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IAEAAEAIEA

Aaaaeaiea

Aeaaa I. Nouiinoue e iniiaiua oaiaeaioeee ?acaeoey

aaieianeiai iaiaaeaeiaioa.

1.1. ?acaeoea oeiainiaie nenoaiu.

1.2. Nouiinoue e iniiaiua yoaiu ?acaeoey aaieianeiai

iaiaaeaeiaioa.

Aeaaa II. I?aaiecaoeeiiiua iniiau aaieianeiai iaiaaeaeiaioa.

2.1. Auai? ?aoeeiiaeueiie i?aaiecaoeeiiiie no?oeoo?u

eiiia?/aneiai aaiea.

2.2. ?acaeoea naoe aaieianeeo oeeeaeia.

Caeeth/aiea

Nienie eniieueciaaiiie eeoa?aoo?u.

AAAAeAIEA

Ia?aoiae Iieaeiau io eiiaiaeii-aaeieieno?aoeaiie e ?uii/iie yeiiiieea
aucuaaao iaiaoiaeeiinoue inaiaiey iiaiai iaoaiecia e iaoiaeia oi?aaeaiey
oeiainaie. Ia/aei oe?ieiianooaaiuo i?ioeannia aeoeeiie?iaaiey e
i?eaaoecaoeee, ?ino /enea aiiaue nicaeaaaaiuo eiiia?/aneeo aaieia
iaoneiaee a?iiaaeiue eioa?an e i?iaeaia aaieianeiai iaiaaeaeiaioa.

Iaeiaei na?ueaciui iaaeinoaoeii yoie ?aoi?iu yaeeanue iaaeeaiiay
i?eaaoecaoeey oeiainiaie noa?u, iniaaiii eiiia?/aneeo aaieia, a eioi?uo
ainoaea?noaaiiue eaieoae, i?aaiecaoeeiiiua e aaeieieno?aoeaiua nayce n
ainoaea?noaaiiuie no?oeoo?aie oi?aaeaiey ii i?aaeiaio ea?atho
ii?aaeaeythuoth ?ieue. E?eoa?ee yooaeoeaiinoe iooiaeyo ia aoi?ie ieai. A
/anoiinoe a aaieianeie i?aeoeea eiaao ianoi iaaeiaa?ea e iiaui
i?iecaiaenoaaiiui e eiiia?/aneei no?oeoo?ai e aioiaiinoue i?iaeieaeaoue
e?aaeeoiaaiea iaieaoaaeaniiniaiuo aini?aaei?eyoee, n eioi?uie eiathony
aeaaiea nayce. ?an/ao aeaeaaony ia oi, /oi caaeieaeaiiinoue
aini?aaei?eyoey aaieo aoaeao ?aii eee iicaeii iiaaoaia ca n/ao
ainathaeaeaoa.

Ii aaieai i/aiue o?oaeii ?aciauaoue naie e?aaeeoiua ?ano?nu, o.e. auniea
noaiaiue ?enea. Ia ?aaioaao ?uiie iaaeaeaeeiinoe, iao ?uiea oeaiiuo
aoiaa, ia nicaeaeenue iiea aua e no?oeoo?u, eioi?ua iaania/eaaee au
aaiee iieiie e aeinoiaa?iie eioi?iaoeeae i eeeaioao. Aei 70 %
i?iiuoeaiiuo i?aaei?eyoee inoathony a nianoaaiiinoe ainoaea?noaa.

Ia aaaaeaia iiaay nenoaia aooaaeoa?neiai o/aoa a aaieao, eioi?ay
niioaaonoaoao iaaeaeoia?iaeiui noaiaea?oai, niaeani eioi?ui eaaeaeue
auaeaaaaiue e?aaeeo ioeaieaaaony n oi/ee c?aiey ?enea (noaiaea?oiue,
ieaea noaiaea?oa, niiieoaeueiue, iaaica?aoeiue). A caaeneiinoe io
noaiaie ?enea aaiee aeieaeiu nicaeaaaoue niaoeeaeueiua iaeiieaiey aeey
ieioeo e?aaeeoia, eioi?ua can/eouaathony a cao?aou aaiea.

A caeiiiaeaoaeuenoaa ia?aei?eyoea ii?aaeaeyaony eae
i?aaei?eieiaoaeueneay aeayoaeueiinoue, inouanoaeyaiay n i?eaea/aieai
iaaiiiai o?oaea, aaaeouayny ia naie no?ao e ?ene. Iia i?aaenoaaeyao
niaie eieoeeaoeaioth, naiinoiyoaeueioth aeayoaeueiinoue a?aaeaeai e eo
iauaaeeiaiee, iai?aaeaiioth ia iieo/aiea i?eauee. Niioaaonoaaiii
iaiaaeaeiaio – niaieoiiinoue oi?i e iaoiaeia i?aaiecaoeee e oi?aaeaiey
i?aaei?eieiaoaeueneie aeayoaeueiinoueth, iai?aaeaiiay ia iieo/aiea
i?eauee a aiciiaeii aieaa ei?ioeea n?iee e i?e iaeiaiueoai ?enea.

Noa?a oeiainiaiai i?aei?eieiaoaeuenoaa yaeyaony a Iieaeiaa iaeaieaa
i?eaueueiie, ii e iaeaieaa ?eneiaaiiie. Oioy /enei eiiia?/aneeo aaieia a
Iieaeiaa iaoeeiiii ?anoao, n?aaiaiea n Caiaaeiie Aa?iiie iicaieyao
naeaeaoue auaiae i iiea aua neaaii ?acaeoee aaieianeiai naeoi?a n oi/ee
c?aiey aai aeiee a aaethoiii iaoeeiiaeueiii i?iaeoeoa, iniaaiii a
?aaeiiao, a oaeaea anni?oeiaioa oneoa e o?iaiy iaiaaeaeiaioa.

E?oiiua aaiee o?aoyo ia?iiiua n?aaenoaa ia iaeneiaeueioth
aaoiiaoecaoeeth aaieianeiai aeaea, aiaae?aiea eiiiuethoa?iuo oaoiieiaee,
?acaeoea nenoaiiuo i?iaeoeoia, aeiaaeueiuo naoae e ia?aaeiauo
eiiioieeaoeee, ia i?iaaaeaiea ?aeeaiiuo eiiiaiee. Iaeiaei i?e yoii,
aaiee /anoi oioneatho ec aieiaiey ?aaeueiua iio?aaiinoe eeeaioia. *oiau
iaania/eoue naaa oniao e caaiaaaoue ?aniieiaeaiea eeeaioo?u, iaiaoiaeeii
inaaeaaoue iiaua iaoiaeu aaieianeiai iaiaaeaeiaioa, no?aoaae/aneiai
ieaie?iaaiey e iiaua aeaeu oneoa, iiaua iiaeoiaeu e oaeiaeaoai?aieth
eeeaioia.

Ana yoi iaoneiaeei aeooaeueiinoue enneaaeiaaiey i?aeai ?acaeoey
aaieianeiai iaiaaeaeiaioa ia nia?aiaiiii yoaia. Iauaeoii enneaaeiaaiey
iineoaeeee eiiia?/aneea aaiee e ae?oaea oeiainiaua o/?aaeaeaiey
?anioaeeee Iieaeiaa.

A ia?aie aeaaa ?anniao?eaaaony nouiinoue e iniiaiua oaiaeaioeee ?acaeoey
aaieianeiai iaiaaeaeiaioa: aiaeec ninoiyiey e ?acaeoey oeiainiaie
nenoaiu a oeaeii, a oaeaea ca?iaeaeaiea e iniiaiua yoaiu ?acaeoey
aaieianeiai iaiaaeaeiaioa.

Ai aoi?ie aeaaa i?aaeeaaathony aa?eaiou auai?a ?aoeeiiaeueiie
i?aaiecaoeeiiiie no?oeoo?u eiiia?/aneiai aaiea, aiaeece?oaony i?ioeann
?acaeoey naoe aaieianeeo oeeeaeia, a oaeaea eceaaathony iniiaiua
iai?aaeaiey aeeaa?neoeeaoeee aaieianeeo oneoa.

Aeaaa I. NOUIINOUe E INIIAIUA OAIAeAIOeEE

?ACAEOEss AAIEIANEIAI IAIAAeAEIAIOA

1.1. ?acaeoea oeiainiaie nenoaiu.

Oeiainu – enoi?e/anee neiaeeaoayny eaoaai?ey. Oa?iei “oeiainu” (io
eaoeineiai “finantia” – “ieaoaae”) ia?aiia/aeueii icia/ae caaa?oaiea
?an/aoa (ieaoaaea) a aeaiaaeiuo ioiioaieyo iaaeaeo ianaeaieai e
ainoaea?noaii, a caoai ?ani?ino?aieeny ia ana ieaoaaee a iieueco
ainoaea?noaa e ?acee/iuo ainoaea?noaaiiuo einoeoooia, a oaeaea ia
aeaiaaeiua iia?aoeee ii ioeoiai, /aeaiea iiiao. A aeaeueiaeoai, eiaaea
oeiainiaua ioiioaiey ana aieueoa noaiiayony iauaeoii eiio?iey e
?aaeaiaioaoeee ni noi?iiu ainoaea?noaa, oa?iei “oeiainu” ia/eiaao
oiio?aaeyoueny i?eiaieoaeueii e niaieoiiinoe aeaiaaeiuo ioiioaiee,
naycaiiuo n nenoaiie ainoaea?noaaiiuo aeioiaeia e ?anoiaeia.

Iie aicieeee a ia?eiae ?aniaaea ia?aiauoiiiaueiiiai no?iy e ca?iaeaeaiey
?aaiaeaaeaeue/aneiai a nayce n aicieeiiaaieai ainoaea?noaa e aai
einoeoooia, ?acaeoeai oiaa?ii-aeaiaaeiiai oicyenoaa. Yoeie aea
i?aaeiinueeaie (nouanoaiaaieai ainoaea?noaa e ?acaeoeai
oiaa?ii-aeaiaaeiuo ioiioaiee) ii?aaeaeyaony e aeaeueiaeoaa
ooieoeeiie?iaaiea e ?acaeoea oeiainia.1

Oeiainu – iniaay oi?ia i?iecaiaenoaaiiuo ioiioaiee, naycaiiuo n
?ani?aaeaeaieai e ia?a?ani?aaeaeaieai /anoe aaeiaiai iaoeeiiaeueiiai
i?iaeoeoa (AII), o.a. n iauaeoeaii nouanoaothuae iaiaoiaeeiinoueth
ecuyoey, eiioeaio?aoeee e ia?a?ani?aaeaeaiey ainoaea?noaii /anoe AII.

Oeianu – ia aeaiueae, ia aeaiaaeiua aeioiaeu e oiiaeu aeaiaaeiuo
n?aaenoa naie ii naaa, a ii?aaeaeaiiua yeiiiie/aneea ioiioaiey,
neeaaeuaathueany i?e ia?aciaaiee, ?ani?aaeaeaiee e eniieueciaaiee
aeaiaaeiuo aeioiaeia,

_______________________

1. Ainoaea?noaaiiua oeiainu. Iiae ?aae. A.I.Oaaeiniaa. – Eeaa,
Euaeaeue, 1991, n. 20.

iaeiieaiee e niioaaonoaothueo ei oeaeaauo oiiaeia aeaiaaeiuo n?aaenoa.

Aeaiaaeiua ioiioaiey ii naiaio niaea?aeaieth e ninoaao cia/eoaeueii oe?a
oeiainiauo ioiioaiee. Oae, aeaiaaeiua ioiioaiey, io?aaeathuea niaio oi?i
noieiinoe a i?ioeanna eoiee-i?iaeaaee, ia ioiinyony e oeiainiaui
ioiioaieyi, eai iie iaiin?aaenoaaiii ia naycyiu n oi?ie?iaaieai e
eniieueciaaieai oeaeaauo aeaiaaeiuo oiiaeia iauanoaaiiiai iacia/aiey
(public finance). Anee i?aaei?eyoea ?aaeecoao oiaa? e iieo/aao
niioaaonoaothuoth au?o/eo, oi a aeaiiii neo/aa i?ienoiaeeo niaia oi?i
noieiinoe, eioi?ay, anoanoaaiii, aeeyao ia oeiainu i?aaei?eyoey e oanii
n ieie naycaia, oae eae yaeyaony iaiaoiaeeiie i?aaeiinueeie caaa?oaiey
e?oaiiai?ioa e iieo/aiey aeaiaaeiie au?o/ee – iaiin?aaenoaaiiiai
enoi/ieea aeaiaaeiuo oiiaeia e iaeiieaiee. Aianoa n oai, iin?aaenoaii
yoie /anoe aeaiaaeiuo ioiioaiee iiea /oi ia i?ienoiaeeo ?ani?aaeaeaiea e
ia?a?ani?aaeaeaiea aeioiaeia e iaeiieaiee aeey oaeiaeaoai?aiey
iauanoaaiiuo iio?aaiinoae. E oeiainiaui ioiioaieyi ia ioiinyony oaeaea
aeaiaaeiue o/ao e eiio?ieue ca anaie aeaeaie cao?ao, eaeueeoee?iaaiea
naaanoieiinoe e ii?aaeaeaiea oeai ia i?iaeoeoeeth, “eoiey-i?iaeaaea”
oiaa?ia e oneoa /a?ac nenoaio oi?aiauo i?aaiecaoeee, o/ao e o?aiaiea
aeaiaaeiie au?o/ee, ?aaoee?iaaiea aeaiaaeiiai ia?auaiey a no?aia e o.i.

Anee ca n/ao au?o/ee i?aaei?eyoey auiieiytho naie iaycyoaeuenoaa ia?aae
athaeaeaoii (iaeia ia i?eaueue, iaeia ia aeiaaaeaiioth noieiinoue e
o.ae.), oi?ie?otho nianoaaiiua iai?ioiua n?aaenoaa, inouanoaeytho
eiaanoeoeee, ?anoiaeotho n?aaenoaa ia nioeeaeueiia ?acaeoea, oi oaeea
aeaiaaeiua ioiioaiey yaeythony oeiainiauie, iineieueeo iie
iaiin?aaenoaaiii naycaiu n ?ani?aaeaeaieai aeaiaaeiuo aeioiaeia e
iaeiieaiee a oeaeyo oaeiaeaoai?aiey iauanoaaiiuo iio?aaiinoae.

I?e enneaaeiaaiee aaieianeiai iaiaaeaeiaioa iaiaoiaeeii ?acee/aoue
oeiainu i?aaei?eyoee e ainoaea?noaa.

Oeiainu i?aaei?eyoee i?aaenoaaeytho niaie niaieoiiinoue aeaiaaeiuo
ioiioaiee, naycaiiuo n ia?aciaaieai, ?ani?aaeaeaieai e eniieueciaaieai
aeaiaaeiuo aeioiaeia e iaeiieaiee i?aaei?eyoee e i?aaiecaoeee.
I/aaeaeii, /oi a iniiaa ?ani?aaeaeaiey yoie noa?u aeaiaaeiuo ioiioaiee
ia ioaeaeueiua caaiuey eaaeao oi?iu nianoaaiiinoe e, niioaaonoaaiii,
i?aaiecaoeeiiii-i?aaiaua oi?iu naieo i?aaei?eyoee.

Oeiainiaua ?ano?nu, iaoiaeyueany a ?anii?yaeaiee i?aaei?eyoee,
nicaeathony ca n/ao eo aeioiaeia e iaeiieaiee (i?eaueue i?aaei?eyoey,
au?o/ea io ?aaeecaoeee eiouanoaa, yiennee oeaiiuo aoiaa e o.ae.). A
oi?ie?iaaiee oeiainiauo ?ano?nia i?aaei?eyoee i?eieiatho o/anoea caaiiua
n?aaenoaa (e?aaeeou aaiea, aeaaeoi?neay caaeieaeaiiinoue, n?aaenoaa,
iieo/aiiua io auionea aeoeee, iia?aoeee n ae?oaeie oeaiiuie aoiaaaie e
i?i/aa).

Iauaainoaea?noaaiiua oeiainu aeeth/atho ainoaea?noaaiiue athaeaeao,
ainoaea?noaaiiia nioeeaeueiia no?aoiaaiea no?aoiaaiea e ainoaea?noaaiiue
e?aaeeo.

Ainoaea?noaaiiia nioeeaeueiia no?aoiaaiea – niaoeeoe/aneay noa?a
aeaiaaeiuo ioiioaiee, naycaiiay n ?ani?aaeaeaieai e ia?a?ani?aaeaeaieai
/anoe noieiinoe iaoeeiiaeueiiai aeioiaea, eioi?ay iai?aaeyaony ia
auieaoo iainee, iiniaee e o.i. A ianoiyuaa a?aiy a iaoae no?aia ia/aeny
i?ioeann ia?aciaaiey iaainoaea?noaaiiuo iaineiiiuo oiiaeia, eioi?ua,
ianiiiaiii, ?anoe?ytho aiciiaeiinoe nioeeaeueiiai no?aoiaaiey.

?acaeoea aaieianeiai iaiaaeaeiaioa oanii naycyii n oi?ie?iaaieai
?uii/iiai oeiainiaiai iaoaiecia.

Oeiainiaue iaoaieci – niaieoiiinoue yeiiiieei-i?aaiecaoeeiiiuo i?aaiauo
oi?i e iaoiaeia oi?aaeaiey oeiainiaie aeayoaeueiinoueth ainoaea?noaa e
i?aaei?eyoee a i?ioeanna oi?ie?iaaiey, ?ani?aaeaeaiey e eniieueciaaiey
oeaeaauo ainoaea?noaaiiuo e iaainoaea?noaaiiuo oiiaeia aeaiaaeiuo
?ano?nia aeey oaeiaeaoai?aiey iio?aaiinoae ainoaea?noaa e i?aaei?eyoee.

A ?aieao oeiainiaiai iaoaiecia auaeaeyaony aeaa iaoiaea oeiainiaiai
aicaeaenoaey ia ?acaeoea i?aaei?eyoee ni noi?iiu ainoaea?noaa:
oeiainiaia iaania/aiea e oeiainiaia ?aaoee?iaaiea. Niioiioaiea yoeo
iaoiaeia ii?aaeaeyao noeioee?othuoth ?ieue oeiainia a yeiiiie/aneii e
nioeeaeueiii ?acaeoee i?aaei?eyoee e anaai iauanoaa.

Oeiainiaia iaania/aiea iiaeao inouanoaeyoueny a oi?iao athaeaeaoiiai
oeiaine?iaaiey ia aacaica?aoiie iniiaa e e?aaeeoiaaiey ia iniiaa
iiaeeecaoeee e ia?a?ani?aaeaeaiey a?aiaiii naiaiaeiuo a yeiiiieea
aeaiaaeiuo n?aaenoa. Nnoaeu aaieia, a ioee/ea io athaeaeaoiuo
anneaiiaaiee, auaeathony a niioaaonoaee n i?eioeeiaie iaania/aiiinoe,
oeaeaaiai oa?aeoa?a, n?i/iinoe, aica?aoiinoe e ieaoiinoe.

?acee/iua oi?iu oeiainiaiai iaania/aiey iiaoo i?eiaiyoueny ia i?aeoeea
iaeiia?aiaiii. ?acaeoea nenoaiu oeiainiaiai iaania/aiey i?ienoiaeeo ia
iooai auoaniaiey iaeiie oi?iu ae?oaie, a iooai onoaiiaeaiey
iioeiaeueiiai aeey aeaiiiai yoaia ?acaeoey iauanoaa niioiioaiey iaaeaeo
ieie. Iaoiaeaeaiea oaeeo i?iii?oeee yaeyaony iaeiie ec caaea/ oeiainiaie
iieeoeee ainoaea?noaa.

Oeiainiaia ?aaoee?iaaiea naycaii n ?aaeaiaioe?iaaieai
?ani?aaeaeeoaeueiuo i?ioeannia ia iae?iyeiiiie/aneii e
iee?iyeiiiie/aneii o?iaia – i?aaei?eyoee, iauaaeeiaiee e i?aaiecaoeee.
Iineieueeo oeiainu au?aaeatho ?ani?aaeaeeoaeueiua ioiioaiey, oi e
niaea?aeaiea oeiainiauo iaoiaeia ?aaoee?iaaiey ii?aaeaeyaony niiniaaie
?ani?aaeaeaiey: naeueaeiaui e iaeiaiaui. Naeueaeiaue iaoiae
i?aaeiieaaaao ?ani?aaeaeaiea ii yeaiaioai, niaou cao?ao, n?aaee eioi?uo
iaeei yaeyaony eiinoeueoaoeaiui, a inoaeueiua ii?aaeaeythony ia
iniiaaiee naiinoiyoaeueiuo ?an/aoia.

I?e iaeiaiaii iaoiaea any noiia aeioiaea ?ani?aaeaeyaony ii
onoaiiaeaiiui caeiiii noaaeai e n?ieai. Yoio iaoiae oeiainiaiai
?aaoee?iaaiey iicaieyao iaania/eoue: ?aaiiiai?yaeaiiua o?aaiaaiey ni
noi?iiu ainoaea?noaa ei anai i?aaei?eyoeyi ii iiaiaeo eniieueciaaiey eie
i?iecaiaenoaaiiuo, o?oaeiauo e i?e?iaeiuo ?ano?nia; nicaeaiea ?aaiuo
oeiainiauo oneiaee anai i?aaei?eyoeyi, iacaaeneii io oi?i nianoaaiiinoe.

Oeiainiaay nenoaia aoiaeeo a nioeeaeueii-yeiiiie/aneoth nenoaio.1
Aeaaiui naienoaii nioeeaeueii-yeiiiie/aneie nenoaiu yaeyaony oi, /oi a
aa iniiaa eaaeao eioa?anu ethaeae. Niaieoiiinoue iauanoaaiiuo,
eieeaeoeaiuo e ee/iuo eioa?ania aeeyao ia ninoiyiea nenoaiu e i?ioeann
aa ?acaeoey. Ethaay nenoaia ninoieo ec yeaiaioia. Iiae yeaiaioii nenoaiu
iiieiaaony oaeay iiaenenoaia, eioi?ay a oneiaeyo aeaiiiai enneaaeiaaiey
i?aaenoaaeyaony iaaeaeeiie, ia iiaeeaaeeo aeaeueiaeoaio ?an/eaiaieth ia
ninoaaeythuea. Neaaeiaaoaeueii, yeaiaio anaaaea yaeyaony no?oeoo?iie
/anoueth ethaie nenoaiu. Iai?eia?, oeiainiaay nenoaia, a oeaeii, a
ea/anoaa yeaiaioa nenoaiu aeeth/aao oeiainiaua oiiaeu (aeaiaaeiua,
iniiaiua, iai?ioiua oiiaeu, oiiaeu ia?auaiey, onoaaiie eaieoae). Aeey
oeiainia oicyenoaothuaai noauaeoa a ea/anoaa iaaeaeeiiai yeaiaioa
nenoaiu ?anniao?eaathony oeiainu no?oeoo?iiai iiae?acaeaeaiey yoiai
noauaeoa. Aeey oeiainia iiae?acaeaeaiey oicyenoaothuaai noauaeoa a
ea/anoaa iaaeaeeiiai yeaiaioa nenoaiu ?anniao?eaathony oeiainiaua
?ano?nu.

____________________

1. Aaeaaaiia I.O. Iniiau oeiainiaiai iaiaaeaeiaioa. – I.: Oeiainu e
noaoenoeea, 1994.

Oeiainiaay nenoaia yaeyaony neiaeiie, aeeiaie/iie e ioe?uoie nenoaiie.
Neiaeiinoue oeiainiaie nenoaiu ii?aaeaeyaony iaiaeii?iaeiinoueth
ninoaaeythueo yeaiaioia, ?aciioa?aeoa?iinoueth naycae iaaeaeo ieie,
no?oeoo?iui ?aciiia?aceai yeaiaioia. Yoi aucuaaao iiiaiia?acea e
?acee/ea yeaiaioia nenoaiu, eo acaeiinaycae, oaiaeaioeee, eciaiaiee
ninoaaa e ninoiyiey nenoaiu, iiiaeanoaaiiinoue e?eoa?eaa eo
aeayoaeueiinoe. Aeeiaie/iinoue oeiainiaie nenoaiu iaoneiaeeaaaony oai,
/oi iia iaoiaeeony a iinoiyiii iaiythuaeny aaee/eia oeiainiauo ?ano?nia,
?anoiaeia, aeioiaeia, a eieaaaieyo ni?ina e i?aaeeiaeaiey ia eaieoae.
Yoi iaania/eaaao oaaee/aiea e oaeoaeaiea naycae oeiainiaie nenoaiu n
aiaoiae n?aaeie, oae eae iia iaiaieaaaony eioi?iaoeeae n aiaoiae
n?aaeie, ii oneiaeiyao i?ioeann aa oi?aaeaiey. Oeiainiaay nenoaia
yaeyaony ioe?uoie nenoaiie, oae eae iia iaiaieaaaony eioi?iaoeeae n
aiaoiae n?aaeie.

Oeiainiaue iaiaaeaeiaio, eae oi?ia i?aaei?eieiaoaeueneie aeayoaeueiinoe
icia/aao, /oi oi?aaeaiea oeiainiaie aeayoaeueiinoueth ia iiaeao auoue
/enoi ath?ie?aoe/aneei, aaeieieno?aoeaiui aeoii. ?a/ue eaeao i
oai?/aneie aeayoaeueiinoe, eioi?ay aeoeaii ?aaae?oao ia eciaiaiey,
i?ienoiaeyuea a ie?oaeathuae n?aaea. Oeiainiaue iaiaaeaeiaio, eae oi?ia
i?aaei?eieiaoaeuenoaa i?aaeiieaaaao eniieueciaaiea iao/iuo iniia
ieaie?iaaiey e oi?aaeaiey, oeiainiaiai aiaeeca.

Eae oi?ia i?aaei?eieiaoaeuenoaa, aaieianeee iaiaaeaeiaio iiaeao auoue
auaeaeai a naiinoiyoaeueiue aeae aeayoaeueiinoe. Yoo aeayoaeueiinoue
auiieiytho eae i?ioanneiiaeueiua iaiaaeaea?u, oae e oeiainiaua
einoeooou. Nouiinoue aaieianeiai iaiaaeaeiaioa, eae oi?iu
i?aaei?eieiaoaeuenoaa, au?aaeaaony a iaiaia:

Aeaiueae UeTH Oneoae aaieianeiai TH Aeaiueae n

iaiaaeaeiaioa i?e?inoii

Noa?ie i?eeiaeaiey aaieianeiai iaiaaeaeiaioa yaeyaony oeiainiaue ?uiie.
Ia oeiainiaii ?uiea i?iyaeythony yeiiiie/aneea ioiioaiey iaaeaeo
i?iaeaaoeaie e iieoiaoaeyie oeiainiauo (aeaiaaeiuo) ?ano?nia e
eiaanoeoeeiiiuo oeaiiinoae, iaaeaeo eo noieiinoueth e iio?aaeoaeueneie
noieiinoueth. Oeiainiaue ?uiie nioieo ec nenoaiu ?uieia: aaethoiiai,
oeaiiuo aoiaa, nnoaeiuo eaieoaeia, cieioa. Ooieoeeiie?iaaiea oeiainiaiai
?uiea nicaeaao iniiao aeey i?aaei?eieiaoaeuenoaa a iaeanoe oi?aaeaiey
aeaeaeaieai oeiainiauo ?ano?nia e oeiainiauie ioiioaieyie.

Yooaeoeaiinoue i?eiaiaiey aaieianeiai iaiaaeaeiaioa aeinoeaaaony oieueei
a eiiieaeniie oaycea n ooieoeeiie?iaaieae, aeaenoaeyie iaoiaeia e
?u/aaia oeiainiaiai iaoaiecia.

Oeiainiaue iaoaieci i?aaenoaaeyao niaie nenoaio aeaenoaee oeiainiauo
?u/aaia, au?aaeathuothny a i?aaiecaoeee, ieaie?iaaiee e noeioee?iaaiee
eniieueciaaiey oeiainiauo ?ano?nia. A no?oeoo?o oeiainiaiai iaoaiecia
aoiaeyo iyoue acaeiinaycaiiuo yeaiaioia: oeiainiaua iaoiaeu, oeiainiaua
?u/aae, i?aaiaia, ii?iaoeaiia e eioi?iaoeeiiiia iaania/aiea.

No?oeoo?a oeiainiaiai iaoaiecia i?aaenoaaeaia ia ?en. 1.

Oeiainiaue iaoiae iiaeii ii?aaeaeeoue eae niinia aicaeaenoaey oeiainiauo
ioiioaiee ia oicyenoaaiiue i?ioeann. Oeiainiaua iaoiaeu aeaenoaotho a
aeaoo iai?aaeaieyo: ii eeiee oi?aaeaiey aeinoeaeaieai oeiainiauo
?ano?nia e ii eeiee ?uii/iuo eiiia?/aneeo ioiioaiee, naycaiiuo n
niecia?aieai cao?ao e ?acoeueoaoia, n iaoa?eaeueiui noeioee?iaaieai e
ioaaonoaaiiinoueth ca yooaeoeaiia eniieueciaaiea aeaiaaeiuo oiiaeia.

?uii/iia niaea?aeaiea a oeiainiaua iaoiaeu aeeaaeuaaaony ia neo/aeii.
Yoi iaoneiaeaii oai, /oi ooieoeee oeeeaeia a noa?a i?iecaiaenoaa e
ia?auaiey oanii naycaiu n eiiia?/aneei ?an/aoii.

