7(5(6$+$11$%('1$5&=<.
,GHQW\ILNDFMDXEH]SLHF]\FLHOLZDĪQ\FKV\VWHPRZR
7KHLGHQWLILFDWLRQRIV\VWHPLFDOO\LPSRUWDQWLQVXUHUV 6áRZDNOXF]RZH U\]\NRV\VWHPRZHLQVW\WXFMHILQDQVRZHZDĪQHV\VWHPRZRXEH]SLHF]\FLHOHZDĪQL V\VWHPRZR .H\ZRUGV V\VWHPLFULVN6\VWHPLFDOO\,PSRUWDQW)LQDQFLDO,QVWLWXWLRQV6\VWHPLFDOO\,PSRUWDQW,QVXUDQFH :VWĊS *OREDOQ\NU\]\VILQDQVRZ\]ZUyFLáV]F]HJyOQąXZDJĊ]DUyZQRWHRUHW\NyZMDN LSUDNW\NyZQD]DJDGQLHQLHU\]\NDV\VWHPRZHJRZVHNWRU]HILQDQVRZ\PLMHJRPD-NURHNRQRPLF]QHNRQVHNZHQFMH1DMZDĪQLHMV]HNZHVWLHGRUR]ZLą]DQLDZQDMEOLĪV]HM SU]\V]áRĞFL GRW\F]ą WHJR MDN SRSUDZLü EH]SLHF]HĔVWZR V\VWHPX ILQDQVRZHJR MDN VNXWHF]QLH ]DSRELHJDü SRQRZQ\P ZVWU]ąVRP GHVWDELOL]XMąF\P V\VWHP ILQDQVRZ\ L]DEXU]HQLRPZVIHU]HUHDOQHMJRVSRGDUNLRUD]MDNRJUDQLF]\üNRV]W\JRVSRGDUF]H LVSRáHF]QHW\FK]DEXU]HĔ:NRQWHNĞFLHVWDELOQRĞFLILQDQVRZHMLU\]\NDV\VWHPRZHJRQDMEDUG]LHMVNXSLDQR VLĊQDVHNWRU]HEDQNRZ\PSRQLHZDĪWRRQVWZDU]DáEH]SRĞUHGQLHSUREOHP\ZV\VWHPLH ILQDQVRZ\P%DQNLMDNRSLHUZV]H]RVWDá\]DOLF]RQHGRVWUXNWXUILQDQVRZ\FK]ZDQ\FK *OREDO 6\VWHPLFDOO\ ,PSRUWDQW )LQDQFLDO ,QVWLWXWLRQV ± *6,),V NWyU\FK NáRSRW\ ILQDQVRZHLXSDGáRĞüPDMąSRZDĪQHQHJDW\ZQHNRQVHNZHQFMHZVNDOLPLĊG]\QDUR-GRZHM $E\ ]ZLĊNV]\ü ]GROQRĞü W\FK SRGPLRWyZ GR VDPRG]LHOQHJR DEVRUERZDQLD VWUDW]RVWDá\RQHSRGGDQHVSHFMDOQHPXUHĪLPRZLQDG]RUF]HPXQDáRĪRQRWHĪQDQLH EDUG]LHMUHVWU\NF\MQHZ\PRJLNDSLWDáRZH
7(5(6$+$11$%('1$5&=<. =DV\VWHPRZRZDĪQHLQVW\WXFMHILQDQVRZHX]QDQRWDNĪHXEH]SLHF]\FLHOL]XZDJL QD LFK SRZLą]DQLD ] LQQ\PL HOHPHQWDPL V\VWHPX ILQDQVRZHJR : W\P NRQWHNĞFLH ZDUWRSRVWDZLüS\WDQLHRWRQDSRGVWDZLHMDNLFKNU\WHULyZQDOHĪ\SU]\]QDZDüVWDWXV V\VWHPRZRZDĪQHMLQVW\WXFMLXEH]SLHF]HQLRZHMZVNDOLJOREDOQHM *OREDO±6\VWHPL FDOO\,PSRUWDQW,QVXUDQFH*6,, RUD]F]\PRĪQDZ\NRU]\VWDüZW\PFHOXPHWRG\NĊ RSUDFRZDQąGRLGHQW\ILNDFMLEDQNyZR]QDF]HQLXV\VWHPRZ\P 2GSRZLHGĨQDWRS\WDQLHMHVWQLH]Z\NOHZDĪQDSRQLHZDĪX]QDQLHNRQNUHWQHJR XEH]SLHF]\FLHOD]DLQVW\WXFMĊZDĪQąV\VWHPRZRZVNDOLJOREDOQHMZLąĪHVLĊ]RNUH-ĞORQ\PL NRQVHNZHQFMDPL = MHGQHM VWURQ\ PD SRGQLHĞü VWDELOQRĞü FDáHJR V\VWHPX ILQDQVRZHJR]GUXJLHM]DĞPXVLVSRZRGRZDüSRGZ\ĪV]HQLHNRV]WyZZ\QLNDMąF\FK ]]DRVWU]RQHJRQDG]RUXRUD]]ZLĊNV]RQ\FKZ\PDJDĔNDSLWDáRZ\FK.RV]W\WH]PQLHM-V]ą]ZURW]NDSLWDáXGODDNFMRQDULXV]\OXE]RVWDQąSU]HU]XFRQHQDXEH]SLHF]RQ\FK LPRJąVWDüVLĊMHGQ\P]F]\QQLNyZRJUDQLF]DMąF\FKZ]URVWZVHNWRU]HXEH]SLHF]H-QLRZ\P'ODWHJRWHĪZ\]QDF]HQLHXEH]SLHF]\FLHOLRVWDWXVLH*6,,VZ\PDJDF]DVX Z\MąWNRZHMVWDUDQQRĞFLLUR]ZDJL 0LĊG]\QDURGRZH6WRZDU]\V]HQLH1DG]RUyZ8EH]SLHF]HĔ ,$,6 ]DSURSRQRZDáR ZáDVQąPHWRG\NĊLGHQW\ILNDFMLXEH]SLHF]\FLHOLZDĪQ\FKV\VWHPRZRNWyUDMHVWSRGREQD GRSRGHMĞFLDRSUDFRZDQHJRGODEDQNyZDOHXZ]JOĊGQLDLVWRWQHUyĪQLFHZFKDUDNWHU]H G]LDáDOQRĞFL EDQNRZHM L XEH]SLHF]HQLRZHM *áyZQ\P FHOHP RSUDFRZDQLD VWDáD VLĊ FKDUDNWHU\VW\NDWHMZáDĞQLHPHWRG\RUD]ZáąF]HQLHVLĊGRG\VNXVMLQDGNU\WHULDPL RFHQ\U\]\NDV\VWHPRZHJRZVHNWRU]HXEH]SLHF]HQLRZ\P2SUDFRZDQLHZ\PDJDáR VWXGLyZQDGOLWHUDWXUąRUD]GRNXPHQWDPLĨUyGáRZ\PLZSRVWDFLUDSRUWyZLRSUDFRZDĔ LQVW\WXFMLPLĊG]\QDURGRZ\FK 5\]\NRV\VWHPRZHZVHNWRU]HXEH]SLHF]HQLRZ\P 3U]HGZ\EXFKHPJOREDOQHJRNU\]\VXILQDQVRZHJRQLHUR]ZDĪDQRV]HU]HMSURE-OHPXU\]\NDV\VWHPRZHJRZXEH]SLHF]HQLDFK'RSLHURZ\GDU]HQLD]ZLą]DQH]MHJR HVNDODFMąZ(XURSLHLQDĞZLHFLHVSURZRNRZDá\V]HUV]ąG\VNXVMĊQDGW\P]DJDGQLH-QLHP:SXEOLNDFMDFKJáyZQLHDQJLHOVNRMĊ]\F]Q\FKSRGMĊWRUR]ZDĪDQLDQDGW\P F]\EUDQĪDXEH]SLHF]HQLRZDMHVWW\ONREHQHILFMHQWHPU\]\NDV\VWHPRZHJRF]\UyZ-QLHĪMHNUHXMH>5DGLFH@:OLWHUDWXU]HSU]HGPLRWXEUDNXMHWHĪMHGQRP\ĞOQRĞFL F]\XEH]SLHF]\FLHOLQDOHĪ\WUDNWRZDüMDNRLQVW\WXFMHZDĪQHV\VWHPRZRF]\UDF]HM V\VWHPRZRQLHLVWRWQH±LZFLąĪWRF]\VLĊGHEDWDQDWHQWHPDW =MHGQHMVWURQ\XZDĪDVLĊĪHWUDG\F\MQDG]LDáDOQRĞüXEH]SLHF]HQLRZDMHVWPDáR U\]\NRZQD]SXQNWXZLG]HQLDVWDELOQRĞFLFDáHJRV\VWHPXILQDQVRZHJRLVIHU\UHDOQHM JRVSRGDUNL>6\VWHPLF« ,QVXUDQFH«@:NRQWHNĞFLHNDQDáyZUR]SU]H-VWU]HQLDQLDVLĊ]DEXU]HĔXEH]SLHF]\FLHOHSRGREQLHMDNIXQGXV]HHPHU\WDOQH]RVWDOL ]DOLF]HQLGRNDWHJRULLGXĪ\FKL]áRĪRQ\FKLQVW\WXFMLILQDQVRZ\FKDOHQLHLVWRWQ\FK V\VWHPRZRSRQLHZDĪ±FRGR]DVDG\±QLHVąSRGPLRWDPLZ\VRNROHZDURZDQ\PL
>%UXQQHUPHLHULLQQL V@2F]\ZLĞFLH]DNáyFHQLDZG]LDáDOQRĞFLXEH]SLH-UMCS
,'(17<),.$&-$8%(=3,(&=<&,(/,:$ĩ1<&+6<67(02:2
F]\FLHOL ] SRZRGX ]DEXU]HĔ ZHZQĊWU]Q\FK OXE ]HZQĊWU]Q\FK EąGĨ LFK XSDGáRĞü QLRVąQHJDW\ZQHNRQVHNZHQFMHHNRQRPLF]QHGODJRVSRGDUNLDOHEDUG]LHMZXMĊFLX NUDMRZ\POXEUHJLRQDOQ\PQLĪJOREDOQ\P V\VWHPRZ\P
=GUXJLHMMHGQDNVWURQ\WZLHUG]LVLĊĪH]XZDJLQD]áRĪRQąVWUXNWXUĊU\QNyZ ILQDQVRZ\FK ÄZ NU\]\VLH ZV]\VWNLH LQVW\WXFMH ILQDQVRZH Vą V\VWHPRZR ZDĪQH ± QLH]DOHĪQLHRGLFKZLHONRĞFL´>-XUNRZVNDV@3RZVWDMH]DWHPNRQLHF]QRĞü LGHQW\ILNDFMLZV]\VWNLFKĨUyGHáLSURFHVyZU\]\NDV\VWHPRZHJRZW\PLQVW\WXFML ILQDQVRZ\FK]DUyZQREDQNRZ\FKMDNLQLHEDQNRZ\FK:XVWDZLH'RGGD)UDQND ] U ]D LQVW\WXFMĊ ZDĪQą V\VWHPRZR EĊGąFą Z VWDQLH ]DFKZLDü VWDELOQRĞFLą V\VWHPXILQDQVRZHJR6WDQyZ=MHGQRF]RQ\FKX]QDQRNDĪG\EDQNRUD]QLHEDQNRZą LQVW\WXFMĊILQDQVRZąNWyU\FKVNRQVROLGRZDQHDNW\ZDSU]HNUDF]DMąZDUWRĞüPOG 86' >'RGG)UDQN« ±@ = NROHL SRZRáDQD SU]H] * 5DGD 6WDELOQRĞFL )LQDQVRZHM )6% ]GHILQLRZDáD*6,),VMDNRÄLQVW\WXFMHNWyU\FKNáRSRW\ILQDQVRZH OXEXSDGáRĞü]SRZRGXZLHONRĞFLZDĪQRĞFLU\QNRZHMOXEZ]DMHPQ\FKJOREDOQ\FK SRZLą]DĔPRJąZ\ZRáDüSRZDĪQHUHSHUNXVMHZĞZLDWRZ\PV\VWHPLHILQDQVRZ\P LQHJDW\ZQLHRGG]LDá\ZDüQDVIHUĊUHDOQąJRVSRGDUHNZZLHOXNUDMDFK´>*XLGDQFH« V@)6%WUDNWXMHXEH]SLHF]\FLHOLMDNRLQVW\WXFMHILQDQVRZHZDĪQHV\VWHPRZR ZVNDOLJOREDOQHM 0HWRG\LGHQW\ILNDFMLLQVW\WXFMLILQDQVRZ\FKZDĪQ\FKV\VWHPRZR :UDPDFKJOREDOQHMLQLFMDW\Z\RSDUWHMQDZVSyáSUDF\PLĊG]\QDURGRZHMLZ\-PLDQLHLQIRUPDFMLPLĊG]\UHJXODWRUDPLU\QNXILQDQVRZHJRGRNRQDQRLGHQW\ILNDFML EDQNyZ R V\VWHPRZ\P ]QDF]HQLX QD SR]LRPLH JOREDOQ\P *6,%V 3RG XZDJĊ Z]LĊWRWDNLHF]\QQLNLMDNZLHONRĞüJUXS\EDQNRZHMSRZLą]DQLD]LQQ\PLLQVW\WX-FMDPLILQDQVRZ\PL]áRĪRQRĞüSURZDG]RQHMG]LDáDOQRĞFLLSRVLDGDQ\FKLQVWUXPHQWyZ ILQDQVRZ\FK ZW\PSRFKRGQ\FK ]DVWĊSRZDOQRĞüRIHURZDQ\FKXVáXJRUD]JOREDOQ\ ]DVLĊJG]LDáDOQRĞFL:V]\VWNLHNU\WHULDRWU]\PDá\MHGQDNRZHZDJL±SR>*OREDO« @:OLVWRSDG]LHU)6%RSXEOLNRZDáDZVWĊSQąOLVWĊEDQNyZVSHáQLDMąF\FK