Реформы Елены Глинской и кредитование в современной России

Ieienoa?noai ia?aciaaiey ?inneeneie Oaaea?aoeee

IIIO THaeii-o?aeueneee einoeooo «oi?aaeaiey e yeiiiieee»

EIIO?IEUeIAss ?AAIOA ? 1

Ii aeenoeeieeia: Aeaiueae, e?aaeeo, aaie.

Aa?eaio: ? 2

Auiieiee nooaeaio:

Aaeoeei Iaenei Aiae?aaae/

A?oiia: ACn-402

Aeaoa ioi?aaeaiey _________

I?iaa?ee i?aiiaeaaaoaeue ___________________

Aeaoa i?iaa?ee ___________________

a. *aeyaeine, 2006

Iaeaaeaiea.

I. Aeaiaaeiay ?aoi?ia Aeaiu Aeeineie

1. Iniaaiiinoe i?iaaaeaiey ?aoi?iu

2. Cia/aiea aeey ?innee

II. E?aaeeoiaaiea oece/aneeo eeoe

1. Iiiyoea a?aaeaeaineie (ee/iie) oi?iu e?aaeeoa

2. Oneoae ii e?aaeeoiaaieth oece/aneeo eeoe, i?aaeinoaaeyaiua
eiiia?/aneeie aaieaie ?O

3. Iio?aaeoaeueneee e?aaeeo

4. Eiioa/iue e?aaeeo

5. Aaoie?aaeeo

6. E?aaeeo ia iao/aiea

7. Oneiaey e ii?yaeie i?aaeinoaaeaiey e?aaeeoa

Nienie eeoa?aoo?u

I. Aeaiaaeiay ?aoi?ia Aeaiu Aeeineie

Aaeeeay eiyaeiy Aeaia Aeeineay aeiaieueii auno?i noaea aaeeiiee/iie
i?aaeoaeueieoeae ?innee ia i?aaao ?aaaiooe i?e iaeieaoiai Eaaia. Ca
iyoue eao naiaai ?aaaionoaa Aeaia Aeeineay oniaea naeaeaoue noieueei,
neieueei ia eaaeaeue ioae/eia-i?aaeoaeue oniaaaao niaa?oeoue ca
aeanyoeeaoea. Aioo?aiiyy iieeoeea Aeaiu Aeeineie oaeaea ioee/aeanue
aieueoie aeoeaiinoueth. Iiaeiaii eiyaeia Ieueaa, iniiaaaoae a O a.
iaiaei iiauo iinaeaiee, Aeaia Aaneeueaaia ioaeaea i?eeac i iino?iaiee
ai?iaeia ia eeoianeeo a?aieoeao, i ainnoaiiaeaiee Onothaa e ss?ineaaey,
a a Iineaa a 1535 a. no?ieoaeai Iao?ii Iaeui O?yceiui aue caeiaeai
Eeoae-ai?iae. A aiaeu i?aaeaiey Aeeineie auea naeaeaia iiiuoea eciaieoue
e nenoaio ianoiiai oi?aaeaiey, /oi i?aaeainoeoeei aoaeouea ?aoi?iu Eaaia
IV. A aiaaooth Iineiaeth iioyioeenue yiea?aiou ec ae?oaeo no?ai; oieueei
ec Eeoau auaoaei 300 naiae. Iaeiaei iaeaieaa e?oiiui ia?ii?eyoeai
aioo?aiiae iieeoeee Aeaiu Aaneeueaaiu auea iiiaoiay ?aoi?ia 1535 a.,
i?eaaaeoay e oieoeeaoeee aeaiaaeiiai ia?auaiey a no?aia e i?aiaeieaieth
iineaaenoaee ?acae?iaeaiiinoe. Ii anae ?innee noaee ia/aoaoue aeaiueae n
ecia?aaeaieai anaaeieea n eiiueai, io/aai e iiiaou iacaaee “eiiaeeaie”.
Nicaeaiea iaua?onneie aeaiaaeiie nenoaiu caaa?oeeinue a 1535-1538 aa.
?aoi?ia ii?aaeeeeea i?aaiecaoeeth ?onneiai aeaiaaeiiai oicyenoaa ia 200
eao aia?aae.

1. Iniaaiiinoe i?iaaaeaiey ?aoi?iu

?aoi?ia ia/aeanue n ianniauo eaciae oaeueoeaiiiiao/eeia. Ea?aoaeueiua
ia?u auee aeiiieiaiu auioneii iiauo iiiao – iiiao n ecia?aaeaieai
acaeaoea ( anaaeieea n eiiueai ) aanii 0,79 eee 0,38 a., a oaeaea
anaaeieea, aii?oaeaiiiai naaeae, aanii 0,19 – 0,20 a. Aan iiiao,
neaaeiaaoaeueii, niioaaonoaiaae aano o?ao iniiaiuo iiieiaeia ?onneie
aeaiaaeiie nenoaiu – iiaai?iaeee (0,79 a.),iineiaee (0,38 a.) e iieooee
(0,19 – 0,20 a.). Yoio ia?aue auione aue inouanoaeai oaea iinea nia?oe
Aaneeey III – ia anao iiauo iiiaoao noieo eiy Eaaia, aaeeeiai eiycy eee
ainoaea?y anay ?one. Iaeiaei iaeiia?aiaiiia ia?auaiea iiaie
iieiioeaiiie iiiaou e iannu iiiao, inoaaoeony io ia?eiaea oaiaeaeueiie
/aeaiee e a cia/eoaeueiie noaiaie ?acaaaeaiiuo ia?acaiiuie eee
ieceii?iaiuie oaeueoeauie ia?acoeaie, ca?aiaa ia?aeaei iieiioeaiioth
iiiaoo ia en/aciiaaiea ec aeaiaaeiiai ia?auaiey.

“Caiiaaaeaiea”, oi anoue cai?auaiea noa?ie iiiaou noaei neaaeothuei
yoaiii aeaiaaeiie ?aoi?iu. Iaiaoiaeeii auei iaycaoaeueii ecuyoue noa?ua,
a oii /enea iaieiioeaiiua iiiaou, /oiau iiaua iiaai?iaeee e iineiaee
niiaee oe?aieoueny e ?ani?ino?aieoueny ia oa??eoi?ee anae noaiu.

Eaoiieniua ecaanoey iicaieytho i?aaeiieiaeeoue, /oi cai?auaiea i?aaeiae
iiiaou inouanoaeyeinue iiyoaiii – aia/aea ecuiaeenue noa?ua iiaai?iaeee,
caoai – iineiaee. Iaeiaei iiaua iieiioeaiiua iiiaou, ii anae aeaeeiinoe,
ia niiaee auoanieoue e caiaieoue niaie noa?ua. I?aaeoaeuenoai Aeaiu
Aeeineie i?eiyei ?aoaiea /aeaieoue iaeaa/aiiua iiiaou, /oiau ianaeaiea
ia neeoeii oa?yei i?e iaiaia noa?uo aeaiaa ia iiaua. A 1535 a. ia/aeny
auione iiaai?iaeie aanii 0,68 a, iineiaie – 0,34 a e iieooae – 0,17 a.
Ec iaeie a?eaaiee – aaniaiai yoaeiia na?aa?a (204, 756 a) – noaee
/aeaieoue ia 260 iiaai?iaeie eee 520 iineiaie, eee 1040 iieooae, a,
niioaaonoaaiii, 300 iiaai?iaeie, 600 iineiaie, 1200 iieooae. A ?oaea aea
ii-i?aaeiaio n/eoaeinue 100 iiaai?iaeie eee 200 iineiaie, eee 400
iieooae. Iiiaou “o?ao?oaeaaie noiiu” – oae ie?anoeee ioieciaou iiaua
auionee – iaiaieaaeenue ia noa?ua iiiaou. I?ioeanniaiiaeaiey ?onneiai
aeaiaaeiiai oicyenoaa oae i/aiue auno?i e yooaeoeaii. Oaea e 50-i aa.
XVI a. aeaiaaeiia ia?auaiea ii/oe iieiinoueth ianeoaeeaaeinue iiauie
iiiaoaie.

2. Cia/aiea aeey ?innee

A eeaaeao na?aaeeiu – aoi?ie iieiaeu XVI a. noa?ua iiiaou i?aaenoaaeaiu
neo/aeiuie, aaeeie/iuie yecaiiey?aie, ninoaaeythueie aeiee i?ioeaioa io
anaai ninoaaa eeaaea. Inoaaony oieueei oaeeaeyony, eae oaeaeinue noieue
auno?i, anaai ca o?aoeaoea 1535 – 1538 aa., e yooaeoeaii inouanoaeoue
oaeoth a?aiaeaicioth aeaiaaeioth ?aoi?io a no?aia, aaea einoeooou
oeaio?aeeciaaiiie ainoaea?noaaiiie aeanoe auee aua i/aiue neaauie.

Iaeeea iiauo aeaiaa auei i?yiui ?acoeueoaoii cia/eoaeueiuo aeeaaiee
“noa?uo” aeaiaa, eioi?ua iioee a ia?aieaaeo ia aeaiaaeiuo aeai?ao, e
oniaoia a ?onneie aiaoiae oi?aiaea, auno?i inaieaoae iiaue aeae
na?aa?yiiai nu?uey – oaea?u. Cia/eoaeueioth ?ieue oaeaea nua?aee
i?aaiecaoeeiiiua ia?aiaiu a aeaiaaeiii oicyenoaa, inouanoaeaiiua a oiaea
i?iaaaeaiey aeaiaaeiie ?aoi?iu 1535 – 1538 aa.

Ec iiiaeanoaa oeaio?ia oaeaeueiie /aeaiee e 30-i aa. XVI a. inoaeinue
/aou?a aeaiaaeiuo aeai?a: a Iineaa, Iiaai?iaea Aaeeeii, Ineiaa e Oaa?e.
Iie i?iaeieaeaee aeaenoaiaaoue e ai a?aiy, e iinea i?iaaaeaiey
aeaiaaeiie ?aoi?iu 1535 – 1538 aa., ii n oie nouanoaaiiie ?acieoeae, /oi
noaee “ainoaea?aauie”. Yoi icia/aei, /oi i?aai ioeoiiie /aeaiee auei
eeeaeaee?iaaii, nicaeaeanue nenoaia iioeei ia i?iecaiaenoai iiiao,
aeioiae io eioi?uo ?ani?aaeaeyeny iaaeaeo ainoaea?aaie eaciie e
aeaiaaeiuie ianoa?aie, iieo/aaoeie aeaiaaeiia aeaeiaaiea “io aeaea”.
Eaaeaeue aeaiaaeiue aeai? iia a ?aaiie noaiaie auiieiyoue e /anoiua
caeacu ia /aeaieo ec na?aa?a caeac/eea, e eacaiiua caeacu. Neaaeoao
iiiieoue, /oi e XVI a. aaeeeee eiycue iinoaiaiii iiiiiieece?iaae
aiaoithth oi?aiaeth, e, neaaeiaaoaeueii, aaeeeieiyaeaneea caeacu
ninoaaeyee eueaeioth aeieth anao caeacia.

II. E?aaeeoiaaiea oece/aneeo eeoe

1. Iiiyoea a?aaeaeaineie (ee/iie) oi?iu e?aaeeoa

E?aaeeo (Io eao. Credere – aa?eoue) – aeiaa?ea, eioi?ui iieuecoaony
aeaiiia eeoei, iauanoai eee ainoaea?noai a eiouanoaaiiii ioiioaiee.
Eiia/ii, yeiiiie/aneia iiiyoea e?aaeeoa iaiiiai iau?iiaa e neiaeiaa, ii
eiaiii aeiaa?ea yaeyaony iniiaie e?aaeeoiuo ioiioaiee.

Ia naaiaeiyoiee aeaiue nouanoaoao ?yae o?aeoiaie iiiyoey e?aaeeoa, ii
oieoeoee?iaaiiui a ieo n/eoaaony ii?aaeaeaiea e?aaeeoa eae naeaeee
th?eaee/aneeo e oece/aneeo eeoe i i?aaeinoaaeaiee iaeiie noi?iiie
ae?oaie ii?aaeaeaiiie noiiu aeaiaaeiuo n?aaenoa (eiiaaea eiouanoaa) ia
oneiaeyo ieaoiinoe, aica?aoiinoe e n?i/iinoe. Yoe oneiaey e yaeythony
iniiaiuie i?eioeeiaie e?aaeeoiaaiey. I?eioeeiu e?aaeeoiaaiey –
i?eioeeiu, ia iniiaa eioi?uo i?eiyoi i?aaeinoaaeyoue e?aaeeo caaiueeo.
Ii?aaeaeythueie i?eioeeiaie e?aaeeoiaaiey yaeythony oaeaea
iaania/aiiinoue e?aaeeoa, aeeooa?aioeeaoeey e?aaeeoia
(e?aaeeoiniiniaiinoue caaiueea), oeaeaaia iacia/aiea. Ei?ioei ?anniio?ei
eo.

Aica?aoiinoue – i?eioeei oeiainiauo, aeaiaaeiuo ioiioaiee, niaeanii
eioi?iio e?aaeeoiua n?aaenoaa, iieo/aiiua caaiueeii ai a?aiaiiia
iieueciaaiea, iiaeeaaeao iaycaoaeueiiio e naiaa?aiaiiiio aica?aoo
e?aaeeoi?o, aeaaeaeueoeo n?aaenoa.

Ieaoiinoue – i?eioeei, au?aaeathuee iaiaoiaeeiinoue ia oieueei i?yiiai
aica?aoa caaiueeii iieo/aiiuo e?aaeeoiuo ?ano?nia, ii e iieaou eo
eniieueciaaiey.

N?i/iinoue e?aaeeoa – niaethaeaiea n?ieia aica?aoa e?aaeeoiuo n?aaenoa,
iieo/aiiuo ca?iueeii.

Aeeooa?aioeeaoeey e?aaeeoia – i?eioeei, ii?aaeaeythuee
aeeooa?aioee?iaaiiue iiaeoiae ni noi?iiu e?aaeeoiie i?aaiecaoeee e
?acee/iui eaoaai?eyi iioaioeeaeueiuo caaiueeia. I?aeoe/aneay ?aaeecaoeey
aai iiaeao caaenaoue eae io eiaeeaeaeoaeueiuo eioa?ania eiie?aoiiai
aaiea, oae e io i?iaiaeeiie ainoaea?noaii oeaio?aeeciaaiiie iieeoeee
iiaeaea?aeee ioaeaeueiuo io?aneae eee noa? aeayoaeueiinoe (iai?eia?,
iaeiai aeciana e i?.)

I?eioeei iaania/aiiinoe e?aaeeoa au?aaeaao iaiaoiaeeiinoue iaania/aiey
caueou eiouanoaaiiuo eioa?ania e?aaeeoi?a i?e aiciiaeiii ia?ooaiee
caaiueeii i?eiyouo ia naay iaycaoaeuenoa e iaoiaeeo i?aeoe/aneia
au?aaeaiea a oaeeo oi?iao e?aaeeoiaaiey, eae nnoaeu iiae caeia eee iiae
oeiainiaua aa?aioee.

I?eioeei oeaeaaiai iacia/aiey ?ani?ino?aiyaony ia aieueoeinoai aeaeia
e?aaeeoiuo iia?aoeee, au?aaeay iaiaoiaeeiinoue oeaeaaiai eniieueciaaiey
n?aaenoa, iieo/aiiuo io e?aaeeoi?a. Iaoiaeeo i?aeoe/aneia au?aaeaiea a
niioaaonoaothuai ?acaeaea e?aaeeoiiai aeiaiai?a, onoaiaaeeaathuaai
eiie?aoioth oeaeue auaeaaaaiie nnoaeu, a oaeaea a i?ioeanna aaieianeiai
eiio?iey ca niaethaeaieai yoiai oneiaey caaiueeii. Ia?ooaiea aeaiiiai
iaycaoaeuenoaa iiaeao noaoue iniiaaieai aeey aein?i/iiai iocuaa e?aaeeoa
eee aaaaeaiey oo?aoiiai (iiauoaiiiai) nnoaeiiai i?ioeaioa.

Noauaeoaie e?aaeeoiuo ioiioaiee aunooiatho e?aaeeoi? e ca?iuee.
E?aaeeoi? – noauaeo (th?eaee/aneia eee oece/aneia eeoei),
i?aaeinoaaeythuee nnoaeo e eiathuee i?aai ia yoie iniiaa o?aaiaaoue io
aeaaeoi?a aa aica?aoa eee eniieiaiey ae?oaeo iaycaoaeuenoa. Ca?iuee –
iieo/aoaeue e?aaeeoa, i?eieiathuee ia naay iaycaoaeuenoai,
aa?aioe?othuee aica?auaiea iieo/aiiuo n?aaenoa, iieaoo i?aaeinoaaeaiiiai
e?aaeeoa. E?aaeeoi? e ca?iuee yaeythony yeaiaioaie no?oeoo?u e?aaeeoa.

Iiieii e?aaeeoi?ia e caaiueeia, yeaiaioii no?oeoo?u e?aaeeoiuo ioiioaiee
yaeyaony iauaeo ia?aaea/e – oi, /oi ia?aaeaaony io e?aaeeoi?a e caaiueeo
e /oi niaa?oaao naie ia?aoiue iooue io caaiueea e e?aaeeoi?o . Iauaeoii
ia?aaea/e aunooiaao nnoaeaiiay noieiinoue, eae iniaay /anoue noieiinoe.
I?aaeaea anaai iia i?aaenoaaeyao niaie naiaia?acioth ia?aaeeciaaiioth
noieiinoue.

Aunaiaiaeeaoayny noieiinoue, inaaeathuay o iaeiiai ec noauaeoia
e?aaeeoiuo ioiioaiee, oa?aeoa?ecoao caiaaeeaiea aa aeaeaeaiey,
iaaiciiaeiinoue a aeaiiue iiiaio anooieoue a iiaue oicyenoaaiiue oeeee.
Aeaaiaea?y e?aaeeoo noieiinoue, a?aiaiii inoaiiaeaoayny a naiai
aeaeaeaiee, i?iaeieaeaao iooue, ia?aoiaey e iiaiio aeaaeaeueoeo, o
eioi?iai iaicia/eeanue iio?aaiinoue a aa eniieueciaaiee ia ioaeaeu
i?iecaiaenoaa e ia?auaiey.

A ii?aaeaeaiiie noaiaie, nouiinoue e?aaeeoiuo ioiioaiee iiiiaatho
?ane?uaaoue oi?iu e?aaeeoa. Auoaia?a/eneaiiua yeaiaiou no?oeoo?u
e?aaeeoiuo ioiioaiee iiaoo aunooiaoue i?eciaeaie eeanneoeeaoeee oi?i
e?aaeeoa (ni. ?en.1).

Oi?iu e?aaeeoaI?eciaee eeanneoeeaoeeeNnoaeaiiay noieiinoueNoaoon
e?aaeeoi?a, ca?iueeaOeaeaaay iio?aaiinoue ca?iueeaAe?oaea i?eciaee-
Oiaa?iay- Aaieianeay- I?iecaiaeeoaeueiay – I?yiay e einaaiiay-
Aeaiaaeiay – Eiiia?/aneay- Iio?aaeoaeueneay- ssaiay e ne?uoay-
Niaoaiiay- Ainoaea?noaaiiay- Iniiaiay e aeiiieieoaeueiay-
Iaaeaeoia?iaeiay – ?acaeoay e ia?acaeoay- A?aaeaeaineay (ee/iay)?en.1.
Eeanneoeeaoeey oi?i e?aaeeoa

Nnoaeaiiay noieiinoue iiaeao auoue au?aaeaia a aeaiaaeiie, oiaa?iie e
oiaa?ii-aeaiaaeiie oi?iao, niioaaonoaaiii e e?aaeeo iiaeii
eeanneoeoee?iaaoue ia oiaa?iue, aeaiaaeiue eee niaoaiiue. A nia?aiaiiuo
oneiaeyo i?aiaeaaeaao aeaiaaeiay oi?ia e?aaeeoa, oae eae aeaiueae
yaeythony anaiauei yeaeaaeaioii i?e iaiaia oiaa?iuo noieiinoae,
oieaa?naeueiui n?aaenoaii ia?auaiey e ieaoaaea.

A caaeneiinoe io oiai, eoi a e?aaeeoiie naeaeea aunooiaao e?aaeeoi?ii e
ca?iueeii, auaeaeythony iyoue oi?i e?aaeeoa: aaieianeay, eiiia?/aneay
(e?aaeeoi?aie eee ca?iueeaie yaeythony i?aaei?eyoey, oe?iu, eiiiaiee),
ainoaea?noaaiiay, iaaeaeoia?iaeiay (iaeiei ec noauaeoia e?aaeeoiaaiey
aunooiaao eiino?aiiia eeoei, i?aaei?eyoea eee ainoaea?noai) e
a?aaeaeaineay.

E?aaeeo iiaeao auoue eniieueciaai ia i?iecaiaenoaaiiua ioaeaeu eee ia
oeaee iio?aaeaiey. Neaaeiaaoaeueii, a caaeneiinoe io oeaee iieo/aiey
e?aaeeoa ca?iueeii, ?acee/atho i?iecaiaeeoaeueioth e iio?aaeoaeueneoth
oi?iu e?aaeeoa. I?e i?iecaiaeeoaeueiie oi?ia e?aaeeoa iieo/aiiua
aeaiueae eniieuecothony ia oeaee i?iecaiaenoaa e ia?auaiey.
Iio?aaeoaeueneay oi?ia e?aaeeoa, a ioee/ea io aai i?iecaiaeeoaeueiie
oi?iu, eniieuecoaony ianaeaieai ia oeaee iio?aaeaiey, iia ia iai?aaeaia
ia nicaeaiea iiaie noieiinoe, i?aneaaeoao oeaeue oaeiaeaoai?eoue
iio?aaeoaeueneea ioaeaeu caaiueea.

Auaeaeytho oaeaea iaeioi?ua ae?oaea oi?iu e?aaeeoa. I?yiay oi?ia
e?aaeeoa io?aaeaao iaiin?aaenoaaiioth auaea/o nnoaeu aa iieueciaaoaeth,
aac iiin?aaeoaiuo caaiueaa. Einaaiiay oi?ia e?aaeeoa aicieeaao, eiaaea
nnoaea aa?aony aeey e?aaeeoiaaiey ae?oaeo noauaeoia. Iiae yaiie oi?iie
e?aaeeoa iiieiaaony e?aaeeo iiae ca?aiaa iaiai?aiiua oeaee. Ne?uoay
oi?ia e?aaeeoa aicieeaao, anee nnoaea eniieueciaaia ia oeaee, ia
i?aaeoniio?aiiua acaeiiuie iaycaoaeuenoaaie noi?ii. ?acaeoay e
ia?acaeoay oi?iu e?aaeeoa oa?aeoa?ecotho noaiaiue ?acaeoey e?aaeeoa.
Iiae iniiaiie oi?iie e?aaeeoa iiaeao ?anniao?eaaoueny aeaiaaeiue
e?aaeeo, a oiaa?iue e?aaeeo yaeyaony aeiiieieoaeueiie oi?iie e?aaeeoa.

Aaieianeay oi?ia e?aaeeoa – iaeaieaa ?ani?ino?aiaiiay oi?ia. Ia?aay
iniaaiiinoue aaieianeie oi?iu e?aaeeoa ninoieo a oii, /oi aaie iia?e?oao
ia noieueei naiei eaieoaeii, neieueei i?eaea/aiiuie ?ano?naie. Caiya
aeaiueae o iaeieo noauaeoia, ii ia?a?ani?aaeaeyao eo, i?aaeinoaaeyy
nnoaeo ai a?aiaiiia iieueciaaiea ae?oaei th?eaee/aneei e oece/aneei
eeoeai. Aoi?ay iniaaiiinoue a oii, /oi aaie nnoaeaao iacaiyoue eaieoae,
a?aiaiii naiaiaeiua aeaiaaeiua n?aaenoaa, iiiauaiiua a aaie
oicyenoaothueie noauaeoaie ia n/aoa eee ai aeeaaeu. O?aouey iniaaiiinoue
aeaiiie oi?iu e?aaeeoa oa?aeoa?ecoaony oai, /oi caaiuee aeieaeai oae
eniieueciaaoue iieo/aiiua a aaiea n?aaenoaa, /oiau ia oieueei
aica?aoeoue eo e?aaeeoi?o, ii e iieo/eoue i?eaueue, aeinoaoi/ioth ii
e?aeiae ia?a aeey oiai, /oiau oieaoeoue nnoaeiue i?ioeaio. Ieaoiinoue
aaieianeie oi?iu e?aaeeoa yaeyaony aa iaiouaieaiui ao?eaooii.