Oeiainiaue ?u/aa i?aaenoaaeyao niaie i?eai aeaenoaey oeiainiaiai
iaoiaea. E oeiainiaui ?u/aaai ioiinyony i?eaueue, aeioiaeu,
aii?oecaoeeiiiua io/eneaiey, yeiiiie/aneea oiiaeu oeaeaaiai iacia/aiey,
oeiainiaua naieoeee, n?aaeiyy ieaoa, i?ioeaioiua noaaee ii nnoaeai,
aeaiiceoai, iaeeaaoeeyi, iaaaua aciinu, aeeaaeu a onoaaiie eaieoae,
ii?ooaeueiua eiaanoeoeee, aeeaeaeaiaeu, aeeneiio, eioe?iaea aaethoiiai
eo?na e o.i.

O E I A I N I A U E I A O A I E C I

________________________________________________________________________
______

o o
o o
o

OEIAINIAUA IAOIAeU

OEIAINIAUA ?U*AAE

I?AAIAIA IAANIA*AIEA

II?IAOEAIIA IAANIA*AIEA

EIOI?IAOeEIIIIA IAANIA*AIEA

Ieaie?iaaiea I?iaiice?iaaiea Eiaanoe?iaaiea E?aaeeoiaaiea
Naiie?aaeeoiaaiea Naiioeiaine?iaaiea Iaeiaiiaeiaeaiea

Neneoaia ?an/aoia Iaoa?eaeueiia noeioee?iaaiea No?aoiaaiea Caeiaiaua
iia?aoeee O?ainoa?oiua iia?aoeee

O?anoiaua iia?aoeee A?aiaea Eeceia Oaeoi?eia Oiiaeiia?aciaaiea
Acaeiiioiioaiey n o/?aaeeoaeyie, oicyenoaothueie noauaeoaie, i?aaiaie
ainoaea?noaaiiiai oi?aaeaiey

I?eaueue

Aeioiae

Aii?oecaoeeiiiua

io/eneaiey

Oeiainiaua naieoeee

Oeaia

A?aiaeiay ieaoa

I?ioeaioiua noaaee

Aeeneiio

Oeaeaaua

yeiiiie/aneea oiiaeu

Aeeaaeu

Iaaaua aciinu

Eiaanoeoeee (i?yiua,

aai/o?iua, ii?ooaeueiua)

Eioe?iaea aaethoiuo eo?nia

Oi?iu ?an/aoia

Aeaeu e?aaeeoia

O?aioeca

I?aoa?aioeey (eo?nu

aaetho oeaiiuo aoiaa)

Caeiiu

Oeacu i?aceaeaioa Iinoaiiaeaiey i?aaeoaeuenoaa I?eeacu e ienueia
Ieienoa?noa e aaaeiinoa

Onoaa th?eaee/aneiai eeoea (oicyenoaothuaai noauaeoa)

Eino?oeoeee Ii?iaoeau Iaoiaee/aneea oeacaiey

Ae?oaay ii?iaoeaiay aeieoiaioaoeey

Eioi?iaoeey ?aciiai aeaea e ?iaea

?en.1. No?oeoo?a oeiainiaiai iaoaiecia

I?aaiaia iaania/aiea ooieoeeiie?iaaiey oeiainiaiai iaoaiecia aeeth/aao
caeiiiaeaoaeueiua aeou, iinoaiiaeaiey, i?eeacu e ae?oaea i?aaiaua
aeieoiaiou i?aaiia oi?aaeaiey.

Ii?iaoeaiia iaania/aiea ooieoeeiie?iaaiey oeiainiaiai iaoaiecia
ia?acotho eino?oeoeee, ii?iaoeau, ii?iu, oa?eoiua noaaee, iaoiaee/aneea
oeacaiey e o.i.

Eioi?iaoeeiiiia iaania/aiea ooieoeeiie?iaaiey oeiainiaiai iaoaiecia
ninoieo ec ?aciiai ?iaea e aeaea yeiiiie/aneie, eiiia?/aneie, oeiainiaie
e i?i/ae eioi?iaoeee. E oeiainiaie eioi?iaoeee ioiinyony: inaaaeiieaiea
i oeiainiaie onoie/eainoe e ieaoaaeaniiniaiinoe naieo ia?oia?ia e
eiieo?aioao, i oeaiao, eo?nao, aeeaeaeaiaeao, i?ioeaioao ia oiaa?iii,
oiiaeiaii e aaethoiii ?uiea e o.i.; niiauaiea i iieiaeaiee aeae ia
ae?aeaaii, aiaae?aeaaii ?uieao, i oeiainiaie e eiiia?/aneie
aeayoaeueiinoe ethauo, aeinoieiuo aieiaiey, oicyenoaothueo noauaeoia,
?acee/iua ae?oaea naaaeaiey. Oio, eoi aeaaeaao eioi?iaoeeae, aeaaeaao e
oeiainiaui ?uieii. Eioi?iaoeey iiaeao yaeyoueny iaeiei ec aeaeia
eioaeeaeooaeueiie nianoaaiiinoe (“iio-oao”) e aiineoueny a ea/anoaa
aeeaaea a onoaaiie eaieoae aeoeeiia?iiai iauanoaa eee oiaa?euanoaa.
Iaee/ea iaaeaaeiie aeaeiaie eioi?iaoeee iicaieyao auno?aa i?eiyoue
oeiainiaua e eiiia?/aneea ?aoaiey.

Aei ia/aea ?aoi?iu aaieianeie ninoaiu a iaoae no?aia, a oneiaeyo
iiiiiieecia Ainaaiea NNN?, ie i eaeii aaieianeii iaiaaeaeiaioa,
ia?eaoeiaa e ?a/e ia iiaei auoue ii i?e/eia aai ecauoi/iinoe e
iaioaeiinoe aeey eiiaiaeiie nenoaiu yeiiiieee.

Ia?aue yoai aaieianeie ?aoi?iu, ia/aaoeeny a 1988 aiaeo n nicaeaiey naoe
ainoaea?noaaiiuo niaoeaaieia, aeae noa?o i?ioeanno ioi?ieaiey e
no?oeoo?ecaoeee e?aaeeoiie nenoaiu, oi?ie?iaaieth iaainoaea?noaaiiuo
ooieoeeiiaeueiuo o?iaiae yoie nenoaiu.

Aoi?ie yoai (1989-1990) – ia/aei oi?ie?iaaiey aoi?iai o?iaiy e?aaeeoiie
nenoaiu, eae a no?aiao eiioeiaioaeueiie (aa?iiaeneie), oae e
aiaeinaeniineie aaieianeie nenoaiu. Iiae yoei iiae?acoiaaaaony naoue
eiiia?/aneeo e niaoeeaeueiuo aaieia, aeayoaeueiinoue eioi?uo
?aaoee?oaony e eiio?iee?oaony iaiin?aaenoaaiii Oeaio?aeueiui aaieii
(ia?aue o?iaaiue e?aaeeoiie nenoaiu). Eiaiii a yoio ia?eiae, a oneiaeyo
ia?ae/iiai noaiiaeaiey aeaooo?iaiaaie aaieianeie nenoaiu ia iiauo
i?eioeeiao, iiyaeeanue iaiaoiaeeiinoue eco/aiey iiuoa oi?aaeaiey
iaainoaea?noaiiiuie aaieianeeie o/?aaeaeaieyie, iaeiieaiiiai a caiaaeiuo
no?aiao, o.a. aaieianeiai iaiaaeaeiaioa.

O?aoee yoai (1991-1993) – ia/aei oi?ie?iaaiey o?aoueaai o?iaiy
e?aaeeoiie nenoaiu Iieaeiau: iaainoaea?noaaiiuo no?aoiauo eiiiaiee e
(ianeieueei iicaeiaa) iaineiiiuo oiiaeia. Ia yoii yoaia noae
iaaethaeaoueny aeaoeoeeo oeiainiauo oneoa aunieiai o?iaiy ia oiia
iaino?aiey eiieo?aioiie ai?ueau iaaeaeo eae aaieianeeie, oae e
iaaaieianeeie oeiainiauie o/?aaeaeaieyie aioo?e naeoi?a o?aaeeoeeiiiuo
oeiainiauo oneoa, ia o?aaiaaaoeo neiaeiuo oeiainiauo eiiiaaoeee e
aunieie eaaeeoeeaoeee ia?niiaea.

Anee aiai?eoue i iuiaoiae neooaoeee aaieianeie nenoaiu, oi a?yae ee
iiaeii iaeoe a iaoae yeiiiie/aneie aeecie ae?oaia yaeaiea, ii?iaeeaoaa
noieueei y?inoiuo nii?ia, iiey?iuo ioeaiie e ieoia, eae
aaieianei-e?aaeeoiay nenoaia Iieaeiau. Aeey iaeieo iia – aaaiaa?ae
?uii/iuo ?aoi?i, aeey ae?oaeo – ia?aceoe?othuaa caaii,
aeanoaaeeece?othuaa iao iauanoaaiiue iaoaieci. Ia i?aoaiaeoy ia ioaao
i?iaeai aaieianei-e?aaeeoiie aeayoaeueiinoe ?anioaeeee a oeaeii,
oioaeinue au aeaoue ioeaieo ?acoeueoaoia aeayoaeueiinoe aaieianeie
nenoaiu.

Ii ninoiyieth ia 01.03.96 a. a ?anioaeeea Iieaeiaa aeaenoaoao 27
eiiia?/aneeo aaieia n aieueoei eiee/anoaii oeeeaeia. Iauay noiia
niaieoiiiai ii?iaoeaiiai eaieoaea 25 eiiia?/aneeo aaieia (aac
I?eaeiano?iauey) oaaee/eeanue n 01.01.94 a. ii oaa?aeue 1996 a. ii/oe a
10 ?ac e ninoaaeea 256,0 iei.eae. Naiaeiue aaeain (a?oooi) aic?in ca
yoio aea ia?eiae a 2,2 ?aca e ninoaaee 2391,0 iei. eae. Iauee ?acia?
e?aaeeoiuo aeiaeaiee, i?aaeinoaaeaiiuo eiiia?/aneeie aaieaie
i?aaei?eyoeyi e ianaeaieth aic?in a 3 ?aca e aeinoea 1028,9 iei.eae.
(oaae. 1)

Oaaeeoea 1

Iniiaiua iieacaoaee aeayoaeueiinoe eiiia?/aneeo aaieia ?anioaeeee
Iieaeiaa*

Iieacaoaeue 1.01. 1.01. 1.07. 1.01. 1.02

1994a 1995a 1995a 1996a 1996a

.Eiee/anoai ca?aaeno?e?iaaiiuo

eiiia?/aneeo e eiiia?aoeaiuo

aaieia 16 22 22 21
21

Oaiiu ?inoa, %

aaceniua 100,0 137,5 137,5 137,5
131,3

oeaiiua 100,0 137,5 100,0
95,5 100,0

2.Niaieoiiue ii?iaoeaiue

eaieoae, iei.eae** 26,2 117,0 130,0 251,7
256,0

Oaiiu ?inoa,%

aaceniua 100,0 446,6 496,2 960,7
977,1

oeaiiua 100,0 446,6 111,1
193,6 101,7

3.Naiaeiue aaeain aaieia,

iei.eae 1107,7 – 1757,4
2778,0 2390,9

Oaiiu ?inoa, %

aaceniua 100,0 – 158,7 250,8
215,8

oeaiiua 100,0 – –
158,1 86,1

4.E?aaeeou, i?aaeinoaaeaiiua

eiiia?/aneeie aaieaie,

i?aaei?eyoeyi, i?aaiecaoeeyi e

ianaeaieth

Anaai, iei. eae 334,3 668,7 882,5 1022,2
1018,9

Oaiiu ?inoa, %

aaceniua 100,0 200,0 246,0 305,8
304,8

oeaiiua 100,0 200,0 123,0
124,3 99,7

5.I?in?i/aiiay caaeieaeaiiinoue

ii e?aaeeoai, iei.eae 98,7 – 105,4
107,9

Oaiiu ?inoa, %

aaceniua 100,0 – 103,1
106,8 109,3

oeaiiua 100,0 – –
103,5 102,4

*) ?ann/eoaii ii: Atheeaoaiue IAI, 1994, ? 4; 1995, ? 47.

**) Aei 01.01.1996 a. aianoi aaee/eiu niaieoiiiai ii?iaoeaiiai

eaieoaea i?eaiaeeony iieacaoaeue aaee/eiu iauyaeaiiiai onoaaiiai
oiiaea.

A aeeiaieea ca 1993 – 01.01.1996a. aaee/eia e?aaeeoiuo aeiaeaiee a
iaoeeiiaeueioth yeiiiieeo aic?inea a 3,2 ?aca, ec ieo ia aeieth
e?aoein?i/iuo e?aaeeoia i?eoiaeeeinue 92,6 %, oaeaeueiue aan
aeieain?i/iuo e?aaeeoia ninoaaee 7,4 % iauaai iauaia eee 110,8 iei.eae.

Eiaiii a yoio ia?eiae aiciee ni?in ia ia?eaoeia oeiainiauo oneoa –
nia?aa eae i?inoie iaai? eino?oiaioa?ey aeey ?aaiou a oneiaeyo
ia?iaeaeathuaeny ?uii/iie nenoaiu, a caoai ia aaieianeee iaiaaeaeiaio e
ia?eaoeia eae no?aoaaeth e oeeinioeth ?aaiou oeiainiaiai o/?aaeaeaiey.
I?aaeaea anaai noae ?acaeaaoueny aaieianeee ia?eaoeia eae ia?eaoeia
oeiainiauo oneoa, aoiaeyueo a ia?a/aiue o?aaeeoeeiiiuo oneoa
eiiia?/aneiai aaiea eae iaeaieaa ?ani?ino?aiaiiiai e ?acaeoiai aeaea
oeiainiauo o/?aaeaeaiee.

Oeiainiaua oneoae ninoaaeytho nouanoaaiioth ninoaaioth /anoue anae
noa?u oneoa, iiyoiio caeiiiia?iinoe eo ?acaeoey ai iiiaii niioaaonoaotho
caeiiiia?iinoyi yaiethoeee noa?u oneoa, niioaaonoaaiii, aaieianeee
iaiaaeaeiaio e ia?eaoeia oeiainiauo oneoa – ninoaaiay /anoue iauaai
iaiaaeaeiaioa e ia?eaoeiaa oneoa.

Oa?ieiii “oeiainiaua oneoae”, eae ioia/ae ?oeiaiaeeoaeue iaeiiai ec
ioaeaeia “Ae?acaeia? aaiea” (O?aieoo?o, O?A) A.Oioaiaa?a, ia?aiia/aeueii
iaicia/aee aeiiieieoaeueiua oneoae aaieia, auoiaeyuea ca ?aiee iau/iuo
e?aaeeoiuo e aeaiiceoiuo iia?aoeee… Iicaeiaa, eiaaea ae?oaea
o/?aaeaeaiey (“iaaaiee”) – oieaa?naeueiua iaaaceiu, eiiiaiee e?aaeeoiuo
ea?oi/ae, oi?aiaoeu aaoiiiaeeyie e o.i. – noaee i?aaeeaaaoue oneoae
oeiainiaiai oa?aeoa?a, i?aaeaea n/eoaaoeany iiiiiieeae aaieia, a iiiyoea
oeiainiauo oneoa noaee aeeth/aoue aeaiiceoiua e e?aaeeoiua iia?aoeee
aaieia.

Ia iauae oaiaeaioeee ?inoa noa?u oeiainiauo onaeoa a ?acaeoie ?uii/iie
yeiiiieea naeaeaoaeuenoaoao aeeiaieea caiyoinoe a yoie iaeanoe. A NOA n
1955 ii 1980 a.a. /eneaiiinoue iaaiiuo ?aaioieeia a noa?a oneoa aic?inea
n 30,1 aei 64,8 ieeeeiia /aeiaae eee ia 115,3 %, i?e/ai ieiei 8 % ec ieo
auei caiyoi a oeiainiai-e?aaeeoiie noa?a e no?aoiaaiee. A 1980-1985
aiaeao oaiiu ?inoa /eneaiiinoe caiyouo a noa?a oeiainiai-e?aaeeoiie
aeayoaeueiinoe e no?aoiaaiee oaaee/eeenue aei 2,8 % a aiae i?e iauai
n?aaeiaaiaeiaii o?iaia oaiia ?inoa caiyoinoe a NOA 1,9 %.1

__________________

1. NOA: ?uiie iio?aaeoaeueneeo oiaa?ia e oneoa. – I.: Iaoea, 1988, n.
16-17, 21.

?acoeueoaoii yoie yaiethoeee noae iaiaaeaeiaio e ia?eaoeia oe?iu
oeiainiauo oneoa eae iniiaiiai caaia eiaeono?ee oeiainiauo oneoa. Aeey
enneaaeiaaiey nia?aiaiiiai aaieianeiai iaiaaeaeiaioa iaiaoiaeeii
eniieueciaaiea eiioeaioeee neia?ae/iiai ia?eaoeiaa, iniiauaathuaainy ia
nenoaiii-ooieoeeiiaeueiii iiaeoiaea e iiuoa e?oiiuo oeiainiauo a?oii,
ieacuaathueo aanue eiiieaen oeiainiauo oneoa.

Iauaeoii nia?aiaiiiai aaieianeiai iaiaaeaeiaioa yaeyaony nenoaia
neaaeothueo ooieoeeiiaeueii ?acee/iuo yeaiaioia:

1) e?aaeeoii-aeaiiceoiua oneoae;

2) ?an/aoii-eee?eiaiaua oneoae;

3) no?aoiaua oneoae;

4) eiaanoeoeeiiii-oiiaeiaua oneoae;

5) o?anoiaua oneoae;

6) oneoae ii eeceiao;

7) oneoae ii oaeoi?eiao;

8) oneoae ii oeiainiaiio eiinoeueoe?iaaieth;

9) oneoae ii oeaeaaiio eniieueciaaieth aeaiaaeiuo n?aaenoa ia aeeeeuiia
no?ieoaeuenoai;

10)o?ainoa?o e iaiai aaetho e o.ae.

Aeaeueiaeoaa ?acaeoea ?uiea oeiainiauo oneoa ai iiiaii aoaeao caaenaoue
io;

– oaeiaeaoai?aiiinoe eeeaioia iieo/aaiuie oneoaaie;

– ioiioaiee eeeaioia ni neoaeaueie o/?aaeaeaiee, ieacuaathueo oneoae;

– noaiaie iao/aiiinoe e i?ioanneiiaeueiiai oiaiey oi?aaeai/aneiai
ia?niiaea yoeo o/?aaeaeaiee;

– ?acaeoey i?ia?aiiii-eioi?iaoeeiiiiai iaania/aiey e i?iecaiaenoaa
oaoie/aneeo n?aaenoa;

– ia?eaoeiaa oeiainiauo oneoa.1

____________________

1. Iiaua yaeaiey a noa?a oeiainiauo oneoa a i?iiuoeaiii ?acaeouo
eaieoaeenoe/aneeo no?aiao . – I.; EIEII, 1989, n. 30.

Aeey Iieaeiau iniaia cia/aiea eiaao oeiainiaay noaaeeecaoeey e
i?ae?auaiea niaaea a yeiiiieea, ?acaeoea aiaoiayeiiiie/aneeo naycae e
inaiaiea nia?aiaiiuo iaoiaeia iaiaaeaeiaioa.

Enoiaey ec auoaoeacaiiuo oeiainiauo oneoa, i?aaeinoaaeyaiuo aaieaie e
ae?oaeie oeiainiauie o/?aaeaeaieyie, iiaeii i?iaanoe ia?aeeaeue, eioi?ay
iieacuaaea au aiciiaeiinoe eo eniieueciaaiey eiiia?/aneeie aaieaie
?anioaeeee Iieaeiaa e, eiaiii, AEA “Banca Social=” (noaia 1).

Noaia ? 1

Oneoae, ieacuaaaiua AEA “Banca Social=”

I?eai, auaea/a aeeaaeia e ae?oaeo naa?aaeaiee

I?eaea/aiea e i?aaeinoaaea-iea e?aaeeoia

Inouanoaeaiea ?an/aoia ii ii?o-/aieth eeea-ioia e
aaieia-ei??aniii-aeaioia

Iieoiea e i?iaeaaea aae-naeae

Iieoiea o i?aaiecaoeee e a?aaeaeai e i?iaeaaea ei iaee/iie aaethou,
iaoiaey-uaeny ia n/aoao e ai aeeaaeao

Eanniaia ianeoaeeaaiea eeeaioia

Iieoiea e i?iaeaaea ca a?aieoeae ae?aaioeaiiuo iaoaeeia e i?e?iaeiuo
ae?aaioeaiiuo eaiiae, a oaeaea ecaeaeee ec ieo

Aaaeaiea n/aoia eeeaioia e aaieia-ei??aniiiaeai-oia

I?eaea/aiea e ?aciaua-iea ae?aaioeaiiuo iaoae-eia ia n/aoa e ai aeeaaeu
e eiua iia?aoeee n yoeie oeaiiinoyie a niioaaono-aee n iaaeaeoia?iaeiie
aaieianeie i?aeoeeie

Oeiaine?iaaiea eaieoa-eueiuo aeiaeaiee ii ii?o-/aieth aeaaeaeueoeaa eee
?anii?yaeeoaeae eiaanoe-?oaiuo n?aaenoa

Ieacaiea eiinoeueoaoeeii-iuo oneoa

Iieoiea, o?aiaiea e i?i-aeaaea ieaoaaeiuo aeieoiai-oia, oeaiiuo aoiaa e
ae?o-aea, naycaiiua n ieie iia?aoeee

Auaea/a ii?o/e-oaeuenoa, aa?ai-oee e eiuo iay-cyoaeuenoa a iieue-co
o?aoueeo eeoe

Aeiaa?eoaeueiua iia?aoeee: i?e-aea/aiea e ?ac-iauaiea n?aaenoa,
oi?aa-eaiea oeaiiuie aoiaaaie ii ii-?o/aieth eeeai-oia

I?eia?aoaiea i?aaa o?aaiaaiey ia ioione oiaa?ia e ieacaiea oneoa,
i?eiyoea ?eneia e eniieiaiea oaeeo o?aaiaaiee e ei-eannaoeey oaeeo
o?a-aiaaiee (oaeoi?eia)

Ae?oaea iia?aoeee

EIIIA?*ANEEE AAIE

A oneiaeyo iaaeaaieianeie eiieo?aioeee yooaeoeaiay aeayoaeueiinoue
“Banca Social=” caaeneo io o?iaiy i?aaeinoaaeyaiuo oeiainiauo oneoa. A
iineaaeiaa a?aiy aaie ana aeoeaiaa inouanoaeyao iaoa?aeoa?iua aeey iaai
iia?aoeee, aiaae?yynue a iao?aaeeoeeiiiua aeey aaieia noa?u oeiainiaiai
i?aaei?eieiaoaeuenoaa, aeeth/ay iia?aoeee n oeaiiuie aoiaaaie, eeceia,
oaeoi?eia e eiua aeaeu e?aaeeoii-oeiainiaiai ianeoaeeaaiey, iinoiyiii
?anoe?yy e?oa e iiauoay ea/anoai i?aaeinoaaeyaiuo oneoa, eiieo?e?oy ca
i?eaea/aiea iiauo ia?niaeoeaiuo eeeaioia.

Caaea/o cae?aieoueny ia ?uiea, iaeoe naith “ieoo” ?aoatho, i?aeoe/anee,
ana eiiia?/aneea aaiee, aeeth/ay e oa, /uee noa?oiaua oneiaey
ioee/aeenue nouanoaaiiui i?aeiouanoaii, ia?aciaaiiua ia aaca auaoeo
ainaaieianeeo no?oeoo?; “Iieaeiaa-Aa?ieiaeaaie”, “Iieaeeiaeeiiaaie”,
Aaiea ni/eaey”, “Aaiea aea aeiiiiee”. Iaeiia?aiaiii ia oeiainiaue ?uiie
Iiaeiau aiaae?ythony aaiee “iiaie aieiu” – “Iao?ieaaie”,
“Aeeoi?ey-aaie”, “Iiaeanaaie”, “Yeneiaaie”, “Uio?ai?eicaaie”, aeoeaii
ia?aueaathuea eaieoaeu, ii-iiaiio no?iyuea eae naie ioiioaiey n
eeeaioaie, oae e no?aoaaeth iiaaaeaiey ia ?uiea.

1.2. Nouiinoue e iniiaiua yoaiu ?acaeoey aaieianeiai

iaiaaeaeiaioa.

A oi?iuaiiii iiieiaiee, iaiaaeaeiaio – yoi oiaiea aeiaeaaoueny
iinoaaeaiiuo oeaeae, eniieuecoy o?oae, eioaeeaeo, iioeau iiaaaeaiey
ae?oaeo ethaeae. Iaiaaeaeiaio – ooieoeey, aeae aeayoaeueiinoe ii
?oeiaiaenoao ethaeueie a naiuo ?aciiia?aciuo i?aaiecaoeeyo. Iaiaaeaeiaio
– yoi oaeaea iaeanoue /aeiaa/aneiai ciaiey, iiiiaathuaai inouanoaeoue
yoo ooieoeeth. Iaeiiaoe, iaiaaeaeiaio – yoi ii?aaeaeaiiay eaoaai?ey
ethaeae, nioeeaeueiue neie oao, eoi inouanoaeeyao ?aaioo ii
oi?aaeaieth.1

Cia/eiinoue iaiaaeaeiaioa ia Caiaaea auea ynii iniciaia oaea a 30-a
aiaeu. Oaea oiaaea aeayoaeueiinoue yoa i?aa?aoeeanue a i?ioanneth, a
iaeanoue ciaiee – a naiinoiyoaeueioth aeenoeeieeio, a nioeeaeueiue neie
– a aanueia aeeyoaeueioth iauanoaaiioth neeo, ?anoouay ?ieue eioi?ie
canoaaeea caaiai?eoue i “?aaiethoeee iaiaaeaea?ia”.

Ia?aue i?i?ua a oi?aaeai/aneie iunee, i?ienoaaeoee a ia/aea aaea, naycai
n oai?eae O.Oaeei?a. “Oaeei?eci” aue iniiaai ia iieiaeaiee i oii, /oi
oi?aaeyoue iiaeii “iao/ii”, ia?aiany eaeae eiaeaia?iuo iaoe ia
oi?aaeaiea a ieciaii i?iecaiaenoaaiiii caaia.

____________________

1. I.O.Ianeii, I.Aeueaa?o, O.Oaaeio?e. Iniiau iaiaaeaeiaioa. – Ia?.
n aiae.: – I.: 1992.

Iineaaeothuee e?oiiue oaa a ?acaeoee caiaaeiie oi?aaeai/aneie iunee
ninoiye a ?anoe?aiee “i?eioeeiia oi?aaeaiey”, noi?ioee?iaaiiuo A.Oaeieai
a ?aieao “iaoee aaeieieno?e?iaaiey”. Ia neo/aeii aia?eeaioeu iacuaatho
yoiai o?aioeoca iooeii iaiaaeaeiaioa. Niaeanii A.Oaeieth1, i?ioeann
iaiaaeaeiaioa ninoieo ec iyoe ooieoeee:

1) ieaie?iaaiea (Planning);

2) i?aaiecaoeey (Organizing);

3) i?eeacu (Commanding);

4) eii?aeeiaoeey (Co-ordinating);

5) eiio?ieue (Controlling);

___________________

1. Supervisory Skilis. Certificate. l. 1993

A.Oaeieue auyaee 14 i?eciaeia oi?aaeaiey:

1. ?acaeaeaiea o?oaea, oeaeueth eioi?iai yaeyaony auiieiaiea, i?e oao
aea oneiaeyo, ?aaiou, aieueoae ii iauaio e eo/oae ii ea/anoao.

2. Iieiiii/ey (i?aai ioaeaaaoue i?eeac) e ioaaonaaiiinoue.

3. Aeenoeeieeia, i?aaeiieaaathuay iineooaiea e oaaaeaiea e aeinoeaiooui
niaeaoaieyi iaaeaeo oe?iie e aa ?aaioieeaie.

4. Aaeeiiia/aeea (?aaioiee aeieaeai iieo/aoue i?eeac oieueei io iaeiiai
iaiin?aaenoaaiiiai ia/aeueieea).

5. Aaeeinoai iai?aaeaiey, niaeanii eioi?iio eaaeaeay a?oiia,
aeaenoaothuay a ?aieao iaeiie oeaee, aeieaeia auoue iauaaeeiaia iaeiei
ieaiii e eiaoue iaeiiai ?oeiaiaeeoaey.

6. Iiae/eiaiiinoue ee/iuo eioa?ania iauei (eioa?anu iaeiiai ?aaioieea
eee a?oiiu ?aaioieeia ia aeieaeiu i?aaaee?iaaoue iaae eioa?anaie
eiiiaiee).

7. Aiciaa?aaeaeaiea ia?niiaea, iaania/eaathuaa aa?iinoue oe?ia,
iiaeaea?aeeo ?aaioieeia.

8. Oeaio?aeecaoeey a ?aoeeiiaeueiii ni/aoaiee n aeaoeaio?aeecaoeeae.

9. Neaey?iay oeaiue, aeeth/athuay ?yae eeoe ia ?oeiaiaeyueo
aeieaeiinoyo.

10. Ii?yaeie e i?aaieciaaiiinoue.

11. Ni?aaaaeeeainoue, ni/aoathuay aeia?ioo e i?aainoaeea.

12. Noaaeeueiinoue ?aai/aai ianoa, i?aaeoi?aaeaeaiea aunieie oaeo/anoe
eaae?ia, nieaeathuae yooaeoeaiinoue i?aaiecaoeee.

13. Eieoeeaoeaa ia?niiaea a i?ioeanna ?ac?aaioee ieaia e aai oneeaiiie
?aaeecaoeee.

14. Ei?ii?aoeaiue aeoo eae ?acoeueoao aa?iiiee ia?niiaea.

A ianoiyuaa a?aiy a ca?oaaaeiie eeoa?aoo?a oi?aaeaiea ?anniao?eaaaony
eae ?aaeecaoeey ooieoeee ieaie?iaaiey, i?aaiecaoeee, iioeaaoeee e
eiio?iey, iaiaoiaeeiay aeey oiai, /oiau noi?ioee?iaaoue e aeinoe/ue
oeaeae i?aaiecaoeee.

Ieoa? Aaeee1 n/eoaao oai?eth oi?aaeaiey iniiaie aeaeaeaiey ca
eiiiaoaioiinoue oi?aaeaiey. Ii iieaaaao, /oi nouanoaotho ?acee/iua,
ioiineoaeueii iacaaeneiua ae?oa io ae?oaa, aeaeu eiiiaoaioiinoe a
oi?aaeaiee. A ?aaioa iaiaaeaea?a ii?aaeaeaiiua ?acoeueoaou aeinoeaathony
aeaaiaea?y ii?aaeaeaiiui aeaeai eiiiaoaioiinoe, i?e/ai eiiiaoaioiinoue
iaiaaeaea?a a aeinoeaeaiee yooaeoeaiinoe oi?aaeaiey i?aaenoaaeyao niaie
ia?aiaiioth aaee/eio aunoaai ii?yaeea.

Aaieianeee iaiaaeaeiaio, eae iniaay noa?a oi?aaeaiey, aicieeaao eeoue a
oneiaeyo ?acaeoie ?uii/iie yeiiiieee. I?e aaeieieno?aoeaiie nenoaia
ia?a/eneaiea aaciaee/iuo, ii nooe, oneiaiuo noii ni n/aoa iaeiiai
i?aaei?eyoey ia n/ao ae?oaiai ia aucuaaei o aaiea iniauo i?iaeai. I?e
ia?aoiaea e ?uieo aaie ia ia?aie/eaaaony oceei e?oaii ooieoeee
?inoiaue/anoaa – i?eaea/aieai aeaiaaeiuo ?ano?nia e auaea/ae eo iiae
i?ioeaiou. I?e ?anoe?aiee e?oaa aaieianeeo iia?aoeee aei o?iaiy,
i?eiyoiai a oeeaeeeciaaiiuo no?aiao, a yoe oneoae aoiaeyo iia?aoeee n
oeaiiuie aoiaaaie, e?aaeeoiuie ea?oi/eaie, aaethoie, iiiiuue a yeiiiiee
e ?ani?ino?aiaiee aeoeee ae?oaeo aaieia e eiiia?/aneeo no?oeoo?, iiiiuue
eeeaioai a ?aoeeiiaeueiii aeiaeaiee eo n?aaenoa, ioeaiea eiaanoeoeeiiiuo
i?iaeoia, eeceia, oaeoi?eia e ae?oaea oneoae. E?iia oiai, onoaaiie
eaieoae aaiea iiaeao noaoue ?aca?aiui oiiaeii aeey ae?oaeo eiiia?/aneeo
aaieia. ?uii/iay yeiiiieea iaiuneeia aac aaieianeiai iaiaaeaeiaioa,
iniiaaiiiai ia ?aaeueiie eiieo?aioeee ia oeiainiaii ?uiea iaaeaeo
e?aaeeoiuie o/?aaeaeaieyie, caiaia ainoaea?noaaiiiai oeiaine?iaaiey
i?aaei?eyoee, aaaeouaai e eioeyoeee, ?uii/iui iaoaieciii e?aaeeoiaaiey
eiie?aoiuo eiaanoeoeeiiiuo i?iaeoia e aecian-ieaiia, i?eaioe?iaaiiuo ia
nicaeaiea iiaie oiaa?iie iannu. Aaieianeee iaiaaeaeiaio i?ecaai ia
i?inoi e?aaeeoiaaoue oo eee eioth i?ia?aiio, ii e neaaeeoue ca
?anoiaeiaaieai e?aaeeoia, iniaaiii eueaioiuo, ia cayaeaiiua oeaee, eo
naiaa?aiaiiui aica?aoii.

Aeaiaaeii-e?aaeeoiay iieeoeea Iaoeeiiaeueiiai aaiea Iieaeiau ieacaea
nouanoaaiiia aeeyiea ia iaiaaeaeiaio eiiia?/aneeo aaieia. Iaeei ec
iaeaieaa aaaeiuo eino?oiaioia aeaiaaeii-e?aaeeoiiai ?aaoee?iaaiey –
o?iaaiue iaycyoaeueiuo ?aca?aia. Ii?iaoeau ?aca?ae?iaaiey a niioaaonoaee
n ?aeiiaiaeaoeeyie IAO iiauoaeenue, auee oieoeoee?iaaiu, ii
aeeooa?aioee?iaaeenue a caaeneiinoe io eeanna e oeia o/?aaeaeaiey, eee
aaee/eiu e aeaea aeeaaea, eae yoi i?eiyoi ca ?oaaaeii. Ia aeaiiii yoaia
?aca?aiua o?aaiaaiey nie?aoeeenue n 28% a ia?aie iieiaeia 1994 aiaea aei
20% ai aoi?ie iieiaeia e aei 12% a aeaeaa?a 1994 aiaea. N 1 ieoya?y 1995
aiaea ii?ia io/eneaiee ninoaaeyao 8%, iacaaeneii io n?iea i?eaea/aiey
n?aaenoa.

Noaaea ?aoeiaine?iaaiey oaeaea auea iiauoaia. Iaeiia?aiaiii aue ioiaiai
iioieie i?ioeaioiuo noaaie ii e?aaeeoai, i?aaeinoaaeyaiui eiiia?/aneeie
aaieaie naiei eeeaioai. Ana yoi i?eaaei e nie?auaieth aiciiaeiinoae
i?aaeinoaaeaiey e?aaeeoia e ?aceiio iiauoaieth i?ioeaioiuo noaaie, a oii
/enea ii e?aaeeoai, i?aaeinoaaeyaiui eiiia?/aneeie aaieaie ae?oa ae?oao.
I?ioeaioiay noaaea Iaoeeiiaeueiiai aaiea ?anniao?eaaaony e?aaeeoiuie
o/?aaeaeaieyie aoi?iai o?iaiy eae i?eaioe? aeey ii?aaeaeaiey ieaeiae
a?aieoeu nianoaaiiuo i?ioeaioiuo noaaie. O?iaaiue i?ioeaioiuo noaaie ia
iaaeaaieianeee e?aaeeo ia?aaeei nouanoaaiii i?aauoae noaaeo
Iaoeeiiaeueiiai aaiea.

Naiay ieceay a i?ioeii aiaeo noaaea a 20 i?ioeaioia aiaeiauo auea
caoeene?iaaia ia aoeoeeiia 18 naioya?y, iia i?iaea?aeaeanue aei 4
aeaeaa?y.

?iaii 20 e?aaeeoiuo aoeoeeiiia i?iaae a 1995 aiaeo Iaoeeiiaeueiue aaie
Iieaeiau. Ia ieo a iauae neiaeiinoe auei i?iaeaii 413 ieeeeiiia 900
ouny/ eae. Iaoeeiiaeueiue aaie iiea aua ia ia?aoae ia aeieain?i/iia
e?aaeeoiaaiea, i?aaeinoaaeyy e?aaeeoiua ?ano?nu eeoue ia 3-4 ianyoea.

O/eouaay, /oi aua a i?ioeii aiaeo yeiiiie/aneea aaaiou i?iyaeyee ana
aieueooth caeioa?aniaaiiinoue a aeieain?i/iii e?aaeeoiaaiee, yoiai aea
o?aaoao e yeiiiieea ?anioaeeee, anoue iniiaaiey iieaaaoue, /oi a
iuiaoiai aiaeo, Iaoeaaie ia?aniio?eo n?iee e?aaeeoiaaiey, eae ieieioi
oaaee/ea eo aei iieoaiaea. Oai aieaa, /oi o?iaaiue eioeyoeee
aeaaii?eyonoaoao yoiio.

Noaaea ?aoeiaine?iaaiey a i?ioeii aiaeo n eaaeaeui aoeoeeiiii ieaiiia?ii
nieaeaeanue ia 1-2 i?ioeaioa. Anee 2 oaa?aey 1995 aiaea, ia ia?aii a
1995 aiaeo aoeoeeiia, ?ano?nu auee i?iaeaiu iiae 42 i?ioeaioa aiaeiauo,
oi 6 iiya?y 1995 aiaea – iiae 20 i?ioeaioia aiaeiauo, – naiay ieceay
noaaea i?ioeiai aiaea.

4 aeaeaa?y 1995 aiaea Iaoeaaie i?iaae ia?aue aoeoeeii ii iiaui i?aaeeai,
a iniiaa eioi?uo eaaeeo i?aaeinoaaeaiea e?aaeeoiuo ?ano?nia iiae caeia.
Ia aeaiiii aoeoeeiia, iineaaeiai a 1995 aiaeo, noaaea ?aoeiaine?iaaiey
e?aaeeoiuo ?ano?nia au?inea aei 21 i?ioeaioa aiaeiauo. A nayce n yoei
iaeioi?ua aaiee?u a aanaaea n ei??aniiiaeaioaie “EIOIOAA”
i?iaiice?iaaee, /oi eciaiaiea i?aaee i?iaaaeaiey e?aaeeoiuo aoeoeeiiia
iiaea/ao ca niaie ?ino noaaee ?aoeiaine?iaaiey, oae eae a iiaua i?aaeea
caeiaeai i?eioeei eeanne/aneiai aoeoeeiia, – eoi aieueoa aeano, oio e
iieoiaao, a aeaiiii neo/aa – e?aaeeoiua ?ano?nu. Iaeiaei, iiea /oi yoe
i?iaiicu ia ii?aaaeaeenue, – ia ia?aii a 1996 aiaeo aoeoeeiia,
ninoiyaoainy 12 yiaa?y, ?acia? noaaee nio?aieeny ia ioiaoea 21 i?ioeaio
aiaeiauo.

N?aaeiaaiaeiaay noaaea ?aoeiaine?iaaiey e?aaeeoiuo ?ano?nia
Iaoeeiiaeueiiai aaiea ninoaaeea a 1995 aiaeo 23,35 i?ioeaioa aiaeiauo.
Anee aea o/anoue, /oi n 24 aaaonoa 1995 aiaea Iaoeaaie i?iaeaaae
e?aaeeoiua ?ano?nu iiae 20-21 i?ioeaio aiaeiauo, iiaeii i?iaiice?iaaoue,
/oi a iuiaoiai, 1996 aiaeo, eiaiii yoe oeeo?u eyaoo a iniiao
n?aaeiaaiaeiaie noaaee 1996 aiaea.

Eioeyoeey a 1995 aiaeo ninoaaeea 21,7 i?ioeaioa. Yoi cia/eo, /oi
Iaoeeiiaeueiue aaie i?iaeae naie ?ano?nu ni n?aaeiaaiaeiaie auaiaeie
3,65 i?ioeaioa aiaeiauo.

Nieaeaiea noaaee ?aoeiaine?iaaiey iiaeeyei e ia nieaeaiea eiiia?/aneeie
aaieaie i?oeaioiuo noaaie ca i?aaeinoaaeyaiua e?aaeeou. Anee a yiaa?a
e?aaeeo a eiiaaiea iiaeii auei iieo/eoue iiae 91-120 i?ioeaioia
aiaeiauo, oi a aeaeaa?a – iiae 40-45 i?ioeaioia aiaeiauo. Aeaiiue oaeo
ia iiaeao ia neacaoueny iieiaeeoaeueii ia yeiiiieeo ?anioaeeee a oeaeii.

A 1996 aiaeo Iaoeeiiaeueiue aaie iaia?ai nieceoue noaaeo
?aoeiaine?iaaiey naieo e?aaeeoia aei 15 i?ioeaioia aiaeiauo.

I?iaeoiaiiay aeaiaaeii-e?aaeeoiay iieeoeea a oa/aiea 1994-1995 aiaeia
iicaieeea nieceoue i?ioeaioioth noaaeo ii e?aaeeoai IA, 80 i?ioeaioia
eioi?uo ?aaeeciauaaeenue ia e?aaeeoiuo aoeoeeiiao, n 377 i?ioeaioia a
oaa?aea 1994 aiaea aei 21 i?ioeaioa a aeaeaa?a 1995 aiaea.

Iiieaeaiea i?ioeaioiie noaaee ii ?aoeiaine?iaaieth e?aaeeoia IA
iieiaeeoaeueiui ia?acii neacaeinue ia ?aceii nieaeaiee o?iaiy eioeyoeee.
Ii n?aaiaieth n 1994 aiaeii, o?iaaiue eioeyoeee a eioi?ii ninoaaeye 110
i?ioeaioia, a 1995 aiaeo yoio iieacaoaeue aaeaa i?aaunee 20 i?ioeaioia.

Ii neiaai i?aaenoaaeoaey IA, a oaeouai aiaeo o?iaaiue aiaeiaie eioeyoeee
ninoaaeo ia aieaa 10 i?ioeaioia. “Anee neooaoeey a yeiiiieea Iieaeiau,
eioi?ay iaaethaeaeanue a 1995 aiaeo aoaeao nio?aiyoueny e a 1996 aiaeo,
oi ia eneeth/aii oe?aieaiea iieaeaaneiai eay ii ioiioaieth e NEA”, –
iiae/a?eioe i?aaenoaaeoaeue IA.

Iaaeaaieianeea e?aaeeou – aaaeiue enoi/iee oi?ie?iaaiey i?eaea/aiiuo
n?aaenoa eiiia?/aneeo aaieia. Iie noaiiayony iniaaiii i?eaeaeaoaeueiuie,
iineieueeo ia iiaeeaaeao ?aca?ae?iaaieth a Iaoeeiiaeueiii aaiea. A eoiaa
?acei iiauneeny ni?in ia iaaeaaieianeee e?aaeeo, eiiia?/aneea aaiee
i?aeoe/anee i?ae?aoeee auaea/o ia oieueei aeieain?i/iuo, ii e
n?aaeian?i/iuo e?aaeeoia – ia n?ie auoa 6 ianyoeaa. Iaeaieaa
?ani?ino?aiaii e?aaeeoiaaiea ia 1-2 ianyoea.

Aeey ?aoaiey yoie i?iaeaiu, ia iao acaeyae, oeaeaniia?acii:

1. ?aca?aie/eaaoue iieeoeeo aaiea e oi?iu iaiaaeaeiaioa ii aeieain?i/iui
e e?aoein?i/iui eiaanoeoeeyi.

2. Noeioee?iaaoue ia?a?ani?aaeaeaiea e?aaeeoiuo ?ano?nia ec noa?u
ia?auaiey a noa?o i?iecaiaenoaa, a /anoiinoe, iooai oaaee/aiey ia?aee ia
oeaio?aeeciaaiiua e?aaeeoiua ?ano?nu.

3. I?aaeinoaaeyoue aeieain?i/iua oeaio?aeeciaaiiua eiaanoeoeee ia
?aaeecaoeeth ainoaea?noaaiiuo e ?aaeiiaeueiuo i?ia?aii n aeanoeei
eiio?ieai ca eo oeaeaaui eniieueciaaieai e i?e iaycaoaeueiii o/anoee
aiaathaeaeaoiuo enoi/ieeia e iaaonoaea?noaaiiuo eiaanoi?ia.

4. N?aaenoaa, i?aaeoniio?aiiua a athaeaeaoa ia iiaaoaiea eiiia?/aneei
aaieai ?acieoeu iaaeaeo ?uii/iui e eueaioiui o?iaiyie i?ioeaioiuo
noaaie, iai?aaeyoue a aeaea e?aaeeoiuo ?ano?nia ia ?acaeoea
i?iecaiaenoaa.

Yooaeoeaiinoue aaieianeiai iaiaaeaeiaioa caaeneo io o?iaiy eioeyoeee.
Aeaiaaeiua naa?aaeaiey, ?aciauaiiua a n?i/iua aeaiiceou,
iaanoeaieaathony a oii aea oaiia, a eaeii ?anooo oeaiu, /oi i?e aunieeo
(aieaa 5% a ianyoe) oaiiao eioeyoeee eneeth/aao ii?iaeueiua iaeiieaiey
aeaiaaeiiai eaieoaea e ?anoe?aiiia aini?iecaiaenoai. I?e yoii
i?ienoiaeeo iaanoeaieaaiea nianoaaiiiai eaieoaea aaieia, a i?e
nouanoaothueo eiyooeoeeaioao eeeaeaeiinoe – ioiineoaeueiia nie?auaiea
e?aaeeoiuo aiciiaeiinoae aaiea, anee oieueei ia oaaee/eaaaony aai
onoaaiue oiiae. Ni?in ia e?aaeeou ?anoao i?iii?oeeiiaeueii eioeyoeee, a
onoaaiue oiiae iiaeao oaaee/eaaoueny eeai ii ia?a eaieoaeecaoeee
aeioiaea, eeai ca n/ao i?eaea/aiey iiauo aciinia. Eeoue i?e oia?aiiie
eioeyoeee – aei 20% a aiae e iieiaeeoaeueiie i?ioeaioiie noaaea
eaieoaeece?oaiue aaieii aeioiae iicaieyao iaania/eaaoue i?eiyoua
eiyooeoeeaiou eeeaeaeiinoe e oaea?aeeaaoue naie iiceoeee a e?aaeeoiie
noa?a.

Iaiaaeaeiaio, eae nenoaia oi?aaeaiey, ninoieo ec aeaoo iiaenenoai:
oi?aaeyaiie, eee iauaeoa oi?aaeaiey, e oi?aaeythuae, eee noauaeoa
oi?aaeaiey. Eanaynue oeiainiaiai iaiaaeaeiaioa, yoi aaaeii i?aaenoaaeoue
neaaeothuei ia?acii (?en.2).

OEIAINIAAss NENOAIA

Aoiae

______________________________

o

o

Oi?aaeythuay iiaenenoaia (noauaeo)

Oeiainiaay aee?aeoeey e aa iiae?acaeaeaiey Oeiainiaue iaiaaeaea?

o

o

Oi?aaeyaiay iiaenenoaia (iauaeo)

Aeaiaaeiue iai?io

E?oaiiai?io noieiinoe (eaieoaea) Oeiainiaua ?ano?nu e eo enoi/ieee
Oeiainiaua ioiioaiey

o

o Auoiae

?en.2. Iauay noaia oeiainiaiai iaiaaeaeiaioa.

Iauaeoii oi?aaeaiey a oeiainiaii iaiaaeaeiaioa yaeyaony niaieoiiinoue
oneiaee inouanoaeaiey aeaiaaeiiai iai?ioa, e?oaiiai?ioa noieiinoe,
aeaeaeaiey oeiainiauo ?ano?nia e oeiainiauo ioiioaiee iaaeaeo
oicyenoaothueie noauaeoaie e eo iiae?acaeaeaieyie a oicyenoaaiiii
i?ioeanna.

Noauaeo oi?aaeaiey – yoi niaoeeaeueiay a?oiia ethaeae (oeiainiaay
aee?aeoeey, eae aiia?ao oi?aaeaiey, oeiainiaue iaiaaeaeiaio, eae
oi?aaeythuee), eioi?ay iin?aaenoaii ?acee/iuo oi?i oi?aaeai/aneiai
aicaeaenoaey inouanoaeyao oeaeaiai?aaeaiiia ooieoeeiie?iaaiea iauaeoa.

Ethaia ?aoaiea aaieianeiai iaiaaeaeiaioa aeeth/aao o/ao o?ao aaaeiuo
oaeoi?ia: 1) aeaiaa, 2) a?aiaie, 3) ?enea.

Oai?ey oeiainia ?anniao?eaaao i?iaeaiu ioeaiee aeueoa?iaoeaiuo aoaeoueo
iioieia iaee/iinoe. Iineieueeo aoaeouaa, iau/ii, iaii?aaeaeaiii, oi yoa
i?iaeaia i?aa?auaaony a i?iaeaio ioeaiee ?enea aeaiaaeiuo iioieia ia
i?ioyaeaiee eiie?aoiiai ia?eiaea a?aiaie.

Oeiainiaiio iaiaaeaea?o iaiaoiaeeii i?eieiaoue ?aoaiey o?ao aeaeia:

1. ?aoaiea ia eiaanoe?iaaiee (E -investment decision, I). Yoi ?aoaiea –
neieueei eiaanoe?iaaoue e a eaeea eiaiii aeoeau. Iie ii?aaeaeytho ?acia?
e no?oeoo?o aeoeaia oe?iu.

2. ?aoaiea i oeiaine?iaaiee (O – finansing decision, F), ?aoaiey i oii,
eae i?eaea/ue iaiaoiaeeiua aeey eiaanoe?iaaiey n?aaenoaa.

3. ?aoaiey i aeeaeaeaiaeao (Ae – dividend decision, D). Yoe ?aoaiey
eanathony ii?iu auieaou aeeaeaeaiaeia, o.a. ioiioaiey aeeaeaeaiaeia ia
aeoeee e aeioiaeo ia aeoeeth.

Yoe ?aoaiey ii?aaeaeytho, iaeneiece?oaony ee oeaiiinoue oe?iu Oe
(aeaainioiyiea aeoeeiia?ia). A neiaieao oeaeaaoth ooieoeeth oeiainiaiai
iaiaaeaeiaioa iiaeii ii?aaeaeeoue neaaeothuei ia?acii:

Iao Oe # f(E,O,Ae).

Iaeioi?ua oeiainiaua oai?aoeee n/eoatho iaeinouanoaaiiuie ?aoaiey i
oeiaine?iaaiee e i aeeaeaeaiaeao, a nayce n /ai eeth/aauie aeey
iaeneiecaoeee ieacuaathony ?aoaiey ia eiaanoe?iaaiee. Aieaa oiai,
enneaaeiaaieyie a iaeanoe oeiainia onoaiiaeaii, /oi aaee/eia
aeoeeiia?iiai eaieoaea iaeneiece?oaony, eiaaea ?aaeecothony ana
eiaanoeoeeiiiua aiciiaeiinoe, i?e eioi?uo aeioiaeu auoa, /ai oeaiiinoue
eniieuecoaiuo oeiainiauo ?ano?nia.

Oi?aaeaiea aeoeaaie (iia?aoeee n oeiainiauie aeoeaaie)

Oi?aaeaiey ianneaaie e ?aoaiey ioiineoaeueii eaieoaea (iia?aoeee n
oe-iainiauie ianneaaie)

Iia?aoeee oe?iu

2

TH

3

Ue

OEIAINIAUE IAIAAeAEA?

1

Ue

5 4

TH Aeaiiceoiua e aeaiaaeiua ?u-iee e ?uiee eaieoaea

1. I?eoie iaee/iinoe

2. Eiaanoe?iaaiiay iaee/iinoue

3. Iaee/iinoue io iia?aoeee

4. Iaee/iinoue, aica?auaiiay eiaanoi?ai (?aoaiey i

aeeaeaeaiaeao)

5. ?aoeeeee?iaaiiay iaee/iinoue (ia?ani?aaeaeaiiuo

aeioiaeia)

?en.3. ?ieue oeiainiaiai iaiaaeaea?a a oe?ia

oeiainiauo oneoa.

N/eoaaony, /oi ?ieue e oeaeue aeayoaeueiinoe iaiaaeaea?a oeiainiaie
oe?iu (iai?eia?, aaiea) ie eiei ia?acii ia aeieaeia ioee/aoueny io ?iee
e oeaee oeiainiaiai iaiaaeaea?a iaoeiainiaie oe?iu.

Iaeiaei, eae aeaeii ia ?en.3, neaaeoao naeaeaoue iaaieueoea iii?aaee.
Ai-ia?auo, /oiau auoue aeeaea e aaieianeie oa?ieiieiaee, E- , O- , Ae-
?aoaiey aeieaeiu auoue, niioaaonoaaiii, ia?aeiaiiaaiu a:

E – oi?aaeaiea aeoeaaie (assent management);

O – oi?aaeaiea ianneaaie (liability management);

Ae – oi?aaeaiea eaieoaeii/aeeaeaeaiaeaie (capital/dividend

management).

Ai-aoi?uo, a oi/ea 1 aeeth/athony iioiee iaee/iinoe n aeaiiceoiuo e
aeaiaaeiuo ?uieia a aeiiieiaiea e i?eoieai n ?uieia eaieoaea. A oi/ea 2
– aaieianeea E – ?aoaiey (oi?aaeeaiea aeoeaaie), aeaaiui ia?acii,
eanathony iia?aoeee n oeiainiauie, a ia ?aaeueiuie aeoeaaie.

Oi?aaeaiea aeoeaaie e ianneaaie aaiea (E – e O – ?aoaiey)
i?aeiouanoaaiii i?aaenoaaeaii iia?aoeeyie n oeiainiauie aeoeaaie.
Iienaiea ?aoaiee a oi/eao 3 e 5 aac eciaiaiee i?eiaieii e oeiainiaiio
iaiaaeaea?o iaoeiainiaie oe?iu. Iienaiea ?aoaiee a oi/ea 4 ?anoe?aii ca
n/ao aeeth/aiey iaee/iinoe (i?ioeaioia), aica?auaiiie aeaiiceoi?ai.

Oeaeueth oeiainiaiai iaiaaeaea?a, eiia/ii, yaeyaony iaeneiecaoeey
oeaiiinoe oe?iu.

Eiioeaiooaeueiay noaia inouanoaeaiey i?eioeeiia iaeneiecaoeee oeaiiinoe
i?aaenoaaeaia ia ?en. 4.

I?AAeII*OAIEss NIANOAAIIEEIA

ss

Oi?aaeai/aneea onoaiiaee e ?aoaiey

_______

Oeaeue aaiea

______

Iauanoai

ss

No?aoaaee aeinoeaeaiey yoie oeaee:

ss

1. Oi?aaeaiea ?acieoeae iaaeaeo oeaiaie, eo?naie,

noaaeaie (“ni?aae”)

2. Eiio?ieue iia?aoeeiiiuo ecaea?aeae

3. Oi?aaeaiea eeeaeaeiinoueth

4. Oi?aaeaiea eaieoaeii

5. Oi?aaeaiea iaeiaaie

6. Oi?aaeaiea aiaaaeainiaie aeayoaeueiinoueth.

?en.4. Inouanoaeaiea i?eioeeia iaeneiecaoeee

oeaiiinoe.

Oai?aoe/anee oeaeueth aaiea aeieaeia auoue iaeneiecaoeey aai
nianoaaiiiai eaieoaea. Oeaee oi?ie?othony iiae aicaeaenoaeai o?ao
iniiaiuo nee: 1) i?aaeii/oaiee nianoaaiieeia; 2) oi?aaeai/aneeo
iiaeoiaeia e ?aoaiee; 3) iauanoaaiiiai auai?a, i?iyaeythuaainy a
?aaoee?othuae e yeiiiie/aneie noa?ao. Aeueoa?iaoeaaie iaeneiecaoeee
aiaaonoaa iiaee au auoue iaeneiecaoeey i?eauee, iaeneiecaoeey iauaia
aeayoaeueiinoe e o.ae.

I?eiya ca oeaeue iaeneiecaoeeth oeaiiinoe nianoaaiiiai eaieoaea aaiea,
iieo/aaony oanoue aiciiaeiuo no?aoaae/aneeo iai?aaeaiee aeinoeaeaiey
yoie oeaee. Yoe iai?aaeaiey oi?ie?othony o?aiy oaeoi?aie: 1) naiie
oeaeueth; 2) oi?aaeai/aneeie ?aoaieyie e iiaeoiaeaie; 3) iauanoaii.

Oanoueth no?aoaae/aneeie iai?aaeaieyie yaeythony1:

1. Oi?aaeaiea “ni?aaeii” eee “ayiii” (“ni?aae” – ?acieoea iaaeaeo
oeaiaie, eo?naie, noaaeaie; “ayi” – ?ac?ua a n?ieao iiaaoaiey aeoeaia e
ianneaia).

2. Eiio?ieue iia?aoeeiiiuo ecaea?aeae.

3. Oi?aaeaiea eeeaeaeiinoueth.

4. Oi?aaeaiea eaieoaeii.

5. Oi?aaeaiea iaeiaaie.

6. Oi?aaeaiea aiaaaeainiaie aeayoaeueiinoueth.

___________________

1. Aeaeicao I.Neiee, ie. Oi?aaeaiea oeiainaie a eiiia?/aneeo aaieao.
– I.: 1994.

Eaaeaeay ec oeacaiiuo no?aoaaee eee i?yii eee einaaiii cao?aaeaaao
eoiaiaoth no?ieo aaeaina aaiea e aai ?ene iioaioeeaeueiuo oauoeia e,
neaaeiaaoaeueii, aicaeaenoaoao ia aai iioie iaee/iinoe, aaee/eio oiiaeia
e eo ?uii/ioth noieiinoue.

