.

Система кредитования и анализ возвратности кредита

Язык: русский
Формат: дипломна
Тип документа: Word Doc
0 4785
Скачать документ

ANA?INNEENEEE EINOEOOO IIAUOAIEss EAAEEOEEAOeEE

?AAIOIEEIA ?UAIIAI OICssENOAA

Niaoeeaeueiinoue «Oeiainu e e?aaeeo»

Eaoaae?a «Yeiiiieee e aeciana»

AeIIONOEOUe E CAUEOA

Caaaaeothuee eaoaae?ie

_______________________

(o/aiay noaiaiue e caaiea)

_______________________

(iiaeienue, eieoeeaeu e oaieeey)

«____»_________1998a

NENOAIA E?AAeEOIAAIEss E AIAEEC AICA?AOIINOE E?AAeEOA

(oaia)

AeEIEIIIUE I?IAEO (?AAIOA)

?ac?aaioae Oneia Na?aae Aeeoi?iae/

_______________________

(OEI, iiaeienue e aeaoa)

?oeiaiaeeoaeue caa. eaoaae?ie «Yeiiiieee e

aeciana», ae.y.i.

Aaie?aeeaeca Eeaai Eineoiae/

____________________________

(aeieaeiinoue, o/aiay noaiaiue

e caaiea, OEI, iiaeienue e aeaoa)

NIAeA?AEAIEA

Aaaaeaiea 5

1. Eiiia?/aneee e?aaeeo, aai nouiinoue 7

1.1. Iiiyoea eiiia?/aneiai e?aaeeoa e iaoaieci ?an/aoia 7

1.2. ?acaeoea eiiia?/aneiai e?aaeeoa 17

1.3. Eiiia?/aneee e?aaeeo ia nia?aiaiiii yoaia 28

2. E?aaeeoii-aaieianeay nenoaia 36

2.1Niaieoiiinoue e?aaeeoii-?an/aoiuo ioiioaiee, oi?i e iaoiaeia
e?aaeeoiaaiey

2.2 Nenoaia e?aaeeoii-oeiainiauo einoeoooia

a) Oeaio?aeueiua aaiee

a) Eiiia?/aneea aaiee

a) Niaoeeaeece?iaaiiua e?aaeeoii-oeiainiaua einoeooou

2.3. Iniiaiua iai?aaeaiey aeaiaaeii-e?aaeeoiiai ?aaoee?iaaiey

2.3.1. Oneeaiea eeeaeaeiinoe e?aaeeoii-oeiainiauo einoeoooia

2.3.2. Oi?aaeaiea ainoaea?noaaiiui aeieaii

2.3.3. ?aaoee?iaaiea iauaia e?aaeeoiuo iia?aoeee e aeaiaaeiie yiennee

2.4. Eino?oiaiou ?aaoee?iaaiey e?aaeeoiniiniaiinoe aaieia

2.4.1. Iniiaiua

a) ?aaoee?iaaiea o/aoiie noaaee

a) Iia?aoeee ia ioe?uoii ?uiea

a) Onoaiiaeaiea ii?i iaycaoaeueiuo ?aca?aia

2.4.2. Naeaeoeaiua

a) Eiio?ieue ii ioaeaeueiui aeaeai e?aaeeoia

a) ?aaoee?iaaiea ?enea aaieianeeo iia?aoeee

2.5.Yooaeoeaiinoue e?aaeeoii-aeaiaaeiie iieeoeee

2.5.1.I?aeiouanoaa ii n?aaiaieth n ae?oaeie iaoiaeaie ?aaoee?iaaiey
yeiiiieee

2.5.2.I?iaeaiu ?aaeecaoeee

3.Nouiinoue ei??aniiiaeaioneeo ioiioaiee

3.1. Iauay oa?aeoa?enoeea ei??aniiiaeaioneeo ioiioaiee

3.2. Aeaeu aaieia-ei??aniiiaeaioia e ii?yaeie ioi?ieaiey
ei??aniiiaeaioneeo ioiioaiee

4.Iaaeaaieianeea ei??aniiiaeaioneea ioiioaiey eae iniiaa i?aaiecaoeee
e inouanoaeaiey ?an/aoia iaaeaeo aaieaie

4.1. Ei??aniiiaeaioneea n/aoa e ii?yaeie eo aaaeaiey

4.2. Aeaeu iia?aoeee e eo o/ao ii ei??aniiiaeaioneei n/aoai

4.3.Ia?niaeoeau ?acaeoey e iooe niaa?oainoaiaaiey ei??aniiiaeaioneeo
ioiioaiee

5. Oi?oaoe?iaaiea

6. Ooieoeeiie?iaaiea aaenaeueiiai ?uiea a ?innee

7. Iaoiaeu o/aoa aaenaeae e au/eneaiey, naycaiiua n ieie

7.1. I?yiie e aeioiaeiue o/ao

7.2. Au/eneaiey iiieiaeueiie noieiinoe aaenaeae, iiaeeaaeaueo
oi?oaoe?iaaieth

7.3. ?an/ao o/eouaaaiie noieiinoe aeieaiaiai iaycaoaeuenoaa

7.4. Oi?ioea aeeneiioa

7.5. Oi?ioea i?eaeeceoaeueiiai aeeneiioa

7.6. ?an/ao i?aaeiieaaaaiiai aeioiaea io naeaeee

7.7. *enoue aeioiae

7.8. Aeaoaee i?aaeeueii ioeaiaiiie naeaeee

Caeeth/aiea

Nienie eeoa?aoo?u

I?eeiaeaiey

AAAAeAIEA

Aaiee ninoaaeytho iaiouaieaioth /a?oo nia?aiaiiiai aeaiaaeiiai
oicyenoaa. Iaoiaeynue a oeaio?a yeiiiie/aneie aeecie, ianeoaeeaay
eioa?anu i?iecaiaeeoaeae, aaiee iiin?aaeotho nayce iaaeaeo
i?iecaiaeeoaeai e iio?aaeoaeai.

A oneiaeyo ?uiea iaecaaaeii aaiee auaeaeaathony a /enei
iniiaiiieaaathueo, eeth/aauo yeaiaioia yeiiiie/aneiai ?aaoee?iaaiey. A
yoii ieaia iniaoth ?ieue ea?atho e?aaeeou, i?aa?auaynue, ii nouanoao, a
aaeeinoaaiiue enoi/iee, ieoathuee ia?iaeiia oicyenoai aeiiieieoaeueiuie
aeaiaaeiuie ?ano?naie.

Iniiaiui aioo?aiiei i?ioeai?a/eai e?aaeeoiuo ioiioaiee yaeyaony
i?ioeai?a/ea iaaeaeo e?aaeeoi?ii e caaiueeii. Yoe i?ioeai?a/ey
ii?aaeaeythony ?acia?ii aunaiaiaeeaoeony n?aaenoa o e?aaeeoi?a e
?acia?ii iio?aaiinoe caaiueea, a oaeaea i?ioeai?a/eai iaaeaeo
i?iaeieaeeoaeueiinoueth aunaiaiaeaeaiey n?aaenoa o e?aaeeoi?a e
i?iaeieaeeoaeueiinoueth nouanoaiaaiey iio?aaiinoe a aeiiieieoaeueiuo
n?aaenoaao o caaiueea.

Anoanoaaiiie oi?iie aeaeaeaiey aeaiaaeii-e?aaeeoiuo ioiioaiee yaeyaony
aicieeiiaaiea aieaa neiaeiie oi?iu ioiioaiee – e?aaeeoiuo ioiioaiee n
o/anoeai iin?aaeieea.

Aaaeiaeoae oi?iie e?aaeeoiuo ioiioaiee yoiai oeia yaeyaony aaieianeee
e?aaeeo, i?e eioi?ii a ?iee iin?aaeieea aunooiaao aaie.

?acaeoea ?uii/iuo ioiioaiee o?aaoao iinoiyiiiai niaa?oainoaiaaiey
e?aaeeoii-aeaiaaeiuo ioiioaiee. Nia?aiaiiay eiioeaioeey e?aaeeoiaaiey, e
niaeaeaieth, eniiaaaeoao eneeth/eoaeueii eaeath anaia?iiai nie?auaiey
e?aaeeoiuo aeiaeaiee, iineieueeo, ii iiaieth yienneiiiuo aaieia,
aoiaeaeaiea aeiiieieoaeueiuo ieaoaaeiuo n?aaenoa a oicyenoaaiiue iai?io
iin?aaenoaii e?aaeeoa oieueei oneeeaaao eioeyoeeiiiua oaiaeaioeee.
Ia?aie/aiea e?aaeeoa iaeiia?aiaiii neacuaaaony ia ?acaeoee
i?aaei?eieiaoaeueneie aeayoaeueiinoe eae oaeoi?a ianuuaiey ?uiea
oiaa?aie. Anee o/anoue, /oi i?eia?ii o?aoue aeaiaa, iaoiaeyueony a
ia?auaiee, eniieuecoaony ia ioaeaeu e?aaeeoiaaiey e ianaeaiey, a
aieueoay eo /anoue aoyiooa a iie?uoea ainoaea?noaaiiiai aioo?aiiaai
aeieaa, oi noaiao iiiyoiui, /oi ia?aie/aiey a e?aaeeoiaaiee i?aaei?eyoee
e ianaeaiey ieacuaathony oaeaiaiiuie.

A oeaeii iaiaoiaeeia ia noieueei aeanoeay e?aaeeoiay ?ano?eeoeey,
neieueei ia?aa?oiie?iaea oi?i e?aaeeoa, a oii /enea ?acaeoea
eiiia?/aneiai e?aaeeoa.

?acaeoeth e enneaaeiaaieth a iaeanoe eiiia?/aneiai e?aaeeoa e iinayuaia
aeaiiay aeeieiiiay ?aaioa.

A naiae ?aaioa y oioae au ?anniio?aoue iniiaiua i?eioeeiu onoaiiaeaiey
e ?acaeoey ei??aniiiaeaioneeo ioiioaiee iaaeaeo aaieaie a ?inneeneie
Oaaea?aoeee, ii?aaeaeaiea eo oeiainiaiai iieiaeaiey, noaaeeueiinoe e
?anniio?aiea aii?ina i oeaeaniia?aciinoe onoaiiaeaiey oaeeo ioiioaiee.

Ca iniiao iiith auee acyou i?eioeeiu e iiuo ?aaiou eniieuecoaiua a
Iaeeiaaiea, o.e. Iaeeiaaie yaeyaony iaeiei ec e?oiiaeoeo aaieia ?innee e
eiaao ia?iiiue iiuo onoaiiaeaiey e aaaeaiey ei??aniiiaeaioneeo
ioiioaiee, eae ia oa??eoi?ee ?innee oae e ca a? i?aaeaeaie.

Iineieueeo aaieianeee aecian a ?innee n?aaieoaeueii iieiae, oi
iaoiaeynue a noaaeee noaiiaeaiey e eioaineaiiai ?acaeoey, ii?yaeie
onoaiiaeaiey ei??aniiiaeaioneeo ioiioaiee iniiauaathony a iniiaiii ia
ca?oaaaeiii iiuoa, i?iaa?aiiii aiaeaie, i?e yoii o/eouaay
iaoeeiiaeueiua iniaaiiinoe aaieianeiai aeaea a ?innee. A naiae ?aaioa y
oioae au ?anniio?aoue eiaiii yoe i?eioeeiu onoaiiaeaiey
ei??aniiiaeaioneeo ioiioaiee iaaeaeo aaieaie aioo?e no?aiu, a oaeaea
o/eouaay, /oi a ianoiyuaa a?aiy ?inneeneea eiiia?/aneea aaiee iieo/eee
naiinoiyoaeueiue auoiae ia iaaeaeoia?iaeiue aaieianeee ?uiie e aeoeaii
?acaeaatho iauai i?aaeinoaaeyaiuo oneoa naiei eeeaioai aeey
inouanoaeaiey iineaaeieie ii?iaeueiie aiaoiaoi?aiaie aeayoaeueiinoe, y
oaeaea oioae au ?anniio?aoue iaeie ec iniiaiuo oi?i ?an/aoia iaaeaeo
aaieaie inouanoaeyaiuo eie aeey ianeoaeeaaiey aiaoiaoi?aiauo iia?aoeee.
E /eneo oaeeo iia?aoeee ioiinyony ia?aaiaeiua, eieanniaua e
aee?aaeeoeaiua iia?aoeee, eioi?ua yaeythony i?iaa?aiiui, aeaenoaaiiui
eino?oiaioii i?iaaaeaiey ieaoaaeae e i?aaeea i?iaaaeaiey oaeeo
?aaoee?othony i?eiyouie a iaaeaeoia?iaeiie i?aeoeea i?aaeeaie e
ii?iaie.

Ianiio?y ia aiciiaeiinoue ?inneeneeo eiiia?/aneeo aaieia onoaiaaeeaaoue
ei??aniiiaeaioneea ioiioaiey n eiino?aiiuie aaieaie e i?iaiaeeoue
oeacaiiua iia?aoeee iai?yioth, iiiaea aaiee iieuecothony aeey eo
inouanoaeaiey oneoaaie o?aoueeo aaieia, iaoiaeyueony oaeaea ia
oa??eoi?ee ?innee. Yoi naycaiii a ia?aoth i/a?aaeue, eae oiiieiaeinue
auoa, ni noaiiaeaieai aaieianeiai aeaea a ?innee e iiiaea ca?oaaaeiua
aaiee ec-ca ionoonoaey iieiie e aeinoiaa?iie eioi?iaoeee i ninoiyiee
oiai eee eiiai ?inneeneiai e?aaeeoiiai o/?aaeaeaiey i?aaeii/eoatho
i?iaiaeeoue iia?aoeee /a?ac ecaanoiua ei aaiee, n eioi?uie eiaaony iiuo
?aaiou e /uey ?aiooaoeey ecaanoia ia ie?iaii ?uiea. *enei oaeeo aaieia a
?innee iiea iaaaeeei. Oaeaea ia yoe aaiee aeaeaaony noaaea e aioo?e
no?aiu. Iaeaieaa aeinoieiua aaiee oiieiiii/eaathony I?aaeoaeuenoaii ?O,
Ieienoa?noaii oeiainia ?O eee Oeaio?aeueiui aaieii ?O ia i?iaaaeaiea oao
eee eiuo iia?aoeee, a neaaenoaee /aai ae?oaea aaiee auioaeaeaiu
ia?auaoueny e oiieiiii/aiiui aaieai aeey inouanoaeaiey oaeeo iia?aoeee.
Oaeaea ?yae aaieia, eae i?aaeei ec /enea oiieiiii/aiiuo,
niaoeeaeece?oaony ia i?iaaaeaiee oao eee eiuo iia?aoeee e,
niioaaonoaaiii eiaao ii?aaeaeaiiua eueaiou aeey eo i?iaaaeaiey (iai?eia?
nieaeaiea oa?eoiuo noaaie, oaaee/aiea i?ioeaioiuo noaaie oiea/eaaaiui ii
n/aoai, i?aaeinoaaeaiea ion?i/ee ieaoaaea e o.ae.), /oi nicaeaao
aeiiieieoaeueioth i?eaeaeaoaeueiinoue aeey eo i?iaaaeaiey /a?ac oaeea
aaiee.

E oae ?anniio?ei iniiaiua i?eioeeiu e ii?iu onoaiiaeaiey
ei??aniiiaeaioneeo ioiioaiee iaaeaeo ?inneeneeie eiiia?/aneeie aaieaie a
n?aaiaiee n eiathuaeny i?aeoeeie onoaiiaeaiey oaeeo ioiioaiee n
eiino?aiiuie aaieaie, a oaeaea iniiaiua oi?iu e i?aaeea inouanoaeaiey
iia?aoeee iaaeaeo aaieaie aeey ianeoaeeaaiey aiaoiaoi?aiaie
aeayoaeueiinoe ?inneeneeo i?aaei?eyoee.

1. EIIIA?*ANEEE E?AAeEO, AAI NOUIINOUe

1.1. Iiiyoea eiiia?/aneiai e?aaeeoa e iaoaieci ?an/aoia

Eiiia?/aneee e?aaeeo iiaeii ioa?aeoa?eciaaoue eae e?aaeeo,
i?aaeinoaaeyaiue a oiaa?iie oi?ia i?iaeaaoeaie iieoiaoaeyi a aeaea
ion?i/ee ieaoaaea ca i?iaeaiiua oiaa?u. Ii i?aaeinoaaeyaony iiae
iaycaoaeuenoaa aeieaeieea (iieoiaoaey) iiaaneoue a ii?aaeaeaiiue n?ie
eae noiio iniiaiiai aeieaa, oae e ia/eneyaiua i?ioeaiou.

I?eiaiaiea eiiia?/aneiai e?aaeeoa o?aaoao iaee/ey o i?iaeaaoea
aeinoaoi/iiai ?aca?aiiai eaieoaea ia neo/ae caiaaeeaiey iinooieaiee io
aeieaeieeia.

Auaeaeytho iyoue iniiaiuo niiniaia i?aaeinoaaeaiey eiiia?/aneiai
e?aaeeoa:

aaenaeueiue niinia;

ioe?uoue n/ao;

neeaeea i?e oneiaee iieaou a ii?aaeaeaiiue n?ie;

naciiiue e?aaeeo;

eiineaiaoeey.

I?e aaenaeueiii niiniaa iinea iinoaaee oiaa?ia i?iaeaaaoe aunoaaeyao
o?aooo ia iieoiaoaey, eioi?ue, iieo/ea eiiia?/aneea aeieoiaiou,
aeoeaiooao aa, o.a. aeaao niaeanea ia iieaoo a oeacaiiue ia iae n?ie.

Ae?oaie niinia – neeaeea i?e oneiaee iieaou a ii?aaeaeaiiue n?ie. Yoio
niinia i?aaeoniao?eaaao oneiaea, /oi anee ieaoaae aoaeao i?iecaaaeai
iieoiaoaeai a oa/aiea iaiai?aiiiai a eiio?aeoa ia?eiaea iinea auienee
n/aoa, oi ec oeaiu aoaeao au/oaia neeaeea. A i?ioeaiii neo/aa, any noiia
aeieaeia auoue auiea/aia a onoaiiaeaiiue n?ie.

Niaeanii aeiaiai?o ia ioe?uoii n/aoa, iaeiaaeaeu i?eiyoiio iaaeie
noi?iiaie, iieoiaoaeue iiaeao aeaeaoue ia?eiaee/aneea caeoiee aac
ia?auaiey ca e?aaeeoii a eaaeaeii ioaeaeueiii neo/aa. Iau/iue ii?yaeie
inouanoaeaiey naeaeee oaeia: eiaaea iieoiaoaeue caeacuaaao oiaa?, ii
iaiaaeeaiii ioa?oaeaaony, a ieaoaae ca iaai i?iecaiaeeony a
onoaiiaeaiiua n?iee iinea iieo/aiey n/aoa.

Naciiiue e?aaeeo iau/ii i?eiaiyaony a i?iecaiaenoaa ea?ooae, noaaie?ia e
ae?oaeo ecaeaeee ianniaiai iio?aaeaiey. Yoio niinia ?ac?aoaao ?icie/iui
oi?aiaoeai iieoiaoue oiaa?u a oa/aiea anaai aiaea n oeaeueth
i?aaiecaoeee iaiaoiaeeiuo caiania ia?aae ieeii naciiiuo i?iaeaae e
iicaieyao ion?i/eoue ieaoaae i?iecaiaeeoaeth aei eiioea ?ani?iaeaaee.
Iai?eia?, i?iecaiaeeoaee ea?ooae ?ac?aoatho oi?aiaoeai caeoiaoue ea?ooee
ca ianeieueei ianyoeaa aei ?iaeaeanoaa, a ieaoeoue ca oiaa? – a
yiaa?a-oaa?aea. Aeaaiia i?aeiouanoai i?e yoii niiniaa

– aiciiaeiinoue auionea i?iaeoeoeee aac aeiiieieoaeueiuo ?anoiaeia ia
neeaaee?iaaiea, o?aiaiea e o.ae.

Eiineaiaoeey – niinia, i?e eioi?ii ?icie/iue oi?aiaaoe iiaeao i?inoi
iieo/eoue oiaa?ii-iaoa?eaeueiua oeaiiinoe aac iaycaoaeuenoaa. Anee
oiaa?u aoaeoo i?iaeaiu, oi aoaeao inouanoaeai e ieaoaae i?iecaiaeeoaeth,
a anee iao, oi ?icie/iue oi?aiaaoe iiaeao aa?iooue oiaa? i?iecaiaeeoaeth
aac auieaou iaonoieee. Eiineaiaoeey iau/ii i?eiaiyaony i?e ?aaeecaoeee
iiauo, iaoeie/iuo oiaa?ia, ni?in ia eioi?ua o?oaeii i?aaeiieiaeeoue.
I?eia?ii iiaeao neoaeeoue i?aeoeea i?iecaiaenoaa e i?iaeaaee iiauo
o/aaieeia aeey einoeoooia. Eieaiecaeaoaee iinueatho naie eieae a
einoeoooneea iaaaceiu n oneiaeai eo aica?aoa, anee iie ia aoaeoo
eoieaiu.

Naii niaie ?acoiaaony, /oi ethaie ec yoeo niiniaia iiaeao auoue iaeaieaa
yooaeoeaiui a eiie?aoiuo ?uii/iuo oneiaeyo. Auai? iaeaieaa yooaeoeaiiai
niiniaa – aeaaiay caaea/a e?aaeeoiie iieeoeee eaaeaeie ei?ii?aoeee.

I?iaeaaea oiaa?ia a e?aaeeo noaea iau/iui niiniaii aaaeaiey aeae aeey
i?iiuoeaiiuo eiiiaiee, i?aaeeiaeaiea e?aaeeoiuo oneoa yaeyaony i?oaeeai
eiieo?aioeee i?e i?eaea/aiee eeeaioia. Ec-ca yoie oaiaeaioeee .e
oaaee/aieth iieoiee a e?aaeeo ana aieaa ino?ie noaiiaeony aeeeaiia
oaa?aeie eee naiaiaeiie e?aaeeoiie iieeoeee. Eceeoia oaa?aeua oneiaey
iiaoo ioioaiooue iieoiaoaeae, a i/aiue naiaiaeiua – niinianoaiaaoue ia
oieueei aieueoiio iauaio i?iaeaaee oiaa?a, ii e ieieiaeueiiio ia?aoiiio
i?eoieo eaieoaea ec-ca iaiieaou aeieaia a n?ie e aieueoeo ?anoiaeia,
naycaiiuo n “auoeaaieai” aeieaa. Aeaaiay caaea/a ei?ii?aoeee a yoie
iaeanoe – i?aaeeueiia oi?aaeaiea naiei inoaoeii aeaaeoi?neie
caaeieaeaiiinoe a niioaaonoaee n ?acia?ii iaeeaeaaiie ?aaeecaoeee
oiaa?iie i?iaeoeoeee. *ai auno?aa iai?a/eaaaony inoaoie aeaaeoi?neie
caaeieaeaiiinoe ii aeaiiiio iauaio i?iaeaaee oiaa?ia, oai ei?i/a oeeee
e?oaiiai?ioa iaee/iuo n?aaenoa ei?ii?aoeee e, neaaeiaaoaeueii, auoa
eeeaeaeiinoue oe?iu (o.a. aa niiniaiinoue naiaa?aiaiii iiaaoaoue naie
aeieaiaua iaycaoaeuenoaa).

Ei?ii?aoeey aeieaeia iinoiyiii ia?aniao?eaaoue naith e?aaeeoioth
iieeoeeo ec-ca eciaiaiey ?uii/iuo oneiaee. E?aaeeoiay iieeoeea ninoieo
ec iaueo iai?aaeaiee i?eiyoey ?aoaiee ii auai?o iaaeaaeiiai caaiueea,
iauaia e n?iea e?aaeeoa. Yoe iai?aaeaiey, a aeaeueiaeoai, ?aaeecothony
ieaaeoei oi?aaeai/aneei aiia?aoii aeey i?eiyoey aaeaaeiaaiuo ?aoaiee.
Iai?eia?, a niioaaonoaea n i?iaiaeeiie e?aaeeoiie iieeoeeie ei?ii?aoeey
iiaeao i?aaeinoaaeoue i?aai ieaaeoaio iaiaaeaea?o e?aaeeoiaaoue eeeaioia
a i?aaeaeao 50 oun. aeieea?ia. Neaaeiaaoaeueii, eeeaio, ioaeaeathueeny a
aieueoae noiia e?aaeeoa, neaaeai aei 200 oun. aeieea?ia, aeieaeai aoaeao
iieo/eoue niaeanea noa?oaai iaiaaeaea?a, a nauoa 200 oun. aeieea?ia –
iaeia?aiea e?aaeeoiiai eiieoaoa. Yoe i?ioeaaeo?u aeieaeiu auoue /aoei
ii?aaeaeaiu, /oiau eeeaioai ia iaaei ‘ auei aeaeaoue i?ioiaeaeaiey
naiaai aeaea ii einoaioeeyi.

Noaia N 1 .iieacuaaao iniiaioth aeie-noaio, io?aaeathuoth
iineaaeiaaoaeueiinoue e?aaeeoiie iieeoeee e acaeiinaycue aa yoaiia.

Noaia N 1

E?AAeEOIAss IIEEOEEA

E?AAeEOIUA ONEIAEss

?AOAIEA I I?AAeINOAAEAIEE E?AAeEOA

EIIO

NEIEUeEI

EIIO?IEUe CA NOAOUessIE AAEAINA

IA?ANIIO? E?AAeEOIIE IIEEOEEE II IA?A IAIAOIAeEIINOE

NIIOAAONOAOAO EE NINOIssIEA NOAOAE AAEAINA E?AAeEOIIE IIEEOEEA

IAIAOIAeEII I?IAIAEECE?IAAOUe I?EAUEUeIINOUe ECIAIAIEE E?AAeEOIUO
ONEIAEE EEE E?AAeEOIIAI ?AOAIEss

Eae iieacuaaao noaia, i?ioeann ia/eiaaony n ii?aaeaeaiey e?aaeeoiie
iieeoeee. A aeaeueiaeoai, ana ?aoaiey i?eieiathony a niioaaonoaee n aa
niaea?aeaieai. Iinea i?aaeinoaaeaiey e?aaeeoa neaaeothuei aaaeiui
aeaenoaeai yaeyaony eiio?ieue ca i?in?i/aiiie caaeieaeaiiinoueth,
io?aaeaiiie a aaeaina ii noaoueyi aeaaeoi?neie caaeieaeaiiinoe. Yoio
eiio?ieue iicaieyao ii?aaeaeeoue noaiaiue niioaaonoaey i?eiyouo ?aoaiee
e?aaeeoiie iieeoeea oe?iu. Aeaaea anee yoi niioaaonoaea ia ia?ooaii,
ia?eiaee/aneay ioeaiea e?aaeeoiuo ?aoaiee iicaieyao ?aaoee?iaaoue eo a
caaeneiinoe io oaeouae aeaeiaie neooaoeee.

Oaia?ue ?anniio?ei iiae?iaiaa eaaeaeoth noaaeeth i?aaeinoaaeaiey
eiiia?/aneiai e?aaeeoa.

Oi?aaeaiea e?aaeeoiie iieeoeeie au?aaeaao iauoth no?aoaaeth ?acaeoey
ei?ii?aoeee. N aa iiiiuueth ia no?aiyony onoaiiaeoue eiie?aoiua niiniau
aeinoeaeaiey oeaeae, a eeoue oi?ie?otho “ea?ean”, no?oeoo?o
?aeiiaiaeaoeee e iniiaiuo iai?aaeaiee auiieiaiey /anoiuo aeaeiauo
iia?aoeee. Ia iniiaa yoiai “ea?eana” ?ac?aaaouaaaony iaoiaeeea
i?iaaaeaiey aaeaaeiaaiuo ia?ii?eyoee, iai?aaeaiiuo ia aeinoeaeaiea
oeaeae e?aaeeoiie iieeoeee.

E?aaeeoiay iieeoeea ei?ii?aoeee, oaeei ia?acii, ii?aaeaeyao oeaee
e?aaeeoiiai oi?aaeaiey. Iia aeieaeia /aoei iieacaoue iaia?aiey oe?iu
auoue aeoeaiie a i?aaeinoaaeaiee eiiia?/aneiai e?aaeeoa, /oi aeaao
aiciiaeiinoue ?acei eciaieoue e?aaeeoioth iieeoeeo a caaeneiinoe io
eiiuthieoo?u ?uiea eee auoue eiina?aaoeaiie a oneiaeyo i?aaeinoaaeaiey
e?aaeeoa eaaeaeiio eeeaioo.

E?aaeeoiua oneiaey, i?aaeeaaaaiua iieoiaoaeth, ii?aaeaeytho a?aiy,
eiathuaany a ?anii?yaeaiee eeeaioa aei auieaou aeieaa. Iau/ii iiae
e?aaeeoiui ia?eiaeii iiieiatho a?aiy, ?acaeaeythuaa aeaoo auienee n/aoa
e aeaoo aai iieaou. A eiio?aeoa yoi a?aiy iaicia/aaony eae “iaooi 30”
eee “iaooi 90”. Yoi icia/aao, /oi ianooieaieth aeaou ieaoaaea
i?aaeoanoaotho 30 eee 90 aeiae. Ei?ii?aoeey iiaeao i?aaeeiaeeoue
o/aoioth neeaeeo, o.a. i?ioeaio, eioi?ue eeeaio iiaeao au/eoaoue ec
oeaiu n/aoa, anee ieaoaae inouanoaeyaony a onoaiiaeaiiue o/aoiue n?ie. A
yoii neo/aa e?aaeeoiua oneiaey iaicia/athony, iai?eia?, eae “2/10, iaooi
30” *enei 2 icia/aao 2% neeaeee io noiiu n/aoa, anee ieaoaae inouanoaeai
a oa/aiea 10 aeiae ni aeiy auienee n/aoa. A i?ioeaiii neo/aa, ieaoaae
aeieaeai auoue i?iecaaaeai a oa/aiea 30 aeiae. I?aaeeaaay neeaeeo,
ei?ii?aoeey aioiaa ioeacaoueny io 2% oeaiu oiaa?a aeey onei?aiey
iinooieaiey iaee/iiai ieaoaaea. E?iia oiai, oae eae neeaeea yaeyaony
aeia?iaieueiie, iia iiaeao i?eaea/ue iiauo eeeaioia n ei?ioeei
aeaiaaeiui oeeeeii, ?ann/eouaathueo iieo/eoue i?eaueue ca n/ao neeaeee
io oeaiu naeaeee.

I?eiyoea ?aoaiey i i?aaeinoaaeaiee e?aaeeoa eiaao aeaa noi?iiu. Ia?aay –
iaaei ee i?aaeinoaaeyoue e?aaeeo iioaioeeaeueiiio eeeaioo. A yoii neo/aa
iaiaoiaeeii caiyoueny e?aaeeoiui aiaeecii. Aoi?ay noi?iia – anee ?aoaiea
i i?aaeinoaaeaiee e?aaeeoa i?eiyoi, aeieaeai ee auoue onoaiiaeai eeieo e
anee aea, oi eaeie?

E?aaeeoiue aiaeec – yoi i?ioeann i?eiyoey ?aoaiey i i?aaeinoaaeaiee eee
ia i?aaeinoaaeaiee eiiia?/aneiai e?aaeeoa aeaiiiio iioaioeeaeueiiio
eeeaioo. I?e e?aaeeoiii aiaeeca nia/aea iaaei auynieoue aeaeaiea e
aiciiaeiinoue eeeaioa ieaoeoue ca eoieaiiua oiaa?u eee ieacaiiua aio
oneoae. Eiaeeaeaeoaeueiua oa?aeoa?enoeee eeeaioa, eco/aaiua i?e
e?aaeeoiii aiaeeca, iieo/eee aea?aiiiia iacaaiea “5N” e?aaeeoa”:

customer’s character (oa?aeoa? eeeaioa)

capacity to pay (ieaoaaeaniiniaiinoue)

collateral (iaania/aiea)

capital (eaieoae)

current business condition (oaeouaa aeaeiaia iieiaeaiea).

Eco/aiea oa?aeoa?a eeeaioa iiiiaaao ii?aaeaeeoue aai aeaeaiea
ieaoeoue. *oiau iieo/eoue yoo eioi?iaoeeth iiaeii i?aaieciaaoue ee/ioth
ano?a/o n eeeaioii iaeiiai ec iaiaaeaea?ia oe?iu eee cai?ineoue ni?aaeo
a ?acee/iuo ainoaea?noaaiiuo eee /anoiuo yeiiiie/aneeo o/?aaeaeaieyo,
iaycaoaeueii aeeth/ay aaie eeeaioa. Ii?aaeaeaiea ieaoaaeaniiniaiinoe
eeeaioa, aai ?aaeueiiai eaieoaea e iaania/aiey nnoaeu aeeth/aao a naay
i?aaeaea anaai aiaeec oeiainiauo io/aoia (aaeainia) , i?aaeinoaaeaiiuo
eeeaioii eee ioeoeeaeueii iioaeeeiaaiiuo. Ninoiyiea anae yeiiiieee oiaea
iiaeao ea?aoue naith ?ieue. Oae, anee a yeiiiieea iaaethaeaaony niaae,
oi oe?ia iiaeao naaa iicaieeoue i?aaeinoaaeaiea eeoue ia?aie/aiiiai
/enea e?aaeeoia.

E?iia oeiainiauo io/aoia eeeaioa eiathony ae?oaea iiiai/eneaiiua
enoi/ieee eioi?iaoeee, aeinooiiua aeey eniieueciaaiey i?e aiaeeca.
Aaiee, ae?oaea oe?iu, i?aaeinoaaeyaoea e?aaeeou eeeaioo, ianoiua
e?aaeeoiua i?aaiecaoeee, iau/ii aoiaeyuea a ninoaa Iaoeeiiaeueiuo
annioeeaoeee e?aaeeoiiai oi?aaeaiey NOA, eee aiaeiae/iua i?aaiecaoeee a
ae?oaeo no?aiao i?aaeinoaaeytho, eae i?aaeei, iaeaieaa iauoth
eioi?iaoeeth, oae eae aeaoaee e?aaeeoiuo niaeaoaiee ninoaaeytho
eiiia?/aneoth oaeio e io?aiythony caeiiii.

Oe?iei eniieuecoaiui enoi/ieeii eioi?iaoeee a NOA neoaeeo oe?ia Dun and
Bradstreet. (D.A.). Iia niaaaeaao eioi?iaoeeae i i?aaeiieaaaaiie
ioeaii/iie oeiainiaie neea iioaioeeaeueiiai eeeaioa, aeaeaao neiaeioth
e?aaeeoioth yenia?oeco. D.A. iaieiaao eiiaiaeo aiaeeoeeia, eioi?ua
iinauatho oe?iu ii ii?aaeaeaiiiio a?aoeeo e ninoaaeytho aeieeaaeu n
i/aiue iiae?iaiie eioi?iaoeeae. Aeey iio?aaeoaeae yoie eioi?iaoeee iniai
aaaeiu naaaeaiey i i?aaeuaeoueo ieaoaaeao, oeiainiaii iieiaeaiee,
oeacaiiua a naiaeiuo oeiainiauo io/aoao eeeaioia. Aeieeaae ioia/aao
ethaoth oaeouoth ioeoeeaeueioth i?iaeaio eeeaioa e aai e?aoeoth
enoi?eth. Oaeei ia?acii, aeieeaae D.A. noae noaiaea?oiui enoi/ieeii
eioi?iaoeee, iaiaoiaeeiie aeey i?eiyoey ?aoaiey i i?aaeinoaaeaiee e
?acia?ao e?aaeeoa.

Ioaeii iniai iiae/a?eiooue, /oi a oa/aiea anaai i?ioeanna aiaeeca
enneaaeiaaiea e?aaeeoiniiniaiinoe eeeaioa aucaaii ia oieueei
iaiaoiaeeiinoueth i?eiyoey ia? i?aaeinoi?iaeiinoe io i?aaeinoaaeaiey
e?aaeeoa iaiaaeaaeiiio eeeaioo, ii a ?aaiie ia?a e aeaeaieai oe?iu
ieacaoue iaeneioi e?aaeeoiuo oneoa oaaaeaaiiio iieoiaoaeth. A ?aaiie
noaiaie ieioei n/eoaaony ?aoaiea i e?aaeeoiaaiee ia caneoaeeaathueo
yoiai eeeaioia e ?aoaiea ia i?aaeinoaaeyoue e?aaeeo eeeaioo, eioi?ue
aa?aioe?iaaiii caieaoeo. A iaieo neo/ayo i?iaeaaaoe ianao oauoee.

Ei?ii?aoeey eaeao ia ii?aaeaeaiiua ?anoiaeu aeey i?aaeio?aiaiey naay io
ioeai/iuo e?aaeeoiuo ?aoaiee. Oaeea ?anoiaeu aeeth/atho a naay ca?ieaoo
e aiii?a?u ca eiinoeueoaoeee niaoeeaeenoia, iieaoo e?aaeeoiuo
aeieeaaeia, anooieoaeueiua e /eaineea aciinu a e?aaeeoiua annioeeaoeee.
Ei?ii?aoeey, oaeaea, aeieaeia ianoe e aioo?aiiea ?anoiaeu aeey
inouanoaeaiey ea/anoaaiiiai e?aaeeoiiai aiaeeca, ?ac?aaioee iaoiaeee e
iaoa?eaeueii-oaoie/aneiai iaania/aiey aiaeeca.

I?aaeae e?aaeeoa – iaeneiaeueiue iauai e?aaeeoa, eioi?ue aoaeao
i?aaeinoaaeai eeeaioo aaeeiia?aiaiii. Yoio iauai iau/ii onoaiaaeeaaaony
ia ioiineoaeueii ieceii o?iaia aeey iiauo, iaciaeiiuo eeeaioia e, caoai,
iiaeieiaaony ia iniiaa iieiaeeoaeueiie i?aeoeee ieaoaaeae e iio?aaiinoae
eeeaioa. E?aaeeoiua eeieou (i?aaeaeu) ia aeieaeiu auoue noaaeeueiuie, a
anaaaea neoaeeoue iauaeoii ia?aniio?a, iniiaaiiiai ia iiuoa e eciaiaiee
oneiaee ?uiea. Onoaiaaeeaay e?aaeeoiue eeieo, oe?ia iooaeeeaaaony io
eioi?iaoeee, iieo/aiiie a ?acoeueoaoa e?aaeeoiiai aiaeeca e noiiu
ieaie?oaiuo caeoiie eeeaioaie.

?anniio?ei i?eia?. I?aaenoaaueoa, /oi iioaioeeaeueiue eeeaio ia?auaaony
ca e?aaeeoii. E?aaeeoi? auyniyao, /oi eeeaio eiaao oi?ioaa oeiainiaia
iieiaeaiea, e /oi ii niae?aaony iieoiaoue aaeaaiaeii iaoa?eaeia ia 360,0
oun. aeieea?ia. Iniiauaaynue ia yoie eioi?iaoeee e i?eiyoii e?aaeeoiii
?aoaiee “iaooi CI”, e?aaeeoi? iiaeao onoaiiaeoue ia/aeueiue eeieo
i?eaeeceoaeueii 30,0 oun. aeieea?ia a ianyoe (o.a. 360,0 oun. aeieea?ia
a aiae). Eeeaio aeieaeai aoaeao iieaoeoue caeoiee i?ioeiai ianyoea
ia?aae oai, eae aunoaaeoue iiaoth e?aaeeoioth cayaeo. Iinea i?aeoeee
ianeieueeeo ianyoeaa ?aaiou n eeeaioii e?aaeeoi? iiaeao iiaeiyoue
e?aaeeoiue eeieo e ?ac?aoeoue eeeaioo auoue aieaa naiaiaeiui a
e?aaeeoiuo cayaeao, anee aai ieaoaaee iinooiatho a niioaaonoaee n
a?aoeeii.

Iaeioi?ua iaiaaeaea?u noaayo e?aaeeoiue eeieo a caaeneiinoue io
nianoaaiiiai eaieoaea eeeaioa. Iai?eia?, e?aaeeoiue eeieo iiaeao auoue
onoaiiaeai eae ii?aaeaeaiiue i?ioeaio io nianoaaiiiai eaieoaea
iieoiaoaey (iai?eia? 5 eee 10%). Ia?yaeo n nianoaaiiui e iai?ioiue
eaieoae iiaeao auoue eniieueciaai aeey onoaiiaeaiey eeieoa. Iiiaea
iaiaaeaea?u aeaaea i?aaeii/eoatho iniiauaaoueny ia iai?ioiii eaieoaea,
oae eae ii aieaa oanii naycai n ieaoaaeaniiniaiinoueth eeeaioa.

I/aiue aaaeiie i?iaeaiie yaeyaony ioeaiea iineaaenoaee eciaiaiey
e?aaeeoiie iieeoeee. I?aaeaea, /ai ei?ii?aoeey iaiyao naith e?aaeeoioth
iieeoeeo, aa niaoeeaeenou aeieaeiu onoaiiaeoue naycue i?aaeiieaaaaiuo
eciaiaiee n nia?aiaiiui iauaiii i?eoiea eaieoaea ei?ii?aoeee. Eciaiaiea
e?aaeeoiie iieeoeee iau/ii naycaii n eieaaaieyie iauaiia i?iaeaaee,
i?iii?oeee aeiee eeeaioia, aa?oueo aeaiaaeiua neeaeee, a?aiaie
aeaiaaeiuo iinooieaiee e eiaeaena eciaiythuaeny naaanoieiinoe
ioiineoaeueii iauaia i?iaeaiiuo oiaa?ia. *oiau iiiyoue, eae ioeaieoue
aeinoieinoaa i?aaeiieaaaaiuo eciaiaiee e?aaeeoiie iieeoeee ei?ii?aoeee,
?anniio?ei iaeei i?eia?.

Aeiionoei, /oi iaiaaeaea? eiiiaiee “Delta” ?anniao?eaaao ineaaeaiea
(eeaa?aeecaoeeth) oneiaee e?aaeeoa n “1/10 iaooi 60” aei “iaooi 100”. A
?acoeueoaoa yoiai ieaie?oaony oaaee/aiea i?iaeaaee ia 5% io oaeouae
aeiaaiie i?iaeaaee, ?aaiie 200,0 oun. aeieea?ia eae ?acoeueoao aaaaeaiey
iiaie iieeoeee.

Aeioiaeu io iaiin?aaenoaaiiiai i?iecaiaenoaa ninoaaeytho 70% anao
aeioiaeia oe?iu. Niaeanii noa?ie iieeoeea 25% eeeaioia aa?oo neeaeeo, a
75% ieaoyo ia 60-ue aeaiue. E?aaeeoiua ?anoiaeu, ninoaaeythuea 0,5% io
anae e?aaeeoiie i?iaeaaee, aeieaeiu ii ieaiai aic?anoe aei 1% ii iiaie
iieeoeea. Yoi i?iecieaeao ec-ca oiai, /oi aieaa aeeeiiue e?aaeeoiue
ia?eiae “iaooi 100” i?eaea/ao iiiai aeiiieieoaeueiuo eeeaioia.
Noieiinoue eaieoaea eiiiaiee, eee n?aaeiyy aiaeiaay i?ioeaioiay noaaea,
ninoaaeyao 9% . Naaaeai ana yoe aeaiiua aeey oaeianoaa a oaaeeoeo N1

Oaaeeoea N 1

IA?AIAIIUA AAEE*EIU NEIAIEU NOA?Ass IIEEOEEA IIAAss IIEEOEEA

Aaeaaeiaaiay i?iaeaaea

?ino i?iaeaaee ec-ca eciaiaiey iieeoeee

Aeaiaaeiay neeaeea

Aeiey eeeaioia, aa?oueo neeaeeo

E?aaeeoiue ia?eiae (aeiae)

Eueaioiue ia?eiae (aeiae)

% oaeoi? aeeneiioe?oaiie noieiinoe

O?iaaiue e?aaeeoiuo ?anoiaeia

Noieiinoue eaieoaea

(aaeaaeiaaiue eiaeaen – 0,09 / 360 )

Iaiin?aaenoaaiiia i?iecaiaenoai S

g

d

p

cp

dp

PVIF

exp

K

V 200oun.$

1%

25%

60

10

0,5%

0,025%

70%

5%

0

100

0

1%

0,025%

70%

Nouiinoue caaea/e ninoieo a oii, /oiau au/eneeoue /enooth
aeeneiioe?iaaiioth noieiinoue i?eoiea eaieoaea (?V) .eioi?ay i?e ioeaiea
?aioaaaeueiinoe eiaanoeoeee ninoaaeo noiio iaeeaeaaiiai a aoaeouai
aeioiaea ieion i?ioeaio ia eaieoae eae “eiiiainaoeey ca iaeeaeaiea”.
Niaeanii noa?ie iieeoeea, /enoay ?V ?aaia ?V iinooieaiee eaieoaea,
iieo/aiiuo io eeeaioia, iieuecothueony neeaeeie, iethn ?V iinooieaiee
eaieoaea io eeeaioia, ieaoyueo /a?ac eiaeiie. *enoay ?V ii?aaeaeyaony
iooai au/eoaiey iaiin?aaenoaaiii i?iecaiaenoaaiiuo ?anoiaeia, aeiioneay,
/oi yoe ?anoiaeu auee auiea/aiu a iiiaio i?iaeaaee:

?V. – S x ? x (1-d) x PVIF(k,DP) + S x (1-?) x PVIF(k,CP) – S x ao? x
PVIF(k,CP) =

= $200000 x 0.25 x (1 – 0,1) x 0.997503 + $200000 x (1 – 0,25) x

x 0.985113 – $200000 x 0,005 x 0,985113 = $196158

*enoay ?V. = ?V. – S x V = $196158 – $200000 x 0.07 – $56158

Oi anoue, aeey caaeaiiiai iauaia aeiaaiie i?iaeaaee a 200,0 oun.
aeieea?ia aeeneiioe?oaiay noieiinoue iinooieaiee eaieoaea niaeanii
noa?ie iieeoeea ?aaia 196,158 oun. aeieea?ia. Iaiin?aaenoaaiii
i?iecaiaenoaaiiua ?anoiaeu ninoaayo 140,0 oun. aeieea?ia, a /enoay
aeeneiioe?oaiay noieiinoue – 56,158 oun. aeieea?ia.

Noaia N 2 iiaeao iiii/ue iuneaiii i?aaenoaaeoue caaea/o n yoeie
ia?aiaiiuie, iiiauaiiuie ia inue a?aiaie iinooieaiey aeaiaaeiuo
n?aaenoa:

Noaia N 2

iaiin?aaenoaaiii aeaiueae, caiea/aiiua a
i?iecaiaenoaaiiua
ea/anoaa e?aaeeoiuo ?anoiaeu (S x V)
?anoiaeia (S x ao?)

(
( a?aiy

(((((((((((((((((((((((((((((((((((((((

( (

aeaiaaeiua iinooieaiey aeaiaaeiua iinooieaiey

io eeeaioia, iieuecoth- io eeeaioia aac
neeaeee

ueony neeaeeie(S x (1-P)) (S x ? x (1-d))

Oaia?ue ?anniio?ei aeeneiioe?oaioth noieiinoue iiaie e?aaeeoiie
iieeoeee. Ianiio?y ia oi, /oi iaaeay e?aaeeoiay iieeoeea oaaee/eaaao
iauai i?iaeaaee ia 5%, iaecaanoii aoaeao ee aeeneiioe?oaiay noieiinoue
aeaiaaeiuo iinooieaiee auoa eee ieaea iioiio, /oi aieaa aunieea
e?aaeeoiua ?anoiaeu e aieueoee e?aaeeoiue ia?eiae iiaoo eiiiaine?iaaoue
yoi oaaee/aiea.

?V.. – S x (1+g) x ? x (1-d) x ?VIF(k,?) + S x (1+g) x (1-?) x
?VIF(k.N?)

– S x (1+g) x ao? x PVIF(k,N?) =

$200000 x (1+0,05) x 0 x (1-0) x 1 + $200000 x (1+0,05) x (1-0) x
0,9753130 –

– $200000 x (1 + 0,05) x 0,01 x 0,9753130 – $202767

*enoay ?V.. – ?V.. – S x (1+g) x V – $202767 – $200000 x (1+0,05) x 0.7
= $55767

Oi anoue, aeeneiioe?oaiay noieiinoue aeaiaaeiuo iinooieaiee i?e iiaie
iieeoeea ninoaaeo 202,767 oun. aeieea?ia, a iaiin?aaenoaaiii
i?iecaiaenoaaiiua ?anoiaeu oaaee/aony aei 147,0 oun. aeieea?ia ec-ca
oaaee/aiey iauaia i?iaeaaee. A eoiaa /enoay aeeneiioe?oaiay noieiinoue
?aaia 55,767 oun. aeieea?ia, /oi ia 391 aeieea? iaiueoa, /ai i?e noa?ie
iieeoeea.

Yoa iiaeaeue /enoie aeeneiioe?iaaiiie noieiinoe aeey aiaeeca auaiae io
eciaiaiey e?aaeeoiuo oneiaee eniieuecoao aaeaaeiaaiua oaeoi?u
aeeneiioe?oaiie noieiinoe (?VIF). Aaee/eia eo caaeneo io eciaiaiey
eiee/anoaa aeiae e?aaeeoiiai ia?eiaea e eieaaaiey aiaeiauo i?ioeaioiuo
noaaie. Oi?ioea ?an/aoa ?VIF oaeiaa:
1

?VIF(aaeaaeiaa.) = ((((((((((((((, aaea

1+ (aiaeiaay % noaaea)/360

n – /enei aeiae, iaiaoiaeeiuo aeey iieo/aiey anao aeaiaaeiuo iinooieaiee
ii naeaeea.

A iaoai i?eia?a aeaia aiaeiaay i?ioeaioiay noaaea 9% e e?aaeeoiue
ia?eiae aeeeiie a 60 aeiae. Aeeneiioe?oaiay noieiinoue a aeieea?ao,
iieo/aiiay io iaeiiai ec eeeaioia ?aaia:

1

?VIF(aaeaaeiaa.) = ((((((( =0,985113

1+ 0,09/360

Aeey oaeianoaa aaeaaeiaaiuo ?an/aoia oaeoi?ia aeeneiioe?oaiie noieiinoe
a e?aaeeoiie neoaeaa oe?iu, eae i?aaeei, ninoaaeyaony oaaeeoea, eioi?oth
oi?iuaiii iiaeii i?aaenoaaeoue neaaeothuei ia?acii:

Oaaeeoea N 2

/enei aeiae aiaeiaay i?ioeaioiay noaaea

e?aaeeoiiai ia?eiaea 7% 8% 9% 10%

30 aeiae

60 aeiae

90 aeiae

120 aeiae 0,99149

0.98841

0,98266

0.97695 0,99336

0,98676

0,98021

0,97369 0,99253

0,99171

0,98511

0,98348 0,97776

0,97532

0,97045

0.96724

A iaoeo oneiaeyo “iaooi 60” e 9% aiaeiauo, PVIF = 0,98511 . Ec
i?eaaaeaiiiai aiaeeca neaaeoao auaiae, /oi, oae eae /enoay
aeeneiioe?oaiay noieiinoue noa?ie iieeoeee aieueoa, /ai ii iiaie, oi
eciaiaiea oneiaee n “1/10 iaooi 60” ia “iaooi 100” ia ii?aaaeaii. Iiaay
iieeoeea ia aeaao aeinoaoi/iiai i?e?inoa i?iaeaaee, iie?uaathuaai
caiaaeeaiea aeaiaaeiuo iinooieaiee, aeiiieieoaeueiua e?aaeeoiua ?anoiaeu
e aeiiieieoaeueiua iaiin?aaenoaaiii i?iecaiaenoaaiiua ?anoiaeu (nu?uea,
yia?aey, iieooaa?eeaou).

A iaoai i?eia?a oa?aeoa?iie /a?oie yaeyaony iacaaeneiinoue i?eiyoey
?aoaiey io noiiu oaeoueo aaeaaeiaaiuo i?iaeaae. Aaaeii eeoue aa
eciaiaiea e naycaiiua n yoei eciaiaiey ae?oaeo iieacaoaeae.

Eae oieueei ei?ii?aoeey ia/eiaao i?aaeinoaaeyoue e?aaeeo naiaio eeeaioo,
iaiaaeaea?, ioaaonoaaiiue ca aeaiioth naeaeeo, iaycai ouaoaeueii
eiio?iee?iaaoue eoiae aeaaeoi?neie caaeieaeaiiinoe. Anee au ei?ii?aoeey
eiaea anaai iaeiiai eeeaioa, yoi auei au i/aiue i?inoie caaea/ae. Ii ia
i?aeoeea oeie/iay aieueoay ei?ii?aoeey iiaeao eiaoue ouny/e eeeaioia.
Iaaiciiaeii eiio?iee?iaaoue eaaeaeue eiaeeaeaeoaeueiue n/ao, a iiyoiio
nenoaia aeieaeia auoue ?acaeoa oae, /oiau aeaoue iaiaaeaea?o
aiciiaeiinoue au/eneeoue niioaaonoaea inoaoea aeaaeoi?neie
caaeieaeaiiinoe e?aaeeoiui oneiaeyi ei?ii?aoeee.

Nouanoaotho o?e iniiaiua iaoiaea, eniieuecoaiua iaiaaeaea?aie ia
i?aeoeea a eiio?iea ca inoaoeaie aeaaeoi?neie caaeieaeaiiinoe:

1) a?aoee noa?aiey;

2) aeie iaiiea/aiiuo i?iaeaae;

3) iao?eoea inoaoeia.

?anniio?ei eniieueciaaiea yoeo iaoiaeia ia i?eia?a aiaeeca oi?aaeaiey
eiiiaiee.

Eiiiaiey iioaeeeiaaea neaaeothuea iauaiu aaeaiany/iuo i?iaeaae
iineaaeieo naie ianyoeaa:

Oaaeeoea N 3

ianyoeu iauai i?iaeaae (iei.$)

iae

ethiue

etheue

aaaono

naioya?ue

ieoya?ue

iiya?ue 9

7

5

4

6

9

13

Ia?aue iaoiae – a?aoee noa?aiey – iieacuaaao i?iii?oeeth iaiiea/aiiuo
ieaoaaeae ii a?aiaiiiio i?eciaeo.

Ii iieacuaaao, eae aeieai aeaaeoi?neay caaeieaeaiiinoue auea
iaiiea/aiiie. Any aeaaeoi?neay caaeieaeaiiinoue eeeaioia aeaeeony ii
ii?aaeaeaiiui a?aiaiiui ia?eiaeai: io 0 aei 30 aeiae, io 30 aei 60, io
60 aei 90 e o.ae. a caaeneiinoe io oneiaee i?aaeinoaaeaiey e?aaeeoa.
A?aoee noa?aiey aeey Bergerak Plastics Inc. iieacai a oaaeeoea 2.4.

Oaaeeoea N 4

ianyoe iauay noiia aeaaeoi?neie caaeieaeaiiinoe

a iei.$ % 0 -30 aeiae

a iei.$ % 31- 60 aeiae

a iei.$ %

aaaono

naioya?ue

ieoya?ue

iiya?ue

3.7 100

5,2 100

7,8 100

11,3 100 3.2 86.49

4.8 92.31

7.2 92.31

10,4 92.04 0.5 13.51

0.4 7.69

0.6 7.69

0.9 7.96

Aeiey a i?ioeaioao n/eoaaony iooai aeaeaiey noiiu a $ aeaaeoi?neie
caaeieaeaiiinoe eaaeaeie a?aiaiiie a?oiiu a aeaiiue ianyoe ia iauoth
noiio aeaaeoi?neie caaeieaeaiiinoe yoiai aea ianyoea. *ai aieueoa aeiey
aeaaeoi?neie caaeieaeaiiinoe eaoaai?ee 0-30, oai auno?aa
iai?a/eaaaiinoue anae noiiu aeaaeoi?neie caaeieaeaiiinoe. Oae eae yoa
aeiey oaaee/eeanue ca 4 ianyoea n 86,49% aei 92,04%, n?aaeiaa a?aiy
inoaoea aeaaeoi?neie caaeieaeaiiinoe oiaiueoaaony.

Aoi?ie iaoiae – aeie iaiiea/aiiuo i?iaeaae (AeII) . Yoio iieacaoaeue
au/eneyaony iooai aeaeaiey noiiu aeaaeoi?neie caaeieaeaiiinoe a $ a
eiioea aiaeece?oaiiai ia?eiaea (ianyoe, aiae) ia o?iaaiue aaeaaeiaaiuo
i?iaeaae. Yoe aaeaaeiaaiua i?iaeaaee ?ann/eouaathony iooai aeaeaiey anae
noiiu aiaeiauo i?iaeaae ia eiee/anoai aeiae a aiaeo (360).

Iaeiaei aeey yooaeoeaiiai eiio?iey ca aeaaeoi?neie caaeieaeaiiinoueth
iaiaaeaea? ia iiaeao aeaeaoue oeeo?u eiioea aiaea. Aeey aioo?aiieo
eiio?ieueiuo oeaeae ii ?ann/eouaaao iany/iue eee eaa?oaeueiue
iieacaoaeue AeII, eniieuecoy n?aaeithth noiio aaeaaeiaaiuo i?iaeaae,
?ann/eoaiioth ca iineaaeiee eaa?oae (90). Oaaeeoea 2.5 iieacuaaao ?an/ao
iany/iiai iieacaoaey AeII aeey Bergerak Plastics Inc.

Oaaeeoea N 5

ia?aiaiiua iieacaoaee aaaono naioya?ue ieoya?ue iiya?ue

1. Inoaoie aeaaeoi?neie caaeieaeaiiinoe ia eiiaoe ianyoea a iei. $)

2. Iauay noiia i?iaeaaee ca oaeouee ianyoe e aei i?aaeuaeoueo (a iei. $)

3. N?aaeiaaeiaaiay i?iaeaaea [(2):90]

4. AeII (a aeiyo) [(1):(3)] 3,7

16

0,178

28.8

5.2

15

0,167

31,2

7,8

19

0,211

36,9 11,3

28

0,311

36,4

Ii aeaiiui oaaeeoeu aeeiaieea AeII naeaeaoaeuenoaoao, /oi iaiaaeaea?
o?aoeo ana aieueoa a?aiaie ia oi, /oiau nia?aoue n?aaeithth au?o/eo ii
n/aoai. Oae, iai?eia?, a aaaonoa n?aaeiee n/ao aue iiea/ai a oa/aiee 21
aeiy, a a iiya?a – oaea a oa/aiee 37 aeiae, oi anoue oaiaeaioeey yaii
iaaaoeaiay.