2. Oneoae ii e?aaeeoiaaieth oece/aneeo eeoe, i?aaeinoaaeyaiua
eiiia?/aneeie aaieaie ?O

?inneeneea aaiee i?aaeeaaatho oe?ieee niaeo? oneoa oece/aneei eeoeai:
i?eiyoea aeeaaeia, auaea/a e?aaeeoia, a?aiaea naeoia, ioi?ieaiea
e?aaeeoiuo ea?o, aeaiaaeiua ia?aaiaeu, iia?aoeee n oeaiiuie aoiaaaie e
ae?aaioeaiiuie iaoaeeaie. E yoi aeaeaei ia iieiue ia?a/aiue.
Anoanoaaiii, /oi ia eaaeaeue aaie ieacuaaao ana yoe oneoae, an? caaeneo
io niaoeeaeecaoeee e eeeaioo?iie iai?aaeaiiinoe aeayoaeueiinoe aaiea.

E?aaeeoiaaiea oece/aneeo eeoe yaeyaony naiui auno?i?anoouei naeoi?ii
aaieianeiai aeciana a ?innee. Iineaaeiea /aou?a aiaea iauai auaeaiiuo
nnoae oaeaaeaaeny aaeaaiaeii (ni. I?eeiaeaiea 1). Ii aeaiiui Aaiea
?innee ii ninoiyieth ia 1 aeaeaa?y i?ioeiai aiaea iauaiu e?aaeeoiaaiey
oece/aneeo eeoe ninoaaeyee 573 266 iei. ?oa. A oaea a ia?oa 2005 aiaea,
ii ioeaiea Oeaio?a yeiiiie/aneeo enneaaeiaaiee aeinoeaee 685 000 iei.
?oa. Onoie/eaue ?ino naeaeaoaeuenoaoao i iaoaeiaeaoai?aiiii ni?ina
ianaeaiey ia e?aaeeou, n iaeiie noi?iiu, e i aunieie i?eaeaeaoaeueiinoe
(aeioiaeiinoe) e?aaeeoiaaiey oece/aneeo eeoe aeey aaieia.

Ac?uaiie ?ino ?uiea ai iiiaii iauyniyaony aai ieceeie ioiineoaeueiuie
iieacaoaeyie. A niaieoiiii ii?ooaea nnoae aaieianeiai naeoi?a e?aaeeou
oece/aneei eeoeai caieiatho anaai 14,5%. Ii iiaieth aiaeeoeeia aeo?iaea
“Ee/iua Aeaiueae”, a i?aaenoiyuea aiaeu eo aeiey a e?aaeeoiii ii?ooaea
aoaeao onoie/eai ?anoe aei 20%-30%.

E?aaeeou e i?i/ea ?aciauaiiua n?aaenoaa, i?aaeinoaaeaiiua aaieaie,
aeeth/ay i?in?i/aiioth caaeieaeaiiinoue ia 1 yiaa?y ninoaaeyee 3149,9
ie?ae. ?oa. eee 18,8% AAI. Ec ieo ia e?aaeeou oece/aneei eeoeai
i?eoiaeeony anaai 2,7%. Iioaioeeae ?inoa ?uiea e?aaeeoiaaiey ianaeaiey,
ia acaeyae niaoeeaeenoia, ninoaaeyao ieiei 10% AAI. Eiuie neiaaie, a
i?aaenoiyuea aiaeu neaaeoao iaeeaeaoue oo?iaiea aai iauaiia ii
ioiioaieth e AAI.

Aaethoiay no?oeoo?a ii?ooaey e?aaeeoia /anoiuo eeoe ?ani?aaeaeyaony a
iieueco ?oaeaauo nnoae (ni. I?eeiaeaiea 2). A oa/aiea ooaaeoaai aiaea
aeiey e?aaeeoia a eiino?aiiie aaethoa nie?aoeeanue n 18% aei 15,6%. A
aeaeueiaeoai iia aoaeao iaaeaoue, ii iaeioi?ui ioeaieai, aei 10%
niaieoiiiai e?aaeeoiiai ii?ooaey. Iauyniyaony yoi oaeoi?aie,
aeaaii?eyonoaothueie ?oaeaaui e?aaeeoai: n?aaeian?i/iiio oe?aieaieth
?aaeueiiai eo?na ?oaey, aieueoeie iia?aoeeiiiuie ecaea?aeeaie aaethoiuo
e?aaeeoia e i?inoioie auaea/e ?oaeaauo yeni?ann-e?aaeeoia.

N?aaee e?aaeeoia oece/aneei eeoeai iiaeaaeythuoth aeieth ninoaaeytho
nnoaeu ni n?ieii iiaaoaiey aieaa 3 eao. Ia ieo i?eoiaeeony ieiei 72%
ii?ooaey e?aaeeoia. Aoi?ia ianoi caieiatho e?aaeeou io aiaea aei o?ao
eao (18% ii?ooaey) e io iieoaiaea aei aiaea (10% ii?ooaey). Aieueoay
n?i/iinoue iiaeaaeythuae /anoe nnoae iaania/eaaao aaiee, caieiathueany
iiaeiaiuie e?aaeeoaie, aunieeie aeioiaeaie ia i?ioyaeaiee ianeieueeeo
eao aia?aae. Eiuie neiaaie, aaiee – eeaea?u e?aaeeoiaaiey oec. eeoe –
aoaeoo inoaaaoueny oaeaea eeaea?aie ii iauaio aiaeiaie i?eauee a oa/aiea
ianeieueeeo i?aaenoiyueo eao.

Eae auei oeacaii auoa, aeaeaei ia ana aaiee i?aaeinoaaeytho oneoae ii
e?aaeeoiaaieth ianaeaiey a /anoiii ii?yaeea. Aeanyoea e?oiiaeoeo aaieia
ii iau?io auaeaiiuo e?aaeeoia oece/aneei eeoeai ia 1 oaa?aey 2005 aiaea
i?aaenoaaeaia a Oaaeeoea 1.

Oaaeeoea 1

Aaiee – eeaea?u e?aaeeoiaaiey oece/aneeo eeoe

?AaieIau?i e?aaeeoia, auaeaiiuo oec. eeoeai, iei.
?oa.1Naa?aaie2817952?onneee Noaiaea?o353543Oioi E?aaeeo yiae Oeiain
Aaie208484?aeooaecaiaaie105935O?aenea68276IAeI-Aaie64537Oeaio?aeueiia
IAE61458Aaie Iineau48049Neae?neia IAE465510Aeaeueiaainoi/iia IAE3999

Eae aeaeii ec oaaeeoeu, aaconeiaiui eeaea?ii yaeyaony Naa?aaie, ia
eioi?ue i?eoiaeeony ieiei 42% ?uiea (enoiaey ec oaeouae yenia?oiie
ioeaiee niaieoiiiai iauaia ?uiea). Aoi?ia ianoi caieiaao /anoiue aaie
?onneee Noaiaea?o. Ianiio?y ia oi, /oi ii ia ioaeeeoao ioe?uooth
io/aoiinoue, ii ioeaieai yenia?oia, ia iaai i?eoiaeeony 6,36% ?uiea.
O?aouea ianoi cae?aieeinue ca Oioi E?aaeeo yiae Oeiain Aaie (OEOA). Aai
aeiey ia ?uiea ninoaaeyao ii?yaeea 3%. Yoio aaie aaeaiany/ii oaaee/eaaao
iau?iu auaeaaaaiuo e?aaeeoia, ioo?i i?eaea/aiey iiauo ia?oia?ia (a
iniiaiii iaaaceiia) e a aeeaeaeoaa a?aiy aiieia niiniaai oaaee/eoue
naith aeieth ?uiea e?aaeeoiaaiey oece/aneeo eeoe a ianeieueei ?ac.

Ca yiaa?ue 2005 aiaea niaieoiiue iauai e?aaeeoiaaiey /anoiuo eeoe
aeaaaeoeaoe e?oiiaeoeo ea?ieia ?uiea nie?aoeeny ia 9%. *oi auaeyaeeo
ianeieueei no?aiii i?e iauae oaiaeaioeee ?inoa e?aaeeoiaaiey a?aaeaeai.
Aiaeeoeee iauyniytho yoi ianeieueeeie oaeoi?aie:

· aeeeiiuie iiaiaiaeieie eaieeoeaie, aia?aua a yoii aiaeo ninoaaeaoeie
aeaa iaaeaee;

· niaa?oaieai aei?iaeo iieoiie a aeaeaa?a, a eaioi iiaiai aiaea;

· aeoeaiui iiaaoaieai ianaeaieai acyouo ?aiaa e?aaeeoia.

Niaieoiiia nie?auaiea iauaiia e?aaeeoiaaiey iineei a?aiaiiue naciiiue
oa?aeoa?, e a oaa?aea-ia?oa ?uiie ainnoaiiaee oaiiu ?inoa. Iaeeaeaaony,
/oi Naa?aaie aoaeao iaoeeiiii oa?youe naith aeieth ?uiea. A ianoiyuaa
a?aiy aai aeiieie?iaaiea a noa?a iio?aaeoaeueneiai e?aaeeoiaaiey
iauyniyaony oe?ieie oeeeaeueiie naoueth, ?ane?o/aiiui a?yiaeii,
i?eaeaeaoaeueiuie oneiaeyie e?aaeeoiaaiey e aeaoaaie ?ano?niie aacie.
Iaeiaei aeoeaiua ia?eaoeiaiaua ia?ii?eyoey /anoiuo e eiino?aiiuo aaieia
a i?aaenoiyuea aiaeu iaecaaaeii i?eaaaeoo e auoaniaieth Naa?aaiea n
?uiea. Oai ia iaiaa, aai aaconeiaiia eeaea?noai, ii iiaieth
niaoeeaeenoia aeo?iaea “Ee/iua Aeaiueae”, aoaeao nio?aiyoueny aua ia
iaiaa iyoe eao.

Eoae, eaeiau aea enoi/ieee oeiaine?iaaiey e?aaeeoia, auaeaaaaiuo
ianaeaieth? Auaea/a aeaiiuo e?aaeeoia oeiaine?oaony ca n/ao :

1) aeaoaauo ?ano?nia ainoaea?noaaiiuo aaieia,

2) ?ano?nia /anoiuo aaieia,

3) aiaoieo ?ano?nia eiino?aiiuo aaieia.

Iaeaieueoea eiieo?aioiua i?aeiouanoaa aoaeoo nio?aiyoueny ca
ainoaea?noaaiiuie e eiino?aiiuie aaieaie. Ainoaea?noaaiiua aaiee
eeaee?otho a no?aia ii iauaio i?eaea/aiiuo ?ano?nia. A aaieianeii
naeoi?a ei aeinoathony naiua “aeaoaaua” aeaiueae ianaeaiey. Naa?aaie
?aniieaaaao aeieae ?uiea aeeaaeia i?eaeeceoaeueii a 63-65% io anaai
iau?ia. I?e?ino aeoeaia a?oiiu Aiaooi?aaaiea a iineaaeiea aiaeu
ninoaaeyao 50%-70% aaeaaiaeii. I?e yoii oaiiu ?inoa aaiea a 1,5 ?aca
auoa, /ai a n?aaeiai ii no?aia. Ii eoiaai 2004 aiaea e?aaeeoiue
ii?ooaeue a?oiiu Aiaooi?aaaiea aeinoea 11 ie?ae. aeieea?ia, a eaieoae
naiiai aaiea ii ninoiyieth ia 1 yiaa?y ninoaaee 3 ie?ae. aeieea?ia.
Niaeanii no?aoaaee ?acaeoey aaiea e 2009 aiaeo Aiaooi?aaaie aeieaeai
caiyoue 10-15% aaieianeiai ?uiea ii iniiaiui iai?aaeaieyi
aeayoaeueiinoe, a /anoiinoe, ii ?aaioa n iio?aaeoaeueneeie e?aaeeoaie.
Ia 1 oaa?aey yoiai aiaea aaie auaeae e?aaeeoia oece/aneei eeoeai ia
3472,3 iei. ?oaeae (aai aeiey ia ?uiea e?aaeeoiaaiey ianaeaiey ninoaaeea
0,7%). Oaeei ia?acii, ainoaea?noaaiiua aaiee eiatho ana oainu
aea?aeaoueny a eeaea?ao ?uiea i?aaenoiyuea aiaeu.

Eiino?aiiua aaiee aeoeaii eiii?oe?otho eaieoae a no?aio, iaania/eaay oai
naiui naie e?aaeeoiua iia?aoeee aeaoaauie ?ano?naie. Ii ioeaieai
aiaeeoeeia, aeoeaiua iia?aoeee eiino?aiiuo aaieia oeiaine?othony ia
iaeio iyooth ca n/ao aiaoieo ?ano?nia. A /anoiinoe, aeiey ca?oaaaeiuo
?ano?nia a /enouo aeoeaao EIA-aaie, IIA e Neoeaaiea ninoaaeyao 12%-17%,
a o ?aeooaecaiaaie Aano?ey – 30%. Iaeei ec o?ao eeaea?ia ?uiea
iio?aaeoaeueneeo e?aaeeoia, Oioi E?aaeeo yiae Oeiain Aaie
(i?eiaaeeaaeauee Home Credit Group, *aoey), oeiaine?oao naie iia?aoeee
ca n/ao nianoaaiiiai eaieoaea (oi anoue iaoa?eineie no?oeoo?u) e ia 50%
ca n/ao e?aaeeoia io aaieia-ia?aceaeaioia.

Eiino?aiiua aaiee aoaeoo i?iaeieaeaoue eeaee?iaaoue ia ?uiea
e?aaeeoiaaiey oece/aneeo eeoe, iie?aynue ia eaieoae ec-ca ?oaaaea.
Eiieo?aioeeth eiino?aiiui aaieai a yoii ieaia iiaoo ninoaaeoue oieueei
aaaeouea ioa/anoaaiiua aaiee, eiathuea oi?iooth ?aiooaoeeth e nayce ia
Caiaaea (oaeea eae Aeueoa-aaie), eee e?oiiua eiaanoeoeeiiiua eiiiaiee
(iiiaea ec eioi?uo, ai?i/ai, i?eiaaeeaaeao ia?aceaeaioai). Eiino?aiiua
aaiee niiaoo eiio?iee?iaaoue oeiainiaua iioiee ec-ca ?oaaaea, iieo/ay
eiienneiiiia aiciaa?aaeaeaiea io iin?aaeie/aneeo oneoa. Iie aoaeoo
aoiaeeoue a iaiiiai/eneaiioth onoie/eaoth a?oiio aaieia, eiathueo
o?iie/aneee ecauoie eeeaeaeiinoe.

Iiiaoaoue ?acaeoeth iienaiiiai noeaia?ey iiaeao oieueei oaeanoi/aiea
aaethoiiai ?aaoee?iaaiey – oae n/eoatho niaoeeaeenou ?uiea
e?aaeeoiaaiey. Caauoaiiua ?aca?aiua o?aaiaaiey ia n?aaenoaa,
i?eaeaeaaiua ec-ca ?oaaaea, canoaayo eiino?aiiua aaiee nicaeaaaoue
aeiiieieoaeueiua io/eneaiey – aaaeue eiino?aiiua aaiee aieueooth /anoue
oeiaine?iaaiey iieo/atho io iaoa?eineie no?oeoo?u eee ia?aceaeaioia a
oeaeii. Iaeiaei a naaoa i?aaenoiyuae aiaoiayeiiiie/aneie eeaa?aeecaoeee
a 2007 a. oaeie noeaia?ee ?acaeoey neooaoeee i?aaenoaaeyaony
iaeiaa?iyoiui.

Oneoae ii e?aaeeoiaaieth, i?aaeinoaaeyaiua oece/aneei eeoeai
?aciiia?aciu. A yoii iiaeii oaaaeeoueny ?anniio?aa i?eaaaeaiioth ieaea
oaaeeoeo.

Oaaeeoea 2.

Oneoae ii e?aaeeoiaaieth oece/aneeo eeoe,

ieacuaaaiua e?oiiaeoeie eiiia?/aneeie aaieaie

AaieAeaeu e?aaeeoia?onneee Noaiaea?o• Iio?aaeoaeueneee e?aaeeo

• E?aaeeo ia i?eia?aoaiea aaoiiiaeeyOioi E?aaeeo yiae Oeiain Aaie•
Iio?aaeoaeueneee e?aaeeo?aeooaecaiaaie

• E?aaeeo ia i?eia?aoaiea aaoiiiaeey

• E?aaeeo ia i?eia?aoaiea iioioeeeea

• Eiioa/iue e?aaeeo

• Iio?aaeoaeueneee e?aaeeoO?aenea• E?aaeeo ia i?eia?aoaiea aaoiiiaeey

• Eiioa/iue e?aaeeo

• Iio?aaeoaeueneee e?aaeeoAaci?iiaaie• E?aaeeo ia i?eia?aoaiea
aaoiiiaeey

• Eiioa/iue e?aaeeo

• Iio?aaeoaeueneee e?aaeeo

• Ei?ii?aoeaiia e?aaeeoiaaieaAiaooi?aaaie• Eiioa/iue e?aaeeo

• Iio?aaeoaeueneee e?aaeeoAaie Iineau• E?aaeeo ia i?eia?aoaiea
aaoiiiaeey

• Eiioa/iue e?aaeeo

• Iio?aaeoaeueneee e?aaeeoIAeI – Aaie• E?aaeeo ia i?eia?aoaiea
aaoiiiaeey

• Eiioa/iue e?aaeeo

• Iio?aaeoaeueneee e?aaeeoNithc• E?aaeeo ia i?eia?aoaiea aaoiiiaeey

• Eiioa/iue e?aaeeo

• Iio?aaeoaeueneee e?aaeeo

• Ia?aciaaoaeueiue e?aaeeo

Naa?aaie, yaeyynue eeaea?ii e?aaeeoiaaiey ianaeaiey, i?aaeinoaaeyao
iaeaieaa iieiue e eioa?aniue iaai? oneoa a yoie iaeanoe (ni. ?en.2)

E?aaeeoiaaiea oece/aneeo eeoe Naa?aaieii ?OE?aaeeo ia oeaee ee/iiai
iio?aaeaiey:Naycaiiia e?aaeeoiaaiea:No?ieoaeueiua e?aaeeou:Niaoeeaeueiua
i?ia?aiiu:1. E?aaeeo ia iaioeiaeiua ioaeaeu1. Aaoie?aaeeo1. E?aaeeo ia
iaaeaeaeeiinoue 1. E?aaeeo “Iieiaeay naiuey”2. Aaeeiia?aiaiiue e?aaeeo2.
Oiaa?iue e?aaeeo2. Eiioa/iue e?aaeeo2. Ia?aciaaoaeueiue e?aaeeo3.
Aiciaiiaeyaiue e?aaeeo3. E?aaeeo “Ia?iaeiue oaeaoii”4. Iaineiiiue
e?aaeeo4. Ei?ii?aoeaiue e?aaeeo5. E?aaeeo iiae caeeaae oeaiiuo aoiaa6.
E?aaeeo iiae caeia ia?iuo neeoeia ae?aaioeaiiuo iaoaeeia?en2. Oneoae
e?aaeeoiaaiey oec. eeoe Naa?aaieii ?O

E?oiiua eiiia?/aneea aaiee, eae i?aaeei, auaeatho eiioa/iua,
iio?aaeoaeueneea e an? /aua e?aaeeou ia iieoieo o?ainii?oiuo n?aaenoa.
Ia?niaeoeaiui e a nayce n ?aoi?iie ia?aciaaiey i/aiue
auno?i?acaeaathueiny yaeyaony e?aaeeoiaaiea ia iieo/aiea
ia?aciaaoaeueiuo oneoa. Ana auoaicia/aiiua oneoae ?uiea /anoiiai
e?aaeeoiaaiey aoaeoo iiae?iaii ?anniio?aiu a niioaaonoaothueo aeaaao
ieaea.

3. Iio?aaeoaeueneee e?aaeeo

Iaeaieaa iiioey?iie oneoaie a iineaaeiaa a?aiy ia ?inneeneii ?uiea
noaiiaeony iio?aaeoaeueneee e?aaeeo. Iio?aaeoaeueneee e?aaeeo – yoi
i?iaeaaea oi?aiauie i?aaei?eyoeyie iio?aaeoaeueneeo oiaa?ia n ion?i/eie
ieaoaaea eee i?aaeinoaaeaiea aaieaie nnoae ia iieoieo iio?aaeoaeueneeo
oiaa?ia, a oaeaea ia iieaoo ?acee/iiai ?iaea ?anoiaeia ee/iiai oa?aeoa?a
(ieaoa ca iao/aiea, iaaeeoeeineia ianeoaeeaaiea e o.i.). Aeaaiue
ioee/eoaeueiue i?eciae iio?aaeoaeueneiai e?aaeeoa – oeaeaaay oi?ia
e?aaeeoiaaiey oece/aneeo eeoe. Noieo neacaoue, /oi iiiaeie aaieaie
iio?aaeoaeueneee e?aaeeo ?anniao?eaaaony eneeth/eoaeueii, eae i?iaeaaea
iaaaceiaie – ia?oia?aie aaiea oiaa?ia n ion?i/eie ieaoaaea. Yoi ia
i?aaeeueii, oae eae iio?aaeoaeueneee e?aaeeo iiaeao i?aaeinoaaeyoueny
eae a oiaa?iie oi?ia: oiaa? i?eia?aoaaony a e?aaeeo eee a ?ann?i/eo a
?icie/iie oi?aiaea, oae e a aeaiaaeiie: aeaiaaeioth nnoaeo iieo/atho a
aaiea e eniieuecotho a iio?aaeoaeueneeo oeaeyo.

N iiiiuueth oaeiai e?aaeeoa ?aaeecothony oiaa?u aeeeoaeueiiai
eniieueciaaiey (aaoiiiaeee, iaaaeue, auoiaay oaoieea). Eae i?aaeei,
?inneeneee aaiee auaeaeytho ioaeaeueii e?aaeeou ia iieoieo o?ainii?oiuo
n?aaenoa, aaeaeo niaoeeoe/aneeo oa?aeoa?enoee yoiai oiaa?a e iniauo
i?aaee aai i?eia?aoaiey.

E?iia oiai, ioaeaeueii auaeaeythony nnoaeu ia iieaoo iao/aiey, ioaeuoa,
iaaeeoeeineeo e i?i/eo oneoa, oae eae aeey ?inneeneiai ?uiea /anoiiai
e?aaeeoiaaiey yoi oneoae iiaua e iiyoiio iiiaea aaiee ia ?eneotho iiea
eo ieacuaaoue a ianniaii ii?yaeea.

N?ie iio?aaeoaeueneiai e?aaeeoa iau/ii ninoaaeyao io iaeiiai aiaea aei
o?ao eao, i?ioeaio – io 10 aei 25%. Ianaeaiea i?iiuoeaiii ?acaeouo no?ai
o?aoeo io 10 aei 20% naieo aaeaaiaeiuo aeioiaeia ia iie?uoea
iio?aaeoaeueneiai e?aaeeoa. A neo/aa iaoieaou ii iaio, eiouanoai
ecuiaaony e?aaeeoi?aie.

Aeey oaeianoaa ?anniio?aiey eeanneoeoee?oai iio?aaeoaeueneea nnoaeu.
Eeanneoeeaoeey iiaeao auoue i?iaaaeaia ii ?yaeo i?eciaeia (ni. ?en.3):
ii oeio ca?iueea, aeaeai iaania/aiey, n?ieai iiaaoaiey, iaoiaeai
iiaaoaiey, oeaeaaiio iai?aaeaieth eniieueciaaiey, iau?io e o.ae.

Eoae, iio?aaeoaeueneee e?aaeeo iiaeao i?aaeinoaaeyoueny ia iaioeiaeiua
ioaeaeu, oi anoue i?e aai iieo/aiee ca?iuee ia oeacuaaao, ia /oi aoaeoo
iio?a/aiu iieo/aiiua n?aaenoaa. Aaiee ia i/aiue ioioii aeatho iiaeiaiua
e?aaeeou, aaaeue eiia/iua oeaee e?aaeeoiaaiey ia yniu. Oaeie e?aaeeo
iiaeao i?aaeinoaaeoue Naa?aaie iiae 12% aiaeiauo i?e acyoee nnoaeu a
aeieea?ao NOA eee Aa?i ( a ?oaeyo – io 16 aei 19%) ia n?ie aei 5 eao. A
ea/anoaa iaania/aiey aaie i?eieiaao ii?o/eoaeuenoaa th?eaee/aneeo e
oece/aneeo eeoe, caeia eiouanoaa, caeia ia?iuo neeoeia cieioa e oeaiiuo
aoiaa e o.i. Iioiaeea oneiaey e a ae?oaeo eiiia?/aneeo aaieao. *anoi
iaiaoiaeeiui oneiaeai yaeyaony no?aoiaaiea aeecie e o?oaeiniiniaiinoe
ca?iueea. Iiiaea aaiee eaeoo ia ?ene – i?aaeeaaay iaiaania/aiiua nnoaeu.
Iai?eia?, oe?iei ?ac?aeeaie?iaaiiay i?ia?aiia Neoeaaiea: e?aaeeo
auaea?ony ia ethaua oeaee ia noiio io 27000 aei 750000 ?oaeae aac caeiaa
e ii?o/eoaeuenoaa. I?e i?aaeinoaaeaiee e?aaeeoa ?aoathuoth ?ieue aoaeao
ea?aoue ?acia? aaeaiany/iiai aeioiaea oece/aneiai eeoea.