NU\WHULD*6,%=JRGQLH]SRVWDQRZLHQLDPL%D]\OHL,,,NDĪG\EDQNRVWDWXVLH*6,% PXVLXWU]\P\ZDüSRGZ\ĪV]RQHNDSLWDá\ZáDVQHRUD]VSHáQLDüRNUHĞORQHLEDUG]LHM U\JRU\VW\F]QHQRUP\QDG]RUF]H>5DSRUW«@ :FHOXLGHQW\ILNDFMLXEH]SLHF]\FLHOLRV\VWHPRZ\P]QDF]HQLXZVNDOLJOREDO-QHM *6,,V ,$,6 ]DSURSRQRZDáD ZáDVQą PHWRG\NĊ NWyUD RSLHUD VLĊ QD ]DáRĪHQLX ĪH XEH]SLHF]\FLHOH Z ]QDF]QLH PQLHMV]\P VWRSQLX QLĪ EDQNL SU]\F]\QLDMą VLĊ GR NUHRZDQLDU\]\NDV\VWHPRZHJRFRZ\QLND]DUyZQR]DQDOL]\WHRUHW\F]QHMPRGHOL
Sa to &LWLJURXS+6%&'HXWVFKH%DQN-30RUJDQ&KDVH%DUFOD\V%133DULEDV%DQNRI$PHULFD
0LWVXELVKL 8)- )* %DQN RI 1HZ <RUN 0HOORQ 0RUJDQ 6WDQOH\ &UHGLW 6XLVVH 5R\DO %DQN RI 6FRWODQG *ROGPDQ6DFKV8%6%DQNRI&KLQD6DQWDQGHU%%9$6RFLpWp*pQpUDOH*URXS%3&(6WDQGDUG&KDUWHUHG *URXS&UpGLW$JULFROH6WDWH6WUHHW,1*%DQN6XPLWRPR0LWVXL)*0L]XKR)*8QLFUHGLW*URXS1RUGHD :HOOV)DUJR
7(5(6$+$11$%('1$5&=<.
EL]QHVRZ\FKXEH]SLHF]\FLHOLLEDQNyZMDNL]DQDOL]HPSLU\F]Q\FK:PHWRGRORJLL ,$,6RGG]LHOQLHDQDOL]XMHVLĊLRFHQLDWUDG\F\MQąG]LDáDOQRĞüXEH]SLHF]HQLRZąRUD] G]LDáDOQRĞü TXDVLEDQNRZą Z\NRQ\ZDQą Z UDPDFK JUXS L NRQJORPHUDWyZ ILQDQ-VRZ\FK:NRQWHNĞFLHNUHRZDQLDU\]\NDV\VWHPRZHJR,$,6]LGHQW\ILNRZDáRWU]\ JáyZQHREV]DU\G]LDáDOQRĞFLXEH]SLHF]\FLHOL G]LDáDOQRĞüWUDG\F\MQąQLHWUDG\F\MQą RUD]QLHXEH]SLHF]HQLRZą SRUWDEHOD 7DEHOD2EV]DU\G]LDáDOQRĞFLXEH]SLHF]\FLHOLZUDPDFKJUXSXEH]SLHF]HQLRZ\FK LNRQJORPHUDWyZILQDQVRZ\FK 8EH]SLH-F]HQLD ,QVXUDQFH ']LDáDOQRĞüWUDG\F\MQD 7UDGLWLRQDO ']LDáDOQRĞüSRĞUHGQLD 6HPLWUDGLWLRQDO ']LDáDOQRĞü QLHWUDG\F\MQD 1RQWUDGLWLRQDO 3U]HMPRZDQLH U\]\NDXEH]-SLHF]HQLRZHJR 8QGHUZULWWLQJ ']LDáDOQRĞüXEH]SLHF]H-QLRZDLUHDVHNXUDF\MQD ±NODV\F]QHXEH]SLHF]H-QLDĪ\FLRZHLPDMąWNRZH 0RVWOLIHDQGQRQOLIH UH LQVXUDQFHEXVLQHVV OLQHV D 8EH]SLHF]HQLDQD Ī\FLHZW\P]PLHQQH UHQW\Ī\FLRZH]JZD-UDQFMDPL OLIHLQVXU DQFHDQGYDULDEOHDQ QXLWLHVZLWKDGGLWLRQDO JXDUDQWHHV E 8EH]SLHF]HQLDNUH-G\WyZKLSRWHF]Q\FK 0RUWDJH JXDUDQWHH LQVXUDQFH F 8EH]SLHF]HQLD NUHG\WyZKDQGOR-Z\FK 7UDGHFUHGLW LQVXUDQFH D $OWHUQDW\ZQ\ WUDQVIHUU\]\ND $57 ZW\PXEH]SLHF]HQLR- ZHSDSLHU\ZDUWRĞFLR-ZH ,/6 $OWHUQDWLYH ULVNWUDQVIHULQFO LQVXUDQFHOLQNHGVHFX ULWLHV,/6 E *ZDUDQFMHILQDQ-VRZH )LQDQFLDO gua UDQWHHLQVXUDQFH F 5HDVHNXUDFMD ILQDQVRZD )LQLWH UHLQVXUDQFH ']LDáDOQRĞü LQZHVW\F\MQD LILQDQVRZD ,QYHVWPHQWV DQGIXQGLQJ D =DU]ąG]DQLHDN-W\ZDPLLSDV\ZDPL 3URSULHWDU\LQYHVWPHQW IXQFWLRQ±DVVHWOLDELOL W\PDWFKLQJ $/0 E 2SHUDFMH]DEH]SLH-F]DMąFHZUDPDFK$/0 +HGJLQJIRU$/0 SXUSRVHV F )LQDQVRZDQLH]HĨUy-GHáZáDVQ\FKLREF\FK ZW\PVHNXU\W\]DFMD )XQGLQJWKURXJKHTXLW\ DQGGHEWLVVXHV DOVR VHFXULWWLHVHQGLQJ D 2EUyWLQVWUXPHQ-WDPLSRFKRGQ\PL ZFHODFKVSHNXODF\M-Q\FK 3URSULHWDU\DQG GHULYDWLYHVWUDGLQJ QRQ$/0 E =DU]ąG]DQLHDNW\-ZDPLLQZHVW\F\MQ\PL 3URSHUW\PDQDJHPHQW UHODWHGWRLQYHVWPHQW SRUWIROLR D +\EU\GRZHSRUWIHOH LQZHVW\F\MQH 3XUHO\ V\QWKHWLFLQYHVWPHQW SRUWIROLRV E 3RĪ\F]NLVHNXU\W\-]RZDQHLRSHUDFMHUHSR &DVFDGHVRIUHSRV DQGVHFXULWLHVOHQGLQJ F =DNUHVLVNDODG]LD-áDĔZ\NUDF]DMąF\FK SR]DNRPSHWHQFMH XEH]SLHF]HĔ 6FRSH DQGVFDOHRIDFWLYL WLHVEH\RQGLQVXUDQFH UHPLW $QDOL]DHPSLU\F]QDSROHJDáDQDLORĞFLRZ\PSRUyZQDQLXXEH]SLHF]\FLHOLLEDQNyZ]Z\NRU]\VWDQLHP SRUyZQ\ZDOQ\FKNU\WHULyZ>SRU&URVV«@