Iaoiae iao?eoeu inoaoeia aeaaeoi?neie caaeieaeaiiinoe eiaao
ii?aaeaeaiiia i?aeiouanoai ia?aae iaoiaeaie a?aoeea noa?aiey e AeII,
eioi?ia caeeth/aaony a oii, /oi yoio iaoiae auyniyao ioiioaiea inoaoeia
iaiiea/aiiie aeaaeoi?neie caaeieaeaiiinoe e noiia i?iaeaaee a e?aaeeo,
eioi?ay eo aucaaea.

Oaaeeoea N 6 iieacuaaao oaeoth iao?eoeo aeiee inoaoeia aeaaeoi?neie
caaeieaeaiiinoe Bergerak Plastics Inc.

Oaaeeoea N 6

ianyoe i?iaeaaee a e?aaeeo noiia i?iaeaaee iei.$ aaaono iei.$ %
naioya?ue iei.$ ieoya?ue iei.$ iiya?ue iei.$

aaaono

naioya?ue

ieoya?ue

iiya?ue 4

6

9

13 3,2 80

4,8 80

7,2 80

10,4 80 0,4 10

0,6 10

0,9 10

Oaaeeoea N 6 iieacuaaao iaiiea/aiiua inoaoee a iei. $, e eae iie
ioiinyony e niioaaonoaothuei iany/iui e?aaeeoiui i?iaeaaeai. Yoa
iao?eoea iiaeao auoue iino?iaia i?yii ec aeaiiuo a?aoeea noa?aiey (ni.
oaae. N 4). Iai?eia?, a aaaonoa i?iaeaaea a e?aaeeo ninoaaeea 4,0 iei.).
Eiia/iue inoaoie aeaaeoi?neie caaeieaeaiiinoe eaoaai?ee I – 30 aeiae ii
oaaeeoea N 4 aue 3,2 iei. $. Yoa aeaaeoi?neay caaeieaeaiiinoue
ia?aciaaeanue io i?iaeaaee n i?aaeinoaaeaieai eiiia?/aneiai e?aaeeoa a
aaaonoa. A eiioea aaaonoa ana inoaoee aeaaeoi?neie caaeieaeaiiinoe,
aicieeoae a ethea, i?aaunyo n?ie 30 aeiae e aoaeoo ioiineoueny e
eaoaai?ee 31 – 60 aeiae. Aeiey inoaoeia ia ianyoe i?iaeaaee (a aeaiiii
neo/aa a aaaonoa) ninoaaeo 80% ( 3,2 : 4).

Enoiaey ec aaaonoianeeo i?iaeaae, aeiey inoaoeia aeaaeoi?neie
caaeieaeaiiinoe oiaea iiaeao auoue iaeaeaia. Niiaa aa?iainy e oaaeeoea N
4 e aicueiai oeeo?o ec ae?oaie eaoaai?ee ca naioya?ue (31-60). Yoi
inoaoie, nicaeaiiue i?iaeaaeae a e?aaeeo aua a aaaonoa, ii ii
iauaeoeaiui i?e/eiai ia?aianaiiue ia naioya?ue. Aica?auaynue e oaaeeoea
N6, ioia/aai, /oi aeiey aaaonoianeeo inoaoeia /a?ac ianyoe iinea
i?iaeaaee ninoaaeea 10 %, oi anoue 0,4 iei. $ : 4,0 iei. aeiee.

Iao?eoea aeiee inoaoeia noaaeeueia. A yoi icia/aao, /oi i?aeoeea
aceiaiey aeaaeoi?neie caaeieaeaiiinoe ia eciaieeanue. I?e/eia
eaaeouaainy i?ioeai?a/eai ianiioaaonoaey iaoiaeia a?aoeea noa?aiey,
en/eneaiey AeII e iao?eoeu aeiee inoaoeia caeeth/aaony a oii, /oi ia?aua
aeaa niiniaa i/aiue /oanoaeoaeueiu e ninoiyieth oi?aiaee e i?aeoeea
ieaoaaeae eeeaioia.

N aaaonoa aei iiya?y iauai i?iaeaaee i?iaeoeoeee eiiiaiee oaaee/eeny,
/oi aucaaei aic?anoaiea aeiee iieiaeuo eaoaai?ee a a?aoeea noa?aiey
ec-ca aieueoaai iauaia oaeoueo i?iaeaae ii n?aaiaieth n eaaeaeui
i?aaeoanoaothuei ianyoeai. Oaeei ia?acii, oaaee/aiea i?iaeaaee oiaa?a
iiaeao i?eaanoe e oiio, /oi niioiioaiea aeaaeoi?neie caaeieaeaiiinoe ii
a?aiaie i?ineaiaeece?oao ia oeo/oaiee e?aaeeoiie ea?oeiu eiiiaiee,
eiaaea ia i?aeoeea aa iao.

Oaaee/aiea i?iaeaaee iiaeao aucaaoue e ?ino iieacaoaey AeII, oae eae
aieueoea oaeouea i?iaeaaee auciaoo oi, /oi inoaoee aeaaeoi?neie
caaeieaeaiiinoe aoaeoo ioiineoaeueii aieueoeie, a n?aaeiaaeiaaiua
i?iaeaaee aoaeoo ioiineoaeueii ieceeie ec-ca iaiueoeo i?iaeaae a
i?aaeoanoaothuee ia?eiae. Oaeei ia?acii, ?ino i?iaeaaee iiaeao
canoaaeoue iieacaoaeue AeII neaiaeece?iaaoue oooaeoaiea e?aaeeoiiai
ninoiyiey eiiiaiee, a ia i?aeoeea yoiai ia aoaeao.

Iao?eoea aea aeiee inoaoeia aeaaeoi?neie caaeieaeaiiinoe ia iiaeaa?aeaia
aeeyieth eciaiaiey iauaia i?iaeaaee, oae eae iaiiea/aiiua inoaoee
ioiinyony oieueei e e?aaeeoiie i?iaeaaea, aucaaaoae yoio inoaoie.

Auaiae, eioi?ue aeieaeai auoue naeaeai iinea aiaeeca ninoiyiey
i?aaeinoaaeaiey eiiia?/aneiai e?aaeeoa e inoaoeia aeaaeoi?neie
caaeieaeaiiinoe a neo/aa n Bergerak Plastics Inc. neaaeothuee: i?aeoeea
i?aaeinoaaeaiey e?aaeeoa inoaeanue noaaeeueiie ca /aou?aoiany/iue
ia?eiae n aaaonoa ii iiya?ue. Oaeei ia?acii, aiaeec oneiaee
i?aaeinoaaeaiey eiiia?/aneiai e?aaeeoa e eo eciaiaiee iai?aaeai ia
ioeaieo aicieeathuae i?e yoii nenoaiu ?an/aoia e, a ia?aoth i/a?aaeue,
e?aaeeoiuo e eiiia?/aneeo ?eneia.

Aaaeiui yeaiaioii anae nenoaiu ia?ii?eyoee ii eiiia?/aneiio
e?aaeeoiaaieth yaeyaony i?ioeaaeo?a iieo/aiey aeaiaa ii n/aoai,
iiaeeaaeauei iieaoa. Niaoeeaeenou a yoie iaeanoe niaaootho ia iicaeiaa,
/ai ca 10 aeiae aei n?iea ieaoaaea iineaoue eeeaioo ienueii. Oaeia
iineaiea iiaeao auoue ioia/aoaii e ia neaaeothuai n/aoa. A ienueia
iaiiieiaaony /enei e aeiey inoaoeia, iiaeeaaeaueo iieaoa.

Anee inoaoie inoaaony iaiiea/aiiui a n?ie, oi iieacii naycaoueny eee
ee/ii ano?aoeoueny n eeeaioii, /oiau oi/ii auynieoue i?e/eio
i?aaiia?ooaiey. Eae iiaeii nei?aa iaaei iiiyoue, ia aucaaia ee
caaea?aeea ieaoaaea i?iaeaiaie, naycaiiuie n iinoaaeie oiaa?a (ea/anoai,
anni?oeiaio e o.ae.), nii?iuie aii?inaie ii i?aaeinoaaeaiiui ieaoaaeiui
aeieoiaioai eee oeiainiauie o?oaeiinoyie eeeaioa.

Ioaeii ana a?aiy eiaoue a aeaeo, /oi i?ioeann nai?a n?aaenoa iiaeao
aei?iai iaieoenue i?iaeaaoeo eae ec-ca i?yiuo ?anoiaeia n iei naycaiiuo,
oae e ec-ca enii?/aiiuo ioiioaiee n eeeaioaie. Oai ia iaiaa, aeey oiai,
/oiau i?aaeioa?aoeoue iaiainiiaaiiia caoyaeaaiea aeaiaaeiiai oeeeea e
naanoe e ioeth o?iaaiue iania?aiiuo n?aaenoa n iineaaeothuei nienaieai
ni n/aoia aaciaaeaaeiuo aeieaia, iaiaaeaea?o iaiaoiaeeia oaa?aeinoue e
oeaaeiie?iaea.

Eioa?aniay neooaoeey aicieeaao, eiaaea eeeaio, iieuecothueeny neeaeeie,
iaiaeeaeaiii ia ieaoeo a eueaioiue ia?eiae. A oaeii neo/aa ia aoaeao
ioeaeie ia o/eouaaoue neeaeeo a n/aoa e aeaeaoue ieaoaaea ia anth noiio
n/aoa. Iiaeii aeaaea, anee yoi aaeeie/iue neo/ae, a eeeaio i/aiue
nieeaeiue, e aiana ia ia?aoeoue ia yoi aieiaiea e ia ii?oeoue ioiioaiee.
Iaeaieaa aea aeaeei iooai ?aoaiey i?iaeaiu iaiieo/aiiuo neeaeie aoaeao
?ac?aoaiea eeeaioo nio?aieoue neeaeeo aeaaea a neo/aa ianaiaa?aiaiiiai
ieaoaaea a eueaioiii ia?eiaea, anee eeeaio niaeaneony ia aein?i/ioth
iieaoo neaaeothuaai n/aoa. Eaaeeoeoee?iaaiiua iaiaaeaea?u anaaaea euoo
iooe oaeiaeaoai?aiey iio?aaiinoae a e?aaeeoa naieo eeeaioia, aeinoeaay
nianoaaiiua oeaee e auiieiyy iaycaiiinoe ii iiaeaea?aeaieth i?eoiea
aeaiaaeiuo n?aaenoa.

1.2. ?acaeoea eiiia?/aneiai e?aaeeoa

A eiioea 19 aaea iniiaiie oi?iie oeiaine?iaaiey aiaoiaoi?aiauo naeaeie
neoaeeee eiino?aiiua iaeeaaoeeiiiua caeiu, ?aciauaaiua i?aaeoaeuenoaaie,
ioieoeeiaeeoaoaie e e?oiiuie oe?iaie ia ?uieao /anoiuo eaieoaeia ae?oaeo
“aiaaouo no?ai”. A oneiaeyo naiaiaeiiai aeaeaeaiey eaieoaeia e
aani?aiyonoaaiiiai) iaiaia aaetho ia cieioi oaeea caeiu auee i/aiue
oaeiaiui n?aaenoaii aeey aiaoiaoi?aiaiai oeiaine?iaaiey. N?iee oaeeo
caeiia aeinoeaaee 10-15 eao e aieaa. I?yiua e?aaeeou aeieain?i/iiai
oa?aeoa?a /anoiuo oe?i auee oiua nei?aa eneeth/aieai, /ai i?aaeeii.
Iniiaiay ianna aiaoiaoi?aiauo naeaeie inouanoaeyeanue ia aaca
e?aoein?i/iuo e?aaeeoia aaieia, aeoeaioiuo eee o/aoiuo aeiiia (ni
n?ieaie ia aieaa 1 aiaea, a iau/ii a i?aaeaeao 3-6 ianyoeaa) .

Ie?iaie yeiiiie/aneee e?ecen 1929-1933 a.a. i?eaae e ia?aie/aieth
aiciiaeiinoae eniieueciaaiey “eeanne/aneeo” n?aaenoa oeiaine?iaaiey
iaaeaeoia?iaeiuo oi?aiauo iia?aoeee e ?aceiio oooaeoaieth iieiaeaiey ia
ie?iaii ?uiea. E?ecen aeae oie/ie aeey ?acaeoey n?aaeian?i/iuo
aaieianeeo e eiiia?/aneeo (oe?iaiiuo) e?aaeeoia. Eiaiii a yoio ia?eiae
iaiaoeeenue aeaa iniiaiua iniaaiiinoe nicaeaaaaiuo nenoai oeiaine?iaaiey
yenii?oa, eioi?ua a aeaeueiaeoai, aeaaiui ia?acii n ia/aea 50- o aiaeia,
noaee iniaaiii /aoeeie. Nenoaia yenii?oiiai oeiaine?iaaiey NOA noaea
?acaeaaoueny a iniiaiii ii eeiee i?aaeinoaaeaiey eiino?aiiui caaiueeai
i?yiuo ainoaea?noaaiiuo e?aaeeoia. Iniiaiie oi?iie oaeiai oeiaine?iaaiey
a no?aiao Caiaaeiie Aa?iiu noaee oe?iaiiua e?aaeeou.

Cia/aiea oe?iaiiuo e?aaeeoia noaei aic?anoaoue n?aco iinea ia?aie
ie?iaie aieiu. Iaeiaei eeoue iinea e?ecena 1929- 1933 a. a. yoe e?aaeeou
noaee iaeiei ec iniiaiuo n?aaenoa oeiaine?iaaiey yenii?oa. I?e yoii,
anee ?aiueoa oe?iaiiua e?aaeeou eniieueciaaeenue eneeth/eoaeueii aeey
e?aoein?i/iiai e?aaeeoiaaiey yenii?oiuo iinoaaie, oi iinoaiaiii noa?a eo
aeeyiey ?anoe?eeanue. Ana /aua eo noaee i?eiaiyoue i?e oeiaine?iaaiee
naeaeie, o?aaothueo aeieain?i/iuo caeiia.

Iaaeaeoia?iaeiay oi?aiaey aieioue aei ia/aea aoi?ie ie?iaie aieiu oae e
ia niiaea aueoe ec ninoiyiey e?ecena, /oi neacaeinue ia aaniethoiii
?acia?a e?aaeeoiuo iia?aoeee oaeiai ?iaea. Aieia aea i?aeoe/anee
ia?aeeciaaea iaaeaeoia?iaeiue e?aaeeoiue ?uiie.

A iineaaiaiiua aiaeu eiino?aiiua iaeeaaoeeiiiua caeiu, ?aciauaaiua ia
?uiea /anoiuo eaieoaeia, oae e ia ainnoaiiaeee naiae ?iee. Ei ia niaio
i?eoee i?yiua ainoaea?noaaiiua e oe?iaiiua e?aaeeou. Ia?yaeo n ieie
nouanoaaiioth ?ieue noaee ea?aoue e?aaeeou iaaeaeoia?iaeiuo i?aaiecaoeee
e aaieianeea e?aaeeou.

Aeaaiie oeaeueth i?aaeinoaaeaiey oe?iaiiuo e aaieianeeo e?aaeeoia a yoi
a?aiy auei nicaeaiea aeaaii?eyoiuo i?aaeiinueie aeey ?inoa aia?eeaineeo
eiaanoeoeee ca a?aieoeae. Iai?aaeaiea e?aaeeoa aieioue aei ia/aea 50-o
aiaeia auei i?aaeaeueii noaaeeueiui – io NOA no?aiai Caiaaeiie Aa?iiu e
ssiiiee.

Ia/aei 50-o aiaeia oa?aeoa?eciaaeinue oai, /oi ia?auaiea
caiaaeiiaa?iiaeneeo no?ai e eniieueciaaieth iaaeaeoia?iaeiiai e?aaeeoa
aeey oeaeae aiaoiayeiiiie/aneiai ?acaeoey noaiiaeony ana aieaa aeoeaiui,
iauaa iai?aaeaiea aeaeaeaiey iaaeaeoia?iaeiuo e?aaeeoia eciaieeinue a
noi?iio ?acaeaathueony no?ai “o?aoueaai ie?a” e, iaeiiaoe oai, /oi
?acieoea nenoai aiaoiaoi?aiaiai e?aaeeoiaaiey o NOA, n iaeiie noi?iiu, e
o aieueoeinoaa caiaaeiiaa?iiaeneeo no?ai – n ae?oaie, noaiiaeony ana
aieaa ii?aaeaeaiiie.

Ainnoaiiaeaiea e aeaeueiaeoaa ?anoe?aiea iioaioeeaea caiaaeiiaa?iiaeneeo
no?ai, iinoaiaiiia ineaaeaiea ni?ina ia aeieea? ai iiiaii niinianoaiaaee
oiio, /oi, a oeaeii, ?ieue aeieain?i/iiai iaaeaeoia?iaeiiai e?aaeeoa (a
oai aieaa ainoaea?noaaiiuo noaneaeee) eae n?aaenoaa oi?ne?iaaiey
yenii?oa oiaa?ia a yoe no?aiu noaea nieaeaoueny. I?e i?iaeaaeao iaoei e
iai?oaeiaaiey a caiaaeiiaa?iiaeneea no?aiu ?aoathuoth ?ieue noaee
ea?aoue ii?iaeueiua n?aaenoaa eiieo?aioeee: oeaia, ea/anoai
ecaioiaeaiey, eiino?oeoeaiua iniaaiiinoe, n?iee iinoaaee e o.ae.

?acei nie?aoeeny i?eoie a Aa?iio aia?eeaineiai ainoaea?noaaiiiai
eaieoaea a aeaea e?aaeeoia e noaneaeee e, iai?ioea, auno?i au?in iauai
i?yiuo eaieoaeiaeiaeaiee aia?eeaineeo OIE.

Ia iaiaa na?ueaciua eciaiaiey i?ienoiaeeee e ai aiaoiae oi?aiaea. Oaea n
eiioea 40-o e iniaaiii a ia/aea 50-o aiaeia ia ?uiea iaino?yaony
eiieo?aioiay ai?ueaa iaaeaeo iinoaaueeaie. “?uiie i?iaeaaoeia” ana aieaa
i?aa?auaeny a “?uiie iieoiaoaeae”.

Ia?yaeo ni cia/eoaeueiui ?anoe?aieai yenii?oa ec NOA e Aiaeee auno?i
aic?anoaea eiieo?aioeey ni noi?iiu iiiaeo caiaaeiiaa?iiaeneeo no?ai e
ssiiiee, eioi?ua e yoiio a?aiaie, caaa?oea a iniiaiii ainnoaiiaeaiea
naiae yeiiiieee (aeiaiaiiue iauai i?iiuoeaiiiai i?iecaiaenoaa a no?aiao
Caiaaeiie Aa?iiu aue aeinoeaioo a 1948 a.), ia oieueei oaeiaeaoai?yee ca
n/ao ioa/anoaaiiiai i?iecaiaenoaa cia/eoaeueioth /anoue naiaai ni?ina ia
iaoeiu e iai?oaeiaaiea, ii e auno?i ?acaeaaee yenii?o. E ia/aeo 50-o
aiaeia i?iaeaia nauoa iaoei e iai?oaeiaaiey noiyea ni anae ino?ioie oaea
ia?aae anaie ?acaeouie no?aiaie-yenii?oa?aie. Yoa i?iaeaia oieeaea eo ia
iienee iiauo ?uieia.

A oneiaeyo ino?ie iaoaaoee aaethoiuo n?aaenoa iiiaea ?acaeaathueany
no?aiu auee auioaeaeaiu aaanoe aeanoeea eiii?oiua ia?aie/aiey, eioi?ua
einioeenue a ia?aoth i/a?aaeue iio?aaeoaeueneeo oiaa?ia e, a
cia/eoaeueiie ia?a, iaoei e iai?oaeiaaiey. A ?yaea neo/aaa eiii?o iaoei
e iai?oaeiaaiey aeiioneaeny eeoue i?e ii?aaeaeaiiuo oneiaeyo. A
/anoiinoe, iiiaea ?acaeaathueany no?aiu noaee ianoaeaaoue ia oii, /oiau
nai yenii?oa? ecuneeaae n?aaenoaa aeey oeiaine?iaaiey naieo iinoaaie. A
oneiaeyo, eiaaea yenii?oiua e?aaeeou ia?aaeei auee aaeeinoaaiiui
aiciiaeiui enoi/ieeii oeiaine?iaaiey caeoiie iaoei e iai?oaeiaaiey aeey
eiii?oa?ia, iineaaeiea niaeaoaeenue aeaaea iieoiaoue aieaa aei?iaia
iai?oaeiaaiea, ii iaycaoaeueii a e?aaeeo, ?ann/eouaay, /oi ?ann?i/ea
ieaoaaea iicaieeo ei i?eia?anoe iai?oaeiaaiea n ieieiaeueiuie
ia?aiia/aeueiuie cao?aoaie e iieaoeoue eae noieiinoue naiiai
iai?oaeiaaiey, oae e i?ioeaiou, e ae?oaea ?anoiaeu, naycaiiua n
iieo/aieai e?aaeeoa, ec aeioiaeia io yenieoaoaoeee yoiai iai?oaeiaaiey.

Oaeei ia?acii, aiciiaeiinoe nauoa iaoei e iai?oaeiaaiey a ?acaeaathueany
no?aiu ia?aaeei caaenaea io niiniaiinoae yenii?oa?ia i?eaea/ue n?aaenoaa
aeey oeiaine?iaaiey ia ii?aaeaeaiiuo oneiaeyo naieo iinoaaie.

Nenoaiu oeiaine?iaaiey yenii?oa ?acaeaaeenue a niioaaonoaee n ?aiaa
iaicia/eaoaeny oaiaeaioeeae ii aia?eeaineiio e aa?iiaeneiio iooe.

Aeey aia?eeaineeo yenii?oa?ia i?iaeaiu e?aaeeoiaaiey naieo
aiaoiaoi?aiauo iinoaaie ?aoaeenue a iniiaiii iooai ?anoe?aiey oaea
nouanoaiaaaoaai aiia?aoa ainoaea?noaaiiiai oeiaine?iaaiey. Yoa nenoaia a
NOA ana aieaa ia?aeeth/aeanue a 50-a aiaeu ia oi?ne?iaaiea nauoa oiaa?ia
a ?acaeaathueany no?aiu o?aoueaai ie?a. Auno?uie oaiiaie ?inee eae
i?yiua ainoaea?noaaiiua e?aaeeou, oae e ainoaea?noaaiiua noaneaeee. ?ino
auaica eaieoaea a oi?ia i?yiuo eiaanoeoeee a eiino?aiiua aei/a?iea e
oeeeaeueiua i?aaei?eyoey a yoio ia?eiae oaeaea a cia/eoaeueiie noaiaie
niinianoaiaae yenii?oo iaoei e iai?oaeiaaiey ec NOA. Aeiey aia?eeaineeo
iinoaaie, inouanoaeyaoeony a ?aieao e?aaeeoia IA??, oioy e
oiaiueoeeanue, ii auea ii-i?aaeiaio aaeeea.

I?iaeaia oeiaine?iaaiey yenii?oa aeey caiaaeiiaa?iiaeneeo no?ai eiaea a
iineaaiaiiua aiaeu iniaaiii aieueoia cia/aiea, oae eae eo
iaoeiino?ieoaeueiay i?iiuoeaiiinoue a ai?acaei aieueoae noaiaie, /ai
aia?eeaineay, caaenaea io nauoa ia aiaoieo ?uieao aiiaua e ia ?uieao
?acaeaathueony no?ai, a /anoiinoe. A oi aea a?aiy oe?iu yoeo no?ai a
ai?acaei iaiueoae noaiaie iiaee eniieueciaaoue aeey oi?ne?iaaiey naiaai
nauoa oaeea oi?iu oeiaine?iaaiey yenii?oa, eae i?yiua eiaanoeoeee a
caa?aie/iua i?aaei?eyoey, e?aaeeou IA??, caeiu, ?aciauaaiua ia ?uiea
/anoiuo eaieoaeia, e o.ae.

A ioee/ea io NOA aieueoeinoai caiaaeiiaa?iiaeneeo no?ai ia oei ii iooe
nicaeaiey nenoaiu oeiaine?iaaiey yenii?oa n iiiiuueth i?yiuo
ainoaea?noaaiiuo e?aaeeoia e noaneaeee. Aaeeinoaaiiui eneeth/aieai
yaeeanue O?aioeey, oe?iei eniieueciaaaoay aeey i?iaeaeaeaiey naiaai
oiaa?iiai yenii?oa (a ia?aoth i/a?aaeue, a no?aiu O?aioeocneiai
niiauanoaa) yoe n?aaenoaa. A Aiaeee, Aaeueaee, Aieeaiaeee i?aeoeea
i?yiiai ainoaea?noaaiiiai e?aaeeoiaaiey e noaneaee?iaaiey yenii?oa
(iai?aaeyaiiai, aeaaiui ia?acii, a naie eieiiee e caaeneiua no?aiu)
inouanoaeyeanue a ia?aie/aiiuo ianooaaao. A O?A, Eoaeee, Aano?ee,
Oaaeoea?ee oaeie i?aeoeee ia auei, ii nouanoao, aieioue aei eiioea
50-aiaeia.

Iniiaiie, a a iaeioi?uo neo/ayo (eae, iai?eia?, a O?A) aaeeinoaaiiie,
oi?iie e?aaeeoiaaiey yenii?oa iaoei e iai?oaeiaaiey noaee a
caiaaeiiaa?iiaeneeo no?aiao n?aaeian?i/iua oe?iaiiua e?aaeeou
iinoaaueeia. Nianoaaiii “oe?iaiiuie” eo iacaaoue iiaeii n i/aiue
aieueoeie aeiiouaieyie, oi/iaa, yoi e?aaeeo iinoaaueea, eioi?ue
i?aaenoaaeyao niaie naiaia?acioth oi?io n?aueaaiey, iiaeeoeeaoeee
eiiia?/aneiai e aaieianeiai yenii?oiiai e?aaeeoa.

E?aaeeo iinoaaueea aeaeeony ia 2 yoaia. Ia ia?aii yoaia yoi /enoi
eiiia?/aneee e?aaeeo yenii?oa?a eiii?oa?o. Aoi?ie yoai – o?ainoi?iaoeey
eiiia?/aneiai e?aaeeoa a aaieianeee iooai o/aoa aaenaeae, i?eiaiaiey
eeceiaa, oaeoi?eiaa.

I?aaeoaeuenoaa caiaaeiiaa?iiaeneeo no?ai anaia?ii iiiu?yee oaeoth
i?aeoeeo, iineieueeo a yoii neo/aa a iaeneiaeueiie noaiaie
eniieueciaaeny /anoiue (e i?iiuoeaiiue, e aaieianeee) eaieoae,
aeinoeaaeanue noii?ioeaioiay “naycaiiinoue” auaica eaieoaea n oiaa?iuie
iinoaaeaie, e n?ie auaica eaieoaea a oaeie oi?ia aue n?aaieoaeueii
iaaaeee. ?ino cia/aiey n?aaeian?i/iuo e?aaeeoia i?ienoiaeee ia?aeeaeueii
n ?anoouae iiuueth aa?iiaeneie i?iiuoeaiiinoe.

?anniio?ei iiae?iaiaa iaoaieci e?aaeeoa iinoaaueea. Ia ia?aii yoaia –
yoi, ii nouanoao, i?aaeinoaaeaiea iinoaaueeaie iieoiaoaeyi i?aaa
iiea/eaaoue oiaa?u a ?ann?i/eo, oi anoue yenii?oa? io naiaai eiaie
oeiaine?oao iieoiaoaey. Ana ?an/aou, naycaiiua n i?aaeinoaaeaieai e
iiaaoaieai oaeeo e?aaeeoia, inouanoaeythony iaiin?aaenoaaiii iaaeaeo
iinoaaueeaie e iieoiaoaeyie. E?aaeeo ia yoii yoaia ioee/aaony eeoue oai,
/oi o yenii?oa?a ca?aiaa iiaeaioiaeai iaoaieci ?aoeiaine?iaaiey.

Aoi?ie yoai – iaiin?aaenoaaiiia ?aoeiaine?iaaiea. I?aaeinoaaeaiea
e?aaeeoia eiino?aiiui iieoiaoaeyi noaaeei oe?iu-yenii?oa?u ia?aae
iaiaoiaeeiinoueth a naith i/a?aaeue naiinoiyoaeueii ecuneeaaoue
n?aaenoaa aeey inouanoaeaiey iiaeiaiuo iia?aoeee. A aieueoeinoaa neo/aaa
?acia?u n?aaenoa oe?i-yenii?oa?ia iaaeinoaoi/iu aeey oiai, /oiau iie
iiaee ana naie iia?aoeee oeiaine?iaaoue ec nianoaaiiuo ?ano?nia.
E?aaeeoiaaiea yenii?oa ca n/ao nianoaaiiuo n?aaenoa aeinooiii iaeaieaa
e?oiiui OIE, ii e o ieo oaeay i?aeoeea iiaeao ?ani?ino?aiyoueny eeoue ia
ioaeaeueiua eiio?aeou.

Iniiaiui enoi/ieeii caaiiuo n?aaenoa i?e oeiaine?iaaiee n?aaeian?i/iuo
iia?aoeee oe?i-yenii?oa?ia yaeythony aaiee. Ii?aaeaeeoue, a eaeie ia?a
ioaeaeueiua oe?iu-yenii?oa?u caaenyo io aaieia i?e oeiaine?iaaiee naieo
iinoaaueeia, ia i?aaenoaaeyaony aiciiaeiui. Yoa caaeneiinoue ?acee/ia ia
oieueei a ioaeaeueiuo no?aiao, ii e o ?acee/iuo oe?i iaeiie e oie aea
no?aiu. Aieueoa oiai, aeaaea o iaeieo e oao aea oe?i iia iiaeao
eciaiyoueny ni a?aiaiai io iaeiiai eiio?aeoa e ae?oaiio.

Oe?iu-yenii?oa?u iau/ii ouaoaeueii ne?uaatho enoi/ieee e oneiaey
iieo/aiey n?aaenoa, eniieuecoaiuo eie aeey oeiaine?iaaiey yenii?oa. Oai
ia iaiaa ?acee/iua einaaiiua iieacaoaee, a /anoiinoe noaiaiue iie?uoey
e?aaeeoiie naeaeee ainoaea?noaaiiie aa?aioeae, aeatho iniiaaiea
iieaaaoue, /oi aeiey o/anoey aaieia a ?aoeiaine?iaaiee n?aaeian?i/iuo
iia?aoeee yenii?oa?ia ninoaaeyao aieueoae /anoueth io aeaoo o?aoae aei
/aou?ao iyouo e?aaeeooaiie noiiu naeaeee. Oaeei ia?acii, iniiaiui
enoi/ieeii n?aaenoa, i?eaeaeaaiuo iinoaaueeaie aeey n?aaeian?i/iiai
oeiaine?iaaiey naiaai yenii?oa, yaeythony e?aaeeou aaieia, a naie
oe?iaiiua e?aaeeou, ii nooe, i?aaenoaaeytho niaie oe?iaiii aaieianeea
e?aaeeou.

Oe?iaiiua e?aaeeou, eae oaea ioia/aeinue auoa, auee ecaanoiu aua aei
aoi?ie ie?iaie aieiu. Iaeiaei a oi a?aiy eo iauai aue ian?aaieii
iaiueoa, a n?iee – cia/eoaeueii ei?i/a. Iiyoiio i?aaeinoaaeaiea oaeeo
e?aaeeoia eiino?aiiui iieoiaoaeyi ia nicaeaaaei iniauo o?oaeiinoae aeey
iinoaaueeia. Iieiaeaiea nouanoaaiii eciaieeinue a iineaaiaiiua aiaeu.
Aic?inoaa aaniethoiia e ioiineoaeueiia cia/aiea oe?iaiiuo e?aaeeoia eae
n?aaenoaa oeiaine?iaaiey yenii?oa, aaconeiaii, iio?aaiaaei ia?ano?ieee
aiia?aoa oeiaine?iaaiey yenii?oa, i?eniiniaeaiey aai e iiaui oneiaeyi.
Yoi einioeinue eae naieo oe?i-yenii?oa?ia, oae e naycaiiuo n ieie
aaieia.

O/anoea aaieia a n?aaeian?i/iii oeiaine?iaaiee yenii?oa a iineaaiaiiua
aiaeu a iaiaoiaeeiuo, ?acei aic?inoeo ?acia?ao cao?oaeiyeinue o?aiy
iniiaiuie i?e/eiaie: cia/eoaeueiuie ?eneaie, naycaiiuie n oaeeie
iia?aoeeyie; ia?aie/aiiinoueth naiaiaeiuo ?ano?nia o /anoiuo aaieia;
aiyciueth aaieia iiaei?aaoue eeeaeaeiinoue naieo aeoeaia a nayce n
oaeeeiaieai n?ieia yenii?oiuo e?aaeeoia, n iaeiie noi?iiu, e
niaoeeoe/iinoueth oa?aeoa?a eo eaieoaea, aace?othuaainy a iniiaiii ia
e?aoein?i/iuo aeaiiceoao, – n ae?oaie. Ana yoe i?iaeaiu ia iiaee auoue
?ac?aoaiu neeaie oieueei /anoiuo i?aaei?eieiaoaeae. Iiyoiio, a oao
neo/ayo, aaea yoi auei iaiaoiaeeii, iiiiiieee i?ecaaee ia iiiiuue
ainoaea?noai.

Iniiaiuie i?eioeeiaie o/anoey ainoaea?noaa a n?aaeian?i/iii
oeiaine?iaaiee yenii?oa yaeythony ainoaea?noaaiiia no?aoiaaiea yenii?oa
a oi?ia auaea/e aa?aioee ii yenii?oiui e?aaeeoai (i?aeoeea, iieo/eaoay a
caiaaeiiaa?iiaeneeo no?aiao aeiaieueii oe?ieia ?acaeoea aua aei aoi?ie
ie?iaie aieiu, ii noa?a aeaenoaey eioi?ie oiaaea ia?aie/eaaeanue,
aeaaiui ia?acii, e?aoein?i/iuie e?aaeeoaie) e nicaeaiea aeiiieieoaeueiuo
nenoai oeiaine?iaaiey e ?aoeiaine?iaaiey yenii?oa.

Oioy oaeea nenoaiu eniieueciaaeenue aeey oi?ne?iaaiey oi?aiaee iaaeaeo
?acaeouie no?aiaie , iniiaiie oeaeueth eo aeayoaeueiinoe ana aea auei
?acaeoea oi?aiaee n ?acaeaathueieny no?aiaie. Iiyaeaiea nenoai
ainoaea?noaaiiiai o/anoey a n?aaeian?i/iii e?aaeeoiaaiee yenii?oa
ioiineony eae ?ac e oiio ia?eiaeo, eiaaea ?acaeoua eaieoaeenoe/aneea
no?aiu ia/eiatho ana aieaa eioa?aniaaoueny ?uieaie nauoa a
?acaeaathueony no?aiao.

A ia/aea 1950 aiaea caiaaeiiaa?iaineee aaie “Aaie aeie/a? eaiaea?”
auaeaeee “ia?ao/aoiue oiiae” a noiia 100 iei.aeieea?ia a ?anii?yaeaiea
aaiea “E?aaeeoaiooaeueo oth? aeaea?aooaao” aeey oeiaine?iaaiey oe?iaiiuo
e?aaeeoia ia n?ie aei 4-o eao. A ia?oa 1950 aiaea ai O?aioeee auea
i?aaieciaaia nenoaia oeiaine?iaaiey oe?iaiiuo e?aaeeoia ia n?ie io 2-o
aei 5-e eao, eioi?ay iniiauaaeanue ia nouanoaiaaaoeo nenoaiao
n?aaeian?i/iiai oeiaine?iaaiey iia?aoeee ianoiiai ?uiea. A ieoya?a 1950
aiaea aaeueaeeneee ainoaea?noaaiiue aaie “Yinoeoth aea ?ayneiio y aea
aa?aioa” auaeaeee 800 iei. aaeuea. o?aieia aeey oeiaine?iaaiey oe?iaiiuo
e?aaeeoia ia n?ie aei 5-oe eao. A aeaeaa?a 1950 aiaea yiiineia
i?aaeoaeuenoai nicaeaei Yenii?oiue aaie ssiiiee aeey oeiaine?iaaiey
oe?iaiiuo e?aaeeoia ia n?ie io 6-oe ianyoeaa aei 5-oe eao. A 1952 aiaeo
Aiaeey oaeeeieea iaeneiaeueiue n?ie yenii?oiuo e?aaeeoia i?e naeaeeao n
iieoiaoaeyie, ia aoiaeeaoeie a noa?eeiaiaoth ciio, aei C-o eao, a a
neo/ayo oae iacuaaaiiai “yenii?oa a iaoeeiiaeueiuo eioa?anao” – aei 4-5
eao. Aei yoiai e?aaeeou iieoiaoaeyi ia noa?eeiaiaie ciiu n?ieii aieaa 6
ianyoeaa iiaeeaaeaee iaeia?aieth Eiienneae ii eiio?ieth ca eiino?aiiie
aaethoie, i?e/ai iieiaeia eiio?aeoiie noieiinoe aeieaeia auea
auiea/eaaoueny iieoiaoaeai ia iaiaa, /ai /a?ac 6 ianyoeaa, a aoi?ay
iieiaeia – a oa/aiea 2-o eao. A Eoaeee nenoaia oeiaine?iaaiey yenii?oiuo
e?aaeeoia auea aaaaeaia a aeaeaa?a 1953 aiaea.

A yoio ia?eiae ai iiiaeo no?aiao aiciaiiaeytho naith aeayoaeueiinoue
?ai?aaieciaaiiua aeey inouanoaeaiey n?aaeian?i/iuo iia?aoeee einoeooou
ii no?aoiaaieth yenii?oiuo e?aaeeoia.

?ino cia/aiey e?aaeeoa a iaaeaeoia?iaeiuo yeiiiie/aneeo ioiioaieyo
?acaeouo no?ai n ?acaeaathueieny aucuaaeny ia oieueei oi?ne?iaaieai
nauoa oiaa?ia, ii e aiciiaeiinoueth iiaiai i?eeiaeaiey eaieoaea.

Oaeei ia?acii, aei eiioea 50-o aiaeia iaoaai noieaoey eiiia?/aneee
e?aaeeo i?eiaiyeny cia/eoaeueii /aua, /ai ana ae?oaea aeaeu
iaaeaeoia?iaeiiai e?aaeeoa. Ii noae iniiaiui eino?oiaioii
aiaoiaoi?aiaiai e?aaeeoiaaiey, iniaaiii a yenii?oiii e?aaeeoiaaiee no?ai
Caiaaeiie Aa?iiu.

N eiioea 50-o e ia/aea 60-o aiaeia ?acei aic?inei cia/aiea
iaaeaeoia?iaeiiai e?aaeeoa eae noeioeyoi?a ?acaeoey aiaoiayeiiiie/aneeo
naycae: eiaiii a yoio ia?eiae iniaaiii oaaee/eeny aai iauai, aua aieaa
?anoe?eeenue noa?a eniieueciaaiey e?aaeeoia e e?oa no?ai,
i?aaeinoaaeythueo yoe e?aaeeou. Caiaoiua eciaiaiey i?iecioee a oneiaeyo
i?aaeinoaaeaiey e?aaeeoia, iniaaiii a niunea n?ieia. Nouanoaaiiua
eciaiaiey i?aoa?iaee oi?iu e aeaeu e?aaeeoiaaiey eae a oeaeii, oae e o
ioaeaeueiuo no?ai. Ana yoe iniaaiiinoe acaeiiiaoneiaeaiu. A /anoiinoe,
iauee ?ino iauaia i?aaeinoaaeaiiuo e?aaeeoia aucaae iaino?aiea
“e?aaeeoiie aieiu”, /oi io?aceeinue ia oneiaeyo i?aaeinoaaeaiey
e?aaeeoia. A eciaiaiea iineaaeieo ( eae e nai ?ino iauaia e?aaeeoia )
iio?aaiaaei eciaiaiey oi?i e?aaeeoiaaiey e ia?ano?ieee nenoai
oeiaine?iaaiey yenii?oa. Iiaua naeaeae a e?aaeeoiie noa?a yaeeenue
neaaenoaeai eciaiaiee, i?ienoaaeoeo a yoe aiaeu ia ie?iaii ?uiea.

?acei oaaee/eaoayny aeeni?iii?oeey iaaeaeo caiaaeeythueiny ?inoii ni?ina
ia oiaa?u e nio?aiythueiny auno?ui ?inoii i?iecaiaenoaaiiuo
aiciiaeiinoae i?iiuoeaiiinoe iio?aaiaaea iiaeaea?aeaiey eiiuthieoo?u ia
?uiea aeiiieieoaeueiuie “acaaae?eaathueie” n?aaenoaaie. A ?yaea no?ai
auee i?eiyou ia?u ii noeioee?iaaieth /anoiuo eaieoaeiaeiaeaiee a
yeiiiieeo, ia?yaeo n yoei aic?inoaa aieiaiea oaeaeyeinue oi?ne?iaaieth
yenii?oa.

?anoouea niaoeeaeecaoeey e eiiia?e?iaaiea i?iecaiaenoaa a ?aieao
iaaeaeoia?iaeiiai ?acaeaeaiey o?oaea o?aaotho iaeneiaeueiiai ?acaeoey
aiaoiae oi?aiaee. A aieueoeinoaa ?acaeouo no?ai iaoeiino?iaiea, ii
nouanoao, i?aa?aoeeinue a “yenii?oioth io?aneue ” i?iiuoeaiiinoe.
Ioa?ocea i?iaeoeoeee ioaeaeueiuie io?aneyie iaoeiino?iaiey ia yenii?o
iiae/an aeaaea aieueoa, /ai ia aioo?aiiee ?uiie. Iiyaeeny oeaeue ?yae
aeiiieieoaeueiuo oaeoi?ia, cao?oaeiythueo ?acaeoea iaaeaeoia?iaeiie
oi?aiaee, a neaaeiaaoaeueii e o?aaothueo iiaiai oi?ne?iaaiey yenii?oa.
Yoi i?aaeaea anaai ?anoouay ?aaeiiaeueiay yeiiiie/aneay eioaa?aoeey
no?ai, a oaeaea aaaaeaiea ana aieaa aeanoeeo eiii?oiuo ia?aie/aiee a
nayce n oooaeoaieai aaethoiiai iieiaeaiey iiiaeo no?ai (a iniiaiii
?acaeaathueony) e o.ae. A yoe aiaeu /?acau/aeii ?anoe?eeny a?naiae
n?aaenoa oi?ne?iaaiey nauoa. Caiaaeiiaa?iiaeneea yenii?oa?u (a
/anoiinoe, oe?iu O?A) ana aieaa oa?yee oeaiiaua i?aeiouanoaa, eioi?ua
iie eiaee ia?aae yenii?oa?aie NOA (a nayce n aieaa auno?ui ?inoii
ecaea?aeae i?iecaiaenoaa e, a ia?aoth i/a?aaeue, iiieiaeueiie ca?aaioiie
ieaou), /oi niinianoaiaaei ?acaeoeth aia oeaiiauo n?aaenoa eiieo?aioeee.

?aoathuoth ?ieue a ea/anoaa n?aaenoaa oi?ne?iaaiey nauoa iaoei e
iai?oaeiaaiey e ae?oaeo eiaanoeoeeiiiuo oiaa?ia nio?aiee ca niaie
iaaeaeoia?iaeiue e?aaeeo. Ia?aeeaeueii n ?inoii ni?ina ia e?aaeeou ia
ie?iaii ?uiea ?inee aiciiaeiinoe eo i?aaeeiaeaiey (iniaaiii a
caiaaeiiaa?iiaeneeo no?aiao).

A oeaeii ?ino cia/aiey iaaeaeoia?iaeiiai e?aaeeoa ai aiaoiayeiiiie/aneeo
ioiioaieyo a yoe aiaeu, eae e ?aiueoa, aue naycai a ia?aoth i/a?aaeue n
iaino?aieai o?oaeiinoae nauoa ia ?uiea ?acaeaathueony no?ai. Aneaaenoaea
aaethoii-oeiainiauo cao?oaeiaiee ?acaeaathueany no?aiu auee auioaeaeaiu
aua aieaa nie?aoeoue anneaiiaaiey ec nianoaaiiuo aaethoiuo ?ano?nia aeey
eiii?oa iaoei e iai?oaeiaaiey, ioaeaa i?aaeii/oaiea eiii?oo i?aaeiaoia
ia?aie iaiaoiaeeiinoe, i?iaeiaieuenoaey, nu?uey, cai/anoae aeey oaea
aeaenoaiaaaoeo i?aaei?eyoee e o.ae. ?ieue eiino?aiiiai oeiaine?iaaiey
iinoaaie iaoei e iai?oaeiaaiey a yoe no?aiu, oaeei ia?acii, nouanoaaiii
aic?inea. Aieueoa oiai, cia/eoaeueii ?anoe?eeny e?oa iinoaaie, i?e
inouanoaeaiee eioi?uo iieoiaoaee noaee ana /aua o?aaiaaoue io
yenii?oa?ia i?aaeinoaaeaiey e?aaeeoia. Ia?yaeo n oeiaine?iaaieai
aei?iainoiyuaai e neiaeiiai iai?oaeiaaiey, a oaeaea e?oiiuo ia?oee
iaoei, /anoi noaee e?aaeeoiaaoueny ia aeeeoaeueiua n?iee iinoaaee
ioaeaeueiuo iaoei i?iiuoeaiiiai iacia/aiey, iinoaaee auoiauo iaoei e
aeaaea cai/anoae e oceia iaoei (aeaaiui ia?acii aeey iineaaeothuae
nai?ee), oaeia?aiee e i?iaeiaieuenoaey.

Ana yoi aucaaei iaiaoiaeeiinoue ia?ano?ieee nenoai oeiaine?iaaiey
yenii?oa, a neaaeiaaoaeueii, e oi?i e?aaeeoia e a NOA, e a Caiaaeiie
Aa?iia.

Aei oao ii?, iiea ?acaeaathueany no?aiu oaeiaeaoai?yeenue
n?aaeian?i/iuie e?aaeeoaie, caiaaeiiaa?iiaeneea oe?iu iiaee oniaoii
eiieo?e?iaaoue n aia?eeaineeie yenii?oa?aie ianiio?y ia oi, /oi n?iee
aia?eeaineeo e?aaeeoia, aeinoeaaaoea 10-15 eao e aieaa, ca/anooth
iaiiiai i?aauoaee n?iee oe?iaiiuo e?aaeeoia caiaaeiiaa?iiaeneeo
iinoaaueeia. Ii, ii auoaeceiaeaiiui i?e/eiai, yoe oe?iu auee auioaeaeaiu
a oeaeyo nio?aiaiey ?uieia nauoa eaeoe ia cia/eoaeueiia oaeeeiaiea
n?ieia e?aaeeoia.

?anoe?eeanue i?aeoeea i?aaeinoaaeaiey caiaaeiiaa?iiaeneeie iinoaaueeaie
e?aaeeoia ia n?iee, i?aauoathuea 5 eao (iaeneiaeueiue n?ie,
onoaiiaeaiiue a 1953 a. ” Aa?ineei nithcii no?aoiaueeia”). I?e/ai, anee
a 50-o aiaeao yoi aeaeaeinue iaeaaaeueii, i?e iiiiue oeiaie, oi oaia?ue,
a 60-o aiaeao n?iee oe?iaiiuo e?aaeeoia a 7-8 eao noaee ii?iaeueiui
yaeaieai. I?e yoii ana /aua i?aaeinoaaeyeenue e?aaeeou aei 10 eao e
aieaa. Ca 60-67 aiaeu noiia oe?iaiiuo e?aaeeoia n?ieii aieaa 5 eao
au?inea i?eaioe?iai/ii a 5 ?ac. Ai iiiaeo no?aiao auee i?eiyou
iinoaiiaeaiey, eaeouea a ?ac?ac n ?aeiiaiaeaoeeyie ” Aa?ineiai nithca”.
Nicaeaiiay a ?aieao AYN nenoaia eii?aeeiaoeee i?aeoeee i?aaeinoaaeaiey
yenii?oiuo e?aaeeoia ia ia?aie/eea eo n?iee, a eeoue iio?aaiaaea
aeaniinoe a i?aaeinoaaeaiee e?aaeeoia ia n?ie aieaa 5 eao e a neo/aa
iaiaoiaeeiinoe i?iaaaeaiey niioaaonoaothueo eiinoeueoaoeee.

Nenoaia oeiaine?iaaiey yenii?oa n iiiiuueth eiiia?/aneeo e?aaeeoia
eiaiii a yoe aiaeu ia niiaea ?aoeoue i?iaeaio aeieain?i/iiai
oeiaine?iaaiey yenii?oiuo iinoaaie eae a ioiioaiee iauaia oaeiai
oeiaine?iaaiey, oae e a ioiioaiee oneiaee i?aaeinoaaeaiey e?aaeeoia. Yoi
auei naycaii n oai, /oi iiaeiaiay nenoaia e?aaeeoiaaiey a iniiaa naiae
iie?aeanue i?e iiaeeecaoeee n?aaenoa aeey ?aoeiaine?iaaiey ia /anoioth
aaieianeoth nenoaio, i?aaeinoaaeyaooth a eo/oai neo/aa n?aaeian?i/iua
e?aaeeou. E?iia oiai, noieiinoue oaeeo e?aaeeoia auea aeiaieueii
aieueoie. Aeeth/aiea /anoe aa a oeaio iinoaaee n oeaeueth oiaiueoaiey
i?ioeaioiie noaaee ia anaaaea auei aiciiaeiui e oeaeaniia?aciui.
Iiyoiio, eiaiii ia?aae caiaaeiiaa?iiaeneeie no?aiaie anoaea i?iaeaia
nicaeaiey niaoeeaeece?iaaiiuo nenoai aeieain?i/iiai e?aaeeoiaaiey
aiaoieo iia?aoeee n ?acaeaathueieny no?aiaie.

A eiioea 60-o aiaeia aeey oaeeeiaiey n?ieia oe?iaiiuo e?aaeeoia noaea
i?eiaiyoueny i?aeoeea ” eiiaeie?iaaiiiai ” oeiaine?iaaiey, i?e eioi?ie
/anoiua aaiee aa?oo ia naay oeiaine?iaaiea naeaeee a oa/aiea ia?auo eao
aeaenoaey e?aaeeoiiai niaeaoaiey, a ae?oaea e?aaeeoiua einoeooou –
iaiin?aaenoaaiii iiaeeeth/athony e e?aaeeoiie iia?aoeee a iineaaeothuea
aiaeu. Iau/ii /anoiua aaiee oeiaine?iaaee oe?iaiiua e?aaeeou ia n?ie aei
4-5 eao iinea iinoaaee, a ainoaea?noaaiiua – ia iineaaeothuea 5-7 eao e
aieaa (O?A ).

A oeaeii, nenoaiu aeieain?i/iiai e?aaeeoiaaiey a caiaaeiiaa?iiaeneeo
no?aiao a eiioea 60-o aiaeia ?acaeaaeenue ii iooe ?acaeoey i?yiiai
ainoaea?noaaiiiai e?aaeeoiaaiey eiino?aiiuo iieoiaoaeae e
i?aaeinoaaeaiey oeiainiauo e?aaeeoia.

Iniiaiui enoi/ieeii n?aaenoa aeey i?aaeinoaaeaiey oeiainiauo e?aaeeoia
neoaeee /anoiue eaieoae. Aa?aioee ii oeiainiaui e?aaeeoai auaeaaaeenue
oae aea, eae e ii eiiia?/aneei. Ii nouanoaiaaee e nouanoaaiiua ioee/ey.
Naie oe?iu- yenii?oa?u iau/ii ia o/anoaiaaee naieie n?aaenoaaie a
oeiaine?iaaiee naeaeie. Iie, ii nouanoao, eeoue iieo/aee aeaiaaeiue
yeaeaaeaio ii naiei iinoaaeai iaee/iuie.

?anoe?aiea i?aeoeee aeieain?i/iiai e?aaeeoiaaiey yenii?oa ec
caiaaeiiaa?iiaeneeo no?ai canoaaeei a naith i/a?aaeue NOA ia oieueei
oaaee/eoue iauai oaeeo e?aaeeoia, i?aaeinoaaeyaoeony a iniiaiii
?acaeaathueiny no?aiai, ii e naeaeaoue oneiaey i?aaeinoaaeaiey oaeeo
e?aaeeoia (a ia?aoth i/a?aaeue eo n?iee e noieiinoue) aieaa i?eaieaiuie
aeey iieoiaoaeae.

Oaeei ia?acii, nouanoaiaaaoaa aei ia/aea 60-o aiaeia /aoeia
?aca?aie/aiea a nenoaiao e?aaeeoiaaiey yenii?oa a ?acaeaathueany no?aiu
ec NOA e Caiaaeiie Aa?iiu e eiioeo 60-o aiaeia i?aeoe/anee naeaaeeeinue.

Iaeaieaa auno?uie oaiiaie a 60-a aiaeu ?inee i?yiua ainoaea?noaaiiua
e?aaeeou. N 1961 ii 1967 a. n?aaeiaaiaeiaay noiia oaeeo e?aaeeoia
aic?inea aieaa /ai a 2 ?aca ii n?aaiaieth ni n?aaeiaaiaeiaie noiiie eo a
oa/aiea i?aaeuaeouaai iyoeeaoey (56- 60 aa.). Iaeiaei iinea ?aceiai
nea/ea ia ?oaaaea 50-60-o aiaeia iie ?inee n?aaieoaeueii oia?aiiuie
oaiiaie. Ei iacia/eoaeueii onooiaee ii oaiiai ?inoa e?aaeeou
iaaeaeoia?iaeiuo i?aaiecaoeee.

Aieaa oia?aiiuie oaiiaie ?in iauai /anoiuo (eiiia?/aneeo e aaieianeeo)
e?aaeeoia. Niaeanii aeaiiui IA??, aeaoe?iaaiiui 1967 a.,
caaeieaeaiiinoue ?acaeaathueony no?ai ii oe?iaiiui e?aaeeoai a eiioea
1955 a. ninoaaeea ieiei 8 ie?ae.aeiee., a oii /enea ii e?aaeeoai,
iieo/aiiui iiae aa?aioeth i?aaeoaeuenoa yoeo no?ai – 6 ie?ae.aeiee. Ii
i?eaioe?iai/iui iiaen/aoai ia iniiaa noaoenoe/aneeo aeaiiuo IYN? e
Eiieoaoa niaeaenoaey ?acaeoeth, ?ieue ioaeaeueiuo aeaeia
iaaeaeoia?iaeiuo e?aaeeoia n 1956 ii 1967 aa. eciaiyeanue neaaeothuei
ia?acii (eniieueciaaiiay /anoue a ie?ae.aeiee.):

1956 1960
1965 1967

AEAeU E?AAeEOA $ % $ %
$ % $ %

iaaeaeoia?iaeiue e?aaeeo(anaai) 2,43 100 3.59
100 6,55 100 8,24 100

– oe?iaiiua e?aaeeou* 1,30 61,7 2,00
55,7 2,90 44.3 3,8 6,1

– i?yiua ainoaea?noaaiiua 0.75 30,8 1,25
34,8 2,83 43.2 3,4 40,9

– e?aaeeou iaaeaeoia?iaeiuo

i?aaiecaoeee 0,18 7,4
0,34 9,5 0,82 12,5 1,1 13,0

*-iiaen/aou i?eaioe?iai/iua

Ioiineoaeueiia cia/aiea /anoiuo e?aaeeoia (iniiaioth ianno eioi?uo
ninoaaeytho oe?iaiiua e?aaeeou) a oeaeii oiaiueoeeinue, ii ia?aainoaa
iie ia onooieee.

*oi eanaaony ?acaeoey iaaeaeoia?iaeiiai e?aaeeoa a ioiioaieyo iaaeaeo
?acaeouie no?aiaie, oi aai ?ieue caiaoii ineaaea. Oiaiueoaiea i?eoiea
aia?eeaineeo e?aaeeoia a Caiaaeioth Aa?iio i?ienoiaeeei ca n/ao i?yiuo
ainoaea?noaaiiuo e?aaeeoia n i?ae?auaieai aeayoaeueiinoe ?acee/iuo
i?ia?aii e ieaiia iiiiue. ?ino i?eoiea /anoiuo eaieoaeia (aaieianeeo e
oe?iaiiuo) ia iia eiiiaine?iaaoue oaeia nie?auaiea iauaia
ainoaea?noaaiiuo e?aaeeoia.

Iaeiia?aiaiii n yoei oe?aieeenue e?aaeeoiua nayce iaaeaeo
caiaaeiiaa?iiaeneeie no?aiaie. Eneeth/eoaeueioth ?ieue i?e yoii ea?aee
/anoiua e?aaeeou. I?aaeinoaaeaiea ainoaea?noaaiiuo e?aaeeoia
?ani?ino?aiaiey ia iieo/eei. Eeoue a ioaeaeueiuo neo/ayo oaeea e?aaeeou
eniieuecothony aeey oeiaine?iaaiey yenii?oiuo iinoaaie aiaiiie oaoieee.

