a?ac eioi?ua i?ioiaeeo
i?iaeo, iacuaathony oacaie (yoaiaie, noaaeeyie). A naiii iauai aeaea
i?iaeoiue oeeee aeaeeony ia o?e oacu:

i?aaeeiaanoeoeeiiiay;

eiaanoeoeeiiiay;

yenieoaoaoeeiiiay.

A ?aieao eaaeaeie oacu iiaeii auaeaeeoue ?yae yoaiia. Iai?eia?,
i?aaeeiaanoeoeeiiiay oaca aeey eieoeeaoi?a i?iaeoa iiaeao auoue
?acaeaeaia ia yoaiu:

– ?ac?aaioea eiioeaioeee i?iaeoa;

– ioeaiea aeecianiiniaiinoe i?iaeoa;

– ieaie?iaaiea i?iaeoa;

– ?ac?aaioea oaoie/aneeo o?aaiaaiee;

– auai? e ioi?ieaiea caiaeueiiai o/anoea;

– yneeciia i?iaeoe?iaaiea.

Eiaanoeoeeiiiay oaca iiaeao eiaoue neaaeothuea yoaiu:

– aeaoaeueiia (?aai/aa) i?iaeoe?iaaiea;

– i?aaiecaoeey oi?aia e caeeth/aiea eiio?aeoia;

– i?aaiecaoeey caeoiie e iinoaaie;

– no?ieoaeueii-iiioaaeiua ?aaiou;

– caaa?oaiea ?aaio (ionei-iaeaaei/iua ?aaiou, naea/a iauaeoa).

Aeey e?aaeeoi?a i?iaeoiue oeeee ii nooe aeaea ia/eiaaony n iiiaioa
iieo/aiey io aoaeouaai caaiueea cayaee ia oeiaine?iaaiea i?iaeoa, a
caeai/eaaaony iiiaioii, eiaaea caaiuee auiieiyao ana naie ieaoaaeiua
iaycaoaeuenoaa ii e?aaeeoo e e?aaeeoiue aeiaiai? i?ae?auaao naia
aeaenoaea.

Iaeaieaa aaaeiuie aeey e?aaeeoi?ia yaeythony yoaiu: ioai?a e ioeaiee
i?iaeoa, ia?aaiai?ia e i?eiyoey ?aoaiey i oeiaine?iaaiee i?iaeoa;
eiio?iey ca ?aaeecaoeeae i?iaeoa.

Iaiai?einy, /oi yoi i/aiue oe?oiiaiiia au/eaiaiea yoaiia. Ia?aua aeaa ec
iacaaiiuo ioiinyony e i?aaeeiaanoeoeeiiiie oaca. O?aoee yoai ioaaouaaao
n?aco eiaanoeoeeiiioth e yenieoaoaoeeiiioth oacu i?iaeoiiai oeeeea.
Aanueia aaaeii, /oiau e?aaeeoi? eiay /aoeia i?aaenoaaeaiea i i?iaeoiii
oeeeea caaiueea, a caaiuee – e?aaeeoi?a, /oiau ia aeiioneaoue naiaa a
i?iaeaeaeaiee i?iaeoa e aeaenoaiaaoue iaeneiaeueii neii?aeeie?iaaii.
Aaieo iaiaoiaeeii aeineiiaeueiia ciaiea i?iaeoiiai oeeeea caaiueea aeey
oiai, /oiau:

– iaeneiaeueii iieii o/anoue ana ?anoiaeu e aeioiaeu, naycaiiua n
?aaeecaoeeae i?iaeoa (a eaaeaeie oaca e ia eaaeaeii yoaia);

– i?aaenoaaeyoue ana ?enee, naycaiiua n ?aaeecaoeeae i?iaeoa
(iiyoue-oaee a eaaeaeie oaca e ia eaaeaeii yoaia);

– ?ac?aaioaoue naie a?aoee eiio?iey ca ?aaeecaoeeae i?iaeoa (n oeacaieai
a?aiaiiuo oi/ae, ioaeaeythueo ?acee/iua oacu e yoaiu ae?oa io ae?oaa).

*eaiaiea nianoaaiiiai i?iaeoiiai oeeeea aaiea ia o?e yoaia yaeyaony
iauei e oieaa?naeueiui. A iaeioi?uo aaieao iiaoo auoue aeiiieieoaeueiua
yoaiu, iai?eia?, a aaieao, niaoeeaeece?othueony ia oeiaine?iaaiee
eiaanoeoeeiiiuo i?iaeoia e ?aaioathueo ii noaiai i?iaeoiiai
oeiaine?iaaiey. Oae i?iaeoiue oeeee TUSRIF ii i?ia?aiia e?aaeeoiaaiey
iaeiai i?aaei?eieiaoaeuenoaa aeeth/aao a naay oanoue iniiaiuo yoaiia:

ioai? i?iaeoia (identification);

iiaeaioiaea i?iaeoia (preparation);

ioeaiea i?iaeoia (appraisal);

aaaeaiea ia?aaiai?ia e ooaa?aeaeaiea i?iaeoa (negotiations and
appraisal);

?aaeecaoeey i?iaeoa e eiio?ieue ca aai oiaeii (implementation and
control);

ioeaiea ?acoeueoaoia ?aaeecaoeee i?iaeoa (evaluation).

A aaieao, niaoeeaeece?othueony ia oeiaine?iaaiee eiaanoeoeeiiiuo
i?iaeoia, iau/ii ?ac?aaaouaathony aioo?aiiea ?oeiaiaenoaa (eino?oeoeee),
eioi?ua /aoei ?aaeaiaioe?otho, i?iaeoiue oeeee aaiea, ii?aaeaeytho
nienee e oi?iaou iaiaoiaeeiuo aioo?aiieo e aiaoieo aeieoiaioia,
aeieaeiinoiua iaycaiiinoe nio?oaeieeia, ?aaioathueo ii iai?aaeaieth IO,
e o.ae. Oaeea ?oeiaiaenoaa niinianoaotho onei?aieth aeaeaeaiey i?iaeoa,
nie?auatho i?iaeoiue oeeee aaiea.

2.2.1. I?aaiecaoeey i?ioeanna ioai?a eiaanoeoeeiiiuo i?iaeoia.

Aaiee, niaoeeaeece?othueany ia e?aaeeoiaaiee eiaanoeoeeiiiuo i?iaeoia
(EI), iau/ii eiatho aeaei n onoie/eaui iioieii cayaie e i?iaeoiuo
i?aaeeiaeaiee. Oaeea aaiee iau/ii nicaeatho nenoaiu ioai?a e ni?oe?iaee
cayaie ia iniiaa oeaeiai ?yaea oi?iaeueiuo e iaoi?iaeueiuo e?eoa?eaa.
Ia?aiia/aeueiay “oeeueo?aoeey” cayaie inouanoaeyaony ia iniiaa oaeeo
oi?iaeueiuo i?eciaeia, eae io?aneaaay i?eiaaeeaaeiinoue i?iaeoa, ?acia?u
cai?aoeaaaiiai e?aaeeoa e iauay noiia eiaanoeoeee a i?iaeo, noaiaiue
i?i?aaioaiiinoe i?iaeoa (iaee/ea oaoieei-yeiiiie/aneiai iainiiaaiey,
aecian-ieaia, oaoie/aneie aeieoiaioaoeee e o.ae.), iaee/ea aa?aioee eee
ae?oaeo niiniaia iaania/aiey ieaoaaeiuo iaycaoaeuenoa caaiueea ii
e?aaeeoo, oei eiaanoeoeeiiiiai i?iaeoa (iiaia iai?oaeiaaiea,
?aeiino?oeoeey nouanoaothueo iiuiinoae, ?anoe?aiea i?iecaiaenoaa e
o.ae.), oeiainiaia ninoiyiea caaiueea e iaeioi?ua ae?oaea. Ana yoe
oi?iaeueiua i?eciaee (e?eoa?ee) aeieaeiu auoue noi?ioee?iaaiu aioo?aiiei
?oeiaiaenoaii aaiea. E ?ac?yaeo iaoi?iaeueiuo e?eoa?eaa ioiinyony oaeea,
eae eiiia?/aneay aeecianiiniaiinoue i?iaeoa, iauayeiiiie/aneia ninoiyiea
caaiueea, oaoie/aneea, oeiainiaua, yeieiae/aneea e ae?oaea ?enee
?aaeecaoeee i?iaeoa, i?ioanneiiaeueiay niiniaiinoue caaiueea
inouanoaeyoue ?aaeecaoeeth i?iaeoa, ainoaea?noaaiiay iiaeaea?aeea
i?iaeoa e o.ae. “Oeeueo?aoeey” e ioai? cayaee e i?iaeoiuo i?aaeeiaeaiee
ia iniiaa iaoi?iaeueiuo e?eoa?eaa o?aaotho aieueoeo ciaiee e iiuoa, e
yoa ooieoeey aiceaaaaony iau/ii ia i?ioanneiiaeia, i?aaenoaaeythueo
?aciua iaeanoe ciaiey.

A caiaaeiuo aaieao iia?aoeey ii “oeeueo?aoeee” e i?aaeaa?eoaeueiiio
ioai?o i?iaeoiuo i?aaeeiaeaiee iineo iacaaiea “ne?eieiaa” (screening) –
“i?inaa/eaaiea” cayaie, eee yeni?ann-aiaeec (ni. ae.3.1.). Eiiaaea iiae
ne?eieiaii iiieiaaony oieueei yeni?ann-aiaeec cayaie ia iniiaa
oi?iaeueiuo e?eoa?eaa, a aiaeec ia iniiaa iaoi?iaeueiuo e?eoa?eaa iineo
iacaaiea “i?aaeaa?eoaeueiiai iaci?a” (initial review).

Neaaeoao ioiaoeoue, /oi ne?eieia e i?aaeaa?eoaeueiue iaci? iiaoo
auiieiyoue ia oieueei ioa?aeiaeo cayaie, ii e iinoaiiaeo iaeioi?uo
caaea/ cayaeoaeth, onoaiiaeaiea ia?aoiie nayce n oeaeueth ooi/iaiea
cayaee, aa ia?aoi?iaoe?iaaiey, ?ano?oeoo?ecaoeee i?iaeoa e o.ae.

Oi?ioi ecaanoii, /oi aaiee ia caieiathony iau/ii iiaeaioiaeie i?iaeoia
(a aeaea oaoieei-yeiiiie/aneiai iainiiaaiey eiaanoeoeee, aecian-ieaia),
iaeiaei /a?ac iinoaiiaeo ooi/iythueo aii?inia e caaea/ cayaeoaeth aaie
oaeoe/anee iiaeao ieacuaaoue niaeaenoaea a iiaeaioiaea iainiiauaathuae
aeieoiaioaoeee ii i?iaeoo (ni. I?eeiaeaiea 1).

A ae?oaeo neo/ayo aaie iiaeao a?aoue ia naay iiaeaioiaeo iainiiaaiee
aeieoiaioaoeee ii EI, aunooiay a ea/anoaa iau/iie eiinaeoeiaiaie
eiiiaiee e iieo/aoue ca yoo ?aaioo niioaaonoaothuaa aiciaa?aaeaeaiea (ii
ioithaeue ia aa?aioe?oy, /oi aeaiiue i?iaeo aoaeao iaycaoaeueii ei naiei
i?ioeiaine?iaai).

2.2.2. Ioeaiea eiaanoeoeeiiiiai i?iaeoa.

Iaeaieaa ioaaonoaaiiue yoai i?iaeoiiai oeeeea aaiea – ioeaiea EI.
Iauaeoii EI yaeyaony aeieoiaioaoeey, ioiinyuayny e EI:

– oaoieei-yeiiiie/aneia iainiiaaiea eiaanoeoeee a i?iaeo e/eee
aecian-ieai;

– oeiainiaay io/aoiinoue i?aaei?eyoey-cayaeoaey;

– io/aou oeiainiaiai aoaeeoa;

– o/?aaeeoaeueiua aeieoiaiou i?aaei?eyoey-cayaeoaey;

– aniiiiaaoaeueiua (ii ioiioaieth e OYI) enneaaeiaaiey: io/aou
oaoie/aneeo, yeieiae/aneeo aoaeeoia; ia?eaoeiaiaua enneaaeiaaiey e
o.ae.);

– eiio?aeou eee i?iaeou eiio?aeoia (ia iinoaaeo iaoei e iai?oaeiaaiey,
iiae?yaeiua ?aaiou, iinoaaeo aoaeouaai i?iaeoiiai i?iaeoeoa e o.ae.);

– ?ac?aoaiey, eeoeaicee e niaeaniaaiey ainoaea?noaaiiuo i?aaiia (ia
iaae?iiieueciaaiea, aua?inu a ie?oaeathuoth n?aaeo, caieaioaiaeu e
o.ae.);

– ae?oaea aeieoiaiou e iaoa?eaeu.

Oeaeyie ioeaiee EI yaeythony:

– i?iaa?ea enoiaeiuo iinueie e aeaiiuo, caeiaeaiiuo a
oaoieei-yeiiiie/aneia iainiiaaiea eiaanoeoeee (e/eee a aecian-ieai);

– i?iaa?ea ia iniiaa nianoaaiiiai aiaeeca e nianoaaiiuo ?an/aoia
eiia/iuo auaiaeia e eiee/anoaaiiuo iieacaoaeae, oa?aeoa?ecothueo
aeecianiiniaiinoue i?iaeoa (/enoay i?eaaaeaiiay noieiinoue, aioo?aiiyy
?aioaaaeueiinoue eiaanoeoeee, n?ie ieoiaaiinoe e o.ae.);

– oi?ioee?iaaiea ?aeiiaiaeaoeee e oneiaee cayaeoaeth (iai?eia?,
iaiaoiaeeiinoue iieo/aiey io ainoaea?noaaiiuo i?aaiia eeoeaicee e
?ac?aoaiee eae oneiaey ia/aea ia?aaiai?ia ii e?aaeeoo;

– iaiaoiaeeiinoue iieo/aiey aa?aioee (aaeieieno?aoeee, aa?aioeeiiai
oiiaea e i?.) eae oneiaey iiaeienaiey eee anooieaiey a neeo e?aaeeoiiai
aeiaiai?a e o.ae.;

– oi?ioee?iaaiea ?aeiiaiaeaoeee e?aaeeoiiio eiieoaoo aaiea ii aii?ino i
i?aaeinoaaeaiee e?aaeeoa aeey oeiaine?iaaiey EI;

– ii?aaeaeaiea ?aii/iuo oeiainiauo oneiaee aeey aaaeaiey ia?aaiai?ia ii
i?aaeinoaaeaieth e?aaeeoa (i?ioeaioiay noaaea, n?iee eniieueciaaiey
e?aaeeoa, eueaioiue ia?eiae, niinia iiaaoaiey e o.ae.).

Ioeaiea EI ioi?ieyaony a aeaea ioeaii/iiai aeieeaaea ii i?iaeoo (project
appraisal report). No?oeoo?a ioeaii/iiai aeieeaaea iiaeao aanueia
aa?uee?iaaoue a ?acee/iuo aaieao. Iaeiaei oeie/iuie ?acaeaeaie aeieeaaea
yaeythony:

– ?acthia aeieeaaea;

– ioeaiea oeiainiaiai e yeiiiie/aneiai ninoiyiey i?aaei?eyoey-caaiueea;

– iauaa iienaiea EI;

– oaoie/aneay e yeieiae/aneay ioeaiee EI;

– ioeaiea i?aaiecaoeeiiiiai ieaia ?aaio e oi?aaeaiey EI;

– ioeaiea eiiia?/aneie (a eiiaaea oaeaea yeiiiie/aneie, nioeeaeueiie,
athaeaeaoiie) yooaeoeaiinoe EI;

– ioeaiea iniiaiuo ?eneia ii EI;

– ieai oeiaine?iaaiey EI;

– ?aeiiaiaeaoeee e auaiaeu.

Ii i?aaenoaaeaiiiio e?aeeoiiio eiieoaoo aaiea ioeaii/iiio aeieeaaeo
i?eieiaaony ?aoaiea ioiineoaeueii oeaeaniia?aciinoe aaaeaiey ia?aaiai?ia
e ?aii/iuo oneiaee e?aaeeoiiai niaeaoaiey. I?e iaaieueoeo ?acia?ao
e?aaeeoa niioaaonoaothuea ?aoaiey iiaeao i?eieiaoue ?oeiaiaeeoaeue
no?oeoo?iiai iiae?acaeaeaiey, aaaeathuaai aii?inaie IO.