Eaa/a iieo/eoue e?aaeeo, oeacaa oi/ii iai?aaeaiea aai eniieueciaaiey:
iieoiea, ?aiiio eee no?ieoaeuenoai aeeeuey, naaeiauo aeiieeia,
aaoiiiaeeae, ae?oaeo oiaa?ia aeeeoaeueiiai iieueciaaiey.

ssnii, /oi e?aaeeoi?ii iiaeao aunooiaoue ia oieueei aaie, ii e
niaoeeaeueiua o/?aaeaeaiey iio?aaeoaeueneiai e?aaeeoa, iaaaceiu,
naa?eannu e ae?oaea i?aaei?eyoey. Ai O?aioeee ieiei 1/4 anaai
iio?aaeoaeueneiai e?aaeeoa i?aaeinoaaeyaony aaieaie e 3/4 –
niaoeeaeece?iaaiiuie e?aaeeoiuie o/?aaeaeaieyie. Ii iineieueeo
iineaaeiea iieo/atho iaiaoiaeeiua ei n?aaenoaa a aieueoae ia?a ca n/?o
aaieianeeo nnoae, oi oaeoe/anee 9/10 anae noiiu iio?aaeoaeueneiai
e?aaeeoa i?aaeinoaaeyaony aaieaie.

Iaiiiai i iio?aaeoaeueneii e?aaeeoiaaiee aac o/anoey aaiea (noaia:
Iaaacei ? E?aaeeo ? Iieoiaoaeue). Caeiiiaeaoaeueiay aaca, nicaeaiiay a
?O, iaeaa/aao ioi?ieaiea iio?aaeoaeueneiai e?aaeeoa oi?aiauie
i?aaei?eyoeyie. Ioaeii eeoue i?aaeinoaaeoue iieoiaoaeth ?ann?i/eo
ieaoaaea. Aeey yoiai a aeiiieiaiea e noaiaea?oiiio aeiaiai?o
eoiee-i?iaeaaee iau/ii caeeth/atho aeiaiai? eiiia?/aneiai e?aaeeoa (no.
823 AE).

Nooue yoiai aeiaiai?a oaeiaa. Iieoiaoaeue iieo/aao i?aai ?anieaoeoueny
ca i?eia?aoaiiue oiaa? ia n?aco, a /a?ac ii?aaeaeaiiue n?ie. Ca yoi
iieoiaoaeue iaycai caieaoeoue onoaiiaeaiiua a aeiaiai?a i?ioeaiou. Eo
?acia? caaeneo io noiiu iieoiee e aeeeoaeueiinoe ?ann?i/ee.

A aeiaiai?a eiiia?/aneiai e?aaeeoa iiaeii i?aaeoniio?aoue iaania/aiea
(caeia, ii?o/eoaeuenoai, aa?aioeth). Iau/ii yoi aeaeatho, anee ?a/ue
eaeao i aanueia aei?iainoiyueo iieoieao. Eae i?aaeei, a caeiaa
iaoiaeeony e i?iaeaaaaiue a ?ann?i/eo oiaa? – iiea iieoiaoaeue ia
iieaoeo aai iieiinoueth. Anee yoiai oae e ia i?iecieaeao, iaaacei ai?aaa
o?aaiaaoue aa?iooue oiaa? (i. 3 no. 488 AE). A /oiau iieoiaoaee ia
ia?ooaee n?iee iieaou, eiaao niune i?aaeoniio?aoue oo?aoiua naieoeee – a
aeaea i?ioeaioia ca eaaeaeue aeaiue i?in?i/ee (i. 4 no. 488 AE).

Iiaeno?aoiaaoueny iiaeii e ae?oaei niiniaii. Aeey yoiai a aeiaiai?a
eoiee-i?iaeaaee ioaeii onoaiiaeoue, /oi iieoiaoaeue noaiiaeony
nianoaaiieeii oiaa?a oieueei iinea oiai, eae iieiinoueth iiaaneo aai
iieioth noieiinoue. A yoii neo/aa ii ia aeieaeai i?iaeaaaoue iieo/aiiue
oiaa? eee ?anii?yaeaoueny ei aei oiai, eae ia?a/eneeo ana aeaiueae. Anee
ii oae e ia ?anieaoeony ca oiaa?, oi aeieaeai aai aa?iooue.

Ii a ?innee iiaeiaiui e?aaeeoiaaieai caieiaaony ia oae iiiai
i?aaei?eyoee, oae eae:

1) yoi o?aaoao nicaeaiey ia aaca i?aaei?eyoey iiaie neoaeau
(e?aaeeoiie), /oi naycaii n aeaiaaeiuie cao?aoaie;

2) i?e oaeii niiniaa oi?aiaee iaaacei cia/eoaeueii ia?aie/eaaaoa naay a
iai?ioiuo n?aaenoaao;

3) i?iaeaaay oiaa?u n ?ann?i/eie ieaoaaea, i?aaei?eyoea aa?ao ia naay
ana caaiou ii i?iaa?ea eeeaioia ia aeaaiiaaeaaeiinoue;

4) i?eoiaeeony naiinoiyoaeueii ioneaaeeaaoue, niaethaeaao ee iieoiaoaeue
n?iee iieaou, a anee ii ia?ooee oneiaey auieaou nnoaeu – i?eieiaoue
ia?u ii aica?aoo oiaa?a, /oi a ?inneeneie aeaenoaeoaeueiinoe iiaeao
auoue nii?yaeaii n aieueoeie o?oaeiinoyie.

Eae aeaeii, e?aaeeoiaaiea nianoaaiiuie neeaie oi?aiauo i?aaei?eyoee
naycaii n ?eneii, iiyoiio aieueoeinoai iaaaceiia i?aaeii/eoatho, /oiau a
?iee e?aaeeoi?a iieoiaoaeae aunooiae eiiia?/aneee aaie, aaea oneoaa
auaea/e iio?aaeoaeueneeo nnoae io?aaioaia.

Yoi iicaieeo i?aaei?eyoeth oi?aiaaoue a e?aaeeo ii oaeie ecaanoiie
noaia. *anoue noieiinoe oiaa?a (ia?aiia/aeueiue aciin) iieaoeo nai
iieoiaoaeue. Inoaaoothny /anoue ia?a/eneeo aaie, caeeth/ea n iieoiaoaeai
aeiaiai? iio?aaeoaeueneiai e?aaeeoiaaiey. Iau/ii aeiaiai? n aaieii
eeeaiou ioi?ieytho i?yii a iaaaceia o i?aaenoaaeoaey aaiea eee o
?aaioieea iaaaceia. Ana, /oi aeey yoiai ioaeii iieoiaoaeth, yoi eiaoue
i?e naaa ethaie ec oaeinoiaa?ythueo ee/iinoue aeieoiaioia. Iai?eia?,
aiaeeoaeueneea i?aaa, caa?aiianii?o, no?aoiaia naeaeaoaeuenoai
Iaineiiiiai oiiaea, naeaeaoaeuenoai i i?enaiaiee EII eee iaineiiiia
oaeinoiaa?aiea.

Eiiaaea e?aaeeoiue aeiaiai? iiaeienuaatho a aaiea. Caeeth/ea aai,
iieoiaoaeue eaeao a iaaacei e, eae e a ia?aii neo/aa, aeaeaao
ia?aiia/aeueiue aciin ca oiaa?. Ii iiaeiaiay noaia ia i/aiue oaeiaia
aeey iieoiaoaeae e eeaea?u iio?aaeoaeueneiai e?aaeeoiaaiey ?O (iai?eia?,
Oioi E?aaeeo yiae Oeiain Aaie e aaie ?onneee Noaiaea?o) i?aaeeaaatho
naiei eeeaioai iieo/eoue oiaa? n?aco iinea ioi?ieaiey e?aaeeoa e iieaou
ia?aiia/aeueiiai aciina iaiin?aaenoaaiii ia ianoa i?iaeaaee.

Eae oi?aiaia i?aaei?eyoea iieo/aao aeaiueae ca oiaa?? Aeey oiai /oiau
aaie ia?a/eneee aeaiueae ia n/ao iaaaceia, aio ioaeii iai?aaeoue
niaoeeaeueioth oi?io. A iae io?aaeatho eioi?iaoeeth i oe?ia, oiaa?a,
iieoiaoaea e ia iieaoa ei iieoiee. *ai auno?aa oe?ia ioi?aaeo yoio
aeieoiaio, oai auno?aa oiaa? aoaeao iiea/ai.

Yoio niinia oi?aiaee a e?aaeeo iicaieyao oi?aiaiio i?aaei?eyoeth
iaeiia?aiaiii “oaeoue aeaoo caeoeaa”. Ai-ia?auo, iii i?aeoe/anee n?aco
iieo/aao ana aeaiueae ca i?iaeaiiue oiaa?. A ai aoi?uo – ia?aaeaao aaieo
?enee iaieaoaaeae. I?aaaea, e caeanue anoue naie ieion aeey i?iaeaaoea.
Ia iieoiaoaeae, eioi?ua i?eia?aoatho oiaa?u a e?aaeeo, ?ani?ino?aiyaony
Caeii io 7 oaa?aey 1992 a. ? 2300-1 “I caueoa i?aa iio?aaeoaeae”. Iinaio
a ii?aaeaeaiiuo yoei caeiiii neo/ayo iie ai?aaa aa?iooue oiaa?u ia?aoii
a iaaacei, a oe?ia aeieaeia ioaeaoue aeaiueae. Eiaiii ooo i?iaeaaoea e
iiaenoa?aaaao iianiinoue: i?eia?aoaiiua oiaa?u iiaoo auoue a caeiaa o
aaiea. A yoie neooaoeee anoue aieueoay aa?iyoiinoue oiai, /oi ieaoeoue
ca e?aaeeo i?eaeaony oi?aiaie oe?ia.

Anoanoaaiii, ca oneoae aaiea i?aaei?eyoeyi ?icie/iie oi?aiaee i?eaeaony
caieaoeoue eiienneth (a n?aaeiai – io 2 aei 4% io noiiu e?aaeeoa).

E e?aaeeoiui o/?aaeaeaieyi iaaaieianeiai oeia, i?aaeinoaaeythuei
iio?aaeoaeueneea e?aaeeou iiaeii ioianoe eiiaa?aeu, no?ieoaeueiua
iauanoaa, iaineiiiua oiiaeu, eannu acaeiiiiiiue e o.i. Oioy /aua anaai
yoe o/?aaeaeaiey iia?e?otho n?aaenoaaie, iieo/aiiuie ii aaieianeei
nnoaeai.

A iineaaeiaa a?aiy an? aieueoa e?oiiuo i?aaei?eyoee a ?innee auaeatho
naiei nio?oaeieeai iio?aaeoaeueneea nnoaeu. Iiaeiaiia e?aaeeoiaaiea
aiciiaeii, eae ca n/ao nianoaaiiuo n?aaenoa i?aaei?eyoey –
?aaioiaeaoaey, oae e /a?ac aaie, eeeaioii eioi?iai yoi i?aaei?eyoea
yaeyaony. A iineaaeiai neo/aa aaie i?aaeinoaaeyao e?aaeeoiua n?aaenoaa
nio?oaeieeai i?aaei?eyoee e i?aaiecaoeee iiae ii?o/eoaeuenoai aeaiiuo
i?aaei?eyoee. Oaeea e?aaeeou i?eiyoi iacuaaoue ei?ii?aoeaiuie. Iai?eia?,
Aaci?iiaaie i?aaeeaaaao nio?oaeieeai naieo eeeaioia – th?eaee/aneeo eeoe
ei?ii?aoeaiue e?aaeeo ia neaaeothueo oneiaeyo: ia n?ie aei aiaea nnoaea
auaea?ony a eiino?aiiie aaethoa (aeieea?ao NOA eee Aa?i) iiae 11%
aiaeiauo, ia n?ie aei 2-o eao – iiae 12%. Oaeaea ei?ii?aoeaiue e?aaeeo
iiaeii acyoue e a Naa?aaiea, anee oece/aneia eeoei yaeyaony ?aaioieeii
i?aaiecaoeee – eeeaioa Naa?aaiea ?innee, i?e oneiaee caeeth/aiey iaaeaeo
aaieii e niioaaonoaothuae i?aaiecaoeeae aeiaiai?a i nio?oaeie/anoaa.
Naa?aaie i?aaeinoaaeyao e?aaeeo ia n?ie aei 5 eao. Iaeneiaeueiay noiia
e?aaeeoa ia iiaeao i?aauoaoue 40 oun. aeieea?ia NOA eee ?oaeaaiai
yeaeaaeaioa yoie noiiu. A eneeth/eoaeueiuo neo/ayo (ii oiaeaoaenoao
niioaaonoaothuaai i?aaia oi?aaeaiey i?aaei?eyoey) noiia e?aaeeoa iiaeao
auoue oaaee/aia aei 100 oun. aeieea?ia NOA. A neo/aa i?aaeinoaaeaiey
e?aaeeoa ia n?ie io 3 aei 5 eao – aeiiieieoaeueii e oeacaiiiio
iaania/aieth a iaycaoaeueiii ii?yaeea i?eieiaaony caeia eeeaeaeiiai
eiouanoaa, iie?uaathuee ia iaiaa 40% iaycaoaeuenoa caaiueea ii
e?aaeeoiiio aeiaiai?o ia aeaoo aai caeeth/aiey. I?ioeaioiua noaaee
eieaaethony io 10 aei 18% aiaeiauo a caaeneiinoe io n?iea e?aaeeoa e
aaethou.

Eiiia?/aneea aaiee aioiau i?aaeinoaaeoue caeiu ia oieueei ia iieoieo
oiaa?ia, ii e ia iieaoo oneoa. Ioiaoei, noi iaeia ec ?aciiaeaeiinoae
iiaeiaiiai e?aaeeoiaaiey – ia?aciaaoaeueiua e?aaeeou aoaeao
?anniao?eaaoueny a ioaeaeueiie aeaaa.

Iai?eia?, IAeI-Aaie i?aaeeaaaao naiei eeeaioai iieaoeoue oneoae
Einoeoooa Aeieiae/aneie Iaaeeoeeiu a e?aaeeo. Nnoaea aei 10000 aeieea?ia
NOA i?aaeinoaaeyaony ia n?ie aei aiaea iiae 20% aiaeiauo aac eaeiai-eeai
iaania/aiey. Oieaoa i?ioeaioia i?iecaiaeeony aaeaiany/ii, iiaaoaiea
iniiaiiai aeieaa — a eiioea n?iea.

“Ioaeuo a e?aaeeo!” – ii iiaieth iaeioi?uo yenia?oia, eiaiii yoio eicoia
aoaeao ano?a/aoueny ia?aaia n iacaaieyie iiioey?iuo eo?i?oia a
oo?enoe/aneeo i?iniaeoao i?eaeeaeathuaainy eaoiaai naciia. Aaie Ninueaoa
AEaia?aeue Ainoie oaea nae/an i?aaeinoaaeyao e?aaeeou ia ioaeuo aieaa
/ai a 60 no?aiao ie?a io oo?enoe/aneeo eiiiaiee-ia?oia?ia (Elance, VKO
Club, KMP Group). E?aaeeo n?ieii aei 3-o eao i?aaeinoaaeyaony ia noiio
io 1000 aei 10000 aeieea?ia iiae 13% aiaeiauo aac caeiaa,
ii?o/eoaeuenoaa e ia?aiia/aeueiiai aciina. Eioa?anii, /oi noiia e?aaeeoa
iiaeao i?aauoaoue noieiinoue ioo?aee, /oi iicaieeo ainiieueciaaoueny
n?aaenoaaie ia ee/iua ?anoiaeu ai a?aiy iooaoanoaey.

Ana auoaia?a/eneaiiua e?aaeeou i?aaeinoaaeythony aaieaie a ?aieao
ia?oia?neeo i?ia?aii. E eiatho ?yae iainii?eiuo i?aeiouanoa ia?aae
iaoeaeaaui e?aaeeoiaaieai ia iaioeiaeiua ioaeaeu. Eae i?aaeei, oaeea
caeiu aeathony aac iaania/aiey e caeiaa, ia eueaioiuo oneiaeyo eee ii
eueaioiie nenoaia iiaaoaiey e?aaeeoa e ioi?ieythony a ioena eiiiaiee,
i?aaeinoaaeythuae oneoao a e?ao/aeoea n?iee.

Naa?aaie – eeaea? e ieiia? e?aaeeoiaaiey oece/aneeo eeoe – i?aaeeaaaao
iaiau/iua niaoeeaeueiua i?ia?aiiu.

Iaineiiiue e?aaeeo: aeaaiia ioee/ea io ae?oaeo e?aaeeoia ia oeaee
ee/iiai iio?aaeaiey – yoi aic?ano ca?iueeia. Iieo/eoue e?aaeeo iiaoo
a?aaeaeaia, ioi?ieaoea iaineth ii aic?anoo (55 eao – aeey aeaiuei, 60
eao – aeey ioae/ei), ii i?iaeieaeathuea ?aaioaoue. Iaycaoaeueiui
oneiaeai yaeyaony iiaaoaiea e?aaeeoa aei eniieiaiey caaiueeo 75 eao.
N?ie e?aaeeoiaaiey – ia aieaa 2-o eao, i?ioeaioiay noaaea – 18%.

I?ia?aiia “Ia?iaeiue oaeaoii”: e?aaeeo auaea?ony ia iieaoo iiaeeeth/aiey
e/eee aeinooia e naoyi nayce (nioiaay ?aaeeioaeaoiiiay naycue: naoue
EIOA?IAO, yeaeo?inaycue: oaeaoiiiay, oaeaa?aoiay e ae?.), a oaeaea ia
iieoieo e onoaiiaeo iaiaoiaeeiiai aeey iiaeeeth/aiey iai?oaeiaaiey ia
n?ie aei 5 eao iiae 19% aiaeiauo.

Niaoeeaeueiua i?ia?aiiu Naa?aaiea i?ecaaiu iaeaa/eoue iieo/aiea
e?aaeeoia ioaeaeueiui eaoaai?eyi a?aaeaeai (iaineiia?ai, iieiae?aee,
iieiaeui naiueyi), a oaeaea iieaoeoue oiaa?u e oneoae, iieuecothueany
oe?ieie iiioey?iinoueth n?aaee ianaeaiey.

Ii iaania/aieth e?aaeeou iiaoo auoue iaania/aiiuie e iaiaania/aiiuie.
Iiae iaania/aieai neaaeoao iiieiaoue caeia, ii?o/eoaeuenoai, eiua
aa?aioee eee no?aoiaaiea. *anoi aaie, /oiau nieceoue naie ?ene io
auaea/e nnoaeu, o?aaoao iaania/aiey, iai?eia?, caeiaii eiouanoaa,
ii?o/eoaeuenoaii noi?oaa e no?aoiaaieai aeecie ca?iueea e aai
o?oaeiniiniaiinoe. *ai aieaa iaania/ai e?aaeeo, oai ioioiaa aai auaeano
aaie.

Aieueoeinoai auaeaaaaiuo a ?innee e?aaeeoia – n ?ann?i/eie ieaoaaea.
Nnoaeu n ?ann?i/eie ieaoaaea aeaeyony ia: nnoaeu n ?aaiiia?iui
ia?eiaee/aneei iiaaoaieai (aaeaiany/ii, aaeaeaa?oaeueii, aaeaaiaeii),
nnoaeu n ia?aaiiia?iui ia?eiaee/aneei iiaaoaieai. A iineaaeiai neo/aa
noiia ieaoaaea a iiaaoaiea nnoaeu iaiyaony a caaeneiinoe io ca?aiaa
iaiai?aiiuo a aeiaiai?a oaeoi?ia. E e?aaeeoai n ?aciaui iiaaoaieai
ioiinyony oaeouea n/aoa, ioe?uaaaiua iieoiaoaeai ia n?ie 1-1,5 ianyoea a
oieaa?iaaao e ae?oaeo i?aaei?eyoeyo ?icie/iie oi?aiaee; a i?aaeaeao
i?aaeinoaaeaiiuo e?aaeeoia iie iieoiatho oiaa?u e, ii enoa/aiee
onoaiiaeaiiiai n?iea, aaeeiia?aiaiii iiaaoatho naith caaeieaeaiiinoue.
Iio?aaeoaeueneee e?aaeeo n ?aciaui iiaaoaieai aeeth/aao oaeaea e?aaeeou
a aeaea ion?i/ee ieaoaaea (ca oneoae eiiioiaeueiuo i?aaei?eyoee, a?a/ae
e iaaeeoeeineeo o/?aaeaeaiee).

I?ioeaiou ca iieueciaaiea nnoaeie, eae aeaeii ec ?en.3, iiaoo aceiaoueny
?acee/iuie niiniaaie. Eae i?aaeei, i?aiaeaaeatho nnoaeu n oieaoie
i?ioeaioia ?aaiuie aciinaie ia i?ioyaeaiee anaai n?iea iieueciaaiey, oae
eae iiaeiaiua nnoaeu iaiaa ia?aiaieoaeueiu aeey ca?iueea.

Eco/ea iauea e oai?aoe/aneea aii?inu, ia?aeae?i e ninoiyieth
nia?aiaiiiai ?uiea iio?aaeoaeueneiai e?aaeeoiaaiey a ?inneeneie
Oaaea?aoeee. A I?eeiaeaiee 3 i?aaenoaaeaiu e?aaeeoiua oneoae e?oiiaeoeo
aaieia – eeaea?ia iio?aaeoaeueneiai e?aaeeoiaaiey. A oaaeeoea
i?aaenoaaeaiu a ia?aoth i/a?aaeue yeni?ann-e?aaeeou. Anee aeaiueae
o?aaothony iaaieueoea (aei 50 oun. ?oa.) e iao aiciiaeiinoe aeaeaoue, oi
?aoeeiiaeueiaa a?aoue eiaiii yeni?ann-e?aaeeo. Aai ianiiiaiiia
aeinoieinoai – nei?inoue i?aaeinoaaeaiey e eaaeinoue iieo/aiey.
Aeinoaoi/ii i?aaeuyaeoue ianii?o e aua iaeii oaeinoiaa?aiea ee/iinoe e
caiieieoue aieaoo a ioena aaiea eee a iaaaceia o aai i?aaenoaaeoaey. Any
i?ioeaaeo?a caeiao ia aieaa /ana.

Ii ca nyeiiiieaiiia a?aiy e o?oaeiaua oneeey i?eaeaony caieaoeoue –
yeni?ann-e?aaeeou yaeythony naiuie aei?iaeie. I?e/eia i?inoa: aieaa
aunieay i?ioeaioiay noaaea eiiiaine?oao aic?inoee ?ene aaiea (e?aaeeo
auaeaaony aac ii?o/eoaeae e aac caeiaa). I?e/ai yeni?ann-e?aaeeou
ioee/athony cia/eoaeueiie ?acieoeae iaaeaeo aeaeea?e?oaiuie i?ioeaioiuie
noaaeaie e ?aaeueiuie (yooaeoeaiuie) noaaeaie. ?aaeueiay noaaea –
i?ioeaio aiaeiauo, eioi?ue oaeoe/anee iu auiea/eaaai ca i?aaeinoaaeaiea
e?aaeeoa.

Aeaeea?e?oaiua noaaee i?eia?ii iaeeiaeiau o anao aaieia e ninoaaeytho io
24% aiaeiauo. Aunieea yooaeoeaiua noaaee ia yeni?ann-e?aaeeou ia
noaiaea?oiuo oneiaeyo o aaieia ?onneee Noaiaea?o e Home Credit. Iaeaieaa
auaiaeiua iaoeaeaaua yeni?ann-e?aaeeou n?ieii aei aeaoo eao i?aaeeaaaao,
ii iiei iaaethaeaieyi, Aaie Iineau. Yooaeoeaiay noaaea ii iei
ninoaaeyao aei 23,7% (a caaeneiinoe io n?iea) i?e aeaeea?e?oaiie 21%.

