Professional Documents
Culture Documents
Regülasyon Ekitap PDF
Regülasyon Ekitap PDF
$
#
'&&()*+&,&-.*
/
!
"
#
$
!% !
&
$
'
'
($
' # % % )
% * %
'
$ '
+
"
%
&
'
!#
$,
( $
4.
8
-E>C=F9&)*:4 +)
"G
*
- -- & >C=F
7(ù(..h5
$NDGHPLN ELU oDO×úPD \DSPDQ×Q ELU HVHU UHWPH \DQ×QGD NLúL\H VDE×U YH
GHQH\LP ND]DQG×UG×÷×Q× |÷UHQGL÷LP EX VUHoWH EDQD NDWW×÷× GH÷HUOHU LoLQ
GDQ×úPDQ×P N×\PHWOL KRFDP 'Ro'U .DPLO 8VOX·\D VRQVX] WHúHNNU HGHULP
dDO×úPDQ×QJHOLúWLULOPHVLLoLQNDWN×GDEXOXQDQ6D\×Q3URI'U6XDW2NWDUKRFDPD
6D\×Q3URI'U*OGHQhOJHQKRFDPD6D\×Q3URI'U0HKPHW(PLQ$UDWKRFDPD
YH 6D\×Q 3URI'U$KPHW øQFHNDUD KRFDPD \DUG×PODU×QGDQ GROD\× WHúHNNU ELU
ERUoELOLULP
'DLPD\DQ×PGDRODQYHKHUWUOIHGDNDUO×÷×J|VWHUHQVHYJLOLHúLP0XVWDID
*QGR÷GX·\DYHDLOHPHúNUDQODU×P×VXQDU×P
<UG'Ro'U$\VHO*h1'2ö'8
øVWDQEXO0HGLSROhQLYHUVLWHVL
øúOHWPHYH<|QHWLP%LOLPOHUL)DNOWHVL
%DQNDF×O×NYH6LJRUWDF×O×N%|OPg÷UHWLPh\HVL
ødø1'(.ø/(5
6D\ID1R
ødø1'(.ø/(5««««««««««««««««««««««««LL
7$%/2/$5/ø67(6ø«««««««««««««««««««««YL
*5$)ø./(5/ø67(6ø««««««««««««««««««««YLL
.,6$/70$/$5/ø67(6ø««««««««««««««««««YLLL
*ø5øù«««««««««««««««««««««««««««««
,%g/h0
.$08<$5$5,7(25ø6ø1(*g5(%$1.$&,/,.
6ø67(0ø1'('(1(7/(0(YH'h=(1/(0(1ø17(25ø.
d(5d(9(6ø
%$1.$&,/,.6ø67(0ø1'('h=(1/(0(YH'(1(7/(0(1ø1
*(5(./ø/øöøYH%$6(/8<*8/$0$6,«««««««««««
%DQNDODU×Q)DDOL\HW$ODQODU×øúOHYOHUL««««««««««««
%DQNDODU×Q'HQHWLPL««««««««««««««««««
%DQNDODUGD'HQHWLP7UOHUL«««««««««««
%DQNDF×O×N6HNW|UQGH']HQOHPHYH'HQHWOHPHøKWL\DF×Q×Q
1HGHQOHUL««««««««««««««««««««
%DVHO8\JXODPDODU׫«««««««««««««««««
%DVHO,8]ODú×V׫««««««««««««««««
%DVHO,,8]ODú×V׫««««««««««««««««
%DVHO,,,8]ODú×V׫«««««««««««««««
LL
%DQNDF×O×NWD5LVNdHúLWOHULYH<|QHWLPL«««««««««««
%DQNDF×O×NWD5LVNYHdHúLWOHUL«««««««««««
%DQNDF×O×NWD5LVN<|QHWLPL««««««««««««
.$08<$5$5,7(25ø6ø1ø17(0(/1('(1/(5ø««««««««
.DPX<DUDU×7HRULVLYHg]HOOLNOHUL«««««««««««««
.DPX<DUDU×'úQFHVLQGH%DQNDF×O×N+L]PHWOHUL«««««««
,,%g/h0
6(dø/0øùh/.(/(5ø1%$1.$&,/,.6ø67(0/(5ø1'('(1(7ø0
8<*8/$0$6,YH7h5.ø<(.$5ù,/$ù7,50$6,
6(dø/0øù*(/øù0(.7(2/$1h/.(/(5'(YH7h5.ø<(·'(
%$1.$&,/,.'(1(7/(0(YH'h=(1/(0(<$3,6,«««««
$UMDQWLQ«««««««««««««««««««««««««
$UMDQWLQ·GH%DQNDF×O×N6LVWHPLQLQ<DS×V׫««««««««
$UMDQWLQ·GH%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU«««««
%UH]LO\D«««««««««««««««««««««««««
%UH]LO\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V׫««««««««
%UH]LO\D·GD%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU«««««
*QH\.RUH«««««««««««««««««««««««
*QH\.RUH·GH%DQNDF×O×N6LVWHPLQLQ<DS×V׫««««««
*QH\.RUH·GH%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU«««
0DOH]\D««««««««««««««««««««««««
0DOH]\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V׫«««««««
0DOH]\D·GD%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU««««
7UNL\H««««««««««««««««««««««««
LLL
7UNL\H·GH%DQNDF×O×N6LVWHPLQLQ<DS×V׫««««««««
7UNL\H·GH%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU«««««
6(dø/0øù*(/øù0øùh/.(/(5ø1%$1.$&,/,.6ø67(0/(5ø1ø1
'h=(1/(0(YH'(1(7/(0(<$3,/$5,«««««««««
$%'««««««««««««««««««««««««««
$%'·GH%DQNDF×O×N6LVWHPLQLQ<DS×V׫««««««««
$%'·GH%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU««««««
-DSRQ\D«««««««««««««««««««««««««
-DSRQ\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V׫««««««««
-DSRQ\D·GD%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU«««««
$OPDQ\D««««««««««««««««««««««««
$OPDQ\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V׫««««««««
$OPDQ\D·GD%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU«««««
6(dø/0øù*(/øù0(.7(2/$1h/.(/(5ø/(*(/øù0øù
h/.(/(5ø1%$1.$&,/,.'(1(7/(0(YH'h=(1/(0(
<$3,/$5,1,1.$5ù,/$ù7,50$6,««««««««««««
,,,%g/h0
7h5.%$1.$&,/,.6ø67(0ø1'('h=(1/(0(9(
'(1(7/(0(1ø1(7.ø1/øöø1øg/d0(<(<g1(/ø.%ø5
8<*8/$0$
$03ø5ø.d$/,ù0$1,1$0$&,0(7('2/2-ø6øYH
6,1,5/$0$/$5,«««««««««««««««««««««««
$PSLULNdDO×úPDODU«««««««««««««««««««
8\JXODPDQ×Q$PDF׫««««««««««««««««««
LY
8\JXODPDQ×Q9HUL6HWLYH0HWRGRORMLVL«««««««««««
8\JXODPDGD6×Q×UODQDQODU²9DUVD\×P׫««««««««««
8\JXODPDQ×Q$QDOL]L«««««««««««««««««««
8\JXODPDQ×Q%XOJXODU×Q×Q'H÷HUOHQGLULOPHVL«««««««««
6218d«««««««««««««««««««««««««««
.$<1$.d$««««««««««««««««««««««««
Y
7$%/2/$5/ø67(6ø
6D\ID1R
7DEOR.DPX<DUDU×7HRULVLYHg]HO<DUDU7HRULVLQLQ.×\DVODQPDV׫««
7DEOR$PHULNDQYH.DPXODúW×UPD7DU]×5HJODV\RQXQ.DUú×ODúW×U×OPDV׫
7DEOR%DQND'HQHWLPLQLQ0HUNH]%DQNDV×·QGD2OPDV×'XUXPXQGD
$YDQWDMODUYH'H]DYDQWDMODU«««««««««««««««
7DEOR$UMDQWLQ%DQNDF×O×N6LVWHPLQLQ%HOOL%DúO×*|VWHUJHOHUL««««
7DEOR$UMDQWLQ%DQNDF×O×N6LVWHPLQLQ)LQDQVDO5DV\RODU׫
7DEOR*QH\.RUH·QLQ<×O×QD$LW7UOHULQH*|UH%DQND6D\×V׫
7DEOR0DOH]\D%DQNDODU×Q×Q6HUPD\HWUOHULQH*|UH'D÷×O×P×2FDN
9HULOHUL«««««««««««««««««««««««
7DEOR0DOH]\D%DQNDF×O×N6LVWHPLQLQ)LQDQVDO5DV\RODU×
«««««««««««««««««««««««««
7DEOR7UNL\H%DQNDF×O×N6LVWHPLQLQ%DQNDYHùXEH6D\×V׫««««
7DEOR7UN%DQNDF×O×N6HNW|U3L\DVD*|UQP²«««
7DEOR)HGHUDO%DQN·D%D÷O×']HQOH\LFL.XUXPODU««««««««
7DEOR.DPX%DQNDF×O×÷×']HQOH\LFL.XUXPODU׫««««««««
7DEOR$%'%DQNDF×O×N6HNW|UQGH)DDOL\HW$ODQODU×QD*|UH']HQOH\LFLYH
'HQHWOH\LFL.XUXPODU««««««««««««««««
7DEOR$OPDQ%DQNDF×O×N6LVWHPLQGH%DQNDODU×Q7UOHULQH
*|UH<]GHVHO'D÷×O×Pײ«««««««««««
7DEOR6HoLOPLúhONHOHULQ%DQNDF×O×N']HQOHPHYH'HQHWOHPH2WRULWHOHULYH
.XUXOXú<×OODU׫«««««««««««««««««
7DEOR'Q\DhONHOHULQLQ%DQNDF×O×N6HNW|U']HQOHPHYH'HQHWOHPH
2WRULWH<DS×V׫««««««««««««««««««««
YL
*5$)ø./(5/ø67(6ø 6D\ID1R
*UDILN$UMDQWLQ%DQNDF×O×N6LVWHPLQGH9DUO×NODUYH<NPOONOHULQ6H\UL
0LO\DU7/«««««««««««««
*UDILN$UMDQWLQ%DQNDF×O×N6LVWHPLQGH.UHGLOHULQ'XUXPX
«««««««««««««««««««««««
*UDILN$UMDQWLQ%DQNDF×O×N6LVWHPLQGH0HYGXDWYH.UHGLOHULQ6H\UL
0LO\DU7/«««««««««««««««««
*UDILN$UMDQWLQ%DQNDF×O×N6LVWHPLQGH7DNLSWHNL$ODFDNODU×Q6H\UL
««««««««««««««««««««««
*UDILN%UH]LO\D%DQNDF×O×N6LVWHPL9DUO×NODU×Q6H\UL0LO\DU²
«««««««««««««««««««««««
*UDILN%UH]LO\D%DQNDF×O×N6LVWHPLQGH%DQND7UOHULQLQ2UDQVDO'D÷×O×P×
««««««««««««««««««««««
*UDILN%UH]LO\D%DQNDF×O×N6LVWHPLQGH6HUPD\H7UQH*|UH%DQNDODU×Q
6D\×ODU׫«««««««««««««««««««
*UDILN*QH\.RUH·GH%DQND9DUO×NODU×Q×Q7RSODP)LQDQV6LVWHPL
9DUO×NODU×QD2UDQ׫«««««««««««««««««
*UDILN/DEXDQ%|OJHVLQGH%DQNDODU×Q)DDOL\HWOHULQH*|UH'D÷×O×P×1LVDQ
««««««««««««««««««««««««
*UDILN0DOH]\D%DQNDF×O×N6LVWHPLQLQ0HYGXDW².UHGL6H\UL
0LO\RQ7/««««««««««««««««««
*UDILN&XPKXUL\HWLQøODQ×QGDQ*QP]H7UNL\H·QLQ%DQND6D\×ODU×Q×Q
*HOLúLPL««««««««««««««««««««««««
*UDILN$%'·GH)LQDQVDO.XUXOXú6D\×Vײ««««««
*UDILN$%'·GH%DQNDF×O×N6HNW|U1HW)DL]*HOLUL1HW)DL]G×ú×*HOLU
²«««««««««««««««««««
*UDILN$%'·GH%DQNDF×O×N6HNW|U1HW*HOLU«««
*UDILN$%'·GH%DQNDF×O×N6HNW|U7RSODP0HYGXDW7RSODP.UHGL
7XWDUODUײ««««««««««««««««
*UDILN-DSRQ%DQNDF×O×N6LVWHPLQGH%DQNDODU×Q7UOHULQH*|UH
'D÷×O×P׫««««««««««««««««««««««
YLL
.,6$/70$/$5/ø67(6ø
$% $YUXSD%LUOL÷L
$%'$PHULND%LUOHúLN'HYOHWOHUL
%''.%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXPX
%,6 %DQNIRU,QWHUQDWLRQDO6HWWOHPHQWV8OXVODUDUDV×gGHPHOHU%DQNDV×
%2- %DQN2I-DSDQ-DSRQ0HUNH]%DQNDV×
)(' )HGHUDO5H]HUY%DQN
*60+*D\UL6DIL0LOOL+DV×OD
*6<ø+*D\UL6DIL<XUWLoL+DV×OD
,0) ,QWHUQDWLRQDO0RQH\)XQG8OXVODUDUDV×3DUD)RQX
2(&' 2UJDQLVDWLRQ IRU (FRQRPLF &RRSHUDWLRQ DQG
'HYHORSPHQW(NRQRPLN.DON×QPDYHøúELUOL÷LgUJW
7%% 7UNL\H%DQNDODU%LUOL÷L
7&0%7UNL\H&XPKXUL\HW0HUNH]%DQNDV×
7'.7UN'LO.XUXPX
706)7DVDUUXI0HYGXDW6LJRUWD)RQX
7h6ø$'7UN6DQD\LFLOHULYHøúDGDPODU×'HUQH÷L
YLLL
*ø5øù
%DQNDF×O×NVHNW|UQQE\PHVLYHNUHVHOILQDQVDOSL\DVDODUGDEDQNDF×O×N
IDDOL\HWOHULQLQE\NSD\VDKLELROPDV×LOHEDQNDODU×QGHQHWLPLJQJHoWLNoH|QHP
ND]DQP×úW×U %DQNDF×O×÷×Q WHPHOLQGH \DWDQ |÷HQLQ JYHQ ROPDV× GHQHWLPLQ
JHUHNOLOL÷LQH D\U× ELU YXUJX \DSPDNWDG×U %DQNDODU IDDOL\HW NRQXODU×Q×Q ´SDUDµ
ROPDV×QHGHQLLOHGL÷HULúOHWPHOHUH J|UHGHQHWLPHGDKDID]ODJHUHNVLQLPGX\XODQ
ELULPOHUGLU %DQNDODU×Q PHYGXDW \D GD NDW×O×P IRQX WRSOD\DUDN ELU DQODPGD
´HPDQHW WDVDUUXIµ WHVOLP DOPDV× V|] NRQXVXGXU +DQHKDON× YH GL÷HU WDVDUUXI
VDKLSOHULQLQ PHYGXDWODU×Q× NRUXPDN V|] NRQXVX PHYGXDW×Q IDL]LQL |GH\HELOPHN
LoLQ EHOLUOL LONHOHUH X\PDN \DVDO G]HQOHPHOHU oHUoHYHVLQGH LúOHP \DSPDN
GXUXPXQGDG×U
'HYOHW ILQDQVDO SL\DVDODUD \|Q YHUPHN LVWHGL÷LQGH GDKD oRN LNL DUDo
]HULQGH \R÷XQODúPDNWDG×U %XQODU EDQNDODU YH EDQNDG×ú× ILQDQVDO SL\DVDODUG×U
%DQNDODU SDUD DU]×Q×Q ELU D\D÷× RODUDN ND\GL SDUD ROXúWXUPDNWDQ VRUXPOX LNHQ
EDQNDG×ú× ILQDQVDO NXUXPODU HOGH HGLOHQ IRQODU× LúOHWPHOHUH \D GD NLúLOHUH
\|QOHQGLUPHNWHGLU )LQDQVDO VLVWHP LoHULVLQGH DG× JHoHQ NXUXPODU HNRQRPLGH
NDPXVDO ELU J|UHY VWOHQPHNWHGLU .UHVHO ILQDQV GQ\DV×QGD ROXúDQ NUL]OHU
GHYOHWOHULQ ILQDQVDO SL\DVDV×Q× WHKGLW HWPHNWHGLU 'HYOHWOHU GH EX WHKGLGL HQ D]D
LQGLUPHN LoLQ NHQGL ILQDQVDO SL\DVDODU×QD JYHQ XQVXUX VD÷ODPDN ]HUH HWNLQ
GHQHWLPYHNRQWUROOHULQL\HULQHJHWLUPHNWHGLU
NXUXPODUD JYHQ GX\JXVXQX YHUPHNWHGLU %LU ONH LoHULVLQGH EDQNDODU×Q IDDOL\HW
DODQODU× GHYOHWLQ NR\PXú ROGX÷X %DQNDODU .DQXQX YH GL÷HU LOJLOL NDQXQODU LOH
V×Q×UO×G×UhONHGHIDDOL\HWJ|VWHUHQ\HUOLYH\DEDQF×EDQNDODUX\JXODQDQEXNDQXQ
YHG]HQOHPHOHUHNDUú×VRUXPOXGXUODU6|]NRQXVXVRUXPOXOXNWDVDUUXIVDKLSOHULQH
YH EDQNDODU×Q NHQGLOHULQH DLW VRUXPOXOXNWXU .DQXQL J|UHY QLWHOL÷LQGH RODQ EX
VRUXPOXOX÷XQ YHULOGL÷L EDQNDODU D\Q× ]DPDQGD NDPXVDO ELU DODQGD
EXOXQPDNWDG×UODU
GDKD oRN WHRULN oHUoHYH oL]LOPLú YH NDPX \DUDU× WHRULVLQH J|UH EDQNDF×O×N
G]HQOHPHGHQHWOHPHQLQQHROGX÷XQDFHYDSDUDQP×úW×U
dDO×úPDQ×QVRQE|OPQGHLVH7UNEDQNDF×O×NVLVWHPLQGHG]HQOHPHYH
GHQHWOHPHQLQHWNLQOL÷LQL|OoPH\H\|QHOLNELUX\JXODPD\DS×OP×úW×U8\JXODPDGD
7UN EDQNDF×O×N VHNW|UQGH \UUONWH NDOP×ú VRQ o ´%DQNDF×O×N .DQXQXµ
]HULQGHQ ´HQGHNV |OoP WHNQL÷Lµ LOH HWNLQOLN V×QDQP×úW×U %X E|OPGH NRQX LOH
LOJLOL GDKD |QFH \DS×OP×ú DPSLULN oDO×úPDODUD \HU YHULOPLú ROXS X\JXODPDQ×Q
DPDF× YHUL VHWL V×Q×UODQDQODU× YDUVD\×P× YH QLKD\HWLQGH X\JXODPDQ×Q DQDOL]L YH
VRQXoODU×\HUDOPDNWDG×U
,%g/h0
%$1.$&,/,.6ø67(0ø1'('(1(7/(0(YH'h=(1/(0(1ø1
7(25ø.d(5d(9(6ø
%$1.$&,/,.6ø67(0ø1'('h=(1/(0(YH
'(1(7/(0(1ø1*(5(./ø/øöøYH7$5ø+6(/6h5(&ø
%DQNDODU×Q)DDOL\HW$ODQODU×YHøúOHYOHUL
øONHU3DUDV×]´7UNL\H·GHYH'Q\D·GD%DQNDF×O×Nµ(]JL.LWDEHYL%XUVDV
WDQ×P×Q×Q \DS×OPDV× JHUHNHQ ELU X÷UDúW×U $QFDN LON RUWD\D o×NDQ G|QHPGHQ EHUL
EDQNDF×O×÷×QGH÷LúPH\HQHQWHPHOLúOHYL´ND\QDNWRSODPDYHGD÷×WPDµLúOHYLGLU
/LWHUDWUHEDN×OG×÷×QGDEDQNDQ×QYHEDQNDF×O×÷×QELUoRNWDQ×P×\DS×OP×úW×U
7DQ×PODU EDQNDF×O×÷×Q EHQ]HU IRQNVL\RQODU×Q× LoHUPHNOH ELUOLNWH GDU YH JHQLú
NDSVDPO× QLWHOLNWH RODELOPHNWHGLU %DVLW DQODPGD EDQND\× IDL]OH SDUD NLUDOD\×S
D\Q×SDUD\×VDWDUDNDUDGDNLIDUNWDQJHOLUHOGHHGHQNXUXOXúRODUDNWDQ×POD\DELOLUL]
$QFDN EDQNDODU×Q JQP]GH WHN LúL NUHGL ² PHYGXDW LNLOLVL GH÷LOGLU
)LQDQVDOODúPDQ×Q DUWPDV× YH NUHVHO SL\DVDODU×Q HQWHJUH ROPDV× LOH ELUOLNWH
EDQNDF×O×N GD JHQLúOHPLú ROXS oHúLWOL IDDOL\HWOHUL EQ\HVLQH NDWP×úW×U YH NDWPD\D
GHYDP HWPHNWHGLU %DQNDQ×Q JQP]GHNL WDQ×PODU×QD |UQHN RODUDN úXQODU
YHULOHELOLU
%DQNDNDYUDP×7'.·\DJ|UHúXúHNLOGHWDQ×PODQP×úW×U´)DL]OHSDUDDO×S
YHUHQ NUHGL LVNRQWR NDPEL\R LúOHPOHUL \DSDQ NDVDODU×QGD SDUD GH÷HUOL EHOJH
Hú\DVDNOD\DQYHWLFDUHWVDQD\LHNRQRPLDODQODU×QGDoHúLWOLHWNLQOLNOHUGHEXOXQDQ
NXUXOXúµWXUµ øúOHWPHFLOLN WDUDI×QGDQ EDN×OG×÷×QGD LVH EDQND NDYUDP×Q×Q WDQ×P×
ú|\OHGLU ´3DUD NUHGL YH VHUPD\H NRQXODU×QD JLUHQ KHU oHúLW LúOHPOHUL \DSDQ YH
G]HQOH\HQ |]HO YH\D NDPXVDO NLúLOHUOH LúOHWPHOHULQ EX DODQGDNL KHU WUO
JHUHNVLQLPOHULQLNDUú×ODPD\×WHPHOX÷UDúHGLQPLúRODQHNRQRPLNELULPOHUGLUµ
7XQFD\ $UWXQ 7UNL\H·GH %DQNDF×O×N øúOHYL *HOLúLPL g]HOOLNOHUL YH 6RUXQODU×\OD 7HNLQ
<D\×QHYL,,%DV×PøVWDQEXOV
g]WLQ$NJo´6RUXGD7UNL\H·GH%DQNDF×O×Nµ*HUoHN<D\×QHYLøVWDQEXOV
KWWSZZZWGNJRYWU
)HUXGXQ.D\DYHGL÷HUOHUL´%DQNDF×O×N*LULúYHøONHOHULµ%HWD<D\×QF×O×NøVWDQEXOV
%DQNDQ×Q WDQ×P× ú|\OH GH LIDGH HGLOHELOLU ´%DQND \DVDO oHUoHYHGH
PHYGXDW WRSODPDV×QD L]LQ YHULOPHNOH IDDOL\HW EXODELOHQ WRSODG×÷× PHYGXDW×
NRUX\DQ PúWHULOHULQH NUHGL VD÷ODPDN EDúWD ROPDN ]HUH KL]PHWOHU VXQDQ YH
WRSODG×÷×PHYGXDW×QHNRQRPLNKD\DWDNDW×OPDV×Q×VD÷OD\DQELUW]HONLúLOLNWLUµ
+XNXNLDo×GDQLVHEDQNDQ×QVDELWELUWDQ×P×Q×\DSPDNGR÷UXGH÷LOGLU%LU
LúOHWPHQLQ EDQND VD\×O×S VD\×OPD\DFD÷×QD LOLúNLQ HQ |QHPOL QRNWD PHY]XDW
oHUoHYHVLQGH V|] NRQXVX LúOHWPHQLQ EDQND VD\×O×S VD\×OPDG×÷× YH EDQNDF×O×N
IDDOL\HWLQGH EXOXQPD L]QLQH VDKLS ROXS ROPDG×÷×G×U %DQND NDYUDP×Q×Q WDQ×P×Q×
\UUONWHNLPHY]XDWDJ|UH\DSPDNYHNDQXQLG]HQOHPHOHUGH÷LúWLNoHGHWDQ×P×
JQFHOOHPHN HQ GR÷UX \DNODú×PG×U VD\×O× %DQNDF×O×N .DQXQX·QXQ
0DGGHVLQHJ|UHEDQNDODU×Q\DSDELOHFH÷LIDDOL\HWOHUúXQODUG×U
• 0HYGXDWNDEXO
• .DW×O×PIRQXNDEXO
• 1DNGvJD\ULQDNGvKHUFLQVYHVXUHWWHNUHGLYHUPHLúOHPOHUL
• 1DNGvYHND\Gv|GHPHYHIRQWUDQVIHULLúOHPOHULPXKDELUEDQNDF×O×NYH\D
oHNKHVDSODU×Q×QNXOODQ×OPDV×GDKLOKHUWUO|GHPHYHWDKVLODWLúOHPOHUL
• dHNYHGL÷HUNDPEL\RVHQHWOHULQLQLúWLUDV×LúOHPOHUL
• 6DNODPDKL]PHWOHUL
• .UHGL NDUWODU× EDQND NDUWODU× YH VH\DKDW oHNOHUL JLEL |GHPH YDV×WDODU×Q×Q
LKUDF×YHEXQODUODLOJLOLIDDOL\HWOHULQ\UWOPHVLLúOHPOHUL
1XVUHW øONHU dRODN ´%DQNDF×O×N ']HQOHPH YH 'HQHWOHPH .XUXPX YH $%' gUQH÷Lµ6HoNLQ
.LWDEHYL$QNDUDV
(PUDK .×U×W ´ $QD\DVDO $o×GDQ %DQNDF×O×N ']HQOHPH YH 'HQHWOHPH .XUXPXµ 0DUPDUD
hQLYHUVLWHVL6RV\DO%LOLPOHU(QVWLWV<D\×QODQPDP×ú'RNWRUD7H]LøVWDQEXOV
ϴ
7DULKYH6D\×O×5HVPL*D]HWH6D\×O×%DQNDF×O×N.DQXQX
• (IHNWLI GDKLO NDPEL\R LúOHPOHUL SDUD SL\DVDV× DUDoODU×Q×Q DO×P YH VDW×P×
N×\PHWOL PDGHQ YH WDúODU×Q DO×P× VDW×P× YH\D EXQODU×Q HPDQHWH DO×QPDV×
LúOHPOHUL
• (NRQRPLN YH ILQDQVDO J|VWHUJHOHUH VHUPD\H SL\DVDV× DUDoODU×QD PDOD
N×\PHWOL PDGHQOHUH YH G|YL]H GD\DO× YDGHOL LúOHP V|]OHúPHOHULQLQ
RSVL\RQ V|]OHúPHOHULQLQ ELUGHQ ID]OD WUHY DUDF× LoHUHQ EDVLW YH\D
NDUPDú×N\DS×GDNLILQDQVDODUDoODU×QDO×P×VDW×P×YHDUDF×O×NLúOHPOHUL
• 6HUPD\HSL\DVDV×DUDoODU×Q×QDO×PYHVDW×P×LOHJHULDO×PYH\DWHNUDUVDW×P
WDDKKGLúOHPOHUL
• 6HUPD\HSL\DVDV×DUDoODU×Q×QLKUDoYH\DKDONDDU]\ROX\ODVDW×ú×QDDUDF×O×N
LúOHPOHUL
• 'DKD |QFH LKUDo HGLOPLú RODQ VHUPD\H SL\DVDV× DUDoODU×Q×Q DUDF×O×N
PDNVDG×\ODDO×PVDW×P×Q×Q\UWOPHVLLúOHPOHUL
• %DúNDODU× OHKLQH WHPLQDW JDUDQWL YH VDLU \NPOONOHULQ VWOHQLOPHVL
LúOHPOHULJLELJDUDQWLLúOHUL
• <DW×U×PGDQ×úPDQO×÷×LúOHPOHUL
• 3RUWI|\LúOHWPHFLOL÷LYH\|QHWLPL
• +D]LQH 0VWHúDUO×÷× YHYH\D 0HUNH] %DQNDV× YH NXUXOXú ELUOLNOHUL
QH]GLQGH ROXúWXUXODQ ELU V|]OHúPH NDSVDP×QGD VWOHQLOHQ \NPOONOHU
oHUoHYHVLQGHDO×PVDW×PLúOHPOHULQHLOLúNLQSL\DVD\DS×F×O×÷×
• )DNW|ULQJYHIRUIDLWLQJLúOHPOHUL
• %DQNDODUDUDV×SL\DVDGDSDUDDO×PVDW×P×LúOHPOHULQHDUDF×O×N
• )LQDQVDONLUDODPDLúOHPOHUL
• 6LJRUWDDFHQWHOL÷LYHELUH\VHOHPHNOLOLNDUDF×O×NKL]PHWOHUL
• .XUXOFDEHOLUOHQHFHNGL÷HUIDDOL\HWOHU
<XNDU×GDEHOLUWLOHQEDQNDF×O×NIDDOL\HWOHULLQFHOHQGL÷LQGHWHPHOEDQNDF×O×N
IDDOL\HWOHULQLQ \DQ×QGD VHUPD\H SL\DVDV× IDDOL\HWOHUL YH |GHPH VLVWHPOHULQH
\|QHOLN JHOLúWLULOHQ IDDOL\HWOHU GH J|UOPHNWHGLU 5HHO SL\DVD LOH HQWHJUDV\RQ
JHUHNOLOL÷L ILQDQVDO DUDoODU×Q oHúLWOLOL÷LQH RODQ LKWL\Do SDUD YH VHUPD\H
SL\DVDODU×QGDNLoHúLWOLOL÷LYHG]HQOHPHOHULDUWW×UP×úW×U
<LQH%DQNDF×O×N.DQXQX·QXQPDGGHVLQHJ|UHKHUEDQND\XNDU×GD
VD\×ODQEDQNDF×O×NIDDOL\HWOHULQLQWPQ\DSDPDPDNWDG×U0DGGH\HJ|UH
0HYGXDWEDQNDODU×NDW×O×PIRQXNDEXOYHILQDQVDONLUDODPDLúOHPOHULQL
.DW×O×PEDQNDODU×PHYGXDWNDEXOQ
.DON×QPDYH\DW×U×PEDQNDODU×LVHPHYGXDWNDEXOYHNDW×O×PIRQXNDEXO
IDDOL\HWOHULQLJHUoHNOHúWLUHPH]OHU
%DQNDODUELUHUWLFDULLúOHWPHRODUDNNDUDPDF×\ODIDDOL\HWOHULQLVUGUUNHQ
HNRQRPLN VLVWHPLQ ELU SDUoDV× RODUDN VWOHQGLNOHUL SHN oRN LúOHY EXOXQPDNWDG×U
%XLúOHYOHU
)LQDQVDODUDF×O×N\DSPDN
6HODPL (U 'HYOHWLQ %DQNDF×O×N 6HNW|UQGH ']HQOH\LFL YH 'HQHWOH\LFL 5RO YH 7UNL\H
8\JXODPDV×ø72<D\×QODU×<D\×Q1RøVWDQEXOV
*DP]H *|oPHQ <D÷F×ODU 7UN %DQNDF×O×N 6HNW|UQQ 5HNDEHW <DS×V×Q×Q $QDOL]L %''.
<D\×QODU×<D\×Q1R$QNDUDV
/LNLGLWH\DUDWPDN
.UHGLWDOHSHGHQOHULGH÷HUOHQGLUPHNYHL]OHPHN
$VLPHWULNELOJLSUREOHPOHULQLo|]PHN
3DUDSROLWLNDODU×Q×QHWNLQOL÷LQLDUWW×UPDN
(NRQRPLNLVWLNUDU×HWNLOHPHN
gOoHNYHNDSVDPHNRQRPLOHULQGHQID\GDODQPDN
gGHPHVLVWHPOHULQLQHWNLQOL÷LQLDUWW×UPDNYHG×úWLFDUHWLIRQODPDN
øKUDFDW×WHúYLNHWPHNúHNOLQGHV×UDODPDNPPNQGU
%DQNDODU×Q'HQHWLPL
g]WLQ$NJo6RUXGD7UNL\H·GH%DQNDF×O×NV
1HMDW%R]NXUW´%D÷×PV×]'HQHWLP(÷LWLPL'HUV1RWODU×µ7h502%$QNDUDV
gPHU .|VH ´ 'Q\D·GD YH 7UNL\H·GH <NVHN 'HQHWLPµ 7&6D\×úWD\ .XUXOXú
<×OG|QP<D\×QODU×$QNDUDV
LúOHYL KDWD YH \ROVX]OXNODU×Q |QOHQPHVL RODUDN GH÷HUOHQGLULOLU $OWHUQDWLI ELU
\DNODú×PD J|UH LVH GHQHWLP ELU PHVOHN ROPDNWDQ oRN NDON×QPDQ×Q
oD÷GDúODúPDQ×Q WRSOXPVDO UHIDKD XODúPDQ×Q YD]JHoLOPH] ELU XQVXUX ONH\L
JHOLúWLUHQJLULúLPOHULQLWLFLJFGU
gPHU.|VHDJHV
0XUDW $\D] ´%DQNDODUGD øo 'HQHWLP <DNODú×PODU× YH %LU 8\JXODPD gUQH÷Lµ 0DUPDUD
hQLYHUVLWHVL %DQNDF×O×N YH 6LJRUWDF×O×N (QVWLWV <D\×QODQPDP×ú 'RNWRUD 7H]L øVWDQEXO
V
(UGDO1R\DQ´%DQNDF×O×N)DDOL\HWOHULµ$GDOHW<D\×QHYL$QNDUDV
1XVUHWøONHUdRODNDJHV
*HRUJLRV(&KRUWDUHDV&ODXGLD*LUDUGRQHDQG$OH[LD9HQWRXUL´%DQN6XSHUYLVLRQ5HJXODWLRQ
DQG (IILFLHQF\ (YLGHQFH IURP WKH (XURSHDQ 8QLRQµV
KWWSZZZHHIVHXFRQI$WKHQV3DSHUVSGI
JHUHNWLUPHNWHGLU 'L÷HU \DQGDQ EDQND GHQHWLPL VLVWHPLN LVWLNUDU VD÷ODPD YH
LKWL\DWO× GHQHWLP \DSPD JLEL J|]HWLPLQ oHúLWOL IRQNVL\RQODU×Q× LoHUPHNOH ELUOLNWH
úHIIDIO×NYHGR÷UXX\JXODPDODU×QL]OHQPHVLGHNDSVDPGDKLOLQGHGLU
%DQNDODUGD'HQHWLP7UOHUL
• .DPXVDO'HQHWLP
%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXPX·QXQGHQHWLPIDDOL\HWL
VD\×O× %DQNDF×O×N .DQXQX·QXQ NXUXPD YHUGL÷L \HWNLOHULQ PHVOHN SHUVRQHOL
WDUDI×QGDQ NXOODQ×OPDV× VXUHWL\OH NXUXOXúODUGD JHUoHNOHúWLULOHQ ´\HULQGH GHQHWLPµ
YH´J|]HWLPµIDDOL\HWOHULQLQWDPDP×Q×NDSVDPDNWDG×U%XIDDOL\HWOHUWHPHORODUDN
/XF×D 4XDJO×D ([SODLQLQJ WKH 5HIRUP RI %DQNLQJ 6XSHUYLVLRQ LQ (XURSH $Q ,QWHJUDWLYH
$SSURDFK*RYHUQDQFH$Q,QWHUQDWLRQDO-RXUQDORI3ROLF\$GPLQLVWUDWLRQDQG,QVWLWXWLRQV9RO
1R-XO\V
gPHU.|VHDJHV
&RUSRUDWH*RYHUQDQFHLQ%DQN6XSHUYLVRU\$JHQFLHV$VVRFLDWLRQRI6XSHUYLVRUVRI%DQNVRI
WKH$PHULFDV:RUN×QJ*URXS1RV
)LNUHW .DUWDO ´7UNL\H·GH %DQND 'HQHWLPLµ )LQDQV 3ROLWLN (NRQRPLN <RUXPODU &LOW
6D\×V
EDQNDODU×Q NRQVROLGH YHYH\D NRQVROLGH ROPD\DQ ED]GD PDOL SHUIRUPDQVODU×QD
LOLúNLQ PXKWHOLI J|VWHUJHOHULQ LQFHOHQHUHN DQDOL] HGLOPHVL YH G|QHPVHO UDSRUODU
G]HQOHQPHVL .DQXQ YH LOJLOL PHY]XDWD X\XPXQXQ GHQHWOHQPHVL VWUHV WHVWOHUL
DUDF×O×÷× LOH SRWDQVL\HO VRUXQODU×Q YH N×U×OJDQO×NODU×Q WHVSLW HGLOPHVL LOH ROXPVX]
JHOLúPH YH\D WHVSLWOHU ROPDV× KDOLQGH VWDQGDUW UDSRU G]HQOHQPHVL
EHNOHQPHNVL]LQ LOJLOL ELULPOHULQ YH NDUDU PHUFLOHULQLQ ELOJLOHQGLULOPHVL VXUHWL\OH
\HULQHJHWLULOPHNWHGLU'HQHWLPLúOHYLQLQ\HULQHJHWLULOPHVLQGHEDúWD.XUXPYHUL
WDEDQ×ROPDN]HUHoHúLWOLND\QDNODUGDQ\DUDUODQ×OPDNWDG×U
%''.<×OO×N5DSRU<×O×
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH.XUXPB%LOJLOHUL<LOOLNB5DSRUODU\IULQWHUQHW
SGI
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH.XUXPB%LOJLOHUL666GHQHWLPSGI
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH.XUXPB%LOJLOHUL666GHQHWLPSGI
• 5LVN 'H÷HUOHQGLUPHVLQLQ <DS×OPDV× YH 5LVN 3URILOLQLQ d×NDU×OPDV× %X
VUHoWH LOJLOL EDQNDQ×Q \|QHWLFLOHUL LOH EDúODQJ×o WRSODQW×ODU× \DS×OPDV×
J|]HWLP YHULOHULQLQ GH÷HUOHQGLULOPHVL YH GL÷HU DQDOL] WHNQLNOHUL
oHUoHYHVLQGH VRQUDNL VUHoOHUH HVDV WHúNLO HGHQ oDO×úPDODU \DS×O×U %X
VUHFH LOLúNLQ LQFHOHPH \|QWHPL YH HVDVODU× ULVN GH÷HUOHQGLUPHVLQH LOLúNLQ
UHKEHUOHUGHDo×NODQ×U
.XUXP GHQHWLP VLVWHPL \HULQGH GHQHWLP YH J|]HWLP DG× DOW×QGD ELUELULQL
WDPDPOD\DQ YH GHVWHNOH\HQ LNL WHPHO IDDOL\HWWHQ ROXúXU %XQODU DúD÷×GDNL
IDDOL\HWOHULLoHUPHNWHGLU
<HULQGHGHQHWLP
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH.XUXPB%LOJLOHUL666GHQHWLPSGI
• 5LVN \|QHWLPL YH Lo NRQWURO VLVWHPOHULQLQ \HWHUOLOL÷LQLQ YH HWNLQOL÷LQLQ
LQFHOHQPHVL
• 5LVNGH÷HUOHQGLUPHVLQLQ\DS×OPDV×YHULVNSURILOLQLQEHOLUOHQPHVL
• %LOJLVLVWHPOHULQLQ\HWHUOLOL÷LQLQYHJYHQLOLUOL÷LQLQDQDOL]L
• g]HOOLNDU]HGHQIDDOL\HWOHUHLOLúNLQNRQXODU×QLQFHOHQPHVL
• )LQDQVDOKROGLQJNXUXOXúXYHYH\DEDQNDED÷O×RUWDNO×NYHELUOLNWHNRQWURO
HGLOHQRUWDNO×NODU×Q×QNRQVROLGHGHQHWLPL
• .XUXPVDO\|QHWLPNDOLWHVLQLQGH÷HUOHQGLULOPHVL
• .XUXOXúODUDKL]PHWVD÷OD\DQJHUoHNYHW]HONLúLOHULQYHUGLNOHULKL]PHWLOH
V×Q×UO×ROPDN]HUHIDDOL\HWOHULQLQGHQHWOHQPHVL YHGL÷HU \HULQGHGHQHWLP
IDDOL\HWOHULQGHQROXúXU
*|]HWLP
• 6WUHVWHVWOHULYHVHQDU\RDQDOL]OHUL
• %LU |QFHNL \HULQGH GHQHWLP VRQXoODU× YH JQFHO YHULOHU NXOODQ×ODUDN
GHUHFHOHQGLUPHQRWODU×Q×QJHOLúLPLQLQWDNLEL
• 6HNW|UYHNXUXOXúED]×QGDILQDQVDOJHOLúPHOHULQWDNLSYHWDKOLOL
• 0HY]XDWDX\JXQOXNDQDOL]LYHGL÷HUJ|]HWLPIDDOL\HWOHULQGHQROXúXU
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH.XUXPB%LOJLOHUL666GHQHWLPSGI
ED÷×PV×] GHQHWLP NXUXOXúODU×Q×Q .XUXPFD \HWNLOHQGLULOPHVL HVDVW×U %D÷×PV×]
ELOJLVLVWHPOHULGHQHWLPL\DSPD\HWNLVLDOPDNLoLQJHUHNOLNRúXOODU\XNDU×GDEDKVL
JHoHQ <|QHWPHOLNWH WDQ×PODQP×ú ROXS D\U×FD ELU EDQNDGD ED÷×PV×] ELOJL
VLVWHPOHULGHQHWLPL\DSDFDNNXUXOXúXQV|]NRQXVXEDQNDQ×QD\Q×G|QHPILQDQVDO
PDOLWDEORODU×Q×QGHQHWLPLQL\DSDQNXUXOXúROPDV×úDUW×JHWLULOPLúWLU
• øo'HQHWLP
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH.XUXPB%LOJLOHUL666GHQHWLPSGI
7UNL\Høo'HQHWLP(QVWLWVKWWSZZZWLGHRUJWUSDJHDVS["QP LFBGHQHWLP
g]JUdDW×NNDúYH'L÷´%DQNDODUGD'HQHWLP.RPLWHVL8\JXODPDV×µ7UNL\H%DQNDODU%LUOL÷L
<D\×QODU×(\OOV
7UNL\H øo 'HQHWLP (QVWLWV ´8OXVODUDUDV× øo 'HQHWLP 6WDQGDUWODU×µ
KWWSLFGHQHWLPVKFHNJRYWUXVHUILOHV8/86/$5$5$6,B,&'(1(7,0B67$1'$57SGI
øo GHQHWoLOHULQ ´8OXVODUDUDV× øo 'HQHWLP (WLN .XUDOODU×µQD X\PDV× YH
EXQODU×GHVWHNOHPHVLEHNOHQPHNWHGLU%XQODU
• 2EMHNWLIOLNøoGHQHWoLOHULQFHOHGLNOHULVUHoYH\DIDDOL\HWLOHLOJLOLELOJL\L
WRSODUNHQ GH÷HUOHQGLULUNHQ YH UDSRUODUNHQ HQ VW VHYL\HGH PHVOHNL
REMHNWLIOLN VHUJLOHU øo GHQHWoLOHU LOJLOL WP úDUWODU×Q GH÷HUOHQGLUPHVLQL
GHQJHOLELUúHNLOGH\DSDUYHNHQGLOHULQLQYH\DGL÷HUOHULQLQPHQIDDWOHULQGHQ
oRNHWNLOHQPH]
• *L]OLOLNøoGHQHWoLOHUHOGHHWWLNOHULELOJLQLQVDKLSOL÷LQHYHGH÷HULQHVD\J×
J|VWHULU KXNXNL YH PHVOHNL ELU PHFEXUL\HW ROPDG×÷× VUHFH GH JHUHNOL
\HWNLOHQGLUPH\LDOPDNV×]×QELOJL\LDo×NODPD]
øo GHQHWLPLQ WHPHO YH DQDKWDU J|UHYOHULQGHQ ELUL ULVN \|QHWLP VUHoOHULQLQ
WDPHWNLQHWNLOLYHYHULPOLROGX÷XNRQXVXQGDVW\|QHWLPHYH\|QHWLPNXUXOXQD
REMHNWLI JYHQFH VD÷ODPDNW×U øo GHQHWLP ELULPL EX \|Q LOH \RO J|VWHUPH YH
NROD\ODúW×UPD LúOHYOHULQL VWOHQLU %XUDGD EDKVHGLOHQ REMHNWLIOLN ED÷×PV×]O×N LOH
VD÷ODQDELOLU %D÷×PV×]O×N Lo GHQHWLP LoLQ NLOLW ELU NDYUDP ROXS DNVL KDOGH
NXUXPXQNHQGLEQ\HVLQGH \HU DODQYHNXUXPXQHQVW \|QHWLFLVLQHED÷O×RODUDN
IDDOL\HW J|VWHUHQ NLúLOHULQ JHUoHNOHúWLUHFHNOHUL GHQHWLPLQ JHUoHN DQODPGD ELU
GHQHWLPROPDV×EHNOHQHPH]
KWWSVQDWKHLLDRUJVWDQGDUGVJXLGDQFHPDQGDWRU\JXLGDQFH3DJHV&RGHRI(WKLFVDVS[
$YUXSDøo'HQHWLP(QVWLWOHUL.RQIHGHUDV\RQX´$YUXSD·GDøo'HQHWLPµ'XUXP5DSRUXùXEDW
V
gPHU.|VHDJHV
%DQNDODU×QLoGHQHWLPVLVWHPLQLQDPDF×VW \|QHWLPHEDQNDIDDOL\HWOHULQLQ
.DQXQ YH LOJLOL GL÷HU PHY]XDW LOH EDQND LoL VWUDWHML SROLWLND LONH YH KHGHIOHU
GR÷UXOWXVXQGD \UWOG÷ YH Lo NRQWURO YH ULVN \|QHWLPL VLVWHPOHULQLQ HWNLQOL÷L
YH \HWHUOLOL÷L KXVXVXQGD JYHQFH VD÷ODPDNW×U øo GHQHWLP VLVWHPLQGHQ EHNOHQHQ
DPDF×Q VD÷ODQDELOPHVL LoLQ Lo GHQHWLP IDDOL\HWOHUL\OH EDQND LoL KHUKDQJL ELU
N×V×WODPDROPDNV×]×QEDQNDQ×QWPIDDOL\HWOHUL\XUWLoLYH\XUWG×ú×úXEHYHJHQHO
PGUONELULPOHULGDKLOGL÷HUELULPOHULG|QHPVHOYHULVNHGD\DO×RODUDNLQFHOHQLU
YH GHQHWOHQLU HNVLNOLN KDWD YHVXLVWLPDOOHURUWD\D o×NDU×O×U EXQODU×Q \HQLGHQ
RUWD\D o×NPDV×Q×Q |QOHQPHVLQH YH EDQND ND\QDNODU×Q×Q HWNLQ YH YHULPOL RODUDN
NXOODQ×OPDV×QD\|QHOLNJ|UúYH|QHULOHUGHEXOXQXOXUYH.XUXPDYHVW\|QHWLPH
LOHWLOHQELOJLYHUDSRUODPDODU×QGR÷UXOX÷XYHJYHQLOLUOL÷LGH÷HUOHQGLULOLU
%DQNDODU×Q G|QHPVHO YH ULVNH GD\DO× Lo GHQHWLP IDDOL\HWOHUL Lo GHQHWLP
SODQ×Q×Q KD]×UODQPDV× \UUO÷H NRQXOPDV× oDO×úPD SURJUDPODU× DUDF×O×÷×\OD
LFUDV×VRQXoODU×QLoGHQHWLPELULPL\|QHWLPLQHLOJLOLELULP\|QHWLPLQHYHLOJLOLLo
VLVWHP VRUXPOXVXQD GHQHWLP NRPLWHVLQH GHQHWLP NRPLWHVL DUDF×O×÷×\OD \|QHWLP
NXUXOXQD UDSRUODQPDV× YH GHQHWLP UDSRUODU× oHUoHYHVLQGH LOJLOL ELULP
\|QHWLPOHULQFHDO×QDQ|QOHPOHULQL]OHQPHVLIDDOL\HWOHULQLNDSVDU
5HVPL *D]HWH +D]LUDQ WDULK YH VD\×O× %DQNDODU×Q øo
6LVWHPOHUL +DNN×QGD <|QHWPHOLN·LQ PDGGHVLQH J|UH EDQND Lo VLVWHPOHULQLQ
HWNLQOL÷L EDQNDODU×Q HNRQRPLGHNL UROQQ |QHPL YH \DW×U×PF×ODU×Q VD÷O×NO× NDUDU
DODELOPHVL LoLQ ]RUXQOXOXN QLWHOL÷LQGH ELU IDNW|UGU %DQNDODU×Q Lo VLVWHPOHULQLQ
HWNLQOL÷LQLQ ED÷×PV×] ELU GHQHWoL WDUDI×QGDQ GH÷HUOHQGLULOPHVL YH GR÷UXODQPDV×
\DW×U×PF×ODULoLQJYHQFHVD÷ODPDLKWL\DF×Q×QELUJHUH÷LGLU
VD\×O×%DQNDF×O×N.DQXQX·QXQPDGGHVLQGHEDQNDODU×QEWQELULP
úXEH YH NRQVROLGDV\RQD WDEL RUWDNO×NODU×Q× NDSVD\DFDN úHNLOGH ELU Lo GHQHWLP
VLVWHPL NXUPDV×Q×Q ]RUXQOX ROGX÷X EHOLUWLOPLú ROXS IDDOL\HWOHULQ PHY]XDWD DQD
V|]OHúPH\H Lo G]HQOHPHOHUH YH EDQNDF×O×N LONHOHULQH X\JXQOX÷XQXQ EDQND
ϯϱ
5HVPL *D]HWH +D]LUDQ WDULK YH VD\×O× %DQNDODU×Q øo 6LVWHPOHUL +DNN×QGD
<|QHWPHOLNPDGGH
ϯϲ
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Qøo6LVWHPOHUL+DNN×QGD
<|QHWPHOLNPDGGH
PIHWWLúOHUL WDUDI×QGDQ GHQHWOHQPHVL JHUHNWL÷L YXUJXODQP×úW×U <LQH .DQXQ·XQ
PDGGHVLQGH Lo VLVWHPOHULQ LOJLOL PHY]XDWD X\JXQ RODUDN WHVLV HGLOPHVL
LúOHUOL÷LQLQ X\JXQOX÷XQXQ YH \HWHUOLOL÷LQLQ VD÷ODQPDV× ILQDQVDO UDSRUODPD
VLVWHPOHULQLQ JYHQFH DOW×QD DO×QPDV× EDQND LoLQGHNL \HWNL YH VRUXPOXOXNODU×Q
EHOLUOHQPHVL\|QHWLPNXUXOXQXQVRUXPOXOX÷XQDE×UDN×OP×úW×U
5HVPL *D]HWH +D]LUDQ WDULK YH VD\×O× %DQNDODU×Q øo 6LVWHPOHUL +DNN×QGD
<|QHWPHOLNPDGGH
• øoVLVWHPOHUNDSVDP×QGDNLELULPOHULQYH\|QHWLFLOHULQLQJ|UHY\HWNLYH
VRUXPOXOXNODU×Q× Do×N YH J|UHY oDW×úPDODU× ROPD\DFDN úHNLOGH
EHOLUOHPHNYHEXELULPOHUGHJ|UHYOHQGLULOHQSHUVRQHOLQoDO×úPDXVXOYH
HVDVODU×Q×RQD\ODPDNJHUHNOLND\QDNODU×QWDKVLVLQLVD÷ODPDN
• øo VLVWHPOHUH LOLúNLQ X\JXODPDODU LOH LOJLOL RODUDN .XUXPFD \D GD
ED÷×PV×] GHQHWoLOHUFH WHVSLW HGLOHQ YH\D EDQND GHQHWLP NRPLWHVLQFH
\|QHWLP NXUXOX JQGHPLQH JHWLULOHQ KDWD YH\D HNVLNOLNOHUL ]DPDQ×QGD
GLNNDWH DODUDN JLGHUPHN LoLQ JHUHNOL |QOHPOHUL DOPDN WHVSLW HGLOHQ
HNVLNOLN YH KDWDODU× GH÷HUOHQGLUHUHN D\Q× YH\D EHQ]HU HNVLNOLN YH
KDWDODU×Q ROXúDELOHFH÷L DODQODUD LOLúNLQ Lo NRQWURO YH Lo GHQHWLP
IDDOL\HWOHULQLQ\|QOHQGLULOPHVLQLVD÷ODPDN
• %DQNDQ×Q PDUX] NDOG×÷× ULVNOHU YH EX ULVNOHULQ |OoP \|QWHPOHUL LOH
\|QHWLPLNRQXVXQGDELOJLVDKLELROPDN
• %DQNDQ×Q JHQHO RODUDN YH KHU ELU ULVN WU LWLEDU×\OD ULVN \|QHWLPLQH
LOLúNLQ SROLWLND YH VWUDWHMLOHULQL DODELOHFH÷L ULVN VHYL\HVLQL YH EXQODUD
LOLúNLQ X\JXODPD XVXOOHULQL \D]×O× RODUDN EHOLUOHPHN ELULPOHU YH
\|QHWLFLOHUL \D GD EX ELULPOHUGH oDO×úDQ SHUVRQHO LWLEDU×\OD D]DPL ULVN
OLPLWOHULWDKVLVHWPHN
• %DQNDQ×Q VWOHQLOHQ ULVN G]H\L LOH LOLúNLOL |]ND\QDN VHYL\HVLQL
EHOLUOH\HQELUVUHFHYH|]ND\QDN\|QHWLPVWUDWHMLOHULQHVDKLSROPDV×Q×
WHPLQHWPHN
• 5LVN\|QHWLPVLVWHPOHULQLQHWNLQOL÷LQLL]OHPHN
• 0úWHULOHULQúLND\HWOHULQLQDUDúW×U×OPDV×Q×YHVRQXFXKDNN×QGDLOJLOLOHUH
FHYDS YHULOPHVLQL VD÷OD\DFDN ELU VLVWHP JHOLúWLULOPHVLQL YH EXQODU×Q
EHOLUOHQHFHN KXVXVODU× LKWLYD HGHFHN úHNLOGH NHQGLVLQH G]HQOL
UDSRUODQPDV×Q×VD÷ODPDN
%DQNDODUGD Lo GHQHWLP J|UHYL Lo GHQHWLP ELULPL WDUDI×QGDQ \UWOU øo
GHQHWLP ELULPLQGH EDQNDQ×Q E\NO÷QH IDDOL\HWOHULQLQ NDUPDú×NO×÷×QD
\R÷XQOX÷XQD NDSVDP×QD YH ULVNOLOLN G]H\LQH ED÷O× RODUDN .DQXQ YH LOJLOL
PHY]XDW LOH EDQND LoL G]HQOHPHOHUGH |QJ|UOHQ GHQHWLP KL]PHWOHULQLQ
DNVDW×OPDGDQYHEXKL]PHWOHULQ JHUHNWLUGL÷LVHYL\HGH \HULQH JHWLULOPHVLDPDF×\OD
\HWHUOL VD\×GD PIHWWLú YH Lo GHQHWLP HOHPDQ× oDO×úW×U×O×U øo GHQHWLP ELULPL
\|QHWLFLVLQLQ HQ D] \HGL \×OO×N EDQNDF×O×N GHQH\LPLQH VDKLS ROPDV× úDUWW×U øo
GHQHWLPELULPL \|QHWLFLVLLoGHQHWLPIDDOL\HWOHULQLGHQHWLPIDDOL\HWOHULQH \|QHOLN
SROLWLND YH X\JXODPD XVXOOHUL LOH Lo GHQHWLP SODQODU× oHUoHYHVLQGH \UWU øo
GHQHWLPELULPL\|QHWLFLVLúXoDO×úPDODU×\DSPDNOD\NPOGU
• øoGHQHWLPIDDOL\HWOHULQH\|QHOLNSROLWLNDYHX\JXODPDXVXOOHULQL
EHOLUOHU GHQHWLP NRPLWHVLQLQ X\JXQ J|UúQ DO×U YH \|QHWLP
NXUXOXQXQRQD\×\ODX\JXODPD\DNR\DU
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Q«
• øo GHQHWLP IDDOL\HWOHULQL J|]HWOHU GHQHWLP SROLWLND SURJUDP
VUHoYHX\JXODPDODU×Q×L]OHUYH\|QOHQGLULU
(WNLQELULoGHQHWLPVLVWHPLLoGHQHWLPELULPLQLQULVNGH÷HUOHQGLUPHOHULQH
GD\DO× RODUDN JHUoHNOHúWLULOLU øo GHQHWLPGH ULVN GH÷HUOHQGLUPHOHUL Lo GHQHWLP
ELULPL WDUDI×QGDQ EDQNDQ×Q PDUX] NDOG×÷× ULVNOHU YH EXQODUD LOLúNLQ NRQWUROOHU
GLNNDWH DO×QDUDN GHQHWLP oDO×úPDODU×QGD |QFHOLN YHULOHFHN DODQODU×Q GLNNDWH
DO×QDFDN D\U×QW×ODU×QYH GHQHWLPLQV×NO×÷×Q×QEHOLUOHQPHVLQH \|QHOLN \UWOHQELU
LúOHPGLU+HU\×OLWLEDUL\OHULVNGH÷HUOHQGLUPHOHULQLQ\DS×ODELOPHVLLoLQ
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Qøo6LVWHPOHUL+DNN×QGD
<|QHWPHOLNPDGGH
• gQHPOL Lú ELULPOHUL YH UQOHU LOH EXQODUD LOLúNLQ IDDOL\HW YH
NRQWURO ULVNOHUL EHOLUOHQLU YH ULVN \|QHWLPL YH Lo NRQWURO
VLVWHPOHULQLQ\DS×V×QDLOLúNLQGRNPDQODUWHVSLWHGLOLU
• 'HQHWLPLQDPDF×QD
• 'HQHWOHQHFHN KHU ELU DODQ YH\D IDDOL\HW LOH LOJLOL |]HW ULVN
GH÷HUOHQGLUPHOHULQHYH.DQXQYHLOJLOLGL÷HUPHY]XDWD
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Qøo6LVWHPOHUL+DNN×QGD
<|QHWPHOLNPDGGH
• 3ODQODQDQ GHQHWLP oDO×úPDV×Q×Q JHUoHNOHúWLULOHFH÷L ]DPDQD YH
GHQHWLPG|QHPLQH
øo GHQHWLP UDSRUODU× ELU ELULPLQ YH\D IDDOL\HWLQ .DQXQ YH LOJLOL GL÷HU
PHY]XDW LOH EDQND LoL SROLWLND YH X\JXODPD XVXOOHULQH X\JXQOX÷X LúOHWLOHQ
VUHoOHULQ YH Lo NRQWUROOHULQ HWNLQOL÷L YH DO×QPDV× JHUHNWL÷L GúQOHQ G]HOWLFL
LúOHPOHU KDNN×QGD VW \|QHWLPH ELOJL YHUHFHN PDKL\HWWH G]HQOHQLU 0IHWWLúOHU
EXOJXODU×Q× YH |QHULOHULQL LOJLOL WDUDIODUOD SD\ODúPDN GHQHWLP UDSRUODU×Q× DFLO ELU
GXUXP |QJ|UOPHGL÷L VUHFH GHQHWLP oDO×úPDV× WDPDPODQG×NWDQ VRQUD PPNQ
ROGX÷XNDGDUN×VDVUHLoLQGHLoGHQHWLPELULPLDUDF×O×÷×\ODGHQHWLPNRPLWHVLQHYH
\|QHWLP NXUXOXQD XODúW×UPDNOD \NPOGU 0IHWWLúOHUFH G]HQOHQHFHN oDO×úPD
Nk÷×WODU× UDSRUODU× GHVWHNOHU PDKL\HWWH ROPDN ]RUXQGDG×U 5DSRU LOH ELUOLNWH
oDO×úPDND÷×WODU×GD Lo GHQHWLP ELULPLQH WHYGL HGLOLU øo GHQHWLP UDSRUODU×
GHQHWOHQHQ DODQ YH Lo GHQHWLP JHUHNOHULQH X\JXQ RODUDN KD]×UODQ×U %X
UDSRUODUGD
• 7HVSLWHGLOHQVRUXQODUYHVRQXoODUDLOLúNLQ|]HWH
• 'HQHWLPLQNDSVDPYHDPDoODU×QD
• 'HWD\O×GHQHWLPVRQXoODU×QDWHVSLWHGLOHQKXVXVODUoHUoHYHVLQGH
GHQHWOHQHQNRQX\DYHULOHQ|QHPGHUHFHVLYHD\U×QW×O×QHGHQOHUL
• 9DUVD|QHULOHUHYHEXQODU×QID\GDODU×QD
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Q«
• %D÷×PV×]'×ú'HQHWLP
+HP NDPXVDO KHP GH |]HO GHQHWLPGH HQ |QHPOL IDNW|U ´ED÷×PV×]O×NµW×U
%D÷×PV×]O×N WDUDIV×] ROPD\× JHUHNWLUHQ GL÷HU ELU LIDGH LOH ´REMHNWLIOLNµWLU '×ú
GHQHWLPHRODQLKWL\DoLoGHQHWLPLQED÷×PV×]ROPDPDLKWLPDOLQGHQJYHQLOLUOL÷LQL
\LWLUPHVLQGHQ ND\QDNODQPDNWDG×U g]HO NHVLP Do×V×QGDQ LVH GD\DQD÷× ROPD\DQ
L\LPVHUOLNGX\JXVXLúOHPOHUKDNN×QGDD\U×QW×O×ELOJL\HVDKLSROPDPD]DUDUODUYH
GL÷HU X\DU×F× LúDUHWOHU QHGHQL\OH EDQNDODUGDQ JHOHQ EDVN×ODU \HWHUVL] Lo GHQHWLP
YH\D LúOHWPHQLQ JoO ELU \|QHWLFL WDUDI×QGDQ \|QHWLOPHVL JLEL KXVXVODU \×OO×N
ILQDQVDO WDEORODUOD RUWD\D NRQXODQ ILQDQVDO GXUXP YH VRQXoODU×Q oDUS×W×OPDV×QD
QHGHQRODELOLU'HQHWoLH÷HUJHUoHNWHQED÷×PV×]VDEXWUEDVN×ODUGDQHWNLOHQPHVL
V|] NRQXVX RODPD] 'HQHWLPGH ELU GL÷HU |QHPOL |]HOOLN LVH JL]OLOLN KDNN×QD
VD\J×G×U '×ú GHQHWoL HWNLQ ELU GHQHWLP \DSDELOPHN LoLQ GHQHWOHGL÷L NXUXPXQ
EWQELOJLOHULQHVDKLSROPDNLVWHU
'×úGHQHWLPJHQHOOLNOH|]HONHVLPGHV|]NRQXVXROXSLúOHWPHQLQG×ú×QGD
SURIHV\RQHO NLúL YH\D HNLSOHU WDUDI×QGDQ FUHW NDUú×O×÷× \DS×O×U YH LúOHWPHQLQ
ILQDQVDO WDEORODU×Q×Q YH IDDOL\HWOHULQLQ LOJLOL \DVDO G]HQOHPHOHUH YH JHQHO NDEXO
J|UPú PXKDVHEH VWDQGDUWODU×QD X\JXQOXN Do×V×QGDQ LQFHOHQLS VRQXoODU×Q ELU
GH÷HUOHQGLUPH UDSRUX\OD LOJLOLOHUH LOHWLOPHVLQL LoHULU 6RQ \×OODUGDNL JHOLúPHOHUOH
EXUDSRUODUV×Q×UO×úHNLOGHGHROVDGHYOHWWDUDI×QGDQGDYHUJLLQFHOHPHOHULDo×V×QGDQ
JHoHUOLDGGHGLOPHNWHGLU
gPHU.|VHDJHV
EHOLUWLOPHNWHGLU'L÷HU\DQGDQD\Q×NDQXQXQPDGGHVLQGHLVHED÷×PV×]GHQHWLP
NXUXOXúODU×Q×Q YHUGLNOHUL KL]PHWOHUGHQ GR÷DELOHFHN ]DUDUODU× NDUú×ODPDN DPDF×\OD
\XUW LoLQGH YH\D \XUW G×ú×QGD NXUXOX VLJRUWD úLUNHWOHULQH +D]LQH 0VWHúDUO×÷×
WDUDI×QGDQ JHQHO úDUWODU× EHOLUOHQHFHN \D GD EX úDUWODUD X\JXQOX÷X WH\LW HGLOHFHN
VRUXPOXOXNVLJRUWDV×\DSW×UPDNOD\NPOROGXNODU×\HUDOPDNWDG×U
VD\×O×%DQNDF×O×N.DQXQXYHLOJLOLDOWG]HQOHPHOHUHJ|UHEDQNDODU×Q
oHU D\GD ELU ROPDN ]HUH \×OGD G|UW GHID ED÷×PV×] GHQHWLPGHQ JHoPLú PDOL
WDEORODU×Q×Q NDPX\D Do×NODQPDV× JHUHNPHNWHGLU 6|] NRQXVX GHQHWLPL
JHUoHNOHúWLULOHFHNNXUXOXúODU\LQHD\Q×.DQXQXQYHUGL÷L\HWNLoHUoHYHVLQGH%''.
WDUDI×QGDQ EHOLUOHQPHNWH EDQNDODU %''. WDUDI×QGDQ \HWNLOHQGLULOHQ V|] NRQXVX
úLUNHWOHUGHQ LVWHGLNOHUL LOH DQODúPD \DSDUDN PDOL WDEORODU×Q× GHQHWLPH WDEL
WXWPDNWDG×UODU%''.WDUDI×QGDQ\HWNLOHQGLULOHFHNED÷×PV×]GHQHWLPúLUNHWOHULYH
EX úLUNHWOHULQ IDDOL\HWOHULQL JHUoHNOHúWLULUNHQ X\DFDNODU× XVXO YH HVDVODU %''.