2.2.3. E?aaeeoiue aeiaiai?.

Ia?aaiai?u aaiea n caaiueeii aaaeoony i?aaeaea anaai ii e?aaeeoiiio
niaeaoaieth. Eiiaaea a aeiiieiaiea e iaio aioiaeony niaeaoaiea i
?aaeecaoeee eiaanoeoeeiiiiai i?iaeoa, eioi?ia yaeyaony iaiouaieaiie
/anoueth e?aaeeoiiai. A yoii niaeaoaiee (eee niaeaoaieyo) iiieii anao
i?i/eo aii?inia, i?enoueo ethaiio e?aaeeoiiio niaeaoaieth,
?anniao?eaathony neaaeothuea:

– io/aoiinoue caaiueea i oiaea ?aaeecaoeee EI;

– niiniau ?aaeecaoeee EI (caeoiee oiaa?ia, oneoa e ?aaio ia iniiaa
eiieo?niiai ioai?a iinoaaueeia (eiinoeueoaioia) iiae?yae/eeia; caeoiee
ia iniiaa oaea caeeth/aiiuo eiio?aeoia; i?iaaaeaiee ?aaio oicyenoaaiiui
niiniaii);

– a?aoee aaaeaiey ?aaio e ia?ii?eyoee ii EI;

– a?aoee ?anoiaeiaaiey n?aaenoa ia ?aaeecaoeeth EI e eaoaai?ee cao?ao,
oeiaine?oaiuo ca n/ao e?aaeeoa aaiea;

– aiciiaeiinoue e?aaeeoi?a aiaoeaaoueny a oi?aaeaiea EI a neo/aa
ioeeiiaiey io a?aoeeia aaaeaiey ?aaio, oooaeoaiey oeiainiaiai iieiaeaiey
caaiueea, ia?ooaiey a?aoeea iiaaoaiey caaeieaeaiiinoe ii e?aaeeoo e
o.ae.

Eiia/ii, anee e?aaeeo aeey oeiaine?iaaiey EI auaeaaony aaieii
i?aaei?eyoeth iiae “aeaeaciua” aa?aioee (aa?aioey ia?aieeanniiai aaiea
ia aanue n?ie e?aaeeoiiai niaeaoaiey, caeia aunieieaaeeoeoee?iaaiiuo
aeoeaia e o.ae.), e?aaeeoothuee aaie iiaeao aunooiaoue a ?iee iau/iiai
“oi?aiaoea aeaiueaaie’ e ia aeeth/aoue a niaeaoaiea n caaiueeii aii?inu,
iiaeiaiua auoaia?a/eneaiiui. Iaeiaei, anee ?a/ue eaeao i noaia
i?iaeoiiai oeiaine?iaaiey, eiaaea ia e?aaeeoi?a eiaeaony cia/eoaeueiua
i?iaeoiua ?enee, aaie ia iiaeao ia aieeaoue a nouanoai i?iaeoa e ia
iiaeao ia eiio?iee?iaaoue ?anoiaeiaaiea e?aaeeoiuo n?aaenoa e oiae
?aaeecaoeee EI. A yoii neo/aa aaie i?yii eee einaaiii o/anoaoao a
oi?aaeaiee EI, /oi iaeeaaeuaaao naie ioia/aoie ia niaea?aeaiea
niaeaoaiee n caaiueeii.

Aanueia naiaia?aciuie iiaoo auoue e oeiainiaua oneiaey e?aaeeoiiai
niaeaoaiey i?e eniieueciaaiee noaiu IO. Oae, eae i?aaeei, caaiueeo
anaaaea i?aaeinoaaeyaony eueaioiue ia?eiae ia auieaoo iniiaiie noiiu
aeieaa, a ia?aaeei e i?ioeaioia (iau/ii ca ?oaaaeii). Yoi naycaii n oai,
/oi i?e eniieueciaaiee noaiu IO iiaaoaiea caaeieaeaiiinoe i?ienoiaeeo ca
n/ao aeioiaeia, aaia?e?oaiuo i?iaeoii.

Eueaioiue ia?eiae iau/ii ?aaai n?ieo n?ieo eiaanoeoeeiiiie oacu
i?iaeoiiai oeeeea iethn n?ie, iaiaoiaeeiue aeey iaeiieaiey ia?aiai
ieaoaaea a iiaaoaiea caaeieaeaiiinoe ii e?aaeeoo.

A ioiioaiee noaiu iiaaoaiey aeieaa a e?aaeeoiii niaeaoaiee aeinoaoi/ii
/anoi i?aaeoniao?eaathony aiioeoaoiua ieaoaaee (iniaaiii a oao neo/ayo,
eiaaea caaiuee iieo/aao e eniieuecoao ia?eiaee/anee aiciaiiaeyaioth
aa?aioeth ia oeene?iaaiioth noiio) (ni. I?eeiaeaiea 2). I?eiaiythony e
iiaaoaiea ?aaiuie aeieyie iniiaiie noiiu iethn i?ioeaiou ia inoaoie
iaiiaaoaiiiai aeieaa, e aaeeii?aciaia iiaaoaiea iniiaiie noiiu aeieaa ii
caaa?oaiee eiaanoeoeeiiiie oacu, anee caaiuee i?iaeaao aioiaue iauaeo e
n?aco aea iieo/aao ca iaai 100% oeaiu.

A IO iiaoo eniieueciaaoueny e aieaa yecioe/aneea niiniau iiaaoaiey
caaeieaeaiiinoe, iai?eia?, a aeaea caaeaiiiai “iinaauaiiiai” i?ioeaioa
io i?iaeoiiai aeioiaea ca onoaiiaeaiiua io?acee a?aiaie (devoted
percentage, N.A. Aa?aiaaiei iacuaaao aai “eiyooeoeeaio ?aca?ae?iaaiey
i?iaeoa” (24, n.7.)), iai?eia?, 70%. A yoii neo/aa n?ie iiaaoaiey
ieacuaaaony “ieaaathuei”. Iaeiiaoe i?eiaiythony oae iacuaaaiua
niaeaoaiey “?ieaeoe” (royalty agreement). Oaeoe/anee yoi oaea ia
aaieianeee i?ioeaio, a o/anoea a i?eaueyo: e?aaeeoi? iiaeao iieo/aoue
ii?aaeaeaiiue i?ioeaio io /enoie i?iaeoiie au?o/ee ca iaiai?aiiue n?ie.

A?aiue iaaeaeo e?aaeeoiui e “eiaanoeoeeiiiui” oeiaine?iaaieai EI iiaeao
noe?aoueny a oii neo/aa, eiaaea e?aaeeoiue aeiaiai? i?aaeoniao?eaaao
auieaoo caaiueeii oieueei nnoaeiiai i?ioeaioa, a iniiaiay noiia aeieaa a
eiioea aeaenoaey e?aaeeoiiai niaeaoaiey eiiaa?oe?oaony a aeoeee
(convertable unsecured loan stock).

Neaaeoao ioiaoeoue, /oi a IO i?eiaiyaony i?eioeei aeeooa?aioeeaoeee
i?ioeaioiuo noaaie ii e?aaeeoo a caaeneiinoe io noaaeee i?iaeoiiai
oeeeea. Iiauoaiiay noaaea eniieuecoaony a oa/aiea eiaanoeoeeiiiie oacu,
a aieaa ieceay – i?eiaieoaeueii e yenieoaoaoeeiiiie oaca i?iaeoiiai
oeeeea. A e?aaeeoiii niaeaoaiee a ?aieao IO, eae i?aaeei,
i?aaeoniao?eaathony eiienneiiiua, naycaiiua n o/anoeai aaiea a
iiaeaioiaea e ?aaeecaoeee EI. Yoi, a /anoiinoe, eiienneiiiua ca: ioeaieo
i?iaeoa; nii?iaiaeaeaiea i?iaeoa; aaaioneea oneoae ii ?an/aoii-eanniaui
iia?aoeeyi e o.ae.

Iniaia aieiaiea a e?aaeeoiii niaeaoaiee oaeaeyaony iaania/aieth
ieaoaaeiuo iaycaoaeuenoa caaiueea ii e?aaeeoo. Iniiaiuie niiniaaie
iaania/aiey yaeythony aeoeau i?iaeoa; aaieianeea aa?aioee; ia?aonooiea
au?o/ee io ?aaeecaoeee i?iaeoiiai i?iaeoeoa. Aeey nieaeaiey ?eneia iiaoo
i?eiaiyoueny oaeaea ?aciua oi?iu ainoaea?noaaiiie iiaeaea?aeee:
?aca?aiua e?aaeeou “noyiaeaae”, noai?aeeie?iaaiiua caeiu,
ii?o/eoaeuenoaa e aa?aioee ii iniiaiiio e?aaeeoo e o.ae.
Niioaaonoaothuea aeieoiaiou (aa?aioeeiua ienueia, aeiaiai?u
ii?o/eoaeuenoaa e o.ae.) noaiiayony iaiouaieaiie /anoueth iniiaiiai
e?aaeeoiiai niaeaoaiey. Iau/ii oneiaeai anooieaiey a neeo iniiaiiai
e?aaeeoiiai niaeaoaiey yaeyaony i?aaeinoaaeaiea caaiueeii iaiaoiaeeiiai
iaania/aiey a aeaea niioaaonoaothuei ia?acii ioi?ieaiiuo aeieoiaioia.

I?eioeeieaeueiia ?aoaiea i oeiaine?iaaiee i?iaeoa ?oeiaiaenoai aaiea
iau/ii i?eieiaao ia noaaeee ia?aoe?iaaiey e?aaeeoiiai niaeaoaiey, iinea
/aai niaeaoaiea iiaeienuaaaony. Iaeioi?ua aeiaiai?aiiinoe iaaeaeo
e?aaeeoi?ii e caaiueeii (eae i?aaeei, ii oaoie/aneei aii?inai) iiaoo
auoue caoeene?iaaiu a i?ioieiea aaaeaiey ia?aaiai?ia. Anooieaiea a neeo
e?aaeeoiiai niaeaoaiey i?ienoiaeeo ia oieueei iinea auiieiaiey caaiueeii
o?aaoaiuo io iaai oneiaee, ii e oaaaeiieaiey aaiea i anooieaiee
niaeaoaiey a neeo. N yoiai iiiaioa ia/eiaaony eiaanoeoeeiiiay oaca
i?iaeoiiai oeeeea.

2.2.4. Eiio?ieue ca ?aaeecaoeeae i?iaeoa.

Oaea ioia/aeinue, /oi aaie aiaoeaaaony a oiae ?aaeecaoeee EI oieueei a
oii neo/aa, anee ii ?aaioaao ii noaia IO, oi anoue aa?ao ia naay
iieiinoueth eee /anoe/ii i?iaeoiua ?enee (niioaaonoaaiii IO aac ?aa?anna
ia caaiueea e IO n ia?aie/aiiui ?aa?annii ia caaiueea). A oii neo/aa,
anee aaie yaeyaony aua e eiaanoi?ii (a yoi aeiaieueii /anoi eiaao ianoi
i?e eniieueciaaiee aaieii noaiu “IO aac ?aa?anna”), oi anoue o/anoaoao a
eaieoaea i?iaeoiie eiiiaiee, ii oaeoe/anee oaea inouanoaeyao ia
eiio?ieue ca ?aaeecaoeeae EI, a o/anoaoao a oi?aaeaiee EI. A iaeioi?uo
neo/ayo ?acee/ea iaaeaeo o/anoeai a oi?aaeaiee e eiio?ieai ca
?aaeecaoeeae auaaao aeinoaoi/ii ?aciuoui. Iai?eia?, eiaaea aaie a
e?aaeeoiii niaeaoaiee iaiaa?eaaao ca niaie i?aai caiaiu o/anoieeia
?aaeecaoeee EI (a /anoiinoe, iiae?yae/eeia). Aaconeiaii, aeaiiia i?aai
iiaeii eaaeeoeoee?iaaoue eae i?aai ia aiaoaoaeuenoai a oi?aaeaiea EI i?e
ii?aaeaeaiiuo ianoiyoaeuenoaao.

Iniiaiuie ooieoeeyie eiio?iey yaeythony:

– iiieoi?eia (nenoaiaoe/aneia e ieaiiia?iia iaaethaeaiea ca anaie
i?ioeannaie ?aaeecaoeee EI);

– auyaeaiea ioeeiiaiee io ieaiiauo e ii?iaoeaiuo iieacaoaeae;

– i?iaiice?iaaiea iineaaenoaee aicieeathueo ioeeiiaiee;

– iainiiaaiea iaiaoiaeeiinoe i?eiyoey ei??aeoe?othueo ia?.

Ioeeiiaiey oeene?othony ia iniiaa n?aaiaiey oaeoe/aneeo iieacaoaeae n
ieaiiauie, eioi?ua niaea?aeaoueny a athaeaeaoa i?iaeoa, eaeaiaea?iuo
a?aoeeao – ieaiao ?aaio e ia?ii?eyoee, ?an/aoao iio?aaiinoae a o?oaeiauo
e iaoa?eaeueiuo cao?aoao (ieai eiaanoeoeee, i?iecaiaenoaaiiue ieai) e
o.ae. Ii?iaoeaiua aea iieacaoaee aeaeyony ia oeiainiaua, yeieiae/aneea,
no?ieoaeueiua, naieoa?iua, nioeeaeueii-o?oaeiaua e iiiaea ae?oaea,
eioi?ua niaea?aeaony a caeiiao e iiaecaeiiiuo aeoao, au?aaeathony a
aeaea noaiaea?oia, ii?i, i?aaee e o.ae.

Aaieianeee eiio?ieue ca ?aaeecaoeeae EI inouanoaeyaony iin?aaenoaii:

– aiaeeca aeieeaaeia e io/aoia, ia?eiaee/anee i?aaenoaaeyaiuo caaiueeii
e?aaeeoi?o;

– iieo/aiey e?aaeeoi?ii aeiiieieoaeueiie eioi?iaoeee iooai niaoeeaeueiuo
cai?inia caaiueeo;

– einiaeoeee, inouanoaeyaiuo nio?oaeieeii (nio?oaeieeaie) aaiea, e
iciaeiieaiey n oiaeii ?aaio ia ianoa, a oaeaea iciaeiieaiey n
aeieoiaioaie e iaoa?eaeaie caaiueea, eiathueie ioiioaiea e EI;

– iieo/aiey ii cai?inai niaoeeaeueiie eioi?iaoeee io ainoaea?noaaiiuo
eiio?iee?othueo e einiaeoe?othueo (iaaeci?iuo) i?aaiia.

Aaaeiie ooieoeeae aaieianeiai nii?iaiaeaeaiey EI, aeeceie e eiio?ieth,
yaeyaony ioeaiea. Anee eiio?ieue i?aaeiieaaaao iinoiyiiia neaaeaiea ca
i?iaeaeaeaieai EI, oi ioeaiea iniiaaia ia ia?eiaee/aneii iiaeaaaeaiee
i?iiaaeooi/iuo eoiaia. Caaiuee iiaeao auoue iaycai ia ia?eiaee/aneie
iniiaa i?aaenoaaeyoue e?aaeeoi?o neaaeothuea io/aou (aeieeaaeu):

– ia eiaanoeoeeiiiie aeayoaeueiinoe;

– ia yenieoaoaoeeiiiie aeayoaeueiinoe.

E?iia oiai, caaiuee iaycai i?aaeinoaaeyoue io/aou, io?aaeathuea iniaua
neo/e (iai?eia?, no?aoiaua neo/ae).

Iniai aaaeiui a i?iaeoiii oeeeea e aeey e?aaeeoi?a, e aeey caaiueea
yaeyaony iiiaio i?eaiee-naea/e iauaeoa (a yoio iiiaio i?e ?aaioa aaiea
ii noaia IO i?ienoiaeeo ia?a?ani?aaeaeaiea ?eneia; a /anoiinoe, aaie
i?eieiaao ia naay eiiia?/aneea ?enee ?aaeecaoeee EI).

A caaeneiinoe io aeiaiai?aiiinoae iaaeaeo aaieii e caaiueeii, aaie
iiaeao i?eieiaoue, a iiaeao e ia i?eieiaoue o/anoea a i?eaiea-naea/a
iauaeoa. I?eaiea-naea/a iau/ii ia yaeyaony “oi/a/iui” ia?ii?eyoeai, iia
ninoieo ec oaeeo yoaiia, eae:

– yenieoaoaoeeiiiua eniuoaiey;

– iiaeaioiaea io/aoa i i?iaaaeaiee yenieoaoaoeeiiiuo eniuoaiee;

– cae?uoea eiio?aeoa iiae?yae/eea;

– iiaeaioiaea e ioi?ieaiea aeoa i?eaiee caeii/aiiiai no?ieoaeuenoaa
iauaeoa.

A ethaii neo/aa (aeaaea anee i?aaenoaaeoaeue aaiea i?eieiaao o/anoea a
i?eaiea-naea/a) caaiuee aioiaeo a iaiai?aiiua n?iee io/ao i caaa?oaiee
eiaanoeoeeiiiie aeayoaeueiinoe, aaea iiieii i?i/aai inaauathony oaeea
aii?inu, eae niioaaonoaea iauaeoa eiaanoeoeeiiiie aeayoaeueiinoe
o?aaiaaieyi oaoie/aneie aeieoiaioaoeee e ?acee/iui ii?iaoeaai,
?acoeueoaou yenieoaoaoeeiiiuo eniuoaiee (?anoiaeaeaiey iaaeaeo
caieaie?iaaiiuie e ?aaeueiuie oaoie/aneeie e oaoieei-yeiiiie/aneeie
iieacaoaeyie, i?e/eiu auyaeaiiuo ?anoiaeaeaiee e o.ae.), aaeainiaay
noieiinoue i?iaeoiuo aeoeaia, auyaeaiiua ioeeiiaiey io niaou
(athaeaeaoa) ?aaio ii EI e o.ae.