Caeiiiia?iue aii?in: “Eae aeaeea?e?oaiua 10 – 20% aiaeiauo ii e?aaeeoo
i?aa?auathony a 50%?”. Ioaao e?iaony a “ni?yoaiiuo” io aaaeiai acaeyaea
auieaoao – eiienneyo e ae?oaeo ieaoaaeao, eioi?ua e aaaeoo e ?inoo
?aaeueiie noieiinoe e?aaeeoa. Naiue “aei?iaie” aa?eaio – aaeaiany/iua
eiiennee. Eiaiii eo aeoeaii eniieuecotho aaiee a yeni?ann-e?aaeeoiaaiee.
Ii/aio iacaiaoiua ia ia?aue acaeyae ieaoaaee (io 0,5% aei 2% a ianyoe)
i?eaiaeyo e na?ueaciiio oaei?iaeaieth anaai e?aaeeoa? Ai-ia?auo, aaiee
aceiatho aaeaiany/iua eiiennee a i?ioeaioao io ia?aiia/aeueiie noiiu
e?aaeeoa. A ?acoeueoaoa ?acia? eiiennee ia oiaiueoaaony ii ia?a
iiaaoaiey e?aaeeoa. I?e naiii yeaiaioa?iii iiaen/aoa aaeaiany/iua 2%
i?aa?auathony a 24% ia?aieaou a aiae. Ca aanue n?ie noiia eiiennee
iiaeao i?aauneoue aeaaea i?ioeaiou ii e?aaeeoo.

Aoi?ay iiioey?iay eiienney – aaeeiia?aiaiiay ca ioi?ieaiea e?aaeeoa. Aa
?acia? aa?uee?oaony io 1 aei 5% io noiiu e?aaeeoa.

O?aouea ianoi caieiatho eiiennee ca aeaiaaeiue ia?aaiae. Oae, i?e
iiaaoaiee e?aaeeoia a aaieao ?onneee noaiaea?o e Home Credit iaiaoiaeeii
caieaoeoue eiienneth ca aeaiaaeiue ia?aaiae aei 1% io ia?aaiaeeiie noiiu
a caaeneiinoe io ianoa niaa?oaiey ieaoaaea.

Oaeei ia?acii, i?e auai?a e?aaeeoa iaaei auoue inoi?iaeiui e no?aieoueny
iieo/eoue ia oieueei ieceee aiaeiaie i?ioeaio ii e?aaeeoo, ii e
i?eaieaiua eiiennee. Eia/a iai?eyoiuo nth?i?ecia ia ecaaaeaoue.

I?e aeaeaiee iieo/eoue nnoaeo ia 50 e aieaa ouny/ ?oaeae noieo ia?aoeoue
aieiaiea ia iau/iua iio?aaeoaeueneea e?aaeeou. Iaeiaei a?aiaie e oneeee
ia iieo/aiea e?aaeeoa i?eaeaony iio?aoeoue aieueoa. Eae i?aaeei, oaeea
e?aaeeou ioi?ieythony a aaiea, ia i?eiyoea ?aoaiey oeae?o ia 15-45 iei
(eae i?e yeni?ann-e?aaeeoa), a aei 7 – 10 aeiae. E?iia oiai, e?aaeeoi?
nei?aa anaai iio?aaoao iaania/aiea e?aaeeoa. Ii e noaaee ii i?inoui
iio?aaeoaeueneei e?aaeeoai ieaea. I?e yeni?ann-e?aaeeoiaaiee noaaea ii
ii?aaeaeaieth ia iiaeao auoue ieceie. O aaiea iao aiciiaeiinoe
ouaoaeueii i?iaa?eoue ieaoaaeaniiniaiinoue e aeia?iniaanoiinoue eeeaioa
ca 15 – 40 ieioo. Iiyoiio iiauoaiiue ?ene caeeaaeuaaaony a i?ioeaioioth
noaaeo. Naa?aaie, iai?eia?, i?eaea?aeeaaaony eiuo i?eioeeiia, acaaoaiii
iiaeoiaey e ioeaiea ieaoaaeaniiniaiinoe eaaeaeiai eeeaioa.
Niioaaonoaaiii e noaaee ii e?aaeeoai nouanoaaiii ieaea – io 11,5 aei 20%
aiaeiauo.

Aua iaeia iaiaeiaaaeiay aeaoaeue – iaeioi?ua aaiee (iai?eia?, Naa?aaie,
Aiaooi?aaaie) onoaiaaeeaatho ?aciua i?ioeaioiua noaaee a caaeneiinoe io
noiiu e?aaeeoa e n?iea. Eae i?aaeei, /ai aieueoa n?ie, oai auoa
i?ioeaioiay noaaea. E?iia yoiai, i?ioeaioiay noaaea caaeneo e io
aaethou, a eioi?ie aa??ony nnoaea. I?ioeaioiua noaaee ii ?oaeaaui
e?aaeeoai iau/ii auoa, /ai ii nnoaeai a eiino?aiiie aaethoa. I?eia?:
aaie Ia?aia I.A.E. i?aaeinoaaeyao iio?aaeoaeueneee e?aaeeo a ?oaeyo iiae
24% aiaeiauo, a, anee nnoaea aa??ony a aeieea?ao NOA eee Aa?i, oi
i?ioeaioiay noaaea nieaeaaony aei 15% a aiae.

Aaiee eniieuecotho iau/ii aeaa nenoaiu iiaaoaiey e?aaeeoa: noaiaea?oioth
e aiioeoaoioth. I?e noaiaea?oiie noaia iniiaiie aeiea aeaeeony ia ?aaiua
aeiee (iai?eia?, ia 12 i?e e?aaeeoa ia aiae), a i?ioeaio ia/eneyaony ia
inoaoie noiiu e?aaeeoa. Oaeei ia?acii, i?ioeaioiua ieaoaaee
oiaiueoathony eaaeaeue ianyoe ii ia?a iiaaoaiey iniiaiiai aeieaa.
Ae?oaay neooaoeey o aiioeoaoiie noaiu. Caeanue ?aaiuie ieaoaaeaie
auiea/eaaaony noiia e?aaeeoa aianoa n i?ioeaioaie. I?e yoii noiia
i?ioeaioia e iniiaiiai aeieaa iaiyaony aioo?e aaeaiany/iiai ieaoaaea.
Iieo/aaony, aein?i/ii auaiaeii iiaaoaoue e?aaeeo, anee i?ioeaiou
ia/eneythony ia inoaoie noiiu e?aaeeoa. Iaauaiaeii aein?i/ii iiaaoaoue
e?aaeeou, ii eioi?ui i?ioeaiou ia ia?an/eouaathony.

Iaiaoiaeeii ia?aoeoue aieiaiea, /oi ?yae aaieia iaiaa?eaatho iniaua
oneiaey aein?i/iiai iiaaoaiey e aeaaea aaiaeyo oo?aoiua naieoeee.
Iai?eia?, IAeI-Aaie o?aaoao ia?aua o?e ianyoea iiaaoaoue e?aaeeo ii
a?aoeeo e oieueei iioii caieaoeoue inoaaoothny noiio. Ai Aiaooi?aaaiea
aein?i/ii auieaoeoue e?aaeeo iiaeii ii enoa/aiee iieoaiaea. Ii
aaeeiia?aiaiiiio e?aaeeoo Naa?aaiea ia?aua oanoue ianyoeaa
auiea/eaathony oieueei i?ioeaiou, a n naaeueiiai ianyoea iiaeii
ia/eiaoue iiaaoaoue iniiaiie aeiea ethauie aeieyie. Anee au ?aoaaoa
aein?i/ii iiaaneoue e?aaeeo eee aai /anoue a oa/aiea oanoe ianyoeaa n
iiiaioa aai auaea/e, oi iaaei auoue ii?aeueii aioiaui aianoe ieaoo ca
aein?i/iia iiaaoaiea e?aaeeoa a ?acia?a 3% io noiiu ieaoaaea,
i?aauoathuae noiio i?ioeaioia ca iieueciaaiea e?aaeeoii. ?onneee
Noaiaea?o, Home Credit i?e aein?i/iii iiaaoaiee aceiaao eiienneth a
?acia?a 1,9%.

A eiioea 2004 aiaea ?uiie iio?aaeoaeueneiai e?aaeeoiaaiey iio?yn
neaiaeae: Oaaea?aeueiay aioeiiiiiieueiay neoaeaa (OAN) i?aaeuyaeea
i?aoaicee aaieo ?onneee Noaiaea?o (3-a ianoi ia ?uiea e?aaeeoiaaiey
oece/aneeo eeoe). Eco/ea oneiaey e?aaeeoiaaiey i?eia?ii a 100 aaieao,
OAN iaia?oaeeea, /oi ?aaeueiua noaaee ieacaeenue cia/eoaeueii auoa
iauyaeaiiuo. I?e/eiu yoiai oaea iienaiu a eo?niaie ?aaioa auoa.
Enneaaeiaaiea Eiioaaea?aoeee iauanoa iio?aaeoaeae (EiioII), eioi?ia auei
i?iaaaeaii inaiueth 2004 aiaea, iiaeoaa?aeeei, /oi a Naa?aaiea,
iai?eia?, aeaeea?e?oaiay noaaea ii e?aaeeoo ninoaaeyao 19%, a
yooaeoeaiay (aeeth/athuay i?ioeaioiua noaaee, eiiennee e i?i/ea
ieaoaaee) – 25%, a aaiea ?onneee Noaiaea?o yooaeoeaiay noaaea ninoaaeyao
66%, /oi ia 37% aieueoa iauyaeaiiie.

I?aoaicee e aaieo ?onneee Noaiaea?o caeeth/aeenue a neaaeothuai: eeeaiou
aaiea aeaeiaaeenue ia oi, /oi a e?aaeeoiii niaeaoaiee ia auei oeacaii,
/oi eiienney ca ianeoaeeaaiea e?aaeeoa a 1,9% io noiiu aa?aony
aaeaiany/ii. E?iia oiai, a oaenoa eioi?iaoeeiiiiai ienueia, eioi?ia
i?eeaaaeinue e e?aaeeoiie ea?oa, auei oeacaii, /oi oa aea eiienney a
1,9% aa?aony a oa/aiea ?an/aoiiai ia?eiaea, ii ia ooi/iyeinue, /aio yoio
ia?eiae ?aaai. Aaie ?onneee Noaiaea?o cayaee, /oi eciaieo aeiaiai?
e?aaeeoiaaiey: oaia?ue a iai aoaeao oeacaii, /oi eiienney a 1,9% –
aaeaiany/iay. Aaie auiieiee nai? iaauaiea – aeaei auei i?ae?auaii.
Iioiaeea iaaeiaiey i?aaeuyaeaiu e ?yaeo ?aaeiiaeueiuo aaieia.

16 ia?oa 2005 aiaea Eiioaaea?aoeey iauanoa iio?aaeoaeae (EiioII) cayaeea
i aioiaiinoe iioaeeeiaaoue ia?a/aiue aaieia, a eioi?ua eeeaioai ia
neaaeoao ia?auaoueny. Oaeei niiniaii EiioII niae?aaony aanoe ai?ueao n
aaiee?aie, eioi?ua aaiaeyo ?inneyi a caaeoaeaeaiea, ne?uaay io ieo
enoeiiua ?acia?u ieaoaaeae ii iio?aaeoaeueneei e?aaeeoai.

?aaeueiua noaaee ii iio?aaeoaeueneei e?aaeeoai ociaoue “n ii?iaa”
iaeuecy i?aeoe/anee ie a iaeiii aaiea. Noaia iaeeiaeiaa: a ?aeeaia
oeacuaaaony noaaea a 10–12%, a a aeaenoaeoaeueiinoe n o/aoii any/aneeo
iai?ioeaioiuo ieaoaaeae i?eoiaeeony ieaoeoue aaeaia, a oi e ao?ia
aieueoa. Yoie ii?i/iie i?aeoeeie caeioa?aniaaeanue nia/aea Oaaea?aeueiay
aioeiiiiiieueiay neoaeaa (OAN), a iioii e Oeaio?iaaie. A eoiaa a ia?oa
OAN iioaeeeiaaea noaiaea?ou ?ane?uoey eioi?iaoeee i?e i?aaeinoaaeaiee
iio?aaeoaeueneeo e?aaeeoia. Aaie iaycai: eioi?ie?iaaoue eeeaioa i
i?ioeaioiie noaaea, aaeeiia?aiaiiie eiiennee, i ieaoaaeao, aceiaaiuo
iaiaeiie?aoii, ia oneiaeyo aein?i/iiai iiaaoaiey e?aaeeoa, oo?aoiuo
naieoeeyo e oa?eoao ii ianeoaeeaaieth aaieianeeo ea?o. Oaia?ue yoe
?aeiiaiaeaoeee a oa/aiea ianyoea (aei eiioea ai?aey) aeieaeai
ooaa?aeeoue Oeaio?iaaie.

Ii iiaieth yenia?oia, e yoi ia ?aoeo i?iaeaio. Aeaei a oii, /oi ieeaeeo
oo?aoiuo naieoeee aeey aaiee?ia ia i?aaeoniio?aii. Iiieiay yoi,
?oeiaiaenoai EiioII au?aaioaea iaoaieci, eioi?ue iiaeao canoaaeoue
aaiee?ia iieoe iaano?a/o eeeaioai. I?aaenaaeaoaeue i?aaeaiey
eiioaaea?aoeee Aeieo?ee ssiei niiauee, /oi iauaaeeiaiea aoaeao niiauaoue
iio?aaeoaeyi, a eaeeo aaieao e?aaeeou a?aoue naaa aei?iaea.

“A noaeaaiii ii?yaeea inia?eaaoue noaiu, eioi?ua eniieuecothony ?yaeii
aaieia, iaaiciiaeii, – iiyniee a-i ssiei. – Ii iu iiaeai aiai?eoue i
oii, aaea eiie?aoii ia noieo a?aoue e?aaeeou, iioiio /oi iie ia naiii
aeaea noiyo aei?iaea”. ?aaeueii ia ?uiea iio?aaeoaeueneeo e?aaeeoia a
?innee ?aaioaao ia aieueoa noa aaieia, iniiaiie aea aai naaiaio
eiio?iee?oaony anaai 20 e?aaeeoiuie o/?aaeaeaieyie. Ii neiaai
?oeiaiaeeoaey EiioII, iniai a?aoao nie?uoeai enoeiiuo ieaoaaeae
/aou?a-iyoue aaieia. Iacuaaoue eo ioe?uoi ii n/eoaao iiea
i?aaeaeaa?aiaiiui, iaaeaynue aeey ia/aea iiaeeyoue ia aaiee?ia /a?ac eo
i?ioanneiiaeueiua niiauanoaa.

Eiia/ii, ?innee iiea ia oaaoaao io?aaioaiiie e iieiie caeiiiaeaoaeueiie
aacu, caueuathuae ca?iueeia. Yenia?o Einoeoooa ioe?uoie yeiiiieee
Aeaenae Aocaeaeei cayaee: “Ai anao oeeaeeeciaaiiuo no?aiao oaea aeaaii
caeiiu o?aaotho io aaieia /aoei oeacuaaoue ana ieaoaaee, eioi?ua iaaei
aoaeao aiineoue”. E, noaey ii nei?inoe e oaiiai ?acaeoey ?uiea
iio?aaeoaeueneiai e?aaeeoiaaiey, caeiiu yoe aeieaeiu aaoue ?ac?aaioaiu a
iaoae no?aia eae iiaeii auno?aa.

Iiea aea yenia?ou ?aeiiaiaeotho iioaioeeaeueiui ca?iueeai ioiaoeoue 8
aii?inia, eioi?ua iieacii caaeaoue e?aaeeoiiio yenia?oo a iaaaceia e
aaiea:

1. Eaeiaa i?ioeaioiay noaaea ca e?aaeeo e nenoaia ia/eneaiey i?ioeaioia?

2. Aoaeoo ee aceiaoueny aeiiieieoaeueiua eiiennee ca ioe?uoea n/aoa,
aaaeaiea n/aoa, ?anniio?aiea aeieoiaioia? Eaeia eo ?acia? e nenoaia
ia/eneaiey?

3. Eae iiaaoaoue e?aaeeo: a ioenao aaiea, ii/oiaui ia?aaiaeii, /a?ac
aaieiiao?

4. Eaeay noaia iiaaoaiey e?aaeeoa – aiioeoaoiay (aaeaiany/ii ?aaiua
ieaoaaee), eee ?aaiuie aeieyie (i?ioeaioiua ieaoaaee oiaiueoathony ii
ia?a iiaaoaiey e?aaeeoa)?

5. E?aaeeo auaeaaony iaee/iuie eee ia?a/eneyaony ia ieanoeeiaoth ea?oo?

6. Anee e?aaeeo ia?a/eneyaony ia ea?oo, oi eaeay eiienney ca auione
ea?ou, ca niyoea aeaiaa a aaieiiaoao e i?e iieaoa iieoiie ii ea?oa?

7. Anoue ee iniaua oneiaey aeey aein?i/iiai iiaaoaiey e?aaeeoa?

8. Neieueei ninoaaeo ?aaeueiay “ia?aieaoa” ca e?aaeeo (yoa noiia, eae
i?aaeei, ia ?aaia i?ioeaioiie noaaea ca e?aaeeo)?

4. Eiioa/iia e?aaeeoiaaiea.

Eiioa/iue e?aaeeo – yoi e?aaeeo (caai), i?aaeinoaaeaiiue aeey
i?eia?aoaiey iaaeaeaeeiinoe iiae caeia aeaiiie iaaeaeaeeiinoe a ea/anoaa
iaania/aiey iaycaoaeuenoaa.

Ii aeiaiai?o ia eiioaea iiaeao auoue caeiaeaii neaaeothuaa iaaeaeaeeiia
eiouanoai:

– caiaeueiua o/anoee;

– i?aaei?eyoey, a oaeaea caeaiey, nii?oaeaiey e eiia iaaeaeaeeiia
eiouanoai, eniieuecoaiia a i?aaei?eieiaoaeueneie aeayoaeueiinoe;

– aeeeua aeiia, eaa?oe?u e /anoe aeeeuo aeiiia e eaa?oe?;

– aea/e, naaeiaua aeiia, aa?aaee e ae?oaea no?iaiey iio?aaeoaeueneiai
iacia/aiey;

– aicaeooiua e ii?neea noaea, noaea aioo?aiiaai ieaaaiey e einie/aneea
iauaeou.

Eiioa/iia aeeeeuiia e?aaeeoiaaiea, eae ninoaaiay /anoue eiioa/iiai
aeciana, yaeaiea aeey ?innee aeinoaoi/ii iiaia. E, eae ethaia
iiaiaaaaeaiea, eiioa/iia e?aaeeoiaaiea noieeioeinue n ?yaeii i?iaeai.
Aio eeoue iaeioi?ua ec ieo:

1. Ionoonoaea ?yaea iaiaoiaeeiuo caeiiiaeaoaeueiuo aeoia;

2. Ionoonoaea aaeeiie eiiiuethoa?iie neoaeau ?aaeno?aoeee iauaeoia
iaaeaeaeeiinoe e naeaeie n ieie;

3. ?aciiaeaney ?acee/iuo yenia?oia a i?eioeeiao oi?ie?iaaiey eiioa/iiai
?uiea;

4. Iaaeinoaoi/iia eiee/anoai niaoeeaeenoia eiioa/iiai aeciana;

5. Iaaeiaa?ea ianaeaiey e aeieain?i/iui e?aaeeoiui i?ia?aiiai:

6. Io e i?inoi aunieea noaaee ii e?aaeeoai.

Ii ioeaieai yenia?oia a no?aia aeaenoaoao aei aeaoo aeanyoeia eiioa/iuo
iiaeaeae. A aieueoeinoaa naiai yoi naycaii n oai, /oi a ?aaeiiao
ii-naiaio iiaeoiaeyo e ?aoaieth aeeeeuiie i?iaeaiu e ?acaeoeth
eiioa/iiai e?aaeeoiaaiey. Iiyoiio iiyaeythony, oae iacuaaaiua eiioa/iua
i?ia?aiiu, a iniiaa eioi?uo eaaeeo athaeaeaoiia oeiaine?iaaiea. Yoi,
aaconeiaii, naea?aeeaaao iinooiaoaeueiia ?acaeoea “eeanne/aneie
eiioaee”. Oaeouaa ninoiyiea i/aiue oi/ii ioa?aeoa?eciaae Aeeoi?
Ieanea/aaneee (i?aaenaaeaoaeue Eiieoaoa Ainaeoiu ?O ii no?ieoaeuenoao):
“Oi, /oi nouanoaoao ia naaiaeiyoiee aeaiue, – yoi anaai eeoue iaeao. E
niaeaeaieth, eiioaea, eioi?ay ‘neaeeo’ ia athaeaeaoiie eee ia
ei?ii?aoeaiie eaea ninoaaeyao aei 90% anae eiioaee ii no?aia. Noieo
oieueei eaeo auaea?iooue, e iia any ?annuieaony.” Iauyniaiea oaeiai
aunieiai aieiaiey ainoaea?noaa e eiioa/iiio e?aaeeoiaaieth i?inoia – a
NNN? i?iaeaiu iieoiee aeeeuey ia auei, aea e auoue ia iiaei. Eiino?aiiua
aiaeeoeee n/eoatho, /oi i?aaeinoaaeaieai eueaioiuo oneiaee eiioa/iiai
e?aaeeoiaaiey ainoaea?noai iuoaaony niya/eoue ia?aoiae io aanieaoiiai
aeeeuey, i?aaeinoaaeyaoaainy i/a?aaeieeai, e naiaiaeiiio ?uieo
iaaeaeaeeiinoe, naeaeaaoaio iiaua eaa?oe?u niaa?oaiii iaaeinooiiuie aeey
iaeioi?uo eaoaai?ee ?inneyi (a /anoiinoe, aeey iieiaeuo naiae). Oai ia
iaiaa, eiioa/iue aecian iinoaiaiii iaae?aao iai?iou, ?acaeaaynue a
neaaeothueo iai?aaeaieyo:

I. Aeaooo?iaiaaay eee aia?eeaineay iiaeaeue eiioa/iiai e?aaeeoiaaiey
yaeyaony eeanne/aneie eiioa/iie noaiie, oe?iei ?ani?ino?aiaiiie a NOA.
Aa iniaaiiinoueth yaeyaony ?acaeaeaiea aaieia-e?aaeeoi?ia e enoi/ieea
n?aaenoa (yieoaioia eiioa/iuo oeaiiuo aoiaa). Eiioeaioeee aia?eeaineie
iiaeaee ioaeaii i?aaeii/oaiea ia oaaea?aeueiii o?iaia. Aeey ?aaeecaoeee
e ?acaeoey i?ia?aiiu auei nicaeaii “Aaaionoai ii eiioa/iiio aeeeeuiiio
e?aaeeoiaaieth” (AEAEE), a a oaaea?aeueiii athaeaeaoa caeiaeaiu aa?aioee
ii oeaiiui aoiaaai, auioneaaiuo Aaaionoaii.

Iaiiiai ia AEAEE e aai ?aaioa. Aaaionoai ii eiioa/iiio aeeeeuiiio
e?aaeeoiaaieth nicaeaii a 1997 aiaeo ia iniiaaiee iinoaiiaeaiey
i?aaeoaeuenoaa. Aaaionoai yaeyaony ainoaea?noaaiiie no?oeoo?ie, a
caaea/e eioi?ie aoiaeeo nicaeaiea oneiaee aeey ?acaeoey ianniaiai
e?aaeeoiaaiey ia iniiaa aaeeiuo iauaoaaea?aeueiuo noaiaea?oia.

A ianoiyuaa a?aiy ii i?ia?aiia AEAEE ?aaioatho 72 ?aaeiia ?innee, a a
2005 aiaeo iii iaaeaaony caaa?oeoue ioaao aaeeiie nenoaiie
?aoeiaine?iaaiey anao ?aaeiiia no?aiu. Ia naaiaeiyoiee aeaiue aaaionoaii
nicaeaiu aaeeiua noaiaea?ou ?aoeiaine?iaaiey, e 55 ?aaeiiia oaeoe/anee
auoee ia “eiiaaea?ioth” iinoaaeo — auaea/o e i?iaeaaeo AEAEE eiioa/iuo
e?aaeeoia. Iauai aaeaiany/iiai aueoia ninoaaeyao a n?aaeiai ieiei 1,5
oun. caeeaaeiuo.

I?aaeiaoii ?aoeiaine?iaaiey AEAEE a ianoiyuaa a?aiy yaeyaony
noaiaea?oiue e?aaeeo: n?ie io 1 aiaea aei 27 eao; i?ioeaioiay noaaea —
15% aiaeiauo a ?oaeyo; noiia e?aaeeoa — ia aieaa 70% e ia iaiaa 30%
noieiinoe aeeeuey; iaeneiaeueiue ?acia? aaeaiany/iiai ieaoaaea a
iiaaoaiea e?aaeeoa — ia aieaa 50% aeioiaea caaiueea.

