Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
3Activity
0 of .
Results for:
No results containing your search query
P. 1
Go p Platform

Go p Platform

Ratings: (0)|Views: 4,350 |Likes:
Published by maustermuhle

More info:

Published by: maustermuhle on Aug 28, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

05/13/2014

pdf

text

original

 
5HIRUPLQJ*RYHUQPHQWWR6HUYHWKH3HRSOH*23JRSFRPUHSXEOLFDQSODWIRUPB5HIRUPLQJ,WHP
&RQWDFW8V(YHQWV'RQDWH-2,18621)DFHERRN7ZLWWHU<RX7XEH+RPH2XU3DUW\1HZV9LGHR0HPEHUV&RDOLWLRQ6XSSRUW9ROXQWHHU
 
5HIRUPLQJ*RYHUQPHQWWR6HUYHWKH3HRSOH
6DYLQJ0HGLFDUHIRU)XWXUH*HQHUDWLRQV6WUHQJWKHQLQJ0HGLFDLGLQWKH6WDWHV6HFXULW\)RU7KRVH:KR1HHG,W(QVXULQJ5HWLUHPHQW6HFXULW\5HJXODWRU\5HIRUP7KH.H\WR(FRQRPLF*URZWK3URWHFWLQJ,QWHUQHW)UHHGRP$9LVLRQIRUWKH7ZHQW\)LUVW&HQWXU\7HFKQRORJ\7HOHFRPPXQLFDWLRQVDQGWKH,QWHUQHW3URWHFWLQJWKH7D[SD\HUV1R0RUH´7RR%LJWR)DLOµ-XGLFLDO$FWLYLVP$7KUHDWWRWKH86&RQVWLWXWLRQ5HVWUXFWXULQJWKH863RVWDO6HUYLFHIRUWKH7ZHQW\)LUVW&HQWXU\3URWHFWLQJ7UDYHOHUVDQGWKHLU5LJKWV5HIRUPLQJWKH76$IRU6HFXULW\DQG3ULYDF\7KH5XOHRI/DZ/HJDO,PPLJUDWLRQ+RQRULQJ2XU5HODWLRQVKLSZLWK$PHULFDQ,QGLDQV3UHVHUYLQJWKH'LVWULFWRI&ROXPELD
 
 
 