Ia yenieoaoaoeeiiiie oaca ?aaeecaoeee EI iniiaiie oeaeueth eiio?iey
aaiea ca ?aaeecaoeeae i?iaeoa neoaeeo eiio?ieue ca niaethaeaieai a?aoeea
iiaaoaiey caaeieaeaiiinoe ii e?aaeeoo. I?aaenoaaeyaiua a yoi a?aiy aaieo
io/aou iau/ii eiatho ia?eiaee/iinoue, ?aaioth i?ioeaioiiio ia?eiaeo
(io?acie a?aiaie iaaeaeo aeaoiy ieaoaaeaie). A neo/aa aicieeiiaaiey eee
aa?iyoiinoe aicieeiiaaiey i?iaeai n inouanoaeaieai i/a?aaeiiai ieaoaaea
caaiuee aeieaeai eioi?ie?iaaoue ia yoii aaie. Anee ?aaeecaoeey EI
i?iaiaeeony ii noaia IO, aaie a?yae ee iaiaaeeaiii aoaeao eniieueciaaoue
ea?aoaeueiua ia?u i?ioea aeieaeieea. Iauaeoeaiay neooaoeey, eiaaea aaie
e caaiuee “iaoiaeyony a iaeiie eiaeea”, aoaeao canoaaeyoue aaie aanoe
e?iiioeeaoth ?aaioo n caaiueeii aieioue aei iiaeeeth/aiey e oi?aaeaieth
i?iaeoii (anee oaeay aiciiaeiinoue iaiai?aia a e?aaeeoiii niaeaoaiee).

A oii neo/aa, eiaaea aaie o/anoaoao a ?aaeecaoeee EI ia oieueei eae
e?aaeeoi?, ii e eae eiaanoi?, aai eiio?ieue ca ?aaeecaoeeae i?iaeoa ia
ia?aie/eaaaony oieueei aii?inaie niaethaeaiey a?aoeea iiaaoaiey
caaeieaeaiiinoe ii e?aaeeoo. Eae niaeaaeaeaoe i?iaeoiie eiiiaiee aaie
o/anoaoao a oi?aaeaiee i?iaeoii, aieeay a eiiia?/aneea aii?inu,
i?iecaiaenoai, aii?inu io?aiu ie?oaeathuae n?aaeu e o.ae.

2.2.5. Ioeaiea ?acoeueoaoia ?aaeecaoeee EI.

I?iaeoiue oeeee aeey aaiea (eae e?aaeeoi?a) caeai/eaaaoa iiiaioii
iieiiai iiaaoaiey caaiueeii naieo ieaoaaeiuo iaycaoaeuenoa ii e?aaeeoo.
Oa aaiee, eioi?ua iinoaaeee oeiaine?iaaiea EI “ia iioie”, eae i?aaeei,
ioi?ieytho caaa?oaiea i?iaeoa io/aoii ii ioeaiea ?acoeueoaoia
?aaeecaoeee EI (evaluation report). Oaeea aeieeaaeu iaiaoiaeeiu i?aaeaea
anaai aeey: n?aaiaiey ?acoeueoaoia ?aaeecaoeee EI n ieaiiauie
iieacaoaeyie (oi anoue ioeaiee yooaeoeaiinoe ?aaeecaoeee i?iaeoa);
iaiauaiey iiuoa i?aaiecaoeee oeiaine?iaaiey eiaanoeoeeiiiuo i?iaeoia,
eioi?ue iiaeao auoue o/oai a aoaeouai.

A eiiia?/aneeo aaieao ia Caiaaea, a oaeaea a iaaeaeoia?iaeiuo oeiainiauo
einoeoooao (AA??, TUSRIF) nicaeaiu niaoeeaeueiua iie?acaeaeaiey
(ioaeaeu, aeaia?oaiaiou), eioi?ua caieiathony eneeth/eoaeueii aii?inaie
aiaeeca ?acoeueoaoia caaa?oaiiuo eiaanoeoeeiiiuo i?iaeoia. Oae, a AA??
nouanoaoao Aeaia?oaiaio ioeaiee i?iaeoia (AeII) ai aeaaa n
aeoea-i?aceaeaioii, iiae/eiaiiui iaiin?aaenoaaiii I?aceaeaioo aaieo. N
?acoeueoaoaie i?iaaaeaiiuo ioeaiie nio?oaeieeia aaiea ciaeiiyo ia
naieia?ao ii ecaea/aieth o?ieia, ia /oi nio?oaeieee AeII o?aoyo
cia/eoaeueioth /anoue naiaai neoaeaaiiai a?aiaie.

I?e/ai ioeaieai iiaoo iiaeaa?aaoueny ia oieueei i?iaeou, eioi?ua oieueei
/oi auee “cae?uou” (iinea auiieiaiey anao iaycaoaeuenoa caaiueeia), ii e
oa, eioi?ua caaa?oeeenue n?aaieoaeueii aeaaii. Eia/a aiai?y, a?aiaiiua
?aiee i?iaeoiiai oeeeea aaiea iiaoo auoue ?anoe?aiu. A?yae ee oaeia
?anoe?aiea a?aiaiiuo ?aiie i?iaeoiiai oeeeea oeaeaniia?acii aeey
eiiia?/aneeo aaieia, i?aneaaeothueo i?e ?aaeecaoeee EI i?aeiouanoaaiii
eee eneeth/eoaeueii eiiia?/aneea oeaee.

Oaeei ia?acii i?aaeeaaaaony i?aaieciaaoue ?aaioo ii e?aaeeoiaaieth
i?iaeoia iaeiai i?aaei?eieiaoaeuenoaa neaaeothuei ia?acii:

1. Ioai? eiaanoeoeeiiiuo i?iaeoia a niioaaonoaee n io?aneaaie iieeoeeie
oi?ie?iaaiey e?aaeeoiiai ii?ooaey aaiea (anee oaeiaay eiaaony),
?acia?aie eni?aoeaaaiuo e?aaeeoia, i?aaeeaaaaiui iaania/aieai e ae?. ia
iniiaa aii?inia, noi?ioee?iaaiiuo a e?aaeeoiie cayaea.

2. Aiaeec aeieoiaioaoeee ii ioia?aiiui i?iaeoai. Nienie aeieoiaioia,
iaiaoiaeeiuo aeey iieo/aiey e?aaeeoa, oi?ioee?oaony ?oeiaiaenoaii aaiea
e iau/ii aeeth/aao a naay:

– iioa?eaeueii caaa?aiiua o/?aaeeoaeueiua aeieoiaiou;

– ?ac?aoaiey, eeoeaice?iaaiey, anee e?aaeeo auaeaaony a oeaeyo
iaania/aiey oaeie aeayoaeueiinoe;

– caaa?aiiua iiaeienyie e ia/aoueth Caaiueea oi?iu aooaaeoa?neie
io/aoiinoe;

– aecian-ieai eee caiieiaiiay e?aaeeoiay cayaea

– aeiaiai?u e aeieoiaioaoeey, eiathuea ioiioaiey e auaeaaaaiiio e?aaeeoo

– nienie anao ?an/aoiuo, oaeoueo e nnoaeiuo n/aoia, ioe?uouo a ae?oaeo
aaieao, caaa?aiiue a iaeiaiaie einiaeoeee ii ianoo ?aaeno?aoeee;

– auienee ii ?an/aoiui e nnoaeiui n/aoai ia iineaaeithth aeaoo n
ioiaoeie aaiea i naeueaei n/aoa e iaee/ee i?aoaicee e n/aoai (ni?aaea o.
112);

– ni?aaee ianeoaeeaathueo aaieia i iaee/ee e ninoiyiee ea?oioae
iaieaoaaeae e iaiiaaoaiiie nnoaeiie caaeieaeaiiinoe;

– aeieoiaiou, iiaeoaa?aeaeathuea iacia/aiea ia aeieaeiinoue eeoea,
oiieiiii/aiiiai caeeth/aoue aeiaiai?u e aeaaiiai aooaaeoa?a.

– aeieoiaiou ia i?aai iieueciaaiey (aeaaeaiey) i?iecaiaenoaaiiuie
iiiauaieyie, caieae e ae?oaeie iniiaiuie oiiaeaie, anee iie
eniieuecothony a oiaea i?iaeoa.

3. Caeeth/aiea e?aaeeoiiai niaeaoaiey a eioi?ii iiieii noaiaea?oiuo
iieiaeaiee (i?aaeiao aeiaiai?a, i?aaa, iaycaiiinoe e ioaaonoaaiiinoue
noi?ii, ii?yaeie ?an/aoia, n?ie, ?aeaeceou, ii?yaeie ?ac?aoaiey
?aciiaeanee e nii?ia, i?i/ea oneiaey) a oaenoa aeiaiai?a eee a
i?eeiaeaiee iiaeao auoue iaiai?aiu neaaeothuea iiiaiou: io/aoiinoue
caaiueea i oiaea ?aaeecaoeee i?iaeoa; a?aoee aaaeaiey ?aaio ii i?iaeoo;
aiciiaeiinoue aiaoaoaeuenoaa e?aaeeoi?a a oi?aaeaiea i?iaeoa a neo/aa
ia?ooaiey iaiai?aiiuo oneiaee e i?.

4. Iiieoi?eia eee eiio?ieue ca ?aaeecaoeeae i?iaeoa a oeaeyo
iia?aoeaiiai ?aaae?iaaiey ia aiciiaeiua iaaaoeaiua ioeeiiaiey io
caieaie?iaaiiiai oiaea i?iaeoa. Iiieoi?eia inouanoaeyaony ia iniiaa
ee/iuo iinauaiee caaiueea e?aaeeoiui einiaeoi?ii, aiaeeca io/aoia
i?aaeinoaaeaiiuo caaiueeia, eioi?iaoeee iieo/aiiie ii o?aoueei eaiaeai e
ae?oaeo enoi/ieeia eioi?iaoeee.

Aeey oeaeae aioo?eaaieianeiai aiaeeca aeayoaeueiinoe iiaeao iaiauaoueny
iiuo i?aaiecaoeee e?aaeeoiaaiey oaea caaa?oaiiuo i?iaeoia.

?aaioa ii e?aaeeoiaaieth i?iaeoia iiaeao auoue iino?iaia ae?oaei ia?acii
iaeiaei a ethaii neo/aa ioaeii /aoei noi?ioee?iaaoue ai aioo?eaaieianeeo
eino?oeoeeyo iniiaiua yoaiu ?aaiou e ia?ii?eyoey, i?iaiaeeiua iaeaaeaeii
yoaia.

2.3. Iniiaiua iaoiaeu ioeaiee yooaeoeaiinoe EI.

O/eouaay niaoeeoeeo ?aaiou a aaiea ii ioeaiea eiaanoeoeeiiiuo i?iaeoia
iaeiai i?aaei?eieiaoaeuenoaa a oa/aiea i?aaeaeeieiiiie i?aeoeee, aaoi?
?aaiou oaeaeee iniaia aieiaiea eco/aieth iaoiaeia ioeaiee yooaeoeaiinoe
i?iaeoia e auai?a iioeiaeueiie a?oiiu iieacaoaeae aeey ioeaiee i?iaeoa.

2.3.1. Aeeneiioiua iaoiaeu.

*enoay i?eaaaeaiiay noieiinoue (Net Present Value – NPV).

Iaeaieaa ?ani?ino?aiaiiue iieacaoaeue ioeaiee yooaeoeaiinoe
eiaanoeoeeiiiuo i?iaeoia. NPV i?aaenoaaeyao niaie noiio
aeeneiioe?iaaiiuo aeaiaaeiuo iioieia ?aciuo eao n o/aoii i?ioeaioiie
noaaee.

,

aaea NPV – /enoay i?eaaaeaiiay noieiinoue;

CFt – aeaeaeaiea aeaiaaeiie iaee/iinoe (cash flow) a aiaeo t;

I0 – ia/aeueiua aeiaeaiey (nianoaaiiua e caaiiua n?aaenoaa).

Anee ioaeii aua?aoue iaeio ec ianeieueeeo aeueoa?iaoea i?iaeoa, oi
neaaeoao aua?aoue oio i?iaeo, o eioi?iai iaeaieueoay NPV (iainiiaaiea
ni. ieaea). Iaoiae NPV eiaao yaii au?aaeaiiua i?aeiouanoaa ii n?aaiaieth
n iaoiaeaie, iniiaaiiuie ia ii?aaeaeaiee n?iea ieoiaaiinoe eee aiaeiaie
ii?iu i?eauee, eioi?ua ?anniao?eaathony ieaea, iineieueeo ii o/eouaaao
aanue n?ie aeecie i?iaeoa e ?ani?aaeaeaiea ai a?aiaie iioieia ?aaeueiuo
aeaiaa.

Iaaeinoaoee iaoiaea NPV – neiaeiinoue auai?a niioaaonoaothuae ii?iu
aeeneiioa e oi, /oi NPV ia iieacuaaao oi/iie i?eaueueiinoe i?iaeoa. Ii
yoie i?e/eia NPV ia anaaaea iiieiatho aecianiaiu, i?eaueoea iuneeoue
eaoaai?eyie ii?iu i?eauee ia eaieoae. Iiyoiio ?aeiiaiaeoaony
eniieueciaaoue iieacaoaeue aioo?aiiae ii?iu aeioiaeiinoe.

Aioo?aiiyy ii?ia aeioiaeiinoe

Aioo?aiiyy ii?ia aeioiaeiinoe – yoi ii?ia aeeneiioa, i?e eioi?ie
aeeneiioe?iaaiiay noieiinoue i?eoieia ?aaeueiuo aeaiaa ?aaia
aeeneiioe?iaaiiie noieiinoe iooieia. Ae?oaeie neiaaie, yoi ii?ia
aeeneiioa, aeey eioi?ie aeeneiioe?iaaiiay noieiinoue /enouo iinooieaiee
io i?iaeoa ?aaia aeeneiioe?iaaiiie noieiinoe eiaanoeoeee (NPV ?aaai
ioeth). Iaoaiaoe/anee yoi icia/aao, /oi a ?aiaa ?anniio?aiiie oi?ioea
NPV aeieaeia auoue iaeaeaia aaee/eia r, aeey eioi?ie – i?e aeaiiuo
aaee/eiao cash flow – NPV ?aaai ioeth. ?aoaiea iieo/atho iin?aaenoaii
eoa?aoeaiiai i?ioeanna, n eniieueciaaieai eee oaaeeoe aeeneiioe?iaaiey,
eee niioaaonoaothuae eiiiuethoa?iie i?ia?aiiu (ooieoeey AIAeIO a Excel).

I?ioeaaeo?a, eniieuecoaiay aeey ?an/aoa IRR, – oa aea, /oi e aeey
au/eneaiey NPV. Iiaeii eniieueciaaoue oaeea aea oaaeeoeu, ii aianoi
aeeneiioe?iaaiey iioieia ?aaeueiuo aeaiaa i?e caaeaiiii ieieiaeueiii
eiyooeoeeaioa ieoiaaiinoe, ioaeii ii?iaiaaoue ianeieueei ii?i aeeneiioa
– aei oao ii?, iiea ia aoaeao iaeaeaia aaee/eia, i?e eioi?ie NPV ?aaai
ioeth. Yoa ii?ia e anoue IRR, e iia i?aaenoaaeyao oi/ioth aaee/eio
i?eaueueiinoe i?iaeoa.

NPV e IRR aeey iieiuo eiaanoeoeee iieacuaatho aeioiae io i?iaeoa a
oeaeii. A neo/aa, eiaaea /anoue eiaanoeoeee oeiaine?oaony ec caaiiiai
eaieoaea (aiaoiaa oeiaine?iaaiea), NPV e IRR ioee/athony io
auoaoiiiyioouo ec-ca aeeyiey iaeiaa i?e iiaaoaiee aeieaa (i?ioeaiou
yaeythony noaoueae ecaea?aeae, e iiyoiio a neo/aa auieaou i?ioeaioia
iaeaaaaiay iaeiaii i?eaueue iaiueoa).

Eiyooeoeeaio /enoiai aeeneiioe?iaaiiiai aeioiaea eee eiaeaen
aeioiaeiinoe (Profitability Index – PI).

I?eiaiaiea iaoaea NPV o?aaoao iaeioi?iai ooi/iaiey, iineieueeo NPV
yaeyaony eiaeeeaoi?ii eeoue iieiaeeoaeueiuo /enouo iioieia ?aaeueiuo
aeaiaa eee /enouo auaiae ii i?iaeoo. Anee nouanoaotho aeaa eee aieaa
aeueoa?iaoea, oeaeaniia?acii ii?aaeaeeoue, eaeay noiia eiaanoeoeee
iio?aaoaony aeey nicaeaiey yoeo iieiaeeoaeueiuo NPV. Niioiioaiea NPV e
o?aaoaiie aeeneiioe?iaaiiie noieiinoe eiaanoeoeee (NPI) iacuaaaony
eiyooeoeeaioii /enoiai aeeneiioe?iaaiiiai aeioiaea (PI) eee eiaeaenii
aeioiaeiinoe eioi?ue aeaao aeeneiioe?iaaiioth ii?io i?eauee. Yoi
niioiioaiea aeieaeii eniieueciaaoueny aeey n?aaiaiey aeueoa?iaoeaiuo
i?iaeoia. Oi?ioea eiaao aeae:

PI=(((A+Pt/(1+d)t)/(Ct/(1+d)t)),

aaea

? –aeaiaaeiua iioiee ii i?iaeoo a ia?eiae t,

N –cao?aou ii ia?eiaeai,

r – aeeneiio.