WDUDI×QGDQo×NDU×OP×ú\|QHWPHOLNLOHEHOLUOHQPLúWLU
']HQNHOLPHVLQLQV|]ONDQODP×´EHOOL\|QWHPLONHYH\D\DVDODUDJ|UH
NXUXOPXú RODQ GXUXP X\XP QL]DP VLVWHPµGLU ']HQH NRQXODQ NDYUDP×Q
QLWHOL÷LQH J|UH QLoLQ G]HQOHPH \DS×OG×÷× GD oHúLWOL FHYDSODU EXODFDNW×U
3L\DVDODU×Q G]HQOHPHVL Do×V×QGDQ EDN×OG×÷×QGD OLWHUDWUGH WHNQLN ELU WHULP RODQ
´UHJODV\RQµ NDYUDP× NXOODQ×OPDNWDG×U 5HJODV\RQ GHYOHWLQ HNRQRPL\H
PGDKDOHOHULRODUDNWDQ×PODQDELOHFH÷LJLELEHOOLELUDPDFDG|QNNXUDOODUEWQ
RODUDNGDQLWHOHQGLULOHELOLU
DOG×÷×P×]GD ú|\OH WDQ×PODQDELOLU
%HOOL ELU IDDOL\HWH LOLúNLQ RODUDN R\XQXQ
NXUDOODU×Q×Q EHOLUOHQPHVL G]HQOHPH YH EX NXUDOODUD ULD\HWLQ VD÷ODQPDV×
GHQHWOHPH RODUDN WDQ×PODQDELOLU %LU GL÷HU WDQ×PD J|UH UHJODV\RQ GHYOHWLQ
LNWLVDGL YH VRV\DO DPDoODU×Q× JHUoHNOHúWLUPHN LoLQ \DSP×ú ROGX÷X KHU WUO
G]HQOHPHGLU5HJODV\RQXGDUDQODPGDGHYOHWLQHNRQRPL\HWPPGDKDOHOHUL
RODUDN WDQ×PODPDN PPNQGU (NRQRPL Do×V×QGDQ UHJODV\RQ LVH GHYOHW
NXUXPODU×Q×Q HNRQRPLN IDDOL\HWL \|QHWPHN LoLQ J|VWHUGL÷L WP oDEDODU×
LoHUPHNWHGLU
5HJODV\RQHWNLOHGL÷LDODQDJ|UHoWUGHLQFHOHQPHNWHGLUøNWLVDGL6RV\DO
YH øGDUL %DQNDF×O×N VLVWHPLQLQ UHJODV\RQ DODQ× LNWLVDGL WUGH ROGX÷XQGDQ EX
oDO×úPDGDLNWLVDGLUHJODV\RQWU]HULQGHGXUXODFDNW×U
• (NRQRPLN3DUDPHWUHOHU']HQOH\LFLRWRULWHQLQWHúHEEVLOHLOJLOLIL\DWYH
PLNWDU JLEL SDUDPHWUHOHUOH LOJLOL NDUDUODU×Q NDPX JF LOH
V×Q×UODQG×U×OPDV×G×U
%HUQD7HSHùDKLQ$UG×\RN´'HYOHWH<HQL5RO5HJODV\RQµ$PPHøGDUHVL'HUJLVL&LOW
6D\×V
6LQDQ 6DU×VR\ ´']HQOH\LFL 'HYOHW YH 5HJODV\RQ 8\JXODPDODU×Q×Q (WNLQOL÷L h]HULQH
7DUW×úPDODUµ0DOL\H'HUJLVL6D\×7HPPX]$UDO×NV
)XDW2÷X]´'HYOHWYH3L\DVD5HJODV\RQ(NRQRPLVLQH*LULúµ6HoNLQ<D\×QHYL$QNDUD
V
%HUQD7HSHùDKLQ$UG×\RNDJPV
%HUQD7HSHùDKLQ$UG×\RNDJPV
/LWHUDWUGH UHJODV\RQ NDSVDP× ED]HQ G]HQOHPH ED]HQ GH KHP
G]HQOHPH KHP GH GHQHWOHPH IDDOL\HWOHULQL HVDV DOPDNWDG×U 2÷X]·D J|UH LVH
UHJODV\RQSL\DVDODU×QELUVWRWRULWH\ROX\OD
• ']HQOHQPHVL
• 'HQHWOHQPHVL
• <|QHWLOPHVL
• <|QOHQGLULOPHVLIDDOL\HWOHULQLLoHUPHNWHGLU
(VDV×QGD\XNDU×GDVD\×ODQG|UWLúOHYKHPELUELULQLQWDPDPOD\×F×V×KHPGH
JHUHNOLOL÷LGLU%LUSL\DVDQ×QGHQHWOHQHELOPHVLLoLQ|QFHG]HQOHQPLúELUSL\DVD\D
LKWL\DoYDUG×U'HQHWOHPHVRQUDV×QGDo×NDQROXPVX]GXUXPODU×QG]HOWLOPHVLLoLQ
LVH\|QHWLOPHVLYHLOJLOLRWRULWHWDUDI×QGDQ\|QOHQGLULOPHVLGHUHJODV\RQVUHFLQLQ
NDSVDP×QGDG×U %X UHJODV\RQ G|QJVQQ HNVLNVL] YH GR÷UX ROPDV× SL\DVD
EDúDU×V×]O×÷×Q×|QOH\HELOLU
ROPD\DQ NXUXPODUG×U 'L÷HU ELU LIDGH LOH GHYOHW LOH LOJLOL NXUXOXúODU GL÷HU
NXUXPODUGDQ D\U× RODUDN X]PDQODúP×ú NDPX RWRULWHVLQLQ ED]× \HWNLOHULQH
VDKLSWLUOHU $QFDN EX NXUXPODU QH GR÷UXGDQ KDON WDUDI×QGDQ VHoLOHQ QH GH
GR÷UXGDQ \HWNLOLOHU WDUDI×QGDQ VHoLOPLú NLúLOHU WDUDI×QGDQ \|QHWLOLU 2(&' EX
NXUXPODU× oD÷GDú G]HQOH\LFL \|QHWLPLQ HQ \D\J×Q RODUDN NXOODQ×ODQ
NXUXPODU×QGDQELULRODUDNQLWHOHQGLUPHNWHGLU
']HQOH\LFLYHGHQHWOH\LFLNXUXPODUDVO×QGDIHGHUDOGHYOHW\DS×V×QDX\JXQ
NXUXPODUG×U hQLWHU GHYOHW \DS×V×QD VDKLS )UDQVD 7UNL\H JLEL ONHOHUGH NODVLN
LGDUL |UJWOHQPH PRGHOLQLQ G×ú×QGD NDOPDV× KXNXNL Do×GDQ ED]× VRUXQODUD QHGHQ
ROPXúWXU %X NXUXPODUD GDLU HQ |QHPOL VRUXQ JHQHO HVDVODU×Q EHOLUOHQPHPLú
ROPDV×G×U.XUXO\HOHULQLQED÷×PV×]O×NODU×YHWDUDIV×]O×NODU×QDGDLUKNPOHUDo×N
YH\HWHUOLGH÷LOGLU
'HYOHWLQ NDPX VDKLSOL÷L \D GD VHUEHVW SL\DVD \HULQH UHJODV\RQX VHoPH
QHGHQOHULLNLWHPHOJHUHNoH\HGD\DQG×U×ODELOLU
• %LULQFLVLUHJODV\RQXQLNWLVDGLELUDUDoRODUDNJ|UOPHVLGLU3L\DVD
NHQGL KDOLQH E×UDN×OG×÷×QGD KDNV×] UHNDEHW GXUXPODU× RUWD\D
)DEUL]LR*LODUGL´7KH)RUPDO,QGHSHQGHQFHRI5HJXODWRUV$&RPSDULVRQRI&RXQWULHVDQG
6HFWRUVµ6ZLVV3ROLWLFDO6FLHQFH5HYLHZ9ROXPH,VVXH:LQWHUVV
ùHEQHP6D\KDQDJPV
)XDW2÷X]DJHVV
)XDW2÷X]DJHV
o×NDFD÷×QGDQ ELU VW RWRULWHQLQ GHQHWLPLQLQ HNRQRPLN HWNLQOL÷L
DUWW×UDFD÷× VDYXQXOPDNWDG×U %XUDGDNL DPDo VRV\DO UHIDK× HQ
\NVH÷Ho×NDUPDNW×U
• øNLQFL JHUHNoH LVH UHJOH HGLOHQ ED]× PDO YH KL]PHWOHULQ VWUDWHMLN
|QHPLQLQROPDV×G×U%DQNDF×O×NVHNW|UGHVWUDWHMLN|QHPHVDKLSELU
DODQG×U %DQNDF×O×NWD GHQHWLPLQ JHOLúPHVL LOH RUWD\D o×NDELOHFHN
VRV\DO VRUXQODU QHGHQL LOH EX VHNW|U GHYOHW WDUDI×QGDQ
G]HQOHQPHNWHYHGHQHWOHQPHNWHGLU%XLNLJHUHNoHGHYOHWLQNDPX
\DUDU×LOHKDUHNHWHWWL÷LQLYDUVD\PDNWDG×U
• 'HYOHWLQSL\DVDGDKHPKDNHPKHPGHR\XQFXROPDV×GXUXPXQGDDO×QDFDN
NDUDUODU×Q WDUDIV×]O×÷× YH ED÷×PV×]O×÷× LoLQ D\U× NXUXP \D GD NXUXPODU
WDUDI×QGDQVD÷ODQPDV×
• 6L\DVLHWNLOHUGHQDU×QP×úNXUXPODU×QX]XQG|QHPOLSROLWLNDROXúWXUPDGDNL
EDúDU×V×
)XDW2÷X]DJHV
7XUJXW7DQDJPV
• .UL] G|QHPOHULQGH IDWXUDQ×Q NHQGLOHULQH o×NDU×OPDV×Q× LVWHPH\HQ VL\DVLOHU
GHEXWUNXUXPODU×WHUFLKHGHELOPHNWHGLUOHU
5HJODV\RQGDELUDODQ×Q\DGDVHNW|UQRUJDQL]HHGLOPHVLYHGHQHWLPLLoLQ
KXNXNVDOG]HQOHPH\DSPDNYH\DSW×U×PX\JXODPDNELUHUDUDoW×U%XUDGDNLDPDo
LVHUHJOHHGLOHQDODQ×QYHULPOLOL÷LQLQYHHWNLQOL÷LQLQVD÷ODQPDV×G×U
7RSOXPXQ LNWLVDGL Do×GDQ JHOLúPHVL LoLQ GHYOHW LNL WHPHO J|UHYL \HULQH
JHWLUPHNWHGLU %LULQFLVL VHUEHVW SL\DVD HNRQRPLVLQGH HQ |QHPOL XQVXU RODQ NkU
HOGHHWPHJGVQQLNLQFLSODQDLWLOHUHNNDPXG]HQLQLQVUGUOPHVLDo×V×QGDQ
JHUHNOL RODQ \DW×U×PODU×Q \DS×OPDV×G×U øNLQFLVL LVH WDP UHNDEHWoL HNRQRPLN
NRúXOODU×Q LúOHPHVLQLQ VD÷ODQPDV×G×U 3L\DVD HNRQRPLVL VRV\DO UHIDK×Q
RSWLPL]DV\RQXQX VD÷ODPD KXVXVXQGD WHN EDú×QD \HWHUOL ROPD\×S EX QHGHQGHQ
NDPXHNRQRPLVLQHLKWL\DoGX\XOPDNWDG×U
'HYOHWLQHNRQRPLGHNL\HULD÷×UO×÷×YHUROQQQHROPDV×JHUHNWL÷LNRQXVX
LNWLVDWWD JHoPLúL oRN HVNLOHUH GD\DQDQ ELU WDUW×úPDG×U 'HYOHWLQ PGDKDOH
JHUHNoHVL WHPHOGH ´SL\DVD EDúDU×V×]O×÷×µ RODUDN LúDUHW HGLOPHNWHGLU 3L\DVDQ×Q
EDúDU×V×]NDOPDV×|]HOPHQIDDWLQSHúLQGHQJLWPHQLQWRSOXPXND\QDNODU×Q×QHWNLQ
NXOODQ×P×QD YH\D WRSOXPX UHWWLNOHULQLQ DGLO GD÷×O×P×QD \RO DoPDG×÷× GXUXPODU×
LoHUPHNWHGLU øNWLVDWWD LNL WHPHO RNXO RODQ .ODVLN YH .H\QHV\HQ J|UúQ GH
GHYOHWLQ HNRQRPLGHNL URO LOH LOJLOL IDUNO× J|UúOHUH VDKLS ROGXNODU× RUWDGDG×U
øNWLVDW NXUDPODU× Do×V×QGDQ EDN×OG×÷×QGD SL\DVD\D PGDKDOH\L JHUHNOL J|UHQOHU
.H\QHV\HQ<HQL.H\QHV\HQYH6RV\DOL]PJ|UúOHULGLU
PGDKDOHVLQHDVODLKWL\DoGX\PD\DQELUVLVWHPGH÷LOGLU=LUDSL\DVDHNRQRPLVLQH
JHoHQ ELUoRN JHOLúPHNWH RODQ ONHGH JHoPLú SL\DVD EDúDU×V×]O×÷× WHNUDU JQGHPH
JHOPLúWLU
'HYOHWLQHNRQRPLNDODQGDNLG]HQOHPHOHULKHUQHNDGDUED]×HNRQRPLVWOHU
WDUDI×QGDQ PDVUDIO× YH SL\DVD HNRQRPLVLQLQ WHPHO PDQW×÷×QD D\N×U× ROPDV×
QHGHQL\OH HOHúWLULOPHNWH\VH GH |]HOOLNOH SL\DVD EDúDU×V×]O×NODU×QGD NDPXR\X
PHQIDDWLQLQ NRUXQPDV× Do×V×QGDQ ID\GDODU× QHGHQL\OH JHUHNOLOL÷L JHQHO NDEXO
J|UPú ELU ROJXGXU ']HQOHPHOHULQ JHWLUGL÷L HWNLOHUGHQ NRUXQPD JGVQQ
NDW×O×PF×ODU Do×V×QGDQ \HQLOLN \DSPD oDEDV×Q× GR÷XUPDV× ]RUXQOXOXN QHGHQL LOH
GDKL ROVD LúOHWPHOHUGH GHWD\O× ND\×WODU WXWXOPDV×Q×Q LúOHWPH DPDoODU×Q×Q WDNLELQL
NROD\ODúW×UPDV×JLELID\GDODU×GDEXOXQPDNWDG×U
%DQNDF×O×NIDDOL\HWOHULWPGQ\DGDIRQND\QDNODU×Q×QWUDQVIHULQLVD÷ODPD
]HULQH NXUXOPXúWXU 6|] NRQXVX IDDOL\HWOHULQ JHUoHNOHúPHVL LoLQ EDQNDF×O×N
VLVWHPLQHYHEDQNDODUDGX\XODQJYHQLQ|QHPLJQJHoWLNoHDUWPDNWDG×U·OL
\×OODU×QEDú×QGDOLEHUDOOHúPHDN×P×LOHEDúEDúDNDODQGQ\DILQDQVVLVWHPLQHGHQL
LOH EDQNDF×O×N VHNW|U GH G]HQOHPH YH GHQHWOHPH UHIRUPODU×QD VDKQH ROPXú YH
VHNW|UGHK×]O×JHOLúPHOHU\DúDQP×úW×U
0XVWDID$FDUDJHV
+DNDQ %DúWUN ´)LQDQVDO 3L\DVDODUGD ']HQOH\LFL 2WRULWHOHULQ <DS×ODQPDODU×µ 6HUPD\H
3L\DVDV×.XUXOX$UDúW×UPD5DSRUX5DSRU1R;,9$QNDUDV
)LNUHW .DUWDO ´']HQOH\LFL .XUXPODU×Q 6L\DVL 2WRULWH YH 3L\DVD .DUú×V×QGD %D÷×PV×]O×÷×
<|QHWLP<×O6D\×ùXEDWV
%DQNDF×O×N VHNW|UQQ LKWL\DF× RODQ ´JYHQ RUWDP×µ VD÷ODQDPDG×÷×QGD
KLOHOHU YH DKODNL ROPD\DQ X\JXODPDODU RUWD\D o×NDELOPHNWHGLU %DQNDODU KHVDS
LúOHPOHULQL DU] HWWLNOHUL GL÷HU WP NXUXPODU LoLQ OLNLGLWH ND\QD÷× ROGXNODU× YH
SDUDVDOSROLWLNDODULoLQLOHWLúLPDUDF×ROGXNODU×LoLQONHHNRQRPLOHULYHILQDQVDO
VLVWHP LoLQ E\N |QHPH VDKLSWLUOHU %X QHGHQOH GL÷HU ILQDQVDO YH ILQDQVG×ú×
LúOHWPHOHUGHQ D\U× ELU NRQXPD VDKLS RODUDN GHQHWLPH WDEL ROPDODU× D\U×FD KD\DWL
|QHPWDú×PDNWDG×U%DQNDF×O×NVHNW|UQQWDú×G×÷×|QHPHNRQRPLQLQWPQH\|Q
YHUHELOPHVLYHNDWDOL]|UJ|UHYLQHGHQLLOHE\NWU
7PEDQNDF×O×NVLVWHPLQLGRPLQRWDúODU×QDEHQ]HWLUVHNVLVWHPLQHQNoN
ELU SDUoDV×Q×Q JYHQ ND\E×QD \RO DoPDV× KDOLQGH VLVWHPLQ WDPDP×Q×Q
IRQNVL\RQODU×Q ND\E× YH SDQLN RUWDP×Q×Q ROXúPDV× EHNOHQPHGLN ELU DQGD
JHUoHNOHúHELOLU 2 QHGHQOH EDQNDF×O×N VLVWHPLQLQ V×N× GHQHWLP DúDPDODU×QGDQ
JHoPHVLWHPHOJHUHNOLOLNWLU
6HODPL (U ´'HYOHWLQ %DQNDF×O×N 6HNW|UQGH ']HQOH\LFL YH 'HQHWOH\LFL 5RO YH 7UNL\H
8\JXODPDV×µø72<D\×QODU×<D\×Q1RV
-RQDWKDQ50DFH\*HRIIUH\0LOOHU5LFKDUG6FRWW&DUQHOODJHV
1XVUHWøONHUdRODNDJHV
+LNPHW.XUQD]´7UNL\H·GHhVW.XUXOODU×QdHOLúNLOL*HUoH÷LYH%''.,µøNWLVDWøúOHWPHYH
)LQDQV'HUJLVL&LOW6D\×<×OV
%X NXUXPODU×Q EDQNDF×O×N VLVWHPLQLQ JHOLúLPLQL GHVWHNOHPHGH LNL WHPHO KHGHIL
YDUG×U%XQODU
• $ú×U×N×U×OJDQO×÷×|QOHPHN
• )RQID]ODV×RODQODULOHIRQDo×÷×RODQODUDUDV×QGDHWNLOLDUDF×O×N\DSPDN
-DPHV 5 %DUWK *HUDUG &DSULR -U 5RVV /HYLQH ´%DQN 5HJXODWLRQ DQG 6XSHUYLVLRQ :KDW
:RUNV%HVW"µ1%(5:RUNLQJ3DSHU1R1RYHPEHUV
1XVUHWøONHUdRODNDJHV
1XVUHWøONHUdRODNDJHV
%HUQD7HSHùDKLQ$UG×\RNDJPV
%HUQD7HSHùDKLQ$UG×\RNDJPV
DODQ×QNRQWUROYHGHQHWLPLD\U×ELU\DS×ODQPDJHUHNWLUPHNWHYHIDUNO×ELUKXNXNVDO
G]HQOHPH\HLKWL\DoGX\XOPDNWDG×U
WDUDI×QGDQG]HQOH\LFLNXUXPD\HVHoLOPHVLYH\DDGD\J|VWHULOPHVLHOHúWLULOPHVL
JHUHNLUNHQ NHQGLVLQH G]HQOHPH \HWNLVL YHUHQ %DNDQODU .XUXOXQXQ \H
VHoPHVLQLQHOHúWLULOPHVLELUWH]DWROXúWXUPDNWDG×U
• 6LVWHPLQGL]D\Q×
6HODPL (U ´']HQOH\LFL YH 'HQHWOH\LFL .XUXPODU×Q '×ú 'HQHWLPL YH 6D\×O× .DQXQGD
<DS×ODQ'H÷LúLNOLNOHU6D\×úWD\'HUJLVL6D\×V
8÷XU(PHNDJHV
$OLøKVDQ.DUDFDQDJPV
GD\DO× úRNODU×QD YH EXQD ED÷O× RODUDN NUL]H QHGHQ ROXU gWH \DQGDQ HWNLQ ELU
EDQNDF×O×N G]HQOHPH YH GHQHWOHPH YDUO×÷× Dú×U× ULVNWLQ HQJHOOHQPHVLQGH JDUDQWL
RODUDNJ|UOPHNWHGLU%XQHGHQOHILQDQVDOVHUEHVWOHúPHQLQEDQNDF×O×NVHNW|UQQ
LVWLNUDU× ]HULQGH ROXPVX] HWNLVLQLQ ROPDV×Q×Q SHN PPNQ ROPDG×÷× LOHUL
VUOPHNWHGLU
)LQDQVDOSL\DVDODU×QPLPDUL\DS×V×Q×ROXúWXUPD
øúOHPED]×QGDKXNXNVDOG]HQLNXUPDHVDVODU×EHOLUOHPHNXUDOODU×NR\PD
YHJHUHNWL÷LQGHJHUHNOLGH÷LúLNOLNOHUL\DSPD
$\WO*DQLR÷OXDJPV
7HYILN $OW×QRNYH'L÷HUOHUL´.UHVHO 0DOL3L\DVDODUGD<HQLGHQ <DS×ODQPD YH7UNL\Hµ ø72
<D\×QODU×<D\×Q1RV
RODELOLU %DQNDODU×Q G]HQOHPHVL YH GHQHWOHQPHVL VDGHFH \DW×U×PF×\× YH PúWHUL
NRUXPDNLoLQGH÷LOD\Q×]DPDQGDVLVWHPLNLVWLNUDU×VD÷ODPDNLoLQGHJHUHNOLGLU
ø\L LúOH\HQ ELU SL\DVD HNRQRPLVL LoLQ LVWLNUDUO× PDNURHNRQRPLN RUWDP YH
UHNDEHWoL ELU SL\DVD \DS×V× JHUHNOL ROPDNOD EHUDEHU \HWHUOL GH÷LOGLU 3L\DVDODU×Q
LúOH\LúLQLG]HQOHPHGHQHWLPYHJ|]HWLPLúOHYLJ|UHFHNJoOYHHWNLQELUNDPX
VHNW|UQH LKWL\Do EXOXQPDNWDG×U %X QHGHQOH VDGHFH SL\DVDODU× \HQLGHQ
\DS×ODQG×UDQUHIRUPODUGH÷LONDPX\|QHWLPLQL\HQLGHQ\DS×ODQG×UDQUHIRUPODUGD
*HRUJLRV(&KRUWDUHDV&ODXGLD*LUDUGRQH DQG$OH[LD9HQWRXUL%DQN6XSHUYLVLRQ5HJXODWLRQ
DQG (IILFLHQF\ (YLGHQFH IURP WKH (XURSHDQ 8QLRQ
KWWSZZZHHIVHXFRQI$WKHQV3DSHUVSGI
.HQQHWK6SRQJ ´%DQNLQJ 5HJXODWLRQ,W·V3XUSRVHV,PSOHPHQWDWLRQDQG(IIHFWVµ 'LYLVLRQRI
6XSHUYLVLRQDQG5LVN0DQDJHPHQW)HGHUDO5HVHUYH%DQNRI.DQVDV&LW\)LIWK(GLWLRQV
7KRUVWHQ %HFN $VO× 'HPLUJF.XQW 5RVV /HYLQH %DQN 6XSHUYLVLRQ $QG &RUUXSWLRQ ,Q
/HQGLQJ-RXUQDO2I0RQHWDU\(FRQRPLFVV
L\LWDVDUODQ×SX\JXODPD\DNRQXOPDO×G×U%DQNDF×O×NG]HQOHPHOHULQLQoDUS×F×ELU
|]HOOL÷L oHOLúHQ KHGHIOHU NDUPDV×QGDQ ROXúPDV×G×U %X GXUXP KDWDO×
G]HQOHPHOHUH\RODoP×úW×U']HQOHPHOHULDVO×QGDQHLoHUGL÷LYHKHGHIOHULQHWNLQ
ROXSROPDG×÷×GDWDUW×ú×OPDNWDG×U
%DQNDF×O×NVHNW|UQQG]HQOHQPHYHGHQHWOHQPHLKWL\DF×Q×úX IDNW|UOHUH
ED÷OD\DELOLUL]
*YHQ]HPLQLQLROXúWXUPD
$UDF×UROVWOHQPH
(NRQRPLQLQJHQHOLQL\DQV×WPDV×
5HNDEHWRUWDP×Q×G]HQOHPH
8÷XU(PHNDJHV
$QDW5$GPDWLDQG0DUWLQ+HOOZLJDJHV
øEUDKLP .DSODQ %DQNDODU×Q *|]HWLPL 'HQHWLPL YH +XNXNv 6RUXPOXOXN
SURINDSODQODZRIILFHFRPLQIR%DQNDODUGRF
.RUD\ 'XPDQ )LQDQVDO .UL] YH %DQNDF×O×N 6HNW|UQQ <HQLGHQ <DS×ODQG×U×OPDV× $NGHQL]
øø%)'HUJLVLV
3L\DVD EDúDU×V×]O×NODU×Q×Q \RO DoW×÷× ]DUDUODU×Q |QOHQPHVL YHYH\D
D]DOW×OPDV×
6HNW|UQNUL]HRODQGX\DUO×O×÷×
6UHNOLJHOLúHQILQDQVVHNW|UQQYDUO×÷×
D *YHQ=HPLQLQL2OXúWXUPD
E$UDF×5ROhVWOHQPH
%DQNDODU\UWWNOHULILQDQVDODUDF×O×NIDDOL\HWOHULLOHONHGHNLDW×OIRQODUD
DUDF×O×N HGHUHN RSWLPXP VHUPD\H ELULNLPL ROXúWXUDUDN YHULPOLOL÷LQ DUWPDV×QD
HNRQRPLQLQ JHOLúPHVLQH LPNDQ VD÷ODUODU 'L÷HU \DQGDQ ND\GL SDUD ROXúWXUXS
GRODú×PGDNL SDUDQ×Q PLNWDU×Q× HWNLOH\HUHN IL\DW PHNDQL]PDV×QD \|Q YHUPHNWHGLU
.HQQHWK6SRQJDJHV
$QDW5$GPDWLDQG0DUWLQ+HOOZLJDJHV
0DKIL(÷LOPH].UHVHO)LQDQV.UL]L5HP]L.LWDEHYL%DV×PøVWDQEXOV
%DQNDODU HNRQRPLN ELULPOHUH |GHPH KL]PHWOHUL VD÷ODPDNWD HNRQRPLN \DS×
]HULQGH|QHPOL|OoGHHWNLOLROPDNWDG×U
)LQDQVDOSL\DVDODUGDNLJHOHQHNVHOPRGHOOHUILQDQVDODUDF×ODU×QYDUO×÷×Q×YH
PHQNXO N×\PHW DO×S VDWDQ GL÷HU WU ILUPDODU× Do×NODPDNWD ]RUODQPDNWDG×UODU
)LQDQVDO DUDF×O×÷× LúOHP PDOL\HWOHUL Do×NOD\DELOLU $QFDN WHN EDú×QD DUDF×O×N
UROQ Do×NOD\DELOPHVL ]RUGXU )LQDQVDO DUDF×ODU×Q YDUO×÷×Q×Q ELULQFLO QHGHQL
DVLPHWULNELOJLGLU0LVKNLQGHLúOHPPDOL\HWOHULQLQYDUO×÷×Q×QILQDQVDODUDF×ODUYH
ILQDQVPDQ×Q× N×VPHQ Do×NODG×÷×Q× DV×O VRUXQXQ DVLPHWULN ELOJL ROGX÷XQX |QH
VUPHNWHGLU $VLPHWULN ELOJL WHUV VHoLP YH DKODNL WHKOLNH\L RUWD\D o×NDU×U 7HUV
VHoLPLúOHPJHUoHNOHúPHGHQ|QFHRUWD\Do×NDQDVLPHWULNELOJLVRUXQXLNHQDKODNL
WHKOLNH LVH LúOHP JHUoHNOHúWLNWHQ VRQUD RUWD\D o×NDQ ELU VRUXQGXU %X VRUXQODU×Q
o|]PQH \DUG×PF× RODELOHFHN DUDoODU |]HO ELOJL UHWLPL YH VDW×ú× ILQDQVDO
SL\DVDODUGD ELOJL VDW×ú×Q× VD÷OD\DFDN úHNLOGH KNPHW G]HQOHPHVL ERUo
V|]OHúPHOHULQGH LSRWHN YH |] VHUPD\HQLQ |QHPL V×Q×UOD\×F× V|]OHúPH YH
L]OHQPHQLQX\JXODQPDV×G×U
ROGX÷X NUHGL SL\DVDODU×QGD ILQDQVDO \DS×\× UHHO VHNW|UGHQ WDPDPHQ ED÷×PV×]
GúQHQ YH EX QHGHQOH EDQNDF×O×N VHNW|UQH SDVLI ELU URO YHUHQ JHOHQHNVHO \DS×
|QHPLQLND\EHWPHNWHGLU$VLPHWULNELOJLVRUXQXQGDQNXUWXOPDQ×Q\ROXELOJLQLQ
VLPHWULNOHúWLULOPHVLGLU %X VXUXPGD SL\DVDGDNL DO×F× YH VDW×F× D\Q× ELOJL\H VDKLS
ROXU YH DOGDW×OPD ULVNL RUWDGDQ NDONDU %XUDGD DQDKWDU XQVXU ELOJL\H HULúLPLQ
NROD\ODúW×U×OPDV×G×U
ùHKQD]%DN×U<L÷LWEDú´%DQNDODU×Q.UHGL9HUPH'DYUDQ×ú×h]HULQH$VLPHWULNELOJLQLQ(WNLVLYH
5HHO6HNW|U<DQV×PDV×7UNL\H%DQNDODU%LUOL÷L<D\×Q1RøVWDQEXOV
0XVWDID$FDUDJHV
*HRUJH$$NHUORI7KH0DUNHWIRU/HPRQV4XDOLW\8QFHUWDLQW\DQGWKH0DUNHW0HFKDQLVP
KWWSVZZZLHLOLXVHQHNJDUWLNODU$NHUORI0DUNHWIRU/HPRQVSGI
F(NRQRPLQLQ*HQHOLQL<DQV×WPDV×
G5HNDEHW2UWDP×Q×']HQOHPH
*QP]GH ILQDQVDO SL\DVDODU× K×]O× ELU GH÷LúLP \DúDPDNWDG×U <HQL
G]HQOHPHOHULQYHWHNQRORMLGHNLLOHUOHPHOHULQELUVRQXFXRODUDN\XUWG×ú×SL\DVDODU
LOH \XUWLoL SL\DVDODU DUDV×QGD HQJHOOHU RUWDGDQ NDONPDNWD YH GQ\D ILQDQVDO
SL\DVDODU× NUHVHOOHúPHNWHGLU %XQXQ VRQXFXQGD GD VHNW|UQ UHNDEHW JFQ
NXOODQPD\HWHQH÷LKHUJHoHQJQ|QHPND]DQPDNWDG×U
%DQNDF×O×NVHNW|UQQGHQHWOHQPHVLYHG]HQOHQPHVLQLQDPDoODU×QGDQELUL
GH UHNDEHWLQ VD÷ODQDELOPHVL WDP UHNDEHW ROXúPDVD GD RQD \DN×Q ELU QRNWD\D
XODú×OPDV× WHNHOFLROLJRSROF \DS×ODU×Q ROXúPDPDV× KDNLP GXUXPXQ N|W\H
NXOODQ×OPDPDV× YH Dú×U× NDUODU×Q HQJHOOHQPHVL JLEL UHNDEHWOH LOJLOL KHGHIOHUH
XODúPDNW×U %X DPDo EDQNDF×O×N VHNW|U LoLQ DVLPHWULN ELOJL VRUXQODU×QGDQ VRQUD
JHOPHNWHGLU%DQNDF×O×NVHNW|UQGHUHNDEHWHD\N×U×GXUXPODU×QROXúXPXQXDQDOL]
HWPHNLoLQWRSODPDNWLIOHUWRSODPPHYGXDWYHWRSODPNUHGLOHULoLQGHLONEHúYHRQ
EDQNDQ×Q VHNW|UQ WRSODP DNWLIOHUL PHYGXDW× YH NUHGLOHULQH RUDQ× LOH NDUO×O×N
RUDQODU×QD DNWLI YH |]ND\QDN NDUO×O×÷× EDN×OPDO×G×U %LU GL÷HU LIDGH LOH
EDQNDF×O×NWD\R÷XQODúPD\DYHNDUO×O×NRUDQODU×QDEDNPDNJHUHNPHNWHGLU
$QDW5$GPDWLDQG0DUWLQ+HOOZLJDJHV
2÷X] <×OG×U×P ´ 7UN %DQNDF×O×N 6HNW|UQQ 7HPHO 6RUXQODU× YH 6HNW|UGH <DúDQDQ 0DOL
5LVNOHUµZZZHFRQWXUNRUJ7XUNL\HHNRQRPLVLRJX]EDQNDGRFV
6HODPL(U´'HYOHWLQ«µV
H3L\DVD%DúDU×V×]O×÷×YH'×úVDOO×N
3L\DVD HNRQRPLVLQLQ DNVDPDV× SL\DVD EDúDU×V×]O×÷×QD QHGHQ ROPDV×
GXUXPXQGD GHYOHWH HNRQRPL\H PGDKDOH HWPHVL LoLQ ELU JHUHNoH VD÷ODPDNWDG×U
3L\DVD EDúDU×V×]O×÷× WHRULN YH X\JXODPD Do×V×QGDQ ROPDN ]HUH LNL \|QGHQ
WDQ×PODQDELOPHNWHGLU 7HRULN Do×GDQ .ODVLN (NRQRPL (NROQQ J|UQPH] HOL
QLQNHQGLVLQGHQEHNOHQHQJ|UHYLHúDQO×NHQGLOL÷LQGHQYHRWRPDWLNVUHNOLGHQJH
\HULQH JHWLUHPHPHVL RODUDN X\JXODPDGD LVH SL\DVD HNRQRPLVLQLQ WDP UHNDEHWLQ
WP NRúXOODU×Q× \HULQH JHWLUHPHPHVL UHNDEHWoL SL\DVD PHNDQL]PDV×Q×Q
\HWHUVL]OLNOHULRODUDNWDQ×PODQDELOPHNWHGLU
.DPX\DUDU×WHRULVLQHJ|UHGHYOHWPGDKDOHVLUHNDEHWoLSL\DVDODUGDRUWD\D
o×NDELOHFHNED]×SUREOHPOHUL|QOH\HELOPHNWHGLU%XSUREOHPOHUHNVLNUHNDEHWWHQ
SL\DVDQ×Q GHQJHVL] LúOHPHVLQGHQ SL\DVDODU×Q KLo ROXúPDPDV×QGDQ YH
G×úVDOO×NODUGDQ ND\QDNODQPDNWDG×U .DPX \DUDU× WHRULVLQLQ WHPHOLQGH SL\DVD
DNVDNO×NODU×YHEXDNVDNO×NODU×QJLGHULOPH\HoDO×ú×OPDV×\DWPDNWDG×U.DPX\DUDU×
WHRULVLQH LOLúNLQ \DS×ODQ HOHúWLULOHU GH EXOXQPDNWDG×U 5HJODV\RQ \DS×ODQ
DODQODUGDNL UHWLP IDNW|UOHULQLQ LVWLKGDP×QGD HWNLQVL]OLNOHULQ RODELOHFH÷L
UHJODV\RQVRQXFXQGDKHU]DPDQPNHPPHOVRQXFDXODú×ODPD\DFD÷×YHLNLQFLHQ
L\L o|]POHUH EDúYXUXODELOHFH÷L EX \DNODú×P×Q UHJODV\RQX HNRQRPLN HWNLQOLN
Do×V×QGDQ HOH DOG×÷× YH EX QHGHQOH DGDOHW YH \HQLGHQ GD÷×W×P JLEL DPDoODU×
6DUD 2QXU ´/LWHUDWUGH (NRQRPL3ROLWLND øOLúNLVLµ (QGVWUL øOLúNLOHUL YH øQVDQ .D\QDNODU×
'HUJLVL&LOW6D\×1RV
*YHQ'HOLFHYH'L÷HUOHUL´)LQDQVDO5HJODV\RQYH3L\DVD'LVLSOLQLµ&XPKXUL\HWhQLYHUVLWHVL øNWLVDGL
YHøGDUL%LOLPOHU'HUJLVL&LOW6D\×V
)XDW2÷X]DJHV
Do×NOD\DPD\DFD÷× \DS×ODQ UHJODV\RQODU×Q KHU ]DPDQ SL\DVD DNVDNO×÷×QGDQ
ND\QDNODQPD\DELOHFH÷LHOHúWLULOHUGHQED]×ODU×G×U
0HKPHW.DUDNDúDJHV
- /XLV *XDVFK 5REHUW : +DKQ 7KH &RVWV DQG %HQHILWV 2I 5HJXODWLRQ ,PSOLFDWLRQV IRU
'HYHORSLQJ&RXQWULHV7KH:RUOG%DQN5HVHDUFK2EVHUYHUYROQR)HEUXDU\V
)XDW2÷X]DJHV
6LQDQ6DU×VR\DJPV
0XVWDID$FDUDJHV
6LQDQ6DU×VR\DJPV
$OL øKVDQ .DUDFDQ ´7UN %DQNDF×O×N 6LVWHPLQLQ 7HPHO 6RUXQODU× YH %DQNDF×O×O×N 6HNW|UQQ
<HQLGHQ<DS×ODQG×U×OPDV×µøNWLVDWøúOHWPHYH)LQDQV'HUJLVL&LOW6D\×<×OV
• 0HYGXDWVLJRUWDVLVWHPL
• 3UREOHPOLEDQNDODU
• +XNXNXQJHQHOHWNLQOL÷L
• 7DNLSKXNXNX
• 6RUXPOXOXNKXNXNX
• 'HYOHWLQ´EDEDµLúOHYL
• %DQNDEDúDU×V×LoLQNXOODQ×ODQLúOHYOHU
• .DPX0DOODU×3L\DVDWDUDI×QGDQDU]HGLOPH\HQ \DGDV×Q×UO×PLNWDUGDDU]
HGLOHQPDOODUG×Ug]HOSL\DVDODU×QNDPXPDO×DU]HWPH\HFH÷L\DGDoRND]
DU]HGHFH÷LGXUXPXGHYOHWIDDOL\HWLQLROXúWXUXU
-RVHSK(6WLJOLW]DJHVV
• %LOJL (NVLNOL÷L 'HYOHW IDDOL\HWOHULQLQ oR÷X WNHWLFLOHU Do×V×QGDQ DNVDN
ELOJLGHQYHSL\DVDQ×QoRND]ELOJLWHPLQHGHFH÷LLQDQF×QGDQND\QDNODQ×U
• 6×Q×UO×ELOJL
• g]HOSL\DVDODU×QWHSNLOHULNRQXVXQGDV×Q×UO×NRQWURO
• %URNUDVL]HULQGHV×Q×UO×NRQWURO
• 6L\DVDOVUHFLQJHWLUGL÷LV×Q×UODPDODU
'×úVDOO×NHNRQRPLNKD\DWLoLQGHEXOXQDQELUELULPLQ\DSW×÷×ELUIDDOL\HWLOH
DV×ODPDF×ROPDG×÷×KDOGHEDúNDELUELULPLQ\DUDU×QD\DGD]DUDU×QD\RODoPDV×G×U
7XUDQ <D\ *OVQ *UNDQ <D\ (QVDU <×OPD]´)LQDQVDO .UL]OHU )LQDQVDO 5HJODV\RQ YH
7UNL\HµøVWDQEXOhQLYHUVLWHVL6L\DVDO%LOJLOHU)DNOWHVL'HUJLVL6D\×V
-RVHSK(6WLJOLW]´.DPX.HVLPL(NRQRPLVLµdHYgPHU)DUXN%DW×UHO0DUPDUDhQLYHUVLWHVL
øø%)<D\×QODU×<D\×Q1RV
']HQOHPHQLQ JHUHN GX\XOGX÷X ELU GL÷HU DODQ GD |QHPOL WRSOXPVDO ND\QDN
ND\E×QD\RODoDQQHJDWLIG×úVDOO×NODU×QJLGHULOPHVL\DGDD]DOW×OPDV×G×U
I.UL]H'X\DUO×O×÷×
%DQNDODU ILQDQVDO SL\DVDODU LOH UHHO SL\DVDODU×Q×Q IRQ DN×ú×Q× VD÷OD\DQ HQ
JoO ILQDQV NXUXPODU×G×U %X QHGHQOH HNRQRPLQLQ ORNRPRWLIL RODUDN NDEXO
HGLOPHNWHGLU hONHOHULQ LVWLNUDUO× E\PHOHULQGH IDL] SROLWLNDODU×QGD HQIODV\RQOD
PFDGHOH G|QHPOHULQGH NXOODQ×ODQ HQ HWNLOL NDQDOODU EDQNDODUG×U %DQNDF×O×N
VHNW|U ONH HNRQRPLVL LOH SDUDOHO KDUHNHW HGHQ DQFDN HNRQRPLQLQ JHQHOLQGHQ
GDKD ID]OD ULVNH VDKLS ELU IDDOL\HW DODQ×G×U g]HOOLNOH EDQNDODU×Q \|QHWLP YH
RSHUDV\RQHO ULVNOHUL HNRQRPL L\L JLWVH ELOH ULVNLQ DUWDFD÷× GXUXPODU×
J|VWHUPHNWHGLU %DQNDF×O×N NUL]OHUL PDNURHNRQRPLN J|VWHUJHOHULQ \DUDWW×÷× úRN
RUWDP×QGDQ ULVNOL IDDOL\HWOHUGHQ \R÷XQ UHNDEHW RUWDP×QGDQ EHVOHQPHNWHGLU %X
QHGHQOH EDQNDF×O×N VHNW|UQQ NUL]H GX\DUO×O×÷× GL÷HU VHNW|UOHUH J|UH GDKD
\NVHNWLU %DQNDODU SDWODN YHUHQ NUL] QH NUL]L ROXUVD ROVXQ HWNL\L GR÷UXGDQ
\DúD\DQNXUXPODUROPDODU×QHGHQLLOHG]HQOHPHYHGHQHWOHPHOHULQGDKDKDVVDVYH
D\U×QW×O×\DS×OPDV×JHUHNLU
.UL]OHUL|QOHPHNLoLQSL\DVDODUGDúHIIDIO×÷×QVD÷ODQPDV×X\JXQPXKDVHEH
VWDQGDUWODU×Q×Q EHQLPVHQPHVL \NVHN VHUPD\H \HWHUOLOL÷L EDQNDF×O×N VLVWHPLQGH
HWNLQGHQHWLPYHJ|]HWLPPHUNH]EDQNDV×Q×Q\HWHUOLG]H\GHUH]HUYEXOXQGXUPDV×
YH HQ |QHPOLVL X\JXQ PDNUR HNRQRPLN SROLWLNDODU×Q WHUFLK HGLOPHVL
JHUHNPHNWHGLU
J)LQDQVDOøúOHPOHULQ.DUPDú×NO×÷×
%HUQD7HSHùDKLQ$UG×\RNDJPV
.RUD\'XPDQDJPV
VRQRQ\×OGDE\GøNLQFLVLLVHILQDQVDODUDF×ODU×Q|OoH÷LQGHELUDUW×úV|]NRQXVX
ROXSEDQNDODUONHLoLQGHELUOHúWLYHV×Q×U|WHVLQHDo×OPD\DEDúODG×hoQFVLVH
ILQDQVDO \HQLOLNOHU YH NUHGL WHPHUUW VZDSODU× EDúWD ROPDN ]HUH PHQNXO
N×\PHWOHúWLUPHGH DUW×úODU \DúDQPDNWDG×U )LQDQVDO NDUPDú×NO×÷×Q×Q ELUoRN QHGHQL
V|]NRQXVXROXSEXQODUGDQLONLWHNQRORMLNYHHNRQRPLNQHGHQOHUGLU%DQNDODUELU
QHVLO|QFHGDKDPDQXHOoDO×ú×UNHQJQP]GHELOJLVD\DUWHNQRORMLVLoD÷DWODP×úW×U
øNLQFLVL LVH EDQNDODU×Q EHNOHQPH\HQ VRQXoODUGDQ NDo×QDELOPHOHUL LoLQ \DS×ODQ
G]HQOHPHOHUGLU%XQD´G]HQOH\LFLDUELWUDMµGDGHQLOPHNWHGLU
K.UHVHOOHúPHQLQ(WNLVL
.UHVHOOHúPH YH WHNQRORMLN LOHUOHPH\H ED÷O× RODUDN \\·QLQ VRQ
\×O×QGDQ LWLEDUHQ EWQ GQ\DGD ILQDQV SL\DVDODU× ELUELUOHULQH \DN×QODúPD\D
EDúODP×úW×U 'DKD |QFHGHQ JHUoHNOHúPHVL ELUNDo JQ VUHELOHFHN ELU \DW×U×P
]LQFLULJQP]GHLQWHUQHWYHELOLúLPVHNW|UQGHNL\HQLOLNOHULOHK×]O×ELUúHNLOGH
NXUXODELOPHNWHYHoRNE\NIRQODUVDQL\HOHULoHULVLQGH \HUGH÷LúWLUHELOPHNWHGLU
'L÷HU \DQGDQ JLGHUHN oHúLWOHQHQ YH NDUPDú×N KkOH JHOHQ ILQDQVDO \DW×U×P
DUDoODU×Q×Q V|] NRQXVX \DN×QODúPD ]HULQGH ELU ´E\WHoµ HWNLVL \DUDWW×÷×
V|\OHQHELOLU %LUELULQGHQ IDUNO× \DW×U×P DUDoODU× D\Q× SRUWI|\ LoHULVLQH
NRQXODELOPHNWH YH E|\OHFH EX DUDoODUGDQ ELULVLQLQ LúOHP J|UG÷ SL\DVDODUGDNL
KDUHNHW K×]O× ELU úHNLOGH GL÷HUOHULQH GH \D\×ODELOPHNWHGLU 6|] NRQXVX E\WHo
HWNLVLQLQ EDúO×FD VHEHEL RODUDN ELOJL\H XODú×P×Q NROD\ODúPDV× LOH JHOHQHNVHO
\DW×U×P DUDoODU×QGD PH\GDQD JHOHQ G×úODPDQ×Q \NVHN JHWLUL LoLQ \HQL
HQVWUPDQODUDRODQLKWL\DoJ|VWHULOHELOLU
6HOHFW&RPPLWWHHRQ(FRQRPLF$IIDLUV%DQNLQJ6XSHUYLVLRQDQG5HJXODWLRQ+RXVH2I/RUGV
QG5HSRUWRI6HVVLRQ²9ROXPH,5HSRUWVV
(PUH <DOo×Q ´%UH]LO\D YH 7UNL\H (NRQRPLOHULQLQ %HQ]HUOL÷L *HUoHN 0L <DQ×OVDPD 0×"µ
7&0%8]PDQO×N7H]L$QNDUDV
g]WLQ$NJo´%DQND)LQDQVDO7DEORODU×Q×Q$QDOL]LµVV
<XUWG×ú× SD]DUODUGDQ ND\QDN VD÷ODPD RODQD÷×Q×Q DUWPDV× VRQXFX
EDQNDODU×QND\QDN\DS×V×Q×QGH÷LúPHVL
.×VDVUHOLVSHNODWLIV×FDNSDUDKDUHNHWOHULQLQDUWPDV×
%DQNDODUGDNXUYHIDL]ULVNLQLQDUWPDV×
hONHULVNLQLQ|QHPND]DQPDV×
)RQ\|QHWLPLQLQELUNDU]DUDUPHUNH]LKDOLQHJHOPHVL
%DQNDODU×QELODQoRDOW×LúOHPOHULQLQDUWPDV×
<XUWG×ú×IDDOL\HWOHULQLQJHQLúOHPHVL
%DQNDODUDUDUDV×ELUOHúPHYHVDW×QDOPDODU×Q\D\J×QODúPDODU×
%DQNDF×O×NNXUDOODU×Q×QG]HQOHPHOHULQLQWHNG]HX\JXODQPDV×
.UHVHOHNRQRPLILQDQVDOODú×UNHQILQDQVDONXUXPYHNXUXOXúODUDILQDQVDO
UQOHUHYHULOHQ|QHPDUWP×úW×U5HHOVHNW|UGHNLNDUODU×QILQDQVDOVHNW|UGHQGDKD
GúN ROPDV× \DS×ODQ \DW×U×PODU×Q JHWLULVLQLQ X]XQ YDGHGH G|QPHVL ELUH\VHO YH
NXUXPVDO \DW×U×PF×ODU×ILQDQVDOVHNW|UH \|QHOWPLúWLUg]HOOLNOHVRQ\×OODUGDRUWD\D
o×NDQ oHúLWOL ULVN YH JHWLUL VHYL\HOHULQGHNL ILQDQVDO UQOHU ILQDQVDOODúPD VUHFL
K×]ODQG×UP×úW×U%D]×ILQDQVDOUQOHUGHNLN×VDVUHGHHOGHHGLOHQ \NVHNJHWLULOHU
GLNNDWoHNPHNWHGLU
.DPLO 8VOX $\VHO *QGR÷GX .UHVHO )LQDQVDOODúPDQ×Q 7UNL\H·GHNL %DQNDODU×Q )LQDQVDO
)DDOL\HWOHULQH YH %LUH\OHU h]HULQH (WNLOHULµ 0DUPDUD hQLYHUVLWHVL øø%) 'HUJLVL
&LOW;;;,6D\×,,V
%LUoRN ONHGH EDQNDF×O×N G]HQOHPHOHUL %\N %XKUDQ·GDQ VRQUD
HNRQRPL\H \DQV×\DELOHFHN EDQND EDúDU×V×]O×NODU×Q× |QOHPHN LoLQ JHOLúWLULOGL
0HYGXDW VLJRUWDV× EDQNDODU×Q DOG×÷× ULVNOHUGHQ PXGLOHUL NRUXPDN LoLQ RUWD\D
o×NDU×OP×ú ROXS IDL] RUDQ× G]HQOHPHOHUL YDUO×N WDKVLVL NXUDOODU× YH EDQNDF×O×÷×Q
\DS×VDO RODUDN D\U×OPDV× WLFDUL YH \DW×U×P EDQNDF×O×÷× JLEL EX ULVNOHULQ
V×Q×UODQPDV×Q×VD÷ODG×·OHULQRUWDODU×QGDQEX\DQDEXG]HQOHPHOHULQ|QHPOL
N×VP× WDVIL\H HGLOGL dQN ED]×ODU× LúOHYVL] KDOH JHOPLúWL gUQH÷LQ IDL] RUDQ×
G]HQOHPHOHUL $%'·GH ·OHUGH \NVHN IDL] LPNDQ× VXQDQ SDUD SL\DVDV× LOH
EDúDU×\OD\DU×úDQWLFDUHWYHWDVDUUXIEDQNDODU×Q×HQJHOOHGL
%DQNDPHYGXDWODU×JDUDQWLNDSVDP×QGDROPDG×÷×]DPDQEDQNDODU×QYDUO×N
SRUWI|\QQ NDOLWHVLQGHNL N|WOHúPH YH PHYGXDW VDKLSOHULQLQ IRQODU×Q× DQL ELU
úHNLOGHoHNPHLVWH÷LWPEDQNDODUD]LQFLUOHPHQHJDWLIELUHWNL\DUDWDELOHFH÷LJLEL
EDQNDODU×QYDUO×NODU×OLNLWROPDG×÷×GXUXPGDPHYGXDW×QYDGHVLQGHQ|QFHoDEXFDN
oHNLOPH LVWH÷L EDQNDODU×Q ERUoODU×Q× |GH\HPHPH GXUXPXQXQ EDúODPDV×QD QHGHQ
RODELOHFHNWLU
$QDW5$GPDWLDQG0DUWLQ+HOOZLJ*RRG%DQNLQJ5HJXODWLRQ1HHGV
KWWSZZZLFIIURUJDVVHWVSGIV)HEUXDU\,&)5)LQDQFLDO7LPHV5HVHDUFK3UL]H$
$GPDWLDQG0+HOOZLJ*RRG%DQNLQJ5HJXODWLRQ1DVS['HFHPEHUV
+DOLO $OW×QWDú %DQNDF×O×N .UL]OHUL 1HGHQOHUL YH (NRQRPLN 0DOL\HWOHUL (UFL\HV hQLYHUVLWHVL
øNWLVDGLYHøGDUL%LOLPOHU)DNOWHVL'HUJLVL6D\×2FDN+D]LUDQV
ùHEQHP 6D\KDQ ´%D÷×PV×] øGDUL 2WRULWHOHULQ +XNXNL 1LWHOL÷L øVWDQEXO hQLYHUVLWHVL 6L\DVDO
%LOJLOHU)DNOWHVL'HUJLVL1R(NLPV
6HODPL(U´6D\×O×.DQXQ.DUú×V×QGD']HQOH\LFLYH'HQHWOH\LFL.XUXPODU×Q.RQXPXµ
'×ú'HQHWLP'HUJLVL6D\×úWD\'HQHWoLOHUL'HUQH÷L7HPPX]$÷XVWRV(\OOV
%D]× WHRULN PRGHOOHU GHQHWoLOHUH JHQLú \HWNLOHU YHULOPHVLQLQ DYDQWDMODU×Q×
YXUJXODPDNWDG×UODU 1HGHQOHUL LVH úX úHNLOGHGLU øON RODUDN EDQNDODU× L]OHPHN
PDVUDIO×YH]RUGXU%DQNDODU×QoRND]L]OHQPHVLSHUIRUPDQVYHLVWLNUDUDo×V×QGDQ
\HWHUVL] ROPDODU×QD \RO DoDU $QFDN UHVPL ELU GHQHWLP EX SL\DVD EDúDU×V×]O×÷×Q×
L\LOHúWLUHELOLUøNLQFLVLLVHEDQNDODUDVLPHWULNELOJLQHGHQLLOHVRV\DO \|QD÷×UYH
EXODú×F× EDQND SDQLNOHULQH \DWN×QG×U %|\OH ELU GXUXPGD GHQHWLP VRV\DO \|Q
RODQ ELU HWNLQOL÷H G|QúPHNWHGLU hoQFV LVH ELUoRN ONH PHYGXDW VLJRUWDV×Q×
EHQLPVHPH\LVHoPHNWHGLU%XGXUXPKHPEDQNDODU×Dú×U×ULVNDOPD\DWHúYLNHGHU
KHP GH PXGLOHULQ EDQNDODU× L]OHPHVL H÷LOLPLQL D]DOW×U %X úDUWODU DOW×QGD JoO
NDPX GHQHWLPL EDQNDODU×Q Dú×U× ULVN DOPD GDYUDQ×ú×Q× |QOHPH\H \DUG×PF× ROXU
E|\OHFHEDQNDODU×QJHOLúLPLSHUIRUPDQV×YHLVWLNUDU×JHOLúHELOLU
%DVHO8\JXODPDODU×
%DQNDF×O×NWDJ|]HWLPYHGHQHWLPPDOLSL\DVDODUGDLVWLNUDU×QVD÷ODQPDV×QD
\|QHOLN PHYFXW G]HQOHPH YH X\JXODPDODU EWQQQ |QHPOL ELU SDUoDV×G×U
*|]HWLPYHGHQHWLPLGHLoLQHDODQEXG]HQOHPHOHUúXQODUG×U
*YHQLOLUYHGR÷UXPDNURHNRQRPLNSROLWLNDODU
*HOLúPLúYHVD÷ODPNDPXDOW\DS×V×
-DPHV 5 %DUWK *HUDUG &DSULR -U5RVV /HYLQH ´%DQN 5HJXODWLRQ $QG 6XSHUYLVLRQ :KDW
:RUNV%HVW"µ-RXUQDORI)LQDQFLDO,QWHUPHGLDWLRQV
8÷XU(PHN ´%D÷×PV×] ']HQOH\LFL.XUXPODU YH7UNL\H8\JXODPDV×µ7UN6DQD\LFLOHULYH
øúDGDPODU×'HUQH÷L$UDO×N<D\×Q1R7h6ø$'7V
%DVHO&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQ&RUH3ULQFLSOHVIRU(IIHFWLYH%DQNLQJ6XSHUYLVLRQ
6HSWPHEHUV
(WNLQSL\DVDGLVLSOLQL
6LVWHPLNNRUXPD\×VD÷OD\DQX\JXQPHNDQL]PDODU
PHUNH] EDQNDODU× YH EDQNDF×O×N GHQHWLP RWRULWHOHULQGHQ \HWNLOLOHULQ NDW×O×P×\OD
ROXúWXUXODQ YH EDQNDF×O×N NRQXVXQGD LVWLúDUL PDKL\HWOL RODUDN XOXVODUDUDV×
VWDQGDUWODU× \D\×POD\DQ NRPLWHGLU %DVHO %DQNDF×O×N 'HQHWLP .RPLWHVL *
ONHOHULQLQ PHUNH] EDQNDV× EDúNDQODU× WDUDI×QGDQ \×O×QGD NXUXOPXú
EDQNDF×O×N GHQHWLP RWRULWHOHUL NRPLWHVLGLU %HOoLND .DQDGD )UDQVD $OPDQ\D
øWDO\D -DSRQ\D /NVHPEXUJ +ROODQGD LVSDQ\D øVYHo øVYLoUH øQJLOWHUH YH
$PHULND·Q×Q EDQNDF×O×N GHQHWLP RWRULWHOHUL YH 0HUNH] EDQNDODU×Q×Q VW G]H\
WHPVLOFLOHULQGHQ ROXúPDNWDG×U 7RSODQW×ODU×Q× GDLPL VHNUHWHUOL÷LQLQ EXOXQGX÷X
%DVHO·GHNL8OXVODUDUDV×']HQOHPHOHU%DQNDV×·QGD%,6²%DQNIRU,QWHUQDWLRQDO
6HWWOHPHQWVWRSODQPDNWDG×U
%DVHOX]ODú×V×QGDNLDPDoODUúXQODUG×U
• %LU EDQNDQ×Q VHUPD\H NRúXOODU×Q× VLVWHPDWLN ELU ELoLPGH ULVNH Do×N RODQ
oHúLWOLELODQoRG×ú×IDDOL\HWIRUPODU×Q×LoHUHQEDQNDIDDOL\HWOHULQLQULVNOLOL÷L
LOHELUOHúWLUPHN
%DVHO,8]ODú×V×
.RPLWH \H ONHOHULQLQ 0HUNH] %DQNDV× YH 'HQHWLP RWRULWHOHULQH UDSRUODPD
\DSPDNOD ELUOLNWH |QHPOL GXUXPODU LoLQ \H ONHOHULQ RQD\×Q× LVWHPHNWHGLU %X
NDUDUODU PDOL NRQXODUGD oRN JHQLú ELU \HOSD]H\L NDSVDPDNWDG×U .RPLWHQLQ ELU
GL÷HU|QHPOLNRQXVXLVHXOXVODUDUDV×GHQHWLPNDSVDP×QGDROXúDQERúOXNODU×úXLNL
SUHQVLS LOH GROGXUPDNW×U ELULQFLVL KLoELU \DEDQF× EDQNDQ×Q GHQHWLPGHQ
NDoPDPDV× LNLQFLVL LVH V|] NRQXVX GHQHWLPLQ EDúDU×O× YH \HWHUOL ROPDV×G×U %X
SUHQVLSOHUL EDúDUPDN LoLQ NRPLWH ·WHQ EHUL ELU GL]L \D\×Q KD]×UODP×úW×U %X
GR÷UXOWXGD \×O×QGD ´%DVHO 6HUPD\H 8]ODú×V×µ RODUDN DGODQG×U×ODQ VHUPD\H
|OoPVLVWHPLQLRUWD\Do×NP×úW×U%XVLVWHPDVJDULVHUPD\HVWDQGDUG×LOHNUHGL
ULVNLQLQ|OoPoHUoHYHVLQLLoHUPHNWHLGL·WHQEHULVDGHFH\HONHOHUGHGH÷LO
KHPHQKHPHQGL÷HUWPONHOHUGHNLXOXVODUDUDV×DODQGDIDDOL\HWJ|VWHUHQEDQNDODU
EXoHUoHYH\HGDKLOROPXúWXU
6HUPD\H
6HUPD\H<HWHUOLOLN5DV\RVX
5LVN$÷×UO×NO×$NWLIOHU.UHGL5LVNL3L\DVD5LVNL
%DVHO,,8]ODú×V×
%DVHO,X]ODú×V×EDQNDODU×QULVNVHYL\HOHULQLGHWD\O×KHVDSODPDNWD\]H\VHO
NDODQ YH RSHUDV\RQHO ULVNLQ KHVDED NDW×OPDPDV× JLEL |QHPOL QHGHQOHUGHQ GROD\×
EHNOHQHQLKWL\DF×NDUú×OD\DPDP×úW×U%XoHUoHYHGH\×O×QGDEDúOD\DQYH\×O
VUHQILNLUWRSODPDVUHFLVRQXQGD%DVHO,,·\HLOLúNLQVRQPHWLQ.RPLWHWDUDI×QGDQ
+D]LUDQ ·WH \D\×QODQP×úW×U 6|] NRQXVX VUHFLQ X]XQOX÷X %DVHO,,·QLQ HQ
HUNHQ \×O×QGD X\JXODQDELOHFHN ROPDV× 8]ODú×GD NLPL KXVXVODUD LOLúNLQ
RODUDN |QJ|UOHQ JHoLú VUHOHUL YH JHoLFL G]HQOHPHOHU KD]×UO×N VUHFLQH
YHULOPHVL JHUHNHQ D÷×UO×N NRQXVXQGDNL J|VWHUJHOHU RODUDN GH÷HUOHQGLULOHELOLU
+D]×UO×N VUHFL VDGHFH JHUHNOL PHY]XDW G]HQOHPHOHULQLQ \DS×OPDV×QGDQ LEDUHW
ROPD\×S LQVDQ YH ELOJL WHNQRORMLOHULQH \DW×U×P× GD LoHUHQ NDSVDPO× YH GHWD\O× ELU
%DQN)RU,QWHUQDWLRQDO6HWWOHPHQWVKWWSZZZELVRUJEFEVKLVWRU\KWP
VUHoWLU %DVHO .RPLWHVL LVH X\JXODQG×÷× WDNGLUGH %DVHO ,, G]HQOHPHOHULQLQ
PDUX] NDO×QDQ ULVNL VDSWDPD YH GH÷HUOHQGLUPH NRQXVXQGD X\JXQ ELU DUDo ROGX÷X
\ROXQGDNL GH÷HUOHQGLUPHVLQL VUGUPHNWHGLU %DQNDF×O×N GHQHWLP YH J|]HWLP
NXUDOODU×Q×Q G]HQOHQGL÷L %DVHO , LONHOHUL LOH PXND\HVH HGLOGL÷LQGH %DVHO ,,
NXUDOODU×Q×Q VDOW EDQNDODU×Q ULVN \|QHWLPL VUHoOHULQLQ JHOLúWLULOPHVLQH G|QN
GR÷UXWHúYLNOHULLoHUPHNOHNDOPD\×SD\Q×]DPDQGDNXUXPVDO\|QHWLPYHNRQWURO²
X\XPPHNDQL]PDODU×QDGDNDWN×GDEXOXQGX÷XQXLOHULVUPHNWHGLU
6HUPD\H
6HUPD\H<HWHUOLOLN5DV\RVX
.UHGL5LVNL3L\DVD5LVNL2SHUDV\RQHO5LVN
EHOLUOL \|QWHPOHUH J|UH KHVDSODQP×ú ELU PLNWDUGD VHUPD\H EXOXQGXUPDV× GH÷LO
|QFHOLNOH WDQ×PODQDQ EX ULVNOHULQ GR÷UX ELU úHNLOGH |OoOPHVL YH EX |OoPOHULQ
EDQNDODU×Q VWUDWHML EHOLUOHPHVLQGH ELU WHPHO ROXúWXUPDV×G×U %DVHO ,, LOH GDKD
|QFHGHQ WDQ×PODQP×ú EDQNDF×O×N ULVN WUOHULQH ELU GH RSHUDV\RQHO ULVN LODYH
HGLOPLúWLU $\U×FD GDKD |QFHOHUL KHU EDQND LoLQ D\Q× RODQ YH VDGHFH VWDQGDUW
\|QWHPOHUOH |OoOHQ NUHGL YH SL\DVD ULVNOHULQLQ GH IDUNO× \|QWHPOHUOH
|OoOHELOPHVLQHRODQDNWDQ×QP×úW×U%DVHO,,·QLQGL÷HUWHPHO\DS×WDúODU×RODQNDPX
GHQHWLPLYHSL\DVDGLVLSOLQLLVHNDPXRWRULWHOHULQLQSURDNWLIYHHWNLQELUGHQHWLP
\DSPDV×Q× EDQNDODU×Q ULVNOL IDDOL\HWOHUL YH ULVN \|QHWLPL NRQXODU×QGD SL\DVD\D
GHWD\O×ELOJLOHUVXQPDODU×Q×JHUHNWLUPHNWHGLU
%DVHO.RPLWHVL%DVHO,,·\HRODQGHVWH÷LQLNDPXR\XQH]GLQGHWHNUDUODP×ú
ROPDNODELUOLNWHEDQNDF×O×NVLVWHPLQLQVD÷O×NO×ELUNDOG×UDoVHYL\HVLQGHIDDOL\HWLQL
VUGUPHVLQH\DUG×PF×RODFDNEDVLW|OoWOHULQGHULVNED]O×|OoPQWDPDPOD\×F×V×
RODUDN NXOODQ×OPDV× LKWL\DF×Q×Q GH÷HUOHQGLULOPHVL JHUHNWL÷LQL YXUJXODP×úW×U
%DQNDF×O×NVLVWHPLQLQEDVLWNDOG×UDoRUDQ×QDRODQLOJLVLDUWDUDNVUPHNWHGLU
GHYDP HGHQ GHQHWLPOHULQGH \HWNL LOH LOJLOL KNP YHUPH\H JYHQOLN YH
VD÷ODPO×NODLOJLOHQLúOHULNDGDUNDQXQODUDX\JXQRODUDNV|]V|\OHPHJFQH
YH GHQHWOH\LFLOHU LoLQ \DVDO NRUXPD\D LKWL\Do GX\DU 'HQHWOH\HQOHU
DUDV×QGD ELOJL SD\ODú×P× YH EX ELOJLOHULQ V×UGDúO×÷×Q×Q NRUXQPDV× LoLQ
G]HQOHPHOHU\DS×OPDO×G×U
%\N$O×PODU'HQHWLPRWRULWHVLV×Q×U|WHVLRSHUDV\RQODU×QNXUXOPDV×Q×
LoHUHQYH\DN×QLOLúNLOLRUWDNO×NYH\D\DS×ODU×QEDQND\×Dú×U×ULVNOHUHPDUX]
E×UDNPDPDV×Q×YH\DHWNLOLGHQHWLPLHQJHOOHPHPHVLQLWH\LWHGHQYD]HGLOPLú
NULWHUOHUH D\N×U× RODELOHFHN EDQNDODU×Q E\N ND]DQ×P YH \DW×U×PODU×Q×
J|]GHQJHoLUPHJFQHVDKLSROPDO×G×U
6HUPD\H <HWHUOLOL÷L 'HQHWLP RWRULWHVL EDQNODU×Q VWOHQGL÷L ULVNOHUL
\DQV×WDQ LKWL\DWO× YH X\JXQ PLQLPXP VHUPD\H \HWHUOLOLN JHUHNVLQLPLQL
VDSWDPDO× YH ND\×SODU× WHODIL HWPH NDSDVLWHVLQL J|] |QQGH EXOXQGXUDUDN
VHUPD\H XQVXUODU×Q× WDQ×PODPDO×G×U (Q D]×QGDQ XOXVODUDUDV× G]H\GH
IDDOL\HW J|VWHUHQ EDQNDODU LoLQ WHVLV HGLOPLú EX JHUHNVLQLP X\JXODQDELOLU
%DVHOJHUHNVLQLPLQGHQD]ROPDPDO×G×U
.UHGL5LVNL'HQHWLPRWRULWHVLEDQNDODU×QLKWL\DWO×SROLWLNDYHPHWRWODUOD
NUHGLULVNOHULQLNDUú×O×NO×ULVNOHULLoHUHQWDQ×PODPDN|OoPHNJ|]HWOHPHN
YH NRQWURO HWPHN LoLQ NXUXPODU×Q ULVN SURILOOHULQL KHVDED NDWDQ NUHGL ULVN
\|QHWLPL PHWRWODU×QD VDKLS ROGXNODU× NRQXVXQGD WDWPLQ HGLOPHOLGLU %X
NUHGLOHUL GD÷×WPD\× YH \DW×U×PODU×Q \DS×OPDV×Q× EX WU \DW×U×P NUHGL
NDOLWHVLQLQ NUHGL YH \DW×U×P SRUWI|\QQ GHYDP HGHQ GH÷HUOHQGLULOPHVL
\|QHWLPLQLLoHULU
WDWPLQ HGLOPHOLGLU 'HQHWLP RWRULWHVL EDQNDODU×Q WHN YH\D JUXS KDOLQGHNL
ULVNHPDUX]NDOPDODU×Q×V×Q×UODPDNLoLQLKWL\DWO×OLPLWOHUNR\PDO×G×U
øOJLOL *UXSODU×Q 5LVNLQH 0DUX] .DOPD øOJLOL JUXSODU×Q ULVNLQH PDUX]
NDOPDGDQ GR÷DQ VXLVWLPDOOHUL ELODQoR LoL YH ELODQoR G×ú× HQJHOOHPHN YH
o×NDU oDW×úPDODU×QD GLNNDW oHNPHN LoLQ GHQHWLP RWRULWHVL EDQNDODU×Q LOJLOL
úLUNHWOHU YH úDK×VODUGDQ GR÷DFDN ULVNL REMHNWLI WHPHOOHUH \D\PDV×
NRQXVXQGD HOYHULúOL DUDoODUD VDKLS ROPDO×G×U %X ULVN DODQODU× HWNLQ ELU
úHNLOGHL]OHQPHOLULVNOHULNRQWUROHWPHNYHKDILIOHWPHNLoLQX\JXQDG×PODU
DW×OPDO×YHEXULVNDODQODU×Q×QKHVDSODU×Q×QNDSDW×OPDV×VWDQGDUWSROLWLNDYH
PHWRWODUOD\DS×OPDO×G×U
3L\DVD 5LVNL 'HQHWLP RWRULWHVL EDQNDODU×Q SL\DVD ULVNLQL KDWDV×] RODUDN
WDQ×POD\DQ |OoHQ L]OH\HQ YH NRQWURO HGHQ HOYHULúOL SROLWLND YH PHWRWODUD
VDKLS ROGXNODU× NRQXVXQGD WDWPLQ HGLOPHOLGLU 'HQHWLP RWRULWHVL PDUX]
NDO×QDQ SL\DVD ULVNLQLQ JDUDQWL HGLOPHVL LoLQ EHOOL PLNWDUGD VHUPD\H LOH
\NPO WXWPDN YHYH\D EHOOL OLPLWOHUL HPSR]H HWPHN JFQH VDKLS
ROPDO×G×U
/LNLGLWH5LVNL'HQHWLPRWRULWHVLEDQNDODU×QNXUXPODU×QULVNSURILOOHULQL
KHVDEDNDWDQOLNLGLWHULVNLQLWDQ×POD\DQ|OoHQL]OH\HQYHNRQWUROHGHQYH
JQON WDEDQGD OLNLGLWH\L \|QHWHQ OLNLGLWH \|QHWLP VWUDWHMLVLQH LKWL\DWO×
SROLWLND YH PHWRWODUD VDKLS ROGXNODU× NRQXVXQGD WDWPLQ HGLOPHOLGLU
'HQHWLP RWRULWHVL EDQNDODU×Q OLNLGLWH SUREOHPOHULQL HOH DODQ PXKWHPHO
SODQODUDVDKLSROPDODU×Q×WDOHSHGHU
2SHUDV\RQHO 5LVN 'HQHWLP RWRULWHVL EDQNDODU×Q RSHUDV\RQHO ULVNOHUL
WDQ×PODPDN |OoPHN L]OHPHN YH KDILIOHWPHN LoLQ ULVN \|QHWLP SROLWLNDODU
YH VUHoOHUL NRQXVXQGD WDWPLQ HGLOPHOLGLU %X SROLWLND YH VUHoOHU
EDQNDODU×QE\NONYHNDUPDú×NO×÷×LOHRUDQW×O×ROPDO×G×U
øo .RQWURO YH 'HQHWLP 'HQHWLP RWRULWHVL EDQNDODU×Q NHQGL LúOHULQLQ
NDUPDú×NO×÷× YH E\NO÷ LoLQ \HWHUOL RODQ HOYHULúOL Lo NRQWUROOHUH VDKLS
ROGXNODU× NRQXVXQGD LNQD HGLOPHOLGLU %X Lo NRQWUROOHU \HWNL YH
VRUXPOXOXN GD÷×W×P× Do×N EDQND\× WDDKKW DOW×QD VRNDQ IRQNVL\RQODU×Q
D\U×P×IRQODU×Q|GHQPHVLDNWLIYHSDVLIOHULQPXKDVHEHOHúPHVLNRQXVXQGD
EX VUHoOHULQ X]ODúPDV× EDQND DNWLIOHULQLQ NRUXQPDV× YH Do×N
G]HQOHPHOHUYHX\JXODQDELOLUNDQXQYHG]HQOHPHOHUNDGDUEXNRQWUROOHUH
X\JXQOX÷X WHVW HWPHN LoLQ X\JXQ ED÷×PV×] Lo GHQHWLP YH X\JXQOXN
IRQNVL\RQODU×Q×LoHUPHOLGLU
]HULQH RGDNODQDUDN ELU EWQ RODUDN EDQNDF×O×N VLVWHPL IDDOL\HWOHUL
DQOD\×ú×JHOLúWLUPHVLYHEXDQOD\×ú×VUHNOLN×OPDV×Q×JHUHNWLULU
'HQHWLPVHO7HNQLNOHU(WNLQEDQNDF×O×NGHQHWLPVLVWHPLEDQND\|QHWLPL
LOH G]HQOL LOHWLúLPGHQ YH \HULQGH YH X]DNWDQ GHQHWLPGHQ PH\GDQD
JHOPHOLGLU