Ii ninoiyieth ia 17 ia?oa 2005 aiaea eiee/anoai caeeaaeiuo, a cia/eo,
eiee/anoai naiae, eioi?ua iieo/eee noaiaea?oiue eiioa/iue e?aaeeo,
ninoaaeei 14 788 aaeeieoe (ia noiio 5,7 ie?ae ?oa.). N?aaeiee ?acia?
e?aaeeoa, o/eouaay ?aaeiiaeueiue oa?aeoa? aeayoaeueiinoe AEAEE,
ninoaaeyao 387,8 oun. ?oa., n?aaeiee ?acia? ieaoaaea — 5,6 oun. ?oa. a
ianyoe, n?aaeiyy ieiuaaeue aeeeuey a caeiaa — 51,9 ea. i.

Aeaaea anee enoiaeeoue ec oiai, /oi 30% aeioiaeia eaeao ia iiaaoaiea
e?aaeeoa (oioy ?ac?aoaii e 50%), naaiaeiy naiuey n aeioiaeii i?eia?ii 16
oun. ?oa. (aac iaeiaiiaeiaeaiey) iiaeao iicaieeoue naaa acyoue oaeie
e?aaeeo. A n?aaeiai aeiey aaaionoaa a iauai eiee/anoaa caeiaia
ninoaaeyao 26%.

II. Eae aeueoa?iaoeao “aia?eeaineie” iiaeaee eiioa/iiai e?aaeeoiaaiey, a
?innee iuoathony nicaeaoue nenoaio nnoaei-naa?aaaoaeueiuo eann (NNE) ii
aiaeiaee i?eiyoie a Aa?iaiee. Enoi/ieeii n?aaenoa aeey eiioa/iuo
e?aaeeoia neoaeao oeaeaaua aeaiiceou a niaoeeaeece?iaaiiuo e?aaeeoiuo
i?aaiecaoeeyo. Eannu eiatho aiciiaeiinoue auaeaaaoue e?aaeeou ii noaaeai
ieaea ?uii/iuo, iineieueeo naie i?eaeaeatho n?aaenoaa ii noaaeai ieaea
?uii/iuo. Aeaei a oii, /oi aeeaae/eeaie e caaiueeaie
no?ieoaeueii-naa?aaaoaeueiuo eann yaeythony iaeie e oa aea ethaee –
/eaiu eannu. Ieceay aeioiaeiinoue aeaiiceoa – naiaai ?iaea ieaoa ca
i?aai iieo/eoue eiioa/iue e?aaeeo ii ieceie noaaea.

Aeeaae/ee aa?ao ia naay iaycaoaeuenoai a oa/aiea ii?aaeaeaiiiai a?aiaie
aaeaiany/ii aiineoue oeene?iaaiioth noiio ia oeaeaaie aeaiiceo iiae
i?ioeaioioth noaaeo, aaee/eia eioi?ie nouanoaaiii ieaea n?aaeia?uii/iie.
Iinea ieii/aiey ia?eiaea iaeiieaiey, neiiea i?eaeeceoaeueii iieiaeio
iaiaoiaeeiuo ia iieoieo eaa?oe?u n?aaenoa, ii iieo/aao e?aaeeo ia
aoi?oth iieiaeio n?aaenoa, oaeaea iiae noaaeo aieaa ieceoth, /ai
n?aaeia?uii/iay. N?aaenoaa, i?aaeinoaaeyaiua aeeaae/eeii NNE,
eniieuecothony aeey auaea/e e?aaeeoia aai i?aaeoanoaaiieeai, oaea
caeii/eaoei ia?eiae iaeiieaiey.

A ?innee niaoeeaeece?iaaiiuo e?aaeeoiuo i?aaiecaoeee iiea iao. Eo
caiaiytho i?aaiecaoeee-cano?ieueee. A oa/aiea ia?eiaea iaeiieaiey ana
aciinu eeeaioa ioi?ieythony eae aeieaaia o/anoea a no?ieoaeuenoaa
eiie?aoiiai caeaiey e eiaanoe?othony a no?ieoaeuenoai. Ii aai ieii/aiee
eeeaio iieo/aao eaa?oe?o, auiea/eaay cano?ieueeo inoaaoothny noieiinoue
eaa?oe?u a oa/aiea iaiai?aiiiai ia?eiaea. A neeo ianiaa?oainoaa
caeiiiaeaoaeuenoaa, i/aiue /anoi aicieeaao eiioeeeo eioa?ania iaaeaeo
?eyeoi?aie, cano?ieueeaie e iaeueeaie.

Iineieueeo ?aaeiiaeueiua iiaeaee eiioa/iiai e?aaeeoiaaiey ia/aee
neeaaeuaaoueny aei i?eiyoey iniiaiiieaaathueo ii?iaoeaiuo aeieoiaioia, e
ianoiyuaio a?aiaie a ?innee iaaethaeaaony iiiaiia?acea oi?i aeeeeuiiai
oeiaine?iaaiey, eeoue iaiiiaea ec eioi?uo iniiaaiu ia iaoaiecia
eiioa/iiai e?aaeeoiaaiey. Aieueoeinoai ?aaeiiia i?eaioe?othony ia
nianoaaiiua ia?aaioee, aeaaiui ia?acii i?eaioe?iaaiiua ia eniieueciaaiee
athaeaeaoiuo ?ano?nia. Yoei oi?iiceony i?ioeann ?acaeoey eeanne/aneiai
eiioa/iiai e?aaeeoiaaiey e ia?aie/eaaaony aiciiaeiinoue eniieueciaaiey
i?aeiouanoa aiaathaeaeaoiiai oeiaine?iaaiey, naienoaaiiuo nenoaia
eeanne/aneiai eiioa/iiai e?aaeeoiaaiey. Iaeaieaa iiioey?iua noaiu,
aeaenoaothuea a ?aaeiiao:

– a?aiaea aeeeuey n iineaaeothuei aueoiii;

– nicaeaiea oiiaeia n eniieueciaaieai athaeaeaoiuo n?aaenoa, eioi?ua
caieiathony no?ieoaeuenoaii e i?iaeaaeae a ?ann?i/eo;

– aeioe?iaaiea ianoiuie aeanoyie eiioa/iuo aaaionoa, oai naiui
cia/eoaeueii nieaeay i?ioeaioioth noaaeo, naea?aeeaay aiciiaeiinoe
?aoeiaine?iaaiey e?aaeeoia;

– eiioa/iua eiiiaiee naiinoiyoaeueii i?aaiecotho no?ieoaeuenoai aeeeuey
aeey iioaioeeaeueiuo ca?iueeia, caiueay oaeei ia?acii no?ieoaeuenoai e
nauo aeeeuey iin?aaenoaii eiioa/iiai aeeeeuiiai e?aaeeoiaaiey.

Oai ia iaiaa eiioa/iia e?aaeeoiaaiea ?acaeaaaony an? eioaineaiaa, aeiey
eiioa/iuo aeeeeuiuo e?aaeeoia a iauai iauaia i?aaeinoaaeaiiuo oece/aneei
eeoeai e?aaeeoia ?ano?o, oioy iia au? ia aaeeea – ia 1 yiaa?y 2005 aiaea
ninoaaeyea 1,52%. I oii, eae auno?i ?ano?o iau?i /anoiuo eiioa/iuo
e?aaeeoia iiaeii noaeeoue ii ioeoeeaeueiui aeaiiui OeA ?O:

Oaaeeoea 3.

Naaaeaiey ia eiioa/iuo aeeeeuiuo e?aaeeoao, i?aaeinoaaeaiiuo e?aaeeoiuie
i?aaiecaoeeyie ?inneeneie Oaaea?aoeee oece/aneei eeoeai a 2004 aiaeo
(iei. ?oa.)

?Iaeiaiiaaiea iieacaoaey1.07.041.10.041.01.051I?aaeinoaaeaii e?aaeeoia
oece/aneei eeoeai1 – anaai547 280856 5311 212 8711.1ec ieo:- eiioa/iuo
aeeeeuiuo e?aaeeoia16 34211 63018 4612Aeiey eiioa/iuo aeeeeuiuo
e?aaeeoia a iauai iauaia i?aaeinoaaeaiiuo oece/aneei eeoeai e?aaeeoia,
%1,161,361,523Eiee/anoai e?aaeeoiuo i?aaiecaoeee, i?aaeinoaaeyaoeo
eiioa/iua aeeeeuiua e?aaeeou, aae.1441812184Eiee/anoai noauaeoia
?inneeneie Oaaea?aoeee, caaiueeai eioi?uo i?aaeinoaaeaiu eiioa/iua
aeeeeuiua e?aaeeou, aae.7478805Caaeieaeaiiinoue ii eiioa/iui aeeeeuiui
e?aaeeoai10 72913 88417 7746I?in?i/aiiay caaeieaeaiiinoue ii eiioa/iui
aeeeeuiui e?aaeeoai71197Aeiey i?in?i/aiiie caaeieaeaiiinoe ii eiioa/iui
aeeeeuiui e?aaeeoai a iauaia caaeieaeaiiinoe ii eiioa/iui aeeeeuiui
e?aaeeoai, %0,070,080,051 Ia?anoathuei eoiaii n ia/aea aiaea.

Iauai ?inneeneiai ?uiea eiioa/iiai e?aaeeoiaaiey ca 3 aiaea au?in a 10
?ac. A ianoiyuaa ii ninoaaeyao ieiei 500 iei aeiee. 70% ?uiea ?acaeaeaii
iaaeaeo 5 e?oiiaeoeie aaieai. A oa/aiea 2-3 eao iauai yoiai naeoi?a
?uiea oaaee/eony aei 2-3 ie?ae aeiee., a ?acia? noaaee a aieueoeinoaa
aaieia noaiao iaiaa 10% aiaeiauo – oae n/eoatho yenia?ou eiiiaiee
?inAecianEiinaeoeia (?AE).

Oeeo?a a 500 iei aeiee., ia ia?aue acaeyae, eaaeaony ia?iiiie, e oiio
aea ii n?aaiaieth n 2001 aiaeii iauai eiioa/iuo e?aaeeoia oaaee/eeny
ii/oe a 10 ?ac. *oiau ioeaieoue cia/aiea auoai?eaaaeaiiuo oeeo?, n?aaiei
eo n AAI. A Aaeeeia?eoaiee yoi niioiioaiea ninoaaeyao 62%, a Aa?iaiee
ieiei 50%, a NOA – 53%. A ?innee yoio iieacaoaeue iiea ia aeioyaeaaao
aei o?iaiy 1%. Noieo oaeaea ioiaoeoue, /oi n?aaeiee ?acia? iaeiiai
auaeaiiiai eiioa/iiai e?aaeeoa a ?innee ioeaieaaaony a 18 oun. aeiee., a
oi a?aiy eae, iai?eia?, a Ieaea?eaiaeao 150 oun. aa?i. Iaeiei neiaii,
?aii aiai?eoue i ?inneeneie eiioaea eae i noi?ie?iaaaoainy ?uiea.

Aeey aieueoeinoaa a?aaeaeai eiioa/iue e?aaeeo yaeyaony aaeeinoaaiii
aiciiaeiui niiniaii ?aoaiey aeeeeuiiai aii?ina. A oaia?ue i?eaaaeo
iaoeo?oth a?eoiaoeeo: i?e nouanoaothuai n?aaeiai aeioiaea a 1000
aeieea?ia ia iaeio iineianeoth naiueth, aeey i?eia?aoaiey oeiiaie
eaa?oe?u noieiinoueth $60-70 oun. naiuea iaiaoiaeeii a?aoue e?aaeeo
ieieioi ia 16-20 eao, e yoi i?e oneiaee, /oi ana yoi a?aiy naiuey aoaeao
auiea/eaaoue ii $300-350 aaeaiany/ii.

Iaoaeeaeoaeueii, /oi ii ?acoeueoaoai nianoaaiiiai enneaaeiaaiey,
i?iaaaeaiiiai ?AE a e?oiiaeoeo ai?iaeao ?innee, eiee/anoai
?aniiiaeaioia, ia?auaaoeony e eiioa/iiio e?aaeeoiaaieth, ninoaaeyao a
Iineaa iaiaa 0,5%, a ai anao e?oiiaeoeo ai?iaeao ?innee yoa oeeo?a
iaoiaeeony a i?aaeaeao 0,05-0,6%.

Eiioaea aeey aieueoeinoaa aaieia ia yaeyaony no?aoaae/anee aaaeiui
iai?aaeaieai ?acaeoey ?icie/iiai aeciana, e aieaa oiai, eiioaea /aua
anaai iaauaiaeia naieie aaieai: eiioa/iue e?aaeeo yaeyaony iaeiei ec
iaeaieaa ?eneiauo, iineieueeo auaeaaony ia aeeeoaeueiue ia?eiae.
Yeiiiie/aneea i?iaiicu ia n?ie aieaa o?ao eao a ?innee aeaeaoue ia
oaeaaony.

?uiie eiioaee neeueii iiiiiieece?iaai – 4-5 e?oiiaeoeo ea?ieia aeaeyo
ieiei 70% anaai ?uiea, i?eoii, /oi a i?ioeanna auaea/e e?aaeeoia a 2003
aiaeo iio/anoaiaaei aieaa 100 aaieia. Iaeaieaa cia/eiui ea?ieii ia ?uiea
yaeyaony Naa?aaie (ieiei 50% ?uiea), a oaeaea AeaeueoaE?aaeeo,
?aeooaecaiaaie, Aiaooi?aaaie e Ai?iaeneie eiioa/iue aaie.

Ia naaiaeiyoiee iiiaio aaiee i?aaeeaaatho aeaa iniiaiua i?ia?aiiu –
e?aaeeoiaaiea ia iieoieo aeeeuey ia aoi?e/iii ?uiea e eiaanoeoeeiiioth
i?ia?aiio, ?ann/eoaiioth ia oao, eoi oi/ao eoieoue eaa?oe?o a no?iyuainy
aeiia. A iineaaeiaa a?aiy iaeaieueoei ni?inii iieueciaaeinue no?iyuaany
aeeeuea, yoi auei naycaii n oai, /oi 2-3 aiaea iacaae ca a?aiy
no?ieoaeuenoaa aeiia oeaia ca 1 eaaae?aoiue iao? aeeeuey aic?anoaea
ieieioi a 2 ?aca, /oi iaeuecy neacaoue i iuiaoiae neooaoeee. Ii neiaai
?eyeoa?ia, ecaanoiu neo/ae, eiaaea noieiinoue 1 iao?a /a?ac iieaiaea
iinea ia/aea i?iaeaaee eaa?oe? a no?iyuainy aeiia iaaeaea ia 10%,
aneaaenoaea ionoonoaey ni?ina ec-ca ecia/aeueii caauoaiiie noieiinoe.

Ioaeaeueii noieo oiiiyiooue oae iacuaaaiua i?ia?aiiu ii oeo/oaieth
aeeeeuiuo oneiaee. Nooue i?ia?aiiu naiaeeony e oiio, /oi caaiuee
i?iaeaao eaa?oe?o, a eioi?ie ii nae/an aeeaao e i?eia?aoaao aieaa
aei?iaie aa?eaio, i?e yoii ii aa?ao e?aaeeo ia ?acieoeo a noieiinoe
aeaoo eaa?oe?. Eae i?aaeei, noiia aeiieaou eieaaeaony a i?aaeaeao $20-40
oun., e iio?aaeoaeue caaeoiuaaaony i oii, /oiau acyoue ia eiioa/iue, a
iio?aaeoaeueneee e?aaeeo. A oaeii neo/aa ia aaie, a caaiuee noaiiaeony
nianoaaiieeii i?eia?aoaaiiai aeeeuey, ?aoaiea i auaea/a e?aaeeoa
i?eieiaaony nouanoaaiii auno?aa, e yoi i?e oii, /oi noaaee ii
iio?aaeoaeueneei e?aaeeoai iaiaiiiai auoa. Iai?eia?, o Naa?aaiea noaaea
ii e?aaeeoo ia iaioeiaeiua ioaeaeu ninoaaeyao 12% aiaeiauo a aeieea?ao
NOA i?ioea 11% ii eiioaea, a a ?aeooaecaiaaiea – 13% i?ioea 12%.

Anee aiai?eoue i naaiaioa yeeoiuo i?aaeeiaeaiee iineianeiai ?uiea
iaaeaeaeeiinoe, oi eiioa/iua naeaeee caeanue aieueoay ?aaeeinoue. Ii
neiaai ia/aeueieea ioaeaea ai?iaeneie iaaeaeaeeiinoe eiiiaiee Soho
Realty Ae?iu A?eaaaeiiaie, a i?aeoeea eiiiaiee iiaeii ioiaoeoue
n/eoaiiua neo/ae iiaeiaiuo i?iaeaae, a iauee iauai eiioa/iuo naeaeie ia
yeeoiii ?uiea noiee/iie iaaeaeaeeiinoe iiaeii ioeaieoue ia aieaa /ai
1-2%.

Ec-ca ?inoa eiieo?aioeee ia ?uiea eiioaee, aaiee, /oiau i?eaea/ue
aieueoa caaiueeia, auaeatho e?aaeeou aeaaea ia iieoieo eiiiao,
oaaee/eaatho n?iee iiaaoaiey e?aaeeoa aei 20 eao. A iineaaeiaa a?aiy
ii/oe ana aaiee oa?aee oo?aoiua naieoeee ca aein?i/iia iiaaoaiea
e?aaeeoa, ai iiiaeo aaieao e?aaeeo iiaeii iieo/eoue, ia eiay
ioeoeeaeueiiai iiaeoaa?aeaeaiey anae noiiu aeioiaea caaiueea a aeaea
ni?aaee 2 IAeOE, a oaeaea ia ioaeiu ii?o/eoaee e ?aaeno?aoeey a Iineaa.
Aua iaeei-aeaa aiaea iacaae n?aaeiyy noaaea ia ?uiea eiioa/iiai
e?aaeeoiaaiey a ?innee ninoaaeyea ieiei 15% aiaeiauo a aeieea?ao. Eaoii
aea 2004 aiaea ieieiaeueiua noaaee ii eiioaea a aeieea?ao NOA auee 10%,
a oaea a na?aaeeia naioya?y n ianooieaieai «eaa?oe?iiai» naciia,
ieieiaeueiua noaaee ii ?uieo nieceeenue aei 9%. Ii?ia a 10% ia?aoee
Aeaeueoae?aaeeo e Iaoeeiiaeueiay eiioa/iay eiiiaiey, a noaaee a 10% o
aaieia Caieo, ?aeooaecaiaaie e Ia?aue IAE.

Ianiio?y ia ?aciiia?acea i?aaeeiaeaiee ii eiioa/iui e?aaeeoai, a
eiia/iii n/aoa, ?acee/ey a i?ia?aiiao ieieiaeueiu. Eae aeaeii ec
?aeoeiaa, ninoaaeaiiiai ia iniiaaiee aeaiiuo naeoa ?AE (I?eeiaeaiea 4),
e?aaeeo i?aaeinoaaeyaony, eae i?aaeei, ia 10-15 eao iiae 11-13% aiaeiauo
a aeieea?ao NOA eee 14-17% a ?oaeyo i?e ia?aiia/aeueiii aciina 20-25% io
noieiinoe eaa?oe?u. Aeiiieieoaeueiua ?anoiaeu – 2,5% ia no?aoiaaiea e
iioa?eona, iacia/eoaeueiua noiiu (aei 10 oun. ?oaeae) ca ioi?ieaiea e
?aaeno?aoeeth aeiaiai?a, ioeaieo iaaeaeaeeiinoe, aaieianeoth y/aeeo.
Aaiee «ea?atho» a iniiaiii ia nieaeaiee ?anoiaeia, niioonoaothueo
eiioa/iie naeaeea.

AEaeathuaio iieo/eoue eiioa/iue e?aaeeo noieo iiiieoue, /oi
cia/eoaeueiuo ioeeiiaiee io n?aaeianoaoenoe/aneeo oneiaee auoue ia
iiaeao – i?e iuooeii ieceie noaaea ca e?aaeeo iiaeao auoue aunieay
eiienney ca ioe?uoea e aaaeaiea nnoaeiiai n/aoa; anee aaie ia o?aaoao
iiaeoaa?aeaeaiey ioeoeeaeueiuo aeioiaeia, noaaea aoaeao cia/eoaeueii
auoa eee ia?aiia/aeueiue aciin aeinoeaiao 50%.

Oanii n ?uieii eiioaee ?acaeaaaony ?uiie eiioa/iiai no?aoiaaiey. Ii
i?eaeeceoaeueiui ioeaieai yenia?oia, iauai ?uiea eiioa/iiai no?aoiaaiey
ia naaiaeiyoiee aeaiue ninoaaeyao ii?yaeea $100 iei. Naiuie caiaoiuie
ea?ieaie ia yoii ?uiea yaeythony no?aoiaua eiiiaiee, aeeeoaeueiia a?aiy
?aaioathuea a no?aoiaie io?anee, oaeea eae «Eiainno?ao»,
«Aiaiii-no?aoiaay eiiiaiey», «?INII», «Nianneea ai?ioa», «Eiaanono?ao»,
«O?aeCea».

I?aaenoaaeoaee aaieia ia aeaeyo a aeeaeaeoai aoaeouai i?iaeai ni ni?inii
ia eiioa/iua e?aaeeou. Oeaiu ia iaaeaeaeeiinoue i?iaeieaeatho ?anoe, e
ana aua auaiaeiaa acyoue e?aaeeo e eoieoue eaa?oe?o, a ia a?aiaeiaaoue
aa. No?aieoaeueiiai ?inoa ?uiea eiioaee ieeoi ia i?iaiice?oao, iai?ioea,
/oiau iiaeaea?aeaoue eeeaeaeiinoue, iiiaea oieaa?naeueiua aaiee
auioaeaeaiu oiaiueoeoue eiee/anoai auaeaiiuo e?aaeeoia eee ia?aniio?aoue
eo oneiaey.

Yenia?ou i?iaiice?otho, /oi iinea iaaeaiey noaaie ia ?uiea ieaea 10%
aaeaaiaeiue ni?in ianaeaiey ia eiioa/iua e?aaeeou au?anoao aei $2-3
ie?ae. Nicaeaiea ?uiea aeinooiiiai aeeeuey a ?innee auei iauyaeaii
i?aceaeaioii ?innee Aeaaeeie?ii Iooeiui iaeiie ec i?ei?eoaoiuo caaea/.
Iaiaoiaeeiinoue i?eiyoey aeaiiiai iaeaoa caeiiii?iaeoia aucaaia ino?i
noiyuei eaa?oe?iui aii?inii a no?aia. Oae, ia naaiaeiyoiee aeaiue e
eaoaai?ee ioaeaeathueony a oeo/oaiee aeeeeuiuo oneiaee naay i?e/eneytho
62% ianaeaiey. Ia iaeiiai /aeiaaea a iaoae no?aia i?eoiaeeony 19,7 ea. i
ieiuaaee, a oi a?aiy eae a Aa?iia – 40-50 ea. i, a a NOA – nauoa 70.

Ainoaea?noai ?ac?aaaouaaao niaoeeaeueiua i?ia?aiiu, i?ecaaiiua
iaeaa/eoue a?aiy iiaaoaiey e?aaeeoa ii?aaeaeaiiui nioeeaeueiui a?oiiai
a?aaeaeai. Aeey i?eia?a ?anniio?ei Iineianeoth oeaeaaoth i?ia?aiio
“Iieiaeie naiuea – aeinooiiia aeeeuea”, ?aaeecoaiie a ?aieao
oaaea?aeueiie i?ia?aiiu “Iaania/aiea aeeeue?i iieiaeuo naiae”.

Iineianeay oeaeaaay i?ia?aiia “Iieiaeie naiuea – aeinooiiia aeeeuea”
?ac?aaioaia ia 2003-2005 aiaeu. I?ia?aiia ?ann/eoaia ia aeoeaiia o/anoea
iieiaeuo a?aaeaeai a ?aoaiee naieo aeeeeuiuo i?iaeai i?e oneiaee
ia?aiia/aeueiie iiiiue ni noi?iiu ai?iaea. A ?aieao I?ia?aiiu
ieaie?oaony iino?ieoue ia iaiaa 600 oun. ea. iao?ia aeeeuey, oeo/oeoue
aeeeeuiua oneiaey ia iaiaa 12 oun. iieiaeuo naiae iineae/ae.

O/anoieeii iiaei?ia?aiiu iiaeao noaoue iieiaeay naiuey, a eioi?ie
aic?ano eaaeaeiai ec noi?oaia ia i?aauoaao 30 eao.

I?ia?aiia i?aaeoniao?eaaao ianeieueei niiniaia ?aaeecaoeee:

1) iieoiea eaa?oe?u /a?ac iaeiieoaeueiua nenoaiu n eniieueciaaieai
aacaiciacaeiie noaneaeee ia no?ieoaeuenoai eee i?eia?aoaiea aeeeeua, a
oii /enea n i?aaeinoaaeaieai aeey a?aiaiiiai i?iaeeaaiey eaa?oe?u ii
aeiaiai?o iaeia.