*oiau i?ineaaeeoue aicaeaenoaea yoie noaiu (n oanoueth no?aoaae/aneeie
iai?aaeaieyie) ia ?aaeueioth aeayoaeueiinoue aaiea, ?anniio?ei, eae
iieo/aaony noiia?iay aaeainiaay i?eaueue aaiea. Aeey yoie oeaee
eniieuecoai oeie/ioth oi?io io/aoa aaiea i i?eaueyo e oauoeao,
i?aaenoaaeaiioth a oaae. 2.

Ec oaaeeoeu 2 aeaeii, /oi, iai?eia?, oi?aaeaiea “ni?aaeii” cao?aaeaaao
au?aaeaiea (IAe-I?). Eiio?ieue iia?aoeeiiiuo ecaea?aeae e oi?aaeaiea
aiaaaeainiaie aeayoaeueiinoueth ioiineony e au?aaeaieth (IAe-I?), a
oi?aaeaiea iaeiaaie – e II.

Oaaeeoea 2

Oeie/iay oi?ia io/aoa aaiea i i?eaueyo, oauoeao

(1)

(2)

(3)#(1)-(2)

(4)

(5)#(3)-(4)

(6)

(7)

(8)#(6)-(7)

(9)#(5)-(8)

(10)

(11)#(9)-(10)

(12)

(13)#[email protected]/-(12)

(14)

(15)#(13)-(14)

I?ioeaioiue aeioiae (IAe)

Cao?aou ia auieaoo i?ioeaioia (i?ioeaioiue ?anoiae) (I?)

*enoue i?ioeaioiue aeioiae (“?acieoea”, “?ac?ua”) (IAe-I?)

?aca?a aeey iie?uoey iioa?ue ii nnoaeai (?II)

*enoue i?ioeaioiue aeioiae iinea nicaeaiey

?aca?aia aeey iie?uoey iioa?ue ii nnoaeai (IAe-I?-?II)

Iai?ioeaioiue aeioiae, iai?eia?, eiienneii-iua (IAe)

Cao?aou, ia naycaiiua n auieaoie i?ioeaioa, iai?eia?, iaeeaaeiua
?anoiaeu (I?)

*enoue aeioiae, ia naycaiiue n i?ioeaioii (IAe-I?)

Aeioiae io oieaou iaeiaia e aac o/aoa oauoeia/ aeioiaeia io oeaiiuo
aoiaa (IAe-I?)[email protected](IAe-I?)

Iiaeioiaeiue iaeia (II)

*enoue aeioiae io iia?aoeeiiiie aeayoaeueiinoe aaiea
[(IAe-I?)[email protected](IAe-I?)] – II

Aeioiaeu/oauoee io oeaiiuo aoiaa (@/-AeOeI)

*enoue aeioiae (*Ae)

*Ae#[(IAe-I?)[email protected](IAe-I?)] – II @/- AeOeI

Aeeaeaeaiaeu (Ae)

Noiia?iay ia?ani?aaeaeaiiay i?eaueue (Ii?)

(Ii?#*Ae-Ae#[(IAe-I?)[email protected](IAe-I?)][email protected]/-AeOeI-Ae

Oaaeeoea 3

OEIAINIAUE IO*AO AAIEA CA 1995 AIAe

1. AAEAIN AAIEA

oun.eae.

AEOEA ia 01.01 ia 01.01. ioeei-

1995 1996 iaiey

1. Aeaiaaeiua n?aaenoaa, n/aoa a Iaoeaaiea

(eanna, ei?n/ao,o-ae ?aaoee?iaaiey) 21670 16475
-5195

2. N?aaenoaa a aaieao e e?aaeeoiuo o/?aaeaeaieyo

(ei?n/aoa a aaethoa (NEA e NIA), ?ano?nu ae?.

aaieia 16162 21419
@5257

3. Aeiaeaiey a oeaiiua aoiaae, iae aeoeee

(ainoaea?noaaiiua na?oeoeeaou) – 5682
@5682

4. E?aaeeou i?aaei?eyoeyi, ianaeaieth

(a oii /enea i?in?i/ea – 11,5 iei.eae) 152668 202024
@49356

5. Iniiaiua n?aaenoaa e iaiaoa?eaeueiua

aeoeau (caeaiey, oiceiaaioa?ue) 8788 10725
@1937

6. I?i/ea aeoeau (aeaaeoi?u aaiea, oiciaoa?eaeu,

ioaea/aiiua n?aaenoaa ca n/ao i?eauee) 29113 32700
@3587

7. ANAAI aeoeaia 228401 289025
@60624

IANNEA

IAssCssOAEUeNOAA

1. N?aaenoaa Iaoeeiiaeueiiai aaiea (?ano?nu) 110831 123099
@12268

2. N?aaenoaa aaieia e e?aaeeoiuo o/?aaeaeaiee

(n/aoa eiino?aiiuo aaieia) 1353 2031
@678

3. N?aaenoaa eeeaioia, aeeth/ay aeeaaeu ianaeaiey

(aeeaaeu – 9 iei.eae, aeaiiceou – 5 iei.eae) 67453 97783
@30330

4. Auiouaiiua aaieii aeieaiaua iaycaoaeueonaa – –

5. I?i/ea iaycyoaeuenoaa (ei?n/aoa aioo?e

nenoaiu-890 n/., e?aaeeoi?u aaiea) 6262 7212
@950

6. ANAAI iaycyoaeuenoa 185899 230125
@44226

II. NIANOAAIIUA N?AAeNOAA

7. Onoaaiue oiiae (i?inoua, i?eaee. aeoeee) 5675 13860
@8185

8. I?i/ea oiiaeu e ae?oaea nianoaaiiua n?aaenoaa

(?aca?aiue oiiae,010 a /anoe iniiaiuo n?aaenoa,

oiiae eiaeaenaoeee IAI, eciin, OIN?, OII) 14849 26677
@11828

9. I?eaueue (oauoie) ca io/aoiue aiae 21978 18363
-3615

10.ANAAI nianoaaiiuo n?aaenoa ([email protected]) 20524 40537
@20013

11.ANAAI ianneaia 228401 289025
@60624

Aiaaaeainiaay noaouey:

Aa?aioee, ii?o/eoaeuenoaa, auaeaiiua aaieii 100
@100

9929 – ?an/aoiua aeieoiaiou, ia iiea/aiiua a n?ie – 306,8 iei.eae

9950 – Ia/eneaiiua, ii ia iiea/aiiua %% ii nnoaeai – 10,9 iei.eae

A nayce n oai, /oi ?acaa?iooay oi?ia oeiainiaiai io/aoa AEA “Aaiea
ni/eaey” yaeyaony eiiia?/aneie oaeiie, e niaeaeaieth, ia aiciiaeii
i?iaanoe aeaoaeueiue aiaeec io/aoa aaiea i i?eaueyo e oauoeao, ii,
?oeiaiaenoaoynue i?eeiaeaiiui io/aoii, iiaeii ioiaoeoue, /oi i?eaueue
aaiea ia 01.01.1996 a. nieceeanue ia 3615 oun.eae ii n?aaiaieth n
aeaiiuie ia 01.01.1995 a., /oi naycaii n oiaiueoaieai aeaiaaeiuo
n?aaenoa ia n/aoa a Iaoeeiiaeueiii aaiea, a eiaiii, a oiiaea
?aaoee?iaaiey.

Aeey iaeneiecaoeee aaieianeie i?eauee o?aaoaony, /oiau
iaeneiece?iaaeenue “ni?aae” (o.a. au?aaeaiea (IAe-I?), a oi a?aiy eae
?II,I? e II ieieiece?iaaeenue. Eiia/ii, ana eiiiiiaiou aaieianeie
i?eaueueiinoe oi?aaeythony aaee/eiie e niaea?aeaieai aaieianeiai
aaeaina.

No?aoaaey oi?aaeaiey eeeaeaeiinoueth e eaieoaeii oaeaea ii?aaeaeyaony
no?oeoo?ie aaieianeiai aaeaina. Eeeaeaeiinoue iiaeao iaeaieeaaoueny a
aeoeaao eee i?eia?aoaoueny ia ?uiea /a?ac oi?aaeaiea ianneaaie. Eaieoae
neoaeeo aii?oecaoi?ii eee aooa?ii aeey aiciiaeiuo oauoeia. *ai
?eneiaaiiae no?oeoo?a aaeaina aaiea a oeaeii, oai aeieueoa ii
ioaeaeaaony a ?aca?aiii caiana eeeaeaeiinoe e eaieoaea.

Iaiaaeaeiaio oeiainiauo oneoa e oeiainiaue ?uiie – acaeiinaycaiiua
yaeaiey. Iiyoiio ?acaeoea ?uiea oeiainiauo oneoa caaeneo io ?acaeoey
ia?eaoeiaa oeiainiauo oneoa, a yoaiu ?acaeoey ia?eaoeiaa ii?aaeaeyeenue
oi?ie?iaaieai niioaaonoaothueo naeoi?ia oeiainiaiai ?uiea.

?acaeoea iaiaaeaeiaioa oeiainiauo oneoa a ie?a i?ioei ianeieueei yoaiia:

I YOAI (eiiaoe 50-o aiaeia) – aicieeiiaaiea e ?acaeoea iauaai
aaieianeiai iaiaaeaeiaioa;

II YOAI (eiiaoe 50-o e ia/aei 60-o aiaeia) – ioaeaeaiea iaiaaeaeiaioa
?an/aoii-eee?eiaiauo oneoa e o?aaeeoeeiiiuo aaieianeeo oneoa
(e?aaeeoiaaiea e i?eai aeaiaaeiuo aeeaaeia);

III YOAI (ia/aei e na?aaeeia 60-o aiaeia) – ?acaeoea iaiaaeaeiaioa a
noa?a no?aoiauo oneoa, i?aaeaea anaai a aeayoaeueiinoe no?aoiauo
eiiiaiee;

IV YOAI (na?aaeeia 80-o aiaeia) – i?iieeiiaaiea ia?eaoeiaa a noa?o
eiaanoeoeeiiii-oiiaeiauo oneoa;

V YOAI (na?aaeeia e eiiaoe 80-o aiaeia) – i?eeiaeaiea eiioeaioeee
neia?aee e iaiaaeaeiaioo e ia?eaoeiao oieaa?naeueiie oe?iu oeiainiauo
oneoa.

Iaaei o/anoue, /oi eaaeaeue iineaaeothuee yoai nio?aiye e ?acaeaae iiuo
i?aaeuaeoueo, ia?aoiaey n iaeiiai naaiaioa oeiainiaiai ?uiea ia ae?oaie.
Iaeaieaa iieii yoio iiuo aue eniieueciaai i?e ?aaeecaoeee eiioeaioeee
neia?ae/aneiai ia?eaoeiaa ia aaca nicaeaiey oieaa?naeueiuo oe?i
oeiainiauo oneoa, aeeth/athueo ioaeaeaiey (oeeeaeu, aei/a?iea oe?iu),
i?aaeeaaaaoea ?acee/iua aeaeu oneoa.

Aaieianeee iaiaaeaeiaio yaeeny iniiaie ca?iaeaeaiey iaiaaeaeiaioa
oeiainiauo oneoa, oae eae eiaiii eiiia?/aneee aaie (a O?A – a iieiii
ianooaaa, a NOA – a o?acaiiii aeaea) ieacuaae aei 70-o a.a. aieueoeinoai
aeaeia yoeo oneoa.

Oeeei Eioea? auaeaeee ianeieueei yoaiia ?acaeoey aaieianeiai ia?eaoeiaa
eae e iauaai ia?eaoeiaa a eiiia?/aneeo e i?iiuoeaiiuo oe?iao. Ia ia?aii
yoaia ia?eaoeia aunooiaao eae ?aeeaia i?iaeaeaeaiey i?iaeaae. A eiioea
50-o aiaeia aaiee e ae?oaea oeiainiaua einoeooou ia?aaeeaaee ?anoouoth
eiieo?aioeeth ca naa?aaeaiey e oaaee/eaaee naie iai?iou eeoue ca n/ao
?aeeaiu, aea?eee ciioeee e ae?oaea iaei/e naiei eeeaioai, i?eaeaeay
?aeeaiiuo aaaioia e yenia?oia ii i?iaeaeaeaieth i?iaeaae1.

_____________________

1. Philip Kotler. Marketing. Management: Analisis, Planning,
Implementation and Control bth ed. – N.X.: Prentice Hall, 1988, p. 26.

A ?acoeueoaoa oneeaiey eiieo?aioeee ia oeiainiaii ?uiea a 50-o aiaeao
i?iecioei ia?a?ani?aaeaeaiea aeoeaia oeiainiaie nenoaiu iaaeaeo oaea
nouanoaiaaaoeie oeiaie oeiainiauo o/?aaeaeaiee, a oaeaea aicieeee iiaua
aaiee.

Ai aoi?ie iieiaeia 50-o aiaeia a NOA noi?ie?iaaeanue eiaeono?ey
e?aaeeoiuo ea?oi/ae, a ?acoeueoaoa /aai ?an/aoii-eee?eiaiaua oneoae
iioa?yee einoeoooeeiiioth i?eayceo e eiiia?/aneiio aaieo. Iiae
aaieianeeie oneoaaie noaee iiieiaoueny oieueei o?aaeeoeeiiiua oneoae
aaiea (e?aaeeoiaaiea e i?eai aeaiaaeiuo n?aaenoa ia aeeaae).
Niioaaonoaaiii, noae oi?ie?iaaoueny ia?eaoeia ?an/aoii-eee?eiaiauo oneoa
eiiiaiee e?aaeeoiuo ea?oi/ae. Iaeanoi/aiiay eiieo?aioeey, ?acaa?ioaoayny
a eiaeono?ee e?aaeeoiuo ea?oi/ae iaaeaeo aaieaie, eiiiaieyie eiaeono?ee
oo?ecia e ?acaea/aiee, iaooyiuie eiiiaieyie, ?icie/iuie iaaaceiaie
icia/aea ia/aei aoi?iai yoaia ?acaeoey aaieianeiai iaiaaeaeiaioa.

Ia?aua e?aaeeoiua ea?oi/ee a NOA auee auiouaiu aua a 20-o aiaeao
iaooyiuie eiiiaieyie, eae n?aaenoai ooaa?aeaeaiey eo oi?aiauo ia?ie e
n?aaenoai ieaoaaea aeey iooaoanoaothueo eeeaioia. A 30-a aiaeu
oieaa?iaae noaee eniieueciaaoue naie ea?oi/ee aeey aaaeaiey n/aoia
iieaou oiaa?ia eeeaioaie. A ia/aea 50-o aiaeia aicieeea eiaeono?ey
e?aaeeoiuo ea?oi/ae n iiiaioa o/?aaeaeaiey Diners Clab. Diners Clab
ia/eiaea a oaa?aea 1950 aiaea n 22 ?anoi?aiia e 200 aeaaeaeueoeaa
ea?oi/ae, iieo/eea aeioiae ia aoi?ii aiaeo naiaai nouanoaiaaiey e caoai
iinoiyiii ?anoe?yey ianooaau naieo iia?aoeee. American Express
aeeth/eeanue a yoo aeayoaeueiinoue a 1958 aiaeo e caoaaoeea eeaea?noai a
io?anee, iiaeioea neaauo eiieo?aioia.

Aaiee i?iieeee a eiaeono?eth e?aaeeoiuo ea?oi/ae a eiioea 50-o aiaeia,
eiaaea ia?aua aaieianeea e?aaeeoiua ea?oi/ee auionoee National banc of
Franclin. A eiioea 60-o aiaeia aaieianeea ea?oi/ee i?aaeeaaaeenue ana
aieaa oe?ieiio e?oao eeeaioia aeey iieaou oiaa?ia e oneoa, naycaiiuo n
iooaoanoaeyie e oo?eciii.1

N yoiai a?aiaie aaieianeee iaiaaeaeiaio aeeth/aao ia?eaoeia
?an/aoii-eee?eiaiauo oneoa, aeeth/ay ia?auaiea oeiainiauo aeoeaia,
aai/o?iue naeoi? ?uiea. Ia?yaeo ni noa?uie oeiainiauie eino?oiaioaie
(oo?enoe/aneea /aee) ia ?uiie auoee aeaaeoiaua ea?ou.

Ia o?aoueai yoaia ?acaeoey aaieianeiai iaiaaeaeiaioa aneaae ca noa?ie
e?aaeeoii-aeaiiceoiuo e ?an/aoii-eee?eiaiauo oneoa ia?eaoeia i?iiee a
iaeanoue no?aoiaaiey.

Caiaaeiua no?aoiaua eiiiaiee noaee oe?iei i?eiaiyoue ia?eaoeia a ia/aea
60- aiaeia. Iaeaieueoaa ?ani?ino?aiaiea iieo/eee aeaa niuneiauo cia/aiey
yoiai oa?ieia. Ia?aia ii?aaeaeyao ia?eaoeia eae aeayoaeueiinoue
no?aoiaie eiiiaiee, iai?aaeaiioth ia i?iaeaeaeaiea no?aoiauo oneoa io
no?aoiaueea e no?aoiaaoaeth. Aoi?ia, aieaa nia?aiaiiia ii?aaeaeaiea,
?anniao?eaaao ia?eaoeia eae “eiiieaeniue iiaeoiae e aii?inai
i?aaiecaoeee e oi?aaeaiey anae aeayoaeueiinoueth no?aoiaie eiiiaiee,
iai?aaeaiiie ia ieacaiea oaeeo no?aoiauo oneoa e a oaeeo eiee/anoaao,
eioi?ua niioaaonoaotho iioaioeeaeueiiio ni?ino.

I?e yoii ni?in nicaeaaony oneeeyie naiie no?aoiaie eiiiaiee e
oaeiaeaoai?yaony ath.”2

____________________

1. J.P.Peter, J.H.Donnelli. Marketing management – 2nd ed. -BPL,
1989, p. 732-733.

2. A.A.Oaoia. Aaaaeaiea a no?aoiaaiea. – I.: Oeiainu e noaoenoeea.
1992, n. 99.

Aeaaa II. I?AAIECAOeEIIIUA INIIAU

AAIEIANEIAI IAIAAeAEIAIOA

2.1. Auai? ?aoeeiiaeueiie i?aaiecaoeeiiiie

no?oeoo?u eiiia?/aneiai aaiea

I?aaiecaoeeiiiay no?oeoo?a aaiea yaeyaony aaaeiie ninoaaeythuae
oniaoiiai aeinoeaeaiey oeaeae eca?aiiie no?aoaaee iaiaaeaeiaioa. I/aiue
/anoi iaaeinoaoee a i?aaiecaoeeiiiuo no?oeoo?ao i?eaiaeeee aeaaea
aeinoaoi/ii iiuiua aaiee e e?eceniui neooaoeeyi. Iiyoiio auai?
i?aaiecaoeeiiie no?oeoo?u, iaeeo/oei ia?acii niioaaonoaothuae aioo?aiiei
e aiaoiei oaeoi?ai, ii?aaeaeythuei aeayoaeueiinoue aaiea, yaeyaony
no?aoaae/aneie oeaeueth iaiaaeaeiaioa, iniiaie aeeaa?neoeeaoeee
aaieianeiai ianeoaeeaaiey.

Aaiee a ?uii/iuo oneiaeyo niaoeeaeece?othony ia ieacaiee ?acee/iuo
aeaeia oneoa, noaayo ia?aae niaie ?acee/iua oeaee, a, neaaeiaaoaeueii,
eo i?aaiecaoeeiiiua no?oeoo?u iiaoo aa?uee?iaaoueny a oe?ieeo
i?aaeaeao. Eaaeaeay ec aeaeia i?aaiecaoeeiiiuo no?oeoo? eiaao naie
i?aeiouanoaa e iaaeinoaoee, eioi?ua aeieaeiu o/eouaaoueny a i?ioeanna
auai?a iioeiaeueiie no?oeoo?u, i?aaiecaoeee, niioaaonoaothuae eiie?aoiui
?uii/iui oneiaeyi. I?aaiecaoeeiiiay no?oeoo?a aaiea i?ecaaia iaania/eoue
?aoeeiiaeueioth i?aaiecaoeeth ?aaiou aaieianeeo neoaeaueo, oniaoiia
inouanoaeaiea anao ooieoeee oi?aaeaiey, iaeneiaeueiia oaeiaeaoai?aiea
iio?aaiinoae eeeaioia e, a eiia/iii n/aoa, aeinoeaeaiea oeaeae, noiyueo
ia?aae aaieianeei iaiaaeaeiaioii.

Ia iniiaa aiaeeca ie?iaiai iiuoa iiaeii auaeaeeoue o?e i?aaiecaoeeiiiua
no?oeoo?u (?en. 5).

I ? E I Oe E I U E E A N N E O E E A Oe E E

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Nenoaia i?aaiecaoeeiiiuo iioieia

Aaeaioeaiinoue i?aaiecaoeeiiiie no?oeoo?u

Noaiaiue oeaio?aeecaoeee oi?aaeaiey

Ooieoeeiiaeueiua

I?iaeoiua

Oeaio?aeeciaaiiua

Aeeaeceiiaeueiua

Iao?e/iua

Aeaoeaio?aeeciaaiiua

O?ainiaoeeiiaeue-iua

Oieaeeiaiaua (aei/a?iea oe?iu)

?en. 5. Eeanneoeeaoeey i?aaiecaoeeiiiuo no?oeoo?.

I?aaiecaoeeiiiua no?oeoo?u aaieia ?acee/athony, i?aaeaea anaai, ii
i?eioeeio ath?ie?aoee, o.a. i?aaiecaoeee aeieoiaioiiai?ioa,
eioi?iaoeeiiiuo iioieia. ?acaeaeaiea o?oaea iaaeaeo aaieianeeie
iiae?acaeaeaieyie i?ecaaii iaania/eoue iaeaaeaiioth ?aaioo anao
oi?aaeai/aneeo caaiueaa, /aoeia ?acaeaeaiea ooieoeee, no?iaoth
?aaeaiaioaoeeth aeayoaeueiinoe eaaeaeiai ?aaioieea e iiaeai? eaae?ia a
niioaaonoaee n eo eiiiaoaioiinoueth.

Ath?ie?aoe/aneay iiaeaeue aeaeaeaiey eioi?iaoeee i?e yoii iiaeao
aunooiaoue a o?ao iniiaiuo oi?iao:

1. Ooieoeeiiaeueiua i?aaiecaoeeiiiua no?oeoo?u.

2. Aeeaeceiiaeueiua i?aaiecaoeeiiiua no?oeoo?u.

3. I?aaiecaoeeiiiua no?oeoo?u aaieia, aeaenoaothueo ia iaaeaeoia?iaeiuo
?uieao.

I?e ooieoeeiiaeueiie i?aaiecaoeeiiiie no?oeoo?a any aeayoaeueiinoue
aaiea iiae?acaeaeyaony iaaeaeo neoaeaaie, inouanoaeythueie no?iai
?aaeaiaioe?iaaiiua ooieoeee, auiieiaiea eioi?uo aaaeao e aeinoeaeaieth
oeaeae iaiaaeaeiaioa. Ooieoeeiiaeueiay no?oeoo?a i?eaieaia i?e
ianeoaeeaaiee e?oiiuo ei?ii?aoeee. Iia ?aaeei eniieuecoaony aaieaie
Iieaeiau, eai eaaeaeiio eeeaioo i?eoiaeeony eiaoue aeaei n iiiaeie
ioaeaeaie aaiea.

Aeeaeceiiaeueiay i?aaiecaoeeiiiay no?oeoo?a i?aaeiieaaaao aeaeaiea
aaieianeie aeayoaeueiinoe a niioaaonoaee n aeaeaie i?aaeeaaaaiie
aaieianeie i?iaeoeoeee, a?oiiaie iio?aaeoaeae eee ii ?aaeiiaeueiui
i?eciaeai. Iia iaeaieaa i?eaieaia aeey eiiia?/aneeo aaieia Iieaeiau,
ianeoaeeaathueo, i?aeiouanoaaiii, n?aaeiea e iaeua oe?iu.

I?aaiecaoeeiiiua no?oeoo?u o?ainiaoeeiiaeueiuo aaieia, aeaenoaothueo ia
iaaeaeoia?iaeiuo ?uieao, eiatho oaiaeaioeeth e aeiaaeecaoeee. ?acee/atho
aeiaaeueiua no?oeoo?u n ?aaeiiaeueiie e i?iaeoeoiaie i?eaioaoeeae. Auai?
iiaeoiaeyuae no?oeoo?u – iaeia ec aaaeiaeoeo caaea/ a aeayoaeueiinoe
aaiea. A Iieaeiaa ia/eiatho aeaenoaiaaoue ?aaeiiaeueiua oeeeaeu
ca?oaaaeiuo aaieia.

Aeaenoaoy ia iaaeaeoia?iaeiii o?iaia, aaie iiaeao aunooiaoue ca ?oaaaeii
a /aou?ao i?aaiecaoeeiiiuo oi?iao: a) ioaeaeaiea; a)
i?aaenoaaeoaeuenoai; a) oeeeae; a) eiini?oeeiiaeueiia o/anoea.
?inneeneea aaiee ia/eiatho n iaeaaeeaaiey ei??aniiiaeaioneeo ioiioaiee,
caoai ioe?uaatho i?aaenoaaeoaeuenoaa eeai ioe?uaatho eiini?oeeoiu n
ia?niaeoeaie nicaeaiey oeeeaeia.

Aaeaioeaiinoue no?oeoo?u – aoi?ie aeaaiue i?eioeei eeanneoeeaoeee a
aaieianeii iaiaaeaeiaioa. Aaeaioeaiua i?aaiecaoeeiiiua no?oeoo?u noaee
i?eiaiyoueny ca ?oaaaeii aaieaie a 70-90-o a.a., eiaaea ?acei aic?inea
eiieo?aioeey ni noi?iiu iaaaieianeeo einoeoooia, i?aaeaea anaai
eiaanoeoeeiiiuo oiiaeia. A yoeo oneiaeyo iniaia cia/aiea noaea
i?eia?aoaoue naiaa?aiaiiay e aaeaeaaoiay ?aaeoeey ia eciaiaiea ?uii/iuo
neooaoeee, eioi?ay auea iaaiciiaeia i?e eniieueciaaiee o?aaeeoeeiiiuo
ath?ie?aoe/aneeo no?oeoo?. Oae iiyaeeenue aaeaioeaiua i?aaiecaoeeiiiua
no?oeoo?u.

A ie?iaie i?aeoeea ecaanoii 3 iniiaiuo aeaea aaeaioeaiuo no?oeoo? (?en.
5). Eaaeaeay ec yoeo a?oii i?aaiecaoeeiiiuo no?oeoo? i?ecaaia ?aoaoue
naienoaaiiua ae caaea/e e i?eiaiyaony a ii?aaeaeaiiuo oneiaeyo. Eaaeaeue
ec yoeo aeaeia eiaao naie ioee/eoaeueiua iniaaiiinoe e caneoaeeaaao
ioaeaeueiiai ?anniio?aiey.

I?iaeoiua no?oeoo?u i?aaeiacia/aiu aeey ?aoaiey noiyueo ia?aae aaieii
eiie?aoiuo e?oiiiianooaaiuo caaea/, iai?eia?, aaaaeaiey e?aaeeoiuo
ea?oi/ae eee nenoaiu aaieianeeo oneoa ia aeiio. Yoi o?aaoao io aaiea
ioaeaeueiiai ?oeiaiaenoaa yoei i?iaeoii, eioi?ia au iicaieeei a
e?ao/aeoea n?iee, n iaeneiaeueiie yooaeoeaiinoueth e aac oua?aa aeey
iniiaiie aeayoaeueiinoe aaiea ?ac?aaioaoue e aaanoe iiaue aaieianeee
i?iaeoeo.

Iinea aaiaea a aeaenoaea caaeoiaiiie nenoaiu niaoeeaeueii nicaeaaaaiay
aeey yoeo oeaeae i?iaeoiay i?aaiecaoeey, a ninoaa eioi?ie aoiaeeo a?oiia
niaoeeaeenoia e ?oeiaiaeyueo ?aaioieeia aaiea, ?anioneaaony.

Oaeei ia?acii, i?iaeoiua no?oeoo?u – yoi a?aiaiiua i?aaiecaoeeiiiua
ia?aciaaiey, aaiaeeiua a aeaenoaothuoth no?oeoo?o aaiea e ioiineoaeueii
aaoiiiiiua a ieaia ?oeiaiaenoaa inouanoaeaiey i?iaeoa. ss aeoiath, yoi
aanueia aeooaeueii aeey aaieia ?innee, eioi?ua ieacuaatho eeeaioai eeoue
10-20 aeaeia oneoa ec 400, i?eiyouo ia Caiaaea.

Ia iaiaa i?aniaeoeaiu iao?e/iua no?oeoo?u. Iao?e/iia oi?aaeaiea
iicaieyao niaaeeieoue i?aeiouanoaa ooieoeeiiaeueiie e aeeaeceiiaeueiie
no?oeoo?u, i?eaeaaay iaiaoiaeeioth aeaeinoue i?aaiecaoeeiiiui
no?oeoo?ai. Iao?e/iua no?oeoo?u nicaeathony oaeaea aeey ?aaeecaoeee
e?oiiiianooaaiuo i?iaeoia.