UMCS
,'(17<),.$&-$8%(=3,(&=<&,(/,:$ĩ1<&+6<67(02:2 ']LDáDOQRĞü QLHXEH]SLH-F]HQLRZD 1RQLQ VXUDQFH • &'6&'2 &'6&'2XQGHUZULWLQJ • 2EUyWSDSLHUDPLZDUWRĞFLRZ\PL &DSLWDOPDUNHWEXVLQHVV • ']LDáDOQRĞüEDQNRZDZW\PEDQNRZRĞüLQZHVW\F\MQDRUD]G]LDáDOQRĞüKHGJLQJRZD %DQ NLQJLQFOLQYHVWPHQWEDQNLQJDQGKHGJHIXQGDFWLYLWLHV • =DU]ąG]DQLHDNW\ZDPLLQQ\FKILUP 7KLUGSDUW\DVVHWPDQDJHPHQW • ']LDáDOQRĞüSU]HP\VáRZD ,QGXVWULDODFWLYLWLHV ħUyGáR *OREDO6\VWHPLFDOO\,PSRUWDQW,QVXUHUV 3URSRVHG$VVHVVPHQW0HWKRGRORJ\,$,60D\V 2WRQDMZDĪQLHMV]HDUJXPHQW\SU]HPDZLDMąFH]DWDNLPSRG]LDáHP3RSLHUZV]H ±U\]\NRXEH]SLHF]HQLRZHMHVWZGXĪHMPLHU]HQLH]DOHĪQHRGF\NOXJRVSRGDUF]HJR SRGF]DVJG\U\]\NREDQNRZHFKDUDNWHU\]XMHVLĊZ\VRNąNRUHODFMą]F\NOHPJRVSR-GDUF]\P 3RGUXJLH±XEH]SLHF]\FLHOHUHDOL]XMąW]ZRGZUyFRQ\F\NOSURGXNF\MQ\NWyU\ ]DSHZQLDLPILQDQVRZDQLHH[DQWH±QDMSLHUZSU]\FKRG\]HVNáDGHNXEH]SLHF]HQLR-Z\FKDSyĨQLHMZ\SáDWDRGV]NRGRZDĔ8EH]SLHF]\FLHOHVą]REOLJRZDQLGRWZRU]HQLD UH]HUZWHFKQLF]QRXEH]SLHF]HQLRZ\FKSRGSU]\V]áHZ\SáDW\NWyU\FKUyZQRZDUWRĞü LQZHVWXMąVWRVXQNRZREH]SLHF]QLH 3RWU]HFLH±XEH]SLHF]\FLHOHSRSU]H]ZáDĞFLZHGRSDVRZ\ZDQLHDNW\ZyZLSD- V\ZyZ $VVHW/LDELOLW\0DQDJHPHQW VąPQLHMQLĪEDQNLQDUDĪHQLQDU\]\NRSá\Q-QRĞFLZ\QLNDMąFH]WUDQVIRUPDFMLWHUPLQyZ]DSDGDOQRĞFLDNW\ZyZLQZHVW\F\MQ\FK L]RERZLą]DĔ3RQDGWRURV]F]HQLDRGV]NRGRZDZF]HPDMąWHQGHQFMĊGRUR]NáDGDQLD VLĊZGáXĪV]\PRNUHVLHFRUyZQLHĪ]PQLHMV]DSUHVMĊQDU\]\NRXWUDW\Sá\QQRĞFL 3RF]ZDUWH±XEH]SLHF]\FLHOHUHODW\ZQLHU]DGNR]DFLąJDMąNODV\F]Q\GáXJFRPD ZSá\ZQDQLVNLSR]LRPU]HF]\ZLVWHJROHZDURZDQLD:GXĪRPQLHMV]\PVWRSQLXQLĪ EDQNLNRU]\VWDMą]ILQDQVRZDQLD]DSRPRFąNUyWNRWHUPLQRZ\FKSDSLHUyZGáXĪQ\FK FRĞZLDGF]\RW\PĪHVą]QDF]QLHPQLHMQLĪEDQNLSRZLą]DQL]V\VWHPHPILQDQ-VRZ\P 8EH]SLHF]\FLHOH Z\ND]XMą WHĪ ]QDF]QLH QLĪV]H QLĪ EDQNL ]DDQJDĪRZDQLH ZLQVWUXPHQW\SRFKRGQH3U]HFLĊWQ\EDQNZUVSU]HGDá]DEH]SLHF]HQLD]W\WXáX VZDSyZNUHG\WRZ\FKRZDUWRĞFLUD]\ZLĊNV]HMQLĪSU]HFLĊWQ\XEH]SLHF]\FLHO 1DMQLĪHM]QDMGXMąF\VLĊZUDQNLQJXEDQNZ\VWDZLáĞUHGQLRUD]\ZLĊFHM&'6yZ QLĪVWDW\VW\F]Q\XEH]SLHF]\FLHO>&URVV«@ 3RSLąWH±SRGZ]JOĊGHPNDSLWDáRZ\PXEH]SLHF]\FLHOHVąGXĪRPQLHMVLQLĪEDQNL $NW\ZD SU]HFLĊWQHJR EDQNX Vą SUDZLH UD]\ ZLĊNV]H QLĪ DNW\ZD VWDW\VW\F]QHJR XEH]SLHF]\FLHODDDNW\ZDQDMZLĊNV]HJRXEH]SLHF]\FLHODJOREDOQHJRVąUyZQHDNW\-ZRPEDQNXNWyU\]DMPXMHGRSLHURSR]\FMĊZUDQNLQJXQDMZLĊNV]\FKEDQNyZ ĞZLDWD>&URVV«@
3RV]yVWH±XEH]SLHF]\FLHOHZSHZQ\PVWRSQLXSRGOHJDMąSURFHVRZLNRQWURORZDQHM XSDGáRĞFLJG\ĪMHVWPRĪOLZRĞüSU]HQLHVLHQLDSRUWIHODXPyZXEH]SLHF]HQLRZ\FKRUD] RFKURQD XEH]SLHF]RQ\FK Z UDPDFK XEH]SLHF]HQLRZ\FK IXQGXV]\ JZDUDQF\MQ\FK 5\QHN XEH]SLHF]HQLRZ\ Z\ND]XMH VLĊ Z\VRNLP VWRSQLHP VXEVW\WXF\MQRĞFL XVáXJ RUD]UHODW\ZQąáDWZRĞFLąZHMĞFLDQRZ\FKILUPXEH]SLHF]HQLRZ\FK
7(5(6$+$11$%('1$5&=<.