Anee ia?eiae no?ieoaeuenoaa ia i?aauoaao iaeiiai aiaea, noieiinoue
eiaanoeoeee ia neaaeoao aeeneiioe?iaaoue.

Oaeei ia?acii, PI iiaeii oaeaea ?anniao?eaaoue eae ?ann/eoaiioth ii?io
eiaanoe?iaaiey, eioi?oth aeieaeia, ii iaiueoae ia?a, aeinoe/ue ii?ia
i?eauee i?iaeoa.

2.3.2. O?aaeeoeeiiiua iaoiaeu.

Ia?eiae ieoiaaiinoe.

Ia?eiae ieoiaaiinoe ii?aaeaeyaony eae ia?eiae, o?aaoaiue aeey aica?aoa
ia?aiia/aeueiuo eiaanoeoeeiiiuo ?anoiaeia iin?aaenoaii iaeiieaiiuo
/enouo iioieia ?aaeueiuo aeaiaa, iieo/aiiuo n iiiiuueth i?iaeoa. Aaaeii
ioiaoeoue, /oi aeey ?an/aoa ieoiaaiinoe eniieuecothony iioiee ?aaeueiuo
aeaiaa ii i?iaeoo. Auei au niaa?oaiii iai?aaeeueiui ?ann/eouaaoue
ieoiaaiinoue ia iniiaa iaeiieaiiie /enoie i?eauee iinea oieaou iaeiaa.
Aeaaea anee iaeiieaiiua i?ioeaiou e aii?oecaoeey aeiaaaeythony aiiaue
nouanoaoao iianiinoue, /oi ia aoaeoo aeeth/aiu a ?an/aou eiaanoeoeee
aeey caiaiu iai?oaeiaaiey, iau/ii iaiaoiaeeiua aeey i?iaeieaeaiey
yenieoaoaoeee i?aaei?eyoey.

Iaoiae ?an/aoa ieoiaaiinoe iau/ii e?eoeeotho ca aai eiioeaio?e?iaaiea ia
ia/aeueiie oaca ia?eiaea i?iecaiaenoaa aac o/aoa (aeey ?aoaiey ia
eiaanoe?iaaiee) ?aaiou caaiaea iinea ia?eiaea ieoiaaiinoe. Yoio
e?eoe/aneee a?aoiaio aue au ni?aaaaeeea, anee au eiaanoeoeeiiiia ?aoaiea
oeaeeeii iniiauaaeinue ia iaoiaea ?an/aoa ieoiaaiinoe. Iaeiaei, aai
iiaeii i?eiaiyoue aeey ioeaiee ?enea e eeeaeaeiinoe a ni/aoaiee n
iieacaoaeyie i?eaueueiinoe.

Ieoiaaiinoue i?eiaieia, anee iiaue i?iaeo i?aaeiieaaaao auno?ia
oaoiieiae/aneia eciaiaiea a i?iiuoeaiiii naeoi?a, a iniaaiiinoe, eiaaea
oaoiieiae/aneee aeeciaiiue oeeee cia/eoaeueii ei?i/a oaoie/aneiai
aeeciaiiiai oeeeea i?iaeoa eee aai iniiaiuo eiiiiiaioia. Ae?oaay
oeie/iay neooaoeey, eiaaea aoiaeiua aa?uea?u ia ?uiea n aunieie
eiieo?aioeeae ioiineoaeueii iecee. A oaeie aeaeiaie n?aaea eiaanoi?u
iiaoo aua?aoue oo no?aoaaeth i?iaeoa, eioi?ay iicaieyao aicianoeoue
eiaanoeoeeiiiua cao?aou n iieo/aieai iaeioi?iai ieieiaeueiiai i?ioeaioa
a oa/aiea ia?eiaea a?aiaie, naycaiiiai n oacie aeeciaiiiai oeeeea
i?iiuoeaiiiai naeoi?a, a oaeaea n aeeciaiiui oeeeeii iaeeaeaaiie
oaoiieiaee e i?iaeoeoa. Eeoea, i?eieiathuea ?aoaiey, niiaoo oiaaea
ii?aaeaeeoue oi/ee ieoiaaiinoe, ai-ia?auo, aeey aiciauaiey anao
eiaanoeoeeiiiuo ?anoiaeia (iau/iay ieoiaaiinoue) e, ai-aoi?uo, aeey
aiciauaiey yoeo ?anoiaeia e iaania/aiey ieieiaeueiie i?eaueueiinoe (NPV
i?e o?aaoaiie ii?ia aeeneiioa aoaeao ?aaai ioeth aeey n?iea ieoiaaiinoe
t eao, e, oaeei ia?acii, a yoie oi/ea ianooiaao aacoauoi/iinoue, a caoai
a iineaaeothuea aiaeu i?ienoiaeeo iieo/aiea aeiiieieoaeueiiai aeioiaea).

Ei?ioeee ia?eiae ieoiaaiinoe iau/ii niioaaonoaoao aunieiio aiaeiaiio
/enoiio iioieo ?aaeueiuo aeaiaa. Iiyoiio aaee/eia, ia?aoiay ia?eiaeo
ieoiaaiinoe, iiaeao eniieueciaaoueny eae i?eaeeceoaeueiay ia?a
i?eaueueiinoe eiaanoeoeee. Aeeeoaeueiue ia?eiae ieoiaaiinoe icia/aao
oaeaea, /oi niioiioaiea iaaeaeo aiaeiauie /enouie iioieaie ?aaeueiuo
aeaiaa i ia/aeueiuie eiaanoeoeeyie ioiineoaeueii iaaeaaii?eyoiia. Anee e
oiio aea iecea e eaieoaeiioaea/a (au?aaeathuay noieiinoue aiaeiaiai
iauaia i?iaeoeoeee, nicaeaiiiai aeaaiaea?y aeiaeaieth aaeeieoeu
eaieoaea), oi i?iaeo, aa?iyoii, aoaeao iai?eaeaeaoaeueiui aeey
eiaanoi?ia e oeiainenoia.

I?inoay, eee aiaeiaay, ii?ia i?eauee.

I?inoay ii?ia i?eauee ii?aaeaeyaony eae eiyooeoeeaio aiaeiaie /enoie
i?eauee ia eaieoae. Aeaiiue iieacaoaeue /anoi ?ann/eouaatho oieueei aeey
iaeiiai aiaea, iau/ii – aiaea i?iecaiaenoaa ia iieioth iiuiinoue.
Iaeiaei ii iiaeao oaeaea ?ann/eouaaoueny aeey ?acee/iuo noaiaiae
eniieueciaaiey i?iecaiaenoaaiiuo iiuiinoae (aiaeec /oanoaeoaeueiinoe)
eee aeey ?acee/iuo eao ia yoaia ia/aea i?iecaiaenoaa. Aeey ioeaiee
eiaanoeoeee iau/ii i?aaenoaaeytho eioa?an aeaa ii?iu i?eauee: ia iieiue
eniieuecoaiue eaieoae (iieiua eiaanoeoeee). Ii?ia i?eauee (aiaeiaay) ia
iieiue aeiaeaiiue eaieoae Ij ?ann/eouaaaony ii oi?ioea:

Hj (%)=(*I+i)*100%/E,

aaea *I – /enoay i?eaueue (iinea aii?oecaoeeiiiuo io/eneaiee, oieaou
i?ioeaioia e iaeiaia),

i – i?ioeaiou,

E – iieiua eiaanoeoeeiiiua ecaea?aeee (iniiaiie e iai?ioiue eaieoae).

Iaoiae ?an/?oa i?inoie ii?iu i?eauee eiaao ianeieueei na?ueaciuo
iaaeinoaoeia. Iai?eia?, eaeie aiae yaeyaony ii?iaeueiui
(?ai?acaioaoeaiui) aeey i?eiyoey ca iniiao i?e ?an/aoa ii?iu i?eauee?
Iineieueeo aeey ii?aaeaeaiey i?inoie ii?iu i?eauee eniieuecothony
aiaeiaua aeaiiua, o?oaeii, e ca/anooth iaaiciiaeii, aua?aoue iaeaieaa
?ai?acaioaoeaiue aiae i?iaeoa. Iiieii eciaiythueony o?iaiae
i?iecaiaenoaa, iniaaiii a ia/aeueiua aiaeu, e oieaou i?ioeaioia, eioi?ua
oaeaea iiaoo iaiyoueny eaaeaeue aiae, nouanoaotho iaeioi?ua ae?oaea
oaeoi?u aucuaathuea eciaiaiey o?iaiy /enoie i?eauee a ioaeaeueiua aiaeu
(iai?eia?, a ia?eiae iaeiaiauo eaieeoe).

A aiaeu, eiaaea aeaenoaotho iaeiaiaua eueaiou, /enoay i?eaueue,
i/aaeaeii, aoaeao aanueia ioee/aoueny io i?eauee a oa aiaeu, eiaaea iia
yaeyaony i?aaeiaoii ii?iaeueiiai iaeiaiiaeiaeaiey.

Aeaaiue aea iaaeinoaoie yoiai iaoiaea a oii, /oi ia i?eieiathony ai
aieiaiea a?aiaiiay oeaia iiea/aiiiai aeoeeiia?iiai eaieoaea e aiaeiaay
i?eaueue ia aeoeeiia?iue eaieoae. E?iia oiai, aiaeiaay i?eaueue ia
aeoeeiia?iue eaieoae ieaea, /ai /enoue iioie ?aaeueiuo aeaiaa,
inoathueeny iinea oieaou aeieaia. Oaeei ia?acii, anee aaeaaiaeiua
aii?oecaoeeiiiua ?anoiaeu aacioeaaaoaeueii ia ?aeiaanoe?iaaoue, iaoiae
ii?iu i?eauee anaaaea aoaeao iaaeiioeaieaaoue oeiainiaua iinooieaiey
(aeioiae) io eiaanoeoeee. I/aaeaeii, /oi aeioiae, iieo/aaiue a ?aiiee
ia?eiae, i?aaeii/oeoaeueiaa aeioiaea, iieo/aaiiai iicaea. Iaeiaei i/aiue
o?oaeii auae?aoue iaaeaeo aeaoiy aeueoa?iaoeaaie i?iaeoa, eioi?ua eiatho
?acee/ioth i?eaueueiinoue a oa/aiea ?yaea eao i?eaueue aeueoa?iaoeaiuo
aa?eaioia i?iaeoa.

Eoae, /ai aea ?oeiaiaenoaiaaoueny ?aaioieeai ioaeaeia eiaanoeoeeiiiiai
i?iaeoe?iaaiey i?e ioai?a iaeneiaeueii yooaeoeaiuo i?iaeoia n oeaeueth
ieieiecaoeee e?aaeeoiuo ?eneia aaiea, naycaiiuo n naiei i?iaeoii.
Iiae?acoiaaaaony, /oi:

i?iaeou i?ioee ioai? ia i?aaeiao ?aaeecoaiinoe;

?aoaiea i?eieiaaony a oneiaeyo ia?aie/aiiinoe ?ano?nia (oi anoue
nouanoaoao ooaa?aeaeaiiue iauai n?aaenoa, i?aaeiacia/aiiue aeey
eiaanoe?iaaiey):

?anniao?eaathony oa?aeoa?enoeee i?iaeoa, ioiinyueany oieueei e
yeiiiie/aneei iineaaenoaeyi ?aaeecaoeee i?iaeoa.

A I? “aeey n?aaiaiey ?acee/iuo eiaanoeoeeiiiuo i?iaeoia (aa?eaioia
i?iaeoa) e iainiiaaiey ?acia?ia e oi?i o/anoey a eo ?aaeecaoeee
?aeiiaiaeoaony eniieueciaaoue e?eoa?ee NPV, IRR, eiaeaena aeioiaeiinoe e
n?iea iieiiai iiaaoaiey caaeieaeaiiinoe (aeey o/anoieeia, i?eaeaeathueo
e?aaeeoiua e caaiiua n?aaenoaa) (9, n.17). A.Aa?ain e I.Oaa?aiae
?aeiiaiaeotho oaeaea eniieueciaaoue n?ie ieoiaaiinoe e ii?io i?eauee.

A I? neacaii, /oi “auai? i?iaeoia ia iiaeao inouanoaeai ia iniiaa
iaeiiai – neie oaiaeii neiaeiiai – oi?iaeueiiai e?eoa?ey”. Iaeiaei, /oi
aeaeaoue, anee iaeei ec e?eoa?eaa anooiaao a i?ioeai?a/ea n ae?oaei?
“Anee n?aaiaiea aeueoa?iaoeaiuo (acaeiieneeth/aaiuo) eiaanoeoeeiiiuo
i?iaeoia (aa?eaioia i?iaeoa) ii IRR e NPV i?eaiaeyo e i?ioeaiiieiaeiui
?acoeueoaoai, oi i?aaeii/oaiea neaaeoao ioaeaaaoue NPV” (9, n.10), a
anee ?anniao?eaathony ia acaeiieneeth/athuea i?iaeou, a ii?ooaeue, – ia
yoii ia neacaii.

Inoaiiaeiny ia eaaeaeii ec e?eoa?eaa ioaeaeueii.

N?ie ieoiaaiinoe.

Iaeioi?ua aaoi?u ooaa?aeaeatho, /oi a oneiaeyo eioeyoeee n?ie
ieoiaaiinoe yaeyaony iniiaiui e?eoa?eai yooaeoeaiinoe eiaanoeoeee.
A.Ia?oaiia ooaa?aeaeaao, /oi yoi ooaa?aeaeaiea ia ei??aeoii, oae eae
yoio e?eoa?ee ia naiii aeaea ia naycai n oeene?iaaiiie oeaeueth –
iieo/aieai i?eauee, a iieacaoaeue NPV aeeth/aao a naay i?e ?an/aoa
noaaeo aeeneiioe?iaaiey, oaea o/eouaathuoth o?iaaiue eioeyoeee (26,
n.66). Aeaenoaeoaeueii, i?iaeo n iaaieueoei n?ieii ieoiaaiinoe iiaeao
eiaoue ia ii?aaeaeaiiue n?ie ?an/aoa iaiueooth NPV, iaaeaee i?iaeo n
aeeeoaeueiuie n?ieaie aaaeaiey no?ieoaeueii-iiioaaeiuo ?aaio e
iinoaiaiiui ia?aueaaieai iauaiia i?iaeoeoeee.

N?ie iieiiai iiaaoaiey caaeieaeaiiinoe.

Anee ana inoaeueiua iieacaoaee (naeueaei aeaiaaeiuo aeioiaeia-?anoiaeia,
NPV) aiai?yo i eeeaeaeiinoe i?iaeoa, oi niioaaonoaea eioa?anai e
iieeoeea aaiea (no?oeoo?a aeaiaaeiuo iioieia, io?aneaaay
i?eiaaeeaaeiinoue i?iaeoa e ae?.) iiaeao neoaeeoue iniiaiui e?eoa?eai
i?e ioai?a eiaanoeoeeiiiuo i?iaeoia.

Eiaeaen aeioiaeiinoe.

Ia naiii aeaea, o?iaaiue aeioiaeiinoe i?iaeoa iiaeii ioeaieoue n
iiiiuueth IRR, a aeey eiiieaeoiaaiey ii?ooaey n iaeneiaeueiui noiia?iui
cia/aieai NPV iiaeii eniieueciaaoue ia PI (eae i?aaeeaaaao A.A.Eiaaeaa),
a iaiin?aaenoaaiii NPV.

Ii?ia i?eauee.

A.Aa?ain e I.Oaa?aiae i?aaeeaaatho ?ann/eouaaoue II ia aeiaeaiiue
eaieoae eae (10, n.254,255)

Hj=(*I+i)*100%/E, eee Hj=(*I+i+A)*100%/E,

aaea

*I – /enoay i?eaueue,

i – i?ioeaiou,

A – aii?oecaoeey,

E – iieiua eiaanoeoeeiiiua ecaea?aeee.

Iaeiaei ooo aea oeacuaathony iaaeinoaoee yoiai e?eoa?ey (iaoiaea):

i?iaeaia auai?a ?ai?acaioaoeaiiai ia?eiaea (eae i?aaeei, aiaea) aeey
i?eiyoey ca iniiao i?e ?an/aoa II;

aeaaea i?e ?an/aoa II aeey anao ia?eiaeia inoaaony aeaaiue iaaeinoaoie –
ia i?eieiaaony ai aieiaiea a?aiaiiay oeaia eiaanoe?iaaiiuo n?aaenoa.
Iiyoiio “iaaeinoaoi/ii iieaaaoueny ia aiaeiaie ?an/ao i?eaueueiinoe,
iaiaoiaeeii ii?aaeaeeoue iauoth i?eaueueiinoue i?iaeoia, /oi aiciiaeii
oieueei iooai eniieueciaaiey iaoiaeia aeeneiioe?iaaiey”.