.RQVROLGH(GLOPLú'HQHWLP'HQHWLPRWRULWHOHULQLQEDQNDF×O×NJUXEXQX
\HWHUOLL]OHPHYHX\JXQVDJUXSWDUDI×QGDQGQ\DoDS×QGDLGDUHHGLOHQLúOHUL
KHU \|Q\OH LKWL\DWO× QRUPODU X\JXOD\DUDN NRQVROLGH ED]GD GHQHWOHPHVL
EDQNDF×O×NGHQHWLPLQLQHVDVXQVXUODU×QGDQELULVLGLU
0HUNH](Y6DKLELøOLúNLVL6×Q×U|WHVLNRQVROLGHHGLOPLúGHQHWLPPHUNH]
ONH GHQHWLP RWRULWHVL LOH LOJLOL GL÷HU GHQHWLP RWRULWHOHULQLQ |]HOOLNOH HY
VDKLEL ONH GHQHWLP RWRULWHOHULQLQ ELOJL DO×úYHULúL YH LúELUOL÷LQL JHUHNWLULU
%DQNDF×O×N GHQHWLP RWRULWHOHUL \DEDQF× EDQNDODU×Q \HUHO LúOHPOHULQH \HUHO
EDQNDODU×Q X\PDN ]RUXQGD ROGXNODU× VWDQGDUWODU×Q D\Q×V×Q×
X\JXODPDO×G×UODU
%DVHO,,,8]ODú×V×
'Q\DGD \DúDQDQ EDQNDF×O×N NUL]OHUL LVWHU \HUHO LVWHU NUHVHO ROVXQ ELU
ONHGHNLEDQNDF×O×NVLVWHPLQLQGHQHWLPYHJ|]HWLPLQLQQHGHQOL|QHPOLROGX÷XQX
LVSDWODP×úW×U %D]HO X]ODú×V× EX LKWL\Do ]HULQH NXUXOPXú EDQNDF×O×N VLVWHPLQL
VWDQGDUGL]H HGHQ ELU VUHoWLU hONHOHULQ EDQNDF×O×N VLVWHPOHULQGH IDUNO×O×NODU
PHYFXWWXU$QFDN|]HOOLNOHVHUPD\H\HWHUOLOL÷LNRQXVXQGDXOXVODUDUDV×ELUVWDQGDUW
LONHVL ROPDV× ONHOHULQ EDQNDODU×Q×Q NHQGLOHULQL GQ\DGDNL GL÷HU EDQNDODUOD
N×\DVODPDV×Q× VD÷ODPDV× Do×V×QGDQ |QHPOLGLU %X NRQX |]HOOLNOH NUL]
G|QHPOHULQGHL\LELUDQDOL]\DS×OPDV×LoLQ]HPLQROXúWXUPDNWDG×U
%DVHO X]ODú×V×Q×Q NUHVHO ILQDQV VLVWHPL LoLQ |QHPL DNDGHPLN YH VHNW|UHO
oHYUHOHUWDUDI×QGDQELOLQPHNOHELUOLNWHX]ODú×V×Q×Q\HWHUVL]OL÷LHNVLNOL÷LYHKDWDODU×
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH.XUXPB%LOJLOHUL666EDVHOSGI
ROGX÷XQD GDLU J|UúOHU GH PHYFXWWXU gNPHQ·LQ oDO×úPDV×QD J|UH %DVHO
X]ODú×ODU×Q×QGDHNVLN\HWHUVL]YHKDWDO×RODQQRNWDODUúXQODUG×U
• %DVHOX]ODú×ODU×|]ND\QDNODULOHYDUO×NODUDUDV×QGDNLED÷×NRSDUPDNWDG×U
• %DVHOX]ODú×ODU×QGDVHUPD\HLOH\NPOONOHULQED÷×NRSDU×OPDNWDG×U
• %DVHOX]ODú×ODU×QGDHVDVDO×QDQULVNJUXSODU×GHUHFHOHQGLUPHNDWVD\×ODU×YH
|QJ|UOHQ PLQLPXP VHUPD\H UDV\RODU× ELOLPLQ LVSDWODG×÷× UDNDPODU
GH÷LOGLU
• %DVHOX]ODú×ODU×NDUO×O×NROJXVXQXLKPDOHWPHNWHGLU
• %DVHOX\JXODPDODU×QGDNXUULVNLQLQNHQGLVLWDULIHGLOHPHPLúWLU
2UKDQgNPHQ%DVHO8]ODú×ODU×Q×Q<HWHUVL]OL÷LYH%DQNDODUD$OWHUQDWLI0RGHO.RUD<D\×QF×O×N
øVWDQEXOVV
• %DVHO X]ODú×ODU×QGD VHUPD\H LKWL\DF×Q×Q WHVSLWLQGH IDL] RUDQODU×Q×Q
EHOLUOH\LFLUROWDPDPHQLKPDOHGLOPLúWLU
• %DVHOX]ODú×ODU×QGDNDOG×UDoRUDQODU×LKPDOHGLOPHNWHGLU
• %DVHO X]ODú×ODU×QGD DQD PDo RODUDN WHVSLW HGLOPH\H oDO×ú×ODQ DNWLI NDOLWHVL
NDYUDP×QDDQODPV×]UROOHUYHULOPLúWLU
%DQNDF×O×NWD5LVNdHúLWOHULYH<|QHWLPL
%DQNDF×O×NWD5LVNYHdHúLWOHUL
5LVNNHOLPHDQODP×RODUDN]DUDUDX÷UDPDWHKOLNHVLQLLIDGHHWPHNOHELUOLNWH
EDQNDF×O×N DODQ×QGD NXOODQ×ODQ ULVN WHULPL ELU LúOHPH LOLúNLQ SDUDVDO ELU ND\E×Q
RUWD\Do×NPDV×YH\DELUJLGHULQ\DGD]DUDU×QRUWD\Do×NPDV×LOHQHWLFHOHQHELOHFHN
HNRQRPLN ID\GDQ×Q D]DOPDV× LKWLPDOLGLU 5LVN ELU GL÷HU WDQ×PD J|UH LVH úLUNHWLQ
SL\DVDGH÷HULQLQYRODWLOLWHVLGLU
$1HMDW <]EDú×R÷OX 5LVN <|QHWLPL YH %DQNDODU×Q 'HQHWLPL 5LVN <|QHWLPL .RQIHUDQV×
øVWDQEXO
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH5DSRUODU6XQXPODUBBZZZEGGNRUJWUBWXUNFHB\D\
LQODUYHUDSRUODUBVXQXPODUBULVNPDQDJHPHQW1<SGI
DUW×úGL÷HUULVNWHDUW×úDVHEHSRODELOLU'HQHWoLOHUEXGXUXPXQIDUN×QGDROPDO×YH
HWNLVLQLWXWDUO×NDSVDPO×ELUúHNLOGHGH÷HUOHQGLUPHOLGLU
)RQ WDOHS HGHQOHU LOH IRQ DU] HGHQOHUL DUDF×O×N HGHUHN ELU DUD\D JHWLUHQ
EDQNDODU×Q PDUX] NDOG×NODU× ULVNOHU VHUPD\HQLQ |QQGHNL HQJHOOHULQ NDONPDV× LOH
oHúLWOHQPLúWLU )LQDQVDO SL\DVDODU×Q JHQLúOHPHVL YH ILQDQVDO DUDoODU×Q oHúLWOLOL÷L
ULVNLQ \|QHWLPLQL ]RUODúW×UP×ú ILQDQVDO VLVWHPL GDKD N×U×OJDQ KDOH JHWLUPLúWLU
.UHVHOOHúPH LOH ELUOLNWH ELU EDQNDQ×Q PDUX] NDOG×÷× ULVN GL÷HU EDQNDODU× GD
´/DUJH %DQN 6XSHUYLVLRQµ &RPSWUROOHU RI WKH &XUUHQF\ $GPLQLVWUDWRU RI 1DWLRQDO %DQNV
2FDNV
øONHU3DUDV×]DJNV
øEUDKLP.DSODQDJHV
HWNLOHU KDOH JHOPLúWLU %DQNDODU×Q \DSP×ú ROGXNODU× WP LúOHPOHU GH÷LúLN
|OoOHUGHGHROVDULVN]DUDUDX÷UDPDRODV×O×÷×\DUDW×U+HUJLULúLPGHULVNROPDNOD
EHUDEHU ILQDQVDO DUDF×O×N \DSDQ EDQNDODU×Q NDUú×ODúW×NODU× ULVNOHU GDKD oHúLWOL YH
NDSVDPO×G×U *QP]GH EDQNDF×O×N DODQ×QGD NDUú×ODú×ODQ EDúO×FD ULVNOHU ú|\OH
V×UDODQDELOLU
.UHGL5LVNL
/LNLGLWH5LVNL
3L\DVD/LNLGLWH5LVNL
<DW×U×P0HQNXO'H÷HUOHUH3ODVPDQ5LVNL
)DDOL\HW5LVNL2SHUDV\RQHO5LVN
'|YL].XUX5LVNL
)DL]2UDQ×5LVNL
7UDQVIHU5LVNL
3ROLWLN5LVN
3L\DVD5LVNL
øúOHPLQ6RQXoODQG×U×OPDPDV×5LVNL
øúOHPL6RQXoODQG×UPDgQFHVL2OXúDQ5LVN
+LOH'RODQG×U×F×O×N<ROVX]OXN5LVNL)UDXG
<|QHWLP5LVNL
0HY]XDWDøOLúNLQ<HWHUVL]%LOJL5LVNL
<DVDO']HQOHPHOHUH8\XOPDPD5LVNL
øWLEDU5LVNL
+DNDQ %HNWDú $KPHW *|NoHQ 7UN %DQNDF×O×N 6HNW|UQGH )LQDQVDO *o 'HUHFHVLQH 6DKLS
2ODQ%DQNDODU×Q.DQWLWDWLI9HULOHULQLQøVWDWLVWLNVHO$QDOL]L0DUPDUDhQLYHUVLWHVLøø%)'HUJLVL
<×O&LOW;;;,6D\×,,V
g]WLQ $NJo ´%DQND )LQDQVDO 7DEORODU×Q $QDOL]Lµ *HQLúOHWLOPLú %DVN× $UD\×ú %DV×P
øVWDQEXOV
D .UHGL5LVNL
.UHGL ULVNL HQ EDVLW LIDGH LOH ELU EDQND LOH ERUoOX WDUDI×Q \DS×ODQ NUHGL
DQODúPDV×QGDNL\NPOONOHUL\HULQHJHWLUHPHPHRODV×O×÷×G×U%DQNDODUELUH\VHO
NUHGLOHU NDGDU WP NUHGL SRUWI|\ GDKLOLQGH RODQ NUHGLOHUL GH \|QHWPHN
GXUXPXQGDG×UODU
.UHGLULVNLQLQHWNLQ\|QHWLPLULVN\|QHWLPHNDSVDPO×ELU\DNODú×P×QNULWLN
ELUXQVXUXROPDNODELUOLNWHEDQNDRUJDQL]DV\RQXQXQX]XQG|QHPGHNLEDúDU×V×LoLQ
úDUWW×U $\U×FD EDQNDODU NUHGL ULVNL LOH GL÷HU ULVNOHU DUDV×QGDNL LOLúNL\L GH
LUGHOHPHOLGLU +HU NUHGL GH÷LúLN |OoOHUGH GH ROVD JHUL |GHQPHPH RODV×O×÷×Q×
LoHULU .UHGL ULVNLQLQ JHUoHNOHúPHVL KDOLQGH RUWD\D o×NDELOHFHN GL÷HU ULVNOHU
úXQODUG×UOLNLGLWHULVNLIDL]ULVNL\|QHWLPULVNL
%DQNDODU NUHGL ULVNLQLQ GH÷HUOHQGLULOPHVLQH \|QHOLN \|QWHPOHUH VDKLS
ROPDO×G×U %DQNDODU NUHGL ULVNOHULQL |OoPHN NDUú× WDUDI×Q PDOv JFQ G]HQOL
RODUDN DQDOL] HWPHN L]OHPHN JHUHNOL ELOJL YH EHOJHOHUL WHPLQ HWPHN YH EXQODUD
LOLúNLQ HVDVODU× EHOLUOHPHN ]RUXQGDG×U .UHGLOHULQ RQD\ODQPDV× GH÷LúWLULOPHVL
\HQLOHQPHVL YH \HQLGHQ \DS×ODQG×U×OPDV×QD LOLúNLQ VUHoOHU Do×N YH QHW RODUDN
EHOLUOHQLU 6HUPD\H JHUHNVLQLPL NDSVDP×QGD \DS×ODFDN NUHGL ULVNL
GH÷HUOHQGLUPHVLQHNUHGLOHULoLQD\U×ODQNDUú×O×NODUGDGDKLOHGLOLU
E /LNLGLWH5LVNL
%LU EDQNDQ×Q IRQ JLULúL LOH IRQ o×N×ú× DUDV×QGDNL GHQJH\L VD÷OD\DPDPDV×
GXUXPXQGD RUWD\D o×NDQ ULVN WUGU g]HOOLNOH NUL] RUWDP×Q×Q EDúODQJ×F×QGD
PHYGXDW VDKLSOHULQLQ ´EDQND SDQL÷Lµ QHGHQL LOH EDQND\D KFXP HWPHVL
GXUXPXQGDEDQNDQ×QNDUú×NDUú×\DNDOG×÷×ULVNWLU.UL]RUWDPODU×QGD \DGDEDQND
LOHLOJLOLV|\OHQWLGXUXPODU×QGD\D\×ODQKDEHULQDV×OO×DV×OV×]ROGX÷XQXLVSDWHWPHN
JoWU %X QHGHQOH EDQNDODU×Q NDVDODU×QGD EHOLUOL ELU PLNWDU QDNGL \D GD QDNGH
NROD\ oHYULOHELOHFHN OLNLWL WXWPDN GXUXPXQGDG×UODU $QFDN EXUDGD DV×O PHVHOH
EDQNDODU×QRSWLPXPOLNLGLWHRUDQ×Q×EHOLUOH\LSEXQDJ|UH|QOHPDOPDV×G×U=LUDELU
EDQNDQ×Q JHUH÷LQGHQ ID]OD OLNLW ROGX÷X GXUXPGD LVH NDUO×O×N HWNLOHQHFHNWLU $ú×U×
OLNLWROPDGXUXPXND\QDNODU×QGDDW×ONXOODQ×ODFD÷×LKWLPDOLQLGR÷XUPDNWDG×U
\NPOONOHULQGHJHUHNOLoHúLWOHQGLUPH\LVD÷ODPDN]RUXQGDG×U%DQNDODUG]HQOL
úHNLOGH IRQ JLULúOHUL\OH IRQ o×N×úODU×Q× NDUú×ODúW×UDQ YH EHOLUOL ELU ]DPDQ GLOLPLQL
NDSVD\DQOLNLGLWHLQFHOHPHOHUL\UWPHOLGLUOHU%XLQFHOHPHGH EHNOHQHQIRQJLULú
YH IRQ o×N×úODU× LOH EXQODU×Q GD\DQG×÷× YDUVD\×PODU EDQNDQ×Q YDUO×NODU×Q× QDNGH
oHYLUPH NDELOL\HW YH RODQD÷× LOH 0HUNH] %DQNDV×QGDQ VD÷ODQDELOHFHN OLNLGLWH
NROD\O×NODU× SL\DVD GDOJDODQPDODU× V|] NRQXVX ROGX÷XQGD YDUO×NODU×Q QDNGH
oHYULOPHVL V×UDV×QGD ROXúDELOHFHN GH÷HU GúúOHUL GLNNDWH DO×Q×U EHOLUOL YDUO×N
V×Q×IODU×QD LOLúNLQ SL\DVD NRúXOODU× WDKOLO HGLOLU %DQND ED]×QGD YH SL\DVD ED]×QGD
G]HQOL ELU ELoLPGH VHQDU\R YH GX\DUO×O×N DQDOL]OHUL JHUoHNOHúWLULOLU YH VHQDU\RODU
G]HQOLRODUDNJ|]GHQJHoLULOLU
F )DDOL\HW5LVNL2SHUDV\RQHO5LVN
2SHUDV\RQHO ULVNLQ úXDQ LoLQ JHQHO NDEXO J|UPú HYUHQVHO ELU WDQ×P×
EXOXQPDPDNWDG×U%LUoRNEDQNDRSHUDV\RQHOULVNLú|\OHWDQ×PODPDNWDG×U´SL\DVD
YH NUHGL ULVNL NDWHJRULVLQH JLUPH\HQ WHNQRORML YH LQVDQL ELUWDN×P oHúLWOL KDWDGDQ
ND\QDNODQDQ ND\×S ULVNLµGLU %LUoRN |GHPH ULVNL IDDOL\HWOHULQ GXUPDV× LGDUL YH
\DVDO ULVNOHU GH RSHUDV\RQHO ULVNOH LOLúNLOHQGLULOPHNWHGLU %XQXQ \DQ×QGD ELUoRN
EDQNDSL\DVDYHNUHGLULVNLLOHRSHUDV\RQHOULVNDUDV×QGDELUED÷ODQW×J|UPHNWHGLU
%LUWLFDULLúOHPGHQND\QDNODQDQRSHUDV\RQHOULVNSL\DVDYH\DNUHGLULVNLQHVHEHS
RODELOPHNWHGLU%LUoRNEDQNDWHNQRORMLULVNLQLRSHUDV\RQHOULVNLQELUoHúLGLRODUDN
J|UUNHQED]×ODU×GDD\U×ELUHUULVNNDWHJRULVLROGX÷XQXLIDGHHWPHNWHGLUOHU
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Q«
2SHUDWLRQDO 5LVN 0DQDJHPHQW %DVOH &RPPLWWHH RQ %DQNLQJ 6XSHUYLVLRQ 6HSWHPEHU
KWWSZZZELVRUJSXEOEFEVSGI
LOJLOLGLUgUQH÷LQELUEDQNDQ×QSL\DVDULVNLSURILOLRSHUDV\RQHOULVNSURILOLQHJ|UH
GDKD NROD\ GH÷LúWLULOHELOLU 5LVNL ROXúWXUDQ SR]LV\RQ NDSDW×ODELOLU EX SR]LV\RQD
NRUXQPDVD÷ODQDELOLU
%DQNDODURSHUDV\RQHOULVN\|QHWLPLLoLQJHUHNOLVLVWHPOHULROXúWXUXUYHEX
VLVWHPOHU NDSVDP×QGD VHUPD\H JHUHNVLQLPLQL KHVDSODU %X
VLVWHPRSHUDV\RQHOULVNSURILOLQL ULVN WROHUDQV×Q× YH ULVNLQ EDQND G×ú×QD KDQJL
NDSVDPGD YH úHNLOGH WUDQVIHU HGLOHFH÷LQH LOLúNLQ KXVXVODU× LoHULU %XQODU
EDQNDQ×QRSHUDV\RQHOULVN\|QHWLPSROLWLNDODU×QGDDo×NoDEHOLUOHQLU(WNLVL\NVHN
RODQ GúN V×NO×NWDNL YDNDODU× GD NDSVD\DFDN úHNLOGH PDUX]
NDO×QDQRSHUDV\RQHOULVNOHULQ WDQ×PODQPDV×QD L]OHQPHVLQH GH÷HUOHQGLULOPHVLQH
NRQWURO HGLOPHVLQH YH\D D]DOW×OPDV×QD YH \|QHWLOPHVLQH \|QHOLN SROLWLNDODU YH
\|QWHPOHU ROXúWXUXOPDV× ]RUXQOXGXU %DQNDODU×Q 6HUPD\H <HWHUOLOL÷LQLQ
gOoOPHVLQH YH 'H÷HUOHQGLULOPHVLQH øOLúNLQ <|QHWPHOL÷LQ QF PDGGHVLQGH
\DS×ODQ WDQ×PD X\JXQ ROPDN NRúXOX\OD EDQNDODUFD RSHUDV\RQHOULVN NDSVDP×QGD
HOH DO×QDFDN ULVNOHU V|] NRQXVX SROLWLND YH \|QWHPOHU oHUoHYHVLQGH EHOLUOHQLU
(UWX÷UXO 8PXW 8\VDO 2SHUDV\RQHO 5LVN <|QHWLPLQGH 6HQDU\R $QDOL]L
ZZZWEERUJWU'RV\DODU$UDVWLUPDBYHB5DSRUODUULVNGRF
1XUJO&KDPEHUV$WLOODdLIWHU2SHUDV\RQHO5LVN<|QHWLPL·QGH=DUDU'D÷×O×PODU×øOH*HOLúPLú
gOoP<DNODú×P×8\JXODPDV×'R÷XúhQLYHUVLWHVL'HUJLVLV
2SHUDV\RQHOULVNOHUGHQ ND\QDNODQDQ ND\×SODU×Q QHGHQOHUL LYHGLOLNOH DQDOL] HGLOLU
YHEXQHGHQOHUULVN\|QHWLPLELULPLWDUDI×QGDQND\×WDOW×QDDO×Q×U
G 3L\DVD5LVNL
5HVPL *D]HWH +D]LUDQ WDULK YH VD\×O× %DQNDODU×Q øo
6LVWHPOHUL +DNN×QGD <|QHWPHOL÷L·QLQ PDGGHVLQH J|UH %DQNDODU SL\DVD
ULVNLQLQ |OoOPHVL YH \|QHWLPLQL VD÷OD\DQ SROLWLND YH VUHoOHUH VDKLS ROPDO×G×U
%DQND Do×V×QGDQ |QHPOL G]H\GH SL\DVD ULVNL \DUDWDQ IDNW|UOHULQ YH V|] NRQXVX
ULVNOHULQRODV×HWNLOHULQLQ|OoOPHVLYH\|QHWLOPHVLQH\|QHOLNSROLWLNDYHVUHoOHULQ
WHVLV HGLOPHVL YH LúOHWLOPHVL ]RUXQOXGXU 3L\DVD ULVNLQLQ GH÷HUOHQGLULOPHVLQGH
NXOODQ×ODQ VUHoOHU G]HQOL RODUDN LQFHOHPHOHUH WDEL WXWXOXU %''. NDUPDú×N
IDDOL\HW \DS×V×QD VDKLS EDQNDODUGDQ VHUPD\H JHUHNVLQLPL LoVHO GH÷HUOHQGLUPH
VUHFLQLQSL\DVDULVNLQHLOLúNLQN×VP×QGDOLNLGLWHYH\R÷XQODúPDULVNOHULQH\|QHOLN
DQDOL]OHUL GH LoHUHFHN úHNLOGH ULVN |OoP PRGHOOHUL LOH VWUHV WHVWOHULQLQ
NXOODQ×OPDV×Q× ]RUXQOX WXWDELOLU %DQNDQ×Q ULVN |OoP PRGHOL DO×P VDW×P
IDDOL\HWLQGHQND\QDNODQDQWPULVNOHULEHOLUOH\LS|OoHELOHFHNQLWHOLNWHYHVHUPD\H
JHUHNVLQLPLLoVHOGH÷HUOHQGLUPHVUHFLLOHEWQOHúLN\DS×GDROXúWXUXOXU
%DQNDF×O×NWD5LVN<|QHWLPL
%LU EDQNDQ×Q |GQo I×UVDWODU× PHYGXDWWDQ GDKD ID]ODG×U YH EX IDUN×
JLGHUHELOPHN LoLQ DNWLI RODUDN ERUoODQPDO×G×U gGQo DO×QDQ IRQODU×Q ND\QD÷× LOH
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Q«PDGGH
$YUXSDøo'HQHWLP(QVWLWOHUL.RQIHGHUDV\RQXDJHV
LOJLOLVHoLPJHUHNNDUO×O×NJHUHNVHULVN\|QHWLPLLoLQoRN|QHPOLGLUVD\×O×
.DQXQ·XQ PDGGHVLQGH ULVN \|QHWLPLQLQ NLPLQ VRUXPOXOX÷XQGD ROGX÷XQX
ú|\OH LIDGH HGLOPHNWHGLU ´%DQNDODU ULVN \|QHWLPL VLVWHPL NDSVDP×QGD ULVN
SROLWLNDODU×Q× .XUXOFD EHOLUOHQHQ HVDVODU oHUoHYHVLQGH ROXúWXUPDN X\JXODPDN YH
UDSRUODPDN ]RUXQGDG×U 5LVN \|QHWLPL IDDOL\HWOHUL \|QHWLP NXUXOXQD ED÷O× RODUDN
oDO×úDFDNULVN\|QHWLPLELULPLYHSHUVRQHOLWDUDI×QGDQ\UWOUµ
• %DQNDQ×QULVNVWUDWHMLVLYHDODELOHFH÷LULVNG]H\L
• %DQNDQ×QULVNL]OHPHYH\|QHWPHNDSDVLWHVL
• %DQNDQ×QJHoPLúGHQH\LPLYHSHUIRUPDQV×
øONHU3DUDV×]DJNV
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Q«PDGGH
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Qøo6LVWHPOHUL+DNN×QGD
<|QHWPHOLNPDGGH
• )DDOL\HWOHUL \UWHQ ELULPOHULQ \|QHWLFLOHULQLQ DODQODU× LOH LOJLOL
NRQXODUGDNLX]PDQO×NG]H\OHUL
• .DQXQGDYHLOJLOLGL÷HUPHY]XDWWD|QJ|UOHQ\NPOONOHU
• 5LVN|OoP
• 5LVNOHULQL]OHQPHVL
• 5LVNOHULQNRQWUROYHUDSRUODQPDV×IDDOL\HWOHULQGHQROXúXU
5HVPL *D]HWH +D]LUDQ WDULK YH VD\×O× %DQNDODU×Q øo
6LVWHPOHUL+DNN×QGD<|QHWPHOL÷L·QLQPDGGHVLQHJ|UHEDQNDODUULVN\|QHWLP
VLVWHPL NDSVDP×QGD PDUX] NDO×QDQ ULVNOHULQ HWNLQ RODUDN DQDOL] HGLOLS
GH÷HUOHQGLULOPHVLQL VD÷OD\DFDN ELU UDSRUODPD VLVWHPL ROXúWXUPDN ]RUXQGDG×U
%DQNDODU ULVNOHULQ \|QHWLPL VWUDWHMLOHULQ EHOLUOHQPHVL YH NDUDUODU×Q DO×QPDV×QGD
NXOODQ×OPDN ]HUH OLNLGLWH SL\DVD NUHGL YHRSHUDV\RQHOULVNOHU LOH GL÷HU ULVNOHUH
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Qøo6LVWHPOHUL+DNN×QGD
<|QHWPHOLNPDGGH
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Q«PDGGH
LOLúNLQ NDSVDPO× UDSRUODPDODU VD÷OD\DQ VLVWHPOHU WHVLV HGHUOHU 5DSRUODU ULVN
WXWDUODU×Q× YH JHOLúLPLQL ULVNOHULQ VHUPD\H G]H\LQH HWNLVLQL YH PDUX] NDO×QDQ
ULVNOHUH \|QHOLN HNRQRPLN VHUPD\H EXOXQGXUXOXS EXOXQGXUXOPDG×÷×Q× VHUPD\H
\HWHUOLOL÷LQLQ EDQNDQ×Q KHGHIOHULQH X\XPOXOX÷XQX PXKWHPHO VHUPD\H
JHUHNVLQLPOHULQL VWUDWHMLN SODQODUGD EX JHUHNVLQLPOHUH ED÷O× RODUDN \DS×ODELOHFHN
GH÷LúLNOLNOHUL LoHUHFHN úHNLOGH ROXúWXUXOXU 5DSRUODU×Q \|QHWLP NXUXOX YH VW
\|QHWLPOH ELUOLNWH ULVNLQ ROXúPDV×QGDQ YH L]OHQPHVLQGHQ VRUXPOX ELULPOHUH
G]HQOLDUDO×NODUODVXQXOPDV×VD÷ODQ×U
5HVPL*D]HWH+D]LUDQWDULKYHVD\×O×%DQNDODU×Q«PDGGH
.$08<$5$5,7(525ø6ø1ø17(0(/1('(1/(5ø
.DPX<DUDU×7HRULVLYHg]HOOLNOHUL
.DPX \DUDU× N×W ND\QDNODU×Q ELUH\VHO YH WRSOXPVDO WNHWLP LoLQ HWNLQ
GD÷×W×P×Q×Q VD÷ODQPDV× RODUDN WDQ×PODQDELOLU 7DP UHNDEHW SL\DVDV×QGD
ND\QDNODU×QHWNLQGD÷×W×P×SL\DVDPHNDQL]PDV×LOHJHUoHNOHúHELOLU$QFDNJHUoHN
KD\DWWD EX WHRULQLQ X\JXODQDELOLUOL÷L PPNQ RODPDPDNWDG×U %X QHGHQOH
GHYUH\H GHYOHW RWRULWHVL JLUPHNWH YH E|\OHFH NDPX PGDKDOHOHUL \ROX\OD NDPX
\DUDU×JGOPHNWHGLU
.DPX\DUDU×WHRULVLQHJ|UHUHJODV\RQSL\DVDQ×QLVWHQPH\HQVRQXoODU×Q×Q
|QOHQPHVLQGH GH HWNLOL RODELOPHNWHGLU 5HNDEHWoL ELU SL\DVDGD SL\DVD VUHFLQH
NDW×ODQODUUHWLPGHNLPDUMLQDONDWN×ODU×RUDQ×QGD|GOOHQGLULOLUOHU
• 3L\DVDODU×QEDúDU×V×]O×÷D\DWN×QROGX÷X
• ']HQOHPH\DSPDQ×QPDOL\HWLQLQD]ROGX÷X
3RVQHU·GDQ \×O|QFHLVH·GH*HRUJH6WLJOHUG]HQOHPH\LIDUNO×ELU
WHRULGH Do×NODP×úW×U 3RVQHU·LQ \DNODú×P×QD EHQ]HU \DS×GD ROXS EXJQ EX J|Uú
´(NRQRPLN 5HJODV\RQ 7HRULVLµ RODUDN OLWHUDWUGH \HULQL DOP×úW×U $UG×QGDQ
·GH -DVNRZ 1ROO ·WH 9LVFXQL 9HUQRQ +DUULJWRQ ·GD $UDQVRQ
·GH LVH +HUWRQJ \DSW×NODU× oDO×úPDODUGD .DPX <DUDU× 7HRULVLQL
Do×NODP×úODUG×U 7P EX oDO×úPDODUGD NDPX \DUDU× WHRULVLQLQ DQDOL]OHUGH DQODPO×
ELUWHRULROGX÷XQXRUWD\DNR\PXúWXU
)XDW2÷X]DJHV
)XDW2÷X]DJHV
5LFKDUG $ 3RVQHU 7KHRULHV RI (FRQRPLF 5HJXODWLRQ 1EHU :RUNLQJ 3DSHU 6HULHV :RUNLQJ
3DSHU1R
0LFKDHO+DQWNH'RPDVDJPV
.DPX<DUDU×'úQFHVLQGH%DQNDF×O×N+L]PHWOHUL
7DEOR.DPX<DUDU×7HRULVLYHg]HO<DUDU7HRULVLQLQ.×\DVODQPDV×
']HQOHPHQLQ*HUHNoHVL ']HQOHPHQLQ6RQXFX
<DEDQF× %DQNDODU×Q
g]HO<DUDU7HRULVL 7DVDUUXI6DKLSOHULLQYH%DQNDF×O×N 5HNDEHWLQLQ $UWPDV×
+L]PHWOHULQL .XOODQDQ 'L÷HU øOH 8\XP %X d×NDUODUD
*HRUJH-%HQVWRQ´,QWHUQDWLRQDO+DUPRQL]DWLRQ2I%DQNLQJ5HJXODWLRQV$QG&RRSHUDWLRQ
$PRQJ1DWLRQDO5HJXODWRUV$Q$VVHVVPHQWµ-RXUQDO2I)LQDQFLDO6HUYLFHV5HVHDUFK
V
7NHWLFLOHULQd×NDUODU× +L]PHW(GHELOLU
<XNDU×GDNL WDEORGD NDPX \DUDU× WHRULVL YH |]HO \DUDU WHRULVLQH J|UH
EDQNDF×O×N G]HQOHPH YH GHQHWOHPH IDDOL\HWOHULQLQ JHUHNoH YH VRQXoODU×QD \HU
YHULOPLúWLU 7DEORGD GD J|UOHFH÷L ]HUH NDPX \DUDU× WHRULVLQLQ EDQNDF×O×N
G]HQOHPHVL Do×V×QGDQ X\XP YH LúELUOL÷L NRQXVXQGD \DUDU× ROGXNoD D]G×U .DPX
\DUDU× WHRULVLQLQ JHUHNoHOHUL EDQNDF×O×N G]HQOHPHOHULQLQ XOXVODUDUDV× X\XPXQX
GHVWHNOHPHNWHGLU g]HO \DUDU WHRULVLQLQ JHUHNoHOHUL LVH X\XPX N×VPHQ
GHVWHNOHPHNWHGLU <DEDQF× EDQNDODU×Q ONH\H JLULúLQLQ \HUOL EDQNDODU×Q UHNDEHW
RUWDP×Do×V×QGDQ\DUDUO×ROGX÷XGDD\U×FDGHVWHNOHQPHNWHGLU
)XDW2÷X]DJHV
NRQXVXQXQJQGHPGHROPDV×Q×QWHPHOQHGHQL|]HOOHúWLUPHSROLWLNDODU×G×UdQN
|]HOOHúWLUPHOHUVHNW|UOHUHG]HQOHPHLKWL\DF×JHWLUPLúWLU
7DEOR$PHULNDQYH.DPXODúW×UPD7DU]×5HJODV\RQXQ.DUú×ODúW×U×OPDV×
$PHULNDQ7DU]×5HJODV\RQ .DPXODúW×UPD7DU]×5HJODV\RQ
5HNDEHWHQJHOOH\LFLUHJODV\RQ .DPXVDOWHNHOOHU
$PDoODUGDNLEHOLUVL]OLN|UQH÷LQV×Q×UODU×
QHWROPD\DQ´NDPX\DUDU×µJHUHNoHVLLoLQ <|QHWLFLOHUHYHULOHQEHOLUVL]YHWXWDUV×]
\DS×ODQUHJOD\RQODU KHGHIOHU
LOHNRQWUROVD÷ODPDNúHNOLQGHROPXúWXU7DEOR·GH$PHULNDQYH.DPXODúW×UPD
WDU]× UHJODV\RQXQ NDUú×ODúW×UPDV×QD \HU YHULOPLúWLU +HP $PHULNDQ KHP
.DPXODúW×UPD WDU]× UHJODV\RQ VRQXFXQGD IDUNO× o×NDU JUXSODU× WDUDI×QGDQ
ROXúWXUXODQ VLVWHP QHGHQL LOH HWNLQVL]OLN WHNHOOHúPH EHOLUVL]OLN YH \HWHUVL]
NRRUGLQDV\RQVRUXQODUEDúJ|VWHUPLúWLU
8OXVODUDUDV× 0HQNXO .×\PHWOHU .RPLV\RQODU× %LUOL÷L 8OXVODUDUDV× 3DUD )RQX
'Q\D%DQNDV×8OXVODUDUDV×6LJRUWD'HQHWoLOHUL%LUOL÷LYHULOHELOLU
*HOLúPHNWHRODQONHOHULQEDQNDF×O×NVLVWHPLQLQGHQHWLPL]HULQHELUWDN×P
|QHULOHUL.ULYR\ú|\OHV×UDODP×úW×U
• %D÷×PV×]YH*oO'HQHWoLOHU(WNLQELUPDOLGHQHWLPJoOYHED÷×PV×]
GHQHWoLOHUL JHUHNWLUPHNWHGLU 2SHUDV\RQHO ED÷×PV×]O×N %DVHO WHPHO
EDQNDF×O×N SUHQVLSOHULQGH \HU DOG×÷× JLEL NDUPDú×N ELU WHULPGLU hONHOHUH
|]HO GXUXPODU×Q \DUDWW×÷× EX IDUN NRQX\D WDULKVHO SROLWLN YH NOWUHO
JHUoHNOHU Do×V×QGDQ oHúLWOLOLN JHWLUPHNWHGLU %LU GHQHWoLQLQ ED÷×PV×] ROXS
ROPDG×÷×Q×Q VRQXFX ´HYHWµ \D GD ´KD\×Uµ FHYDE×QGDQ oRN ´\HWHULQFH
ED÷×PV×]µ GXUXPXQX ´GDKD ED÷×PV×]µ GXUXPXQGDQ D\×UPD\×
JHUHNWLUPHNWHGLU
5XWK'H.ULYR\5HIRUPLQJ%DQN6XSHUYLVLRQLQ'HYHORSLQJ&RXQWULHV)HGHUDO5HVHUYH%DQN
RI%RVWRQKWWSZZZERVIUERUJHFRQRPLFFRQIFRQIFIBSGI
7XUJXW7DQDJPV
5XWK'H.ULYR\5HIRUPLQJ%DQN6XSHUYLVLRQLQ'HYHORSLQJ&RXQWULHV)HGHUDO5HVHUYH%DQN
RI%RVWRQKWWSZZZERVIUERUJHFRQRPLFFRQIFRQIFIBSGI
• 3URDNWLI 'HQHWoLOHU 'HQHWoLOHULQ VDGHFH ED÷×PV×] YH JoO ROPDODU×
\HWHUOL ROPD\×S D\Q× ]DPDQGD SURDNWLI SUREOHPOHULQ o|]PQH
RGDNODQP×ú ROPDODU× GD JHUHNPHNWHGLU *HOLúPHNWH RODQ ONHOHUGH KHP
\DVDOKHPGHNOWUHOHQJHOOHULQ|QQHSURDNWLIGHQHWLPLOHJHoLOHELOLU
• 6HUPD\H <HWHUOLOL÷L *HOLúPHNWH RODQ ONHOHUGH VHUPD\HQLQ HNVLNOL÷L
EDQNDQ×Q ]D\×I \DS×V×QGD URO R\QD\DQ ELU GXUXPGXU %X KHP VHUPD\H
\HWHUVL]OL÷LQLQ KHP GH GúN NDOLWHOL VHUPD\HQLQ VRQXFXGXU ·GHNL
%DVHO 8]ODú×V× JHOLúPHNWH RODQ ONHOHULQ EDQNDF×O×N VLVWHPOHULQL
JoOHQGLUPHGH |QHPOL URO R\QDP×úW×U %LUoRN ONH ULVN D÷×UO×NO× VHUPD\H
\HWHUOLOL÷LNXUDOODU×QDX\XPVD÷ODP×úW×U
• 9DUO×N.DOLWHVL%LUEDQNDQ×QVD÷ODPO×÷×LoLQVHUPD\H\HWHUOLOL÷L|QHPOLGLU
IDNDW ELU R NDGDU YDUO×N NDOLWHVL GH |QHP WDú×PDNWDG×U 'úN NDOLWHOL
YDUO×NODU EDQNDQ×Q VHUPD\HVLQL KDWWD VHUPD\H \HWHUOLOLN NXUDOODU×QD WDP
RODUDNX\JXQRODQILQDQVDOJ|VWHUJHOHULELOHVLOHELOLUJHoHUVL]N×ODELOLU
• .RQVROLGH'HQHWLP(WNLOLELUNRQVROLGHGHQHWLPLQX\JXODQPDV×|]HOELU
oDO×úPDJHUHNWLUPHNWHGLU'HQHWoLOHULQLúDODQ×Q×L]OHPHNDELOL\HWLYH\HUHO
ILQDQVILQDQVG×ú×YHXOXVODUDUDV×LúOHPOHULELOPHOHULJHUHNPHNWHGLU
)UHGHULF60LVKNLQ´5HIRUP×QJ%DQN6XSHUY×V×RQ'×VFXVV×RQµ7KH)HGHUDO5HVHUYH%DQN2I
%RVWRQKWWSZZZERVWRQIHGRUJHFRQRPLFFRQIFRQIFIBSGI
RODQ ONHOHU LoLQ \DEDQF× EDQND JLULúOHUL ELU WHKGLWWHQ ]L\DGH EDQNDF×O×N
VHNW|UQQ JoOHQPHVL LoLQ ELU I×UVDW RODUDN J|UOPHOLGLU *HOLúPHNWH RODQ
ONHOHUGH \DEDQF× EDQND JLULúOHULQLQ WHúYLN HGLOPHVLQH LKWL\Do YDUG×U <DEDQF×
EDQNDODU×Q oRN oHúLWOL SRUWI|\OHUL ROPDV× YH EX EDQNDODU×Q NHQGL ED÷ODQW×V× RODQ
GQ\D oDS×QGD E\N IRQODUD VDKLS ROPDV× QHGHQL LOH |QHP DU] HWPHNWHGLU
<DEDQF× EDQNDODU×Q SRUWI|\ oHúLWOLOL÷L GDKD D] ULVN YH QHJDWLI úRNODUGDQ GDKD D]
HWNLOHQPH\L JHWLUPHNWHGLU<DEDQF×EDQNDODU×Q JHOLúPHNWHRODQONHOHUHELUGL÷HU
NDWN×V× LVH ULVN \|QHWLPL NRQXVXQGDG×U %DQNDF×O×N GHQHWLPLQGH JLGHUHN |QHP
ND]DQDQULVN \|QHWLPLWHNQLNOHULJHOLúPLúONHOHULQEDQNDODU×WDUDI×QGDQGDKDL\L
NDYUDQP×ú ELU NRQX ROPDV× QHGHQL LOH JHOLúPHNWH RODQ ONHOHUH ULVNLQ \|QHWLPL
NRQXVXQGDID\GDVD÷OD\DQELU\DNODú×PVHUJLOH\HELOLU
)UHGHULF60LVKNLQ´5HIRUP×QJ%DQN6XSHUY×V×RQ'×VFXVV×RQµ7KH)HGHUDO5HVHUYH%DQN2I
%RVWRQKWWSZZZERVWRQIHGRUJHFRQRPLFFRQIFRQIFIBSGI
g]JU $FDU %XUoDN 7OD\ ´%DQNDF×O×N *|]HWLP YH 'HQHWLPLQGH 6HoLOPLú hONH
8\JXODPDODU×µ$FWLYH%DQNDF×O×NYH)LQDQV'HUJLVL1R$÷XVWRV(\OOV
0LFKDHO +DQWNH'RPDV 7KH 3XEOLF ,QWHUHVW 7KHRU\ RI 5HJXODWLRQ 1RQ([LVWHQFH RU
0LVLQWHUSUHWDWLRQ" (XURSHDQ -RXUQDO RI /DZ DQG (FRQRPLFV 0DUFK 9ROXPH ,VVXH
S
%DQNDF×O×÷×Q G]HQOHPH YH GHQHWOHQPHVLQH \|QHOLN ELUoRN \DNODú×P×Q
DOW×QGD \DWDQ WHPHO VH]JL ´\DUG×PF× HOµ J|UúGU %DQNDODU×Q GR÷UXGDQ
L]OHQPHVLQGHGHYOHW\DUG×PF×HOLúOHYLJ|UHELOLU%XJ|UúHJ|UHGHYOHWJoOELU
GHQHWOHPHNXUXPXLOHGR÷UXGDQEDQNDF×O×÷×QLVWLNUDUYHHWNLOLOL÷LLoLQGHQHWLPYH
G]HQOHPH \DSPDO×G×U <DUG×PF× HO J|UúQH DOWHUQDWLI RODUDN GHYOHWLQ
NXUXPODU×Q×Q UROQH EDN×ú×Q GDKD D] L\LPVHU ROGX÷X J|UúOHU GH PHYFXWWXU %X
J|UúOHUH J|UH SROLWLNDF×ODU JoO GHQHWOHPH NXUXPODU×Q×Q ED]× D\U×FDO×NO×
NHVLPOHUH DYDQWDM VD÷ODPDV× LoLQ EDVN× \DSDELOLU %X QHGHQOH EX NXUXPODU×Q
ED÷×PV×]O×÷×WDUW×ú×ODELOLU
• .XUXPELUNDPXNXUXOXúXGXU.DPXJ|UHYOHULWDú×UYHNDPXoDO×úDQODU×QD
VDKLSWLU%WoHVLGHYOHWNRQWUROQGHGLU
• .XUXPEXOXQGX÷XONHQLQNDSVDP×LOHGH÷HUOHQGLULOPHOLGLU
-DPHV 5 %DUWK *HUDUG &DSULR -U5RVV /HYLQH ´%DQN 5HJXODWLRQ $QG 6XSHUYLVLRQ :KDW
:RUNV«µV
-DFLQW -RUGDQD *XLOOHUPR 5RVDV ´)LQDQFLDO 6WDELOLW\ DQG 7KH ,QVW×WXWLRQV 6HWXS 2I %DQNLQJ
5HJXODWRU\ $JHQFLHV ,V $XWRQRP\ &RQVHTXHQWLDO"µ KWWSUHJXODWLRQXSIHGXGXEOLQ
SDSHUV$SGI
PRGHUQILQDQVDOVLVWHPOHUDUDV×QGDoDUS×F×ELUIDUNWHúNLOHWPHNWHGLU%LUNDoONH
KDOD SDUD SROLWLNDV× YH EDQNDF×O×N GHQHWLPL LoLQ |]HO ELU NXUXP DWDUNHQ GL÷HU
ELUoRN ONH EX LNL LúOHYL 0HUNH] %DQNDV×·Q×Q \DQ×QGD ELUELULQGHQ IDUNO×
NXUXPODUDYHUPHNWHGLU
• %DQNDF×O×NGHQHWLPLQLQ|]HOELULúOHYL\RNWXU
&DUPLQH 'L 1RLD *LRUJLR 'L *LRUJLR ´6KRXOG %DQNLQJ 6XSHUYLVLRQ DQG 0RQHWDU\ 3ROLF\
7DVNV EH *LYHQ WR 'LIIHUHQW $JHQFLHV"µ 8QLYHUVLWDW 3RPSHX )DEUD 'HSDUWDPHQW G
(FRQRPLD L
(PSUHVDKWWSUHSRVLWRULXSIHGXELWVWUHDPKDQGOHSGI"VHTXHQFH
'RQDWR 0DVFLDQGDUR 0DUtD - 1LHWR +HQULHWWH 3UDVW )LQDQFLDO *RYHUQDQFH 2I %DQNLQJ
6XSHUYLVLRQµ'RFXPHQWRVGH7UDEDMR1V
&DUPLQH'L1RLD*LRUJLR'L*LRUJLRDJPV
)LQDQVDO DUDF×ODU SL\DVDODU YH DUDoODU×Q HYULPL EDQNDF×O×N VHUPD\H
SL\DVDV× YH VLJRUWD IDDOL\HWOHUL DUDV×QGDNL V×Q×UODU× EHOLUVL]OHúWLUPLúWLU %X VRUXQ
WP DUDF×ODU×Q LKWL\DWO× G]HQOHPH LoLQ RUWDN ELU G]HQOH\LFL RWRULWH\H GX\GX÷X
LKWL\DFD]HPLQKD]×UODP×úW×U
7DEOR%DQND'HQHWLPLQLQ0HUNH]%DQNDV×·QGD2OPDV×'XUXPXQGD
$YDQWDMODUYH'H]DYDQWDMODU
$YDQWDMODU 'H]DYDQWDMODU
0DNURELUSROLWLNDRODQSDUDSROLWLNDV×LOH
PLNUR RODQ EDQND GHQHWLPLQLQ
NRQMRQNWUHO HWNLOHUL oDW×úPD H÷LOLPLQGH
0HUNH] %DQNDV×Q×Q KHP SDUD RODELOLU gUQH÷LQ V×N× SDUD SROLWLNDV× LoLQ
SROLWLNDV× KHP GH EDQNDF×O×N GHQHWLPL IDL] RUDQODU×Q× DUWW×UDQ 0HUNH] %DQNDV×
IRQNVL\RQXQX ELUOHúWLUPHVL DQFDN GL÷HU \DQGD EDQNDQ×Q |GHPH JF
VLVWHPLNLVWLNUDUDED÷O×G×U ]HULQGHULVN\DUDW×U
&DUPLQH'L1RLD*LRUJLR'L*LRUJLRDJPVV
%DQNDODU× GHQHWOH\HQ ELU 0HUNH]
%DQNDV× EDQNDODU×Q NUHGLELOLWHVL YH
OLNLGLWHVLQLGDKDGR÷UXWHVSLWHGHELOLU
.D\QDN &DUPLQH 'L 1RLD *LRUJLR 'L *LRUJLR ´6KRXOG %DQNLQJ 6XSHUYLVLRQ
DQG 0RQHWDU\ 3ROLF\ 7DVNV EH *LYHQ WR 'LIIHUHQW $JHQFLHV"µ 8QLYHUVLWDW
3RPSHX )DEUD 'HSDUWDPHQW G
(FRQRPLD L (PSUHVD
KWWSUHSRVLWRULXSIHGXELWVWUHDPKDQGOHSGI"VHTXHQFH
VV
,,%g/h0
6(dø/0øùh/.(/(5'(%$1.$&,/,.'(1(7ø08<*8/$0$6,YH
7h5.ø<(.$5ù,/$ù7,50$6,
6(dø/0øù*(/øù0(.7(2/$1h/.(/(5'(YH7h5.ø<(·'(
%$1.$&,/,.'(1(7/(0(YH'h=(1/(0(<$3,6,
$UMDQWLQ
$UMDQWLQ·GH%DQNDF×O×N6LVWHPLQLQ<DS×V×
\RNWXU %XQXQOD ELUOLNWH 0HUNH] %DQNDV× GHQHWLPOHU YH EX NXUXOXúODU×Q NUHGL
SL\DVDODU×QGDNL|QHPOLIDDOL\HWOHULQLNRQXHGHELOLU
ILQDQVDO EH\DQODU KHVDS ELOJLOHULQL LoHUPHNOH ELUOLNWH WHSH \|QHWLP YH ILQDQVDO
NXUXOXúXQ Lú SODQ× GD EX JHUHNOLOLNOHUH GDKLOGLU <HULQGH GHQHWLPOHU SHUL\RGLN
RODUDN ILQDQVDO NXUXOXúODUGD ´)LQDQVDO *|]HWLP .XUXPXµ WDUDI×QGDQ
\DS×OPDNWDG×U 'HQHWLPLQ VRQXoODU× &$0(/6 GHUHFHOHQGLUPHVLQL LoHUHQ ELU
UDSRUKDOLQGHVXQXOPDNWDG×U
$UMDQWLQ0HUNH]%DQNDV×·Q×QWHPHOJ|UHYOHULQGHQELULGHWDVDUUXIWHúYLNL
NUHGL SD]DU×Q× JHOLúWLUPH YH HNRQRPLN NDON×QPD LoLQ LVWLNUDUO× GLQDPLN HWNLQ YH
úHIIDI ELU ILQDQVDO VLVWHPLQ |QQ DoPDNW×U )LQDQVDO LVWLNUDU LOH VUGUOHELOLU
HNRQRPLNE\PHDUDV×QGDNLJoOLOLúNLKNPHWWDUDI×QGDQNRUXQDQYHL\LELU
VRV\DO ED÷ RODQ ILQDQVDO LVWLNUDU× JDUDQWL HWPHNWHGLU )LQDQVDO LVWLNUDU ROGX÷XQGD
VHNW|UQ\HWHUOLDUDHNRQRPLNELULPOHULWDVDUUXIHGHUK×]O×JYHQLOLUYHHWNLQELU
XOXVDO|GHPHKL]PHWLVXQXOXU
%UH]LO\D JLEL $UMDQWLQ·GH GH \DEDQF× EDQND JLULúL VHNW|UQ LVWLNUDU× YH
HWNLQOL÷L LoLQ EHNOHQWLOHUL NDUú×OD\DPDP×úW×U $QFDN \DEDQF× EDQNDODU×Q
JHUHNWL÷LQGH DQD EDQNDODUGDQ IRQ VD÷OD\DELOPHVL LVWLNUDU× VD÷OD\×F× HWNL
\DUDWP×úW×U $UMDQWLQ |UQH÷L PDNURHNRQRPLN GHQJHOHU VD÷ODQPDGDQ VDGHFH
G]HQOHPHOHUJHWLUHUHNEDQNDF×O×NVLVWHPLQLQG]HOPH\HFH÷LQL\DEDQF×EDQNDODU×Q
VHNW|UGHNL YDUO×NODU×Q×Q EDQNDF×O×N NUL]LQL |QOHPHGH \HWHUOL ROPDG×÷×Q×
J|VWHUPHNWHGLU
$UMDQWLQ%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU
&$0(/6 GHUHFHOHQGLUPH \|QWHPL LON KDUIOHULQL DOG×÷× WHPHO ELOHúHQGHQ DOPDNWDG×U %XQD
J|UH & VHUPD\H \HWHUOLOL÷LQL $ YDUO×N NDOLWHVLQL DVVHW TXDOLW\ 0 \|QHWLP \HWHUOLOL÷L
PDQDJHPHQW DGHTXDF\ ( ND]DQo GXUXPXQX HDUQLQJV / OLNLGLWH\L /TXLGLW\ 6 LVH SL\DVD
ULVNOHULQHGX\DUO×O×÷×VHQVLWLYLW\WRPDUNHWULVNLIDGHHGHU
ϭϵϳ
-DQ3XWQLVDJHV
ϭϵϴ
$UMDQWLQ0HUNH]%DQNDV×KWWSZZZEFUDJRYDU
3HOLQ$WDPDQ(UG|QPH]´)LQDQVDO.UL]OHU«µV
GHQHWLPLQGHQ VRUXPOXGXU %XQD HN RODUDN 0HUNH] %DQNDV×·Q×Q ·GH
\UUO÷H JLUHQ VD\×O× .DQXQD LVWLQDGHQ o×NDU×ODQ W]÷ 0HUNH]
%DQNDV×·Q×Q )LQDQVDO .XUXOXú *|]HWLPL YH GL÷HU J|UHYOHUL IRQNVL\RQODU× YH
QLWHOLNOHUL EHOLUOHQPLúWLU 6RQ RODUDN \×O×QGD $UMDQWLQ ILQDQVDO NXUXOXúODU×
LoLQ VD\×O× <DVD LOH \UUO÷H JLUHQ ]RUXQOX PHYGXDW VLJRUWDV×
UHVPLOHúPLúWLU
.UL]GHQ VRQUDNL \×OGD $UMDQWLQ EDQNDF×O×N VHNW|U NDUO× YH LVWLNUDUO×
SHUIRUPDQVVHUJLOHPHVLQHUD÷PHQ\DN×QJHOHFHNWH|QHPOLELUPFDGHOHVUHFLLOH
NDUú×ODúDELOLU %X VUHoWH $UMDQWLQ EDQNDF×O×N VHNW|U ELU VUH GXUD÷DQ NDOP×úW×U
-DQ3XWQLVDJHV
ϮϬϭ
/HH - $OVWRQ $QGUpV *DOOR (YROXW×RQ $QG 5HYROXW×RQ ,Q 7KH $UJHQWLQH %DQNLQJ 6\VWHP
8QGHU &RQYHUWLELOLW\ 7KH 5ROHV 2I &ULVHV $QG 3DWK 'HSHQGHQFH
KWWSZZZQEHURUJSDSHUVZVV
ϮϬϮ
*HRUJH 5 * &ODUNH 5REHUW &XOO /DXUD '
$PDWR $QGUHD 0ROLQDUL 7KH (IIHFW RI )RUHLJQ
(QWU\RQ$UJHQWLQD
V'RPHVWLF%DQNLQJ6HFWRU3ROLF\5HVHDUFK:RUNLQJ3DSHU7KH:RUOG
%DQNVV
%XQXQOD ELUOLNWH VHNW|UGH \DúDQDQ |QHPOL LúOHU \HQL ELU WUHQGH GR÷UX
JLGLOHELOHFH÷LQL\DQV×WPDNWDG×U
• .UHVHOEDQNDJUXSODU×Q×QXOXVDOSD]DUGDQD\U×O×ú×
• 'HYOHWEDQNDODU×Q×QSL\DVD\DNDW×O×P×QGDNLDUW×ú
• <HQLELUH\VHO\HUHOR\XQFXODU×QRUWD\Do×N×ú×YHELUOHúPHOHUL
• <HQLELUVLVWHPLNEDQNDF×O×NNUL]LQGHQNDo×QPDNLoLQ0HUNH]%DQNDV×·Q×Q
WXWXFX\DNODú×P×QDX\XP
-DQ3XWQLVDJHV
3HOLQ$WDPDQ(UG|QPH]´)LQDQVDO.UL]OHU«µVV
-DQ3XWQLVDJHV
• hONH ULVNL SULPLQL \DQV×WDQ \NVHN IDL] RUDQ× YH HQIODV\RQ RUDQ×Q×Q
K×]ODQPDV×
• 0HNVLND ùLOL %UH]LO\D JLEL GL÷HU |QHPOL /DWLQ $PHULND ONHOHUL LOH
N×\DVODQG×÷×QGDEDQNDF×O×NVHNW|UQGHGúNVHYL\HOLVUHNOLQIX]HWPH
9HULOHU ND\QDNWDQ $UMDQWLQ SHVRVX RODUDN DO×QP×ú ROXS GDKD DQODú×O×U ROPDV× LoLQ
WDULKLQGHZZZWFPEJRYWUDGUHVLQGHQ7/ 3HVRROGX÷XELOJLVLLOH7/·\HoHYULOPLúWLU
*UDILN $UMDQWLQ %DQNDF×O×N 6LVWHPLQGH .UHGLOHULQ 'XUXPX
*UDILN $UMDQWLQ %DQNDF×O×N 6LVWHPLQGH 0HYGXDW YH .UHGLOHULQ 6H\UL
0LO\DU7/
9HULOHU ND\QDNWDQ $UMDQWLQ SHVRVX RODUDN DO×QP×ú ROXS GDKD DQODú×O×U ROPDV× LoLQ
WDULKLQGHZZZWFPEJRYWUDGUHVLQGHQ7/ 3HVRROGX÷XELOJLVLLOH7/·\HoHYULOPLúWLU
*UDILN$UMDQWLQ%DQNDF×O×N6LVWHPLQGH7DNLSWHNL$ODFDNODU×Q6H\UL
.D\QDN $UMDQWLQ 0HUNH] %DQNDV× KWWSZZZEFUDJRYDU DGUHVLQGHQ
GHUOHQPLúWLU
7DEOR$UMDQWLQ%DQNDF×O×N6LVWHPLQLQ%HOOL%DúO×*|VWHUJHOHUL
0LO\RQ'RODU 7XWDU
$UMDQWLQ0HUNH]%DQNDV×5H]HUYOHUL
3DUD7DEDQ×
3DUD6LUNODV\RQX
)LQDQVDO6LVWHP'×ú×QGDNL3DUD
)LQDQVDO.XUXOXúODUGDNL3DUD
$UMDQWLQ0HUNH]%DQNDV×7DKYLOOHUL
)LQDQVDO.XUXOXúODUGDNL1DNLW'HSRODU×
'|YL]+HVDSODU×
7DVDUUXI+HVDSODU×
9DGHOL0HYGXDWODU
)LQDQVDO.XUXOXúODU×Qg]HO6HNW|UH%RUFX
%DQNDODUDUDV×%RUoODQPD)DL]L
%DQNDODU×Q*QON)DL]2UDQ×
7DEOR ·WH $UMDQWLQ EDQNDF×O×N VLVWHPLQLQ \×O×QD DLW EHOOL EDúO×
J|VWHUJHOHULQHPLO\RQGRODUFLQVLQGHQ\HUYHULOPLúWLU
7DEOR$UMDQWLQ%DQNDF×O×N6LVWHPLQLQ)LQDQVDO5DV\RODU×
/LNLGLWH
.DPX
6HNW|UQH
.UHGLOHU
g]HO
6HNW|UH
.UHGLOHU
7DNLSWHNL
$ODFDNODU
$NWLI
.DUO×O×N
2UDQ×
g]ND\QDN
.DUO×O×N
2UDQ×
9HULPOLOLN
%UH]LO\D
%UH]LO\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V×
%UH]LO\D ILQDQVDO VLVWHPL Do×N IDUNOD /DWLQ $PHULND·GDNL HQ E\N YH HQ
JHOLúPLú \DS×\D VDKLS VLVWHPGLU %UH]LO\D EDQNDODU× ·OHUGHNL KLSHUHQIODV\RQ
G|QHPLQLJHQLúELUD÷ROXúWXUDUDNEDúDU×O×ELUúHNLOGHLGDUHHGHELOPLúOHUGLU$QFDN
ONHGHNL ILQDQVDO DUDF×O×N PDOL\HWOHUL PXWODN IDL] RUDQODU× YH VSUHDGOHU Do×V×QGDQ
GQ\DGDNLHQ\NVHNRUDQODUGDQELULGLU
%UH]LO\D·GDHNRQRPLNLVWLNUDU·OHUGHQ·ODU×QEDú×QDNDGDUGHYDP
HGHQ \NVHN HQIODV\RQ G|QHPLQL WDNLEHQ ·WH X\JXODQPD\D EDúODQDQ ´5HDO
3ODQµ LOH VD÷ODQP×úW×U $UWDQ NUHGL WDOHEL EDQNDODU×Q N×VD G|QHPGH HQIODV\RQ
JHOLUOHULQGHQ X÷UDG×NODU× ]DUDUODU× WD]PLQ HWPHOHULQL VD÷ODPDVD GD X]XQ G|QHPGH
EDQNDF×O×N VLVWHPL LoLQ ]RUOXNODU PH\GDQD JHWLUPLúWLU (QIODV\RQ RUDQ×Q×Q
GúPHVL YH NUHGL WDOHSOHULQLQ \R÷XQ ROGX÷X EX \HQL RUWDPGD EDQNDODU×Q ULVNH
PDUX] NDOPD GXUXPODU× DUWP×úW×U dQN \NVHN HQIODV\RQ G|QHPLQGH NROD\
HQIODV\RQJHOLULQHGHQLLOHEDQNDODU×QULVNDQDOL]L\DSPDODU×Q×JHUHNWLUPHPLúWLU
• .UHGLSRUWI|\OHULJHQLúOHPLúDQFDNDNWLINDOLWHVLGúPúWU
• .UHGLPDOL\HWOHULJHUoHNPDOL\HWOHULNDUú×OD\DPDP×úW×U
%DQNDODU IDL]H GX\DUO×÷× \NPOONOHULQLQ DUWW×÷× YH DFLO RODUDN JHOLUH
LKWL\Do GX\GXNODU×QGDQ ULVNOL NLúL YH NXUXPODUD NUHGL YHUPH\H EDúODP×úODUG×U
<DQO×ú VHoLP SUREOHPL GRQXN NUHGLOHULQ DUWPDV×QD QHGHQ ROPXú HNRQRPLGH
V×N×ú×NO×N\DUDWP×úW×U
%UH]LO\D·GDEDQNDF×O×NVLVWHPLQLQG]HQOHPHYHGHQHWOHQPHVLQGHQ´%DQFR
&HQWUDO'R%UDVLOµDG×LOH%UH]LO\D0HUNH]%DQNDV×VRUXPOXGXU%UH]LO\D0HUNH]
%DQNDV×$UDO×N·WHVD\×O×.DQXQLOHNXUXOPXúXOXVDOPDOLVLVWHPLQ
|]HUN ELU IHGHUDO NXUXPXGXU 0HUNH] %DQNDV× NXUXOPDGDQ |QFH %UH]LO\D SDUD
RWRULWHOHUL 3DUD YH .UHGL 0XUDN×SODU× %UH]LO\D %DQNDV× YH 8OXVDO +D]LQH LGL
%UH]LO\D 0HUNH] %DQNDV× KNPHWLQ úX IRQNVL\RQODU×Q× \UWPHNWHGLU G×ú
WLFDUHW LúOHPOHULQL NRQWURO HWPHN NDPX VHNW|U YH 8OXVDO +D]LQH DG×QD NXU
LúOHPOHUL \DSPDN WDU×P WHNQLN YH WLFDUL NUHGLOHU LoLQ 3DUD YH .UHGL 0XUDN×SODU×
WDUDI×QGDQEHOLUOHQHQNXUDOODU×\UWPHN
• 7DVIL\H
• <HQLGHQ6HUPD\HOHQGLUPH
• %LUOHúPHYH'HYUDOPD
• <HQLGHQ<DS×ODQPDYH6DW×ú
%UH]LO\D·GD|]HOOLNOH·O×YH·OL\×OODUGDKHPIHGHUDOKHPGHH\DOHW
KNPHWOHUL ELUoRN NDON×QPD EDQNDV× H\DOHW YH WLFDUHW EDQNDV× NXUXOPXúWXU
·OHUH JHOLQGL÷LQGH H\DOHW EDQNDODU×Q×Q |]HO EDQNDF×O×N VHNW|U LoHULVLQGHNL
SD\× GROD\ODU×QGD LGL %UH]LO\D·GD ·OHUGHQ \×O×QD NDGDU \NVHN
HQIODV\RQ G|QHPL VUHFLQGH NDPX EDQNDODU×Q×Q PDOL VLVWHPGHNL SD\× oRN
3HOLQ$WDPDQ(UG|QPH]´%UH]LO\D·GD«µV
%DQFR&HQWUDO'R%UDVLOKWWSZZZEFEJRYEU"%&+,6725<
3HOLQ$WDPDQ(UG|QPH]´%UH]LO\D·GD«µV
3HOLQ$WDPDQ(UG|QPH]´%UH]LO\D·GD«µV
E\NWU ·GH LVH ONHGH GHYOHWLQ EDQNDF×O×N VLVWHPL ]HULQGHNL SD\×Q×Q
D]DOW×OPDV×QD\|QHOLNoDO×úPDODUDEDúODQP×úW×U
%UH]LO\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V×
3HOLQ$WDPDQ(UG|QPH]´%UH]LO\D·GD«µVV
3HOLQ $WDPDQ (UG|QPH] ´)LQDQVDO .UL]OHU 6RQUDV× *HOLúPHNWH 2ODQ hONHOHUGH <DEDQF×
%DQNDODUµ%DQNDF×ODU'HUJLVL6D\×V
3HOLQ$WDPDQ(UG|QPH]´)LQDQVDO.UL]OHU«µVV
$Q,QWURGXFWLRQ7R7KH%UD]LOLDQ%DQNLQJ6HFWRU$QG,WV6XVWDLQDELOLW\3UDFWLFHV$PLJRV'H
7HUUD
KWWSZZZEDQNWUDFNRUJPDQDJHHPVBILOHVGRZQORDGDQBLQWURGXFWLRQBWRBWKHBEUD]LOLDQBED
QNLQJBVHFWRUBDQGBLWVBVXVWDLQDELOLW\BSUDFWLFHVBEUD]LOLDQBEDQNLQJBVHFWRUBDQGBVXVWDLQDELOLW
\BBBSGI
9DUO×NODU0LO\DU
*UDILN %UH]LO\D %DQNDF×O×N 6LVWHPL 9DUO×NODU×Q 6H\UL 0LO\DU ²
*UDILN %UH]LO\D %DQNDF×O×N 6LVWHPLQGH %DQND 7UOHULQLQ 2UDQVDO
'D÷×O×P×
.D\QDN%DQFR&HQWUDO'R%UDVLOKWWSZZZEFEJRYEU"(1*/,6+VLWHVLQGHQ
GHUOHQPLúWLU
*UDILN%UH]LO\D%DQNDF×O×N6LVWHPLQGH6HUPD\H7UQH*|UH%DQNDODU×Q
6D\×ODU×
.D\QDN%DQFR&HQWUDO'R%UDVLOKWWSZZZEFEJRYEU"(1*/,6+VLWHVLQGHQ
GHUOHQPLúWLU
• 3RUWHNL] .UDOL\HW DLOHVL %UH]LO\D·\D JHOLU YH LON EDQND RODQ´%DQFR
'R%UDVLO·LµNXUDU
ϮϮϬ
$Q,QWURGXFWLRQ7R7KH%UD]LOLDQ%DQNLQJ6HFWRU$QG,WV6XVWDLQDELOLW\3UDFWLFHV$PLJRV'H
7HUUDVV
KWWSZZZEDQNWUDFNRUJPDQDJHHPVBILOHVGRZQORDGDQBLQWURGXFWLRQBWRBWKHBEUD]LOLDQBEDQNLQJ
BVHFWRUBDQGBLWVBVXVWDLQDELOLW\BSUDFWLFHVBEUD]LOLDQBEDQNLQJBVHFWRUBDQGBVXVWDLQDELOLW\B
BBSGI
• %UH]LO\D·Q×QLON|]HOEDQNDV×RODQ´%DQFR'R&HDUDµNXUXOGXDQFDN
EDúDU×O×RODPD\×S·GDNDSDW×OG×
• %DQND7HIWLú.XUXOXROXúWXUXOGX
• 5LRGH-DQHLUR7DNDV0HUNH]LNXUXOGX
• 6mR3DXOR7DNDV0HUNH]LNXUXOGX
• ´3DUDYH.UHGL0XUDN×SO×÷×µROXúWXUXOGX
• øONNUHGLILQDQVPDQYH\DW×U×PúLUNHWLNXUXOGX
• øNL NDON×QPD EDQNDV× %1'(6 DQG %DQFR GR 1RUGHVWH GR %UDVLO
%1%NXUXOGX
• %UH]LO\D 3DUD .XUXOX .RQXW )LQDQVPDQ 6LVWHPL YH 8OXVDO .RQXW
%DQNDV×NXUXOGX
• %|OJHVHOoHNWDNDVVLVWHPLNXUXOGX
• &DL[D)HGHUDO(FRQRPLFDNXUXOGX
• 0HQNXO.×\PHWOHUNRPLV\RQXNXUXOGX
• .RQWUROVUHoOHULE|OJHVHOGHQXOXVDOVLVWHPHJHoLULOGL
• .RQWUROVUHoOHULHOHNWURQLNRUWDPGD\|QHWLOPH\HEDúODQG×
• %UH]LO\D SDUD SROLWLNDV× NXUDOODU× IDL] RUDQ× D\DU× YH HQIODV\RQ
GHUOHPHUDSRUODU×QGDQVRUXPOXRODQ3DUD3ROLWLNDV×.XUXOXNXUXOGX
• 0RUWJDJHVLVWHPLYHNUHGLULVNPHUNH]LNXUXOGX
• %UH]LO\D<HQLgGHPH6LVWHPL)LQDQVDO5H]HUY7UDQVIHU6LVWHPLYH
(OHNWURQLN7UDQVIHU6LVWHPLNXOODQ×OPD\DEDúODQG×
• \×O×QGDEDúOD\DQYHWPILQDQVDOVLVWHPLLoHULVLQHDODQ]RUXQOX
N×ODQVRV\DOYHoHYUHVHOVRUXPOXOXNSROLWLNDV×EHQLPVHQPLúWLU
*QH\.RUH
*QH\.RUH·GH%DQNDF×O×N6LVWHPLQLQ<DS×V×
\×O×QGD \DúDQDQ ILQDQVDO NUL] LOH ELUOLNWH .RUH %DQNDF×O×N <DVDV×
UHJOH HGLOPLú YH 1LVDQ ·GH ´)LQDQVDO 'HQHWLP .RPLV\RQX )LQDQFLDO
6XSHUYLVRU\ &RPPLVVLRQ ROXúWXUXOPXúWXU *QH\ .RUH ·GH G]HQOHGL÷L
øFUD øIODV .DQXQX QHGHQL LOH $V\D NUL]LQGHQ NRUXQPDV× QLVSHWHQ GDKD NROD\
ROPXúWXU *QH\ .RUH *60+·V×Q×Q ·VLQH GHQN JHOHQ E\N DLOH úLUNHWOHUL
g]JU$FDU%XUoDN7OD\DJPV
KDNLPGLU hONHGH E\N WDVIL\HOHU XOXVDO ELU XWDQo RODUDN J|UOG÷QGHQ LIODVD
NDUú×ELU|Q\DUJ×V|]NRQXVXGXU
(ULF65RVHQJUHQDQG-RKQ6-RUGDQ%XLOGLQJDQ,QIUDVWUXFWXUHIRU)LQDQFLDO6WDELOLW\)HGHUDO
5HVHUYH%DQNRI%RVWRQKWWSZZZERVWRQIHGRUJHFRQRPLFFRQIFRQIFIBSGIV
(ULF65RVHQJUHQDQG-RKQ6-RUGDQDJPV
-RKQ/:DONHU%XLOGLQJ7KH/HJDO$QG5HJXODWRU\)UDPHZRUN
KWWSZZZERVWRQIHGRUJHFRQRPLFFRQIFRQIFIBSGI
\D\×QODU %X DPDoOD %DQND WLSLN 0HUNH] %DQNDV× J|UHY YH \HWNLOHULQH VDKLSWLU
%XQODU
• %DQNQRWYHPDGHQLSDUDEDVPD
• 3DUDSROLWLNDV×ROXúWXUPDYHX\JXODPD
• )LQDQVDOVLVWHPLQLVWLNUDU×Q×QVD÷ODQPDV×
• %DQNDODU×QEDQNDV×RODUDNKL]PHWYHUPH
• +NPHWHEDQNDF×RODUDNKL]PHWYHUPH
• gGHPH6LVWHPOHULQLoDO×úW×UPDNYHGHQHWOHPH
• 5HVPLG|YL]UH]HUYOHULQL\|QHWPH
• (NRQRPLNDUDúW×UPDYHLVWDWLVWLNVHOoDO×úPDODU×Q\DS×OPDV×
• 8OXVODUDUDV×LúELUOL÷LQGHEXOXQPD
• (NRQRPLH÷LWLPLQGHVWHNOHQPHVL
7KH%DQN2I.RUHDKWWSHQJERNRUNUEURDGFDVWDFWLRQ"PHQX1DYL,G
)LQDQFLDO6HUYLFHV&RPPLVVLRQKWWSZZZIVFJRNUHQJDEDEMVS
• )LQDQVDO 'HQHWLP +L]PHWOHULQLQ 'HQHWLPL YH <|QOHQGLULOPHVL )LQDQVDO
NXUXOXúODU×Q EWoHVLQLQ RQD\ODQPDV× PDOL WDEORODU×Q V|]OHúPH