 
5HIRUPLQJ*RYHUQPHQWWR6HUYHWKH3HRSOH*23JRSFRPUHSXEOLFDQSODWIRUPB5HIRUPLQJ,WHP
0RGHUQL]LQJWKH)HGHUDO&LYLO6HUYLFH$PHULFD·V)XWXUHLQ6SDFH&RQWLQXLQJWKLV4XHVW+RQRULQJDQG6XSSRUWLQJ$PHULFDQVLQWKH7HUULWRULHV:HDUHWKHSDUW\RIJRYHUQPHQWUHIRUP$WDWLPHZKHQWKHIHGHUDOJRYHUQPHQWKDVEHFRPHEORDWHGDQWLTXDWHGDQGXQUHVSRQVLYHWRWD[SD\HUVLWLVRXULQWHQWLRQQRWRQO\WRLPSURYHPDQDJHPHQWDQGSURYLGHEHWWHUVHUYLFHVEXWDOVRWRUHWKLQNDQGUHVWUXFWXUHJRYHUQPHQWWREULQJLWLQWRWKHWZHQW\ILUVWFHQWXU\*RYHUQPHQWUHIRUPUHTXLUHVFRQVWDQWYLJLODQFHDQGHIIRUWEHFDXVHJRYHUQPHQWE\LWVQDWXUHWHQGVWRH[SDQGLQERWKVL]HDQGVFRSH2XUJRDOLVQRWMXVWOHVVVSHQGLQJLQ:DVKLQJWRQEXWVRPHWKLQJIDUPRUHLPSRUWDQWIRUWKHIXWXUHRIRXUQDWLRQSURWHFWLQJWKHFRQVWLWXWLRQDOULJKWVRIFLWL]HQVVXVWDLQDEOHSURVSHULW\DQGVWUHQJWKHQLQJWKH$PHULFDQIDPLO\,WLVQ·WHQRXJKWRPHUHO\GRZQVL]HJRYHUQPHQWKDYLQJDVPDOOHUYHUVLRQRIWKHVDPHIDLOHGV\VWHPV:HPXVWGRWKLQJVLQDGUDPDWLFDOO\GLIIHUHQWZD\E\UHYHUVLQJWKHXQGHUPLQLQJRIIHGHUDOLVPDQGWKHFHQWUDOL]LQJRISRZHULQ:DVKLQJWRQ:HORRNWRWKHH[DPSOHVHWE\5HSXEOLFDQ*RYHUQRUVDQGOHJLVODWRUVDOODFURVVWKHQDWLRQ7KHLUOHDGHUVKLSLQUHIRUPLQJDQGUHHQJLQHHULQJJRYHUQPHQWFORVHVWWRWKHSHRSOHYLQGLFDWHVWKHUROHRIWKH6WDWHVDVWKHODERUDWRULHVRIGHPRFUDF\2XUDSSURDFKOLNHWKHLUVLVWZRIROG:HORRNWRJRYHUQPHQW²ORFDO6WDWHDQGIHGHUDO²IRUWKHWKLQJVJRYHUQPHQWPXVWGREXWZHEHOLHYHWKRVHGXWLHVFDQEHFDUULHGRXWPRUHHIILFLHQWO\DQGDWOHVVFRVW)RUDOORWKHUDFWLYLWLHVZHORRNWRWKHSULYDWHVHFWRUIRUWKH$PHULFDQSHRSOH·VUHVRXUFHIXOQHVVSURGXFWLYLW\LQQRYDWLRQILVFDOUHVSRQVLELOLW\DQGFLWL]HQOHDGHUVKLSKDYHDOZD\VEHHQWKHWUXHIRXQGDWLRQRIRXUQDWLRQDOJUHDWQHVV)RUPXFKRIWKHODVWFHQWXU\DQRSSRVLQJYLHZKDVGRPLQDWHGSXEOLFSROLF\ZKHUHZHKDYHZLWQHVVHGWKHH[SDQVLRQFHQWUDOL]DWLRQDQGEXUHDXFUDF\LQDQHQWLWOHPHQWVRFLHW\*RYHUQPHQWKDVOXPEHUHGRQVWLIOLQJLQQRYDWLRQZLWKQRLQFHQWLYHIRUIXQGDPHQWDOFKDQJHWKURXJKDQWLTXDWHGSURJUDPVEHJXQJHQHUDWLRQVDJRDQGQRZLOOVXLWHGWRSUHVHQWQHHGVDQGIXWXUHUHTXLUHPHQWV$VDUHVXOWWRGD\·VWD[SD\HUV²DQGIXWXUHJHQHUDWLRQV²IDFHPDVVLYHLQGHEWHGQHVVZKLOH&RQJUHVVLRQDO'HPRFUDWVDQGWKHFXUUHQW$GPLQLVWUDWLRQEORFNHYHU\DWWHPSWWRWXUQWKLQJVDURXQG7KLVPDQPDGHORJMDP²WKHVRFDOOHGVWDOHPDWHLQ:DVKLQJWRQ ²SDUWLFXODUO\DIIHFWVWKHJRYHUQPHQW·VWKUHHODUJHVWSURJUDPVZKLFKKDYHEHFRPHFHQWUDOWRWKHOLYHVRI XQWROGPLOOLRQVRI$PHULFDQV0HGLFDUH0HGLFDLGDQG6RFLDO6HFXULW\
6DYLQJ0HGLFDUHIRU)XWXUH*HQHUDWLRQV
7RS7KH5HSXEOLFDQ3DUW\LVFRPPLWWHGWRVDYLQJ0HGLFDUHDQG0HGLFDLG8QOHVVWKHSURJUDPV·ILVFDOVKLSLVULJKWHGWKHLQGLYLGXDOVKXUWWKHILUVWDQGWKHZRUVWZLOOEHWKRVHZKRGHSHQGRQWKHPWKHPRVW:HZLOOVDYH0HGLFDUHE\PRGHUQL]LQJLWE\HPSRZHULQJLWVSDUWLFLSDQWVDQGE\SXWWLQJLWRQDVHFXUHILQDQFLDOIRRWLQJ7KLVZLOOEHDQHQRUPRXVXQGHUWDNLQJDQGLWVKRXOGEHDQRQSDUWLVDQRQH:HZHOFRPHWRWKHHIIRUWDOOZKRVLQFHUHO\ZDQWWRHQVXUHWKHIXWXUHIRURXUVHQLRUVDQGWKHSRRU5HSXEOLFDQVDUHGHWHUPLQHGWRDFKLHYHWKDWJRDOZLWKDFDQGLGDQGKRQHVWSUHVHQWDWLRQRIWKHSUREOHPDQGLWVVROXWLRQVWRWKH$PHULFDQSHRSOH'HVSLWHWKHHQRUPRXVGLIIHUHQFHVEHWZHHQ0HGLFDUHDQG0HGLFDLGWKHWZRSURJUDPVVKDUHWKHVDPHILVFDORXWORRNWKHLUFXUUHQWFRXUVHVFDQQRWEHVXVWDLQHG0HGLFDUHKDVJURZQIURPPRUHWKDQPLOOLRQHQUROOHGLQWRPRUHWKDQPLOOLRQHQUROOHGWRGD\ZLWKDSURMHFWHGWRWDORIPLOOLRQLQ0HGLFDLGFRXQWHGDOPRVWPLOOLRQHQUROOHHVLQKDVDERXWPLOOLRQQRZDQGXQGHU2EDPDFDUHZRXOGLQFOXGHDQDGGLWLRQDOPLOOLRQ0HGLFDUHVSHQWPRUHWKDQELOOLRQLQDQGKDVFORVHWRWULOOLRQLQXQIXQGHGREOLJDWLRQVZKLOHWRWDO0HGLFDLGVSHQGLQJZLOOPRUHWKDQGRXEOHE\,QPDQ\6WDWHV0HGLFDLG·VPDQGDWHVDQGLQIOH[LEOHEXUHDXFUDF\KDYHEHFRPHDEXGJHWDU\EODFNKROHJURZLQJIDVWHUWKDQ
 