Oiaaea aeey /aai ioaeai yoio iieacaoaeue, anee iiaeii eniieueciaaoue
iaoiaeu aeeneiioe?iaaiey, aea e oiio aea eiiaaea ii iiaeao ianoe
eneaaeaiioth eioi?iaoeeiiioth iaa?oceo?

Aioo?aiiyy ii?ia aeioiaeiinoe

A ?aaioao ?acee/iuo aaoi?ia i?aaeeaaaaony eniieueciaaoue aeey IYEI
iaoiae IRR e n?aaieaaoue a? n o?aaoaiie eiaanoi?ii ii?iie aeioiaea ia
eaieoae, ii?iie aeeneiioa, noieiinoueth eaieoaea + iaaeaaaea ca ?ene e
o.ae.

I?aaeeaaaaony eniieueciaaoue IRR aeey ?aiaee?iaaiey i?iaeoia i?e
oi?ie?iaaiee eiaanoeoeeiiiiai ii?ooaey. Oi?ioi, i?aaeiieiaeei, /oi
eiaaony 2 (aeey i?inoiou) aeueoa?iaoeaiuo i?iaeoa:

NPV1>>NPV2;

IRR2>>IRR1;

K1+K2>K;

K1>>K2,

aaea

E1, E2 – iau?iu eiaanoeoeee,

E – ?aniieaaaaiua iauaiu n?aaenoa.

A yoii neo/aa noieo iiaeoiaoue ia oaaee/aiee ianooaaia aoi?iai i?iaeoa.
Anee yoiai naeaeaoue iaeuecy, oeaeaniia?acii “iieneaoue” o?aoee i?iaeo:

K2+K3NPV1,

oaeei ia?acii, e?eoa?ee IRR iiaeiaiyaony e?eoa?eai NPV.

Ioaeii oaeaea o/anoue, /oi o?aaiaiea aeey iaoiaeaeaiey IRR iiaeao eiaoue
ianeieueei aeaenoaeoaeueiuo ei?iae. A yoii neo/aa ioaeii a?aoue a
ea/anoaa IRR iaeiaiueoaa cia/aiea.

*enoay i?eaaaeaiiay noieiinoue.

Eaeeie aea naienoaaie iaeaaeaao iieacaoaeue NPV:

eiaiii NPV yaeyaony ia?ie yooaeoa eiaanoeoeee ii ii?aaeaeaieth – noiia
yooaeoia ca aanue ?an/aoiue ia?eiae i?eaaaeaiiay e ia/aeueiiio oaao;

oieueei NPV iaeaaeaao naienoaii aaeaeeoeaiinoe (oi anoue auiieiyaony
?aaainoai Yjk+Yki=Yji , aaea Yji – yooaeo io caiaiu ia?ii?eyoey j ia i,
– yoio neo/ae aue i?ieeethno?e?iaai i?e ?anniio?aiee IRR), /oi neoaeeo
i?aaeiinueeie aeey eieaeueiuo yeiiiie/aneeo ?an/aoia.

Oaeei ia?acii, anee caaeaii n iacaaeneiuo i?iaeoia, ioai? aeey
oeiaine?iaaiey i?iaiaeeony neaaeothuei ia?acii: ninoaaeythony
anaaiciiaeiua eiiaeiaoeee i?iaeoia (eo aoaeao 2n-1, a oi/iaa 2n, oae eae
aiciiaeai oaeie aa?eaio, /oi ie iaeei ec i?iaeoia ia aoaeao
oaeiaeaoai?youe ia?aie/aieth, a iaoaiaoeea oi/iay iaoea). E aeaeaa
ioae?aai oaeea i?iaeou, aeey eioi?uo:

Ei

Aeaaa 3 Iooe ?aoaiey iniiaiuo i?iaeai i?e e?aaeeoiaaiee iaeiai aeciana Eae auei oaea neacaii auoa (ni. no?.20) iaeiie ec iniiaiuo i?iaeai, n eioi?uie noaeeeaathony iaeua i?aaei?eyoey i?e ia?auaiee ca e?aaeeoii yaeyaony iaaeinoaoi/iinoue iaania/aiey ii e?aaeeoo. Ionoonoaea aeinoaoi/iiai aeey caeiaa eiouanoaa i?e ?anoe?aiee aeayoaeueiinoe eee aieaa oiai i?e i?aaiecaoeee iiaiai aeciana – aiieia ii?iaeueiia yaeaiea aeey iaia?aiaiaiiuo iniiaiuie oiiaeaie iaeuo i?aaei?eieiaoaeae. Aeey iaeiai i?aaei?eieiaoaeuenoaa oaeaea e?aeia aaaeiu n?iee ?anniio?aiey e?aaeeoiuo cayaie e i?eiyoey ?aoaiee i e?aaeeoiaaiee – a neeo iiaeeueiinoe e aunieie yooaeoeaiinoe i?iaeoia iaeiai i?aaei?ieiaoaeuenoaa eeoiea 2-3 iaaeaee ia aiaeec cayaee aaieii iiaoo iaa?iooueny aeey i?aaei?eieiaoaey iioa?ae cia/eoaeueiuo aeioiaeia. 3.1. Aa?aioeeiua oiiaeu eae enoi/iee iaania/aiey e?aaeeoia iaeiio aeciano A iineaaeiaa a?aiy aeoeaii aaaeoony ?acaiai?u i iaiaoiaeeiinoe nicaeaiey yooaeoeaiie no?oeoo?u, ?aoathuae i?iaeaiu iaania/aiey e?aaeeoia aeey iaeuo i?aaei?eyoee. Ieaea aoaeao ?anniio?ai ca?oaaaeiue (NOA) iiuo ?aaiou i?aaiecaoeee n aiaeiae/iuie, /oi e o aa?aioeeiiai oiiaea caaea/aie, a oaeaea i?aaeeiaeaiey ii ioeueoeieeeaoeee n?aaenoa aa?aioeeiiai oiiaea. Small Business Administration - i?aaiecaoeey, caaea/ae eioi?ie yaeyaony iiaeaea?aeea iaeiai aeciana a NOA (aiaeia Oaaea?aeueiiai oiiaea iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa). SBA i?aaeeaaaao oeaeue iaeao i?ia?aii, iai?aaeaiiuo ia oeiaine?iaaiea e aa?aioe?iaaiea caeiia iaeiai aeciana a NOA: - 7 (a) loan guaranty - low documentation loan (low doc), 7 (a) loan guaranty - CAPlines, a 7 (a) loan guaranty SBA oaeaea i?aaeeaaaao ?yae iaiaa aeooaeueiuo aeey ?inneeneie aeaenoaeoaeueiinoe i?ia?aii aa?aioee caeiia: - aeaiueiai-aecianiaiai; - iaeui i?aaei?eyoeyi, ?aaioathuei ia “iai?iieo”; - yenii?oiui iaeui i?aaei?eyoeyi; - yenii?oii-eiii?oiui iaeui i?aaei?eyoeyi; - iee?ii?aaei?eyoeyi; - aa?aioee iiae “?acaeaathuea” e?aaeeou. Iaeaieaa eioa?ania aeey ?inneeneeo oneiaee i?ia?aiia 7 (a) loan guaranty, ?aaeecoaiay a niioaaonoaee ni noaoueae 7 (a) Aeoa i iaeii aeciana (Small Business Act), i?aaeinoaaeaoae iieiiii/ey SBA ii aa?aioe?iaaieth nnoae iaeui i?aaei?eyoeyi, eioi?ua ia iiaoo i?eaea/ue oeiaine?iaaiea ia ?acoiiua n?iee /a?ac o?aaeeoeeiiiua eaiaeu iieo/aiey caaiiuo ?ano?nia. Yoa i?ia?aiia nicaeaia aeey iiaeaea?aeee noaiiaeaiey e ?inoa iaeuo i?aaei?eyoee iooai i?aaeinoaaeaiey aa?aioee ii e?aaeeoai, auaeaaaaiui yooaeoeaii ?aaioathuei oe?iai. Iia ?ann/eoaia ia aanueia ?aciiia?aciua oeaee eniieueciaaiey e?aaeeoa: - iieoiea iaaeaeaeeiinoe; - ?anoe?aiea aeciana; - iieoiea iai?oaeiaaiey; - iiiieiaiea iai?ioiuo n?aaenoa; - i?eia?aoaiea eino?oiaioia (IAI). A ?aieao yoie i?ia?aiiu SBA iiaeao i?iaa?aioe?iaaoue aei 75 % nnoae ?acia?ii aei $ 750 000 e aei 80 % nnoae ?acia?ii ia aieaa $ 100 000. Noieiinoue aa?aioee ia i?aauoaao 2,75 % aiaeiauo. N?ie aa?aioee: aeey e?aaeeoiaaiey iai?ioiuo n?aaenoa - aei 10 eao, iniiaiuo n?aaenoa - aei 25 eao. ?aciauaiea n?aaenoa SBA i?iecaiaeeony /a?ac eiiia?/aneea e?aaeeoiua einoeooou, iieo/eaoea niioaaonoaothuea eeoeaicee SBA (iai?eia?, General Electric Capital Small Business Finance) Iiuo SBA i?aaenoaaeyao oeaiiinoue a neeo oiai, /oi a ?aieao Oaaea?aeueiiai oiiaea iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa e ?aaeiiaeueiuo oiiaeia iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa aaaeaony ?aaioa ii nicaeaieth aa?aioeeiuo oiiaeia (5, I?eeiaeaiea 1, i.1.7.). A Oaaea?aeueiii caeiia “I ainoaea?noaaiiie iiaeaea?aeea iaeiai i?aaei?eieiaoaeuenoaa a ?O” neacaii, /oi “Oaaea?aeueiue oiiae iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa iiaeao aunooiaoue aa?aioii ... ii eiaanoeoeeiiiui e?aaeeoai, i?aaeinoaaeyaiui e?aaeeoiuie i?aaiecaoeeyie ?O noauaeoai iaeiai i?aaei?eieiaoaeuenoaa ia eiiia?/aneie iniiaa aeey ?aaeecaoeee eiie?aoiuo i?ia?aii e i?iaeoia a iaeanoe iaeiai i?aaei?eieiaoaeuenoaa” (1, no. 8, i. 2). Yoi iieiaeaiea io?aaeaii a Onoaaa oiiaea: “aeey aeinoeaeaiey naiae iniiaiie oeaee Oiiae: ... auiieiyao ooieoeee caeiaiaeaoaey, ii?o/eoaey, aa?aioa ii iaycaoaeuenoaai noauaeoia iaeiai i?aaei?eieiaoaeuenoaa” (6, no.6). Oi?ie?iaaiea aa?aioeeiuo oiiaeia iiaeao auoue inouanoaeaii e a ?aieao ?aaeiiaeueiuo oiiaeia iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa. Iaiaoiaeeiinoue nicaeaiey aa?aioeeiuo oiiaeia naycaia n iaiaoiaeeiinoueth “i?eaea/aiey aeiiieieoaeueiuo n?aaenoa e iiauoaiey yooaeoeaiinoe oi?aaeaiey eie” (5, I?eeiaeaiea 1, i.1.7.). Iniiaiie ooieoeeae aa?aioeeiuo oiiaeia aoaeao yaeyoueny nicaeaiea nenoaiu auaea/e aa?aioee (ii?o/eoaeuenoa) niaoeeaeece?iaaiiui no?oeoo?ai ii iiaeaea?aeea iaeiai i?aaei?eieiaoaeuenoaa e eiui i?aaiecaoeeyi, eiathuei nianoaaiiua i?ia?aiiu e?aaeeoiaaiey iaeiai aeciana, a a ioaeaeueiuo neo/ayo e iaiin?aaenoaaiii noauaeoai iaeiai i?aaei?eieiaoaeuenoaa n oeaeueth iaania/aiey aica?aoiinoe e?aaeeoia, iai?aaeyaiuo e?aaeeoi?aie a noa?o iaeiai i?aaei?eieiaoaeuenoaa. Aa?aioeeiue oiiae aeieaeai aiciauaoue iioa?e aaieai e eiui e?aaeeoiui o/?aaeaeaieyi ii iaaica?auaiiui aia?aiy i?iaa?aioe?iaaiiui e?aaeeoai io noauaeoia iaeiai i?aaei?eieiaoaeuenoaa. Eioa?anii, /oi n?aaenoaa aa?aioeeiuo oiiaeia iiaoo oi?ie?iaaoueny eae ca n/ao aeaiaaeiuo n?aaenoa, oae e ca n/ao oeaiiuo aoiaa, a i?e aeaeueiaeoai ?acaeoee ?uiea iaaeaeaeeiinoe a ea/anoaa eiouanoaa aa?aioeeiiai oiiaea iiaeao aunooiaoue ia?aaeaaaaiay ioieoeeiaeeoaoaie iaaeaeaeeiinoe ii a? ioeaii/iie noieiinoe. Yoi ianiiiaiii aaaeii, oae eae aeeauo aeaiaa aeey oaeeo oeaeae o eniieieoaeueiie aeanoe iao. Iniaaiii aeooaeueii yoi aeey ?aaeiiia. Cayaee ia i?aaeinoaaeaiea aa?aioee aoaeoo ?anniao?eaaoueny niaoeeaeueii nicaeaiiui E?aaeeoiui eiieoaoii oiiaea, niaoeeaeueiui i?aaiii, inouanoaeythuei i?ioeaaeo?o naieoeeiie?iaaiey ?ac?aoaiey i i?aaeinoaaeaiee oeiaine?iaaiey ia aica?aoiie iniiaa. I?aaeinoaaeaiea aa?aioee aoaeao ieaoiui – ia aieaa 1 % io noiiu iaania/aiiiai aa?aioeae iaycaoaeuenoaa. Iaeiaei aeaiiue iiaeoiae e onoaiiaeaieth ieaou ca aa?aioeth i?aaenoaaeyaony aaoi?o ii iiaieth aaoi?a ?aaiou iaoeaeaniia?acai – eiienney oiiaeo ca aa?aioeth aeieaeia iie?uaaoue eae ieieioi ?anoiaeu oiiaea ii aiaeeco i?iaeoa nieneaoaey e o/eouaaoue ?enee aa?aioa, eioi?ua aoaeao ianoe oiiae. O/eouaay, /oi iieo/eoue athaeaeaoiua aeaiueae a oneiaeyo iinoiyiiiai athaeaeaoiiai e?ecena i?aaenoaaeyaony aeinoaoi/ii i?iaeaiaoe/iui, a n?aaenoa io i?eaaoecaoeee ia onoaaiua oeaee eae anaaaea aoaeao ia oaaoaoue, iai?aoeaaaony auaiae – n oeacaiiie ieaoie ca aa?aioee oiiae aoaeao auioaeaeai ca?aaaouaaoue n?aaenoaa “ia noi?iia”. A oi aea a?aiy aaoi? oaa?ai, /oi i?iaeou iaeuo i?aaei?eyoee, iai?aaeyaiuo ia nieneaiea aa?aioee oiiaea aoaeoo aeinoaoi/ii aeioiaeiu, /oiau iieaoeoue eiienneth oiiaeo a 3-6 % (a caaeneiinoe io i?iaeoa e ?aiooaoeee caaiueea). Neaaeiaaoaeueii onoaiaaeeaaoue caieaeaiioth ieaoo ca i?aaeinoaaeaiea aa?aioee – ia ioaeii: iaiaoiaeeii naeaeaoue aeayoaeueiinoue ii i?aaeinoaaeaieth aa?aioee anee ia aeioiaeiie, oi, ii e?aeiae ia?a, aacoauoi/iie. Ii ia?a ?acaeoey aeayoaeueiinoe aa?aioeeiuo oiiaeia a ?innee iiaeii aoaeao aiai?eoue i i?eiaiaiee i?aeoeee ioeueoeieeeaoeee aa?aioee, i?aaeinoaaeyaiuo eie. A i?ioeanna aeayoaeueiinoe oiiaeia iiaeii aoaeao auyaeoue n?aaeiee i?ioeaio iaaica?aoa i?iaa?aioe?iaaiiuo e?aaeeoia, ioiineiuo ia oauoee oiiaea, e aa?aioe?iaaoue oaea ia a i?aaeaeao aeoeaia oiiaeia, a a i?aaeaeao noii, ii?aaeaeyaiuo ec oi?ioeu: A= I*100% , k-r aaea A – ieaie?oaiay noiia aa?aioee; k – n?aaeiee i?ioeaio iaaica?aoa i?iaa?aioe?iaaiiuo noii; I – iaooi-iinooieaiey a oiiae ec ?acee/iuo enoi/ieeia a ieaie?oaiue ia?eiae; r – n?aaeiee i?ioeaio, aceiaaiue oiiaeii ca auaea/o aa?aioee. Oae, anee i?aeoeeie iieacaii, /oi: - ec eaaeaeuo 100 ?oaeae i?iaa?aioe?iaaiiuo oiiaeii nnoae 4,9 ?oaey ia aica?auathony e?aaeeoi?ai e oiiae auioaeaeai aiciauaoue ei yoe n?aaenoaa; - n?aaeiee i?ioeaio, aceiaaiue ca i?aaeinoaaeaiea aa?aioee, ninoaaeyao 0,9 %; - i?aaeiieaaaaiua iinooieaiey ec athaeaeaoiuo e aiaathaeaeaoiuo enoi/ieeia (ia n/eoay i?ioeaioia, aceiaaiuo ca i?aaeinoaaeaiea aa?aioee e aica?ao n?aaenoa Oaaea?aeueiiai oiiaea iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa, auaeaeaiiuo ?aiaa ia eaeea-eeai oeaee) a oaeouai aiaeo ninoaaeytho 250 iei. ?oa., oi oiiae niiaeao i?iaa?aioe?iaaoue aac ?enea nieaeaiey naieo aeoeaia e?aaeeoia iaeui i?aaei?eyoeyi ia noiio ia aieaa 250 * 100% / (4,9 % - 0,9 %) = 6 250 iei. ?oa. Oaeei ia?acii, aa?aioeeiua oiiaeu niiaoo i?iaa?aioe?iaaoue iaycaoaeuenoa iaeuo i?aaei?eyoee aieueoa, /ai niaieoiiay noieiinoue naieo aeoeaia, aac ?enea eo “i?iaaeaiey”. Nicaeaiea aa?aioeeiuo oiiaeia e ?acaeoea ?aciiia?aciuo noai aa?aioe?iaaiey caeiia iaeui i?aaei?eyoeyi ianiiiaiii iuooeii iiaunyo caeioa?aniaaiiinoue e?aaeeoiuo i?aaiecaoeee a e?aaeeoiaaiee i?iaeoia iaeuo i?aaei?eyoee. 3.2. Yeni?ann-aiaeeca e?aaeeoiuo cayaie Ii iiaieth ia?auathueony ca e?aaeeoii a aaiee iaeuo aecianiaiia i?ioeann i?eiyoey ?aoaiey i e?aaeeoiaaiee a ieo ianeieueei caoyioo. O/eouaay iaaieueoea ?acia?u eni?aoeaaaiuo e?aaeeoia, i?aaenoaaeyaony iaoeaeaniia?aciie ?ac?aaioea iieiioeaiiiai aecian-ieaia ii eiaanoeoeeiiiui i?iaeoai iaeiai aeciana: naie eieoeeaoi?u eae i?aaeei ia ciatho, eae yoi aeaeaoue, a aeey aaiea cao?aou a?aiaie einiaeoi?ia, ?aaioathueo n iaeuie i?aaei?eyoeyie eeieoe?iaaiu a neeo aunieie oaeaeueiay o?oaeiaieinoe yenia?oecu i?iaeoia iaeiai aeciana, iani?acia?iie n i?ioeaioiuie e iai?ioeaioiuie aeioiaeaie, eioi?ua iieo/aao aaie io aeayoaeueiinoe, naycaiiie n e?aaeeoiaaieai i?iaeoia iaeiai aeciana (i?ioeaiou ii e?aaeeoo, iieaoa eiinoeueoaoeeiiiuo oneoa e i?i/aa). Aeey yenia?oecu i?iaeoia iaeiai aeciana iiaeii i?eiaiyoue iaoiae yeni?ann-aiaeeca ia iniiaa e?aaeeoiie cayaee, caiieiyaiie eeeaioii e ?acoeueoaoaie aai eioa?auethe?iaaiey, a oiaea eioi?iai i?iaa?yaony ?aaeueiinoue e aeinoaoi/iinoue caeeaaeuaaaiie a e?aaeeoioth cayaeo eioi?iaoeee. Oeiainiaue ieai i?iaeoa einiaeoi? aaiea aeieaeai ninoaaeoue nai. Yoi iicaieeo aio aieaa ynii i?aaenoaaeoue aiciiaeiua o?oaeiinoe i?e ?aaeecaoeee i?iaeoa, ioeaieoue aeeyiea ?acee/iuo oaeoi?ia (au?o/ea, oeaiu ia i?iaeoeoeeth e nu?uea, ae?.) ia iniiaiua yeiiiie/aneea iieacaoaee i?iaeoa, naeaeaoue auaiae ia yooaeoeaiinoe e eeeaeaeiinoe i?iaeoa. Nia?aiaiiua n?aaenoaa aaoiiaoecaoeee ?aai/aai ianoa aaieianeiai neoaeauaai iicaieytho iaeneiaeueii onei?eoue yoio i?ioeann. A ?anii?yaeaiee einiaeoi?a iaoiaeyony ?acee/iua i?ia?aiiiua n?aaenoaa: io iiuiuo e aei?iaeo (Project Expert - $ 2 450) i?ia?aiiiuo nenoai ?ac?aaioee eiaanoeoeeiiiuo i?iaeoia, aei oaeiaiuo oaaee/iuo ?aaeaeoi?ia, iicaieythueo naiiio ninoaaeoue i?ia?aiio n o/aoii niaoeeoeee neiaeeaoaeny ?aaiou n iaeuie i?aaei?eyoeyie. Ieaea i?aaenoaaeai iaeei ec iaoiaeia ninoaaeaiey oeiainiaiai ieaia i?iaeoa, ii?iae?iaaiiue aaoi?ii Aeeieiiiie ?aaiou ai a?aiy i?ioiaeaeaiey i?aeoeee a EA “Oeaio?