Ia eiathuothny a aaiea no?oeoo?o iniaui ia?acii “iaeeaaeuaaaony”
a?aiaiiay iao?e/iay no?oeoo?a. Iieo/aiiay a ?acoeueoaoa “iiiaiyoaaeiay”
i?aaiecaoeey aeinoaoi/ii yooaeoeaii iiaeao ?aoaoue aii?inu iianaaeiaaiie
aeayoaeueiinoe aaiea e inouanoaeaiey caieaie?iaaiiiai i?iaeoa. A ioee/ea
io i?iaeoiuo no?oeoo? iao?e/iay i?aaiecaoeey iaoiaeeony iiae
aicaeaenoaeai ?oeiaiaeeoaeae no?oeoo?iuo iiae?acaeaeaiee aaiea, /oi
nicaeaao oneiaey aeey iinoiyiiiai e yooaeoeaiiai eiio?iey. Yoi iniaaiii
aaaeii i?e inouanoaeaiee aaieaie ?innee e?oiiuo eiaanoeoeeiiiuo i?iaeoia
ii ?ano?ninaa?aaeaieth, ?acaeoeth yenii?oiiai iioaioeeaea, oo?ecia,
i?aaiecaoeee aeiau/e nianoaaiiuo yia?ai?ano?nia e o.i.

E?iaeiia?aou aei/a?ieo oe?i iniaaiii aaaeiu i?e ioe?uoee aaieaie
oeeeaeia a ?aaeiiao e nii?aaeaeueiuo no?aiao. Eiiaeiia?ao i?aaenoaaeyao
niaie niaaeeiaiea ianeieueeeo no?oeoo?, iicaieythuaa aaieo /aoei
?aaae?iaaoue ia eciaiaiey ?uii/iuo oneiaee. Iiyaeaiea aaieianeeo
eiiaeiia?aoia a aaieianeie noa?a auei naycaii n ?acaeaathuaeny i?aeoeeie
iiaeiuaiee e i?eia?aoaiee e?oiiuie aaieaie iaeeeo eae oi?iu ?inoa
aaieianeeo i?aaiecaoeee.

Eiiaeiia?ao i?aaeiieaaaao iaee/ea ?oeiaiaenoaa ec aaeeiiai oeaio?a,
iaeiaei aaieianeea iiae?acaeaeaiey nio?aiytho ii?aaeaeaiioth
naiinoiyoaeueiinoue, iniaaiii a ioiioaiee i?eiyoey ?aoaiee, eanathueony
oaeouae aeayoaeueiinoe. Aaiee, i?aaieciaaiiua ii oeio eiiaeiia?aoia,
iiaoo naiaa?aiaiii ?aaae?iaaoue ia iaoaea/iua eee, iaiai?io, oniaoiua
aeaenoaey naieo iiae?acaeaeaiee a ii?aaeaeaiiuo ?uii/iuo naaiaioao. Yoa
?aaeoeey i?iyaeyaony a iau/iie eoiea-i?iaeaaea iaeeeo aaieia e aei/a?ieo
oe?i, yaeythueony ninoaaiie /anoueth eiiaeiia?aoa. I?e yoei
aeayoaeueiinoue aaieianeie i?aaiecaoeee a oeaeii ia ia?ooaaony,
iineieueeo iaaeaeo iiae?acaeaeaieyie eiiaeiia?aoa ia nouanoaoao oaniiai
acaeiiaeaenoaey.

I?e oieaeeiaiaie no?oeoo?a aa oeaio?aeueiia caaii aeaaeaao eiio?ieueiui
iaeaoii aeoeee ?yaea oe?i. Yoi iniaaiii aaaeii i?e nicaeaiee a ?innee
oeiainiai-i?iiuoeaiiuo a?oii.

Oaeei ia?acii, aaeaioeaiua no?oeoo?u ?aoatho aaaeiaeooth caaea/o –
aaeaioe?iaaoue i?aaiecaoeeth e eciaiythueiny ?uii/iui oneiaeyi, e, eae
neaaenoaea, iieo/atho oe?ieia ?ani?ino?aiaiea.

Auai? i?aaiecaoeeiiiuo no?oeoo?, ioee/athueony noaiaiueth
oeaio?aeecaoeee, caaeneo io ?acia?ia e oeiainiaie onoie/eainoe aaiea,
?aciauaiey aai oeeeaeia. Auai? ?aoeeiiaeueiie noaiaie oeaio?aeecaoeee
aeayoaeueiinoe aaiea – i/aiue neiaeiue aii?in, ?aoaiea eioi?iai
i?eoiaeeony eneaoue aeey eaaeaeiai aaiea a ioaeaeueiinoe. Eaaeaeay ec
no?oeoo?, ioee/athuayny noaiaiueth oeaio?aeecaoeee, eiaao naie
i?aeiouanoaa e iaaeinoaoee, eioi?ua iaiaoiaeeii o/eouaaoue i?e
aeaeaae?iaaiee iieiiii/ee ieaeanoiyuei caiueyi oi?aaeaiey. Ieaeanoiyuea
caaiuey aaiea anaaaea (e aiieia ni?aaaaeeeai) no?aiyony e aieueoae
noaiaie aeaoeaio?aeecaoeee, iineieueeo nieco, a iaiin?aaenoaaiiii
eiioaeoa n eeeaioaie, eo/oa aeaeiu ana iaaeinoaoee e iaeaieaa
ia?niaeoeaiua iai?aaeaiey iaiaaeaeiaioa.

*aoeia ?aca?aie/aiea ooieoeee oeaio?a e ieciauo yeaiaioia oi?aaeaiey
iaeeo/oei ia?acii aaeaine?oao eioa?anu no?oeoo?iuo iiae?acaeaeaiee e
aaiea a oeaeii. Aeaoeaio?aeecaoeey oi?aaeaiey aaieii a oneiaeyo ?innee
caaeneo io eiiiuethoa?ecaoeee, aeeth/aiey a aa?iiaeneea naoe SWIFT e
ae?., iiauoaiey onoie/eainoe aaieia, ?acaeoey no?aoiaaiey e?aaeeoiuo
?eneia, eaaeeoeeaoeee aaieianeeo ?aaioieeia.

Nicaeaiea aaieii eiiaeiia?aoa aei/a?ieo oe?i aunooiaao eae iioeiaeueiue
niinia aeeaa?neoeeaoeee aaieianeiai ianeoaeeaaiey.

Aiaae?aiea iiauo aeaeia oneoa e oe?ieay aeeaa?neoeeaoeey aaieianeiai
ianeoaeeaaiey oanii naycaiu ni no?oeoo?iie i?aaiecaoeeae aeayoaeueiinoe
aaiea. I?aaiecaoeeiiiay no?oeoo?a ia iiaeao neeoeii /anoi
iiaeeoeoee?iaaoueny. Aianaiea eciaiaiee a no?oeoo?o aaiea – i?ioeann
aeinoaoi/ii neiaeiue, o?aaothuee o/aoa oeaeiai ?yaea niaoeeoe/aneeo
oaeoi?ia.

No?oeoo?iay i?aaiecaoeey o?aaoao niioaaonoaothuae ia?aiiaeaioiaee
ia?niiaea, iineieueeo i?aeoe/anee ana i?aaiecaoeeiiiua eciaiaiey naycaiu
n iiauoaieai ea/anoaa ianeoaeeaaiey eeeaioo?u, ?anoe?aieai ?uiea,
oaaee/aieai iauaiia niaa?oaaiuo iia?aoeee e aaaaeaieai iiauo, aieaa
niaa?oaiiuo oaoiieiaee e iaoiaeia ?aaiou.

Eciaiaiey a no?oeoo?a aaiea, naycaiiua n ?anoe?aieai noa?u
aeayoaeueiinoe e i?aaeeiaeaieai iiauo i?iaeoeoia, nii?iaiaeaeathony, eae
i?aaeei, aaaaeaieai a ooao iiauo niaoeeaeenoia ii ioaeaeueiui io?aneyi
aaieianeie e ae?oaeo aeaeia aeayoaeueiinoe. Iaeiaei ethaia eciaiaiea a
ooaoao aaiea niiniaii ia?ooeoue onoiyaoeeny i?ioeann eiiioieeaoeee e
eii?aeeiaoeeth aeayoaeueiinoe ioaeaeueiuo neoaea. Eioaineaiia inaiaiea
ana iiauo aeaeia aaieianeeo i?iaeoeoia e aeiiieieoaeueiuo oneoa a ?innee
aoaeao nii?iaiaeaeaoueny cia/eoaeueiui oaaee/aieai ooaoa nio?oaeieeia
aaiea e iinoiyiii aicieeathueie i?iaeaiaie a eii?aeeiaoeee e oi?aaeaiee
aeayoaeueiinoueth iiiai/eneaiiuo iiae?acaeaeaiee aaiea.

N ae?oaie noi?iiu, eciaiaiey neooaoeee ia ?uiea oeiainiauo oneoa, aai
ianuuaiea, aeoeaiinoue eiieo?aioia aoaeao i?eaiaeeoue e iaiaoiaeeiinoe
iiauo no?oeoo?iuo ia?ano?iae, /oi iiaeao auoue naycaii n
iaiaoiaeeiinoueth nie?auaiey ooaoia. A yoeo oneiaeyo ethaay no?oeoo?iay
ia?ano?ieea aoaeao annioeee?iaaoueny o aaieianeeo neoaeaueo n aiciiaeiui
nie?auaieai ooaoa. Ec-ca ionoonoaey caeioa?aniaaiiinoe neoaeaueo a
no?oeoo?iuo eciaiaieyo i?aaiecaoeeiiiay no?oeoo?a iiaeao iioa?youe naia
aaaeiaeoaa naienoai – aeaeinoue.

?uiie aaieianeeo oneoa aeiaieueii iauaiai, aai ianeoaeeaaiea o?aaoao io
aaiea nai?a e ia?aaioee ia?iiiiai iioiea eioi?iaoeee. ?ac?aaioea iiauo
aeaeia oneoa yaeyaony aanueia o?oaeiaieei i?ioeannii, /oi io?aaeaaony ia
eo naaanoieiinoe. Eieaaaiey eiiuthieoo?u ?uiea auioaeaeatho aaie e
iinoiyiiiio ia?ai?ioeee?iaaieth e eciaiaieth no?aoaaee aeaenoaee,
ioieiaao aeiaieueii iiiai a?aiaie e n?aaenoa. Ana yoi aaaeao e
?aniueaieth nee e n?aaenoa aaiea, io/aai nieaeaaony yooaeoeaiinoue aai
?aaiou, oiaiueoathony oainu a caaiaaaiee eiieo?aioiuo i?aeiouanoa.

No?aoaaey nicaeaiey aaieii aei/a?ieo oe?i, niaoeeaeece?othueony ia
ieacaiee eiie?aoii-ii?aaeaeaiiuo aeaeia oneoa, ?aoaao iiiaea i?iaeaiu
i?ioeanna aeeaa?neoeeaoeee aaieianeiai ianeoaeeaaiey e eiaao
cia/eoaeueiua i?aeiouanoaa.aeaeaeaeaeaeae

?anniio?ei iaoiaeieiaeth no?aoaaee nicaeaiey aaieii aei/a?ieo oe?i n
oeaeueth aeeaa?neoeeaoeee ianeoaeeaaiey eeeaioia aaiea.

Aeayoaeueiinoue aaiea, iai?aaeaiiay ia aeeaa?neoeeaoeeth e inaiaiea
iiauo aeaeia oneoa, ia/eiaaony n aiaeeca ?uii/iuo aiciiaeiinoae,
aaieianeiai ia?eaoeiaa. Aua?aa no?aoaaeth aeeaa?neoeeaoeee iooai
nicaeaiey aei/a?ieo oe?i, ?oeiaiaenoai aaiea aeieaeii iinoaaeoue ia?aae
niaoeeaeenoaie aaiea eiie?aoiua caaea/e enneaaeiaaiey:

1) auynieoue, eaeea aeaeu oneoa iieuecothony ni?inii o anao a?oii
ianoiyueo e iioaioeeaeueiuo eeeaioia aaiea;

2) ii?aaeaeeoue, eaeea aeaeu oneoa iieuecothony ni?inii o iaeaieaa
i?eaueueiie aeey aaiea a?oiiu iio?aaeoaeae oneoa;

3) ii?aaeaeeoue, eaeeie oneoaaie iieuecothony i?aaenoaaeoaee ?uii/iuo
naaiaioia, ia eioi?uo niaoeeaeece?oaony aaie.

Aeaeueiaeoee aiaeec oeaeaniia?acii i?iecaiaeeoue n iiiiuueth iao?eoeu
“eeeaiou/oneoae”, eioi?ay aeaao iaaeyaeiia i?aaenoaaeaiea i aiciiaeiuo
aa?eaioao aeaenoaee ii inaiaieth iiauo aeaeia oneoa (?en. 6).

ONEOAE A?oiiu iio?aaeoaeae

EOIAI

1(a) 2(a) 3(n)

1

2

3

i

O11/e11

O21/e21

O31/e31

Oi1/ei1

O12/e12

O22/e22

O32/e32

Oi2/ei2

O13/e13

O23/e23

O33/e33

Oi3/ei3

O1’/e1′

O2/e2

O3/e3

Oi/ei

EOIAI

O1/e1

O2/e2

O3/e3

NO/ne

O12 – eiee/anoai oneoa ia?aiai aeaea, i?eia?aoaaiuo eeeaioaie aoi?ie
iio?aaeoaeueneie a?oiiu ca ii?aaeaeaiiue ia?eiae;

e12 – eiee/anoai eeeaioia aoi?ie iio?aaeoaeueneie a?oiiu, iieuecothueony
oneoaaie ia?aiai aeaea;

O1 – eiee/anoai oneoa anao aeaeia, i?eia?aoaaiuo eeeaioaie ia?aie
iio?aaeoaeueneie a?oiiu ca ii?aaeaeaiiue ia?eiae;

e1 – iieacaoaeue, oa?aeoa?ecothuee iieiioo oaeiaeaoai?aiey eeeaioia
ia?aie iio?aaeoaeueneie a?oiiu i?aaeinoaaeyaiui iaai?ii oneoa;

O11 – eiee/anoai oneoa ia?aiai aeaea, i?eia?aoaaiuo eeeaioaie anao
iio?aaeoaeueneeo a?oii ca ii?aaeaeaiiue ia?eiae;

e11 – eiee/anoai eeeaioia anao iio?aaeoaeueneeo a?oii, iieuecothueony
oneoaaie ia?aiai aeaea;

NO – iauaa eiee/anoai i?eia?aoaaiuo oneoa anao aeaeia ca ii?aaeaeaiiue
ia?eiae;

ne – iieacaoaeue, oa?aeoa?ecothuee iieiioo oaeiaeaoai?aiey eeeaioia anao
iio?aaeoaeueneeo a?oii i?aaeinoaaeyaiui iaai?ii oneoa;

a – eiee/anoai eeeaioia a ia?aie iio?aaeoaeueneie a?oiia.

?en. 6. Iao?eoea “eeeaiou/oneoae”

Oaeei ia?acii, i?iaaaeaiea naaiaioaoeee ii oa?aeoa?enoeeai i?aaeeaaaaiuo
oneoa iicaieyao iin?aaenoaii ?aniieiaeaiey iai?ioea eaaeaeiai aeaea
oneoa ii?aaeaeaiiuo a?oii iio?aaeoaeae auyaeoue oa oneoae, inaiaiea
eioi?uo a iaeaieueoae noaiaie ioaa/aao noiyuei ia?aae aaieii oeaeyi.

Aeaiiue iaoiae eniieuecoaony aeey iieo/aiey eiio?ieueiuo oeeo?,
io?aaeathueo eiee/anoai eeeaioia, iieuecothueony oaie eee eiuie
oneoaaie, a iaoa?eaeu, nia?aiiua i?e i?iaiaeeiii aiaeeca – aeey iauae
ioeaiee no?oeoo?u iio?aaiinoae a yoeo oneoaao.

Ia iniiaa ia?eaoeiaa aaieianeeo oneoa inouanoaeyaony auai? ia?oia?a e
i?aaiecaoeey aei/a?iae oe?iu.

Aiaeec ?uii/iuo aiciiaeiinoae, ii?aaeaeaiea iai?aaeaiey aeeaa?neoeeaoeee
aaieianeiai ianeoaeeaaiey e inaiaiey iiauo aeaeia oneoa iicaieyao ia
neaaeothuai yoaia enneaaeiaaiey ?uiea i?iaanoe ouaoaeueiue aiaeec
aeayoaeueiinoe eiieo?aioia – aeaenoaothueo ia ?uiea oe?i, ieacuaathuei
oneoae oai a?oiiai iio?aaeoaeae, eioi?ua i?aaenoaaeytho aeey aaiea
iaeaieueoee eioa?an eae iioaioeeaeueiua eeeaiou.

Ia iniiaa iieo/aiiie eioi?iaoeee auae?athony oe?iu, eioi?ua aaie
ii?aaeaeyao aeey naay eae iaeaieaa cia/eiua ia aai iioaioeeaeueiii
?uiea. Caoai ?ac?aaaouaathony e?ie?aoiua eiaanoeoeeiiiua i?iaeou,
niiniaiua caeioa?aniaaoue yoe oe?iu, iai?eia?, eeceiaiaua eee aai/o?iua
a aeieaaii o/anoee aaiea. I?e oaeii iiaeoiaea oe?iu, iieo/ay
aeiiieieoaeueiua eiaanoeoeee e iiaeaea?aeeo aaiea, oneeeaatho naie
iiceoeee ia ?uiea ieacuaaaiuo oneoa.

I?e ieaie?iaaiee niaianoiie aeayoaeueiinoe aaaeii, /oiau aaie auaeaeaae
ia ia?aue ieai ia iieo/aiea i?eauee io aei/a?iae oe?iu, a iaeneiaeueiia
oaeiaeaoai?aiea eeeaioo?u. ?anoe?aiea ?uiea e iauaai iauaia oneoa
iaania/eaaao ?ino noiia?iie i?eauee e yaeyaony iniiaiie i?e/eiie,
iiaoaeaeathuae aaiee e ?anoe?aieth e?oaa i?aaeeaaaaiuo oneoa ia aaca
nicaeaaaaiiai oieaeeiaa.

Aaie aeieaeai niiinoaaeoue ?acia?u iaiaoiaeeiuo eiaanoeoeee a
aei/a?ithth oe?io n oaie cao?aoaie, eioi?ua iaiaoiaeeii auei au
i?iecaanoe, inaaeaay aeaiioth oneoao a no?oeoo?a aaiea. I?e yoii aaie
aeieaeai o/eouaaoue ia?iiiue auea?uo ai a?aiaie, eioi?ia iiaeao
iio?aaiaaoueny aei aeinoeaeaiey o?aaoaiiai ea/anoaa ianeoaeeaaiey
eeeaioia, anee nicaeaaaoue iiaia iiae?acaeaeiea a naiai ninoaaa. I?e
nicaeaiee oieaeeiaa ia aaca aeaenoaothueo oe?i ia iio?aaoaony iiene e
aaaaeaiea a ooao aieueoiai /enea iiauo niaoeeaeenoia. ?oeiaiaenoai
aaiea, iie?aynue ia aeinoaoi/ii iiuoiuo i?aaiecaoi?ia e niaoeeaeenoia
aei/a?iae oe?iu, i?eaueoeo e naiinoiyoaeueiie ?aaioa a oneiaeyo
naiioeiaine?iaaiey e aeanoeie eiieo?aioeee, inaiaiaeeony io i?iaeai
oi?aaeaiey, noeioee?iaaiey e niaea?aeaiey iiauo neoaea i?e aaiea.

Aeeaa?neoeeaoeey aaieianeiai ianeoaeeaaiey iooai nicaeaiey aaieii
aei/a?ieo oe?i, oi?ie?iaaiey oieaeeiaia – iaaeno?aeueiia iai?aaeaiea
?acaeoey aaieianeiai iaiaaeaeiaioa.

Enoiaey ec auoaneacaiiiai e ia iniiaaiee noaiu “I?aaiecaoeeiiiay
no?oeoo?a AEA “Banca Social=” iiaeii i?ineaaeeoue i?eia?iue ii?yaeie
oi?aaeaiey eiiia?/aneeie aaieaie a ?anioaeeea Iieaeiaa.

Aeey auiieiaiey naieo iaycaiiinoae e ooieoeee a AEA “Banca Social=”
nicaeaia oi?aaeai/aneay no?oeoo?a, o.a. aiia?ao oi?aaeaiey. Iiae
no?oeoo?ie oi?aaeaiey iiieiaaony ninoaa caaiueaa e o?iaiae (nooiaiae)
oi?aaeaiey, eo acaeiinaycue e iiae/eiaiiinoue.

Iino?iaiea no?oeoo?u aiia?aoa oi?aaeaiey a AEA “Banca Social=” au?aaeaao
oo oi?io ?acaeaeaiey o?oaea a noa?a oi?aaeaiey, eioi?ay ieacuaaao naia
aicaeaenoaea ia i?ioeann ?acaeoey e niaa?oainoaiaaiey nenoaiu.

Naia nenoaia oi?aaeaiey a AEA “Banca Social=” ia nia?aiaiiii yoaia
oaeiaeaoai?yao ?yaeo o?aaiaaiee, oaeeo eae: iioeiaeueiinoue,
iia?aoeaiinoue, iaaeaaeiinoue, eioi?ua a ii?aaeaeaiiie ia?a ioaa/atho
o?aaiaaieyi ia?aoiaeiiai e ?uii/iui ioiioaieyi ia?eiaeo. A oi aea a?aiy
yooaeoeaiinoue oi?aaeaiey a aaiea ai iiiaii caaeneo io aai
i?aaiecaoeeiiiuo oi?i. Ooieoeee oi?aaeaiey AEA “Banca Social=”
?anniao?eaathony n iiceoeee iauaeoa e noauaeoa oi?aaeaiey. N iiceoeee
iauaeoa oi?aaeaiey ooieoeee oi?aaeaiey iiae?acaeaeythony ia:

1. Io?aaeathuea no?oeoo?o iino?iaiey aaieianeie nenoaiu a oeaeii, a o./.
e AEA “Banca Social=”.

2. Io?aaeathuea o?iaaiue iia?aoeee a AEA “Banca Social=”.

3. Io?aaeathuea noaaeee i?ioeanna, i?ioaeathueo iia?aoeee a AEA “Banca
Social=”.

4. Io?aaeathuea ninoaaiua yeaiaiou e ia?aiao?u i?ioeanna oi?aaeaiey a
AEA “Banca Social=”.

N iiceoeee noauaeoa oi?aaeaiey ooieoeee oi?aaeaiey eeanneoeoee?othony
ia:

1. Noaaeee oi?aaeaiey.

2. No?oeoo?a iauaia oi?aaeaiey.

Iniiaiuie ooieoeeyie oi?aaeaiey a AEA “Banca Social=” yaeythony:

a) ooieoeee i?aaeaa?eoaeueiiai oi?aaeaiey;

a) ooieoeee iia?aoeaiiai oi?aaeaiey;

a) ooieoeee caeeth/eoaeueiiai oi?aaeaiey.

Oaeaea ooieoeee oi?aaeaiey a AEA “Banca Social=” iiae?acaeaeythony ia:
ieaie?iaaiea, eii?aeeie?iaaiea, i?aaiecaoeey, eiio?ieue.

Aunoei i?aaiii oi?aaeaiey AEA “Banca Social=” yaeyaony Iauaa nia?aiea
o/?aaeeoaeae (aeoeeiia?ia). E aai eiiiaoaioeee ioiineony:

– ooaa?aeaeaiea e eciaiaiea onoaaa aaiea;

– ooaa?aeaeaiea Iieiaeaiey i I?aaeaiee aaiea e ?aaeceiiiie eiiennee;

– ii?aaeaeaiea ?acia?a iiieiaea auioneaaiuo aaieii aeoeee;

– ii?aaeaeaiea ?acia?a Onoaaiiai eaieoaea e aai eciaiaiea;

– ?anoe?aiea /enea aeoeeiia?ia e ii?yaeie eo auoiaea ec aaiea;

– ii?aaeaeaiea iniiaiuo iai?aaeaiee aeayoaeueiinoe aaiea, ooaa?aeaeaiea
aai ieaiia e io/aoia ia eo auiieiaiee;

– ii?aaeaeaiea /eneaiiinoe e n?iea iieiiii/ee a oaeaea eca?aiea e iocua
/eaiia Niaaoa aaiea e ?aaeceiiiie eiiennee;

– ?anniio?aiea e ooaa?aeaeaiea aiaeiaiai aaeaina aaiea, io/aoa i
i?eaueyo e oauoeao ca enoaeoee aiae, caeeth/aiey e io/aoa ?aaeceiiiie
eiiennee, ii?yaeie ia?aciaaiey oiiaeia, ?ani?aaeaeaiea i?eauee eee
iie?uoea oauoeia;

– ?aoaiea aii?ina i auionea e i?eia?aoaiee aeoeee;

– i?eiyoea ?aoaiey i i?ae?auaiee aeayoaeueiinoe aaiea, iacia/aiea
eeeaeaeaoeeiiiie eiiennee, ooaa?aeaeaiea eeeaeaeaoeeiiiiai aaeaina e
ae?.

Iaiaoiaeeii ioiaoeoue, /oi Iauaa nia?aiea aeoeeiia?ia i?aaiii/ii
aeeth/aoue a naith eiiiaoaioeeth e ?yae ae?oaeo aii?inia, a oaeaea
ia?aaeaaaoue /anoue naieo aii?inia Niaaoo aaiea aeey eo ?aoaiey.

A i?iiaaeooeao iaaeaeo Iaueie nia?aieyie i?aaiii oi?aaeaiey AEA “Banca
Social=” yaeyaony Niaao aaiea, eioi?ue iiaeio/aoai Iauaio nia?aieth
aeoeeiia?ia. Eiiiaoaioeey, ii?yaeie e ?aoaiea aii?inia, /enei /eaiia
Niaaoa aaiea ?aoaaony e onoaiaaeeaaaony Iauei nia?aieai aeoeeiia?ia.

Eca?aiiua /eaiu Niaaoa aaiea, niaeanii eo iieiiii/eyi, auae?atho
I?aaenaaeaoaey Niaaoa aaiea. Ec /enea /eaiia Niaaoa aaiea Iauaa nia?aiea
iacia/aao I?aaenaaeaoaey I?aaeaiey, ia eioiai aiceaaaaony ?oeiaiaenoai
eniieieoaeueiui i?aaiii aaiea – I?aaeaieai aaiea. A ia?eiae iaaeaeo
nia?aieyie e canaaeaieyie Niaaoa aaiea I?aaeaiea AEA “Banca Social=”
?oeiaiaeeo anae aeayoaeueiinoueth aaiea a i?aaeaeao eiiiaoaioeee,
ii?aaeaeaiiie aio Onoaaii aaiea e niioaaonoaothueie ii?iaoeaiuie aeoaie.

I?aaeaiea AEA “Banca Social=” ?anniao?eaaao ia naieo canaaeaieyo
aii?inu;

– iiaeaioiaee e ?anniio?aiey aeieoiaioia aeey ianoaeaeaiey eo ia Iauai
nia?aiee o/?aaeeoaeae eee Niaaoa aaiea;

– e?aaeeoiaaiey eeeaioia, inouanoaeaiey ?an/aoia, caeeth/aiey
aeiaiai?ia, o/aoa, io/aoiinoe, aioo?eaaieianeiai eiio?iey;

– ?acoeueoaou eiiia?/aneie e aiaoiayeiiiie/aneie aeayoaeueiinoe aaiea,
?aaiou n oeaiiuie aoiaaaie;

– eiio?ieai ca niaethaeaieai o/?aaeaeaiiuo aaieii aeaenoaothueo
ii?iaoeaiuo aeoia e caeiiia;

– iaoa?eaeu ?aaecee, i?iaa?ie, a oaeaea io/aou ?oeiaiaeeoaeae
o/?aaeaeaiee aaiea, iiaeaaaeiinoaaiiuo aio;

– aiaeiaua io/aou e aaeainu aaiea, i?iaeou i?eeacia, eino?oeoeee e ae?.
aeoia aaiea e i?eieiaao ii iei niioaaonoaothuea ?aoaiey;

– iiaeai?a, iao/aiey, eniieueciaaiey e aooanoaoeee ia?niiaea;

– ae?oaea aii?inu, aianaiiua ia ?anniio?aiea I?aaeaiey aaiea.

Iaiaoiaeeii iiae/a?eiooue, /oi anth ?aaioo ii i?aaiecaoeee e
niaa?oainoaiaaieth ?oeiaiaenoaa aaieii inouanoaeyao I?aaenaaeaoaeue
I?aaeaiey aaiea a niioaaonoaee n aiceiaeaiiuie ia iaai iieiiii/eyie.

2.2. ?acaeoea naoe aaieianeeo oeeeaeia.

?acaeoea naoe aaieianeeo oeeeaeia eiaao ii?aaeaeythuaa cia/aiea aeey
i?aiaeieaiey iiiiiieecia ia oeiainiaii ?uiea, eioaa?aoeee a aa?iiaeneoth
aaieianeoth nenoaio e onei?aiey ?acaeoey ?aaeiiia Iieaeiau, iniaaiii
thaeiuo.