GH÷LúLNOL÷LQHLOLúNLQGHQHWLPYH\|QOHQGLUPHKXVXVODU×
*QH\.RUH%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU
• %DQNRI.RUHDNXUXOGX
• *QH\.RUH·QLQLONERUVDV×´'DHKDQ%RUVDV×µNXUXOGX
• (QIODV\RQXIUHQOHPHNLoLQ´(NRQRPLNøVWLNUDULoLQøONHµIRUPO
Do×NODQG×
• ´*QH\.RUH.DON×QPD%DQNDV×µNXUXOGX
• øONE|OJHVHOEDQNDRODQ´'DHJX%DQNµNXUXOGX
• *QH\.RUHøKUDFDWøWKDODW%DQNDV×NXUXOGX
• 6DELWNXUVLVWHPLQGHQYD]JHoLOHUHNGH÷LúNHQNXUVLVWHPLQHJHoLOGL
• øNLQFL NDGHPH ILQDQV NXXUOXúODU× LOH PXGLOHUL NRUXPDN LoLQ ´.UHGL
)RQ<|QHWLPLµNXUXOGX
• *QH\.RUH%DQNDF×O×N)HGHUDV\RQXNXUXOGX
• *QH\.RUH0HYGXDW6LJRUWDV×.XUXPXIDDOL\HWHJHoWL
• *QH\.RUH2(&'·\HNDEXOHGLOGL
• $OWP×ú G|UW E\N ERUoOX JUXS YH DODFDNO× EDQND ILQDQVDO \DS×Q×Q
UHIRUPXLoLQELUDQODúPDLP]DODG×
• %LUH\VHO(PHNOLOLN6LVWHPLNDEXOHGLOGL
• ´)LQDQVDO+L]PHW.RPLV\RQXµDo×OG×
7DEOR*QH\.RUH·QLQ<×O×QD$LW7UOHULQH*|UH%DQND6D\×V×
8OXVDO%DQNDODU
7LFDUL%DQNDODU <HUHO%DQNDODU
<DEDQF×%DQNDùXEHOHUL
øKWLVDV%DQNDODU× ([LP%DQNHFW
.D\QDN )LQDQFLDO ,QVWLWXWLRQV LQ .RUHD %DQN 2I .RUHD V
KWWSHQJERNRUNUEURDGFDVWDFWLRQ"PHQX1DYL,G
*UDILN *QH\ .RUH·GH %DQND 9DUO×NODU×Q×Q 7RSODP )LQDQV 6LVWHPL
9DUO×NODU×QD2UDQ×
.D\QDN )LQDQFLDO ,QVWLWXWLRQV LQ .RUHD %DQN 2I .RUHD V
KWWSHQJERNRUNUEURDGFDVWDFWLRQ"PHQX1DYL,G
0DOH]\D
0DOH]\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V×
0DOH]\D0HUNH]%DQNDV×2FDNWDULKLQGH´0DOH]\D0HUNH]
%DQNDV× <DVDV×µ LOH NXUXOPXúWXU \×O×QGD \UUO÷H JLUHQ \HQL 0HUNH]
%DQNDV×<DVDV×LOH\DVDV×\UUONWHQNDOG×U×OP×úW×U%DQND0DOH]\D0DOL\H
%DNDQ×·QD UDSRUODPD \DSDU YH PDOL SROLWLNDODU NRQXVXQGD %DNDQO×N LOH
LúELUOL÷LQGHGLU %DQND·Q×Q |QHPOL UROOHUL DUDV×QGD GúN YH LVWLNUDUO× HQIODV\RQ
SROLWLNDV× LOH VDW×Q DOPD JFQQ NRUXQPDV×QD \|QHOLN LKWL\DWO× SDUD SROLWLNDV×
X\JXODPDODU× \HUDOPDNWDG×U%DQNDD\U×FDILQDQVVHNW|UQQLVWLNUDU×YHVD÷ODP
ELU \DS×\D NDYXúPDV×QGDQ GD VRUXPOXGXU %DQND·Q×Q ELU GL÷HU |QHPOL LúOHYL LVH
PDNURHNRQRPLN SROLWLNDODU NRQXVXQGD YH ERUo \|QHWLPLQGH DNWLI URO R\QD\DQ
+NPHWHELUEDQNDF×YHGDQ×úPDQROPDNW×U
%DQN1HJDUD0DOD\VLD
KWWSZZZEQPJRYP\LQGH[SKS"FK HQBDERXW SJ HQBLQWUR DF ODQJ HQ
0DOH]\D 0HUNH] %DQNDV×·Q×Q ùHULDW 'DQ×úPD .RQVH\L 6$& ·GH
ONHQLQ øVODPL ILQDQVWD HQ \NVHN úHULDW NRQVH\L RODUDN NXUXOPXúWXU .RQVH\
0HUNH] %DQNDV×·Q×Q G]HQOH\LS GHQHWOHGL÷L YH ùHULDW LONHOHULQH GD\DQDQ øVODPL
EDQNDF×O×÷×Q JHOLúLPL NDQXQODUD X\JXQOX÷XQXQ WHVSLWLQLQ VD÷ODQPDV× LoLQ
\HWNLOHQGLULOPLúWLU $\U×FD .RQVH\ 0DOH]\D 0HUNH] %DQNDV×Q×Q YH LOJLOL GL÷HU
ILQDQVDO NXUXOXúODUD øVODPL ILQDQV LúOHPOHUL KDNN×QGD |QHULOHUGH EXOXQPDNWDG×U
·GDNL 0HUNH] %DQNDV× <DVDV× LOH 6$& øVODPL ILQDQV NRQXVXQGD WHN \HWNLOL
NRQVH\KDOLQHJHWLULOLS\HWNLVLJoOHQGLULOPLúWLU
• )LQDQV PHUNH]L RODQ /DEXDQ·× XOXVODU DUDV× ELU PHUNH] \DSPDN YH EXQXQ
LoLQWHúYLNHWPHN
• ']HQOHPHGHQHWOHPHYHX\JXODPDRWRULWHVLROPDN
%DQN1HJDUD0DOD\VLD
KWWSZZZEQPJRYP\LQGH[SKS"FK HQBDERXW SJ HQBWKHEDQN DF ODQJ HQ
ϮϯϮ
/DEXDQ 'R÷X 0DOH]\D
GD ELU DGDG×U dHYUHVLQGHNL GDKD NoN DGDODUOD EHUDEHU /DEXDQ
)HGHUDO%|OJHVL
QLROXúWXUXU
/DEXDQ )LQDQFLDO 6HUYLFHV $XWKRULW\ KWWSODEXDQIVDJRYP\ZHEJXHVWODEXDQIVDVSURILOH
/DEXDQ\DW×U×PEDQNDF×O×÷×/DEXDQøVODPLEDQNDF×O×÷×KHUKDQJLELUSDUDELULPLQGH
IDDOL\HWJ|VWHUHELOLUOHU/DEXDQ·GDEDQNDNXUPDNLoLQúXúDUWODUJHUHNPHNWHGLU
• .XUXOXú\DELUEDQND\DGDELUILQDQVDOLúOHWPHROPDO×
• .XUXFXODU×VD÷ODPELUVLFLOHVDKLSROPDO×
• .XUXOXúJHQHONDEXOJ|UPúELUNUHGLGHUHFHOHQGLUPHNXUXOXúXQGDQL\LELU
NUHGLQRWXDOP×úROPDO×
• .XUXOXú\HWNLOLELUG]HQOH\LFLNXUXPWDUDI×QGDQGHQHWOHQPLúROPDO×
.D\QDN/DEXDQ)LQDQFLDO6HUYLFHV$XWKRULW\
/DEXDQ)LQDQFLDO6HUYLFHV$XWKRULW\KWWSODEXDQIVDJRYP\ZHEJXHVWODEXDQEDQN
KWWSODEXDQIVDJRYP\FGRFXPHQWBOLEUDU\JHWBILOH"XXLG GEEIFII
HGEFE JURXS,G
7DEOR0DOH]\D%DQNDODU×Q×Q6HUPD\HWUOHULQH*|UH'D÷×O×P×2FDN
9HULOHUL
7RSODP%DQND6D\×V×
*UDILN 0DOH]\D %DQNDF×O×N 6LVWHPLQLQ 0HYGXDW ² .UHGL 6H\UL
0LO\RQ7/
.D\QDN%DQN1HJDUD0DOD\VLD
KWWSZZZEQPJRYP\LQGH[SKS"FK HQBSXEOLFDWLRQBV\QRSVLV SJ HQBSXEOLFDW
LRQBVWDWLVWLFDOBUSW DF ODQJ HQ H,G ER[ DGUHVLQGHQ GHUOHQPLúWLU
0DOH]\D%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU
\×O×QGD NUL] HWNLOHULQL \DúD\DQ 0DOH]\D \NO VHUPD\H o×N×úODU× LOH
NDUú×ODúP×úW×U ·GH +NPHW EDQNDF×O×N VHNW|UQGH \HQLGHQ \DS×ODQPD\D
JLWPLú\HUHOEDQNDQ×QEDQNDJUXEXDOW×QGDNRQVROLGDV\RQXQX|QJ|UPúWU
0DOH]\D·Q×QED÷×PV×]O×÷×Q×ND]DQG×÷×\×O×QGD\DEDQF×EDQNDODU×QEDQNDF×O×N
VLVWHPLQGHNLSD\×FLYDU×QGDLGL$QFDN\×O×QGDKNPHW\DEDQF×EDQND
JLULúLQL\DVDNODP×úW×U·GHNUL]\DúDUNHQ\DEDQF×EDQNDSD\×VHYL\HVLQH
NDGDUGúPúWU
• .UHGLWDKVLVLQLG]HQOHPH
• øKWL\DWLG]HQOHPHOHULJoOHQGLUPH
• %DQNDODU×QVHUPD\HVLQLJoOHQGLUPHYHNRQVROLGDV\RQo|]P
3HOLQ$WDPDQ(UG|QPH]´)LQDQVDO.UL]OHU«µV
Ϯϯϲ
6RR1DP2K7RZDUGVD6XVWDLQDEOH%DQNLQJ6HFWRU³0DOD\VLDV
KWWSDULFDGERUJSGIH[WHUQDOILQDQFLDOBPDUNHW0DOD\VLDPDOBEQNSGI
7DEOR0DOH]\D%DQNDF×O×N6LVWHPLQLQ)LQDQVDO5DV\RODU×
5LVN$÷×UO×NO×6HUPD\H5DV\RVX
dHNLUGHN6HUPD\H5DV\RVX
g]ND\QDN.DUO×O×÷×
$NWLI.DUO×O×÷×
/LNLW9DUO×N7RSODP9DUO×N
/LNLW9DUO×N.×VD9DGHOL<NPOON
7DNLSWHNL$ODFDNODU2UDQ×
Ϯϯϳ
0DKDQL=DLQDO$ELGLQ5DMDK5DVLDK7KH*OREDO)LQDQFLDO&ULVLVDQGWKH0DOD\VLDQ(FRQRP\
,PSDFWDQG5HVSRQVHV8QLYHUVLWL0DOD\DV
7UNL\H
7UNL\H·GH%DQNDF×O×N6LVWHPLQLQ<DS×V×
·OL \×OODUGD |QHPOL ELU ELULNLP VD÷OD\DQ E\N WRSUDN VDKLSOHUL YH
WLFDUL VHUPD\H LWKDO LNDPHFL VWUDWHML X\JXODPDODU×QGD RUWDNO×N OLVDQV YH NQRZ
KRZ DQODúPDODU×\OD \DEDQF× VHUPD\H LOH HQWHJUDV\RQ G]H\LQL DUWW×UP×ú YH
ELULNLPOHULQL UHWNHQ VHUPD\H\H G|QúWUPH\H EDúODP×úODUG×U %X VUHoWH
|]HOOLNOH GD\DQ×NO× WNHWLP PDOODU× UHWLPLQGH |QHPOL VDQD\L JLULúLPOHUL RUWD\D
o×NP×úW×U6DQD\LOHúPHDo×V×QGDQEHOOLELUDúDPD\DJHOLQHQ·OL\×OODUGDEHOLUOL
ELU VHUPD\H GRQDQ×P×QD XODúDQ VHUPD\HOHULQ DUW×N ´KROGLQJµ ELoLPLQGH
\DS×ODQPD\D JLWWLNOHUL J|UOPHNWHGLU %|\OHFH VHUPD\HQLQ WRSODP G|QJVQGH
IDUNO× LúOHYOHUL VWOHQHQ WLFDUL UHWNHQ YH SDUDVHUPD\H WHN ELU HOGH WRSODQPD\D
EDúODP×úW×U %X VUHoWH |]HO WLFDUHW EDQNDODU×Q×Q E\N E|OP KROGLQJ EDQNDV×
(GKHP(OGHP2VPDQO×%DQNDV×7DULKL2IVHW<DS×PHYLøVWDQEXOV
.HPDOdHYLN´(NRQRPL+XNXNX<DNODú×P×øOH%DQND+XNXNXµ7XUKDQ.LWDEHYL$QNDUD
V
KDOLQH JHOPLúWLU +ROGLQJ EDQNDF×O×÷× R G|QHPGH |]HO VHNW|U \DW×U×PODU×Q×
K×]ODQG×UDFD÷×GúQFHVL\OHGHYOHWWDUDI×QGDQGDWHúYLNHGLOPLúWLU
|QFHVLILQDQVDOSL\DVDODU×QGXUXPXú|\OHLGL
0HYGXDW YH NUHGL IDL] RUDQODU× NRQWURO DOW×QGD\G× \NVHN YH GDOJDO×
HQIODV\RQRUWDP×QGDNUHGLYHPHYGXDWUHHOIDL]RUDQODU×QHJDWLIWL
%DQNDODU×QYHPHYGXDWVDKLSOHULQLQG|YL]LúOHPOHULQH|QHPOLN×V×WODPDODU
JHWLULOPLúWLNDPEL\RN×V×WODPDODU×
.LúLOHULQSRUWI|\OHULQGHG|YL]EXOXQGXUPDRODQDNODU×\RNWX
7HUFLKOLNUHGL\ROXLOHELUoRNVHNW|UHVEYDQVL\RQVD÷ODQPDNWD\G×0HUNH]
%DQNDV× SDUD SROLWLNDV×Q×Q ROXúWXUXOPDV×QGD WHUFLKOL NUHGLOHU |QHPOL \HU
WXWPDNWD\G×
.DON×QPDGD|QFHOLNOLVHNW|UOHUHXFX]NUHGLOHUVD÷ODQPDNWD\G×
$UDF×O×NKL]PHWOHULQLQPDOL\HWOHUL\NVHNWL
.XUXPVDOODúP×úELUPDOLVLVWHP\RNWX
<DEDQF×YH\HUOLEDQNDODU×QPDOLVLVWHPHNDW×OPDODU×QD|QHPOLN×V×WODPDODU
JHWLULOPLúWL
$\OLQ dL÷GHP .|QH 3DUD6HUPD\HQLQ <HQLGHQ <DS×ODQG×U×OPDV× 7UN g]HO %DQNDF×O×N
6HNW|UgUQH÷L'R÷XúhQLYHUVLWHVL'HUJLVLV
6XQD2NVD\´)LQDQVDO3L\DVDODUGD<HQL<DVDO']HQOHPHOHUøKWL\DF×YH7UN)LQDQV6LVWHPLµ
KWWSZZZHFRQWXUNRUJ7XUNL\HHNRQRPLVLRNVD\SGIV
ùLUNHWOHULQ WHN ILQDQVPDQ ND\QD÷× EDQND NUHGLOHUL\GL 0HQNXO N×\PHW
SL\DVDV× ROPDPDV× QHGHQL\OH úLUNHWOHULQ KLVVHOHULQL VDWDUDN ILQDQVPDQ
VD÷ODPDLPNDQODU×\RNWX
3D\ VDKLSOL÷L LOH oRN RUWDNO× úLUNHWOHULQ ROXúPDV× GHQHQPLú DQFDN E\N
EDúDU×V×]O×NODNDUú×ODú×OP×úW×
'LVSRQLELOLWHYH]RUXQOXNDUú×O×NRUDQODU×J|UHFHRODUDN\NVHNWL
7/SL\DVDV×\RNGHQHFHNNDGDUD]G×
ùLUNHWYHEDQNDVDKLSOL÷LLoLoHJHoPLúWL
0DOLSL\DVDLúOHPOHULQGHVHUEHVWSL\DVDHVDVODU×QDEDúODQPDV×
*QONNXULODQ×X\JXODPDV×QDJHoLOPHVL
<DEDQF×VHUPD\HKDUHNHWOHULQHVHUEHVWLJHWLULOPHVL
.DPXGDQDNLW\|QHWLPLYHERUoODQPDHVDVODU×\HQLGHQG]HQOHQPHVL
+HUWUOILQDQVDOHQVWUPDQ×QSL\DVD\DLKUDF×QDLPNDQVD÷ODQPDV×
'×ú WLFDUHW VHUEHVWOHúWLULOPLú \DEDQF× VHUPD\H \DW×U×PODU× WHúYLN HGLOPLú
NDUWUDQVIHUOHULQHNROD\O×NVD÷ODQPDV×
0HUNH]%DQNDV×EQ\HVLQGHEDQNDODUDUDV×SL\DVDROXúWXUXOPDV×
<×O×QGD 7UNL\H %DQNDODU %LUOL÷L YH 7UNL\H·GH %DQNDF×O×N 6LVWHPL ´µ 7%%
<D\×QODU×<D\×Q1RVV
7DEOR7UN%DQNDF×O×N6LVWHPLQLQ%DQNDYHùXEH6D\×V×
%DQND <XUWLoL <XUWG×ú×
6D\×V× ùXEH ùXEH
7UN%DQNDF×O×N6LVWHPL
0HYGXDW%DQNDODU×
.DPXVDO6HUPD\HOL0HYGXDW%DQNDODU×
g]HO6HUPD\HOL0HYGXDW%DQNDODU×
7DVDUUXI 0HYGXDW× 6LJRUWD )RQXQD
'HYUHGLOHQ%DQNDODU
<DEDQF×6HUPD\HOL%DQNDODU
7UNL\HGH .XUXOPXú <DEDQF× 6HUPD\HOL
%DQNDODU
7UNL\HGH ùXEH $oDQ <DEDQF× 6HUPD\HOL
%DQNDODU
.DON×QPDYH<DW×U×P%DQNDODU×
.DPXVDO 6HUPD\HOL .DON×QPD YH <DW×U×P
%DQNDODU×
g]HO 6HUPD\HOL .DON×QPD YH <DW×U×P
%DQNDODU×
<DEDQF× 6HUPD\HOL .DON×QPD YH <DW×U×P
%DQNDODU×
7DEOR ·GD 7UN EDQNDF×O×N VLVWHPLQLQ EDQND YH úXEH VD\×ODU× \HU
DOPDNWDG×U \XUWLoL úXEH YH \XUWG×ú× úXEHVL RODQ 7UN EDQNDF×O×N
VLVWHPLQLQEDQNDV×EXOXQPDNWDG×UEDQNDV×Q×Q·VLPHYGXDWEDQNDV×·
NDON×QPD YH \DW×U×P EDQNDV×G×U 6HUPD\H WUOHULQH J|UH LVH 7UN EDQNDF×O×N
VLVWHPLQGHNLEDQNDQ×Q·V×\DEDQF×VHUPD\HOLEDQNDG×U
7DEOR7UN%DQNDF×O×N6HNW|U3L\DVD*|UQP²
%\N
gOoHNOL
2UWD
$.7ø)
gOoHNOL
.oN
gOoHNOL
øON
0(9'8$7
%DQND
øON
%DQND
0HYGXDW
%DQNDODU×
.DON×QPD
.5('ø
YH<DW×U×P
.DW×O×P
%DQNDODU×
7DEOR·GD7UNEDQNDF×O×NVHNW|UQQ\×OODU×DUDV×QGDNLDNWLI
WRSODP×PHYGXDWYHNUHGLGXUXPXQD\HUYHULOPLúWLU\×O×QGD7UNEDQNDF×O×N
VHNW|UQGH DNWLIOHULQ · E\N |OoHNOL EDQNDODUGD WRSODQP×úW×U \×O×QGD
RUWD E\NONWHNL EDQNDODU×Q DNWLIOHUGHQ DOG×÷× SD\ LNHQ ·GH EX RUDQ
·H GúPúWU 6HNW|UGHNL WRSODP PHYGXDWODU×Q ·L LON EDQNDGDG×U
7RSODPNUHGLOHULQ·LQLPHYGXDWEDQNDODU×NXOODQG×UPDNWDG×U
*UDILN·GH&XPKXUL\HW·LQLODQ×QGDQJQP]H7UNL\H·GHNLEDQNDODU×Q
VD\×V×QD \HU YHULOPLúWLU 7UN EDQNDF×O×N VLVWHPLQGHNL EDQND VD\×V× VHNW|UGHNL
JHOLúPHOHUH SDUDOHO RODUDN LQLúOL o×N×úO× ELU VH\LU L]OHPLúWLU ·WH WRSODP
EDQNDV×RODQ7UNL\H·QLQEDQNDVD\×V×·GD·Ho×NP×úW×U·GHEDQNDV×
RODQ7UNL\HOLEHUDOOHúPHQLQDUWPDV×LOHELUOLNWH·GD·GHEDQND\D
VDKLSWL $QFDN EDQNDF×O×N NUL]OHUL LOH ELUOLNWH 706)·\H GHYUHGLOHQ YH
NDSDQDQEDQNDODUQHGHQLLOHEDQNDVD\×V×·GD·DGúPúWU
7UNL\H%DQNDF×O×N6LVWHPLQGH<DS×ODQ']HQOHPHOHU
PHYGXDW NDo×ú×Q×Q HQJHOOHQPHVL DPDF× LOH \DS×OP×úW×U $QFDN SDUD SL\DVDODU×QGD
EDúOD\DQDKODNLWHKOLNHVRUXQXQD\RODoW×÷×J|UOPúWU
*OHU $UDV $O|YVDW 0VOPRY .UHGL 3L\DVDODU×QGD $VLPHWULN %LOJL 9H %DQNDF×O×N 6LVWHPL
h]HULQH(WNLOHULøNWLVDWøúOHWPHYH)LQDQV'HUJLVL&LOW6D\×<×OV
Ϯϰϲ
1HFDW&RúNXQYH'L÷HUOHUL´7UNL\H·GH%DQNDF×O×N6HNW|U3L\DVD<DS×V×)LUPD'DYUDQ×úODU×
YH5HNDEHW$QDOL]Lµ7%%<D\×QODU×<D\×Q1RøVWDQEXOV
EDQNDF×O×N VLVWHPLQH \HQL JLULúOHUH RODQDN WDQ×QPDV× YH \DEDQF× EDQNDODU×Q
7UNL\H·\HJHOPHVL\DGDúXEHDoPDV×LoLQoHúLWOLG]HQOHPHOHU\DS×OP×úW×U
\×O×QGDQ LWLEDUHQ øVODP %DQNDF×O×÷× GD g]HO )LQDQV .XUXPODU× DUDF×O×÷×\OD
7UNL\H·GH JQGHPH JHOPLúWLU \×O×QGD EDQNDF×O×N VLVWHPLQLQ OLNLGLWHVLQL
G]HQOHPH DPDF×\OD %DQNDODUDUDV× 3DUD 3L\DVDV× NXUXOPXú YH D\Q× \×O LoLQGH
7HNG]HQ+HVDS3UHQVLSOHULYHVWDQGDUWUDSRUODPDVLVWHPLROXúWXUXOPXúWXU
\×O×QGDEDQNDODU×QED÷×PV×]G×úGHQHWoLOHUWDUDI×QGDQGHQHWOHQPHVLQHEDúODQP×úYH
EX\×OLoLQGHVHUPD\HSL\DVDODU×Q×QJHOLúLPLLoLQ\DVDOYHNXUXPVDOG]HQOHPHOHU
JHUoHNOHúWLULOPLúWLU %|\OHOLNOH EDQNDODU KLVVH VHQHGL DU]× YH EXQODU×Q LNLQFLO
SL\DVDGD DO×P VDW×P× \DW×U×P IRQX \|QHWLPL YH PDOL GDQ×úPDQO×N KL]PHWOHUL JLEL
KL]PHWOHUYHUHELOPH\HEDúODP×úODUG×U
Ϯϰϳ
$OSHU%DNGXUDJHV
%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXPX
KWWSZZZEGGNRUJWUZHEVLWHVLWXUNFHNXUXPBELOJLOHULEGGNBKDNNLQGDEGGNNLWDSFLNBV
RQSGI
\×O×Q×Q .DV×P D\×QD JHOLQGL÷LQGH IDL] RUDQODU× |QHPOL |OoGH
\NVHOPLú\XUWG×ú×QDE\NER\XWOXELUVHUPD\Ho×N×ú×\DúDQP×ú0HUNH]%DQNDV×
UH]HUYOHULK×]ODJHULOHPLúKLVVHVHQHGLIL\DWODU×QGDNHVNLQELUGúúJ|]OHQPLúYH
RUWD |OoHNWH ELU EDQND VLVWHP G×ú×QD DO×QP×úW×U \×O× ùXEDW D\×QGD +D]LQH
LKDOHVL |QFHVLQGHNL ROXPVX] JHOLúPHOHU X\JXODQDQ SURJUDPD RODQ JYHQLQ
WDPDPHQ ND\EROPDV×QD QHGHQ ROPXú YH 7UN /LUDV×QD NDUú× FLGGL ELU DWDN
PH\GDQDJHOPLúWLU7PEXJHOLúPHOHUGDKDVRQUD.DV×PùXEDW.UL]L
RODUDNDGODQG×U×ODQYHWHPHOLQGHELUG|YL]NXUXYHEDQNDF×O×NNUL]LRODQELUVUHFL
WHWLNOHPLúWLU
$PHULND%LUOHúLN'HYOHWOHUL
$%'·GH%DQNDF×O×N6LVWHPLQLQ<DS×V×
WXWDUO×ELUG]HQOHPH\DS×V×NXUXOPDVDLGL$%'·QLQúXDQVDKLSROGX÷XEDQNDF×O×N
VLVWHPLQLQ \DS×ODU× IHGHUDO YH GHYOHW EDQNDV× \DS×V× oRN VD\×GD NoN |OoHNOL
EDQNDEDQNDF×O×NRWRULWHOHULVLVWHPHGDKDROPD]G×
$%'·GH \DU×P \]\×O× DúN×Q ELU VUH EDQNDF×O×N VHNW|U o WHPHO |]HOOLN
]HULQGHJHOLúPLúWLU%XQODU
• øNLOLEDQNDF×O×N'HYOHWYH)HGHUDO%DQNDF×O×NLOH|UWúHQ
• 8QLWEDQNDF×O×÷×%DQNDODU×QLúED÷ODQW×ODU×Q×ELUPHUNH]GHQ\DSPDV×
• )DUNO×ILQDQVDONXUXOXúODUDUDV×QGDNLIDUNODUGDKDD]|QHPHVDKLSROPXúWXU
• %DQNDEDúDU×V×]O×÷×\HQLGHQ|QHPOLELUSUREOHPKDOLQHJHOPLúWLU
.HQQHWK6SRQJDJHV
-RQDWKDQ50DFH\*HRIIUH\0LOOHU5LFKDUG6FRWW&DUQHOODJHV
-RQDWKDQ50DFH\*HRIIUH\0LOOHU5LFKDUG6FRWW&DUQHOODJHVV
7DEOR)HGHUDO%DQN·D%D÷O×']HQOH\LFL.XUXPODU
.D\QDN7KH%DQNLQJ/DZ)LUP
KWWSZZZIHGEDQNODZFRPEDQNLQJBUHJXODWRU\BDJHQFLHVUHJXODWRU\BIHGHUDOBDJH
QFLHVDVS
7DEOR·GH)HGHUDO%DQN·DED÷O×\HGLG]HQOH\LFLNXUXPD\HUYHULOPLúWLU
$%'·GHKHUG]HQOHPHYHGHQHWOHPHLúOHYLQLQD\U×ELUNXUXPDED÷O×ROGX÷XV|]
NRQXVX\DS×Q×QELUGHQID]ODNXUXPWDUDI×QGDQ\|QHWLOGL÷LJ|UOPHNWHGLU
7DEOR.DPX%DQNDF×O×÷×']HQOH\LFL.XUXPODU×
$ODEDPD.DPX%DQNDF×O×÷×'DLUHVL
$ODVND%DQNDF×O×NYH0HQNXO.×\PHWOHU'DLUHVL
$UNDQVDV².DPX%DQNDF×O×÷×'DLUHVL
$UL]RQD²)LQDQVDO.XUXPODU'DLUHVL
&DOLIRUQLD)LQDQVDO.XUXPODU'DLUHVL
&RORUDGR%DQNDF×O×N'DLUHVL
Ϯϱϰ
+D]LQH 'HQHWOHPH 'DLUHVL 7HPPX] WDULKLQGH 8OXVDO %DQNDODU× 'HQHWLP .XUXPX
2IILFH2I7KH&RPSWUROOHU2I7KH&XUUHQF\²2&&·QLQELUE|OPKDOLQHJHOPLúWLU
&RQQHFWLFXW%DQNDF×O×N'DLUHVL
'HODZDUH².DPX%DQNDV×.RPLV\RQ'DLUHVL
)ORULGD²)LQDQVDO']HQOHPH'DLUHVL
*HRUJLD%DQNDF×O×NYH)LQDQV'DLUHVL
+DZDLL)LQDQVDO.XUXPODU'DLUHVL
,GDKR²)LQDQV'DLUHVL
,OOLQRLV)LQDQVDO']HQOHPH'DLUHVL
,QGLDQD)LQDQVDO.XUXPODU'DLUHVL
,RZD%DQNDF×O×N'DLUHVL
.DQVDV.DPX%DQNDV×.RPLV\RQ'DLUHVL
.HQWXFN\)LQDQVDO.XUXPODU'DLUHVL
/RX×V×DQD)LQDQVDO.XUXPODU'DLUHVL
0DLQH)LQDQVDO.XUXPODU%URVX
0DU\ODQG²øúJF/LVDQVODPDYH']HQOHPH'DLUHVL
0DVVDFKXVHWWV%DQNDF×O×N'DLUHVL
0LFKLJDQ)LQDQVYH6LJRUWD+L]PHWOHUL'DLUHVL
0LQQHVRWD7LFDUHW'DLUHVL
0LVLVVLSSL²%DQNDF×O×NYH7NHWLFL)LQDQVPDQ×'DLUHVL
0LVVRXUL)LQDQV'DLUHVL
0RQWDQD²%DQNDF×O×NYH)LQDQVDO.XUXPODU'DLUHVL
1HEUDVND%DQNDF×O×NYH)LQDQV'DLUHVL
1HYDGD)LQDQVDO.XUXPODU'DLUHVL
1HZ+DPSVKLUH%DQNDF×O×N'DLUHVL
1HZ-HUVH\²%DQNDF×O×NYH6LJRUWDF×O×N'DLUHVL
1HZ0H[LFR)LQDQVDO.XUXPODU'DLUHVL
1HZ<RUN.DPX%DQNDF×O×÷×'DLUHVL
1RUWK&DUROLQD²7LFDUL%DQNDODU'DLUHVL
1RUWK'DNRWD)LQDQVDO.XUXPODU'DLUHVL
2KLR²)LQDQVDO.XUXPODU7LFDUHW'DLUHVL
2NODKRPD.DPX%DQNDF×O×÷×'DLUHVL
2UHJRQ)LQDQVYH.XUXPVDO0HQNXO.×\PHWOHU'DLUHVL
3HQQV\OYDQLD²%DQNDF×O×N'DLUHVL
5KRGH,VODQGøú']HQOHPHOHUL'DLUHVL
6RXWK&DUROLQD²%DQNDF×O×N'HQHWLP'DLUHVL
6RXWK'DNRWD%DQNDF×O×N'DLUHVL
7HQQHVVHH)LQDQVDO.XUXPODU'DLUHVL
7H[DV%DQNDF×O×N'DLUHVL
8WDK)LQDQVDO.XUXPODU'DLUHVL
9HUPRQW%DQNDF×O×N'DLUHVL
9LUJLQLD)LQDQVDO.XUXPODU%URVX
:DVKLQJWRQ².DPX)LQDQVDO.XUXPODU'DLUHVL
:HVW9LUJLQLD%DQNDF×O×N'DLUHVL
:LVFRQVLQ)LQDQVDO.XUXPODU'DLUHVL
:\RPLQJ%DQNDF×O×N'DLUHVL
.D\QDN7KH%DQNLQJ/DZ)LUP
KWWSZZZIHGEDQNODZFRPEDQNLQJBUHJXODWRU\BDJHQFLHVUHJXODWRU\BVWDWHBDJHQF
LHVDVS
7DEOR$%'%DQNDF×O×N6HNW|UQGH)DDOL\HW$ODQODU×QD*|UH']HQOH\LFL
YH'HQHWOH\LFL.XUXPODU
)DDOL\HW$ODQ× ']HQOH\LFLYH'HQHWOH\LFL.XUXP
.DPX%DQNDODU×
h\HOHU )('
h\H2OPD\DQODU )HGHUDO0HYGXDW6LJRUWDV×.XUXPX
+ROGLQJ%DQNDODU× )('
7DVDUUXI+ROGLQJ%DQNDODU× 7DVDUUXI'HQHWLP'DLUHVL
0HYGXDW%DQNDODU× 7DVDUUXI'HQHWLP'DLUHVL
)('
)HGHUDO0HYGXDW6LJRUWDV×.XUXPX
<DW×U×PYH.UHGL%DQNDODU× )HGHUDO0HYGXDW6LJRUWDV×.XUXPX
<DEDQF×%DQNDODU
ùXEHYH$FHQWHOHU
7HPVLOFLOLNOHU )('
.D\QDN)HGHUDO5H]HUY%DQNDV×KWWSZZZIHGHUDOUHVHUYHJRYSISGISIBSGI
.XUXPX·GXU)('XOXVDOEDQNDODUWDVDUUXIKROGLQJEDQNDODU×\HROPD\DQNDPX
EDQNDODU×YH\DW×U×PNUHGLEDQNDODU×G×ú×QGD$%'EDQNDF×O×NVLVWHPLQGH\HWNLOLYH
VRUXPOXELURUJDQG×U
$%'%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU
·GH%DQNRI1RUWK$PHULNDNXUXOGX%XEDQND$%'·QLQLONEDQNDV×
RODUDN NDEXO HGLOPHNWHGLU .RORQL EDQNDODU×Q×Q LONHO NDOPDV× WLFDUHWLQ JHOLúPHVL
QHGHQL LOH PRGHUQ ELU \DS×\D LKWL\Do GX\XOPDV× EX EDQNDQ×Q NXUXOPDV×Q×
VD÷ODP×úW×U
·GHQVRQUDEDQNDODU×QoR÷XQXQIDDOL\HWOHUL|]HOVHUPD\HGHNDOP×úW×U
*LULúLPFLOHU SHN oRN \HQL EDQND DoP×úODUG×U 7RSODP LúOHP KDFPL LNL $%'
EDQNDV× DUDV×QGD |QHPOL |OoGH DUWP×úW×U )DNDW EX \HQL VLVWHP K×]O×FD V×N×QW×\D
GúPúWU ·GDQ VRQUD EDQNDF×O×N SUREOHPOHULQLQ LOHUOHPHVL EDQND
EDúDU×V×]O×NODU×QHGHQLLOHGHYOHWED]×G]HQOHPHOHULQVRUXPOXOX÷XQXVWOHQPLúWLU
%X G]HQOHPHOHUGHQ ELUL ´VHUEHVW EDQNDF×O×NµW×U øON |UQHNOHUL ·GH 1HZ
-RQDWKDQ50DFH\*HRIIUH\0LOOHU5LFKDUG6FRWW&DUQHOO´%DQNLQJ/$ZDQG5HJXODWLRQµ
$VSHQ+DUFRXUW3URIHVVLRQDO3XEOLVKHUV,VEQ$SULOV
.HQQHWK6SRQJDJHVV
-RQDWKDQ50DFH\*HRIIUH\0LOOHU5LFKDUG6FRWW&DUQHOODJHV
%DQNDF×O×NG]HQOHPHOHULYHPHUNH]EDQNDV×Q×QROPDG×÷×\DOQ×]FDJHQHOWLFDUL\DVDODU×QJHoHUOL
ROGX÷XEDQNDF×O×N
<RUN·WDJ|UOPúWU0HUNH]%DQNDV×]\RODGHYDPHWPHQLQLNLHWNLVLROPXúWXU
øONL JoO JLULúLPFLOHULQ NDUO× EDQNDF×O×N DODQ×QD JLUPHVL LNLQFLVL LVH EDQNDODU×Q
GHQHWLPJYHQOL÷LYHVD÷ODPO×NWDGHYOHWEDQNDODU×Q×JHoPHOHULGLU
.HQQHWK6SRQJDJHV
-RQDWKDQ50DFH\*HRIIUH\0LOOHU5LFKDUG6FRWW&DUQHOODJHV
.HQQHWK6SRQJDJHVV
$%'8OXVDO%DQNDODU×'HQHWLP.XUXPX7KH2IILFH2I&RPSWUROOHURI7KH&XUUHQF\
.HQQHWK6SRQJDJHVV
\×O×QGD$%'RODV×ELUEDQNDF×O×NNUL]LQHNDUú×oWHPHO|]HOOL÷LRODQ
ELUVLVWHPJHOLúWLUPLúWLU%XQODUPHYGXDWVLJRUWDV×VHUPD\H\HWHUOLOL÷LYHUH]HUY
\HWHUOLOL÷L ·ODU×Q %\N %XKUDQ× $%' WDULKLQGHNL HQ úLGGHWOL ILQDQVDO
o|NúWU 7LFDUL EDQNDF×O×NWDNL o|Nú GL÷HU WP Lú DODQODU×Q× HWNLOHPLúWLU
·GDQ ·H NDGDU EDQND EDúDU×V×]O×NODU× GHYDP HWPLúWLU ·WH %DúNDQ
5RRVHYHOW0DUWWDQ0DUWDNDGDUWPEDQNDODU×NDSDWP×úW×U.DPXYHIHGHUDO
EDQNDODU×Q KHSVLQLQ GHQHWOHQPHVLQGHQ VRQUD EDQNDODU \HQLGHQ Do×OP×úW×U $QFDN
EX ROD\GDQ VRQUD ELUoRN EDQND IDDOL\HWLQH JHUL G|QHPHPLúWLU EDQNDGDQ
JHUL\H EDQND NDOP×úW×U ·WH )',& NXUXOPXú YH PHYGXDW VLJRUWDV×
GHYUH\H JLUPLúWLU %X JHOLúPH $%' EDQNDF×O×N G]HQOHPHOHUL LoHULVLQGH HQ
|QHPOLOHULQGHQGLU %LUVLJRUWDVLVWHPLRODUDNPHYGXDW JYHQFHVLVLVWHPGHEDQND
SDQLNOHUL LoLQ |QOHP YH NDPX JYHQLQLQ NRUXQPDV× DG×QD E\N |QHP
WDú×PDNWDG×U
·WHQ VRQUD QLVSHWHQ GDKD LVWLNUDUO× ELU G|QHPH JLULOPLúWLU LOH
·OL \×OODU DUDV×QGD EDQNDF×O×N VHNW|UQGH WHPHO ELU GH÷LúLNOLN PH\GDQD
JHOPHPLúWLU%XGXUJXQOX÷XúXoQHGHQHED÷ODPDNPPNQGU
• 'HSUHV\RQoD÷×PHY]XDW×Q×QSROLWLNX\XPXX]XQ|PUOROPXúWXU
• 'HSUHV\RQXQ WUDYPDV× EDQNDF×O×N VHNW|UQGH ULVN LVWHNVL]OL÷L NOWU
GR÷XUPXúWXU
• %DQNDEDúDU×V×]O×÷×SUREOHPLE\NRUDQGDRUWDGDQNDONP×úW×U
$%'·GH+ROGLQJ%DQNDF×O×÷×·OHULQEDú×QGDRUWD\Do×NPDV×QDUD÷PHQ
JHOLúLPL ·OHUL EXOPXúWXU ·GD ´+ROGLQJ %DQNDF×O×÷× <DVDV×µ \UUO÷H
JLUPLúWLU $QFDN ·ODUD JHOLQGL÷LQGH +ROGLQJ %DQNDF×O×÷×Q×Q X\JXODPDGD
LOHUOHPHGL÷L J|UOPúWU ·OHUGH ´+ROGLQJ %DQNDF×O×÷× <DVDV×µ \HQLGHQ
G]HQOHQPLúYH\HWNLOHU)('·HGHYUHGLOPLúWLU%XG]HQOHPHOHULOHE\NKROGLQJ
EDQNDODU× EDQNDF×O×N YH L]LQ YHULOHQ EDQNDG×ú× IDDOL\HWOHULQL JHQLúOHWHUHN GHYDP
3DXO.UXJPDQ 5RELQ:HOOV.DWKU\Q*UDGG\´(VVHQWLDOVRI(FRQRPLFVµ:RUWK3XEOLVKHUV
86$6HFRQG(GLWLRQV
7DVDUUXI0HYGXDW×6LJRUWD)RQX)HGHUDO'HSRVLW,QVXUDQFH&RUSRUDWLRQ
.HQQHWK6SRQJDJHVV
-RQDWKDQ50DFH\*HRIIUH\0LOOHU5LFKDUG6FRWW&DUQHOODJHV
HWPLúOHUGLU .oN YH RUWD |OoHNOL EDQNDODUGD KROGLQJ EDQNDODU×Q×Q \DS×V×QD
X\PXúWXU \×O× VRQXQGD LVH +ROGLQJ %DQNDODU× WP PHYGXDW×Q ·QGHQ
ID]ODV×QDVDKLSWL
• 8OXVODUDUDV×%DQNDF×O×N<DVDV×
• 0HYGXDW.XUXPODU×Q×Q<HQLGHQ']HQOHQPHVLYH3DUDVDO.RQWURO<DVDV×
• *HUPDLQ0HYGXDW.XUXPODU×<DVDV×
.HQQHWK6SRQJDJHV
.HQQHWK6SRQJDJHV
(Y LSRWHN NXUXOXúODU×Q×Q PDOL LVWLNUDU×Q×Q JoOHQGLULOPHVL YH PRUWJDJH NUHGLOHULQLQ GXUXPXQX
L\LOHúWLUHUHN\HQLGHQFDQODQG×U×OPDV×Q×VD÷ODPDNLoLQNXUXOPXúWXU
)HGHUDO0HYGXDW6LJRUWD.XUXPXKWWSZZZIGLFJRY
$%'
GH)LQDQVDO.XUXOXú6D\×V×
*UDILN$%'·GH)LQDQVDO.XUXOXú6D\×Vײ
*UDILN·GH$%'·GH\×OODU×DUDV×QGDILQDQVDONXUXOXúVD\×V×Q×Q
VH\ULQH \HU YHULOPLúWLU ·WH ILQDQVDO NXUXOXúX YDU LNHQ JLGHUHN GúHQ
ELULYPHLOHILQDQVDONXUXOXúVD\×V×\×O×QGD·\DGúPúWU
7RSODP)DL]*HOLUL 7RSODP)DL]G×ú×*HOLU
*UDILN$%'·GH%DQNDF×O×N6HNW|U1HW)DL]*HOLUL1HW)DL]G×ú×*HOLU
²
*UDILN·WH$%'·QLQEDQNDF×O×NVHNW|UQQGRODUFLQVLQGHQQHWIDL]JHOLUL
YHIDL]G×ú×JHOLULQH\HUYHULOPLúWLU\×O×QGD$%'·GHEDQNDODU×QWRSODPJHOLU
LoHULVLQGHNL IDL] G×ú× JHOLUL ROGXNoD GúN ELU RUDQD VDKLSNHQ ·GDQ VRQUD
IDL]G×ú× JHOLUGH DUW×úODU J|UOPHNWHGLU \×O×QGD HQ \NVHN WRSODP IDL] JHOLUL
VD÷OD\DQ $%' EDQNDF×O×N VHNW|U NUHVHO ILQDQV NUL]L LOH ELUOLNWH GúúH
JHoPLúWLU
1HW*HOLU
*UDILN$%'·GH%DQNDF×O×N6HNW|U1HW*HOLU²
*UDILN·WH$%'·QLQ\×OODU×DUDV×QGDNLEDQNDF×O×NVHNW|UQQ
GRODU FLQVLQGHQ QHW JHOLULQL J|UPHNWH\L] ·OHUGHQ ·\D NDGDU K×]OD
\NVHOHQ $%' EDQNDF×O×N QHW JHOLUL ·GDQ ·D NDGDU oRN VHUW ELU GúúOH
\×O×QGD ]DUDU HWPLúWLU $QFDN EX GúúQ DUG×QGDQ K×]O× ELU WRSDUODQPD LOH
NUL] |QFHVLQL \DNDOD\DQ $%' EDQNDF×O×N VLVWHPL QHW JHOLU Do×V×QGDQ ROXPOX ELU
WDEORoL]PLúWLU
7RSODP0HYGXDW 7RSODP.UHGL
-DSRQ\D
-DSRQ\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V×
%DQN2I-DSDQKWWSZZZERMRUMSHQDERXWRXWOLQHKLVWRU\LQGH[KWP
)LQDQFLDO6HUYLFHV$JHQF\KWWSZZZIVDJRMSHQLQGH[KWPO
Ϯϳϰ
)LQDQFLDO6HUYLFHV$JHQF\KWWSZZZIVDJRMSHQDERXWSDPSKOHWSGI
*UDILN-DSRQ%DQNDF×O×N6LVWHPLQGH%DQNDODU×QWUOHULQH*|UH'D÷×O×P×
-DSRQ\D%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU
0DOL\H %DNDQO×÷× WDUDI×QGDQ \DS×ODQ OLVDQVODPD GHQHWLP NRQWURO JLEL J|UHYOHULQ
YHULOGL÷L \HQLELU \DS×ODQPDG×U5HIRUPODU× -DSRQ\D·GDELUoRNG]HQOHPH\L
JQGHPH JHWLUPLúWLU %XQODUGDQ ELUL PHYGXDW VLJRUWDF×O×÷×G×U 0HYGXDWODU×Q
VLJRUWD NDSVDP×QD DO×QPDV× DFLO |QOHP SDNHWL LOH GH÷LúWLULOPLú \HULQH ´)LQDQVDO
øVWLNUDU <DVDV×µ JHWLULOPLúWLU %LU GL÷HU UHIRUP NRQXVX LVH ´)LQDQVDO 3L\DVDODU×Q
<HQLGHQ &DQODQG×U×OPDV× 0HY]XDW×µ ROXS EX G]HQOHPH LOH EDúDU×V×] ILQDQVDO
NXUXOXúODU×Q o|]PH NDYXúWXUXOPDV× YH ILQDQVDO VLVWHPLQ JHOLúWLULOPHVL
DPDoODQP×úW×U
$OPDQ\D
$OPDQ\D·GD%DQNDF×O×N6LVWHPLQLQ<DS×V×
$OPDQ\D·GDEDQNDF×O×NVLVWHPLQLQG]HQOHPHYHGHQHWOHPHVLWLFDULYHVLYLO
NDQXQODU0HUNH]%DQNDV×.DQXQXWLFDULEDQNDG]HQOHPHOHULLOHVD÷ODQPDNWDG×U
$OPDQ\D·GD EDQND GHQHWLPLQLQ \DVDO WHPHOL 2FDN WDULKOL ´$OPDQ\D
)HGHUDO&XPKXUL\HWL%DQNDF×O×N<DVDV×µ]HULQHNXUXOPXúWXU<DVD\DJ|UHEDQND
GHQHWLPLQGH URO DODQ WHPHO NXUXOXú \×O×QGD ´%DQNDODU <DVDV×µ LOH NXUXODQ
´)HGHUDO%DQNDF×O×N*|]HWLP%URVXµGXU
Ϯϳϱ
0D[LPLOLDQ -% +DOO ´%DQNLQJ 5HJXODWLRQ DQG 6XSHUYLVLRQ ,Q -DSDQ 6RPH ,VVXHV DQG
&RQFHUQVµ VV KWWSZZZOVHDFXNIPJGRFXPHQWVVSHFLDO3DSHUVVSSGI
Ϯϳϲ
0DVDKLUR .DZDL ´5HIRUP 2I 7KH -DSDQHVH %DQNLQJ 6\VWHPµ
KWWSLGHDVUHSHFRUJSKVWKVWGSVGKWPOV
g]JU$FDU%XUoDN7OD\DJPV
7DEOR$OPDQ%DQNDF×O×N6LVWHPLQGH%DQNDODU×Q7UOHULQH*|UH<]GHVHO
'D÷×O×P×
.D\QDN 'DQLHO 'HW]HU YH 'L÷HUOHUL 7KH *HUPDQ )LQDQFLDO 6\VWHP 6WXGLHV LQ
)LQDQFLDO 6\VWHPV 1R V KWWSZZZIHVVXGHXZS
FRQWHQWXSORDGV3')*HUPDQ)LQDQFLDO6\VWHP)LQDO
SGI %XQGHVEDQN :HE 6LWHVL KWWSZZZEXQGHVEDQNGH
$OPDQ\D%DQNDF×O×N6LVWHPLQGHNL']HQOHPHOHU
$OPDQ\D·Q×QEDQNDF×O×NVLVWHPLQGH\DS×ODQEHOOLEDúO×G]HQOHPHOHU\×OODU
LWLEDULLOHúXúHNLOGHV×UDODQDELOLU
• ²0RUWJDJH%DQNDODU×YH.DPXNHVLPLWDVDUUXIEDQNDODU×Q×Q
VHUPD\HG]HQOHPHVL
• ²%DQNDF×O×NG]HQOHPHJLULúLPOHUL
• ²$OPDQ%DQNDF×O×N.DQXQX
• ².UHGLYHPHYGXDWIDL]OHUL]HULQHWHNHOFLDQODúPDODU
• ²'|YL]5HIRUPX
• ²%XQGHVEDQN.DQXQX
• ²ùXEHDoPDN×V×WODPDODU×Q×QNDOG×U×OPDV×
• ²$OPDQ%DQNDF×O×N.DQXQX
• ²)DL]2UDQ×']HQOHPHOHUL
• ²&HQWLOPHQOLN$QODúPDV×
• ²%LULQFL*UXSg]HO0HYGXDW6LJRUWDV×']HQOHPHOHUL
Ϯϳϴ
'DQLHO'HW]HUYH'L÷HUOHUL7KH*HUPDQ)LQDQFLDO6\VWHP6WXGLHVLQ)LQDQFLDO6\VWHPV1R
V
KWWSZZZIHVVXGHXZSFRQWHQWXSORDGV3')*HUPDQ)LQDQFLDO6\VWHP)LQDO
SGI
• ²øoHULGHQg÷UHQHQOHULQ7LFDUHWL5HKEHUL
• /LTXLGLWlWV.RQVRUWLDOEDQN*PE+.XUXOXúX
• $OPDQ%DQNDF×O×N.DQXQX·QGDøNLQFL'H÷LúLNOLN
• ²0HYGXDW6LJRUWDV×Q×Q.RRSHUDWLI%DQNDODU×QD8\DUODQPDV×
• ²øON)LQDQVDO3L\DVD7HúYLN.DQXQX
• $OPDQ%DQNDF×O×N.DQXQX·QGD'|UGQF'H÷LúLNOLN
• øNLQFL)LQDQVDO3L\DVD7HúYLN.DQXQX
• $OPDQ%DQNDF×O×N.DQXQX·QGD%HúLQFL'H÷LúLNOLN
• ²øúOHWPHOHULQùHIIDIO×NYH.RQWURO.DQXQX
• ²9HUJL$]DOWPD.DQXQX
• ²<DW×U×PùLUNHWOHUL.DQXQX·QXQ<HQLOHQPHVL
• ²<DW×U×PF×\×.RUXPD.DQXQX·QXQ*HQLúOHWLOPHVL
• ²$OPDQ.XUXPVDO<|QHWLP.RGX5LVN<|QHWLPLøoLQ
$VJDUL<HWHUOLOLNOHU
GHQHWOHQPHVLQGHQ VRUXPOXGXU %DILQ·LQ DPDF× $OPDQ ILQDQVDO SL\DVDODU×Q×Q
EWQO÷Q YH LVWLNUDU×Q× VD÷ODPDN YH ILQDQVDO GHQHWLPLQ VD÷O×N LúOHPHVL LoLQ
JHUHNHQOHUL \DSPDNW×U %DILQ \DVDO VWDWGH NXUXOPXú ELU NDPX NXUXPXGXU
.XUXP EDQND ILQDQVDO VHUYLV VD÷OD\×F×V× VLJRUWD úLUNHWL
ELUH\VHO HPHNOLOLN IRQX $OPDQ IRQX YDUO×N \|QHWLP úLUNHWLQL
GHQHWOHPHNWHGLU %DILQ·LQ EDúO×FD GHQHWLP DODQODU× |GH\HELOPH GHQHWLPL SL\DVD
GHQHWLPL YH \DW×U×PF× GHQHWLPLGLU %XQGHVEDQN LVH $OPDQ\D·GD IDDOL\HW
J|VWHUHQNUHGLNXUXOXúXLOHILQDQVDOKL]PHWYHUHQNXUXOXúXQXQVUHNOL
RODUDN |GHPH JoOHULQL YH OLNLGLWHOHULQL L]OHPHNWHGLU %XQGHVEDQN LKWL\DWL
G]HQOHPHOHUL XOXVDO YH XOXVODU DUDV× G]H\GH VUHNOL ELU JHOLúLP LoHULVLQGH
L]OHPHNWHGLU gUQH÷LQ %DQNDF×O×N 'HQHWOHPH %DVHO .RPLWHVL WDUDI×QGDQ
\×O×QGD%DVHO,,·\H*HOLúWLULOPLú*|]GHQ*HoLULOPLú']HQOHPHLOHJHQLúNDSVDPO×
NDWN× VD÷ODP×úW×U \×O×QGD LVH %DVHO ,,, NDEXO HGLOPLú XOXVDO oHUoHYHGH
X\JXODQPD\DEDúODQP×úW×U
NoN|]HOEDQNDODULOHE\NKROGLQJOHULQGHQHWLPLQGHRODQXOXVDOYHXOXVODUDUDV×
DODQGD IDDOL\HW J|VWHUHQ EDQNDODU RODUDN LNL\H D\×UPDN PPNQGU $OPDQ
EDQNDODU× )UDQV×] YH øQJLOL] EDQNDODU× LOH ELUOLNWH $YUXSD %LUOL÷L LoLQGH D÷×UO×÷×
ROXúWXUDQEDQNDODURODUDNJ|UOPHNWHGLU
7DEOR6HoLOPLúhONHOHULQ%DQNDF×O×N']HQOHPHYH'HQHWOHPH2WRULWHOHUL
YH.XUXOXú<×OODU×
*HOLúPHNWH
2ODQ 6HoLOPLú
hONHOHUL 0HUNH]%DQNDV× %D÷×PV×]øGDUL2WRULWH
&HQWUDO %DQN RI $UJHQWLQD
$UMDQWLQ 0HUNH] %DQNDV× ²
$UMDQWLQ
gPHU)DUXNdRODN´%DQNDF×O×N6HNW|UQGH%LUOHúPH(÷LOLPOHULYH7UN%DQNDF×O×N6HNW|Uµ
3HUúHPEH.RQIHUDQVODU×1LVDQV
KWWSZZZUHNDEHWJRYWU)LOH"SDWK 5227'RFXPHQWV3HU&)HPEH.RQIHUDQV&%
<D\&%QSHUVNRQI\\QSGI
%DQFR &HQWUDO 'R %UDVLO
%UH]LO\D 0HUNH] %DQNDV× ²
%UH]LO\D
)LQDQFLDO 6XSHUYLVRU\
7KH %DQN 2I .RUHD .RUH &RPPLVVLRQ )LQDQVDO 'HQHWLP
*QH\.RUH %DQNDV× .RPLV\RQX
/DEXDQ )LQDQFLDO 6HUYLFHV
%DQN 1HJDUD 0DOD\VLD $XWKRULW\ ,)6$ /DEXDQ
0DOH]\D·Q×Q 0HUNH] )LQDQVDO +L]PHWOHU 2WRULWHVL
0DOH]\D %DQNDV×
7KH &HQWUDO %DQN 2I %DQNLQJ 5HJXODWLRQ DQG
5HSXEOLF 7XUNH\ 7UNL\H 6XSHUYLVLRQ $JHQF\
&XPKXUL\HW 0HUNH] %DQNDV× %DQNDF×O×N ']HQOHPH YH
7UNL\H ² 'HQHWOHPH.XUXPX
*HOLúPLú
6HoLOPLú
hONHOHUL
2IILFH 2I 7KH &RPSWUROOHU 2I
)HGHUDO 5HVHUYH 6\VWHP 7KH &XUUHQF\ ² 2&& 8OXVDO
)HGHUDO 5H]HUY %DQNDV× ² %DQNDODU× 'HQHWLP .XUXPX
$%'
)HGHUDO )LQDQFLDO ,QVWLWXWLRQV
([DPLQDWLRQ &RXQFLO ² )),(&
)HGHUDO )LQDQV
.XUXPODU7HIWLú .RQVH\L
)LQDQFLDO &ULPHV (QIRUFHPHQW
1HWZRUN ² )LQ&(1 0DOL
6XoODU8\JXODPD$÷×
1DWLRQDO &UHGLW 8QLRQ
$GPLQLVWUDWLRQ 1&8$ 8OXVDO
.UHGL%LUOL÷LøGDUHVL
)HGHUDO )LQDQFLDO 6XSHUYLVRU\
$XWKRULW\ )HGHUDO )LQDQVDO
$OPDQ\D 'HXWVFKH%XQGHVEDQN 'HQHWLP2WRULWHVL%D)LQ
)LQDQFLDO 6HUYLFHV $JHQF\
%DQN 2I -DSDQ -DSRQ\D )LQDQVDO +L]PHWOHU .XUXPX
-DSRQ\D 0HUNH]%DQNDV×
7DEOR'Q\DhONHOHULQLQ%DQNDF×O×N6LVWHPOHUL']HQOHPHYH'HQHWOHPH
2WRULWH<DS×V×
hONHOHU %DQNDF×O×N6HNW|U']HQOHPHYH'HQHWOHPH2WRULWHVL
$UQDYXWOXN &%
$UMDQWLQ &%
$YXVWUDO\D %,
$YXVWXU\D 8
%DKDPDODU &%
%HODUXV &%
%HOoLND 8
%ROLY\D %
%RVQD &%%%
%UH]LO\D &%
%XOJDULVWDQ &%
.DPHUXQ &%
.DQDGD %,
ùLOL %
dLQ %
.RORPEL\D %,
.RVWD5LND %
+×UYDWLVWDQ &%
.×EU×V &%
dHN&XPKXUL\HWL &%
'DQLPDUND 8
(NYDGRU %,
0×V×U &%
(O6DOYDGRU %,
(VWRQ\D 8
)LQODQGL\D %6
)UDQVD %&%%%
*UFLVWDQ &%
$OPDQ\D 8
<XQDQLVWDQ &%
*XDWHPDOD %,
+RQJ.RQJ &%
0DFDULVWDQ 8
ø]ODQGD 8
+LQGLVWDQ &%
øUDQ &%
øUODQGD &%
øVUDLO &%
øWDO\D &%
-DPDLND &%
-DSRQ\D 8
hUGQ &%
.D]DNLVWDQ 8
.HQ\D &%
.RUH 8
/HWRQ\D 8
/EQDQ &%
/LE\D &%
/LWYDQ\D &%
/NVHPEXUJ %6
0DNHGRQ\D &%
0DOH]\D &%
0DOWD 8
1RUYHo 8
3DNLVWDQ &%
3DQDPD %
3HUX %,
)LOLSLQOHU &%
3RODQ\D &%
3RUWHNL] &%
5RPDQ\D &%
5XV\D &%
6XXGL$UDELVWDQ &%
6ORYDN\D &%
6ORYHQ\D &%
*QH\$IULND &%
øVSDQ\D &%
6UL/DQND &%
øVYHo 8
øVYLoUH %6
7D\ODQG &%
7XQXV &%
7UNL\H %
8NUD\QD &%
%LUOHúLN$UDS(PLUOLNOHUL &%
øQJLOWHUH 8
$PHULND%LUOHúLN'HYOHWOHUL &%%
8UXJXD\ %6&%
9HQH]XHOD %
9LHWQDP &%
=LPEDEZH &%
% %DQNDF×O×NVHNW|UQH|]HORWRULWH
%, %DQNDF×O×NYH6LJRUWDF×O×N6HNW|UQHg]HO2WRULWH
&% 0HUNH]%DQNDV×
8 7P)LQDQVDO6HNW|UøoLQ7HN2WRULWH
%6 %DQNDF×O×NYH6HUPD\H3L\DVDV×6HNW|UQHg]HO2WRULWH
,,,%g/h0
7h5.%$1.$&,/,.6ø67(0ø1'('h=(1/(0(9(
'(1(7/(0(1ø1(7.ø1/øöø1øg/d0(<(<g1(/ø.%ø5
8<*8/$0$
$PSLULNdDO×úPDODU
• %DQNDN×U×OJDQO×÷×LOH\DEDQF×EDQNDJLULúOHULGR÷UXRUDQW×O×G×U
• 6HUPD\H\HWHUOLOL÷LLOHEDQNDODU×QJHOLúLPSR]LWLINRUHODV\RQOXGXU
-DPHV 5 %DUWK *HUDUG &DSULR -U5RVV /HYLQH ´%DQN 5HJXODWLRQ $QG 6XSHUYLVLRQ :KDW
:RUNV%HVW"µ-RXUQDORI)LQDQFLDO,QWHUPHGLDWLRQ
• <NVHNPHYGXDWVLJRUWDV×Q×QEDQNDF×O×NVHNW|UQQLVWLNUDU×LOHELULOLúNLVL
\RNWXU
• 5HVPLGHQHWLPLQoHúLWOLOL÷LLOHEDQNDODU×QSHUIRUPDQVYHLVWLNUDU×DUDV×QGD
JoOELULOLúNL\RNWXU
%DUWK &DSULR YH /HYLQH·Q×Q \×O×QGD \DSW×NODU× EDúND ELU oDO×úPDGD
LVH ONHOHULQ 0HUNH] %DQND·ODU×Q×Q EDQNDF×O×N GHQHWLPLQGH \HWNLOL ROXS ROPDG×÷×
DUDúW×U×OP×úW×U$G×JHoHQoDO×úPDGDNXOODQ×ODQONHQLQEDQNDF×O×NGHQHWLPLQH
DLW EXOJXODU×QD J|UH ONH VDGHFH 0HUNH] %DQNDV× \HWNLVLQGH EDQNDF×O×N
GHQHWLPL \DSPDNWD ONHQLQ EDQNDF×O×N GHQHWOH\LFLOHUL DUDV×QGD 0HUNH]
%DQNDV×GDEXOXQPDNWDONHQLQEDQNDF×O×NGHQHWOHPHRWRULWHVLQGHLVH0HUNH]
%DQNDV×ROPDG×÷×J|UOPúWU
%DUWK&DSULRYH/HYLQH\×O×QGDoDO×úPDODU×Q×JQFHOOHPLúOHU²
\×OODU×DUDV×QGDNUHVHOILQDQVNUL]LQLQHWNLVLQLEDU×QG×UDQG|QHPL
LoLQ LQFHOHPH \DSP×úODUG×U 7RSODP ONHQLQ ELOJLOHULQLQ WRSODQG×÷× oDO×úPD
G|UW E|OPGHQ ROXúPDNWDG×U dDO×úPDQ×Q DQD EDúO×NODU× LVH úXQODUG×U EDQND
IDDOL\HWOHULQLQNDSVDP×VHUPD\HG]HQOHPHOHULGHQHWLP|]HOL]OHPHYHED÷×PV×]
G×ú GHQHWLP PHYGXDW VLJRUWDV× X\JXODPDV× EDQNDF×O×÷D JLULú NXUDOODU×G×U
dDO×úPDGD LQFHOHQHQ ONHOHULQ EDQNDF×O×N G]HQOHPH YH GHQHWOHPH \DS×ODU×
IDUNO×O×N J|VWHUPHNWHGLU 6RQ LNL \×O LoHULVLQGH ² EDQNDF×O×N
SROLWLNDODU×QGD \DN×QODúPDODU ROPDV×QD UD÷PHQ ·GH |QHPOL úHNLOGH
D\U×úPDODUJ|UOPúWU
-DPHV 5 %DUWK *HUDUG &DSULR -U 5RVV /HYLQH ´ 7KH 'HVLJQ DQG *RYHUQDQFH RI %DQN
6XSHUYLVLRQµ5LNVEDQNFRQIHUHQFHRQ7KH*RYHUQDQFHRI&HQWUDO%DQNVV
dDO×úPDYHULOHULQHKWWSIDFXOW\KDDVEHUNHOH\HGXURVVBOHYLQH5HJXODWLRQKWPDGUHVLQGHQ
XODú×ODELOLU
Ϯϴϲ
-DPHV5%DUWK*HUDUG&DSULR-U5RVV/HYLQH´%DQN5HJXODWLRQDQG6XSHUYLVLRQLQ
&RXQWULHVIURPWRµ
&LKDN 'HPLUJXF.XQW 0DWLQH] 3HULD &KHUDJKORX ·GH \DSW×NODU×
oDO×úPDGD'Q\D%DQNDV×·Q×QEDQNDF×O×NG]HQOHPHYHGHQHWOHPHVLVWHPLQLQLQ
|OoPWHNQL÷LQHJ|UH²\×OODU×LoLQ·VLJHOLúPLú·V×LVHJHOLúPHNWH
RODQ WRSODP ONH LQFHOHQPLúWLU dDO×úPDGD NUL] YH NUL] G×ú× ONHOHU
NDUú×ODúW×U×OG×÷×QGDNUL]ONHOHULQGHVHUPD\HQLQNDSVDP×Q×QGDKDJHYúHNROPDV×QD
L]LQ YHUPH H÷LOLPL J|UOPúWU $\Q× ]DPDQGD NUL] ONHOHULQGH EDQNDODU×Q
EDQNDG×ú×IDDOL\HWOHUGHVLJRUWD\DW×U×PJD\ULPHQNXONUL]G×ú×ONHOHUHJ|UHGDKD
D] N×V×WODPD\D WDEL ROGX÷X RUWD\D o×NP×úW×U 'L÷HU \DQGDQ NUL] ONHOHULQGH N|W
NUHGL YH NUHGL ND\×SODU×QGD L]OHQHQ SROLWLNDODU×Q GDKD JHYúHN ROGX÷X WHVSLWL
HGLOPLúWLU 6RQ ILQDQVDONUL] LOH ELUOLNWH GQ\DGD ONHOHULQ EDQNDF×O×N G]HQOHPH
YH GHQHWOHPH oHUoHYHOHULQLQ DQL GH÷LúLPH X÷UDPDG×÷× \DS×ODQ GH÷LúLNOLNOHULQ GH
QLVSHWHQ \DYDú YH NDGHPHOL ROGX÷X J|UOPúWU %XQXQOD ELUOLNWH VHUPD\H
RUDQODU×Q×Q \NVHOWLOPHVL PHYGXDW VLJRUWDV×QGD GDKD \NVHN WXWDUODU×Q NDSVDPD
DO×QPDV×JLELED]×|QHPOLGH÷LúLNOLNOHULQGHROGX÷XQD\HUYHULOPLúWLU
HWNLOLGLU <LQH oDO×úPDQ×Q VRQXFXQD J|UH $YUXSD EDQNDF×O×N GHQHWLPLQLQ GL÷HU
ONHOHUH J|UH |]HO ILQDQVPDQ× GDKD X\JXQGXU %X GXUXP $YUXSD ONHOHULQLQ
ILQDQVVHNW|UQQJHOLúPLúROPDV×QGDQND\QDNODQPDNWDG×U
1H\DSW× YH 'LQoHU·LQ \×O×QGD \DSW×NODU× ELU EDúND oDO×úPDGD JHoLú
HNRQRPLOHULQLQ PDNURHNRQRPLN SHUIRUPDQVODU× HQIODV\RQ E\PH JLEL LOH
G]HQOHPHGHQHWOHPH VLVWHPOHUL DUDV×QGDNL LOLúNL V×QDQP×úW×U %XQXQ LoLQ RULMLQDO
ELU YHULVHWL NXOODQ×OP×úW×U dDO×úPDGD D\U×FD EDQNDF×O×N \DVDODU×Q×Q
GH÷HUOHQGLULOPHVLQH GH \HU YHULOPLúWLU dDO×úPDQ×Q VRQXFXQGD EDQNDF×O×N
G]HQOHPH YH GHQHWOHPHVLQLQ EDúDU×V×Q×Q HQIODV\RQXQ GúPHVL YH E\PH
RUDQ×Q×QDUWPDV×LOHE\NRUDQGDLOLúNLOLROGX÷XRUWD\Do×NP×úW×U
'LQoHU YH 1H\DSW×·Q×Q ·WH \DSW×NODU× ELU EDúND oDO×úPDGD LVH
JHOLúPLúYHD]JHOLúPLúONHQLQEDQNDF×O×NG]HQOHPHYHGHQHWOHPHRWRULWHOHULQLQ
\DVDO NDOLWHVL LQFHOHQPLú ROXS PHYGXDW VLJRUWDV× X\JXODPDV× LOH G]HQOHPH
GHQHWOHPH VLVWHPL DUDV×QGDNL LOLúNL LUGHOHQPLúWLU dDO×úPDQ×Q VRQXFX
J|VWHUPHNWHGLUNLJHOLúPLúONHOHUGHNLGHQHWOHPHG]HQOHPHHQGHNVLD]JHOLúPLú
ϮϵϬ
$OH[&XNLHUPDQ6WHYHQ%:HEE%LOLQ1H\DSWL´0HDVXULQJWKH,QGHSHQGHQFH2I&HQWUDO
%DQNVDQG,WV(IIHFWRQ3ROLF\2XWFRPHVµ7KH:RUOG(FRQRPLF5HYLHZ9RO1R
Ϯϵϭ
1DGLU (UR÷OX $QDU $EGXOOD\HY ´ &1: %D÷×PV×]O×N gOoWOHULQLQ 7&0%·\H 8\JXODQPDV×µ
'R÷XúhQLYHUVLWHVL'HUJLVL
ϮϵϮ
%LOLQ 1H\DSWL 1HUJL] 'LQoHU 0HDVXULQJ 7KH 4XDOLW\ 2I %DQN 5HJXODWLRQ $QG 6XSHUYLVLRQ
DQG ,WV 0DFURHFRQRPLF (IIHFWV $Q $SSOLFDWLRQ WR 7UDQVLWLRQ (FRQRPLHV
KWWSLGHDVUHSHFRUJDRXSHFLQTXY\LSKWPO
Ϯϵϯ
1HUJL] 'LQoHU %LOLQ 1H\DSWL /HJDO 4XDOLW\ 2I %DQN 5HJXODWLRQ $QG 6XSHUYLVLRQ $QG ,WV
'HWHUPLQDQWV KWWSZZZELONHQWHGXWUaHFRQRPLFVSDSHUV'3B1H\DSWLB'LQFHUSGI
YH JHoLú ONHOHULQH J|UH GDKD E\N ROPD H÷LOLPLQGHGLU hONHOHULQ NUL]OHUGHQ
o×NDUG×NODU×GHUVOHULOHEXHQGHNVL\NVHOWPHOHULQLQPPNQROGX÷XEHOLUWLOPLúWLU
8\JXODPDQ×Q$PDF×
• WDULKOLYHVD\×O×%DQNDODU.DQXQX
• WDULKOLYHVD\×O×%DQNDODU.DQXQX
• WDULKOLYHVD\×O×%DQNDF×O×N.DQXQX
´%DQNDF×O×N .DQXQX .DQXQ +NPQGH .DUDUQDPHOHU YH (N 7HEOL÷OHUµLQ
LQFHOHQPHVLLOHPPNQGU
8\JXODPDQ×Q9HUL6HWLYH0HWRGRORML
8\JXODPDGD6×Q×UODQDQODU²8\JXODPDQ×Q9DUVD\×P×
8\JXODPDQ×Q$QDOL]L
• .XUXOXú YH )DDOL\HW ø]LQOHUL NDWHJRULVLQGH EDQNDODU×Q IDDOL\HW NRQXODU×
úXEH YH WHPVLOFLOLN DoPD L]QL NXUXOXú LoLQ DVJDUL |GHQPLú VHUPD\H L]LQ
LSWDOOHULV×Q×U|WHVLIDDOL\HWOHUHGDLUELOJLOHU\HUDOPDNWDG×U
• øo 6LVWHPOHU NDWHJRULVLQGH Lo NRQWURO ULVN \|QHWLPL Lo GHQHWLP XVXO YH
HVDVODU×ED÷×PV×]GHQHWLPGHVWHNKL]PHWLYHVRUXPOXOXNVLJRUWDV×LOHLOJLOL
GHWD\ODUYDUG×U
• .UHGLOHU YH 5LVN *UXEX NDWHJRULVLQGH NUHGL VD\×ODQ LúOHPOHU ULVN JUXEX
NUHGLV×Q×UODU×NUHGLNDUú×O×NODU×JLELNRQXODUPHYFXWWXU
• %DQNDF×O×N ']HQOHPH YH 'HQHWOHPH .XUXPX NDWHJRULVLQGH .XUXPXQ
|]HUNOL÷L.XUXO\HOHULYH\HWNLOHULWRSODQPDV×NO×NODU×.XUXPXQEWoHVL
LúELUOL÷L\DSW×÷×GXUXPODU\HUDOPDNWDG×U
$G×P
dDO×úPDQ×Q YHUL VHWLQL ROXúWXUDQ RQ ELU NDWHJRULQLQ HQGHNVH HWNL \DSDQ
\]GHVHO D÷×UO×NODU× DúD÷×GD YHULOPLúWLU %XUDGDNL NDWHJRULOHULQ WP WHPHOGH
|QHP DU] HWPHNWHGLU $QFDN ED]× NDWHJRULOHU GR÷UXGDQ VLVWHPH HWNL HGHUNHQ
ED]×ODU× GROD\O× ELU HWNL E×UDNPDNWDG×U %DQNDODU×Q ´JYHQµ GLQDPL÷L ]HULQH
NXUXOX ELU VLVWHPL ROPDV× QHGHQL LOH GHQHWLP NDWHJRULVLQH HQ \NVHN D÷×UO×N
YHULOPLúWLU $UG×QGDQ .UHGLOHU YH 5LVN JUXEX 6LVWHPL RWRULWHVL RODQ %''. YH
0HYGXDW 6LJRUWDV× RWRULWHVL RODQ 706) LNLQFL HQ \NVHN D÷×UO×÷D VDKLS
NDWHJRULOHUGLU 6LVWHPL GDKD D] HWNLOH\HQ .XUXOXú %LUOLNOHUL YH &H]DODU6XoODU
NDWHJRULOHULLVHHQGúN\]GHOHULOHD÷×UO×NODQG×U×OP×úW×U
.DWHJRULOHU $÷×UO×N
'HQHWLP
.UHGLOHUYH5LVN*UXEX
%''.