2) eoiey-i?iaeaaea eaa?oe?u n ?ann?i/eie ieaoaaea. Ai?iae caeeth/aao n
o/anoieeii i?ia?aiiu aeiaiai? eoiee-i?iaeaaee n ?ann?i/eie ieaoaaea ia 5
eao. Ia iniiaaiee aeiaiai?a o/anoieeo i?ia?aiiu i?aaeinoaaeyaony
eaa?oe?a, yaeythuayny nianoaaiiinoueth ai?iaea.

A neo/aa auoiaea iieiaeie naiuee ec I?ia?aiiu, iai?eia? ii i?e/eia
iaieaoaaeaniiniaiinoe, aianaiiua iaaaua iaeiieaiey eee ieaoaaee a n/ao
aueoia aoaeoo ei iieiinoueth aic?auaiu. Iie aa?ioony a oi aeeeia
iiiauaiea, a eioi?ii i?iaeeaaee aei iiiaioa anooieaiey a I?ia?aiio.

E?iia oiai, i?ia?aiia i?aaeoniao?eaaao auaeaeaiea noaneaeee
(eiiiainaoeee /anoe noieiinoe i?eia?aoaaiiai aeeeuey) iieiaeie naiuea a
neo/aa ?iaeaeaiey (onuiiaeaiey) aeaoae.

Iiaeiaiay i?ia?aiia anoue ii/oe a eaaeaeii ?aaeiia ?O. Ainoaea?noai
iaaeaaony, /oi nicaeaiiua ca n/ao niaoeeaeueiuo i?ia?aii eueaioiua
oneiaey eiioaee iiiiaoo ?anoe?eoue eiioa/iia e?aaeeoiaaiea e oeo/oeoue
aeeeeuiua oneiaey ?inneyi.

Naa?aaie ?O oaeaea ?aaeecoao niaoeeaeueioth eiioa/ioth i?ia?aiio.
E?aaeeo “Iieiaeay naiuey” iiaeao iieo/eoue naiuey, a eioi?ie oioy au
iaeei ec noi?oaia ia aeinoea 30-oe eaoiaai aic?anoa. A oeaeii oneiaey
e?aaeeoiaaiey niioaaonoaotho n?aaeianoaoenoe/aneei aeey eiioa/iiai
?uiea, ii anoue e iniaaiiinoe. Ai-ia?auo, yoi iaeaiueeee ia?aiia/aeueiue
aciin: aeey iieiaeie naiuee n ?aa?ieii (aeaoueie) ii ninoaaeyao 10%
?uii/iie noieiinoe iauaeoa iaaeaeaeeiinoe. Ai-aoi?uo, ii aeaeaieth
naiuee aaieii i?aaeinoaaeythony ion?i/ee a iiaaoaiee iniiaiiai aeieaa ia
iauee n?ie ia aieaa 5 eao (n oaaee/aieai n?iea e?aaeeoiaaiey):

· ia ia?eiae no?ieoaeuenoaa iauaeoa iaaeaeaeeiinoe (ia aieaa /ai ia aeaa
aiaea);

· i?e ?iaeaeaiee ?aaaiea (aeaoae) a ia?eiae aeaenoaey e?aaeeoiiai
aeiaiai?a (aei aeinoeaeaiey ?aaaieii (aeaoueie) aic?anoa o?ao eao).

Ii ion?i/ea ii oieaoa i?ioeaioia ia i?aaeinoaaeyaony.

Eiioa/iia e?aaeeoiaaiea iaei ?acaeoi, ii i/aiue ia?niaeoeaii. Eioa?an e
iaio ni noi?iiu a?aaeaeai ?O ?ano?o n eaaeaeui aei?i. I?aaeeiaeaiey
aaieia oaeaea ?acee/athony iiiaiia?aceai. Ioiaoei, ia /oi iaiaoiaeeii
ia?aoeoue aieiaiea i?e auai?a eiioa/iiai aaiea:

– ?acia? noaaee e?aaeeoa e n?ie, ia eioi?ue ii auaeaaony;

– aiciiaeiinoue aein?i/iiai iiaaoaiey e?aaeeoa, iaee/ea ia?aie/aiee e
oo?aoia;

– aoaeaoa ee au yaeyoueny nianoaaiieeii eaa?oe?u aei iieiiai iiaaoaiey
aeieaa;

– eaeiaa iieiay noieiinoue anao i?ioeaaeo? ii ioi?ieaieth;

– aeaenoaey aaiea a neo/aa iaaiciiaeiinoe a?aiaiii inouanoaeyoue auieaou
e ae?.

5. Aaoie?aaeeo.

Aaoie?aaeeo – oeaeaaie e?aaeeo ia iieoieo aaoiiiaeey. Aaoie?aaeeoiaaiea
– ninoaaiay /anoue iio?aaeoaeueneiai e?aaeeoiaaiey.

?inneeneee ?uiie aaoie?aaeeoiaaiey ?anoao eaaeiiia?acii. Ii ?aciui
ioeaieai, ia eiiaoe 2003 aiaea aeiey aaoiiiaeeae, i?iaeaiiuo a e?aaeeo,
ninoaaeyea 13—15%, a a eiioea i?ioeiai aiaea yenia?ou aiai?eee oaea i
30-i?ioeaioiie aeiea. I?e yoii aeaoe?aoiue ?ino nii?iaiaeaeaaony
nouanoaaiiui niya/aieai oneiaee e?aaeeoiaaiey. A yoii aiaeo aaiee?u
iaaeathony oaaee/eoue iauaiu aaoie?aaeeoiaaiey aei 5-6 ie?ae. aeieea?ia.

Eae ioia/atho niaoeeaeenou, ii ia?a ?acaeoey aaoie?aaeeoiaaiey a ?innee
oneiaey aaieia ii aeaiiiio i?iaeoeoo ana aieueoa noaiaea?oece?othony.
I?eaioe?iaaoueny a oneiaeyo i?aaeinoaaeaiey e?aaeeoa ia aaoio?ainii?oiia
n?aaenoai iiiiaeao oaaeeoea, i?aaenoaaeaiiay a I?eeiaeaiee 5.

Eae oaea auei oeacaii, e?aaeeou ia iieoieo o?ainii?oiuo n?aaenoa
auaeaeythony aaieaie a ioaeaeueioth a?oiio. Yoi aucaaii ?yaeii
iniaaiiinoae. Aicieeaao iaiaoiaeeiinoue no?aoiaaiey o?ainii?oiiai
n?aaenoaa e aaoia?aaeaeaineie ioaaonoaaiiinoe ca?iueea. No?aoiaea iiaeao
iiaeeyoue ia ?acia? e?aaeeoa.

Iai?eia?, Niaeiaaie iaiaa?eaaao, /oi ?acia? e?aaeeoa iiaeao auoue
oaaee/ai ia no?aoiaoth i?aieth ca ia?aue aiae no?aoiaaiey. A
aeaeueiaeoai no?aoiaea iiaeao iiea/eaaoueny a ?ann?i/eo eaaeaeua
iieaiaea.

E?iia oiai, iaeioi?ua aaiee oeacuaatho oaeaea ia?a/aiue no?aoiauo
eiiiaiee eee iacuaatho oieueei iaeio eiiiaieth, a eioi?ie
iioaioeeaeueiue caaiuee aeieaeai cano?aoiaaoue naie aaoiiiaeeue.

A Eiioaaea?aoeee iauanoa iio?aaeoaeae iieaaatho, /oi iaaei aaanoe cai?ao
ia iaaycuaaiea eiie?aoiuo iinoaaueeia aeiiieieoaeueiuo oneoa
(no?aoiaaiea). Naie aaiee?u n/eoatho, /oi nio?oaeie/anoai n iaeiei eee
ianeieueeeie iaaeaaeiuie ia?oia?aie-no?aoiaueeaie caueuaao ia oieueei eo
eioa?anu, ii e eioa?anu caaiueeia. Aaaeue iie ?aaioatho oieueei n oaie
no?aoiauie eiiiaieyie, eioi?ua n/eoatho iaae?aeiuie, neaaeiaaoaeueii,
eeeaiou aaiea iiaoo niieieii aeiaa?eoueny yoei eiiiaieyi. Yenia?ou
iieaaatho, /oi aaiee ia oaa?oo ec oneiaee aaoie?aaeeoiaaiey o?aaiaaiea i
oii, /oiau caaiuee no?aoiaaeny a ii?aaeaeaiiie no?aoiaie eiiiaiee.
Aaeeinoaaiiia, /oi iiaeao ooaoeoue iioaioeeaeueiiai aaoiaeaaeaeueoea:
aieueoeinoai aaieia ioeacaeinue io oneiaey iaycaoaeueiiai no?aoiaaiey
aeecie e o?oaeiniiniaiinoe caaiueea, /oi iicaieyao nie?aoeoue ?anoiaeu
ii e?aaeeoo.

Aaoie?aaeeo, a ioee/ea io ae?oaeo iio?aaeoaeueneeo e?aaeeoia, iiaeao
i?aaeinoaaeyoueny eae ia iiaue aaoiiiaeeue, oae e ia iiaeaea?aeaiiia
o?ainii?oiia n?aaenoai.

Ii aeaiiui Ieienoa?noaa i?iiuoeaiiinoe e yia?aaoeee, a 2004 aiaeo a
?innee a e?aaeeo i?iaeaii 15-20% iiauo aaoiiiaeeae. Ii i?iaiicai
ieienoa?noaa ia 2005 aiae yoa oeeo?a ninoaaeo oaea 25-35%. I?aaaea, ia
caaiiua n?aaenoaa a?aaeaeaia iieoiatho a iniiaiii iiaua eiiia?ee, e
aaiee aianoa n aaoii?iecaiaeeoaeyie noeioee?otho yoio i?ioeann i?e
iiiiue aiionia e niaoei?ia?aii. Ia ioa/anoaaiiua aaoiiiaeee iiaeiaiua
i?ia?aiiu oieueei ia/aee iiyaeyoueny.

Aeaaiaea?y nio?oaeie/anoao aaoiaeeea?ia n aaieaie eeeaiou iieo/eee
aiciiaeiinoue ainiieueciaaoueny niaoei?ia?aiiaie ia iieoieo
ii?aaeaeaiiuo iiaeaeae eee ia?ie iaoei. A iaeioi?uo neo/ayo a ?ac?aaioea
i?ia?aii i?eieiatho o/anoea aaoii?iecaiaeeoaee eee eo oeiainiaua
no?oeoo?u. Iie aeiaiaa?eaathony n aaieaie i iaeaieaa auaiaeiuo oneiaeyo
aeey iieoiaoaeae naieo aaoiiiaeeae. Oaeei ia?acii, iaeioi?ua eiiia?ee
iiaeii i?eia?anoe a e?aaeeo ii noaaeai ieaea n?aaeia?uii/iuo.

I?ioeaioiua noaaee ieaea ?uii/iuo, eae a NOA e a Aa?iia, noaneaee?oao
nai i?iecaiaeeoaeue. Ford e Hyundai ioeoeeaeueii i?eciaee yoi, ia
?ane?ua, ai?i/ai, ie eiie?aoiiai iaoaiecia noaneaee?iaaiey, ie oeaiu
yoie i?ia?aiiu aeey i?iecaiaeeoaey eee eiii?oa?a. Ioiaoei, /oi oieueei
o?aoue aaoii?iecaiaeeoaeae, ?aaioathueo ia ?inneeneii ?uiea, eiatho
nianoaaiiua i?ia?aiiu e?aaeeoiaaiey, ?ac?aaioaiiua eie niaianoii n
?inneeneeie aaieaie. A iniiaiii e?aaeeoiay iieeoeea ioaeaia ia ioeoi
aeeea?ai.

A i?aaenoaaeaiiie ieaea oaaeeoea iieacaiu aeaenoaothuea i?ia?aiiu
e?aaeeoiaaiey io i?iecaiaeeoaeae aaoio?ainii?oa ia ?inneeneii ?uiea.

Oaaeeoea 4.

I?ia?aiiu e?aaeeoiaaiey io i?iecaiaeeoaeae.

I?iecai-aeeoaeue AaieIa/aeueiue aciin,%Niaoeeaeueiay
noaaea,%Noaiaea?oiay noaaea,%N?ie,
aiaeI?eia/aieaBMW?aeooaecai-aaie2099-113Aac eiienneeFordA?oiia
aaieia40-504-79-10.53Aac
eiienneeAaoiAacNiaeiaaie2014.9-15.915-171-3HyundaiIIA303.5-4.2693Mitsubi
shiAaci?iiaaie2010123-5Aac eiienneeAudi / Skoda Ninueaoa AEaia?aeue
Ainoie15-309-1912-203Toyota?aeooaecai-aaie209-9.59-133

Iaeioi?ua aeeea?u i?aaeeaaatho niaoei?ia?aiiu aac ia?aiai aciina ii
e?aaeeoo eeai i?iaeaaeo iaoei a ?ann?i/eo (n ioeaaie i?ioeaioiie
noaaeie). A ea/anoaa i?eia?a e?aoei ?anniio?ei i?ia?aiio “?ann?i/ea ia
Iaaei ca /an!”. Yoi niaoeeaeueiay i?ia?aiia eiiiaiee “Aaan”, ?aaeecoaiay
niaianoii n aaieii “Nithc” n eiioea naioya?y 2004 aiaea. I?ia?aiia
i?aaeiieaaaao i?eia?aoaiea a e?aaeeo iiaiai aaoiiiaeey “Iaaei” ia
aani?ioeaioiie iniiaa anaai ca 1 /an. I?e yoii iaiaoiaeeii eiaoue i?e
naaa eeoue ianii?o e aiaeeoaeueneia oaeinoiaa?aiea. E?aaeeo
i?aaeinoaaeyaony ia noiio io 4 aei 20 ouny/ aeieea?ia NOA, i?e yoii
ia?aiia/aeueiue aciin caaiueea aeieaeai ninoaaeyoue ia iaiaa 50%
noieiinoe aaoiiiaeey. I?eia?aoaaiue aaoiiiaeeue yaeyaony caeiaii ii
e?aaeeoo (aeiiieieoaeueiue caeia ia o?aaoaony). No?aoiaaiea ii ?eneai
“oaii” e “oua?a” (EANEI) inouanoaeyaony no?aoiaie eiiiaieae
“Eiainno?ao”(ii noaaea 9,9%). E?iia oiai, a ethaie no?aoiaie eiiiaiee
aeieaeii auoue ioi?ieaii no?aoiaaiea a?aaeaeaineie ioaaonoaaiiinoe
(INAAI). Aeaaiue iaaeinoaoie i?ia?aiiu a oii, /oi e?aaeeo auaea?ony
anaai ia 1 aiae. Ai?i/ai, aieueoeinoai aaieia aioiau aeaeaoue noieue
i?eaeaeaoaeueiua e?aaeeoiua i?aaeeiaeaiey oieueei aeey iieoiaoaeae
eiino?aiiuo aaoiiiaeeae.

*oiau iieo/eoue yeni?ann-e?aaeeo ia ethaoth iiaoth iaoeio, caaiueeo
iio?aaothony eeoue ianii?o e aiaeeoaeueneea i?aaa, e i?e aeaaii?eyoiii
noa/aiee ianoiyoaeuenoa ii iiaeao oaoaoue ia iiaii aaoiiiaeea a yoio aea
aeaiue. I?e yoii a aaie, eae i?aaeei, i?eacaeaoue ia ioaeii, aeinoaoi/ii
iinaoeoue aaoinaeii. Ionoonoaea aeinoaoi/iiai eiee/anoaa a?aiaie aeey
i?iaa?ee iaae?aeiinoe eeeaioa – iniiaiay i?e/eia iiauoaiey e?aaeeoiuo
noaaie i?e yeni?ann-e?aaeeoiaaiee.

Aeiaieueii auniee i?ioeaioiua noaaee e i?e e?aaeeoiaaiee aaoiiiaeeae n
i?iaaaii. Nai i?ioeann e?aaeeoiaaiey i?eia?aoaiey iiaea?aeaiiuo
aaoiiiaeeae ia neeueii ioee/aaony io e?aaeeoiaaiey iieoiaoaey iiaiai
aaoiiiaeey. Oaei?iaeaiea oneoa e?aaeeoiaaiey naycaii n oai, /oi ea/anoai
i?aaeiaoa caeiaa (nianoaaiii aaoiiiaeey) a aeaiiii neo/aa caaaaeiii
ieaea. Anee caaiuee ieaaeaony iaaeia?iniaanoiui, aaieo i?eaeaony
iio?aoeoue cia/eoaeueii aieueoa oneeee ia oi, /oiau ?aaeeciaaoue
caeiaeaiioth iaoeio. Oaeaea i?e auaea/a e?aaeeoia ia iiaea?aeaiiua
aaoiiiaeee aicieeaao ?yae ia?aie/aiee e o?aaiaaiee, eioi?ui aeieaeia
niioaaonoaiaaoue iieoiea. Yoi eanaaony a ia?aoth i/a?aaeue th?eaee/aneie
/enoiou i?eia?aoaaiiai aaoiiiaeey. Nouanoaotho ia?aie/aiey e ii aic?anoo
aaoi. Auaatho e aeiiieieoaeueiua oneiaey ii no?aoiaaieth eee ii iieoiea
iaoeiu oieueei a naeiia ioeoeeaeueiiai aeeea?a aeaiiie ia?ee, eioi?ue
iiaeao aeaoue aa?aioeth ia aaoiiiaeeue.

I?e e?aaeeoiaaiee iiaea?aeaiiuo aaoiiiaeeae aaiee noa?athony ia a?aoue
ia naay eeoiea ?enee ia neo/ae, anee ioeaiea ?uii/iie noieiinoe iaoeiu
ia niioaaonoaoao aeaenoaeoaeueiinoe. Iiyoiio noiia e?aaeeoa ia iaoeiu n
i?iaaaii ia i?aauoaao, eae i?aaeei, 40-50% noieiinoe aaoiiiaeey.

Aieaa aeaaineeiiii aaiee ioiinyony e iiaea?aeaiiui aaoiiiaeeyi, anee iie
o/anoaotho a noaia trade-in, eiaaea noa?ay iaoeia eaeao a ca/ao
noieiinoe iiaie. Oaeoth oneoao i?aaeeaaatho iiiaea aaoinaeiiu, e aaiee
aa ioioii iiaeaea?aeeaatho e?aaeeoaie – a ia?aoth i/a?aaeue iioiio, /oi
a yoii neo/aa i?iaeaio ioeaiee e ?aaeecaoeee iiaea?aeaiiie iaoeiu ?aoaao
aeeea?. I?aaaea, aaoiethaeoaeue i?e yoie noaia /aua anaai auea?uaaao
eeoue a?aiy, ii ia aeaiueae. Eae i?aaeei, ioeaiea noa?iai aaoiiiaeey
ieacuaaaony ia 10-15% ieaea ?uii/iie. Iethn iaycaoaeueiay no?aoiaea
iiaiai aaoiiiaeey e o. ae.

I?e noaia trade-in i?ioeaaeo?a e?aaeeoiaaiey ii/oe oaeay aea, eae e i?e
ioi?ieaiee iau/iiai e?aaeeoa. Aaoinaeii ii?aaeaeyao oeaio, ii eioi?ie ii
aioia aueoieoue iiaea?aeaiiue aaoiiiaeeue, e can/eouaaao yoo noiio a
ea/anoaa ia?aiia/aeueiiai aciina. Inoaoie noieiinoe iiaiai aaoiiiaeey
iiea/eaaaony ca n/ao e?aaeeoa. Aeey yoiai caaiuee i?eiineo a aaie
ni?aaeo i oii, /oi naeii aioia i?eiyoue aai noa?oth iaoeio ii
ii?aaeaeaiiie oeaia. A ca/ao i?eieiathony i?aeoe/anee ethaua aaoiiiaeee,
a oii /enea e aaa?eeiua. Ii iiaieth aaiee?ia, oaeay noaia e?aaeeoiaaiey
auaiaeia anai. Aaoinaeii, ieacuaay eiiieaeniua oneoae (trade-in iethn
e?aaeeoiaaiea), “i?eaycuaaao” e naaa eeeaioa ia aeieaea aiaeu, a oaeaea
iieo/aao aeiiieieoaeueiua aeioiaeu io eiienneiiiie i?iaeaaee
iiaea?aeaiiiai aaoiiiaeey e oaaee/eaaao oiaa?iiai?io iiauo aaoiiiaeeae.
Caaiueeo noaia trade-in iiaeao auoue auaiaeia oai, /oi iia iicaieyao ia
eneaoue aeaiueae ia ia?aiia/aeueiue aciin ii e?aaeeoo, a oaeaea
nyeiiiieoue a?aiy ia i?iaeaaeo noa?iai aaoiiiaeey. Aaoiaeeea?u n/eoatho,
/oi ?aaee yoiai noieo iinooieoueny ianeieueeeie nioiyie aeieea?ia,
eioi?ua eeeaio iia au auea?aoue, i?iaeaaay iaoeio ia ?uiea.

A oeaeii, ?acee/ey iaaeaeo i?ia?aiiaie aaoie?aaeeoiaaiey iinoaiaiii
noe?athony. Aieueoeinoai aaieia auaeaao e?aaeeou ia iieoieo aaoiiiaeeae
eae a aeieea?ao eee Aa?i, oae e a ?oaeyo. Ieieiaeueiay noiia e?aaeeoa
ninoaaeyao, eae i?aaeei, 2-3 ouny/e aeieea?ia eee Aa?i, 60-100 ouny/
?oaeae, a iaeneiaeueiay – a n?aaeiai 50 ouny/ aeieea?ia (eee yeaeaaeaio
a ?oaeyo eee Aa?i). ?acia? ia?aiia/aeueiiai aciina /aua anaai ninoaaeyao
10-20% io noieiinoe aaoiiiaeey. Ia naaiaeiyoiee aeaiue noaaee ii
aaoie?aaeeoai ninoaaeytho 9-12% aiaeiauo a aaethoa e 12-20% aiaeiauo a
?oaeyo, e?aaeeou auaeathony ia n?ie io aiaea aei o?ao eao. Noaiaea?oiui
iaania/aieai ii aaoie?aaeeoo yaeyaony nai aaoiiiaeeue, eioi?ue aeieaeai
auoue iieiinoueth cano?aoiaai (no?aoiaea ninoaaeyao 7-10% io aai
noieiinoe).

6. E?aaeeo ia iao/aiea.

E?aaeeo ia iao/aiea, eae e ?anniio?aiiue a i?aaeuaeouae aeaaa
aaoie?aaeeo, yaeyaony ninoaaiie /anoueth iio?aaeoaeueneiai
e?aaeeoiaaiey. Iaaei ioiaoeoue, /oi, eiaaea ?a/ue eae?o ia
ia?aciaaoaeueiuo e?aaeeoao, a ia?aoth i/a?aaeue eiathony a aeaeo caeiu
ia iieo/aiea aunoaai ia?aciaaiey.

Ia Caiaaea e?aaeeou ia ia?aciaaiea aeaaii noaee ii?iie. Ia?aaeiaie
no?aiie a yoii ieaia yaeythony NOA. Aia?eeaineia i?aaeoaeuenoai aeaaii
aiaae?eei oaaea?aeueioth i?ia?aiio, i?aaeoniao?eaathuoth iaoa?eaeueioth
iiiiuue nooaeaioai. Iia auaaao aeaoo aeaeia — a?aiou ia iao/aiea e
caeiu. ?ani?ino?aiaia neooaoeey, eiaaea nooaeaio ai a?aiy o/aau i?inoi
?aaioaao ia oieaa?neoao e oaeei ia?acii iiea/eaaao iao/aiea. Ii
noaoenoeea, ca oeiainiaie iiiiuueth ia?auathony ieiei 70% nooaeaioia. A
NOA nouanoaoao o?e aeaea ainoaea?noaaiiuo caeiia: aai auaeatho
i?aaeoaeuenoai, /anoiua no?oeoo?u (iiae aa?aioee i?aaeoaeuenoaa) e
e?aaeeo aeey o/aueony ec iaeieioueo naiae. Aii?in i noiia e n?iea
aica?aoa nnoaeu ?aoaaony a eiaeeaeaeoaeueiii ii?yaeea a caaeneiinoe io
o/aaiiai caaaaeaiey.

Aia?eeaioeu auaeaeytho o?e iniiaiuo oeia ia?aciaaoaeueiiai e?aaeeoa:
nooaeai/aneee caai (Student Loan), ?iaeeoaeueneee caai (Parent Loan) e
/anoiue caai (Private Loan). E?iia oiai, eiaaony /aoaa?oue oei –
iauaaeeiaiiue caai (Consolidation Loan), eioi?ue iicaieyao caaiueeo
iauaaeeieoue ana naie caeiu a iaeei aeey oi?iuaiey auieaou.