=XSHáQLH LQDF]HM Z\JOąGD U\]\NR ]ZLą]DQH ] SURZDG]HQLHP XEH]SLHF]HĔ QLH-WUDG\F\MQ\FKLG]LDáDOQRĞFLQLHXEH]SLHF]HQLRZHM 1718 )LUP\XEH]SLHF]HQLRZH QDĞZLHFLHSRV]XNXMąFQRZ\FKĨUyGHá]\VNXUR]V]HU]DMą]DNUHVVZRMHMDNW\ZQRĞFL LQZHVW\F\MQHM $QJDĪXMą VLĊ Z NUHG\WRZDQLH QLHUXFKRPRĞFL XG]LHODQLH NUHG\WyZ GODSU]HGVLĊELRUVWZRUD]NUHG\WyZQDUHDOL]DFMĊSU]HGVLĊZ]LĊüLQIUDVWUXNWXUDOQ\FK >'XQJH/XFLDQL9HUHGDV@3RĪ\F]DMąWHĪEDQNRPSLHQLąG]HZIRUPLHVZDSyZ Sá\QQRĞFLRZ\FKEąGĨLQQ\FKWUDQVDNFMLQSWUDQVDNFMLRGNXSXSDSLHUyZZDUWRĞFLRZ\FK W\SXUHSR OXESRĪ\F]DMąSDSLHU\ZDUWRĞFLRZH VHFXULWLHVOHQGLQJ :W\FKREV]DUDFK ]DFKRG]ąFRUD]ĞFLĞOHMV]HSRZLą]DQLDXEH]SLHF]\FLHOL]U\QNLHPNDSLWDáRZ\PNWy-U\ MHVW SU]H] QLFK Z\NRU]\VW\ZDQ\ GR WUDQVIHURZDQLD U\]\ND XEH]SLHF]HQLRZHJR SU]\ UyZQRF]HVQHM ZLĊNV]HM DNW\ZQRĞFL XEH]SLHF]\FLHOL Z SU]HMPRZDQLX U\]\ND ILQDQVRZHJR JáyZQLHNUHG\WRZHJR ]U\QNXNDSLWDáRZHJR:\PLHQLRQHSU]\NáDG\ QRZRF]HVQ\FK WUDQVDNFML RGPLHQQ\FK RG WUDG\F\MQ\FK XVáXJ XEH]SLHF]HQLRZ\FK ĞZLDGF]ąRW\PĪHJUXS\XEH]SLHF]HQLRZHG]LDáDMąSRGREQLHMDNSRGPLRW\]W]Z EDQNRZRĞFLFLHQLD VKDGRZEDQNLQJ -HVWWRG]LDáDOQRĞüPDáRSU]HMU]\VWDQLHQDG-]RURZDQDSU]H]SXEOLF]QHLQVW\WXFMHQDG]RUF]HXZDĪDVLĊĪHNUHXMHRQDSRZDĪQH ]DJURĪHQLDV\VWHPRZH .U\WHULDRFHQ\V\VWHPRZHJR]QDF]HQLDXEH]SLHF]\FLHOLZHGáXJ,$,6 2SUDFRZDQDSU]H],$,6PHWRGD]RVWDáDRSXEOLNRZDQDZPDMXULSRGGDQD V]HUV]HMG\VNXVMLVSRáHF]QHM'RDQDOL]\Z\EUDQRQDMZLĊNV]\FKJUXSXEH]SLHF]H-QLRZ\FKG]LDáDMąF\FKZNUDMDFK0HWRGDPDXPRĪOLZLüNZDQW\ILNDFMĊ]QDF]HQLD V\VWHPRZHJR XEH]SLHF]\FLHOL SRG Z]JOĊGHP ZSá\ZX MDNL LFK NáRSRW\ ILQDQVRZH OXEXSDGáRĞüPRJá\E\PLHüQDJOREDOQ\V\VWHPILQDQVRZ\LFDáąJRVSRGDUNĊDQLH ZNDWHJRULDFKSUDZGRSRGRELHĔVWZDÄDZDULL´VDP\FKXEH]SLHF]\FLHOL 0HWRGD,$,6MHVW]DVDGQLF]RSRGREQDGRWHMRSUDFRZDQHMSU]H].RPLWHW%D]\OHMVNL 8Z]JOĊGQLDMHGQDNNLONDUyĪQLFNWyUHRG]ZLHUFLHGODMąRGUĊEQ\FKDUDNWHUG]LDáDOQR-ĞFLXEH]SLHF]HQLRZHMFR]QDOD]áRZ\UD]]DUyZQRZGRERU]HZVNDĨQLNyZMDNLLFK ZDJ:VNDĨQLNLRFHQ\ZPHWRG]LH,$,6]JUXSRZDQRZSLĊFLXNDWHJRULDFK ZLHONRĞü XEH]SLHF]\FLHODMHJRJOREDOQDDNW\ZQRĞüSRZLą]DQLDZHZQąWU]V\VWHPRZH]DNUHV G]LDáDOQRĞFLQLHWUDG\F\MQHMLQLHXEH]SLHF]HQLRZHMRUD]]DVWĊSRZDOQRĞüĞZLDGF]RQ\FK XVáXJ SRU WDEHOD =áRĪRQRĞü SURZDG]RQHM G]LDáDOQRĞFL Z SRGHMĞFLX .RPLWHWX %D]\OHMVNLHJRMHVWRVREQ\PNU\WHULXP:PHWRG]LH,$,6]RVWDáRRQRZáąF]RQHGR NDWHJRULLÄSRZLą]DQLD]LQVW\WXFMDPLILQDQVRZ\PL´