7DVDUUXI0HYGXDW×6LJRUWD)RQX
.XUXOXúYH)DDOL\HWø]LQOHUL
.XUXPVDO<|QHWLP
øoVLVWHPOHU
)LQDQVDO5DSRUODPD
$QDV|]OHúPH\HøOLúNLQ+NPOHU
.XUXOXú%LUOLNOHUL
&H]DODUYH6XoODU
$G×P
VD\×O×%DQNDODU.DQXQX'HQHWLP.DWHJRULVLLoLQ
DDDDDD
úHNOLQGH KHVDSODQP×úW×U 'L÷HU NDWHJRULOHU
GHEXQDJ|UHKHVDSODQP×úW×U
øoVLVWHPOHU
)LQDQVDO5DSRUODPD
$QDV|]OHúPH\HøOLúNLQ+NPOHU
.XUXOXú%LUOLNOHUL
&H]DODUYH6XoODU
$G×P
']HQOHPHYH'HQHWOHPH.DWVD\×V×
8\JXODPDQ×Q%XOJXODU×Q×Q'H÷HUOHQGLULOPHVL
2Q ELU NDWHJRULQLQ WPQQ D÷×UO×NO× RUWDODPDV× DO×QDUDN KHVDSODQDQ
´']HQOHPH YH 'HQHWOHPH .DWVD\×V×µ VRQXoODU× 7UN EDQNDF×O×N VHNW|UQQ
·GHQ VRQUDNL G]HQOHPH YH GHQHWOHPHGHNL \DVDO ]HPLQ HWNLQOL÷LQLQ DUWW×÷×Q×
J|VWHUPHNWHGLU 6D\×O× %DQNDF×O×N .DQXQX ´']HQOHPH YH 'HQHWOHPH
.DWVD\×V×µQ×Q YH 6D\×O× %DQNDODU .DQXQODU×QD J|UH ROGXNoD \NVHN
o×NPDV×QGDWPNDWHJRULOHUGHNLDUW×úVD÷ODP×úW×U
6218d
%DQNDF×O×N VHNW|U ´JYHQµ HVDV×QD GD\DO× ELU X÷UDú DODQ× ROPDV× VHEHEL
LOHGHQHWLPLGHD\U×ELU|QHPJHUHNWLUHQIDDOL\HWOHUGHQROXúPDNWDG×U%DQNDF×O×NWD
GL÷HU LúOHWPHOHUGHQ IDUNO× RODUDN GHQHWLPLQ IDUNO× ELU úHNLOGH |QHPLQH \DS×ODQ
YXUJX HVDV IDDOL\HW NRQXVXQXQ ´SDUDµ ROPDV×QGDQ ND\QDNODQPDNWDG×U %LU GL÷HU
LIDGH LOH EDúNDODU×Q×Q IRQ ND\QD÷× LOH IRQ WDOHS HGHQOHUH DUDF×O×N HGHQ EDQNDF×O×N
VHNW|UEXND\QD÷×HPDQHWDOPDNWDG×U%XQHGHQOHEDQNDODU×QGHQHWLPLELUNDPX
RWRULWHVLWDUDI×QGDQNRQWUROHGLOPHNWHGLU
%DQNDF×O×NONHHNRQRPLOHULQLQFDQGDPDU×RODQIRQODU×QDN×ú×Q×VD÷OD\DQ
KD\DWL ELU VHNW|UGU %DQNDODU HNRQRPLN NDON×QPD YH ND\QDN GD÷×O×P×QGD
HWNLQOL÷LQ DUWPDV×QGD FLGGL ELU J|UHY VWOHQPHNWHGLU %X GHQOL |QHPOL LúOHYOHUL
RODQ EDQNDODU×Q NDUú×ODúW×÷× ULVNOHU GH ELU R NDGDU oHúLWOL ROXS EDQNDODU IDDOL\HW
DODQODU×Q×QJHQLúOHPHVLLOHELUOLNWHDUWDQULVNSURILOLGLNNDWoHNPHNWHGLU5LVNOHULQ
|OoOPHVLWDQ×PODQPDV×YHUDSRUODQPDV×LoLQGQ\DGDEDQNDF×O×NVHNW|UQH \HQL
ELU VROXN JHWLUHQ ´%DVHO 8\JXODPDODU×µ \×O×QGDQ EHUL ONHOHULQ EDQNDF×O×N
VHNW|UOHULQLQ X\XP oDO×úPDODU× LOH GHYDP HWPHNWHGLU %DQNDF×O×N ULVNOHULQ
\|QHWLOPHVL LoLQ XOXVODUDUDV× ELU VWDQGDUW \DNODú×P× VHUJLOH\HQ %DVHO
X\JXODPDODU×Q×Q JHOLúPHOHUL ONHPL]GH GH ELUHELU WDNLS HGLOPHNWHGLU g]HOOLNOH
RODQDVJDULVHUPD\H \HWHUOLOL÷LUDV\RVXQXQ7UNEDQNDF×O×NVHNW|UQGH²
FLYDU×QGDROPDV×EDQNDODU×P×]×QEXX\JXODPDODUDRODQX\XPXQXQLúDUHWLGLU
'HYOHWLQ HNRQRPLN KD\DW× G]HQOHPHVL oRN HVNLOHUH GD\DQ×UNHQ
7UNL\H·GH ·OHUGH X\JXODPD DODQ× EXODELOPLúWLU %XQXQ QHGHQL LVH
UDVWODPDV×Q×Q OLEHUDOOHúPH DN×P×Q×Q EX \×OODUD GHQN JHOPHVLGLU %|\OHOLNOH
G]HQOHPH GHYOHW VDKLSOL÷LQGHQ VHUEHVW SL\DVD VLVWHPLQH JHoLúLQ ELU SDUoDV×
ROPXúWXUg]HOOLNOHJHOLúPHNWHRODQONHOHUGHVRQ\×OODUGDUHJODV\RQNRQXVXQXQ
JQGHPGH ROPDV×Q×Q WHPHO QHGHQL |]HOOHúWLUPH SROLWLNDODU×G×U dQN
|]HOOHúWLUPHOHUVHNW|UOHUHG]HQOHPHLKWL\DF×JHWLUPLúWLU
%DQNDF×O×N VLVWHPLQLQ G]HQOHQPHVL YH GHQHWOHQPHVL NRQXVXQGD WHPHO
VRUXODUGDQ ELUL G]HQOHPH YH GHQHWLPLQ 0HUNH] %DQNDV× WDUDI×QGDQ P× D\U× ELU
NXUXPXQ WDUDI×QGDQ P× \RNVD KHU LNLVLQLQ GH ROGX÷X ELU VLVWHP WDUDI×QGDQ P×
ROPDV×JHUHNWL÷LGLU%XNRQXGDLNWLVDGLWHRULOHUQHWELU\DNODú×PVHUJLOHPHPHNWH
KHUONHIDUNO×X\JXODPDODULOHRUWD\Do×NPDNWDG×UdDO×úPDGDLQFHOHQHQONHOHULQ
ELU oR÷XQOX÷XQXQ EDQNDF×O×N G]HQOHPH YH GHQHWOHPH J|UHYLQL KHP 0HUNH]
%DQNDV×KHPGHD\U×ELURWRULWHWDUDI×QGDQVWOHQLOGL÷LJ|UOPHNWHGLU
NXUXOPXú ROPDV×G×U %X JHOLúPHQLQ G×ú×QGD VD\×O× %DQNDODU .DQXQX·QGD
7UN EDQNDF×O×N VHNW|UQ HWNLOH\HELOHFHN |QHPOL ELU GXUXP PHYFXW GH÷LOGLU
VD\×O×%DQNDF×O×N.DQXQX·QXQVD\×O×%DQNDODU.DQXQX·QDJ|UHLVHKHP
NDSVDP KHP GH GHWD\ Do×V×QGDQ GDKD HWNLQ ROGX÷X X\JXODPD EXOJXODU× LOH
|UWúPHNWHGLU
%DQNDODU×Q\DSDELOHFHNOHULIDDOL\HWDODQODU×Q×QGHWD\O×ELUúHNLOGHPDGGHOHU
KDNOLQGH EHOLUWLOPHVL NRQX\D Do×NO×N JHWLULOPHVLQL VD÷ODP×úW×U %X GXUXP
VD\×O× %DQNDF×O×N .DQXQX·QXQ Do×NO×N YH úHIIDIO×N Do×V×QGDQ HWNLQOL÷LQLQ DUWW×÷×Q×
J|VWHUPHNWHGLU )DDOL\HWOHU LOH LOJLOL ELU GL÷HU |QHPOL NRQX LVH |]HO ILQDQV
NXUXPODU×Q×Q NDW×O×P EDQNDODU× RODUDN %DQNDF×O×N .DQXQX NDSVDP×QD DO×QP×ú
ROPDV×G×U%XJHOLúPHLOHELUOLNWHPHYGXDWYHNDW×O×PIRQXNDEXOQQD\U×P×QD\HU
YHULOPLú ROXS KDQJL EDQND WUQQ KDQJL LúOHPOHUL \DSDELOHFH÷L\DSDPD\DFD÷×
NRQXVXQHWOLNND]DQP×úW×U
VD\×O×%DQNDF×O×N.DQXQXLOH%DVHO8]ODú×V×GR÷UXOWXVXQGD|]ND\QDN
YHVWDQGDUWRUDQODUPDGGHVLG]HQOHPH\HHNOHQPLúROXSDVJDULVHUPD\HRUDQ×HQ
D]RODUDNEHOLUOHQPLúWLU7UNEDQNDF×O×NVLVWHPLQLQ%DVHONULWHUOHULQHYHUGL÷L
|QHP DQ×ODQ KNPGHQ DQODú×OPDNWDG×U %X GXUXP 7UN EDQNDODU×Q×Q NUHVHO
ILQDQVNUL]LQGHJHOLúPLúONHOHUHJ|UHGDKDWHGELUOLROGX÷XQXJ|VWHUPLúWLU
%DQNDODU DUDV×QGDNL UHNDEHW DUWW×NoD EX RUWDPGDQ HQ ID]OD ]DUDU J|UHQ
WNHWLFLOHU ROPDNWDG×U %DQNDODU×Q NUHGLOHUH X\JXODG×NODU× IDL] KL]PHWOHUL
NDUú×O×÷×QGD WDKVLO HWWLNOHUL FUHWOHU NRQXVXQD 7UN EDQNDF×O×N G]HQOHPH YH
GHQHWOHPH RWRULWHVLQLQ %''. RODV× \HQL ELU %DQNDF×O×N .DQXQX·QGD \HU
YHULOPHVL LoLQ |QFON HWPHVL YH NRQX\D Do×NO×N JHWLUPHVL EDQNDF×O×N VLVWHPLQH
RODQJYHQLDUWW×UDFDNW×U
7UNEDQNDF×O×NVHNW|ULoLQRODV×ELU\DVDGH÷LúLNOL÷LKDOLQGHoDO×úPDGDNL
X\JXODPD VRQXFXQD J|UH HWNLQOLN SXDQ× QLVSHWHQ GúN RODQ ERUo YHUPH
\|QHWLFLOHULQ GXUXPX UDSRUODPDND\×W NDWHJRULOHULQGH G]HQOHPHOHULQ GDKD L\L
\DS×ODQG×U×OPDV×LOHEDQNDF×O×NG]HQOHPHYHGHQHWOHPHVLVWHPLPL]LQ\DVDO]HPLQL
YHX\JXODPDHWNLQOL÷LDUWW×U×ODELOLU
(./(5
hONH %DQNDF×O×N']HQOHPHYH'HQHWOHPH2WRULWHVL
$OPDQ\D $OPDQ%XQGHVEDQN)HGHUDO)LQDQVDO'HQHWLP2WRULWHVL
$PHULND )HGHUDO5H]HUY6LVWHPL*XYHUQRUOHU.XUXOX1HZ<RUN)HGHUDO5H]HUY
%LUOHúLN %DQNDV× )HGHUDO 0HYGXDW 6LJRUWDV× .XUXPX 1HZ <RUN 'HYOHW
'HYOHWOHUL %DQNDF×O×÷× %|OP 7DVDUUXI 'HQHWOHPH 'DLUHVL $%' 8OXVDO
%DQNDODU×'HQHWLP.XUXPX
$QJROD $QJROD8OXVDO%DQNDV×
$QJXLOOD )LQDQVDO+L]PHWOHU.RPLV\RQX
$UMDQWLQ $UMDQWLQ0HUNH]%DQNDV×
$UQDYXWOXN $UQDYXWOXN%DQNDV×
$UXED $UXED0HUNH]%DQNDV×
$YXVWXUDO\D $YXVWUDO\D5H]HUY%DQNDV×$YXVWUDO\DøKWL\DWL']HQOHPH2WRULWHVL
$YXVWXU\D $YXVWXU\D8OXVDO%DQNDV×$YXVWXU\D)LQDQVDO3L\DVDODU2WRULWHVL
$]HUED\FDQ $]HUED\FDQ&XPKXUL\HWL0HUNH]%DQNDV×
%DKDPDODU %DKDPDODU0HUNH]%DQNDV×
%DKUH\Q %DKUH\Q0HUNH]%DQNDV×
%DQJODGHú %DQJODGHú%DQNDV×
%DUEDGRV %DUEDGRV0HUNH]%DQNDV×
%DW×$IULND %DW×$IULND3DUD%LUOL÷L%DQNDF×O×N.RPLV\RQX
%HODUXV %HODUXV&XPKXUL\HWL8OXVDO%DQNDV×
%HOoLND %HOoLND8OXVDO%DQNDV×
%HOL]H %HOL]H0HUNH]%DQNDV×
%HUPXGD %HUPXGD3DUDVDO2WRULWH
%KXWDQ %KXWDQ.UDOL\HW3DUDVDO2WRULWHVL
%LUOHúLN $UDS %LUOHúLN $UDS (PLUOLNOHUL 0HUNH] %DQNDV× 'XEDL )LQDQVDO +L]PHWOHU
(PLUOLNOHUL 2WRULWHVL
%RVQD+HUVHN %RVQD+HUVHN%DQNDF×O×N.XUXPX
%RWVYDQD %RWVYDQD%DQNDV×
%UH]LO\D %UH]LO\D0HUNH]%DQNDV×
%XOJDULVWDQ %XOJDULVWDQ8OXVDO%DQNDV×
%XUXQGL %XUXQGL&XPKXUL\HWL%DQNDV×
&DSH9HUGH &DSH9HUGH%DQNDV×
&D\PDQ
$GDODU× &D\PDQ$GDODU×3DUDVDO2WRULWH
&HEHOLWDU×N )LQDQVDO+L]PHWOHU.RPLV\RQX
&H]D\LU &H]D\LU%DQNDV×
&RRN$GDODU× )LQDQVDO'HQHWLP.RPLV\RQX
&XUDoDR &XUDoDRDQG6LQW0DDUWHQ0HUNH]%DQNDV×
dHN
&XPKXUL\HWL dHN8OXVDO%DQNDV×
dLQ dLQ+DON%DQNDV×dLQ%DQNDF×O×N']HQOHPH.RPLV\RQX
'DQLPDUND 'DQLPDUND8OXVDO%DQNDV×'DQLPDUND)LQDQVDO'HQHWLP2WRULWHVL
'RPLQLN
&XPKXUL\HWL %DQNDøGDUHVL
(NYDGRU %DQNDYH6LJRUWDøGDUHVL
(O6DOYDGRU (O6DOYDGRU0HUNH]%DQNDV×)LQDQVDO6LVWHPøGDUHVL
(QGRQH]\D (QGRQHV\D%DQNDV×
(ULWUHD (ULWUHD%DQNDV×
(UPHQLVWDQ (UPHQLVWDQ0HUNH]%DQNDV×
(VWRQ\D (VWRQ\D%DQNDV×(VWRQ\D)LQDQVDO'HQHWLP2WRULWHVL
(WL\RS\D (WL\RS\D8OXVDO%DQNDV×
)LML )LML5H]HUY%DQNDV×
)LOLSLQOHU )LOLSLQOHU0HUNH]%DQNDV×
)LOLVWLQ )LOLVWLQ3DUDVDO2WRULWHVL
)LQODQGL\D )LQODQGL\D%DQNDV×)LQODQGL\D0DOL'HQHWLP2WRULWHVL
)UDQVD øKWL\DWL.RQWURO.XUXPX
*DPEL\D *DPEL\D0HUNH]%DQNDV×
*DQD *DQD%DQNDV×
*LQH *LQH&XPKXUL\HWL0HUNH]%DQNDV×
*LQH%LVVDX *LQH%LVVDX0HUNH]%DQNDV×
*UHQDGD *UHQDGD8OXVODUDUDV×)LQDQVDO+L]PHWOHU2WRULWHVL
*XDWHPDOD %DQNDøGDUHVL
*XHUQVH\ *XHUQVH\)LQDQVDO+L]PHWOHU2WRULWHVL
*X\DQD *X\DQD%DQNDV×
*QH\$IULND *QH\$IULND5H]HUY%DQNDV×
*QH\.RUH .RUH%DQNDV×)LQDQVDO+L]PHWOHU.RPLV\RQX
*UFLVWDQ *UFLVWDQ8OXVDO%DQNDV×
+DLWL +DLWL&XPKXUL\HW%DQNDV×
+×UYDWLVWDQ +×UYDWLVWDQ8OXVDO%DQNDV×
+LQGLVWDQ +LVWDQGDQ5H]HUY%DQNDV×
+ROODQGD +ROODQGD%DQNDV×
+RQJ.RQJ +RQJ.RQJ3DUDVDO2WRULWHVL
øQJLOWHUH øQJLOWHUH%DQNDV×)LQDQVDO+L]PHWOHU.RPLV\RQX
øUDQ øUDQøVODP&XPKXUL\HWL0HUNH]%DQNDV×
øUODQGD øUODQGD0HUNH]%DQNDV×
øVSDQ\D øVSDQ\D%DQNDV×
øVUDLO øVUDLO%DQNDV×
øVYHo øVYHo0HUNH]%DQNDV×øVYHo)LQDQVDO'HQHWLP2WRULWHVL
øVYLoUH øVYLoUH8OXVDO%DQNDV×øVYLoUH)LQDQVDO3L\DVDODU'HQHWLP2WRULWHVL
øWDO\D øWDO\D%DQNDV×
ø]ODQGD ø]ODQGD0HUNH]%DQNDV×ø]ODQGD)LQDQVDO+L]PHWOHU2WRULWHVL
-DPDLND -DPDLND%DQNDV×
-DSRQ\D -DSRQ\D%DQNDV×)LQDQVDO+L]PHWOHU.RPLV\RQX
-HUVH\ -HUVH\)LQDQVDO+L]PHWOHU2WRULWHVL
.DQDGD )LQDQVDO.XUXOXúODU'HQHWLP2WRULWHVL
.DUD\LSOHU 'R÷X.DUD\LSOHU0HUNH]%DQNDV×
.DWDU .DWDU0HUNH]%DQNDV×.DWDU)LQDQVDO0HUNH]']HQOHPH2WRULWHVL
.HQ\D .HQ\D0HUNH]%DQNDV×
.×EU×V .×EU×V0HUNH]%DQNDV×
.×UJ×]LVWDQ .×UJ×]&XPKXUL\HWL8OXVDO%DQNDV×
.RORPEL\D .RORPEL\D)LQDQVDO'HQHWLP2WRULWHVL
.RQJR
&XPKXUL\HWL .RQJR0HUNH]%DQNDV×
.RVRYD .RVRYD&XPKXUL\HWL0HUNH]%DQNDV×
.RVWD5LND .RVWD5LND0HUNH]%DQNDV×)LQDQVDO.XUXPODU*HQHOøGDUHVL
.XYH\W .XYH\W0HUNH]%DQNDV×
.ED .ED0HUNH]%DQNDV×
/HVRWR /HVRWR0HUNH]%DQNDV×
/HWRQ\D )LQDQVDOYH6HUPD\H3L\DVDV×.RPLV\RQX
/LE\D /LE\D0HUNH]%DQNDV×
/LKWHQúWD\Q )LQDQVDO3L\DVDODU.RPLV\RQX
/LWYDQ\D /LWYDQ\D%DQNDV×
/EQDQ /EQDQ0HUNH]%DQNDV×
/NVHPEXUJ /NVHPEXUJ0HUNH]%DQNDV×)LQDQVDO+L]PHWOHU.RPLV\RQX
0DFDULVWDQ 0DFDULVWDQ)LQDQVDO'HQHWLP2WRULWHVL
0DGDJDVNDU 0DGDJDVNDU0HUNH]%DQNDV×
0DNDR 0DNDR3DUDVDO2WRULWHVL
0DNHGRQ\D 0DNHGRQ\D&XPKXUL\HWL8OXVDO%DQNDV×
0DODYL 0DODYL5H]HUY%DQNDV×
0DOGLYOHU 0DOGLYOHU3DUDVDO2WRULWH
0DOH]\D 0DOH]\D0HUNH]%DQNDV×2IIVKRUH)LQDQVDO+L]PHWOHU2WRULWHVL
0DOWD 0DOWD0HUNH]%DQNDV×0DOWD)LQDQVDO+L]PHWOHU2WRULWHVL
0DQ$GDV× )LQDQVDO+L]PHWOHU.RPLV\RQX
0DXULWLXV 0DXULWLXV%DQNDV×
0HNVLND 8OXVDO%DQNDF×O×NYH0HQNXO.×\PHWOHU2WRULWHVL
0×V×U 0×V×U0HUNH]%DQNDV×
0ROGRYD 0ROGRYD8OXVDO%DQNDV×
0RQWVHUUDW )LQDQVDO+L]PHWOHU.RPLV\RQX
0RURNR 0RURNR0HUNH]%DQNDV×
0R]DPELN 0R]DPELN%DQNDV×
0\DQPDU 0\DQPDU0HUNH]%DQNDV×
1DPLE\D 1DPLE\D%DQNDV×
1HSDO 1HSDO0HUNH]%DQNDV×
1LMHU\D 1LJHU\D0HUNH]%DQNDV×1LJHU\D6LJRUWD0HYGXDW×.XUXPX
1LNDUDJXD %DQNDODUYH'L÷HU0DOL.XUXOXúODU'HQHWLP2WRULWHVL
2UWD $IULND
&XPKXUL\HWL 2UWD$IULND%DQNDF×O×N.RPLV\RQX
g]EHNLVWDQ g]EHNLVWDQ&XPKXUL\HWL0HUNH]%DQNDV×
3DNLVWDQ 3DNLVWDQ'HYOHW%DQNDV×
3DQDPD 3DQDPD&XPKXUL\HWL%DQND'HQHWLP2WRULWHVL
3DSXD <HQL
*LQH 3DSXD<HQL*LQH%DQNDV×
3DUDJXD\ 3DUDJXD\0HUNH]%DQNDV×
3HUX %DQNDF×O×NYH6LJRUWDF×O×N'HQHWLPL
3RORQ\D 3RORQ\D8OXVDO%DQNDV×3RORQ\D)LQDQVDO'HQHWLP2WRULWHVL
3RUWHNL] 3RUWHNL]%DQNDV×
3RUWR5LNR )LQDQVDO.XUXPODU'HQHWLP2WRULWHVL
5RPDQ\D 5RPDQ\D8OXVDO%DQNDV×
5XDQGD 5XDQGD8OXVDO%DQNDV×
5XV\D 5XV\D)HGHUDV\RQX0HUNH]%DQNDV×
6DLQW/XFLD )LQDQVDO+L]PHWOHU'HQHWLP%LULPL
6DPRD 6DPRD0HUNH]%DQNDV×
6DQ0DULQR 6DQ0DULQR&XPKX\HWL0HUNH]%DQNDV×
6H\úHOOHU 6H\úHOOHU0HUNH]%DQNDV×
6×UELVWDQ 6×UELVWDQ8OXVDO%DQNDV×
6LHUUD/HRQH 6LHUUD/HRQH%DQNDV×
6LQJDSXU 6LQJDSXU3DUDVDO2WRULWHVL
6ORYDN\D 6ORYDN\D8OXVDO%DQNDV×
6ORYHQ\D 6ORYHQ\D%DQNDV×
6RORPRQ
$GDODU× 6RORPRQ$GDODU×0HUNH]%DQNDV×
6UL/DQND 6UL/DQND0HUNH]%DQNDV×
6XGDQ 6XGDQ%DQNDV×
6XULQDP 6XULQDPH0HUNH]%DQNDV×
6XUL\H $UDS
&XPKXUL\HWL 6XUL\H0HUNH]%DQNDV×
6XXGL
$UDELVWDQ 6XXGL$UDELVWDQ3DUDVDO2WRULWHVL
6ZD]LODQG 6ZD]LODQG0HUNH]%DQNDV×
ùLOL %DQNDODUYH0DOL.XUXOXúODU'HQHWLP2WRULWHVL
7DFLNLVWDQ 7DFLNLVWDQ&XPKXUL\HWL8OXVDO%DQNDV×
7DQ]DQ\D 7DQ]DQ\D%DQNDV×
7D\ODQG 7D\ODQG%DQNDV×
7RQJD 7RQJD8OXVDO5H]HUY%DQNDV×
7ULQLGDG DQG
7REDJR 7ULQLGDGDQG7REDJR0HUNH]%DQNDV×
7XQXV 7XQXV0HUNH]%DQNDV×
7XUNV YH
&DLFRV
$GDODU× 7XUNVDQG&DLFRV$GDODU+NPHWL
7UNPHQLVWDQ 7UNPHQLVWDQ0HUNH]%DQNDV×
8JDQGD 8JDQGD%DQNDV×
8NUD\QD 8NUD\QD8OXVDO%DQNDVX
8PPDQ 8PPDQ0HUNH]%DQNDV×
8UXJXD\ 8UXJXD\0HUNH]%DQNDV×
hUGQ hUGQ0HUNH]%DQNDV×
9DQXDWX 9DQXDWX5H]HUY%DQNDV×9DQXDWX)LQDQVDO+L]PHWOHU.RPLV\RQX
9HQH]XHOOD %DQNDODUYH'L÷HU0DOL.XUXOXúODU'HQHWLP2WRULWHVL
9LHWQDP 9LHWQDP'HYOHW%DQNDV×
9LUJLQ
$GDODU× )LQDQVDO+L]PHWOHU.RPLV\RQX
<HQL=HODQGD <HQL=HODQGD5H]HUY%DQNDV×
<XQDQLVWDQ <XQDQLVWDQ%DQNDV×
=DPEL\D =DPEL\D%DQNDV×
=LPEDEYH =LPEDEYH5H]HUY%DQNDV×
(. ² 8<*8/$0$'$ .8//$1,/$1 %$1.$&,/,. .$1818
ø1&(/(0(6258/$5,
$ .858/8ù9()$$/ø<(7ø=ø1/(5ø
%DQNDODU×QIDDOL\HWNRQXODU×.DQXQGDGHWD\O×FDEHOLUWLOPLúPL"
'HWD\O×ELUPDGGHYDU
'ROD\O×Do×NODPDYDU
'HWD\O×ELUPDGGH\RN
.XUXOXúYH\D7UNL\H
GHúXEHYHWHPVLOFLOLNDoPDL]QLQLNLPYHUL\RU"
%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXPX
%DNDQODU.XUXOX
.XUXOXúLoLQDVJDUL|GHQPLúVHUPD\HWXWDU×EHOLUWLOPLúPL"
(YHW
+D\×U\DGDELOJL\RN
)DDOL\HW L]QL LoLQ EDúYXUDQ EDQND DGD\×QD NDUDU ELOGLUPH VUHVL Do×NoD
EHOLUWLOPLúPL"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
.DQXQGD6×Q×U|WHVLIDDOL\HWOHULOHLOJLOLPDGGHKNPYDUP×"
(YHW
+D\×U\DGDELOJL\RN
% $1$6g=/(ù0(<(ø/øù.ø1+h.h0/(5
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
3D\GHYLUOHULQLQNDSVDP×YHL]QHWDELROPDV×LIDGHVLPHYFXWPXGXU"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
%LUOHúPHE|OQPHGHYLUOHULOHLOJLOLKNPOHU.DQXQ·GDDo×NoDEHOLUWLOPLú
PLGLU"
(YHW
+D\×U\DGDELOJL\RN
& .85806$/<g1(7ø0
%DQNDODU×Q\|QHWLPNXUXOODU×Q×QDVJDUL\HVD\×V×EHOLUWLOPLúPLGLU"
·GHQID]OD
LOHDUDV×QGD
%LOJL\RN
<|QHWLPNXUXOX\HOHULQGH\DS×ODFDNGH÷LúLNOLNKDOLQGHGXUXPXQRWRULWH\H
ELOGLULOPHVL]RUXQOXPXGXU"
(YHW
+D\×U\DGDELOJL\RN
%DQND\|QHWLPNXUXOXQXQVRUXPOXOXNODU×Do×NRODUDNLIDGHHGLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
+D\×U
(YHW\DGDROPDG×÷×QDGDLUELOJL\RN
'HQHWLPNRPLWHVLNLPHED÷O×RODUDNoDO×úPDNWDG×U"
%DQND<|QHWLP.XUXOX
%''.
%LOJL<RN
'HQHWLP NRPLWHVLQLQ J|UHY \HWNL YH VRUXPOXOXNODU× LOH oDO×úPD XVXO YH
HVDVODU×NLPWDUDI×QGDQG]HQOHQLU"
%DQND<|QHWLP.XUXOX
%''.
%LOJL<RN
%DQNDJHQHOPGUYH\DUG×PF×ODU×Q×QWDú×PDV×JHUHNHQPHVOHNL\HWHUOLOLN
YH|÷UHQLPVHYL\HVLLOHLOJLOLLIDGHOHUDo×NP×G×U"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
<|QHWLP NXUXOX GHQHWLP NRPLWHVL YH NUHGL NRPLWHVL LOH PGUOHU NXUXOX
NDUDUODU×Q×QNDUDUGHIWHULQHND\G×]RUXQOXWXWXOPXúPXGXU"
(YHW
+D\×U\DGDELOJL\RN
' ød6ø67(0/(5
.DQXQGD %DQNDODU×Q \HWHUOL YH HWNLQ ELU Lo NRQWURO ULVN \|QHWLPL YH Lo
GHQHWLP VLVWHPL NXUPDN YH LúOHWPHNOH \NPO ROGXNODU× LIDGHVL \HU
DOPDNWDP×G×U"
(YHW
+D\×U\DGDELOJL\RN
øoNRQWUROULVN\|QHWLPLYHLoGHQHWLPVLVWHPOHULQLQXVXOYHHVDVODU×QDNLP
NDUDUYHULU"
%''.
%DQND<|QHWLP.XUXOX
%LOJL<RN
øo.RQWUROELULPLNLPHED÷O×RODUDNoDO×ú×U"
%DQND<|QHWLP.XUXOX
%''.
%LOJL<RN
(YHW
+D\×U\DGDELOJL\RN
%DQNDODU×QGHVWHNKL]PHWLDODFD÷×NXUXOXúODUYHHVDVODU×Do×NoDEHOLUWLOPLú
PLGLU"
(YHW
+D\×U\DGDELOJL\RN
.DQXQDJ|UHEDQNDODUVRUXPOXOXNVLJRUWDV×\DSW×UPDNGXUXPXQGDP×G×U"
(YHW
+D\×U\DGDELOJL\RN
( )ø1$16$/5$325/$0$
%DQNDODUPXKDVHEHVLVWHPLQGHWHNG]HQKHVDSX\JXODPDN]RUXQGDP×G×U"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
%DQNDODU×Q\×OO×NIDDOL\HWUDSRUXKD]×UODPDV×úDUWP×"
(YHW
+D\×U\DGDELOJL\RN
%DQNDELOJLOHULQHNDGDUVUHLOHVDNODPDNGXUXPXQGDG×U"
\×O
\×O
%LOJL\RN
(YHW
+D\×U\DGDELOJL\RN
.DQXQGD$VJDULVHUPD\H\HWHUOLOLNRUDQ×\]GHNDoW×U"
%LOJL\RN
) .5('ø/(5YH5ø6.*58%8
.DQXQGDNUHGLVD\×ODQLúOHPOHUDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
.DQXQGDULVNJUXEXDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
.DQXQD J|UH EDQNDODU VHUPD\HVLQLQ NDo×Q× DúDQ RUWDNODUD NUHGL
YHUHPH]"
YHGDKDID]ODV×
YHGDKDID]ODV×
%LOJL\RN
%LUEDQNDQ×Q\|QHWLPNXUXOX\HOHULQHPHQVXSODU×LOHEXQODU×QH8OHULQHYH
YHOk\HWDOW×QGDNLoRFXNODU×QDYHULOHELOHFHND]DPLNUHGLYHNUHGLNDUW×WXWDU×
Do×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
%DQND ULVN JUXEXQGD \HU DODQ NLúLOHUH DoW×÷× NUHGLOHUL RWRULWH\H G]HQOL
RODUDNUDSRUODUP×"
(YHW
+D\×U\DGDELOJL\RN
<|QHWLP .XUXOX NUHGL DoPD RQD\ YHUPH YH GL÷HU HVDVODUD LOLúNLQ
JHOLúPHOHULRWRULWH\HUDSRUOX\RUPX"
(YHW
+D\×U\DGDELOJL\RN
%DQNDODUFD ELU JHUoHN \D GD W]HO NLúL\H YH\D ELU ULVN JUXEXQD
NXOODQG×U×ODELOHFHNNUHGLOHULQWRSODP×|]ND\QDNODU×QNDo×Q×DúDPD]"
·XQX
·LQL
%LOJL\RN
%DQNDODU×Q VHUPD\HVLQLQ \]GH ELU YH GDKD ID]OD SD\×QD VDKLS ROXS SD\
GHIWHULQH ND\×WO× RODQ WP RUWDNODU×QD YH EXQODUOD ULVN JUXEX ROXúWXUDQ
NLúLOHUHNXOODQG×U×ODFDNNUHGLOHULQWRSODP×|]ND\QDNODU×QNDo×Q×DúDPD]"
·XQX
·VLQL
%LOJL\RN
.DQXQGDE\NNUHGLOHU|]ND\QDNODU×QNDoNDW×Q×DúDPD]"
NDW×
NDW×
%LOJL\RN
.DQXQDJ|UHEDQNDODU×QNUHGLNXUXOXúODU×YHILQDQVDONXUXOXúODUG×ú×QGDNL
ELURUWDNO×NWDNLSD\×NHQGL|]ND\QDNODU×Q×QNDo×Q×DúDPD]"
·XQX
·LQL
%LOJL\RN
·Q
·VLQL
%LOJL\RN
.DQXQGDEDQNDODU×Q\DSDFDNODU×ED÷×úODUDV×Q×UODPDJHWLULOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
.DQXQGDPHYGXDWYHNDW×O×PIRQXNDEXOHGHELOHFHNEDQNDWUOHULDo×NELU
úHNLOGHEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
%DQNDODU×Q NUHGL LúOHPOHULQGH DODFDNODU× IDL] RUDQODU× YH WDKVLO HGHFHNOHUL
PDVUDIODUDGDLUDo×NODPDYDUP×G×U"
(YHW
+D\×U\DGDELOJL\RN
.DQXQDJ|UHPHYGXDW]DPDQDú×P×NDo\×OG×U"
\×O
\×O
%LOJL\RN
0HYGXDW×VLJRUWDHGHFHNELURWRULWHYDUP×G×U"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
0HYGXDWVLJRUWDV×QDNDW×O×P]RUXQOXPXGXU"
(YHW
+D\×U\DGDELOJL\RN
%LU EDQNDQ×Q YHUHFH÷L QDNGL YH JD\ULQDNGL NUHGLOHULQ WXWDU× WRSODP
|]ND\QDNODU×Q×QNDoNDW×Q×DúDPD]"
NDW×
NDW×
%LOJL\RN
* '(1(7ø0
2WRULWHEDQNDODU×QJHQHONXUXOXQDWHPVLOFLJ|QGHUHELOLUPL"
(YHW
+D\×U\DGDELOJL\RN
.RQVROLGHGHQHWLPLOHLOJLOLHVDVODUDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
2WRULWHQLQ|QOHPDOPDV×JHUHNHQKDOOHUNDQXQGDDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
%LUEDQNDQ×QGHQHWLPVRQXFXQGDIRQDGHYUHGLOPHVLQLJHUHNWLUHQKDOOHUYH
IDDOL\HWL]QLQNDOG×U×OPDV×LOHLOJLOLKXVXVODU.DQXQGD\HUDOPDNWDP×G×U"
(YHW
+D\×U\DGDELOJL\RN
2WRULWHWDUDI×QGDQ\DS×ODQGHQHWLPQHV×NO×NWDG×U"
$\GDELU
$\GDELU
$\GDELU
<×OGDELU
%LOJL\RN
<HULQGHGHQHWLP\DS×O×\RUPX"
(YHW
+D\×U\DGDELOJL\RN
'HQHWLPUDSRUXQXQQDV×OG]HQOHQHFH÷LQHGDLUGHWD\ODUPHYFXWPX"
(YHW
+D\×U\DGDELOJL\RN
'HQHWoLOHULQWDú×PDV×JHUHNHQ|]HOOLNOHUEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
+ .858/8ù%ø5/ø./(5ø
.XUXOXúELUOLNOHULQH\HOLN]RUXQOXPX"
(YHW
+D\×U\DGDELOJL\RN
%LUOLNOHULQJ|UHYYH\HWNLOHUL.DQXQGDDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
ø %$1.$&,/,.'h=(1/(0(YH'(1(7/(0(.85808
2WRULWHLGDULYHPDOL|]HUNOL÷HVDKLSPLGLU"
(YHW
+D\×U\DGDELOJL\RN
2WRULWHQLQNDUDUODU×\HULQGHOLNGHQHWLPLQHWDELWXWXODELOLUPL"
(YHW
+D\×U\DGDELOJL\RN
2WRULWHQLQ.XUXOXHQD]NDoNLúLGHQROXúPDNWDG×U"
NLúLYHGDKDID]OD
LODNLúLDUDV×QGD
%LOJL\RN
.XUXO\HOHULQLQWDú×PDV×JHUHNHQúDUWODUDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
.XUXOKDQJLV×NO×NWDWRSODQPDNWDG×U"
+DIWDGDNH]
$\GDNH]
D\GDNH]
%LOJL\RN
.XUXOXQJ|UHYYH\HWNLOHUL.DQXQGDDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
.XUXP \DSW×÷× GHQHWLP HVQDV×QGD KHU WUO ELOJL YH EHOJH\L LVWHPH
\HWNLVLQHVDKLSPLGLU"
(YHW
+D\×U\DGDELOJL\RN
.XUXPIDDOL\HWOHULKDNN×QGD\×OO×NUDSRUVXQPDN]RUXQGDP×G×U"
(YHW
+D\×U\DGDELOJL\RN
.XUXPILQDQVVHNW|UQGHNLGL÷HUNXUXPODULOHLúELUOL÷LLoHULVLQGHPLGLU"
(YHW
+D\×U\DGDELOJL\RN
.XUXPEWoHVLGHQHWLPHWDELPLGLU"
(YHW
+D\×U\DGDELOJL\RN
- 7$6$558)0(9'8$7,6ø*257$)218
2WRULWHLGDULYHPDOL|]HUNOL÷HVDKLSPLGLU"
(YHW
+D\×U\DGDELOJL\RN
2WRULWHQLQNDUDUODU×\HULQGHOLNGHQHWLPLQHWDELWXWXODELOLUPL"
(YHW
+D\×U\DGDELOJL\RN
2WRULWHQLQ.XUXOXHQD]NDoNLúLGHQROXúPDNWDG×U"
NLúLYHGDKDID]OD
LODNLúLDUDV×QGD
%LOJL\RN
.XUXO\HOHULQLQWDú×PDV×JHUHNHQúDUWODUDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
.XUXOKDQJLV×NO×NWDWRSODQPDNWDG×U"
+DIWDGDNH]
$\GDNH]
D\GDNH]
%LOJL\RN
.XUXOXQJ|UHYYH\HWNLOHUL.DQXQGDDo×NoDEHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
.XUXP \DSW×÷× GHQHWLP HVQDV×QGD KHU WUO ELOJL YH EHOJH\L LVWHPH
\HWNLVLQHVDKLSPLGLU"
(YHW
+D\×U\DGDELOJL\RN
.XUXPIDDOL\HWOHULKDNN×QGD\×OO×NUDSRUVXQPDN]RUXQGDP×G×U"
(YHW
+D\×U\DGDELOJL\RN
.XUXPILQDQVVHNW|UQGHNLGL÷HUNXUXPODULOHLúELUOL÷LLoHULVLQGHPLGLU"
(YHW
+D\×U\DGDELOJL\RN
.XUXPEWoHVLGHQHWLPHWDELPLGLU"
(YHW
+D\×U\DGDELOJL\RN
. &(=$/$5YH68d/$5
.DQXQGD LúOHQHQ VXoODU×Q NDSVDP× YH LGDUL FH]DODU× Do×N ELU úHNLOGH
EHOLUWLOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
(YHW
+D\×U\DGDELOJL\RN
.DQXQDJ|UHEHOJHOHULQVDNODQPDV×ELUVXoPXGXU"
(YHW
+D\×U\DGDELOJL\RN
.DQXQGDNRYXúWXUPDQ×QXVXOGHWD\O×FDYHULOPLúPLGLU"
(YHW
+D\×U\DGDELOJL\RN
(N
6D\×O×%DQNDODU.DQXQX5HVPL*D]HWH+D]LUDQ
$PDoYHNDSVDP
0DGGH
%X .DQXQXQ DPDF× WDVDUUXI VDKLSOHULQLQ KDN YH PHQIDDWOHULQL NRUXPDN PDOL
SL\DVDODUGD JYHQ YH LVWLNUDU× YH HNRQRPLN NDON×QPDQ×Q JHUHNOHULQL GH GLNNDWH
DODUDN NUHGL VLVWHPLQLQ HWNLQ ELU úHNLOGH oDO×úPDV×Q× VD÷ODPDN ]HUH EDQNDODU×Q
NXUXOXú \|QHWLP oDO×úPD GHYLU ELUOHúPH WDVIL\H YH GHQHWOHQPHOHULQH LOLúNLQ
HVDVODU×G]HQOHPHNWLU
7DQ×PODU
0DGGH%X.DQXQXQX\JXODQPDV×QGD
øOJLOL%DNDQ%DúEDNDQYH\DJ|UHYOHQGLUHFH÷L'HYOHW%DNDQ×Q×
.XUXP%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXPXQX
.XUXO%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXOXQX
%DúNDQ%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXOX%DúNDQ×Q×
0HUNH]%DQNDV× 7UNL\H&XPKXUL\HW0HUNH]%DQNDV×$QRQLPùLUNHWLQL
)RQ7DVDUUXI0HYGXDW×6LJRUWD)RQXQX
gGHQPLú VHUPD\H%DQNDODU×Q o D\O×N KHVDS |]HWOHULQGHNL ILLOHQ YH KHU WUO
PXYD]DDGDQ DUL RODUDN |GHQPLú YH\D 7UNL\H
\H D\U×OP×ú YH |GHQPLú
VHUPD\HOHULQGHQELODQoRGDJ|UOHQ]DUDU×Q\HGHNDNoHOHUOHNDUú×ODQDPD\DQN×VP×
GúOGNWHQVRQUDNDODQWXWDU×
<HGHNDNoHOHU%DQNDODU×QWDULKOLYHVD\×O×7UN7LFDUHW.DQXQX
YH LOJLOL NDQXQODU LOH DQD V|]OHúPHOHULQH J|UH D\×UG×NODU× YH o D\O×N KHVDS
|]HWOHULQGH J|UOHQ \HGHN DNoHOHULQGHQ YDUVD ELODQoR ]DUDU×Q×Q GúOPHVLQGHQ
VRQUDHOGHHGLOHQWXWDU×
øIDGHHGHU
%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXPX
0DGGH
øOJLOL%DNDQ)RQGDKLOROPDN]HUH.XUXPXQ\×OO×NKHVDSODU×LOHKDUFDPDODU×QD
LOLúNLQ LúOHPOHULQL 6D\×úWD\ GHQHWoLVL %DúEDNDQO×N PIHWWLúL YH PDOL\H
PIHWWLúLQGHQ ROXúDQ ELU NRPLV\RQD GHQHWOHWLU GHQHWOHPH VRQXoODU×\OD LOJLOL
JHUHNOL WHGELUOHUL DO×U 'HQHWLP VRQXoODU× LOH EXQODUD LOLúNLQ LúOHPOHUL YH DO×QDQ
WHGELUOHULJ|VWHULUELUUDSRU.XUXPXQ\×OO×NIDDOL\HWUDSRUXLOHELUOLNWHLOJLOL%DNDQ
WDUDI×QGDQ%DNDQODU.XUXOXQDVXQXOXU
.XUXPXQNDUDURUJDQ×ELULEDúNDQELULLNLQFLEDúNDQROPDN]HUH\HGL\HGHQ
ROXúDQ%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXOXGXU.XUXO%DúNDQ×.XUXPXQ
GD EDúNDQ×G×U h\HOHULQ KXNXN LNWLVDW PDOL\H EDQNDF×O×N LúOHWPHFLOLN NDPX
\|QHWLPL YH GHQJL GDOODUGD YH\D EX GDOODUOD LOJLOL PKHQGLVOLN DODQODU×QGD HQ D]
OLVDQV G]H\LQGH |÷UHQLP \DSP×ú ROPDODU× JHUHNLU h\HOHU +D]LQH
0VWHúDUO×÷×QFD |QHULOHFHN G|UW DGD\ DUDV×QGDQ LNL 0DOL\H %DNDQO×÷× 0HUNH]
%DQNDV× 7UNL\H %DQNDODU %LUOL÷L 'HYOHW 3ODQODPD 7HúNLODW× 0VWHúDUO×÷× YH
6HUPD\H 3L\DVDV× .XUXOX WDUDI×QGDQ |QHULOHFHN LNLúHU DGD\ DUDV×QGDQ ELUHU NLúL
ROPDN ]HUH %DNDQODU .XUXOXQFD DWDQ×U %DNDQODU .XUXOX DWDQDQ DGD\ODUGDQ
ELULQLEDúNDQRODUDNJ|UHYOHQGLULU%DúNDQ×QWHNOLILYH.XUXOXQRQD\×LOH\HOHUGHQ
ELULLNLQFLEDúNDQRODUDNVHoLOLU.XUXO\HOL÷LQH|QHULOHFHNNLúLOHUGHQ
E'HYOHW3ODQODPD7HúNLODW×0VWHúDUO×÷×YH6HUPD\H3L\DVDV×.XUXOXWDUDI×QGDQ
|QHULOHFHN GL÷HU DGD\ODU×Q LVH ILLOHQ RQ LNL \×O oDO×úP×ú EDQNDF×O×N YH WLFDUHW
KXNXNXDODQ×QGDWHPD\]HWPLúEDQNDF×KXNXNoXYHDNDGHPLV\HQOHUDUDV×QGDQ
F0DOL\H%DNDQO×÷×QFD|QHULOHFHNDGD\ODU×QPDOL\HDODQ×QGDHQD]RQLNL\×OVW
G]H\\|QHWLFLYH\DGHQHWLPHOHPDQ×RODUDNJ|UHY\DSP×úRODQODUGDQ
7HNOLIHGLOPHVLJHUHNLU
D.XUXO %DúNDQ YH \HOHULQLQ J|UHY VUHVL DOW× \×OG×U 6UHOHUL ELWHQ \HOHU
\HQLGHQ VHoLOHELOLUOHU %DúNDQ YH \HOLNOHU J|UHY VUHOHUL GROPDGDQ KHUKDQJL ELU
VHEHSOHERúDOG×÷×WDNGLUGHERúDODQ\HUOHUH\XNDU×GDEHOLUWLOHQHVDVODUGDKLOLQGHLNL
D\LoLQGHVHoLPYHDWDPD \DS×O×U%XúHNLOGHDWDQDQODU \HULQHDWDQG×NODU×NLúLQLQ
VUHVLQLWDPDPODUh\HOHULQKDVWDO×NND]DYHVDLUQHGHQOHUOHJHoLFLLúJ|UHPH]OL÷H
X÷UDPDV× YH EX GXUXPXQ .XUXOXQ NDUDU DOPDV×Q× WHKOLNH\H GúUPHVL
KDOLQGHEXQODU×Q\HULQHPHVOHNLN×GHPLHQ\NVHNRODQGDQEDúODPDN]HUHN×GHP
V×UDV×QD J|UH .XUXP %DúNDQ <DUG×PF×ODU× YHNDOHW HGHU *HoLFL Lú J|UHPH]OLN
KDOLQLQoD\GDQID]ODVUPHVLKDOLQGHEXGXUXPGDRODQ\HOHULQ\HOLNOHULGúHU
YHEXQODU×Q\HUOHULQH\HGLJQLoLQGHDWDPD\DS×O×U
E.XUXO%DúNDQYH\HOHULQLQJ|UHYVUHOHULGROPDGDQJ|UHYOHULQHVRQYHULOHPH]
$QFDNDWDQPDODU×LoLQJHUHNOLúDUWODU×ND\EHWWLNOHULYH\DGXUXPODU×Q×QQXPDUDO×
I×NUD\DD\N×U×GúW÷WHVSLWHGLOHQJ|UHYOHULLOHLOJLOLRODUDNLúOHGLNOHULVXoODUGDQ
GROD\×KDNODU×QGDYHULOHQPDKNXPL\HWNDUDU×NHVLQOHúHQ.XUXO %DúNDQYH \HOHUL
VUHOHULGROPDGDQ%DúEDNDQ×QRQD\×LOHJ|UHYGHQDO×Q×UODU %XGXUXPGDHQJHoLNL
D\ LoLQGH \H DWDQPDV× \DS×O×U %X GXUXPXQ .XUXOXQ NDUDU DOPDV×Q× WHKOLNH\H
GúUPHVLKDOLQGHEXVUH]DUI×QGDEX\HOHULQ\HULQHPHVOHNLN×GHPLHQ\NVHN
RODQ×QGDQEDúODPDN]HUHN×GHPV×UDV×QDJ|UH.XUXP%DúNDQ<DUG×PF×ODU×\HOLN
J|UHYLQLJ|UU
F%X I×NUD KNPQH LVWLQDGHQ .XUXO \HOHULQH YHNDOHW HGHQ \D GD J|UHY \DSDQ
%DúNDQ<DUG×PF×ODU×Q×QPDOLYH|]ONKDNODU×QGDELUGH÷LúLNOLNROPD]
.XUXO \HOHUL |]HO ELU NDQXQD GD\DQPDG×NoD UHVPL YH\D |]HO KLoELU J|UHY
DODPD]WLFDUHWOHX÷UDúDPD]VHUEHVWPHVOHNIDDOL\HWLQGHEXOXQDPD]FUHWNDUú×O×÷×
NRQIHUDQVYHGHUVYHUHPH]V×QDYYHEHQ]HULJ|UHYDODPD]KHUWUORUWDNO×NODUGD
SD\ VDKLEL RODPD]ODU 'HUQHN YDN×I NRRSHUDWLI YH EHQ]HUL \HUOHUGH \|QHWLFLOLN
\DSDPD]ODU .XUXO \HOHUL J|UHYGHQ D\U×OPDODU×Q× WDNLS HGHQ \×O VUH\OH EX
.DQXQNDSVDP×QDJLUHQNXUXOXúODUGDVWG]H\J|UHYOLRODUDNoDO×úW×U×ODPD]ODU
.XUXO \HOHUL <DUJ×WD\ %LULQFL %DúNDQO×N .XUXOX KX]XUXQGD J|UHYOHULQLQ
GHYDP× VUHVLQFH J|UHYOHULQL WDP ELU GLNNDW YH GUVWON LOH \UWHFHNOHULQH
NDQXQ KNPOHULQH D\N×U× KDUHNHW HWPH\HFHNOHULQH YH HWWLUPH\HFHNOHULQH GDLU
\HPLQ HGHUOHU <HPLQ LoLQ \DS×ODQ EDúYXUX <DUJ×WD\
FD DFHOH LúOHUGHQ VD\×O×U
.XUXO\HOHUL\HPLQHWPHGLNoHJ|UHYHEDúOD\DPD]ODU
.XUXO%DúNDQYH\DEXOXQPDG×÷×KDOOHUGHøNLQFL%DúNDQ×QEDúNDQO×÷×QGDHQD]
EHú \HQLQ KD]×U EXOXQPDV× LOH WRSODQ×U .XUXO NDUDUODU× HQ D] G|UW \HQLQ D\Q×
\|QGHNL R\X\OD DO×Q×U .XUXO NDUDUODU× NHVLQGLU %DúNDQ YH \HOHU VD\×O×
+XNXN 8VXO 0XKDNHPHOHUL .DQXQXQXQ LQFL PDGGHVLQLQ QXPDUDO×
EHQGLQGH \D]×O× GHUHFHOHUGH DNUDEDO×÷× EXOXQDQ NLPVHOHUOH LOJLOL NRQXODUGDNL
P]DNHUHOHUH LúWLUDN HGHPH] YH R\ODPD\D NDW×ODPD]ODU .XUXPXQ JHQHO \|QHWLP
YHWHPVLOLLOH.XUXOFDDO×QDQNDUDUODU×Q\UWOPHVL%DúNDQDDLWWLU%DúNDQ×QL]LQ
KDVWDO×N \XUWLoL YH \XUW G×ú× J|UHYOHQGLUPH J|UHYGHQ DO×QPD YH J|UHYGH
EXOXQPDG×÷×GL÷HUKDOOHUGHøNLQFL%DúNDQ%DúNDQDYHNDOHWHGHU
.XUXO \HOHUL LOH .XUXPXQ KHU WUO SHUVRQHOL oDO×úPDODU× YH GHQHWOHPHOHUL
V×UDV×QGD LOJLOLOHUH YH oQF NLúLOHUH DLW |÷UHQGLNOHUL V×UODU× EX NRQXGD NDQXQHQ
\HWNLOL N×O×QDQ PHUFLOHUGHQ EDúNDV×QD Do×NOD\DPD]ODU YH NHQGL \DUDUODU×QD
NXOODQDPD]ODU %X \NPOON J|UHYGHQ D\U×OPDODU×QGDQ VRQUD GD GHYDP HGHU
.XUXPXQSDUDHYUDNYHKHUoHúLWPDOODU×'HYOHWPDO×KNPQGHGLU.XUXO\HOHUL
YH .XUXP SHUVRQHOL J|UHYOHUL HVQDV×QGD YH\D J|UHYOHUL QHGHQL\OH LúOHGLNOHUL YH
NHQGLOHULQHNDUú×LúOHQHQVXoODUEDN×P×QGDQ'HYOHWPHPXUXVD\×O×UODU%XQDLOLúNLQ
VRUXúWXUPDODU JHQHO KNPOHUH J|UH \DS×O×U .XUXO %DúNDQ× \HOHUL YH EDúNDQ
\DUG×PF×ODU×KDNN×QGDVRUXúWXUPD\DS×ODELOPHVLLoLQLOJLOL%DNDQ×QL]QLJHUHNLU
.XUXP J|UHYOHUL LOH LOJLOL NRQXODUGD EDNDQO×NODUGDQ LOJLOL UHVPL YH |]HO
NXUXOXúODULOHNLúLOHUGHQJL]OLGDKLROVDKHUWUOEHOJHYHELOJL\LLVWH\HELOLU%XQODU
V|] NRQXVX LVWH÷H FHYDS YHUPHN YH .XUXPXQ J|UHYOLOHULQH JHUHNHQ NROD\O×÷×
J|VWHUPHNOH \NPOGUOHU .XUXP WDOHSOHUL KDOLQGH YH\D JHUHNWL÷LQGH +D]LQH
0VWHúDUO×÷× 'HYOHW3ODQODPD7HúNLODW×0VWHúDUO×÷×LOH0HUNH] %DQNDV×QDSDUD
NUHGLYHEDQNDF×O×NSROLWLNDODU×Q×Q\UWOPHVLLOHLOJLOLNRQXODUGDPWDODDYHELOJL
YHULU
.XUXPEDúNDQO×÷×YHKL]PHWELULPOHUL
0DGGH %DúNDQD J|UHYOHULQGH \DUG×PF× ROPDN ]HUH .XUXO NDUDU×\OD o
EDúNDQ \DUG×PF×V× DWDQ×U %DúNDQ \DUG×PF×ODU× KXNXN LNWLVDW PDOL\H EDQNDF×O×N
LúOHWPHFLOLN NDPX \|QHWLPL LVWDWLVWLN PKHQGLVOLN GDOODUGD HQ D] OLVDQV
G]H\LQGH |÷UHQLP J|UPú YH .XUXPGD YH\D .XUXPXQ J|UHY DODQ×QD JLUHQ
NRQXODUGDHQD]\×OoDO×úP×úNLúLOHUDUDV×QGDQVHoLOLU
E%X .DQXQ LOH .XUXPD YHULOHQ J|UHYOHULQ JHUHNWLUGL÷L DVOL YH VUHNOL J|UHY YH
KL]PHWOHU EDQNDODU \HPLQOL PXUDN×SODU× YH \DUG×PF×ODU× LOH EDQNDF×O×N X]PDQ YH
X]PDQ \DUG×PF×ODU×QGDQ ROXúDQ PHVOHN SHUVRQHOL YH GL÷HU SHUVRQHO HOL\OH
\UWOUF.XUXP HPULQGH oDO×úW×U×ODQ EDQNDODU \HPLQOL PXUDN×SODU× YH
\DUG×PF×ODU× LOH EDQNDF×O×N X]PDQ YH X]PDQ \DUG×PF×ODU× YH GL÷HU SHUVRQHO
V|]OHúPHOLRODUDNLVWLKGDPHGLOLU
G%DQNDF×O×N X]PDQ \DUG×PF×ODU× NRQXODU× LOH LOJLOL GDOODUGD HQ D] OLVDQV
G]H\LQGH |÷UHQLP \DSP×ú DGD\ODU DUDV×QGDQ V×QDYOD VHoLOHUHN DO×Q×UODU 8]PDQ
\DUG×PF×O×÷×QD DWDQDQODU HQ D] o \×O oDO×úPDN YH ROXPOX VLFLO DOPDN ND\G×\OD
NRQXODU× LOH LOJLOL KD]×UOD\DFDNODU× X]PDQO×N WH]LQLQ .XUXOFD NDEXO HGLOPHVL YH
\DS×ODFDN X]PDQO×N V×QDY×QGD EDúDU×O× ROPDODU× KDOLQGH HQ D] EHú \HQLQ ROXPOX
R\X LOH DO×QP×ú .XUXO NDUDU×\OD %DQNDF×O×N 8]PDQ× RODUDN DWDQ×UODU %DQNDF×O×N
X]PDQ YH X]PDQ \DUG×PF×O×÷× \HWHUOLN YH \DU×úPD V×QDYODU× LOH oDO×úPD XVXO YH
HVDVODU×\|QHWPHOLNOHG]HQOHQLU
%DQNDODU\HPLQOLPXUDN×SODU×
0DGGH %X .DQXQ LOH GL÷HU NDQXQODU×Q EDQNDODUOD LOJLOL KNPOHULQLQ
X\JXODQPDV×Q×Q YH KHU WUO EDQNDF×O×N LúOHPOHULQLQ GHQHWLPL EDQNDODU×Q
YDUO×NODU×DODFDNODU×|]ND\QDNODU×ERUoODU×NDUYH]DUDUKHVDSODU×DUDV×QGDNLLOJL
YH GHQJHOHULQ YH PDOL EQ\H\L HWNLOH\HQ GL÷HU WP XQVXUODU×Q WHVSLW YH WDKOLOL
.XUXP DG×QD GR÷UXGDQ %DúNDQD ED÷O× ELU .XUXO WHúNLO HGHQ EDQNDODU \HPLQOL
PXUDN×SODU×YH\DUG×PF×ODU×WDUDI×QGDQ\DS×O×U
%DQNDODU \HPLQOL PXUDN×SODU× YH \DUG×PF×ODU× EX .DQXQGD \D]×O× J|UHYOHUL LOH
ND\×WO× ROPDN ]HUH YHUJL LQFHOHPH \HWNLVLQH YH WDULKOL YH VD\×O×
7UN 3DUDV×Q×Q .×\PHWLQL .RUXPD +DNN×QGD .DQXQ KNPOHULQH D\N×U× KDUHNHW
HGHQ EDQND YH LOJLOLOHU KDNN×QGD DG× JHoHQ .DQXQXQ HN LQFL PDGGHVLQGHNL
\HWNLOHUHVDKLSROGXNODU×JLELWPEDQNDODU×QNXUXOXúNDQXQXKNPOHULLOHGL÷HU
NDQXQODU×Q EDQNDODUOD LOJLOL KNPOHULQLQ X\JXODQPDV×Q× GD GHQHWOHPH\H
\HWNLOLGLUOHU
%DQNDODU\HPLQOLPXUDN×SODU×YH\DUG×PF×ODU×EDQNDODUYHEDQNDODU×QLúWLUDNYH
NXUXOXúODU× LOH GL÷HU JHUoHN YH W]HO NLúLOHUGHQ EX .DQXQ KNPOHUL LOH LOJLOL
J|UHFHNOHUL EWQ ELOJLOHUL LVWHPH\H EXQODU×Q WP GHIWHU ND\×W YH EHOJHOHULQL
LQFHOHPH\H \HWNLOL ROXS ELOJL LVWHQHQOHU GH LVWHQLOHQ ELOJLOHUL YHUPHNOH GHIWHU
ND\×WYHEHOJHOHULLQFHOHPH\HKD]×UEXOXQGXUPDNOD\NPOGUOHU
.DPX NXUXP YH NXUXOXúODU× 0HUNH] %DQNDV× YH EHQ]HUL NXUXOXúODU LOH 5LVN
0HUNH]LJ|UHYOHULLOHLOJLOLRODUDNLVWHQHFHNKHUWUOELOJL\LJL]OLGHROVDEDQNDODU
\HPLQOLPXUDN×SODU×YH\DUG×PF×ODU×QDYHULUOHU
.XUXPoDO×úDQODU×Q×Q|]ONYHPDOLKDNODU×.XUXPXQEWoHVL
0DGGH D.XUXP SHUVRQHOL LOH .XUXO \HOLNOHULQH DWDQDQODU KDNN×QGD
VD\×O× 7UNL\H &XPKXUL\HWL (PHNOL 6DQG×÷× .DQXQX LOH HN YH GH÷LúLNOLNOHULQH
LOLúNLQ KNPOHU X\JXODQ×U (PHNOLOLN Do×V×QGDQ .XUXO %DúNDQ×QD %DNDQO×N
0VWHúDU× .XUXO h\HOHULQH %DNDQO×N 0VWHúDU <DUG×PF×V× .XUXP %DúNDQ
<DUG×PF×ODU×QD %DNDQO×N *HQHO 0GU %DQNDODU <HPLQOL 0XUDN×SODU× .XUXOX
%DúNDQ×QD %DNDQO×N .XUXO %DúNDQ× .XUXP LQFL GHUHFHOL 'DLUH %DúNDQODU×QD
%DNDQO×N *HQHO 0GU <DUG×PF×V× HQ D] G|UW \×O VUHOL \NVHN |÷UHQLP YHUHQ
IDNOWH YH\D \NVHN RNXOODU× ELWLUPLú 7UNL\H G]H\LQGH WHIWLú GHQHWLP YH\D
LQFHOHPH \HWNLVLQH VDKLS YH ELULQFL GHUHFHOL EDQNDODU \HPLQOL PXUDN×SODU×QD
EDNDQO×N PIHWWLúL HQ D] G|UW \×O VUHOL \NVHN|÷UHQLP YHUHQ IDNOWH YH\D
\NVHNRNXOODU× ELWLUPLú ND]DQ×OP×ú KDN D\O×NODU× ELULQFL GHUHFHGH ROPDN úDUW×\OD
%DQNDF×O×N8]PDQODU×QD+D]LQH8]PDQ×LoLQWHVSLWHGLOHQHNJ|VWHUJHYHPDNDP
WD]PLQDW×X\JXODQ×U%XJ|UHYOHUGHJHoLULOHQVUHOHUPDNDPWD]PLQDW×|GHQPHVLQL
JHUHNWLUHQJ|UHYOHUGHJHoPLúVD\×O×U
F.XUXO%DúNDQYH\HOLNOHULQHDWDQDQODU×Q.XUXOGDJ|UHY \DSW×NODU×VUHGHHVNL
J|UHYOHULLOHRODQLOLúNLOHULNHVLOLU$QFDN.XUXOGDNLJ|UHYOHULVRQDHUGLNWHQVRQUD
LOJLOL %DNDQ WDUDI×QGDQ PNWHVHSOHULQH X\JXQ ELU NDGUR\D DWDQ×UODU $NDGHPLN
XQYDQODU×QND]DQ×OPDV×LoLQJHUHNOLúDUWODUVDNO×G×U
D.XUXO\HOHULQLQD\O×NFUHWOHUL%DNDQODU.XUXOXQFDEHOLUOHQLU
.XUXPXQ JLGHUOHUL .XUXO NDUDU×\OD \UUO÷H JLUHQ \×OO×N EWoH\H J|UH \DS×O×U
.XUXPXQ EWoH \×O× WDNYLP \×O×G×U %WoH EWoH \×O×QGDQ |QFH JHOHQ RWX] JQ
LoLQGH KD]×UODQ×U YH JLGHUOHU ELU |QFHNL \×O VRQX ELODQoR WRSODPODU×QD J|UH
EDQNDODUFD EWoHQLQ \UUO÷H JLUPHVLQGHQ |QFH .XUXPD \DS×ODFDN |GHPHOHUOH
NDUú×ODQ×U *LGHUOHUH NDW×OPD SD\× RODUDN WDKVLO ROXQDFDN WXWDU EDQNDODU×Q ELODQoR
WRSODPODU×Q×QRQELQGHoQJHoHPH]%HOLUWLOHQVUHLoHULVLQGH|GHQPH\HQJLGHU
SD\ODU× VD\×O× $PPH $ODFDNODU×Q×Q 7DKVLO 8VXO +DNN×QGD .DQXQ
KNPOHULQHJ|UHWDKVLOHGLOLU.XUXOXQEWoHX\JXODPDVRQXoODU×QDLOLúNLQ<×OO×N
0DOL5DSRUXYH%WoH.HVLQ+HVDE×%DNDQODU.XUXOXNDUDU×\ODLEUDHGLOLU
.XUXO\HOHULLOH.XUXPXQKHUWUOSHUVRQHOLQLQWDULKOLYHVD\×O×
'HYOHW0HPXUODU×.DQXQXQXQLQFLPDGGHVLQLQ$I×NUDV×Q×QYHQFL
EHQWOHULQGHEHOLUWLOHQúDUWODU×WDú×PDODU×]RUXQOXGXU
VD\×O× 7RSOX øú 6|]OHúPHVL *UHY YH /RNDYW .DQXQXQXQ JUHY YH ORNDYW
\DVDNODU×QDLOLúNLQKNPOHUL.XUXPKL]PHWOHULLOHJ|UHYOLOHULQHGHX\JXODQ×U
%DQNDODU×QDQDV|]OHúPHYHRUWDNGH÷LúLNOLNOHUL
D%LU NLúLQLQ GR÷UXGDQ YH\D GROD\O× RODUDN EDQND VHUPD\HVLQLQ \]GH RQXQX
YHGDKDID]ODV×Q×WHPVLOHGHQSD\ODU×HGLQPHVLYH\DELURUWD÷DDLWSD\ODU×QEDQND
VHUPD\HVLQLQ \]GH RQ \]GH \LUPL \]GH RWX] o YH\D \]GH HOOLVLQL DúPDV×
VRQXFXQX YHUHQ SD\ HGLQLPOHUL LOH ELU RUWD÷D DLW SD\ODU×Q \XNDU×GDNL RUDQODU×Q
DOW×QD GúPHVL VRQXFXQX YHUHQ SD\ GHYLUOHUL .XUXOXQ L]QLQH WDELGLU 2UWDN
VD\×V×Q×QEHúWHQDúD÷×GúPHVLQH\RODoDQLúOHPOHULOHL]LQDO×QPDGDQ\DS×ODQSD\
GHYLUOHUL SD\ GHIWHULQH ND\GROXQPD] %X KNPH D\N×U× RODUDN SD\ GHIWHULQH
\DS×ODQ ND\×WODU KNPV]GU 2\ KDNN×Q×Q HGLQLOPHVL LOH KLVVHOHULQ
UHKQHGLOPHVLQGH GH EX KNP X\JXODQ×U <|QHWLP YH GHQHWLP NXUXOODU×QD \H
EHOLUOHPH LPWL\D]× YHUHQ YH\D LQWLID KDNN× WDQ×QDQ KLVVH VHQHWOHULQLQ GHYUL
\XNDU×GDNLRUDQVDOV×Q×UODUDEDN×OPDNV×]×Q.XUXOXQL]QLQHWDELGLU
E6HUPD\HQLQGR÷UXGDQYH\DGROD\O×RODUDN\]GHRQYHGDKDID]ODV×QDVDKLSRODQ
RUWDNODU×Q NXUXFXODUGD DUDQDQ QLWHOLNOHUL WDú×PDV× úDUWW×U %X QLWHOLNOHUL ND\EHGHQ
RUWDNODULOH.XUXOXQL]QLQLDOPDGDQSD\HGLQHQRUWDNODUWHPHWWG×ú×QGDNLRUWDNO×N
KDNODU×QGDQ \DUDUODQDPD] %X KDOGH GL÷HU RUWDNO×N KDNODU× )RQ WDUDI×QGDQ
NXOODQ×O×U
F7]HO NLúLOHUH \DS×ODFDN L]QH WDEL SD\ GHYLUOHULQGH GHYUDODQ W]HO NLúLOHULQ
\|QHWLP YH GHQHWLPLQH VDKLS JHUoHN NLúLOHULQ NLP ROGX÷XQXQ EHOJHOHQPHVL YH
EXQODU×QNXUXFXODUGDDUDQDQúDUWODU×WDú×PDV×]RUXQOXGXU
G%XPDGGHX\JXODPDV×QGDGROD\O×SD\VDKLSOL÷LQFLPDGGHQLQQXPDUDO×
I×NUDV×Q×QEEHQGLQHJ|UHEHOLUOHQLU
%DQNDODU×QWHúNLODWYHRUJDQODU×
0DGGHD%DQNDODU×Q\|QHWLPNXUXOODU×EHúNLúLGHQD]RODPD]%DQNDJHQHO
PGU EXOXQPDG×÷× KDOOHUGH YHNLOL \|QHWLP NXUXOXQXQ WDELL \HVLGLU %X
PDGGHQLQQXPDUDO×I×NUDV×Q×QDEHQGLQGHJHQHOPGULoLQ|QJ|UOHQúDUWODU
VUHKDULo \|QHWLPNXUXOX\HOHULQLQ \DU×GDQELU ID]ODV×LoLQGHDUDQ×U0XUDKKDV
\HOHULQ JHQHO PGUGH DUDQDQ úDUWODU× WDú×PDODU× ]RUXQOXGXU 7UNL\H·GH úXEH
DoPDN VXUHWL\OH IDDOL\HWWH EXOXQDQ \XUWG×ú×QGD NXUXOX EDQNDODU×Q 7UNL\H·GHNL
\|QHWLPPHUNH]OHULQGH\|QHWLPNXUXOX\HWNLYHVRUXPOXOXNODU×Q×WDú×\DQPHUNH]
PGUQQGHGDKLOROGX÷XoNLúLOLNELUPGUOHUNXUXOXNXUXOXU
F.UHGL DoPD \HWNLVL \|QHWLP NXUXOXQD DLWWLU <|QHWLP .XUXOX EX \HWNLVLQL
.XUXOFD EHOLUOHQHFHN XVXO YH HVDVODU oHUoHYHVLQGH NUHGL NRPLWHVLQH YH\D JHQHO
PGUO÷H GHYUHGHELOLU .UHGL NRPLWHVLQLQ ROXúXPX LOH oDO×úPD YH NDUDU DOPD
HVDVODU×.XUXOFDEHOLUOHQLU
D] OLVDQV G]H\LQGH |÷UHQLP J|UPú ROPDODU× YH EDQNDF×O×N YH\D LúOHWPHFLOLN
DODQ×QGDHQD]RQ\×OO×NPHVOHNLGHQH\LPHVDKLSROPDODU×úDUWW×U
%X .DQXQ KNPOHULQH D\N×U× KDUHNHWOHULQGHQ GROD\× KDSLV YH\D ELU GHIDGDQ
ID]OD D÷×U SDUD FH]DV× LOH FH]DODQG×U×ODQ NLPVHOHU GXUXPODU× EX .DQXQXQ QFL
PDGGHVLQLQ QXPDUDO× I×NUDV×Q×Q EH DOW EHQGL KNP KDULo ROPDN ]HUH E