5HIRUPLQJ*RYHUQPHQWWR6HUYHWKH3HRSOH*23JRSFRPUHSXEOLFDQSODWIRUPB5HIRUPLQJ,WHP
PRVWRWKHUEXGJHWOLQHVDQGGHYRXULQJIXQGLQJIRUPDQ\RWKHUHVVHQWLDOJRYHUQPHQWDOIXQFWLRQV7KHSUREOHPJRHVEH\RQGILQDQFHV3RRUTXDOLW\KHDOWKFDUHLVWKHPRVWH[SHQVLYHW\SHRIFDUHEHFDXVHLWSURORQJVDIIOLFWLRQDQGOHDGVWRHYHUPRUHFRPSOLFDWLRQV(YHQH[SHQVLYHSUHYHQWLRQLVSUHIHUDEOHWRPRUHFRVWO\WUHDWPHQWODWHURQ:KHQDSSUR[LPDWHO\SHUFHQWRIKHDOWKFDUHFRVWVDUHUHODWHGWROLIHVW\OHVPRNLQJREHVLW\VXEVWDQFHDEXVHIDUJUHDWHUHPSKDVLVKDVWREHSXWXSRQSHUVRQDOUHVSRQVLELOLW\IRUKHDOWKPDLQWHQDQFH2XUJRDOIRUERWK0HGLFDUHDQG0HGLFDLGPXVWEHWRDVVXUHWKDWHYHU\SDUWLFLSDQWUHFHLYHVWKHDPRXQWRIFDUHWKH\QHHGDWWKHWLPHWKH\QHHGLWZKHWKHUIRUDQH[SHFWDQWPRWKHUDQGKHUEDE\RUIRUVRPHRQHLQWKHODVWPRPHQWVRIOLIH$EVHQWUHIRUPVWKHVHWZRSURJUDPVDUHKHDGHGIRUEDQNUXSWF\WKDWZLOOHQGDQJHUFDUHIRUVHQLRUVDQGWKHSRRU7KHILUVWVWHSLVWRPRYHWKHWZRSURJUDPVDZD\IURPWKHLUFXUUHQWXQVXVWDLQDEOHGHILQHGEHQHILWHQWLWOHPHQWPRGHOWRDILVFDOO\VRXQGGHILQHGFRQWULEXWLRQPRGHO7KLVLVWKHRQO\ZD\WROLPLWFRVWVDQGUHVWRUHFRQVXPHUFKRLFHIRUSDWLHQWVDQGLQWURGXFHFRPSHWLWLRQIRULQKHDOWKFDUHDVLQDQ\RWKHUVHFWRURIWKHHFRQRP\JHQXLQHFRPSHWLWLRQLVWKHEHVWJXDUDQWHHRIEHWWHUFDUHDWORZHUFRVW,WLVDOVRWKHEHVWJXDUGDJDLQVWWKHIUDXGDQGDEXVHWKDWKDYHSODJXHG0HGLFDUHLQLWVLVRODWLRQIURPIUHHPDUNHWIRUFHVZKLFKLQWXUQFRVWVWKHWD[SD\HUVELOOLRQVRIGROODUVHYHU\\HDU:HFDQGRWKLVZLWKRXWPDNLQJDQ\FKDQJHVIRUWKRVHDQGROGHU:KLOHUHWDLQLQJWKHRSWLRQRIWUDGLWLRQDO0HGLFDUHLQFRPSHWLWLRQZLWKSULYDWHSODQVZHFDOOIRUDWUDQVLWLRQWRDSUHPLXPVXSSRUWPRGHOIRU0HGLFDUHZLWKDQLQFRPHDGMXVWHGFRQWULEXWLRQWRZDUGDKHDOWKSODQRIWKHHQUROOHH·VFKRLFH7KLVPRGHOZLOOLQFOXGHSULYDWHKHDOWKLQVXUDQFHSODQVWKDWSURYLGHFDWDVWURSKLFSURWHFWLRQWRHQVXUHWKHFRQWLQXDWLRQRIGRFWRUSDWLHQWUHODWLRQVKLSV:LWKRXWGLVDGYDQWDJLQJUHWLUHHVRUWKRVHQHDULQJUHWLUHPHQWWKHDJHHOLJLELOLW\IRU0HGLFDUHPXVWEHPDGHPRUHUHDOLVWLFLQWHUPVRI WRGD\·VORQJHUOLIHVSDQ
6WUHQJWKHQLQJ0HGLFDLGLQWKH6WDWHV