3U]\MĊWHNU\WHULDDZLFKUDPDFKZVNDĨQLNLV]F]HJyáRZH áąF]QLH PDMąVWD-QRZLüSLHUZV]ąZVND]yZNĊRFHQ\EH]Z]JOĊGQHJR]QDF]HQLDV\VWHPRZHJRGDQHJR XEH]SLHF]\FLHOD2SUyF]WHJRSU]HZLG]LDQRGRGDWNRZHZVNDĨQLNL Z\VRNRĞüREURWX LQVWUXPHQWDPL SRFKRGQ\PL QLH]ZLą]DQHJR ] RSHUDFMDPL ]DEH]SLHF]DMąF\PL RUD] Sá\QQRĞü]RERZLą]DĔXEH]SLHF]HQLRZ\FK±DE\XVWDOLüNWyUH]W\FKJUXS]RERZLą]DĔ
,'(17<),.$&-$8%(=3,(&=<&,(/,:$ĩ1<&+6<67(02:2 VąZ\PDJDOQHQDĪąGDQLHOXEZNUyWNLPRNUHVLH:VNDĨQLNLWHSRZLQQ\GRVWDUF]\ü XĪ\WHF]Q\FKLQIRUPDFMLR]DNUHVLHG]LDáDOQRĞFLVSHNXODF\MQHMXEH]SLHF]\FLHOD 7DEHOD.U\WHULDRUD]ZVNDĨQLNLV]F]HJyáRZHRFHQ\]QDF]HQLDV\VWHPRZHJRXEH]SLHF]\FLHOL .DWHJRULD :DJL Z :VNDĨQLNLV]F]HJyáRZH :VNDĨQLN ZDĪHQLD Z :LHONRĞüXEH]SLHF]\FLHOD 6L]H ± $NW\ZDRJyáHP 7RWDODVVHWV 3U]\FKRG\RJyáHP 7RWDOUHYHQXHV ± ± *OREDOQDDNW\ZQRĞü *OR EDODFWLYLW\ ± 3U]\FKRG\X]\VNDQHSR]DJUDQLFDPLNUDMX Reve QXHVGHULYHGRXWVLGHRIKRPHFRXQWU\ /LF]EDNUDMyZ 1XPEHURI&RXQWULHV ± ± :]DMHPQHSRZLą]DQLD ]LQQ\PLLQVW\WXFMDPL ILQDQVRZ\PL ,QWHUFRQQHF WHGQHVV ± $NW\ZDILQDQVRZH ,QWUDILQDQFLDODVVHWV =RERZLą]DQLDILQDQVRZH ,QWUDILQDQFLDO/LDEL lities 5HDVHNXUDFMD,QVWUXPHQW\SRFKRGQH 'XĪDHNVSR]\FMDQDU\]\NR /DUJHH[SRVXUHV 2EURW\ 7XUQRYHU 3R]LRPSá\QQRĞFLWU]HFLHJRVWRSQLD Level 3 assets ± ± ± ± ± ± ± =DNUHVG]LDáDOQRĞFL QLHWUDG\F\MQHMLQLHXEH]SLH-F]HQLRZHM 1RQWUDGLWLRQDO LQVXUDQFHDQGQRQLQVXUDQ FHDFWLYLWLHV ± 3U]\FKRG\L]RERZLą]DQLD]G]LDáDOQRĞFLQLHXEH]-SLHF]HQLRZHM 1RQSROLF\KROGHUOLDELOLWLHVDQG QRQLQVXUDQFHUHYHQXHV 2EUyWLQVWUXPHQWDPLSRFKRGQ\PL 'HULYDWLYHV 7UDGLQJ )LQDQVRZDQLHNUyWNRWHUPLQRZH 6KRUWWHUP IXQGLQJ *ZDUDQFMHILQDQVRZH )LQDQFLDOJXDUDQWHHV =PLHQQHUHQW\Ī\FLRZH 9DULDEOHDQQXLWLHV =RERZLą]DQLDZHZQąWU]JUXS\ ,QWUDJURXS FRPPLWPHQWV ± ± ± ± ± ± =DVWĊSRZDOQRĞü Substitutability ± 6NáDGNL]SRV]F]HJyOQ\FKOLQLLEL]QHVRZ\FK 3UHPLXPVIRUVSHFLILFEXVLQHVVOLQH ± ħUyGáR RSUDFRZDQLHZáDVQHQDSRGVWDZLH*OREDO6\VWHPLFDOO\,PSRUWDQW,QVXUHUV 3URSRVHG$VVHVVPHQW0HWKRGRORJ\ ,$,60D\V 3RUyZQXMąFPHWRGĊ,$,6]PHWRGą.RPLWHWX%D]\OHMVNLHJRGRW\F]ąFąEDQNyZ RUD]PHWRGą]DSURSRQRZDQąSU]H]5DGĊ1DG]RUX6WDELOQRĞFL)LQDQVRZHM )LQDQFLDO 6WDELOLW\2YHUVLJKW&RQVLO±)62& QDOHĪ\SRGNUHĞOLüUyĪQLFHGRW\F]ąFH]DUyZQR NU\WHULyZ MDN L SURSRQRZDQ\FK ZDJ U\]\ND GOD SRV]F]HJyOQ\FK NU\WHULyZ ,$,6 XZDĪDLĪVDPDZLHONRĞüLQVW\WXFMLXEH]SLHF]HQLRZHMQLHPRĪHE\üF]\QQLNLHPGHF\-GXMąF\PR]DNZDOLILNRZDQLXMHMMDNR*6,,:LHONRĞüXEH]SLHF]\FLHODZ\NRQXMąFHJR WUDG\F\MQąG]LDáDOQRĞüXEH]SLHF]HQLRZąSU]HPDZLDQDMHJRNRU]\ĞüSRQLHZDĪMHVW RQDZDUXQNLHPVNXWHF]QHJRáąF]HQLDLG\ZHUV\ILNDFMLU\]\ND=JRGQLH]SUDZHP
7(5(6$+$11$%('1$5&=<.