EHQGLQHX\PD\DQODUKLoELUEDQNDGD\|QHWLPNXUXOXEDúNDQ×\HVLGHQHWoLJHQHO
PGUJHQHOPGU\DUG×PF×V×YH\DELULQFLGHUHFHGHLP]D\HWNLVLQLKDL]J|UHYOL
RODUDN oDO×úW×U×ODPD]ODU %DQNDODU EX JLEL NLPVHOHULQ LP]D \HWNLOHULQL GHUKDO
NDOG×UPDN ]RUXQGDG×UODU <DS×ODQ GHQHWOHPHOHU VRQXFXQGD EX .DQXQ YH\D LOJLOL
GL÷HUPHY]XDWKNPOHULQLLKODOHWWLNOHULYHEDQNDQ×QHPLQELUúHNLOGHoDO×úPDV×Q×
WHKOLNH\H GúUGNOHUL WHVSLW HGLOHQ EDQND PHQVXSODU×Q×Q KDNODU×QGD NDQXQL
NRYXúWXUPD LVWHQPHVLQL PWHDNLS .XUXOXQ WDOHEL ]HULQH JHoLFL RODUDN LP]D
\HWNLOHULQLQ NDOG×U×OPDV× ]RUXQOXGXU %X NLPVHOHU .XUXOXQ L]QL ROPDG×NoD LP]D
\HWNLVLQLKDL]SHUVRQHORODUDNKLoELUEDQNDGDoDO×úW×U×ODPD]ODU
D%DQNDODU×Q .XUXOFD EHOLUOHQHFHN HVDVODUD X\PDODU× YH EX .DQXQ X\DU×QFD
\UUO÷H NRQXODFDN VWDQGDUW RUDQODU× JHUoHNOHúWLUPHOHUL ND\G×\OD úXEH DoPDODU×
VHUEHVWWLU .XUXO JHUHNWL÷LQGH EDQNDODU×Q úXEH DoPDV×Q× L]QH WDEL
WXWDELOLU%DQNDODU×QPHUNH]úXEHVLKDULoKHUELUúXEHVLLoLQHQD]QFLPDGGHQLQ
QXPDUDO×I×NUDV×Q×QGEHQGLQGH\D]×O×VHUPD\HPLNWDU×Q×Q\]GHELULRUDQ×QGD
|]ND\QDNEXOXQGXUPDODU×]RUXQOXGXU
F<XUWG×ú×QGDNXUXOXEDQNDODU×QPHYGXDWNDEXOHWPHPHNYHEDQNDF×O×NLúOHPOHUL
\DSPDPDN ND\G×\OD 7UNL\H·GH WHPVLOFLOLN DoPDODU× .XUXOXQ L]QLQH WDELGLU
0HYGXDWDLOLúNLQKNPOHU
0DGGH %X .DQXQD J|UH L]LQ YHULOHQ EDQNDODUOD |]HO NDQXQODU×QD J|UH
\HWNLOL RODQODU G×ú×QGD KLo ELU JHUoHN YH\D W]HO NLúL DVOHQ YH\D IHU·DQ PHVOHN
HGLQHUHN PHYGXDW NDEXO HGHPH\HFH÷L JLEL WLFDUHW XQYDQODU× YH NDPX\D
\DSDFDNODU× Do×NODPDODU LOH LODQ YH UHNODPODU×QGD PHYGXDW NDEXO HWWLNOHUL
L]OHQLPLQL \DUDWDFDN LIDGH YH GH\LPOHUL NXOODQDPD]ODU %X .DQXQXQ
X\JXODQPDV×QGD \D]×O× \D GD V|]O RODUDN YH\D KHUKDQJL ELU úHNLOGH KDOND
GX\XUXOPDNVXUHWL\OHLYD]V×]YH\DELULYD]NDUú×O×÷×QGDLVWHQGL÷LQGH\DGDEHOOLELU
YDGHGH LDGH HGLOPHN ]HUH SDUD NDEXO PHYGXDW NDEXO VD\×O×U .DUú×O×÷×QGD
PHYGXDW F]GDQ× \HULQH NDW×OPD EHOJHVL PDNEX] VHQHW YH EHQ]HUL EHOJHOHULQ
YHULOPHVL DO×QDQ SDUDODU×Q PHYGXDW VD\×OPDV×QD HQJHO GH÷LOGLU 5HVPL YH |]HO
NXUXOXúODU LOH RUWDNO×NODUGD \DOQ×] NHQGL oDO×úDQODU×QD DLW ROPDN ]HUH VD÷O×N YH
VRV\DO \DUG×P LKWL\DW YH WDVDUUXI VD÷ODPD DPDoODU×\OD NXUXODQ VDQG×NODU×Q
PQKDV×UDQ NHQGL \HOHULQGHQ YH EX DPDoODU LoLQ WRSODG×NODU× SDUDODU EX .DQXQ
X\JXODPDV×QGD PHYGXDW VD\×OPD] WDULKOL YH VD\×O× 6HUPD\H
3L\DVDV× .DQXQX KNPOHULQH J|UH VHUPD\H SL\DVDV× DUDoODU× LKUDF× KDNN×QGD EX
PDGGHKNPOHULX\JXODQPD]
E7DVDUUXI PHYGXDW× JHUoHN NLúLOHU WDUDI×QGDQ EX QDP DOW×QGD DoW×U×ODQ YH WLFDUL
LúOHPOHUH NRQX ROPD\DQ PHYGXDWW×U $QFDN YDGHVL] WDVDUUXI PHYGXDW× KHVDSODU×
]HULQHPQKDV×UDQoHNNHúLGHHGLOPHVLWLFDULLúOHPVD\×OPD]
WDULKOL YH VD\×O× 7UN .DQXQX 0HGHQLVLQLQ UHKLQOHUH YH
WDULKOL YH VD\×O× %RUoODU .DQXQXQXQ DODFD÷×Q GHYLU YH WHPOLNLQH
LOLúNLQKNPOHULLOHGL÷HUNDQXQODU×QYHUGL÷L\HWNLOHUYHNR\GX÷X\NPOONOHU
VDNO×NDOPDNúDUW×\ODPHYGXDWVDKLSOHULQLQPHYGXDWODU×Q×JHULDOPDKDNODU×KLoELU
VXUHWOH V×Q×UODQG×U×ODPD] 0HYGXDW VDKLEL LOH EDQND DUDV×QGD YDGH YH LKEDU VUHVL
KDNN×QGDNDUDUODúW×U×ODQúDUWODUVDNO×G×U
%DQNDODU QH]GLQGHNL KHU WUO PHYGXDW HPDQHW YH DODFDNODUGDQ HQ VRQ WDOHS
LúOHPYH\DPXGLLQKHUKDQJLELUúHNLOGH\D]×O×WDOLPDW×WDULKLQGHQEDúOD\DUDN\×O
LoLQGH DUDQPD\DQODU ]DPDQDú×P×QD WDELGLU =DPDQDú×P×QD X÷UD\DQ PHYGXDW
HPDQHWYHDODFDNODU)RQDJHOLUND\GHGLOLU%XQXQODLOJLOLHVDV YHXVXOOHU.XUXOFD
EHOLUOHQLU
*HQHONUHGLV×Q×UODU×LúWLUDNOHUHRUWDNODUDYHPHQVXSODUDNUHGL
0DGGH %LU EDQNDQ×Q YHUHFH÷L QDNGL NUHGLOHU LOH WHPLQDW PHNWXSODU×
NHIDOHWOHU DYDO FLUR YH NDEXOOHU JLEL JD\UL QDNGL NUHGLOHU VDW×Q DODFD÷× WDKYLO YH
EHQ]HULVHUPD\HSL\DVDV×DUDoODU×WHYGLDWWDEXOXQPDNVXUHWL\OH\DGDKHUKDQJLELU
úHNLO YH VXUHWWH YHUHFH÷L |GQoOHU YDUO×NODU×Q YDGHOL VDW×ú×QGDQ GR÷DQ DODFDNODU
YDGHVLJHoPLúQDNGLNUHGLOHUYHJD\ULQDNGLNUHGLOHULQQDNGHWDKYLORODQEHGHOOHUL
L]OHQGLNOHULKHVDEDEDN×OPDNV×]×QEX.DQXQX\JXODPDV×QGDNUHGLVD\×O×U
D%LUEDQNDJHUoHNYH\DW]HOELUNLúL\H|]ND\QDNODU×Q×Q\]GH\LUPLEHúLQGHQ
ID]ODNUHGLYHUHPH]DYDOYHNHIDOHWOHULQLNDEXOHGHPH]%LUDGLRUWDNO×NWDUDI×QGDQ
NXOODQ×OPDN ]HUH YHULOHFHN NUHGLOHU VRUXPOXOXNODU× RUDQ×QGD RUWDNODUD YHULOPLú
NUHGLVD\×O×U
E%LU JHUoHN \D GD W]HONLúL\H GR÷UXGDQ YH\D GROD\O× RODUDN EDQND
|]ND\QDNODU×Q×Q \]GH RQXQGDQ GDKD ID]OD ELU RUDQGD YHULOHQ NUHGLOHU LOH NDEXO
HGLOHQ DYDO YH NHIDOHWOHU E\N NUHGL VD\×O×U YH NDEXO HGLOHQ DYDO YH NHIDOHWOHU
KDULoROPDN]HUHEXQODU×QWRSODP×|]ND\QDNODU×QVHNL]NDW×Q×DúDPD]
D+HU ELULQH Do×ODFDN NUHGL PLNWDU× KDNN×QGD QXPDUDO× I×NUDGDNL V×Q×UODU
VDNO×ROPDN]HUHELUEDQNDQ×QGROD\O×NUHGLLOLúNLVLLoLQGHEXOXQDQ JHUoHNYH\D
W]HO NLúLOHULQ WPQH DoDFD÷× NUHGLOHULQ WRSODP× EDQND |] ND\QDNODU×Q×Q \]GH
HOOLVLQLDúDPD]
E%X.DQXQX\JXODPDV×QGDOHKOHULQHNUHGLYHULOLSYHULOPHGL÷LQHEDN×OPDNV×]×Q
ED%LU JHUoHN NLúL LOH Hú YH YHOD\HW DOW×QGDNL oRFXNODU×QD EXQODU×Q V×Q×UV×]
VRUXPOXOXNODNDW×OG×NODU×YH\D\|QHWLPNXUXOXEDúNDQ×\HVLJHQHOPGU\DGD
JHQHOPGU\DUG×PF×V×ROGXNODU×RUWDNO×NODUD
EE%LUW]HONLúLQLQYH\DEDDOWEHQGLQGHVD\×ODQODU×QVHUPD\HOHULQLQGR÷UXGDQ
YH\DGROD\O×RODUDN\]GH\LUPLEHúYHGDKDID]ODV×QDLúWLUDNHWWLNOHULRUWDNO×NODUD
9HULOHQNUHGLOHUELUJHUoHNYH\DW]HONLúL\HGROD\O×RODUDNYHULOPLúNUHGLVD\×O×U
'ROD\O×LúWLUDNRUDQ×LúWLUDNRUDQODU×Q×QoDUS×OPDV×VXUHWL\OHEXOXQXU
F'ROD\O×NUHGLLOLúNLVLLoLQGHEXOXQDQJHUoHN\DGDW]HONLúLOHULQEXNUHGLOHULoLQ
EDQNDFDNDEXOHGLOHQDYDOYHNHIDOHWOHULGROD\O×NUHGLV×Q×U×Q×QKHVDE×QGDGLNNDWH
DO×QPD]
1DNLW NUHGL WHPLQL DPDF×\OD YHULOHQ WHPLQDW YH JDUDQWLOHU KDULo ROPDN ]HUH
JD\ULQDNGL NUHGLOHU EX PDGGHQLQ X\JXODQPDV×QGD \]GH \LUPLEHú RUDQ×QGD
GLNNDWHDO×Q×U
(NRQRPLNøúELUOL÷LYH.DON×QPDgUJW\HVLONHOHULOHNXUXOFDNDEXOHGLOHFHN
GL÷HU ONHOHUGHNL NUHGL NXUXPODU× LOH \DS×ODQ LúOHPOHU YH\D EX NXUXPODUFD
o×NDU×ODQ \DGD|GHQPHVLJDUDQWLHGLOHQERQRWDKYLOYHEHQ]HULVHUPD\HSL\DVDV×
DUDoODU× YH YHULOHQ GL÷HU JDUDQWLOHU NDUú×O×÷× \DS×ODQ LúOHPOHU .XUXOFD EHOLUOHQHQ
RUDQODUGDKLOLQGHGLNNDWHDO×Q×U
$úD÷×GDNLNUHGLLúOHPOHULEXPDGGHGHNLV×Q×UODPDODUDWDELGH÷LOGLU
D.DUú×O×÷×QDNLWRODQLúOHPOHU
E+D]LQHg]HOOHúWLUPHøGDUHVL%DúNDQO×÷×YH7RSOX.RQXWøGDUHVL %DúNDQO×÷×\OD
\DS×ODQLúOHPOHULOHEXNXUXPODUFDo×NDU×ODQ \DGD|GHQPHVLJDUDQWLHGLOHQERQR
YHWDKYLOOHUNDUú×O×÷×\DS×ODQLúOHPOHU
F(NRQRPLN øúELUOL÷L YH .DON×QPD gUJW \HVL ONHOHU LOH .XUXOFD NDEXO
HGLOHFHN GL÷HU ONHOHULQ PHUNH]L \|QHWLPOHUL YH PHUNH] EDQNDODU× LOH \DS×ODQ
LúOHPOHUYH\DEXNXUXPODUFDo×NDU×ODQ\DGD|GHQPHVLJDUDQWLHGLOHQERQRWDKYLO
YHEHQ]HULVHUPD\HSL\DVDV×DUDoODU×NDUú×O×÷×\DS×ODQLúOHPOHU
G0HUNH]%DQNDV×LOH\DGDEX%DQNDQH]GLQGHNLSL\DVDODUGD\DS×ODQLúOHPOHU
H0HUNH] %DQNDV× YH 7UNL\H øKUDFDW YH .UHGL %DQNDV×QGDQ VD÷ODQDQ UHHVNRQW
NUHGLOHULYHDYDQVODULoLQYHULOHQFLURODU
I%DQNDODU×QNHQGLDUDODU×QGDNLLúOHPOHU
J'L÷HUEDQNDODU×QNHQGLNUHGLV×Q×UODU×GDKLOLQGHNLPXNDELOJDUDQWLOHULLOHYHULOHQ
JD\ULQDNGLNUHGLOHU
K.UHGL OLPLWOHULQLQ KHVDE×QGD D\Q× NLúL\H \HQL NUHGL WDKVLVL KDOLQGH GDKD |QFH
\DEDQF× SDUD FLQVLQGHQ YHULOHQ NUHGLOHULQ PWHDNLEHQ WDKVLV HGLOHQ NUHGLQLQ
NXOODQG×U×OG×÷× WDULKWHNL FDUL NXUGDQ GLNNDWH DO×QPDV× ND\G×\OD NUHGLOHUGH NXU
GH÷LúLNOLNOHULQLQGR÷XUGX÷XDUW×úODULOHYDGHVL JHoPLúNUHGLOHUHWDKDNNXNHWWLULOHQ
IDL]YHGL÷HUXQVXUODU
D6HUPD\HOHULQLQ\]GHRQYHGDKDID]ODV×QDVDKLSROGXNODU×LúWLUDNOHULQH
ED EHQGLQGHNL LúWLUDNOHULQLQ EDQND LúWLUDN SD\× GDKLO D\U× D\U× YH\D ELUOLNWH
VHUPD\HOHULQLQ\]GH\LUPLEHúLQGHQID]ODV×QDVDKLSROGXNODU×RUWDNO×NODUD
FDYHEEHQWOHULQGHNLRUWDNO×NODU×QNHIDOHWLLOHGL÷HUJHUoHNYHW]HONLúLOHUH
9HUHFH÷LNUHGLOHULQWRSODP×EDQND|]ND\QDNODU×Q×QLNLNDW×Q×DúDPD]
%DQNDODU
D<|QHWLP NXUXOX EDúNDQ YH \HOHUL LOH JHQHO PGU YH \DUG×PF×ODU×QD NUHGL
DoPD\D\HWNLOLGL÷HUPHQVXSODU×QDEXQODU×QHúYHYHOD\HWDOW×QGDNLoRFXNODU×QDYH
EXQODU×Q D\U× D\U× YH\D ELUOLNWH VHUPD\HOHULQLQ \]GH \LUPLEHú YH GDKD ID]ODV×QD
VDKLSROGXNODU×RUWDNO×NODUD
ED EHQGLQGH VD\×ODQODU G×ú×QGD NDODQ PHQVXSODU× LOH EXQODU×Q Hú YH YHOD\HW
DOW×QGDNLoRFXNODU×QD
F%DQNDPHQVXSODU×Q×QNXUGX÷XYH\DEXQODULoLQNXUXODQVDQG×NGHUQHNVHQGLND
YH\DYDN×IODUD
+HUQHúHNLOYHVXUHWWHROXUVDROVXQNUHGLYHUHPH]NHIDOHWOHULQLNDEXOHGHPH]YH
WDKYLO \D GD EHQ]HUL PHQNXO N×\PHWOHULQL VDW×Q DODPD]ODU D EHQGL KNPOHUL
\|QHWLPNXUXOX\HOLNOHULQGHEXOXQDQQXPDUDO×I×NUDNDSVDP×QGDNLJHUoHNNLúL
RUWDNODU LOH W]HONLúL RUWDNODU×Q KLVVHGDUODU× KDNN×QGD X\JXODQPD] %LU EDQNDQ×Q
LúWLUDN YH\D NXUXOXúODU×Q×Q \|QHWLP YH GHQHWLP NXUXOODU×QGD EXOXQDQ NLPVHOHULQ
D\Q× ]DPDQGD EX EDQNDQ×Q PHQVXEX ROPDV× EX LúWLUDN YH NXUXOXúXQ EDQND LOH
LúOHP\DSPDV×QDHQJHOGH÷LOGLU%DQNDPHQVXSODU×QDD\O×NQHWFUHWOHULWRSODP×Q×Q
EHú NDW×Q× DúPDPDN ]HUH YHULOHFHN QDNGL NUHGLOHU LOH EX NLúLOHUH \|QHWPHOLNOH
EHOLUOHQHFHN HVDV YH úDUWODU oHUoHYHVLQGH NUHGL NDUW× YHULOPHN VXUHWL\OH
NXOODQG×U×ODFDN NUHGLOHU YH EXQODU LoLQ NDEXO HGLOHFHN NHIDOHWOHU EX I×NUD
KNPOHULQHWDELGH÷LOGLU
%DQNDODU DoDFDNODU× NUHGLOHU YH YHUHFHNOHUL NHIDOHW \D GD WHPLQDWODU LoLQ
WDOHSWH EXOXQDQODUGDQ .XUXPFD EHOLUOHQHFHN HVDV YH XVXOOHU GDKLOLQGH KHVDS
GXUXPX DOPDN ]RUXQGDG×UODU 6HUPD\HQLQ \DU×V×QGDQ ID]ODV×QD JHQHO YH NDWPD
EWoHOL GDLUHOHULQ NDPX LNWLVDGL WHúHEEVOHULQLQ WDULKOL VD\×O×
.DQXQ NDSVDP×QD DO×QDQ NXUXOXúODU×Q VDKLS ROGX÷X NXUXP YH RUWDNO×NODU YH
EDQNDODU G×ú×QGD NDODQ PúWHULOHUH Do×ODFDN NUHGLOHU YH YHULOHFHN NHIDOHW \D GD
WHPLQDWODU×Q.XUXPFDEHOLUOHQHFHNWXWDU×JHoPHVLKDOLQGHDO×QDFDNKHVDSGXUXPX
EHOJHVLLOHHNLELODQoRYHNkUYH]DUDUFHWYHOOHULQLQJHQHONDEXOJ|UPúPXKDVHEH
LONHOHULQH X\JXQOX÷XQXQ .XUXPFD EHOLUOHQHFHN HVDVODU GDKLOLQGH WDULKOL
VD\×O×.DQXQDJ|UHUXKVDWDOP×úGHQHWLP\HWNLVLQHVDKLSPHVOHNPHQVXSODU×
WDUDI×QGDQGHQHWOHQPHVLúDUWW×U
%DQNDODU NUHGLOHUL LOH GL÷HU DODFDNODU×QGDQ GR÷PXú YH\D GR÷PDV× EHNOHQHQ
DQFDNPLNWDU×NHVLQRODUDNEHOOLROPD\DQ]DUDUODU×Q×NDUú×ODPDNDPDF×\ODNDUú×O×N
D\×UPDN ]RUXQGDG×UODU .DUú×O×N D\U×ODFDN NUHGL YH DODFDNODU×Q QLWHOLNOHUL LOH
NDUú×O×NODUD LOLúNLQ HVDV YH XVXOOHU .XUXOXQ |QHULVL ]HULQH %DNDQODU .XUXOX
.DUDU×\OD G]HQOHQLU %X NDUú×O×NODUGDQ EDNDQODU .XUXOXQXQ EHOLUOHGL÷L HVDVODU
oHUoHYHVLQGH WHPLQDWV×] NDODQ NUHGLOHUH WHNDEO HGHQ N×VP× D\U×OG×NODU× \×OGD
NXUXPODUYHUJLVLPDWUDK×Q×QWHVSLWLQGHJLGHURODUDNNDEXOHGLOLU
øúWLUDNOHUHPWLDWLFDUHWL\DVD÷×YHJD\ULPHQNXO]HULQHLúOHPOHU
0DGGH D%DQNDODU DQD IDDOL\HW NRQXODU× SDUD YH VHUPD\H SL\DVDODU× LOH
VLJRUWDF×O×NRODQYHEXNRQXODUGD|]HONDQXQODU×QDJ|UHL]LQYHUXKVDWLOHIDDOL\HW
J|VWHUHQ PDOL NXUXPODU G×ú×QGDNL ELU RUWDNO×÷D |]ND\QDNODU×Q×Q HQ ID]OD \]GH
RQEHúL RUDQ×QGD LúWLUDN HGHELOLUOHU %X WU RUWDNO×NODU×Q WRSODP WXWDU× EDQND
|]ND\QDNODU×Q×Q\]GHDOWP×ú×Q×DúDPD]
F%LU EDQNDQ×Q LúWLUDN HWWL÷L RUWDNO×N YH NXUXOXúODU VHUPD\HOHULQH LúWLUDN HGHQ
EDQNDQ×Q KLVVH VHQHWOHULQL VDW×Q DODPD]ODU UHKLQ RODUDN NDEXO HGHPH]OHU YH
NDUú×O×÷×QGDDYDQVYHUHPH]OHU
+HVDSYHND\×WG]HQL
0DGGH D%DQNDODU KHVDSODU×Q× YH \×OO×N ELODQoRODU× LOH NkU YH ]DUDU
FHWYHOOHULQL7UNL\H%DQNDODU%LUOL÷LQLQJ|UúDO×QDUDN.XUXOFDEHOLUOHQHFHNHVDV
YH XVXOOHUH X\JXQ úHNLOGH WXWPDN \D\×PODPDN YH LOJLOL PHUFLOHUH J|QGHUPHNOH
\NPOGU .XUXO EX .DQXQXQ X\JXODQPDV×Q× L]OHPHN DPDF×\OD EDQNDODUGDQ
EHOLUOH\HFH÷L HVDVODU YH |UQHNOHUH X\JXQ KHU WUO FHWYHO UDSRU YH PDOL WDEORODU
LVWHPH\H XOXVODUDUDV× LONH YH VWDQGDUWODU× GD GLNNDWH DODUDN PDOL EQ\HOHUL YH
ND\QDNODU×Q×Q NXOODQ×P× LOH LOJLOL VWDQGDUW RUDQODU× EX RUDQODU LOH PDOL WDEORODU×Q
JHUHNOL J|UOG÷ WDNGLUGH \D\×PODQPDV×QD LOLúNLQ HVDV YH XVXOOHUL 7UNL\H
%DQNDODU%LUOL÷LQLQJ|UúOHULQLDODUDNWHVSLWH\HWNLOLGLU%DQNDODUEXFHWYHOUDSRU
YH PDOL WDEORODU× .XUXPD WHYGL HWPHN YH WHVSLW HGLOHFHN RUDQODUD X\PDN
]RUXQGDG×U
%DQNDODU×Q JHQHO NXUXOODU×QD VXQDFD÷× \×OO×N ELODQoRODU× LOH NkU YH ]DUDU
FHWYHOOHULQLQ ED÷×PV×] GHQHWLP NXUXOXúODU×QFD RQD\ODQPDV× úDUWW×U %D÷×PV×]
GHQHWLP NXUXOXúODU×Q×Q NXUXOPDV×QD oDO×úPDODU×QD IDDOL\HWOHULQLQ JHoLFL YH\D
VUHNOLRODUDNGXUGXUXOPDV×QDLOLúNLQHVDVODU0HUNH]%DQNDV×YH7UNL\H 6HUEHVW
0XKDVHEHFL 0DOL 0úDYLUOHU YH <HPLQOL 0DOL 0úDYLUOHU 2GDODU× %LUOL÷L·QLQ
J|Uú DO×QDUDN .XUXOFD G]HQOHQLU %D÷×PV×] GHQHWLP NXUXOXúODU× EX .DQXQ
X\DU×QFD \DSW×NODU× IDDOL\HWOHU GROD\×V×\OD oQF NLúLOHUH YHUHFHNOHUL ]DUDUODUGDQ
VRUXPOXGXUODU
.XUXO \D\×PODQDQ ELODQoR YH\D NkU YH ]DUDU FHWYHOLQLQ JHUoH÷H D\N×U×
ROGX÷XQXQ YH\D NDPX\D JHUoH÷H D\N×U× ELOJL YHULOGL÷LQLQ WHVSLWL KDOLQGH ELODQoR
YH\DNkUYH]DUDUFHWYHOLQLQG]HOWPHEH\DQ×LOHELUOLNWHD\Q×JD]HWHOHUOH\HQLGHQ
\D\×PODQPDV× GD GDKLO ROPDN ]HUH PHYGXDW VDKLSOHULQLQ \DQ×OW×OPDV×QD NDUú×
JHUHNOLWHGELUOHULDOPD\D\HWNLOLGLU
%DQNDODU.XUXOFDWHVSLWHGLOHFHNNDSVDPYHHVDVODUoHUoHYHVLQGHGR÷UXGDQYH
GROD\O× LúWLUDNOHUL LOH \|QHWLP YH GHQHWLPLQH VDKLS ROGXNODU× RUWDNO×NODU×Q×Q PDOL
WDEORODU×Q×NRQVROLGHHWPHN]RUXQGDG×UODU
%DQNDODU VD\×O× 9HUJL 8VXO .DQXQX KNPOHUL VDNO× NDOPDN ND\G×\OD
DOG×NODU×\D]×ODUODIDDOL\HWOHULLOHLOJLOLEHOJHOHULQDV×OODU×Q×YH\DPPNQROPDG×÷×
KDOOHUGH V×KKDWOHULQGHQ úSKH\L GDYHW HWPH\HFHN NRS\DODU×Q× YH \D]G×NODU×
\D]×ODU×Q PDNLQH LOH DO×QP×ú VXUHWOHULQL WDULK YH QXPDUD V×UDV× LOH G]HQOH\HUHN
XVXOOHULGDLUHVLQGHVDNODPDN]RUXQGDG×UODU%XEHOJHOHULQ.XUXOFDWHVSLWROXQDFDN
XVO YH HVDVODU oHUoHYHVLQGH PLNURILOP PLNURILú úHNOLQGH YH\D HOHNWURQLN
PDQ\HWLNYH\DEHQ]HULRUWDPODUGDVDNODQPDODU×PPNQGU%DQNDODU×Q\|QHWLP
NXUXOX NDUDUODU× LOH \XUWG×ú×QGD NXUXOX EDQNDODU×Q 7UNL\H
GHNL úXEHOHULQLQ
PGUOHU NXUXOX NDUDUODU× DUDODU×QGD Do×NO×N E×UDN×OPDPDN YH VDW×U DUDODU×QGD
o×N×QW×ROPDPDNúDUW×\ODWDULKYHQXPDUDV×UDV×\ODWDULKOLYHVD\×O×
7UN 7LFDUHW .DQXQXQXQ GHIWHUOHUOH LOJLOL KNPOHUL JHUH÷LQFH RQD\ODQP×ú
PWHVHOVLO VD\ID QXPDUDO× D\U× ELUHU GHIWHUH PHWQLQ GR÷UXOX÷XQGDQ KLoELU úHNLOGH
úSKH\LGDYHWHWPH\HFHNúHNLOGHJQJQQHND\GHGLOLUYHKHUNDUDU×QDOW×\HOHU
WDUDI×QGDQ LP]D ROXQXU øú KDFLPOHUL E\N RODQ EDQNDODUGD .XUXPXQ L]QL LOH YH
\×O VRQODU×QGD FLOWOHWWLULOPHOHUL ND\G×\OD NDUDU GHIWHUOHUL \HULQH \DSUDNODU× QRWHUFH
WDVGLNOLYHPWHVHOVLOV×UDQXPDUDO×D\U×NDODPR]DNXOODQ×ODELOLU
'HQHWOHPHOHUVRQXFXQGDDO×QDFDNWHGELUOHU
0DGGH 'HQHWOHPHOHU VRQXFXQGD EX .DQXQD YH EX .DQXQD GD\DQ×ODUDN
DO×QDQ NDUDUODUD YH \DS×ODQ G]HQOHPHOHUH EDQNDF×O×N LONH YH WHDPOOHULQH D\N×U×
YHEDQNDQ×QHPLQELUúHNLOGHoDO×úPDV×Q×WHKOLNH\HGúUHFHNQLWHOLNWHLúOHPOHULQ
WHVSLWROXQPDV×KDOLQGH.XUXPVRUXPOXODU×KDNN×QGD\DS×ODFDNFH]DLLúOHPVDNO×
ROPDN ]HUH YHUHFH÷L VUHOHU LoLQGH V|] NRQXVX LúOHPOHULQ G]HOWLOPHVL YH
WHNUDU×QD PH\GDQ YHULOPHPHVL LoLQ JHUHNOL WHGELUOHULQ DO×QPDV× KXVXVXQGD LOJLOL
EDQND\×X\DU×U%DQNDYHULOHQVUHOHULoLQGH.XUXPFDLVWHQHQWHGELUOHULDOPDNYH
DOG×÷× WHGELUOHUL .XUXPD ELOGLUPHN ]RUXQGDG×U øVWHQHQ WHGELUOHULQ DO×QPDPDV×
YH\D EDQNDQ×Q HPLQ ELU úHNLOGH oDO×úPDV×Q× WHKOLNH\H GúUHFHN QLWHOLNWHNL
LúOHPOHULQWHNHUUUKDOLQGH.XUXOLúOHPOHULQPDKL\HWYH|QHPLQHJ|UH
D<|QHWLPNXUXOX\HOHULQLQWDPDP×Q×YH\DELUN×VP×Q×J|UHYGHQDODUDNYH\D\H
VD\×V×Q×DUW×UDUDNEXNXUXOD\HDWDPDN
'D GDKLO ROPDN ]HUH EDQNDQ×Q HPLQ ELU úHNLOGH oDO×úPDV×QD YH PHYGXDW
VDKLSOHULQLQ NRUXQPDV×QD \|QHOLN KHU WUO WHGELUL DOPD\D YH X\JXODPD\D
\HWNLOLGLU %X PDGGH\H J|UH %DQNDODUD DWDQDFDN \|QHWLP NXUXOX \HOHULQLQ
FUHWOHUL.XUXOFDWHVSLWROXQXUYH)RQ
GDQNDUú×ODQ×U
%LUEDQNDQ×QYDUO×NODU×Q×QYDGHLWLEDU×\ODWDDKKWOHULQLNDUú×OD\DPDG×÷×Q×QYH\D
EX GXUXPXQ JHUoHNOHúPHN ]HUH ROGX÷XQXQ WHVSLWL KDOLQGH .XUXP OLNLGLWHQLQ
JoOHQGLULOPHVLDPDF×\ODX\JXQELUVUHYHUHUHNEDQNDGDQ
D8]XQYDGHOLYH\DGXUDQGH÷HUOHUH\DW×U×P\DS×OPDPDV×
E øúWLUDNOHUYHJD\ULPHQNXOOHUJLELGXUDQGH÷HUOHULQHOGHQo×NDU×OPDV×
F6HUPD\HQLQDUW×U×OPDV×Q×YH\DVHUPD\HEHQ]HULX]XQYDGHOLND\QDNVD÷ODQPDV×
'D GDKLO ROPDN ]HUH X\JXQ J|UHFH÷L GL÷HU WHGELUOHULQ DO×QPDV×Q× LVWH\HELOLU
.XUXO OLNLGLWHQLQ JoOHQGLULOPHVL DPDF×\OD LúWLUDN YH\D JD\ULPHQNXOOHULQ VDW×Q
DO×QPDV× YH\D NDUú×O×÷×QGD DYDQV YHULOPHVL \D GD PHYGXDW \DS×OPDV× YH\D
DODFDNODU×Q GHYUDO×QPDV× VXUHWL\OH )RQGDQ EDQND\D OLNLGLWH VD÷ODQPDV×Q× OLNLGLWH
GHQJHVLQLQ WHVLVL LoLQ YDGHOHUL X]DW×OPDN ND\G×\OD EDQNDQ×Q ERUoODU×Q×Q )RQ
WDUDI×QGDQJDUDQWLHGLOPHVLQLWHPLQH\HWNLOLGLU
D$UW×U×ODQVHUPD\HQLQ)RQWDUDI×QGDQWDDKKWHGLOHUHN|GHQPHVL
D%LU EDQNDQ×Q \|QHWLP YH GHQHWLPLQL GR÷UXGDQ \D GD GROD\O× RODUDN WHN
EDú×QD YH\D ELUOLNWH HOLQGH EXOXQGXUDQ RUWDNODU×Q EDQND ND\QDNODU×Q× EDQNDQ×Q
HPLQ úHNLOGH oDO×úPDV×Q× WHKOLNH\H GúUHFHN ELoLPGH NHQGL OHKOHULQH
NXOODQG×NODU× YH\D EDQND\× EX VXUHWOH ]DUDUD X÷UDWW×NODU× WHVSLW HGLOGL÷L WDNGLUGH
.XUXO EXQODU×Q WHPHWW KDULo RUWDNO×N KDNODU×Q× YH EDQNDQ×Q \|QHWLPLQL )RQD
GHYUHWPH\H \HWNLOLGLU %X úHNLOGH NXOODQ×ODQ ND\QDNODU YH\D X÷UDQ×ODQ ]DUDU
.XUXPWDUDI×QGDQYHULOHQVUHLoLQGHLDGHYH\DWD]PLQHGLOPHGL÷LYH\D.XUXPFD
X\JXQJ|UOHFHNELoLPGHWHPLQDWODQG×U×OPDG×÷×YHEXúHNLOGHNXOODQ×ODQND\QDNODU
YH X÷UDQ×ODQ ]DUDU |]ND\QDNODU× DúW×÷× WDNGLUGH EXQODUD DLW KLVVHOHU EDúNDFD ELU
LúOHPH JHUHN NDOPDNV×]×Q )RQD LQWLNDO HGHU %DQNDQ×Q \|QHWLPLQLQ )RQD
GHYUHGLOPHVL KDOLQGH .XUXPXQ \D]×O× ELOGLULPL ]HULQH EDQNDQ×Q \|QHWLP YH
GHQHWLPLQL GR÷UXGDQ YH\D GROD\O× RODUDN WHN EDú×QD YH\D ELUOLNWH HOLQGH
EXOXQGXUDQRUWDNODULOHW]HONLúLRUWDNODU×QVHUPD\HVLQLQ\]GHRQXQGDQID]ODV×QD
VDKLS JHUoHN NLúL KLVVHGDUODU× HQ JHo \HGL JQ LoLQGH NHQGLOHULQH HúOHULQH YH
YHOD\HW DOW×QGDNL oRFXNODU×QD DLW WDú×QPD] PDO YH LúWLUDNOHULQL KDF]L FDL] RODQ
WDú×Q×U PDO KDN YH DODFDNODU×Q× YH PHQNXO N×\PHWOHULQL YH KHU WUO ND]DQo YH
JHOLUOHUL YH D\U×FD ELOGLULPGHQ |QFHNL LNL \×O LoLQGH LYD]O× YH\D LYD]V×] RODUDN
LNWLVDSHWWLNOHULYH\DGHYUHWWLNOHULWDú×QPD]PDOKDF]LFDL]WDú×Q×UPDOKDNDODFDN
YH PHQNXO N×\PHWOHULQL J|VWHULU ELUHU PDO EH\DQQDPHVLQL )RQD YHUPHN
]RUXQGDG×UODU%XPDOEH\DQ×Q×QKNPYHVRQXoODU×KDNN×QGDVD\×O×øFUDYH
øIODV .DQXQXQXQ LOJLOL KNPOHUL JHoHUOLGLU %X KNPQ X\JXODQPDV×QGD
.XUXPXQ EDúYXUXVX ]HULQH EDQNDQ×Q \|QHWLP YH GHQHWLPLQL GR÷UXGDQ YH\D
GROD\O×RODUDNWHNEDú×QDYH\DELUOLNWHHOLQGHEXOXQGXUDQRUWDNODU×QPDOYDUO×NODU×
]HULQHPDKNHPHFHWHPLQDWDUDQPDNV×]×QLKWL\DWLWHGELULKWL\DWLKDFL]NDUDUODU×LOH
LOJLOLOHULQ \XUWG×ú×QD o×NPDV×QD \DVDNODPD GDKLO DODFDNO×ODU×Q PHQIDDWL LoLQ
]RUXQOX RODQ KHU WUO PXKDID]D WHGELULQLQ DO×QPDV×QD NDUDU YHULOLU %X úHNLOGH
DO×QDQ WHGELU YH KDFL]OHU NDUDU WDULKLQGHQ LWLEDUHQ DOW× D\ LoLQGH GDYD YH\D LFUD
LIODV WDNLELQH NRQX ROPD]VD NHQGLOL÷LQGHQ RUWDGDQ NDONDU .XUXPXQ LOJLOLOHU
KDNN×QGD VD\×O× øFUD YH øIODV .DQXQXQXQ 2QELULQFL %DE KNPOHULQH J|UH
DoDFD÷×LSWDOGDYDV×QGDDFL]YHVLNDV×úDUW×DUDQPD]
E %X .DQXQ KNPOHUL oHUoHYHVLQGH \|QHWLP YH GHQHWLPOHUL )RQD LQWLNDO HGHQ
EDQNDODU×Q DODFDNODU×Q× GDYD YH\D WDNLS \ROX\OD WDKVLO HWPH FLKHWLQH JLWPHOHUL
KDOLQGHVD\×O×+DUoODU.DQXQXQXQQFLPDGGHVLKNPOHULX\JXODQPD\DFD÷×
JLEL KHU WUO LKWL\DWL WHGELU YH LKWL\DWL KDFL] WDOHSOHULQGH WHPLQDW úDUW× DUDQPD]
)RQXQYH)RQDLQWLNDOHGHQEDQNDODU×QDODFDNODU×QDLOLúNLQGDYDODUGD+XNXN8VXO
0XKDNHPHOHUL.DQXQXQXQVHULPXKDNHPHXVXOKNPOHULX\JXODQ×U
F.XUXOEXPDGGHKNPOHULoHUoHYHVLQGH \|QHWLPLYH\DKLVVHOHUL)RQDLQWLNDO
HGHQEDQNDODUKDNN×QGDEXPDGGHGHEHOLUWLOHQOHUGHGDKLOROPDN]HUHEDQNDQ×Q
PDOLEQ\HVLQLQJoOHQGLULOPHVLYH\HQLGHQ\DS×ODQG×U×OPDV×LoLQJHUHNOLKHUWUO
WHGELULDOPD\D\HWNLOLGLU
%LUEDQNDQ×Q
E)DDOL\HWLQHGHYDP×Q×QPHYGXDWVDKLSOHULQLQKDNODU×YHPDOLVLVWHPLQJYHQYH
LVWLNUDU×EDN×P×QGDQWHKOLNHDU]HWWL÷L
7HVSLWHGLOGL÷LWDNGLUGHEDQNDF×O×NLúOHPOHUL \DSPDYHPHYGXDWNDEXOHWPHL]QL
.XUXOXQHQD]EHú\HQLQD\Q× \|QGHNLR\X\ODDOG×÷×NDUDUDLVWLQDGHQ \DSDFD÷×
|QHUL]HULQH%DNDQODU.XUXOXWDUDI×QGDQNDOG×U×O×U
7DVDUUXI0HYGXDW×6LJRUWD)RQX
0DGGH%DQNDODUGDNLWDVDUUXIPHYGXDW×NDPXW]HONLúLOL÷LQLKDL] ´7DVDUUXI
0HYGXDW×6LJRUWD)RQXµWDUDI×QGDQVLJRUWDHGLOLU
)RQXQND\QDNODU×
D6LJRUWDSULPOHULQGHQ
I)RQPHYFXGXQXQJHOLUOHULLOHVDLUJHOLUOHUGHQ
)RQ KHU WUO YHUJL UHVLP YH KDUoWDQ PXDIW×U )RQ ND\QDNODU× LOH KHU WUO
DODFDNODU×Q×Q WDKVLOLQGH WDULKOL YH VD\×O× $PPH $ODFDNODU×Q×Q
7DKVLO8VXO+DNN×QGD.DQXQKNPOHULX\JXODQ×U)RQVD\×O×0XKDVHEHL
8PXPL\H .DQXQX VD\×O× 'HYOHW øKDOH .DQXQX YH VD\×O× 6D\×úWD\
.DQXQXLOHEXQODU×QHNYHGH÷LúLNOLNOHULQHWDELGH÷LOGLU
)RQ.XUXOFDKD]×UODQDFDN)RQ\|QHWPHOL÷LGDKLOLQGH.XUXPWDUDI×QGDQLGDUHYH
WHPVLOROXQXU)RQPHYFXGXQXQNXOODQ×O×ú úHNLOYHHVDVODU×GD)RQ\|QHWPHOL÷LQGH
J|VWHULOLU
E2OD÷DQVWúDUWODUQHGHQL\OHEDQNDODUGDQDO×QDQDYDQV×QLKWL\DF×NDUú×ODPDNWD
\HWHUVL] NDOPDV× KDOLQGH EDNL\H N×V×P LoLQ .XUXOXQ WDOHEL ]HULQH 0HUNH]
%DQNDV×QFD)RQDDYDQVYHULOLU$O×QDQDYDQV×QYDGHVLWXWDU×JHUL|GHPHúHNLOYH
úDUWODU× LOH X\JXODQDFDN IDL] RUDQ× YH GL÷HU KXVXVODU .XUXOXQ J|Uú DO×QDUDN
0HUNH]%DQNDV×QFDEHOLUOHQLU
D6LJRUWD\D WDEL RODFDN WDVDUUXI PHYGXDW×Q×Q NDSVDP× WXWDU× VLJRUWD SULPLQLQ
WDULIHVLLOHWDKVLO]DPDQ×úHNOLYHGL÷HUKXVXVODU.XUXOXQ|QHULVL]HULQH%DNDQODU
.XUXOX NDUDU×\OD EHOLUOHQLU 0HYGXDW NDEXO HGHQ EWQ EDQNDODU NDEXO HWWLNOHUL
WDVDUUXIPHYGXDW×Q×EXNDSVDPYHúDUWODUGDKLOLQGHVLJRUWDHWWLUPHN]RUXQGDG×U
E%LU EDQNDQ×Q VHUPD\HVLQLQ \]GH RQ YH GDKD ID]ODV×QD VDKLS RUWDNODU× LOH
\|QHWLP NXUXOX YH\D PGUOHU NXUXOX EDúNDQ YH \HOHULQH JHQHO PGU YH
\DUG×PF×ODU×QD NUHGL DoPD\D \HWNLOL PHPXUODU×QD GHQHWoLOHULQH YH EXQODU×Q DQD
EDEDHúYHoRFXNODU×QDDLWREDQNDGDNLWDVDUUXIPHYGXDW×VLJRUWD\DWDELGH÷LOGLU
0DGGH %LU EDQNDQ×Q EDQNDF×O×N LúOHPOHUL \DSPD YH PHYGXDW NDEXO HWPH
L]QLQLQNDOG×U×OPDV×KDOLQGH\|QHWLPYHGHQHWLPL)RQDLQWLNDOHGHU
)RQ\|QHWLPYHGHQHWLPLNHQGLVLQHLQWLNDOHGHQEDQNDGDPHYGXDWVDKLSOHULLOH
GL÷HUDODFDNO×ODU×QKDNODU×Q×NRUXPD\D\|QHOLNWHGELUOHULDO×U%DQNDF×O×NLúOHPOHUL
\DSPD YH PHYGXDW NDEXO HWPH L]QL NDOG×U×ODQ EDQNDQ×Q QFL PDGGHGH VD\×ODQ
LOJLOLOHULQLQ PDO KDN YH DODFDNODU×QD )RQXQ WDOHEL ]HULQH PDKNHPH WDUDI×QGDQ
WHPLQDW úDUW× DUDQPDNV×]×Q LKWL\DWL WHGELU YH\D LKWL\DWL KDFL] NRQXODELOLU %X
úHNLOGH DO×QDQ LKWL\DWL WHGELU YH LKWL\DWL KDFL] NDUDUODU× NDUDU WDULKLQGHQ LWLEDUHQ
DOW× D\ LoLQGH GDYD YH LFUDLIODV WDNLELQH NRQX ROPD] LVH NHQGLOL÷LQGHQ RUWDGDQ
NDONDU %DQNDF×O×N LúOHPOHUL \DSPD YH PHYGXDW NDEXO HWPH L]QLQLQ NDOG×U×OG×÷×
WDULKWHQLWLEDUHQEDQNDQ×QDODFDNO×ODU×DODFDNODU×Q×WHPOLNHGHPH]YH\DEXVRQXFX
GR÷XUDELOHFHN LúOHPOHUL \DSDPD]ODU )RQ \|QHWLP YH GHQHWLPL NHQGLVLQH LQWLNDO
HGHQ EDQNDGDNL VLJRUWDO× PHYGXDW× GR÷UXGDQ YH\D LODQ HGHFH÷L EDúND ELU EDQND
DUDF×O×÷× LOH |GH\HUHN PHYGXDW VDKLSOHUL \HULQH EDQNDQ×Q GR÷UXGDQ GR÷UX\D
LIODV×Q×LVWHU%XJ|UHYYH\HWNLPQKDV×UDQ)RQDDLWWLU%XúHNLOGH\DS×ODFDNLIODV
LVWHPLQGH VD\×O× øFUD YH øIODV .DQXQXQ LQFL PDGGHVLQLQ LNLQFL I×NUDV×
KNPX\JXODQPD]
øIODV NDUDU× DO×QPDV× KDOLQGH )RQ LIODV PDVDV×QD LPWL\D]O× DODFDNO× V×IDW×\OD
LúWLUDNHGHUYHEX.DQXQXQX\JXODQPDV×LOHV×Q×UO×ROPDN]HUHVD\×O×øFUDYH
øIODV.DQXQXQGD \D]×O×LIODVGDLUHVLYHDODFDNO×ODUWRSODQW×V×LOHLIODVLGDUHVLJ|UHY
YH \HWNLOHULQH GH VDKLS RODUDN EDQND\× DQ×ODQ .DQXQ KNPOHUL oHUoHYHVLQGH
WDVIL\HHGHU
øIODVNDUDU×YHULOPH\HQKDOOHUGHEDQNDKDNN×QGDLQFLPDGGHQLQQXPDUDO×
I×NUDV×KNPOHULX\JXODQ×U
7UNL\H
GH úXEHVL EXOXQDQ \XUWG×ú×QGD NXUXOX EDQNDODU×Q KHUKDQJL ELU QHGHQOH
EDQNDF×O×N LúOHPOHUL \DSPD YH PHYGXDW NDEXO HWPH \HWNLOHULQLQ NDOG×U×OPDV×
IDDOL\HWOHULQLQ GXUGXUXOPDV× LIODV YH\D WDVIL\HOHULQH NDUDU YHULOPHVL YH\D
NRQNRUGDWRLODQHWPHOHULKDOLQGHEXEDQNDODU×Q7UNL\H
GHNLúXEHOHULKDNN×QGDGD
QF PDGGHQLQ QXPDUDO× I×NUDV× KNPOHUL LOH EX PDGGH KNPOHUL
X\JXODQ×U %X úXEHOHULQ PHYFXW YH DODFDNODU×Q×Q \XUWG×ú×QD WUDQVIHULQH LOLúNLQ
HVDVODU.XUXOFDEHOLUOHQLU
)RQ LIODV PDVDV×Q×Q DNWLILQGHNL SDUDODUOD LIODV LGDUHVL V×IDW×\OD WDKVLO HWWL÷L
SDUDODU× PXKDID]D YH QHPDODQG×UPD KXVXVXQGD VD\×O× øFUD YH øIODV
.DQXQXQXQ XQFX VDLU LOJLOL PDGGHOHULQH WDEL GH÷LOGLU WDULKOL YH
VD\×O×+DUoODU.DQXQXQXQQF×PDGGHVLQLQELULQFLI×NUDV×KNPEXSDUDODULoLQ
X\JXODQPD]
)RQ LIODV LGDUHVL V×IDW×\OD YH PDVDQ×Q PHQIDDWLQH ROGX÷X WDNGLUGH KHU WUO
DODFDNODUEDN×P×QGDQWDKNLPVXOKNDEXOYHIHUDJDW\HWNLOHULQLKDL]GLU0IOLVHDLW
PHQNXO YH JD\ULPHQNXOOHULQ VDW×ú×QGD VD\×O× øFUD YH øIODV .DQXQX YH
VD\×O×'HYOHWøKDOH.DQXQXKNPOHULX\JXODQPD]
ùDKVLVRUXPOXOXN
0DGGH %LU EDQNDQ×Q \|QHWLP NXUXOX YH NUHGL NRPLWHVL EDúNDQ YH \HOHUL
LOH JHQHO PGU JHQHO PGU \DUG×PF×ODU× YH LP]DODU× EDQND\× LO]DP HGHQ
PHPXUODU×Q×Q NDQXQD D\N×U× NDUDU YH LúOHPOHUL\OH EDQNDQ×Q LIODV×QD QHGHQ
ROGXNODU×Q×Q WHVSLWL KDOLQGH EDQND\D YHUGLNOHUL ]DUDUODUOD V×Q×UO× RODUDN EXQODU×Q
úDKVL VRUXPOXOXNODU× \ROXQD JLGLOHUHN .XUXO NDUDU×QD LVWLQDGHQ YH )RQ
XQ WDOHEL
]HULQH úDKVHQ LIODVODU×QD PDKNHPHFH NDUDU YHULOHELOLU %X NDUDU YH LúOHPOHU
EDQNDQ×Q \|QHWLP YH GHQHWLPLQL GR÷UXGDQ YH\D GROD\O× RODUDN WHN EDú×QD YH\D
ELUOLNWH HOLQGH EXOXQGXUDQ RUWDNODUD PHQIDDW WHPLQL DPDF×\OD \DS×OG×÷× WDNGLUGH
PHQIDDW WHPLQ HGHQ RUWDNODU KDNN×QGD GD WHPLQ HWWLNOHUL PHQIDDW ]HULQGHQ D\Q×
KNP X\JXODQ×U QF PDGGHQLQ QXPDUDO× I×NUDV×QGDNL PDO
EH\DQQDPHVLQH YH PXKDID]D WHGELUOHULQH LOLúNLQ KNPOHU EXUDGD GD N×\DVHQ
X\JXODQ×U
%X PDGGH QF PDGGHQLQ QXPDUDO× I×NUDV× JHUH÷LQFH RUWDNO×N KDNODU×
V×Q×UODQG×U×ODQ \D GD KLVVHOHUL GHYUROXQDQ RUWDNODU LOH DQ×ODQ I×NUDGD EHOLUWLOHQ
LúOHPOHUGH VRUXPOXOX÷X EXOXQDQ YH EX PDGGHQLQ QXPDUDO× I×NUDV×QGD VD\×ODQ
EDQNDJ|UHYOLOHULKDNN×QGDGDEDQNDQ×QLIODV×DUDQPDNV×]×QX\JXODQ×U
%XPDGGHKNPQHJ|UHLIODV×LVWHQHQOHUKDNN×QGDPDKNHPHFHVD\×O×øFUD
YHøIODV.DQXQXQXQQFLYHL]OH\HQPDGGHOHULKNPOHULX\JXODQ×U
QF× PDGGH KNPOHUL EX PDGGH\H J|UH úDKVL LIODV× LVWHQHQOHU KDNN×QGD GD
X\JXODQ×U
%DQNDODU×QGHYLUELUOHúPHYHWDVIL\HVL
7UNL\H
GH IDDOL\HWWH EXOXQDQ EDQNDODU IDDOL\HWOHULQH VRQ YHUPHN YH EXQODU×
WDVIL\H HWPHN LVWHGLNOHUL WDNGLUGH GXUXPX 7UNL\H oDS×QGD EDV×P× YH GD÷×W×P×
\DS×ODQ HQ D] LNL JD]HWH LOH LODQ YH PHYGXDW VDKLSOHUL LOH DODFDNO×ODU×QD YH\D EX
GXUXPGD VD\×ODELOHFHN NLúL YH NXUXPODUD WHEOL÷ HGHUHN HOOHULQGH EXOXQDQ D\QL YH
QDNGL KHU WUO PHYGXDW LOH HPDQHW YH FDUL KHVDS EDNL\HOHULQL YH VDLU ERUoODU×Q×
YDGHOL ROVDODU ELOH YDGHOHULQL EHNOHPHNVL]LQ LNL D\ LoLQGH LDGH\H YH EX VUH
LoHULVLQGH VDKLEL EDúYXUPD\DQ D\QL YH QDNGL KHU WUO PHYGXDW HPDQHW YH
DODFDNODU× .XUXPD WHYGL HWPH\H PHFEXUGXUODU .XUXP EX VXUHWOH YHULOHQ
GH÷HUOHUL WDNLS HGHQ \×OEDú×QGDQ EDúODPDN ]HUH RQ \×O VUH LOH KHU \×O EDú×QGD
XVXOQHJ|UHLODQHWPHNVXUHWL\OHVDNODU6RQLODQWDULKLQGHQLWLEDUHQDOW×D\LoLQGH
DUDQPD\DQ EX GH÷HUOHU )RQD JHOLU ND\GROXQXU .XUXP WDVIL\H LúOHPOHULQL
GHQHWOHPH\H YH LOJLOLOHUGHQ JHUHN J|UHFH÷L KHU WUO EHOJH YH ELOJL\L LVWHPH\H
\HWNLOLGLU
7UNL\H%DQNDODU%LUOL÷L
0DGGH %X.DQXQDWDELEDQNDODUIDDOL\HWL]QLDOG×NODU×WDULKWHQLWLEDUHQELU
D\LoLQGH7UNL\H%DQNDODU%LUOL÷LQH\HROPDN]RUXQGDG×UODU7]HONLúLOL÷LKDL]
YHNDPXNXUXPXQLWHOL÷LQGHPHVOHNNXUXOXúXRODQEX%LUOL÷LQDPDF×
D%DQNDF×O×NPHVOH÷LQLQJHOLúPHVLQLWHPLQHWPHN
E%DQNDODU×QELUOLNYHEDQNDF×O×NPHVOH÷LQLQJHUHNWLUGL÷LYDNDUYHGLVLSOLQLoLQGH
HNRQRPLQLQLKWL\DoODU×QDX\JXQRODUDNoDO×úPDODU×Q×VD÷ODPDN
F%DQNDODUDUDV×QGDNLKDNV×]UHNDEHWL|QOHPHNDPDF×\ODJHUHNOLKHUWUOWHGELUL
DOPDNYHX\JXODPDN
GøODQYHUHNODPODU×QGDEDQNDODU×QX\DFDNODU×HVDVYHúDUWODU×WUúHNLOQLWHOLNYH
PLNWDUODU×LWLEDU×\OD.XUXPXQX\JXQJ|UúQDODUDNWHVSLWHWPHNWLU
%LUOLN EDQNDF×O×N NRQXVXQGDNL PHY]XDW× YH DOG×÷× NDUDU YH |QOHPOHULQ
X\JXODQPDV×Q×WDNLSHGHUYH.XUXPFDDO×QPDV×LVWHQHQWHGELUOHULDO×U
%LUOL÷LQRUJDQVHoLPOHULEX.DQXQGD|QJ|UOHQHVDVODUoHUoHYHVLQGHJL]OLR\OD
YH \DUJ× J|]HWLPL DOW×QGD JHUoHNOHúWLULOLU6HoLP \DS×ODFDN JHQHO NXUXO
WRSODQW×V×QGDQ HQ D] RQEHú JQ |QFH VHoLPOHUH NDW×ODFDN \H NXUXOXúODU× YH
WHPVLOFLOHULQL EHOLUOH\HQ OLVWH WRSODQW×Q×Q JQGHPLQL \HULQL JQQ VDDWLQL YH
oR÷XQOXN ROPDG×÷× WDNGLUGH \DS×ODFDN LNLQFL WRSODQW×\D LOLúNLQ KXVXVODU× EHOLUWHQ
ELU\D]×LOHELUOLNWHoQVKDRODUDN<NVHN6HoLP.XUXOXQFDEHOLUOHQHFHNVHoLP
NXUXOX EDúNDQ× KDNLPH WHYGL HGLOLU +DNLP JHUHNOL LQFHOHPH\L \DSDUDN OLVWH\L YH
GL÷HU KXVXVODU× RQD\ODU ELU VDQG×N NXUXOX EDúNDQ× YH LNL VDQG×N NXUXOX \HVL LOH
EXQODU LoLQ ELUHU \HGHN \H DWDU 2\ YHUPH LúOHPL JL]OL R\ Do×N VD\×P LONHOHULQH
J|UH\DS×O×U6HoLPVUHVLQLQVRQXQGDVHoLPVRQXoODU×WXWDQDNODWHVSLWHGLOLSVHoLP
VDQG×N NXUXOX EDúNDQ× YH \HOHUL WDUDI×QGDQ LP]DODQ×U 7XWDQD÷×Q
G]HQOHQPHVLQGHQ LWLEDUHQ LNL JQ LoLQGH VHoLPOHUH \DS×ODFDN KHU WUO LWLUD]ODU
KDNLPWDUDI×QGDQD\Q×JQLQFHOHQLUYHNHVLQRODUDNNDUDUDED÷ODQ×U
%LUOL÷LQRUJDQODU×oDO×úPDHVDVODU×YHIDDOL\HWOHULQLQNDSVDP×.XUXOXQ%LUOL÷LQ
J|UúQ DODUDN \DSDFD÷× |QHUL ]HULQH %DNDQODU .XUXOX NDUDU×\OD \UUO÷H
NRQXODFDN %LUOLN 6WDWVQGH J|VWHULOLU %DQNDODU %LUOLN 6WDWVQH YH %LUOLN
WDUDI×QGDQDO×QDFDNNDUDUYHWHGELUOHUHX\PDN]RUXQGDG×U %LUOL÷LQJLGHUOHUL%LUOLN
6WDWV JHUH÷LQFH WHVSLW ROXQDQ R\ VD\×V×QD J|UH EDQNDODUD GD÷×W×O×U %DQNDODU
NHQGLOHULQH GúHQ PDVUDI SD\ODU×Q× VWDWGH EHOLUWLOHQ VUH LoLQGH \DW×UPDN
]RUXQGDG×UODU 0DVUDI LúWLUDN SD\ODU× EHOLUOHQHQ VUH LoLQGH |GHQPHGL÷L WDNGLUGH
%LUOLNWDUDI×QGDQLFUD \ROX\ODWDKVLOROXQXU0DVUDILúWLUDNSD\ODU×Q×Q|GHQPHVLQH
GDLUNDUDUODUVD\×O×øFUDYHøIODV.DQXQXQXQLQFLPDGGHVLQGH\D]×O×UHVPL
EHOJHQLWHOL÷LQGHGLU
%LUOL÷LQDOG×÷×JHQHO\DGD|]HOQLWHOLNWHNLNDUDUYHWHGELUOHUH]DPDQ×QGDYHWDP
RODUDN X\PD\DQ \HOHU KDNN×QGD %LUOLN <|QHWLP .XUXOXQFD ELU PLO\DU OLUD\D
NDGDUSDUDFH]DV×X\JXODQDELOLU%LUOLNFH]DODU×ELU\DQGDQLOJLOL\HWHEOL÷HWPHNOH
EHUDEHU GL÷HU \DQGDQ JHOLU ND\G× LoLQ )RQD ELOGLULU %X FH]DODU WHEOL÷ WDULKLQGHQ
LWLEDUHQRWX]JQLoLQGH|GHQPHGL÷LWDNGLUGH )RQWDUDI×QGDQWDULKOLYH
VD\×O×$PPH$ODFDNODU×Q×Q7DKVLO8VXO+DNN×QGD.DQXQKNPOHULQHJ|UH
WDNLSYHWDKVLOROXQXU
'L÷HUKNPOHU
0DGGH%DNDQODU.XUXOX
D%DQNDODU×Q|GQoSDUDYHUPHLúOHPOHULYHPHYGXDWNDEXOQGHX\JXOD\DFDNODU×
D]DPL IDL] RUDQODU× LOH VD÷OD\DFDNODU× GL÷HU PHQIDDWOHULQ QLWHOLNOHUL LOH D]DPL
PLNWDU \D GD RUDQODU×Q× WHVSLW HWPH\H EXQODU× N×VPHQ YH\D WDPDPHQ VHUEHVW
E×UDNPD\D
<HWNLOLGLU%DNDQODU.XUXOXDEHQGLQGHEHOLUWLOHQ\HWNLOHULQL0HUNH]%DQNDV×QD
GHYUHGHELOLU
0HYGXDWNDEXOHWPH\HQEDQNDODUEX.DQXQXQXQFXPDGGHVLQLQYH
QXPDUDO× LQFL PDGGHVLQLQ QXPDUDO×
I×NUDODU×LOHFGYHHEHQWOHULKDULoYHQFLPDGGHOHULKNPOHULQH
WDELGH÷LOGLU%XEDQNDODU×QNXUXOXúXQGD|GHQPLúVHUPD\HWXWDU×LQFLPDGGHQLQ
QXPDUDO×I×NUDV×Q×QGEHQGLQGHEHOLUWLOHQWXWDU×QoWHLNLVLQGHQD]RODPD]%X
EDQNDODU×Q EDQNDODUGDQ YH NHQGL PVWDNUL]OHULQGHQ JHQHO HVDVODU GDKLOLQGH
VD÷ODG×NODU×SDUDODUPHYGXDWVD\×OPD]
YHQFPDGGHKNPOHULKDULoROPDN]HUHEX.DQXQGDNLSDUDVDO
WXWDU YH V×Q×UODUGDQ KHU ELUL KHU \×O N×VPHQ \D GD WDPDPHQ 'HYOHW øVWDWLVWLN
(QVWLWV WDUDI×QGDQ Do×NODQDQ WRSWDQ Hú\D IL\DWODU× HQGHNVLQLQ LNL NDW×Q×Q
JHUHNWLUGL÷L PLNWDU YH V×Q×UODU× JHoPHPHN ]HUH .XUXO NDUDU×\OD DUW×U×ODELOLU %X
.DQXQXQYHQFPDGGHOHULQGH\HUDODQPDNWXSDUDFH]DODU×LVHKHU\×O
2FDN D\×QGDQ JHoHUOL ROPDN ]HUH 6D\×O× 9HUJL 8VXO .DQXQXQXQ 0NHUUHU
QFLPDGGHVLX\DU×QFDWHVSLWHGLOHFHN\HQLGHQGH÷HUOHPHRUDQ×NDGDUDUW×U×OPDN
VXUHWL\OHEXOXQDFDNWXWDUODU]HULQGHQX\JXODQ×U
%DQNDODU×QNLPOLNOHULQLYHYHUJLNLPOLNQXPDUDODU×Q×EHOJHOHPH\HQPúWHULOHUL
DG×QDPHYGXDWNUHGLYH KHUQH DGDOW×QGDROXUVD ROVXQKHVDSDoPDODU×V|]OHúPH
G]HQOHPHOHUL KDYDOH YH NDPEL\R KL]PHWOHUL LOH GL÷HU EDQNDF×O×N YH PDOL
KL]PHWOHUL YHUPHOHUL \DVDNW×U %X I×NUDQ×Q X\JXODQPDV×QD LOLúNLQ HVDV YH XVXOOHU
.XUXPXQJ|UúDO×QDUDN0DOL\H%DNDQO×÷×QFDG]HQOHQLU%XI×NUDKNPQHYH
0DOL\H %DNDQO×÷×QFD \DS×ODQ G]HQOHPHOHUH X\PD\DQODU KDNN×QGD
WDULKOL YH VD\×O× .DQXQXQ LQFL PDGGHVL KNPQQ X\JXODQPDV× EX
.DQXQXQQFPDGGHVLQGHEHOLUOHQHQNRYXúWXUPDXVXOQHWDELGH÷LOGLU
0DGGH .XUXO NDUDU×\OD YH JHUHNoHVL EHOLUWLOPHN VXUHWL\OH EDQNDODUD EX
.DQXQXQ
EXQFXPDGGHVLQLQQXPDUDO×I×NUDODU×QDD\N×U×úHNLOGHDWDPD\DS×OPDV×
YH\D QXPDUDO× I×NUDV×QGD EHOLUWLOHQ NLúLOHULQ \DVDNODQDQ J|UHYOHUGH
oDO×úW×U×OPDV× KDOLQGH EHú PLO\DU OLUD YH FH]DQ×Q WHEOL÷ WDULKLQGHQ LWLEDUHQ RQ Lú
JQ LoLQGH D\N×U×O×÷×Q JLGHULOPHPHVL KDOLQGH EX VUHQLQ ELWLPLQGHQ LWLEDUHQ
JHoHQKHUJQLoLQYHULOPLúRODQFH]DQ×Q\]GHRQXWXWDU×QGD
F XQFX PDGGHVLQLQ QXPDUDO× I×NUDV×QD D\N×U× úHNLOGH úXEH YH WHPVLOFLOLN
Do×OPDV×KDOLQGHRQPLO\DUOLUD
JQFLPDGGHVLQLQQXPDUDO×I×NUDV×QDJ|UHD\U×OPDV×JHUHNHQNDUú×O×NODU×Q
WHVLV HGLOPHPHVL KDOLQGH EHú\] PLO\RQ OLUDGDQ D] ROPDPDN ]HUH D\U×OPDV×
JHUHNHQ NDUú×O×N WXWDU×Q×Q ELQGH LNLVL o D\GDQ D] ROPDPDN ]HUH .XUXPFD
YHULOHFHNVUHLoLQGHD\N×U×O×÷×QJLGHULOPHPHVLKDOLQGHLVHWHVLVHGLOPH\HQNDUú×O×N
WXWDU×Q×Q\]GHoWXWDU×QGD
KQFLPDGGHVLQLQQXPDUDO×I×NUDV×QGDNLV×Q×UODPDYH\DVDNODPDODUDD\N×U×
GDYUDQ×OPDV× KDOLQGH LNL PLO\DU OLUDGDQ D] ROPDPDN ]HUH D\N×U×O×N WHúNLO HGHQ
WXWDU×Q \]GH EHúL YH FH]DQ×Q WHEOL÷ WDULKLQGHQ LWLEDUHQ ELU \×O LoLQGH D\N×U×O×÷×Q
JLGHULOPHPHVLGXUXPXQGDLVHEXVUHQLQELWLPLQGHQLWLEDUHQD\N×U×O×÷×QJLGHULOGL÷L
WDULKHNDGDUJHoHQKHUJQLoLQYHULOHQFH]DQ×Q\]GHELULWXWDU×QGD
N LQFL PDGGHVLQLQ QXPDUDO× I×NUDV× X\DU×QFD DO×QDQ NDUDUODUD YH \DS×ODQ
G]HQOHPHOHUH D\N×U× úHNLOGH IDL] DO×QPDV× YH\D YHULOPHVL \D GD VDLU PHQIDDW
VD÷ODQPDV× KDOLQGH ELU PLO\DU OLUDGDQ D] ROPDPDN ]HUH VD÷ODQDQ PHQIDDW
WXWDU×QGD
O øOJLOL PDGGHOHULQH J|UH %DNDQODU .XUXOX YH .XUXP WDUDI×QGDQ EX .DQXQD
GD\DQ×ODUDN DO×QDQ NDUDUODUD o×NDU×ODQ \|QHWPHOLN YH WHEOL÷OHUH YH \DS×ODQ GL÷HU
G]HQOHPHOHUHX\XOPDPDV×KDOLQGHELUPLO\DUOLUD
øGDULSDUDFH]DV×X\JXODQ×U
%X PDGGH\H J|UH FH]D X\JXODPD KDNN× D\N×U×O×÷×Q YXNX EXOGX÷X WDULKWHQ
LWLEDUHQEHú\×OO×N]DPDQDú×P×QDWDELGLU
$GOLVXoYHFH]DODU
0DGGH %X .DQXQD J|UH DO×QPDV× JHUHNHQ L]LQOHUL DOPDNV×]×Q EDQNDF×O×N
LúOHPOHUL LOH X÷UDúDQ YH\D PHYGXDW NDEXO HGHQ YH\D WLFDUHW XQYDQODU× KHU WUO
EHOJHOHULLODQYHUHNODPODU×YH\DNDPXR\XQD\DSW×NODU×Do×NODPDODUGDEDQNDDG×Q×
NXOODQDQ PHYGXDW NDEXO HWWLNOHUL EDQNDF×O×N \DSW×NODU× L]OHQLPLQL \DUDWDFDN V|]
YH GH\LPOHUL NXOODQDQ JHUoHN NLúLOHU LOH W]HONLúLOHULQ J|UHYOLOHUL ILLOH NDW×OPD
GHUHFHOHULQH J|UH o \×OGDQ EHú \×OD NDGDU KDSLV YH o PLO\DU OLUDGDQ EHú PLO\DU
OLUD\DNDGDUD÷×USDUDFH]DV×LOHFH]DODQG×U×O×UODU$\U×FD.XUXOXQWDOHEL]HULQHEX
VXoODU× LúOH\HQ NLúLOHULQ Lú\HUOHULQLQ VUHNOL YH\D ELU \×O× JHoPHPHN ]HUH JHoLFL
RODUDN NDSDW×OPDV×QD LODQ YH UHNODPODU×Q×Q GXUGXUXOPDV× YH\D WRSODW×OPDV×QD
PDKNHPHFHNDUDUYHULOLU
%X .DQXQXQ XQFX PDGGHVLQLQ QXPDUDO× I×NUDV× KNP VDNO× NDOPDN
ND\G×\OD PHYGXDW VDKLSOHULQLQ PHYGXDWODU×Q× NDV×WO× RODUDN JHUL DOPDODU×Q×
HQJHOOH\HQEDQNDODU×QJ|UHYOLYH\DLOJLOLPHQVXSODU×DOW×D\GDQLNL\×ODNDGDUKDSLV
YHELUPLO\DUOLUDD÷×USDUDFH]DV×LOHFH]DODQG×U×O×U
%X .DQXQXQ QF PDGGHVL KNPOHULQH X\PD\DQ EDQNDODU×Q LúOHULQL ILLOHQ
\|QHWHQPHQVXSODU×J|UHYYHLOJLOHULQHYHILLOHNDW×OPDGHUHFHOHULQHJ|UHLNLPLO\DU
OLUDGDQ EHú PLO\DU OLUD\D NDGDU D÷×U SDUD FH]DV×\OD ELUOLNWH LNL \×OGDQ G|UW \×OD
NDGDU D÷×U KDSLV FH]DV× LOH FH]DODQG×U×O×UODU ùX NDGDU NL EX ILLOOHU EDQNDQ×Q
\|QHWLP YH GHQHWLPLQL GR÷UXGDQ YH\D GROD\O× RODUDN WHN EDú×QD YH\D ELUOLNWH
HOLQGHEXOXQGXUDQRUWDNODUDYH\DEXQODU×QLúWLUDNYHNXUXOXúODU×QD\DUDUVD÷ODPDN
DPDF×\OD\DS×OG×÷×WDNGLUGHD÷×USDUDFH]DV×EHúPLO\DUOLUDGDQD]ROPDPDN]HUH
EX\DUDUODU×QEHúNDW×RODUDNKNPHGLOLU
%DQND \|QHWLP NXUXOX EDúNDQ YH \HOHUL LOH GL÷HU PHQVXSODU× J|UHYOHUL
GROD\×V×\OD NHQGLOHULQH WHYGL ROXQDQ YH\D PXKDID]DODU× GHQHWLP YH\D
VRUXPOXOXNODU×DOW×QGDEXOXQDQEDQND\DDLWSDUDYH\DVDLUYDUO×NODU×]LPPHWOHULQH
JHoLULUOHUVH DOW× \×OGDQ RQLNL \×OD NDGDU D÷×U KDSLV FH]DV× LOH FH]DODQG×U×ODFDNODU×
JLELEDQNDQ×QX÷UDG×÷×]DUDU×WD]PLQHPDKNXPHGLOLUOHU%XI×NUDGDJ|VWHULOHQVXo
EDQND\×DOGDWDFDNYHILLOLQDo×÷Do×NPDPDV×Q×VD÷OD\DFDNKHUWUOKLOHOLIDDOL\HWWH
EXOXQPDN VXUHWL\OH LúOHQPLúVH IDLOH RQLNL \×OGDQ DúD÷× ROPDPDN ]HUH D÷×U KDSLV
YHPH\GDQDJHOHQ]DUDU×QoNDW×NDGDUD÷×USDUDFH]DV×YHULOLU$\U×FDPH\GDQD
JHOHQ]DUDU×Q|GHQPHPHVLKDOLQGHPDKNHPHFHUH·VHQ|GHWWLULOPHVLQHKNPROXQXU
=DUDU×QNRYXúWXUPD\DS×OPDGDQ|QFHWDPDP×\OD|GHQPLúROPDV×KDOLQGHFH]DODU×Q
\DU×V×|GHPHKNPGHQ|QFHJHUoHNOHúWLULOPLúLVHoWHELURUDQ×QGD LQGLULOLU
%LU EDQNDQ×Q LWLEDU×Q× N×UDELOHFHN \D GD ú|KUHWLQH \D GD VHUYHWLQH ]DUDU