-eiaano”. I?ia?aiia ninoaaeaia ia iniiaa oaaee/iiai ?aaeaeoi?a Microsoft Excel 95 n o/aoii Iaoiaee/aneeo ?aeiiaiaeaoeee ii ioeaiea yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia e eo ioai?o aeey oeiaine?iaaiey. Oeacaiiay i?ia?aiia ninoieo ec 2 aeieia-eenoia: 1) aaiae aeaiiuo, iaiaoiaeeiuo aeey ?an/aoa; 2) auaiae ?acoeueoaoia ?an/aoia. Noaiaea?oiue oeiainiaue ieai aeieaeai aeeth/aoue a naay: - ieai aeioiaeia e ?anoiaeia; - ieai aeaeaeaiey aeaiaaeiuo n?aaenoa (cash flow); - ?an/ao iieacaoaeae yooaeoeaiinoe i?iaeoa; - n?aaenoaa aeey i?iaaaeaiey aiaeeca /oanoaeoaeueiinoe i?iaeoa. Ieai aeioiaeia e ?anoiaeia eiaao neaaeothuee aeae: Oaaeeoea 3.1. Ieai aeioiaeia e ?anoiaeia (aeey th?. eeoea) Ai?.98 Iae.98 Ethi.98 Ethe.98 Aaa.98 Nai.98 Ieo.98 Iiy.98 Aeae.98 ssia.99 Oaa.99 Ia?.99 1 2 3 4 5 6 7 8 9 10 11 12 1. Au?o/ea io ?aaeecaoeee, USD 22 500 23 500 24 500 25 500 27 500 29 500 29 500 29 500 44 000 44 000 44 000 31 500 2. *enoay au?o/ea (aac IAeN), USD 18 750 19 583 20 417 21 250 22 917 24 583 24 583 24 583 36 667 36 667 36 667 26 250 3. Naaanoieiinoue i?iaeoeoeee e au/aou ec i?eauee aei iaeiaiiaeiaeaiey, USD 14 210 14 723 15 236 15 201 17 273 18 308 18 317 18 311 26 314 26 325 26 319 19 804 3.1. Ia?aiaiiua ?anoiaeu, USD 12 519 13 014 13 510 14 006 15 452 16 443 16 443 16 443 24 087 24 087 24 087 17 889 3.1.1 Oiiae iieaou o?oaea, USD 984 984 984 984 1 311 1 311 1 311 1 311 1 639 1 639 1 639 1 639 3.1.2. Io/eneaiey ai aiaathaeaeaoiua oiiaeu, USD 379 379 379 379 505 505 505 505 631 631 631 631 3.1.3. Nu?uea e iaoa?eaeu (aac IAeN), USD 11 156 11 652 12 148 12 644 13 635 14 627 14 627 14 627 21 817 21 817 21 817 15 619 3.1.4 Oiieeai e yia?aey, USD 0 0 0 0 0 0 0 0 0 0 0 0 3.1.5. Aiaea e aac, USD 0 0 0 0 0 0 0 0 0 0 0 0 3.2. Iinoiyiiua ?anoiaeu, USD 1 692 1 708 1 726 1 195 1 822 1 864 1 874 1 867 2 227 2 237 2 232 1 914 3.2.1 Aii?oecaoeey, USD 82 82 82 82 82 82 82 82 82 82 82 82 3.2.2. A?aiaeiay ieaoa, USD 164 164 164 164 164 164 164 164 164 164 164 164 3.2.3. Iaeiae, ioiineiua ia naaanoieiinoue e oeiainiaua ?acoeueoaou, USD 600 625 650 675 728 778 778 778 1 144 1 144 1 144 832 3.2.3.1. Iaeia ia niaea?aeaiea aeeeeuiiai oiiaea e iauaeoia nioeeaeueii- eoeueoo?iie noa?u, USD 281 294 306 319 344 369 369 369 550 550 550 394 3.2.3.2. Nai? ia ioaeaeu ia?aciaaiey, USD 10 10 10 10 13 13 13 13 16 16 16 16 3.2.3.3. Aaeeiue 3-i?ioeaioiue ianoiue oeaeaaie nai?, USD 28 28 28 28 28 28 28 28 28 28 28 28 3.2.3.4. Iaeia ia eiouanoai, USD 281 294 306 319 344 369 369 369 550 550 550 394 3.2.4. I?ioeaio ca e?aaeeo (a i?aaeaeao 15%), USD 250 231 211 192 172 151 131 110 88 67 45 23 3.2.5. No?aoiaua ieaoaaee, USD 49 49 49 82 82 82 98 98 98 115 115 115 3.2.6. I?i/ea, USD 546 558 569 380 594 607 621 635 650 666 682 700 4. Iaeiaiiaeaaaaiay i?eaueue, USD 4 540 4 860 5 181 6 049 5 643 6 275 6 266 6 272 10 353 10 342 10 347 6 446 5. Iaeia ia i?eaueue, USD 1 589 1 701 1 813 2 117 1 975 2 196 2 193 2 195 3 623 3 620 3 622 2 256 6. I?eaueue iinea iaeiaiiaeiaeaiey, USD 2 951 3 159 3 368 3 932 3 668 4 079 4 073 4 077 6 729 6 722 6 726 4 190 7. I?ioeaio ca e?aaeeo (nauoa 15%), USD 50 46 42 38 34 30 26 22 18 13 9 5 8. Iiaaoaiea iniiaiie noiiu aeieaa, USD 1 534 1 557 1 580 1 604 1 628 1 652 1 677 1 702 1 728 1 754 1 780 1 807 9. Ia?ani?aaeaeaiiay i?eaueue, USD 1 367 1 557 1 745 2 290 2 006 2 397 2 370 2 353 4 984 4 955 4 937 2 379 I?aaenoaaeaiiue aa?eaio i?aaeoniio?ai aeey ?aaiou n th?eaee/aneeie eeoeaie - noauaeoaie iaeiai i?aaei?eieiaoaeuenoaa. Anee i?iaeo noa?oiaue, oi ioaeii eiaoue a aeaeo, /oi a ia?aua aeaa aiaea ?aaiou ia oiea/eaatho iaeia ia i?eaueue iaeua i?aaei?eyoey, inouanoaeythuea i?iecaiaenoai e ia?a?aaioeo naeueneioicyenoaaiiie i?iaeoeoeee; i?iecaiaenoai i?iaeiaieuenoaaiiuo oiaa?ia, oiaa?ia ia?iaeiiai iio?aaeaiey, no?ieoaeueiuo iaoa?eaeia, iaaeeoeeineie oaoieee, eaea?noaaiiuo n?aaenoa e ecaeaeee iaaeeoeeineiai iacia/aiey; no?ieoaeuenoai iauaeoia aeeeeuiiai, i?iecaiaenoaaiiiai, nioeeaeueiiai e i?e?iaeiio?aiiiai iacia/aiey (aeeth/ay ?aiiioii - no?ieoaeueiua ?aaiou) - i?e oneiaee, anee au?o/ea io oeacaiiuo aeaeia aeayoaeueiinoe i?aauoaao 70 i?ioeaioia iauae noiiu au?o/ee io ?aaeecaoeee i?iaeoeoeee (?aaio, oneoa). A o?aoee e /aoaa?oue aiae ?aaiou oeacaiiua i?aaei?eyoey oiea/eaatho iaeia a ?acia?a niioaaonoaaiii 25 e 50 i?ioeaioia io onoaiiaeaiiie noaaee iaeiaa ia i?eaueue, anee au?o/ea io oeacaiiuo aeaeia aeayoaeueiinoe ninoaaeyao nauoa 90 i?ioeaioia iauae noiiu au?o/ee io ?aaeecaoeee i?iaeoeoeee (?aaio, oneoa). Aeey noauaeoia iaeiai i?aaei?eieiaoaeuenoaa, i?eiaiythueo oi?iuaiioth nenoaio iaeiaiiaeiaeaiey, o/aoa e io/aoiinoe, onoaiaaeeaathony neaaeothuea noaaee aaeeiiai iaeiaa ia niaieoiiue aeioiae, iiaeeaaeauaai ca/eneaieth: a oaaea?aeueiue athaeaeao - a ?acia?a 10 i?ioeaioia io niaieoiiiai aeioiaea; a athaeaeao noauaeoa ?inneeneie Oaaea?aoeee e ianoiue athaeaeao - a noiia?iii ?acia?a ia aieaa 20 i?ioeaioia io niaieoiiiai aeioiaea. A neo/aa, eiaaea iauaeoii iaeiaiiaeiaeaiey aeey noauaeoia iaeiai i?aaei?eieiaoaeuenoaa ii?aaeaeaiiuo eaoaai?ee yaeyaony aaeiaay au?o/ea, onoaiaaeeaathony neaaeothuea noaaee aaeeiiai iaeiaa, iiaeeaaeauaai ca/eneaieth: a oaaea?aeueiue athaeaeao - a ?acia?a 3,33 i?ioeaioa io noiiu aaeiaie au?o/ee; a athaeaeao noauaeoa ?inneeneie Oaaea?aoeee e ianoiue athaeaeao - a ?acia?a ia aieaa 6,67 i?ioeaioa io noiiu aaeiaie au?o/ee. I?e ninoaaeaiee ieaia ioaeii o/anoue ?acieoeo a iaeiaiiaeiaeaiee oece/aneeo e th?eaee/aneeo eeoe (ni. oaaeeoeo 3.2.). Oaaeeoea 3.2. Ieai aeioiaeia e ?anoiaeia (aeey oec. eeoe) Ethi.98 Ethe.98 Aaa.98 Nai.98 Ieo.98 Iiy.98 Aeae.98 ssia.99 Oaa.99 Ia?.99 Ai?.99 1 2 3 4 5 6 7 8 9 10 11 1. Au?o/ea io ?aaeecaoeee, USD 15 328 16 288 17 048 17 681 18 227 18 707 19 139 19 530 19 890 20 222 20 532 2. Naaanoieiinoue i?iaeoeoeee, USD 13 277 14 064 14 684 15 198 15 639 16 026 16 371 16 684 16 969 17 231 17 474 2.1. Ia?aiaiiua ?anoiaeu, USD 12 978 13 778 14 411 14 939 15 393 15 794 16 153 16 480 16 779 17 056 17 314 2.1.1 Oiiae iieaou o?oaea, USD 148 148 148 148 148 148 148 148 148 148 148 2.1.2 Io/eneaiey io OIO, USD 57 57 57 57 57 57 57 57 57 57 57 2.1.3 Nu?uea e iaoa?eaeu, USD 12 773 13 574 14 207 14 734 15 189 15 590 15 949 16 275 16 575 16 852 17 110 2.1.4 Oiieeai e yia?aey, USD 0 0 0 0 0 0 0 0 0 0 0 2.2. Iinoiyiiua ?anoiaeu, USD 299 286 273 260 246 232 218 204 189 175 160 2.2.1 Aii?oecaoeey, USD 0 0 0 0 0 0 0 0 0 0 0 2.2.2. Eiiioiaeueiua ieaoaaee, USD 49 49 49 49 49 49 49 49 49 49 49 2.2.3. I?ioeaio (a i?aaeaeao 15 %), USD 250 237 224 210 197 183 169 155 140 126 111 2.2.4. I?i/ea, USD 0 0 0 0 0 0 0 0 0 0 0 3. Aaeiaue aeioiae i?aaei?eieiaoaey, USD 2 051 2 224 2 364 2 483 2 587 2 681 2 767 2 847 2 921 2 991 3 058 4. Io/eneaiey a iaae. e iaineiiiue oiiae, USD 648 703 747 214* 223 231 238 245 251 257 263 5. Iaeiaiiaeaaaaiue aeioiae, USD 1 403 1 521 1 617 2 269 2 365 2 451 2 529 2 602 2 670 2 734 2 795 6. Iiaeioiaeiue iaeia, USD 404 446 479 707 741 771 798 824 848 870 891 7. I?ioeaio (naa?o 15 %), USD 50 47 45 42 39 37 34 31 28 25 22 7. Iiaaoaiea e?aaeeoa, USD 1 042 1 057 1 073 1 089 1 106 1 122 1 139 1 156 1 173 1 191 1 209 8. *enoue aeioiae, USD -93 -29 20 431 479 521 558 591 621 648 673 * A niioaaonoaee n Iinoaiiaeaieai Eiinoeoooeeiiiiai Noaea ?O oa?eou aciinia a Iaineiiiue oiiae aeieaeiu auoue nieaeaiu n 28 % aei 5 % ia iicaeiaa 24.08.98 (8, i.4). Eiaeeaeaeoaeueiua i?aaei?eieiaoaee, i?eiaiythuea oi?iuaiioth nenoaio iaeiaiiaeiaeaiey, o/aoa e io/aoiinoe, aianoi iaeiaa ia aeioiaeu oece/aneeo eeoe, oiea/eaatho noieiinoue iaoaioa. Iieo/aiiue ieai aeioiaeia e ?anoiaeia iieacuaaao, yaeyaony aecian yooaeoeaiui eee iao, oi anoue iie?uaatho ee iinooieaiey io aaaeaiey aeciana cao?aou, naycaiiua n iei. A neo/aa i?eiaiaiey eeceiaiauo noai iiaaoaiea auieaoa noieiinoe eeceiaiaiai eiouanoaa e ia?aea eeceiaiaeaoaey a ninoaaa eeceiaiaiai ieaoaaea ioiinyony ia naaanoieiinoue. Ioeaiea eeeaeaeiinoe i?iaeoa, oi anoue niiniaiinoe ioaa/aoue ii naiei iaycaoaeuenoaai ia ethaie iiiaio a?aiaie, i?iecaiaeeony ia iniiaa ieaie?oaiiai iioiea aeaiaaeiuo n?aaenoa. I/aaeaeii, /oi ninoaaeoue ieai, iienuaathuee ethaie iiiaio a?aiaie, ia i?aaenoaaeyaony aiciiaeiui. Oeaeaniia?acii aeaeaoue ?acaeaeo ii ianyoeai (ni. oaaeeoeo 3.3.). Oaaeeoea 3.3. Io/ao i aeaeaeaiee aeaiaaeiuo n?aaenoa (cash flow) Ai?.98 Iae.98 Ethi.98 Ethe.98 Aaa.98 Nai.98 Ieo.98 Iiy.98 Aeae.98 ssia.99 Oaa.99 Ia?.99 0 1 2 3 4 6 7 8 9 10 11 12 I Eiaanoeoeeiiiay aeayoaeueiinoue 1. Eiaanoeoeeiiiua cao?aou, USD 30 000 0 0 0 0 0 0 0 0 0 0 0 0 2. Eiaanoeoeeiiiua aeioiaeu, USD 0 0 0 0 0 0 0 0 0 0 0 0 0 Naeueaei eiaanoeoeeiiiie aeayoaeueiinoe, USD -30 000 0 0 0 0 0 0 0 0 0 0 0 0 II Oeiainiaay aeayoaeueiinoue 1. Oeiainiaua ?ano?nu, USD 30 000 0 0 0 0 0 0 0 0 0 0 0 0 1.1. Nianoaaiiua aeiaeaiey, USD 10 000 0 0 0 0 0 0 0 0 0 0 0 0 1.2. Caaiiua n?aaenoaa, USD 20 000 0 0 0 0 0 0 0 0 0 0 0 0 2. Ieaoaaee ii e?aaeeoo, USD 0 1 833,60 1 833,60 1 833,60 1 833,60 1 833,60 1 833,60 1 833,60 1 833,60 1 833,60 1 833,60 1 833,60 1 833,60 2.1. Aica?ao iniiaiie noiiu aeieaa, USD 0 1 533,60 1 556,60 1 579,95 1 603,65 1 627,71 1 652,12 1 676,90 1 702,06 1 727,59 1 753,50 1 779,81 1 806,50 2.2. Auieaoa % ii e?aaeeoo, USD 0 300,00 277,00 253,65 229,95 205,89 181,48 156,70 131,54 106,01 80,10 53,79 27,10 Naeueaei oeiainiaie aeayoaeueiinoe, USD 30 000 -1 834 -1 834 -1 834 -1 834 -1 834 -1 834 -1 834 -1 834 -1 834 -1 834 -1 834 -1 834 III I?iecaiaenoaaiiay aeayoaeueiinoue 3. Au?o/ea io ?aaeecaoeee, aeeth/ay IAeN, USD 0 22 500 23 500 24 500 25 500 27 500 29 500 29 500 29 500 44 000 44 000 44 000 31 500 4. Ia?aiaiiua cao?aou, aeeth/ay IAeN, USD 0 14 750 15 345 15 940 16 535 18 179 19 369 19 369 19 369 28 450 28 450 28 450 21 013 5.Iinoiyiiiua cao?aou aeeth/ay IAeN (aac % ii e?aaeeoo), USD 0 1 501 1 589 1 628 1 700 1 769 1 835 1 868 1 885 2 269 2 304 2 324 2 032 6. IAeN e oieaoa, USD 0 1 409 1 475 1 540 1 605 1 737 1 870 1 867 1 864 2 840 2 837 2 834 1 986 7. Iaeia ia i?eaueue, USD 0 1 589 1 701 1 813 1 914 1 975 2 196 2 193 2 195 3 623 3 620 3 622 2 256 8. Iaiaoiaeeiue i?e?ino iai?ioiuo n?aaenoa, USD 0 0 0 116 231 231 0 0 1 678 0 0 -1 446 0 Naeueaei i?iecaiaenoaaiiie aeayoaeueiinoe, USD 0 3 251 3 390 3 463 3 515 3 608 4 230 4 203 2 509 6 817 6 789 8 217 4 213 Eceeoae (iaaeinoaoie) n?aaenoa ia eiiaoe ia?eiaea, USD 0 1 417 1 557 1 630 1 681 1 775 2 397 2 370 676 4 984 4 955 6 383 2 379 Eceeoae (iaaeinoaoie) n?aaenoa ia?anoathuei eoiaii, USD 0 1 417 2 974 4 603 6 284 8 059 10 456 12 826 13 501 18 485 23 441 29 824 32 203 Aeey ioeaiee noaiaie yooaeoeaiinoe ?anniao?eaaaiiai i?iaeoa iaiaoiaeeii ?ann/eoaoue iniiaiua iieacaoaee, aunooiathuea e?eoa?eai yooaeoeaiinoe (ni. i. 2.3.) Oaaeeoea 3.4. Iieacaoaee yooaeoeaiinoe i?iaeoa Ai?.98 Iae.98 Ethi.98 Ethe.98 Aaa.98 Nai.98 Ieo.98 Iiy.98 Aeae.98 ssia.99 Oaa.99 Ia?.99 0 1 2 3 4 5 6 7 8 9 10 11 12 I Eiaanoeoeeiiiay aeayoaeueiinoue, ?oa. -30 000 0 0 0 0 0 0 0 0 0 0 0 0 II. Oaeouay aeayoaeueiinoue, ?oa. 0 2 983 3 195 3 407 3 976 3 716 4 131 4 129 4 137 6 793 6 791 6 799 4 268 1. *enoay i?eaueue io/aoiiai ia?eiaea, ?oa. 0 2 951 3 159 3 368 3 932 3 668 4 079 4 073 4 077 6 729 6 722 6 726 4 190 2. I?ioeaiou ii e?aaeeoai (naa?o noaaee OeA+3%), ?oa. 0 50 46 42 38 34 30 26 22 18 13 9 5 3. Aii?oecaoeey, ?oa. 0 82 82 82 82 82 82 82 82 82 82 82 82 4. Iioie aeaiaaeiuo n?aaenoa, ?oa. -30 000 2 983 3 195 3 407 3 976 3 716 4 131 4 129 4 137 6 793 6 791 6 799 4 268 5. Aeeneiioe?iaaiiue iioie aeaiaaeiuo n?aaenoa, ?oa. -30 000 2 939 3 101 3 258 3 746 3 449 3 778 3 720 3 673 5 942 5 852 5 772 3 569 6. IRR (aioo?aiiyy ii?ia aeioiaeiinoe), a ianyoe - - - -24,7% -15,4% -8,5% -3,7% -0,2% 3,7% 6,3% 8,2% 9,1% 7. NPV (/enoay i?eaaaeaiiay noieiinoue), ?oa. -30 000 -27 061 -23 960 -20 701 -16 956 -13 506 -9 729 -6 008 -2 336 3 606 9 457 15 229 18 798 8. N?ie ieoiaaiinoe (ianyoeaa) 9 Aeey ioeaiee aeeyiey ia yooaeoeaiinoue i?iaeoa ?acee/iuo oaeoi?ia i?iaiaeeony aiaeec /oanoaeoaeueiinoe I?ia?aiia iicaieyao ioneaaeeoue eciaiaiea iniiaiuo ia?aiao?ia yooaeoeaiinoe i?e eciaiaiee aiaoieo oneiaee: Oaaeeoea 3.5. Aiaeec /oanoaeoaeueiinoe i?iaeoa (aaciaue aa?eaio) Oaeoi?u, aeeythuea ia yooaeoeaiinoue i?iaeoa Ioeaiea aaee/eiu oaeoi?a, a % io ieaie?oaiie aaee/eiu ii ianyoeai (NPV, IRR, n?ie ieoiaaiinoe) 0 1 2 3 4 5 6 7 8 9 10 11 12 Iauai ?aaeecaoeee a iaoo?aeueiii au?aaeaiee 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Oeaia i?iaeoeoeee 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Iinoiyiiua ecaea?aeee 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Noieiinoue nu?uey e iaoa?eaeia, ?anoiaeoaiuo ia aae. i?iae. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Cia/aiea NPV (/enoie i?eaaaeaiiie noieiinoe), ?oa. -30 000 -27 061 -23 960 -20 701 -16 956 -13 506 -9 729 -6 008 -2 336 3 606 9 457 15 229 18 798 IRR (aioo?aiiyy ii?ia aeioiaeiinoe), % a ianyoe - - - -24,7% -15,4% -8,5% -3,7% -0,2% 3,7% 6,3% 8,2% 9,1% N?ie ieoiaaiinoe (ianyoeaa) 9 Aiiny eciaiaiey a a?aou ioeaiee aaee/eiu oaeoi?ia a % io aaciaie aaee/eiu iiaeii ioneaaeeoue, eae aoaeao ?aaae?iaaoue i?iaeo: Oaaeeoea 3.6. Aiaeec /oanoaeoaeueiinoe (aeueoa?iaoeaiue aa?eaio) Oaeoi?u, aeeythuea ia yooaeoeaiinoue i?iaeoa Ioeaiea aaee/eiu oaeoi?a, a % io ieaie?oaiie aaee/eiu ii ianyoeai (NPV, IRR, n?ie ieoiaaiinoe) 0 1 2 3 4 5 6 7 8 9 10 11 12 Iauai ?aaeecaoeee a iaooaeueiii au?aaeaiee 100% 80% 81% 82% 82% 83% 84% 85% 86% 87% 87% 88% 89% Oeaia i?iaeoeoeee 100% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% Iinoiyiiua ecaea?aeee 100% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% Noieiinoue nu?uey e iaoa?eaeia, ?anoiaeoaiuo ia aae. i?iae. 100% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% 110% Cia/aiea NPV (/enoie i?eaaaeaiiie noieiinoe), ?oa. -30 000 -28 814 -27 484 -26 011 -24 028 -22 450 -20 609 -18 762 -16 899 -13 532 -10 165 -6 788 -4 889 IRR (aioo?aiiyy ii?ia aeioiaeiinoe), % a ianyoe - - - - - - -17,8% -13,5% -8,2% -4,6% -2,0% -0,9% N?ie ieoiaaiinoe (ianyoeaa) 15 Iiniio?ei, eae aaaeoo naay iieacaoaee yooaeoeaiinoe i?e oooaeoaiee oneiaee ?aaeecaoeee i?iaeoa. Oae, i?aaeoniio?ei: - nieaeaiea iauaia au?o/ee (a, neaaeiaaoaeueii, ia?aiaiiuo ?anoiaeia) ia 20 % ii n?aaiaieth n ia?aiia/aeueiui o?iaiai a ia?aue ianyoe ?aaeecaoeee i?iaeoa n oaaee/aieai aai ia 1 % aaeaiany/ii; - nieaeaiea oeaiu ?aaeecoaiie i?iaeoeoeee ia 5 %; - oaaee/aiea iinoiyiiuo ?anoiaeia ia 10 %; - oaaee/aiea ?anoiaeia ia nu?uea e iaoa?eaeu a ?an/aoa ia aaeeieoeo i?iaeoeoeee ia 10 %. A ?acoeueoaoa NPV i?iaeoa ca 12 ianyoeaa oiaiueoeeanue ia $ 23 687, IRR - ia 10 i?ioeaioiuo ioieoia, a n?ie ieoiaaiinoe oaaee/eeny ia iieaiaea. Oaeianoai i?iaaaeaiey aiaeeca /oanoaeoaeueiinoe n iiiiuueth ia?niiaeueiiai eiiiuethoa?a i?iyaeyaony a aiciiaeiinoe iino?iaiey iaiaoiaeeiiai /enea aeueoa?iaoeaiuo iiaeaeae ?aaeecaoeee i?iaeoa ia iniiaa aaciaie aac aianaiey enoiaeiuo aeaiiuo ii eaaeaeiio aa?eaioo. E i?aeiouanoaai eniieueciaaiey nicaeaiiuo naiinoiyoaeueii a oaaee/iuo ?aaeaeoi?ao i?ia?aii ninoaaeaiey oeiainiaiai ieaia (a oaeaea i?iecaiaenoaaiiiai e eiaanoeoeeiiiiai ieaia e ?an/aoia a?aoeea iiaaoaiey) iiaeii ioianoe: onei?aiea i?iaaaeaiey ?an/aoia (a 5-6 ?ac ii n?aaiaieth n ?o/iuie ?an/aoaie); nieaeaiea aa?iyoiinoe aeiiouaiey a?eoiaoe/aneeo ioeaie; aiciiaeiinoue aei?aaioee e aaeaioaoeee i?ia?aiiu e i?iaeoo a i?ioeanna ?aaiou. Caeeth/aiea Enneaaeiaaiea eeth/aaiai iiiyoey oaiu ianoiyuae Aeeieiiiie ?aaiou (“iaeia i?aaei?eieiaoaeuenoai”), iaiaoiaeeiinoue eioi?iai iieacaia ai Aaaaeaiee, auyaeei, /oi iaeia i?aaei?eieiaoaeuenoai – yoi naeoi? yeiiiieee, oa?aeoa?ecothueeny iaeeioiaa?iui i?iecaiaenoaii. A neeo ia?aie/aiiuo ?ano?nia (nu?ueaauo, oeiainiauo, ?aai/ae neeu) yoio naeoi? iaeaieaa iiaeaa?aeai aeeyieyi aiaoiae n?aaeu, iaeiaei iiyoiio aea iaeia i?aaei?eyoea yaeyaony iaeaieaa iiaeeueiie ?acia?iie oicyenoaothuae aaeeieoeae, ia o?aaothuae a?iiicaeeeo oi?aaeai/aneeo nenoai. Iaaeaeo ?oeiaiaeeoaeai (oicyeiii) e ?aaioieeii iao iin?aaeieeia, oi anoue iaiaaeaea?-oicyei aeieaeai auoue oieaa?naeueiui niaoeeaeenoii (aaeieieno?aoi?ii, ia?eaoieiaii, oi?aaeyoue i?iecaiaenoaii e nauoii) e i?e yoii niaiauaoue ooieoeee nianoaaiieea. Ec yoiai neaaeoao, /oi /oi iaeia i?aaei?eieiaoaeuenoai yaeyaony oaeaea iniaui aeaeii i?aaei?eieiaoaeueneie aeayoaeueiinoe. Iaeia i?aaei?eieiaoaeuenoai ea?aao aanueia cia/eoaeueioth ?ieue a yeiiiieea ?acaeouo no?ai: iaeua i?aaei?eyoey inouanoaeytho cia/eoaeueiua caeoiee aeey i?iecaiaenoaaiiuo ioaeae, iiauoatho yeanoe/iinoue e eiiuthieoo?o ?uieia, iaania/eaatho caiyoinoue nauoa iieiaeiu o?oaeiniiniaiiai ianaeaiey e i?iecaiaeyo aieaa iieiaeiu AAI a ?acaeouo i?iiuoeaiiuo no?aiao, niinianoaotho oi?ie?iaaieth eiieo?aioiie n?aaeu. A ?inneeneeo oneiaeyo e auoaia?a/eneaiiui ooieoeeyi aeiaaaeythony: ?anoe?aiea i?iecaiaenoaa oiaa?ia e oneoa ia aaca eiathuaainy iai?oaeiaaiey aac aeiiieieoaeueiuo e?oiiuo eaieoaeiaeiaeaiee, naeaaeeaaiea aeeni?iii?oeee a ?acaeoee ?aaeiiia, aiaea/aiea n?aaenoa ianaeaiey a aeaeiaie iai?io, o?oaeiono?ienoai ?aai/eo, oaieaiiuo a ?acoeueoaoa ?ano?oeoo?ecaoeee i?eaaoece?iaaiiuo i?aaei?eyoee. Iaeiaei o?iaaiue ?acaeoey iaeiai i?aaei?eieiaoaeuenoaa a ?innee iaoiaeeony ia naaiaeiyoiee aeaiue ia i/aiue ieceii o?iaia a neeo ?acee/iuo i?e/ei iayeiiiie/aneiai oa?aeoa?a: ath?ie?aoeci /eiiaieeia, iao?aaoee?iaaiiay ii?iaoeaii-i?aaiaay aaca, caiacaeuaathuee i?ioeann ?ano?oeoo?ecaoeee i?eaaoece?iaaiiuo i?aaei?eyoee. E, ianiio?y ia oaaee/aiea aeinooiiinoe e?aaeeoiuo ?ano?nia e ia/aeo 1998 aiaea, au?aceaoaeny a nieaeaiee i?ioeaioiuo noaaie, i?aaeeiaeaiee aieaa oaeiaiuo noai auieaou-iiaaoaiey e?aaeeoa aeey caaiueeia, ?aaeoeey oeacaiiiai naeoi?a yeiiiieee inoaaony aeinoaoi/ii ayeie. Ianiiiaiii, iaeua i?aaei?eyoey ioaeaeathony a iniaii aieiaiee e eueaioao ni noi?iiu ainoaea?noaa a nayce n aai (ainoaea?noaa) eioa?anii a ?acaeoee iaeiai i?aaei?eieiaoaeuenoaa a no?aia. N?aaee i?aaeeiaeaiee aaoi?ia ?acee/iuo ioaeeeaoeee ia yoo oaio iiaeii ioiaoeoue neaaeothuea: iaiaoiaeeiinoue nicaeaiey iaeneiaeueii i?ic?a/iie e iiiyoiie ii?iaoeaii-i?aaiaie aacu, ?aaoee?othuae ioiioaiey a noa?a iaeiai i?aaei?eieiaoaeuenoaa; onei?aiea i?ioeaaeo?, naycaiiuo n ?aaeno?aoeeae e ioi?ieaieai naeaeie noauaeoia iaeiai i?aaei?eieiaoaeuenoaa; nicaeaiea aa?aioeeiuo oiiaeia, i?aaeinoaaeythueo aa?aioee e?aaeeoiui einoeoooai, auaeathuei e?aaeeou iiae i?iaeou noauaeoia iaeiai i?aaei?eieiaoaeuenoaa; eueaiou aeey iaeuo i?aaei?eyoee, au?aaeathueany a ioianaiee ia naaanoieiinoue aeey oeaeae iaeiaiiaeiaeaiey ?anoiaeia, naycaiiuo n iieo/aieai e iiaaoaieai e?aaeeoia; oaaee/aiea iauaiia aincaeacia, ?aciauaaiuo n?aaee iaeuo i?aaei?eyoee ia eiieo?niie iniiaa, e iauaiia aincaeacia ?aaeueii iiea/aiiuo ainoaea?noaii. Nouanoaotho i?aaeeiaeaiey e ioiineoaeueii nicaeaiey aeiiieieoaeueiuo noeioeia e?aaeeoiaaiey noauaeoia iaeiai i?aaei?eieiaoaeuenoaa aeey e?aaeeoiuo i?aaiecaoeee, oaeeo eae, iai?eia?: eueaioiia iaeiaiiaeiaeaiea aaieia a /anoe aeioiaeia iieo/aiiuo io e?aaeeoiaaiey i?iaeoia iaeiai aeciana; nieaeaiea noaaie ?aca?ae?iaaiey, aeey noeioee?iaaiey eioa?ana e e?aaeeoiaaieth ?aaeueiiai naeoi?a a oeaeii. Iaeiaei ioaeii oynieoue, /oi anee eiiia?/aneea aaiee “ia niiaoo” i?ie?aaeeoiaaoue eiaanoeoeeiiiua i?iaeou noauaeoia iaeiai i?aaei?eieiaoaeuenoaa ec-ca oiai, /oi ia aeaaeatho niioaaonoaothueie oaoiieiaeyie, oi oneeey i?aaeoaeuenoaa e OeA (a iie an?-oaee ia?aie/aiu a naieo aiciiaeiinoyo i?aaeinoaaeaiey aa?aioee e n?aaenoa, a nieaeaiee noaaie iaycaoaeueiiai ?aca?ae?iaaiey) ia aoaeoo eiaoue aeieaeiiai yooaeoa. Ianiio?y ia oi, /oi iiaeii oeacaoue aua oeaeue ?yae i?e/ei, i?aiyonoaothueo ?inneeneei aaieai ia nia?aiaiiii yoaia e?aaeeoiaaoue iaeue aecian e o?aaothueo ?aoaiey, iiiaea aaiee ia/eiatho ?aaeecaoeeth niioaaonoaothueo i?ia?aii. I?e/eia oneeaiey aieiaiey a ?innee e iaeui i?aaei?eyoeyi ni noi?iiu aaieia eiaiii a iineaaeiee aiae e?iaony, eae eaaeaony aaoi?o, ia a iniciaiee aaniiie ?iee iaeiai aeciana a yeiiiieea ii?iaeueiie no?aiu aaieianeeie oii iaiaaeaea?aie (oioy oaeea neo/ae anoue) e ia oneeaieai ainiiaeaea?aeee. Iniiaiay iioeaaoeey aeey aaiea – i?eaueue. A oneiaeyo nieaeaiey eioeyoeee aaiee oaea ia iiaoo ca?aaaouaaoue ia iaanoeaiaiee aeeaaeia; nieaeathuayny aeioiaeiinoue eino?oiaioia oeiainiaiai ?uiea auioaeaeaao eo eneaoue iiaua enoi/ieee aeioiaeia. A oi aea a?aiy a ?innee nouanoaoao aeinoaoi/ii aieueoie ?uiie i?eeiaeaiey aaieianeeo aeoeaia – iaeua i?aaei?eyoey. Ianiio?y ia iauea i?iaeaiu yoiai naeoi?a yeiiiieee, ii?aaeaeythuea iiauoaiiua e?aaeeoiua ?enee - iaonoie/eainoue, ionoonoaea ii?iaeueiiai iaania/aiey, yeiiiie/aneay iaa?aiioiinoue iaeuo aecianiaiia, - nouanoaoao iaiaeia eiee/anoai noaaeeueii ?aaioathueo oe?i, ioaeaeathueony a ?anoe?aiee aeciana, i?inoi aeioiaeiuo i?iaeoia. A iineaaeiaa a?aiy o ?inneeneeo aaieia iiyaeythony auoiaeu ia ie?iaie ?uiie nnoaeiiai eaieoaea, a ?yaea neo/aaa yoi eaieoae nai i?eoiaeeo a ?inneth. E oiaaea noaiiaeony i/aaeaeiui i?aeiouanoai oao aaieia-yiooceanoia, eioi?ua aua 2-3 aiaea iacaae iauyaeee iaeiei ec i?ei?eoaoia naiae aeayoaeueiinoe ?aaioo n iaeui aecianii. Ia?aaioaiiua oaoiieiaee iicaieytho yoei aaieai yooaeoeaii eiieo?e?iaaoue ia yoii iiaii ?uiea. Naaiaeiyoiyy neooaoeey iicaieyao aaieai ia i?aeoeea ?aaioaoue iaae niaa?oainoaiaaieai yoeo oaoiieiaee. E eiaaea iauaeoeaiua iio?aaiinoe a no?oeoo?iie ia?ano?ieea ?inneeneie yeiiiieee, a ei?aiiie iiaea?iecaoeee aa oaoie/aneie aacu iaecaaaeii i?eaaaeoo e ac?uaiia?aciiio ?inoo ni?ina ia eiaanoeoeee ni noi?iiu iaeiai aeciana, oiaaea a iieiie ia?a e i?iyaeony i?aainoiaenoai oaeeo aaieia. Nienie eeoa?aoo?u Oaaea?aeueiue caeii “I ainoaea?noaaiiie iiaeaea?aeea iaeiai i?aaei?eieiaoaeuenoaa a ?O” io 14.06.95 ? 88-OC Oaaea?aeueiue caeii “I aaieao e aaieianeie aeayoaeueiinoe” io 02.12.90 ? 395-1 a ?aae. Oaaea?aeueiiai caeiia io 03.02.96 ? 17-OC Oaaea?aeueiue caeii “Ia oi?iuaiiie nenoaia iaeiaiiaeiaeaiey, o/aoa e io/aoiinoe aeey noauaeoia iaeiai i?aaei?eieiaoaeuenoaa” io 29.12.95 ? 222-OC Oaaea?aeueiue caeii “I iaeiaa ia i?eaueue i?aaei?eyoee e i?aaiecaoeee” io 27.12.91 ?2116-1 a ?aae. Oaaea?aeueiiai caeiia io 28.06.97 ?92-OC Oaaea?aeueiay i?ia?aiia iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa ?O ia 1998-1999aa. I?aaeoaeuenoai ?O. Iinoaiiaeaiea io 12.04.96 “Aii?inu Oaaea?aeueiiai oiiaea iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa” (n I?eeiaeaieai Onoaaa oiiaea) I?iaeo iieiaeaiey “I ii?yaeea i?aaeinoaaeaiey aa?aioee (ii?o/eoaeuenoa) Oaaea?aeueiui oiiaeii iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa”. Iinoaiiaeaiea Eiinoeoooeeiiiiai Noaea ?O io 24.02.98 ? 7-I ii aeaeo i i?iaa?ea eiinoeoooeeiiiinoe ioaeaeueiuo iieiaeaiee noaoae 1 e 5 Oaaea?aeueiiai caeiia io 5 oaa?aey 1997 aiaea “I oa?eoao no?aoiauo aciinia a Iaineiiiue oiiae ?inneeneie Oaaea?aoeee, Oiiae nioeeaeueiiai no?aoiaaiey ?inneeneie Oaaea?aoeee, Ainoaea?noaaiiue oiiae caiyoinoe ianaeaiey ?inneeneie Oaaea?aoeee e a oiiaeu iaycaoaeueiiai iaaeeoeeineiai no?aoiaaiey ia 1997 aiae” a nayce n aeaeiaaie ?yaea a?aaeaeai e cai?inaie noaeia. Iaoiaeieiae/aneea ?aeiiaiaeaoeee ii ioeaiea yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia e eo ioai?o aeey oeiaine?iaaiey/(ioeoeeaeueiia ecaeaiea). I.,:Eioi?iyeaeo?i, 1994. A.Aa?ain e I.Oaa?aiae. ?oeiaiaenoai ii ninoaaeaieth OYI e ioeaiea yooaeoeaiinoe eiaanoeoeee. - I.: Eioa?yenia?o, 1995. - n. 254, 255. ?inneeneee noaoenoe/aneee aaeaaiaeiee. I.: Aineiinoao ?O, 1996. Nioeeaeueii-yeiiiie/aneia iieiaeaiea ?inoianeie iaeanoe a yiaa?a-aeaeaa?a 1997 a. ?inoia i/Ae: Aineiinoao ?O,1998. ?aaeiiaeueiay eiaanoeoeeiiiay iieeoeea: Investing Promotion: iao/ii-i?aeo. iinia./?AYA.-?inoia-i/Ae., 1997.-96 n. Ooeon A. Noaiiaeaiea nenoaiu iiaeaea?aeee iaeiai i?aaei?eieiaoaeuenoaa a ?innee//?YAE.-.1997.-??5/6-7. - N.84 Aunieia A.A. Iaeue aecian a “oaie” – ainoaea?noao aea?ei//Yeiiiieea e aeeciue. – 1998 - ?20. –N.1. Eaoaniiia A.TH. I?iaeoiue oeeee a aaiea//Aaieianeia aeaei. - 1997. - ?6.- N. 26-31. *aiaee Ae.O. Ia ii?aaeaeaiee ?aeoeiaa i?aaei?eyoee iaeiai aeciana//Aeaiueae e e?aaeeo. – 1998. -? 2. – N. 66 Aoaianueaa A. Iaeue aecian: i?iaeaiu noaiiaeaiey//?YAE. – 1995. - ?1. – N.86. Eaoaniiia A.TH. I?iaeoiia oeiaine?iaaiea//Aaieianeia aeaei. - 1996. - ?12. - N. 2-5. Eaoaniiia A.TH. I?iaeoiia oeiaine?iaaiea//Aaieianeia aeaei. - 1996. - ??7-8. - N. 18-22. I?eia A. Iaeia i?aaei?eieiaoaeuenoai: noa?ua e iiaua i?iaeaiu//Aii?inu yeiiiieee. – 1997. - ? 4. – N. 130. Iieiaeieei I. I?iaeaiu ii?aaeaeaiey yeiiiie/aneie nouiinoe e niaea?aeaiey i?aaei?eieiaoaeuenoaa// Aanoiee IAO. Na?.6. Yeiiiieea. – 1996. - ?2. – N.67. No?aeueoeiaa I.O. Yeiiiie/aneee e?ecen, eiaanoeoeee e aaiee//YEI. - 1996. - ?2.- N. 2-18. Aa?aiaaiei N.A. e Eaoaeei ?.A. Eiaanoeoeeiiiue i?iaeo aeacaie aaiee?a//Aaieianeia aeaei. - 1996. - ?7.- N.6-9. A?oeiia A. e ae?. Ainoaea?noai e iaeue aecian: oeiaine?iaaiea, e?aaeeoiaaiea e iaeiaiiaeiaeaiea//?YAE. – 1997. – ? 4. – N. 141. Iaioa?ia A.A. Niaa?oaiiu ee iaoiaee/aneea iiaeoiaeu e ioeaiea yooaeoeaiinoe eiaanoeoeeiiiuo i?iaeoia?//?YAE.- 1997.- ?2.- N.63-71. Ninoiyiea aeaeiaie aeoeaiinoe ?inneeneeo EA (OeA ?O e Oeaio? Yeiiiie/aneie eiiuthieoo?u i?e I?aaeoaeuenoaa ?O)//Aaieianeia aeaei. - 1997. - ?5. - N. 2-5. Aonaaa E.I. ?uiie aeieain?i/iuo e?aaeeoia: ainoaea?noaaiiia aicaeaenoaea ia e?aaeeoiua iioeaaoeee aaieia a ?aaeiiao//Aeaiueae e e?aaeeo. -1997.- ?7.- N.36-43. Iooaoaeeiiaa I.I. Eiaanoeoeeiiiue i?ioeann (iaoa?eaeu e niaoeeo?no)//?YAE. - 1997. - ??1-2. Nooiei A. Iaeue aecian a aieueoie ioaeaea//Aeanoue. – 1998. - ?2. – N. 52. Aiaeiaie io/ao IAI EA “Oeaio?-eiaano”. Aiaeec e?aaeeoiniiniaiinoe eae niinia ecaaaeaoue i?aaiauo i?iaeai (aeieeaae oe?iu Coudert Brothers aeey eiioa?aioeee TUSRIF ii e?aaeeoiaaieth ?inneeneeie aaieaie, ?inoia/Ae, 22 iiya?y 1996a.). http://www.sba.gov/ IO - e?oiiua, n?aaeia- e aeieain?i/iua e?aaeeou iiae eiie?aoiua i?iiuoeaiiua i?iaeou, - Aeaiueae e aaiee yioeeeeiiaaee/aneee ni?aai/iee). I.,: Oeaio? NYE, 1994. N. 181. I?ei?eoaou aeey eaaeaeiai i?iaeoa iiaoo auoue ?acee/iu (eieaeae, aeeaa?neoeeaoeey ?eneia, oi?ie?iaaiea ia?niaeoeaiiai eeeaioa, ?anoe?aiea ?uieia nauoa o/anoieea OIA e o.ae.), iaeiaei iniiaiui a aaniethoiii aieueoeinoaa neo/aaa yaeyaony i?eaueue. “Iaiaoiaeeiui e?eoa?eai i?eiyoey eiaanoeoeeiiiiai i?iaeoa yaeyaony iieiaeeoaeueiinoue naeueaei iaeiieaiiuo ?aaeueiuo aeaiaa a ethaii a?aiaiiii eioa?aaea, aaea aeaiiue o/anoiee inouanoaeyao cao?aou eee iieo/aao aeioiaeu”, - I?, n 17. Oeaeaniia?acii oaeaea i?iaanoe aiaeec /oanoaeoaeueiinoe ioeaiea ?uii/iua ?enee (iaoi/iay ioeaiea iauaiia nauoa, oeai, ecaea?aeae). PAGE 61 2,4% E?oiiua e?aaeeou IAE E?aaeeoiua ea?ou e?aaeeou Iio?aaeoaeueneea eeoe/iaaeaeaeeiinoue e?aaeeoiaaiea /anoiuo Eiioa/iia Iaeue aecian 70,0% 0,3% 25,4% 0,8% 1,1% Aaeoeeneee Aaie: E?aaeeoiue ii?ooaeue 1995 aiaea

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