Iaiaoiaeeiinoue e?aaeeoiaaiey iia?aoeee iaaeaeo i?iiuoeaiii ?acaeouie
no?aiaie auea aucaaia ianeieueei eiuie i?e/eiaie, /ai a neo/aa n
?acaeaathueieny. Aaethoiua i?iaeaiu, aaethoiia ?aaoee?iaaiea iinea
eiioea 50-o aa. ea?aee caeanue aoi?inoaiaiioth ?ieue eee aiiaua ia eiaee
cia/aiey. Ia?aie/aiea a ioiioaiee oneiaee i?aaeinoaaeaiey e?aaeeoia ni
noi?iiu ainoaea?noaaiiuo i?aaiecaoeee a oi?aiaea iaaeaeo ?acaeouie
no?aiaie oiaea ii nouanoao ia eiaee ianoa. Oneiaey ieaoaaea, eae
i?aaeei, ?aaoee?iaaeenue eneeth/eoaeueii yenii?oa?ii e eiii?oa?ii.
Iiyoiio, iniiaiie i?e/eiie eniieueciaaiey eiino?aiiuo e?aaeeoia yaeyaony
/enoi eiiia?/aneay auaiaea, no?aieaiea iieo/eoue caaiiua n?aaenoaa ia
iaeaieaa auaiaeiuo oneiaeyo.

Aiciiaeiinoue iieo/aiey e?oiiuo caeiia o ianoiuo aaieia eee ia ?uiea
nnoaeiuo eaieoaeia (iooai ?aciauaiey iaeeaaoeee) na?ueacii ia?aie/eaaea
?ieue iaaeaeoia?iaeiiai e?aaeeoa eae n?aaenoaa oeiaine?iaaiey eiii?oa
oe?iaie a ?acaeouo no?aiao.

Iaeaieueoaa ?ani?ino?aiaiea iieo/eee oe?iaiiua e?aaeeou, eniieuecoaiua
aeey oeiaine?iaaiea yenii?oa. Iaeiaei ia?aaeei iie ia iiin?aaenoaiaaee
oiaa?iua iinoaaee, a i?aaeinoaaeyeenue aeey oeiaine?iaaiey eiino?aiiuo
i?aaei?eyoee, a aeayoaeueiinoe eioi?uo caeioa?aniaai e?aaeeoi?. A 60-o
aa. oaeay i?aeoeea i?eia?aea iniaue ?aciao a Eoaeee, aaea e?aaeeou
eiino?aiiuo eiiiaiee naiei aei/a?iei i?aaei?eyoeyi ia n?ie aieaa 5 eao
iiaee i?aaeinoaaeyoueny aac i?aaeaa?eoaeueiiai ?ac?aoaiey eacia/aenoaa e
ieienoa?noaa aiaoiae oi?aiaee.

Oe?iaiiua e?aaeeou i?aaeinoaaeyeenue, a ia?aoth i/a?aaeue, iieoiaoaeyi
no?ai n aunieie noieiinoueth e?aaeeoa ( ssiiiey, Eoaeey e ae?.), ii auee
neo/ae e yenii?oiie i?iaeaaee iaoei e iai?oaeiaaiey a e?aaeeo e a O?A,
Aiaeeth e NOA.

A eiioea 60-o aa. ?ieue oe?iaiiuo e?aaeeoia eae n?aaenoaa oi?ne?iaaiey
nauoa ia ?uiea ?acaeouo no?ai aic?inea. Iieo/eaoay aieueoia ?acaeoea
i?aeoeea i?iaeaaee a ?ann?i/eo auoiauo iaoei e i?iecaiaenoaaiiith
iai?oaeiaaiey ia aioo?aiiai ?uiea yoeo no?ai canoaaeea e eiino?aiiuo
iinoaaueeia i?eaaaiooue e iae.

Caiaaeiiaa?iiaeneea oe?iu i?aaeinoaaeyee e?aaeeou ia oa aea n?iee, /oi e
ia aeaiaaeiii ?uiea no?aiu eiii?oa?a. E?aaeeou i?e i?iaeaaea noaieia,
a?ociauo iaoei, neeaaeneiai iai?oaeiaaiey, no?ieoaeueiuo iaoei
i?aaeinoaaeyeenue iau/ii ia 2-3 aiaea. Iaeiaei eiino?aiiua iinoaaueee
iiaee aeaaaoue e?aaeeou e ia aieaa aeeeoaeueiua n?iee. Iaeaieaa aeaeoth
iieeoeeo a yoii ieaia i?iaiaeeee oe?iu O?A. Iai?eia?, i?e i?iaeaaea
noaieia ia aioo?aiiai ?uiea iaaieueoea e n?aaeiea eoaeueyineea oe?iu
iieo/aee ?ann?i/eo ieaoaaea aei 2-3 eao. Oe?iu aea O?A iinoaaeyee a
Eoaeeth noaiee a e?aaeeo ia n?ie io 2 aei 5 eao, a a ia?eiae niaaea
eiiuthieoo?u a 1964-65 aa. aeaaea ia n?ie aei 10 eao.

Oe?iu-iinoaaueee oee ia i?aaeinoaaeaiea e?aaeeoia eiino?aiiui
iieoiaoaeyi iiae/an aeaaea n aieueoae caaeieaeaiiinoueth, /ai aaiee
no?aiu-eiii?oa?a. A naith i/a?aaeue, oe?iu-eiii?oa?u oaeaea
i?aaeii/eoaee ia?auaoueny ca e?aaeeoaie e yenii?oa?ai, o.e. oneiaey auee
auaiaeiaa, a aicieeaaoay caaeieaeaiiinoue ia eeoaea eo aiciiaeiinoe
iieo/aoue e?aaeeou o ianoiuo aaieia. Oe?iu-e?aaeeoi?u iieo/aee nnoaeu ia
yenii?oiua ioaeaeu o naieo aaieia, eae i?aaeei, ii eueaioiui noaaeai, a
eo e?aaeeoiua iia?aoeee aa?aioe?iaaeenue io ?acee/iuo ?eneia
ainoaea?noaaiiuie no?aoiauie eiiiaieyie.

Anoanoaaiii, /oi ino?ay eiieo?aioiay ai?ueaa n iiiiuueth yenii?oiuo
e?aaeeoia eiaea ianoi i?e i?iaeaaea oao aeaeia oiaa?ia, ia ?uiea eioi?uo
iaaethaeaeanue iniaaiii ieioay eiiuthieoo?a.

Aeaaea a NOA i?aaenoaaeaiea i?yiuo i?aaeoaeuenoaaiiuo e?aaeeoia e i?yiuo
e?aaeeoia ainoaea?noaaiiuo e?aaeeoi-oeiainiauo i?aaiecaoeee aeey
oeiaine?iaaiey yenii?oa a eiioea 60-o aiaeia ?acei nie?aoeeinue.
Nie?auaiea oaeeo iia?aoeee Yenii?oii-eiii?oiui aaieii nii?iaiaeaeaeinue
?anoe?aieai i?aeoeee i?aaeinoaaeaiey aia?eeaineeie yenii?oa?aie
oe?iaiiuo e?aaeeoia.

1.3. Eiiia?/aneee e?aaeeo ia nia?aiaiiii yoaia

A ia/aea 70-o aiaeia eiiia?/aneia e?aaeeoiaaiea ana aua inoaaaeinue
aeaaiui oeiainiaui eino?oiaioii nauoa i?iaeoeoeee a iioiaii caaia.
Iaeiaei naienoaaiiay eiiia?/aneiio e?aaeeoo oa?ica ia?ooaiey oeaiiie
ieaoaaeiie caaeneiinoe a i?ioeanna eoiee-i?iaeaaee oiaa?a aeaeaea
ae?oaea aeaeu e?aaeeoiaaiey aiaoiae oi?aiaee ana aieaa
i?aaeii/oeoaeueiuie.

A nia?aiaiiii ie?a eueaeiay aeiey eiiia?/aneiai e?aaeeoa i?eoiaeeony ia
e?oiiaeoea OIE, eioi?ua eiatho iaeaieaa aeaaii?eyoiua oneiaey
?aaeecaoeee oiaa?ia e iieo/aiey i?e/eoathueony ieaoaaeae. Neea oaeeo OIE
ninoieo a eo niiniaiinoe inouanoaeyoue oe?ieee auai? aa?eaioia
oaeoe/aneie iieeoeee ii ioiioaieth e aeieaeieeai e ioeaieaaoue
iioaioeeaeueiua aiciiaeiinoe iieoiaoaeae a aieaa ?aiiai iieo/aiee
oeiainiauo ?ano?nia /a?ac eeanne/aneee iaoiae o/aoa e caeiaa aaenaeae e
ae?oaea aieaa nia?aiaiiua oi?iu aaieianeiai ?aoeiaine?iaaiey
eiiia?/aneiai e?aaeeoa.

A ianoiyuaa a?aiy i?aiaeaaeathuae ia ?uiea noaiiaeony oaiaeaioeey e
oaeeeiaieth n?ieia ?aaeecaoeee oiaa?ia, i?e/ai ia oieueei a oacao
e?ecena e aeai?annee, ii e ai a?aiy iaeeaeaiey e iiaeuaia. Anee a
i?ioeii aaea iaaethaeaeinue onei?aiea ?aaeecaoeee oiaa?ia (iai?eia?,
n?aaeiee n?ie o/aoa aaenaeae a oea?neie ?innee nie?aoeeny ni 156 aeiae a
1870-1874 aa. aei 92 aeiae a 1905-1909 aa. (aiaeiae/iua oaiaeaioeee
iaaethaeaeenue e a ae?oaeo no?aiao), e aieioue aei 70-o aiaeia oeie/iui
n?ieii o/aoa aaenaey auee 3 ianyoea), oi nae/an iieo/atho ?acaeoea aieaa
aeeeoaeueiua n?iee o/aoa aaenaeae aei 120-170 aeiae.

Ia?yaeo n ?acaeoeai i?yiie i?iaeaaee i?iaeoeoeee aa eiia/iiio
iio?aaeoaeth iaiin?aaenoaaiiui i?iecaiaeeoaeai aic?anoaao cia/aiea
iioiauo iin?aaeieeia, ‘ /oi niinianoaoao iaeiieaieth aieueoeo oiaa?iuo
caiania a ?acee/iuo oi?aiauo caaiueyo.

A iineaaeiaa a?aiy onei?aiii ?acaeaaaony oi?aiaey iio?aaeoaeueneeie
oiaa?aie, eioi?ay ana aieueoa aeeyao ia oi?aiaeth a oeaeii, ia
i?iecaiaenoaaiiue i?ioeann e ia ?acaeoea ea?aeeiaeueiuo naycae iaaeaeo
i?iecaiaeeoaeyie e iio?aaeoaeyie. ?acei aic?in oiaa?iiai?io iaaeaeo
eiiiaieyie, aoiaeyueie a ninoaa iaeiie OIE.

Ana yoi ai iiiaii i?aaeii?aaeaeeei o?iaaiue e oi?iu ?acaeoey e?aaeeoa ai
aiaoiae oi?aiaea a 80-a aiaeu.

A iineaaeiaa a?aiy ana aieueoa e aieueoa noaiiaeony caiaoiui
ainoaea?noaaiiia noaneaee?iaaiea yenii?oa. I?aaeoaeuenoaa ?acaeouo no?ai
noaee /aua e a aieueoeo iauaiao iai?aaeyoue ia yoe oeaee /anoue
iiaeeeciaaiiuo o iaeiaiieaoaeueueeia a athaeaeao n?aaenoa aeey oeo/oaiey
ieaoaaeiiai aaeaina no?aiu, iiaeaea?aeaiey o?iaiy caiyoinoe e
yeiiiie/aneie aeoeaiinoe a yenii?oiuo io?aneyo i?iiuoeaiiinoe.

Iineieueeo yenii?oiua e?aaeeou a ia?aoth i/a?aaeue o?aaotho iaee/ey
aieueoeo aeaiaaeiuo oiiaeia, ainoaea?noai no?aieony niyoue n naay /anoue
a?aiaie ii eo aeeoioeyoeee e i?eaeaeaao iniiaioth ianno iaiaoiaeeiuo
?ano?nia n /anoiuo ?uieia eaieoaea, a nianoaaiiua athaeaeaoiua n?aaenoaa
iai?aaeyao oieueei ia aeiaaaeaiea oneiaee i?aaeinoaaeaiey aiaoiaoi?aiauo
e?aaeeoia aei eiieo?aioiniiniaiiai o?iaiy, iiieaeay i?ioeaioiua noaaee
ii iei e oaaee/eaay ia?eiae e?aaeeoiaaiey. Niioaaonoaaiii, /ai aieueoa
oneiaey i?aaeinoaaeaiey aiaoiaoi?aiauo e?aaeeoia ioee/athony io
nouanoaothueo ia aioo?aiiai ?uiea eaieoaea, oai auoa ?anoiaeu
i?aaeoaeuenoaa. Oai?aoe/anee i?e oaeie nenoaia noaneaee?iaaiey yenii?oa
ainoaea?noai niiniaii cia/eoaeueii “io?uaaoue” oneiaey naieo e?aaeeoia
io ?uii/iuo, ii ia i?aeoeea aai aiciiaeiinoe a yoii ioiioaiee ia
aaca?aie/iu. Yoi auioaeaeaao ?acaeoua no?aiu eneaoue eiii?iiennu a
aeaiiie iaeanoe, o.a. ii?aaeaeyoue ?aiee acaeiiniaeaniaaiiuo oneiaee
ainoaea?noaaiiiai oeiaine?iaaiey aiaoiae oi?aiaee.

Aaniie 1978 a. no?aiu-/eaiu IYN?, e?iia Oo?oeee e Eneaiaeee, iiaeienaee
niaeaoaiea ia oieoeeaoeee yenii?oiuo e?aaeeoia, iacuaaaiia /aua
Eiinainonii ii yenii?oiui e?aaeeoai. Yoi niaeaoaiea iai?aaeaii ia
oieoeeaoeeth aaaeiaeoeo oneiaee ainoaea?noaaiiuo yenii?oiuo e?aaeeoia:
n?ieia, ieieiaeueiiai ?acia?a i?ioeaioiie noaaee, aeiee iie?uoey
eueaioiie nnoaeie noieiinoe eiio?aeoa eee ieieiaeueiiai ?acia?a iaee/iuo
ieaoaaeae, e?oaa iiaeiaaeathueo iiae iaai oiaa?ia e oneoa. Ana yoe
oneiaey ?aaoey?ii ia?aniao?eaathony.

?ino aeiee ainoaea?noaaiiiai e?aaeeoiaaiey yenii?oa ii n?aaiaieth n
/anoiui aucaai iaiueoae auaiaeiinoueth iineaaeiaai. Yoa n?aaieoaeueiay
iaauaiaeiinoue caeeth/aaony ia oieueei a ?uii/iii o?iaia i?ioeaioiie
noaaee, ii e a iaiueoai ?acia?a e?aaeeoa, ionoonoaee aaoiiaoecia a aai
iieo/aiee. E?iia oiai, ?acaeoea ia iaaeaeoia?iaeiii nnoaeiii ?uiea
oaiaeaioeee i?aaeinoaaeaiey caeiia ii “ieaaathuei” noaaeai cia/eoaeueii
cao?oaeiyao ioeaieo iauae noieiinoe caeia aeey aeieaeieea, o.e. o?iaaiue
i?ioeaioa ca?aiaa iaecaanoai.

Iaeiaei a 80-a aiaeu iaeiia?aiaiii n auno?ui ?acaeoeai ainoaea?noaaiiiai
i?yiiai aaieianeiai e?aaeeoiaaiey i?ienoiaeeo e oaaee/aiea iauaia
eiiia?/aneiai e?aaeeoiaaiey e naycaiiiai n iei einaaiiiai aaieianeiai
e?aaeeoa, oioy e ai?acaei iaiueoeie oaiiaie. ?ino ie?iaiai
aiaoiaoi?aiaiai iai?ioa (aeiey yenii?oa a ie?iaii AAI iiaeiyeanue n 12%
a 1960 a. aei 22 % a 1980 a.), oaeeeiaiea a?aiaie ?aaeecaoeee oiaa?ia,
oaaee/aiea /enea iin?aaeieeia, oi?ne?iaaiea (a oii /enea e
ainoaea?noaii) i?iecaiaenoaa e ?aaeecaoeee oiaa?ia – ana yoi i?eaaei e
iaiaoiaeeiinoe aeey oe?i oaaee/aiey iauaia i?iaeaae oiaa?ia a e?aaeeo.

Eae oaea ioia/aeinue auoa, a ia?aie iieiaeia XX aaea i?e aaniethoiii
?inoa iauaia eiiia?/aneiai e?aaeeoiaaiey, aai aeiey a iiin?aaenoaiaaiee
aiaoiaoi?aiauo i?iaeaae eiaea oaiaeaioeeth e nieaeaieth. Iaeia ec i?e/ei
yoiai i?ioeanna, i?iaeieaeathuaainy e iiiuia, caeeth/aeinue a
oi?ie?iaaiee ana aieueoaai /enea iiiiiieee e oe?aieaiee eo iiceoeee a
yeiiiieea, /oi niinianoaiaaei ?inoo i?iaeaae oiaa?ia eiia/iiio
iio?aaeoaeth, ieioy iioiauo iin?aaeieeia. E?iia oiai, eciaiaiea ?iee
aaieia icia/aei, a /anoiinoe, e nieaeaiea aeiee einaaiiiai aaieianeiai
e?aaeeoiaaiey ii n?aaiaieth n i?yiui.

Nouanoaoao aioo?aiiyy i?ioeai?a/eainoue ?acaeoey eiiia?/aneiai
e?aaeeoiaaiey, eioi?ay iaoneiaeaia oai, /oi iii, n iaeiie noi?iiu,
aace?oaony ia aeaeaeaiee oiaa?ia e ii?aaeaeaii ei, a n ae?oaie noi?iiu,
yaeyaony iaeiie ec oi?i e?aaeeoa aiiaua e io?aaeaao iauaa ninoiyiea aai
?acaeoey.

Eiiia?/aneee e?aaeeo naiui oaniui ia?acii naycai n aaieianeei – aaiee
i?iecaiaeyo aeoeaio, o/ao, ia?ao/ao eiiia?/aneeo aaenaeae, i?eieiatho eo
a caeia. Iineieueeo ca eaaeaeui oaeei aaenaeai noiyo ii?aaeaeaiiua
oiaa?u, i?iaeaaea eioi?uo iicaieyao iiaaneoue iaycaoaeuenoaa ii iaio, oi
yoe iia?aoeee n aaenaeyie n/eoathony aeey aaieia iaeaieaa aaciianiuie e
eeeaeaeiuie.

Iieo/eee ?acaeoea e aaenaey, ia aace?othueany ia oi?aiauo naeaeeao –
oeiainiaua aaenaey, ieaoaeueueeaie ii eioi?ui aunooiatho aaiee, a oaeaea
“ae?oaeaneea” aaenaey, acaeiii aunoaaeyaiua i?aaei?eieiaoaeyie ae?oa ia
ae?oaa n oeaeueth iieo/aiey aaieianeeo nnoae.

Oaeei ia?acii, aaenaeth ia anaaaea i?ioeainoiyo ?aaeueiua oiaa?u, /oi
/anoi i?eaiaeeo e na?ueaciui cao?oaeiaieyi i?e i?aa?auaiee aai a
aeaiueae.

A ia?eiae yeiiiie/aneiai e?ecena 1929-1933 aiaeia e iineaaeothuae
aeai?annee /aoaa?oue anao aaie?ionoa i?iecioea aneaaenoaea
iaieaoaaeaniiniaiinoe aaenaeaaeaoaey eee aa?aioe?iaaaoaai aai aaiea.

A ianoiyuaa a?aiy i?iaeaia iieo/aiey aeaiaa ii aaenaeyi ia oieueei ia
ineaaea, ii, iai?ioea, cia/eoaeueii aic?inea. Iniaaiii aeooaeueiie noaea
i?iaeaia caaea?aeee aica?aoa n?aaenoa ii aaenaeth. Ii ioeaieai
niaoeeaeenoia, ii/oe eaaeaeue iyoue aaenaeue iiaaoaaony n
ianiaethaeaieai n?ieia. Ana yoi caiaaeeyao ii?iaeueiue e?oaiiai?io
eaieoaea, iiaeao iiaei?aaoue aeiaa?ea e ei?ii?aoeee e nieceoue aa
eiieo?aioiniiniaiinoue. A nayce n yoei aic?anoaao aieiaiea ei?ii?aoeee e
aii?inai i?aaiecaoeee eiiia?/aneiai e?aaeeoa. Iniaaiii aeoeaiu a yoie
iaeanoe OIE.

Ao?aeoaciua yeiiiienou auaeaeytho neaaeothuea iniiaiua ninoaaeythuea
?aaeecaoeee: oneiaey i?aaeinoaaeaiey eiiia?/aneiai e?aaeeoa (eiee/anoai
aa?aioia, n?iea) , iaoiaeu ieaoaaea (oi?iu ?an/aoia, iieaoa /anoyie eee
oeaeeeii e o.ae.), aiciiaeiinoue ioeeiiaiey iauaia oiaa?ia a eaaeaeie
ia?oee io caeacaiiiai eiee/anoaa. Yoe yeaiaiou ai iiiaii ii?aaeaeytho
i?aaiecaoeeth iaoaiecia eiiia?/aneith e?aaeeoiaaiey.

A 70-o aiaeao a e?oiiuo OIE iiyaeeenue niaoeeaeueiua ioaeaeu,
caieiathueany eiiia?/aneei e?aaeeoiaaieai, ?oeiaiaeeoaee yoeo ioaeaeia
noaee aoiaeeoue a niaaou oi?aaeythueo. Ia?aiia/aeueii iniiaiie caaea/ae
yoeo ioaeaeia aue nai? ieaoaaeae, i?e/eoathueony ii aaenaeyi. A
aeaeueiaeoai eo ooieoeee ?anoe?eeenue e noaee ioaaouaaoue:

i?aaiecaoeeth aicaeaenoaey ia iioaioeeaeueiuo iaieaoaeueueeia;

eco/aiea ieaoaaeaniiniaiinoe eeeaioia;

?ac?aaioeo iiauo oi?i eiiia?/aneiai e?aaeeoa e ieaoaaeae.

Yoe ioaeaeu oanii nio?oaeie/atho n aaieaie, ?aaioathueie n aaenaeyie,
i?eiaaeeaaeaueie OIE. Iai?eia?, o “American Steel” a ioaeaea
eiiia?/aneiai e?aaeeoa ?aaioatho aaieianeea neoaeauea, nicaeaia
ea?oioaea aaenaeae, niaaeeiaiiay yeaeo?iiiuie eaiaeaie nayce n
aaieianeei eiiiuethoa?ii; i?aaeinoaaeaiea aaieianeiai e?aaeeoa iiae
aaenaeue i?ienoiaeeo i?aeoe/anee aaoiiaoe/anee, a ?acoeueoaoa aeaiiue
ioaeae OIE n?anoaaony n aaieii.

Anee a 60-o aiaeao OIE oaeaeyee iaei aieiaiey ?aaeecaoeee oiaa?ia, oi n
1973 a. iieiaeaiea ?acei eciaieeinue. Ii oeaeie a?oiia oiaa?ia (iaooue,
aac, oeaiaio, eioa e ae?.) ni?in noae a oa/aiea aeeeoaeueiiai a?aiaie
i?aauoaoue i?aaeeiaeaiea, a ii ae?oaei oiaa?ai (aaoiiiaeee, /a?iua
iaoaeeu, noaea e ae?.) eiaei ianoi i?ioeaiiieiaeiia yaeaiea. Ana yoi
iaeiaeeei cia/eoaeueiue ioia/aoie ia ?acaeoea eiiia?/aneiai e?aaeeoa e
iiaaaeaiea eiio?aaaioia i?e caeeth/aiee oi?aiauo naeaeie. Iniiaiui
aeaeaieai iinoaaueeia noaei onei?aiea n?iea iieo/aiey ieaoaaea. Iaee/ea
aaenaey a ii?ooaea ei?ii?aoeee ioithaeue ia aa?aioe?iaaei iieo/aiea
aeaiaaeiuo n?aaenoa, a a neo/aa eo iieo/aiey – aiciauaiea cao?ao ia
i?iecaiaenoai ec-ca eioeyoeeiiiiai i?ioeanna. Iniaaiii ino?i aeaiiay
i?iaeaia cao?aaeaaea yenii?oiua iinoaaee ec-ca ?aceeo aaethoiuo
eieaaaiee.

O OIE a 80-a aiaeu i?iecioee na?ueaciua no?oeoo?iua naeaeae a ninoaaa
?ano?nia, oi?iao iiaeeecaoeee n?aaenoa e iai?aaeaieyo eo eniieueciaaiey.
Ii?aaeaeythuae oaiaeaioeeae a yoeo eciaiaieyo noaiiaeony aic?anoaiea
?iee aaieianeeo e?aaeeoia a aeaeaeaiee i?iiuoeaiiiai eaieoaea,
iinoaiaiiia auoaniaiea e caiaia eie eiiia?/aneiai e?aaeeoa. A iniiaa
aeaiiie oaiaeaioeee iaoiaeyony iauea iai?aaeaiey ?acaeoey aaieianeiai
e?aaeeoiaaiey (oaaee/aiea iauaia, iiyaeaiea iiauo iai?aaeaiee e
iaoaieciia e?aaeeoiuo aeiaeaiee), a oaeaea i?ienoiaeyuee iuia ia?aoiae
io i?aeiouanoaaiii einaaiiiai e i?yiiio aaieianeiio e?aaeeoiaaieth. Anee
aua 20 eao iacaae aeaaiie oi?iie e?aaeeoiaaiey aiaoiaoi?aiaie
aeayoaeueiinoe OIE aue e?aaeeo iinoaaueea, oi iuia ii cia/eoaeueii
onooiee naie iiceoeee e?aaeeoo iieoiaoaeth e ae?oaei oi?iai i?yiiai
aaieianeiai oeiaine?iaaiey. Ii ioeaiea Einoeoooa iaaeaeoia?iaeiuo
enneaaeiaaiee (O?A), niioiioaiea caaeieaeaiiinoe ii eiiia?/aneiio e
i?yiiio aaieianeiio e?aaeeoiaaieth aiaoiaoi?aiauo naeaeie e?oiiaeoeo
caiaaeiiaa?iiaeneeo OIE ninoaaeyei:

(a % %)

Aiaeu caaeieaeaiiinoue ii i?yiiio aaieianeiio e?aaeeoiaaieth
Caaeieaeaiiinoue ii eiiia?/aneiio e?aaeeoo

1958

1969

1975

1979

1984

1986-88 33,5

37.5

57.0

62,0

67,0

75.0 66,5

62.5

43,0

38,0

33,0

25,0

A iniiaa ia?aoiaea io einaaiiiai e i?yiiio aaieianeiio e?aaeeoiaaieth
iaoiaeyony neaaeothuea i?ioeannu:

?acaeoea e oe?aieaiea naycae OIE n OIA;

oaaee/aiea caaeieaeaiiinoe OIE;

e?oiiua no?oeoo?iua eciaiaiey a i?iecaiaenoaa, i?ienoiaeyuea iiae
aicaeaenoaeai nia?aiaiiie IO?.

A ianoiyuaa a?aiy i?aaiia?ii aiai?eoue i iiaie oaca a ?acaeoee ni?ina ia
aaieianeea e?aaeeou, oa?aeoa?iuie /a?oaie eioi?ie yaeythony:

?aceia oaaee/aiea ni?ina;

?anoe?aiea iai?aaeaiee eniieueciaaiey aaieianeiai e?aaeeoa;

cia/eoaeueiia ?aciiia?acea aai oi?i.

Aaiee a oneiaeyo iinoiyiiuo ia?ooaiee ieaoaaeiie aeenoeeieeiu noaee ia
oieueei ?an/aoiuie oeaio?aie, o/eouaathueie aaenaey, ii e naiaia?aciuie
a?aeo?aie, ?aaoee?othueie nii?u ii eo iieaoa. Iie noaee aeaaiuie
iinoaaueeaie eioi?iaoeee i oeiainiaii ninoiyiee eiio?aaaioia OIE.
Iiauoaiiue ni?in eiaiii ia aaieianeee e?aaeeo ni noi?iiu OIE ii?aaeaeai
oaeaea eo iio?aaiinoyie a oi?ne?iaaiee i?iecaiaenoaa e ?aaeecaoeee
oiaa?ia e a neoiea eiio?ieueiuo iaeaoia aeoeee ae?oaeo eiiiaiee. Ana yoi
iiaeaeei ca niaie oe?aieaiea iiauo, i/aiue oaniuo aeaeiauo naycae
iaaeaeo OIE e OIA, eioi?ua a cia/eoaeueiie ia?a ia?aianaiu e ia
e?aaeeoiaaiea aiaoiae oi?aiaee.

Oaeei ia?acii, iiaeii i?ineaaeeoue oaiaeaioeeth ia?aeeaeueiiai ?acaeoey
eiiia?/aneiai e aaieianeiai e?aaeeoiaaiey aiaoiae oi?aiaee. Yoa
oaiaeaioeey caeeth/aaony a iinoaiaiiii, iaaeeaiiii, ii onoie/eaii
auoaniaiee aaieianeei e?aaeeoii eiiia?/aneiai ec yoie noa?u. Ii yoi ia
icia/aao, /oi eiiia?/aneea oi?iu e?aaeeoiaaiey ooee a i?ioeia. E
naaiaeiy eiiia?/aneee aaieianeee e?aaeeo ana aua ninoaaeytho
naiaia?aciue neiaeic.

2.E?aaeeoii-aaieianeay nenoaia

Ninoaaeythueie e?aaeeoiie nenoaiu yaeythony:

niaieoiiinoue e?aaeeoii-?an/aoiuo ioiioaiee, oi?i e iaoiaeia
e?aaeeoiaaiey;

nenoaia e?aaeeoii-oeiainiauo einoeoooia.

E?aaeeoiay nenoaia eae niaieoiiinoue e?aaeeoii-oeiainiauo einoeoooia
aeeoioee?oao naiaiaeiua aeaiaaeiua eaieoaeu, aeioiaeu e naa?aaeaiey
?acee/iuo neiaa ianaeaiey e i?aaeinoaaeyao eo a nnoaeo oe?iai,
i?aaeoaeuenoao e /anoiui eeoeai.

Iniiaie e?aaeeoiie nenoaiu enoi?e/anee yaeythony aaiee. Ia?aua
i?aaeoanoaaiieee nia?aiaiiuo aaieia aicieeee ai Oei?aioeee e Aaiaoeee
(1587 a.) ia iniiaa iaiyeueiiai aeaea — iaiaia aeaiaa ?acee/iuo ai?iaeia
e no?ai. Aeaaiuie

iia?aoeeyie aaieia auee i?eai aeaiaaeiuo aeeaaeia e aaciaee/iua ?an/aou.
Iicaeiaa ii oaeiio i?eioeeio aicieeee aaiee a Ainoa?aeaia (1609 a.) e
Aaiao?aa (1618 a.). Iineaaeiea niaoeeaeece?iaaeenue ia ianeoaeeaaiee
oi?aiaee, e oaeay aaaeiay ooieoeey eae auione e?aaeeoiuo aeaiaa o ieo ia
auea ?acaeoa.

Eoae, e?aaeeoii-oeiainiaua einoeooou iiae?acaeaeythony ia:

oeaio?aeueiua aaiee;

eiiia?/aneea aaiee;

niaoeeaeece?iaaiiua e?aaeeoii-oeiainiaua einoeooou.

Oeaio?aeueiua aaiee — yoi aaiee, inouanoaeythuea auione aaieiio e
yaeythueany oeaio?aie e?aaeeoiie nenoaiu. Iie caieiatho a iae iniaia
ianoi e yaeythony, eae i?aaeei, ainoaea?noaaiiuie o/?aaeaeaieyie.

E iniiaiui ooieoeeyi oeaio?aeueiiai aaiea ioiinyony neaaeothuea:

Yienneiiiay ooieoeey, nio?aiythuay naia cia/aiea, iineieueeo iaee/iinoue
ii-i?aaeiaio iaiaoiaeeia aeey cia/eoaeueiie /anoe ieaoaaeae e
iaania/aiey eeeaeaeiinoe e?aaeeoiie nenoaiu, eioi?ay aeieaeia eiaoue
n?aaenoaa ieii/aoaeueiiai iiaaoaiey aeieaiauo iaycaoaeuenoa.

Ooieoeey aeeoioee?iaaiey e o?aiaiey eanniauo ?aca?aia aeey eiiia?/aneeo
aaieia, oi anoue eaaeaeue aaie — /eai iaoeeiiaeueiie e?aaeeoiie nenoaiu
iaycai o?aieoue ia ?aca?aiii n/aoa a Oeaio?aeueiii aaiea noiio a
ii?aaeaeaiiie i?iii?oeee e ?acia?o aai aeeaaeia. Iaeiia?aiaiii
Oeaio?aeueiue aaie ii o?aaeeoeee yaeyaony o?aieoaeai ioeoeeaeueiuo
cieioiaaethoiuo ?aca?aia no?aiu (ioeoeeaeueiua aaethoiua ?aca?au ?innee
a 1993 a. ninoaaeee 4 ie?ae. aeiee. e ieiei 300 o cieioa).

Ooieoeey e?aaeeoiaaiey eiiia?/aneeo aaieia, oa?aeoa?iay aeey
nioeeaeenoe/aneie yeiiiieee i?e ainoaea?noaaiiie iiiiiieee ia
e?aaeeoioth aeayoaeueiinoue, a oaeaea aeey ia?aoiaeiiai ia?eiaea,
nii?iaiaeaeathuaainy iaoaaoeie n?aaenoa a ?oeao /anoiuo oeiainiauo
einoeoooia. Iaiaa i?iyaeyaony iia a ?acaeoie ?uii/iie yeiiiieea, aaea
iiaeiaiia e?aaeeoiaaiea nouanoaoao i?aeiouanoaaiii a ia?eiaeu oeiainiauo
o?oaeiinoae.

I?aaeinoaaeaiea e?aaeeoia e auiieiaiea ?an/aoiuo iia?aoeee aeey
i?aaeoaeuenoaaiiuo i?aaiia, oae eae a athaeaeaoao ?acee/iiai o?iaiy
aeeoioee?oaony aei iieiaeiu e aieaa AAI no?ai. Aeaiiua n?aaenoaa
iaeaieeaathony ia n/aoao a oeaio?aeueiuo aaieao e ?anoiaeothony n ieo.
I?e yoii, oeaio?aeueiua aaiee aaaeoo n/aoa i?aaeoaeuenoaaiiuo
o/?aaeaeaiee e i?aaiecaoeee. E?iia oiai, iie inouanoaeytho iia?aoeee n
ainoaea?noaaiiuie oeaiiuie aoiaaaie , i?aaeinoaaeytho ainoaea?noao
e?aaeeo a oi?ia i?yiuo e?aoein?i/iuo e aeieain?i/iuo nnoae eee iieoiee
ainoaea?noaaiiuo iaeeaaoeee. Oeaio?aeueiua aaiee oaeaea i?iaiaeyo ii
ii?o/aieth i?aaeoaeuenoaaiiuo i?aaiia iia?aoeee n cieioii e eiino?aiiie
aaethoie.

Eee?eiaiaay ooieoeey eee ooieoeey i?iaaaeaiey aaciaee/iuo ?an/aoia. Oae,
a ?yaea no?ai oeaio?aeueiue aaie aaaeao iia?aoeee ii
iauaiaoeeiiaeueiiio eee?eiao, aunooiay iin?aaeieeii iaaeaeo
eiiia?/aneeie aaieaie, ?aniieiaeaiiuie a ?aciuo ?aeiiao no?aiu. I?eia?ii
iauaiaoeeiiaeueiie ?an/aoiie iaeaou iiaeao neoaeeoue Oaaea?aeueiay
?aca?aiay nenoaia Niaaeeiaiiuo Ooaoia.

Eiiia?/aneea aaiee i?aaenoaaeytho niaie /anoiua e ainoaea?noaaiiua
aaiee, inouanoaeythuea oieaa?naeueiua iia?aoeee ii e?aaeeoiaaieth
i?iiuoeaiiuo, oi?aiauo e ae?oaeo i?aaei?eyoee, aeaaiui ia?acii ca n/ao
oao aeaiaaeiuo eaieoaeia, eioi?ua iie iieo/atho a aeaea aeeaaeia.

Auaeaeytho ianeieueei eo ooieoeee:

Aeeoioee?iaaiea aann?i/iuo aeaiiceoia, eee aaaeaiea oaeoueo n/aoia, e
iieaoa /aeia, auienaiiuo ia yoe aaiee.

I?aaeinoaaeaiea e?aaeeoia i?aaei?eieiaoaeyi.

Iniaay caneoaa eiiia?/aneeo aaieia oaeaea ninoieo a inouanoaeaiee
?an/aoia a ianooaaao anaai iaoeeiiaeueiiai oicyenoaa. Ia aaca eo
iia?aoeee aicieeatho e?aaeeoiua aeaiueae ( /aee, aaieianeea aaenaey).

Niaoeeaeece?iaaiiua e?aaeeoii-oeiainiaua einoeooou aeeth/atho
aaieianeea e iaaaieianeea i?aaiecaoeee, niaoeeaeece?othueany ia
ii?aaeaeaiiuo aeaeao e?aaeeoiaaiey. Oae, aiaoiaoi?aiaua aaiee
niaoeeaeece?othony ia e?aaeeoiaaiee yenii?oa e eiii?oa oiaa?ia, a
eiioa/iua aaiee e eiiiaiee — ia i?aaeinoaaeaiee aeieain?i/iuo nnoae iiae
caeia iaaeaeaeeiinoe (caiee e no?iaiee).

E?aaeeoiua i?aaiecaoeee aicieeee a XIX aaea. Aeeeoaeueiia a?aiy iie
ea?aee a aeaiaaeii-e?aaeeoiie noa?a iiae/eiaiioth ?ieue, onooiay
eiiia?/aneei aaieai, iaeiaei eo ?ieue ?acei aic?inea a no?aiao n
?uii/iie yeiiiieeie iinea aoi?ie ie?iaie aieiu. *oi iauyniyaony, n
iaeiie noi?iiu, oneeaieai cia/aiey iia?aoeee, ia eioi?uo
niaoeeaeece?iaaeenue yoe einoeooou, a n ae?oaie — i?iieeiiaaieai eo a
noa?o aeaenoaey eiiia?/aneeo aaieia. Iai?eia?, iaineiiiua oiiaeu,
eaieoaeu eioi?uo neeueii aic?inee a iineaaeiea aeanyoeeaoey e eioi?ua
yaeythony ia Caiaaea iaeiei ec e?oiiaeoeo iieoiaoaeae oeaiiuo aoiaa.

E nenoaia e?aaeeoii-oeiainiauo einoeoooia ioiinyony:

Eiaanoeoeeiiiua aaiee, caieiathueany yienneiiii-o/?aaeeoaeueneie
aeayoaeueiinoueth, oi anoue i?iaiaeyuea iia?aoeee ii auioneo e
?aciauaieth ia oiiaeiaii ?uiea oeaiiuo aoiaa, iieo/ay ia yoi aeioiae.
Iie ia eiatho i?aaa i?eieiaoue aeaiiceou e i?eaeaeatho eaieoaeu, eae
i?aaeei, iooai i?iaeaaee nianoaaiiuo aeoeee eee ca n/ao e?aaeeoa
eiiia?/aneeo aaieia. Naie eaieoae iie eniieuecotho aeey aeieain?i/iiai
e?aaeeoiaaiey ?acee/iuo io?aneae oicyenoaa. Ia naaiaeiyoiee aeaiue a
?innee iie iaiiiai/eneaiiu.

Iaoe?iay a?oiia naa?aaaoaeueiuo o/?aaeaeaiee, caieiathuay aaaeiia ianoi
a e?aaeeoiie aeaaiaea?y i?eaea/aieth iaeeeo naa?aaeaiee e aeioiaeia,
eioi?ua eia/a ia niiaoo ooieoeeiie?iaaoue eae eaieoae.

Nouanoaotho ?acee/iua oeiu naa?aaaoaeueiuo o/?aaeaeaiee:

naa?aaaoaeueiua aaiee e eannu;

acaeiii-naa?aaaoaeueiua aaiee (?aciiaeaeiinoue eiiia?aoeaiuo aaieianeeo
o/?aaeaeaiee a NOA);

aeiaa?eoaeueii-naa?aaaoaeueiua aaiee (a Aaeeeia?eoaiee);

nnoaeii-naa?aaaoaeueiua annioeeaoeee (Niaaeeiaiiua Ooaou);

e?aaeeoiua eiiia?aoeau (nithcu, annioeeaoeee) e ae?oaea.

A ?inneeneie Oaaea?aoeee n?aaee naa?aaaoaeueiuo o/?aaeaeaiee
aeiieie?oao naa?aaie ?O (eiaao 42 ouny/e ioaeaeaiee).

3. No?aoiaua eiiiaiee aeey eioi?uo oa?aeoa?ia niaoeeoe/aneay oi?ia
i?eaea/aiey n?aaenoa — i?iaeaaea no?aoiauo iieenia. Iieo/aiiua aeioiaeu
iie aeeaaeuaatho i?aaeaea anaai a iaeeaaoeee e aeoeee ae?oaeo eiiiaiee,
ainoaea?noaaiiua oeaiiua aoiaae.

4. Iaineiiiua oiiaeu, eioi?ua ?acee/athony ii i?aaiecaoeee, oi?aaeaieth
e no?oeoo?a aeoeaia. Oae, eiathony cano?aoiaaiiua iaineiiiua oiiaeu,
(oi?aaeyaiua no?aoiauie eiiiaieyie) e iacano?aoiaaiiua (oi?aaeyaiua
i?aaei?eyoeyie eee ii eo aeiaa?aiiinoe — aaieaie), ooiaee?iaaiiua (eo
n?aaenoaa eiaanoe?iaaiu a oeaiiua aoiaae) e iaooiaee?iaaiiua (iainee
auiea/eaathony ec oaeoueo iinooieaiee e aeioiaeia) e iiiaea ae?oaea.

5. Eiaanoeoeeiiiua eiiiaiee, ?aciauathuea n?aaee iaeeeo aea?aeaoaeae
naie iaycaoaeuenoaa (aeoeee) e eniieuecothuea iieo/aiiua n?aaenoaa aeey
iieoiee oeaiiuo aoiaa ia?iaeiiai oicyenoaa. Iaeeea eiaanoi?u ioioii
iieoiatho iaycaoaeuenoaa eiaanoeoeeiiiuo eiiiaiee, oae eae ec-ca
cia/eoaeueiie aeeaa?neoeeaoeee (aeiaeaiea n?aaenoa a ?acee/iua
i?aaei?eyoey) aeinoeaaaony ecaanoiia ?ann?aaeioi/aiea aeoeaia,
nieaeaaony iianiinoue iioa?e naa?aaeaiee ec-ca aaie?ionoa oe?i, a /uee
aeoeee aeiaeai eaieoae. Oae, eiaanoeoeeiiiua /aeiaua oiiaeu a ?innee
yaeythony, a nouiinoe, oiaea eiaanoeoeeiiiuie eiiiaiey Oaeei ia?acii,
e?aaeeoiay nenoaia ninoieo, ai-ia?auo, ec aaieianeie nenoaiu, eiathuae
iau/ii aeaa o?iaiy:

oeaio?aeueiue aaie;

eiiia?/aneea aaiee.

Ii eiiaaea aaieianeay nenoaia auaaao e o?aoo?iaiaaie (iai?eia?, a NOA):

Eacia/aenoai;

12 ie?oaeiuo oaaea?aeueiua ?aca?aiuo aaieia;

5000 aaieia-/eaiia.

E, ai-aoi?uo, ec e?aaeeoii-oeiainiauo einoeoooia, caieiathueo o?aoee e
/aoaa?oue aa yoaaee.

Iiiaio?iaiaainoue e neiaeiinoue acaeiinaycae aioo?e aeaiiie no?oeoo?u
nicaeaao aiciiaeiinoe aeey aa oe?ieiai eniieueciaaiey, iicaieyao
naiaa?aiaiii aaiaeeoue a aeaenoaea aieueoie iaai? ?acee/iuo
e?aaeeoii-aeaiaaeiuo ?u/aaia ?aaoee?iaaiey, aicaeaenoaiaaoue ia
yeiiiie/aneee iaoaieci eae ia nenoaio. Ec /aai neaaeoao eiiieaeniue
oa?aeoa? e?aaeeoiie iieeoeee.

2.3.Iniiaiua iai?aaeaiey aeaiaaeii-e?aaeeoiiai ?aaoee?iaaiey

Ainoaea?noaaiiia ?aaoee?iaaiea aeaiaaeii-e?aaeeoiie noa?u iiaeao
inouanoaeyoueny aeinoaoi/ii oniaoii eeoue a oii neo/aa, anee
ainoaea?noai /a?ac oeaio?aeueiue aaie niiniaii yooaeoeaii
aicaeaenoaiaaoue ia ianooaau e oa?aeoa? /anoiuo einoeoooia, oae eae a
?acaeoie ?uii/iie yeiiiieea eiaiii iineaaeiea yaeythony aacie anae
aeaiaaeii-e?aaeeoiie nenoaiu. Aeaiiia ?aaoee?iaaiea inouanoaeyaony a
ianeieueeeo acaeiinaycaiiuo iai?aaeaieyo.

Ainoaea?noaaiiue eiio?ieue iaae aaieianeie nenoaiie eiaao oeaeueth
oe?aieaiea eeeaeaeiinoe e?aaeeoii-oeiainiauo einoeoooia, oi anoue eo
niiniaiinoe naiaa?aiaiii iie?uaaoue o?aaiaaiey aeeaae/eeia. Yoi
i?iecaiaeeony i?aaeaea anaai ca n/ao o/aoiie, eee aeeneiioiie iieeoeee,
a oaeaea onoaiiaeaiey ii?i iaycaoaeueiuo aaieianeeo ?aca?aia.

Oi?aaeaiea ainoaea?noaaiiui aeieaii yaeyaony iai?aaeaieai
ainoaea?noaaiiiai ?aaoee?iaaiey a oneiaeyo o?iie/aneeo athaeaeaoiuo
aeaoeoeeoia ia?iiiiai ?inoa ainoaea?noaaiiie caaeieaeaiiinoe, eiaaea
?acei aic?anoaao aeeyiea ainoaea?noaaiiiai e?aaeeoa ia ?uiie nnoaeiuo
eaieoaeia. Aeey yoiai oeaio?aeueiue aaie eniieuecoao ?acee/iua iaoiaeu
oi?aaeaiey ainoaea?noaaiiui aeieaii:

iieoiaao eee i?iaeaao ainoaea?noaaiiua iaycaoaeuenoaa;

eciaiyao oeaio iaeeaaoeee;

aa?uee?oao oneiaey eo i?iaeaaee;

?acee/iuie niiniaaie iiauoaao i?eaeaeaoaeueiinoue iineaaeieo aeey
/anoiuo eiaanoi?ia.

3. ?aaoee?iaaiea iauaia e?aaeeoiuo iia?aoeee e aeaiaaeiie yiennee
i?eiaiyaony i?aaeaea anaai aeey aicaeaenoaey ia oicyenoaaiioth
aeoeaiinoue. Yoi iai?aaeaiea aeaiaaeii-e?aaeeoiiai ?aaoee?iaaiey oanii
naycaii n ia?aui e aoi?ui. Oae, ?aaoee?iaaiea aaieianeie eeeaeaeiinoe
ieacuaaao aeeyiea ia no?oeoo?o aaieianeeo nnoae e aeaiiceoia, aaee/eio
aeaiaaeiie iannu, o?iaaiue ?uii/iie ii?iu i?ioeaioa. Oi?aaeaiea
ainoaea?noaaiiui aeieaii aicaeaenoaoao ia ?ani?aaeaeaiea nnoaeiuo
eaieoaeia iaaeaeo /anoiui e ainoaea?noaaiiui naeoi?aie, o?iaaiue
i?ioeaioiuo noaaie e aaieianeoth eeeaeaeiinoue. ?aciauaiea
ainoaea?noaaiiuo aeieaiauo iaycaoaeuenoa a aaieianeie nenoaia i?eaiaeeo
e oaaee/aieth aeaiaaeiie yiennee, a aia aaieianeie — e aa nie?auaieth.

Eoae, nouanoaoao o?e iniiaiuo iai?aaeaiey e?aaeeoiie iieeoeee, iaaeaeo
eioi?uie eiaaony oaniay, aeoaieay acaeiinaycue, iiyoiio ia?u, i?eiyoua
i?aaeoaeuenoaii a aeaiiie iaeanoe, anaaaea aoaeoo iineoue neiaeiue e
iaiaeiicia/iue oa?aeoa?. ?anniio?ei, iaeiiaoe, naie eino?oiaiou, n /ueae
iiiiuueth ainoaea?noai aicaeaenoaoao ia e?aaeeoiue ?uiie, i?iaiaey
iaia/aiioth aeaiaaeioth iieeoeeo.

Eino?oiaiou ?aaoee?iaaiey e?aaeeoiniiniaiinoe aaieia

E?aaeeoii-aeaiaaeiay iieeoeea a caaeneiinoe io ninoiyiey yeiiiieee
iai?aaeaia eeai ia noeioee?iaaiea e?aaeeoa e aeaiaaeiie yiennee
(e?aaeeoiay yeniainey) eeai ia eo naea?aeeaaiea e ia?aie/aiea
(e?aaeeoiay ?ano?eeoeey). A oneiaeyo iaaeaiey i?iecaiaenoaa e oaaee/aiey
aac?aaioeoeu oeaio?aeueiua aaiee iuoathony iaeeaeoue eiiuthieoo?o iooai
?anoe?aiey e?aaeeoa e nieaeaiey ii?iu i?ioeaioa. Iai?ioea, yeiiiie/aneee
iiaeuai /anoi nii?iaiaeaeaaony ?inoii oeai e ia?aueaaieai
aeeni?iii?oeee a yeiiiieea. A oaeeo oneiaeyo oeaio?aeueiua aaiee
no?aiyony i?aaeioa?aoeoue yeiiiie/aneee aoi.

Aeey ?aaoee?iaaiey yeiiiieee eie eniieuecothony neaaeothuea iaoiaeu
aeaiaaeii-e?aaeeoiie iieeoeee:

Iauea, eioi?ua ieacuaatho aeeyiea ia ?uiie nnoaeiuo eaieoaeia a oeaeii.

Naeaeoeaiua i?aaeiacia/aiiua aeey ?aaoee?iaaiey eiie?aoiuo aeaeia
e?aaeeoiaaiey ioaeaeueiuo io?aneae e e?oiiuo oe?i.

E iauei iaoiaeai ioiinyony oaeea eino?oiaiou e?aaeeoiie iieeoeee, eae:

O/aoiay (aeeneiioiay) iieeoeea, yaeythuayny noa?aeoei iaoiaeii
e?aaeeoiiai ?aaoee?iaaiey: iia aeoeaii i?eiaiyaony n na?aaeeiu OIO a.
Aicieeiiaaiea yoiai eino?oiaioa auei naycaii n i?aa?auaieai
oeaio?aeueiiai aaiea a e?aaeeoi?a eiiia?/aneeo aaieia. Iineaaeiea
ia?ao/eouaaee o iaai naie aaenaey eee iieo/aee e?aaeeou iiae nianoaaiiua
aeieaiaua iaycaoaeuenoaa. Iiauoay noaaeo ii e?aaeeoai (o/aoioth noaaeo,
eee noaaeo aeeneiioa), oeaio?aeueiue aaie iiaoaeaeae ae?oaea e?aaeeoiua
o/?aaeaeaiey nie?auaoue caeinoaiaaiey. Yoi cao?oaeiyei iiiieiaiea
aaieianeeo ?ano?nia, aaei e iiauoaieth i?ioeaioiuo noaaie e a eiia/iii
n/aoa e nie?auaieth e?aaeeoiuo iia?aoeee.

Iaeaieueoae iiioey?iinoueth o/aoiay iieeoeea iieueciaaeanue a
eiioea OIO — ia/aea OO a. A 30 — 40-o a.a. iaoaai noieaoey oeaio?aeueiua
aaiee i?iaiaeeee ?aeiiaiaeiaaiioth Eaeinii iieeoeeo “aeaoaauo aeaiaa”,
oi anoue ieceeo i?ioeaioiuo noaaie e iaeeueiiai e?aaeeoiaaiey. A Aiaeee
n 1932 ii 1951 a. o/aoiay noaaea nio?aiyeanue ia o?iaia 2%, a NOA n 1937
ii 1948 a. — 1%. Aieueooth ?ieue a iiaeaea?aeaiee ieceeo noaaie nua?aei
no?aieaiee iaania/eoue oeiaine?iaaiea eacia/aenoaa ia eueaioiuo oneiaeyo
e a ia?eiae iinea aoi?ie ie?iaie aieiu. N 50-o aa. ai iiiaeo no?aiao
aeoeaece?iaaeinue eniieueciaaiea o/aoiie iieeoeee. Ii a oeaeii cia/aiea
yoiai iaoiaea ?aaoee?iaaiey ii n?aaiaieth n ae?oaeie nieceeinue.

Iia?aoeee ia ioe?uoii ?uiea, eioi?ua caeeth/athony a i?iaeaaea eee
iieoiea oeaio?aeueiui aaieii o eiiia?/aneeo aaieia ainoaea?noaaiiuo
oeaiiuo aoiaa, aaieianeeo aeoeaioia e ae?oaeo e?aaeeoiuo iaycaoaeuenoa
ii ?uii/iiio eee ca?aiaa iauyaeaiiiio eo?no. A neo/aa iieoiee
oeaio?aeueiue aaie ia?aaiaeeo niioaaonoaothuea noiiu eiiia?/aneei
aaieai, oaaee/eaay oai naiui inoaoee ia eo ?aca?aiuo n/aoao. I?e
i?iaeaaea oeaio?aeueiue aaie nienuaaao noiiu n yoeo n/aoia. Oaeei
ia?acii, oeacaiiua iia?aoeee io?aaeathony ia ninoiyiee ?aca?aiie
iiceoeee aaieianeie nenoaiu e eniieuecothony a ea/anoaa niiniaa aa
?aaoee?iaaiey.

Onoaiiaeaiea ii?i iaycaoaeueiuo ?aca?aia eiiia?/aneeo aaieia, /oi, n
iaeiie noi?iiu, niinianoaotho oeo/oaieth aaieianeie eeeaeaeiinoe, a n
ae?oaie — yoe ii?iu aunooiatho a ea/anoaa i?yiiai ia?aie/eoaey
eiaanoeoeee. Eciaiaiey ii?i iaycaoaeueiuo ?aca?aia — iaoiae i?yiiai
aicaeaenoaey ia e?aaeeoiniiniaiinoue aaieia, iiyoiio iiiaea yeiiiienou
n/eoatho iineaaeiee neeoeii neeueiui, e ii ?aaeei eniieuecoaony. Aia?aua
aai i?eiaieee a NOA a 1933 a.

E naeaeoeaiui aea i?e/eneytho neaaeothuea:

Eiio?ieue ii ioaeaeueiui aeaeai e?aaeeoia, /anoi i?aeoeeoaiue ii
e?aaeeoai iiae caeia ae?aeaauo oeaiiuo aoiaa, ii iio?aaeoaeueneei
nnoaeai ia iieoieo oiaa?ia a ?ann?i/eo, ii eiioa/iiio e?aaeeoo.
?aaoee?iaaiea iio?aaeoaeueneiai e?aaeeoa iau/ii aaiaeeony a ia?eiaeu
iai?yaeaiey ia ?uiea nnoaeiuo eaieoaeia, eiaaea ainoaea?noai no?aieony
ia?a?ani?aaeaeeoue nnoaeiua eaieoaeu a iieueco ioaeaeueiuo io?aneae eee
ia?aie/eoue iauaiu iio?aaeoaeueneiai ni?ina.

?aaoee?iaaiea ?enea e eeeaeaeiinoe aaieianeeo iia?aoeee.
Ainoaea?noaaiiue eiio?ieue ca ?eneii ai anai ie?a oneeeaaaony a
iineaaeiea aeaa aeanyoeeaoey. Oa?aeoa?ii, /oi ?ene aaieianeie
aeayoaeueiinoe ii?aaeaeyaony ia /a?ac ioeaieo oeiainiaiai iieiaeaiey
aeieaeieeia, a /a?ac auaeaiiuo e?aaeeoia n noiiie nianoaaiiuo ?aca?aia.

Oae, i?e e?aaeeoiaaiee eeeaioo?u ai iiiaeo no?aiao aaiee aeieaeiu
niaethaeaoue ?yae i?eioeeiia. Eae i?aaeei, ?acia? e?aaeeoia, auaeaiiuo
iaeiiio eeeaioo eee eo acaeiinaycaiiie a?oiia (iai?eia?, oe?iai,
?ac?aaaouaathuei iaeii ianoi?iaeaeaiea) aeieaeai ninoaaeyoue
ii?aaeaeaiiue i?ioeaio io noiiu nianoaaiiuo n?aaenoa aaiea, a NOA ia
aieaa 10, ai O?aioeee — 75 %. A ?acaeouo no?aiao ii?aaeaeyaony oaeaea
niioiioaiea iauaiia e?aaeeoiuo iia?aoeee e nianoaaiiuo n?aaenoa. E
i?eia?o, ai O?aioeee noiia anao e?aaeeoia, i?aaeinoaaeaiiuo aaieii, ia
aeieaeia i?aauoaoue aieaa /ai a 20 ?ac aai nianoaaiiua n?aaenoaa.

Oaeei ia?acii, nia?aiaiiua ainoaea?noaa iaeaaeatho oeaeie nenoaiie
iaoiaeia ?aaoee?iaaiey yeiiiieee, i?e/ai, ninoaaeythuea aa eino?oiaiou
ioee/athony ia oieueei ii neea aicaeaenoaey ia e?aaeeoiue ?uiie, ii e ii
noa?ai eo i?eiaiaiey, /oi i?e i?aaeeueiie ioeaiea neooaoeee iicaieyao
iaeoe iioeiaeueiia ?aoaiea, auaiaeyuaa no?aio ec aa?iyoiiai e?ecena.