Oeeeaeaie, niaeanii aeaenoaothuaio caeiiiaeaoaeuenoao, yaeythony
iainiaeaiiua iiae?acaeaeaiey th?eaee/aneiai eeoea, ?aniieiaeaiiua aia
ianoa aai iaoiaeeaiey e inouanoaeythuea ana eee /anoue aai ooieoeee.

Aaiee, ca?aaeno?e?iaaiiua Iaoeeiiaeueiui aaieii Iieaeiau, eiatho i?aai
ioe?uaaoue ia oa??eoi?ee Iieaeiau e ca aa i?aaeaeaie oeeeaeu e
i?aaenoaaeoaeuenoaa ia iniiaaiee caeiiiaeaoaeuenoaa, aeaenoaothuaai ia
niioaaonoaothuae oa??eoi?ee. Oeeeae eiiia?/aneiai aaiea ia yaeyaony
th?eaee/aneei eeoeii e niaa?oaao aaieianeea iia?aoeee, caeeth/aao
aeiaiai?u e aaaeao eioth oicyenoaaiioth aeayoaeueiinoue io eiaie
eiiia?/aneiai aaiea, aai nicaeaaoaai, ia iniiaaiee iieiaeaiey,
ooaa?aeaeaiiiai yoei aaieii.

Eiiia?/aneee aaie i?aaenoaaeyao a IA Iieaeiau neaaeothuea aeieoiaiou:

1. Iioeae?iaaiioth cayaeo ia ioe?uoea oeeeaea, Iiaeienaiioth
I?aaenaaeaoaeai niaaoa aaiea, caaa?aiioth ia/aoueth aaiea.

2. Iieiaeaiea i oeeeaea, ooaa?aeaeaiiia ?oeiaiaenoaii aaiea,
i?aaeoniao?eaathuaa i?aaa e iaycaiiinoe, eioi?uie eiiia?/aneee aaie
iaaeaeyao aai a i?aaeaeao naiae eiiiaoaioeee n o/aoii oiai, /oi oeeeaeu
ia yaeythony th?eaee/aneeie eeoeaie e a aeiaiai?iua ioiioaiey n
eeeaioo?ie anooiatho io eiaie eiiia?/aneiai aaiea.

3. Iioa?eaeueii oaeinoiaa?aiiue i?ioieie eee auieneo ec i?ioieiea
nia?aiey o/?aaeeoaeae, i?eiyaoaai ?aoaiea i nicaeaiee oeeeaea.

A oa/aiea ianyoea eiiia?/aneiio aaieo aeieaeii auoue i?aaeinoaaeaii
ienueiaiiia caeeth/aiea i oeaeaniia?aciinoe aeaiiiai oeeeaea n oi/ee
c?aiey ianeoaeeaathuaai aeaiiue eiiia?/aneee aaie o/?aaeaeaiey IA
Iieaeiau. Caeeth/aiea e oeacaiiua auoa aeieoiaiou i oeeeaea eiiia?/aneee
aaie a iany/iue n?ie aeieaeai i?aaenoaaeoue a o/?aaeaeaiea IA, a
eiiiaoaioeee eioi?iai iaoiaeeony aii?in ia ioe?uoee aai oeeeaeo
noaei??aniiiaeaioneiai n/aoa.

Ia i?aeoeea iioeae?iaaiiay cayaea ?aniaaeaaony ia ?yae aei/a?ieo
aeieoiaioia a ?aciua aae?ana: ia/aeueieeai AO IA ii ianoo eiiia?/aneiai
aaiea e ii ianoo ?aciauaiey oeeeaea, aeaaai aaeieieno?aoeee ii ianoo
?aniieiaeaiey oeeeaea, a ?acee/iua o/?aaeaeaiey aeey niaeaniaaiey e
ioi?ieaiey ioiioaiee ii iiiauaieth, eioi?ia aoaeao ia?aiai?oaeiaaoueny
iiae oeeeae.

Ianiio?y ia i?eioeeieaeueii i?inooth iaoiaeeeo i?aaiecaoeee oeeeaea,
iiaoo iiaoo aicieeaoue ?acee/iua iaaei?acoiaiey. Ia?aaeei Iaoeeiiaeueiue
aaie, i?ae?anii ciay e eiio?iee?oy naiaai ei??aniiiaeaioa, aaiaeeo ?yae
aeiiieieoaeueiuo aeieoiaioia, aiaeiae/iuo iaeaoo aeieoiaioia ia ioe?uoea
iiaiai eiiia?/aneiai aaiea. A eoiaa ia?a/aiue aeieoiaioia auaeyaeeo
neaaeothuei ia?acii:

– yeiiiie/aneia iainiiaaiea oeaeaniia?aciinoe ioe?uoey oeeeaea ia
aeaiiie oa??eoi?ee;

– aaeain eiiia?/aneiai aaiea n aoaeeoi?neei caeeth/aieai, aaeain ca
iineaaeiee eaa?oae e ia iineaaeithth aeaoo;

– ni?aaea-iauaeoeaea ia aee?aeoi?a, aeaaiiai aooaaeoa?a oeeeaea e eo
caianoeoaeae;

– aeiaiai? ia a?aiaeo iiiauaiey iiae ?aciauaiea oeeeaea (ia?aaeei
?ac?aoaiey ia ioe?uoea oeeeaea iao, ii iiiauaiea iiae oeeeae oaea
aeieaeii auoue a?aiaeiaaii);

– ieai aeioiaeia oeeeaea;

– niaoa ?anoiaeia ia niaea?aeaiea oeeeaea;

– eiiey ieaoaaeiiai ii?o/aiey i aianaiee ieaou ca ?aaeno?aoeeth oeeeaea;

– aa?aioey eiiia?/aneiai aaiea i i?aaeinoaaeaiee oeeeaeo ?ano?na ia
inaiaiea.

I?e yoii a iaeao aeieoiaioia iaycaoaeueii aoiaeyo iioa?eaeueii
caaa?aiiua eiiee o/?aaeeoaeueiiai aeiaiai?a, onoaaa e eeoeaicee
eiiia?/aneiai aaiea. I?e yoii a e?aaeeoiua ioiioaiey n oeeeaeaie
eiiia?/aneiai aaiea o/?aaeaeaiey Iaoeeiiaeueiiai aaiea Iieaeiau ia
anooiatho, a ana aii?inu ii auaea/a e?aaeeoa ?aoathony oieueei n
aieiaiui aaieii n o/aoii aeaiiuo aai naiaeiiai aaeaina.

Neiaeeaoayny i?aeoeea eeoiee ?ac iieacuaaao ianiaa?oainoai ?yaea
caeiiiaeaoaeueiuo aeoia e ionoonoaea aaeeiuo o?aaiaaiee, /oi aua aieaa
cao?oaeiyao e aac oiai iai?inooth aeayoaeueiinoue a noa?a aaieianeiai
iaiaaeaeiaioa e oeiainiaiai i?aaei?eieiaoaeuenoaa.

A nia?aiaiiuo oneiaeyo, eiaaea Iaoeeiiaeueiue aaie Iieaeiau i?iaeieaeaao
ianoaeaaoue ia iaycyoaeueiii iiauoaiee ieieiaeueiiai o?iaiy onoaaiuo
oiiaeia eiiia?/aneeo aaieia, noaaeony iiae aii?in nouanoaiaaiea iiiaeo
ec ieo. Aei iineaaeiaai a?aiaie iauaiia eo eaieoaeia oaaoaei aeey
ianeoaeeaaiey iio?aaiinoae iaeeiai i?aaei?eieiaoaeuenoaa, a ?an/aoa ia
eioi?ia e nicaeaaaeanue iniiaiay ianna yoeo aaieia. A 1995-1996 a.a.
?aaeecaoeey ?aoaiey Iaoeeiiaeueiiai aaiea i?eaaaeao e eeeaeaeaoeee
cia/eoaeueiie /anoe iaeeeo eiiia?/aneeo aaieia, eioi?ua ia iiaoo
iieo/eoue iaaeaaieianeea e?aaeeou.

Acaiai Iaoeeiiaeueiue aaie i?aaeeaaaao ioe?uaaoue a i?iaeioeee oeeeaeu
e?oiiuo aaieia, oioy a iaeioi?uo ?aaeiiao Iieaeiau iao ie aieueoeo
oeiainiauo ?ano?nia, ie nieeaeiuo eeeaioia.

Ianiio?y ia aiciiaeiua ecaea?aeee, oaiaeaioeey i?aia?aciaaiey “neaauo”
aaieia a oeeeaeu aieaa iiuiuo oaea eiaao ianoi. A yoii neo/aa, iiieii
oeiiauo aeieoiaioia, aeiiieieoaeueii a AO IA ii ianoo iaoiaeaeaiey iaieo
caeioa?aniaaiiuo eiiia?/aneeo aaieia i?aaenoaaeythony i?ioieie nia?aiey
o/anoieeia aaiea n ?aoaieai i i?aia?aciaaiee a oeeeae eiie?aoiiai
eiiia?/aneiai aaiea e nicaeaiee eeeaeaeaoeeiiiie eiiennee e aeo
eeeaeaeaoeeiiiie eiiennee.

Anee aii?in i i?aia?aciaaiee eiiia?/aneiai aaiea a oeeeae ?aoai
iieiaeeoaeueii, ?aaeiiaeueiia oi?aaeaiea ii ianoo iaoiaeaeaiey
i?aia?aciaaiiiai eiiia?/aneiai aaiea a aeanyoeaeiaaiue n?ie iai?aaeyao a
aeaaiia oi?aaeaiea ii ?aaioa n eiiia?/aneeie aaieaie eiiee aeieoiaioia,
a oaeaea oaeaa?aiio, a eioi?ie niaea?aeeony eioi?iaoeey ia
inouanoaeaiiii i?aia?aciaaiee. Yoi neoaeeo iniiaaieai aeey aiioee?iaaiey
caiene a Eieaa ?aaeno?aoeee. Ia iniiaa yoie aea eioi?iaoeee aeaeaaony
caienue i ?aaeno?aoeee oeeeaea.

Iaeiei ec no?oeoo?iuo iiae?acaeaeaiee AEA “Banca Social=” yaeyaony
ioaeaeaiea. Iauay noaia iino?iaiey no?oeoo?iiai iiae?acaeaeaiey
ioaeaeaiey AEA “Banca Social=” auaeyaeeo neaaeothuei ia?acii:

AeE?AEOI? IOAeAEAIEss

o

No?oeoo?iua iiae?acaeaeaiey

naiiai ioaeaeaiey

Oeeeaeu Aaaionoaa

Iiae no?oeoo?iui iiae?acaeaeaieai ioaeaeaiey iiieiaaony oaeia
o/?aaeaeaiea, a ninoaa eioi?iai, iiieii iia?aoeeiiiiai ioaeaea, aoiaeyo
oeeeaeu e aaaionoaa. A iia?aoeeiiiuo ioaeaeaieyo eiathony ?aaioieee,
eioi?ua eii?aeeie?otho e iaania/eaatho aeayoaeueiinoue iiae/eiaiiuo
oeeeaea e aaaionoa, ?aciauaiiuo ia oa??eoi?ee aaeieieno?aoeaiiai ?aeiia
eee ai?iaea. A eo ninoaa aoiaeyo ?aaioieee aooaaeoa?ee, iineaaeeiio?iey,
?aaeci?u, th?eno, caaaaeothuee eeaaeiauie oeaiiinoae, eieannaoi?u,
aiaeeoaee e ae?oaea nio?oaeieee ioaeaeaiey. Aicaeaaeyao ioaeaeaiea
aee?aeoi?, o eioi?iai eiaaony iaeei eee ianeieueei caianoeoaeae.

Ioaeaeaiea aaiea iieuecoaony i?aaaie th?eaee/aneiai eeoea, eiaao
aa?aiaoth ia/aoue aeey “iia?aoeee” a iia?aoeeiiiii ioaeaeaiee, ae?oaea
ia/aoe e ooaiiu. Aaeain ioaeaeaiey aoiaeeo a aaeain AEA “Banca Social=”.

Oeaeueth aeayoaeueiinoe ioaeaeaiey aaiea yaeyaony:

– i?eaea/aiea aeaiaaeiuo n?aaenoa oece/aneeo e th?eaee/aneeo eeoe e
?aciauaiea eo io naiaai eiaie ia oneiaeyo aica?aoiinoe, ieaoiinoe e
n?i/iinoe;

– inouanoaeaiea ?an/aoii-eanniaiai ianeoaeeaaiey eeeaioia e ae?oaeo
aaieianeeo iia?aoeee;

– nio?aiaiea aeaiaaeiuo n?aaenoa e ae?oaeo oeaiiinoae, aaa?aiiuo
ioaeaeaieth;

– iaania/aiea oaeiu ii iia?aoeeyi, n/aoai e aeeaaeai naieo eeeaioia.

Ioaeaeaiea aaiea eiaao i?aai:

– ecaeaaaoue i?eeacu e ?anii?yaeaiey ii aii?inai aeayoaeueiinoe
ioaeaeaiey, oeeeaeia e aaaionoa a i?aaeaeao naiae eiiiaoaioeee;

– i?aaeinoaaeyoue e?aaeeou oece/aneei e th?eaee/aneei eeoeai a i?aaeaeao
noii, onoaiiaeaiiuo I?aaeaieai aaiea;

– eniieueciaaoue a ea/anoaa e?aaeeoiuo ?ano?nia nianoaaiiua n?aaenoaa, a
oaeaea n?aaenoaa ia n/aoao eeeaioia, e?aaeeou e aeaiiceou, eiua
i?eaea/aiiua n?aaenoaa;

– aein?i/ii acuneeaaoue nnoaeu a neo/aa eo iaoeaeaaiai eniieueciaaiey
eee ianaiaa?aiaiiiai iiaaoaiey ii ianooieaoei n?ieai a onoaiiaeaiiii
caeiiii e aeiaiai?ii ii?yaeea.

Iineieueeo ninoaaiie /anoueth iaiaaeaeiaioa eiiia?/aneiai aaiea
noaiiaeony ?oeiaiaenoai aeayoaeueiinoueth oeeeaeia, iaiaoiaeeii
ecia/aeueii ii?aaeaeeoueny: /oi noaaeoue ai aeaao oaea a iauae
oeeeaeueiie i?aeoeea – ?acaeoea naoe eee cae?aieaiea a iaeaieaa
i?eaueueiuo ?aaeiiao?

N iaeiie noi?iiu, ?acaeoay oeeeaeueiay naoue i?eaueueia naia ii naaa. N
ae?oaie – ?yae o/?aaeaeaaiuo a yoie naoe oeeeaeia, iniaaiii a thaeiuo
?aaeiiao, n iiiaioa eo o/?aaeaeaiey ia?a/aiu ia oauoi/iinoue.

Anee nicaeaaaoue oeeeaeu oieueei a i?eaueueiuo ?aaeiiao, oi
cia/eoaeueiay /anoue oa??eoi?ee Iieaeiau aoaeao eeoaia aiciiaeiinoe
i?yiiai auaiaeiiai eiaanoe?iaaiey.

Auoiae, ii anae aa?iyoiinoe, caeeth/aaony a aeeooa?aioee?iaaiiii
iiaeoiaea e oi?aaeaieth oeeeaeaie a caaeneiinoe io auiieiyaiiai eie
iai?ioa, iauaia iia?aoeee e oa??eoi?eaeueiiai ?aciauaiey.

A yoii ieaia oeaeaniia?acii oneiaii ?acaeaeeoue oeeeaeu ia aeaa
eaoaai?ee:

– eaoaai?ey A – onoie/eaua oeeeaeu, aaaeouea naiinoiyoaeueioth
e?aaeeoioth iieeoeeo a ?aaeiia, aeathuea noaaeeueioth i?eaueue,
auaea?aeeaathuea ii?iaoeau, onoaiaaeeaaaiua IA Iieaeiau aeey
eiiia?/aneeo aaieia;

– eaoaai?ey A – oeeeaeu (ioaeaeaiey), ia aaaeouea e?aaeeoiie iieeoeee e
auiieiythuea ooieoeee ?an/aoii-eanniauo oceia, ioieoia ii iaiaio aaetho
e ?aaioa n oeaiiuie aoiaaaie, eee auiieiythuea aaethoiua e e?aaeeoiua
iia?aoeee a onoaiiaeaiiuo aieiaiie eiioi?ie eeieoao.

?aaeiiaeueii oeeeaeu eaoaai?ee A aoaeoo oyaioaoue e aieiaiie eiioi?a eee
ianeoaeeaaoue iaeii?eaueueiua ?aeiiu, a oeeeaeu eaoaai?ee A aoaeoo
iaoiaeeoueny a n?aaeieo e e?oiiuo yeiiiie/aneeo oeaio?ao. I?e yoii
oeeeae eaoaai?ee A a naiai ?aaeiia e naieie neeaie nicaeaao naith
iee?inaoue, eioi?ay th?eaee/anee ioi?ieyaony niioaaonoaothuei ia?acii.
Oaeie naoueth a Iieaeiaa ?aniieaaaee Naa?aaie, I?iino?ieaaie,
Aa?ii?iiaaie e AEeenioeaaie.

Yeiiiie/anee e?eoa?ee i?eiaaeeaaeiinoe e oie eee eiie eaoaai?ee
ii?aaeaeyaony ii ?yaeo iieacaoaeae, onoaiaaeeaaaiuo aieiaiie eiioi?ie.
Aeey ioeaiee aeayoaeueiinoe oeeeaeia iiaeii i?aaeeiaeeoue neaaeothuea
ii?iaoeau, eioi?ua iieacuaatho aeayoaeueiinoue iaeiiai ec oeeeaeia AEA
“Banca Social=”:

1. Niioiioaiea oneiaiiai eaieoaea oeeeaea e noiia?iiai iauaia aeoeaia,
acaaoaiiuo n o/aoii ?enea:

E

I1 # —–

A/?

2. Niioiioaiea oneiaiiai eaieoaea oeeeaea e aeoeaia n iiauoaiiui ?eneii:

E

I2 # —–

A/I?

3. Niioiioaiea oneiaiiai eaieoaea oeeeaea e aai iaycaoaeuenoa:

E 10,2

I3 # —- # —— # 0,15

I 68,4

4. Niioiioaiea noiiu e?aaeeoia e noiiu ?an/aoiuo e oaeoueo n/aoia:

E? 109,9

I4 # —– # ——- # 2,15

N 51,1

5. Niioiioaiea noiiu eeeaeaeiuo aeoeaia oeeeaea e noiiu ?an/aoiuo e
oaeoueo n/eoia, aeeaaeia, aeaiiceoia:

EA 66,3

I5 # —- # —— # 1,29

N 51,1

6. Niioiioaiea noiiu eeeaeaeiuo aeoeaia oeeeaea e noiiu iaycaoaeuenoa ii
n/aoai aei aino?aaiaaiey:

EA 66,3

I6 # —- # —— # 1,32

NA 50,1

7. Iaeneiaeueiue ?acia? ?enea ia iaeiiai caaiueea:

? 2,2

I7 # —- # —— # 0,2

E 10,2

Aeaa ia?auo ii?iaoeaa oa?aeoa?ecotho ioiineoaeueioth aeinoaoi/iinoue
oneiaiiai eaieoaea oeeeaea e aai aeoeaia, acaaoaiiuo n o/aoii ?enea.
Ae?oaea ii?iaoeau oa?aeoa?ecotho o?iaaiue eeeaeaeiinoe aaeaina oeeeaea.

Enoiaey ec i?iecaaaeaiiuo ?an/aoia iiaeii neacaoue, /oi o?iaaiue
eeeaeaeiinoe aaeaina aeaiiiai oeeeaea AEA “Banca Social=” aeinoaoi/ii
aaeee, anee enoiaeeoue ec oiai, /oi iaeneiaeueiue ?acia? ?enea ia
iaeiiai caaiueea ?aaai 0,2.

A i?eioeeia, oeeeaeo aiana ia iaycyoaeueii ciaoue, ii eaeie iaoiaeeea
ioeaieaatho aai aeayoaeueiinoue, oai aieaa, /oi ia yoaia aa aiaae?aiey
aoaeao eciaiyoueny aa oi?ia e i?ioiaeeoue yoai i/enoee iaoiaeeee io
iia?aoiinoae. Aeey inaiaiey i?aaeeaaaaiie iaoiaeeee iaiaoiaeeii a
oa/aiea o?ao ianyoeaa ?ann/eouaaoue aaeaaeiaaiua ii?iaoeau, a caoai
i?iaanoe aiaeec oaiaeaioeee, iinea /aai ia?aeoe e iaaeaeueiie,
aeaeaaeiie, iany/iie e eaa?oaeueiie ia?eiaee/iinoe aiaeeca. I?e yoii
oeaeaniia?acii nicaeaoue iiae?acaeaeaiea aieiaiie eiioi?u eiiia?/aneiai
aaiea, eioi?ia aoaeao i?iaiaeeoue yoio aiaeec, e, /oi naiia aeaaiia,
i?eieiaoue ia?u iia?aoeaiiai oi?aaeaiey.

Ia i?eioeeieaeueii, eae aoaeao iacuaaoueny yoi iiae?acaeaeaiea – ioaeae
eii?aeeiaoeee eee oi?aaeaiea yeiiiie/aneiai aiaeeca – aaaeia noaia
iino?iaiey ?aaiou. Anee ioaeae oi?ie?oaony eae /anoue aooaaeoa?ee, oi
iiaeii iino?ieoue oaeoth noaio: aooaaeoa? ii ia?aaioea ia?ae/iie
eioi?iaoeee io oeeeaeia TH aooaaeoa?-aiaeeoee, naiaeyuee auiieiaiea
oeeeaeaie ii?iaoeaia TH yenia?oiay a?oiia.

Yenia?oiay a?oiia ia ia?auo ii?ao iiaeao ninoiyoue e ec iaeiiai
niaoeeaeenoa, ii ii ia?a ?acaeoey naoe iaiaoiaeeii i?iaanoe ?acaeaeaiea
ii ?aaeiiai (a caaeneiinoe io iauaia eioi?iaoeee).

Iai?aoeaaaony e eieeaeoeaiay no?oeoo?a – eiio?ieueii-?aaeceiiiay a?oiia,
eioi?ay iiaeao eiiieaeoiaaoueny niaoeeaeenoaie ec ?acee/iuo
iiae?acaeaeaiee, ii n o/aoii eiie?aoiie neooaoeee ia eiie?aoiii oeeeaea.
Ii?aaeaeythony ?oeiaiaeeoaee anae yoie naoe, eioi?ua a eiia/iii eoiaa e
i?eieiatho oi eee eiia ieii/aoaeueiia ?aoaiea.

A eoiaa, ii iiuoo aaieia Aa?iiu, oi?ie?othony aeaa eeiee ioiioaiee
aieiaiie eiioi?u e oeeeaeia ?acee/iuo eaoaai?ee: aei/a?iyy e
oieaeeiaiaay.

I?e aei/a?iae noaia aieiaiay eiioi?a auooiaao a ?iee “Oeaio?aeueiiai
aaiea”, e?aaeeooy iia?aoeee oeeeaea. Ii caaa?oaiee iia?aoeee oeeeae
aica?auaao noiio aeieaa. I?eaueue, iieo/aiiay aei/a?iei oeeeaeii, e
io/aoiiio ia?eiaeo ia?a/eneyaony a aieiaioth eiioi?o, aaea caoai
ia?a?ani?aaeaeyaony.

I?e oieaeeiaiaie noaia oeeeaeo auaeaeyaony noiia ia inaiaiea e ?acaeoea,
iinea /aai aieiaiay eiioi?a ia?aie/eaaao naie aeaenoaey eiio?ieueiuie
ooieoeeyie. I?eaueue, iieo/aiiay oieaeeiaiaui oeeeaeii, e io/aoiiio
ia?eiaeo ia?a/eneyaony a aieiaioth eiioi?o a i?ioeaioiii ioiioaiee e
noiia, auaeaeaiiie oeeeeaeo ia inaiaiea. Inoaaoayny aeiey i?eauee
inoaaony a ?anii?yaeaiee oeeeaea. Oieaeeiaiaue oeeeae i?iecaiaeeo
io/eneaiey a oiiaeu aieiaiie eiioi?u a onoaiiaeaiiuo ii?iao.

Oeeeaeueiay iieeoeea yaeyaony iaiaeiaaaeiui caaiii a noa?a aaieianeiai
iaiaaeaeiaioa. Io oiai, eae iia aoaeao i?aaieciaaia e iino?iaia
nouanoaaii caaeneo eiiia?/aneee oniao i?aaei?eyoey.

2.3. Iniiaiua iai?aaeaiey

aeeaa?neoeeaoeee aaieianeeo oneoa.

Aeeaa?neoeeaoeey aeaeia oneoa noaea ai aoi?ie iieiaeia OO aaea
oa?aeoa?iie /a?oie ie?iaie aaieianeie eiaeono?ee, eioi?ay n eiioea 60-o
aiaeia ia?aaeeaaao nouanoaaiiua eciaiaiey. Oneeaiea eiieo?aioeee a
oa/aiea 70-o aiaeia, auei iaoneiaeaii ?yaeii oaeoi?ia.

Ai-ia?auo, a aaieianeie eiaeono?ee oneeeeanue oaiaeaioeey e
eioa?iaoeeiiaeecaoeee. A nayce nicaeaieai oaeaeiiioieeaoeee, aeiaaeueiie
nayce e ie?iaiai ?uiea eaieoaea oneeeee naie iiceoeee aaaeouea aaiee
NOA, ssiiiee, Aa?iaiee, Aiaeee, O??aioeee. Yoi i?eaaei e aicieeiiaaieth
ia iaoeeiiaeueiii ?uiea ca?oaaaeiuo eiieo?aioia, anooieaoeo a
niia?ie/anoai n ianoiuie aaieaie, /oi iniaaiii iaaethaeaeinue ia iauai
?uiea Aa?iiu. Iiyaeaoeany caeanue ca?oaaaeiua aaiee i?eianee n niaie
iiaua iiaeoiaeu e oaeiaeaoai?aieth cai?inia eeeaioia, iiaua aaieianeea
oneoae, noaee o/eouaaoue niaoeeoe/aneea ioaeaeu ai anao aeaeao
iaaeaeoia?iaeiuo iia?aoeee.

Ai-aoi?uo, ioe?ueenue iiaua ?uiee eaieoaeia, eioi?ua o?ainoi?ie?iaaee
o?aaeeoeeiiiua nenoaiu aeeaaeia. E eiioeo 70-o aiaeia aieueoie i?ioeaio
aaieianeeo aeaiiceoia aue iaania/ai ca n/ao n?aaenoa ae?oaeo aaieia,
aeaaiaea?y ?acaeaathuaiony ia aaca eiiiuethoa?ecaoeee iaaeaaieianeiio
?uieo, ?ac?inoaiony, ia?aaoee?oaiiio ainoaea?noaaie, aa?i?uieo e
niaa?oainoaiaaieth eiathueony ?uii/iuo eino?oiaioia. Ia?aiia/aeueii
aa?i?uiee ?aniieaaaeenue a Eiiaeiia, a caoai e?oiiaeoea a ie?a ?uiee
eaieoaea ?ani?ino?aieeenue ia iniiaiua oeiainiaua oeaio?u ie?a.

A-o?aoueeo, a ioaao ia eiieo?aioeeth ianoiua aa?iiaeneea aaiee oaeaea
noaee i?eia?aoaoue iiiaiiaoeeiiaeueiue oa?aeoa?, nicaeaaay oeeeaeu,
i?aaenoaaeoaeuenoaa, ioiioaiey niia?ie/anoaa ia aioo?aiiai ?uiea NOA e
ae?oaeo no?ai Aia?eee e Acee, /oi ai iiiaeo neo/ayo eiaei ii?aaeaeaiiue
oniao. Aaiee Iieaeiau oaeaea ia aeiauethony oniaoa, ia nicaeaa naie
oeeeaeu, a ia?aoth i/a?aaeue, a ?innee, ?oiuiee, Oe?aeia.

A-/aoaa?ouo aaieianeay eiaeono?ey, ianiio?y ia naea?aeeaaiea ni noi?iiu
aaieianeiai caeiiiaeaoaeuenoaa ai iiiaeo no?aiao, ia/aea
aeeaa?neoeoee?iaaoueny.

Iai?eia?, a NOA ia?aie/aiey (?ano?eeoeee) Aiann – Nieaieea
i?aiyonoaiaaee aeayoaeueiinoe oao aaieia, eioi?ua ooieoeeiie?iaaee a
?yaea ae?oaeo no?ai. Iiyoiio iniiaiay aeayoaeueiinoue eiiia?/aneeo
aaieia nin?aaeioi/eeanue a noa?ao oeiaine?iaaiey iiae caeia eiouanoaa,
iio?aaeoaeueneiai e?aaeeoiiai oeiaine?iaaiey, eiiia?/aneie
aeayoaeueiinoe, oi?aaeaiey aeiaa?eoaeueiuie e iaineiiiuie iia?aoeeyie,
iia?aoeeyie e ?ani?ino?aiaieai eioi?iaoeee ia aa?iaaethoao, yienneae
e?aaeeoiuo ea?oi/ae e o.i. A yoio ia?eiae ?ac?anoaeny ia?a/aiue
o?aaeeoeeiiiuo aaieianeeo oneoa.