YHUHELOHFHNELUKXVXVDNDVWHQVHEHSRODQ\DGDEX\ROGDDV×OV×]KDEHUOHU\D\DQODU
LoLQELU\×OGDQLNL\×ODNDGDUKDSLVYHELUPLO\DUOLUDGDQLNLPLO\DUOLUD\DNDGDUD÷×U
SDUD FH]DV× KNPROXQXU %X ILLOLQ WDULKOL YH VD\×O× %DV×Q
.DQXQXQGDEHOLUWLOHQ\DGDUDG\RWHOHYL]\RQYLGHRLQWHUQHWNDEOROX\D\×QYH\D
HOHNWURQLN ELOJL LOHWLúLP DUDoODU× YH EHQ]HUL \D\×Q DUDoODU×QGDQ ELUL LOH LúOHQPHVL
KDOLQGHELU\×OGDQo\×ODNDGDUKDSLVYHLNLPLO\DUOLUDGDQG|UWPLO\DUOLUD\DNDGDU
D÷×USDUDFH]DV×QDKNPROXQXUøVLPOHULEHOLUWLOPHVHGDKLEDQNDODU×QJYHQLOLUOL÷L
NRQXVXQGD NDPXR\XQGD WHUHGGGH \RO DoDUDN EDQNDODU×Q PDOL EQ\HOHULQLQ
ROXPVX] HWNLOHQPHVLQH QHGHQ RODELOHFHN QLWHOLNWH DV×OV×] KDEHUOHUL \XNDU×GD
EHOLUWLOHQDUDoODUOD \D\×QOD\DQODUDLNLPLO\DUOLUDGDQG|UWPLO\DUOLUD\DNDGDUD÷×U
SDUDFH]DV×YHULOLU
%X .DQXQXQ X\JXODQPDV×QGD YH X\JXODQPDV×Q×Q GHQHWLPLQGH J|UHY DODQODU
J|UHYOHUL V×UDV×QGD |÷UHQGLNOHUL EDQNDODU LOH EXQODU×Q LúWLUDNOHUL NXUXOXúODU× YH
PúWHULOHULQH DLW V×UODU× EX .DQXQD YH |]HO NDQXQODU×QD J|UH \HWNLOL RODQODUGDQ
EDúNDV×QD Do×NOD\DPD]ODU YH NHQGL \DUDUODU×QD NXOODQDPD]ODU %X \NPOON
J|UHYGHQ D\U×OPDODU×QGDQ VRQUD GD GHYDP HGHU %X \NPOO÷H X\PD\DQ
NLPVHOHULoLQELU\×OGDQo\×ODNDGDUD÷×UKDSLVYHLNLPLO\DUOLUDGDQD]ROPDPDN
]HUHD÷×USDUDFH]DV×QDKNPROXQXU
%X .DQXQD J|UH VXo WHúNLO HGHQ KDUHNHW YH ILLOOHU EDúND NDQXQODUD J|UH GH
FH]D\× JHUHNWLUGL÷L WDNGLUGH IDLOOHUL KDNN×QGD HQ D÷×U FH]D\× JHUHNWLUHQ NDQXQ
PDGGHVL X\JXODQ×U VD\×O× 7UN 7LFDUHW .DQXQXQXQ VRUXPOXOX÷X JHUHNWLUHQ
KNPOHULVDNO×G×U
'L÷HUNDQXQODUDD\N×U×O×NODU
0DGGH WDULKOL YH VD\×O× 7UNL\H &XPKXUL\HW 0HUNH]
%DQNDV×.DQXQXQXQQFPDGGHVLQLQ,,QXPDUDO×SDUDJUDI×Q×QGEHQGLLOH
QFL PDGGH G]HQOHPHOHULQH X\PD\DQ ×QF× PDGGHVLQLQ ,, QXPDUDO×
SDUDJUDI×Q×Q D EHQGL X\DU×QFD XPXPL GLVSRQLELOLWH YH PHYGXDW NDUú×O×NODU× LoLQ
WHVSLWHGLOHQRUDQODU×VUHVLLoLQGHWHVLVHWPH\HQYH\DQRNVDQWHVLVHGHQ\DGDF
EHQGL X\DU×QFD 0HUNH] %DQNDV×QFD DO×QDQ D\DUODPD NDUDUODU×QD X\PD\DQ
EDQNDODU×QNXUXPYHNXUXOXúODU×QVRUXPOXODU×KDNN×QGDEHú\]PLO\RQOLUDGDQELU
PLO\DUOLUD\DNDGDUSDUDFH]DV×X\JXODQ×U
VD\×O× 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV× .DQXQXQXQ YH QF
PDGGHOHULQGH J|VWHULOHQ ]RUXQOXOXN YH \NPOONOHULQ \HULQH JHWLULOPHPHVL
KDOLQGHVRUXPOXODUKDNN×QGDQFLPDGGHQLQYHQXPDUDO×I×NUDKNPOHUL
X\JXODQ×U
%X PDGGHQLQ YH QXPDUDO× I×NUD KNPOHUL GROD\×V×\OD NRYXúWXUPD
\DS×OPDV× NDQXQD D\N×U×O×÷×Q 0HUNH] %DQNDV×QFD WHVSLWL KDOLQGH EX %DQNDFD
.XUXPD ELOGLULPGH EXOXQXOPDV× GL÷HU KDOOHUGH LVH EX %DQNDQ×Q J|Uú DO×QDUDN
.XUXP WDUDI×QGDQ &XPKXUL\HW %DúVDYF×O×÷×QD \D]×O× EDúYXUXGD EXOXQXOPDV×QD
ED÷O×G×U
'L÷HU .DQXQODUGD VD\×O× .DQXQD \DS×ODQ DW×IODU EX NDQXQXQ LOJLOL
PDGGHOHULQH\DS×OP×úVD\×O×U
'L÷HUNDQXQODUDD\N×U×O×NODU
0DGGH WDULKOL YH VD\×O× 7UNL\H &XPKXUL\HW 0HUNH]
%DQNDV×.DQXQXQXQQFPDGGHVLQLQ,,QXPDUDO×SDUDJUDI×Q×QGEHQGLLOH
QFL PDGGH G]HQOHPHOHULQH X\PD\DQ ×QF× PDGGHVLQLQ ,, QXPDUDO×
SDUDJUDI×Q×Q D EHQGL X\DU×QFD XPXPL GLVSRQLELOLWH YH PHYGXDW NDUú×O×NODU× LoLQ
WHVSLWHGLOHQRUDQODU×VUHVLLoLQGHWHVLVHWPH\HQYH\DQRNVDQWHVLVHGHQ\DGDF
EHQGL X\DU×QFD 0HUNH] %DQNDV×QFD DO×QDQ D\DUODPD NDUDUODU×QD X\PD\DQ
EDQNDODU×QNXUXPYHNXUXOXúODU×QVRUXPOXODU×KDNN×QGDEHú\]PLO\RQOLUDGDQELU
PLO\DUOLUD\DNDGDUSDUDFH]DV×X\JXODQ×U
VD\×O× 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV× .DQXQXQXQ YH QF
PDGGHOHULQGH J|VWHULOHQ ]RUXQOXOXN YH \NPOONOHULQ \HULQH JHWLULOPHPHVL
KDOLQGHVRUXPOXODUKDNN×QGDQFLPDGGHQLQYHQXPDUDO×I×NUDKNPOHUL
X\JXODQ×U
'L÷HU .DQXQODUGD VD\×O× .DQXQD \DS×ODQ DW×IODU EX NDQXQXQ LOJLOL
PDGGHOHULQH\DS×OP×úVD\×O×U
.RYXúWXUPDXVXOYHSDUDFH]DODU×Q×QWDKVLOL
0DGGH%X.DQXQGDEHOLUWLOHQFH]DODUDLOLúNLQVXoODUGDQGROD\×NRYXúWXUPD
\DS×OPDV× .XUXPXQ &XPKXUL\HW %DúVDYF×O×÷×QD \D]×O× EDúYXUXGD EXOXQPDV×QD
ED÷O×G×U%XEDúYXUXLOH.XUXPD\Q×]DPDQGDPGDKLOV×IDW×Q×ND]DQ×U
&XPKXUL\HW VDYF×ODU× NRYXúWXUPD\D \HU ROPDG×÷×QD NDUDU YHULUOHUVH .XUXP
WDULKOL YH VD\×O× &H]D 0XKDNHPHOHUL 8VXO .DQXQXQD J|UH
NHQGLVLQHWHEOL÷HGLOHFHNEXNDUDUODUDNDUú×LWLUD]D\HWNLOLGLU
%X .DQXQGD J|VWHULOHQ SDUD FH]DODU× WDULKOL YH VD\×O× $PPH
$ODFDNODU×Q×Q 7DKVLO 8VXO +DNN×QGD .DQXQ KNPOHUL JHUH÷LQFH YHUJL
GDLUHOHULQFH WDKVLO HGLOLU 3DUD FH]DODU×QGD W]HONLúLOHULQ VRUXPOXOX÷X
WDULKOL YH VD\×O× 7UN 7LFDUHW .DQXQXQXQ LQFL PDGGHVLQH J|UH WD\LQ
ROXQXU
.DOG×U×ODQYHGH÷LúWLULOHQKNPOHU
0DGGH WDULKOL YH VD\×O× %DQNDODU .DQXQX LOH HN YH
GH÷LúLNOLNOHUL\UUONWHQNDOG×U×OP×úW×U
WDULKOL YH VD\×O× +D]LQH 0VWHúDUO×÷× LOH '×ú 7LFDUHW
0VWHúDUO×÷× 7HúNLODW YH *|UHYOHUL +DNN×QGD .DQXQXQ EX .DQXQGD G]HQOHQHQ
J|UHYYH\HWNLOHUHLOLúNLQKNPOHUL\UUONWHQNDOG×U×OP×úW×U
WDULKOL YH VD\×O× 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×
.DQXQXQXQ QF PDGGHVLQLQ ,M EHQGL QFL PDGGHVLQLQ QXPDUDO×
QF PDGGHVLQLQ oQF YH G|UGQF I×NUDODU× \UUONWHQ NDOG×U×OP×ú QF
PDGGHVLQLQ,,,FEHQGLLOHQFPDGGHVLDúD÷×GDNLúHNLOGHGH÷LúWLULOPLúWLU
%DQND G×ú× PDOL NXUXPODUOD LOJLOL NXUXOXú L]LQOHUL YH EXQODUGDQ WDVIL\HOHUL
KXVXVXQGD NDUDU DOPD \HWNLVL +NPHWH DLW RODQODU×Q WDVIL\HOHUL KDNN×QGD NDUDUD
YDU×OPDGDQ|QFH%DQNDQ×QPWDODDV×DO×Q×U
0DGGH%DQND7UNL\H·GHIDDOL\HWWHEXOXQDQEDQNDODU|]HOILQDQVNXUXPODU×
ILQDQVDO NLUDODPD úLUNHWOHUL IDNWRULQJ úLUNHWOHUL ILQDQVPDQ úLUNHWOHUL YH EDQNDFD
X\JXQJ|UOHFHNEHQ]HULPDOLNXUXPODU×QPúWHULOHULQLQULVNGXUXPODU×Q×QH]QLQGH
WRSODPDNPDNVDG×\OD5LVN0HUNH]LNXUDU
5LVN 0HUNH]LQLQ EWQ LúOHP YH ND\×WODU× JL]OL ROXS %DQND DQFDN \XNDU×GDNL
NXUXPODU× PúWHULOHULQLQ YH\D NUHGL LVWHNOLOHULQLQ ULVN GXUXPODU× KDNN×QGD
D\G×QODWDELOLU%LOJLDOPDYHYHUPHúHNLOYHúDUWODU×\|QHWPHOLNOHEHOLUWLOLU
%DQNDODU×Q NHúLGH HWWLNOHUL SURWHVWRODU %DQNDGD WRSODQ×U %XQODU×Q WRSODQPD YH
GX\XUXOPDHVDVODU×7UNL\H%DQNDODU%LUOL÷LQLQJ|UúDO×QDUDNEDQNDWDUDI×QGDQ
WHVSLWHGLOLU
*(dø&ø 0$''( D.XUXO %DúNDQ YH \HOHUL EX NDQXQXQ \UUO÷H JLUGL÷L
WDULKWHQLWLEDUHQoD\LoLQGHDWDQ×UODUøONGHIDDWDQDQ\HOHUGHQ%DúNDQG×ú×QGD
LNLQFL \×O×Q VRQXQGD NXUD VRQXFXQGD EHOLUOHQHFHN LNL \H YH G|UGQF \×O×Q
VRQXQGD NDODQ \HOHUGHQ NXUD VRQXFXQGD EHOLUOHQHFHN LNL \HQLQ \HULQH EX
.DQXQGDEHOLUWLOHQKNPOHUHX\JXQRODUDN\HQL\HDWDPDV×\DS×O×U
E.XUXP %DúNDQ YH h\HOHULQ DWDQG×÷× WDULKWHQ LWLEDUHQ HQ JHo ELU \×O LoLQGH
IDDOL\HWH JHoHU .XUXO .XUXPXQ IDDOL\HWH JHoHFH÷L WDULKH NDGDU +D]LQH
0VWHúDUO×÷× LOH PúWHUHNHQ .XUXPXQ WHúNLODW×QD IDDOL\HWOHULQH YH EX .DQXQXQ
X\JXODPDV×QD LOLúNLQ KD]×UO×N YH G]HQOHPHOHU \DQ×QGD LOJLOL PHUFLOHUH J|UHY
DODQ×QD JLUHQ NRQXODUGD PWDODD YH |QHULOHUGH EXOXQPDN GD GDKLO ROPDN ]HUH
LVWLúDUL QLWHOLNWH oDO×úPDODU \DSDU %X VUH LoLQGH .XUXOXQ VHNUHWDU\D KL]PHWOHUL
)RQWDUDI×QGDQ\HULQHJHWLULOLU
F.XUXPXQIDDOL\HWHEDúOD\DFD÷×WDULKHNDGDUEX.DQXQOD.XUXPDYH\D.XUXOD
YHULOHQ J|UHY YH \HWNLOHU LOJLVLQH J|UH POJD VD\×O× %DQNDODU .DQXQXQGD
EHOLUWLOHQ %DNDQODU .XUXOX %DNDQ +D]LQH 0VWHúDUO×÷× LOH EDQNDODU \HPLQOL
PXUDN×SODU×YH\DUG×PF×ODU×0HUNH]%DQNDV×YH7DVDUUXI0HYGXDW×6LJRUWD)RQX
WDUDI×QGDQ NXOODQ×OPD\D GHYDP ROXQXU VD\×O× %DQNDODU .DQXQXQGD \HU
DOPD\DQYHEXNDQXQODJHWLULOHQG]HQOHPHOHUOHLOJLOL\HWNLOHU.XUXPXQIDDOL\HWH
EDúOD\DFD÷×WDULKHNDGDULOJLOL%DNDQWDUDI×QGDQNXOODQ×O×U
H+D]LQH0VWHúDUO×÷×%DQNDODU<HPLQOL0XUDN×SODU×.XUXOX%DúNDQ×LOHEDQNDODU
\HPLQOL PXUDN×SODU× PXUDN×S \DUG×PF×ODU× YH %DQNDODU <HPLQOL 0XUDN×SODU×
.XUXOXQXQ GL÷HU SHUVRQHOL .XUXPXQ IDDOL\HWH JHoWL÷L WDULKWH EDúNDFD ELU LúOHPH
JHUHN NDOPDNV×]×Q .XUXPD GHYUHGLOPLú VD\×O×U %X .DQXQXQ \UUO÷H JLUGL÷L
WDULKWHNL+D]LQH0VWHúDUO×÷×LOH0HUNH]%DQNDV×Q×QEX.DQXQXQX\JXODQPDV×\OD
LOJLOLSHUVRQHOLPXYDIDNDWOHULDO×QPDNND\G×\OD.XUXPDQDNOHQDWDQ×U.DQXQXQ
\UUO÷H JLUGL÷L WDULKWH 0VWHúDUO×N YH 0HUNH] %DQNDV×Q×Q EX .DQXQXQ
X\JXODQPDV×\OD LOJLOL SHUVRQHOLQGHQ EX .XUXPODU×Q \XUW G×ú× WHúNLODW×QGD J|UHY
\DSDQYH\DXOXVODUDUDV×NXUXOXúODUGDJ|UHYOLEXOXQDQOLVDQVVWH÷LWLPQHGHQL\OH
\XUW G×ú×QGD EXOXQDQ YH\D DVNHUOLN \DGD VDLU QHGHQOHUOH FUHWVL] L]LQOL RODQODU×Q
QDNOHQDWDQPDKDNODU×VDNO×G×U.DQXQXQ\UUO÷HJLUGL÷LWDULKWHQLWLEDUHQELU\×O
LoLQGH NXOODQ×OPD\DQ KDNODU JHoHUVL] ROXU 0XYDIDNDWODU× ROPD\DQ SHUVRQHO
JHUHNWL÷LQGHNXUXPWDUDI×QGDQ\HWHUOLSHUVRQHOVD÷ODQ×QFD\DNDGDUYHKHUKDOGHLNL
\×O×JHoPHPHN]HUHVD\×O×'HYOHW0HPXUODU×.DQXQXQXQHNYHHNXQFX
PDGGHOHUL KNPOHULQH ED÷O× NDO×QPDNV×Q×] .XUXPGD JHoLFL RODUDN
J|UHYOHQGLULOHELOLU
*(dø&ø 0$''( D%X .DQXQD J|UH o×NDU×ODFDN NDUDUQDPH \|QHWPHOLN YH
WHEOL÷OHU \UUO÷H JLULQFH\H NDGDU NDOG×U×ODQ KNPOHUH GD\DQ×ODUDN o×NDU×OP×ú
YH KDOHQ \UUONWH EXOXQDQ G]HQOHPHOHULQ EX .DQXQD D\N×U× ROPD\DQ
KNPOHULQLQX\JXODQPDV×QDGHYDPROXQXU
E%DQNDODUDQDV|]OHúPHOHULQLEX.DQXQXQ\UUO÷HJLUGL÷LWDULKLL]OH\HQELU\×O
LoLQGHEX.DQXQDX\JXQKDOHJHWLUPHN]RUXQGDG×UODU
G XQFX PDGGHQLQ QXPDUDO× I×NUDV×Q×Q PXUDKKDV \HOHUH LOLúNLQ KNP EX
.DQXQXQ \UUO÷H JLUGL÷L WDULKWH J|UHY \DSPDNWD RODQ NLúLOHU KDNN×QGD EX
J|UHYOHULQHGHYDPHWWLNOHULVUHFHX\JXODQPD]
I%DQNDODU EX .DQXQXQ \UUO÷H JLUGL÷L WDULKWHQ |QFH DoW×NODU× NUHGLOHUL YH
EXQODUD LOLúNLQ NDUú×O×N \NPOONOHULQL G|UW \×O LoLQGH EX .DQXQ KNPOHULQH
X\JXQKDOHJHWLUPHN]RUXQGDG×UODU
M%X .DQXQXQ \D\×P× WDULKLQGHQ |QFH LIODV HWPLú RODQ %DQNDODU×Q WDVIL\HVL
WHNHPPO HWWLULOHQ LúOHPOHU VDNO× NDOPDN ND\G×\OD LIODV LGDUHOHUL WDUDI×QGDQ EX
.DQXQKNPOHULQHJ|UH\UWOU%XPDGGHQLQX\JXODQPDV×QGDLIODVLGDUHOHUL
EX.DQXQXQ×QF×PDGGHVLQLQQFLQFLYHXQFXI×NUDODU×QGD)RQ
DYHULOHQ
\HWNLOHULKDL]GLUYHLIODVLGDUHOHULQLQDoDFD÷×GDYDYH\UWHFHNOHULWDNLSOHUGH
VD\×O× +DUoODU .DQXQXQ LQFL PDGGHVL X\JXODQPD\DFD÷× JLEL KHU WUO LKWL\DWL
WHGELU YH LKWL\DWL KDFL] WDOHSOHULQGH WHPLQDW úDUW× DUDQPD] %X NDQXQXQ \D\×P×
WDULKLQGHQ |QFH WDULK YH VD\×O× .DQXQXQ WDULK YH
VD\×O×.DQXQ+NPQGH.DUDUQDPHLOH\UUONWHQNDOG×U×ODQQFPDGGHVLQLQ
QF I×NUDV×QD GD\DQ×ODUDN \DS×ODQ LúOHPOHU KDNN×QGD HVNL KNPOHULQ
X\JXODQPDV×QDGHYDPROXQXU
N%X.DQXQXQLQFLPDGGHVLQGH\D]×O×RUDQVDOFH]DODU\×O×VRQXQDNDGDU
PDGGHGHEHOLUWLOHQOHULQ\DU×V×QLVSHWLQGHX\JXODQ×U
*(dø&ø 0$''( 7DVIL\H KDOLQGHNL PIOLV 7UNL\H 7XUL]P <DW×U×P YH '×ú
7LFDUHW %DQNDV× $ù 0DUPDUD %DQNDV× $ù YH 7UNL\H øWKDODW YH øKUDFDW
%DQNDV× $ù· QLQ EDQNDF×O×N LúOHPOHUL \DSPD YH PHYGXDWNDEXO HWPH L]LQOHULQLQ
NDOG×U×OG×÷× WDULKOHU LWLEDUL\OH EX EDQNDODU QH]QLQGH EXOXQDQ ELU JHUoHN NLúL\H DLW
7UN/LUDV×FLQVLQGHQWDVDUUXIPHYGXDW×LOHWDVDUUXIPHYGXDW×QLWHOL÷LQLKDL]G|YL]
WHYGLDW KHVDSODU× WRSODP×Q×Q )RQ WDUDI×QGDQ VLJRUWD NDSVDP×QGD QDNGHQ YH\D
KHVDEHQ\DS×ODQ|GHPHOHUGúOGNWHQVRQUDNLEDNL\HVLQLQPLO\DU7UN/LUDV×QD
NDGDURODQN×VP×%DQNDODU×QEDQNDF×O×NLúOHPOHUL \DSPDYHPHYGXDWNDEXOHWPH
L]LQOHULQLQNDOG×U×OG×÷×WDULKWHJHoHUOL0HUNH]%DQNDV×G|YL]DO×úNXUODU×]HULQGHQ
$%' GRODU×QD oHYULOHUHN EX .DQXQXQ \D\×P× WDULKLQGH JHoHUOL 0HUNH] %DQNDV×
$%''RODU×G|YL]DO×úNXUX]HULQGHQKHVDSODQDFDN7UN/LUDV×NDUú×O×NODU×)RQ
WDUDI×QGDQKHVDSVDKLSOHULQH|GHQLU
gGHPHOHUHLOLúNLQVDLUXVXOYHHVDVODU)RQWDUDI×QGDQEHOLUOHQLU
<UUON
0DGGH %X .DQXQXQ QF PDGGHVL YH *HoLFL QFL PDGGHVLQLQ O EHQGL
KNPOHUL WDULKLQGH GL÷HU KNPOHUL LVH \D\×P× WDULKLQGH \UUO÷H
JLUHU
<UWPH
0DGGH%X.DQXQKNPOHULQL%DNDQODU.XUXOX\UWU
(N
.DQXQ1R .DEXO7DULKL
0D\×VWDULKYHVD\×O×5HVPv*D]HWH·GH\D\×PODQP×úW×U
%ø5ø1&ø%g/h0
*HQHO+NPOHU
$PDo
0DGGH %X .DQXQXQ DPDF× WDVDUUXIODU× NRUXPDN YH HNRQRPLN NDON×QPDQ×Q
JHUHNOHULQH J|UH NXOODQ×OPDODU×Q× VD÷ODPDN ]HUH EDQNDODU×Q NXUXOXúXQX
\|QHWLPLQL oDO×úPD HVDVODU×Q× GHYLU ELUOHúPH YH WDVIL\HOHUL LOH GHQHWOHQPHOHULQL
G]HQOHPHNWLU
.DSVDP
0DGGH 7UNL\H·GH NXUXOPXú YH NXUXODFDN EDQNDODU LOH \DEDQF× ONHOHUGH
NXUXOPXú ROXS GD 7UNL\H·GH úXEH DoPDN VXUHWL\OH IDDOL\HWWH EXOXQDQ YH\D
EXQGDQ VRQUD 7UNL\H·GH úXEH DoDUDN IDDOL\HWH JHoHFHN RODQ EDQNDODU EX .DQXQ
KNPOHULQHWDELGLU
g]HONDQXQODUODNXUXODQEDQNDODUGDNDQXQODU×QGD\HUDODQKNPOHUG×ú×QGDEX
.DQXQKNPOHULQHWDELGLU
%X.DQXQGDDo×NO×NROPD\DQKDOOHUGHJHQHOKNPOHUX\JXODQ×U
7DQ×PODU
0DGGH%X.DQXQXQX\JXODQPDV×QGD
%DNDQO×N+D]LQHYH'×ú7LFDUHW0VWHúDUO×÷×Q×QED÷O×EXOXQGX÷XEDNDQO×÷×
0VWHúDUO×N+D]LQHYH'×ú7LFDUHW0VWHúDUO×÷×·Q×
0LOOL EDQND 7UN NDQXQODU×QD J|UH NXUXODQ VHUPD\HVL 7UN SDUDV× RODUDN
NRQXODQ YH VHUPD\HVLQLQ oR÷XQOX÷X LOH \|QHWLP YH GHQHWLPL 7UNOHUH DLW RODQ
EDQNDODU×
%DQNDúXEHVLD\U×FDEHOLUWLOPHVLQHJHUHNNDOPDNV×]×QEDQNDODU×QúXEHDMDQVYH
EDQNDLúOHPOHULYH\DPHYGXDWNDEXOLOHX÷UDúDQVDELW\DGDVH\\DUEURODU×JLEL
KHUWUOPDKDOOvWHúNLODW×Q×
0HUNH]úXEHEDQNDODU×QEXDGDOW×QGDPHUNH]OHULQLQEXOXQGX÷X\HUGHDoW×NODU×
úXEHOHULQL
gGHQPLúVHUPD\HEDQNDODU×QoD\O×NKHVDS|]HWOHULQGHNLILLOHQ|GHQPLúYH\D
7UNL\H·\HD\U×OP×úYH|GHQPLúVHUPD\HOHULQGHQELODQoRGDJ|UOHQ]DUDU×Q\HGHN
DNoHOHUOHNDUú×ODQPD\DQN×VP×LOH\DEDQF×ONHOHUGHNLúXEHOHULQHD\×UG×÷×VHUPD\H
GúOGNWHQVRQUDNDODQEDNL\H\L
<HGHN DNoHOHU EX .DQXQXQ QFL PDGGHVLQH 7UN 7LFDUHW .DQXQX YH LOJLOL
NDQXQODULOHEDQNDODU×QDQDV|]OHúPHOHULQHJ|UHD\U×ODQYHEDQNDQ×QoD\O×NKHVDS
|]HWOHULQGHJ|UOHQ\HGHNDNoHOHUWRSODP×QGDQYDUVDELODQoR]DUDU×Q×QGúOPHVL
VRQXFXQGDHOGHHGLOHQEDNL\H\L
g]ND\QDN EDQNDODU×Q |GHQPLú YH 7UNL\H·\H D\U×OP×ú VHUPD\HOHUL LOH \HGHN
DNoHOHULQLQWRSODP×Q×
øIDGHHGHU
ø.ø1&ø%g/h0
%DQNDODU×Q.XUXOXúX
.XUXOXú ø]QL
0DGGH 7UNL\H·GH ELU EDQNDQ×Q NXUXOPDV× YH\D \DEDQF× ONHOHUGH NXUXOPXú
ELU EDQNDQ×Q 7UNL\H·GH úXEH DoPDV× LoLQ %DNDQODU .XUXOXQGDQ L]LQ DO×QPDV×
úDUWW×U
.XUXOXú úDUWODU×
0DGGH7UNL\H·GHNL%DQNDODU×Q
D$QRQLPRUWDNO×NúHNOLQGHNXUXOPDODU×
E2UWDNVD\×V×Q×Q·GHQD]ROPDPDV×
H 0HUNH] úXEH G×ú×QGDNL KHU úXEH LoLQ VDKLS ROPDODU× JHUHNOL |]ND\QDN WXWDU×
KDULoROPDN]HUH|]ND\QDNODU×Q×QPLO\DUOLUDGDQD]ROPDPDV×
I$QDV|]OHúPHOHULQLQEX.DQXQKNPOHULQHX\JXQROPDV×
ùDUWW×U
øNWLVDGL GHYOHW WHúHNNOOHUL YH\D NDPX LNWLVDGL NXUXOXúODU×Q×Q ED÷O× RUWDNO×÷×
úHNOLQGHNLEDQNDODULQFLI×NUDQ×QEYHGEHQGLKNPOHULQHWDELGH÷LOGLU
6HUPD\HQLQ YH GDKD ID]ODV×Q× WHPVLO HGHQ YH\D ELU NLúL\H DLW VHUPD\H
SD\×Q×Q EX RUDQ× DúPDV× VRQXFXQX YHUHQ KLVVH VHQHGL GHYLUOHUL 0VWHúDUO×÷×Q
L]QLQH WDELGLU 6HUPD\HQLQ YH GDKD ID]ODV×QD VDKLS RODQ RUWDNODU×Q
NXUXFXODUGD DUDQDQ QLWHOLNOHUL WDú×PDV× úDUWW×U %X QLWHOLNOHUL ND\EHGHQ RUWDNODU
WHPHWW G×ú×QGDNL RUWDNO×N KDNODU×QGDQ \DUDUODQDPD] %X KDOGH GL÷HU RUWDNO×N
KDNODU×7DVDUUXI0HYGXDW×6LJRUWD)RQXWDUDI×QGDQNXOODQ×O×U
2UWDN VD\×V×Q×Q \]GHQ DúD÷× GúPHVLQH \RO DoDQ LúOHPOHU LOH QF I×NUD\D
J|UHL]LQDO×QPDGDQ\DS×ODQGHYLUOHUSD\GHIWHULQHND\GROXQPD]
+LVVH VHQHWOHULQLQ DGD \D]×O× ROPDV× úDUW× |]HO NDQXQOD YH\D |]HO NDQXQD
GD\DQ×ODUDN$ùúHNOLQGHNXUXODQEDQNDODUKDNN×QGDGDX\JXODQ×U
<DEDQF×EDQNDODU×Q7UNL\H·GHúXEHDoPDúDUWODU×
0DGGH 7UNL\H·GH úXEH DoPDN VXUHWL\OH IDDOL\HW J|VWHUHQ \DEDQF×
EDQNDODU×Q
E7UNL\H·\HD\U×ODQ|GHQPLúVHUPD\HOHULQLQLQFLPDGGHGHEHOLUWLOHQPLNWDUGDQ
D]ROPDPDV×
F$QDV|]OHúPHOHULQLQEX.DQXQDD\N×U×KNPOHUWDú×PDPDV×
H<|QHWLPPHUNH]LPGULOHúXEHPGUOHULQLQYH\DEXQODU×Q \DUG×PF×ODU×Q×Q
7UNL\H·GHPXNLPYH\D7UNL\H&XPKXUL\HWLYDWDQGDú×ROPDV×
I%DNDQODU.XUXOXQFDJHUHNOLJ|UOHFHNGL÷HUúDUWODU×WDú×PDODU×
ùDUWW×U
7UNL\H·GH úXEH DoDQ YH\D DoDFDN RODQ \DEDQF× EDQNDODU×Q NXUXOGXNODU×
ONHOHUGH PLOOL EDQNDODU×Q úXEH DoDUDN IDDOL\HW J|VWHUPHN LVWHPHOHUL KDOLQGH R
ONHOHUPHY]XDW×QDJ|UHWDELRODFDNODU×úDUWODUEX.DQXQXQ\DEDQF×EDQNDODULoLQ
NR\GX÷XúDUWODUGDQGDKDD÷×UROGX÷XYH\DVRQUDGDQD÷×UODúW×÷×WDNGLUGH%DNDQODU
.XUXOXNDUú×O×NRODUDNLOJLOL\DEDQF×EDQNDODUGDQD\Q×úDUWODU×\HULQHJHWLUPHOHULQL
LVWH\HELOLUYHEXWDOHEHX\PD\DQODU×QL]LQOHULQLLSWDOHGHELOLU
%DúYXUX
0DGGH 7UNL\H·GH EDQND NXUPDN YH\D \DEDQF× ONHGH NXUXOPXú EDQNDODUFD
7UNL\H·GHúXEHDoPDN]HUH0VWHúDUO×÷DYHULOHFHNEDúYXUXGLOHNoHOHULQH
%DQNDNXUXOPDV×QGD
D.XUXFXODU×Q0VWHúDUO×NYH6DQD\LYH7LFDUHW%DNDQO×÷×QFDKD]×UODQP×ú|UQH÷H
X\JXQ úHNLOGH YH QRWHU KX]XUXQGD G]HQOH\LS LP]D HGHFHNOHUL ELUHU
EH\DQQDPHQLQ
E2UWDNO×NDQDV|]OHúPHVLQLQ
F%DQNDQ×QNXUXOPDV×QHGHQOHULQLD\U×QW×O×RODUDNJ|VWHUHQELUUDSRUXQ
G0VWHúDUO×NWDUDI×QGDQJHUHNOLJ|UOHFHNGL÷HUELOJLYHEHOJHOHULQ
D%DQNDDQDV|]OHúPHVLQLQ
E7UNL\H·GHúXEHDo×OPDV×QHGHQOHULQLD\U×QW×O×RODUDNDo×NOD\DQELUUDSRUXQ
F %DQNDQ×Q VRQ \×OD DLW ELODQoR YH NkU]DUDU FHWYHOOHUL LOH 0VWHúDUO×NoD
LVWHQHFHNGL÷HUELOJLYHEHOJHOHULQ
(NOHQPHVLJHUHNLU
ø]LQYHULOPHXVXO
0DGGH 0VWHúDUO×N QFL PDGGH\H J|UH \DS×ODQ EDúYXUXODU× LQFHOHGLNWHQ
VRQUD L]LQ LVWHPLQL X\JXQ J|UG÷ WDNGLUGH EDúYXUX GLOHNoHOHULQL HNOHUL LOH
ELUOLNWH 6DQD\L YH 7LFDUHW %DNDQO×÷×QD J|QGHULU ø]LQ LVWHPL 6DQD\L YH 7LFDUHW
%DNDQO×÷× WDUDI×QGDQ GD X\JXQ J|UOG÷ WDNGLUGH %DNDQO×N L]LQ YHULOPHVLQL
%DNDQODU.XUXOXQD|QHULU
<DEDQF× EDQNDODU×Q 7UNL\H·GH úXEH DoPDODU×QGD L]LQ YHULOPHVL LoLQ %DNDQODU
.XUXOX·QD\DS×ODFDN|QHULOHUHVD\×O×<DEDQF×6HUPD\H\L7HúYLN.DQXQXYH
LOJLOLPHY]XDWDJ|UH\HWNLOLPHUFLLQX\JXQJ|UúHNOHQLU
9HULOHQL]LQOHUHLOLúNLQ%DNDQODU.XUXOXNDUDUODU×5HVPv*D]HWH·GH\D\×PODQ×U
<DEDQF× EDQNDODU×Q 7UNL\H·GH úXEH DoPDODU× LoLQ |]HO úDUWODU |QJ|UOG÷
WDNGLUGHEXQODUNDUDUODUGDJ|VWHULOLU
.XUXOXúL]QLQLQLSWDOL
0DGGH .XUXOXúXQD YH\D 7UNL\H·GH úXEH DoPDV×QD L]LQ YHULOHQ EDQNDODUGDQ
L]LQYHULOPHVLQHLOLúNLQ%DNDQODU.XUXOXNDUDU×Q×Q\D\×P×QGDQLWLEDUHQ\×OLoLQGH
IDDOL\HWHJHoPH\HQYH\DKHUKDQJLELUúHNLOGHIDDOL\HWOHULQHVUHNOLRODUDNHQD]
\×O VUH LOH DUD YHUHQ YH\D NXUXOXú NDUDUQDPHVLQGHNL úDUWODU× \HULQH JHWLUPH\HQ
EDQNDODU×QEXL]LQOHUL%DNDQO×÷×Q|QHULVL]HULQH%DNDQODU.XUXOXQFDLSWDOROXQXU
hdh1&h%g/h0
%DQNDODU×Q)DDOL\HWH*HoPHVL
.XUXOXúWDQVRQUDYHULOHFHNEH\DQDPHOHU
0DGGH .XUXOXú L]QL DODQ EDQNDODUGDQ 7UNL\H·GH NXUXODQODU 7LFDUHW
0DKNHPHVLQFH NXUXOXúODU× RQD\ODQG×NWDQ YH WLFDUHW VLFLOLQH WHVFLO YH LODQ
HGLOGLNWHQ \DEDQF×ONHOHUGHNXUXODQEDQNDODU×Q 7UNL\H·GHNLúXEHOHULLVHWLFDUHW
VLFLOLQH WHVFLO YH LODQ HGLOGLNWHQ YH 7UNL\H·\H D\U×ODQ |]ND\QDNODU× G|YL] RODUDN
JHWLULOLS7UNL\H&XPKXUL\HW0HUNH]%DQNDV×QDVDW×ODUDNNDUú×O×÷×LOJLOLKHVDSODUD
JHoLULOGLNWHQVRQUD0VWHúDUO×NYH6DQD\LYH7LFDUHW%DNDQO×÷×QDELUHUEH\DQQDPH
YHULUOHU
7UNNDQXQODU×QDJ|UHNXUXODQEDQNDODU×QEH\DQQDPHOHULQGH
D%DQNDQ×QXQYDQ×YHNXUXOXúWDULKL
E%DQNDQ×QPHUNH]LYHúXEHOHULQLQEXOXQGX÷X\HUOHULQDGUHVOHUL
F 6HUPD\H PLNWDU× LOH EXQXQ QH NDGDU×Q×Q |GHQPLú QH NDGDU×Q×Q KHQ]
|GHQPHPLúROGX÷X
G9DUVD\HGHNDNoHOHULQLQWUOHULYHPLNWDUODU×
H%DQNDQ×Q\DSDFD÷×LúOHPWUOHUL
*|VWHULOLU YH EX EH\DQQDPH\H EDQNDQ×Q NXUXOXúXQD DLW EHOJHOHULQ QRWHUFH RQD\O×
|UQHNOHULLOHNXUXOXúELODQoRVXED÷ODQ×U
<DEDQF×ONHOHUGHNXUXOPXúROXSGD7UNL\H·GHúXEHDoDUDNIDDOL\HWHJHoHFHN
RODQEDQNDODUGDEH\DQQDPHOHULQGH
D %DQNDQ×Q XQYDQ× LOH KDQJL ONH NDQXQODU×QD J|UH NXUXOPXú ROGX÷X YH
PHUNH]LQLQEXOXQGX÷X\HUL
E7UNL\H·GHNLúXEHOHULQLQEXOXQGXNODU×\HUOHUOHEXQODU×QDo×OPDWDULKOHULQL
F7UNL\H·GHNLúXEHOHULQHD\×UG×NODU×YH|GHGLNOHULVHUPD\HPLNWDU×Q×
G8÷UDúW×NODU×LúOHPWUOHULQL
H%DQNDQ×QKDQJLWDULKWHNXUXOGX÷XQX
I %DQNDQ×Q VHUPD\H PLNWDU× LOH QH NDGDU×Q×Q |GHQPLú YH QH NDGDU×Q×Q KHQ]
|GHQPHPLúEXOXQGX÷XQX
J9DUVD\HGHNDNoHOHULQLQWUOHULYHPLNWDUODU×Q×
K0HUNH]LQLQEXOXQGX÷XONHGHYHYDUVDGL÷HUONHOHUGHNLúXEHOHULQLQEXOXQGX÷X
\HUOHUL
7UNL\H·GH úXEH DoPDN VXUHWL\OH IDDOL\HWWH EXOXQDQ \DEDQF× EDQNDODU LNLQFL
úXEHOHULQL DoW×NODU× WDULKWHQ LWLEDUHQ HQ JHo D\ LoLQGH 0VWHúDUO×÷D D\U×FD ELU
EH\DQQDPHYHUHUHN7UNL\H·GHNLúXEHOHULQGHQELULQLGL÷HUúXEHOHULWHPVLOH\HWNLOL
YHVRUXPOX\|QHWLPPHUNH]LRODUDNJ|VWHUPHN]RUXQGDG×UODU
%DQNDF×O×NLúOHPOHULQHYHPHYGXDWNDEXOQHL]LQ
0DGGH XQFX PDGGHGH \D]×O× EH\DQQDPHQLQ DO×QPDV× ]HULQH
0VWHúDUO×N LOJLOLOHULQ EX .DQXQ
GD \D]×O× úDUWODU× \HULQH JHWLULS JHWLUPHGLNOHULQL
EDQNDF×O×N LúOHPOHULQH YH\D PHYGXDW NDEXOQH EDúODPDN ]HUH NDQXQXQ JHUHNOL
N×OG×÷× QLWHOLNOHUL WDú×\×S WDú×PDG×NODU×Q× LQFHOHGLNWHQ YH 6DQD\L YH 7LFDUHW
%DNDQO×÷×·Q×Q J|UúQ DOG×NWDQ VRQUD GXUXPODU× X\JXQ EXOXQDQODUD
EH\DQQDPHQLQ YHULOGL÷L WDULKWHQ LWLEDUHQ HQ JHo LNL D\ LoLQGH EDQNDF×O×N
LúOHPOHULQHYH\DPHYGXDWNDEXOQHEDúODPDN]HUHL]LQYHULU
%DQNDF×O×NLúOHPOHUL\DSPDYH\DPHYGXDWNDEXOL]LQOHULQLQNDOG×U×OPDV×
0DGGH·LQFLPDGGHGH \D]×O×L]LQOHULDOP×úRODQELUEDQNDQ×QEDQNDF×O×N
LúOHPOHUL \DSPDV×QGD YH\D PHYGXDW NDEXO HWPHVLQGH GDKD VRQUD VDN×QFD
J|UOPHVL KDOLQGH 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×Q×Q J|Uú DO×QPDN
VXUHWL\OH %DNDQO×÷×Q |QHULVL ]HULQH %DNDQODU .XUXOX EDQNDQ×Q EDQNDF×O×N
LúOHPOHUL \DSPD YH\D PHYGXDW NDEXO HWPH L]QLQL JHoLFL YH\D VUHNOL RODUDN
N×VPHQ YH\D WDPDPHQ YH WP WHúNLODW×Q× YH\D JHUHNOL J|UOHFHN úXEHOHULQL
NDSVD\DFDNúHNLOGHNDOG×UDELOLU
%XVDN×QFDQ×QRUWDGDQNDONPDV×KDOLQGHPHYGXDWNDEXOYHEDQNDF×O×NLúOHPOHUL
\DSPD\HWNLVL%DNDQODU.XUXOX·QFDD\Q×XVXOGHYHULOHELOLU
0HYGXDWNDEXOQH\HWNLOLROPD\DQODU
0DGGH%X.DQXQYH\D|]HONDQXQODU×QDJ|UH\HWNLOLRODQODUG×ú×QGDKLoELU
JHUoHN YH\D W]HONLúL DVOHQ YH\D IHU·DQ PHVOHN HGLQHUHN PHYGXDW NDEXO
HGHPH\HFH÷L YH EDQNDF×O×N LúOHPOHUL \DSDPD\DFD÷× JLEL WLFDUHW XQYDQODU× YH KHU
WUO EHOJHOHUL LOH LODQ YH UHNODPODU×QGD EDQND NHOLPHVLQL \D GD PHYGXDW NDEXO
HWWLNOHUL YH\D EDQNDF×O×N LúOHPOHUL\OH X÷UDúW×NODU× L]OHQLPLQL \DUDWDFDN KLoELU
NHOLPHYH\DWDELULNXOODQDPD]ODU
%X PDGGHQLQ X\JXODQPDV×QGD \D]×O× YH\D V|]O RODUDN YH\D KHUKDQJL ELU
úHNLOGH KDOND GX\XUXOPDN VXUHWL\OH IDL] YH\D KHU QH DG DOW×QGD ROXUVD ROVXQ ELU
LYD] NDUú×O×÷×QGD LVWHQGL÷LQGH YH\D EHOOL ELU YDGHGH D\QL YH\D PLVOL RODUDN LDGH
HGLOPHN]HUHSDUDDO×QPDV×PHYGXDWNDEXOVD\×O×U
.DEXO HGLOHQ SDUD NDUú×O×÷×QGD PHYGXDW KHVDS F]GDQ× \HULQH DGL YH\D WLFDUL
VHQHWOHUYH\DPDNEX]YHULOPHVLGXUXPXGH÷LúWLUPH]$\U×FDIDL]YH\DKHUQHDG
DOW×QGD ROXUVD ROVXQ ELU LYD] WDDKKW HGLOLS HGLOPHGL÷LQH EDN×OPDNV×]×Q PHQNXO
N×\PHWOHULQ LEUD]×QGD YH\D EHOOL ELU YDGHGH JHUL DO×QDFD÷× WDDKKGQ LoHUHQ
EHOJHOHUHúOL÷LQGHVDW×OPDV×GDPHYGXDWNDEXOKNPQGHGLU
5HVPLYH|]HONXUXOXúODULOHRUWDNO×NODUGD\DOQ×]NHQGLoDO×úDQODU×QDDLWROPDN
]HUH VD÷O×N YH VRV\DO \DUG×P LKWL\DW YH WDVDUUXI VD÷ODPD DPDoODU×\OD NXUXODQ
VDQG×NODU×QPQKDV×UDQNHQGL\HOHULQGHQYHEXDPDoODULoLQWRSODG×NODU×SDUDODU
PHYGXDWVD\×OPD]%XVDQG×NODUVWDWOHULQHX\JXQIDDOL\HWWHEXOXQPDNOD ELUOLNWH
QDNLWPHYFXWODU×Q×PLOOLEDQNDODUD\DW×UPDN]RUXQGDG×UODU
.DON×QPD YH <DW×U×P %DQNDODU×Q×Q JHQHO HVDVODU GDLUHVLQGH WDKYLO ERQR YH
EHQ]HUL PHQNXO N×\PHW YH N×\PHWOL HYUDN LKUDF× VXUHWL\OH VHUPD\H SL\DVDV×QGDQ
ND\QDNVD÷ODPDODU×PHYGXDWVD\×OPD]
'g5'h1&h%g/h0
ùXEHOHU
ø]LQ
0DGGH %DQNDODU PHUNH] úXEHOHUL KDULo ROPDN ]HUH DoDFDNODU× YH\D
QDNOHGHFHNOHULKHUúXEHLoLQ%DNDQO×NWDQL]LQDOPDN]RUXQGDG×UODU
ùXEH DoPD L]LQOHUL 6DQD\L YH 7LFDUHW %DNDQO×÷×·Q×Q X\JXQ J|Uú DO×QG×NWDQ
VRQUDYHULOHELOLU
7UNL\H&XPKXUL\HW0HUNH]%DQNDV×KDULoROPDN]HUH|]HONDQXQODNXUXODQ
EDQNDODUGDEXPDGGHKNPOHULQHWDELGLU
ùXEHDoPDL]QLQLQXVXOYHúDUWODU×
0DGGH %DQNDODUFD úXEH DoPDN LoLQ \DS×ODFDN EDúYXUXODU \×OGD ELU GHID
ROPDN]HUHYH0VWHúDUO×NoDEHOLUOHQHFHN]DPDQODUGD\DS×O×U%DúYXUXODUDúXEH
Do×ODFDN \HULQ LNWLVDGL YH WLFDUL GXUXPX LOH EDQNDQ×Q R \HUGH úXEH DoPDV×Q×
JHUHNWLUHQ QHGHQOHUL D\U×QW×O× ELU úHNLOGH Do×NOD\DQ ELU UDSRU LOH 0VWHúDUO×N YH
6DQD\LYH7LFDUHW%DNDQO×÷×·QFDJHUHNOLJ|UOHFHNGL÷HUELOJLYHEHOJHOHUHNOHQLU
ùXEH DoPD L]QLQLQ YHULOPHVLQGH D\U×FD LOJLOL EDQNDQ×Q PDOL EQ\HVL NDQXQL
\NPOONOHULQL \HULQH JHWLUPH EDN×P×QGDQ JHQHO WXWXPX PHYGXDW×QGDNL
JHOLúPHJLELKXVXVODUJ|]|QQGHWXWXOXU
ø]LQWDULKLQGHQLWLEDUHQ\×OLoLQGHDo×OPD\DQúXEHOHULoLQYHULOPLúRODQL]LQOHU
JHoHUVL]GLU
ùXEHOHULoLQJHUHNOL|]ND\QDN
0DGGH 7UNL\H·GH NXUXOPXú YH NXUXODFDN EDQNDODUOD \DEDQF× ONHOHUGH
NXUXOPXú ROXS GD 7UNL\H·GH úXEH DoPDN VXUHWL\OH IDDOL\HWWH EXOXQDQ YH\D
EXOXQDFDN EDQNDODU YH ·QF× PDGGHOHUH J|UH VDKLS ROPDODU× JHUHNHQ
|]ND\QDNODU×QDHNRODUDNHQD]
D1IXVXPLO\RQGDQID]ODRODQúHKLUOHUGHDo×OP×úYHDo×ODFDNKHUúXEHLoLQ
PLO\RQOLUD
E1IXVXELQGHQID]ODPLO\RQGDQD]RODQúHKLUOHUGHDo×OP×úYHDo×ODFDNKHU
úXEHLoLQPLO\RQOLUD
F1IXVXELQGHQD]úHKLUYHNDVDEDODUGDDo×OP×úYHDo×ODFDNKHUúXEHLoLQ
PLO\RQOLUD
g]ND\QDNEXOXQGXUPDN]RUXQGDG×UODU
%DQNDODU JHQHO QIXV VD\×PODU×QGDQ VRQUD JHoLFL VRQXoODU×Q 'HYOHW øVWDWLVWLN
(QVWLWVQFH \D\×PODQPDV×Q× L]OH\HQ \×O LoLQGH úXEHOHUL LoLQ EXOXQGXUPDODU×
JHUHNHQ |]ND\QDNODU×Q× VD\×P VRQXoODU×Q×Q JHUHNWLUGL÷L PLNWDUD o×NDUWPDNOD
\NPOGUOHU
%DQNDODU×QúXEHOHULQGHQELULQDPYHKHVDE×QDLúOHP\DSPDN]HUHWXUL]PIXDU
NRQIHUDQV JLEL QHGHQOHUOH DoW×NODU× JHoLFL LUWLEDW EURODU× YH úDQM EURODU× LOH
7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×·Q×Q GDKLOL PXKDELUOHUL WDUDI×QGDQ 'HYOHW
GDLUHYHNXUXOXúODU×YHDVNHULN×WDYHNDUDUJkKODUGDDo×ODQVUHNOLLUWLEDWEURODU×
LQFLI×NUDKNPOHULQHWDELGH÷LOGLU
ùXEHOHULQELUOHúWLULOPHVL
0DGGH %DNDQO×N EDQNDODUGDQ PDOL EQ\HOHULQL YH\D NDQXQL
\NPOONOHULQLQ \HULQH JHWLULOPHVLQGHNL WXWXPODU×Q× J|]|QQGH EXOXQGXUDUDN
JHUHNWL÷LQGH EHOLUWHFH÷L úXEHOHULQ ELUOHúWLULOPHVLQL LVWH\HELOLU %DQNDODU EX
úXEHOHULQL %DNDQO×NoD YHULOHFHN VUH LoLQGH ELUOHúWLUPHN YH GXUXPX EX VUHQLQ
ELWLPLQLL]OH\HQELUKDIWDLoLQGH%DNDQO×÷DELOGLUPHN]RUXQGDG×UODU
ùXEHOHULQGHQ ELU YH\D ELUNDo×Q×Q IDDOL\HWOHULQL WDWLO YH WDVIL\H HWPHN LVWH\HQ
EDQNDODU×QGDGXUXPXEXNRQXGDNLNDUDU×QDO×QG×÷×WDULKWHQLWLEDUHQJQLoLQGH
0VWHúDUO×NYH6DQD\LYH7LFDUHW%DNDQO×÷×·QDELOGLUPHOHULúDUWW×U
%(ùø1&ø%g/h0
7HúNLODWYH2UJDQODU
%ø5ø1&ø.,6,0
*HQHO.XUXO
*HQHONXUXOGDR\KDNN×YHNXOODQ×OPDV×
0DGGH *HQHO NXUXOGD RUWDNODU×Q VDKLS ROGXNODU× SD\ VD\×V× NDGDU R\
KDNODU×YDUG×U
%DQNDODU×Q JHQHO NXUXOODU×QGD VHUPD\HQLQ YH GDKD ID]ODV×QD VDKLS RODQ
RUWDNODULOH\|QHWLPNXUXOXEDúNDQYH\HOHULGHQHWoLOHUYHELULQFLGHUHFHGHLP]D
\HWNLVLQHVDKLSRODQODUYHNLORODUDNR\NXOODQDPD]ODU
øNLQFL I×NUD G×ú×QGD NDODQ NLPVHOHULQ YHNLO RODUDN NXOODQDELOHFHNOHUL D]DPL R\
VD\×V×WRSODPR\VD\×V×Q×Q·LQLDúDPD]
7HPVLOFL
0DGGH %DQND JHQHO NXUXOODU×QGD 0VWHúDUO×N ELU WHPVLOFL EXOXQGXUXU
7HPVLOFLJHQHONXUXOWXWDQD÷×Q×LP]DODU
6HUPD\HDUW×U×P×QGD|]HONDUDUQLVDE×YHDQDV|]OHúPHGH÷LúLNOL÷L
6DQD\LYH7LFDUHW%DNDQO×÷×WDUDI×QGDQEDQNDODU×QDQDV|]OHúPHGH÷LúLNOLNOHULQH
L]LQYHULOHELOPHVL%DNDQO×÷×QX\JXQJ|UúQQDO×QPDV×QDED÷O×G×U
ø.ø1&ø.,6,0
<|QHWLP2UJDQODU×
<|QHWLPNXUXOX
0DGGH %DQNDODU×Q \|QHWLP NXUXOODU× NLúLGHQ D] RODPD] %DQND JHQHO
PGU EXOXQPDG×÷× KDOOHUGH YHNLOL \|QHWLP NXUXOXQXQ WDELL \HVLGLU %X
.DQXQ·XQ QF PDGGHVLQGH JHQHO PGU LoLQ |QJ|UOHQ úDUWODU VUH KDULo
\|QHWLPNXUXOX\HOHULQLQ\DU×GDQELUID]ODV×LoLQGHDUDQ×U
<|QHWLPNXUXOX\HOHULQLQKLVVHVHQHGLWHYGL\NPOO÷
0DGGH %DQND \|QHWLP NXUXOX EDúNDQ YH \HOHULQGHQ KHU ELULQLQ EDQND
VHUPD\HVLQLQHQ D]·LQLWHPVLOHGHQKLVVHVHQHGLQHVDKLSROPDODU×YH \|QHWLP
NXUXOXQD VHoLOPHOHULQGHQ VRQUD EX KLVVH VHQHWOHULQL 7UNL\H &XPKXUL\HW 0HUNH]
%DQNDV×QD YH\D EXOXQPDG×÷× \HUOHUGH 7UNL\H &XPKXUL\HWL =LUDDW %DQNDV×QD
PDNEX]NDUú×O×÷×QGD \DW×UPDODU×]RUXQOXGXU$QFDNEDQNDVHUPD\HVLQLQ·L
PLO\RQOLUD\×Dú×\RUVDID]ODV×DUDQPD]
7UNL\H·GH IDDOL\HWWH EXOXQDQ \DEDQF× EDQNDODU×Q PGUOHU NXUXOX EDúNDQ YH
\HOHUL7UNL\H·\HD\U×ODQYHILLOHQ|GHQHQVHUPD\HPLNWDU×]HULQGHQKHVDSODQDQ
PHEOD÷×QDNWHQYH\D'HYOHWWDKYLOLRODUDN\DW×UPDN]RUXQGDG×UODU
'HYOHWGDLUHYHNXUXOXúODU×LOHEDQNDODUYHGL÷HUNXUXPYHRUWDNO×NODU×WHPVLOHQ
VHoLOHQ EDQND \|QHWLP NXUXOX \HOHULQLQ KLVVH VHQHGL WHYGL \NPOO÷ WHPVLO
HWWLNOHULGDLUHNXUXOXúEDQNDNXUXPYH\DRUWDNO×NODUWDUDI×QGDQ\HULQHJHWLULOLU
<XNDU×GDNL KNPOHU JHUH÷LQFH WHYGL ROXQDQ KLVVH VHQHWOHUL YH\D WHPLQDW
DNoHOHULELUERUFDNDUú×O×NJ|VWHULOHPH]WHUKLQYHDG×QDWHYGLROXQGXNODU×NLúLOHULQ
EDQND \|QHWLP NXUXOX \HOL÷L J|UHYLQGHQ GR÷DQ PDOL VRUXPOXOXNODU× G×ú×QGD
KDF]HGLOHPH]
.UHGLNRPLWHVL
0DGGH %DQNDODUGD EX .DQXQGD \D]×O× J|UHYOHUL \DSPDN ]HUH \|QHWLP
NXUXOXWDUDI×QGDQ\HOHUDUDV×QGDQVHoLOHFHNLNL\HLOHEDQNDJHQHOPGUYH\D
YHNLOLQGHQROXúDQELUNUHGLNRPLWHVLNXUXOXU
7UNL\H·GHúXEHDoPDNVXUHWL\OHIDDOL\HWJ|VWHUHQ\DEDQF×EDQNDODUGDPGUOHU
NXUXOXD\Q×]DPDQGDNUHGLNRPLWHVLJ|UHYLQLJ|UU
+HUKDQJL ELU WRSODQW×\D NDW×ODPD\DFDN NUHGL NRPLWHVL \HVL \HULQH J|UHY
\DSPDN]HUHLNL\HGHN\HVHoLOLU
.UHGL NRPLWHVLQLQ R\ELUOL÷L LOH YHUGL÷L NDUDUODU GR÷UXGDQ GR÷UX\D oR÷XQOXNOD
YHUGL÷LNDUDUODU\|QHWLPNXUXOXQXQRQD\×QGDQVRQUDX\JXODQ×U
*HQHO0GUYH\DUG×PF×ODU×
0DGGH %DQND JHQHO PGU YH \DUG×PF×ODU×Q×Q KXNXN LNWLVDW LúOHWPHFLOLN
PDOL\H EDQNDF×O×N YH\D PKHQGLVOLNLúOHWPHFLOLN GDOODU×QGD \NVHN|÷UHQLP
J|UPú ROPDODU× YH EDQNDF×O×N YH\D LúOHWPHFLOLN GDOODU×QGD JHQHO PGUO÷H
DWDQDFDNODU×QHQD]\×OJHQHOPGU\DUG×PF×O×NODU×QDDWDQDFDNODU×QLVHHQD]
\×OWHFUEHVDKLELROPDODU×úDUWW×U
hdh1&h.,6,0
øo'HQHWLP
'HQHWoLOHU
0DGGH%DQNDODU×QGHQHWoLOHULLNLGHQD]RODPD]
'HQHWoLOHULQJ|UHYOHUL
0DGGH 'HQHWoLOHU 7UN 7LFDUHW .DQXQX KNPOHULQH J|UH EDQND JHQHO
NXUXOXQD KLWDEHQ G]HQOH\HFHNOHUL \×OO×N UDSRUODUGDQ EDúND \×OEDú×QGDQ LWLEDUHQ
KHU o D\GD ELU EDQNDQ×Q EX .DQXQ YH GL÷HU PHY]XDW NDUú×V×QGDNL GXUXPXQD
LOLúNLQELUUDSRUG]HQOHPHNYHG]HQOHGLNOHULUDSRUODU×DLWROGX÷XG|QHPLL]OH\HQ
ELU D\ LoLQGH EDQND \|QHWLP NXUXOXQD YH 0VWHúDUO×÷D J|QGHUPHNOH
\NPOGUOHU
%DQNDPIHWWLúOHUL
0DGGH %DQNDODU×Q LúOHPOHULQLQ EDQNDF×O×N LONHOHULQH YH PHY]XDW×QD
X\JXQOX÷XQXGHQHWOHPHN]HUH\HWHULNDGDUPIHWWLúoDO×úW×UPDODU×]RUXQOXGXU
'g5'h1&h.,6,0
2UWDN+NPOHU
<HPLQ
0DGGH %DQND \|QHWLP NXUXOX EDúNDQ YH \HOHUL LOH \DEDQF× EDQNDODU×Q
PGUOHUNXUXOXEDúNDQYH\HOHULVHoLOPHOHULYH\DDWDQPDODU×QGDQVRQUD·QFL
PDGGHGH \D]×O× \NPOO÷ \HULQH JHWLUGLNOHULQL J|VWHUHQ EHOJHOHUOH ELUOLNWH
PDKDOOLWLFDUHWPDKNHPHVLQHEDúYXUDUDNEHOLUWLOHFHNJQGHV|]JHoHQPDKNHPH
KX]XUXQGD J|UHYOHULQL WDP ELU GLNNDW YH GUVWON LoLQGH \DSDFDNODU×QD NDQXQ
KNPOHULQH D\N×U× KDUHNHW HWPH\HFHNOHULQH YH HWWLUPH\HFHNOHULQH GDLU \HPLQ
HWPHNOH\NPOGUOHU
%DQNDODU×Q GHQHWoLOHUL LOH JHQHO PGU YH \DUG×PF×ODU× GD \HPLQ HWPHN
]RUXQGDG×UODU
<HPLQ LoLQ \DS×ODQ EDúYXUXODU PDKNHPHOHUFH DFHOH LúOHUGHQ VD\×O×U <HPLQ
WXWDQDNODU×Q×Q PDKNHPHFH RQD\O× ELU |UQH÷L EDQNDFD \HPLQ WDULKLQL L]OH\HQ ELU
KDIWDLoLQGH0VWHúDUO×÷DJ|QGHULOLU
<HPLQ\NPOO÷QHWDELNLPVHOHU\HPLQHWPHGHQJ|UHYHEDúOD\DPD]ODU%X
NLPVHOHULQ \HPLQOL EXOXQGXNODU× VUHOHULQ VRQXQGD D\Q× J|UHYOHUH WHNUDU
VHoLOPHOHULYH\DDWDQPDODU×KDOLQGH\HQLGHQ\HPLQHWPHOHULJHUHNPH]
0DOEH\DQ×
0DGGH LQFL PDGGH\H J|UH \HPLQ \NPOO÷QH WDEL RODQ NLPVHOHU LOH
EDQNDODU×Q 0VWHúDUO×NoD EHOLUWLOHQ ELULQFL GHUHFHGH LP]D \HWNLVLQL KDL] GL÷HU
J|UHYOHULQGH EXOXQDQODU J|UHYH EDúODG×NODU× YH J|UHYGHQ D\U×OG×NODU× WDULKOHU
LWLEDUL\OH Hú YH YHOD\HW DOW×QGDNL oRFXNODU×Q× GD NDSVD\DFDN úHNLOGH 0VWHúDUO×÷D
EX 0VWHúDUO×NoD WHVSLW ROXQDFDN |UQH÷H X\JXQ RODUDN PDO EH\DQ×QGD EXOXQPDN
]RUXQGDG×UODU %X ]RUXQOXOXN J|UHY VUHOHUL ER\XQFD \×OGD ELU ROPDN ]HUH
GHYDPHGHU
.DUDUGHIWHUOHUL
0DGGH %DQNDODU×Q \|QHWLP NXUXOX YH NUHGL NRPLWHOHUL LOH \DEDQF×
EDQNDODU×Q PGUOHU NXUXOODU×Q×Q NDUDUODU× DUDODU×QGD Do×NO×N E×UDN×OPDPDN YH
VDW×U DUDODU×QGD o×N×QW× ROPDPDN úDUW×\OD WDULK YH QXPDUD V×UDV×\OD 7UN 7LFDUHW
.DQXQX·QXQ GHIWHUOHUOH LOJLOL KNPOHUL JHUH÷LQFH RQD\ODQP×ú PWHVHOVLO VD\ID
QXPDUDO× D\U× ELUHU GHIWHUH PHWQLQ GR÷UXOX÷XQGDQ KLoELU úHNLOGH úSKH\L GDYHW
HWPH\HFHN úHNLOGH JQ JQQH ND\GHGLOLU YH KHU NDUDU×Q DOW× \HOHU WDUDI×QGDQ
LP]DROXQXU
øú KDFLPOHUL E\N RODQ EDQNDODUGD 0VWHúDUO×÷×Q L]QL LOH YH \×O VRQODU×QGD
FLOWOHWWLULOPHOHUL ND\G×\OD NDUDU GHIWHUOHUL \HULQH \DSUDNODU× QRWHUFH WDVGLNOL YH
PWHVHOVLOV×UDQXPDUDO×D\U×NDODPR]DNXOODQ×OPDV×FDL]GLU
%DQNDODUGDoDO×úPDV×\DVDNRODQODU
0DGGHD%X.DQXQKNPOHULQHD\N×U×KDUHNHWOHULQGHQGROD\×KDSLVYH\D
ELU GHIDGDQ ID]OD D÷×U SDUD FH]DV× LOH FH]DODQG×U×ODQ NLPVHOHU LOH \] N×]DUW×F×
VXoODUGDQGROD\×PDKNXPRODQODUYHPIOLVOHU
E %DQNDODU G×ú×QGD PHQNXO N×\PHWOHU YH NDPEL\R ERUVDODU× \HVL RODQ JHUoHN
NLúLOHUOH W]HO NLúLOHULQ \|QHWLPLQGHQ VRUXPOX EXOXQDQ RUWDNODU× YH\D \|QHWLP
NXUXOX EDúNDQ YH \HOHUL LOH PGUOHU KLoELU EDQNDGD \|QHWLP NXUXOX EDúNDQ×
\HVL GHQHWoL JHQHO PGU JHQHO PGU \DUG×PF×V× YH\D ELULQFL GHUHFHGH LP]D
\HWNLVLQLKDL]J|UHYOLRODUDNoDO×úW×U×ODPD]ODU
%DQNDODUEXJLELNLPVHOHULQLúOHULQHGHUKDOVRQYHUPHN]RUXQGDG×UODU
$/7,1&,%g/h0
<HGHN$NoHOHUYH0HYGXDWD$LW+NPOHU
0XKWHPHO]DUDUODUNDUú×O×÷×
%X NDUú×O×NODU DQFDN ]DUDUODU×Q PDKVXEXQGD NXOODQ×O×U 0DKVXS VRQXFX RUWD\D
o×NDQQRNVDQO×NJLGHULOLQFH\HNDGDUNDUú×O×ND\U×OPDV×QDGHYDPROXQXU
%DNDQODU .XUXOX LQFL I×NUD G×ú×QGD EDQNDODUFD YHULOHQ NUHGLOHULQ GXUXP YH
|]HOOLNOHULQLJ|]|QQGHEXOXQGXUDUDNGR÷DELOHFHNPXKWHPHO]DUDUODULoLQNDUú×O×N
D\U×OPDV×QD YH EXQODUD LOLúNLQ XVXO YH HVDVODU× WHVSLWH \HWNLOLGLU %DQNDODU×Q
%DNDQODU .XUXOX NDUDU× X\DU×QFD D\×UPDN ]RUXQGD NDOG×NODU× NDUú×O×NODU×Q
WHPLQDWV×] NDODQ NUHGLOHUH WHNDEO HGHQ N×V×PODU× D\U×OG×NODU× \×OGD NXUXPODU
YHUJLVLPDWUDK×Q×QWHVSLWLQGHJLGHURODUDNNDEXOHGLOLU
<HGHNDNoHOHULQNXOODQ×OPDV×
0DGGH%DQNDODUEX.DQXQ
XQ·QFLYH7UN7LFDUHW.DQXQXQXQYH
QFL PDGGHOHULQH J|UH D\×UG×NODU× NDQXQL \HGHN DNoHOHULQH WHNDEO HGHQ ELU
PHEOD÷× \×OO×N ELODQoRODU×Q×Q JHQHO NXUXOODU×QFD RQD\ODQPDV×Q× L]OH\HQ JQ
LoLQGH NDQXQL NDUú×O×N RODUDN 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV× QH]GLQGH
+D]LQHDG×QDDo×ODFDN´.DQXQL<HGHN$NoHOHU.DUú×O×÷×'HYOHW7DKYLOL+HVDE×µQD
\DW×UPDN]RUXQGDG×UODU
=DUDUODU×QNDQXQL \HGHNDNoHOHUOHNDUú×ODQPDV×Q×QJHUHNWL÷LKDOOHUGH]DUDUODU×Q
NDSDW×OPDV× LoLQ NXOODQ×ODQ \HGHN DNoHOHUH WHNDEO HGHQ NDUú×O×NODU 7UNL\H
&XPKXUL\HW0HUNH]%DQNDV×QFDLOJLOLEDQND\DLDGHROXQXU
.DQXQL<HGHN$NoHOHU.DUú×O×÷×'HYOHW7DKYLOLKHVDSODU×Q×QWDELRODFD÷×úDUWODU
YHX\JXODPDHVDVODU×0VWHúDUO×NoDWHVSLWYHLODQROXQXU
0HYGXDW×QWDVQLIL
0DGGH%DQNDODUWDVDUUXIPHYGXDW×Q×GL÷HUPHYGXDWKHVDSODU×QGDQD\×UPDN
YH PHYGXDW KHVDSODU×Q× 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×·QFD WHVSLW HGLOHFHN
YDGHYHWUOHULQHJ|UHWDVQLIHWPHN]RUXQGDG×UODU
7DVDUUXI PHYGXDW× JHUoHN NLúLOHU WDUDI×QGDQ EX QDP DOW×QGD DoW×U×ODQ YH WLFDUL
LúOHPOHUH NRQX ROPD\DQ PHYGXDWW×U $QFDN YDGHVL] WDVDUUXI PHYGXDW× KHVDSODU×
]HULQHPQKDV×UDQoHNNHúLGHHGLOPHVLWLFDULLúOHPVD\×OPD]
0HYGXDW×QoHNLOPHVL
0DGGH0HGHQL.DQXQXQUHKLQOHUHYH%RUoODU.DQXQXQXQDODFD÷×QGHYLUYH
WHPOLNLQH LOLúNLQ KNPOHUL LOH GL÷HU NDQXQODU×Q YHUGL÷L \HWNLOHU YH NR\GX÷X
\NPOONOHU VDNO× NDOPDN úDUW×\OD PHYGXDW VDKLSOHULQLQ PHYGXDWODU×Q×
GLOHGLNOHULDQGDJHULDOPDKDNODU×KLoELUVXUHWOHV×Q×UODQG×U×ODPD]0HYGXDWVDKLEL
LOHEDQNDDUDV×QGDYDGHYHLKEDUVUHVLKDNN×QGDNDUDUODúW×U×ODQúDUWODUVDNO×G×U
$QFDN YDGHOL YH LKEDUO× PHYGXDW×Q EDQNDODU×Q PXYDIDNDW× LOH YDGH YH LKEDU
PGGHWLQGHQ|QFHoHNLOPHVLKDOLQGHEXPHYGXDWDX\JXODQDFDND]DPLIDL]RUDQ×Q×
WHVSLWH%DNDQODU.XUXOX\HWNLOLGLU
0HYGXDWWD]DPDQDú×P×
0DGGH%DQNDODUPHYGXDWVDKLSOHULQHDNVLQH\D]×O×WDOHSOHULROPDG×NoDKHU
\×O2FDND\×LoLQGHELUHUKHVDS|]HWLJ|QGHULUOHU
+HU WUO PHYGXDW HPDQHW YH DODFDNODUGDQ VRQ WDOHS LúOHP YH\D PXGLLQ
KHUKDQJL ELU úHNLOGH \D]×O× WDOLPDW× WDULKLQGHQ EDúOD\DUDN \×O JHoWL÷L KDOGH
VDKLSOHUL WDUDI×QGDQ DUDQPDP×ú RODQODUGDQ WXWDU× YH\D GH÷HUL OLUD\× DúDQ
PHYGXDW VDKLSOHULQLQ PHYFXW DGUHVOHULQH ELU PHNWXSOD ELOGLULOGLNWHQ VRQUD
WDPDP×Q×Q EX VUHQLQ ELWLPLQL L]OH\HQ WDNYLP \×O× EDú×QGDQ LWLEDUHQ D\ LoLQGH
EDQNDODUFDVDKLSOHULQLQLVLPNLPOLNDGUHVOHULYHKDNODU×Q×QIDL]OHULLOHXODúW×NODU×
WXWDUODU J|VWHULOPHN VXUHWL\OH G]HQOHQHFHN ELU FHWYHO LOH 7UNL\H &XPKXUL\HW
0HUNH]%DQNDV×QDGHYUHGLOLU
øNLQFL I×NUD JHUH÷LQFH 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×QD GHYUHGLOHQ
PHYGXDW HPDQHW YH DODFDNODUGDQ WXWDU× YH\D GH÷HUL OLUD\× DúPD\DQODU
%DQNDFD 7DVDUUXI 0HYGXDW× 6LJRUWD )RQXQD LQWLNDO HWWLULOLU 7UNL\H &XPKXUL\HW
0HUNH]%DQNDV×WXWDUYH\DGH÷HULOLUD\×DúDQODU×5HVPL*D]HWHLOHLODQHGHU
øODQGDQLWLEDUHQ\×OLoLQGHVDKLSYH\DPLUDVo×ODU×WDUDI×QGDQDUDQPD\DQPHYGXDW
HPDQHWYHDODFDNODUEXVUHQLQELWLPLQGH7DVDUUXI0HYGXDW×6LJRUWD)RQXQDJHOLU
ND\GHGLOLU
.oNOHU DG×QD YH \DOQ×]FD EXQODUD |GHPH \DS×OPDN ND\G×\OD DoW×U×ODQ
KHVDSODUGD EX PDGGHGH \D]×O× ]DPDQDúDP× VUHOHUL No÷Q UHúLW ROGX÷X WDULKWH
LúOHPH\HEDúODU
0HYGXDWDYHULOHFHNIDL]OHU
0DGGH 0HYGXDWD YHULOHFHN DVJDUL YH\D D]DPL IDL] RUDQODU×Q×Q YH WHPLQ