Yooaeoeaiinoue e?aaeeoii-aeaiaaeiie iieeoeee

Aieueoeinoai yeiiiienoia ?anniao?eaatho e?aaeeoioth iieeoeeo eae
iaiouaieaioth /anoue ethaie yeiiiie/aneie iieeoeee. Aeaenoaeoaeueii, a
aa iieueco iiaeii i?eaanoe ianeieueei eiie?aoiuo aeiaiaeia:

Auno?ioa e aeaeinoue, oi anoue ii n?aaiaieth n oeneaeueiie iieeoeeie
e?aaeeoii-aeaiaaeiay iiaeao auno?i iaiyoueny. Oae, a NOA eiieoao
ioe?uoiai ?uiea Niaaoa Oaaea?aeueiie ?aca?aiie nenoaiu aoeaaeueii
aaeaaeiaaii i?eieiaao ?aoaiey i iieoiea e i?iaeaaea oeaiiuo aoiaa e oai
naiui aeeyao ia aeaiaaeiia i?aaeeiaeaiea e i?ioeaioioth noaaeo.

Neaaay caaeneiinoue io iieeoe/aneiai aeaaeaiey. Iai?eia?, i?iaanoe a
Ainoaea?noaaiiie Aeoia iiaue iaeia eeai iiaeiyoue noaaeo oaea
eiathuaainy cia/eoaeueii neiaeiaa, iaaeaee iiauneoue o/aoioth noaaeo
Oeaio?aeueiiai aaiea, oioy e a iineaaeiai neo/aa iuouaaony aeeyiea
iieeoe/aneie N?aaeu. E?iia oiai, aeaaea ii naiae i?e?iaea
e?aaeeoii-aeaiaaeiay iieeoeea iya/a e eiina?aaoeaiaa a iieeoe/aneii
ioiioaiee, /ai oeneaeueiay. Eciaiaiey a ainoaea?noaaiiuo ?anoiaeao
iaiin?aaenoaaiii aeeytho ia ia?a?ani?aaeaeaiea ?ano?nia. A oi a?aiy eae
e?aaeeoii-aeaiaaeiay iieeoeea, iaiai?io, aeaenoaoao oiiueoa, a iioiio
i?aaenoaaeyaony aieaa i?eaieaiie a iieeoe/aneii ioiioaiee.

Iiiaoa?eci, i?aaenoaaeoaee eioi?iai a?aoiaioe?iaaii aeieacuaatho, /oi
eciaiaiea aeaiaaeiiai iieiaeaiey e eiee/anoaa aeaiaa a ia?auaiee —
eeth/aaie oaeoi? ii?aaeaeaiey o?iaiy yeiiiie/aneie aeoeaiinoe e
oeneaeueiay iieeoeea ioiineoaeueii iayooaeoeaia.

Iaeiaei neaaeoao i?eciaoue, /oi e?aaeeoii-aeaiaaeiay iieeoeea no?aaeaao
ii?aaeaeaiiie ia?aie/aiiinoueth e a ?aaeueiie aeaenoaeoaeueiinoe
noaeeeaaaony n ?yaeii neiaeiinoae:

1. Oeeeee/aneay aneiiao?ey, oi anoue anee i?iaiaeeoue iieeoeeo aei?iaeo
aeaiaa, oi aoaeao aeinoeaiooa oaeay oi/ea, a eioi?ie aaiee noaioo
auioaeaeaiu ia?aie/eoue iauai e?aaeeoia, /oi icia/aao ia?aie/aiea
i?aaeeiaeaiey aeaiaa. A oi a?aiy eae iieeoeea aeaoaauo aeaiaa iiaeao
iaania/eoue eiiia?/aneei aaieai iaiaoiaeeiua ?aca?au, oi anoue
aiciiaeiinoue i?aaeinoaaeyoue nnoaeu, iaeiaei iia ia a ninoiyiee
aa?aioe?iaaoue, /oi iineaaeiea aeaenoaeoaeueii auaeaaeoo nnoaeu e
i?aaeeiaeaiey aeaiaa oaaee/eoueny. Ianaeaiea oiaea iiaeao ni?aaoue
iaia?aiey Oeaio?aeueiiai aaiea, iieoiay o ianaeaiey iaeeaaoeee, iiaoo
eniieueciaaoueny ianaeaieai oaea eiathueony nnoae.

Yoa oeeeee/aneay aneiiao?ey yaeyaony na?ueaciie iiiaoie
e?aaeeoii-aeaiaaeiie iieeoeee eeoue ai a?aiy aeoaieie aeai?annee. A
ii?iaeueiua ia?eiaeu iiauoaiea ecauoi/iuo ?aca?aia aaaeao e
i?aaeinoaaeaieth aeiiieieoaeueiuo e?aaeeoia e oai naiui e oaaee/aieth
aeaiaaeiiai i?aaeeiaeaiey.

2. Eciaiaiea nei?inoe ia?auaiey aeaiaa. Oae, n oi/ee c?aiey aeaiaaeiiai
ia?auaiey iauea ?anoiaeu iiaoo ?anniao?eaaoueny eae aeaiaaeiia
i?aaeeiaeaiea, oiiiaeaiiia ia nei?inoue ia?auaiey aeaiaa. A nayce n yoei
iaeioi?ua eaeineaioeu n/eoatho, /oi nei?inoue ia?auaiey aeaiaa eiaao
oaiaeaioeeth iaiyoueny a iai?aaeaiee, i?ioeaiiieiaeiii i?aaeeiaeaieth
aeaiaa, /ai eeeaeaee?oao eciaiaiey a iineaaeiai, aucaaiiua
e?aaeeoii-aeaiaaeiie iieeoeeie. Eia/a aiai?y, ai a?aiy eioeyoeee, eiaaea
i?aaeeiaeaiea aeaiaa ia?aie/eaaaony iieeoeeie OeA, nei?inoue ia?auaiey
aeaiaa neeiiii e aic?anoaieth. E iaiai?io, eiaaea i?eieiathony
iieeoe/aneea ia?u aeey oaaee/aiey i?aaeeiaeaiey aeaiaa a ia?eiae niaaea,
nei?inoue ia?auaiey aa?iyoii oiaaeao.

3. Aeeyiea eiaanoeoeee, oi anoue aeaenoaea e?aaeeoii-aeaiaaeiie iieeoeee
iiaeao ineiaeieoueny e aeaaea a?aiaiii caoi?iiceoueny a ?acoeueoaoa
iaaeaaii?eyoiuo eciaiaiee ?aniieiaeaiey e?eaie ni?ina ia eiaanoeoeee.
Iai?eia?, iieeoeea noaeaiey e?aaeeoiniiniaiinoe aaieia, iai?aaeaiiay ia
iiauoaiea i?ioeaioiuo noaaie, iiaeao ieacaoue neaaia aeeyiea ia
eiaanoeoeeiiiua ?anoiaeu, anee iaeiia?aiaiii ni?in ia eiaanoeoeee,
aneaaenoaea aeaeiaiai iioeiecia, oaoiieiae/aneiai i?ia?anna eee
iaeeaeaiey a aoaeouai aieaa aunieeo oeai ia eaieoae ?anoao. A oaeeo
oneiaeyo aeey yooaeoeaiiai nie?auaiey niaieoiiuo ?anoiaeia
e?aaeeoii-aeaiaaeiay iieeoeea aeieaeia iiaeiyoue i?ioeaioiua noaaee
/?acau/aeii auniei. E iaiai?io, na?ueaciue niaae iiaeao iiaei?aaoue
aeiaa?ea e i?aaei?eieiaoaeuenoao, e oai naiui naanoe ia iao anth
iieeoeeo aeaoaauo aeaiaa.

Oaeei ia?acii, e?aaeeoii-aeaiaaeiay iieeoeea, i?iaiaeeiay oeaio?aeueiui
aaieii eae i?oaeea ainoaea?noaaiiiai ?aaoee?iaaiey yeiiiieee eiaao naie
neaaua e neeueiua noi?iiu. E /eneo iineaaeieo, iai?eia?, ioiinyo e
aeeeaiio oeaeae e?aaeeoiie iieeoeee, aicieeathuoth aneaaenoaea
iaaiciiaeiinoe aeey ?oeiaiaeyueo o/?aaeaeaiee noaaeeece?iaaoue
iaeiia?aiaiii e aeaiaaeiia i?aaeeiaeaiea, e i?ioeaioioth noaaeo.
Auoaneacaiiia iicaieyao naeaeaoue auaiae, /oi i?aaeeueiia i?eiaiaiea
oeacaiiuo ?u/aaia aeey oeo/oaiey yeiiiie/aneie neooaoeee a no?aia
?aaeueii eeoue i?e oi/iii ieaie?iaaiee e i?iaiice?iaaiee aeeyiey
e?aaeeoiie iieeoeee OeA ia aioo?eainoaea?noaaiioth aeaeiaoth
aeoeaiinoue.

NOUIINOUe EI??ANIIIAeAIONEEO IOIIOAIEE.

Iauay oa?aeoa?enoeea ei??aniiiaeaioneeo ioiioaiee.

Ei??aniiiaeaioneea ioiioaiey – o?aaeeoeeiiiay oi?ia
aaieianeeo naycae, eniieuecoaiay a iniiaiii i?e ianeoaeeaaiee
aiaoiae oi?aiaee e aeeth/athuay a naay niaieoiiinoue anao aiciiaeiuo
oi?i nio?oaeie/anoaa iaaeaeo aaieaie. Onoaiiaeaiea ei??aniiiaeaioneeo
ioiioaiee iaaeaeo aeaoiy aaieaie i?aaeiieaaaao caeeth/aiea
ei??aniiiaeaioneiai niaeaoaiey, /oi a naith i/a?aaeue icia/aao, /oi
aaiee, iaiaiyaoenue eiio?ieueiuie aeieoiaioaie (aeueaiiaie
ia?acoeia iiaeienae eeoe, oiieiiii/aiiuo iiaeienuaaoue aaieianeoth
aeieoiaioaoeeth e eeth/ii aeey eaeaioeoeeaoeee oaeaa?aoiie
ia?aienee), auiieiytho ?acee/iua iia?aoeee ii ii?o/aieth ae?oa ae?oaa a
i?aaeaeao onoaiiaeaiiuo ae?oa ae?oao eeieoia ia i?iaaaeaiea oao eee
eiuo iia?aoeee. Ei??aniiiaeaioneia niaeaoaiea niaea?aeeo a naaa ana
oneiaey e i?ioeaaeo?u ia iniiaaiee eioi?uo aoaeoo no?ieony
acaeiiioiioaiey aaieia.

A ?aieao ei??aniiiaeaioneiai niaeaoaiey i?iecaiaeyony aeoeaiou o?aoo,
aee?aaeeoeaiua iia?aoeee, auieaoa ia?aaiaeia, auaea/a e i?eai
aa?aioee, eieanne?iaaiea aeieoiaioia e o.i. I?e iaiaoiaeeiinoe aeey
oaeianoaa ?an/aoia aaiee-ei??aniiiaeaiou ioe?uaatho ae?oa ae?oao
ei??aniiiaeaioneea n/aoa a ?acee/iuo aaethoao. Aeey oi?aiauo ia?oia?ia
iaee/ea ei??aniiiaeaioneeo ioiioaiee iaaeaeo aaieaie yenii?oa?a e
eiii?oa?a eiaao aaaeiia cia/aiea, iineieueeo iicaieyao
inouanoaeyoue aac caaea?aeae iaaeaeoia?iaeiua ?an/aou e ecaaaaoue
aeeth/aiey a ieo o?aoueeo aaieia e, niioaaonoaaiii, aeiiieieoaeueiuo
?anoiaeia.

Oaaee/aiea iauaiia iaaeaeoia?iaeiuo aaieianeeo iia?aoeee,
?anoe?aiea eo aeaeia i?e iaeiia?aiaiiii oaaee/aiee ?eneia ii iiaeiaiui
iia?aoeeyi aucaaee eciaiaiea o?aaeeoeeiiiuo acaeyaeia ia
ei??aniiiaeaioneea ioiioaiey. Anee ?aiaa aaiee ioaiaeeee
ei??aniiiaeaioneei ioiioaieyi aoi?inoaiaiioth, /enoi oaoie/aneoth ?ieue,
oi a ianoiyuaa a?aiy iie ?anniao?eaathony aaieaie eae iaeei ec
eino?oiaioia nieaeaiey ?eneia e aaaeiaeoee enoi/iee iieo/aiey
aeiiieieoaeueiie i?eauee.

Cia/aiea ei??aniiiaeaioneeo ioiioaiee aic?inei a nayce n oai, /oi
aaiee, aunooiay iaeiia?aiaiii caaiueeaie e caeiiaeaaoeaie, naie
yaeythony e?oiiaeoeie iio?aaeoaeyie aaieianeeo oneoa.

A ?aieao ?aaiou ii ?acaeoeth ei??aniiiaeaioneeo ioiioaiee aaiee
?ac?aaaouaatho e ?aaeecotho naith iieeoeeo ii ioiioaieth e ae?oaei
aaieianeei o/?aaeaeaieyi, ii?aaeaeytho, n eaeeie aaieaie, a eaeeo
iaeanoyo e ia eaeeo oneiaeyo ?acaeaaoue iia?aoeee. Yoa ?aaioa
aeeth/aao a naay aiaeec oeiainiaiai iieiaeaiey aaieia-ei??aniiiaeaioia,
eo ?aiooaoeee e ieaoaaeaniiniaiinoe, ?ac?aaioeo ia? ii iaania/aieth
eioa?ania aaieia, caueoa io ?enea iaieaoaaea ii iia?aoeeyi n
ei??aniiiaeaioii, niaa?oainoaiaaiea oneiaee iaaeaaieianeeo ?an/aoia
e iiauoaiea eo yooaeoeaiinoe.

Oaeei ia?acii, iiiyoea “ei??aniiiaeaioneea ioiioaiey” a ianoiyuaa
a?aiy auoei ca o?aaeeoeeiiiua ?aiee oieueei aeiaiai?aiiinoe iaaeaeo
aaieaie i ii?yaeea niaa?oaiey acaeiiuo iia?aoeee e
?ani?ino?aieeinue i?aeoe/anee ia ana noa?u aaieianeie aeayoaeueiinoe,
aeeth/ay oe?ieee eiiieaen iaaeaaieianeeo acaeiiioiioaiee, ?aaioo ii
niaa?oainoaiaaieth i?aeoeee iaaeaeoia?iaeiuo ?an/aoia, ea/anoai
aaieianeiai ianeoaeeaaiey eeeaioo?u.

Iiae ei??aniiiaeaioneeie ioiioaieyie a eo nia?aiaiiii au?aaeaiee
neaaeoao iiieiaoue ioiioaiey, iiin?aaenoaothuea i?iaaaeaiea iaaeaeo
aaieaie acaeiiuo iia?aoeee, eioi?ua iie niaa?oatho ii ii?o/aieth naieo
eeeaioia e io nianoaaiiiai eiaie. Iiiyoea “ei??aniiiaeaioneea
ioiioaiey” aeeth/aao oi?iu, iaoiaeu e oneiaey niaa?oaiey iia?aoeee,
ii?yaeie eo i?iaaaeaiey.

Anee ?aiueoa onoaiiaeaiea ei??aniiiaeaioneeo ioiioaiee
i?aaeiieaaaei iieo/aiea /enoi oaoie/aneie aiciiaeiinoe i?iaaaeaiey
?an/aoia n oai eee eiui aaieii, iaania/eaaei ii?aaeaeaiiua aa?aioee
/aoeinoe e naiaa?aiaiiinoe inouanoaeaiey ?an/aoia, nieaeaiea ?eneia
iaieaoaaeae, eiieo?aioiniiniaiinoue i?aaeinoaaeyaiuo aaieii oneoa, oi
oaia?ue a ?aieao ei??aniiiaeaioneeo ioiioaiee noaiiaeony aiciiaeiui
ecaea/aiea aeiiieieoaeueiie i?eauee, a /anoiinoe iooai iieo/aiey
iia?aoeaiie eioi?iaoeee i aeaeaeaieyo n?aaenoa ia ei??aniiiaeaioneeo
n/aoao, nieaeaiee eee ioiaia noaaie eiienneiiiiai aiciaa?aaeaeaiey ii
oai eee eiui iia?aoeeyi e o.ae..

Aei iaaeaaiaai a?aiaie iaaeaeoia?iaeiua ?an/aou ?inneeneeo
i?aaei?eyoee e i?aaiecaoeee inouanoaeyeenue oieueei /a?ac
ei??aniiiaeaioneoth naoue Aiaoyeiiiiaaiea, ian/eouaathuoth ieiei 3000
aaieia-ei??aniiiaeaioia a 133 no?aiao. Iniaaiii oaeiaiui
i?aaenoaaeyeinue eniieueciaaiea naoe niacaa?aiaaieia ( Ost-West
Handelsbank AG, O?aieoo?o/Iaei; Donau Bank, Aaia; Moscow Narodny Bank
Ltd, Eiiaeii e ae?.), oae eae yoe aaiee iaania/eaaee iaeeo/oea
oneiaey ?an/aoia ii yenii?oii-eiii?oiui iia?aoeeyi aiaoiaoi?aiauo
i?aaiecaoeee auaoaai NNN?. Iaeiaei a ianoiyuaa a?aiy a nayce n oai,
/oi Aiaoyeiiiiaaie yaeyaony niaoeeaeece?iaaiiui aaieii, oiieiiii/aiiui
I?aaeoaeuenoaii ia ianeoaeeaaiea aiaoiaai aeieaa auaoaai NNN?,
?inneeneea eiiia?/aneea aaiee eiathuea aaia?aeueioth eeoeaiceth Aaiea
?innee ia i?iaaaeaiea aaieianeeo iia?aoeee, iieo/eee naiinoiyoaeueiue
auoiae ia iaaeaeoia?iaeiue ?uiie aaieianeeo oneoa e nicaeatho naie
nianoaaiiua ei??aniiiaeaioneea naoe ca ?oaaaeii. Iaeioi?ua ec ieo
ioe?uaatho oeeeaeu ca a?aieoeae. Yoi niinianoaoao iinoaiaiiie
eioaa?aoeee ?inneeneeo eiiia?/aneeo aaieia a ie?iaoth aaieianeoth
nenoaio.

1.2 Ii?yaeie ioi?ieaiey ei??aniiiaeaioneeo ioiioaiee e aeaeu
aaieia-ei??aniiiaeaioia.

Aaiee i?e onoaiiaeaiee ei??aniiiaeaioneeo ioiioaiee iiae?acaeaeythony,
ii ioiioaieth ae?oa e ae?oao, ia aeaa aeaea – aaie-ei??aniiiaeaio ni
n/aoii e aaie-ei??aniiiaeaio aac n/aoa.

I?e auai?a eiino?aiiuo ei??aniiiaeaioia i?aaeii/oaiea ioaeaaony
iaoeeiiaeueiui oeaio?aeueiui e e?oiiui eiiia?/aneei aaieai, a oaeaea
ioaeaeaieyi e?oiiuo eiino?aiiuo aaieia a aeaiiie no?aia, ii
iaycaoaeuenoaai eioi?uo eo aeaaiua eiioi?u iiaeoaa?aeeee naith
ioaaonoaaiiinoue. I?e onoaiiaeaiee ei??aniiiaeaioneeo ioiioaiee aioo?e
no?aiu auai? aaiea-ei??aniiiaeaioa caaeneo io niaeo?a iia?aoeee eioi?ua
niae?aaony inouanoaeyoue eiiia?/aneee aaie.

I?aaeeiaeaiey ia onoaiiaeaiee ei??aniiiaeaioneeo ioiioaiee,
iiaeaioiaeaiiua niioaaonoaothueie iiae?acaeaeaieyie aaiea,
aeieaeiu niaea?aeaoue aeaiiua i oeiainiaii iieiaeaiee e
e?aaeeoiniiniaiinoe aaiea, iniaaiiinoyo aai aeayoaeueiinoe e ianoa
a e?aaeeoiie nenoaia no?aiu, ia oneiaeyo auiieiaiey ei aaieianeeo
iia?aoeee e ae?oaea naaaeaiey, iaiaoiaeeiua aeey ?aoaiey aii?ina i
oeaeaniia?aciinoe onoaiiaeaiey ei??aniiiaeaioneeo ioiioaiee. I?e
iiaeaioiaea i?aaeeiaeaiee aeieaeiu auoue, a /anoiinoe, eco/aiu
e i?iaiaeece?iaaiu aaeain aaiea, oa?eo eiienneiiiuo noaaie, aeaiiua i
?acia?a i?ioeaioiuo noaaie ii n/aoai, aeaiiua ia/aoe e iaoa?eaeu,
iieo/aiiua a iaiaoiaeeiuo neo/ayo ii cai?inai io ae?oaeo
aaieia-ei??aniiiaeaioia.

A ianoiyuaa a?aiy ii eioi?iaoeee ia?eiaee/aneie ia/aoe (a /anoiinoe
aacaou “Eiiia?naio Aeaee”) aieueoia eiee/anoai eiiia?/aneeo i?aaiecaoeee
ia oa??eoi?ee ?O, a o./. e aaieia, naycaiii n ?acee/iuie e?eieiaeueiuie
no?oeoo?aie eee iiaeio/aoii ei. A yoie nayce a e?oiiuo aaieao
nicaeathony niioaaonoaothuea iiae?acaeaeaiey (ioaeaeu eee oi?aaeaiey ii
iaania/aieth aaciianiinoe aaieianeie aeayoaeueiinoe) a ooieoeee eioi?uo
ia ?yaeo n i?i/ei aoiaeeo e i?iaa?ea eioi?iaoeee i aaieao e auianaiea
caeeth/aiey i oeaeaniia?aciinoe onoaiiaeaiey ei??aniiiaeaioneeo
ioiioaiee n oai eee eiui aaieii. Aaiee a eioi?uo oaeea iiae?acaeaeaiey
ia nicaeaiu ii oai eee eiui i?e/eiai auioaeaeaiu i?eaaaaoue aeey
iieo/aiey oaeiai caeeth/aiey e oneoaai noi?iiieo oe?i eee iniiauaaoueny
oieueei ia aeaiiuo ia?eiaee/aneie ia/aoe.

Ec auoaneacaiiiai neaaeoao, /oi ia naaiaeiyoiee aeaiue nieeaeiua aaiee,
iaia?aaathueany i?iaeieaeaoue e ?anoe?youe ?aaioo eae ia aioo?aiiai, oae
e ia aiaoiai aaieianeii ?uiea, aei?iaeao iiiyoeai “aeaeiaie ?aiooaoeee
aaiea”, o.e. iioa?y aeiaa?ey ni noi?iiu naieo iniiaiuo ia?oia?ia, a
/enea eioi?uo iiaoo ieacaoueny e ainoaea?noaaiiua eee I?aaeoaeuenoaaiiua
i?aaiu (a neo/aa anee aaie yaeyaony oiieiiii/aiiui ia i?iaaaeaiea oao
eee eiuo iia?aoeee) e ei??aniiiaeaioia iiaeao i?eaanoe e ?aaeueiui
iioa?yi aeey aaiea, a a ioaeaeueiuo neo/ayo oaeaea e aai aaie?ionoao.

Ei??aniiiaeaioneea ioiioaiey ioi?ieythony caeeth/aieai
iaaeaaieianeiai ei??aniiiaeaioneiai niaeaoaiey a oi?ia aeaonoi?iiiaai
aeiaiai?a(ni. I?eeiaeaiea 1) eee iaiaia ienueiaie.

Aaieai, n eioi?uie onoaiiaeaiu ei??aniiiaeaioneea ioiioaiey,
iai?aaeyaony aeueaii ia?acoeia iiaeienae nio?oaeieeia, oiieiiii/aiiuo
iiaeienuaaoue aeieoiaiou e ei??aniiiaeaioeeth io eiaie aaiea,
ia?aaiaeiue (oaeaeniue) eeth/ e ae?oaea iaiaoiaeeiua eiio?ieueiua
aeieoiaiou. Ia eaaeaeue aaie, n eioi?ui onoaiiaeaiu
ei??aniiiaeaioneea ioiioaiey, aaaeaony aeinuea. A iai o?aiyony
iiaeeeiiua (ia?aua) yecaiiey?u ?anii?yaeaiee i ii?yaeea ?an/aoia n
aaieii-ei??aniiiaeaioii, niaeaoaiey ia onoaiiaeaiee ei??aniiiaeaioneeo
ioiioaiee, ?acee/iay oeiainiaay io/aoiinoue, i?aaeinoaaeyaiay
ei??aniiiaeaioaie ae?oa ae?oao ia acaeiiie iniiaa e ae?oaea
aeieoiaiou e ia?aienea, eanathueany ioiioaiee n aeaiiui aaieii.

A neo/aa iaiaoiaeeiinoe, ia iniiaaiee aaeainiauo aeaiiuo, aeey
aaiea-ei??aniiiaeaioa ?ann/eouaaaony e onoaiaaeeaaaony eeieo ia
i?iaaaeaiea oao eee eiuo iia?aoeee. Iauee ?acia? onoaiaaeeaaaiiai eeieoa
ii?aaeaeyaony ia eaaeaeue aaie ioaeaeueii e eieaaeaony io 25 aei 50 % io
iauae noiiu nianoaaiiuo n?aaenoa (eaieoaea) aaiea, a caaeneiinoe io
iaiaoiaeeiinoe, oeaeae e iiuoa i?iaaaeaiey iia?aoeee n aaieii, a
oaeaea io ii?iaoeaia onoaiaaeeaaaiuo Oeaio?aeueiui aaieii ?O.

Iniiaiuie onoaiaaeeaaaiuie a ianoiyuaa a?aiy yaeythony eeieou ia
i?iaaaeaiea aeaiiceoiuo, e?aaeeoiuo, eiiaa?neiiiuo iia?aoeee, iia?aoeee
n oeaiiuie aoiaaaie e eeieo ia i?iaaaeaiea aeieoiaioa?iuo iia?aoeee.
Eeieo ii aeieoiaioa?iui iia?aoeeyi ioiineony e aaeciaaieth e
iiaeoaa?aeaeaieth aee?aaeeoeaia aaiea, i?eiyoeth aai aa?aioee, eiio?
aa?aioee, aeoeaioia e ae?oaeo aeaiaaeiuo iaycaoaeuenoa.

Aeey aeaaiie eiioi?u aaiea e aai oeeeaeia e ioaeaeaiee
onoaiaaeeaaaony aaeeiue eeieo ii aeieoiaioa?iui iia?aoeeyi.
Iaycaoaeuenoaa, i?eiyoua io ioaeaeaiee, eioi?ui ia onoaiiaeai
ioaeaeueiue eeieo, aeeth/athony a eeieo, onoaiiaeaiiue aeey aeaaiie
eiioi?u yoiai aaiea, i?e iaee/ee iiaeoaa?aeaeaiey aieiaiie eiioi?ie
aeaiiuo iaycaoaeuenoa.

Onoaiiaeaiiua eeieou ii ia?a iaaeiaiinoe, ii ia ?aaea 1 ?aca a eaa?oae,
ia?aniao?eaathony n o/aoii eciaiaiey oeiainiaiai iieiaeaiey
aaieia-ei??aniiiaeaioia e iauaia ?an/aoiuo iia?aoeee, inouanoaeyaiuo
n ieie. Eeieou iiaoo aeiaiaeeony aei naaaeaiey aaiea-ei??aniiiaeaioa.

Iiae?acaeaeaiey Aaiea eniieiytho ii?o/aiey naieo ei??aniiiaeaioia a
i?aaeaeao naiaiaeiiai inoaoea eeieoa, onoaiiaeaiiiai aeaiiiio
aaieo. Naiaiaeiue inoaoie eeieoa aaiea ii?aaeaeyaony eae ?acieoea
iaaeaeo onoaiiaeaiiie noiiie eeieoa e iauae noiiie iaycaoaeuenoa
aeaiiiai aaiea.

Aeey inouanoaeaiey ?an/aoia aaiee iiaoo ioe?uaaoue ae?oa ae?oao
ei??aniiiaeaioneea n/aoa ( n/aoa “Iino?i” e “Ei?i” ), /oi ioi?ieyaony
?anii?yaeaieai ii aaieo (ni. I?eeiaeaiea 2) .

Ei??aniiiaeaioneei niaeaoaieai, i?aaeoniao?eaathuei ioe?uoea n/aoia
aaieaie ae?oa o ae?oaa eee ioe?uoea n/aoa a iaeiii ec aaieia,
ii?aaeaeythony:

a) aeae e aaethoa ioe?uaaaiuo n/aoia; ii?yaeie ia/eneaiey
i?ioeaioia; aiciiaeiinoue ia?aaiaea n?aaenoa ni n/aoia a ae?oaea
no?aiu; i?aai eiiaa?nee n?aaenoa ia n/aoao a ae?oaoth aaethoo;
ia?a/aiue iinooieaiee e ieaoaaeae, eioi?ua iiaoo inouanoaeyoueny ii
n/aoai; aiciiaeiinoue iieo/aiey e i?aaeinoaaeaiey e?aaeeoa a oi?ia
iaa?ae?aooa eee eiie oi?ia; eeieo oaeiai e?aaeeoa e ii?yaeie iiaaoaiey;
caueoiay iaiai?ea e naeueaei n/aoia e ae?.;

a) ia?a/aiue o/?aaeaeaiee e oeeeaeia aaiea, eioi?ui
i?aaeinoaaeyaony i?aai niaa?oaoue iia?aoeee ii n/aoai n oeacaieai
eo oi/iiai aae?ana, iiia?ia oaeaenia e ae?oaeo iaiaoiaeeiuo aeaiiuo;

a) oi?iu e ii?yaeie ?an/aoia (ii?yaeie ioe?uoey, aaeciaaiey,
iiaeoaa?aeaeaiey e eniieiaiey aee?aaeeoeaia, oneiaey ?aiao?ne?iaaiey,
ii?yaeie inouanoaeaiey eieanniauo, ia?aaiaeiuo e eiuo ?an/aoiuo
iia?aoeee);

a) ii?yaeie aceiaiey eiienneiiiiai aiciaa?aaeaeaiey e
aiciauaiey ii/oiauo, oaeaa?aoiuo e eiuo ?anoiaeia, i?eiaiaiey
ia?aaiaeiiai oaeaa?aoiiai eeth/a;

ae) ae?oaea aii?inu, i?aaenoaaeythuea acaeiiue eioa?an.

Aeey o/aoa n?aaenoa aaiea e o/aoa ?an/aoia, i?iaiaeeiuo ii yoei
n/aoai, ia aaeaina aaiea ioe?uaathony aeoeaiua n/aoa – aeey
n?aaenoa iaoiaeyueony ia n/aoao a eiino?aiiuo e iaaeaeoia?iaeiuo
aaieao – ? 072 “Ei??aniiiaeaioneea n/aoa o aaieia-ia?acaaeaioia a
NEA.”Iino?i”, a ?inneeneeo aaieao – ? 080 “n/aoa o aaieia-?aceaeaioia ?O
a eiino?aiiie aaethoa”. Ii aeaaaoo yoeo n/aoia i?iaiaeyony noiiu
eiino?aiiie aaethou, iinooiathuea a iieueco ?inneeneeo e eiino?aiiuo
th?eaee/aneeo e oece/aneeo eeoe, noiiu i?ioeaioia, ia/eneaiiua aaieaie
ia e?aaeeoiaua inoaoee ii yoei n/aoai. Ii e?aaeeoo yoeo n/aoia,
i?iaiaeyony noiiu eiino?aiiie aaethou, i?e/eoathuaeny a nayce n
auiieiaieai ii?o/aiee aeaaeaeueoea n/aoa ii auieaoa n eiii?oiuo
aee?aaeeoeaia, ii iieaoa aeaiaaeiuo ia?aaiaeia, ii ia?a/eneaieth
ia ae?oaea n/aoa a eiino?aiiuo aaieao, noiiu i?ioeaioia, ia/eneaiiuo
aaieaie ia aeaaaoiaua inoaoee ii n/aoai, noiiu eiiennee e
ii/oiai-oaeaa?aoiuo ?anoiaeia, i?e/eoathueany aaieai a nayce n
auiieiaieai ii?o/aiee aeaaeaeueoea n/aoa.

Aeey o/aoa n?aaenoa a eiino?aiiie aaethoa, i?eiaaeeaaeaueo
eiino?aiiui aaieai e /eneyueony ia eo n/aoao, ioe?uouo a ?inneeneeo
aaieao ia aaeaina iineaaeieo ioe?uaathony n/aoa ? 073
“Ei??aniiiaeaioneea n/aoa aaieia-ia?aceaeaioia a NEA.” Ei?i”. Aeey
?inneeneeo aaieia – n/ao ? 081 “N/aoa aaieia-?aceaeaioia ?O a
eiino?aiiie aaethoa”. Ii e?aaeeoo yoeo n/aoia i?iaiaeyony noiiu
eiino?aiiie aaethou, ca/eneyaiua ia n/aoa aaieia, ioe?uoua a
?inneeneeo aaieao, e noiiu i?ioeaioia, ia/eneaiiua ii yoei n/aoai a
iieueco aeaaeaeueoeaa n/aoia. Ii aeaaaoo n/aoia i?iaiaeyony noiiu
eiino?aiiie aaethou, auiea/eaaaiua iaee/iuie eee ia?a/eneyaiua ii
ii?o/aieyi aeaaeaeueoeaa n/aoia, a oaeaea noiiu eiiennee, i?e/eoathueany
aaieai ca auiieiaiea yoeo ii?o/aiee. N yoeo aea n/aoia ii oeacaieth
aaieia-ei??aniiiaeaioia i?iecaiaeyony ieaoaaee a iieueco
?inneeneeo i?aaiecaoeee e a?aaeaeai.

Ei??aniiiaeaioneea ioiioaiey n aaieaie iiaoo onoaiaaeeaaoueny oaeaea
aac ioe?uoey ei??aniiiaeaioneeo n/aoia. A yoii neo/aa ii
aeiaiai?aiiinoe iaaeaeo aaieaie ?an/aoiua iia?aoeee io?aaeathony
ii n/aoai, ioe?uoui a ae?oaeo aaieao-ei??aniiiaeaioao aeaiiiai aaiea
eee a aaiea ia eiy ae?oaeo aaieia-ei??aniiiaeaioia. Yoi eae i?aaeei
nii?yaeaii n aeiiieieoaeueiuie neiaeiinoyie: o?aaothony
aeiiieieoaeueiua aa?aioee, ?an/aou i?iaiaeyony n eniieueciaaieai
o?aoueeo aaieia, /oi aaaeao e caaea?aeeai a inouanoaeaiee ieaoaaeae e
oaaee/aieth eiienneiiiuo e ii/oiai-oaeaa?aoiuo ?anoiaeia.

I?ae?auaiea ei??aniiiaeaioneeo ioiioaiee, a oaeaea cae?uoea
ei??aniiiaeaioneeo n/aoia ioi?ieyaony ?anii?yaeaieai ii onoaiiaeaiiie
oi?ia ( ni. I?eeiaeaiea 3).

Aeaaa 2. Iaaeaaieianeea ei??aniiiaeaioneea ioiioaiey eae iniiaa
i?aaiecaoeee e inouanoaeaiey ?an/aoia iaaeaeo aaieaie.

2.1.Ei??aniiiaeaioneea n/aoa e ii?yaeie eo aaaeaiey.

Iniiaie acaeiiioiioaiee iaaeaeo aaieaie yaeyaony n/ao. Inouanoaeyy
?an/aou, aaiee aeieaeiu eiaoue n/ao a iaeiii eee ianeieueeeo aaieao.
Ia yoii n/aoa iaoiaeyo io?aaeaiea ana iia?aoeee, niaa?oaaiua iaaeaeo
aaieaie ii ii?o/aieth eo eeeaioia e oeene?oaiua caienyie a aeaaao e
e?aaeeo n/aoa. Aeaaeaeaoe n/aoa aeieaeai iinoiyiii ciaoue aai
ninoiyiea, iiyoiio ii eaaeaeiio aeith, a oa/aiea eioi?iai auea
niaa?oaia oioy au iaeia i?iaiaeea, ninoaaeyaony auienea, eioi?ay
aunueaaony aea?aeaoaeth n/aoa ii ii/oa, oaeaeno eee /a?ac nenoaio
NAEOO. Iineaaeiaio ia?aaeaaony oaeaea e aaeci i niaa?oaiee
niioaaonoaothuae iia?aoeee, eioi?ia niaea?aeeo iiae?iaioth
eioi?iaoeeth i i?eeaciaeaoaea e aaiaoeoeea?a, n oai /oiau aaie iia
i?aaeeueii ioianoe iieo/aiea ieaoaaea.

Ana ei??aniiiaeaioneea n/aoa, eae oiiieiaeinue auoa, aeaeyony ia
n/aoa “Iino?i” e n/aoa “Ei?i”. N/ao “Iino?i” – yoi oaeouee n/ao,
ioe?uoue ia eiy aaiea o aaiea-ei??aniiiaeaioa. N/ao “Ei?i” – yoi
oaeouee n/ao, ioe?uoue a aeaiiii aaiea ia eiy aai aaiea-ei??aniiiaeaioa.
Aeey eiio?iey ca ninoiyieai naiaai n/aoa “Iino?i” aaie caaiaeeo ia
naiai aaeaina “aioo?aiiee ei??aniiiaee?othuee n/ao”, ia eioi?ii ii ni
naiae noi?iiu io?aaeaao ana aeaeaeaiey ii naiaio n/aoo “Iino?i”.

Iai?eia?, eeeaio ii?o/aao naiaio aaieo – Iaeeiaaie, Iineaa – niyoue n
aai n/aoa e ia?a/eneeoue aaiaoeoeea?o a Naia?a ii?aaeaeaiioth noiio a
iaiaoeeeo ia?eao /a?ac Naia?aaa?iaaie, Naia?a. Ia?a/eneyaiay
noiia caienuaaaony a aeaaao n/aoa aaiea-i?eeaciaeaoaey e a
e?aaeeo aioo?aiiaai ei??aniiiaee?othuaai n/aoa Naia?aaa?iaaie, Naia?a.
Iaeeiaaie auaeaao Naia?aaa?iaaie ieaoaaeiia ii?o/aiea niioaaonoaaiii
i?eeaco naiaai eeeaioa. Naia?aaa?iaaie aeaaaooao aaaeoueeny o iaai
n/ao Iaeeiaaiea a iaiaoeeeo ia?eao e ia?a/eneyao oeacaiioth noiio a
niioaaonoaee n ?anii?yaeaieai iieo/aoaeth ieaoaaea. Ii iieo/aiee
auienee ca aeaiue aaie Iaeeiaaie eiio?iee?oao eniieiaiea naiaai
?anii?yaeaiey. I?e yoii aeieaeiu niaianoue iaa caiene – a e?aaeeo
aioo?aiiaai ei??aniiiaee?othuaai n/aoa e a aeaaao n/aoa, aaaeouaainy a
Naia?aaa?iaaie, Naia?a. Iiaeiaiue eiio?ieue nouanoaaiii oi?iuaaony,
anee i?e ioaea/a ?anii?yaeaiey Iaeeiaaie caaeaao iaeioi?ue oneiaiue
iiia? (?aoa?ain), eioi?ue aoaeao niaea?aeaoueny oaeaea e a auienea
Naia?aaa?iaaiea, /oi iaeaa/aao naaaeaiea noii.

Ia?yaeo n ooieoeeae eiio?iey aioo?aiiee ei??aniiiaee?othuee n/ao
aanueia aaaeai aeey ?anii?yaeaiey naiei n/aoii a iaiaoeeeo ia?eao.
Oaeay aooaaeoa?ey ii i?eioeeio ca?eaeueiiai io?aaeaiey iicaieyao
Iaeeiaaieo iia?aoeaii ?anii?yaeaoueny naiei n/aoii, ia aeiioneaoue
i?aauoaiey onoaiiaeaiiuo e?aaeeoiuo eeieoia e naiaa?aiaiii iiiieiyoue
naie aeoeau.

Iau/ii ii ei??aniiiaeaioneei n/aoai ia ieaoyo i?ioeaioia ( a iaeioi?uo
no?aiao yoi caeiiiaeaoaeueii cai?auaii ) eee o?iaaiue i?ioeaioia ia
i/aiue aunie, a e?iia oiai ca aaaeaiea n/aoa e niaa?oaiea iia?aoeee
ii n/aoo aaiee iiaoo aceiaoue eiienneth. Iiyoiio aaiee no?aiyony
iiaeaea?aeeaaoue ia naieo n/aoao “Iino?i” ieieiaeueiua inoaoee,
i?aaeii/eoay ?aciauaoue aaethoiua n?aaenoaa ia ie?iaii ?uiea nnoaeiuo
eaieoaeia, iniaaiii ia aa?i?uiea. *oiau i?eaea/ue n?aaenoaa, aaiee
i?eiaiytho ?acee/iua noaiu ?aciauaiey inoaoeia ia ei??aniiiaeaioneeo
n/aoao ia ?uiea aa?iaaetho. Iai?eia?, aanue inoaoie ii n/aoo eee
n?aaenoaa, i?aauoathuea ii?aaeaeaiiue “?aai/ee” inoaoie, iiaoo
?aciauaoueny a aeaiiceo ia n?ie “iaa?iaeo”.

C ae?oaie noi?iiu, inoaoie ia n/aoa aeieaeai auoue aeinoaoi/ai aeey
oiai, /oiau oaeiaeaoai?eoue ana aiciiaeiua ieaoaaeiua o?aaiaaiey.
A neo/aa ionoonoaey eee iaoaaoee n?aaenoa ia n/aoa aaie
iiaeao i?aaeinoaaeyoue naiaio ei??aniiiaeaioo e?aoein?i/iue e?aaeeo
(“iaa?ae?aoo”), iaeiaei i?ioeaiou ii oaeiio e?aaeeoo aeinoaoi/ii
auniee, a a iaeioi?uo no?aiao i?aaeinoaaeaiea iaa?ae?aooa cai?auaii
caeiiiaeaoaeueii, e aaie a yoii neo/aa ia niiaeao inouanoaeoue
ieaoaae aei iinooieaiey iaiaoiaeeiuo n?aaenoa ia n/ao.

Aaeaiany/ii eoiae ii n/aoo “Iino?i” e “aioo?aiiaio ei??aniiiaee?othuaio
n/aoo” naa?ythony. Aeey yoiai ninoaaeyaony ?aeei?ae, a eioi?ii
io?aaeathony ianeaeoiaaiiua (o.a. noiiu ii eioi?ui eiathony
?anoiaeaeaiey iaaeaeo aeaiiuie oeacaiiuie a auienea e aeaiiuie ii
“aioo?aiiaio ei??aniiiaee?othuaio n/aoo”) ii auieneai e aioo?aiiaio
o/aoo noiiu, eioi?ua a aeaeueiaeoai iiaeeaaeao o?aaoee?iaaieth.

Aaaeioth ?ieue i?e i?iaaaeaiee iia?aoeee ii n/aoo ea?aao iiiyoea
aaethoe?iaaiey. Oaeo inouanoaeaiey caiene a iaeioi?ue ii?aaeaeaiiue
aeaiue ioithaeue ia icia/aao, /oi ca/eneaiiay noiia iaoiaeeony a
?anii?yaeaiee aeaaeaeueoea n/aoa ni aeiy aianaiey caiene. ?aoathuei
iiiaioii yaeyaony caeanue aaethoe?iaaiea, o.a. aeiiieieoaeueiay ioiaoea
i aeaoa ?yaeii n i?iaaaeaiiie noiiie a auienea n/aoa. Oaeei ia?acii,
aeaaeaeaoe n/aoa eiaao i?aai ?anii?yaeaoueny ae iaiaaeeaiii, iaeiaei
aeaiueae ia?aoiaeyo a aai nianoaaiiia ?anii?yaeaiea n ia/eneaieai
niioaaonoaothueo i?ioeaioia eeoue ni aeiy aaethoe?iaaiey. Anee
aeaaeaeaoe n/aoa ?anii?yaeaaony iinooieaoae noiiie aei ianooieaiey
aeaou aaethoe?iaaiey, oi a yoii neo/aa – i?e ionoonoaee eiiai
iaania/aiey n/aoa – ii eaeao ia i?aauoaiea e?aaeeoa, ca /oi e iaycai
ieaoeoue niioaaonoaothuea i?ioeaiou aaieo-e?aaeeoi?o.

I?e/eiu ?anoiaeaeaiey iaaeaeo iia?aoeeiiiui aeiai e aeiai
aaethoe?iaaiey iiaoo auoue ?acee/iuie. A ea/anoaa i?eia?a iiaeii
i?eaanoe neaaeothuee neo/ae. Aaie “Iaeeiaaie” n oeaeueth e?aaeeoiaaiey
naiaai n/aoa a iaiaoeeeo ia?eao iai?aaeyao a Deutsche Bank /aee,
iiaeeaaeauea iieaoa a ia?eao a ?acee/iuo o/?aaeaeaieyo Aa?iaiee.
Caienue a e?aaeeo n/aoa inouanoaeyaony niaeanii i?aaeeai a
aeaiue iinooieaiey /aeia ai O?aieoo?o. Iaeiaei Deutsche Bank ia
a ninoiyiee inouanoaeoue aaethoe?iaaiea a iaeei aeaiue n aianaieai
caiene, iineieueeo ii aeieaeai acuneaoue niioaaonoaothuee yeaeaaeaio n
ae?oaeo o/?aaeaeaiee /a?ac Iaiaoeeee Oaaea?aeueiue aaie (Deutsche
Bundesbank) ii enoa/aiee ieieioi iaeiiai aeiy n iiiaioa aunoaaeaiey
o?aaiaaiee oeeeaeai Iaiaoeeiai Oaaea?aeueiiai aaiea – oeaio?aeueiui
aaieai caiaeue. Oaeei ia?acii, aicieeaao naeaea aeaou
aaethoe?iaaiey ii n?aaiaieth n aeaoie aianaiey caiene.

Eoia ii aaaeoueiny n/aoai iiaeaiaeeony a eiioea eaaeaeiai eaa?oaea. Ca
eaaeaeue io/aoiue ia?eiae iai?iou ii n/aoai ?aciinyony ii aeiyi
aaethoe?iaaiey, naeueaee?othony e iieacuaathony a aeaea aeaaaoiaiai
eee e?aaeeoiaiai iai?ioa ia eaaeaeue aeaiue aaethoe?iaaiey a ooaoaea
i?ioeaioia. N o/aoii ia/aeueiiai ooaoaeueiiai naeueaei ooaoaeue
i?ioeaioia aeaao aiciiaeiinoue i?ineaaeeoue aeeiaieeo naeueaei ii
aeaiiiio n/aoo a ?acaeaea ii aeiyi aaethoe?iaaiey. A nianoaaiii
caeeth/eoaeueiii n/aoa iieacuaathony noiiu, ?ann/eoaiiua ia iniiaaiee
i?ioeaioiuo /enae, eaaeaeay a ioaeaeueiinoe e n oeacaieai
i?ioeaioiuo noaaie. E?iia oiai, caeeth/eoaeueiue n/ao niaea?aeeo
aeaiiua ioiineoaeueii i?i/eo, niaeaniaaiiuo n ei??aniiiaeaioii oneiaee,
eae oi ii/oiaua e iaeeaaeiua ?anoiaeu. Naeueaei caeeth/eoaeueiuo
noaoae ia?a?an/eouaaaony iaiin?aaenoaaiii ni n/aoii ei??aniiiaeaioa,
o.a. io?aaeaaony a ea/anoaa noaouee o/aoa a auienea ec n/aoa. Ai
iiiaeo aaieao nouanoaoao iieiaeaiea, /oi naeueaei n/aoa ia 31 aeaeaa?y
n/eoaaony iiaeoaa?aeaeaiiui ni noi?iiu ei??aniiiaeaioa, anee iineaaeiee
ia ii?ioanoiaae aai a ienueiaiiii aeaea a onoaiiaeaiiua n?iee.

2.2 Aeaeu iia?aoeee e eo o/ao ii ei??aniiiaeaioneei n/aoai

2.2.1 O/ao e ioi?ieaiea aaethoiuo iaoi?aiauo iia?aoeee.

Iaoi?aiaua iia?aoeee – yoi iia?aoeee ia naycaiiua n
eiiia?/aneie aeayoaeueiinoueth i?aaei?eyoee, i?aaiecaoeee,
a?aaeaeai, yenii?oii e eiii?oii, a oaeaea aeaeaeaieai eaieoaea.

Aaiee i?e iaee/ee niioaaonoaothuae eeoeaicee iiaoo auiieiyoue
neaaeothuea iia?aoeee iaoi?aiaiai oa?aeoa?a: i?iecaiaeeoue iieoieo
e i?iaeaaeo iaee/iie eiino?aiiie aaethou e ieaoaaeiuo aeieoiaioia a
eiino?aiiie aaethoa; iiea/eaaoue aeaiaaeiua aee?aaeeoeau
eiino?aiiuo aaieia e aunoaaeyoue ia eiino?aiiua aaiee aiaeiae/iua
aee?aaeeoeau; i?iecaiaeeoue iieaoo aeaiaaeiuo ia?aaiaeia, iinooiathueo
ec-ca a?aieoeu, a oaeaea inouanoaeyoue ia?aaiaeu ca a?aieoeo ii
ii?o/aieth a?aaeaeai e i?aaiecaoeee; inouanoaeyoue i?eai ia eieanni
iaee/iie eiino?aiiie aaethou e ieaoaaeiuo aeieoiaioia a eiino?aiiie
aaethoa.

Ieaea ?anniao?eaathony oa iia?aoeee, eioi?ua io?aaeathony ii
ei??aniiiaeaioneei n/aoai .

Aeaiaaeiue aee?aaeeoea (aee?aaeeoeaiia ienueii, aei?iaeiue
aee?aaeeoea) i?aaenoaaeyao niaie aaieianeee aeaiaaeiue aeieoiaio,
aunoaaeaiiue aaieii-yieoaioii a aae?an ii?aaeaeaiiiai eiino?aiiiai
aaiea i auieaoa iieo/aoaeth (aaiaoeoeea?o) aeaiaa a i?aaeaeao oeacaiiie
a aee?aaeeoeaa noiiu a oa/aiea ii?aaeaeaiiiai n?iea a niioaaonoaee n
iaiai?aiiuie a aee?aaeeoeaa oneiaeyie.

Aeaiaaeiua aee?aaeeoeau, aunoaaeaiiua a iieueco eiino?aiiuo
th?eaee/aneeo e oece/aneeo eeoe, iaoiaeyueony a ?innee, e auneaiiua a
aae?an aaiea aac i?aaeaa?eoaeueiie aeiaiai?aiiinoe iaaeaeo aaieaie ia
eo iieaoa, iacuaathony aee?aaeeoeaiuie ienueiaie. Aee?aaeeoeaiua
ienueia iiaoo auoue iie?uouie e iaiie?uouie (iaania/aiiuie e
iaiaania/aiiuie), iocuaiuie e aaciocuaiuie.

Aeaiaaeiue aee?aaeeoea ioe?uaaaony a iieueco ii?aaeaeaiiiai eeoea e
ia?aaea/a ae?oaei eeoeai ia iiaeeaaeeo. Aee?aaeeoea iiaeao auoue
iiea/ai oieueei a oa/aiea n?iea, oeacaiiiai a aee?aaeeoeaa. Auieaou
ii aee?aaeeoeao i?iecaiaeyony a niioaaonoaee n niaea?aeaueieny a
iai oneiaeyie ( i?ioea ?anienee iieo/aoaey, i?ioea o?aoou ).

Ii eaaeaeiio i?eiyoiio e eniieiaieth aee?aaeeoeaiiio ienueio,
ioe?uoiio eiino?aiiui aaieii a iieueco eiino?aiiie i?aaiecaoeee eee
eiino?aiiiai a?aaeaeaieia, caaiaeeony niaoeeaeueiia aeinuea. A
aeinuea oeacuaathony ana iniiaiua ?aeaeceou aee?aaeeoeaa e aai
oneiaey, a oaeaea i?iecaiaeyony caiene i auieaoao ii aee?aaeeoeao e
inoaoeao. Caeanue aea o?aieony i?eaeiae aee?aaeeoeaiiai ienueia, ana
eciaiaiey e iaio e eiathuayny ia?aienea.

Ii ioi?ieaiee iia?aoeee ii auieaoa ?oaeae ii aei?iaeiiio
aee?aaeeoeao auienuaaaony ?anoiaeiue eanniaue i?aea? n oeacaieai a
oaenoa i?aea?a iiia?a aee?aaeeoeaa, iaeiaiiaaiey eiino?aiiiai
aaiea-yieoaioa, ?aeaeceoia ianii?oa iieo/aoaey e niaea?aeauee
neaaeothuea caiene ii n/aoai: Ae 060-eeoeaaie n/ao “O?aoou, ?anienee ii
iiea/aiiui aee?aaeeoeaai” E 030 “Eanna a ?oaeyo”; Ae 060- eeoeaaie
n/ao “O?aoou, ?anienee ii iiea/aiiui aee?aaeeoeaai” E 960
“Iia?aoeeiiiua e ?aciua aeioiaeu aaiea” ia noiio eiiennee. Eeeaio
o/eiyao iiaeiene ia ?anienea eeai o?aooa e ia i?aea?a. Eiio?iee?othuee
?aaioiee iiaeienuaaao ?anoiaeiue eanniaue i?aea?, ioiaoeo a
aee?aaeeoeaa i auiea/aiiie noiia, a oaeaea ia?aaeaoi/ioth iaaeienue
ia o?aooa, iinea /aai i?e/eoathuayny noiia ?oaeae auiea/eaaaony eeeaioo
/a?ac eanno.

Noiiu iie?uouo aee?aaeeoeaia o/eouaathony ii aaeainiaiio n/aoo ?
071. Noiiu iaiie?uouo aee?aaeeoeaia, a oaeaea noiiu
aee?aaeeoeaia, ii eioi?ui i?aaeinoaaeaii i?aai nienuaaoue oaeoe/anee
auiea/aiiua noiiu ni n/aoa eiino?aiiiai aaiea, o/eouaathony ia
aiaaaeainiaii n/aoa ? 9940 “Aee?aaeeoeau a eiino?aiiie aaethoa”.

Nienaiea n?aaenoa n aiaaaeainiaiai n/aoa i?iecaiaeeony ii ia?a
eniieueciaaiey aee?aaeeoeaa. Iaeniieueciaaiiua a oa/aiea n?iea
aeaenoaey aee?aaeeoeaa inoaoee ii eoioeyoeaiui aaciocuaiui e iocuaiui
aee?aaeeoeaai, a oii /enea ?aaieueaa?iui, nienuaathony n
aiaaaeainiaiai n/aoa ? 9940 i?e cae?uoee aee?aaeeoeaa.

Ca iinooieaieai aiciauaiey ii aee?aaeeoeaai onoaiaaeeaaaony eiio?ieue.
Ii iieo/aiee aiciauaiey aeaaaooaony n/ao “Iino?i” eee “Ei?i”
niioaaonoaothuaai aaiea e i?iecaiaeeony nienaiea noiiu ieaoaaea n
aaeainiaiai n/aoa ? 060 (eeoeaaie n/ao ” ?anienee, o?aoou ii
iiea/aiiui aeaiaaeiui aee?aaeeoeaai, ioineaiiua ia eieanni”).

Oiieiiii/aiiua aaiee iiaoo ioe?uaaoue ii ii?o/aieyi
o/?aaeaeaiee e i?aaiecaoeee no?aiu aeaiaaeiua aee?aaeeoeau a
iieueco o/?aaeaeaiee no?aiu ca a?aieoeae n eniieueciaaieai a
eiino?aiiuo aaieao-ei??aniiiaeaioao. Aeaiaaeiua aee?aaeeoeau
ioe?uaathony ca n/ao n?aaenoa oaeoueo aaethoiuo n/aoia
i?aaiecaoeee-i?eeaciaeaoaeae.

Ioe?uoua aee?aaeeoeau o/eouaathony ia aiaaaeainiaii n/aoa ? 9940. Ii
ia?a auieao n aee?aaeeoeaa eiino?aiiue aaie aunueaao aeaaao-aaeci ia
noiio i?iecaaaeaiiiai ieaoaaea n i?eeiaeaieai ?anienee a aeaoo
yecaiiey?ao. ?aaioiee aaiea ioiineo yoo noiio a e?aaeeo
niioaaonoaothuaai n/aoa “Iino?i” eee “Ei?i” e aeaaaooao n/ao
eeeaioa-i?eeaciaeaoaey. Iaeei yecaiiey? ?anienee (aoi?ie inoaaony a
aeinuea) aunueaaony eeeaioo-i?eeaciaeaoaeth n iaeiia?aiaiiui nienaieai
noiiu ieaoaaea n aiaaaeainiaiai n/aoa ? 9940 e aeinuea aee?aaeeoeaa.

Ia?aaiaeu a eiino?aiiie aaethoa, iinooiathuea ec-ca a?aieoeu,
i?eieiathony e eniieiaieth i?e iaee/ee aaethoiiai iie?uoey. Noiiu
ia?aaiaeia iiaoo auoue auiea/aiu iieo/aoaeth a eiino?aiiie aaethoa
(iaee/iuie eee iooai auaea/e ieaoaaeiuo aeieoiaioia ) , iaee/iuie
?oaeyie, ia?a/eneaiu ai aeeaae a naa?aaaoaeueiue eeai eiie
oiieiiii/aiiue aaie, ca/eneaiu ia n/ao a eiino?aiiie aaethoa eee a
?oaeyo ia n/aoa ?inneeneeo i?aaiecaoeee, oi?aothueo eee ieacuaathueo
oneoae ca eiino?aiioth aaethoo a niioaaonoaee n aeaenoaothuei
caeiiiaeaoaeuenoaii.

Auieaoa ia?aaiaea i?iecaiaeeony a niioaaonoaee n aeaenoaothuei
caeiiiaeaoaeuenoaii ii i?aaeuyaeaiee iieo/aoaeai ianii?oa eee ae?oaiai
aeieoiaioa, oaeinoiaa?ythuaai aai ee/iinoue.