Ia?aie/aiea ia cao?iioei oieueei no?aoiaia iin?aaeie/anoai e aa?aioeeiua
iia?aoeee, ii?o/eoaeuenoaa e eiiiuethoa?iua oneoae. A ?acoeueoaoa e
eiioeo 70-o aiaeia aaiee niiaee ?anoe?eoue eiiieaen oneoa ca n/ao yoeo
iia?aoeee. E ianiio?y ia oi, /oi iiae aeaaeaieai eiieo?aioeee
eiaanoe?iaaeanue ia?aea eiiia?/aneiai e?aaeeoa e ae?oaeo ieaoiuo oneoa,
yoe oneoae i?eia?aoaee ana aieueoaa cia/aiea.

A-iyouo, anayce n ?aaoee?othuei aeaenoaeai auoaoeacaiiuo ia?aie/aiee
aic?inei /enei iaaaieianeeo oeiainiauo einoeoooia e iaaaieianeeo
i?aaiecaoeee, eioi?ui i?aaeinoaaeyeenue aeaaii?eyoiua aiciiaeiinoe aeey
aeayoaeueiinoe a niaoeeoe/aneeo iaeanoyo. Iai?eia?, aaoiiiaeeueiua
eiiiaiee, oaeea eae General Motors, eioi?ua aeieaia a?aiy auee naycau
aiciiaeiinoyie aaaioia ii i?iaeaaea e nianoaaiiui oeiainiaui
iieiaeaieai, ?acei ?anoe?eee eeceiaiaua iia?aoeee (ia iniiaa eeceiaa a
1994 aiaeo ?aaeeciaaii aieaa 80 % iauaai iauaia oaoieee) e e?aaeeoiiai
oeiaine?iaaiey ca ?aiee naiae iinoiyiiie eeeaioo?u.

Eiiiaiee, auioneathuea oo?enoe/aneea /aee e e?aaeeoiua ea?oi/ee, oaeea
eae American Express, ecuneaee aiciiaeiinoe i?aaeeiaeeoue aieueoie
niaeo? oeiainiauo oneoa naiei aeeaae/eeai ca iaaieueooth
aeiiieieoaeueioth ieaoo. Oi?aiaua eiiiaiee, oaeea eae Sears Roebuck,
eniieueciaaee aiciiaeiinoe nicaeaiey iauaiaoeeiiaeueiuo ?uieia nauoa,
?anoe?ea niaeo? iaaeaeoia?iaeiuo oeiainiauo oneoa, eioi?ua ?aiaa aaieai
auei cai?auaii inouanoaeyoue.

A-oanouo, ia aaieianeoth eiaeono?eth ana aieueoaa aicaeaenoaea noaea
ieacuaaoue eiiiuethoa?iay oaoiieiaey. Iniaaiii yoi einioeinue ?icie/iie
aaieianeie aeayoaeueiinoe, aaea ana aic?anoae aoiaaeiue iioie e
noieiinoue naieo iia?aoeee. *oiau ni?aaeoueny n ?aoouei iioieii
aeaeii?iecaiaenoaa, aaiee no?aieeenue aiaae?youe ieanoeeiaua ea?oi/ee e
YAI. Oaei ia?acii, iiyaeeanue ?aaeueiay aiciiaeiinoue ieacaiey iiaiai
aeaea oneoa ii eioi?iaoeeiiiie ia?aaioea aeaiiuo.

A-naaeueiuo, eiieo?aioeey aic?anoaao e a aaieianeie aeayoaeueiinoe ii
ianeoaeeaaieth /anoiuo eeoe. I?eaueueiia i?eaea/aiea n?aaenoa
aeeaae/eeia (naeaia), i?iaiaeeaoaany ?aiaa eeoue ii eieoeeaoeaa
naa?aaaoaeueiuo e nnoaeiuo aaieia, i?eaaei e ino?ie eiieo?aioeee n
eiiia?/aneeie aaieaie. Naa?aaaoaeueiua aaiee e no?ieoaeueiua iauanoaa ca
i?aaeaeaie NOA aeey i?eaea/aiey n?aaenoa iaeeeo aeeaae/eeia i?aaeeaaaee
?anoouaa /enei oneoa.

N?aaenoaa e?oiiuo aeeaae/eeia a cia/eoaeueiie ia?a ioaeaeaeenue
iaaaieianeeie oiiaeaie aeaiaaeiiai ?uiea iin?aaenoaii i?aaeeiaeaiey
iiaaeoaai eiiieaena naiuo eciu?aiiuo oeiainiauo oneoa. Oae, a?iea?neee
aeii Merrill Lynch i?aaeeiaeee eiiieaen “Nenoaia oi?aaeaiey
iaee/iinoueth”, /oi n?aco ineiaeieei ?aaioo aaieia, oneeeei
niia?ie/anoai ia ?uiea e?aaeeoiaaiey /anoiuo eeoe. Eiiiaiee,
i?eiaiythuea e?aaeeoiua ea?oi/ee, iia?e?oy /a?ac aaiee, i?aaeinoaaeytho
aeaoaaua e?aaeeou. Iaaaceiu Aa?iiu e NOA i?aaeeaaatho eeeaioai nenoaio
aaoiiaoe/anee aiciaiiaeyaiuo e?aaeeoia. E?aaeeoii-oeiainiaua eiiiaiee
i?aaeinoaaeytho caeiu iiae caeia eiouanoaa e o.i.

Oaeei ia?acii, e eiioeo 80-o aiaeia aaieianeay eiaeono?ey noaea iaiiiai
aieaa eiieo?aioiiniiniaiie. O?aaeeoeeiiii nouanoaiaaaoea a?aieoeu
iaaeaeo ?aaeiiaeueiuie aeaeaie oeiainiauo einoeoooia auno?i noe?aeenue.
Aieueoeinoai eiieo?aioia niiaei aueoe ca ?aiee iaoeeiiaeueiuo a?aieoe e
aeaenoaiaaoue a aeiaaeueiii ianooaaa. E?iia oiai, iiyaeeinue iiiai iiauo
noauaeoia ?uiea, ia naea?aeeaaaiuo aeaenoaothueie ia?aie/aieyie ni
noi?iiu caeiiiaeaoaeuenoaa, /oi aeaaaei ei ianiiiaiiia i?aeiouanoai a
eiieo?aioiie ai?ueaa. E, iaeiiaoe, iiyaeaiea iiauo oaoiieiaee e
aeueoa?iaoeaiuo oneoa ?aaeueii oa?iaeaei o?aaeeoeeiiiui iaoiaeai
aaieianeie aeayoaeueiinoe.

90-a aiaeu oa?aeoa?ecothony ana aieaa aunieeie oaiiaie eciaiaiee a
aaieianeie eiaeono?ee e a aaieianeii iaiaaeaeiaioa, ia o/eouaay eioi?ua
Iieaeiaa ia niiaeao noaoue ?aaiii?aaiui /eaiii aaeeiie Aa?iiu a OOI
aaea.

Eae iieacuaaao aiaeec oaiaeaioeee ?acaeoey ie?iaie aaieianeie
eiaeono?ee, nia?aiaiiue aaieianeee iaiaaeaeiaio i?aaeiieaaaao
iinoiyiioth aeoeaioth aeeaa?neoeeaoeeth aeayoaeueiinoe aaieia,
?anoe?aiea anaai niaeo?a ieacuaaaiuo eie oneoa, iinoiyiiue iiene aaieaie
aiciiaeiinoe oaeiaeaoai?aiey iio?aaiinoae, aicieeathueo o ioaeaeueiuo
eeeaioneeo a?oii, iin?aaenoaii i?aaeeiaeaiey ei iiauo aaieianeeo
i?iaeoeoia.

A eiioea 60-o aiaeia oe?ieia ?ani?ino?aiaiea iieo/eea eiioeaioeey i
i?aeiouanoaao iauaaeeiaiey aeaoo eee aieaa iai?aaeaiee oeiainiaie
aeayoaeueiinoe aaieia. Ia?aua oeiainiaua eiiaeiia?aou neeaaeuaaeenue
iooai iiaeiuaiee, iaiaia aeoeeyie, eeai nicaeaiey aeiiieieoaeueiuo
iiae?acaeaeaiee a no?oeoo?a aaieianeiai oieaeeiaa. Oaaee/aiea i?eaueae
i?ienoiaeeei, a iniiaiii, ca n/ao oeo/oaiey ?aiooaoeee e ?uii/iiai
iieiaeaiey aiiaue ia?aciaaiiie eiiiaiee.

Ie?iaie iiuo iieacae, /oi eiiiaiee, eioi?ua i?eaea?aeeaathony no?aoaaee
“naycaiiie aeeaa?neoeeaoeee” (ia iaoaie/aneiai iauaaeeiaiey
ooieoeeiiaeueiuo iiae?acaeaeaiee, a niaaeeiaiey ?acee/iuo aeaeia
aeayoaeueiinoe, eiathueo ?uii/iua, eeai oaoiieiae/aneea oi/ee
nii?eeiniiaaiey), aeiaeaathony aieueoeo oniaoia, /ai
oceiniaoeeaeece?iaaiiua aaiee. Aeiiieieoaeueiue eiiia?/aneee yooaeo,
iieo/aaiue a ?acoeueoaoa oicyenoaaiiiai acaeiiaeaenoaey oe?i, iacuaaaony
neia?aeae. Niioaaonoaaiii, iiae eiioeaioeeae neia?ae/iiai ia?eaoeiaa
iiieiaaony iai?aaeaiea a oai?ee e i?aeoeea aaieianeiai iaiaaeaeiaioa,
eioi?ia i?aaeiieaaaao nicaeaiea aaieianeiai oieaeeiaa aeey yooaeoeaiiai
acaeiiaeaenoaey anao aoiaeyueo a iaai oeiainiauo o/?aaeaeaiee.

A na?aaeeia 80-o aiaeia ii ia?a ?inoa oeiainiaie acaeiicaaeneiinoe
ioaeaeueiuo iiae?acaeaeaiee oe?i oeiainiauo oneoa aaieianeee
iaiaaeaeiaio noae aeeth/aoue no?aoaaeth “ieaie?iaaiey ii?ooaey aeoeaia”,
a eioi?ii eaaeaeiio ooieoeeiiaeueiiio iiae?acaeaeaieth ioaiaeeeanue
eiie?aoiay ?ieue: oeaio?a ?inoa, o?aieeeua, nai?ueea i?eaueae. Oeaeue
ieaie?iaaiey ninoiyea a oii, /oiau iia?aoeeiiiua ecaea?aeee ioaeaeueiuo
iiae?acaeaeaiee iaaeaee, a niaieoiiue iauai oneoa e, niioaaonoaaiii,
i?eaueue oaaee/eaaeenue.

A eeoa?aoo?a iienai oniaoiue iiuo i?eiaiaiey eiioeaioeee neia?ae/iiai
ia?eaoeiaa a aeayoaeueiinoe Sears Roebuck & Co e Merrill Lynch –
oieaa?naeueiie oe?iu oeiainiauo oneoa.

?anniio?ei no?aoaaeth e?oiiaeoaai eiaanoeoeeiiiiai aaiea NOA “Merrill
Lynch”. Iaiaaeaea?u “Merrill Lynch” i?aaeeiaeeee eeeaioai iiaue aeae
ianeoaeeaaiey – n/aoa ii oi?aaeaieth iaee/iinoueth. Ioe?uoea n/aoa aeano
aiciiaeiinoue iieo/aoue aunieee i?ioeaio io inoaoea ia n/aoa,
iaania/eaaao i?eaueueiia eniieueciaaiea ecauoi/iie eeeaeaeiinoe ia n/aoa
/a?ac oiiaeu aeaiaaeiiai ?uiea. Ieieiaeueiay noiia n/aoa – 20000
aeieea?ia iiaeao auoue aianaia e oeaiiuie aoiaaaie.

Aaie iaania/eaaao iieiia ianeoaeeaaiea aeaiaaeiuo n?aaenoa, iinooiathueo
ia n/ao: nai? aeeaeaeaiaeia, ieaoaaeae ii i?ioeaioai, aeaiiceoia,
iaee/iuie. Aiiaue iinooieaoea noiiu aaoiiaoe/anee ca/eneythony ia n/aoa,
i?eiinyuea i?ioeaiou iinea oiai, eae noiia i?eoiaea i?aauneo 1 ouny/o
aeieea?ia. I?eaea/aiiue aaie iaycaeny i?aaeinoaaeyoue oneoae ii
aaaeaieth /aeiauo n/aoia e iia?aoeee n e?aaeeoiuie ea?oi/eaie “Visa”.
Oaeei ia?acii, nicaeaiea eiiaeie?iaaiiuo n/aoia iiiiaei “Merrill Lynch”
iaeoe eiieo?aioiia i?aeiouanoai e i?eaea/ue cia/eoaeueiia /enei eeeaioia
ni n?aaeiei e aunieei o?iaiai aeioiaeia, iiauneeny e o?iaaiue iieo/aaiuo
aaieii eiienneiiiuo.

“Sears Roebuck & Co” aianoi ioe?uoey nianoaaiiuo ioaeaeaiee
i?eniaaeeieea e naaa e?oiioth nnoaeinaa?aaaoaeueioth annioeeaoeeth,
iaeio ec iiuiuo no?aoiauo eiiiaiee – “Ienoaeo eioo?ain eiiiaie”, oanoie
ii aaee/eia eiaanoeoeeiiiue aaie NOA “Aeei Oeooa? ?aeiieueaen”,
a?iea?neoth oe?io “Eieaeoyee Ayiea?”. A eoiaa a eaaeaeii ec 320
oeiainiauo ioaeaeia a e?oiiaeoeo iaaaceiao “Sears Roebuck & Co” iiaeii
inouanoaeoue neaaeothuee eiiieaen oeiainiauo iia?aoeee: o noiea iaeea?a
i?iaeaoue naie aeoeee, au?o/eo eniieueciaaoue a ea/anoaa aciina ia
eiaeeaeaeoaeueiue aeii, eioi?ue i?eia?aoaaony ca noieii ?yaeii – o
oi?aiaoea iaaeaeaeeiinoueth. Oai aea ioi?ieyaony auaiaeiay eiioaea,
eioi?ay ooo aea no?aooaony. Ca neaaeothuei noieii – o no?aoiaiai aaaioa
iieoiaaony no?aoiaie iieen ia no?aoiaaiea aeiia io iiaea?a. A yoii aea
caeaiee i?eia?aoaaony iaaaeue aeey aeiia – n iiiiuueth e?aaeeoiie
ea?oi/ee, eioi?ay i?eia?aoaaony caeanue aea.

A 1986 a. aieaa iieiaeiu iai?ioia eiioea?ia “Sears Roebuck & Co” a noiia
44 ieeeea?aeia aeieea?ia i?eoiaeeeinue ia naeaeee ii ieacaieth
oeiainiauo oneoa. A ia?aii iieoaiaeee 1987 aiaea ec iauae noiiu
i?eaueae, ninoaaeaoae ieiei 680 ieeeeiiia aeieea?ia 500 ieeeeiiia
i?eoiaeeeinue ia no?aoiaua naeaeee. Oi?aiaue eiioea?i aac aieueoeo
oneeee noae e?oiiaeoei aaieii NOA.

Iaeiaei, iauaaeeiaiea noieue aieueoiai eiee/anoaa oneoa a ?aieao iaeiiai
eiioea?ia icia/aao, /oi ia ana oneoae ieacuaathony aeinoaoi/ii
i?eaueueiuie. Iioeiaeueiue ninoaa ii?ooaey oneoa aeieaeai ii?aaeaeyoueny
iio?aaiinoyie oeaeaaiai naaiaioa ?uiea oneoa.

A 1985 aiaeo “Sears Roebuck & Co” auionoee iiieii oaea nouanoaiaaaoeo
ea?oi/ae aeey iieoiie ea?oi/eo oeia “aeeneaaa?” aeey aeeo?aoiuo
iieueciaaoaeae iau/iuo ea?oi/ae. Iie auaeathony eeeaioai aanieaoii, a
oi?aiaoeu iaycaiu ia?aaiaeeoue eiioea?io eeoue 2 % io iai?ioa ii
ea?oi/eai, aianoi 5 % ii “American Express”. Ea?oi/ee “aeeneaaa?”
niaiauatho ooieoeee e?aaeeoiuo e aeaaeoiauo ea?oi/ae.

?acaeoea aaieianeiai iaiaaeaeiaioa a 90-a aiaeu o/eouaaao iio?aaiinoe
eeeaioia.

Iio?aaiinoe /anoiuo eeoe aeeth/atho:

– naiaiaeiue aeinooi e aeaiueaai;

– iaeua e?aaeeou ia iieoieo iio?aaeoaeueneeo oiaa?ia e iaono?ienoai
aeiiaoiaai oicyenoaa;

– ia/eneaiea i?ioeaioa ii e?aaeeoo aaeaina oaeoueo n/aoia;

– iieoieo aeiia ii caeeaaeiie;

– iaania/aiea aaciianiinoe, no?aoiaaiey e iaineiiiiai iaania/aiey;

– oaeiaioth iieaoo ca oiaa?u a iaaaceiao (e?aaeeoiua ea?oi/ee) e
iieo/aiea iaee/iuo aeaiaa (aaieiiaou);

– ieaie?iaaiea ee/iuo oeiainia (athaeaeaoiua n/aoa);

– iiiiuue i?e ninoaaeaiee e eniieueciaaiee caaauaiee;

– e?aaeeoiaaiea a ?ann?i/eo;

– aiciaiiaeaiea e?aaeeoa (ii e?aaeeoiui ea?oi/eai e iaa?ae?aooo).

Iio?aaiinoe ei?ii?aoeee aeeth/atho:

– eueaiou ii aeaiiceoai aieueoiai iauaia;

– aieueoea e?aaeeou e eiua oi?iu oeiaine?iaaiey iniiaiiai e iai?ioiiai
eaieoaea;

– oneoae a ?aoaiee ?yaea aaeieieno?aoeaiuo caaea/: auienea
n/aoia-oaeoo?, aaaeaiea ea?oioaee aeieaia (oaeoi?eia-iia?aoeee),
aaaeaiea ?aano?a aeoeeiia?ia e ieaoaaeiie aaaeiiinoe;

– ianeoaeeaaiea a niaoeeaeueiuo iaeanoyo, iniaaiii a eiino?aiiie
oi?aiaea (eiino?aiiua ae?aee, ae?aeaaua atheeaoaie, aeieoiaioa?iua
aee?aaeeoeau, eieanne?iaaiea);

– aecian-eiinoeueoaoeee;

– e?aaeeou a ?ann?i/eo e aiciaiiaeyaiue e?aaeeo a aieueoeo ianooaaao e
o.ae.1

____________________

1. Customer services: vmarketing the competitive environment. – L.
– BPP publishing ltd, 1992, p. 219.

?acaeoea iio?aaiinoae eeeaioia ii?aaeaeyao ia?yaeo n aeiaaeecaoeeae
oeiainiauo ?uieia e eioi?iaoeeae ia aaca eiiiuethoa?iuo naoae
ia?niaeoeau ?acaeoey aaieianeiai iaiaaeaeiaioa. Aai aaaeiie ninoaaiie
/anoueth e aeaaea iniiaiie noaiiaeony ?uii/iue iaiaaeaeiaio – ia?eaoeia.

E /eneo i?iaeai iaiaaeaeiaioa a noa?a o?aaeeoeeiiiuo aaieianeeo oneoa a
oneiaeyo Iieaeiau iiaoo auoue ioianaiu e?aaeeoiaaiea iaeiai aeciana,
i?aiaeieaiea e?ecena iaieaoaaeae, inaiaiea eiiiuethoa?iie oaoieee.

Ia?aaeei II aa?oo e?aaeeou, a aa?iooue eo ia iiaoo, o.e. n?aaenoaa
iia?oaeaiu a nu?uea e ia neeaaeao aioiaie i?iaeoeoeee. ?anoao
i?in?i/aiiay caaeieaeaiiinoue. Aaiee, no?aiynue ecaaaeaoue naieoeee ni
noi?iiu Iaoeeiiaeueiiai aaiea, ioi?ieytho iaaica?ao nnoae, i?ieiiaaoeeth
e?aaeeoiuo aeiaiai?ia. I?e?ino i?in?i/aiiie caaeieaeaiiinoe, a oaeii
neo/aa, i?aaenoaaeyao niaie e?aaeeoioth yienneth e ieacuaaao
iaiin?aaenoaaiiia aicaeaenoaea ia oneeaiea eioeyoeeiiiie iai?yaeaiiinoe.

Iayooaeoeaia neiaeeaoayny a Iieaeiaa io?aneaaay no?oeoo?a auaeaaaaiuo
e?aaeeoia. Aieueoay /anoue e?aaeeoia auaeaaony i?aaei?eyoeyi aac
ii?aaeaeaiiie io?aneaaie niaoeeaeecaoeee, oi anoue iaeui i?aaei?eyoeyi,
iniiaiay ianna eioi?uo caieiaaony oi?aiai-iin?aaeie/aneie
aeayoaeueiinoueth. A i?iiuoeaiiinoue e naeueneia oicyenoai iai?aaeyaony
eeoue iaeia o?aoue e?aaeeoia. A iauai iauaia e?aaeeoiuo aeiaeaiee e?aeia
iecea aeiey (5%) aeieain?i/iuo e?aaeeoia.

A?aiy iie?uoey iaaeinoaoea iai?ioiuo n?aaenoa i?aaei?eyoee e
i?aaiecaoeee, iacaaeneii io eo oi?i nianoaaiiinoe, eaaei ia eiiia?/aneea
aaiee. Iaaica?ao e?aaeeoia II iinoaaee iaeioi?ua ec ieo ia a?aiue
aaie?ionoaa.

Aeey ?aoaiey yoie i?iaeaiu aaieianeiai iaiaaeaeiaioa iaiaoiaeeii,
ai-ia?auo, inaiaiea i?ioeaaeo?u i?iaa?ee ieaoaaeaniiniaiinoe eeeaioia ii
aeaiiui iinoiyiii iaiiaeyaiuo aaieia eioi?iaoeee, ai-aoi?uo, auaea/a
n?aaeia- e aeieain?i/iuo e?aaeeoia oieueei ia iniiaaiee yenia?oiie
ioeaiee aecian-ieaiia, e, a-o?aoueeo, nicaeaiea aaaionoaa iaeiai aeciana
a ea/anoaa aa?aioa ii e?aaeeoai II.

Aeey aaieia, e?aaeeoothueo i?aeiouanoaaiii i?iecaiaeeoaeae
naeueneioicyenoaaiiie i?iaeoeoeee, ioaeiu eueaiou ii eeiee nieaeaiey
iaeiaia ia i?eaueue e ?acia?a iaycaoaeueiuo io/eneaiee a oiiaeu,
nicaeaaaaiua Iaoeeiiaeueiui aaieii.

Oeiainu naeueneioicyeonaaiiuo i?aaei?eyoee Iieaeiau auee i?aaieciaaiu
oae, /oi nianoaaiiua n?aaenoaa oicyenoa iie?uaaee eeoue ieieiaeueioth
iio?aaiinoue a oiaa?ii-iaoa?eaeueiuo ?ano?nao. Yoi oneeeaaao eo ioaeaeo
a caaiiuo n?aaenoaao. ?ino oeai ia i?iiuoeaiioth i?iaeoeoeeth aeey naea
aua aieueoa oaaee/ee iio?aaiinoue io?anee a e?aaeeoa. I?e yoii
eiiiainaoeey iiieaeaiey i?ioeaioiuo noaaie ca i?aaeinoaaeaiiua e?aaeeou
aeieaeia inouanoaeyoueny ca n/ao athaeaeaoa ?anioaeeee. Eiiia?/aneea
aaiee, anee ei ia eiiiaine?iaaoue iiieaeaiiua noaaee ca e?aaeeo, ianoo
oauoee eee auioaeaeaiu iiauoaoue ieaoo ca nnoaeu. N?aaenoaa aeey
eiiiainaoeee iiieaeaiiuo i?ioeaioiuo noaaie yooaeoeaiui naeueneei
i?iecaiaeeoaeyi aeieaeiu i?aaeoniao?eaaoueny a ainathaeaeaoa. Noieiinoue
e?aaeeoa aeey naea aeieaeia oaycuaaoueny n o?iaiai oeai ia caeoiaaioth o
oicyenoa i?iaeoeoeeth ia n?aaenoaa i?iecaiaenoaa aeey AIE.

Oeaeaniia?acii oaeaea oaeanoi/eoue ainoaea?noaaiiue e aaieianeee
eiio?ieue ca nio?aiiinoueth “ieieioia nianoaaiiiai eaieoaea”
i?aaei?eieiaoaey. Eae oieueei aai iauai ia/eiaao oiaiueoaoueny,
i?aaei?eyoea iauyaeyaony aaie?ioii e i?ae?auaao naith aeayoaeueiinoue.
Oai naiui aa?aioe?oaony oieaoa “eeeaeaeaoeeiiiiai” iaeiaa e aica?ao
nnoae e?aaeeoi?ai: iiauoaaony caeioa?aniaaiiinoue aaieia a ?anoe?aiee
e?aaeeoiaaiey iaeiai aeciana.

Aoi?ay i?iaeaia aaieianeiai iaiaaeaeiaioa – e?ecen iaieaoaaeae. Ca/ao
acaeiiuo o?aaiaaiee ia?oia?ia /a?ac aaiee o?aaoao aa?aioee aeey
eiiia?/aneeo aaieia io Iaoeeiiaeueiiai aaiea – aaeeiiai ?aaoee?othuaai
oeaio?a, eino?oeoeee eioi?iai iaycaoaeueiu e aaeeiu aeey anao aaieia.
Eia/a ie iaeei eiiia?/aneee aaie ia noaiao e?aaeeoiaaoue eeeaioa,
“neaeyuaai ia ea?oioaea”. Caeanue oieueei Iaoeeiiaeueiue aaie iiaeao
acyoue ia naay ?ieue aa?aioa ii i?iaaaeaieth ca/aoa ia iie?uoea
aeaaaoiaiai naeueaei. ?aniieaaay e?aaeeoaie, aaie caeioa?aniaai /a?ac
iin?aaeieeia ea?aoue ia iiauoaiea eo?na naieo aeoeee e oai naiui
aoyaeaaao e?aaeeoiua ?ano?nu ia a i?iecaiaenoai, a a ae?aeaaua
iia?aoeee.

Onoaaiue eaieoae eiiia?/aneiai aaiea neoaeeo iaania/aieai iaycaoaeuenoa
e ieaoaaeaniiniaiinoe aaiea. Anee ii iaoiaeeony a caaeneiinoe io
ae?aeaaie eioe?iaee, oi ieaoaaeaniiniaiinoue aeoeeiia?iiai aaiea caaeneo
io ninoiyiey oiiaeiaiai ?uiea. Iaanoeaiaiea aeoeee aaieia iiaeao
i?eaanoe e eo iaieaoaaeaniiniaiinoe, a eeeaioia – e ?aci?aieth. Iiyoiio
oiiaeiaue e aaieiaenee ?uiee, ia iao acaeyae, aeieaeiu auoue ?acaeaeaiu
caeiiiaeaoaeueii.

Oeaeaniia?acii aianoe a aeaenoaothuaa aaieianeia caeiiiaeaoaeuenoai
eciaiaiey, aeathuea aiciiaeiinoue iieo/aiey ?aaioieeaie
i?aaiio?aieoaeueiuo i?aaiia aeaiiuo ia iia?aoeeyo ii n/aoai e eiuo
iaoa?eaeia n naieoeee i?ieo?i?a, ii ?aoaieth noaea. Iaiaoiaeeii, n
iaeiie noi?iiu, iaania/aiea aaieianeie oaeiu eae i?eioeeia aaieianeie
aeayoaeueiinoe, n ae?oaie – iaania/aiea i?aaiii?yaeea e caeiiiinoe a
e?aaeeoii-aeaiaaeiuo ioiioaieyo.

Ia?a?oiae io nenoaiu ?an/aoia /a?ac n/aoa IOI e ?an/aoai /a?ac
ei??aniiiaeaioneea n/aoa, i?iaaaeaiiue a ?yaea no?ai NIA, ia aeieaeai
nieceoue aiciiaeiinoe eiio?iey ca inouanoaeaieai ?an/aoiuo iia?aoeee ni
noi?iiu Iaoeeiiaeueiiai Aaiea e eeoeoue aai cia/eoaeueiie /anoe
e?aaeeoiuo ?ano?nia. N ioe?uoeai ei??aniiiaeaioneeo n/aoia eiiia?/aneea
aaiee iieo/eee aiciiaeiinoue eneonnoaaiii ?aaoee?iaaoue (a iniiaiii
oaaee/eaaoue) iauai naieo e?aaeeoiuo ?ano?nia, caiaaeeyy ?an/aou. Yoi
iiaeao i?eaanoe e caiaaeeaieth ?an/aoia, ?inoo iaieaoaaeae. E ?inoo
iaieaoaaeae a ?innee e ae?oaeo no?aiao NIA i?eaaea e ioiaia ieaoaaeae
/a?ac eieanni (iin?aaenoaii ieaoaaeiuo o?aaiaaiee), eioi?ay iicaieyao
inouanoaeyoue eiio?ieue ca ia?a/eneaieai n?aaenoa ieaoaeueueeia, e
i?aaeinoaaeyoue nnoaeo ia ia?eiae inouanoaeaiey ieaoaaea iieo/aoaeth
n?aaenoa.