7RS0HGLFDLGDVWKHGRPLQDQWSD\HULQWKHKHDOWKPDUNHWLQUHJDUGVWRORQJWHUPFDUHELUWKVDQGLQGLYLGXDOVZLWKPHQWDOLOOQHVVLVWKHQH[WIURQWLHURIZHOIDUHUHIRUP,WLVVLPSO\WRRELJDQGWRRIODZHGWREHPDQDJHGLQLWVFXUUHQWFRQGLWLRQIURP:DVKLQJWRQ5HSXEOLFDQ*RYHUQRUVKDYHWDNHQWKHOHDGLQSURSRVLQJDKRVWRI UHJXODWRU\FKDQJHVWKDWFRXOGPDNHWKHSURJUDPPRUHIOH[LEOHLQQRYDWLYHDQGDFFRXQWDEOH7KHUHVKRXOGEHDOWHUQDWLYHVWRKRVSLWDOL]DWLRQIRUFKURQLFKHDOWKSUREOHPV3DWLHQWVFRXOGEHUHZDUGHGIRUSDUWLFLSDWLQJLQGLVHDVHSUHYHQWLRQDFWLYLWLHV([FHVVLYHPDQGDWHVRQFRYHUDJHVKRXOGEHHOLPLQDWHG3DWLHQWVZLWKORQJWHUPFDUHQHHGVPLJKWIDUHEHWWHULQDVHSDUDWHO\GHVLJQHGSURJUDP$VWKRVHDQGRWKHUVSHFLILFSURSRVDOVVKRZ5HSXEOLFDQ*RYHUQRUVDQG6WDWHOHJLVODWXUHVDUHUHDG\WRGRWKHKDUGZRUNRIPRGHUQL]LQJ0HGLFDLGIRUWKHWZHQW\ILUVWFHQWXU\:HSURSRVHWROHWWKHPGRDOOWKDWDQGPRUHE\EORFNJUDQWLQJWKHSURJUDPWRWKH6WDWHVSURYLGLQJWKH6WDWHVZLWKWKHIOH[LELOLW\WRGHVLJQSURJUDPVWKDWPHHWWKHQHHGVRIWKHLUORZLQFRPHFLWL]HQV6XFKUHIRUPVFRXOGEHDFKLHYHGWKURXJKSUHPLXPVXSSRUWVRUDUHIXQGDEOHWD[FUHGLWDOORZLQJQRQGLVDEOHGDGXOWVDQGFKLOGUHQWREHPRYHGLQWRSULYDWHKHDOWKLQVXUDQFHRIWKHLUFKRLFHZKHUHWKHLUQHHGVFDQEHPHWRQWKHVDPHEDVLVDVWKRVHRIPRUHDIIOXHQW$PHULFDQV)RUWKHDJHGDQGGLVDEOHGXQGHU0HGLFDLGIRUZKRPPRQWKO\FRVWVFDQEHH[WUHPHO\KLJK6WDWHVZRXOGKDYHIOH[LELOLW\WRLPSURYHWKHTXDOLW\RIFDUHDQGWRDYRLGWKHLQDSSURSULDWHLQVWLWXWLRQDOSODFLQJRISDWLHQWVZKRSUHIHUWREHFDUHGIRUDWKRPH
6HFXULW\)RU7KRVH:KR1HHG,W(QVXULQJ5HWLUHPHQW6HFXULW\
7RS:KLOHQRFKDQJHVVKRXOGDGYHUVHO\DIIHFWDQ\FXUUHQWRUQHDUUHWLUHHFRPSUHKHQVLYHUHIRUPVKRXOGDGGUHVVRXUVRFLHW\·VUHPDUNDEOHPHGLFDODGYDQFHVLQORQJHYLW\DQGDOORZ\RXQJHUZRUNHUVWKHRSWLRQRIFUHDWLQJWKHLURZQSHUVRQDOLQYHVWPHQWDFFRXQWVDVVXSSOHPHQWVWRWKHV\VWHP<RXQJHU$PHULFDQVKDYHORVWDOOIDLWKLQWKH6RFLDO6HFXULW\V\VWHPZKLFKLVXQGHUVWDQGDEOHZKHQWKH\UHDGWKHQRQSDUWLVDQDFWXDU\·VUHSRUWV

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->