Iinea onoaiiaeaiey ee/iinoe ia?aaiaeiiieo/aoaey ?aaioiee aaiea
auienuaaao eanniaue ?anoiaeiue i?aea?, a ea/anoaa eioi?iai
eniieuecoaony aoi?ie yecaiiey? ea?oi/ee ii n/aoo N 071 eee ?anoiaeiue
aaethoiue i?aea?, e ?aaeno?e?oao aai a eanniaii aeo?iaea. Ia i?aea?a
ioi?ieyaony ?anienea iieo/aoaey a iieo/aiee noiiu ia?aaiaea. A oao
neo/ayo, eiaaea eiino?aiiue aaie cai?aoeaaao ?anieneo a iieo/aiee
ia?aaiaea, ia?aaiaeiiieo/aoaeue ?anienuaaaony oaeaea ia
niaoeeaeueiii aeaiea, i?eneaiiii eiino?aiiui aaieii, eeai ia
aeaiea oiieiiii/aiiiai aaiea.

Auiea/aiiay ii ia?aaiaeo noiia io?aaeaaony ii aeaaaoo
aaeainiaiai n/aoa N 071 e e?aaeeoo aaeainiaiai n/aoa N 030(“Eanna”),
eeai e?aaeeoo n/aoa N 060 (“Iaee/iay eiino?aiiay aaethoa”).
Iaeiia?aiaiii acuneeaaaony eiienney ca auieaoo ia?aaiaea: aeaaao n/aoa N
071 e e?aaeeo n/aoa N 960 (“Iia?aoeeiiiua e ?aciua aeioiaeu aaiea”).

Noiia aica?auaiiiai ca a?aieoeo ia?aaiaea ioiineony a aeaaao n/aoa N
071 e e?aaeeo n/aoa aaiea-ei??aniiiaeaioa N 072, io eioi?iai iinooiee
ia?aaiae. Iaeiia?aiaiii aaieo-ei??aniiiaeaioo auienuaaaony e?aaeeoiaia
aaeci n oeacaieai iaeiaiiaaiey iieo/aoaey ia?aaiaea, aeaou e iiia?a aai
e?aaeeoiaiai aaeci, noiiu ia?aaiaea e i?e/eiu aai aica?aoa.

Oiieiiii/aiiua aaiee, iaeaaeathuea iaiaoiaeeiuie ei??aniiiaeaioneeie
naycyie, i?e niaeanee niioaaonoaothueo aaieia-ei??aniiiaeaioia, iiaoo
i?eieiaoue ia eieanni: iaee/ioth eiino?aiioth aaethoo, iieoiea
eioi?ie ia i?aaeoniio?aia atheeaoaiai eo?nia eiino?aiiuo aaetho
Oeaio?aeueiiai aaiea ?innee; iaee/ioth eiino?aiioth aaethoo,
?ac?aoaiioth e iieoiea, ii aucuaathuoth niiiaiea a ieaoaaeiinoe
(iia?aaeaeaiioth, aaoooth); ieaoaaeiua aeieoiaiou, aucuaathuea niiiaiea
a ieaoaaeiinoe; eiino?aiiua aaieiiou, aaic-auaic eioi?uo cai?auai;
aei?iaeiua /aee eiino?aiiuo aaieia, ii eioi?ui enoae n?ie aeaenoaey
eee ionoonoaotho eiio?ieueiua iaoa?eaeu; aaieianeea /aee,
aunoaaeaiiua eiino?aiiuie aaieaie ia ae?oaea eiino?aiiua aaiee;
ee/iua /aee, aunoaaeaiiua ia eiino?aiiua aaiee; aa?i/aee,
aunoaaeaiiua aac i?aaeuyaeaiey aa?aioeeiie ea?ou eee ii aa?aioeeiie
ea?oa, n?ie aeaenoaey eioi?ie enoae, eee auienaiiua ia noiio,
i?aauoathuoth noiio eeieoa, oeacaiiiai a aa?aioeeiie ea?oa;
aeeaaeiua eieaeee ii aeeaaeai, iaoiaeyueiny a eiino?aiiuo aaieao e
eiuo e?aaeeoiuo o/?aaeaeaieyo e ae?oaea ieaoaaeiua aeieoiaiou n
ieaoaaeii a eiino?aiiuo aaieao.

I?eiyoua oeaiiinoe i?eoiaeothony ia aiaaaeainiaue n/ao N 9937
(“Aeieoiaiou e oeaiiinoe, i?eiyoua e i?eneaiiua ia eieanni”). I?eiyoay
ia eieanni eiino?aiiay aaethoa ionueaaony ia eieanni
niioaaonoaothuei eiino?aiiui aaieai i?e nii?iaiaeeoaeueiuo ienueiao
n i?eeiaeaieai iienae eiino?aiiie aaethou. Ioineaiiay ia eieanni
aaethoa nienuaaaony n aiaaaeainiaiai n/aoa N 9937 e i?eoiaeoaony ia
aiaaaeainiaue n/ao N 9936 (“Aeieoiaiou e oeaiiinoe, ioineaiiua ia
eieanni”). Ii iieo/aiee ieaoaaea io eiino?aiiiai aaiea ca ?aaeeciaaiioth
eiino?aiioth aaethoo, ioineaiioth ia eieanni, noiia aaethou
ca/eneyaony a e?aaeeo n/aoa N 1768 i?i/eo e?aaeeoi?ia, o.a. aeaaao
n/aoa N 072 eee N 073 n iaeiia?aiaiiui nienaieai noiiu n
aiaaaeainiaiai n/aoa N 9936. Eeeaioo iai?aaeyaony ecaauaiea i
iinooieaiee ieaoaaea. I?e auieaoa eeeaioo aiciauaiey ca
eieanne?iaaiiua oeaiiinoe i?iecaiaeeony neaaeothuaa aooaaeoa?neia
ioi?ieaiea iia?aoeee: Ae 076 E 030, 060 ( ca eieanne?iaaiiua
ieaoaaeiua aeieoiaiou) , Ae 176 E 030, 060 ( ca eieanne?iaaiioth
aaethoo) e Ae 076, 176 E 960 (ia noiio eiiennee ).

2.2.2 O/ao e ioi?ieaiea yenii?oii-eiii?oiuo iia?aoeee.

Iaaeaeoia?iaeiua ?an/aou ii yenii?oii-eiii?oiui iia?aoeeyi n
eiino?aiiuie aaieaie-ei??aniiiaeaioaie inouanoaeythony, eae i?aaeei, a
oi?ia aeieoiaioa?iiai aee?aaeeoeaa, eieanni e aaieianeiai ia?aaiaea.

1. Eieanni.

Oi?iuaiii eieanni iiaeii ii?aaeaeeoue eae ii?o/aiea yenii?oa?a
(e?aaeeoi?a) naiaio aaieo iieo/eoue io eiii?oa?a (ieaoaeueueea,
aeieaeieea) iaiin?aaenoaaiii eee /a?ac ae?oaie aaie ii?aaeaeaiioth
noiio eee iiaeoaa?aeaeaiea oiai, /oi yoa noiia aoaeao
auiea/aia a onoaiiaeaiiua n?iee.

?an/aou a oi?ia eieanni n i?aaeaa?eoaeueiui aeoeaioii iieo/eee
aieueoia ?ani?ino?aiaiea a iaaeaeoia?iaeiie oi?aiaea. I?e yoii eieanni
eniieuecoaony eae a ?an/aoao ia oneiaeyo ieaoaaea iaee/iuie, oae e a
?an/aoao a n/ao eiiia?/aneiai e?aaeeoa.

?an/aou a oi?ia eieanni inouanoaeythony neaaeothuei ia?acii.
Iinea caeeth/aiey eiio?aeoa, a eioi?ii noi?iiu iau/ii iaiaa?eaatho,
/a?ac eaeea aaiee aoaeoo i?iecaiaeeoueny ?an/aou, yenii?oa? niaa?oaao a
niioaaonoaee n aai oneiaeyie ioa?oceo oiaa?a. Iieo/ea io ia?aaic/eea
o?ainii?oiua aeieoiaiou, yenii?oa? iiaeaioaaeeaaao eiiieaeo
aeieoiaioia (a eioi?ue aoiaeyo oaeaea n/aoa, ae?oaea aeieoiaiou, i?e
iaiaoiaeeiinoe- oeiainiaua aeieoiaiou, iai?eia? ia?aaiaeiua aaenaey,
auienuaaaiua yenii?oa?ii ia eiii?oa?a, anee iineaaeiaio i?aaeinoaaeai
eiiia?/aneee e?aaeeo) e i?aaenoaaeyao aai i?e eieanniaii ii?o/aieth
naiaio aaieo. A niioaaonoaee n I?aaeeaie yenii?oa?, aunoaaeythuee
aeieoiaiou ia eieanni, iacuaaaony aeiaa?eoaeai, aaie, eioi?iio
aeiaa?eoaeue ii?o/aao iia?aoeeth ii eieanne?iaaieth, –
aaieii-?aieoaioii.

Aaie-?aieoaio aeaenoaoao a niioaaonoaee n eino?oeoeeyie
aeiaa?eoaey, niaea?aeaueieny a eieanniaii ii?o/aiee. I?iaa?ea ii
aiaoiei i?eciaeai niioaaonoaea i?aaenoaaeaiiuo aeieoiaioia
ia?a/eneaiiui a eieanniaii ii?o/aiee, aaie-?aieoaio ionueaao eo
aianoa n ii?o/aieai aaieo-ei??aniiiaeaioo no?aiu eiii?oa?a. A
eieanniaii ii?o/aiee aaie yenii?oa?a iau/ii oeacuaaao eino?oeoeee a
ioiioaiee ia?aaiaea n?aaenoa, iieo/aiiuo io eiii?oa?a, a oaeaea, i?e
iaiaoiaeeiinoe, – a ioiioaiee aaenaeae, aeoeaioiaaiiuo eiii?oa?ii
(anee oaeiaua iai?aaeythony i?e eieanniaii ii?o/aiee). Iieo/ea
eieanniaia ii?o/aiea e aeieoiaiou, aaie no?aiu eiii?oa?a, o/anoaothuee a
iia?aoeee ii auiieiaieth eieanniaiai ii?o/aiey (eieanne?othuee aaie),
i?aaenoaaeyao eo eiii?oa?o (ieaoaeueueeo) aeey i?iaa?ee n oeaeueth
iieo/aiey io iaai ieaoaaea (eee aeoeaioa o?aoo, a caaeneiinoe io
eino?oeoeee, niaea?aeaueony a ii?o/aiee). I?e yoii eieanne?othuee
aaie iiaeao naeaeaoue i?aaenoaaeaiea ieaoaeueueeo
iaiin?aaenoaaiii eee /a?ac ae?oaie aaie. Aaie, aeaeathuee i?aaenoaaeaiea
aeieoiaioia ieaoaeueueeo, iacuaaaony i?aaenoaaeythuei aaieii. Anee a
aaiea i?aaieciaai ioaeae, inouanoaeythuee eiio?ieue ca auaea/ae
aeieoiaioia ioaaonoaaiiiio caeac/eeo, oi aaie no?aiu eiii?oa?a,
o/anoaothuee a iia?aoeee ii auiieiaieth eieanniaiai ii?o/aiey,
iai?aaeyao ecaauaiea ieaoaeueueeo i oii, /oi iieo/aii eieanniaia
ii?o/aiea n aeieoiaioaie e n i?inueaie iieaoeoue oeacaiiua aeieoiaiou.
Aeieoiaiou auaeathony ieaoaeueueeo oieueei i?ioea ieaoaaea.
Iinea iieo/aiey ieaoaaea io eiii?oa?a eieanne?othuee aaie ia?aaiaeeo
au?o/eo aaieo-?aieoaioo ii NAEOOo eee ii oaeaa?aoo (oaeaeno) – a
caaeneiinoe io eino?oeoeee; iieo/ea ia?aaiae, aaie-?aieoaio ca/eneyao
au?o/eo yenii?oa?o.

A eieanniaii ii?o/aiee iiaoo auoue neaaeothuea aeaeu
eino?oeoeee a ioiioaiee aeieoiaioia: 1) auaeaoue aeieoiaiou
ieaoaeueueeo i?ioea ieaoaaea; 2) auaeaoue aeieoiaiou ieaoaeueueeo
i?ioea aeoeaioa (o?aoo); 3) auaeaoue aeieoiaiou aac iieaou.
?an/aou ii eieanni, i?aaeoniao?eaathuaio auaea/o aeieoiaioia i?ioea
ieaoaaea, ?anniio?aiu auoa. Aoi?ie aeae eino?oeoeee i?eiaiyaony
i?e ?an/aoao ii eiiia?/aneiio e?aaeeoo. A yoii neo/aa eiii?oa?
iieo/aao aeieoiaiou iinea aeoeaioa ia?aaiaeiiai aaenaey (o?aoou),
iai?aaeaiiiai i?e eieanniaii ii?o/aiee. Iin?aaenoaii aeoeaioa
eiii?oa? i?eieiaao ia naay iaycaoaeuenoai niaa?oeoue ieaoaae a
iaoneiaeaiiue n?ie. A oao neo/ayo, eiaaea i?aaeinoaaeaiiue eiii?oa?o
e?aoein?i/iue eiiia?/aneee e?aaeeo (iau/ii ia n?ie aei o?ao ianyoeaa) ia
iaania/eaaaony aaenaeai, aaiee ia iniiaaiee eino?oeoeee aeiaa?eoaey
iiaoo auaeaaaoue aeieoiaiou ieaoaeueueeo aac iieaou. I?e yoii yenii?oa?,
eae i?aaeei, aeiaeaaaony io eiii?oa?a aunoaaeaiey aaieianeie aa?aioee a
iaania/aiea ieaoaaeae ii eiio?aeoo. Aeieoiaiou iiaoo auoue auaeaiu
aac iieaou, oaeaea iiae ienueiaiiia iaycaoaeuenoai ieaoaeueueea
niaa?oeoue ieaoaae a ii?aaeaeaiiue n?ie.

Aaiee, o/anoaothuea a ?an/aoao ii eieanni, aunooiatho a ?iee
iin?aaeieeia e ia ianoo ieeaeie ioaaonoaaiiinoe ca iaiieaoo eee
iaaeoeaio aeieoiaioia (o?aoo). Eo iaycaiiinoe ia?aie/eaathony oai, /oi
iie aeieaeiu i?aaenoaaeoue eiii?oa?o aeieoiaiou eee o?aoou e iieaoa (e
aeoeaioo) eee aea iai?aaeoue aeieoiaiou (o?aoou) ae?oaiio aaieo
aeey i?aaenoaaeaiey e iieaoa (aeoeaioo). A neo/aa iaieaoaaea eee
iaaeoeaioa aaie eiii?oa?a aeieaeai ecaanoeoue ia yoii aeiaa?eoaey eee
aai aaie.

?an/aou ca yenii?oe?iaaiiua oiaa?u a oi?ia eieanni
i?iecaiaeyony ia iniiaaiee aeieoiaioia, iaiai?aiiuo noi?iiaie a
eiio?aeoa. E iei ioiinyony:

a) n/ao-oaeoo?a, eee eiiia?/aneee n/ao. Auienuaaaony iinoaaueeii
eee yenii?oa?ii e niaea?aeeo iaeiaiiaaiea oiaa?a eee ieacaiiuo
oneoa, oeaio, eiee/anoai iinoaaeaiiiai oiaa?a (oneoa), iaeiaiiaaiea
aaethou ieaoaaea, noiio yenii?oiie au?o/ee, nnueeo ia iiia? e aeaoo
eiio?aeoa e aeiiieiaiea e iaio, nnueeo ia iiia? eieanniaiai
ii?o/aiey, aeaoo, niinia e ianoi ioa?ocee oiaa?a e ae?oaea aeaiiua
a ioiioaiee oiaa?a (oneoa);

a) ioa?oci/iua aeieoiaiou, oaeinoiaa?ythuea ioi?aaeo oiaa?ia
(eiiinaiaiou, ae/ae. iaeeaaeiua, aaoi- eee aaeaiaeeaaeiua, ii/oiaua
eaeoaioeee, aeou naea/e-i?eaiee e ae?oaea aeieoiaiou, i?aaeoniio?aiiua
eiio?aeoii);

a) no?aoiaua iieenu, iiaeoaa?aeaeathuea caeeth/aiea aeiaiai?a
no?aoiaaiey ( a neo/aa, anee no?aoiaaiea oiaa?a a niioaaonoaee n
oneiaeyie ioa?ocee inouanoaeyao yenii?oa?);

a) ?acee/iiai ?iaea na?oeoeeaou, niaoeeoeeaoeee,
naeaeaoaeuenoaa, iiaeoaa?aeaeathuea eiee/anoai, ea/anoai oiaa?a e
ae?oaea naeaeaoaeuenoaa eiiieaeoiinoe, i?aaeoniio?aiiie eiio?aeoii;

ae) oaeiueo – aeieoiaio, iiaeoaa?aeaeathuee i?iaeieaeeoaeueiinoue
iia?ocee eee ?aca?ocee noaeia a ii?oo ca iiaeienueth eaieoaia noaeia e
i?aaenoaaeoaey o?aooiaaoaey;

a) ae?oaea aeieoiaiou, i?aaeoniio?aiiua eiio?aeoii.

Iinea i?iaa?ee e ioi?ieaiey eieanniaiai ii?o/aiey aai ia?aue
yecaiiey?, n/aoa-oaeoo?u, ioa?oci/iua aeieoiaiou naeathony a
yeniaaeeoeeth aaiea, eioi?ay ionueaao eo eiiaaieai a onoaiiaeaiiii
ii?yaeea.

Ioineaiiua aeieoiaiou aei iieo/aiey ieaoaaea/aeoeaioa
i?eoiaeothony ia aiaaaeainiauo n/aoao:

99360 – “Oiaa?iua aeieoiaiou e o?aoou ii eieanniaui iia?aoeeyi
a n/ao eiiia?/aneiai e?aaeeoa, ioineaiiua ca a?aieoeo aeey iieo/aiey
ieaoaaea iaee/iuie e aeoeaioa o?aoo”.

99361 – “Aeoeaioiua o?aoou, aaenaey a n/ao eiiia?/aneiai e?aaeeoa,
ioineaiiua eiiaaieai aeey iieaou e iaoiaeyueany ia o?aiaiee o
eiino?aiiiai aaiea”.

99362 – “Oiaa?iua aeieoiaiou, /aee, o?aoou e aaenaey ii eieanniaui
iia?aoeeyi aac ?ann?i/ee ieaoaaea, ioineaiiua ca a?aieoeo aeey
iieaou”.

99376 – “Oiaa?iua, ?an/aoiua e ae?oaea aeieoiaiou a n/ao
eiiia?/aneiai e?aaeeoa, ia ioi?ieaiiiai aaenaeyie e o?aooaie,
ioineaiiua eiino?aiiui aaieai aeey iieo/aiey ieaoaaea”.

Eieanniaia ii?o/aiea iiaeao auoue niyoi n o/aoa oieueei i?e iieo/aiee
ieaoaaea e/eee aeoeaioa, i?aaeoniio?aiiuo oneiaeyie eieanni, eeai i?e
aica?aoa aeieoiaioia eieanne?othuei aaieii n oeacaieai i?e/eiu,
eeai i?e iieo/aiee niioaaonoaothueo eino?oeoeee io yenii?oa?a
(i?e ecaauaiee aaiea-eiii?oa?a). I?e iieo/aiee ieaoaaeiiai
ii?o/aiey eee e?aaeeo-aaeci a iieaoo eieanni ioaaonoaaiiue
eniieieoaeue i?iaa?yao niioaaonoaea ieaoaaeiiai ii?o/aiey
eino?oeoeeyi eieanni (noiia, aaethoa ieaoaaea, niinia aaeciaaiey),
i?iecaiaeeo caienue ii aaeaino, aeaaaooy n/ao eiiaaiea e e?aaeeooy
n/ao yenii?oa?a, oeacaiiue a 4-i yecaiiey?a eieanniaiai ii?o/aiey (a
niioaaonoaee n aeaenoaothuei a aaiea oaoie/aneei ii?yaeeii
ca/eneaiey yenii?oiie au?o/ee).

Anee iieaoa eieanni i?iecaaaeaia iieiinoueth e ia ia?ooaiu i?i/ea
oneiaey, eieanni iinea iieaou nieiaaony n o/aoa ii
aiaaaeainiaiio n/aoo, i /ai a aeo?iaea ?aaeno?aoeee ioaaonoaaiiue
eniieieoaeue aeaeaao niioaaonoaothuoth caienue.

Iia?aoeee ii eieanni ca eiii?oe?iaaiiua oiaa?u e iieo/aiiua oneoae
ia/eiathony n oiai, /oi eieanniaua aeieoiaiou iinooiatho a
i?aaenoaaeythuee e eieanne?othuee aaie.

Iieo/ea io aaiea-?aieoaioa eieanniaua ii?o/aiey e aeieoiaiou,
yeniaaeeoeey eieanne?othuaai aaiea a iiiaio iinooieaiey i?inoaaeyao
ia eieanniaii ii?o/aiee ooaii n oeacaieai aeaou iinooieaiey
aeieoiaioia. Io yoie aeaou en/eneyaony n?ie iieaou eieanniauo
aeieoiaioia. Caoai eieanniaua aeieoiaiou ia?aaeathony ia eniieiaiea
ioaaonoaaiiiio eniieieoaeth.

Ioaaonoaaiiue eniieieoaeue, i?eiya aeieoiaiou, i?iecaiaeeo eo
?aaeno?aoeeth eeai a niaoeeaeueiii aeo?iaea, eeai a aaoiiaoe/aneii
?aaeeia a ?ac?aca no?ai e aaieia. Anee o/ao aeieoiaioia a aaiea
aaoiiaoece?iaai, oi ioaaonoaaiiue eniieieoaeue aiineo neaaeothuea
?aeaeceou: no?aia, aaie, iiia? e aeaoa eieanni, aaethoa, noiia, n?ie
iieaou. Anee o/ao a aaiea ia aaoiiaoece?iaai, oi ?aaeno?aoeey
eieanniauo ii?o/aiee i?iecaiaeeony a niaoeeaeueiuo ?aaeno?aoeeiiiuo
aeo?iaeao, a eioi?uo eniieieoaeue aaaeao o/ao yoeo ii?o/aiee ii
no?aiai, aioo?e no?ai – ii aaieai.

Anee aeieoiaiou aeoeaioe?iaaiu e eeeaio ia eiaao i?e/ei aeey ioeaca io
iieaou, oi a aaie ca o?e ?aai/eo aeiy aei ianooieaiey n?iea ieaoaaea
i?aaenoaaeyaony cayaeaiea ia ia?aaiae ia noaiaea?oiii aeaiea (a
/aou?ao yecaiiey?ao, caiieiaiiuo iiae eiie?eo) n oeacaieai
iaiaoiaeeiuo ?aeaeceoia. E?iia iniiaiuo ?aeaeceoia a neo/aa
i?aaenoaaeaiey cayaeaiey ia ia?aaiae a iieaoo eieanni aeaeaaony nnueea
ia iiia? e aeaoo eieanni, a oaeaea oeacuaaaony ca /ae n/ao ioiineony
eiienney eieanne?othuaai aaiea.

I?iaa?ea i?aaiii/iinoue cayaeaiey ia ia?aaiae e i?aaeeueiinoue aai
caiieiaiey, eniieieoaeue iiaeae?aao eieanni ec ea?oioaee e
ia/eiaao aai ?aciaoeo.

Ia iniiaaiee ia?aiai yecaiiey?a cayaeaiey ia ia?aaiae ia/aoaaony
iaii?eaeueiue i?aea? a iyoe yecaiiey?ao aeey io?aaeaiey
i?iecaaaeaiiiai ieaoaaea ii aaeaino aaiea. A iaii?eaeueiii i?aea?a
oeacuaaaony aeae iia?aoeee, caoai a aeaaaoa – n/ao eeeaioa, a e?aaeeoa
– n/ao aaiea-ei??aniiiaeaioa, caoai oeacuaaaony oeo? aaethou ieaoaaea,
noiia aaethou e oeo? iia?aoeee (eaeie ioaeae naeaeae iia?aoeeth e
ii eaeie no?aia). A iaii?eaeueiii i?aea?a oeacuaathony noiia
acyoie eiiennee e noiia oaeaa?aoiuo ?anoiaeia. I?iaa?aiiue e
iiaeienaiiue iaii?eaeueiue i?aea? ioi?aaeyaony a au/eneeoaeueiue
oeaio?. Io?aaeaiea ii aaeaino iiaeao oaeaea i?iecaiaeeoueny a
aaoiiaoe/aneii ?aaeeia.

Aoi?ie yecaiiey? cayaeaiey ia ia?aaiae o?aaoaony
eniieieoaeth aeey ninoaaeaiey ieaoaaeiie oaeaa?aiiu, a anee ieaoaae
aoaeao ioi?aaeai aicaeooiie ii/oie – ieaoaaeiiai ii?o/aiey
onoaiiaeaiiie oi?iu. A ieaoaaeiie oaeaa?aiia (eee ii/oiaii
ii?o/aiee) aeaaony iieiay eioi?iaoeey eiino?aiiiio aaieo aeey
inouanoaeaiey ieaoaaea, oi anoue iaeiaiiaaiea ia?aaiaeiaeaoaey e aai
aaiea, oeacuaaaony noiia ieaoaaea, iiia? e aeaoa eieanni,
iaeiaiiaaiea aaiea, aunoaaeaoaai eieanniaia ii?o/aiea. Caoai
oeacuaathony ieaoaaeiua eino?oeoeee aaieo-ieaoaeueueeo: “Aeaaaooeoa iao
n/ao n?ieii…”, anee ?an/aou n eiino?aiiui aaieii i?iecaiaeyony ii
n/aoai “Iino?i”. Anee ?an/aou n aaieii ieaoaeueueeii i?iecaiaeyony ii
n/aoai “Ei?i”, oi niiauaaony, /oi aue e?aaeeoiaai niioaaonoaothuee
ei??aniiiaeaioneee n/ao eiino?aiiiai aaiea. E?iia oiai,
ia?a/eneyaony, eaeea auee i?iecaaaeaiu oaea?aeaiey ii aeaiiiio
ia?aaiaeo.

2. Aaieianeee ia?aaiae.

Aaieianeee ia?aaiae i?aaenoaaeyao niaie i?inoia ii?o/aiea
eiiia?/aneiai aaiea naiaio aaieo-ei??aniiiaeaioo auieaoeoue
ii?aaeaeaiioth noiio aeaiaa ii i?inueaa e ca n/ao
ia?aaiaeiaeaoaey eiino?aiiiio iieo/aoaeth (aaiaoeoeea?o) n oeacaieai
niiniaa aiciauaiey aaieo-ieaoaeueueeo auiea/aiiie ei noiiu.

Aaie ia?aaiaeiiieo/aoaey ?oeiaiaenoaoaony eiie?aoiuie oeacaieyie,
niaea?aeaueieny a ieaoaaeiii ii?o/aiee. Oae, a ieaoaaeiii ii?o/aiee
iiaeao niaea?aeaoueny oneiaea i auieaoa aaiaoeoeea?o niioaaonoaothueo
noii i?ioea i?aaenoaaeaiey ei oeacaiiuo eiiia?/aneeo e oeiainiauo
aeieoiaioia eee i?ioea i?aaenoaaeaiey ?anienee (aeieoiaioa?iue eee
oneiaiue ia?aaiae).

A ?acaeaea “Oneiaey ieaoaaea” aiaoiaoi?aiaiai eiio?aeoa aeieaeii
auoue oeacaii, /oi ?an/aou ca iinoaaeaiiue oiaa? aoaeoo
i?iecaiaeeoueny a oi?ia aaieianeiai ia?aaiaea. I?e yoii aeieaeai
niaea?aeaoueny iiae?iaiue ia?a/aiue aeieoiaioia, iai?aaeyaiue
io yenii?oa?a eiii?oa?o ( ii aeaeo e eiee/anoao). E?iia oiai,
aeieaeiu auoue oeacaiu aaieianeea ?aeaeceou ia?aaiaeiiieo/aoaey (iiia?
n/aoa, iaeiaiiaaiea aaiea yenii?oa?a, aae?an) a oaeaea a eaeea n?iee
aoaeao i?iecaiaeeoueny ieaoaae.

Aaiee ia/eiatho i?eieiaoue o/anoea a yoie oi?ia ?an/aoia i?e
i?aaeinoaaeaiee a aaie eiii?oa?a niioaaonoaothuaai ii?o/aiey ia
iieaoo eiio?aeoa. Aaiee ia ianoo ieeaeie ioaaonoaaiiinoe ca ieaoaae
(iinoaaea oiaa?a, ia?aaea/a aeieoiaioia, a oaeaea nai ieaoaae ia aoiaeyo
a ooieoeee aaiea aei iiiaioa i?aaenoaaeaiey ieaoaaeiiai ii?o/aiey).
Oaeei ia?acii, aaiee ianoo ieieiaeueioth ioaaonoaaiiinoue i?e
aaieianeii ia?aaiaea e, neaaeiaaoaeueii, aceiatho i?e yoie oi?ia
?an/aoia ieieiaeueioth eiienneth. Oae, i?e aaieianeii ia?aaiaea
eiienneth, eae i?aaeei, acuneeaaao aaie eiii?oa?a n
ia?aaiaeiiieo/aoaey, e ?acia? aa ii?aaeaeyaony a Oa?eoa eiienneiiiiai
aiciaa?aaeaeaiey eiiia?/aneiai aaiea ii ?aaioa n eeeaioaie ( ?acia? aa
ii?aaeaeyaony naiei aaieii e yaeyaony eeai oeene?iaaiiui, eeai
au?aaeaaony a i?iieeea, i?ioeaioao e o.ae.). Aaie eiii?oa?a, i?eiya
ieaoaaeiia ii?o/aiea io eeeaioa-eiii?oa?a, iai?aaeyao io naiaai
eiaie ieaoaaeiia ii?o/aiea a niioaaonoaothuee aaie yenii?oa?a oai
niiniaii, eaeie oeacai a ii?o/aiee eeeaioa: ii ii/oa, oaeaeno,
nenoaia NAEOO (SWIFT). A ianoiyuaa a?aiy a iaaeaeoia?iaeiie aaieianeie
i?aeoeea i?eiaiyaony iai?aaeaiea ieaoaaeiuo ii?o/aiee eeai ii
oaeaeno, eeai ii eaiaeai nenoaiu NAEOO.

Ii iieo/aiee ieaoaaeiiai ii?o/aiey aaie yenii?oa?a i?iaa?yao
aai iiaeeeiiinoue (iai?eia? ii oaeaa?aoiiio eeth/o) e aeaeaao
niioaaonoaothuaa ca/eneaiea ia n/ao yenii?oa?a.

Eiiia?/aneee aaie auiieiyao ieaoaaeiua ii?o/aiey eiino?aiiuo
aaieia-ei??aniiiaeaioia i auieaoa n?aaenoa a iieueco
ia?aaiaeiiieo/aoaeae – eeeaioia naiaai aaiea eee eeeaioia
aaieia-ei??aniiiaeaioia yoiai eiiia?/aneiai aaiea aioo?e no?aiu – i?e
oneiaee oeacaiey a ieaoaaeiii ii?o/aiee iaeiiai ec neaaeothueo
niiniaia aiciauaiey auiea/eaaaiuo noii:

a) ca/eneaiea noiiu ia?aaiaea ia n/ao “Iino?i” a aaiea
ia?aaiaeiaeaoaey;

a) ca/eneaiea noiiu ia?aaiaea ia n/ao “Iino?i” a o?aoueai aaiea;

a) i?aaeinoaaeaiea i?aaa aeaaaoiaaoue noiiie ia?aaiaea n/ao “Ei?i”
aaiea ia?aaiaeiaeaoaey a eiiia?/aneii aaiea.

Ia eaaeaeia ieaoaaeiia ii?o/aiea eiino?aiiiai aaiea
ninoaaeyaony iaii?eaeueiue i?aea? ii onoaiiaeaiiie oi?ia, oi anoue
aeaaaooaony n/ao “Iino?i” aaiea a oii aaiea, io eioi?iai iinooieei
ieaoaaeiia ii?o/aiea, e e?aaeeooaony ?ani?aaeaeeoaeueiue n/ao eeeaioa.

Noiiu aeieoiaioa?iuo ia?aaiaeia, iinooieaoeo io
aaieia-ei??aniiiaeaioia, ia ca/eneythony ia n/ao eeeaioa, a /eneyony ia
i?iiaaeooi/iii n/aoa aei i?aaeinoaaeaiey ei oeacaiiuo a ii?o/aiee
aeieoiaioia a onoaiiaeaiiua n?iee (iai?eia?, a oa/aiea 15 aeiae n
aeaou iinooieaiey ii?o/aiey). I?e iaiieo/aiee aeieoiaioia o
eiino?aiiiai aaiea-ia?aaiaeiaeaoaey cai?aoeaathony eino?oeoeee a
ioiioaiee ia?aaiaea.

*aee, aunoaaeaiiua eiino?aiiuie aaieaie a iieueco ?inneeneeo
i?aaiecaoeee n ieaoaaeii a ?inneeneii eiiia?/aneii aaiea (aaieianeea
/aee), iiea/eaathony ei a ii?yaeea, onoaiiaeaiiii aeey eniieiaiey
ieaoaaeiuo ii?o/aiee eiino?aiiuo aaieia i?e oneiaee i?aaeinoaaeaiey
i?aaeaa?eoaeueiiai aaethoiiai iie?uoey. Aaieianeea /aee aac iie?uoey,
eae i?aaeei, ia iiea/eaathony e aica?auathony eeeaioai eee aaieai, io
eioi?uo iie iieo/aiu.

Eiiia?/aneee aaie auiieiyao ii?o/aiey naieo
eeeaioia-i?aaei?eyoee e i?aaiecaoeee, eiathueo a aaiea oaeouee
aaethoiue aaeainiaue n/ao ia ia?aaiae aaethou ca a?aieoeo a iieaoo
noieiinoe eiii?oe?iaaiiiai oiaa?a, oiaa?iuo aeieoiaioia eee
aeieoiaioia ia ieacaiee oneoa; a ea/anoaa aaainiauo ieaoaaeae,
i?aaeoniio?aiiuo oneiaeyie aiaoiaoi?aiauo eiio?aeoia; a iieaoo
i?inouo e ia?aaiaeiuo aaenaeae ca eoieaiiua a e?aaeeo oiaa?u; a
iiaaoaiea caaeieaeaiiinoe ia?aciaaaoaeny a ?acoeueoaoa ia?a?an/aoia, e
ia ae?oaea oeaee naycaiiua n eiii?oii e yenii?oii oiaa?ia e oneoa a
i?aaeaeao inoaoea n?aaenoa ia aaethoiii n/aoa eeeaioa.

Ia?aaiae n?aaenoa ca a?aieoeo ii ii?o/aieth eeeaioia
eiiia?/aneeo aaieia i?iecaiaeeony ia iniiaaiee cayaeaiey ia ia?aaiae, a
eioi?ii, a /anoiinoe, oeacuaathony: noiia ia?aaiaea a eiino?aiiie
aaethoa (oeeo?aie e i?iienueth), niinia auiieiaiey ia?aaiaea
(aicaeooiie ii/oie, ii oaeaa?aoo eee nenoaia NAEOO),
iaeiaiiaaiea ia?aaiaeiiieo/aoaey e aai oi/iue aae?an, a oaeaea
iiia? n/aoa ia?aaiaeiiieo/aoaey a aai aaiea, iaeiaiiaaiea aaiea,
eeeaioii eioi?iai yaeyaony ia?aaiaeiiieo/aoaeue, oeaeue e iacia/aiea
ia?aaiaea, iiia? e aeaoa aiaoiaoi?aiaiai eiio?aeoa, iaeiaiiaaiea
oiaa?a, iiia? n/aoa eeeaioa, n eioi?iai aeieaeia auoue nienaia noiia
ia?aaiaea, a oaeaea aiciiaeiua ?anoiaeu e eiienney ca auiieiaiea
ia?aaiaea. Ia cayaeaiee ia ia?aaiae iaycaoaeueii oeacuaaaony niinia
ia?aaea/e ieaoaaeiiai ii?o/aiey ca a?aieoeo. Ia?aaiae ii oaeaeno eee
eaiaeai NAEOO i?iecaiaeeony ca n/ao ia?aaiaeiaeaoaey e iooai nienaiey
noiiu noieiinoe niiauaiey ni n/aoa eeeaioa a niioaaonoaee n
onoaiiaeaiiui oa?eoii aceiaiey oaeiai ?iaea ?anoiaeia a eaaeaeii
eiie?aoiii aaiea. Ioaaonoaaiiue eniieieoaeue aeieaeai auiieieoue
cayaeaiea ia ia?aaiae a onoaiiaeaiiue n?ie e iinea eniieiaiey
i?aaeinoaaeoue ia?aaiaeiaeaoaeth eiieth cayaeaiey ia ia?aaiae n
?anieneie ia eniieiaiee. I?e iaee/ee aaieia-ei??aniiiaeaioia ca
a?aieoeae cayaeaiea ia ia?aaiae aei iiiaioa eniieiaiey aece?oaony
?aaioieeii, eioi?ue caieiaaony aaaeaieai aaethoiie iiceoeee ii
n/aoai “Iino?i” eiiia?/aneiai aaiea a eiino?aiiuo aaieao.
Yoio nio?oaeiee i?inoaaeyao iaeiaiiaaiea eiino?aiiiai
aaiea-ei??aniiiaeaioa, /a?ac eioi?ue neaaeoao auiieieoue ia?aaiae.

Ia iniiaaiee aeaiiuo, niaea?aeaueony a cayaeaiee eeeaioa,
ninoaaeyaony ii/oiaia ieaoaaeiia ii?o/aiea, oaeaeniia ieaoaaeiia
ii?o/aiea eee niiauaiea ii nenoaia NAEOO ii oi?ia IO100. Oaeaeniua
niiauaiey niaaaeathony ia?aaiaeiui eeth/ii. Ii/oiaua ieaoaaeiua
ii?o/aiey auienuaathony ia aeaieao onoaiiaeaiiie oi?iu. oaeaeniua e
ii/oiaua ii?o/aiey iiaeienuaathony aeaoiy oiieiiii/aiiuie ?aaioieeaie
aaiea. A ieaoaaeiii ii?o/aiee eiino?aiiiio aaieo niiauaaony niinia
aiciauaiey auiea/aiiuo ii ia?aaiaeo noii: eae i?aaeei, ?ac?aoaiea
aeaaaoiaaoue n/ao “Iino?i” o aaiea-ieaoaeueueea , ?aaea eiino?aiiua
aaiee ioe?uaatho n/aoa “Ei?i” a eiiia?/aneeo aaieao, oi anoue a
niiauaiee aoaeao niaea?aeaoueny eino?oeoeey i e?aaeeoiaaiee n/aoa
“Ei?i”.

A aeaiue iai?aaeaiey ieaoaaeiiai ii?o/aiey a aaiea aeaeaaony
niioaaonoaothuay caienue ii aaeaino eeai a oi?ia auienee
iaii?eaeueiiai i?aea?a, eeai a aaoiiaoe/aneii ?aaeeia, a eiaiii: noiia
ieaoaaeiiai ii?o/aiey nienuaaaony ni n/aoa eeeaioa e e?aaeeooaony ii
n/aoo “Iino?i” a aaiea-ei??aniiiaeaioa. Noiia acuneeaaaiie
eiiennee a niioaaonoaee n aeaenoaothuei oa?eoii nienuaaaony ni n/aoa
eeeaioa e e?aaeeooaony n/aoo aeioiaeia aaiea, noiia oaeaeniuo ?anoiaeia
eee ?anoiaeia ca niiauaiea NAEOO nienuaaaony oaeaea ni n/aoa eeeaioa e
e?aaeeooaony ii n/aoo aeioiaeia aaiea. A iaii?eaeueiii i?aea?a
iaycaoaeueii i?inoaaeyaony n?ie aaethoe?iaaiey. Iinea caaa?oaiey
eniieiaiey cayaeaiey ia ia?aaiae i?eaeiae aai, a oaeaea eiiey
iaii?eaeueiiai i?aea?a e ieaoaaeiiai ii?o/aiey ca a?aieoeo neaeuaathony
aianoa e iinooiatho a a?oea “Aeieoiaiou aeiy”, aaea eniieiaiiua
aeieoiaiou a?ioth?othony ii aeaoai eniieiaiey.

Aeieoiaioa?iue aee?aaeeoea.

Aeieoiaioa?iue aee?aaeeoea i?aaenoaaeyao niaie aeaiaaeiia
iaycaoaeuenoai aaiea, aunoaaeyaiia ia iniiaaiee ii?o/aiey aai
eeeaioa – eiii?oa?a a iieueco yenii?oa?a. Aaie, auaeaaoee
iaycaoaeuenoai, aeieaeai i?iecaanoe ieaoaae yenii?oa?o (aeoeaioiaaoue
aai o?aoou) eee iaania/eoue inouanoaeaiea ieaoaaea (aeoeaioa o?aoo)
ae?oaei aaieii. Yoi iaycaoaeuenoai yaeyaony oneiaiui, oae eae aai
?aaeecaoeey naycaia n auiieiaieai yenii?oa?ii ii?aaeaeaiiuo o?aaiaaiee
(i?aaeaea anaai n i?aaenoaaeaieai a aaie i?aaeoniio?aiiuo
aee?aaeeoeaii aeieoiaioia, iiaeoaa?aeaeathueo auiieiaiea anao aai
oneiaee).

?an/aou a oi?ia aeieoiaioa?iiai aee?aaeeoeaa i?iecaiaeyony
neaaeothuei ia?acii:

Noi?iiu (yenii?oa? e eiii?oa?) caeeth/atho eiio?aeo, a eioi?ii
ii?aaeaeytho, /oi ieaoaaee ca iinoaaeaiiue oiaa? aoaeoo
i?iecaiaeeoueny a oi?ia aeieoiaioa?iiai aee?aaeeoeaa. Aee?aaeeoeau
aunoaaeythony aaieaie ia iniiaaiee ii?o/aiey eee cayaeaiey eiii?oa?a
(i?eeaciaeaoaey ii aee?aaeeoeao), eioi?ia oaeoe/anee iiaoi?yao ana
oneiaey ?acaeaea eiio?aeoa, eanathuaainy ii?yaeea ieaoaaeae. A yoie
nayce i?e caeeth/aiee eiio?aeoa neaaeoao ia?aoeoue aieiaiea ia oi,
/oiau iniiaiua oneiaey aoaeouaai aee?aaeeoeaa auee noi?ioee?iaaiu
iaeaieaa /aoei e iieii. A /anoiinoe, eiio?aeou iaiaa?eaatho neaaeothuaa:

a) iaeiaiiaaiea aaiea, a eioi?ii aoaeao ioe?uo aee?aaeeoea
(i?aaeii/oaiea ioaeaaony aaieai, yaeythueiny ei??aniiiaeaioaie
oiieiiii/aiiiai aaiea);

a) aeae aee?aaeeoeaa;

a) iaeiaiiaaiea aaecothuaai e eniieiythuaai aaiea;

a) ii?yaeie aceiaiey aaieianeie eiiennee;

ae) oneiaey eniieiaiey ieaoaaea (ii i?aaeuyaeaiee, ieaoaae n
?ann?i/eie, iooai aeoeaioa eee iaaioeeaoeee e o.ae.);

a) ia?a/aiue aeieoiaioia, i?ioea eioi?uo aeieaeai
i?iecaiaeeoueny ieaoaae;

ae) n?iee aeaenoaey aee?aaeeoeaa, n?iee ioa?ocee e ae?.

A ?yaea neo/aaa eiio?aaaiou iiaoo niaeaniaaoue i?ioi?io
aee?aaeeoeaa, eioi?ay noaiiaeoueny iaiouaieaiie /anoueth eiio?aeoa,
o.a. iiaeaioiaeoue i?eia?iue oaeno aoaeouaai aee?aaeeoeaa, ia eioi?ue
aoaeao iie?aoueny i?eeaciaeaoaeue-eiii?oa? i?e i?aaeuyaeaiee naiaai
cayaeaiey eee ii?o/aiey ia ioe?uoea aee?aaeeoeaa a aaiea. Eiia/ii,
aeaeaoaeueii, /oiau yoa i?ioi?ia auea niaeaniaaia, ii aiciiaeiinoe, n
aaieaie, eioi?ua aoaeoo o/anoaiaaoue a aee?aaeeoeaiie iia?aoeee.

Iinea caeeth/aiey eiio?aeoa yenii?oa? iiaeaioaaeeaaao oiaa? e
ioa?ocea, i /ai ecaauaao (eae i?aaeei, ii oaeaeno) eiii?oa?a. Iieo/ea
oaeia ecaauaiea, iieoiaoaeue iai?aaeyao naiaio aaieo ii?o/aiea
(cayaeaiea) ia ioe?uoea aee?aaeeoeaa, a eioi?ii oeacuaaao ana
iaiaoiaeeiua aai oneiaey. Eiii?oa?, aeathuee ii?o/aiea ia ioe?uoea
aee?aaeeoeaa, iacuaaaony i?eeaciaeaoaeai. Aaie, ioe?uaathuee
aee?aaeeoea (aaie-yieoaio), aeaenoaoao ia iniiaaiee eino?oeoeee
i?eeaciaeaoaey.

Iinea ioe?uoey aee?aaeeoeaa, a eioi?ii aaie-yieoaio iau/ii
oeacuaaao, eaeei ia?acii aoaeao i?iecaiaeeoueny ca/eneaiea n?aaenoa, ii
iai?aaeyaony yenii?oa?o, a iieueco eioi?iai ii ioe?uo (aaiaoeoeea?o).
I?e yoii aaie-yieoaio iai?aaeyao aee?aaeeoea aaiaoeoeea?o, eae
i?aaeei, /a?ac aaie, ianeoaeeaathuee iineaaeiaai, a caaea/o
eioi?iai aoiaeeo aaeciaaiea (ecaauaiea) aee?aaeeoeaa yenii?oa?o.
Oaeie aaie iacuaaaony aaecothuei aaieii. Iieo/ea io yieoaioa
aee?aaeeoea, aaecothuee aaie ii aiaoiei i?eciaeai i?iaa?yao aai
iiaeeeiiinoue e ia?aaeaao aaiaoeoeea?o. Aaecothuee aaie oaeaea
iieo/aao yecaiiey? aee?aaeeoeaiiai ienueia eee oaeaena, iineieueeo ii
oiieiiii/ai ia i?eai io aaiaoeoeea?a aeieoiaioia ii aee?aaeeoeao, eo
i?iaa?eo e ionueeo aaieo-yieoaioo, a a ?yaea neo/aaa iacia/aaony
yieoaioii a ea/anoaa eniieiythuaai aee?aaeeoea aaiea, o.a.
oiieiiii/eaaaony ia ieaoaae, iaaioeeaoeeth (iieoieo) eee aeoeaio o?aoo
yenii?oa?a.

Iieo/ea aee?aaeeoea, aaiaoeoeea? i?iaa?yao aai ia i?aaeiao
niioaaonoaey oneiaeyi eiio?aeoa. A neo/aa ianiioaaonoaey aaiaoeoeea?
iiaeao ecaanoeoue naie aaie ia oneiaeyo i?eiyoey aee?aaeeoeaa (eee
aeaaea i aai iai?eiyoee) e cao?aaiaaoue o i?eeaciaeaoaey aianaiey
iaiaoiaeeiuo eciaiaiee a aai oneiaey. Anee aea aaiaoeoeea? niaeanai n
oneiaeyie ioe?uoiai a aai iieueco aee?aaeeoeaa, ii a onoaiiaeaiiua
n?iee niaa?oaao ioa?oceo oiaa?a e, iieo/ea o?ainii?oiua aeieoiaiou
io ia?aaic/eea, i?aaenoaaeyao eo aianoa n ae?oaeie o?aaoaiuie
aee?aaeeoeaii aeieoiaioaie (n/aoaie, niaoeeoeeaoeeyie,
na?oeoeeaoaie, i?e iaiaoiaeeiinoe – no?aoiauie aeieoiaioaie, o?aooaie e
o.ae.) a naie aaie.

Iinea i?iaa?ee aaie yenii?oa?a ionueaao aeieoiaiou (e o?aoou, anee
oneiaeyie aee?aaeeoeaa i?aaeoniio?aii eo i?aaenoaaeaiea) aaieo yieoaioo
aeey iieaou, aeoeaioa eee iaaioeeaoeee, oeacuaay a naiai
nii?iaiaeeoaeueiii ienueia, eae aeieaeia auoue ca/eneaia au?o/ea.
Iieo/ea aeieoiaiou, yieoaio i?iaa?yao eo, iinea /aai ia?aaiaeeo noiio
ieaoaaea aaieo yenii?oa?a, aeaaaooy n/ao eiii?oa?a. Aaie yenii?oa?a
ca/eneyao au?o/eo aaiaoeoeea?o, eiii?oa? aea, iieo/ea io
aaiea-yieoaioa aeieoiaiou, anooiaao ai aeaaeaiea oiaa?ii.

?acee/athony neaaeothuea aeaeu aee?aaeeoeaia:

– iocuaiua e aaciocuaiua;

– iiaeoaa?aeaeaiiua e iaiiaeoaa?aeaeaiiua;

– o?ainoa?aaaeueiua (ia?aaiaeiua);

– ?aaieueaa?iua(aiciaiiaeyaiua);

– iie?uoua e iaiie?uoua.

Oaaaeeaoenue, /oi iieo/aaiue aee?aaeeoea ioaa/aao anai
o?aaiaaieyi e yaeyaony iia?aoeaiui eino?oiaioii, ioaaonoaaiiue
eniieieoaeue a oa/aiea o?ao aeiae iaycai aaeciaaoue aaiaoeoeea?a ia
ioe?uoee a aai iieueco yenii?oiiai aee?aaeeoeaa. Ana aee?aaeeoeau,
aunoaaeaiiua a iieueco ?inneeneeo yenii?oa?ia e aaeciaaiiua
oiieiiii/aiiui aaieii, ?aaeno?e?othony a eieaa ii onoaiiaeaiiie
oi?ia, e eaaeaeiio aee?aaeeoeao i?enaaeaaaony iiia?.

A i?aeoeea ?aaiou Iaeeiaaiea aee?aaeeoeau eiino?aiiuo aaieia
o/eouaathony ia aiaaaeainiaii n/aoa “Aee?aaeeoeau a eiino?aiiie
aaethoa ii yenii?oiui iia?aoeeyi”. Eaaeaeue aeaiue a ioaeae,
caieiathueeny yenii?oiuie aee?aaeeoeaaie, iinooiaao iiceoeeiiiay
aaaeiiinoue iai?ioia e inoaoeia eeoeaauo n/aoia, a eioi?ie aaaeaony
o/ao aee?aaeeoeaia ii neaaeothuei ?aeaeceoai:

1. Iiia? aee?aaeeoeaa ii ioia?aoeee oiieiiii/aiiiai aaiea;

2. I?eciae aee?aaeeoeaa. I?eciae aee?aaeeoeaa oa?aeoa?ecoao aaie,
ioe?uaoee aee?aaeeoea.

3. I?eciae oneiaee aee?aaeeoeaa.

4. Eiae aaethou.

5. Eiae eeeaioa.

6. N?ie aeaenoaey aee?aaeeoeaa.

7. Aeaoa iineaaeiae iia?aoeee ii aeaiiiio aee?aaeeoeao.

8. Noiia a eiino?aiiie aaethoa (i?eoiae, ?anoiae, enoiaeyuee
inoaoie).

9. Noiia enoiaeyuaai inoaoea a ?oaeyo.

Ia eaaeaeue aee?aaeeoea ioe?uaaaony aeinuea. Aeinuea iaeiia?aiaiii
neoaeeo e eeoeaaui n/aoii aee?aaeeoeaa, eioi?ue aaaeaony a eiino?aiiie
aaethoa. Ia aeinuea aeaeathony caiene i i?iecaaaeaiiuo iia?aoeeyo
ii aeaiiiio aee?aaeeoeao iaeniieueciaaiiii inoaoea, a oaeaea iiiaoee
i ia/eneaiee e acuneaiee eiiennee. A aeinuea iiaeoeaaaony yecaiiey?
aee?aaeeoeaa aeey aaecothuaai aaiea.

Aeieoiaioa?iua aee?aaeeoeau i?aaeoniao?eaatho inouanoaeaiea ieaoaaea
aaiaoeoeea?o i?ioea i?aaenoaaeaiey iineaaeiei a aaie
i?aaeoniio?aiiuo oneiaeyie aee?aaeeoeaa aeieoiaioia.

I?aaiecaoeey-yenii?oa?, ioa?ocea oiaa?, i?aaenoaaeyao a aaie
iaiaoiaeeiua aeieoiaiou i?e nii?iaiaeeoaeueiii ienueia-ii?o/aiee.
Eniieieoaeue i?iaa?yao i?aaeeueiinoue aai ioi?ieaiey e iaee/ea a iai
anao o?aaoaiuo ?aeaeceoia: iiia?a aee?aaeeoeaa aaiea-yieoaioa e
aaecothuaai aaiea, iaeiaiiaaiea aaiea, ioe?uaoaai aee?aaeeoea, noiiu e
n?iea aeaenoaey aee?aaeeoeaa, ia?a/iy i?eeiaeaiiuo aeieoiaioia e eo
eiee/anoaa, iiia?a n/aoa aaiaoeoeea?a, ia eioi?ue neaaeoao ca/eneeoue
i?e/eoathuothny yenii?oioth au?o/eo, noiiu aeieoiaioia, iaee/ea ia/aoe
e iiaeienae aee?aeoi?a e aeaaiiai aooaaeoa?a.

Iaycaoaeueiui aeieoiaioii, i?aaeoniio?aiiui oneiaeyie
aee?aaeeoeaa, yaeyaony eiiia?/aneee n/ao. Anee eiia ia iaiai?aii a
oneiaeyo aee?aaeeoeaa, eiiia?/aneea n/aoa aeieaeiu auoue auienaiu ia
eiy i?eeaciaeaoaey aee?aaeeoeaa, i?e/ai iaeiaiiaaiea i?eeaciaeaoaey a
n/aoa aeieaeii auoue eaeaioe/ii iaeiaiiaaieth a oneiaeyo
aee?aaeeoeaa. Iaycaoaeueiuie ?aeaeceoaie n/aoa yaeythony: aai iiia?,
aeaoa e noiia, iiia? aee?aaeeoeaa, a?ociiieo/aoaeue, iiia? e aeaoa
o?ainii?oiiai aeieoiaioa, ianoi ioa?ocee e ianoi iacia/aiey
oiaa?a, iienaiea oiaa?a (iai?eia?, noieiinoue, oeaia ca aaeeieoeo,
ia?ee?iaea, oiaeiaea e o.i.) aeieaeii no?iai niioaaonoaiaaoue iienaieth
eo a aee?aaeeoeaa. Ai anao ae?oaeo aeieoiaioao iienaiea oiaa?a iiaeao
auoue aeaii a iaueo au?aaeaieyo, ia i?ioeai?a/aueo ae?oa ae?oao.
Iaycaoaeueiui ?aeaeceoii n/aoa yaeyaony oaeaea oeacaiea oneiaee iinoaaee
oiaa?a(NEO,OIA,EAO).

O?ainii?oiua aeieoiaiou auienuaathony a?ociia?aaic/eeii a
oaeinoiaa?aiea oiai, /oi oiaa? i?eiyo ei e ia?aaicea. O?ainii?oiuie
aeieoiaioaie yaeythony: i?e aeaeaciiaei?iaeiuo ia?aaiceao
-aeaeaciiaei?iaeiay iaeeaaeiay e aa aeoaeeeao, i?e aaeaia?aaiceao
– aaeaiaeeaaeiay; i?e aaoiaei?iaeiuo ia?aaiceao –
aaoiaei?iaeiay iaeeaaeiay; i?e ii?neeo ia?aaiceao – eiiinaiaio.

E /eneo aeieoiaioia, aeathueo ea/anoaaiioth e eiee/anoaaiioth
oa?aeoa?enoeeo oiaa?a, ioiinyony: niaoeeoeeaoeey, oiaeiai/iue eeno,
na?oeoeeao i ea/anoaa.

Anee aee?aaeeoea i?aaeoniao?eaaao i?aaenoaaeaiea o?aoou
aaiaoeoeea?a, eioi?ay iiaeeaaeeo ionueea eiino?aiiiio aaieo,
iaiaoiaeeii oaeinoiaa?eoueny a oii, /oi aeaiiay o?aooa i?eeiaeaia e
aeieoiaioai e /oi ana aa ?aeaeceou niioaaonoaotho oneiaeyi
aee?aaeeoeaa e o?aaiaaieyi aaenaeueiiai caeiiiaeaoaeuenoaa.

No?aoiaua aeieoiaiou, anee iie o?aaothony, aeieaeiu auoue oaeeie,
eae ii?aaeaeaii a aee?aaeeoeaa, e aeieaeiu auoue auaeaiu e/eee
iiaeienaiu no?aoiauie eiiiaieyie eee ii?neeie no?aoiaueeaie, eee eo
aaaioaie. No?aoiaua aeieoiaiou io?aaeatho acaeiiioiioaiey iaaeaeo
no?aoiaueeii e no?aoiaaoaeai. ?ieue no?aoiaueea caeeth/aaony a
aiciauaiee oauoeia, iiianaiiuo no?aoiaaoaeai i?e ianooieaiee
no?aoiaiai neo/ay. E no?aoiaui aeieoiaioai ioiinyony: no?aoiaie
iieen, no?aoiaie na?oeoeeao.

Iinea oiai eae ana i?aaenoaaeaiiua aeieoiaiou i?iaa?aiu e
iaia?oaeaii niioaaonoaea eo ae?oa ae?oao e oneiaeyi aee?aaeeoeaa,
aeieoiaiou aioiayony aeey ioi?aaee eiino?aiiiio aaieo:

1. A aeinuea aeaeaaony caienue “Auieaoa” (anee oneiaey
aee?aaeeoeaa i?aaeoniao?eaatho aeaaao n/aoa “Ei?i” eee eee?eiaiaiai
n/aoa, eee n/aoa iie?uoey e ca/eneaiea aaiaoeoeea?o n?aaenoa a iiiaio
i?aaenoaaeaiey aeieoiaioia) eee “?aiao?n” (anee aiciauaiea io
eiiaaiea iinooieo /a?ac eaeie-eeai n?ie), e a a?aoa “Nienaiea”
caienuaaaony noiia aeieoiaioia.