Nooaeai/aneea caeiu eiatho ieceoth i?ioeaioioth noaaeo e ia o?aaotho
aeiiieieoaeueiiai iaania/aiey. Oaaea?aeueiue caai aeey nooaeaioia
iacuaaaony e?aaeeoaie Noaooi?aea e eiaao aeaa ?aciiaeaeiinoe: Federal
Family Education Loan Program (FFELP), eioi?ue i?aaeinoaaeyaony /anoiuie
e?aaeeoi?aie, oaeeie eae aaiee, e?aaeeoiua nithcu, nnoaeinaa?aaaoaeueiua
annioeeaoeee, a aica?ao yoeo e?aaeeoia iaania/eaaao oaaea?aeueiia
i?aaeoaeuenoai, e Federal Direct Student Loan Program (FDSLP) –
e?aaeeou, eioi?ua oi?aaeythony Direct Lending School e i?aaeinoaaeythony
i?aaeoaeuenoaii iai?yioth nooaeaioai e eo ?iaeeoaeyi. E?aaeeou
Noaooi?aea iiaoo auoue noaneaeea?iua e ianoaneaeea?iua. A ia?aii neo/aa
i?ioeaiou ii e?aaeeoo ai a?aiy iao/aiey iiea/eaathony i?aaeoaeuenoaii,
ai aoi?ii nooaeaio nai ieaoeo i?ioeaiou, oioy eiaaony aiciiaeiinoue
ion?i/eoue auieaou aei ieii/aiey iao/aiey. Aeey iieo/aiey noaneaeea?iie
oi?iu ioaeii i?iaeaiiino?e?iaaoue oeiainiaoth iaiaoiaeeiinoue a iae.
Ianoaneaeea?iue e?aaeeo iiaeao iieo/eoue ethaie nooaeaio, aia
caaeneiinoe io oeiainiaiai iieiaeaiey. Nooaeaiou, iaoiaeyueany ia
eaeaeeaaiee, iiaoo caeinoaiaaoue aei 2625 aeieea?ia ia ia?aii eo?na,
3500 ia aoi?ii eo?na e 5500 ia eaaeaeii iineaaeothuai eo?na. Nooaeaiou,
eiathuea naiinoiyoaeueiue aeioiae, iiaoo caeinoaiaaoue aeiiieieoaeueii
4000 aeieea?ia ia ia?auo aeaoo eo?nao e 5000 aeieea?ia ia iineaaeothueo.
Anie?aiou iiaoo caeinoaiaaoue 18 500 aeieea?ia a aiae, ii oieueei 8500
aeieea?ia ec yoie noiiu noaneaee?othony. E?aaeeou eiatho ia?aiaiioth
i?ioeaioioth noaaeo a i?aaeaeao 8,25%, eioi?ay onoaiaaeeaaaony
aaeaaiaeii. I?ioeaioiay noaaea iaeeiaeiaa o anao e?aaeeoi?ia, oioy
iaeioi?ua i?aaeinoaaeytho neeaeee ia ?ann?i/eo e ia auieaou ii
yeaeo?iiiui nenoaiai.

Oaaea?aeueiue ?iaeeoaeueneee e?aaeeo aeey nooaeaioia (PLUS) iicaieyao
?iaeeoaeyi caiyoue n?aaenoaa aeey iie?uoey anae noieiinoe iao/aiey,
eioi?ay iiaeao ia iie?uaaoueny oaaea?aeueiuie nooaeai/aneeie e?aaeeoaie.
E?aaeeou eaoaai?ee PLUS iiaoo auaeaaaoueny eae /anoiuie e?aaeeoi?aie
(eaoaai?ey FFELP), oae e iai?yioth i?aaeoaeuenoaii. Yoe e?aaeeou iiaoo
eiaoue ?acee/ioth i?ioeaioioth noaaeo, ii ia aieaa 9%. Auieaou
ia/eiathony /a?ac 60 aeiae iinea iieo/aiey anae noiiu e?aaeeoa, n?ie
auieao – aei 10 eao. Iaycaoaeuenoaa ii auieaoai eaaeao ia ?iaeeoaeyo.

*anoiue caai (Private Loan) neoaeeo aeey eeeaeaeaoeee ?ac?uaa iaaeaeo
?aaeueiie noieiinoueth iao/aiey e ia?aie/aieai, iaeeaaeuaaaiui
i?aaeoaeuenoaii ii caeiai a naieo i?ia?aiiao e?aaeeoiaaiey. Yoio e?aaeeo
auaeaaony /anoiuie e?aaeeoi?aie e ia o?aaoao caiieiaiey oaaea?aeueiuo
oi?i. E?aaeeoi?u i?aaeinoaaeytho ?acee/iua aeaeu /anoiiai caeia a
caaeneiinoe io o?iaiy iao/aiey, ia eioi?ii iaoiaeeony nooaeaio.

Iauaaeeiaiiue e?aaeeo (Consolidation Loan) niaaeeiyao a naaa ?acee/iua
aeaeu nooaeai/aneeo e ?iaeeoaeueneeo e?aaeeoia, iieo/aiiuo io iaeiiai
e?aaeeoi?a, e eniieuecoaony aiineaaenoaee aeey auieao ii iei. N
iiiiuueth iauaaeeiaiiiai e?aaeeoa iiaeii oiaiueoeoue ?acia? aaeaiany/iuo
auieao ii caeiai ca n/ao oaaee/aiey noaiaea?oiiai aeey oaaea?aeueiuo
caeiia 10-eaoiaai n?iea iieaou e?aaeeoa. A caaeneiinoe io ?acia?a
e?aaeeoa n?ie auieaou iiaeao auoue oaaee/ai e ninoaaeo io 12 aei 30 eao.
I?ioeaioiay noaaea ii yoiio e?aaeeoo yaeyaony n?aaeiae aaee/eiie noaaie
iauaaeeiyaiuo e?aaeeoia e ia?aie/aia 8,25%.

Iiaeaeoe noieue ?acaeoie e ioeaaeaii aeaenoaothuae nenoaiu
ia?aciaaoaeueiuo e?aaeeoia, eae a NOA, iao ie a iaeiie ae?oaie no?aia.
Iaeaieueoaa ?acaeoea e?aaeeou ia iao/aiea iieo/eee a aeaoo no?aiao
auaoaai NNN? – ia Oe?aeia e a Eacaonoaia. A yoeo no?aiao anoue
ioaeaeueiua caeiiu «Ia ia?aciaaoaeueiuo e?aaeeoao», ainoaea?noai
o/anoaoao a e?aaeeoiaaiee e ?aaoee?oao yoio i?ioeann. A Eacaonoaia,
e?iia oiai, i?aaeoniio?aii ?acaeaeaiea ?anoiaeia ia iieaoo iao/aiey e ia
iaania/aiea iao/aiey (ieoaiea, i?iaeeaaiea, eeoa?aoo?a).

Nae/an a ?innee nouanoaotho o?e noaiu iieo/aiey aunoaai ia?aciaaiey:

· athaeaeaoiua ianoa (oeiaine?othony ec aineaciu eee athaeaeaoia
?aaeiiia);

· oeaeaaie iaai? (ieaoeo i?aaiecaoeey, caeacaaoay aeey naay
niaoeeaeenoa);

· eiiia?/aneee i?eai (ieaoeo nai nooaeaio eee aai ?iaeeoaee).

Iinooieoue ia aanieaoiia ianoi ii eiieo?no oaeaaony aeaeaei ia anai e
/anoi ia ec-ca ionoonoaey ciaiey, a ii i?e/eia ianiioaaonoaey noaiaea?oa
o?iaiy ia?aciaaiey auioneieeia n?aaeieo oeie e o?aaiaaiee,
i?aaeuyaeyaiuo a aoca. Ia eaaeaeay naiuey aioiaa caieaoeoue ca iao/aiea
io 500 aei 3000 aeieea?ia a naiano?. A oae aaeoo?eaio oai aieaa a?yae ee
?aniieaaaao aeinoaoi/iuie n?aaenoaaie aeey iinooieaiey a oieaa?neoao ia
eiiia?/aneie iniiaa. E?iia oiai, n eaaeaeui aiaeii athaeaeaoiuo iano a
aocao noaiiaeony iaiueoa, a ieaoa ca iao/aiea ?aaoey?ii iiauoaaony.

Ai anai ie?a yoa i?iaeaia ?aoaaony n iiiiuueth e?aaeeoia ia ia?aciaaiea.
A ?innee yoio i?iaeoeo i?aaeinoaaeyaony iaiiiaeie aaieaie. Iniiaiua
i?aaeeiaeaiey ?inneeneeo aaieia noi?ie?iaaiu a niioaaonoaothuae oaaeeoea
(I?eeiaeaiea 6).

A iieo/aiee ia?aciaaoaeueiiai e?aaeeoa ioaeaeathony, eae i?aaeei, oa,
eoi aua ia eiaao noaaeeueiiai ca?aaioea. Cia/eo, oneiaey auaea/e caeia
ia ia?aciaaiea aeieaeiu auoue aieaa iyaeeie ii n?aaiaieth n ae?oaeie
iio?aaeoaeueneeie e?aaeeoaie: aeaeaoaeueia aieaa ieceay noaaea, a n?ie
e?aaeeoiaaiey aeieaeai eae ieieioi a 2-3 ?aca i?aauoaoue n?ie iao/aiey.

Aeey aeinoeaeaiey oaeeo ia?aiao?ia e?aaeeoiaaiey aeoeaioth ?ieue
aeieaeii ea?aoue ainoaea?noai. Eae iieacuaaao ie?iaie iiuo, ?ieue
ainoaea?noaa a nicaeaiee nenoaiu ia?aciaaoaeueiuo e?aaeeoia caeeth/aaony
a oi?ie?iaaiee caeiiiaeaoaeueiie aacu e iaania/aiee aa?aioee aeey
aaieia-e?aaeeoi?ia.

Iiiyoii, /oi aii?in aeieaeai ?aoaoueny ia ainoaea?noaaiiii o?iaia. Iiea
ia iaeaeai ioaao ia aeaaiue aii?in: eoi aoaeao auiea/eaaoue aeieae, anee
nooaeaio ia ieii/eo aoc, ia iaeaeao ?aaioo eee noaiao iaaeaaniiniaiui.
Aa?eaioia iaiiiai: eeai ainoaea?noai aicueiao ia naay ooieoeeth
ii?o/eoaey, eeai noaneaeea?iay ioaaonoaaiiinoue aoaeao ?ani?aaeaeaia
iaaeaeo ainoaea?noaii e aaieaie — a yoii neo/aa aeey aeeoioeyoeee
n?aaenoa ii aica?aoo e?aaeeoia iaiaoiaeeii oi?ie?iaaoue ?aca?aiue oiiae.

Annioeeaoeey ?inneeneeo aaieia (A?A) ?ac?aaaouaaao i?iaiue aa?eaio
caeiia «Ia ia?aciaaoaeueiuo e?aaeeoao». I?iaeo caeiia a A?A i?aaeinoaaee
iaeei ec aaaeoueo ?inneeneeo aocia. A A?A ieaie?oaony nicaeaoue ?aai/oth
a?oiio ii ?ac?aaioea caeiiii?iaeoa, a eioi?oth, eae i?aaeiieaaaaony,
aieaeoo i?aaenoaaeoaee Ieiyeiiii?acaeoey, Ieiia?aciaaiey,
Aaeieieno?aoeee i?aceaeaioa, i?aaenoaaeoaee aaieia, i?aaeinoaaeythueo
ia?aciaaoaeueiua e?aaeeou (yoi Naa?aaie, aaie Nithc, Aaie Ninueaoa
AEaia?aeue Ainoie e Iaoeiiaaie), e i?aaenoaaeoaee aaaeoueo ?inneeneeo
aocia. Ii i?aaenoaaeoaee Annioeeaoeee ?inneeneeo aaieia
i?aaeoi?aaeaeatho, /oi i?ioeann nicaeaiey e ooaa?aeaeaiey caeiiii?iaeoa
e nenoaiu ia?aciaaoaeueiuo e?aaeeoia aoaeao aeieaei.

I?aaeaa?eoaeueiue aa?eaio caeiia ii naiei iniiaiui ia?aiao?ai
niioaaonoaoao iaaeaeoia?iaeiie i?aeoeea i?aaeinoaaeaiey iio?aaeoaeueneeo
e?aaeeoia. A iai i?iienaiu iniiaiua ioieou e?aaeeoiiai aeiaiai?a, ?ieue
ainoaea?noaa a nenoaia: onoaiiaeaiea iaeneiaeueiuo noaaie e?aaeeoiaaiey,
i?eiyoea ?eneia, a oaeaea iniiaiua i?aaa e iaycaiiinoe noi?ii a ?aieao
i?aaeinoaaeaiey ia?aciaaoaeueiuo e?aaeeoia.

Iiea ?inneeneea aaiee naiinoiyoaeueii e?aaeeootho nooaeaioia. Iaeiaei,
eae ioia/atho naie aaiee?u, io iiiiue ainoaea?noaa a aeaiiii aii?ina iie
ia ioeacaeenue au. Noieiinoue “e?aaeeoiiai” aii?ina aeey ainathaeaeaoa,
ii ?an/aoai niaoeeaeenoia, — 1,7 ieeeea?aea ?oaeae a aiae. Yoi anaai
1,5—2% ainoaea?noaaiiuo ?anoiaeia ia ia?aciaaiea. Ia oae oae e iiiai.
Caoi iieo/eoue ioee/iua ciaiey e i?anoeaeioth niaoeeaeueiinoue
aeiiieieoaeueii niiaoo nioie ouny/ iieiaeuo ?inneyi. E?iia oiai, a
no?aia oaaee/eony eiee/anoai aunieieeanniuo niaoeeaeenoia. Aaaeue aeey
oiai /oiau ?ann/eoaoueny n aeieaaie, auioneiee aeieaeai i?eee/ii
ca?aaaouaaoue.

?anniio?ei aieaa aieiaoaeueii iaeioi?ua i?ia?aiiu ia?aciaaoaeueiiai
e?aaeeoiaaiey. Iniiaiua oneiaey e?aaeeoiaaiey (noaaea, n?ie, iaania/aiea
e o.i) iiaeii ?anniio?aoue a I?eeiaeaiee 6 a eiioea eo?niaie ?aaiou.

A Naa?aaiea eiee/anoai auaeaaaaiuo caeiia ii i?ia?aiia “Ia?aciaaoaeueiua
e?aaeeou” ca iineaaeiea 2 aiaea au?inei a o?e n iieiaeiie ?aca. I?e/ai a
?aaeiiao e?aaeeou ia iao/aiea aa?oo aeoeaiaa, /ai a Iineaa. A eeaea?ao
Aieai-Ayoneee e O?aeueneee ?aaeiiu. *aua, ii aeaiiui Naa?aaiea ?O,
e?aaeeou aa?oo nooaeaiou aa/a?iae e cai/iie oi?iu iao/aiey. Ioiaoei, /oi
aaie aea?o nnoaeu ia oieueei ia iao/aiea a aocao, ii e ia iieo/aiea
n?aaeiaai niaoeeaeueiiai ia?aciaaiey. Ia iao/aiea a aoca iiaeii
iieo/eoue aei 90% aai noieiinoe, a n?aaeiai niaoeeaeueiii o/aaiii
caaaaeaiee — aei 100%. Iiaeii o/eoueny eae a ainoaea?noaaiiii, oae e a
eiiia?/aneii o/aaiii caaaaeaiee.

Iaeaieaa eioa?aniie i?aaenoaaeyaony i?ia?aiia, ?ac?aaioaiiay aaieii
Nithc. Ca 2004 aiae aaieii auei auaeaii nauoa 350 nnoae nooaeaioai
/aou?ao aaaeoueo aocia Iineau e Naieo-Iaoa?ao?aa — IAO ei. Eiiiiiniaa,
?YA ei. Ieaoaiiaa, INOA ei. Oeie?ycaaa, NiaAO. E?aaeeo i?aaeinoaaeyaony
aaeoo?eaioo, eioi?ue iaaeia?ae aaeeu ia anooieoaeueiuo yecaiaiao, ia 10
eao iiae 10% aiaeiauo a aaethoa aac ii?o/eoaeuenoaa e caeiaa. Aoc
naiinoiyoaeueii ?anniao?eaaao cayaeaiey e ioi?aaeyao a aaie nienie
aeaeaaiuo nooaeaioia, eioi?ua oi?ioi naay i?iyaeee ia yecaiaiao e
iieacaee aunieee o?iaaiue ciaiee, ii ia i?ioee ii i?ioiaeiiio aaeeo.

Iinea i?eiyoey aocii aeaaii?eyoiiai ?aoaiey, nooaeaio caeeth/aao aeaa
aeiaiai?a — n o/aaiui caaaaeaieai e aaieii — ia ioe?uoee e?aaeeoiie
eeiee. N?aaenoaa ec aaiea aoaeoo ia?a/eneyoueny iai?yioth ia n/ao aoca
ia?aae ia/aeii eaaeaeiai naiano?a i?e oneiaee oniaoiie naea/e nooaeaioii
nannee. Anee nooaeaio aoaeao io/eneai, ia?aaiae n?aaenoa aaoiiaoe/anee
i?ae?aoeony. Caaiuee eiaao i?aai ia/aoue iiaaoaoue nnoaeo iinea
ieii/aiey iao/aiey, oi anoue n iyoeeaoiae ion?i/eie. Iethn e
oieeaeueiinoue i?ia?aiiu ia ?inneeneii ?uiea: ia o?aaoaony
ii?o/eoaeuenoa e aa?aioee.

Iaeiaei aieueoeinoai aaieia ia oioyo ianoe ?enee ii oeaeaaui
aeieain?i/iui e?aaeeoai e ii-i?aaeiaio i?aaeeaaatho nooaeaioai oieueei
iaioeiaeioth iiiiuue — e?aoein?i/iue e?aaeeo ia 1-3 aiaea i?e
ia?aiia/aeueiii aciina a 20-30%. Ia oaeeo oneiaeyo aeaeathueo a?aoue
nnoaeo iaiiiai. Iiaeii i?aaeiieiaeeoue, /oi aaaaeaiea e ioeaaeea
e?aaeeoiuo iaoaieciia a noa?a ia?aciaaiey caeiao iiiai a?aiaie. Iiyoiio
aaeoo?eaioai a aeeaeaeoea aiaeu i?eaeaony ?ann/eouaaoue a iniiaiii
oieueei ia naay eee auae?aoue ec ia?aie/aiiiai /enea i?aaeeiaeaiee.

A caeeth/aiea iieoo au? iaeio oneoao ?uiea iio?aaeoaeueneiai
e?aaeeoiaaiey. Yoa i?ia?aiia e?aaeeoiaaiey i?aaenoaaeaia a aeaaa
“E?aaeeo ia iao/aiea”, ii neeoeii ia oeie/ia aeey ia?aciaaoaeueiuo
e?aaeeoia: I?iaecianaaie e Oeiea oaioeaa “Eoaeieee” iiaeienaee
niaeaoaiea i nio?oaeie/anoaa, a ?aieao eioi?iai I?iaecianaaie aoaeao
i?aaeinoaaeyoue e?aaeeo ia iao/aiea a yoii eeoaa. E?aaeeo
i?aaeinoaaeyaony a ?oaeyo ia n?ie aei 12 ianyoeaa. ?acia? e?aaeeoiie
eeiee iiaeao ninoaaeyoue aei 90 000 ?oaeae, iaeiaei noiia e?aaeeoa ia
iiaeao i?aauoaoue 90% noieiinoe ia?aciaaoaeueiuo oneoa. Naiia aeaaiia,
aeey iieo/aiey e?aaeeoa eeeaioai Aaiea ia ioaeiu ii?o/eoaee e caeia.

7. Oneiaey e ii?yaeie i?aaeinoaaeaiey e?aaeeoa.

I?ioeann e?aaeeoiaaiey ianaeaiey oe?oiiaii aeeth/aao a naay neaaeothuea
yoaiu:

I. Ia?aaiai?u e?aaeeoiiai ?aaioieea n iioaioeeaeueiui eeeaioii,
niaeaniaaiea oneiaee aeiaiai?a e i?eiyoea ?aoaiey i auaea/a nnoaeu.

II. Iiaeienaiea aeiaiai?a e?aaeeoiaaiey e auaea/a e?aaeeoa.

III. Iiaaoaiea aeieaa ca?iueeii e oieaoa i?ioeaioia ca iieueciaaiea
nnoaeie.

I?e ia?auaiee eeeaioa a aaie ca iieo/aieai e?aaeeoa oiieiiii/aiiue
nio?oaeiee e?aaeeoothuaai iiae?acaeaeaiey auyniyao o eeeaioa oeaeue, ia
eioi?oth eni?aoeaaaony e?aaeeo, ?acuyniyao aio oneiaey e ii?yaeie
i?aaeinoaaeaiey e?aaeeoa, ciaeiieo n ia?a/iai aeieoiaioia, iaiaoiaeeiuo
aeey iieo/aiey e?aaeeoa.

Aeaaiay oeaeue e?aaeeoiiai yenia?oa – auynieo e?aaeeoiniiniaiinoue
iioaioeeaeueiiai eeeaioa, oi anoue ioeaieoue ca?iueea n oi/ee c?aiey
aiciiaeiinoe e oeaeaniia?aciinoe i?aaeinoaaeaiey aio nnoaeu,
ii?aaeaeaiey aa?iyoiinoe a? naiaa?aiaiiiai aica?aoa.

Aiaeec e?aaeeoiniiniaiinoe eeeaioa i?iaiaeeony a e?aaeeoiii ioaeaea
aaiea ia iniiaa eioi?iaoeee, aieueoay /anoue eioi?ie i?aaeinoaaeyaony
naiei ca?iueeii.

Aeey iieo/aiey e?aaeeoa a Naa?aaiea ?O, iai?eia?, caaiuee i?aaeinoaaeyao
aaieo neaaeothuea aeieoiaiou:

· cayaeaiea;

· ianii?o eee caiaiythuee aai aeieoiaio (i?aaeuyaeythony);

· ni?aaee n ianoa ?aaiou caaiueea e ii?o/eoaeae i aeioiaeao e ?acia?a
i?iecaiaeeiuo oaea?aeaiee (aeey iaineiia?ia – ni?aaeo ec i?aaiia
nioeeaeueiie caueou ianaeaiey);

· aeaeea?aoeeth i iieo/aiiuo aeioiaeao, caaa?aiioth iaeiaiaie
einiaeoeeae, aeey a?aaeaeai, caieiathueony i?aaei?eieiaoaeueneie
aeayoaeueiinoueth;

· aieaou;

· ianii?oa (caiaiythuea eo aeieoiaiou) ii?o/eoaeae e caeiaiaeaoaeae;

· aeey iieo/aiey e?aaeeoa nauoa 5 oun. aeiee. NOA eee ?oaeaaiai
yeaeaaeaioa yoie noiiu – ni?aaeo ec ineoiiaa?ieiae/aneiai aeeniaina?a
eee aiaeeoaeueneia oaeinoiaa?aiea (i?aaeuyaeythony);

· ae?oaea aeieoiaiou i?e iaiaoiaeeiinoe.

I?e eniieueciaaiee a ea/anoaa iaania/aiey aica?aoa e?aaeeoa caeiaa
eiouanoaa caaiuee aeieaeai i?aaeinoaaeoue:

a) i?e caeiaa iaaeaeaeeiinoe:

· aeieoiaiou, iiaeoaa?aeaeathuea i?aai nianoaaiiinoe ia iauaeo
iaaeaeaeeiinoe: naeaeaoaeuenoai i i?aaa nianoaaiiinoe ia eaa?oe?o, aeii,
aeiaiai? i?eaaoecaoeee, aeiaiai? eoiee-i?iaeaaee, iaiu e o.ae., a oii
/enea naeaeaoaeuenoai i i?aaa nianoaaiiinoe ia caiaeueiue o/anoie,
ainoaea?noaaiiue aeo i i?aaa nianoaaiiinoe ia caieth, iioa?eaeueii
oaeinoiaa?aiioth eoi/oth, ca?aaeno?e?iaaiioth ianoiui eiieoaoii ii
caiaeueiui ?ano?nai e caieaono?ienoao;

· no?aoiaie iieen, ii eioi?iio auaiaeii?eia?aoaoaeai aunooiaao aaie, n
iaycaoaeueiui aaeaaiaeiui (eee n ae?oaie ia?eiaee/iinoueth a caaeneiinoe
io n?iea no?aoiaaiey) ia?aioi?ieaieai ia iieioth noieiinoue iauaeoa
iaaeaeaeeiinoe eee ia noiio, iaania/eaaaioth caeiaii. Iauaeo
iaaeaeaeeiinoe aeieaeai auoue cano?aoiaai io iieiiai iaeaoa ?eneia;

· aeieoiaio i oa??eoi?eaeueiuo a?aieoeao caiaeueiiai o/anoea (eiiey
/a?oaaea a?aieoe o/anoea), auaeaiiue eiieoaoii ii caiaeueiui ?ano?nai e
caieaono?ienoao;

· iiyoaaeiue ieai aeiia (aeey aeeeuo aeiiia, aea/);

· iinoaiiaeaiea (aeo) i i?eiyoee a yenieoaoaoeeth aeeeiai aeiia;

· ?ac?aoaiea ainoaea?noaaiiuo i?aaiia ia no?ieoaeuenoai, niaeaniaaiioth
a onoaiiaeaiiii ii?yaeea i?iaeoii-niaoioth aeieoiaioaoeeth;

· ni?aaeo ec AOE eee eiiai i?aaia, aaaeouaai ?aaeno?aoeeth e
oaoie/aneoth eiaaioa?ecaoeeth iauaeoa iaaeaeaeeiinoe;

· eiieth oeiainiai-eeoeaaiai n/aoa (aeey eaa?oe?u);

· auieneo ec aeiiiaie eieae (aeey eaa?oe?u);

· aeieoiaiou, iiaeoaa?aeaeathuea ionoonoaea caaeieaeaiiinoe ii
iaycaoaeueiui ieaoaaeai (ni?aaeo ia ionoonoaee caaeieaeaiiinoe ii iieaoa
eiiioiaeueiuo oneoa, ?an/aoiua eieaeee ii oieaoa oneoa
(i?aaeuyaeythony), eaeoaioeee eee ni?aaee ia oieaoa iaeiaia);

· oa?aeoa?enoeeo aeeeiai iiiauaiey;

· ni?aaeo i i?iienea;

· iioa?eaeueii oaeinoiaa?aiiia niaeanea anao nianoaaiieeia eaa?oe?u ia
ia?aaea/o aa a caeia, a i?e iaee/ee a naiuea ianiaa?oaiiieaoieo –
niioaaonoaothuaa ?ac?aoaiea i?aaiia iiaee e iiia/eoaeuenoaa.