Iaauaaeay (aei 200 %) aei?iaiaecia aeey i?aaei?eyoee e?aaeeoia
eiiia?/aneeo aaieia, n iaeiie noi?iiu, e e?aaeeoia IA eiiia?/aneei
aaieai – n ae?oaie, a ?innee e ae?oaeo no?aiao NIA iaoneiaeaia
i?iaeieaeaieai aaca?aie/iiai e?aaeeoiaaiey athaeaeaoiuo ?anoiaeia. A
Iieaeiaa iaiaoiaeeii nicaeaoue aeaniue iaoaieci eiio?iey ca
athaeaeaoiuie ?anoiaeaie n ioaeeeaoeeae aeaiiuo ii eniieueciaaieth
e?aaeeoiuo ?ano?nia. Yoi oai aieaa aaaeii, /oi Iieaeiaa oaeaeinue
ecaaaeaoue ?inoa athaeaeaoiiai aeaoeoeeoa e eioeyoeee. Iaeiaei aaaaeaiea
aaeeiiai iaiaiiiai eo?na ?acei oooaeoeo oeiainiaia iieiaeaiea
i?aaei?eyoee, iieuecothueony eueaioaie i?e eiii?oiuo caeoieao, a oaeaea
aunooieo oaeoi?ii oaei?iaeaiey i?iaeoeoeee. Ii-aeaeeiiio, oeaeaniia?acii
nio?aiaiea aeey iaeioi?uo ainoaea?noaaiiuo oe?i eueaioiiai iaiaiiiai
eo?na n eiiiainaoeeae ae ?acieoeu ca n/ao noaaeeecaoeee aaethoiiai
oiiaea.

?aca?aie/aiea aaieianeie iieeoeee ii ioiioaieth e e?aoein?i/iui e
aeieain?i/iui e?aaeeoai i?aaeiieaaaao ooi/iaiea ii?yaeea io?aaeaiey
ieaou ca e?aaeeo ia oeiainiauo ?acoeueoaoao oe?iu.

Ii e?aoein?i/iui e?aaeeoai, eniieuecoaiui i?aeiouanoaaiii noa?ie
ia?auaiey, aa?oiyy ieaiea i?ioeaioa ca e?aaeeo iiaeao ii?aaeaeyoueny ii
i?eioeeio “o?iaaiue eioeyoeee iethn 3 i?ioeaioa”, iaania/eaay
iieiaeeoaeueiue o?iaaiue i?ioeaioa. Iaeiaei, eiiia?/aneea aaiee, ia
eiathuea aa?oieo ia?aie/aiee ca e?aaeeo, ia auoiaeyo ia yoo
iieiaeeoaeueioth noaaeo. I?aaeeiaeaiea e?aaeeoiuo ?ano?nia a noa?o
ia?auaiey i?aauoaao ni?in ia ieo, /oi ia aeaao aiciiaeiinoe aaieai
iiauoaoue i?ioeaioioth noaaeo.

Aeieain?i/iua eiaanoeoeee i?e ii?aaeaeaiiie i?ioeaioiie noaaea ca
e?aaeeo eiatho ae?oaie ia?aie/eaathuee aa?oiee i?aaeae: “i?eaueue ieion
i?ioeaio ca e?aaeeo”. A nia?aiaiiuo oneiaeyo /anoue i?ioeaioa ca e?aaeeo
a i?aaeaeao o/aoiie noaaee Iaoeeiiaeueiiai aaiea ioiineony ia
naaanoieiinoue i?iaeoeoeee i?aaei?eyoee, o.a. i?aaei?eyoey
ia?aeeaaeuaatho iniiaioth /anoue ieaou ca e?aaeeo ia iea/e iio?aaeoaeae.
Iaeiaei, yoi i?eaiaeeo e oeaii/ea iaieaoaaeae, ii?iaeaeathuae
iaiaoiaeeiinoue a oeaio?aeeciaaiiuo e?aaeeoao aeey i?aaiecaoeee ?an/aoia
iaaeaeo i?aaei?eyoeyie. Oaeei ia?acii, i?e aaeeiii iiaeoiaea aaiea e
onoaiiaeaieth o/aoiie noaaee eae aeey e?aoein?i/iuo, oae e aeey
aeieain?i/iuo e?aaeeoia aeaenoaoao iaoaieci onei?aiey eioeyoeee. I?e
?inoa noaaee ana aieueoaa eiee/anoai i?aaei?eyoee aoaeao iiiaaeaoue a
?ac?yae aaie?ioia.

Ia ?uiea aeieain?i/iuo eiaanoeoeee n o/aoii oeacaiiiai aa?oiaai
ia?aie/aiey, ni?in cia/eoaeueii i?aauoaao i?aaeeiaeaiea ia e?aaeeou, /oi
oaeoaeyao e?ecen a noa?a eiaanoeoeee.

I?aiaeieaiea e?ecena iaieaoaaeae a oneiaeyo Iieaeiau naycaii n
iiauoaieai ea/anoaa ia?eaoeiaa, caeeth/aieai ieaoaaeiuo niaeaoaiee n
?inneae, Oe?aeiie, e ae?oaeie no?aiaie NIA, ?acaeoeai aaenaeueiiai
iai?ioa. Aaaaeaiea i?aaeaa?eoaeueiie iieaou ca ?aaeecoaiua oiaa?u e
oneoae ia i?eianao aeaeaaiuo ?acoeueoaoia. I?aaeiieaoa i?eaaaeao e oiio,
/oi n?aaenoaa aoaeoo eniieueciaaoueny, a iinoaaea oiaa?ia eee ieacaiea
oneoa – caaea?aeeaaoueny, /oi oooaeoeo oeiainiaia ninoiyiea
oicyenoaaiiuo caaiueaa e aiiaue i?eaaaeao e ?inoo iaieaoaaeae.

Aeey i?iaaaeaiey acaeii?an/aoa a eiiia?/aneeo aaieao ioe?uaaaony
niaoeeaeueiue n/ao ii ca/aoo aeey eaaeaeiai ioaeaeueiiai
eeeaioa-i?aaei?eyoey. I?e ii?aaeaeaiee aeieoiaioia, iiaeeaaeaueo iieaoa,
eiiia?/aneea aaiee aeieaeiu ?ani?aaeaeeoue ea?oioaeo ? 2 aeey
aini?aaei?eyoee. Iinea yoiai eiiaaiee i?iecaiaeyo iieaoo a i?aaeaeao
aeaaeoi?neie caaeieaeaiiinoe aeaiiiai i?aaei?eyoey. Aa noiia
ii?aaeaeyaony ii ninoiyieth aaeaina eeeaioa e aai ni?aaee i ninoaaa yoie
caaeieaeaiiinoe.

Iniiaie nia?aiaiiiai aaieianeiai iaiaaeaeiaioa yaeyaony iioeiecaoeey
i?ioeaaeo?u nicaeaiey aaieianeiai i?iaeoeoa e iiauoaiea na?aeniie
i?eaeaeaoaeueiinoe aeey eeeaioia. Aeey yoeo oeaeae aaie ioaeaeaaony a
yeaeo?iiiie oaoiieiaee ia?aaioee aeaiiuo.

Caiaaeiua oe?iu i?aaeeaaatho ia ?uiea Iieaeiau nenoaiu aeey
iaaeaaieianeeo ?an/aoia. I?e yoii neaaeoao o/anoue, /oi iaaeaaieianeea
?an/aou, inouanoaeyaiua /a?ac ?an/aoii-eanniaua oeaio?u, ia eiatho
ie/aai iauaai n i?eiyoui a aaieianeii ie?a ii?yaeeii. Aeey Iieaeiau
iaeaieaa ia?niaeoeaiu nenoaiu, aeathuea aiciiaeiinoue aeeth/aoueny a
aeiaaeueiua ie?iaua naoe. Iaeiaei aei neo ii? /enei aaieia, eioi?ui
naaiaeiy ioaeiu iiaeiaiua nenoaiu e eioi?ui iie aeinooiiu, iaaaeeei.
Neneoai aioo?aiieo ?an/aoia “iia?aoeeiiiue aeaiue aaiea” a Iieaeiaa
aeaenoaoao iaiaei. Iiiaea aaiee naiinoiyoaeueii caeacuaaee eo
?ac?aaioeo, i?eiaieoaeueii e nianoaaiiui ioaeaeai, no?oeoo?a e
aiciiaeiinoyi. Iaeiaei ie iaeia ec ieo aei neo ii? ia niiaea noaoue
na?eeiui ?uii/iui i?iaeoeoii.

Aeey aaieianeiai iaiaaeaeiaioa a oneiaeyo Iieaeiau ioaeai aaiaeeiue
“iiae eeth/” na?eeiue i?ia?aiiiue i?iaeoeo, iniiaaiiue ia aa?iiaeneeo
aaieianeeo noaiaea?oao, aai iioaioeeaeueiua eeeaiou – n?aaeiea
eiiia?/aneea aaiee. Aeaaiaea?y eniieueciaaieth o?ainaeoeee e ?ac?aaioea
i?ia?aii ia ycueao “Ne” e “Annaiaea?” iiaeao auoue aeinooiia aunieay
iaaeaaeiinoue nenoaiu. Cao?aou ia iiaia iai?oaeiaaiea (30-50 oun.
aeieea?ia) ieoiyony auno?i, o.e. aaie ia aoaeao aieueoa oa?iaoue oauoee
io e?aeia iaaeeaiiiai i?ioiaeaeaiey ieaoaaeae. Anee aaie oaea
iieuecoaony ae?oaeie i?ia?aiiiuie i?iaeoeoaie, eniieuecoaony eiiaa?oi?
aeey ia?aaiaea nouanoaothueo aac aeaiiuo, any iia?aoeey caieiaao ia
aieueoa aeaoo aeiae. Iauay noieiinoue i?ia?aiiiiai i?iaeoeoa caaeneo io
ianooaaia aeayoaeueiinoe aaiea e aai aeieoiaioiiai?ioa, /oi aeaeaao aa
aeinooiiie aeey ethauo iio?aaeoaeae.

Aeiiieieoaeueiui noeioeii neoaeeo oi, /oi oe?ia aa?ao ia naay aanue
eiiieaen ?aaio ii aaoiiaoecaoeee aaiea, io iauae ieaie?iaee e eii/ay
iinoaaeie e iiioaaeii yeaeo?iiiiai iai?oaeiaaiey.

?anoe?aiea niaeo?a aaieianeeo oneoa i?aaeiieaaaao ?anoe?aiea i?eiaiaiey
/aeia, aaenaeae, noa?u acaeiiiai ca/aoa iaycaoaeuenoa aeey i?aaei?eyoee,
niaoeeaeueiuo e?aaeeoia, no?aoiaaiea yoeo e?aaeeoia, naeaiaiaua,
eeceiaiaua, caeiaiaua iia?aoeee, aaenaeueiia ia?auaiea.

Aaiee i?eieiatho ana aieueoaa o/anoea a no?aoiaaiee aaethoiuo ?eneia e
eiino?aiiuo eiaanoeoeee. A ?innee e ae?oaeo ?anioaeeeao NIA
niaeoeyoeaiue eo?n iaoeeiiaeueiie aaethou e aeieea?o nua?ae ?ieiaoth
?ieue a i?ioeanna eeaa?aeecaoeee oeai, eiaaea aianoi eo no?oeoo?iiai
eciaiaiey i?eiaieoaeueii e no?oeoo?a oeai ia ie?iaii ?uiea i?iecioei
iaaaeueiia iiauoaiea aeaenoaothueo.

Iaeeo/oae oi?iie aa?aioee eiino?aiiuo eiaanoeoeee a iuiaoieo oneiaeyo
noaei au eueaioiia ainoaea?noaaiiia no?aoiaaiea eiaanoeoeee n
iaycaoaeuenoaii iieiiai aiciauaiey oauoeia, anee yoi i?iecioei ia ii
aeia e?aaeeoi?a eee iieo/aoaey e?aaeeoia. Ainoaea?noai i?e yoii aa?ao ia
naay ioaaonoaaiiinoue ia?aae eiino?aiiuie eiaanoi?aie ca iieiaeaiea aeae
a iaoeeiiaeueiie yeiiiieea. Ooieoeee aa?aioa auiieiyao niaoeeaeueii
nicaeaiiay no?aoiaay eiiiaiey ii eiino?aiiui eiaanoeoeeyi.

Iaiaaeaeiaio aaiea oaeaea naycai n ianeoaeeaaieai oiaa?iuo, oiiaeiauo,
aaethoiuo ae?ae: oeiaine?iaaieai ?acaeoey eo eio?ano?oeoo?u, aiaae?aieai
niiniaia onei?aiey ?an/aoia, nicaeaieai eioi?iaoeeiiiuo naoae aeey
a?iea?ia. Aeey aaiea e?aaeeoiaaiea ae?aeaauo iia?aoeee iaeaieaa
auaiaeii, iineieueeo caeanue e?aaeeoiua ?ano?nu iai?a/eaathony n
iaeneiaeueiie nei?inoueth, i?eiiny iaeaunoea aeeaeaeaiaeu. Iiyoiio
yooaeo io iauaaeeiaiey ae?ae n aaieaie a oieaeeiaiaua oeiainiaua
eiiiaiee aanueia aaeee.

A ioee/ea io aa?iiaeneeo no?ai, aaea ia ?uiea iaaeaeaeeiinoe aeaenoaotho
oceiniaoeeaeece?iaaiiua oe?iu, eiiia?/aneea aaiee Iieaeiau aeaeyo naith
?ieue ia oieueei a iin?aaeie/aneeo iia?aoeeyo, ii e a eiaanoe?iaaiee a
yoio naeoi?. Aeey ?aaeecaoeee iauaeoia iacaaa?oaiiiai no?ieoaeuenoaa
oeaeaniia?acii ia?aciaaiea niaoeeaeueiie ae?aee e oiiaea oeiaine?iaaiey,
aeoeeiia?aie e aeeaae/eeaie eioi?iai iiaee au noaoue e ca?oaaaeiua
oe?iu.

C A E E TH * A I E A

A Iieaeiaa, ia aa oeiainiauo ?uieao, aicieeea neooaoeey, eiaaea
i?aaeeiaeaiea e ni?in i?e iauae ia?acaeoinoe ?uiea iaoiaeyony ia
i?eia?ii iaeeiaeiaii o?iaia. Oaeay neooaoeey yaeyaony iaonoie/eaie e
ia?aoiaeiie. I?e oneeaiee oaiaeaioeee e oi?ie?iaaieth “?uiea
iieoiaoaeae” aoaeao aino?aaiaai ie?iaie iiuo a iaeanoe oi?ie?iaaiey
?uiea oeiainiauo oneoa, ?anoe?aiey eo anni?oeiaioa e nicaeaiey
aaieianeie eiaeono?ee.

I?eioeeiu i?aaiecaoeee e ooieoeeiie?iaaiey aaieianeie nenoaiu n
ia?aoiaeii io aaeieieno?aoeaii-eiiaiaeiie nenoaiu oi?aaeaiey e ?uii/iui
ioiioaieyi i?aoa?iaee nouanoaaiiua eciaiaiey. I?eiyoua a Iieaeiaa caeiiu
i aaieao e aaieianeie aeayoaeueiinoe e i Iaoeeiiaeueiii aaiea Iieaeiau
?aaeecoao i?eiyoue a aieueoeinoaa ?acaeouo no?ai i?eioeei
aeaooo?iaiaaiai iino?iaiey aaieianeie nenoaiu, eioi?ay aeeth/aao a naay
Iaoeeiiaeueiue aaie Iieaeiau, Aaie Aiaoiae oi?aiaee, Naa?aaaoaeueiue
aaie e eiiia?/aneea aaiee, i?ecaaiiua inouanoaeyoue ia aeiaiai?iie
iniiaa eanniaia, e?aaeeoii-?an/aoiia e eiia aaieianeia ianeoaeeaaiea
th?eaee/aneeo eeoe a?aaeaeai.

N ia/aea 90-o aiaeia i?ienoiaeeo ?ino /enea eiiia?/aneeo aaieia. N
?inoii /enea aaieia cia/eoaeueii oneeeeanue eiieo?aioeey iaaeaeo ieie.
Iaeiaei, ii-i?aaeiaio, iniiaiie aeoeaio aeaeaaony ia niaa?oainoaiaaiea
o?aaeeoeeiiiuo “aaieianeeo” iaoiaeia.

Iinea eiee/anoaaiiiai ianuuaiey a aaieianeii naeoi?a Iieaeiau ia/eiaaony
i?ioeann iia?aaeathuaai ?inoa iaoeeiiaeueiuo e ?aaeiiaeueiuo
aaieia-eeaea?ia, eeeaeaeaoeee iaeeeo aaieia, iiaeiuaiey eo e?oiiuie
aaieaie, neeyiey aaieia n ae?oaeie oeiainiauie no?oeoo?aie – oi anoue
i?ioeann eiioeaio?aoeee aaieianeiai eaieoaea, oaaee/eaaaony ?ac?ua
iaaeaeo aaieaie-eeaea?aie e inoaeueiuie aaieaie. Iaiaoeeny i?ioeann
noe?aiey ?acee/ee iaaeaeo io?aneaauie e oae iacuaaaiuie “noa?uie
aaieaie”. Iiyaeeenue aaiee, yooaeoeaii ianeoaeeaathuea e?oiiuo eeeaioia,
auaeaeeeenue aaiee-eeaea?u a iaeanoe aaethoiuo e oiiaeiauo iia?aoeee, a
oaeaea aiaoiayeiiiie/aneeo naycae.

Aaieianeee iaiaaeaeiaio, eee oi?aaeaiea oeiainiauie ?ano?naie aaiea,
ioaaouaaao nenoaio i?eioeeiia, iaoiaeia, oi?i e i?eaiia ?aaoee?iaaiey
?uii/iiai iaoaiecia a iaeanoe aaieianeeo oeiainia n oeaeueth iiauoaiey
eiieo?aioiniiniaiinoe oicyenoaothueo noauaeoia, a oii /enea e aaieia.

I?e iaeii aeciana aeey oi?aaeaiey oeiainaie aeinoaoi/ii eaaeeoeeaoeee
aooaaeoa?a eee yeiiiienoa, o.e. oeiainiaua iia?aoeee ia auoiaeyo ca
?aiee iau/iuo iaee/iuo e aaciaee/iuo ?an/aoia. I?e n?aaeiai e aieueoii
aeciana oi?ie?oaony aieueoie iioie eaieoaeia e, niioaaonoaaiii, aieueoie
iannea iio?aaeoaeae i?iaeoeoeee (?aaio, oneoa), i?e/ai i?aiaeaaeatho
oeiainiaua iia?aoeee, naycaiiua n eiaanoeoeeyie, aeaeaeaieai e
i?aoiiiaeaieai eaieoaea (o?ano, eeceia, naeaia e o.ae.). Aeey oi?aaeaiey
aaieianeeie oeiainaie o?aaothony aunieieaaeeoeoee?iaaiiua niaoeeaeenou a
iaeanoe oeiainiaiai aeciana, aeaaeathuea iniaie io?aneueth
iaiaaeaeiaioa.

Niaa?oainoaiaaiea aaieianeiai iaiaaeaeiaioa eiaao oeaeueth: 1)
oaaee/aiea iauaia ieacuaaaiuo eeeaioai aaiea oneoa; 2) nieaeaiea
ecaea?aeae e iioa?ue io iaaica?aoa e?aaeeoia; 3) iiauoaiea oeai ia yoe
oneoae a nayce n iiauoaieai eo ea/anoaa e iaaeaaeiinoe. Iineaaeiee
aa?eaio a oneiaeyo eiieo?aioiiai ?uiea a?yae ee i?eaieai.

Nieaeaiea ecaea?aeae e iioa?ue naycaii n iiauoaieai o?iaiy
aaoiiaoecaoeee, nie?auaieai iaeeaaeiuo ?anoiaeia, no?aoiaaieai
aaieianeeo ?eneia e o.ae. ?inoa iauaia ieacuaaaiuo oneoa iiaeii
aeinoe/ue iin?aaenoaii oaaee/aiey aeiee ianeoaeeaaaiiai ?uiea, auoiaeia
ia iiaua ?uiee e ieacaieai ea/anoaaiii iiauo oneoa.

Oi?ie?iaaiea “?uiea iieoiaoaey” a noieue niaoeeoe/iie iaeanoe, eaeie
yaeyaony ?uiie oeiainiauo oneoa, e nicaeaiea aaieianeie eiaeono?ee a
caiaaeiuo no?aiao niinianoaiaaei i?iieeiiaaieth eiioeaioeee
iaiaaeaeiaioa e ia?eaoeiaa a oeiainiaoth noa?o e aicieeiiaaieth
aaieianeiai iaiaaeaeiaioa e ia?eaoeiaa. A Iieaeiaa aiaeiae/iua i?ioeannu
ioaaoeee a aieueoae ia?a oi?aiaeth e, a iaiueoae, oeiainiaoth noa?o.
Iiyoiio iiaeii aiai?eoue i ca?iaeaeaiee aaieianeiai iaiaaeaeiaioa eeoue
ia aaca inaiaiey iaeiieaiiiai ie?iaiai iiuoa a yoie iaeanoe.

A ?aaioa i?iaiaeece?iaaiu ?acee/iua i?aaiecaoeeiiiua no?oeoo?u,
eniieuecoaiua a ca?oaaaeiuo eiiia?/aneeo aaieao i?e aia?eeaii-aiaeeeneie
e eiioeiaioaeueiie aa?iiaeneie nenoaiao. Ia yoie iniiaa naeaeaiu
?aeiiaiaeaoeee aeey auai?a iaeaieaa ?aoeeiiaeueiie no?oeoo?u aaieaie
Iieaeiau.

I?e yoii o/eouaaaony eeeanneoeeaoeey yoaiia ?acaeoey aaieianeiai
iaiaaeaeiaioa, a iniiaa eioi?ie – iiiaiia?acea oeiainiauo oneoa,
oaoiieiaey eo i?aaeinoaaeaiey e noaiaiue eioaa?aoeee ?acee/iuo
oeiainiauo einoeoooia.

?aaioa eiiia?/aneiai aaiea ii i?aaiecaoeee oeeeaea i?aaenoaaeyao niaie
niaeaniaaiiue i?ioeann n IAI. A aeeieiiiie ?aaioa nenoaiaoece?iaai iiuo
i?aeoe/aneie ?aaiou ii i?aaiecaoeee oeeeaeia n o/aoii onoaiiaeaiiuo
niioaaonoaothueie eino?oeoeeyie IA o?aaiaaiee.

Iinea ?aaenoaoeee oeeeaea e i?aaiecaoeee naiinoiyoaeueiie ?aaiou oeeeaea
n eeeaioaie ia?aae aieiaiie eiioi?ie anoaao aii?in eii?aeeiaoeee
aeayoaeueiinoe oeeeaea a ?aieao iauae oeeeaeueiie iieeoeee. A
caaeneiinoe io auai?a oeeeaeueiie no?aoaaee ioiioaiey oeeeaeia e
aieiaiie eiioi?u iiaoo no?ieoueny ii ?acee/iui noaiai, eioi?ua aeieaeiu
iaania/eaaoue aiaeec aeayoaeueiinoe oeeeaeia e i?eiyoea ia? iia?aoeaiiai
oi?aaeaiey. Ia iniiaa iaoiaeeee aiaeeca aeayoaeueiinoe oeeeaeia e
i?eioeeiia oi?aaeaiey oeeeaeaie a aieiaiie eiioi?a eiiia?/aneiai aaiea
oi?ie?oaony ooaoiia iiae?acaeaeaiea, iaiin?aaenoaaiii inouanoaeythuaa
eii?aeeiaoeeth aeayoaeueiinoe oeeeaeia.

NIENIE ENIIEUeCIAAIIIE EEOA?AOO?U

1. Caeii “I Iaoeeiiaeueiii aaiea Iieaeiau”. I?eiyo 21 ethey 1995 a. ?
548- XIII.

2. Caeii “I oeiainiauo o/?aaeaeaieyo”. I?eiyo 21 ethey 1995 a. ?
550-XIII.

3. Caeii “I aaieao e aaieianeie aeayoaeueiinoe”.

4. Customer services: marketing the competitive environment. – L.: – BPP
Publishing ltd, 1991.

5. Management in Banking. – L.: – BPP Publishing Lid, 1990.

6. Joseph F. Sinkey Commercial Bank Financial Management – 4 th ed. –
N.Y.: Macmillan Publ. Co., 1992.

7. Phitip Kotler Marketing Management: Analisis, Planning,
Implementation and Control – 6 th. – N.Y.: Prentice Hall, 1988.

8. J.P.Peter, J.H.Donnelly Marketing Management – @nd ed. – BPL, 1989.

9. Fundamentals of Marketing, 3rd ed. – N.Y.: Mc Grew-HILL, 1982.

10. MARKETING 90-91 – Dushkin Publishing Co., 1990.

11. Iiaua yaeaiey a noa?a oeiainiauo oneoa a i?iiuoeaiii ?acaeouo
eaieoaeenoe/aneeo no?aiao. – I.: EIEII, 1989.

12. A.I.Onineei. Nia?aiaiiue eiiia?/aneee aaie: oi?aaeaiea e iia?aoeee.
– I.: 1993.

13. Aia?eeaineee eaieoaeeci a 80-a aiaeu… – I.: 1986.

14. A.I.Na?/aa. Aaaeouea eiiia?/aneea aaiee a ie?iaie yeiiiieea. – I.:
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15. Ia?eaoeia ai aiaoiayeiiiie/aneie aeayoaeueiinoe. Oa?ieiieiae/aneee
neiaa?ue. – I.: Iaaeaeoia?iaeiua ioiioaiey. 1992.

16. A.A.Oaaea?ia. Nia?aiaiiua aaethoii-e?aaeeoiua ?uiee. – I.: Oeiainu e
noaoenoeea. 1989.

17. A.A.Oaoia. Aaaaeaiea a no?aoiaaiea. – I.: Oeiainu e noaoenoeea.
1992.

18. Yaeaei Aeae. Aeieai, Eieei Ae. e ?icia?e Aeae. Eyiiaaeeu. Aeaiueae,
aaieianeia aeaei e aeaiaaeii-e?aaeeoiay iieeoeea. – I.: NIa, 1993.

19. Nieoeui E.I., Nieoeui ss.I. Ia?eaoeia a aaiea. – E.: 1993.

20. NOA: ?uiie iio?aaeoaeueneeo oiaa?ia e oneoa. – I.: Iaoea. 1983.

21. Nia?aiaiiue ia?eaoeia. Iiae ?aae. A.A.O?ooeeiai. – I.: Oeiainu e
noaoenoeea, 1991.

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

23. Aiaei-?onneee neiaa?ue ii yeiiiieea e oeiainai. – NIa: Yeiiiie/aneay
oeiea, 1992.

24. O.Eioea?. Oi?aaeaiea ia?eaoeiaii. I.N.Caaueyeia, A.A.Aeaieaeia.
Oi?ioea oniaoa – ia?eaoeia.

25. A.A.Aaeeei e ae?. Eaieoaeeci naaiaeiy: ia?aaeienu ?acaeoey Naiaiia
ss.A. Iia?aoeee eiiia?/aneiai aaiea n oeaiiuie aoiaaaie. – I.: 1993.

26. Ia?ouiiaa I.E. Aaiee ia ?uiea oeaiiuo aoiaa. – I.: 1994.

27. AEo?iae “?uiie oeaiiuo aoiaa”, 1994, ? 7,9,18,19,20.

28. Iao?aeia I.ss. Oiiaeiaue ii?ooaeue. – I.: 1992.

29. Eieanieeia A.E. Aaieianeia aeaei. 1993, NIa.

30. Iniiau aaieianeie aeayoaeueiinoe aeey i?aaei?eieiaoaeae e
eiiia?naioia. – I.: 1993.

31. Aeieai Yaeaei Aeae. Aeaiueae, aaieianeia aeaei e
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32. Naioyeuenii I. Yeiiiieea. – I.: 1964, ae. 3,15,16,17.

33. Aieuineee A.N. E?aaeeo a oneiaeyo nia?aiaiiiai eaieoaeecia. -I.:
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34. Oaaea?ia A.A. Nia?aiaiiua aaethoii-e?aaeeoiua ?uiee. – Ith: 1989.

35. Iniiaiua iai?aaeaiey e?aaeeoiie iieeoeee a nia?aiaiiuo oneiaeyo. –
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36. Aaieianeia aeaei. Iiae ?aae. I.Eaa?ooeia. – I.: 1993.

37. Neiaa?ue-ni?aai/iee aaieianeeo oa?ieiia. Aeeciaoe A.O. e ae?. –
Ieine, 1989.

38. Aieoaiae/ A.Ae., Neoiee A.A., Oaieei A.E. Oi?aaeaiea aaieii. – I.:
1992.

39. Ieeiaeaeia A.Ae. Nia?aiaiiia aaieianeia aeaei (Iiuo NOA). – I.:
1992.

40. Aeieo?eaa-Iaiiiia A.A., Aaaeei C.I. Oai?ey e i?aeoeea eiiia?/aneiai
aaiea. – I.: 1992.

41. Nieoeui E.I., Nieoeui ss.I. Ia?eaoeia a aaiea. OeIIN “Ieneaei” 1993.

42. Iioiaeeia I.A. Aaieianeia e eiiia?/aneia e?aaeeoiaaiea e
oeiaine?iaaiea eiiiaaoeee. NI-A, 1994.

43. Aaeaeaeoeaa A.A. ?enee a yeiiiieea e iaoiaeu eo no?aoiaaiey. NI-A.
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