ZLHONLFK OLF]E %HUQRXOOHJR NRU]\ĞFL ] G\ZHUV\ILNDFML U\]\ND Vą W\P Z\ĪV]H LP ZLĊNV]DMHVWVNDODWUDG\F\MQHMG]LDáDOQRĞFLXEH]SLHF]HQLRZHMLPRĪOLZRĞüUR]SU]H- VWU]HQLHQLHU\]\NDZVNDOLJOREDOQHM:]ZLą]NX]W\PZPHWRG]LH,$,6F]\QQL-NRZLZLHONRĞFLXEH]SLHF]\FLHODSU]\SLVXMHVLĊZDJĊW\ONRRGGRSRGF]DV JG\QDMZLĊNV]\QDFLVNNáDG]LHVLĊQDXG]LDáG]LDáDOQRĞFLILQDQVRZHMZUDPDFKJUXS XEH]SLHF]HQLRZ\FKRUD]]DNUHVZ]DMHPQ\FKSRZLą]DĔZHZQąWU]V\VWHPRZ\FK6ąWR REV]DU\NWyUHZHGáXJ,$,6VWZDU]DMąVLOQH]DOHĪQRĞFLPLĊG]\VHNWRUHPXEH]SLHF]H-QLRZ\PEDQNDPLLU\QNDPLNDSLWDáRZ\PL'ODWHJRZVNDĨQLNRPZW\FKNDWHJRULDFK SU]\SLVDQRZDJLQDMZLĊNV]H±RGGR:RGUyĪQLHQLXRGSRGHMĞFLD)62& PHWRGD,$,6XZ]JOĊGQLDNU\WHULXPPLĊG]\QDURGRZHMG]LDáDOQRĞFLXEH]SLHF]\FLHOL 7DEHOD3RG]LDáSRUWIHODEL]QHVRZHJRXEH]SLHF]\FLHOLRUD]XZ]JOĊGQLDQHZDJLU\]\ND 7UDG\F\MQD 7UDGLWLRQDO 3RĞUHGQLD 6HPLWUDGLWLRQDO 1LHWUDG\F\MQD 1RQWUDGLWLRQDO ']LDáDOQRĞüXEH]SLHF]HQLRZDRUD]LQZHVW\F\MQD ]QLą]ZLą]DQD ,QVXUDQFH8QGHUZULWLQJDQG VXSSRUWLQJ,QYHVWPHQWWUHDVXU\IXQFWLRQV )LQDQVRZDG]LDáDOQRĞüQLHXEH]SLHF]HQLRZD 1RQLQVXUDQFHILQDQFLDODFWLYLWLHV 3U]HP\VáRZDG]LDáDOQRĞüQLHXEH]SLHF]HQLRZD 1RQLQVXUDQFH,QGXVWULDODFWLYLWLHV ħUyGáR RSUDFRZDQLHZáDVQHQDSRGVWDZLH*OREDO6\VWHPLFDOO\,PSRUWDQW,QVXUHUV«V
: FHOX SRWZLHUG]HQLD Z\QLNyZ SRGHMĞFLD RSDUWHJR QD ZVNDĨQLNDFK Z PH-WRG]LH RSUDFRZDQHM SU]H] ,$,6 SU]HZLGXMH VLĊ Z\NRQDQLH GRGDWNRZHM DQDOL]\ QD SRGVWDZLHSRG]LDáXSRUWIHODEL]QHVRZHJRXEH]SLHF]\FLHOL SRUWDEHOD 1DMZ\ĪV]H RFHQ\SU]\SLVXMHVLĊQLHWUDG\F\MQHMG]LDáDOQRĞFLXEH]SLHF]HQLRZHMRUD]G]LDáDOQRĞFL ILQDQVRZHM:\QLNLWHJRSURFHVXVąQDVWĊSQLHSRUyZQ\ZDQH]Z\QLNDPLSRGHMĞFLD RSDUWHJRQDZVNDĨQLNDFKLXVWDODQDMHVWSURSRQRZDQDOLVWD*6,,VNWyUąRVWDWHF]QLH ]DWZLHUG]D)6% :VWĊSQDOLVWDXEH]SLHF]\FLHOLZDĪQ\FKV\VWHPRZR]RVWDáDRSXEOLNRZDQDOLSFD U1DSRGVWDZLHGDQ\FKILQDQVRZ\FK]D U]LGHQW\ILNRZDQRRVWDWHF]QLH QDMZLĊNV]\FKJUXSXEH]SLHF]HQLRZ\FKRJOREDOQ\P]QDF]HQLXV\VWHPRZ\PZĞUyG NWyU\FK]QDOD]á\VLĊ$OOLDQ]6( $PHULFDQ,QWHUQDWLRQDO*URXS,QF $VVLFXUD]LRQL *HQHUDOL6S$ $YLYDSOF $[D6$ 0HW/LIH,QF 3LQJ$Q,QVXUDQFH *URXS &RPSDQ\ RI&KLQD/WG 3UXGHQWLDO)LQDQFLDO,QF 3UXGHQWLDOSOF *OREDO« 2W\PNWyU\ SRGPLRW]EUDQĪ\XEH]SLHF]HQLRZHM]QDOD]áVLĊQDWHMOLĞFLH]DGHF\GRZDá\RVWDWHF]QLH 3UDZRWRPyZLĪH]SUDZGRSRGRELHĔVWZHPEOLVNLPPRĪQDVLHVSRG]LHZDüLĪSU]\GRVWDWHF]QLHZLHONLHM OLF]ELHSUyEF]ĊVWRĞüGDQHJR]GDU]HQLDORVRZHJREĊG]LHVLĊGRZROQLHPDáRUyĪQLáDRGMHJRSUDZGRSRGRELHĔVWZD
UMCS
,'(17<),.$&-$8%(=3,(&=<&,(/,:$ĩ1<&+6<67(02:2