2. Ia/eneyaony eiienney ca iaaioeeaoeeth aeieoiaioia iethn
ii/oiaua ?anoiaeu a caaeneiinoe io aana eiiieaeoa aeieoiaioia a
niioaaonoaee n aeaenoaothuei oa?eoii iaaeaeoia?iaeiie ii/ou,
iethn oaeaa?aoiua ?anoiaeu e ?anoiaeu ca NAEOO (anee
i?aaeoniio?ai oaeaa?aoiue ?aiao?n eee oaeaa?aoiia oaaaeiieaiea
aaiea-yieoaioa).

3. Auaiaeeony iiaue inoaoie a aeinuea.

4. Ioi?ieyaony nii?iaiaeeoaeueiia ienueii eiino?aiiiio aaieo. Iniiaiuie
?aeaeceoaie ienueia yaeythony: aeaoa, iaeiaiiaaiea aaiea, a aae?an
eioi?iai iai?aaeythony aeieoiaiou, iiia? aee?aaeeoeaa
eiino?aiiiai aaiea, iiia? aee?aaeeoeaa oiieiiii/aiiiai aaiea,
ia?a/aiue aeieoiaioia, eioi?ua ioi?aaeythony eiiaaieo, iaeiaiiaaiea
aaiaoeoeea?a, noiia aeieoiaioia, ?aiao?niua eino?oeoeee, noiia
ia/eneaiiie eiiennee, anee niaeanii oneiaeyi aee?aaeeoeaa eiienney
ioiineony ca n/ao eiiaaiea, eiee/anoai eenoia a i?eeiaeaiee.

Oiieiiii/aiiue aaie iieo/aao aiciauaiea ii aee?aaeeoeaai, ioe?uoui
eiino?aiiuie aaieaie a iieueco ?inneeneeo aaiaoeoeea?ia, a
niioaaonoaee n ?aiao?niuie eino?oeoeeyie aaiea-yieoaioa.

Iacaaeneii io niiniaa eniieiaiey aee?aaeeoeaia ieaoaaee ii iei
i?iecaiaeyony oiieiiii/aiiui aaieii aaiaoeoeea?o oieueei iinea
iieo/aiey aiciauaiey io eiino?aiiiai aaiea.

1. Ii aee?aaeeoeaai, i?aaeoniao?eaathuei i?aai aeaaaoiaaiey n/aoa
“Ei?i” eee eee?eiaiaiai n/aoa eee eniieueciaaiea
i?aaeaa?eoaeueiiai iie?uoey:

I?e ionueea aeieoiaioia eiino?aiiiio aaieo aeathony neaaeothuea
eino?oeoeee: “Iu aeaaaoiaaee Aao n/ao o ian ” eee “Iu aeaaaoiaaee n/ao
?… ” (oeacuaaaony iiia? eee?eiaiaiai n/aoa), eee “Iu eniieueciaaee
iie?uoea ia?aaaaeaiiia Aaie”. A nii?iaiaeeoaeueiii ienueia eiiaaieai (a
ia?aii e aoi?ii neo/aa) iaycaoaeueii oeacuaaaony, /oi aeaiiia ienueii
neaaeoao ?anniao?eaaoue eae aeaaaoiaia aaeci (“Iiaeaeoenoa
?anniao?eaaeoa yoi ienueii eae aeaaao-aaeci “).

A iiiaio i?aaenoaaeaiey aeieoiaioia aeaeaaony aooaaeoa?neay caienue
ii aeaaaoo n/aoa ? 073 “Ei?i” (eee?eiaiaiai n/aoa, n/aoa iie?uoey) a
e?aaeeo n/aoa eeeaioa.

N?ieii aaethoe?iaaiey yaeyaony aeaoa i?aaenoaaeaiey
aeieoiaioia a aaie. Noiia aeieoiaioia ia o/eouaaaony ia aiaaaeainiaii
n/aoa. I?e yoii neaaeoao iniai ioiaoeoue, /oi eniieieoaeue, aeaaaooy
n/ao “Ei?i”, iaycai neaaeeoue ca iaee/eai iaiaoiaeeiuo aeey i?iaaaeaiey
?an/aoia noii ia n/aoa, a i?ioeaiii neo/aa aiciiaeai iaa?ae?aoo ii
n/aoo. I?e ionoonoaee eee iaaeinoaoea n?aaenoa ia n/aoa “Ei?i”,
iaiaoiaeeii aeey niaa?oaiey ieaoaaea, eiino?aiiiio aaieo iai?aaeyaony
cai?in n o?aaiaaieai iiaee?aieaiey n/aoa.

2. Ii aee?aaeeoeaai, i?aaeoniao?eaathuei ii/oiaue ?aiao?n,
oiieiiii/aiiue aaie, ionueay aeieoiaiou a niioaaonoaee n oneiaeyie
aee?aaeeoeaa, iai?aaeyao ii/oiaia ?aiao?niia o?aaiaaiea
aaieo-yieoaioo eee ae?oaiio oeacaiiiio a aee?aaeeoeaa ?aiao?ne?othuaio
aaieo. I?e yoii, anee oiieiiii/aiiue aaie naycai n ?aiao?ne?othuei
aaieii n/aoaie, oiieiiii/aiiue aaie eeai i?ineo iieiiii/ea ia
aeaaaoiaaiea n/aoa “Ei?i” eiiaaiea: “Iiaeaeoenoa oiieiiii/ueoa ian ia
aeaaaoiaaiea Aaoaai n/aoa o ian “, eeai i?ineo e?aaeeoiaaoue n/ao
“Iino?i” o eiino?aiiiai aaiea “Iiaeaeoenoa e?aaeeooeoa iao n/ao o Aan”.

I?e iieo/aiee ieaoaaea io eiino?aiiiai aaiea aeaeaaony
neaaeothuay aooaaeoa?neay caienue: Ae – 0730 (n/ao “Ei?i”) E – n/ao
eeeaioa.

Ea?oi/ea ii aiaaaeainiaiio n/aoo “Oiaa?iua aeieoiaiou e o?aoou ii
yenii?oiui aee?aaeeoeaai, ioineaiiui ca a?aieoeo aeey aeoeaioa e
iieaou” aeaaony a ?anoiae.

Aee?aaeeoeau ca eiii?oe?oaiua a iaoo no?aio oiaa?u, iieo/aiiua
oneoae ioe?uaathony aaieaie ii ii?o/aieth i?aaiecaoeee,
inouanoaeythueo aiaoiayeiiiie/aneoth aeayoaeueiinoue, i?eeaciaeaoaeae
aee?aaeeoeaia. Iineaaeiea i?aaenoaaeytho a niioaaonoaothuaa
iiae?acaeaeaiea oiieiiii/aiiiai aaiea cayaeaiea ia ioe?uoea
eiii?oiiai aee?aaeeoeaa ii onoaiiaeaiiie oi?ia. A cayaeaiee ia
ioe?uoea aee?aaeeoeaa aeieaeiu auoue oeacaiu ana iaiaoiaeeiua ?aeaeceou:
iiia? n/aoa eeeaioa – i?eeaciaeaoaey aee?aaeeoeaa, n eioi?iai
nienuaaaony noiia eiino?aiiie aaethou iiae ioe?uoea aee?aaeeoeaa,
iiia? n/aoa, n eioi?iai nienuaaaony eiienney e ae?oaea iaeeaaeiua
?anoiaeu aaiea (ii/oiai-oaeaa?aoiua ?anoiaeu), iaeiaiiaaiea e noiia
eiino?aiiie aaethou oeeo?aie e i?iienueth, iaeiaiiaaiea aaecothuaai
aaiea, iaeiaiiaaiea eniieiythuaai aaiea, iaeiaiiaaiea e aae?an
aaiaoeoeea?a ia eiino?aiiii ycuea, n?ie aeaenoaey aee?aaeeoeaa, n?ie
ioa?ocee, iaeiaiiaaiea oiaa?a, oneiaey iinoaaee oiaa?a, ia?a/aiue
iaiaoiaeeiuo aeey iieaou aeieoiaioia, ii?yaeie iieaou aaieianeie
eiiennee e ?anoiaeia e ae?oaea ?aeaeceou, no?iai niioaaonoaothuea
oneiaeyi e?aaeeoa.

Ia?aui yoaiii ?aaiou n cayaeaieai ia ioe?uoea eiii?oiiai aee?aaeeoeaa
iinea iiaea/e aai a aaie i?eeaciaeaoaeai e i?iaa?ee i?aaeeueiinoe
aai ioi?ieaiey yaeyaony ii?aaeaeaiea niiniaa eniieiaiey aeaiiiai
aee?aaeeoeaa e onoaiiaeaiea aaecothuaai e eniieiythuaai aaieia. I?e
yoii aee?aaeeoea iiaeao auoue ?acia/ai e ia ae?oaie eiino?aiiue aaie,
iaaeaee oio, eioi?ue oeacai i?eeaciaeaoaeai aee?aaeeoeaa a
cayaeaiee ia aai ioe?uoea, enoiaey ec oeiainiauo eioa?ania
oiieiiii/aiiiai aaiea. Iaeiaei oaeia eciaiaiea aiciiaeii oieueei iinea
iieo/aiey niaeaney i?eeaciaeaoaey aee?aaeeoeaa i?e oneiaee, /oi
iineaaeiee niaeaniaae aeaiiue aii?in n aaiaoeoeea?ii e iieo/ee aai
niaeanea ia eciaiaiea aaecothuaai e eniieiythuaai aaieia, i /ai
aeaeaaony niioaaonoaothuay ioiaoea ia aeaiea cayaeaiey ia ioe?uoea
aee?aaeeoeaa n oeacaieai oaieeee e aeieaeiinoe nio?oaeieea
i?aaiecaoeee-i?eeaciaeaoaey aee?aaeeoeaa, n eioi?ui aue niaeaniaai
aeaiiue aii?in. I?iecaaaey ana iaiaoiaeeiua aeaenoaey ii ?aciaoea
aee?aaeeoeaa, oi anoue oeacaa aaecothuee e eniieiythuee aaiee,
nio?oaeiee, i?iecaaaeoee ?aciaoeo, aica?auaao aai nio?oaeieeo ioaeaea
eiii?oiue aee?aaeeoeaia aaiea-yieoaioa.

Aeey io?aaeaiey ioe?uoey aee?aaeeoeaa ii aooaaeoa?ee
ninoaaeyaony iaii?eaeueiue i?aea?. A iaii?eaeueiii i?aea?a oeacuaaaony
iiia? aee?aaeeoeaa, ii aeaaaoo i?inoaaeyaony iiia? n/aoa
i?eeaciaeaoaey aee?aaeeoeaa, n eioi?iai nienuaaaony aaethoiia
iie?uoea, ii e?aaeeoo oeacuaaaony iiia? aaeainiaiai n/aoa, ii
eioi?iio o/eouaaaony aeaiiue aee?aaeeoea ia aaeaina aaiea, caoai
i?inoaaeyaony eiae eiino?aiiie aaethou, a eioi?ie ioe?uaaaony
aee?aaeeoea, noiia eiino?aiiie aaethou. I?e aaaaeaiee aeaiiie
eioi?iaoeee a YAI, nio?oaeieeii au/eneeoaeueiiai oeaio?a, eiiiuethoa?
aaoiiaoe/anee ia?an/eouaaao yoo aaethoo a ?oaee ii oaeouaio
aaethoiiio eo?no. Ioe?uaaaiua oiieiiii/aiiuie aaieaie aee?aaeeoeau
iiaoo o/eouaaoueny ii neaaeothuei aaeainiaui n/aoai:

“E?aaeeoi?u-eeeaiou ii eiii?oiui aee?aaeeoeaai n iie?uoeai auieao ni
n/aoia “Iino?i” e ia n/aoa “Ei?i”;

“E?aaeeoi?u-eeeaiou ii eiii?oiui aee?aaeeoeaai n iie?uoeai auieao ii
eee?eiao”;

“E?aaeeoi?u-eeeaiou ii eiii?oiui aee?aaeeoeaai n iie?uoeai auieao ca
n/ao e?aoein?i/iuo e?aaeeoia eiino?aiiuo aaieia”;

“E?aaeeoi?u-eeeaiou ii eiii?oiui aee?aaeeoeaai n iie?uoeai auieao ni
n/aoia eiiiainaoeeiiiuo naeaeie”;

” E?aaeeoi?u-eeeaiou ii eiii?oiui aee?aaeeoeaai, iie?uoui i?e eo
ioe?uoee ii eee?eiao”;

“E?aaeeoi?u-eeeaiou ii eiii?oiui aee?aaeeoeaai n iie?uoeai auieao ca
n/ao eiiia?/aneiai e?aaeeoa”;

“E?aaeeoi?u eeeaiou ii eiii?oiui ?aaieueaa?iui aee?aaeeoeaai n
iie?uoeai auieao ni n/aoia “Iino?i” ia n/aoa “Ei?i”.

Aee?aaeeoea n/eoaaony ioe?uoui iinea oiai, eae naeaeaia
aooaaeoa?neay caienue ii n/aoai e ioineaii niiauaiea a aae?an
eiino?aiiiai aaiea, i?e/ai aeaou yoeo aeaoo aeieoiaioia aeieaeiu
niaiaaeaoue. A aae?an aaecothuaai eiino?aiiiai aaiea iai?aaeyaony
caeeth/eoaeueiay oaeaa?aiia eee iineaiea ii nenoaia NAEOO n oeacaieai
iiia?a aee?aaeeoeaa, aai iieiuo oneiaee, niiniaa ieaoaaea ii
aee?aaeeoeao, ianoa eniieiaiey e ianoa enoa/aiey n?iea aeaenoaey
aee?aaeeoeaa.

I?eaeiae cayaeaiey ia ioe?uoea aee?aaeeoeaa iai?aaeyaony ia o?aiaiea a
aeieoiaiou aeiy, eiiey inoaaony a aeinuea aee?aaeeoeaa, ae?oaay
eiiey aica?auaaony i?eeaciaeaoaeth aee?aaeeoeaa aianoa n auieneie
ii eeoeaaiio n/aoo a ea/anoaa iiaeoaa?aeaeaiey ioe?uoey
aee?aaeeoeaa. A aee?aaeeoeaiii aeinuea eiathony ana a?aou e eieiiee,
iaiaoiaeeiua aeey /aoeiai e i?aaeeueiiai aaaeaiey aee?aaeeoeaa, a
eiaiii: iiia? aee?aaeeoeaa, aeae aee?aaeeoeaa, n?ie aai aeaenoaey,
ianoi enoa/aiey, ioiaoea i i?ieiiaaoeee, iiia? aee?aaeeoeaiiai
aaeainiaiai n/aoa, eiae eiaaethou, noiia ioe?uoey aee?aaeeoeaa,
iaeiaiiaaiea aaecothuaai, eniieiythuaai e ?aiao?ne?othuaai aaieia,
iaeiaiiaaiea i?eeaciaeaoaey aee?aaeeoeaa, iiia? aai oaeouaai
aaethoiiai n/aoa, n eioi?iai ioe?uo aee?aaeeoea, a?aou n ioiaoeaie i
aeaoa ioe?uoey aee?aaeeoeaa, anao aianaiiuo a aai oneiaey eciaiaieyo,
anae ia?aienea, aaaeouaeny ii aee?aaeeoeao, ii?yaeie iieaou ?anoiaeia
ii aee?aaeeoeao, ioiaoea i i?ioeaioa iie?uoey aee?aaeeoeaa, a oaeaea i
noiia ia?aiia/aeueiiai ieaoaaea – a iieiie noiia eee n ieii/aoaeueiui
?an/aoii. Ia aioo?aiiae noi?iia aee?aaeeoeaiiai aeinuea aeaeathony
ioiaoee i aeaeaeaiee noiiu ii aee?aaeeoeao: ii e?aaeeoo oeacuaathony
noiiu ioe?uoey e oaaee/aiee aee?aaeeoeaa, ii aeaaaoo- noiiu auieao
eee oiaiueoaiee aee?aaeeoeaa ia eiie?aoioth aeaoo, a a?aoa “Inoaoie”
auaiaeeony inoaoie n?aaenoa ia aee?aaeeoeaa ia yoo aeaoo. Oaaee/aiea
noiiu aee?aaeeoeaa i?iecaiaeeony aiaeiae/ii i?ioeanno ioe?uoey
aee?aaeeoeaa.

Iieo/ea io eiino?aiiiai aaiea aeieoiaiou e oaaaeeaoenue a eo iieiii
niioaaonoaee oneiaeyi aee?aaeeoeaa, nio?oaeiee ioaeaea eiii?oiuo
aee?aaeeoeaia aaiea-yieoaioa i?iecaiaeeo eo iieaoo n aee?aaeeoeaa.
I?e i?iaa?ea i?aaenoaaeaiiuo e iieaoa aeieoiaioia nio?oaeiee
aaiea ia?auaao iniaia aieiaiea ia eo eiiieaeoiinoue (niioaaonoaea
ia?a/ith) e niioaaonoaea ii aiaoiei i?eciaeai oneiaeyi aee?aaeeoeaa. Eae
i?aaeei, aaecothuee aaie i?e aunueea aeieoiaioia a aae?an
aaiea-yieoaioa a naiai nii?iaiaeeoaeueiii aaeci oeacuaaao ia?a/aiue
i?aaenoaaeaiiuo aaiaoeoeea?ii aeieoiaioia e iieaoa.

I?e auiieiaiee ieaoaaea n aee?aaeeoeaa nio?oaeiee ioaeaea
eiii?oiuo aee?aaeeoeaia ii aeaaaoiaie noi?iia aee?aaeeoeaiiai aeinuea
caienuaaao noiio ieaoaaea a eiino?aiiie aaethoa, a
a?aoa «Inoaoie» auaiaeeo noiio inoaoea n?aaenoa ia aee?aaeeoeaa n o/aoii
oaeouaai ieaoaaea, a a?aoa “Eiienney e ?anoiaeu” oeacuaaao noiio
?anoiaeia, eioi?oth neaaeoao aicianoeoue eiino?aiiiio aaieo ca
niaa?oaiea aeaiiie iia?aoeee n aeieoiaioaie. Aeey io?aaeaiey iia?aoeee
ii ioi?ieaieth ieaoaaea ii aioo?aiiaio aooaaeoa?neiio o/aoo
nio?oaeiee ioaeaea eiii?oiuo aee?aaeeoeaia aeaeaao niioaaonoaothuea
aooaaeoa?neea caiene iooai ninoaaeaiey iaii?eaeueiiai i?aea?a.
I?e iieaoa aeieoiaioia ia/eneyaony eiienney n noiiu ieaoaaea a
niioaaonoaee n oa?eoii eiienneiiiiai aiciaa?aaeaeaiey aaiea,
nienuaaaony noiia yoie eiiennee n aaethoiiai n/aoa i?eeaciaeaoaey
aee?aaeeoeaa e ca/eneyaony ia n/ao aeioiaeia aaiea, oae aea eae
e eiienney ca ioe?uoea aee?aaeeoeaa.

A aae?an eiino?aiiiai aaiea iai?aaeyaony oaeaeiiioieeaoeeiiiia
ieaoaaeiia ii?o/aiea ia iieaoo aeaiiie noiiu n aee?aaeeoeaa a iieueco
aaiaoeoeea?a niaeanii eino?oeoeeyi, niaea?aeaueiny a nii?iaiaeeoaeueiii
aaeci, i?e eioi?ii eiino?aiiue aaie auneae aeieoiaiou a aae?an
aaiea-yieoaioa, n oeacaieai ?aiao?ne?othuaai aaiea, /a?ac eioi?ue
neaaeoao i?iecaanoe ieaoaae. Aaie-yieoaio ia?aaiaeeo n?aaenoaa,
eino?oeoe?oy ?aiao?ne?othuee aaie iieaoeoue i?e/eoathuothny noiio
ii iacia/aieth a iieueco aaecothuaai aaiea, oeacuaay i?e yoii
n?ie aaethoe?iaaiey, oi anoue aeaoo, ia eioi?oth ?aiao?ne?othuee
aaie iiaeao nienuaaoue noiio ieaoaaea n ei??aniiiaeaioneiai
n/aoa aaiea-yieoaioa o naay. I?e yoii aaie-yieoaio ecaauaao
i ieaoaaea aaecothuee aaie e eino?oeoe?oao ?aiao?ne?othuee aaie
naeaeaoue yoi naiinoiyoaeueii. A neo/aa, anee aaie-yieoaio eiaao
ei??aniiiaeaioneee n/ao a aaecothuai aaiea, ii ia iniiaaiee eino?oeoeee
aaecothuaai aaiea iiaeao oiieiiii/eoue iineaaeiee aeaaaoiaaoue naie
n/ao o iaai aeey ieaoaaea a iieueco aaiaoeoeea?a.

4.3.IA?NIAEOEAU ?ACAEOEss E IOOE NIAA?OAINOAIAAIEss
EI??ANIIIAeAIONEEO IOIIOAIEE.

I?eaeaaay iniaia cia/aiea ei??aniiiaeaioneei ioiioaieyi, e?oiiua
aaiee nicaeatho niaoeeaeece?iaaiiua iiae?acaeaeaiey aeey eiio?iey ca eo
aaaeaieai e aeaeueiaeoei niaa?oainoaiaaieai a oeaeyo aeinoeaeaiey
oaeiai o?iaiy eo ?acaeoey, i?e eioi?ii ei??aniiiaeaioneea ioiioaiey
ioaaouaaee au ana aniaeou aaieianeiai aeciana e niinianoaiaaee au ?inoo
i?eauee. Aaaeiaeoei oneiaeai yooaeoeaiie aeayoaeueiinoe yoeo
iiae?acaeaeaiee yaeyaony eo iia?aoeaiia acaeiiaeaenoaea n ioaeaeaie e
oi?aaeaieyie aaieia, caieiathueieny iaaeaeoia?iaeiuie ?an/aoaie,
aaethoiuie iaoi?aiauie iia?aoeeyie e aeeeeiaii, a oaeaea aeinooi e
iaaeaeoia?iaeiie oeiainiaie eioi?iaoeee. I?eioeeiii ei??aniiiaeaioneeo
ioiioaiee noaiiaeony a ia?aoth i/a?aaeue i?aaeinoaaeaiea ae?oa ae?oao
aiciiaeiinoe i?iaaaeaiey i?eaueueiuo iia?aoeee. E?iia oiai, ia aaca
ei??aniiiaeaioneeo ioiioaiee ?anoe?yaony e?oa i?aaeinoaaeyaiuo oneoa,
aeeth/ay, iai?eia?, iao/aiea ia?niiaea naieo ei??aniiiaeaioia, iiiiuue a
i?aaiecaoeee i?aaenoaaeoaeuenoa, eioi?iaoeeiiiia iaania/aiea e o.i. A
oeaeyo oe?aieaiey nio?oaeie/anoaa iiiaea iiaeiaiua oneoae iiaoo
ieacuaaoueny aanieaoii.

Aeey aaieia a oneiaeyo eieaaaiey i?ioeaioiuo noaaie e aaethoiuo
eo?nia yaeyaony iaiaoiaeeiinoueth ?aoeeiiaeueiia eniieueciaaiea
n?aaenoa ia ei??aniiiaeaioneeo n/aoao iooai ouaoaeueiiai ?aaoee?iaaiey
inoaoeia ia naieo n/aoao o ae?oaeo aaieia, n iaeiie noi?iiu, e
iaeneiaeueii auaiaeiiai eniieueciaaiey n?aaenoa ia n/aoao naieo
ei??aniiiaeaioia o naay, n ae?oaie noi?iiu.

Eniieuecoy aeinoeaeaiey iao/ii-oaoie/aneiai i?ia?anna, e?oiiaeoea
aaiee noaee nicaeaaaoue ?acee/iua aaoiiaoece?iaaiiua nenoaiu aeey
iieo/aiey iia?aoeaiie eioi?iaoeee ia iia?aoeeyo ii n/aoai e oi?aaeaiey
eie a ?aieao ei??aniiiaeaioneeo naycae. Oaeea nenoaiu eniieuecothony,
iai?eia?, eiio?aaaioaie e eeeaioaie ” Bankers Trust Co.” (Cash Connector
) , ” Morgan Guarantee Trust Co. ” (M.A.R.S.) ” Bank of America ” (
BAMTRAC ) , ” Chemical Bank ” ( Chemlink ) e ae?oaeo aia?eeaineeo
aaieia . ?yae aa?iiaeneeo e ?inneeneeo aaieia oaeaea i?enooiee e
nicaeaieth e aiaae?aieth iiaeiaiuo aaoiiaoece?iaaiiuo nenoai .

A 1977 aiaeo ia/aea ooieoeeiie?iaaoue nenoaia NAEOO ( SWIFT: Society
of Worldwide Interbank Financial Telecommunications ), nicaeaiiay 239
aaieaie aeey iaiaia oeiainiaie eioi?iaoeeae. NAEOO iieo/ee a
aaieianeeo e?oaao oe?ieia i?eciaiea e a ianoiyuaa a?aiy yaeyaony iaeiie
ec iniiaiuo nenoai, eniieueciaaiea eioi?ie aeaao aieueoie yooaeo,
aeaaiaea?y aiciiaeiinoe auno?i naycuaaoueny n eiino?aiiuie
aaieaie-ei??aniiiaeaioaie e iieo/aoue iaiaoiaeeiua naaaeaiey, a
oaeaea iia?aoeaii ?aoaoue ?acee/iua aii?inu, ia cao?a/eaay
aeiiieieoaeueiiai a?aiaie ia ii/oiaoth ia?aieneo. Aieueoia cia/aiea
eiaao oaeaea eniieueciaaiea oaeaenia, oaeaoaenia e nenoaiu ” Reuters
“, aeathuae iia?aoeaioth eioi?iaoeeth i ninoiyiee aeae ia
iaaeaeoia?iaeiuo ae?aeao e i eo?nao aaetho. Oaeaea a ianoiyuaa a?aiy ia
iaeio ec eeaee?othueo ?ieae i?aoaiaeoao eiiiuethoa?iay naoue “Eioa?iao”,
oaeaea aeathuay oe?ieee e?oa aiciiaeiinoae aeey iaiaia eioi?iaoeeae e
iieo/aieai iaiaoiaeeiuo aeaiiuo.

Iaeioi?ua aaiee, a oii /enea ec n?aaeieo, noaee
niaoeeaeece?iaaoueny ia ia?aaiaea n?aaenoa iaaeaeo naiae eeeaioo?ie
e aaieaie-ei??aniiiaeaioaie. I?eia?ii iiaeao neoaeeoue o?aioeocneee
aaie “l’Europeenne de Banque”, eioi?ue, yaeyynue /eaiii
i?aaiecaoeee NAEOO, i?eiye ia naay ia?aaiaeiia ianeoaeeaaiea
iaaeaeoia?iaeiuo iia?aoeee ?yaea o?aioeocneeo e eoaeueyineeo aaieia
e oe?i.

Oe?ieia aiaae?aiea eiiiuethoa?iuo nenoai a aaieianeoth i?aeoeeo
aeeeooaony oaeaea e oai, /oi eiieo?aioeey o aaieia, aaaeoueo
ei??aniiiaeaioneea n/aoa, ai iiiaii iniiauaaaony ia oii, ianeieueei
iia?aoeaiie e iieiie yaeyaony i?aaeinoaaeyaiay eioi?iaoeey, eioi?ay a
nia?aiaiiuo oneiaeyo noaea oiaa?ii ia ?uiea aaieianeeo oneoa e
eniieuecoaony aeey aeinoeaeaiey iioeiaeueiuo oneiaee aaaeaiey n/aoia.

I?iaeaia inoaoeia ia n/aoao oanii naycaia n aii?inii noieiinoe
aaieianeeo oneoa, i?aaeinoaaeyaiuo ei??aniiiaeaioai. Iau/ii yoe
inoaoee ( iiaeao auoue iaiai?ai ieieiaeueiue aani?ioeaioiue inoaoie)
?aciauathony aaieii, aaaeouei n/ao, ia ?uiea aeey iie?uoey iia?aoeeiiiuo
?anoiaeia e iieo/aiey i?eauee. A oneiaeyo iaaunieeo i?ioeaioiuo noaaie
eiaao ianoi ii?aaeaeaiiay acaeiiauaiaeiinoue ioiioaiee: iaeei aaie
iieo/aao n?aaenoaa, eioi?ua iia au eniieueciaaoue n auaiaeie
aeey naay, ae?oaie – oneoae naiaai ei??aniiiaeaioa, noieiinoue
eioi?uo auea i?eaieaiie aeey aaieia e eioi?oth iiaeii auei nieaeaoue
ca n/ao oaaee/aiey iauaia iia?aoeee ii n/aoo. Iaeiaei a ia?eiae
?aceiai iiauoaiey i?ioeaioiuo noaaie a na?aaeeia 80-o aiaeia
iiaeaea?aeaiea aani?ioeaioiuo inoaoeia noaei iaauaiaeiui aeey aaieia
e ia/aeny iooie n?aaenoa n ei??aniiiaeaioneeo n/aoia.

A ?acoeueoaoa aaiee noaee ia?aniao?eaaoue iniiao iino?iaiey
aeioiaeiinoe naieo iia?aoeee ii ei??aniiiaeaioneei n/aoai, aeiiieiea aa
eiienneyie. Ianiio?y ia iineaaeiaaaoaa iiieaeaiea noaaie ia ?uiea,
oaiaeaioeey e ia?aaiaeo iia?aoeee ii ei??aniiiaeaioneei n/aoai ia
eiienneiiioth iniiao nio?aiyaony .

Eiiennee iaeaaeatho oaie i?aeiouanoaaie, /oi iie oiea/eaathony
n?aco, eiatho noaaeeueiue oa?aeoa? e ia iiaeaa?aeaiu eciaiaieyi iiae
aeeyieai eieaaaiee noaaie e aaethoiuo eo?nia. O iaeioi?uo aaieia ia
aaca eiiennee i?iaiaeeony 80 – 90 % iia?aoeee ii
ei??aniiiaeaioneei n/aoai. Eiienneiiioth iniiao ana aieaa oe?iei
eniieuecotho oaeaea aaiee Aieeaiaeee, Oaaoeee, Aaeueaee,
Aaeeeia?eoaiee e ?innee. Neaaeoao, iaeiaei, ioiaoeoue, /oi ?yae aaieia
O?A e Oaaeoea?ee ana aua eniieuecoao a iniiaiii nenoaio ieieiaeueiuo
inoaoeia e oieueei 30 % eo noaee i?eiaiyoue eiiennee.

Aieueoia cia/aiea a nia?aiaiiuo oneiaeyo i?eia?aoaao, n iaeiie
noi?iiu, iiauoaiea yooaeoeaiinoe eniieueciaaiey nianoaaiiie oeeeaeueiie
naoe ec ioaeaeaiee, i?aaenoaaeoaeuenoa, aaaionoa e aei/a?ieo
o/?aaeaeaiee (iai?eia?, aiaeeeneee Midland Bank ?aniieaaaao
naoueth ec 177 oaeeo o/?aaeaeaiee ) e, n ae?oaie noi?iiu, iioeiecaoeey
ei??aniiiaeaioneie naoe. Iiae?acaeaeaiey, ioaaonoaaiiua ca
ei??aniiiaeaioneea ioiioaiey, aeieaeiu iinoiyiii neaaeeoue ca
oeaeaniia?aciinoueth iiaeaea?aeaiey ioiioaiee n oai eee eiui
ei??aniiiaeaioii e ia aeiioneaoue iaieaoaaeae e iaa?ae?aooia, anee
iineaaeiea ia i?aaeoniio?aiu ei??aniiiaeaioneeie niaeaoaieyie,
iaee/eai aeinoaoi/iiai eiee/anoaa n/aoia a ?acee/iuo aaethoao (yoi
iicaieyao ecaaaeaoue ?anoiaeia, naycaiiuo n eiiaa?neae aaetho e
eo?niauie ?acieoeaie, i?e oneiaee ionoonoaey eiiennee ca aaaeaiey n/aoa
e aeinoaoi/iiai iau?ia iia?aoeee), iioeiaeueiui ?ani?aaeaeaiee n?aaenoa
iaaeaeo n/aoaie a ?aciuo aaieao iaeiie no?aiu ( iaeii
a?aiy ai Iaeeiaaiea oe?iei i?aeoeeiaaeinue eniieueciaaiea
oeaio?aeueiuo n/aoia, ii eioi?ui iauai iia?aoeee e ?aciauaiiuo
n?aaenoa aue iaeaieueoei a aeaiiie no?aia. Yoi eiaei iaeioi?ua
oaeianoaa, iaeiaei, iai?eia?, eiaaea a 1992 aiaeo ia n/ao a Credit
Lyonnais, Ia?eae aue iaeiaeai a?ano, iauai n?aaenoa Iaeeiaaiea a
ae?oaeo aaieao O?aioeee ieacaeny i/aiue iacia/eoaeueiui e aaie iiian
iioa?e.)

Oaeei ia?acii, iniiaiuie iai?aaeaieyie ?aaiou ii niaa?oainoaiaaieth
ei??aniiiaeaioneeo ioiioaiee n aaieaie yaeythony: auaeaeaiea a
i?aaiecaoeeiiiie no?oeoo?a aaieia niaoeeaeueiuo iiae?acaeaeaiee
caieiathueony iaiin?aaenoaaiii ei??aniiiaeaioneeie ioiioaieyie,
oe?ieia aiaae?aiea n?aaenoa aaoiiaoecaoeee e eiiiuethoa?ecaoeee,
eiio?ieue ca ?aoeeiiaeueiui eniieueciaaieai n?aaenoa ia
ei??aniiiaeaioneeo n/aoao, iioeiecaoeey ei??aniiiaeaioneie naoe ca
a?aieoeae e aioo?e no?aiu.

CAEETH*AIEA

A ianoiyuaa a?aiy, a oneiaeyo i?ienoiaeyueo a ?innee
yeiiiie/aneeo ?aoi?i, aieueoia aieiaiea oaeaeyaony oneeaieth
iaaeaeoia?iaeiuo naycae ?inneeneeo i?iecaiaenoaaiiuo i?aaei?eyoee e
i?aaiecaoeee. Ei??aniiiaeaioneea ioiioaiey iaaeaeo aaieaie eae
aioo?e no?aiu oae e ca ?oaaaeii yaeythony aaaeiaeoei eino?oiaioii
iaaeaeoia?iaeiuo yeiiiie/aneeo naycae. A nayce n yoei ia?iiiia
cia/aiea i?eia?aoaao ?anoe?aiea e niaa?oainoaiaaiea ei??aniiiaeaioneeo
naycae ?inneeneeo eiiia?/aneeo aaieia iaaeaeo niaie, a oaeaea n
eiino?aiiui aaieaie, i?eaaaeaiea eo a niioaaonoaea n ii?iaie
iaaeaeoia?iaeiie aaieianeie i?aeoeee, oaaee/aiea iauaia
i?aaeinoaaeyaiuo oneoa e eiino?aiiuo iia?aoeee, a oaeaea iiene
iiauo oi?i nio?oaeie/anoaa a noa?a ianeoaeeaaiey iaaeaeoia?iaeiuo
?an/aoia. Iiyoiio auai? aaiea-ei??aniiiaeaioa eae ca ?oaaaeii, oae e
aioo?e no?aiu inouanoaeyaony i/aiue ouaoaeueiui ia?acii e auae?aaony a
caaeneiinoe io ioaeae aaiea eee aai eeeaioa, aeey i?iaaaeaiey oao eee
eiuo iia?aoeee. A nayce n oa?icaie iaieaoaaeae, aaie?ionoaa e iinoiyiii
iaiythuaeny yeiiiie/aneie neooaoeee a no?aia aaiee auioaeaeaiu, a ?aieao
onoaiiaeaiiuo ei??aniiiaeaioneeo ioiioaiee, aiaeece?iaaoue oeiainiaia
iieiaeaiea, niae?aoue eioi?iaoeeth i aeayoaeueiinoe e ae?oa ae?oaa, ia
iau?ia i?aaeinoaaeyaiuo oneoa e eo noieiinoe e iia?aoeaii ?aaae?iaaoue
ia ana i?ienoiaeyuea eciaiaiey, nicaeaaay ae?oa ae?oao caei?iaoth
eiieo?aioeeth e iinoiyiii niaa?oainoaoy e oaaee/eaay niaeo?
i?aaeinoaaeyaiuo oneoa.

I?eeiaeaiea ? 1

N I A E A O A I E A

ia onoaiiaeaiee ei??aniiiaeaioneeo ioiioaiee iaaeaeo

Aaieii «Iaeeiaaieii» e

Eiiia?/aneei aaieii “

Aaie «Iaeeiaaie» , a aeaeueiaeoai eiaioaiue “Iaeeiaaie”, e
Eiiia?/aneee aaie “______ ”, a aeaeueiaeoai eiaioaiue
“Ei??aniiiaeaio”, n iiaeienaieai ianoiyuaai niaeaoaiey onoaiaaeeaatho
iaaeaeo niaie ei??aniiiaeaioneea ioiioaiey ia neaaeothueo oneiaeyo:

1. Ei??aniiiaeaio i?aaenoaaeyao a Iaeeiaaie iioa?eaeueii
caaa?aiiua eiiee Onoaaa e eeoeaicee Oeaio?aeueiiai aaiea ?inneeneie
Oaaea?aoeee ia i?aai niaa?oaiey aaieianeeo iia?aoeee a eiino?aiiie
aaethoa, iioa?eaeueii caaa?aiiua ea?oi/ee (aeueaii) n ia?acoeaie
iiaeienae oiieiiii/aiiuo eeoe, e oaeaeniua (NAEOO) eeth/e, a oaeaea
eiua aeieoiaiou ii i?inueaa Iaeeiaaiea a neo/aa aicieeiiaaiey oaeie
iaiaoiaeeiinoe.

Iaeeiaaie iai?aaeyao Ei??aniiiaeaioo naie eiio?ieueiua aeieoiaiou
ii aeiiieieoaeueiie aeiaiai?aiiinoe noi?ii. A aeaeueiaeoai noi?iiu
iaycothony ?aaoey?ii i?aaeinoaaeyoue ae?oa ae?oao eioi?iaoeeth,
eanathuothny eo aeayoaeueiinoe (aiaeiaua io/aou, aeaiiua aaeainia), a
oi?iao, i?aaeoniio?aiiuo Oeaio?aeueiui aaieii ?inneeneie Oaaea?aoeee.

2. Eaaeaeay ec noi?ii ianao iieioth ioaaonoaaiiinoue ca
iaaeeaaeauaa eniieueciaaiea eiio?ieueiuo aeieoiaioia. Noi?iia,
iieo/eaoay ii?o/aiea ae?oaie noi?iiu, ioi?ieaiiia a oi/iii niioaaonoaee
n i?aaenoaaeaiiuie eiio?ieueiuie aeieoiaioaie, ?anniao?eaaao oaeia
ii?o/aiea eae iiaeeeiiia e ia ianao ioaaonoaaiiinoe ca aiciiaeioth
oaeoe/aneoth iai?aaiii/iinoue aeaiiiai ii?o/aiey.

3. A ?aieao aeaiiiai niaeaoaiey noi?iiu iiaoo ioe?uaaoue
ei??aniiiaeaioneea n/aoa, a oaeaea i?iaiaeeoue aeieoiaioa?iua,
aa?aioeeiua, aeaiiceoiua, eiiaa?neiiiua e ae?oaea aeaeu aaieianeeo
iia?aoeee a i?aaeaeao onoaiiaeaiiuo eeieoia, i noiiao eioi?uo noi?iiu
iiaoo eioi?ie?iaaoue ae?oa ae?oaa. Oeacaiiua eeieou iiaoo auoue
eciaiaiu noi?iiaie ii eo nianoaaiiiio oniio?aieth aac ecaauaiey ia
yoii ei??aniiiaeaioa.

Aeey onoaiiaeaiey eeieoa ia i?iaaaeaiea iia?aoeee, a oaeaea aeey
ioe?uoey n/aoa Ei??aniiiaeaio i?aaenoaaeyao ai Iaeeiaaie
caaa?aiiue iaeiaiauie i?aaiaie ?acaa?iooue aaeain ii oi?ia,
i?aaeinoaaeyaiie a Oeaio?aeueiue aaie ?inneeneie Oaaea?aoeee, a
oaeaea ?anoeo?iaeo ii n/aoai aeioiaeia e ?anoiaeia.

Aeey inouanoaeaiey auoaia?a/eneaiiuo iia?aoeee iiaoo caeeth/aoueny
ioaeaeueiua niaeaoaiey e aeiaiai?u, yaeythueany iaiouaieaiie
/anoueth ianoiyuaai niaeaoaiey.

4. Iia?aoeee, iiae?acoiaaathuea aicieeiiaaiea iaycaoaeuenoa iaeiie
noi?iiu ia?aae ae?oaie (aee?aaeeoeau, aa?aioee, e ae?oaea iiaeiaiiai
?iaea iia?aoeee), a oaeaea ii?o/aiey ia inouanoaeaiea ieaoaaeae
i?eieiathony noi?iiaie e eniieiaieth ia iniiaaiee aeieoiaioia ia
aoiaaeiuo iineoaeyo (ii/oiauo ii?o/aiee) eee eeth/aaaiiuo oaeaeniuo
(NAEOO) niiauaiee a noiiao, ia i?aauoathueo yeaeaaeaioa 00.000,00
aeieea?ia NOA ia iaeio iia?aoeeth. Iia?aoeee ia noiiu, i?aauoathuea
oeacaiiue i?aaeae, inouanoaeythony ia iniiaaiee eeth/aaaiiiai
oaeaeniiai (NAEOO) niiauaiey eee, a neo/aa ioi?ieaiey aeieoiaioii ia
aoiaaeiii iineoaea, iiaeeaaeao iiaeoaa?aeaeaieth eeth/aaaiiui oaeaenii
(NAEOOii).

Aeaiiceoiua, eiiaa?neiiiua iia?aoeee e iia?aoeee eoiee-i?iaeaaee
oeaiiuo aoiaa inouanoaeythony oiieiiii/aiiuie ia caeeth/aiea naeaeie
nio?oaeieeaie iin?aaenoaii nenoaiu “?aeoa?-aeeeeia” eee, a neo/aa
iaiaoiaeeiinoe, ioi?ieythony aeaonoi?iiieie aeiaiai?aie.

5. Ii?yaeie ?an/aoia ii iia?aoeeyi, inouanoaeyaiui a ?aieao
ianoiyuaai niaeaoaiey, ii?aaeaeyaony aeaenoaothuae aaieianeie i?aeoeeie
e iiaeeaaeeo i?aaeaa?eoaeueiiio niaeaniaaieth iaaeaeo noi?iiaie n
ioi?ieaieai, a neo/aa iaiaoiaeeiinoe, a aeaea aeiiieiaiey e ianoiyuaio
niaeaoaieth.

Noiiu eiienneiiiiai aiciaa?aaeaeaiey ca i?iaaaeaiea oeacaiiuo
iia?aoeee ii?aaeaeythony aeaenoaothueie Oa?eoaie eiienneiiiiai
aiciaa?aaeaeaiey noi?ii. Noi?iia, iai?aaeythuay ii?o/aiea, oai
naiui iiaeoaa?aeaeaao naia niaeanea ia oieaoo eiiennee e
?anoiaeia a ?acia?ao, ii?aaeaeaiiuo Oa?eoii.

6. Noi?iiu ii ianoiyuaio niaeaoaieth i?e aai auiieiaiee
?oeiaiaenoaothony aeaenoaothuei caeiiiaeaoaeuenoaii ?inneeneie
Oaaea?aoeee, iaaeaeoia?iaeiuie aaieianeeie i?aaeeaie e iau/ayie,
iaaeaeoia?iaeiuie aeiaiai?aie, niaeaoaieyie, a oaeaea eiuie ii?iaoeaiuie
aeoaie.

7. Nii?u, aicieeathuea a nayce n ianoiyuei niaeaoaieai, i?e ia
aeinoeaeaiee aeiaiai?aiiinoe iaaeaeo noi?iiaie iiaeeaaeao ?anniio?aieth
a niioaaonoaee n aeaenoaothuei caeiiiaeaoaeuenoaii ?inneeneie
Oaaea?aoeee.

8. Eciaiaiey e aeiiieiaiey e ianoiyuaio niaeaoaieth ioi?ieythony a
ienueiaiiie oi?ia ca iiaeienueth oiieiiii/aiiuo eeoe noi?ii e
yaeythony iaiouaieaiie /anoueth ianoiyuaai niaeaoaiey.

9. Ia?aienea aaaeaony ia ?onneii e aiaeeeneii ycueao.

10. Niaeaoaiea anooiaao a neeo iinea aai iiaeienaiey e
i?aaenoaaeaiey eiio?ieueiuo aeieoiaioia, iaiai?aiiuo a i.1 ianoiyuaai
niaeaoaiey. Niaeaoaiea caeeth/aii ia iaii?aaeaeaiiue n?ie e
iiaeao auoue ?anoi?aiooi ii eieoeeaoeaa ethaie ec noi?ii i?e oneiaee
oaaaeiieaiey ae?oaie noi?iiu ia iaiaa, /ai ca 1 ianyoe.

Iaycaoaeuenoaa noi?ii, auoaeathuea ec ianoiyuaai niaeaoaiey, ii ia
caaa?oaiiua e iiiaioo aai ?anoi?aeaiey, aeieaeiu auoue eniieiaiu
noi?iiaie iieiinoueth iacaaeneii io i?ae?auaiey aeaenoaey niaeaoaiey.

11. Niaa?oaii a a.Iineaa “____”_____________199__a. ia ?onneii
ycuea a aeaoo yecaiiey?ao, eiathueo iaeeiaeiaoth th?eaee/aneoth neeo.

Iaeeiaaie EA “ ”

1111111, a. Iineaa,

4-y oeeoea No?ieoaeae, 25

(iiaeiene e aeieaeiinoe oiieiiii/aiiuo eeoe)
Ia/aoue

(iiaeiene e aeieaeiinoe oiieiiii/aiiuo eeoe) Ia/aoue

Ae I A I A I ?

ia ioe?uoee e ii?yaeea aaaeaiey ei??aniiiaeaioneiai n/aoa

a naiaiaeii eiiaa?oe?oaiie aaethoa

Aaie «Iaeeiaaie» , a aeaeueiaeoai eiaioaiue “Iaeeiaaie”, e
Eiiia?/aneee aaie “___________ ”, a aeaeueiaeoai
eiaioaiue “Ei??aniiiaeaio”, a ?aieao Niaeaoaiey ia onoaiiaeaiee
ei??aniiiaeaioneeo ioiioaiee io ” “__________ 1997a.,
aeiaiai?eeenue i ieaeaneaaeothuai:

1. Iaeeiaaie ioe?uaaao ia eiy Ei??aniiiaeaioa aaethoiue n/ao (a
aeaeueiaeoai eiaioaiue “N/ao”).

2. Aaethoa N/aoa Eiae aaethou

aeieea?u NOA 001

aiaeeeneea ooiou noa?eeiaia 003

o?aioeocneea o?aiee 009

iaiaoeeea ia?ee 048

Iaeeiaaie ioe?uaaao ia eiy Ei??aniiiaeaioa n/aoa a eiuo naiaiaeii
eiiaa?oe?oaiuo aaethoao eee cae?uaaao eiathueany ia iniiaaiee
aeiiieieoaeueiuo cai?inia Ei??aniiiaeaioa, niaea?aeaueo nnueeo ia
aeaiiue aeiaiai?, aac ioi?ieaiey niioaaonoaothuei aeiiieiaieai e
aeiaiai?o. Oeacaiiua cai?inu iai?aaeythony a aae?an Iaeeiaaiea a
ienueiaiiie oi?ia ca iiaeienueth oiieiiii/aiiuo eeoe.

3. Iaeeiaaie i?iaiaeeo aaieianeea iia?aoeee ii ii?o/aieth
Ei??aniiiaeaioa ca n/ao n?aaenoa, iaoiaeyueony ia N/aoa.

Eeieo inoaoea n?aaenoa ia N/aoa ia i?aaeoniio?ai.

4. Iaeeiaaie i?iaiaeeo ana iia?aoeee oieueei a i?aaeaeao inoaoea
n?aaenoa ia N/aoa. Iaeeiaaie ia ianao ioaaonoaaiiinoe ca iaauiieiaiea
ii?o/aiee Ei??aniiiaeaioa, anee noiia ii?o/aiey i?aauoaao noiio
inoaoea n?aaenoa ia N/aoa. A neo/aa iaaeinoaoea n?aaenoa ia N/aoa
Iaeeiaaie ecaauaao ia yoii Ei??aniiiaeaioa ii oaeaeno (NAEOO) ca aai
n/ao.

Iaeeiaaie auiieiyao ii?o/aiey Ei??aniiiaeaioa a i?aauoaiea noiiu
inoaoea ii n/aoo ca n/ao eiiaa?nee n?aaenoa ni n/aoia Ei??aniiiaeaioa
a ae?oaeo aaethoao, ii niaeaniaaieth n Ei??aniiiaeaioii. Eiiaa?ney
inouanoaeyaony ia oneiaeyo, iaiai?aiiuo a i.6 aeaiiiai Aeiaiai?a.

A neo/aa aicieeiiaaiey iaa?ae?aooa ii N/aoo Ei??aniiiaeaio iaycoaony
iiaaneoue aai e oieaoeoue niioaaonoaothuea iaa?ae?aooiua i?ioeaiou.

5. Iaeeiaaie auiieiyao ii?o/aiey Ei??aniiiaeaioa, anee iie ioi?ieaiu
io eiaie Aieiaiiai ioena Ei??aniiiaeaioa. Ii?o/aiey oeeeaeia
(ioaeaeaiee) Ei??aniiiaeaioa i?eieiathony e eniieiaieth, oieueei anee
iie iiaeoaa?aeaeaiu Aieiaiui ioenii.

6. Iaeeiaaie auiieiyao ii?o/aiey Ei??aniiiaeaioa ia
inouanoaeaiea eiiaa?nee n?aaenoa ia N/aoa a ae?oaoth naiaiaeii
eiiaa?oe?oaioth aaethoo. Eiiaa?ney inouanoaeyaony ii eo?no
iaaeaeoia?iaeiiai ?uiea ia aeaiue niaa?oaiey iia?aoeee.

7. Ia?a/aiue iinooieaiee e ieaoaaeae, eioi?ua iiaoo inouanoaeyoueny
ii N/aoo: iinooieaiey e ieaoaaee ii anai aeaeai iia?aoeee a oi?ia
aee?aaeeoeaia, eieanni, ia?aaiaeia. Ii?o/aiey Ei??aniiiaeaioa ia
ia?aaiae n?aaenoa ni N/aoa ca a?aieoeo auiieiythony n o/aoii aioo?aiieo
ii?iaoeaiuo aeieoiaioia Iaeeiaaiea, ii?aaeaeythueo ii?yaeie
ia?aaiaea n?aaenoa a iieueco aaiaoeoeea?ia ia oa??eoi?ee auaoeo
?anioaeee Nithca NN?.

8. Ii?yaeie e n?iee aunueee auienie ni N/aoa e iiaeoaa?aeaeaiey
i?aaeeueiinoe naeueaei N/aoa: auienee aunueathony Iaeeiaaieii a
aae?an Ei??aniiiaeaioa ii ia?a niaa?oaiey iia?aoeee. Naeueaei N/aoa
n/eoaaony iiaeoaa?aeaeaiiui, anee Ei??aniiiaeaio a oa/aiea 30
eaeaiaea?iuo aeiae ni aeiy iieo/aiey auienee ia niiaueo naieo
caia/aiee.

Ei??aniiiaeaio iiaeoaa?aeaeaao naeueaei N/aoa ia 1 yiaa?y eaaeaeiai
aiaea.

9. Ii?yaeie aceiaiey eiiennee e ii/oiai-oaeaeiiioieeaoeeiiiuo
?anoiaeia: eiiennee e ii/oiai-oaeaeiiioieeaoeeiiiua ?anoiaeu aceiathony
ii aeaenoaothuaio Oa?eoo eiienneiiiiai aiciaa?aaeaeaiey Iaeeiaaiea.

10. I?ioeaioiua noaaee: a niioaaonoaee n aeaenoaothueie noaaeaie,
onoaiaaeeaaaiuie ai Iaeeiaaiea.

I?ioeaiou ia noiiu inoaoeia iaiaa 100.000,00 aeieea?ia NOA eee
yeaeaaeaioa a ae?oaie NEA ia ia/eneythony.

Iaeeiaaie EA “ ”

107078, a. Iineaa,

i?-eo Naoa?iaa, 9

(iiaeiene e aeieaeiinoe oiieiiii/aiiuo eeoe)
Ia/aoue

(iiaeiene e aeieaeiinoe oiieiiii/aiiuo eeoe) Ia/aoue

I?eeiaeaiea 2

AAIE AIAOIAYEIIIIE*ANEIE AeAssOAEUeIINOE NNN?

“____” 1997 aiaea

Aaeainiaue iiia? n/aoa

0810 .

? A N I I ? ss AE A I E A ? 97-_____/ .

i ii?yaeea ?an/aoia e aaaeaiee n/aoia

EA ” ” ai Iaeeiaaiea

a naiaiaeii eiiaa?oe?oaiie aaethoa

Ii/oiaue aae?an:

Oaeaoii: Oaeaoaen:

Oaeaen: NAEOO:

O/?aaeaeaiey aaiea-ei??aniiiaeaioa, eiathuea i?aai niaa?oaoue
iia?aoeee ii n/aoo: niaeanii ia?acoeai iiaeienae Ei??aniiiaeaioa.

1. Iaeiaiiaaiea e aeae n/aoa: oaeouee aaethoiue n/ao
Ei??aniiiaeaioa ai Iaeeiaaiea.

2. Aaethoa n/aoa eiae aaethou

aeieea?u NOA – 001

3. Eeieo inoaoea n?aaenoa ia n/aoa – ia i?aaeoniio?ai. Iaa?ae?aoo ia
aeiioneaaony. A neo/aa iaaeinoaoea n?aaenoa ia n/aoa Iaeeiaaie ecaauaao
ia yoii Ei??aniiiaeaioa ii oaeaeno (NAEOO) ca aai n/ao.

Ii?o/aiey Ei??aniiiaeaioa a i?aauoaiea noiiu inoaoea ii n/aoo
iiaoo auoue auiieiaiu oieueei ca n/ao eiiaa?nee n?aaenoa ni n/aoia
Ei??aniiiaeaioa a ae?oaeo aaethoao ia oneiaeyo, iaiai?aiiuo a i.4
aeaiiiai ?anii?yaeaiey.

4. I?aai e oneiaey eiiaa?nee n?aaenoa ia n/aoa a ae?oaoth
naiaiaeii eiiaa?oe?oaioth aaethoo: i?aai i?aaeinoaaeaii. Eiiaa?ney
inouanoaeyaony Oi?aaeaieai ei??aniiiaeaioneeo n/aoia Aeaia?oaiaioa
iaaeaeoia?iaeiuo ?an/aoia e ei??aniiiaeaioneeo n/aoia ii ii?o/aieth
Ei??aniiiaeaioa ii eo?no iaaeaeoia?iaeiiai ?uiea ia aeaiue
niaa?oaiey iia?aoeee.

5. I?aai ia?aaiaea n?aaenoa ca a?aieoeo i?aaeinoaaeaii (n o/aoii
aioo?aiieo ii?iaoeaiuo aeieoiaioia Iaeeiaaiea, ii?aaeaeythueo
ii?yaeie ia?aaiaea n?aaenoa a iieueco aaiaoeoeea?ia ia oa??eoi?ee auaoeo
?anioaeee Nithca NN?).

6. Ia?a/aiue iinooieaiee e ieaoaaeae, eioi?ua iiaoo inouanoaeyoueny
ii n/aoo: iinooieaiey e ieaoaaee ii anai aeaeai iia?aoeee a oi?ia
aee?aaeeoeaia, eieanni, ia?aaiaeia.

7. Ethaua iia?aoeee, iiae?acoiaaathuea aicieeiiaaiea iaycaoaeuenoa
Ei??aniiiaeaioa ia?aae Iaeeiaaieii (aee?aaeeoeau, aa?aioee, e
ae?oaea iiaeiaiiai ?iaea iia?aoeee), a oaeaea ii?o/aiey ia inouanoaeaiea
ieaoaaeae i?eieiathony Iaeeiaaieii e eniieiaieth ia iniiaaiee
aeieoiaioia ia aoiaaeiuo iineoaeyo (ii/oiauo ii?o/aiee) eee
eeth/aaaiiuo oaeaeniuo (NAEOO) niiauaiee a noiiao, ia i?aauoathueo
yeaeaaeaioa 5.000,00 aeieea?ia NOA ia iaeio iia?aoeeth. Iia?aoeee ia
noiiu, i?aauoathuea oeacaiiue i?aaeae, inouanoaeythony ia iniiaaiee
eeth/aaaiiiai oaeaeniiai (NAEOO) niiauaiey eee, a neo/aa ioi?ieaiey
aeieoiaioii ia aoiaaeiii iineoaea, iiaeeaaeao iiaeoaa?aeaeaieth
eeth/aaaiiui oaeaenii (NAEOOii).

8. Ii?yaeie e n?iee aunueee auienie ni n/aoa e iiaeoaa?aeaeaiey
i?aaeeueiinoe naeueaei n/aoa: auienee aunueathony/auaeathony Iaeeiaaieii
a aae?an Ei??aniiiaeaioa ii ia?a niaa?oaiey iia?aoeee. Naeueaei n/aoa
n/eoaaony iiaeoaa?aeaeaiiui, anee Ei??aniiiaeaio a oa/aiea 30
eaeaiaea?iuo aeiae ni aeiy iieo/aiey auienee ia niiaueo naieo
caia/aiee. Ei??aniiiaeaio iiaeoaa?aeaeaao naeueaei n/aoa ia 1
yiaa?y eaaeaeiai aiaea.

9. Ii?yaeie aceiaiey eiiennee e ii/oiai-oaeaeiiioieeaoeeiiiuo
?anoiaeia: eiiennee e ii/oiai-oaeaeiiioieeaoeeiiiua ?anoiaeu aceiathony
ii aeaenoaothuaio Oa?eoo eiienneiiiiai aiciaa?aaeaeaiey Iaeeiaaiea.