I?e caeiaa i?eia?aoaaiiai iauaeoa iaaeaeaeeiinoe niioaaonoaothuea
aeieoiaiou i?aaeinoaaeythony a oa/aiea aeaoo ianyoeaa iinea iieo/aiey
e?aaeeoa.

a) i?e caeiaa o?ainii?oiuo n?aaenoa:

· oaoie/aneee ianii?o;

· no?aoiaie iieen, ii eioi?iio auaiaeii?eia?aoaoaeai aunooiaao aaie, n
iaycaoaeueiui aaeaaiaeiui ia?aioi?ieaieai ia iieioth noieiinoue
o?ainii?oiiai n?aaenoaa eee ia noiio, iaania/eaaaioth caeiaii.
O?ainii?oiia n?aaenoai aeieaeii auoue cano?aoiaaii io ?enea oaiia e
oua?aa.

a) i?e caeiaa oeaiiuo aoiaa:

· oeaiiua aoiaae;

· auieneo ec ?aano?a aeoeeiia?ia Naa?aaiea ?innee.

E?aaeeoiue einiaeoi? i?iecaiaeeo i?iaa?eo i?aaeinoaaeaiiuo eeeaioii
aeieoiaioia e naaaeaiee, oeacaiiuo a aeieoiaioao e aieaoa; ii?aaeaeyao
ieaoaaeaniiniaiinoue eeeaioa e iaeneiaeueii aiciiaeiue ?acia? e?aaeeoa.

Aieueooth iiiiuue eiiia?/aneiio aaieo a ioeaiea iioaioeeaeueiiai eeeaioa
a aeeaeaeoai aoaeouai aeieaeiu ieacaoue e?aaeeoiua ath?i. E?aaeeoiua
ath?i — yoi niaoeeaeece?iaaiiua eiiiaiee, eioi?ua inouanoaeytho nai?,
o?aiaiea, i?iaa?eo, aiaeec eioi?iaoeee i caaiueeao n oeaeueth
iineaaeothuae aa ia?aaea/e aaieai.

A ie?iaie i?aeoeea e?aaeeoiia ath?i – iaainoaea?noaaiiay i?aaiecaoeey,
eioi?ay caieiaaony nai?ii, ia?aaioeie e ia?aaea/ae naaaeaiee i
e?aaeeoiie enoi?ee a?aaeaeaieia. E ianiiiaiiui iethnai nouanoaiaaiey
e?aaeeoiuo ath?i ioiineony aiciiaeiinoue aeey e?aaeeoi?ia i?e eo iiiiue
iaiaieaaoueny e iieo/aoue eioi?iaoeeth i naieo caaiueeao, oai naiui
ionaeay iaiaaeaaeiuo (eee i?aaeeaaay ei e?aaeeo iiae aieaa aunieee
i?ioeaio e ia aieaa aeanoeeo oneiaeyo) e iiiu?yy iaaeaaeiuo iooai
nieaeaiey aeey ieo i?ioeaioiuo noaaie ii e?aaeeoo. N ae?oaie noi?iiu,
iaee/ea iiaeiaiie nenoaiu eioi?ie?iaaiey iiaenoaaeaaao naieo caaiueeia e
naiaa?aiaiiiio iiaaoaieth ieaoaaeae, /oiau a aoaeouai ecaaaeaoue
ineiaeiaiee i?e iiaoi?iii ia?auaiee ca e?aaeeoii. Oaeei ia?acii,
nouanoaiaaiea iiaeiaiiai noeioea e auieaoa caaiiuo n?aaenoa noaiiaeony
aeiiieieoaeueiui oaeoi?ii, iaania/eaathuei noaaeeueiinoue aaieianeie
nenoaiu a oeaeii.

A NOA e Aa?iia i?aeoeea iiaeiaiiai iaiaia eioi?iaoeeae iaaeaeo aaieaie
nouanoaoao iiiai eao. Anoue o?e iniiaiua iiaeaee iino?iaiey e?aaeeoiiai
ath?i: aia?eeaineay, o?aioeocneay e iaiaoeeay. A NOA ath?i
i?aaeinoaaeytho eioi?iaoeeth i e?aaeeoiuo enoi?eyo ethaiio
th?eaee/aneiio eee oece/aneiio eeoeo ca ieaoo – oaeoe/anee yoi
i?aaei?eieiaoaeuenoai. O?aioeocneay iiaeaeue i?aaeiieaaaao iaycaoaeueiia
i?aaeinoaaeaiea eioi?iaoeee a Iaoeeiiaeueiue aaie, e e?aaeeoiua ath?i
yaeythony iaeiei ec aai aeaia?oaiaioia – oi anoue ainoaea?noai
iieiinoueth eiio?iee?oao aeayoaeueiinoue ath?i. A Aa?iaiee eioi?iaoeeth
i e?aaeeoiuo enoi?eyo iiaoo iieo/eoue oieueei /eaiu e?aaeeoiiai ath?i –
yoi ia?oia?neea ioiioaiey, i?ecaaiiua ieieiece?iaaoue cao?aou e nia?aoue
eae iiaeii aieueoa eioi?iaoeee.

A iaoae no?aia aii?in i nicaeaiee e?aaeeoiuo ath?i ianoaeaeaeny
aeinoaoi/ii aeieai. ?acoeueoaoii yoiai ianoaeaeaiey noaei i?eiyoea
Oaaea?aeueiiai caeiia “I e?aaeeoiuo enoi?eyo”. A iai aeaaony iainiiaaiea
iaiaoiaeeiinoe nicaeaiey nenoaiu e?aaeeoiuo ath?i. A ?ac?aaioea yoiai
caeiiii?iaeoa i?eieiaee o/anoea e e?oiiua ?inneeneea aaiee. Aaiee?u
iauyniyee naia aeeaaeoaa o/anoea a noaeueaa yoiai caeiia oai, /oi iie
aeaaii eniuouaaee iaiaoiaeeiinoue a ?aaoee?iaaiee ioiioaiee eae iaaeaeo
e?aaeeoi?aie e caaiueeaie, oae e iaaeaeo naieie aaieianeeie
i?aaiecaoeeyie.

Iniiaiay oeaeue caeiia “I e?aaeeoiuo enoi?eyo”, a ii aeieaeai anooieoue
a neeo n 1 ethiy 2005 aiaea, – nicaeaiea nenoaiu, i?e iiiiue eioi?ie
ia?aae e?aaeeoi?aie (eiiia?/aneeie aaieaie) ?ane?uaaeanue au eioi?iaoeee
i aeia?iniaanoiinoe eniieiaiey caaiueeaie naieo iaycaoaeuenoa.
Iaania/eaaoue yoi aeieaeiu ath?i e?aaeeoiuo enoi?ee. I?aaaea, naie
e?aaeeoi?u aoaeoo iaycaiu i?aaeinoaaeyoue eioi?iaoeeth oioy au a iaeii
ath?i e?aaeeoiuo enoi?ee i caaiueeao oieueei n 1 naioya?y.

?acoiaaony, iaeiei ec eeth/aauo aii?inia yaeyeny aii?in niaeaney
a?aaeaeai ia oi, /oiau nia?aiiay i ieo eioi?iaoeey auea oe?iei e
naiaiaeii aeinooiia e?aaeeoiui i?aaiecaoeeyi. E?aaeeoi?u iiaoo
aeaeeoueny naieie naaaeaieyie i caaiueeao oieueei n niaeaney iineaaeieo.
Aaaeue eiioeaeaioeeaeueiinoue eioi?iaoeee i ee/iie aeecie a?aaeaeaieia
(e, oai aieaa, i aai aeioiaeao) – aii?in /?acau/aeii aaaeiue.

A ?innee oaea iiyaeeinue Iaoeeiiaeueiia ath?i e?aaeeoiuo enoi?ee (IAEE).
Eioi?iaoeey i caaiueea aoaeao o?aieoueny a ath?i a oa/aiea 15 eao iinea
aeaou aianaiey iineaaeieo eciaiaiee e aeiiieiaiee a aeieoiaioaoeeth. I?e
Oeaio?iaaiea aoaeao nicaeai oeaio?aeueiue eaoaeia e?aaeeoiuo enoi?ee.
Iiea a ninoaa o/?aaeeoaeae iiaiai ath?i aioee Annioeeaoeey ?inneeneeo
aaieia, Aiaooi?aaaie, AE Aa?n Aaie, Aeueoa-Aaie, aaie Caieo, aaie
Iao?ieiiia?oe, Aaci?iiaaie, AeaeueoaAaie, Ia?aue *aonei-?inneeneee Aaie,
?inaaie, Neoeaaie, THieano?oi Aaie, Eiiyenaaie, eoaeueyineay CRIF
S.p.a., aia?eeaineay Trans Union International.

E?iia oiai, a iaa yoiai aiaea a ?innee ca?aaioaao au? iaeii ath?i
e?aaeeoiuo enoi?ee “Yenie?eai-Eioa?oaen”. Iauaaeeieaoaa iiae naiae
yaeaeie oaeea aaiee, eae Iaaeaeoia?iaeiue iineianeee aaie,
?aeooaecaiaaie Aano?ey, AEI-Aaie e ae?oaea, yoi e?aaeeoiia ath?i iiaeao
noaoue iniiaiui eiieo?aioii o/?aaeaeaiiiai Annioeeaoeeae ?inneeneeo
aaieia Iaoeeiiaeueiiai ath?i e?aaeeoiuo enoi?ee.

E 1 naioya?y 2005 aiaea eaaeaeue aaie aeieaeai auoue iiaeeeth/ai oioy au
e iaeiiio ath?i. O/anoieee ?uiea iaeeaeatho, /oi iiiaea aaiee aoaeoo
nio?oaeie/aoue n ianeieueeeie ath?i e?aaeeoiuo enoi?ee, /oiau nieceoue
aa?iyoiinoue ioeaie a ia?aaea/a aeaiiuo. Iieo/aiea a ath?i eioi?iaoeee i
caaiueea aoaeao noieoue aaieo a n?aaeiai 1-3 aeieea?a NOA. Eiae/ii
i?aaeiieiaeeoue, /oi yoe ?anoiaeu aaiee ia?aeiaeao ia iea/e eeeaioia,
oaaee/ea naie eiiennee. A oi aea a?aiy, ii iiaieth aaiee?ia, a
ia?niaeoeaa nicaeaiea e?aaeeoiuo ath?i iiaeao cia/eoaeueii nieceoue
i?ioeaioiua noaaee ai anao aeaeao e?aaeeoiaaiey ianaeaiey. “Oi?ie?iaaiea
aac aeaiiuo, aaea iioaioeeaeueiua e?aaeeoi?u iiaee au iieo/eoue
eioi?iaoeeth i caaiueeao aeey iia?aoeaiiai i?eiyoey ?aoaiey, niiniaii
iiauneoue oeeaeeeciaaiiinoue e i?ic?a/iinoue yoiai ?uiea, nieceoue ?enee
aaieia, a aianoa n oai i?eaanoe e oiaiueoaieth aeaenoaeoaeueii
ae?aeiiianeeo noaaie”, – n/eoaao aeaaa oi?aaeaiey ?icie/iiai aeciana
Iaaei?iiaaiea Eai?ue Eunaiei.

Noieo oaeaea ioiaoeoue, /oi caaiueee ia niiaoo auae?aoue, a eaeia ath?i
aaie aoaeao ia?aaeaaaoue eioi?iaoeeth i ieo. Ei i?eaeaony eeai
i?eieiaoue oneiaey naiaai aaiea, eeai eaeoe a ae?oaie aaie. Caeanue aeey
caaiueea ia ia?aue ieai auoiaeeo aii?in iaaeaaeiinoe nenoaiu
aaciianiinoe oiai eee eiiai ath?i: aaeeea aa?iyoiinoue, /oi aacu aeaiiuo
ath?i /a?ac eaeia-oi a?aiy iiaoo iiyaeoueny a i?iaeaaea, eae yoi
neo/eeinue, iai?eia?, n aacie aeaiiuo iia?aoi?ia nioiaie nayce “Aeeaei”
e ION, a oaeaea n aacaie aeaiiuo iiiaeo aino/?aaeaeaiee, a oii /enea e
Oeaio?iaaiea.

Iai?aaeeueii n/eoaoue, /oi ?aoaiea i i?aaeinoaaeaiee nnoaeu i?eieiaao
nio?oaeiee e?aaeeoiiai ioaeaea a iaeeii/eo. I?iaa?ea eeeaioia, eae
i?aaeei, i?aaieciaaia neeaie o?ao iiae?acaeaeaiee: e?aaeeoiiai,
th?eaee/aneiai e aaciianiinoe. I?e yoii eaaeaeia aeieaeii ioaa/aoue ca
?aoaiea no?iai ii?aaeaeaiiuo aii?inia, ioianaiiuo e eo eiiiaoaioeee.

Ooieoeee e?aaeeoiiai iiae?acaeaeaiey:

– Aiaeec ieaoaaeaniiniaiinoe e iaaeaaeiinoe eeeaioa;

– Ioeaiea caeiaa e aiciiaeiinoe aai ?aaeecaoeee, a oaeaea oeiainiaiai
iieiaeaiey aa?aioa eee ii?o/eoaey.

Ooieoeee th?eaee/aneiai iiae?acaeaeaiey:

– I?iaa?ea niioaaonoaey aeieoiaioia aeaenoaothuaio caeiiiaeaoaeuenoao,
i?aaeeueiinoe eo ioi?ieaiey;

– Caeeth/aiea i iieiioa i?aaenoaaeaiiuo eeeaioii aeieoiaioia a neo/aa
i?eiyoey a caeia eiouanoaa, ?aeiiaiaeaoeee i aai o?aiaiee;

– A neo/aa iaaica?auaiey e?aaeeoa a n?ie — ioi?ieaiea aeieoiaioia aeey
i?aaeuyaeaiey aeieaeieeo a?aaeaeaineiai enea eee iieo/aiey
eniieieoaeueiie iiaeiene iioa?eona;

Ooieoeee iiae?acaeaeaiey aaciianiinoe:

– Oaoieei-e?eieiaeenoe/aneee aiaeec o/?aaeeoaeueiuo aeieoiaioia n
oeaeueth auyaeaiey iiaeaeaeie;

– I?aaiecaoeey ?aaiou ii iiaaoaieth i?in?i/aiiuo nnoae;

– Iiaeaioiaea e iai?aaeaiea aeieoiaioia a i?aaiio?aieoaeueiua i?aaiu,
anee ec iaoa?eaeia oniao?eaathony i?eciaee i?anooieaiey, e ae?oaea.

Eoae, e?aaeeoothuaa iiae?acaeaeaiea iai?aaeyao iaeao aeieoiaioia
th?eaee/aneie neoaeaa e neoaeaa aaciianiinoe aaiea.

TH?eaee/aneay neoaeaa aiaeece?oao i?aaenoaaeaiiua aeieoiaiou n oi/ee
c?aiey i?aaeeueiinoe ioi?ieaiey e niioaaonoaey aeaenoaothuaio
caeiiiaeaoaeuenoao.

Neoaeaa aaciianiinoe i?iaiaeeo i?iaa?eo ianii?oiuo aeaiiuo (aeaiiuo
oaeinoiaa?aiey ee/iinoe), ianoa aeeoaeuenoaa, ianoa ?aaiou caaiueea e
naaaeaiee, oeacaiiuo a aieaoa.

Ii ?acoeueoaoai i?iaa?ee e aiaeeca aeieoiaioia th?eaee/aneay neoaeaa e
neoaeaa aaciianiinoe ninoaaeytho ienueiaiiua caeeth/aiey, eioi?ua
ia?aaeathony a e?aaeeoothuaa iiae?acaeaeaiea.

A neo/aa i?eiyoey a caeia iauaeoia iaaeaeaeeiinoe, o?ainii?oiuo n?aaenoa
e ae?oaiai eiouanoaa e?aaeeoothuaa iiae?acaeaeaiea i?eaeaeaao e ?aaioa
ii onoaiiaeaieth ioeaii/iie noieiinoe yoiai eiouanoaa niaoeeaeenoa aaiea
ii aii?inai iaaeaeaeeiinoe eee aei/a?iaa i?aaei?eyoea. Ii ?acoeueoaoai
ioeaiee niaoeeaeeno (yenia?o i?aaei?eyoey) ninoaaeyao yenia?oiia
caeeth/aiea, eioi?ia ia?aaeaaony a e?aaeeoothuaa iiae?acaeaeaiea.

N?ie ?anniio?aiey aii?ina i i?aaeinoaaeaiee e?aaeeoa caaeneo io aeaea
e?aaeeoa e aai noiiu, ii, eae i?aaeei, ia i?aauoaao io iiiaioa
i?aaeinoaaeaiey iieiiai iaeaoa aeieoiaioia aei i?eiyoey ?aoaiey 10 – 15
eaeaiaea?iuo aeiae – ii e?aaeeoai ia iaioeiaeiua ioaeaeu e 1 ianyoea –
ii e?aaeeoai ia i?eia?aoaiea iaaeaeaeeiinoe.

E?aaeeoiue einiaeoi? ninoaaeyao ienueiaiiia caeeth/aiea i
oeaeaniia?aciinoe auaea/e e?aaeeoa (ioeaca a auaea/a) e niaeaniauaaao n
caaiueeii oneiaey i?aaeinoaaeaiey e?aaeeoa.

Ii eae aea auoue n yeni?ann-e?aaeeoiaaieai? Aaaeue i?e ioi?ieaiee
e?aaeeoa ca 15-40 ieioo i?iaeaeaoue noieueei iia?aoeee iaaiciiaeii. I?e
auaea/a yeni?ann-e?aaeeoa ia iio?aaeoaeueneea ioaeaeu iniiaiay ?ieue
i?eiaaeeaaeeo eiie?aoiiio nio?oaeieeo aaiea, eioi?ue ia iniiaa
eiioaeoiie eioi?iaoeee i?eieiaao ?aoaiea i auaea/a eee ioeaca a auaea/a
e?aaeeoa.

I?e ioeaiea ieaoaaeaniiniaiinoe eeeaioa i?e yeni?ann-e?aaeeoao, eae
i?aaeei, eniieuecoaony yeaeo?iiiay nei?eiaiaay nenoaia: caaiuee
caiieiyao aieaoo e ca eaaeaeue ioaao iieo/aao ii?aaeaeaiiue aaee. Caoai
ana aaeeu noiie?othony, e ia iniiaaiee eoiaiaie ioeaiee aaie i?eieiaao
?aoaiea. Iiaeiaiia e?aaeeoiaaiea oaeiaii aeey eeeaioa, ii ianao aeey
aaiea aieueoea ?enee, /ai auaea/a iau/iuo e?aaeeoia, eiaaea ia i?iaa?eo
caaiueea iiaeao oeoe iaaeaey eee aeaa. Aaiee eiiiaine?otho naie ?enee
aunieie noieiinoueth yeni?ann-e?aaeeoia.

Ia?aue yoai i?ioeanna e?aaeeoiaaiey – ianiiiaiii naiue neiaeiue e
o?oaei?ieee.

Ia aoi?ii yoaia eiiia?/aneee aaie iiaeienuaaao e?aaeeoiue aeiaiai? n
eeeaioii e ca?iuee iieo/aao nnoaeo. Nnoaea iiaeao auoue auaeaia eae
oeaeeeii, oae e auaeaaaoueny /anoyie a caaeneiinoe io oneiaee aeiaiai?a.

Auaea/a e?aaeeoa i?iecaiaeeony a niioaaonoaee n oneiaeyie e?aaeeoiiai
aeiaiai?a eae iaee/iuie aeaiueaaie, oae e a aaciaee/iii ii?yaeea iooai:

· ca/eneaiey ia n/ao caaiueea ii aeeaaeo aei aino?aaiaaiey;

· ca/eneaiey ia n/ao ieanoeeiaie ea?oi/ee caaiueea;

· iieaou n/aoia oi?aiauo e ae?oaeo i?aaiecaoeee e ae?.

Iinea auieaou eeeaioo i?aaeoniio?aiiie oneiaeyie aeiaiai?a noiiu
ianooiaao yoai iiaaoaiey aeieaa e oieaou i?ioeaioia ca iieueciaaiea
nnoaeie. I?aaeea e n?iee auieaou /anoae aeieaa e i?ioeaioia anaaaea
no?iai iaiai?aiu a e?aaeeoiii aeiaiai?a. A neo/aa iaaiciiaeiinoe
iiaaoaiey caaiueeii nnoaeu a n?ie a? noiia acuneeaaaony n ii?o/eoaey,
anee oaeiaie i?aaeoniio?ai. A anee ca?iuee e ii?o/eoaeue ia a ninoiyiee
iiaaneoue nnoaeo, oi yoi naeaeaao aaie, ?aaeeciaaa caeia ii nnoaea, eee,
ainiieueciaaaoenue n?aaenoaaie niaoeeaeueiuo no?aoiauo oiiaeia ia
iie?uoea e?aaeeoiuo ?eneia.

Nienie eeoa?aoo?u:

1. Aaieianeia aeaei: O/aaiee / Iiae ?aae. I.E. Eaa?ooeia. – I.: Oeiainu
e noaoenoeea, 2000.

2. Aieiaei TH.A. Aaiee e aaieianeea oneoae a ?innee: O/aaiia iiniaea –
I.: Oeiainu e noaoenoeea, 1999.

3. A?aaeaeaineee eiaeaen ?inneeneie Oaaea?aoeee. *.1,2. Ioeoeeaeueiue
oaeno. – I.: Ii?ia, 2003.

4. I?aaeea e?aaeeoiaaiey oece/aneeo eeoe o/?aaeaeaieyie Naa?aaiea ?innee
io 10 ethey 1997 a. N 229-? (ooa. Naa?aaieii ?O 10 ethey 1997 a.)

5. Oaa/aiei E.E., Eeoianeeo A.I. Oeiainu, aeaiaaeiia ia?auaiea e
e?aaeeo: O/aaiia iiniaea – Oaaai?ia: O?OO, 2003.

6. Aoeyaa ?. “Aaoicaei ii-?onnee” // “Aecian” ?17/2005.

7. A?aaeia E. “E?aaeeo – o/aaa ia a?aaeeo” // “Iineianeee eiiniiieaoe”
io 28.03.05.

8. AEaeiaaiia Ae. “Aaethoiue iiaea?ie ca?iueeo” //I?eeiaeaiea e aacaoa
“Eiiia?naiou” ?231 (3070)/2004

9. Aeieo?eaaa A. “Naeiiae oaiae acaeiu” // “Eiiia?naiou – Aaoi”
?046/2005.

10. E?ea? TH. “Oi?aiaaoue a e?aaeeo” // “Aa?aoi? – I?ann” ? 4/2005.

11. Ia?ouiiaa O. “Aaeeioaae ia ?uiea aaoie?aaeeoia: eae ia ia?aioeaieoue
eeeaioa” // “Aaieianeia iaic?aiea” ?2/2005.

12. Iienaaa N. “E?aaeeou aeey oeceeia” // “Ee/iua aeaiueae” io 11.03.05.

13. Naiioi?iaa A. “Aaiee – iaiaiueee”// “Iiaua ecaanoey” io 16.03.05.

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