LVWRWQRĞüZMHJRG]LDáDOQRĞFLWUDQVDNFMLRGPLHQQ\FKRGXVáXJXEH]SLHF]HQLRZ\FK ]QDF]HQLH XEH]SLHF]\FLHOD GOD V\VWHPX ILQDQVRZHJR RUD] MHJR ZLHONRĞü /LVWD WD EĊG]LHDNWXDOL]RZDQDFRURNXZOLVWRSDG]LHSRF]ąZV]\RGURNX =DNRĔF]HQLH 'RĞZLDGF]HQLDREHFQHJRNU\]\VXILQDQVRZHJRSRND]XMąĪHZRNUHVLHVLOQ\FK ]DEXU]HĔQDU\QNDFKILQDQVRZ\FKZSá\ZXSDGáRĞFLLQVW\WXFMLILQDQVRZ\FKR]QDF]HQLX V\VWHPRZ\PQDVWDELOQRĞüV\VWHPXILQDQVRZHJRLFDáHMJRVSRGDUNLMHVWQLH]Z\NOH LVWRWQ\:DĪQH]DWHPDE\SUDZLGáRZR]LGHQW\ILNRZDüWHLQVW\WXFMHDQDVWĊSQLHSRG-MąüZáDĞFLZHG]LDáDQLDUHJXODF\MQHLRJUDQLF]\üU\]\NR]ZLą]DQH]PRĪOLZRĞFLąLFK XSDGNXJáyZQLHSRSU]H]]DRVWU]RQ\QDG]yURUD]QDáRĪHQLHRERZLą]NXXWU]\P\ZDQLD SRGZ\ĪV]RQ\FKUR]PLDUyZNDSLWDáXZáDVQHJR
1D SRGVWDZLH SU]HSURZDG]RQ\FK UR]ZDĪDĔ QDOHĪ\ VWZLHUG]Lü ĪH WUDG\F\MQD G]LDáDOQRĞüXEH]SLHF]HQLRZDVDPDZVRELHVWZDU]DPQLHMV]H]DJURĪHQLHGODFDáHJR V\VWHPX ILQDQVRZHJR QLĪ G]LDáDOQRĞü EDQNRZD L QLH PD FKDUDNWHUX V\VWHPRZHJR 3RPLPRĪHXEH]SLHF]\FLHOHPRJąSRQLHĞüGXĪHVWUDW\ZVNXWHNZ\SáDW\V]F]HJyOQLH Z\VRNLFKRGV]NRGRZDĔWRMHGQDNSUDZGRSRGRELHĔVWZRĪHGRĞZLDGF]ąSUREOHPyZ ILQDQVRZ\FK SRGREQ\FK GR SDQLNL EDQNRZHM MHVW ]QLNRPH 'RSLHURNLHG\ G]LDáDO-QRĞüXEH]SLHF]\FLHOLRGELHJDRGWUDG\F\MQHJRPRGHOXEL]QHVRZHJRD]ZáDV]F]DJG\ DQJDĪXMąVLĊRQLZXEH]SLHF]HQLDQLHWUDG\F\MQHRUD]ZG]LDáDOQRĞüTXDVLEDQNRZą VWDMąVLĊQLHEH]SLHF]QLV\VWHPRZR 5DGD6WDELOQRĞFL)LQDQVRZHMVáXV]QLH]DMĊáDVLĊXEH]SLHF]\FLHODPLSRGHMU]HZDMąF ĪHUyZQLHĪRQLPRJąE\üSRGPLRWDPLZDĪQ\PLGODEH]SLHF]HĔVWZDJOREDOQHJRV\-VWHPXILQDQVRZHJR']LĞNLHG\MXĪ]QDP\OLVWĊXEH]SLHF]\FLHOLZDĪQ\FKV\VWHPRZR ZVNDOLJOREDOQHMQDMSRZDĪQLHMV]ąVSUDZąZG]LHG]LQLHUHJXODFMLMHVWZ]PRFQLRQ\ QDG]yUQDGQLPL8ZDJDLQVW\WXFMLQDG]RUF]\FKSRZLQQDVNXSLüVLĊSU]HGHZV]\VWNLP QDZáDĞFLZ\PZ\W\F]HQLXJUDQLFPLĊG]\WUDG\F\MQąLQLHWUDG\F\MQąG]LDáDOQRĞFLą XEH]SLHF]\FLHOLRUD]QDRFHQLHLFKDQJDĪRZDQLDVLĊZQLHUHJXORZDQ\SR]DJLHáGRZ\ REUyWLQVWUXPHQWDPLSRFKRGQ\PLLK\EU\GRZ\PL]ZáDV]F]D]DEH]SLHF]DMąF\PLU\-]\NRNUHG\WRZH=SXQNWXZLG]HQLD]DFKRZDQLDVWDELOQRĞFLILQDQVRZHMLNUHRZDQLD U\]\NDV\VWHPRZHJRVHNWRUXEH]SLHF]HQLRZ\QLHSRZLQLHQQDGPLHUQLHDQJDĪRZDü VLĊZRIHURZDQLHXVáXJILQDQVRZ\FKNWyUHQLHVąEH]SRĞUHGQLRNRQLHF]QHGRHIHN-W\ZQHJR ]DU]ąG]DQLD LQZHVW\FMDPL ĞFLĞOH ]ZLą]DQ\PL ] WUDG\F\MQą G]LDáDOQRĞFLą XEH]SLHF]HQLRZąFRPRĪHE\üMHGQDNVSU]HF]QH]LQWHUHVDPLHNRQRPLF]Q\PLVDP\FK ]DLQWHUHVRZDQ\FK
7(5(6$+$11$%('1$5&=<. %LEOLRJUDILD
%UXQQHUPHLHU0$&URFNHW&K*RRGKDUW$'3HUVDXG+6KLQ7KH)XQGDPHQWDO3ULQFLSOHV
RI)LQDQFLDO5HJXODWLRQ*HQHYD5HSRUWVRQWKH:RUOG(FRQRP\,QWHUQDWLRQDO&HQWHUIRU0R-QHWDU\DQG%DQNLQJ6WXGLHV ,&0% *HQHYD
&URVV ,QGXVWU\ $QDO\VLV *6,%V YV ,QVXUHUV &RPSDULVRQ RI 6\VWHPLF 5LVN ,QGLFDWRUV 'HFHPEHU
'RGG)UDQN :DOO 6WUHHW 5HIRUP DQG &RQVXPHU 3URWHFWLRQ $FW WK &RQJUHVV ±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ĪQHV\VWHPRZRLU\]\NRV\VWHPRZH3URSR]\FMHQRZ\FKUR]ZLą]DĔ UHJXODF\MQ\FKZVHNWRU]HILQDQVRZ\PÄ=HV]\W\1DXNRZH37(´QU 5DGLFH03$VVHVVLQJWKH3RWHQWLDOIRU6\VWHPLF5LVNVLQWKH,QVXUDQFH6HFWRU³),10$:RUNLQJ 3DSHU´-XQHZZZILQPDFK 5DSRUWRVWDELOQRĞFLV\VWHPXILQDQVRZHJR1%3JUXG]LHĔ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