A neo/aa iaaiciiaeiinoe aceiaiey eiiennee ca ianeoaeeaaiea
n/aoa a nayce n iaaeinoaoeii n?aaenoa ia iai Oi?aaeaiea
ei??aniiiaeaioneeo n/aoia niioaaonoaaiii ecaauaao Ei??aniiiaeaioa e
Oi?aaeaiea ei??aniiiaeaioneeo ioiioaiee. A neo/aa ia iinooieaiey io
Ei??aniiiaeaioa n?aaenoa a iieaoo eiiennee ca ianeoaeeaaiea oaeiai
n/aoa eee eiuo niioaaonoaothueo eino?oeoeee, Oi?aaeaiea
ei??aniiiaeaioneeo ioiioaiee i?eieiaao ia?u ii cae?uoeth oeacaiiiai
n/aoa n ia/aea neaaeothuaai eaa?oaea.

10. I?ioeaioiua noaaee: a niioaaonoaee n aeaenoaothueie noaaeaie,
onoaiaaeeaaaiuie ai Iaeeiaaiea.

Ia/aeueiee Oi?aaeaiey

ei??aniiiaeaioneeo ioiioaiee

I?eeiaeaiea 3

AAIE AIAOIAYEIIIIE*ANEIE AeAssOAEUeIINOE

NNN?

“____” ai?aey 1997 a.
Aaeainiaue iiia? n/?oa

0810…..

? A N I I ? ss AE A I E A ? 97- / .

I cae?uoee n/aoa EA” ”

ai Iaeeiaaiea

1. Cae?uoue ia aaeaina Iaeeiaaiea ei??aniiiaeaioneee n/ao ? 0810….,
ioe?uoue ia eiy EA“ ”, Iineaa a aeieea?ao NOA (eiae aaethou
001), iaiaoeeeo ia?eao (eiae 048) e eiaeeeneeo ?oieyo (eiae 245). N
ai?aey 1997 aiaea iia?aoeee ii n/aoo ia i?iaiaeeoue.

2. Oi?aaeaieth ei??aniiiaeaioneeo n/aoia i?iaanoe auaa?eo ?an/aoia e
ioi?ieoue cae?uoea n/aoia a oeacaiiie aaethoa.

3. Inoaoee n?aaenoa ia n/aoao a aeieea?ao NOA e eiaeeeneeo ?oieyo
eniieueciaaoue aeey iieaou eiiennee Iaeeiaaiea ca aaaeaiea n/aoa a 1
eaa?oaea 1997 aiaea.

4. ?anii?yaeaiea io “ “_____________199__a. ? 9__-___/___ n/eoaoue
oo?aoeaoei neeo.

5. Eneeth/eoue EA”_____________”, Iineaa ec nienea
aaieia-ei??aniiiaeaioia Iaeeiaaiea n __ ai?aey 1997 aiaea.

6. Oi?aaeaieth aaieianeeo oaeaeiiioieeaoeee aiioee?iaaoue eiio?ieueiua
aeieoiaiou n oeacaiiui aaieii.

Iniiaaiea: ienueii Iaeeiaaiea io “ “________199_a. ?___/1102

ienueii ei??aniiiaeaioa io “ “_______199_a. ? _______

Ia/aeueiee Oi?aaeaiey

ei??aniiiaeaioneeo ioiioaiee

II. OI?OAOE?IAAIEA

A nia?aiaiiie i?aeoeea eiiia?/aneee e?aaeeo a /enoii aeaea i?aeoe/anee
ia ano?a/aaony, ii aoiaeeo a eaoaai?eth einaaiiiai aaieianeiai
oeiaine?iaaiey a ea/anoaa aa ia/aeueiie ninoaaiie /anoe. Naiui
?ani?ino?aiaiiui iaoiaeii ?aoeiaine?iaaiey eiiia?/aneiai e?aaeeoa
yaeyaony oi?oaoe?iaaiea.

Oi?oaoe?iaaiea – oa?iei, iau/ii oiio?aaeyaiue aeey iaicia/aiey iieoiee
iaycaoaeuenoa, iiaaoaiea eioi?uo i?eoiaeeony ia eaeia-eeai a?aiy a
aoaeouai e eioi?ua aicieeatho a i?ioeanna iinoaaee oiaa?ia e oneoa
(aieueoae /anoueth yenii?oiuo iia?aoeee) aac iai?ioa ia ethaiai
i?aaeuaeouaai aeieaeieea. Neiai “a forfait” o?aioeocneiai
i?ienoiaeaeaiey e au?aaeaao ioeac io i?aa, /oi ninoaaeyao naioth nooue
iia?aoeee ii oi?oaoe?iaaieth.

I?e oi?oaoe?iaaiee i?iaeaaaoe o?aaiaaiey, iiaouaai i?eiyoue, iai?eia?,
oi?io ia?aaiaeiiai aaenaey, caueuaao naay io ethaiai ?aa?anna
aeeth/aieai neia “aac iai?ioa” a eiaeinnaiaio. I?iaeaaoeii
oi?oaoe?oaiiai aaenaey iau/ii yaeyaony yenii?oa?; ii aeoeaiooao aai a
ea/anoaa ieaoaaea ca oiaa?u e oneoae e no?aieony ia?aaeaoue ana ?enee e
ioaaonoaaiiinoue ca eieanne?iaaiea oi?oaeoa?o (o.a. aaieo, o/eouaathuaio
aaenaey) a iaiai ia iaiaaeeaiioth iieaoo iaee/iuie aeaiueaaie.

Iau/ii oi?oaoe?iaaieth iiaeeaaeao oi?aiaua o?aoou eee i?inoua aaenaey,
oioy oai?aoe/anee caaeieaeaiiinoue a ethaie oi?ia iiaea au auoue
oi?oaoe?iaaia. Iaiaa oiio?aaeoaeueiua oi?iu aeeth/atho aee?aaeeoea e
auoaeathuea ec iaai ion?i/aiiua ieaoaaee. I?aiaeaaeaiea i?inouo e
ia?aaiaeiuo aaenaeae iauyniyaony eo oiio?aaeaieai a ea/anoaa
eino?oiaioia oi?aiaiai oeiaine?iaaiey a oa/aiea aeeeoaeueiiai a?aiaie e
naienoaaiiie ei iia?aoeeiiiie i?inoioa.

Ieii/aoaeueiue auai? oiai eee eiiai ieaoaaeiiai n?aaenoaa a
iaaeaeoia?iaeiuo oi?aiauo e e?aaeeoiuo naeaeeao caaeneo io
iiiai/eneaiiuo th?eaee/aneeo, yeiiiie/aneeo e iieeoe/aneeo niia?aaeaiee,
/oi ia iicaieyao au?aaioaoue eaeia-eeai iauaa i?aaeei.

Anee eiii?oa? ia yaeyaony ia?aieeanniui caaiueeii, iieuecothueiny
ianiiiaiiie ?aiooaoeeae, ethaay oi?oaoe?oaiay caaeieaeaiiinoue
iaycaoaeueii aeieaeia auoue aa?aioe?iaaia a oi?ia aaaey eee aaconeiaiie
e aaciocuaiie aaieianeie aa?aioee, i?eaieaiie aeey oi?oaeoa?a.

Auiieiaiea yoiai oneiaey iniaaiii aaaeii, anee ?anniao?eaaoue naeaeeo
iiae oaeii c?aiey aa iaia?aoeiinoe, o.e. a neo/aa iaieaoaaea ni noi?iiu
aeieaeieea, oi?oaeoa? eae ia naith aaeeinoaaiioth aa?aioeth iiaeao
iieiaeeoueny oieueei ia yoo oi?io aaieianeie aa?aioee.

Oi?oaoe?iaaiea – iaeaieaa /anoi i?eiaiyaiay e aaaeiay ec n?aaeian?i/iuo
naeaeie, iineieueeo ioaaouaaao n?ie io 6 ianyoeaa aei 5-6 eao. Iaeiaei
eaaeaeue oi?oaeoa? onoaiaaeeaaao naie a?aiaiiua ?aiee, enoiaey, aeaaiui
ia?acii, ec ?uii/iuo oneiaee aeey ii?aaeaeaiiie naeaeee.

I?e oi?oaoe?iaaiee iieoiea aaenaeae inouanoaeyaony ca au/aoii
(aeeneiioii) i?ioeaioia aaainii ca aanue n?ie e?aaeeoa. Yenii?oa?, oaeei
ia?acii, oaeoe/anee i?aa?auaao naith e?aaeeoioth iia?aoeeth ii oi?aiaie
naeaeea a iia?aoeeth n iaee/iinoueth. A yoii neo/aa ii ioaa/aao
aaeeinoaaiii eeoue ca oaeiaeaoai?eoaeueiia ecaioiaeaiea e iinoaaeo
oiaa?ia e i?aaeeueiia ioi?ieaiea aeieoiaioia ii iaycaoaeuenoaai. Yoi
iineaaeiaa ianoiyoaeuenoai aianoa n iaee/eai oeene?iaaiiie i?ioeaioiie
noaaee, aceiaaiie ca anth iia?aoeeth a naiii aa ia/aea, aeaeaao
oi?oaoe?iaaiea aiieia i?eaieaiie oneoaie aeey yenii?oa?a e ioiineoaeueii
iaaei?iaie aeueoa?iaoeaie ae?oaei nia?aiaiiui oi?iai eiiia?/aneiai
?aoeiaine?iaaiey.

Aicieeiiaaiea ?uiea oi?oaoe?iaaiey ii?aaeaeaii eciaiaieyie a no?oeoo?a
ie?iaie yeiiiieee, i?ienoaaeoeie a eiioea 50-o – ia/aea 60-o aiaeia,
eiaaea ?uiie i?iaeaaoea oiaa?ia i?iecaiaenoaaiiiai iacia/aiey iinoaiaiii
i?aia?aciauaaeny a ?uiie iieoiaoaey yoeo oiaa?ia. Cia/eoaeueiia ?acaeoea
iaaeaeoia?iaeiie oi?aiaee nii?iaiaeaeaeinue oneeeaathuaeny oaiaeaioeeae
?inoa o?aaiaaiee eiii?oa?ia i?iaeeeoue n?ie o?aaeeoeeiiiiai
90-180-aeiaaiiai eiiia?/aneiai e?aaeeoa. Yoi a?aiy oa?aeoa?ecoaony
nieaeaieai o?iaiy oaiiaeaiiiai i?ioeainoiyiey, ia?aciaaaoaainy
aneaaenoaea iineaaiaiiie aeai?annee e oieiaeiie aieiu. Aic?iaeaeaiea
oi?aiauo ioiioaiee iaaeaeo no?aiaie Caiaaeiie e Ainoi/iie Aa?iiu e
aic?anoathuay cia/eiinoue a ie?iaie oi?aiaea no?ai Acee, Ao?eee e
Eaoeineie Aia?eee nicaeaee iiiaeanoai oeiainiauo o?oaeiinoae, a ia?aoth
i/a?aaeue caiaaeiiaa?iiaeneeo yenii?oa?ia. Aieaa oiai, iiyaeaiea yoeo
iiauo ?uieia i?eoeinue ia a?aiy, eiaaea ia?aiaieoaeueiua eiaanoeoeeiiiua
iaycaoaeuenoaa yenii?oe?othueo oe?i i?aiyonoaiaaee oeiaine?iaaieth eie
n?aaeian?i/iuo e?aaeeoia iinoaaueea ca n/ao nianoaaiiuo n?aaenoa, a
nouanoaothuea aaiee auee ia a ninoiyiee i?aaeeiaeeoue oneoae,
iaeeaeaaiua yenii?oa?aie. Oaeei ia?acii, oi?oaoe?iaaiiua n?aaenoaa
iiyaeeenue a ioaao ia iaoaeiaeaoai?aiiue e iinoiyiii ?anoouee ni?in ia
iaaeaeoia?iaeiua e?aaeeou.

Ieiia?ii n?aaee e?oiiaeoeo aaieia, aeaenoaothueo ia ?uiea
oi?oaoe?iaaiey, noae E?aaeeo Noec, a Oaaeoea?ey – ia?aui e?oiiui
aaieianeei oeaio?ii oi?oaoe?iaaiey.

Anei?a noaei i/aaeaeiui, /oi oi?oaoe?iaaiea – auno?i ?acaeaathuayny
io?aneue, o?aaothuay nicaeaiey a ?aieao o?aaeeoeeiiiie ooieoeeiiaeueiie
no?oeoo?u aaiea niaoeeaeueiiai iiae?acaeaeaiey. A aeiiieiaiea e
?anoouaio iauaio naeaeie aicieeea iaiaoiaeeiinoue a ?anoe?aiee
aeayoaeueiinoe a ae?oaeo iai?aaeaieyo e i?aaeeiaeaieth oneoa ii
oeiaine?iaaieth aia i?aaeaeia aaieianeie i?aeoeee. Iiyoiio n 1965 a.
i?enooieea e inouanoaeaieth iia?aoeee ia?aay niaoeeaeece?iaaiiay
i?aaiecaoeey, caieiathuayny eneeth/eoaeueii oi?oaoe?iaaieai – eiiiaiey
Finanz AG, Zurich, oeeeae e?oiiaeoaai oaaeoea?neiai aaiea.

Ia?aainoai Oaaeoea?ee a oi?oaoe?iaaiee ia i?aacieaeaii aei neo ii?, oioy
iia?aoeee ii oi?oaoe?iaaieth ?ani?ino?aieeenue e ia ae?oaea oeiainiaua
oeaio?u Caiaaeiie Aa?iiu.

I?e eiiia?/aneii e?aaeeoiaaiee aiaoiaoi?aiaie naeaeee o yenii?oa?a
aicieeaao oeaeay nenoaia ?eneia, eioi?ua yenii?oa? aa?ao ia naay. A yoo
nenoaio o?aaeeoeeiiii aeeth/athony eiiia?/aneea, aaethoiua, iieeoe/aneea
?enee, naycaiiua n ia?aaiaeii aaetho ec no?aiu a no?aio. Eiiia?/aneea
?enee naycaiu n ianiiniaiinoueth eee iaaeaeaieai aeieaeieea eee aa?aioa
ieaoeoue. Oa?ica iaauiieiaiey iaycaoaeuenoaa iaecaaaeii aea/ao ca niaie
iaiaoiaeeiinoue a eaaeaeii eiie?aoiii neo/aa ioeaiee e?aaeeoiniiniaiinoe
eiii?oa?a eee aa?aioe?othuaai aaiea. Eiiia?/aneee ?ene, naycaiiue n
iaauiieiaieai iaycaoaeuenoaa ainoaea?noaaiiie i?aaiecaoeee, ioiineony e
eaoaai?ee iieeoe/aneeo ?eneia. E?iia ieo, e yoie eaoaai?ee ioiinyony
ae?oaea /?acau/aeiua ia?u ainoaea?noaa: iieeoe/aneea eiioeeeou (aieia,
?aaiethoeey, eioa?aaioeey eee a?aaeaeaineea aieiaiey), eioi?ua iiaoo
i?e/eieoue yenii?oa?o iioa?e.

E /eneo iaeaieaa na?ueaciuo ?eneia ioiinyony ?enee, naycaiiua n
inouanoaeaieai ieaoaaeae a eiino?aiiie aaethoa. I?e ia?aaiaea aaethou
iieoiaoaey a aaethoo i?iaeaaoea ieaaathuea eo?nu eiino?aiiuo aaetho
iiaoo i?eaanoe e cia/eoaeueiiio eciaiaieth noieiinoe i?eia?aoaiiuo ii
eiio?aeoo oiaa?ia, a noaei auoue, e e iioa?yi aeey yenii?oa?a.

?enee ia?aaiaea aucaaiu iau/ii ianiiniaiinoueth eee iaaeaeaieai
ainoaea?noaa eee ae?oaiai niaoeeaeece?iaaiiiai i?aaia inouanoaeyoue
ieaoaaee a aaethoa eiio?aeoa,, a oaeaea n aaaaeaieai ii?aoi?ey ia
ia?aaiae ieaoaaeae a aaethoa ca a?aieoeo.

Ana yoe aeaeu ?eneia i?eiaieiu e e oi?oaoe?iaaieth, o.e. o/eouaay
aaenaey, oi?oaeoa? aa?ao ia naay aac i?aaa ?aa?anna ana ?enee
yenii?oa?a. Iiyoiio i?e oi?oaoe?iaaiee iaiaoiaeeii niaethaeaoue iniiaiua
i?aaeea no?aoiaaiey io ?eneia.

I?e no?aoiaaiee io eiiia?/aneeo ?eneia, yenii?oa? aeieaeai neaaeeoue ca
oai, /oiau caaiuee i?eiaaeeaaeae e ia?aieeanniie eiiiaiee, oioy a
aieueoeinoaa neo/aaa o?aaiaaiey yenii?oa?a iie?uaathony aaaeai eee
aa?aioeae aaiea no?aiu aeieaeieea. Aieueoeinoai oi?oaoe?othueo eiiiaiee
i?eieiatho ia naay iaycaoaeuenoaa oieueei a ia?eiae aiciiaeiiai aeey
oi?oaeoa?a aicieeiiaaiey ?eneia.

Iie?uoea ?enea ia?aaiaea aaetho ec no?aiu a no?aio inouanoaeyaony
oi?oaeoa?ii. Aei caeeth/aiey oi?oaoiie naeaeee eiaiii ii ii?aaeaeyao
niiniaiinoue no?aiu eiii?oa?a auiieiyoue naie aaethoiua iaycaoaeuenoaa.
I?e iie?uoee aaethoiuo ?eneia aieueoeinoai oi?oaoe?othueo eiiiaiee
iieoiatho oieueei a ii?aaeaeaiiuo aaethoao, eioi?ua, enoiaey ec ni?ina
ia yoo aaethoo, iiaeii aani?aiyonoaaiii e auno?i ?aoeiaine?iaaoue. E
oaeei aaethoai i?aaeaea anaai ioiinyony aeieea?u NOA, ia?ee O?A e
oaaeoea?neea o?aiee.

Oi?oaoe?iaaiea eae iaoiae ?aoeiaine?iaaiey eiiia?/aneiai e?aaeeoa
i?aaenoaaeyao aeey yenii?oa?a e i?aeiouanoaa, e iaaeinoaoee. E
i?aeiouanoaai iiaeii ioianoe:

oi?iuaiea aaeainiaiai niioiioaiey aiciiaeiuo iaycaoaeuenoa;

oeo/oaiea ninoiyiey eeeaeaeiinoe (yoe aeaa i?aeiouanoaa aaaeiu a neo/aa
?anoouae caaeieaeaiiinoe yenii?oa?a);

oiaiueoaiea aiciiaeiinoe iioa?ue, naycaiiuo eeoue n /anoe/iui
ainoaea?noaaiiui eee /anoiui no?aoiaaieai e aiciiaeiuo cao?oaeiaiee n
eeeaeaeiinoueth, iaecaaaeiuo a ia?eiae i?aaeuyaeaiey cano?aoiaaiiuo
?aiaa o?aaiaaiee;

ionoonoaea ?eneia, naycaiiuo a eieaaaieai i?ioeaioiuo noaaie;

ionoonoaea ?eneia, naycaiiuo n eo?niauie eieaaaieyie aaetho e n
eciaiaieai oeiainiaiai iieiaeaiey aeieaeieea;

ionoonoaea ?eneia e cao?ao, naycaiiuo n aeayoaeueiinoueth e?aaeeoiuo
i?aaiia e acuneaieai aeaiaa ii aaenaeyi e ae?oaei ieaoaaeiui
aeieoiaioai.

Iaaeinoaoee aeey yenii?oa?a naiaeyony e aiciiaeiui ioiineoaeueii aieaa
aunieei ?anoiaeai ii ia?aaea/a ?eneia oi?oaeoa?o. ?acoiaaony, i?eaaaay e
oi?oaoe?iaaieth, oe?ia-yenii?oa? enoiaeeo ec no?aoaae/aneeo
niia?aaeaiee, a n yoie oi/ee c?aiey oi?oaoe?iaaiea iiaeao ieacaoueny ae
i/aiue auaiaeiui.

Aiaeece?oy aeaaiua oneiaey naeaeee oi?oaoe?iaaiey, iniiaiia aieiaiea
neaaeoao oaeaeeoue iaoaiecio iiaaoaiey, aaethoa, aeeneiioe?iaaieth,
aeaeai oi?oaoe?oaiuo aeieoiaioia, aeaeai aaieianeie aa?aioee e
aeiiieieoaeueiui oneiaeyi.

Ii?iaeueiui oneiaeai e?aaeeoa yaeyaony ?aaoey?iia iiaaoaiea aai /anoyie.
?enee e?aaeeoi?a oiaiueoathony a ?acoeueoaoa nie?auaiey n?aaeiaai n?iea.
Oai, aaea caaeieaeaiiinoue aunooiaao a oi?ia i?inoiai eee ia?aaiaeiiai
aaenaeae, yoi aeinoeaaaony aunoaaeaieai ?yaea aaenaeae ia ii?aaeaeaiiue
n?ie, iau/ii ia n?ie aei 6 ianyoeaa. Neaaeiaaoaeueii, i?e oi?oaoe?iaaiee
ia n?ie aei 5 eao iiaeii iia?e?iaaoue n 10 i?inouie aaenaeyie,
auienaiiuie ia iaeeiaeiaoth noiio e eaaeaeue ia n?ie 6 ianyoeaa iinea
i/a?aaeiie ioa?ocee oiaa?a, iineaaeiaaoaeueii.

Aeieaiaua ?anienee e aaenaey auienuaathony, eae i?aaeei, a aeieea?ao
NOA, ia?eao O?A e oaaeoea?neeo o?aieao, oioy o/anoue aaenaeue iiaeii a
i?eioeeia a ethaie aaethoa. Ia i?aeoeea oi?oaeoa?u ii/oe anaaaea
eniieuecotho yoe o?e aaethou a neeo eo iianaianoiiai oiaeaeaiey ia
aa?i?uieao e /oiau ecaaaeaoue cao?oaeiaiee n i?iaaaeaieai iia?aoeee a
ae?oaeo aaethoao. Aieaa oiai, iineieueeo noieiinoue iia?aoeee ii
oi?oaoe?iaaieth ii?aaeaeyaony, aeaaiui ia?acii, iniiaiuie cao?aoaie
oi?oaeoa?a, ?enee, naycaiiua ni neaauie eee ianoaaeeueiuie aaethoaie,
/?acau/aeii oaei?iaeaee au oaeea iia?aoeee. ?acoiaaony, aaaeii, /oiau
ieaoaaee inouanoaeyeenue a naiaiaeii eiiaa?oe?oaiie aaethoa. Aeey
iaania/aiey yoiai aeieaiaua ?anienee eee aaenaey anaaaea aeeth/atho yoo
iieacioth iaiai?eo, eiaaea iie au?aaeaiu a aaethoa, eiie, /ai aaethoa
ianoa ieaoaaea.

O/ao ( aeeneiioe?iaaiea), o.a. oaea?aeaiea niaeaniaaiiie neeaeee ca
niioaaonoaothuee ia?eiae n iiieiaeueiie noiiu aaenaey, eiaao ianoi iinea
oiai, eae oi?oaeoa? iieo/ee aaenaey. A ?acoeueoaoa aeeneiioe?iaaiey
yenii?oa? iieo/aao ca o/oaiiue aaenaeue ii?aaeaeaiioth noiio iaee/iuo
aeaiaa. N oi/ee c?aiey yenii?oa?a iia?aoeey ia yoii caaa?oaia,
iineieueeo ii oaea iieo/ee iieaoo ca iinoaaeaiiua oiaa?u iieiinoueth, e,
ii oneiaeyi niaeaoaiey n oi?oaeoa?ii, caeeth/aiiay n iei naeaeea
ia?aoiie neeu ia eiaao. Iia?aoeee ii oi?oaoe?iaaieth ?aaeei niaa?oathony
ii ieaaathuei o/aoiui noaaeai.

Eae oaea oiiieiaeinue auoa, ia?iiiia eiee/anoai iaycaoaeuenoa,
iiaeeaaeaueo oi?oaoe?iaaieth, i?eieiatho oi?io eeai i?inouo aaenaeae,
eeai ia?aaiaeiuo aaenaeae, aunoaaeaiiuo ia aeieaeieea aaiaoeoeea?ii e
aeoeaioiaaiiuo aeieaeieeii. Neaaeothuea aeaa niia?aaeaiey ii?aaeaeeee
i?aiaeaaeaiea yoeo oi?i aeieaiauo aeieoiaioia:

– ecaanoiinoue, o.e. yoe aeaeu iaycaoaeuenoa a oiaeo ai anai ie?a ni
n?aaeieo aaeia. Iiiaieaoiee iiuo a ia?auaiee n oaeiai ?iaea aeieoiaioaie
aaaeao a cia/eoaeueiiio iaeaa/aieth iauaiey o/anoaothueo noi?ii e, eae
i?aaeei, niinianoaoao auno?iio e aani?aiyonoaaiiiio inouanoaeaieth
iia?aoeee;

– niaeaniaaiiay ia iaaeaeoia?iaeiii o?iaia i?aaiaay iniiaa, caeiaeaiiay
Iaaeaeoia?iaeiie eiiaaioeeae i eiiia?/aneeo aaenaeyo, i?eiyoie
AEaiaaneie eiioa?aioeeae a 1930 a. Yoa eiiaaioeey – /aoeee eiaeaen
i?aeoe/aneeo aeaenoaee. Oioy eiiaaioeey iiaeienaia eeoue
i?aaenoaaeoaeyie no?ai-o/anoieeia, iia ?ac?aaioaea i?eioeeiu, iicaeiaa
aini?eiyoua caeiiiaeaoaeuenoaii aieueoeinoaa oi?aothueo ainoaea?noa.

Ae?oaeie e?aaeeoiuie aeieoiaioaie, oaeaea i?eaiaeiuie aeey
oi?oaoe?iaaiey, yaeythony n/aoa aeaaeoi?ia e ion?i/aiiua iaycaoaeuenoaa
ii aee?aaeeoeao. Iie aieaa eee iaiaa iioiaee, noaey ii neiaeiinoe yoeo
iia?aoeee. Eo inouanoaeaiea o?aaoao io o/anoieeia oi?ioae
inaaaeiieaiiinoe ii th?eaee/aneie e aeaeiaie i?aeoeea, i?eiaiyaiie a
no?aia aeieaeieea. Iaa aeaea aeieaiauo aeieoiaioia i?aaeiieaaatho
iaiaoiaeeiinoue iieiiai eceiaeaiey anao oneiaee. Aieaa oiai, ana n?iee
iiaaoaiey iauaaeeiaiu a aaeeiii aeieoiaioa, aunoaaeaiiii a iieueco
aaiaoeoeea?a e /anoi iaia?aaiaeeiii aac niaoeeaeueiiai ?ac?aoaiey
aeieaeieea. Yoi aucuaaao iiiai/eneaiiua i?aaiaua e iia?aoeeiiiua
neiaeiinoe e, eae i?aaeei, nieaeaao i?eaeaeaoaeueiinoue aeey oi?oaeoa?ia
oaeeo aeieoiaioia eae aeaaeoi?neea n/aoa e aee?aaeeoeaiua
iaycaoaeuenoaa, oioy e ia eneeth/aao aiciiaeiinoe i?iaaaeaiey n ieie
iia?aoeee ii oi?oaoe?iaaieth.

Aica?auaynue e aeaoi iaeaieaa ?ani?ino?aiaiiui aeaeai iaaioeee?oaiuo
aeieoiaioia, neaaeoao ioiaoeoue, /oi i?e oi?oaoe?iaaiee iaaeaeo i?inouie
e ia?aaiaeiuie aaenaeyie nouanoaoao n th?eaee/aneie oi/ee c?aiey
?acee/ea eioa?ania o/anoieeia. Yoi ioiineony e iaiai?ea “aac iai?ioa” e
io?aaeaaony a Iaaeaeoia?iaeiie eiiaaioeee i eiiia?/aneeo aaenaeyo,
onoaiaaeeaathuae, /oi eiaeinnaio i?inoiai aaenaey iaeaaeaao caeiiiui
i?aaii inaiaiaeeoueny io ethaiai iaycaoaeuenoaa ia iniiaaiee iaiai?ee ia
ionoonoaee ia?aoiiai o?aaiaaiey a aai eiaeinnaiaioa. A neo/aa
ia?aaiaeiiai aaenaey e?aaeeoi? aunooiaao eae aaenaeaaeaoaeue e iioiio, n
oi/ee c?aiey i?aaa, anaaaea ioaaonoaaiai, aacioiineoaeueii e oiio,
iaieoao ee ii ia aaenaea eaeia-eeai eneeth/athuaa yoi i?aaeei
?anii?yaeaiea. Ia i?aeoeea yoi nicaeaao ianeieueei i?iaeai.

Iineieueeo o?annaio iau/ii oaeiaeaoai?yaony ienueiaiiui iaycaoaeuenoaii
oi?oaeoa?a ia i?aaei?eieiaoue aeaenoaee i?ioea iaai a neo/aa iaieaoaaea,
noaiiaeony oai ia iaiaa nouanoaaiiui, /oiau yenii?oa? eiae aeaei n
oi?oaeoa?aie, iaeaaeathueie iacaiyoiaiiie ?aiooaoeeae, ia eioi?uo iiaeii
iieiaeeoueny, /oi iie auiieiyo oneiaey niaeaoaiey. Eiaiii ii yoie
i?e/eia yenii?oa?u a ea/anoaa ieaoaaeiuo aeieoiaioia i?aaeii/eoatho
i?inoua aaenaey, eaa/a iicaieythuea inouanoaeoue ia?aaiae ?enea.

I?inoua eee ia?aaiaeiua aaenaey, aeoeaiooaiua i?e oi?oaoe?iaaiee ii/oe
anaaaea nii?iaiaeaeathony aaieianeei no?aoiaaieai a aeaea iau/iie
aa?aioee eee aaaey. Aa?aioii, eae i?aaeei, aunooiaao aeaenoaothuee ia
iaaeaeoia?iaeiii ?uiea e ecaanoiue oi?oaeoa?o aaie, yaeythueeny
?aceaeaioii a no?aia eiii?oa?a e niiniaiue iiaeoaa?aeeoue
ieaoaaeaniiniaiinoue eiii?oa?a. Oaeay aa?aioey aaaeia ia oieueei aeey
oiaiueoaiey ?enea oi?oaeoa?a, ii oaeaea aeey oiai, /oiau i?e
iaiaoiaeeiinoe eiaoue aiciiaeiinoue ia?ao/aoa iaycaoaeuenoa ia aoi?e/iuo
?uieao nnoaeiuo aoiaa. Aa?aioee e aaaee a nouiinoe i?inou: iaa aeaea a
eo i?inoaeoae oi?ia aunooiatho eae iaauaiea ieaoeoue iaeoth noiio ia
ii?aaeaeaiioth aeaoo a neo/aa iaieaoaaea enoiaeiiai aeieaeieea.
I?eiaiaiea a ea/anoaa iaania/aiey iaycaoaeuenoa “ath?aoaooa”
(ii?o/eoaeuenoaa) ianeieueei neiaeiaa.

I?e auaea/a aa?aioee iaauaiea i?eieiaao oi?io iiaeienaiiiai aa?aioii
naiinoiyoaeueiiai aeieoiaioa, iieiinoueth eceaaathuaai eanathueany
naeaeee oneiaey. Aaaeii, /oiau a aa?aioee niaoeeaeueii auee oeacaiu ia
oieueei iieiay noiia, ii e eaaeaeue n?ie ieaoaaea e i?eoiaeyuayny ia yoo
aeaoo noiia iiaaoaiey, iineieueeo eiaiii ia iniiaa yoeo aeaiiuo
?ann/eouaathony cao?aou ia aeeneiioe?iaaiea. Aieaa oiai, aa?aioey
aeieaeia auoue iieiinoueth o?ainoa?aaaeueiie, /oi iiae?acoiaaaaony naii
niaie, anee aa?aioey ia niaea?aeeo eiiai. Iaeiiaoe, nouanoaaiii, /oiau
aa?aioey auea ioaea/aiiie, o.a. auea iieiinoueth iainiaeaia io iniiaiie
naeaeee. Eiiaaea ia i?aeoeea auaeatho aa?aioee, iieaaaynue ia
yeiiiie/aneia iieiaeaiea eiii?oa?a, ii oi?oaeoa?, eae i?aaeei,
ianoaeaaao ia /enouo aaciocuaiuo e aaconeiaiuo iaycaoaeuenoaao
aa?aioe?othuaai aaiea eee i?aaeii/eoaao eoieoue aeieoiaiou aac iai?ioa
ia yenii?oa?a, ii oieueei a oii neo/aa, anee ii auiieiaiee iniiaiiai
eiio?aeoa aa?aioe?othuee aaie iauyaeo caaeieaeaiiinoue aaconeiaiie.
Aaaeue a iaaeaeoia?iaeiie i?aeoeea iiaeii ?anniao?eaaoue eae
aaciocuaioth e aaconeiaioth aa?aioeth ia iieaoa ia ii?aaeaeaiioth aeaoo,
auaeaaaaioth aa?aioii, eae anee au ii nai aue aeieaeieeii. Yoi iaeaieaa
iiaeoiaeyuay e i?aaeii/oeoaeueiay oi?ia no?aoiaaiey aeey oi?oaeoa?a.

Aaaeue auienuaaaony i?yii ia eaaeaeii aaenaea eee o?aooa, aeey /aai ia
ieo aeinoaoi/ii naeaeaoue iaaeienue “?aa aval’ e iiaeienaoueny iiae iae
(ia ia?aaiaeiii aaenaea iaaei oeacaoue oaeaea iaeiaiiaaiea enoiaeiiai
aeieaeieea, a iieueco eioi?iai i?iecaaaeai aaaeue). I?inoioa e yniinoue
aaaey aianoa n i?enouae aio iainiaeaiiinoueth e o?ainoa?aaaeueiinoueth
iicaieyao ecaaaeaoue iiiaeanoaa ineiaeiaiee, naycaiiuo n
i?aaeinoaaeaieai aa?aioee. Eiaiii ii yoie i?e/eia i?e no?aoiaaiee
oi?oaoe?iaaiey aaaeth eae oi?ia aa?aioee e ieacuaaaony i?aaeii/oaiea.
Iaeiaei neaaeoao eiaoue a aeaeo, /oi caeiiiaeaoaeuenoaii iaeioi?uo no?ai
aaaeue ia i?eciaaony.

Ath?aoaoo (ii?o/eoaeuenoai) – iauyaeaiea iaycaoaeuenoaa, i?eaycaiiiai e
ii?aaeaeaiiiio eiio?aeoo. Ii i?e/eia caaeneiinoe io i?aaiaiai
iainiiaaiey ieaeaneaaeothuaai eiio?aeoa yoa oi?ia aa?aioee i?e
oi?oaoe?iaaiee iaiaa oiio?aaeoaeueia. Eae i?aaeei, oi?oaeoa?
i?aiaa?aaaao iaiaoiaeeiinoueth i?iaa?ee caeiiiinoe anaaiciiaeiuo
aeieoiaioia, aeoeaiooy ath?aoaoo oieueei iinea iiaeoaa?aeaeaiey i oii,
/oi iinoaaea oiaa?ia niioaaonoaothuei ia?acii caaa?oaia. Yoi
ianoiyoaeuenoai a cia/eoaeueiie ia?a nie?auaao noa?o i?eiaiaiey aeaiiie
oi?iu aa?aioee. A aeiiieiaiea e auoaeceiaeaiiiio, oi?oaeoa? iau/ii
o?aaoao io aa?aioe?othuaai aaiea iiaeoaa?aeeoue ionoonoaea o iaai eiio?-
o?aaiaaiee, iaeciaiiinoue noii e n?ieia, niaeanea ia ia?aaea/o i?aa e
o?aaiaaiee iiaiio aeaaeaeueoeo, a oaeaea iiaeoaa?aeeoue, /oi aaieianeee
ath?aoaoo aeaenoaoao aaconeiaii e aaciocuaii. Oaeia anaioaaouaathuaa
iiaeoaa?aeaeaiea cia/eoaeueii ia?aie/eaaao i?eiaiaiea ath?aoaooa e
niinianoaoao oiio, /oi oi?oaoe?iaaiiue ath?aoaoo noaiiaeony iau/iie
aa?aioeae, o.a. iainiaeaiiui iaycaoaeuenoaii eniieiaiey, ieeiei ia?acii
ia naycaiiui n iniiaiie iia?aoeeae.

*anoi caeioa?aniaaiiua yenii?oa?u ia?auathony e oi?oaeoa?o ia naiii
?aiiai yoaia naeaeee. Yenii?oa?, aoaeo/e ca/anooth ia a ninoiyiee
naiinoiyoaeueii i?aaeeiaeeoue eiii?oa?o n?aaeian?i/iue e?aaeeo, caaeieai
aei caeeth/aiey yenii?oiiai eiio?aeoa caoi/ao auynieoue, eiaaony ee a
i?eioeeia aiciiaeiinoue i?aaiecaoeee oi?oaoe?iaaiiiai oeiaine?iaaiey ia
iie?uoea ?anoiaeia ii yenii?oo. N ae?oaie noi?iiu, oi?oaeoa?, iaciaeiiue
ni anaie iaiaoiaeeiuie iiae?iaiinoyie, ia a ninoiyiee aoaeao naeaeaoue
ieii/aoaeueiia i?aaeeiaeaiea, ii aianoi yoiai niiaueo, aiciiaeii eee iao
oaeia oeiaine?iaaiea e iaciaao i?eaeeceoaeueiua o/aoiua noaaee. Aneaae
ca yoei yenii?oa? niiaeao ia yoie iniiaa i?iaeieaeeoue ia?aaiai?u e,
anee iaiaoiaeeii, niaeaniaaoue ?anoiaeu ii aiciiaeiiio oi?oaoe?iaaieth
aai aeaaeoi?neie caaeieaeaiiinoe. Iaeiiaoe, oi?oaeoa? aeaeaao yenii?oa?o
i?aaeeiaeaiea, iaycoynue i?aaeinoaaeoue iaiaoiaeeiua n?aaenoaa ii
oeene?iaaiiie noaaea, oioy i?aaeaea /ai yoi i?aaeeiaeaiea i?eieiaaony
yenii?oa?ii, iiaeao i?ieoe eaeia-oi a?aiy. Yoio iioeeiiiue ia?eiae
(ia?eiae auai?a), a oa/aiea eioi?iai ia aceiaaony ieeaeie eiiennee,
iau/ii ia i?aauoaao 48 /ania. Aiciiaeai e aieaa aeeeoaeueiue (aei 1-3
ianyoeaa) ia?eiae iioeeiia, ii a yoii neo/aa oaea?aeeaaaony iioeeiiiay
eiienney .

Ai?acaei aieaa aaaeai i?iiaaeooie a?aiaie io niaeaoaiey i iieoiea
aaenaeae aei oaeoe/aneie iinoaaee, iineieueeo iiaeaioiaea oeiaine?iaaiey
iau/ii i?ioiaeeo io ioa?ocee oiaa?ia. A oa/aiea yoiai ia?eiaea oi?oaeoa?
naycai aeiaiai?aiiinoueth oi?oaoe?iaaoue iaycaoaeuenoaa ii oeene?iaaiiie
noaaea ia aanue n?ie eee aieioue aei onoaiiaeaiiie aeaou, a oi a?aiy eae
yenii?oa? iaycai i?aaenoaaeoue niaeaniaaiiua aeieoiaiou. Yenii?oa?
iiaeao aeeoioee?iaaoue eiio?aeo n oi?oaeoa?ii oieueei ii acaeiiiio
niaeaney n iei, iieaoea i?e yoii i?e/eoathuothny oi?oaeoa?o iaonoieeo.

Iniiauaaynue ia auoaeceiaeaiiii iiaeii naeaeaoue auaiae i oii, /oi
oi?oaoe?iaaiea neoaeeo iaeaieaa th?eaee/anee ?ac?aaioaiiui niiniaii
?aoeiaine?iaaiey aiaoiaoi?aiaiai eiiia?/aneiai e?aaeeoa. I?aeiouanoaa
oi?oaoe?iaaiey aeey yenii?oa?a, naycaiu a ia?aoth i/a?aaeue n iieiui
ia?aianaieai aaethoiuo, eiiia?/aneeo, iieeoe/aneeo, ia?aaiaeiuo e
ae?oaeo aeaeia ?eneia ia oi?oaeoa?a (aaie), aeaeatho oi?oaoe?iaaiea
iaeaieaa i?aaeii/oeoaeueiui aeey i?iaeaaoea.

III. OOIEOeEIIE?IAAIEA AAENAEUeIIAI ?UIEA ?INNEE

Iinoaiiaeaieai I?aceaeeoia Aa?oiaiiai Niaaoa ?NON?, eioi?ue aaae
aaenaeue a oicyenoaaiiue iai?io, i?aaeoniao?eaaeinue, /oi iie aoaeoo
eniieueciaaoueny i?e iinoaaeao i?iaeoeoeee eee ieacaiee oneoa a e?aaeeo,
o.a. aaaaeaiu eiiia?/aneea eee oiaa?iua aaenaey.

Ec yoiai eiae/iui ia?acii auoaeaei, oioy ia yoii e ia auei neacaii
i?yii, /oi i?iiuoeaiiui i?aaei?eyoeyi cai?auaaony yienney aaenaeae a
oeaeyo i?eaea/aiey aeaiaaeiuo n?aaenoa.

Iaeiaei anei?a iiyaeeenue oeiainiaua aaenaey aaieia. Caoai oeiainiaua
oe?iu noaee aeoeaii i?eaeaeaoue n?aaenoaa aeeaae/eeia, e /anoue ec ieo
aeey i?eaeaiey yoie iia?aoeee aieueoaai aana ioi?ieyee naith
caaeieaeaiiinoue oaeaea aaenaeyie. I?eaaaatho e auioneo aaenaeae e
ioieoeeiaeueiua aeanoe aeey oeiaine?iaaiey aeaoeoeeoa athaeaeaoa eee
i?eaea/aiey n?aaenoa iiae naie i?ia?aiiu. Oaeei ia?acii, iiaeii
eiinoaoe?iaaoue, /oi i?e ionoonoaee /aoeie ?aaeaiaioaoeee eniieueciaaiey
aaenaeae e oaeoe/aneii ionoonoaee ain?aaoee?iaaiey eo ia?auaiey aaenaeue
noae i?eiaiyoueny a ea/anoaa caiaieoaeae ae?oaeo oiiaeiauo eino?oiaioia
(iaeeaaoeee, na?oeoeeaoia).

Inoaiiaeiny ia iaeioi?uo aniaeoao ooieoeeiie?iaaiey aaenaeueiie nenoaiu
a ?innee.

A ieoya?a 1993 a. I?aceaeaio ?O ecaeae Oeac ? 1662, eioi?ue i?aaeienuaae
eiiia?/aneei aaieai ia?aioi?ieoue oeiainiauie aaenaeyie i?in?i/aiioth
e?aaeeoi?neoth caaeieaeaiiinoue i?aaei?eyoee ii ninoiyieth ia 1 iiya?y
1993 a. Yoo iia?aoeeth ieaie?iaaeinue caaa?oeoue ca o?e ianyoea, o.a. e
31 yiaa?y 1993 a. Iaeiaei aaiee, ia eioi?ua i?eoeanue au iniiaiay ?aaioa
ii ia?aioi?ieaieth yoie caaeieaeaiiinoe, ae?oaeii aunooieee i?ioea
Oeaca, i /ai I?aaenaaeaoaeai Aaiea ?innee auei iai?aaeaii ia eiy
I?aceaeaioa ?O ienueii ? 01-07/692. A ?acoeueoaoa Oeac i?aeoe/anee ia
aue auiieiai.

Iaeiaei i?iaeaia iaieaoaaeae i?aaei?eyoee i?iaeieaeaea i?eieiaoue
oa?iaeathuea oi?iu, e a iaa 1994 a. I?aceaeaio ?O ecaeaao Oeac ? 1005, a
eioi?ii iinea i?iaaaeaiey /aeiaie i?eaaoecaoeee aiiaue i?aaeienuaaeinue
i?aaei?eyoeyi ia?aaanoe caaeieaeaiiinoue a aaenaey aaeeiiai ia?acoea.
Iaeiia?aiaiii n yoei aeaaaeenue ii?o/aiey Oeaio?aeueiiio aaieo ?O,
ieienoa?noaai e aaaeiinoaai ii ?ac?aaioea i?ioeaaeo? ii?ioanoiaaiey eo e
ia?auaiey acuneaiey ia eiouanoai aeieaeieea. Ai eniieiaiea yoiai Oeaca
I?aaeoaeuenoai ?O auionoeei iinoaiiaeaiea ? 1094, eioi?ia aaiaeeei n 1
iiya?y 1994 a. aaeeiue ia?acaoe aeaieia i?inoiai e ia?aaiaeiiai
aaenaeae. Ecaioiaeaiea aeaieia aaenaeae ii?o/aii Ieienoa?noao oeiainia
?O, a eo ?ani?ino?aiaiea – i?aaiai Oaaea?aeueiiai eacia/aenoaa e
Oeaio?aeueiiio aaieo ?O. Aaeeiua aeaiee aaenaeae iiaoo eniieueciaaoueny
oieueei th?eaee/aneeie eeoeaie-?aceaeaioaie (e?iia athaeaeaoiuo
i?aaiecaoeee), e eie iiaoo ioi?ieyoueny naeaeee n ion?i/eie ieaoaaea ia
aieaa 180 aeiae. Yoei iinoaiiaeaieai oaeaea aeaaaeinue caaeaiea
?acee/iui aaaeiinoaai ii iiaeaioiaea niioaaonoaothueo ii?iaoeaiuo aeoia.

Anoanoaaiii, /oi i?aaei?eyoey iiaoo eniieueciaaoue ai acaeii?an/aoao ia
oieueei aeaiee aaeeiuo aaenaeae. Iaeiaei neaaeoao o/eouaaoue
neaaeothuoth i?iaeaio. Aaenaeue ioiineony e oeaiiui aoiaaai, e aeaiee eo
niaeanii iinoaiiaeaieth I?aaeoaeuenoaa ? 376 e ienueio Ieienoa?noaa
oeiainia ?O ? 05-01-04 iiaoo ecaioiaeyoueny oieueei oeiia?aoeyie,
eiathueie niaoeeaeueioth eeoeaiceth. N ae?oaie noi?iiu, Iieiaeaiea i
i?inoii e ia?aaiaeiii aaenaea i?eciaao aeaenoaeoaeueiui aaenaeue,
iaienaiiue ia i?inoie aoiaaa. Ii auieneo oaeiai aaenaey iiaeii
i?e?aaiyoue e naiinoiyoaeueiiio ecaioiaeaieth aaenaeueiiai aeaiea ni
anaie auoaeathueie ec yoiai iineaaenoaeyie.

Aeey oiai /oiau i?aaeuyaeoue aaenaeue a noae, aai iaiaoiaeeii aeieaeiui
ia?acii ii?ioanoiaaoue. Ii anae aeaeeiinoe, yoi o?aaiaaiea auciaao e
aeecie nicaeaiea i?e aaieao (a eiaiii iie auno?ae anaai aoaeoo o?aieoue
e i?aaeuyaeyoue aaenaey) niaoeeaeueiuo iioa?eaeueiuo eiioi?. Niaeanii
Caeiio ?O “I ainoaea?noaaiiie iioeeia” (no. 3) i?e i?ioanoa aaenaeae a
iaiieaoa, iaaeoeaioa, ia aeaoe?iaaiee aeoeaioa aceiaaony
ainoaea?noaaiiay iioeeia a ?acia?a 5% io iaiiea/aiiie noiiu aaenaey.
Aaenaeaaeaoaeue, eiaeinnaio eee aaaeeno iiaoo niyoue iaiaoiaeeiinoue
ii?ioanoiaaiey aeeth/aieai a oaeno iaiai?ee “iai?io aac ecaea?aeae”,
“iai?io aac i?ioanoa” eee aiaeiae/iue.

Iinea iioa?eaeueiiai ii?ioanoiaaiey iiaeii iiaeaoue ene i acuneaiee
noiiu aaenaey n aeieaeieea a a?aeo?aaeiue noae. I?e yoii aiiaue
oiea/eaaaony a?aeo?aaeiue nai?.

Iaeaieueoaa ?ani?ino?aiaiea a ?innee iieo/eee aaieianeea aaenaey. Iie
yieoe?othony iau/ii aeey aeaoo oeaeae – aeey iieo/aiey eiaanoi?aie
aeioiaea io eo iieoiee e aeey auiieiaiey ?an/aoiuo ooieoeee iaaeaeo
i?aaei?eyoeyie. Iaeioi?ua aaenaey ni/aoatho a naaa iaa yoe ooieoeee.

Nouanoaoao i?iaeo Eino?oeoeee Oeaio?aeueiiai aaiea ?O “I ii?yaeea
auaea/e (auionea) e o/aoa eiiia?/aneeie aaieaie nianoaaiiuo aaenaeae”.
Niaeanii yoiio aeieoiaioo aaiee iiaoo auioneaoue oeiainiaua aaenaey,
o.a. a iniiaa eioi?uo ia eaaeao oiaa?iua naeaeee, aunooiay i?e yoii eeai
a ea/anoaa aaenaeaaeaoaey i?inoiai aaenaey, eeai aeoeaioaioa
ia?aaiaeiiai, eeai iaeiia?aiaiii e aaenaeaaeaoaey, e aeoeaioaioa iaeiiai
e oiai aea ia?aaiaeiiai aaenaey. Aaie auaeaao aaenaeue aai ia?aiio
i?eia?aoaoaeth i?ioea oieaou iineaaeiei anae aaenaeueiie noiiu eee
aaenaeueiie noiiu ca ieionii aeeneiioa.

N?ie iieaou ii aaieianeei aaenaeyi ia iiaeao i?aauoaoue 12 ianyoeaa ni
aeiy aicieeiiaaiey iaycaoaeuenoaa aaiea. I?e yoii, anee eoieoue aaenaeue
iiaeii eae iaee/iui, oae e aaciaee/iui iooai, oi Eino?oeoeey
onoaiaaeeaaao, /oi iiaaoaiea aai i?ienoiaeeo oieueei aaciaee/iui
ia?acii. *anoue n?aaenoa, i?eaea/aiiuo aaieii io i?iaeaaee aaenaeae,
iiaeeaaeeo iaycaoaeueiiio aeaiiie?iaaieth a Aaiea ?innee.
Aaeaeaa?oaeueii aaie aeieaeai i?aaenoaaeyoue a oa??eoi?eaeueiua
oi?aaeaiey Oeaio?aeueiiai aaiea ?O ii ianoo iaoiaeaeaiey
ei??aniiiaeaioneiai n/aoa eioi?iaoeeth i auiouaiiuo aaenaeyo, a oaeaea
ia o/anoee aaiea a na?eeiuo eee ?aaoey?iuo auioneao aaenaeae yieoaioia
iaaaieianeeo o/?aaeaeaiee, a eioi?uo ii aunooiaao aa?aioii (eeai a aeaea
aaaey, eeai aaenaeueiiai iin?aaeie/anoaa).

Aaiee auioneatho ?oaeaaua, aaethoiua aaenaey e niaoaiiua
?oaeaai-aaethoiua aaenaey.

?oaeaaue aaenaeueiue ?uiie ?inneeneeo aaieia aeinoaoi/ii
aeeaa?neoeoee?iaai. Iniiaiay ianna aaenaeae yieoe?oaony ia n?ie io 1 aei
3 ianyoeaa, iaeiaei nouanoaotho aeieaiaua iaycaoaeuenoaa eae ni n?ieii 3
– 7 aeiae (“Aeooea-aaie”, “Aacen”, “Aei?ey-aaie”), oae e aei 1 aiaea. A
n?i/iuo aaenaeyo n aieueoeie n?ieaie iiaaoaiey iaeioi?ua aaiee
(“I?iino?ieaaie”, a.Naieo-Iaoa?ao?a) aeeth/atho a oaeno aaenaey naoeo
oeai aueoia i?e aein?i/iii aai iiaaoaiee, o.a. eeeaio iiaeao
ieaie?iaaoue aeioiaeiinoue naieo aeiaeaiee ia n?ie iaiueoee, /ai n?ie
auionea aeaiiiai aeieaiaiai iaycaoaeuenoaa. ?inneeneee iaoeeiiaeueiue
eiiia?/aneee aaie, Oaa?ueoieaa?naeaaie auioneatho aaenaey ni n?ieii
iieaou “ii i?aaeuyaeaiee”, oaeiaiua, iai?eia?, aeey iaiaaeeaiiie iieaou
caeoiaaiiai oiaa?a.

Iaeioi?ua aaiee aeey oaaee/aiey eeeaeaeiinoe naieo aaenaeae e ?anoe?aiey
oa??eoi?ee eo ?ani?ino?aiaiey ia?acotho iauaaeeiaiey, iai?eia?
Yienneiiiue neiaeeeao, aaieianeia iauaaeeiaiea “Eiaanoe?aaeeo”. Aaenaey
Yienneiiiiai neiaeeeaoa a ninoaaa Aaoiaacaaiea, Eieiiaaiea, Eiiaa?naaiea
e ?inneeneiai A?iea?neiai Aeiia “N.A. & Co. Ltd” auioneathony oaea aieaa
aeaoo eao eae a aeeneiioiii, oae e a i?ioeaioiii aeaea. Aaenaey
auioneathony eaaeaeua aeaa iaaeaee na?eyie, n?ie ia?auaiey eioi?uo
ninoaaeytho 16 iaaeaeue. Neiaeeeao onoaiaaeeaaao aeey ?acee/iuo na?ee
?acee/ioth aeioiaeiinoue a caaeneiinoe io eiiuthieoo?u aeaiaaeiiai
?uiea. Onoie/eaue ni?in ia aeaiiue oeiainiaue eino?oiaio iaania/eaaaony
aai aunieie iaaeaaeiinoueth, aeinoaoi/ii aunieie aeioiaeiinoueth, a
oaeaea oai, /oi, iai?eia?, yoe aaenaey i?eieiathony a ea/anoaa caeiaa
?an/aoiuie iaeaoaie ia oueth/a?niuo oi?aao e aein?i/ii o/eouaathony
ae?oaeie aaieaie (“Aei?ey-aaie”).

Naa?aaaoaeueiue aaie ?O i?aaeeaaaao naiei eeeaioai i?inoie ?oaeaaue
aaenaeue aeey th?eaee/aneeo eeoe. Aeioiae ii iaio oi?ie?oaony ca n/ao
i?ioeaioia, ia/eneyaiuo ia aaenaeueioth noiio. I?aeiouanoaii yoiai
aaenaey yaeyaony oi, /oi, eoiea aai a iaeiii ioaeaeaiee Naa?aaiea ?O,
iiaaneoue aai iiaeii a ethaii ae?oaii. I?aaeoniio?aii e aein?i/iia
i?aaeuyaeaiea aaenaey e iieaoa, ii i?ioeaiou a yoii neo/aa aoaeoo
ia/eneyoueny ii noaaea ii aeeaaeai aei aino?aaiaaiey. Anee aea?aeaoaeue
aaenaey i?in?i/ee aeaoo aai iiaaoaiey, oi iieaoa aai i?iecaiaeeony ii
i?aaeuyaeaiee a oa/aiea 1 aiaea ni aeiy ieaoaaea, oeacaiiiai a aaenaea.
I?e ooa?a aaenaey ?an/aou n aaenaeaaea?aeaoaeai i?iecaiaeyony ii aai
cayaeaieth, ii nionoy aiae iinea oeacaiiie a aaenaea aeaou ieaoaaea.

I?aeoe/anee ana e?oiiua aaiee yieoe?otho e aaethoiua aaenaey ia ?aciua
n?iee e ?aciuo iiieiaeia. Noaaee ii oaeei aeieaiaui iaycaoaeuenoaai
eieaaethony io 10 aei 24% aiaeiauo a aaethoa.

Aeinoaoi/ii eioa?anii ia/eiaiea Eieiiaaiea ii auioneo
“aioeeioeyoeeiiiiai aaenaey”. Niune aai ninoieo a oii, /oi, oioy
i?aaei?eyoea iieoiaao aaenaeue ca ?oaee, noiia aai ana a?aiy
eiaeaene?oaony n ?inoii eo?na aeieea?a. Noaia aai ?ani?ino?aiaiey e
iiaaoaiey oaeiaa. I?aaei?eyoea ca ?oaee ii eo?no Oeaio?aeueiiai aaiea ?O
ia aeaoo iieoiee iieoiaao aaenaeue n aaethoiui iiieiaeii. Ii ieii/aiee
n?iea aai ia?auaiey iii iieo/aao aaethoiue iiieiae iethn ia/eneaiiua
i?ioeaiou a ?oaeyo, ii oaea ii eo?no ia aeaoo iiaaoaiey. Ieieiaeueiay
noiia aaenaey ninoaaeyao 50 000 $, a ieieiaeueiue n?ie ia?auaiey – 1
ianyoe.

Oi, /oi aaenaeue yaeyaony aaconeiaiui aeaiaaeiui iaycaoaeuenoaii, ia
naycaiiui n ii?iaeeaoae aai naeaeeie, aeaeaao aai iniaaiii oaeiaiui aeey
?anoeaee e?ecena iaieaoaaeae. N aai iiiiuueth iiaeii i?iecaiaeeoue
acaeiica/ao caaeieaeaiiinoe i?aaei?eyoee. Aia?aua oaeay noaia ia
?aaeiiaeueiii o?iaia auea oaea/ii ii?iaiaaia a Oaoa?noaia, e
I?aaeoaeuenoai ?O naiei iinoaiiaeaieai ? 907 ?aeiiaiaeiaaei aa e
aiaae?aieth ii anae ?innee. Neaaeoao, iaeiaei, caiaoeoue, /oi, oae eae
i?iaaaeaiea acaeiica/aoa icia/aao oaeoe/aneoth ?aaeecaoeeth i?iaeoeoeee
aac iieo/aiey aeaiaa, oi i?iaeaia acaeiicaaeieaeaiiinoe i?aaei?eyoee
iiaeao ia?aeoe a i?iaeaio caaeieaeaiiinoe ii iaeiaai ia?aae athaeaeaoii.

Acaeiica/ao iaaeaeo i?aaei?eyoeyie iiaeao i?ienoiaeeoue ia iniiaa
aaenaeae iaeiiai eee ianeieueeeo ec ieo. Oaeiai ?iaea oeaii/ea no?ieo
Aeoeaioiue Aeii ?AI “AYN ?innee”. Ia yooaeoeaiinoe iiaaoaiey
e?aaeeoi?neie caaeieaeaiiinoe n iiiiuueth aaenaeueiuo ieaoaaeae aiai?eo
i?eia? THai-Ainoi/iie aeaeaciie aei?iae. Auienaa a oaa?aea 1994 a.
aaenaeae ia 26 ieeeea?aeia ?oaeae iia ?anieaoeeanue eie n ?yaeii
yia?ainenoai. Iineaaeiea a naith i/a?aaeue ia?aaeaee eo ?AI “AYN
?innee”. Aeaeaa a oeaii/ea auee *a?aiaoneay A?YN, E?aniiai?neee
oaieueiue ?ac?ac, Eaia?ianeay aeaeaciay aei?iaa, Ieienoa?noai iooae
niiauaiey. IIN aea iiaaneei yoeie aaenaeyie naith caaeieaeaiiinoue
ia?aae THai-Ainoi/iie aeaeaciie aei?iaie, o.a. aaenaeaaeaoaeai.

Ae?oaie i?eia? oaeiai ?iaea naycai n AI “Iaaieoiai?neee iaoaeeo?ae/aneee
eiiaeiao”, eioi?ia ?anieaoeeinue ca iinoaaeaiioth yeaeo?iyia?aeth n ?AI
“AYN ?innee” aeeneiioiuie aaenaeyie ia noiio 20 ieeeea?aeia ?oaeae.
Iiieiae aaenaeae ninoaaeyao 10 000 ?oaeae, a n?ie iieaou – ii
i?aaeuyaeaiee a oa/aiea aiaea ni aeiy auienee. ?aaoey?iua oi?ae yoeie
aeieaiauie iaycaoaeuenoaaie i?iaiaeeo Aeoeaioiue Aeii ?AI “AYN ?innee”.
Ia aeaeaa?ue 1994 a. eo i?iaeaaeiay oeaia ninoaaeyea 8975 ?oaeae. Anaai
AI “Iaaieoiai?neee iaoaeeo?ae/aneee eiiaeiao” niae?aaony yieoe?iaaoue
aaenaeae ia 90 ieeeea?aeia ?oaeae, /oi iicaieeo iie?uoue i?eia?ii 15%
aai caaeieaeaiiinoe.

Iaeiaei i?e eniieueciaaiee oiaa?iuo aaenaeae i?aaei?eyoee aicieeaao
aii?in aeiaa?ey eiio?aaaioia e oaeei aeieaiaui iaycaoaeuenoaai.
Eniieueciaaiea i?e acaeii?an/aoao aaenaeae nieeaeiiai aaiea nieiaao yoo
i?iaeaio.

Oaa?ueoieaa?naeaaie, Eieiiaaie, “Aa?iia”, “Iaiaoai”, Oieeiiaaie e ?yae
ae?oaeo auioneatho ?an/aoiua aaenaey, eniieuecoaiua ia anae oa??eoi?ee
?innee. Iaeaieueooth ecaanoiinoue iieo/eea aaenaeueiay i?ia?aiia
Oaa?ueoieaa?naeaaiea. I?aaeaea anaai aaie iicaaioeeny i caueoa aeaieia
naieo aaenaeae io iiaeaeaeee. Iie eiatho 12 noaiaiae caueou.

Aaie auioneaao aeaa oeia aaenaeae – ni n?ieii ieaoaaea “a iyoue aeiae ii
i?aaeuyaeaiee” e ia eiie?aoioth aeaoo. Noaia iiaaoaiey caaeieaeaiiinoe
i?aaei?eyoee auaeyaeeo neaaeothuei ia?acii. I?aaei?eyoea iieoiaao
aaenaeue e ?aniea/eaaaony ei ii naiei aeieaai n ae?oaei i?aaei?eyoeai n
iiiiuueth ia?aaeaoi/iie iaaeiene, aoi?ia i?aaei?eyoea aiaeiae/iui
ia?acii ?aniea/eaaaony ni neaaeothuei e o.ae., iiea eaeia-ieaoaeue ec
ieo ia caoi/ao ia?aoeoue aaenaeue a aeaiueae, i?aaeuyaea aai e iieaoa a
Oaa?ueoieaa?naeaaie eeai a iaeei ec aai aaieia-ei??aniiiaeaioia, eioi?ua
?aniieiaeaiu ia anae oa??eoi?ee ?innee. Ia?ae/iiio iieoiaoaeth aaenaey
yoi auaiaeii, o.e. ii iiaeao aai i?eia?anoe n aeeneiioii eee iieo/eoue
aaenaeueiue e?aaeeo. A neo/aa aaenaeueiiai e?aaeeoa i?e iiaeienaiee
aeiaiai?a i?aaei?eyoea iiaeao iieo/eoue:

aann?i/iua aaenaey n iiaaoaieai a iyoue aeiae ii i?aaeuyaeaiee ia anth
noiio e?aaeeoa. I?ioeaiou ca aai eniieueciaaiea ii?aaeaeythony
neaaeothuei ia?acii: i?e noaaea a 3 ?aca ieaea, /ai noaaea ii
iaaeaaieianeei e?aaeeoai, ia niioaaonoaothuee n?ie ca a?aiy aei
iiaaoaiey aaenaey ii noaaea, aeeceie e ?uii/iie, ca a?aiy io iiiaioa
iiaaoaiey aei ieii/aiey n?iea e?aaeeoa;

n?i/iua aaenaey n i?ioeaioiie noaaeie ii e?aaeeoo oaeaea i?eia?ii a o?e
?aca aieaa ieceie, /ai noaaea ii IAE. A yoii neo/aa n?ie ieaoaaea ii
aaenaeth niaiaaeaao n aeaoie iiaaoaiey e?aaeeoa eee eiaao aieaa
iicaeithth aeaoo.

Ia yooaeoeaiinoe eniieueciaaiey aaenaeae Oaa?ueoieaa?naeaaiea
naeaeaoaeuenoaoao oio oaeo, /oi ca/anooth i?aaeuyaeyaiua e iieaoa
aaenaey eiatho aei 7 eiaeinnaiaioia.

N aieueoie yooaeoeaiinoueth aeey acaeii?an/aoia eniieuecothony oaeaea
aaenaey Yienneiiiiai neiaeeeaoa. Ii niiauaieyi aeo?iaea “Eiiia?naiou” ia
1 ieoya?y 1994 a. neiaeeeao niinianoaiaae iiaaoaieth
acaeiicaaeieaeaiiinoe ia noiio ieiei 300 ie?ae. ?oaeae i?e auienea
aaenaeae anaai ia 74,5 ie?ae. ?oaeae, o.a. eiyooeoeeaio iiaaoaiey
iaieaoaaeae ninoaaee ii/oe 4.

Iaeioi?ua aaiee (Eieiiaaie) i?eiaiytho noaiu ii iaiaio naieo aaenaeae ia
aeoeee i?aaei?eyoee, a Oieeiiaaie auaeaao e?aoein?i/iua e?aaeeou iiae
caeia aaenaeae.

A iineaaeiaa a?aiy oe?ieia ?ani?ino?aiaiea iieo/eee auione aaenaeae e
aaenaeueiia e?aaeeoiaaiea a noauaeoao ?inneeneie Oaaea?aoeee.

Ia O?aea i?ia?aiia acaeiica/aoa caaeieaeaiiinoae i?ioiaeeo a ?aieao
Annioeeaoeee yeiiiie/aneiai acaeiiaeaenoaey iaeanoae e ?anioaeee
O?aeueneiai ?aaeiia eee annioeeaoeee “Aieueoie O?ae”. Iniiao i?ia?aiiu
ninoaaeyao nicaeaiiue a *aeyaeinea eee?eiaiaue oeaio? “Oeiainiaay a?oiia
O?aea”. Auioneaoue “eee?eia-aaenaey” aoaeao eiini?oeeoi “O?aeueneay
aaenaeueiay nenoaia”, nicaeaiiay ianoiuie aaieaie e e?oiiuie
i?iiuoeaiiuie i?aaei?eyoeyie. Aeey onoie/eaiai ooieoeeiie?iaaiey anae
nenoaiu ieaie?oaony nicaeaoue ia anao oa??eoi?eyo, aoiaeyueo a
annioeeaoeeth, eee?eiaiaua oeaio?u e oeeeaeu “Oeiainiaie a?oiiu O?aea”.

A Aaoee?ee auiouaiu aeaa a?oiiu ?an/aoiuo aaenaeae, eiathueo oiaeaeaiea
oieueei ia aa oa??eoi?ee. Ia?aay a?oiia – aeey iiaaoaiey acaeiiuo
aeieaia iaaeaeo i?aaei?eyoeyie oiieeaii-yia?aaoe/aneiai eiiieaena e
ae?oaeie i?aaei?eyoeyie ?anioaeeee e aoi?ay – aeey ?an/aoia n
aa?ii?iiuoeaiiui eiiieaenii. Aa?aioee ii yoei aaenaeyi i?aaeinoaaeytho
oiieiiii/aiiue aaie i?aaeoaeuenoaa ?anioaeeee Aaoe?aaeeoaaie e naia
?anioaeeea Aaoei?noai. Ieaie?oaony auionoeoue aaenaeae ia?aie na?ee ia
20-25 ie?ae. ?oaeae, a aoi?ie – ia 15 ie?ae. ?oaeae.

A Iineaa ?anii?yaeaieai iy?a i?e ?an/aoao athaeaeaoiuo i?aaiecaoeee ca
iinoaaeaiioth oaieiaoth yia?aeth, aiaeo e ieacaiiua oneoae aaaaeaii a
i?aeoeeo eniieueciaaiea aaenaeueiuo e?aaeeoia e aaenaeae ?inneeneeo
aaieia.

A Na?aoiaa aioiaeony e auioneo yienney “oeaaiuo aaenaeae” ia noiio 29
ie?ae. ?oaeae. I?eioeei eo eniieueciaaiey ninoieo a neaaeothuai.
Iaeanoue ?aniea/eaaaony yoeie aaenaeyie n iinoaaueeaie
naeueoici?iaeoeoeee, a oa, a naith i/a?aaeue, n iinoaaueeaie aaiceia,
aaca e ae?oaeie e?aaeeoi?aie, a oaeaea ii naiei iaeiaiaui
caaeieaeaiiinoyi a iaeanoiie athaeaeao. N?ie ia?auaiey aaenaeae – 6
ianyoeaa, e Eiieoao ii yeiiiieea Na?aoianeie iaeanoiie aaeieieno?aoeee
iieo/ee niaeanea iniiaiuo na?aoianeeo i?aaei?eyoee ia i?eai aaenaeae a
ea/anoaa iieaou naiae i?iaeoeoeee.

A ?inoiaa ioe ec iyoe aaieia auionoee aaenaey aeey ?an/aoia ia
oa??eoi?ee iaeanoe. N?ie eo ia?auaiey eieaaeaony io 25 aei 90 aeiae, ii
e auaea/a aaenaeueiuo e?aaeeoia /eaiu ioea iiaeoiaeyo a
eiaeeaeaeoaeueiii ii?yaeea.

Ia iaae?aaeiiaeueiii niaauaiee i?aaenoaaeoaeae ?anioaeeee Eiie,
A?oaiaaeueneie, Aieiaiaeneie, Eino?iineie e ss?ineaaneie iaeanoae oaeaea
auea iaeia?aia i?ia?aiia auionea ?an/aoiuo aaenaeae. Eo yieoaioaie
aeieaeiu noaoue ai?oeiioaeaeu e ?aeoeiioaeaeu o/anoaothueo a yiennee
oa??eoi?ee. E iiaaoaieth aaenaey aoaeoo i?eieiaoueny oieueei ii
enoa/aiee oeacaiiiai a ieo n?iea, ii i?aaeiieaaaaony eo eioe?iaea ia
aoi?e/iii ?uiea.

Aaenaeue noaiiaeony iiioey?iie oeaiiie aoiaaie ia oiiaeiaii ?uiea
?innee. Yoi iaoneiaeaii ioiineoaeueiie i?inoioie, ?acaeoinoueth oi?i e
aeeeoaeueiie ie?iaie i?aeoeeie i?eiaiaiey yoiai aeieaiaiai
iaycaoaeuenoaa. I?e ia?aoiaea io ?uiea i?iaeaaoea e ?uieo iieoiaoaey ii
aoaeao ea?aoue ana aieueooth ?ieue a oi?aiaii iai?ioa, iiyoiio aanueia
aaaeii iaee/ea i?i?aaioaiiiai aaenaeueiiai caeiiiaeaoaeuenoaa.
Aeaenoaothuea a ianoiyuee iiiaio ii?iaoeaiua aeou a aieueoeinoaa neo/aaa
eee oaea ii?aeueii onoa?aee, eee iinyo a?aiaiiue oa?aeoa?. Iiyoiio
iaeiie ec aeaaiuo caaea/ caeiiiaeaoaeueiuo ?inneeneeo i?aaiia aeieaeia
noaoue ?ac?aaioea niaoeeaeueiiai caeiia ii aaenaeueiiio ia?auaieth,
eioi?ue /aoei iaiaa?eaae au aiciiaeiua eo aeaeu, oi?iu auionea e noa?u
i?eiaiaiey.

VI. IAOIAeU O*AOA AAENAEAE E AU*ENEAIEss, NAssCAIIUA N IEIE

1. I?yiie e aeioiaeiue o/ao

?annoaeaeay i aeeneiioe?iaaiee, i?aaeaea anaai iaaei auynieoue ?acieoeo
iaaeaeo oa?ieiaie “i?yiie o/ao” (“straight discount”) e “aeioiaeiue
o/ao” (“discount to yield”) . I?eaaaeai i?inoie i?eia?. I?yiay o/aoiay
noaaea 10% ii aaenaeth ia 1 iei. aeiee. ninoaaeyao 100 oun. aeiee.,
inoaaeyy o/oaiioth noiio ?aaiie 900 oun. aeiee. Anee aaenaeue iiaaoaaony
a oa/aiea 1 aiaea, oi aeioiae ninoaaeo 100/900, eee 11,11 % aiaeiauo,
iiaaoaaiuo aaeaaiaeii (eee iaiiiai iaiueoee i?ioeaio, anee noaaea
auiea/eaaaony /aua, iai?eia?, ?ac a iieaiaea eee ?ac a eaa?oae). Oaeei
ia?acii, i?yiie aeeneiio 10% iiaeii ii?aaeaeeoue eae “o/ao ii o/aoiie
noaaea, niioaaonoaothuae aeioiaeo a noiia 11,11 %, auiea/eaaaiiio
aaeaaiaeii”, eee aua i?iua eae “o/ao n aeioiaeii 11,11%, auiea/eaaaiui
aaeaaiaeii”. Ia i?aeoeea, eiia/ii, “o/ao n aeioiaeii” /aua i?eiaiyaony
oaie, eoi caieiaaony oi?oaoe?iaaieai. Iaaeaeo oai, ec-ca oiai, /oi
eiiaaea oa?iei “i?yiie o/ao” oiaea i?eiaiyaony, aaaeii i?e ianoaeaeaiee
naeaeee ooi/ieoue, eaeie oa?iei eiaaony a aeaeo.

2. Au/eneaiea iiieiaeueiie noieiinoe aaenaeae, iiaeeaaeaueo
oi?oaoe?iaaieth

Anee eiii?oa? e yenii?oa? niaeaneeenue, /oi ieaoaae ca oiaa?u eee oneoae
aoaeao inouanoaeai iooai auienee n?aaeian?i/iuo aeieaiauo
iaycaoaeuenoa, yenii?oa?o iaiaoiaeeii onoaiiaeoue iiieiaeueioth
noieiinoue yoeo aaenaeae. Caaea/a naiaeeony e aii?ino onoaiiaeaiey
niioiioaiey i?ioeaioa ca e?aaeeo e i?iaeaaeiie oeaiu. Iaaeaeo oai,
niiniau onoaiiaeaiey yoiai niioiioaiey iiaoo iaiyoueny. ?anniio?ei
i?eia?, aaea ana iyoue aaenaeae eiiieaeoa, e?iia iineaaeiaai, eiatho
?acioth iiieiaeueioth noieiinoue iauae noiiie 1550,0 oun. ooio. no.
Noieiinoue oiaa?a 994,0 oun. ooio. no., a i?ioeaio, auiea/eaaaiue
aaeaaiaeii, ninoaaeyao 16,5. Yoe aea aaciaua aeaiiua (noieiinoue e
i?ioeaio) iiaoo au?aaeaoueny iiiaeie niiniaaie, ia?acoy ?aciua a?aoeee
ieaoaaea. Ieaea ?anniio?aiu o?e i?inouo iaoiaea.

A. Oeaia i?iaeaaee aeaeeony ia 5 ?aaiuo /anoae a 198,8 oun. ooio. no. E
eaaeaeie /anoe aeiaaaeyaony i?ioeaio ia noiio iaiiea/aiiie
caaeieaeaiiinoe.

Oaaeeoea N 7

?an/ao iiieiaeueiie noieiinoe aaenaeae aeey oi?oaoe?iaaiey

( a ooio. no.)

oeaia i?iaeaaee ooio. no. Noaaea 16,5% ia iaiiea/aiioth noiio aeieaa
Iiieiaeueiay noieiinoue aaenaeae N?ie iiaaoaiey a eiioea

198800

198800

198800

198800

198800 164010*

131208**

98406

65604

32802 362810

330008

297206

264404

231602 1 aiaea

2 aiaea

3 aiaea

4 aiaea

5 aiaea

994000 492030 1486030

* 16,5% o 994000

** 16,5% x ( 994000 – 198800 )

A. Oeaia i?iaeaaee aeaeeony ia 5 ?aaiuo /anoae a 198,8 oun. ooio. no., e
i?ioeaio ia/eneyaony ia eaaeaeoth /anoue ia aanue n?ie aeieaiaiai
iaycaoaeuenoaa, a aceiaaony aaeaaiaeii.

Oaaeeoea N 8

?an/ao iiieiaeueiie noieiinoe aaenaeae aeey oi?oaoe?iaaiey

( a ooio. no.)

Oeaia i?iaeaaee Noaaea 16,5% ia n?ie aaenaey Iiieiaeueiay noieiinoue
aaenaeae N?ie iiaaoaiey a eiioea aiaea

198800

198800

198800

198800

198800 32802

71016

115536

167403

227826 231602*

269816**

314336

366203

426626 1 aiaea

2 aiaea

3 aiaea

4 aiaea

5 aiaea

994800 1608583

* 198800 o ( 1+ 0.165 )2

** 198800 o ( 1+0.165 )n, o.a. i?ioeaio aeaoo eao io 198800,0 n/eoaaony
ii oi?ioea auiea/eaaaiiai i?ioeaioa FV – FV o (1+ ? /100), aaea FV –
noiia aaenaey aoaeouay. ?V-noiia aaenaey a ianoiyuai, ?-i?ioeaio,
n-/enei ia?eiaeia.

A. Aaenaey n ?aaiie iiieiaeueiie noieiinoueth, ?ann/eoaiiie ii oi?ioea 1
i?eaeeceoaeueiuo noii aaeaaiaeiuo ieaoaaeae.

A iaoai i?eia?a n?aaeiee n?ie aaenaeae – 3 aiaea, neaaeiaaoaeueii 16,5%
aiaeiauo io 994000 ooio. no. ninoaaeo 492030. Eaaeaeue ec 5 aaenaeae
aoaeao eiaoue, oaeei ia?acii, iiieiaeueioth noieiinoue

(994000 + 492030) : 5 = 297206,

a iauay iiieiaeueiay noieiinoue ninoaaeo 1486030 ooio. no. Eiia/ii, yoio
iaoiae ?an/aoia ec-ca naiae i?eaeeaeaiiinoe ia iiaeao i?eiineoue oi/iue
aeioiae a 16,5%, e ?acieoea iiaeao auoue cia/eoaeueiie.

Iaiaoiaeeii iiae/a?eiooue, /oi ?aciua eoiaiaua noiiu, auiea/eaaaiua
eiii?oa?ii a niioaaonoaee n aua?aiiui iaoiaeii, ia oae oae aaaeiu naie
ii naaa. A yoeo ?aciuo iaoiaeao nouanoaoao ?aciue ii?yaeie iieaou,
eaaeaeue ec eioi?uo iiaeao auoue i?aaeii/oeoaeueiui i?e ii?aaeaeaiiuo
ianoiyoaeuenoaao (iai?eia?, i?e i?eoiea iaee/iinoe o eiii?oa?a), ii
eaaeaeue iaoiae i?aaeiacia/ai aeey ii?aaeaeaiey aeaenoaeoaeueiiai,
?aaiiai aeioiaea, a ?aaiua noiiu ieaoaaea i?inoi io?aaeatho ?acieoeo a
noiiao e iaiiea/aiiuo ia?eiaeao nouanoaothueo aaenaeae.

3. ?an/ao o/eouaaaiie noieiinoe aeieaiaiai iaycaoaeuenoaa

Anee o/aoiua oneiaey oi?oaoe?iaaiey e i?ioeaio, aeeth/aiiue a oeaio
ieaoaaeiiai o?aaiaaiey yenii?oa?a, iaeeiaeiau, oi oi?oaeoa? a
auoaoeacaiiii i?eia?a aoaeao o/eouaaoue aaenaey ia 994000. Eiia/ii, ia
i?aeoeea oi?oaeoa? /anoi noaeeeaaaony n aaenaeyie eee o?aooaie,
iiaeeaaeaueie oi?oaoe?iaaieth, eioi?ua ii ?aiaa ia eioe?iaae e ia
i?ioeaioiue yeaiaio eioi?uo ii, oaeei ia?acii, ia iia iiaeeyoue. N oi/ee
c?aiey yenii?oa?a yoio iaaeinoaoie ia ?iaeaeaao i?iaeai: anee o/aoiua
oneiaey oi?oaeoa?a aeeth/atho iaiueoee i?ioeaio, /ai i?ioeaio, oeacaiiue
a oeaia n/aoa-oaeoo?u e, oaeei ia?acii, a iaai?a oi?oaoe?oaiuo aaenaeae,
eee anee oeaia i?iaeaiiiai oiaa?a ca au/aoii i?ioeaioa aeaao
aeinoaoi/iue caian, /oiau iie?uoue i?ioeaio oi?oaeoa?a, i?aauoathuee
i?ioeaio eiii?oa?a ii eiiia?/aneiio e?aaeeoo, oiaaea i?ioeaio,
oiea/eaaaiue yenii?oa?ii oi?oaeoa?o, e i?ioeaio, iieo/aaiue ei aea io
eiii?oa?a, ia naycaiu iaiin?aaenoaaiii. Oae eee eia/a, ii yoi ia
einiaony eioa?ania oi?oaeoa?a. Ii i?inoi aeieaeai ?ann/eoaoue o/aoioth
noieiinoue iaai?a aaenaeae, eioi?oth aio i?aaeeaaatho eoieoue, n o/aoii
i?ioeaioa, eioi?ue ii aioia i?aaeeiaeeoue.

4. Oi?ioea aeeneiioa

Oeaia o/eouaaaiiai aaenaey iieo/aaony iooai o/aoa iiieiaeueiie noieiinoe
aaenaey ii i?ioeaioiie noaaea (aeioiae, a ia i?yiie o/ao), onoaiiaeaiiie
aeey ii?aaeaeaiiuo oneiaee, eniieuecoy aeeneiioiue oaeoi?, en/eneyaiue
ii oi?ioea :

100

Z= ((((((((( , aaea

d x X

100+ (((((()

N

Z – aeeneiioiue oaeoi?,

N – /enei aeiae a aiaeo, onoaiiaeaiiia aeey aeaiiiai aeaea iia?aoeee

(aeey naeaeie a aa?iaaethoao – 360 aeiae ),

d – i?ioeaio,

X – aeaenoaeoaeueiia /enei aeiae a aiaeo.

Eiaaea o/eouaaaony oieueei /anoue aiaea, oi?ioea i?eia?aoaao aeae:

100

Z= ((((((((( , aaea

d x (S + G)

100+ (((((((()

N

S – /enei aeiae n iiiaioa iieoiee aei n?iea iiaaoaiey (eiaaea aaenaeue
aeieaeai auoue iiaaoai a noaaioo eee aine?anaiuea, eee a i?acaeie/iue
aeaiue, n?ie iiaaoaiey i?iaeeaaaaony aei neaaeothuaai ?aai/aai aeiy),

G – /enei aeiae yoie ion?i/ee.

Anee ia?eiae iaaeaeo iieoieie e n?ieii iiaaoaiey i?aauoaao 365 aeiae e
i?ioeaio aeieaeai auoue en/eneai ia aiaeiaie aaca, ia?eiae iaaei
?acaeoue ia 365 aeiae e ia aeiiieieoaeueiue ia?eiae e i?eiaieoue iaa
auoaoeacaiiua oi?ioeu.

Eo/oa anaai yoi i?iaeaiiino?e?iaaoue ia i?inoii i?eia?a. Eaeoth oeaio
oi?oaeoa? caieaoeo ca neaaeothuoth o?aooo?

Iiieiaeueiay noieiinoue, aeiee.

Aeaoa iiaaoaiey

Aeaoa iieoiee

Aeiae a aiaeo

*enei aeiae ion?i/ee

I?ioeaio

Aaca iiaaoaiey

Ia?eiae iaaeaeo iieoieie

e n?ieii iiaaoaiey, aeiae 1000

31 ieoya?y 1985 a.

1 aaaonoa 1984 a.

360

3

10,5625

aaeaaiaeii

456

Nia/aea ii niioaaonoaothuae oi?ioea aeey ia?auo 365 aeiae:

100

Z1= (((((((((((( = 0,90327

10.5625 x 365

100+ (((((((()

360

Yoi – o/eouaaaiay noieiinoue aaenaey ca 12 ianyoeaa, ?aaiay 903,27
aeiee. (1000 aeiee. o 0,90327).

Caoai i?eiaiei ae?oaoth oi?ioeo e inoaaoaiony ia?eiaeo:

100

Z2= (((((((((((((( = 0,97316

10,5625 x (91 + 3)

100+ (((((((((()

360

Iaeiiaoe ioianai yoio aoi?ie aeeneiioiue oaeoi? e i?aaeaa?eoaeueii
en/eneaiiie noieiinoe:

903,27 aeiee. o 0,97316 = 879,02 aeiee.,

noiia, eioi?oth oi?oaeoa? caieaoeo a ea/anoaa o/oaiiie noieiinoe.

A yoii i?eia?a iiaaoaiea i?iecaiaeeeinue aaeaaiaeii. Anee iiaaoaiea
aoaeao, iai?eia?, iieoaiaeiaui, oi oiaaea O iaaei ?acaeaeeoue ia 2
iieoaiaeey, a S – niioaaonoaaiii ?acaeoue, /oiau io?aceoue ethaie
iieoaiaeiaie ia?eiae

(1.08.84 – 1.02.85 = 184 aeiy, a 1.02.85 – 1.08.85 = 181 aeiae).

A yoii i?eia?a a ia?aii ia?eiaea

100

Z1= (((((((((((( = 0,94878, a neaaeiaaoaeueii

10.5625 x 184

100+ (((((((()

360

o/eouaaaiay noieiinoue ninoaaeo 948,78 aeiee. (1000 o 0,94878).

Au/eneaiea o/eouaaaiie noieiinoe aoi?iai iieoaiaeey:

100

Z2= (((((((((((((( = 0,94957

10,5625 x 181

100+ (((((((((()

360

Aeeneiioiue oaeoi? aoi?iai ia?eiaea ii ioiioaieth e 948,48 aeiee.
ninoaaeo 900,94 aeiee.

Aeeneiioiue oaeoi? ia o?aoee ia?eiae, eiia/ii, 0,97316 (o. e. iaiueoa,
/ai iieoaiaeea, e, oaeei ia?acii, iacaaenei io iieoaiaee/iiai ii?yaeea
iiaaoaiey). Ioiiny yoi e 900,94 aeiee. iieo/ei 876,76 aeiee., /oi
neoaeeo oeaiie, eioi?oth i?aaeeiaeeo oi?oaeoa?.

5. Oi?ioea i?eaeeceoaeueiiai aeeneiioa

Auoaoiiiyiooay oi?ioea iiaeao auoue eaaei i?eiaieia i?e eniieueciaaiee
nia?aiaiiiai yeaeo?iiiiai iai?oaeiaaiey e niioaaonoaothuae i?ia?aiiu
aeaaea i?e ?aaioa n aieueoei eiee/anoaii aaenaeae. Iaaeaeo oai,
nouanoaoao aieaa i?inoie iaoiae i?eaeeceoaeueiiai au/eneaiey aeeneiioa
“Ae” ii oi?ioea:

V x (S + G) d

Ae = (((((( x (, aaea

100 N

V – iiieiaeueiay noieiinoue aaenaey,

S – iauaa /enei aeiae n iieoiee aaenaeae aei eo iiaaoaiey,

G – /enei aeiae ion?i/ee,

d – noaaea i?ioeaioa,

N – aaciaia eiee/anoai aeiae a aiaeo.

A i?aaeuaeouai i?eia?a

1000 x (456 + 3) 10,5625

Ae = ((((((((( x (((( = aeiee., o. a.

100 360

oi?oaeoa? aoaeao eioe?iaaoue aaenaeue ii oeaia 1000 – 134,67 = 865,33
aeiee. Ianiio?y ia naith iaoi/iinoue, yoio iaoiae /anoi i?eiaiyaony
oi?oaeoa?aie, o.e. n eo oi/ee c?aiey iaeaaeaao oai aeinoieinoaii, /oi
ianeieueei caauoaao ?aaeueioth noiio aeeneiioa.

6. ?an/ao i?aaeiieaaaaiiai aeioiaea io naeaeee

*anoi auaaao, /oi oi?oaeoa?, iniaaiii oio, eioi?ue ?aaioaao ia aoi?e/iii
?uiea, iieo/aao i?aaeeiaeaiea eoieoue aaenaeue ia aeaiioth noiio. Iau/ii
aai ia?aie ?aaeoeeae auaaao aeaeaiea auynieoue i?aaeiieaaaaiue aeioiae
yoiai aaenaey. I?e iaee/ee niioaaonoaothuaai eiiiuethoa?a e i?ia?aiiu
yoi i?inoi. I?e eo ionoonoaee eo/oa anaai iiaen/eoaoue i?yiie aeeneiio
io iiieiaeueiie noieiinoe, eioi?oth i?aaenoaaeyao i?iaeaaeiay oeaia.
Anee yoi iaaiciiaeii, eniieuecoaony neaaeothuay oi?ioea aeey iieo/aiey
i?eaeeceoaeueiiai cia/aiey, oioy, /ai aeieueoa inoaaoeeny aei iiaaoaiey
ia?eiae, oai iaiaa oi/iu yoe cia/aiey, o.e. oi?ioea eniieuecoao iaoiae
i?inoiai i?ioeaioa aianoi neiaeiiai i?ioeaioa:

(R – P) N

Aeioiae = ((((((( x (((((( , aaea

P (S + G)

R – iiieiaeueiay noieiinoue aaenaey,

? – iieoiiay noieiinoue aaenaey,

I, N, S, G – icia/atho oi aea, /oi e auoa.

Yoa oi?ioea iiaeao auoue i?eniiniaeaia aeey iaai?a aaenaeae neaaeothuei
ia?acii. Ii yoi aua aieueoaa i?eaeeaeaiea, e i?aaeuaeouaa
i?aaeoi?aaeaeaiea i iaoi/iinoe caeanue aua aieaa oianoii:

(Iauay iiieiaeueiay noieiinoue – Iauay oeaia
iieoiee) o 100

Aeioiae = (((((((((((((((((((((((((((((((

Iauay oeaia iieoiee o N?aaeiaacaaoaiiue n?ie
iiaaoaiey aaenaeae

7. *enoue aeioiae

Noaey ii aiaoiaio aeaeo, en/eneeoue /enoue aeioiae naeaeee i?inoi.
Iai?eia?, anee oeaiiay aoiaaa eoieaia ia oneiaeyo 13,5 aiaeiauo, a
ecaea?aeee oi?oaeoa?a ii caeinoaiaaieth n?aaenoa aeey oeiaine?iaaiey
naeaeee ninoaaeo 11,75 % aiaeiauo, /enoue aeioiae aoaeao 1,75%. A
aeaenoaeoaeueiinoe aea oi?oaeoa?u ?aaeei n?aaieaatho oneiaey aaenaeae e
enoi/ieeia oeiaine?iaaiey eo iieoiee n aieueoie oi/iinoueth a /anoe aeao
iiaaoaiey, a neaaeiaaoaeueii, oaeiai ?iaea ?an/ao aaeeinoaaiii aiciiaeai
ia i?aeoeea. Eiaaea aea n?aaiaiea aeaeaaony n aieueoie noaiaiueth
oi/iinoe, ieaoaaee ii nnoaeai iiaoo auoue i?eniiniaeaiu e
eniieueciaaieth anao iaee/iuo aeaiaa a caaeneiinoe io n?iea iiaaoaiey
anao aaenaeae iaeaoa, a aeaenoaeoaeueiue /enoue aeioiae iiaeao auoue
ianeieueei auoa ?an/aoiiai. I?e/eia a oii, /oi i?eoie iaee/iinoe io
naeaeee aaoiiaoe/anee iio?aaeyaony: ae?oaeie neiaaie, /enoue aeioiae
?aeiaanoe?oaony a oeaeyo nie?auaiey caeinoaiaaiee, eioi?ua aneaaenoaea
yoiai oiaiueoathony auno?aa, /ai iaiiaaoaiiua aoiaae.

8. Aeaoaee i?aaeeueii ioeaiaiiie naeaeee

A neaaeothuai i?eia?a iieoiea oeaiiie aoiaae eiaea ianoi 27 yiaa?y 1984
a. Ana aeie ion?i/ee auee aeiaaaeaiu e a?aiaie iiaaoaiey, eioi?ia auei
onoaiiaeaii aeey aaenaeae, n?ie iiaaoaiey eioi?uo i?eoiaeeony ia
auoiaeiua aeie. Iauay iiieiaeueiay noieiinoue aaenaeae ninoaaeea
8.817.085,10 aeiee., iiaeeaaeaueo iiaaoaieth a oa/aiea 5 eao aeanyoueth
iieoaiaeiauie aciinaie. Aeioiae aaenaeae – 13,5 % aiaeiauo – iiaaoaaony
aaeaaiaeii e oeiaine?oaony ca n/ao nnoaeu n i?ioeaioiie noaaeie 11,75,
auiea/eaaaiie aaeaaiaeii. I?eoie iaee/iinoe i?e yoie naeaeea iieacai a
oaaeeoea N9.

Oaaeeoea N 9

I?eoie iaee/iinoe i?e i?aaeeueii ioeaiaiiie naeaeee

aeaoa iiaaoaiey aeie iiieiaeueiay noieiinoue aaenaeae o/oaiiua aaenaey
ii 13% aiaeiauo nnoaeiue aaeain noaaea ii iieo/aiiie nnoaea 11,75%
aiaeiauo aaeain iniiaiie e i?ioeaioiie caaeieaeaiiinoe iiaaoaiea
iniiaiiai aeieaa e i?ioeaioia

(1) (2) (3) (4) (5) (6)

27.01.84

19.07.84

18.01.85

18.07.85

18.01.86

18.07.86

18.01.87

18.07.87

18.01.88

18.07.88

18.01.89 –

174

183

181

184

181

184

181

184

182

185 –

1.004.373,83

977.114,87

949.855,91

922.596,95

895.337,98

868.079,02

840.820,06

813.561,10

786.302,14

759.043,24 –

942.852,69

861.748,31

784.596,53

715.705,11

650.523,43

592.336,71

537.361,17

488.300,14

441.862,40

400.463,84 6.415.750,33

5.465.351,25

5.125.063,66

4.228.191,71

3.807.927,42

2.962.792,79

2.446.710,01

1.653.036,37

1.037.483,77

295.271,12

– –

53.974,75

636.827,28

52.983,96

502.332,66

50.203,35

351.996,24

47.146,42

198.008,50

44.089,49

35.368,97 8.388.681,95

7.384.308,12

6.407.193,25

5.457.337,34

4.534.740,39

3.639.402,41

2.771.323,39

1.930.503,33

1.116.942,23

336.640,09

– –

1.004.373,03

977.114,87

949.855,91

922.596,95

895.337,98

868.079,02

840.820,06

813.561,10

786.302,14

330.640,09

EOIAI:174 8.817.085,10 6.415.750,33 – 1.072.031,62 – 8.388.681,95

(7)

(8)

(9)

Iiyniaiey e Oaaeeoea N 9

A?aoa (1) io?aaeaao ca?aiaa ?ann/eoaiioth iiieiaeueioth noieiinoue
aaenaeae. A?aoa (2) iieacuaaao /enooth noieiinoue iinea aeeneiioe?iaaiey
ii noaaea 13,5 aiaeiauo io aeioiaea, aceiaaiuo aaeaaiaeii. Oi?ioea, ii
eioi?ie iieo/aiu cia/aiey yoie oaaeeoeu, oeacaia auoa. Iai?eia?, oeaia
aaenaey n o?aoueei n?ieii iiaaoaiey, ianooiathuei iinea 538 aeiae n
aeaou iieoiee, au/eneaia oae, eae oeacaii ieaea.

Aeeneiioiue oaeoi? ia?aiai iieiiai aiaea ?aaai:

100

Z1= (((((((((((( = 0,87960

13,5 x 365

100+ (((((((()

360

I?e oiiiaeaiee Z1 ia iiieiaeueioth noieiinoue aaenaey (949.855,91
aeiee.) iieo/aaony 835.497,23 aeiee.

Aeeneiioiue oaeoi? ia inoaaoothny /anoue ia?eiaea (538 – 365 = 173
aeiy):

100

Z2= (((((((((((((( = 0,93908

13,5 x 173

100+ ((((((((()

360

Oiiiaeay Z2 ia o/oaiioth noieiinoue aaenaey ia eiiaoe ia?aiai iieiiai
aiaea (835.497.23 aeiee.), iieo/ei 784.596,53.

*enei, noiyuaa a a?aoa (3) ca 27.01.84, e eoiaiaay noiia (7) iieacuaatho
noiio o/oaiiuo noieiinoae aaenaeae, i?aaenoaaeythueo niaie nnoaeo aeey
oeiaine?iaaiey iieoiee anao aaenaeae. Cia/aiey a?aou (3) ca ae?oaea
aeaou iieacuaatho inoaoie nnoaeu.

A?aoa (4) io?aaeaao i?ioeaio, aceiaaiue aaeaaiaeii io iaiiea/aiiiai
inoaoea nnoaeu, e?iia oao neo/aaa, eiaaea /anoue oieaou aeieaa
iiaaoaaony iaaeaeo aeaoaie aceiaiey i?ioeaioa. A iineaaeiai neo/aa
auiea/eaaaony eeoue /anoue iniiaiiai aeieaa.

Iai?eia?, i?ioeaio ia?aiai aaenaey ni n?ieii iiaaoaiey 174 aeiy iinea
iieoiee au/eneyaony oae. Auieaoa iniiaiiai aeieaa inouanoaeyaony iooai
o/aoa aaenaey ii auoaoeacaiiie oi?ioea (ii aianoi nnoaeiiai i?ioeaioa
eniieuecoaony o/aoiue aeioiaeiue i?ioeaio) n o/aoii /enea aeiae,
i?ioaaeoeo n aeaou iieoiee.

Oaeei ia?acii, aeeneiioiue oaeoi? ?aaai:

100

(((((((((((((( = 0,4626

11,75 x 174

100+ ((((((((()

360

Yoi /enei oiiiaeaaony ia iiieiaeueioth noieiinoue aaenaey (1.004.73,83
aeiee.) e iieo/aaony 959,399,06 aeiee. Auiea/eaaaiue i?ioeaio ninoaaeo
iiieiaeueioth noieiinoue – iiaaoaiea iniiaiiai aeieaa.

1.004.373.83

– 950.399.08

53.974,75 aeiee.

A yoii i?eia?a ia?aue i?ioeaioiue ia?eiae caeai/eaaaony 18 yiaa?y 1985
a. e niioaaonoaoao 357 (174 + 183) aeiyi iinea iieoiee. I?ioeaio
?ann/eouaaai neaaeothuei ia?acii:

*enei aeiae

iineaaeiae auieaou % Iaiiea/aiiue Aiaeiaay

% = (((((((((((( o inoaoie nnoaeu o %-iay noaaea

360

Iiaenoaaea /enea iaoaai i?eia?a, iieo/ei

357 11,75

% = ((( o 5.465.351,25 o (((( = 636.827,28 aeiee.

360 100

Noiia iiaaoaiey iniiaiiai aeieaa a aeaiue oieaou i?ioeaioa ninoaaeo
iiieiaeueioth noieiinoue aaenaey aac i?ioeaioa, ?ann/eoaiiiai auoa.

Au/eneaiey i?ioeaioa i?eiaiythony i?e /a?aaeiaaiee n?ieia aeey iieo/aiey
iauae noiiu i?ioeaioa (8).

A?aoa (5) oaaeeoeu ia 7.01.84 e noiia (9) io?aaeatho iauee iauai aeaiaa
aeey oieaou anaai aeieaa (e iniiaiie noiiu e i?ioeaioia) , o.a. (7) +
(8) = (9). A?aoa (5) naieie cia/aieyie, niioaaonoaothueie ae?oaei
aeaoai, io?aaeaao inoaoie – iaiiea/aiioth /anoue iniiaiiai aeieaa e
i?ioeaioa iinea au/eoaiey au?o/ee io iiaaoaaiuo aaenaeae ia yoe aeaou,
oeacaiiie a a?aoa (1) e i?aaeiacia/aia aeey ae?oaeo au/eneaiee.

A?aoa (6) iieacuaaao, /oi noiia iiieiaeueiie noieiinoe iiaaoaaiiai
aaenaey niioaaonoaoao noiia nieaeaiey anaai aeieaa. Iieo/aaony, /oi
oieueei iineaaeiee aaenaeue i?eiineo aeaiaaeioth i?eaueue – ana aeioiaeu
i?aaeoanoaothueo aaenaeae eaeoo ia iiaaoaiea aeieaa.

I?aeiouanoaii oaeiai iaoiaea oeiaine?iaaiey yaeyaony oi, /oi nnoaea
iiaaoaaony eae iiaeii nei?aa, e aeaiaaeiay i?eaueue iieo/aia aac
ion?i/ee aeey eciaiaiey i?ioeaioiuo noaaie. E?iia oiai, iao iooiea
eaieoaea ia eaeie-eeai noaaeee naeaeee.

Aicieeaao aii?in ia ii?aaeaeaiee aeaenoaeoaeueiiai iieiiai aeioiaea io
yoie i?aaeeueii ioeaiaiiie naeaeee. Aai iiaeii ?aoeoue aeaoiy iaoiaeaie:

1. I?ioeaioiay i?eaueue iieo/aaony iooai au/eoaiey iauae noiiu o/oaiiuo
aaenaeae ec noiiu iiieiaeueiuo noieiinoae aaenaeae. A iaoai i?eia?a:

8.817.085,10

– 6.415.750.33

2.401.334,77 aeiee.

Caoai au/eoaaony noiia auiea/aiiuo i?ioeaioia ii nnoaea:

1.972.931,62. I?ioeaioiay i?eaueue ?aaia 428.403,15 aeiee.

Iinea yoiai iiaen/eouaaai n?aaeiaacaaoaiioth i?iaeieaeeoaeueiinoue
ia?eiaea iiaaoaiey iaoaai iaai?a aaenaeae. A iaoai i?eia?a yoi 948,8
aeiae eee 2,6356 eao (ia aaca 360-oe aeiaaiiai aiaea).

*oiau iieo/eoue aeioiae, iaaei ?acaeaeeoue i?ioeaioioth i?eaueue ia
noiio o/oaiiuo aaenaeae e ?acaeaeeoue ?acoeueoao ia n?aaeiaacaaoaiioth
i?iaeieaeeoaeueiinoue ia?eiaea iiaaoaiey.

428.403,15 100

Aeioiae = (((((( o (((( = 2,5335 % aiaeiauo.

6.415.750,33 2,6356

2. A?aoa /enoiai i?eoiea aeaiaaeiuo n?aaenoa a oaaeeoea N 10 iieo/aaony
neaaeothuei ia?acii. A ioeaaii ia?eiaea – yoi noiia, iiaeeaaeauay
aica?aoo, ?aaiay noiia o/oaiiuo noieiinoae aaenaeae. Yoi /enei oaeaea
?aaii noiia iieo/aiiie nnoaeu. Aeey ia?eiaeia n ia?aiai ii aeanyoue
oeacaiiua cia/aiey ?aaiu iiieiaeueiie noieiinoe eaaeaeiai iiaaoaaiiai
aaenaey ca au/aoii ia/eneaiiiai nnoaeiiai i?ioeaioa ia eaaeaeoth aeaoo e
neoaeao aeey aica?aoa ” aeiaeaiee “.

Oaaeeoea N 10

*enei aeiae caaeieaeaiiinoe Iieoaiaeiaua ia?eiaeu *enoue i?eoie
aeaiaaeiuo n?aaenoa

174

357

538

722

903

1087

1268

1452

1634

1819 0

1

2

3

4

5

6

7

8

9

10 6.415.750.33

– 950.399,08

340.287,59

896.871,95

420.264,29

845.134,63

516.082,78

793.673,64

615.552.60

742.212,65

723.674,27

428.403,15

?ann/eouaay aioo?aiiea eiyooeoeeaiou aeioiaea, iieo/ei neaaeothuea
?acoeueoaou:

i?ioeaio ia ia?eiae – 1,1909

iiieiaeueiay i?ioeaioiay noaaea -2,3819

oaeoe/aneay i?ioeaioiay noaaea -2,3960

Ioee/ea yoiai iaoiaea io ?an/aoa aeioiaea ii ia?aiio iaoiaeo
caeeth/aaony a oii, /oi ii iniiaai ia aeaenoaeoaeueiii i?eoiea
aeaiaaeiuo n?aaenoa a oa/aiea iia?aoeee e ia onoaiaaeeaaao aeioiae ia
iniiaa iauaai /enoiai aeioiaea naa?o n?aaeiaai n?iea aeecie aaenaey.
Yoio aoi?ie iaoiae iaaei i?eiaiyoue oiaaea, eiaaea o?aaoaony oi/iay
ioeaiea aeioiaea. I/aiue aaaeii ioiaoeoue (eae yoi oaea auei naeaeaii
?aiaa) , /oi aeaenoaeoaeueiue /enoue aeioiae oaeie naeaeee
i?eaeeceoaeueii ?aaai 2,4% aiaeiauo, a ia 1,75% , eae iiaeao
iieo/eoueny i?e au/eoaiee ec o/aoiie noaaee a 13,5% nnoaeiiai i?ioeaioa
11,75%. Iaaei iiae/a?eiooue, /oi a aieueoeinoaa naeaeie oi?oaoe?iaaiey
ia caieiathony oaeeie ?an/aoaie /enoiai aeioiaea.

CAEETH*AIEA

Caaa?oay aeeieiiioth ?aaioo oioaeinue au naeaeaoue iaeioi?ua auaiaeu e
aeaoue iaeioi?ua ?aeiiaiaeaoeee, eanathueany i?eiaiaiey e eniieueciaaiey
eiiia?/aneiai e?aaeeoiaaiey a ?innee.

A aeeieiiiie ?aaioa ?anniio?aiu iniiaiua niiniau i?aaeinoaaeaiey
eiiia?/aneiai e?aaeeoa, iieacaii ianeieueei aaaeai i?aaeeueiue auai?
niiniaa e?aaeeoiaaiey aeey eaaeaeie eiiiaiee. ?anniio?ai nenoaiiue
niinia e?aaeeoiiai aiaeeca eae i?ioeann i?eiyoey ?aoaiey i aiciiaeiinoe
i?aaeinoaaeaiey eiiia?/aneiai e?aaeeoa.

Cia/eoaeueiia aieiaiea a aeeieiiiie ?aaioa oaeaeaii ninoiyieth
eiiia?/aneiai e?aaeeoa ia nia?aiaiiii yoaia, eiaaea nio?aiyaony
oaiaeaioeey e oaaee/aieth n?ieia ?aaeecaoeee oiaa?ia. Iieacaia
i?ioeai?a/eainoue ?acaeoey eiiia?/aneiai e?aaeeoiaaiey, eioi?ay
aace?oaony ia aeaeaeaiee oiaa?ia, e iaeiia?aiaiii iauaa ninoiyiea aai
?acaeoey.

Iieacaia ana aic?anoathuay ?ieue aaenaeueiiai ia?auaiey e
oi?oaoe?iaaiey, eioi?ia iiyaeeinue a ioaao ia iaoaeiaeaoai?aiiue e
iinoiyiii ?anoouee ni?in ia iaaeaeoia?iaeiua e?aaeeou.

Iaeiaei oi/aony iiaeeaea einiooueny neooaoeee a ?innee a ianoiyuaa a?aiy
e ioiaoeoue, /oi, ianiio?y ia i?eiyoua iinoaiiaeaiey, aeoeaecaoeee
aaenaeueiiai ia?auaiey a no?aia ia i?iecioei. Yoi iauyniyaony i?aaeaea
anaai iaaeaaii?eyoiie yeiiiie/aneie neooaoeeae a no?aia: ia?anoaieai
eioeyoeeiiiuo oaiaeaioeee, aeaoeoeeoiinoueth ainathaeaeaoa, ia?ooaieai
noieiinoiuo i?iii?oeee iaiaia. E?iia oiai, iieiinoueth oo?a/aia i?aeoeea
inouanoaeaiey o/aoii-nnoaeiuo iia?aoeee n aaenaeyie, ioi?ieaiea i?ioanoa
e acuneaiey caaeieaeaiiinoe ii aaenaeyi e o.ae. Aianoa n oai, aiaae?aiea
eiiia?/aneiai e?aaeeoiaaiey e aaenaeueiiai ia?auaiey iiiiaei au ?aoeoue
i?iaeaio acaeiiuo iaieaoaaeae i?aaei?eyoee, i?aaiecaoeee,
noaaeeece?iaaoue aeaiaaeiia ia?auaiea a ?innee.

Eiiia?/aneee e?aaeeo aeiiieieoaeueii e nouanoaothuaio e?aaeeoiiio
iaoaiecio iicaieee au iineaaeiaio aieaa aeaei ?aaae?iaaoue ia
oicyenoaaiioth neooaoeeth a no?aia, ia ?anoe?yy i?e yoii aaoiiaoe/anee
iauae iannu ieaoaaeiuo n?aaenoa. A yoie nayce iaiaoiaeeii
aeoeaece?iaaoue ?aaioo eae o/?aaeaeaiee Oeaio?aeueiiai aaiea ?innee, oae
e i?aaiecaoeee, caeioa?aniaaiiuo ai aiaae?aiee aaenaeueiiai ia?auaiey,
iineieueeo aeey ieo noaioo i?aaeneacoaiuie n?iee iinooieaiey ieaoaaeae,
iie niiaoo iieo/aoue aaieianeee e?aaeeo iiae aaenaey.

NIENIE EEOA?AOO?U

1. Iauay yeiiiie/aneay oai?ey. No?oeoo?ii-eiae/aneea noaiu. E.E.
Aaie?aeeaeca. Eaeeieia?aae 1997 a.

2. Aaieianeia aeaei. Ni?aai/iia iiniaea. Iiae ?aaeaeoeeae TH.A.
Aaae/aaie. Iineaa 1993 a.

3. Aaieianeia i?aai. O/aaiia e i?aeoe/aneia iiniaea. E.A. Aoeiiaa.
Iineaa 1994 a.

4. Aooaaeoa?neee o/ao e io/aoiinoue a aaiea. A.I. Aiae?inia.
«Iaiaoai-eioi?i» 1994 a.

5. Ii?iaoeaiua aeieoiaiou:

– “Ia oeo/oaiee ?an/aoia a oicyenoaa e iiauoaiee ioaaonoaaiiinoe ca eo
naiaa?aiaiiia i?iaaaeaiea”. Oeac I?aceaeaioa ?O io 19 iiya?y
1993 a. ? 1662

– “I i?eiaiaiee aaenaey a oicyenoaaiiii iai?ioa ?NON?”. Iinoaiiaeaiea
I?aceaeeoia Aa?oiaiiai Niaaoa ?NON? io 24 ethiy 1991 a. ? 1451-1

– “I aaieianeeo iia?aoeeyo n aaenaeyie”. Ienueii Oeaio?aeueiiai Aaiea ?O
io 9 naioya?y 1991 a. ? 14-3/3

– “I a?aiaiiuo iniiaiuo iieiaeaieyo ii ia?ao/aoo aaenaeae i?aaei?eyoee
Aaieii ?innee”. Ienueii OeA ?O io 4 ieoya?y 1994 a. ? 183-94

– A?aaeaeaineee eiaeaen ?O (i?eiyo Oaaea?aeueiui nia?aieai ?O io 30
iiya?y 1994 a. ? 51-O3) (ecaea/aiey)

– “Iniiau a?aaeaeaineiai caeiiiaeaoaeuenoaa Nithca NN? e ?anioaeee”. io
31 iay 1994 a. ? 2211-1 (ecaea/aiey

6. Aaieianeee ii?ooaeue – 1. Iineaa. Niieioye. 1994 a.

7. Oiiaeiaue ii?ooaeue. Iineaa. Niieioye. 1994 a.

8. Oeiainiaay aacaoa. ? 43, 1994 a.

9. Oeiainiai-e?aaeeoiue neiaa?ue. I. “Oeiainu e noaoenoeea”. 1994 a.

10. N.A.Aeaenaiae?ia, O.E.Ioaa/aa. “E?aaeeoiua n?aaenoaa ia?auaiey e
ieaoaaea”. I. “Oaeo”. 1991 a.

11. A.A.Naeeaaieei. Oaoieea e?aaeeoiaaiey. E. “Eiiia?aoeey”. 1926 a.

12. A.N.Aieuineee. E?aaeeo a oneiaeyo nia?aiaiiiai eaieoaeecia. I.
“Oeiainu e noaoenoeea”. 1991 a.

13. I.Eiaai. Eiiia?/aneea aaiee e i?aaei?eyoey. ?an/aoiua e e?aaeeoiua
acaeiiioiioaiey. Auione o?aoee. 1992 a. Oeaio? aeaeiaie eioi?iaoeee
aacaou “Yeiiiieea e aeeciue”.

14. I.I.Aaeyeia. Aaenaeue eae aaaeiaeoaa ieaoaaeiia n?aaenoai. I.
“O?ainoa?o”. 1992 a.

15. Oieoeoee?iaaiiua i?aaeea e iau/ae ii aeieoiaioa?iui aee?aaeeoeaai
(?aaeaeoeey 1993 aiaea) Ioaeeeaoeey Iaaeaeoia?iaeiie Oi?aiaie
Iaeaou? 500

16. Oieoeoee?iaaiiua i?aaeea e iau/ae ii eieanni (?aaeaeoeey 1995 aiaea)
Ioaeeeaoeey Iaaeaeoia?iaeiie oi?aiaie Iaeaou ? 522

17. Eino?oeoeey ? 1 Aiaoyeiiiiaaiea i ii?yaeea niaa?oaiey aaieianeeo
iia?aoeee ii iaaeaeoia?iaeiui ?an/aoai. – Iineaa,”Oeiainu e noaoenoeea”
1986a.

18. Iauay oai?ey aeaiaa e e?aaeeoa. O/aaiee/ Iiae ?aae. AEoeiaa A.O. –
I., Aaiee e ae?aee. THIEOE, 1995.

19. Aaiee e aaieianeea iia?aoeee. O/aaiee/ Iiae ?aae.AEoeiaa A.O. – I.
Aaiee e ae?aee, THIEOE, 1995.

20. Ia?eiaa I.I., Naoa?iaa E.N., Neaei?ia A.I. Eiiia?/aneea aaiee e eo
iia?aoeee – I ., Aaiee e ae?aee, THIEOE, 1995.

21. Aaieianeia aeaei. Iiae ?aae. Eieanieeiaa A.E. e E?ieaaeoeeie E.I. –
I., Oeiainu e noaoenoeea, 1995.

22. A.A.*a?eania, E.A.Ieioeoeeia Aaieianeea iia?aoeee: ia?eaoeia,
aiaeec, ?an/aou – I., IAOAEIOI?I, 1995.

23.E.ss.Iineiaa Iaaeaeoia?iaeiua aaethoii-e?aaeeoiua ioiioaiey – I.,
Aaiee e ae?aee, THIEOE, 1995.

24. Onineei A.I. Nia?aiaiiue eiiia?/aneee aaie. Oi?aaeaiea e iia?aoeee.
– I., Ana aeey aan, 1993.

25. Iiaeai?ea aacaou “Eiiia?naio Deily” ca 1996-97aa.

ANA?INNEENEEE EINOEOOO IIAUOAIEss EAAEEOEEAOeEE ?AAIOIEEIA ?UAIIAI
OICssENOAA

PAGE

PAGE 99

Aeeieiiiue i?iaeo (?aaioa) neooaoaey a?oiiu «Oeiainu e e?aaeeo» Oneiaa
Na?aay Aeeoi?iae/a

PAGE 136

Aeeieiiiue i?iaeo (?aaioa) neooaoaey a?oiiu «Oeiainu e e?aaeeo» Oneiaa
Na?aay Aeeoi?iae/a

Нашли опечатку? Выделите и нажмите CTRL+Enter

Похожие документы
Обсуждение

Оставить комментарий

avatar
  Подписаться  
Уведомление о
Заказать реферат!
UkrReferat.com. Всі права захищені. 2000-2020