HGLOHFHN GL÷HU PHQIDDWOHULQ WHVSLWLQH PHYGXDW IDL] RUDQODU×Q×Q N×VPHQ YH\D
WDPDPHQ VHUEHVW E×UDN×OPDV×QD EXQODU×Q \UUON ]DPDQODU×Q× WHVSLWH %DNDQODU
.XUXOXYH\D%DNDQODU.XUXOXQXQVHODKL\HWOLN×OPDV×KDOLQGH7UNL\H&XPKXUL\HW
0HUNH]%DQNDV×\HWNLOLGLU
%DQNDODU PHYGXDWD SHúLQ IDL] YHUHPH\HFHNOHUL JLEL KHU QH VXUHW YH úHNLOGH
ROXUVDROVXQPHYGXDWVDKLSHULQH\XNDU×GDNLI×NUD\DJ|UHDO×QDQNDUDUYHWHGELUOHUH
D\N×U×RODUDNPXQ]DPPHQIDDWWHPLQHGHPH]OHU YHEXQODUDD\N×U×O×÷D \RODoDFDN
LúOHPOHU\DSDPD]ODU
<('ø1&ø%g/h0
.UHGLOHUYH'L÷HU<DW×U×PODU
*HQHONUHGLV×Q×UODU×
0DGGH D %LU EDQNDQ×Q YHUHFH÷L QDNGL NUHGLOHU YH VDW×Q DODFD÷× WDKYLO YH
EHQ]HULPHQNXON×\PHWOHULQWXWDU×LOHWHPLQDWPHNWXSODU×NHIDOHWOHU DYDOFLURYH
NDEXOOHUJLELJD\ULQDNGLNUHGLOHULQWRSODP×|]ND\QDNODU×Q×QNDW×Q×DúDPD]
E 9DGHVL JHoPLú QDNGL NUHGLOHU LOH JD\ULQDNGL NUHGLOHULQ QDNGH WDKYLO RODQ
EHGHOOHUL ND\GHGLOGLNOHUL KHVDED EDN×OPDNV×]×Q D EHQGL X\JXODPDV×QGD NUHGL
VD\×O×U
E %X RUDQ NDON×QPD SODQ× \×OO×N SURJUDPODU×QGD EHOLUWLOHQ VHNW|UOHUGHNL LúOHUGH
LKUDFDWWDYH\XUWG×ú×PWHDKKLWOLNKL]PHWOHULQGHNXOODQ×OPDN]HUHDo×ODQYHILLOHQ
EX LúOHUGH NXOODQ×ODQ NUHGLOHUGH ·GLU %X RUDQ 'HYOHW 3ODQODPD 7HúNLODW×Q×Q
ROXPOXJ|UúDO×QPDNND\G×\OD%DNDQO×NoD·DNDGDUo×NDU×ODELOLU
F %LU EDQND JHUoHN YH\D W]HO NLúL\H NDON×QPD SODQ× \×OO×N SURJUDPODU×QGD
J|VWHULOHFHNVHNW|UYH\|UHOHUGH\DS×ODFDN\DW×U×PODU×QILQDQVPDQ×QGDNXOODQ×OPDN
]HUH \XNDU×GDNL RUDQODU×Q VWQGH E\N NUHGLOHU YHUHELOLU $QFDN ELU E\N
NUHGLQLQ WXWDU× EDQND |] ND\QDNODU× WRSODP×Q×Q ·LQL E\N NUHGLQLQ WXWDU×
EDQND|]ND\QDNODU×WRSODP×Q×QNDW×Q×YHE\NNUHGLOHULQWRSODP×GDEDQND|]
ND\QDNODU×Q×Q NDW×Q× YH KHU KDOGH WRSODP NUHGLOHULQ \DU×V×Q× DúDPD] %\N
NUHGLOHULQDo×OPDODU×Q×L]OH\HQKDIWDLoLQGH0VWHúDUO×÷DYH7UNL\H&XPKXUL\HW
0HUNH]%DQNDV×·QDELOGLULOPHVL]RUXQOXGXU
D +HU ELULQH Do×ODFDN NUHGL PLNWDU× KDNN×QGD LNLQFL I×NUDGDNL V×Q×UODU VDNO×
ROPDN]HUHELUEDQNDQ×QGROD\O×NUHGLLOLúNLVLLoLQGHEXOXQDQJHUoHNYH\DW]HO
NLúLOHULQWPQHDoDFD÷×NUHGLOHULQWRSODP×EDQND|]ND\QDNODU×Q×DúDPD]
E %X .DQXQ
XQ X\JXODQPDV×QGD OHKOHULQH NUHGL Do×O×S Do×OPDG×÷×QD
EDN×OPDNV×]×Q
L %LU JHUoHN NLúL LOH Hú YH UHúLW ROPD\DQ oRFXNODU×QD EXQODU×Q V×Q×UV×]
VRUXPOXOXNOD NDW×OG×NODU× YH\D \|QHWLP YH GHQHWLPOHULQGH EXOXQGXNODU×
RUWDNO×NODUD
$QD\DVD 0DKNHPHVL 5* 7HPPX] 6K
5HVPL*D]HWH·GH \D\×Q×QGDQLWLEDUHQD\VRQUD \UUO÷HJLUPHN]HUH
VD\×O× .+. LOH GH÷LúLN EHQGL ´7]HO NLúLOHUH QDNLW RODUDN YHULOHQ NUHGLOHUµ
\|QQGHQ$QD\DVD·\DD\N×U×ROGX÷XQDYHLSWDOLQHNDUDUYHUPLúWLU
LL .DPX W]HO NLúLOHUL KDULo ROPDN ]HUH ELU W]HO NLúLQLQ YH\D L EHQGLQGH
VD\×ODQODU×QVHUPD\HOHULQLQGR÷UXGDQYH\DGROD\O×RODUDNYHGDKDID]ODV×QD
LúWLUDNHWWLNOHULRUWDNO×NODUD
$o×ODQNUHGLOHUELUJHUoHNYH\DW]HONLúL\HGROD\O×RODUDNYHULOPLúNUHGLVD\×O×U
F'ROD\O×LúWLUDNRUDQ×LúWLUDNRUDQODU×Q×QoDUS×OPDV×VXUHWL\OHKHVDSODQ×U
G'ROD\O×NUHGLLOLúNLVLLoLQGHEXOXQDQJHUoHN\DGDW]HONLúLOHULQEXNUHGLOHULoLQ
EDQNDFDNDEXOHGLOHQNHIDOHWOHULNUHGLV×Q×U×Q×QKHVDE×QGDGLNNDWHDO×QPD]
*D\ULQDNGLNUHGLOHUEXPDGGHQLQX\JXODQPDV×QGDRUDQ×QGDQD]DUDDO×Q×U
%XRUDQKHUEDQNDQ×QULVNLQHQD]·LQLVWOHQPHVLYHNDW×ODQEDQNDVD\×V×Q×Q
·WHQD]ROPDPDV×úDUW×\ODNRQVRUVL\XPVXUHWL\OHYHULOHFHNWHPLQDWPHNWXSODU×QGD
·GLU <×OO×N SURJUDPODUGD J|VWHULOHQ E\N NDPX LKDOHOHUL LoLQ YHULOHFHN
WHPLQDW PHNWXSODU×QGD EX RUDQODU %DNDQO×NWDQ L]LQ DO×QPDN ND\G×\OD \DU× \DU×\D
QD]DUDDO×Q×U
$úD÷×GDNLNUHGLLúOHPOHULEXPDGGHGHNLV×Q×UODPDODUDWDELGH÷LOGLU
Dg]HONDQXQKNPOHULQHJ|UH\DS×ODQLúOHPOHU
E %DNDQO×N LOH \D GD EX %DNDQO×÷×Q X\JXQ J|UPHVL ]HULQH øNWLVDGL 'HYOHW
7HúHNNOOHUL .DPX øNWLVDGL .XUXOXúODU× YH EXQODU×Q PHVVHVH YH ED÷O×
RUWDNO×NODU×\OD\DS×ODQLúOHPOHU
G.DUú×O×÷×QDNLWRODQNUHGLOHU
H%DQNDODU×QNHQGLDUDODU×QGDNLNUHGLLúOHPOHUL
I'L÷HUEDQNDODU×QNHQGLNUHGLV×Q×UODU×GDKLOLQGHNLPXNDELONHIDOHWOHULLOHYHULOHQ
NUHGLOHULQEXNHIDOHWOHUOHWHPLQHGLOHQN×VP×
GDKLOLQGHNL PXNDELO NHIDOHWOHULQH GD\DQ×ODUDN YHULOHQ WHPLQDW PHNWXSODU× YH
NHIDOHWOHU
øúWLUDNNUHGLOHULV×Q×U×
0DGGHLQFLPDGGHKNPOHULVDNO×NDOPDNND\G×\ODELUEDQNDQ×Q
D 6HUPD\HOHULQLQ YH GDKD ID]ODV×QD VDKLS ROGX÷X LúWLUDN YH NXUXOXúODU×\OD
EXQODU×Q D\U× D\U× YH\D ELUOLNWH VHUPD\HOHULQLQ ·LQGHQ ID]ODV×QD VDKLS
ROGXNODU×RUWDNO×NYHNXUXOXúODUD
EDEHQGLQGHNLRUWDNO×NYHNXUXOXúODU×QNHIDOHWL\OHGL÷HUJHUoHNYHW]HONLúLOHUH
øNWLVDGL GHYOHW WHúHNNOOHUL YH NDPX LNWLVDGL NXUXOXúODU×Q×Q ED÷O× RUWDNO×NODU×
úHNOLQGHNLLúWLUDNOHULQFLI×NUDGDNLV×Q×UODPDODUDWDELGH÷LOGLU
.UHGLIDL]OHUL
0DGGH .UHGL LúOHPOHULQGH DO×QDFDN IDL] RUDQODU× LOH WHPLQ HGLOHFHN GL÷HU
PHQIDDWOHULQYHWDKVLOROXQDFDNPDVUDIODU×QQLWHOLNYHD]DPLV×Q×UODU×Q×QWHVSLWLQH
EXQODU×Q N×VPHQ YH\D WDPDPHQ VHUEHVW E×UDN×OPDV×QD NUHGLOHULQ NDON×QPD
SODQODU×Q×Q DPDoODU×QD \|QOHQGLULOHELOPHVL LoLQ IRQ NXUPD\D NDOG×UPD\D
ND\QD÷×Q×NUHGLOHUHWDKDNNXNHWWLULOHQIDL]OHUGHQYH\DVDLUVXUHWOHUOHVD÷ODPD\DYH
EXQODU×Q\UUON]DPDQODU×Q×WHVSLWH%DNDQODU.XUXOX\HWNLOLGLU
%DQNDODUKHUQHúHNLOYHVXUHWWHROXUVDROVXQNHQGLOHULQHNUHGLDoW×NODU×JHUoHN
YHW]HONLúLOHUGHQELULQFLI×NUD\DJ|UHEHOLUOHQHQV×Q×UYHRUDQODU]HULQGHIDL]YH
PDVUDI WDKVLO HGHPH]OHU YH\D ILLOHQ EX RUDQODU ]HULQGH IDL] WDKVLOLQH \RO DoDQ
LúOHPOHU\DSDUDNPHQIDDWVD÷OD\DPD]ODU
%LUEDQNDQ×Q
DøúWLUDNYHNXUXOXúODU×Q×Q
E <|QHWLP NXUXOX EDúNDQ× YH \HOHUL LOH JHQHO PGUOHULQLQ YH JHQHO PGU
\DUG×PF×ODU×Q×Q
F%DQNDRUWDNODU×Q×Q
G<XNDU×GDNLI×NUDODUGDVD\×ODQODU×QILLOHQ\|QHWLPYHGHQHWLPOHULDOW×QGDEXOXQDQ
WHúHEEVYHRUWDNO×NODU×Q
$UDF×O×÷×YH\DJDUDQWLVLLOHDo×ODQNUHGLOHUGHEXWHúHEEVYHRUWDNO×NODUDYHNLúLOHUH
JDUDQWLNRPLV\RQXYH\DFUHWLLúWLUDNJHOLULJLELKDNODU×QYH\DKHUQHDGLOHROXUVD
ROVXQ |GHQHQ SDUDODU×Q WRSODP× IDL] RUDQ YH V×Q×UODU×Q× WHVSLW HGHQ NDUDUODU×Q
X\JXODPDV×EDN×P×QGDQEDQNDFDWDKVLOHGLOPLúIDL]NRPLV\RQYHFUHWVD\×O×U
%DQNDRUWDNODU×QDYHPHQVXSODU×QDNUHGL
0DGGH LQFL PDGGH KNPOHUL VDNO× ROPDN ]HUH ELU EDQNDQ×Q
VHUPD\HVLQLQ YH GDKD ID]ODV×QD VDKLS RODQ RUWDNODU×QD YH EXQODUOD GROD\O×
NUHGLNDSVDP×QDJLUHQJHUoHNYH\DW]HONLúLOHUHYHUHFH÷LNUHGLOHULQWRSODP×EDQND
|]ND\QDNODU×Q×YHKHUKDOGHWRSODPNUHGLOHULQ·LQLDúDPD]
%DQNDODU
D <|QHWLP NXUXOX EDúNDQ YH \HOHUL LOH JHQHO PGU YH JHQHO PGU
\DUG×PF×ODU×QDNUHGLDoPD\D \HWNLOLGL÷HUPHQVXSODU×QDYHEXQODUODGROD\O×NUHGL
NDSVDP×QDJLUHQJHUoHNYHW]HONLúLOHUH
E D EHQGLQGH VD\×ODQODU G×ú×QGD NDODQ PHQVXSODU× LOH EXQODU×Q Hú YH YHOD\HW
DOW×QGDNLoRFXNODU×QD
F%DQNDPHQVXSODU×Q×QNXUGX÷XYH\DEXQODULoLQNXUXODQVDQG×NGHUQHNVHQGLND
YH\DYDN×IODUD
+HUQHúHNLOYHVXUHWWHROXUVDROVXQNUHGLYHUHPH]NHIDOHWOHULQLNDEXOHGHPH]YH
WDKYLO\DGDEHQ]HULPHQNXON×\PHWOHULQLVDW×QDODPD]ODU
%DQNDPHQVXSODU×QDWHPLQDWNDUú×O×÷×QGDYHD\O×NFUHWOHULWRSODP×Q×QNDW×Q×
DúPDPDN ]HUH YHULOHFHN NUHGLOHU YH EX NUHGLOHU LoLQ NDEXO HGLOHFHN NHIDOHWOHU
·QFLI×NUDKNPOHULQHWDELGH÷LOGLU
6RQUDGDQEXPDGGH\HD\N×U×KDOHJHOHQNUHGLOHULQD\LoLQGHWDVIL\HHGLOPHVL
]RUXQOXGXU.UHGLQLQYDGHVLNRQXVXQGD|QFHGHQWHVSLWROXQPXú úDUWODUVDNO×G×U
%DQND RUWD÷× RODQ WDU×P VDW×ú NUHGL YH UHWLP NRRSHUDWLI YH ELUOLNOHUL LOH
EXQODU×Q LúOHWPH NXUXOXú YH LúWLUDNOHULQH %DNDQO×÷×Q X\JXQ J|UPHVL ]HULQH
YHULOHQNUHGLOHUELULQFLI×NUDKNPQHWDELGH÷LOGLU
<|QHWLPNXUXOX\HOHULQLQDNUDEDODU×QDNUHGL
0DGGH %LU EDQNDQ×Q \|QHWLP NXUXOX YH NUHGL NRPLWHVL EDúNDQ YH \HOHUL
+XNXN 8VXO 0XKDNHPHOHUL .DQXQXQXQ LQFL PDGGHVLQLQ QXPDUDO×
EHQGLQGH \D]×O× GHUHFHOHUGH DNUDEDO×÷× EXOXQDQ NLPVHOHUH DLW NUHGL WHPLQDW YH
NHIDOHW WDOHSOHULQLQ J|UúOPHVLQH NDW×ODPD]ODU YH EX LúOHU KDNN×QGD R\
YHUHPH]OHU
øúWLUDNYHNXUXOXúODUODLúOHPOHU
0DGGH %LU EDQNDQ×Q LúWLUDN YH\D NXUXOXúODU×Q×Q \|QHWLP YH\D GHQHWLP
NXUXOODU×QGD EXOXQDQ NLPVHOHULQ D\Q× ]DPDQGD EX EDQNDQ×Q PHQVXEX ROPDV× EX
LúWLUDNYH\DNXUXOXúXQEDQNDLOHLúOHP\DSPDV×QDHQJHOGH÷LOGLU
.UHGLDoPD\HWNLOHUL
0DGGH *HUoHN \D GD W]HO ELU NLúL\H WHPLQDW NDUú×O×÷× YHULOHFHN
NUHGLOHUGHQ
DPLO\RQOLUD\DNDGDURODQODU×JHQHOPGUONOHUFH\DGDNHQGLOHULQHYHULOHQ
\HWNLLoHULVLQGHE|OJHYHúXEHPGUONOHULQFH
E PLO\RQ OLUD\D NDGDU RODQODU× JHQHO PGUO÷Q \D]×O× |QHULVL YH NUHGL
NRPLWHVLNDUDU×LOH
F PLO\RQ OLUDGDQ ID]OD RODQODU× JHQHO PGUO÷Q \D]×O× |QHULVL ]HULQH
\|QHWLPNXUXOXNDUDU×LOH
$o×ODELOLU
<HWNL V×Q×UODU×Q×Q WHVSLWLQGH ELU NLúL\H YH RQXQ V×Q×UV×] VRUXPOXOXNOD NDW×OG×÷×
RUWDNO×NODUDDo×ODQNUHGLOHULQWRSODP×ELUOLNWHGLNNDWHDO×Q×U
.UHGLOHU \DEDQF× EDQND YH EHQ]HUL NUHGL NXUXPODU×Q×Q PXNDELO NHIDOHWL LOH
YHULOHQ WHPLQDW PHNWXSODU× YH %DNDQO×NoD EHOLUOHQHFHN HVDV YH úDUWODU GDKLOLQGH
\XUWG×ú×PWHDKKLWOLNKL]PHWOHULLoLQ\XUWG×ú×QDYHULOHQWHPLQDWPHNWXSODU×KDULo
ROPDN]HUHDQFDNDG×QDDo×OG×NODU×NLúLOHUHNXOODQG×U×ODELOLU
$o×NNUHGLOHU
0DGGH%LUJHUoHN\DGDW]HONLúL\HNLúLVHOWDDKKGHGD\DQDQYHWHNLP]D
NDUú×O×÷×QGDYHULOHQDo×NNUHGLOHUGHQ
EPLO\RQOLUD\DNDGDURODQODU×JHQHOPGUO÷Q \D]×O×|QHULVL]HULQHNUHGL
NRPLWHVLNDUDU×LOH
F PLO\RQ OLUDGDQ ID]OD RODQODU× JHQHO PGUO÷Q \D]×O× |QHULVL ]HULQH
\|QHWLPNXUXOXNDUDU×LOH
$o×ODELOLU
QFPDGGHQLQYHQFI×NUDV×KNPOHULVDNO×G×U
+HVDSGXUXPXEHOJHVLDO×QPDV×
0DGGH
%DQNDODU DoDFDNODU× NUHGLOHU YH YHUHFHNOHUL NHIDOHW \D GD
WHPLQDWODULoLQWDOHSWHEXOXQDQODUGDQ7UNL\H%DQNDODU%LUOL÷LQFHWHVSLWROXQDFDN
|UQHNOHULQHX\JXQYH\HWNLOLOHULQLP]DODU×Q×WDú×\DQHQVRQKHVDSGXUXPXQXDOPDN
]RUXQGDG×UODU %X KHVDS GXUXPODU×Q×Q NUHGLOHULQ NXOODQ×OG×÷× VUHFH KHU \×O KHVDS
G|QHPLQLL]OH\HQD\LoLQGHDO×QPDV×QDGHYDPHGLOLU
+HVDS GXUXPX DUDQPD\DFDN NUHGL LúOHPOHUL 7UNL\H &XPKXUL\HW 0HUNH]
%DQNDV× LOH 7UNL\H %DQNDODU %LUOL÷LQLQ J|Uú DO×QDUDN 0VWHúDUO×NoD WHVSLW YH
LODQROXQXU
.XUXPODU YHUJLVL \D GD \×OO×N EH\DQQDPH YHUHQ JHOLU YHUJLVL \NPOV RODQ
NUHGL PúWHULOHULQH DLW KHVDS GXUXPODU×QGD ED÷O× EXOXQDQ YHUJL GDLUHVL YH KHVDS
QXPDUDODU×Q×Q J|VWHULOPHVL JHUHNOLGLU %X KHVDS GXUXPODU×QD YHUJL GDLUHVLQH
YHULOHQELODQoR\DGDLúOHWPHKHVDS|]HWLHNOHQLU
øOJLOL RODUDN 7UNL\H %DQNDODU %LUOL÷L·QLQ WDULK YH VD\×O×
7HEOL÷LQHEDN×Q×]
øúWLUDNOHU
0DGGH LQFL PDGGHQLQ LQFL I×NUDV×QGDNL V×Q×UD GDKLO ROPDN ]HUH
EDQNDODU×QLúWLUDNOHULQH\DW×UDFDNODU×ND\QDNODU×QWRSODP×|]ND\QDNODU×Q×DúDPD]
6HUPD\HD]DOW×F×LúOHP\DVD÷×
0DGGH%LUEDQNDQ×QLúWLUDNHWWL÷LRUWDNO×NYHNXUXOXúODUVHUPD\HOHULQHLúWLUDN
HGHQ EDQNDQ×Q KLVVH VHQHWOHULQL VDW×Q DODPD]ODU UHKLQ RODUDN NDEXO HGHPH]OHU YH
NDUú×O×÷×QGDDYDQVYHUHPH]OHU
(PWLDWLFDUHWL\DSPD\DVD÷×
0DGGH %DQNDODU WLFDUHW DPDF× LOH HPWLD DO×P YH VDW×P× LOH X÷UDúDPD]ODU
%DV×O×YHNOoHKDOLQGHDOW×QDO×PYHVDW×P×EXKNPQG×ú×QGDG×U
*D\ULPHQNXO]HULQHLúOHPOHU
0DGGH LQFL PDGGHQLQ LQFL I×NUDV×QGDNL V×Q×UD GDKLO ROPDN ]HUH
EDQNDODU×Q JD\ULPHQNXOOHUH \DW×UDFDNODU× ND\QDNODU×Q WRSODP× |]ND\QDNODU×Q×
JHoHPH]
%DQNDODU WLFDUHW DPDF×\OD JD\ULPHQNXO DO×P YH VDW×P× LOH X÷UDúDPD]ODU YH
7UNL\H&XPKXUL\HW0HUNH]%DQNDV×QFDDO×QDQNDUDUODUDX\JXQRODUDNEDQNDF×O×N
LúOHULQL\UWHELOPHNLoLQLKWL\DoGX\GXNODU×VD\×YHE\NO÷QVWQGHKHUKDQJL
ELUúHNLOGHJD\ULPHQNXOHGLQHPH]OHU
%DQNDODUJD\ULPHQNXOLQúDDWYH\DWLFDUHWLLOHX÷UDúDQRUWDNO×NODUDNDW×ODPD]ODU
YH EX NRQXGD Lú \DSDQ JHUoHN YH W]HO NLúLOHUH NUHGL DoDPD]ODU $QFDN DúD÷×GD
EHOLUWLOHQLúWLUDNYHNUHGLOHUHEXKNPX\JXODQPD]
D<RON|SUEDUDMOLPDQRNXOYHKDVWDQHJLELED\×QG×UO×NWHVLVOHULLOHVDQD\LYH
WXULVWLN WHVLVOHULQ LQúDDW WDDKKG LOH X÷UDúDQ RUWDNO×NODUD EDQNDODUFD \DS×ODQ
LúWLUDNOHU
EDEHQGLQGHEHOLUWLOHQNRQXODUGDLú\DSDQEDQNDLúWLUDNOHULQHYHGL÷HUJHUoHN\D
GDW]HONLúLOHUH\DOQ×]EXDODQODUGDNXOODQ×OPDN]HUHDo×ODQNUHGLOHU
Fg]HONDQXQODUGDEHOLUWLOHQHVDVYHúDUWODUGDKLOLQGHVRV\DONRQXWHGLQPH\HYH\D
EXNRQXWODU×LQúDHWPHN\DGDHWWLUPHN]HUHDo×ODQNUHGLOHU
G +HU oHúLW WDú×QPD] PDO \DS×P×Q×Q WDDKKG YH LQúDDW LúOHUL\OH X÷UDúDQ JHUoHN
YHW]HONLúLOHUHYHULOHQQDNGLNUHGLYHWHPLQDWPHNWXSODU×
%DQNDODUDJD\ULPHQNXO]HULQHERUoYHUPHNRQXVXQGD \HWNLYHUHQ|]HONDQXQ
KNPOHULVDNO×G×U
6(.ø=ø1&ø%g/h0
+HVDSYH.D\×WG]HQL
+HVDSELODQoRYHNkUYH]DUDUFHWYHOOHULQGH\HNQHVDNO×N
0DGGH%DQNDODU×QKHVDSG|QHPLWDNYLP\×O×G×U
%DQNDODU KHVDSODU×Q× YH \×OO×N ELODQoRODU× LOH NkU YH ]DUDU FHWYHOOHULQL 7UNL\H
%DQNDODU %LUOL÷L WDUDI×QGDQ KD]×UODQ×S 0VWHúDUO×÷×Q RQD\× LOH \UUO÷H JLUHFHN
RODQ WHN G]HQ KHVDS SODQ× WLS ELODQoR YH NkU YH ]DUDU FHWYHOL LOH EXQODU×Q
X\JXODQPDYHG]HQOHQPHHVDVODU×QDLOLúNLQL]DKQDPH\HX\JXQRODUDNWXWPDNYH
G]HQOHPHN]RUXQGDG×UODU
<DEDQF× EDQNDODU×Q KHVDS ELODQoR YH NkU YH ]DUDU FHWYHOOHUL EXQODU×Q
7UNL\H·\HD\×UG×NODU×VHUPD\HLOH7UNL\H·GHNLLúOHPOHULQLJ|VWHULU
%DQNDODUKHVDSODU×Q×YHELODQoRODU×LOHNkUYH]DUDUFHWYHOOHULQLNHVLUOHULGLNNDWH
DOPDPDNVXUHWL\OH7UN/LUDV×]HULQGHQG]HQOHUOHU
+HVDSX\JXQOX÷X
0DGGH %DQNDODU LúOHPOHULQL ND\×W G×ú× E×UDNDPD\DFDNODU× YH JHUoHN
PDKL\HWOHULQH X\JXQ GúPH\HQ ELU úHNLOGH PXKDVHEHOHúWLUHPH\HFHNOHUL JLEL
NDQXQL YH \DUG×PF× GHIWHUOHUL LOH ND\×WODU× úXEHOHUL \XUW LoL YH \XUW G×ú×QGDNL
PXKDELUOHULLOHKHVDSX\÷XQOX÷XVD÷ODPDGDQELODQoRODU×Q×NDSDWDPD]ODU
%HOJHOHULQVDNODQPDV×
0DGGH %DQNDODU DOG×NODU× \D]×ODUOD IDDOL\HWOHUL LOH LOJLOL EHOJHOHULQ DV×OODU×Q×
YH\D PPNQ ROPDG×÷× KDOOHUGH V×KKDWOHULQGHQ úSKH\L GDYHW HWPH\HFHN
NRS\DODU×Q×YH \D]G×NODU× \D]×ODU×QPDNLQHLOHDO×QP×úVXUHWOHULQLWDULKYHQXPDUD
V×UDV× LOH G]HQOH\HUHN XVXOOHUL GDLUHVLQGH VDNODPDN ]RUXQGDG×UODU %XQODU×Q
0VWHúDUO×NoD WHVSLW ROXQDFDN HVDV YH úDUWODU GDLUHVLQGH PLNURILOP úHNOLQGH GH
VDNODQPDODU×PPNQGU
%LODQoRLOHNkUYH]DUDUFHWYHOLQLQLOJLOLPHUFLOHUHJ|QGHULOPHVLYHLODQ×
0DGGH%DQNDODUELODQoRODU×LOHNkUYH]DUDUFHWYHOOHULQLQGHQHWoLOHULQFHRQD\O×
ELUHU |UQH÷LQL JHQHO NXUXOODU×Q×Q WRSODQG×÷× WDULKWHQ LWLEDUHQ D\ LoLQGH \|QHWLP
NXUXOX YH GHQHWoLOHULQLQ UDSRUODU× LOH ELUOLNWH 0VWHúDUO×N YH 6DQD\L YH 7LFDUHW
%DNDQO×÷×LOH7UNL\H&XPKXUL\HW0HUNH]%DQNDV×QDWHYGLHGHUHN5HVPL*D]HWH
YH\XUWoDS×QGD\D\×Q\DSDQELUJD]HWHLOHLODQHWPHN]RUXQGDG×UODU
øODQROXQDQELUELODQoRYH\DNkUYH]DUDUFHWYHOLQLQJHUoH÷HD\N×U×ROGX÷XWHVSLW
ROXQGX÷X WDNGLUGH LOJLOL EDQND 0VWHúDUO×÷×Q WDOLPDW× ]HULQH JQ LoLQGH
G]HOWLOPLú ELODQoR YH\D NkU YH ]DUDU FHWYHOLQL G]HOWPH EH\DQ× LOH ELUOLNWH D\Q×
JD]HWHOHUOHLODQHWPHN]RUXQGDG×U
<DEDQF×ONHOHUGHNLúXEHOHULQKHVDSODU×
hoD\O×NKHVDS|]HWOHULLOHGL÷HUFHWYHOOHU
0DGGH %DQNDODU 0DUW +D]LUDQ (\OO YH $UDO×N D\ODU× VRQX LWLEDUL\OH
7UNL\H &XPKXUL\HW 0HUNH] %DQNDV× YH %DQNDODU %LUOL÷LQLQ J|Uú DO×QDUDN
0VWHúDUO×N WDUDI×QGDQ EHOLUOHQHFHN HVDVODUD YH |UQH÷H X\JXQ RODUDN o D\O×N
KHVDS|]HWLG]HQOHPHN]RUXQGDG×UODU
hoD\O×NKHVDS|]HWOHULJHQHOPGULOHJHQHOPXKDVHEHPGUYH\DVRUXPOX
PXKDVHEHFLWDUDI×QGDQLP]DHGLOPLúYHPHYFXWVDGHQHWoLOHUWDUDI×QGDQRQD\ODQP×ú
RODUDN %DNDQO×NoD EHOLUOHQHFHN VUHOHU LoLQGH EX 0VWHúDUO×÷D YH 7UNL\H
&XPKXUL\HW0HUNH]%DQNDV×QDJ|QGHULOLU
0VWHúDUO×N EX .DQXQ X\JXODPDV×Q× L]OHPHN DPDF×\OD EDQNDODUGDQ
EHOLUOH\HFH÷L HVDVODU YH |UQHNOHUH X\JXQ RODUDN FHWYHO UDSRU YH PDOL WDEORODU
LVWHPH\HPDOLEQ\HOHULYHND\QDNODU×Q×QNXOODQ×P×LOHLOJLOLVWDQGDUWUDV\RODU×EX
UDV\RODULOHPDOLWDEORODU×QJHUHNOLJ|UOG÷WDNGLUGH\D\×PODQPDV×QDLOLúNLQXVXO
YHHVDVODU×7UNL\H&XPKXUL\HW0HUNH]%DQNDV×YH7UNL\H %DQNDODU %LUOL÷LQLQ
J|UúOHULQL DODUDN WHVSLWH \HWNLOLGLU %DQNDODU EX FHWYHO UDSRU YH PDOL WDEORODU×
0VWHúDUO×÷DWHYGLHWPHNYHWHVSLWHGLOHFHNUDV\RODUDX\PDN]RUXQGDG×UODU
'2.8=81&8%g/h0
0HVOHNL'LVLSOLQLOH'HQHWLPHøOLúNLQ+NPOHU
%ø5ø1&ø.,6,0
7UNL\H%DQNDODU%LUOL÷L
h\HROPD]RUXQOXOX÷X
0DGGH 7UNL\H·GH IDDOL\HW J|VWHUHQ EWQ EDQNDODU W]HO NLúLOL÷L KDL]
7UNL\H%DQNDODU%LUOL÷L·QH\HROPDN]RUXQGDG×UODU%DQNDODUEX \NPOO÷
EX.DQXQXQLQFLPDGGHVLQHJ|UHEDQNDF×O×NLúOHPOHULQHEDúODPDL]QLQLDOG×NODU×
WDULKWHQLWLEDUHQHQJHoD\LoLQGH\HULQHJHWLULUOHU
%LUOL÷LQJ|UHYYH\HWNLOHUL
0DGGH7UNL\H%DQNDODU%LUOL÷L
D%DQNDF×O×NPHVOH÷LQLQJHOLúPHVLQLWHPLQHWPHN
E%DQNDODU×QELUOLNYHEDQNDF×O×NPHVOH÷LQLQJHUHNWLUGL÷LYDNDUYHGLVLSOLQLoLQGH
HNRQRPLQLQLKWL\DoODU×QDX\JXQRODUDNoDO×úPDODU×Q×VD÷ODPDN
F%DQNDODUDUDV×QGDNLKDNV×]UHNDEHWL|QOHPHNDPDF×\ODJHUHNOLKHUWUOWHGELUL
DOPDNYHX\JXODPDNODJ|UHYOLYH\HWNLOLGLU
%LUOLN EDQNDF×O×N NRQXVXQGDNL PHY]XDW× YH DOG×÷× NDUDU YH WHGELUOHULQ
X\JXODPDV×Q×WDNLSHGHUYH%DNDQO×NoDDO×QPDV×LVWHQHQWHGELUOHULDO×U
2UJDQODUYH6WDW
0DGGH 7UNL\H %DQNDODU %LUOL÷L RUJDQ VHoLPOHUL EX .DQXQ
GD |QJ|UOHQ
HVDVODUoHUoHYHVLQGHJL]OLR\ODYH\DUJ×J|]HWLPLDOW×QGDJHUoHNOHúWLULOLU
6HoLP \DS×ODFDN JHQHO NXUXO WRSODQW×V×QGDQ HQ D] RQEHú JQ |QFH VHoLPOHUH
NDW×ODFDN \H EDQNDODU× YH WHPVLOFLOHULQL EHOLUOH\HQ OLVWH WRSODQW×Q×Q JQGHPLQL
\HULQL JQQVDDWLQLYHoR÷XQOXNROPDG×÷×WDNGLUGH \DS×ODFDNLNLQFLWRSODQW×\D
LOLúNLQ KXVXVODU× EHOLUWHQ ELU \D]× LOH ELUOLNWH o QVKD RODUDN <NVHN 6HoLP
.XUXOX·QFDEHOLUOHQHFHNVHoLPNXUXOXEDúNDQ×KkNLPHWHYGLHGLOLU+kNLPJHUHNOL
LQFHOHPH\L\DSDUDNOLVWH\LYHGL÷HUKXVXVODU×RQD\ODUELUVDQG×NNXUXOXEDúNDQ×YH
LNLVDQG×NNXUXOX\HVLLOHEXQODULoLQELUHU\HGHN\HDWDU2\YHUPHLúOHPLJL]OL
R\ Do×N WDVQLI HVDVODU×QD J|UH \DS×O×U 6HoLP VUHVLQLQ VRQXQGD VHoLP VRQXoODU×
WXWDQDNODWHVSLWHGLOLSVHoLPVDQG×NNXUXOXEDúNDQ×YH\HOHULWDUDI×QGDQLP]DODQ×U
7XWDQD÷×QG]HQOHQPHVLQGHQLWLEDUHQLNLJQLoLQGHVHoLPOHUH\DS×ODFDNKHUWUO
LWLUD]ODUKkNLPWDUDI×QGDQD\Q×JQLQFHOHQLUYHNHVLQRODUDNNDUDUDED÷ODQ×U
%LUOL÷LQ RUJDQODU× YH oDO×úPD HVDVODU× 6DQD\L YH 7LFDUHW %DNDQO×÷× LOH 7UNL\H
&XPKXUL\HW 0HUNH] %DQNDV×Q×Q J|UúOHUL DO×QG×NWDQ VRQUD %DNDQO×÷×Q |QHULVL
]HULQH%DNDQODU.XUXOX.DUDU×LOH\UUO÷HNRQDQVWDWVQGHJ|VWHULOLU
%DQNDODU %LUOLN 6WDWV·QH YH %LUOLNoH DO×QDFDN NDUDU YH WHGELUOHUH X\PDN
]RUXQGDG×UODU
*LGHUOHULQNDUú×ODQPDV×
0DGGH7UNL\H%DQNDODU%LUOL÷L·QLQJLGHUOHUL%LUOLN6WDWVJHUH÷LQFHWHVSLW
ROXQDQ R\ VD\×V×QD J|UH EDQNDODUD GD÷×W×O×U %DQNDODU NHQGLOHULQH GúHQ PDVUDI
SD\ODU×Q× VWDWGH EHOLUWLOHQ VUH LoLQGH 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×·QGD
Do×ODFDNELUKHVDED\DW×UPDN]RUXQGDG×UODU
ø.ø1&ø.,6,0
'HQHWLP
%DQNDODU\HPLQOLPXUDN×SODU×
0DGGH %X .DQXQ LOH HN YH GH÷LúLNOLNOHULQLQ GL÷HU NDQXQODU×Q EDQNDODUOD
LOJLOLKNPOHULQLQX\JXODQPDV×Q×QYHKHUWUOEDQNDF×O×NLúOHPOHULQLQGHQHWLPL
EDQNDODU×Q YDUO×NODU× DODFDNODU× |]ND\QDNODU× ERUoODU× NkU YH ]DUDU KHVDSODU×
DUDV×QGDNLLOJLYHGHQJHOHULQYHPDOLEQ\H\LHWNLOH\HQGL÷HUWPXQVXUODU×QWHVSLW
YHWDKOLOLEDQNDODU\HPLQOLPXUDN×SODU×YH\DUG×PF×ODU×WDUDI×QGDQ\DS×O×U
%DQNDODU \HPLQOL PXUDN×SODU× YH \DUG×PF×ODU× EDQNDODU EDQNDODU×Q LúWLUDN YH
NXUXOXúODU×LOHGL÷HUJHUoHNYHW]HONLúLOHUGHQ\XNDU×GD\D]×O×NDQXQKNPOHULLOH
LOJLOLJ|UHFHNOHULEWQELOJLOHULLVWHPH\HEXQODU×QWPGHIWHUND\×WYHEHOJHOHULQL
LQFHOHPH\H \HWNLOL ROXS EXQODU GD LVWHQLOHQ ELOJLOHUL YHUPHNOH GHIWHU ND\×W YH
EHOJHOHULLQFHOHPH\HKD]×UEXOXQGXUPDNOD\NPOGUOHU
'HYOHW GDLUH YH NXUXOXúODU× 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV× 7UNL\H
%DQNDODU%LUOL÷LYHEHQ]HULNXUXOXúODULOHULVNVDQWUDO×WHúNLODW×LVWHQHFHNKHUWUO
ELOJL\LJL]OLGHROVDEDQNDODU\HPLQOLPXUDN×SODU×QDYH\DUG×PF×ODU×QDYHULUOHU
%DQNDODU\HPLQOLPXUDN×SODU×Q×QoDO×úPDWDU]×ELU\|QHWPHOLNOHG]HQOHQLU
øGDULWHGELUOHU
0DGGH%DQNDODU\HPLQOLPXUDN×SODU×QFD\DS×ODQGHQHWOHPHOHUVRQXFXQGD
EX.DQXQYHLOJLOLGL÷HUPHY]XDWDD\N×U×YHEDQNDQ×QHPLQELUúHNLOGHoDO×úPDV×Q×
WHKOLNH\H GúUHFHN QLWHOLNWH LúOHPOHUL WHVSLW ROXQDQ EDQND PHQVXSODU×Q×Q
KDNODU×QGD D\U×FD NDQXQL NRYXúWXUPD \DS×OPDNOD EHUDEHU %DNDQO×÷×Q WDOHEL
]HULQH J|UHYOHULQH VRQ YHULOPHVL ]RUXQOXGXU %X NLPVHOHU %DNDQO×÷×Q L]QL
ROPDG×NoDKLoELUEDQNDGDoDO×úW×U×ODPD]ODU
%DNDQO×N EX .DQXQ YH LOJLOL GL÷HU PHY]XDWD D\N×U× LúOHPOHULQL YHUGL÷L VUH
LoLQGHG]HOWPH\HQYHNDQXQDD\N×U×O×NODU×QJLGHULOPHVLYH|QOHQPHVLNRQXVXQGD
DO×QPDV×Q× LVWHGL÷L WHGELUOHUL DOPD\DQ EDQNDODU×Q VRUXPOXODU KDNN×QGD \DS×ODFDN
NDQXQL NRYXúWXUPD VDNO× ROPDN ]HUH DYDQV YH UHHVNRQW NUHGLOHULQLQ
GXUGXUXOPDV×Q× Do×ODQ NUHGLOHULQ JHUL DO×QPDV×Q× 7UNL\H &XPKXUL\HW 0HUNH]
%DQNDV×QGDQLVWHPH\H\DUDUODQG×NODU×WHúYLNOHULGXUGXUPD\D\HWNLOLGLU
%X .DQXQ YH\D |]HO NDQXQODU×QD J|UH \HWNLOL RODQODU G×ú×QGD NDODQ JHUoHN YH
W]HONLúLOHULQPHYGXDWNDEXOHWWLNOHULYH\DEDQNDF×O×NLúOHPOHUL\DSW×NODU×WLFDUHW
XQYDQODU× YH KHU WUO EHOJHOHUL LOH LODQ YH UHNODPODU×QGD EDQND NHOLPHVLQL \D GD
PHYGXDW NDEXO HWWLNOHUL YH\D EDQNDF×O×NOD X÷UDúW×NODU× L]OHQLPLQL YHUHQ NHOLPH
YH\DWDELUOHULNXOODQG×NODU×WHVSLWROXQGX÷XWDNGLUGHVRUXPOXODUKDNN×QGD NDQXQL
NRYXúWXUPD\D JHoLOPHNOH EHUDEHU JHFLNPHVLQGH VDN×QFD J|UOHQ KDOOHUGH
%DNDQ×QWDOHEL]HULQHYDOLOLNOHUFHEXQODU×QLú\HUOHULJHoLFLRODUDNNDSDW×ODELOHFH÷L
YH LODQ YH UHNODPODU× GXUGXUXODELOHFH÷L JLEL NDQXQD D\N×U× EHOJHOHUOH LODQ YH
UHNODPODU×WRSODW×ODELOLU
øGDULGHQHWLP
0DGGH0HYGXDWWRSOD\DQEWQEDQNDODUD%DNDQO×NELUGHQHWoLDWD\DELOLU%X
GHQHWoLEX.DQXQYH7UN7LFDUHW.DQXQXKNPOHULQHJ|UHGHQHWLPOHULQL\DSDU
0DOLEQ\HQLQJoOHQGLULOPHVL
0DGGH 'HQHWOHPHOHU VRQXFXQGD ELU EDQNDQ×Q PDOL EQ\HVLQLQ FLGGL ELU
úHNLOGH ]D\×IODPDNWD ROGX÷XQXQ WHVSLW HGLOPHVL KDOLQGH %DNDQO×N X\JXQ ELU VUH
YHUHUHNEDQND\|QHWLPNXUXOXQGDQ
D6HUPD\HQLQDUW×U×OPDV×Q×YH\DVHUPD\HQLQ|GHQPH\HQN×VP×Q×QWDKVLOLQL
GøúWLUDNYH\DVDELWGH÷HUOHULQN×VPHQYH\DWDPDPHQHOGHQo×NDU×OPDV×Q×
H 5LVN GR÷XUXFX LúOHPOHUGHQ NDo×Q×OPDV×Q× SODVPDQODU×Q GXUGXUXOPDV×Q× YH\D
V×Q×UODQG×U×OPDV×Q×
I .DQXQ YH NDUDUODUD D\N×U× ILLOOHUL WHVSLW HGLOHQ SHUVRQHOLQ EDQND\× WHPVLO
\HWNLOHULQLQNDOG×U×OPDV×Q×
J0DOLEQ\HQLQJoOHQGLULOPHVLLoLQEHQ]HULGL÷HUWHGELUOHULQDO×QPDV×Q×
øVWH\HELOLU
<|QHWLP.XUXOXEXWDOLPDWLVWLNDPHWLQGHJHUHNOLWHGELUOHULDOPDNYHDOG×÷×NDUDU
YHWHGELUOHULD\O×NUDSRUODUKDOLQGH0VWHúDUO×÷DELOGLUPHN]RUXQGDG×U
<|QHWLP .XUXOX ELULQFL I×NUD\D J|UH DO×QPDV× LVWHQHQ WHGELUOHUL N×VPHQ YH\D
WDPDPHQ DOPDG×÷× YH\D EX WHGELUOHULQ DO×QP×ú ROPDV×QD UD÷PHQ EDQNDQ×Q PDOL
EQ\HVLQGHNL]D\×IODPDGHYDPHWWL÷LWDNGLUGH%DNDQ
D %DQNDQ×Q PDOL EQ\HVLQL ]D\×IODWDQ NDUDU YH LúOHPOHULQ \|QHWLP YH GHQHWLP
NXUXOODU×QD DLW ROPDV× KDOLQGH \|QHWLP YH\D GHQHWLP NXUXOX \HOHULQGHQ ELU
N×VP×Q× YH\D WDPDP×Q× J|UHYGHQ DODUDN YH\D \|QHWLP YH GHQHWLP NXUXOX \H
VD\×V×Q×DUW×UDUDNEXNXUXOODUD\HDWDPD\D
G +D]LQH\H 7& 0HUNH] %DQNDV×·QD GL÷HU NDPX NXUXP YH NXUXOXúODU×QD YH
7DVDUUXI 0HYGXDW× 6LJRUWD )RQX·QD RODQ ERUoODU×\OD DODFDNODU×Q× PDKVXS YH
WDKNLP LOH JHUHNWL÷LQGH EXQODU× +D]LQH LúWLUDNL RODUDN EDQND VHUPD\HVLQH
G|QúWUPH\H EX LúOHPOHULQ JHUHNWLUGL÷L PHEOD÷ODU× EWoH\H JHOLU JLGHU YH
|GHQHNND\GHWPH÷H
H0DOLEQ\HVLQLQWDNYL\HVLLoLQJHUHNOLJ|UHFH÷LGL÷HUWHGELUOHULDOPD\D
<HWNLOLGLU
D%WQDNWLIYHSDVLIL\OHPHYFXWYH\DNXUXODFDNELUEDQND\DGHYUHGLOPHVLQH
E%LUYH\DELUNDoEDQNDLOHELUOHúWLULOPHVLQH
%DNDQ·×Q |QHULVL ]HULQH %DNDQODU .XUXOX·QFD NDUDU YHULOHELOLU %X KDOGH GHYLU
YH\DELUOHúWLUPH\HLOLúNLQHVDVYHXVXOOHU%DNDQODU.XUXOXNDUDU×QGDJ|VWHULOLU
2181&8%g/h0
7DVDUUXI0HYGXDW×6LJRUWD)RQX
)RQXQ.XUXOXúX
0DGGH %DQNDODUGDNL WDVDUUXI PHYGXDW×Q× VLJRUWD HWPHN DPDF×\OD W]HO
NLúLOL÷LKDL]7DVDUUXI0HYGXDW×6LJRUWD)RQXNXUXOPXúWXU
)RQ %DNDQO×NoDKD]×UODQDFDN)RQ<|QHWPHOL÷LGDKLOLQGH7UNL\H&XPKXUL\HW
0HUNH] %DQNDV× WDUDI×QGDQ LGDUH YH WHPVLO ROXQXU )RQXQ LGDUH YH WHPVLOL
GROD\×V×\OD 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV× SHUVRQHOLQH D\U×FD FUHW
|GHQPH]
)RQ 6D\×O× 0XKDVHEHL 8PXPL\H .DQXQX VD\×O× 'HYOHW øKDOH
.DQXQXLOHVD\×O×6D\×úWD\.DQXQX·QDWDELGH÷LOGLU
)RQKHUWUOYHUJLUHVLPYHKDUoWDQPXDIW×U
0VWHúDUO×N)RQ·XQKHVDSYHLúOHPOHULQLGHQHWOHPH\HYHEXKXVXVWDIRQGDQKHU
WUOELOJL\LLVWHPH\H\HWNLOLGLU
)RQXQ.D\QDNODU×
0DGGH7DVDUUXI0HYGXDW×6LJRUWD)RQX·QXQND\QDNODU×
D%DQNDODU×Q\×OVRQXELODQoRODU×QGDNLWDVDUUXIPHYGXDW×WXWDU×]HULQGHQWDULIHVL
LOHWDKVLO]DPDQYHúHNLOOHUL%DNDQO×÷×Q|QHULVL]HULQH%DNDQODU.XUXOX·QFDWHVSLW
ROXQDFDNSULPOHUGHQ
E%X.DQXQDD\N×U×ILLOOHUGROD\×V×\ODKNPROXQDFDNSDUDFH]DODU×QGDQ
GQF×PDGGH\HJ|UH]DPDQDú×P×QDX÷UD\DQPHYGXDWHPDQHWYHDODFDNODUGDQ
H)RQPHYFXGXQXQJHOLUOHULLOHVDLUJHOLUOHUGHQ
ROXúXU
)RQ ND\QDNODU×Q×Q WDKVLOLQGH VD\×O× $PPH $ODFDNODU×Q×Q 7DKVLO 8VXO
+DNN×QGD.DQXQKNPOHULX\JXODQ×U
)RQPHYFXGXQXQNXOODQ×O×ú úHNLOYHHVDVODU×)RQ\|QHWPHOL÷LQGHJ|VWHULOLU
%DQNDODUFD )RQD |GHQHQ SULPOHU NXUXPODU YHUJLVL PDWUDK×Q×Q WHVSLWLQGH JLGHU
NDEXOHGLOLU
6LJRUWDQ×QHVDVODU×
0DGGH0HYGXDWNDEXOHGHQEWQEDQNDODUWDVDUUXIPHYGXDWODU×Q×VLJRUWD
HWWLUPHN]RUXQGDG×U
%LUEDQNDGDNLELUNLúL\H DLWD]DPLPLO\RQOLUDO×NWDVDUUXIPHYGXDW× PHYGXDW
VLJRUWDV×QDWDELGLU
%LU EDQNDQ×Q VHUPD\HVLQLQ YH GDKD ID]ODV×QD VDKLS RUWDNODU× LOH \|QHWLP
NXUXOX EDúNDQ YH \HOHULQH JHQHO PGU YH JHQHO PGU \DUG×PF×ODU×QD NUHGL
DoPD\D \HWNLOL PHPXUODU×QD GHQHWoLOHULQH YH EXQODU×Q Hú YH YHOD\HW DOW×QGDNL
oRFXNODU×QDDLWWDVDUUXIPHYGXDW×VLJRUWD\DWDELGH÷LOGLU
6LJRUWDQ×QVRQXoODU×
0DGGH QF PDGGHQLQ X\JXODQPDV×QD UD÷PHQ PDOL EQ\HVLQLQ
JoOHQGLULOPHVLQH YH\D GHYLU YH\D ELUOHúWLULOPHVLQH LPNDQ J|UOHPH\HQ ELU
EDQNDQ×Q PHYGXDW NDEXO YH EDQNDF×O×N LúOHPOHUL \DSPD \HWNLVL QFL PDGGH\H
J|UHNDOG×U×O×U
0HYGXDW NDEXO YH EDQNDF×O×N LúOHPOHUL \DSPD \HWNLVL NDOG×U×ODQ EDQNDQ×Q
WDVDUUXI PHYGXDW× IDL] YH VDLU PHQIDDWOHU EDN×P×QGDQ GHYUDODQ EDQNDQ×Q
X\JXODPDODU×Q× JHoPHPHN ]HUH D\Q× úDUWODUOD NDUú×O×÷× 7DVDUUXI 0HYGXDW×
6LJRUWD )RQXQGDQ |GHQPHN VXUHWL\OH %DNDQO×NoD WD\LQ ROXQDFDN ELU EDQND\D
GHYUHGLOLU
%DNDQO×N KDNN×QGD QFL I×NUD KNP X\JXODQDQ ELU EDQNDQ×Q \|QHWLP YH
GHQHWLPLQL 7DVDUUXI 0HYGXDW× 6LJRUWD )RQXQD YH\D ELU EDQND\D JHoLFL RODUDN
GHYUHGHELOLU
7DVDUUXI 0HYGXDW× 6LJRUWD )RQX |GHGL÷L WDVDUUXI PHYGXDW× LoLQ WDVDUUXI
PHYGXDW× VDKLSOHUL \HULQH EDQNDQ×Q LIODV×Q× LVWHU YH LIODV PDVDV×QD LPWL\D]O×
DODFDNO×V×IDW×\ODLúWLUDNHGHU
øIODV×QDKNPROXQDQELUEDQNDLoLQøFUDøIODV.DQXQX·QXQLQFLPDGGHVLQLQ
LQFL I×NUDV×QD J|UH WHúNLO ROXQDFDN EUR 7DVDUUXI 0HYGXDW× 6LJRUWD )RQX
WHPVLOFLVL NDW×OPDNV×]×Q WRSODQDPD] 6|] NRQXVX KNPQ QFL I×NUDV× LIODV×QD
KNPROXQDQ EDQNDODU KDNN×QGD X\JXODQPD] øIODV øGDUH 0HPXUODU× 7DVDUUXI
0HYGXDW× 6LJRUWD )RQXQFD WHNOLI YH 0VWHúDUO×NoD NDEXO HGLOHQ \HWHU VD\×GD
NLúLGHQROXúXULIODVLGDUHVLQLQWRSODQW×YHNDUDUQLVDE×QGDoR÷XQOXNHVDV×DUDQ×U
øIODV×QDKNPROXQDQEDQNDQ×Q7DVDUUXI0HYGXDW×6LJRUWD)RQXQDRODQERUoODU×
PDVDQ×Q QDNLW GXUXPXQD J|UH øFUD YH øIODV .DQXQX·QXQ QFL PDGGHVLQGH
J|VWHULOHQV×UDFHWYHOLQLQNHVLQOHúPHVLEHNOHQPHNVL]LQ|GHQLU
YH ·QF× I×NUD KNPOHUL XQFX PDGGH\H J|UH LIODV×QD NDUDU YHULOHQOHU
KDNN×QGDGDX\JXODQ×U
ùDKVLVRUXPOXOXN
0DGGH
%LU EDQNDQ×Q KLVVHVLQGHQ ID]ODV×QD VDKLS RODQ RUWDNODU×
\|QHWLPNXUXOXYHNUHGLNRPLWHVLEDúNDQYH\HOHUL\OHJHQHOPGUJHQHOPGU
\DUG×PF×ODU× YH LP]DODU× EDQND\× LO]DP HGHQ PHPXUODU× NDQXQD D\N×U× NDUDU YH
LúOHPOHUL\OHEDQNDQ×QLIODV×QDYH\DKDNN×QGDQFPDGGHQLQQFI×NUDV×Q×Q
X\JXODQPDV×QD VHEHS ROPXúODUVD %DNDQ×Q WDOHEL ]HULQH EXQODU×Q úDKVL
VRUXPOXOXNODU× FLKHWLQH JLGLOHUHN úDKVHQ LIODVODU×QD PDKNHPHFH NDUDU YHULOHELOLU
QF PDGGHQLQ X\JXODQG×÷× KDOOHUGH EXQODU×Q úDKVL VRUXPOXOX÷X o×NDU×ODFDN
DUDYH\DGHYLUELODQoRODU×QDJ|UHWD\LQRODELOLU
0DKNHPHFHLIODV×QDNDUDUYHULOHQOHUKDNN×QGDNLWDNLELDODFDNO×V×IDW×\ODEDQND
LIODV LGDUHVL YH\D GHYUDODQ EDQND \UWU øIODV WDOHEL LoLQ %DNDQO×÷D EDúYXUX GD
EXQODUWDUDI×QGDQ\DS×O×U
%X PDGGH KNPQH J|UH LIODV× LVWHQHQOHU KDNN×QGD 0DKNHPHFH øFUD YH øIODV
.DQXQX·QXQQFLYHPWHDNLSPDGGHOHULKNPX\JXODQ×U
21%ø5ø1&ø%g/h0
'HYLU%LUOHúPHYH7DVIL\H
%LUOHúPHYH\DGHYLU
0DGGH 7UNL\H·GH IDDOL\HWWH EXOXQDQ EDQNDODUGDQ ELULQLQ GL÷HU ELU YH\D
ELUNDo EDQND LOH ELUOHúPHVL YH\D EWQ ERUo DODFDN YH PHYGXDW×Q× 7UNL\H·GH
IDDOL\HWWHEXOXQDQGL÷HUELUEDQND\DGHYUHWPHVL%DNDQO×÷×QL]QLQHED÷O×G×U
ø]LQ WDULKLQGHQ LWLEDUHQ D\ LoLQGH LOJLOL EDQNDODU×Q \HWNLOL RUJDQODU×QFD NDUDU
DO×QDUDN GHYLU YH\D ELUOHúPH LúOHPOHULQH JHoLOPHGL÷L WDNGLUGH GHYLU L]QL JHoHUVL]
ROXU
'HYLUYH\DELUOHúPHQLQ5HVPL*D]HWH·GHLODQ×QGDQVRQUD7UNL\H&PXKXUL\HW
0HUNH] %DQNDV× LOJLOL EDQNDODU×Q PHYGXDW PXQ]DP NDUú×O×NODU× KHVDSODU×QGDQ
X\JXQ J|UHFH÷L PLNWDU YH úDUWODUOD GHYLU YH\D ELUOHúPH G|QHPLQGH LDGHOHU
\DSDELOLU
'HYLUYH\DELUOHúPHLúOHPOHULQLQ\UWOPHVLYHVRQXoODQG×U×OPDV×G|QHPLQGH
EDQNDODUD7DVDUUXI0HYGXDW×6LJRUWD)RQXYH%DQNDODU%LUOL÷LWDUDI×QGDQKHUWUO
PDOLYHWHNQLN\DUG×P\DS×ODELOLU
7DVIL\HYH\DIDDOL\HWHVRQYHULOPHVL
0DGGH 7UNL\H·GH IDDOL\HWWH EXOXQDQ EDQNDODU IDDOL\HWOHULQH VRQ YHUPHN YH
EXQODU× WDVIL\H HWPHN LVWHGLNOHUL WDNGLUGH GXUXPX 7UNL\H oDS×QGD EDV×P× YH
GD÷×W×P× \DS×ODQ HQ D] LNL JD]HWH LOH LODQ YH PHYGXDW VDKLSOHUL LOH DODFDNO×ODU×QD
YH\DEX
YH I×NUDODU× $QD\DVD 0DKNHPHVL·QLQ WDULK YH (
. VD\×O× .DUDU× LOH ´%DQND <|QHWLP .XUXOX %DúNDQ× <|QHWLP .XUXOX
h\HOHULYH*HQHO0GUµ\|QQGHQLSWDOHGLOPLúWLU
GXUXPGD VD\×ODELOHFHN NLúL YH NXUXPODUD WHEOL÷ HGHUHN HOOHULQGH EXOXQDQ D\QL YH
QDNGL KHU WUO PHYGXDW LOH HPDQHW YH FDUL KHVDS EDNL\HOHULQL YHVDLU ERUoODU×Q×
YDGHOL ROVDODU ELOH YDGHOHULQL EHNOHPHNVL]LQ LNL D\ LoLQGH LDGH\H YH EX VUH
LoHULVLQGH VDKLEL EDúYXUPD\DQ D\QL YH QDNGL KHU WUO PHYGXDW HPDQHW YH
DODFDNODU× 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×QD WHYGL HWPH\H PHFEXUGXUODU
0HUNH]%DQNDV×EXVXUHWOHYHULOHQGH÷HUOHUL\×OVUHLOHKHU\×OEDú×QGDXVXOQH
J|UHLODQHWPHNVXUHWL\OHVDNODUEXVUHQLQELWLPLQGHQF×PDGGHGHNLHVDVODUD
J|UHLúOHP\DS×O×U
7DVIL\HPHPXUODU×Q×QJ|UHYOHUL
0DGGH øIODV×QD KNPHGLOHQ EDQNDODU LOH WDVIL\HVLQH NDUDU YHULOHQ
EDQNDODU×QLúOHPOHULQLWDVIL\HHWPHN]HUHøFUDYHøIODV.DQXQXKNPOHULQHJ|UH
WHúNLOROXQDQLIODVLGDUHVLYH\DWD\LQROXQDQWDVIL\HPHPXUODU×WDVIL\HQLQJHOLúLPL
KDNN×QGD0VWHúDUO×÷DEX0VWHúDUO×÷×QX\JXQJ|UHFH÷LVUHOHUGHUDSRUYHUPHNOH
\NPOGUOHU
%DNDQO×N EDQNDODU \HPLQOL PXUDN×SODU× YH \DUG×PF×ODU× YDV×WDV×\OD LIODV YH\D
WDVIL\HLúOHPOHULQLLQFHOHWPHN\HWNLVLQHVDKLSWLU
21ø.ø1&ø%g/h0
dHúLWOL+NPOHU
6HNW|UEDQNDODU×
0DGGH %DQND ND\QDNODU×Q×Q NDON×QPD SODQ× YH \×OO×N SURJUDPODU×Q×Q
KHGHIOHULQH X\JXQ RODUDN NXOODQ×OPDV×Q× YH VHOHNWLI NUHGL SROLWLNDV×Q×Q HWNLQ ELU
úHNLOGH X\JXODQPDV×Q× VD÷ODPDN DPDF×\OD %DNDQ×Q |QHULVL ]HULQH X\JXQ
J|UHFH÷L NDPX EDQNDODU×Q× VHNW|U EDQNDODU× RODUDN J|UHYOHQGLUPH\H YH\D \HQL
VHNW|UEDQNDODU×NXUPD\D%DNDQODU.XUXOX\HWNLOLGLU
6HNW|UEDQNDODU×Q×QJ|UHYYH\HWNLOHULELUELUOHUL\OHGL÷HUEDQNDODUODYH7UNL\H
&XPKXUL\HW 0HUNH] %DQNDV× LOH LOLúNLOHUL \×OO×N VHNW|UHO ILQDQVPDQ
SURJUDPODU×Q×Q KD]×UODQPDV× X\JXODQPDV× YH NRRUGLQDV\RQXQD LOLúNLQ HVDVODU
%DNDQODU.XUXOXNDUDU×QGDJ|VWHULOLU
6HUEHVWE|OJHOHUGHEDQNDF×O×N
0DGGH6HUEHVWE|OJHOHUGHEDQNDNXUXOPDV×YH\DúXEHDo×OPDV×YHEXVXUHWOH
IDDOL\HWJ|VWHULOPHVLEX.DQXQKNPOHULQHWDELROXU
$QFDN%DNDQODU.XUXOXVHUEHVWE|OJHEDQNDF×O×NIDDOL\HWOHULLoLQLVWLVQDODUYHRII
VKRUHEDQNDF×O×NIDDOL\HWOHULLoLQGH\HQLG]HQOHPHOHUJHWLUPH\H\HWNLOLGLU
7UNL\H·GHILLOHQEDQNDF×O×NIDDOL\HWOHULQGHEXOXQPDPDNODEHUDEHUVDGHFHVHUEHVW
E|OJHOHUH PQKDV×U EDQNDF×O×N LúOHPOHUL \DSPDN ]HUH úXEH Do×OPDV×QD YH\D
PVWDNLO EDQND NXUXOPDV×QD %DNDQODU .XUXOXQFD Do×O×ú YH\D NXUXOXú úHNLO YH
úDUWODU×EHOLUWLOPHNVXUHWL\OHL]LQYHULOLU
%DQNDODU×Q\DEDQF×ONHOHUGHNLIDDOL\HWOHUL
0DGGH 7UNL\H·GH NXUXODQ EDQNDODU×Q KDULoWH úXEH YH\D WHPVLOFLOLN
DoPDODU×0VWHúDUO×÷×QL]QLQHWDELGLU
<DEDQF×EDQNDODU×QWHPVLOFLOLNOHUL
0DGGH <DEDQF× EDQNDODU×Q PHYGXDW NDEXO HWPHPHN YH EDQNDF×O×N LúOHPOHUL
\DSPDPDNND\G×\OD7UNL\H·GHWHPVLOFLOLNDoPDODU×%DNDQO×÷×QL]QLQHWDELGLU
øODQYHUHNODPODU
0DGGH
%DQNDODU×Q LODQ YH UHNODPODU× WU úHNLO QLWHOLN YH PLNWDUODU×
LWLEDUL\OH7UNL\H%DQNDODU%LUOL÷LWDUDI×QGDQ0VWHúDUO×÷×QX\JXQJ|UúDO×QDUDN
WHVSLWROXQDQHVDVYHúDUWODUDD\N×U×RODPD]
3DUDVDOPLNWDUYHV×Q×UODU×QDUW×U×OPDV×
0DGGH%DNDQODU.XUXOX%DNDQO×÷×Q|QHULVL]HULQHEX.DQXQGDNLSDUDVDO
PLNWDU YH V×Q×UODU× 2FDN WDULKL WHPHO ROPDN ]HUH 0VWHúDUO×NoD
\D\×PODQDQ WRSWDQ Hú\D IL\DWODU× LQGHNVLQLQ JHUHNWLUGL÷L PLNWDU YH V×Q×UODU×
DúPDPDNND\G×\ODDUW×UPD\D\HWNLOLGLU
%X.DQXQXQYHLQFLPDGGHOHULQGH\HUDODQNUHGLNDWVD\×YH\DRUDQODU×
%DNDQODU .XUXOXQFD %DNDQO×÷×Q |QHULVL ]HULQH ·\L DúPDPDN ND\G×\OD
DUW×U×ODELOLUYH\DD]DOW×ODELOLU
21hdh1&h%g/h0
&H]D+NPOHUL
$÷×USDUDFH]DV×YHKDSLVFH]DV×
0DGGH YH QF× PDGGHOHUH D\N×U× GXUXPODU× WHVELW ROXQDQ EDQNDODU
DOW× D\× JHoPHPHN ]HUH %DNDQO×N WDUDI×QGDQ YHULOHFHN VUHOHU LoLQGH EX
GXUXPODU×Q× G]HOWPHGLNOHUL YH\D QFL PDGGH\H J|UH YHULOHQ úXEHOHULQ
ELUOHúWLULOPHVL WDOLPDW×QD X\PDG×NODU× WDNGLUGH KDNODU×QGD QFL PDGGH\H J|UH
LúOHP \DS×ODELOHFH÷L JLEL EXQODU×Q LúOHULQL ILLOHQ \|QHWHQ J|UHYOL YH LOJLOL
PHQVXSODU× ELQ OLUDGDQ PLO\RQ OLUD\D NDGDU D÷×U SDUD FH]DV×QD PDKNP
HGLOLUOHU
YH QF PDGGHOHUGH \D]×O× \NPOONOHUL \HULQH JHWLUPH\HQ EDQNDODU
%DNDQO×NoD ELU D\GDQ D] ROPDPDN ND\G×\OD ELOGLULOHFHN VUHOHU LoHULVLQGH EX
GXUXPODU×Q×G]HOWPH]OHUVHEXQODU×QPHQVXSODU×KDNN×QGDJ|UHYYHLOJLOHULQHJ|UH
ELQOLUDGDQD]ROPDPDN]HUHD÷×USDUDFH]DV×X\JXODQ×U
øOJLOL RODUDN 7UNL\H %DQNDODU %LUOL÷L·QLQ WDULK YH VD\×O×
7HEOL÷LQHEDN×Q×]
XQFXPDGGHOHUHYHQFLPDGGHQLQQFL
I×NUDODU×QD YH LQFL PDGGHOHU KNPOHULQH X\PD\DQ
%DQNDODU×Q YH QFL PDGGHQLQ QF I×NUDV× KNPQH D\N×U× KDUHNHW HGHQ
LúWLUDNOHULQ YH EXQODU×Q RUWD÷× ROGX÷X NXUXOXúODU×Q LúOHULQL ILLOHQ \|QHWHQ
PHQVXSODU×
LQFLYHQFPDGGHOHULQKNPOHULQHX\PD\DQEDQNDODU×QLúOHULQLILLOHQ
\|QHWHQPHQVXSODU×J|UHYYHLOJLOHULQHYHILLOHNDW×OPDGHUHFHOHULQHJ|UHELQ
OLUDGDQPLO\RQOLUD\DNDGDUD÷×USDUDFH]DV×\ODFH]DODQG×U×O×U
ùX NDGDU NL \XNDU×GD \D]×O× PDGGHOHULQ KNPOHULQH D\N×U×O×N EDQND\D \D GD
LúWLUDNYHNXUXOXúODU×QD\DGDLOJLOLNLúLOHUH\DUDUVD÷ODPD\×KHGHIWXWWX÷XQGD\DGD
EXWUKDUHNHWOHUVRQXFXQGDILLOHQE|\OHELU\DUDUVD÷ODQG×÷×QGDD÷×USDUDFH]DV×
PLO\RQOLUDGDQD]ROPDPDN]HUHEX\DUDUODU×QNDW×RODUDNKNPHGLOLU
%DQNDODU×Q YH QFL PDGGH KNPOHULQH D\N×U× RODUDN HGLQGLNOHUL PHQNXO
YH JD\ULPHQNXOOHULQ PDKNXPL\HW KNP LOH ELUOLNWH VDW×ODUDN WDVIL\HVLQH NDUDU
YHULOLU 6DW×ú YH WDVIL\H øFUD YH øIODV .DQXQX KNPOHULQH J|UH DGOL\H LFUD
PHPXUODU×WDUDI×QGDQ\DS×O×U6DW×úEHGHOLQGHQVDW×úYHWDVIL\HJLGHUOHULLQGLULOHUHN
DUWDQ× EDQND\D YHULOLU 6DW×ú EHGHOLQGHQ LQGLULOHFHN JLGHUOHU %DNDQO×N EWoHVLQLQ
PDKNHPHKDUoODU×WHUWLELQGHQDYDQVVXUHWL\OH|GHQLU
$÷×USDUDFH]DV×LOHELUOLNWHKDSLVFH]DV×YHIDDOL\HWWHQDO×NR\PD
0DGGH YH LQFL PDGGHOHUGH \D]×O× L]LQOHUL ROPDNV×]×Q EDQNDF×O×N
LúOHPOHUL LOH X÷UDúDQ YH\D PHYGXDW NDEXO HGHQ \D GD QF PDGGH\H D\N×U×
KDUHNHW HGHQ JHUoHN NLúLOHU LOH W]HO NLúLOHULQ J|UHYOL YH\D LOJLOL PHQVXSODU× ILLOH
NDW×OPD GHUHFHOHULQH J|UH PLO\RQ OLUDGDQ PLO\RQ OLUD\D NDGDU D÷×U SDUD
FH]DV×QD PDKNXP HGLOPHNOH ELUOLNWH D\GDQ \×OD NDGDU KDSLV FH]DV× LOH
FH]DODQG×U×O×U
$÷×U SDUD FH]DV× LOH ELUOLNWH PHVOHNWHQ DO×NR\PD YH L]LQVL] Do×ODQ úXEHOHULQ
NDSDW×OPDV×
0DGGH
YH QFL PDGGHOHUGH \D]×O× \NPOON YH ]RUXQOXOXNODUD
X\PD\DQEDQNDODU×QLúOHULQLILLOHQ \|QHWHQLOJLOLYHJ|UHYOLPHQVXSODU×LOHWDVIL\H
PHPXUODU×KDNN×QGDILLOHNDW×OPDGHUHFHOHULQHJ|UHELQOLUDGDQPLO\RQOLUD\D
NDGDUD÷×USDUDFH]DV×QDKNPROXQDFD÷×JLELEXILLOOHULEDQNDQ×QHPLQELUúHNLOGH
oDO×úPDV×Q× HQJHOOH\LFL QLWHOLNWH J|UOHQ EDQND PHQVXSODU×Q×Q o \×O VUH LOH
EDQNDODUGDoDO×úPDV×\DVDNODQ×U
$\U×FD QF PDGGHGHNL L]LQ DO×QPDNV×]×Q YH\D L]LQ YHULOGL÷L \HUGHQ EDúND
ELU\HUGHDo×ODQ\DGDEDúNDELU\HUHQDNOHGLOHQúXEHOHU%DNDQO×÷×QWDOHEL]HULQH
YDOLOLNOHUFHNDSDW×O×U
%DQNDODU%LUOL÷L·QFHYHULOHFHNFH]DODU
0DGGH YH ×QF× PDGGHOHUGH \D]×O× \NPOONOHUH X\PD\DQ
EDQNDODUD X\JXODQDFDN SDUD FH]DODU× PLO\RQ OLUDGDQ oRN ROPDPDN ]HUH
%DQNDODU%LUOL÷L<|QHWLP.XUXOX·QFDWHVSLWYHNDUDUDED÷ODQ×U
%LUOLN YHUGL÷L FH]DODU× ELU WDUDIWDQ LOJLOL EDQND\D WHEOL÷ HWPHNOH EHUDEHU GL÷HU
WDUDIWDQ WDKVLO YH JHOLU ND\G× LoLQ 7DVDUUXI 0HYGXDW× 6LJRUWD )RQX·QD ELOGLULU YH
EDV×Q\ROX\ODLODQHGHU
%X FH]DODU JQ LoLQGH |GHQPHGL÷L WDNGLUGH )RQ WDUDI×QGDQ VD\×O×
.DQXQKNPOHULQHJ|UHWDNLSYHWDKVLOROXQXU
6×UODU×QVDNODQPDV×
0DGGH 6×IDW YH J|UHYOHUL GROD\×V×\OD |÷UHQGLNOHUL EDQND\D \D GD
PúWHULOHULQH DLW V×UODU× EX NRQXGD NDQXQHQ Do×NoD \HWNLOL N×O×QDQ PHUFLOHUGHQ
EDúNDV×QD Do×NOD\DQ EDQND PHQVXSODU× LOH GL÷HU J|UHYOLOHU D\GDQ \×OD NDGDU
KDSLV FH]DV× LOH ELQ OLUDGDQ ELQ OLUD\D NDGDU D÷×U SDUD FH]DV× LOH
FH]DODQG×U×O×UODU
%LULQFL I×NUDGD \D]×O× NLPVHOHU EX V×UODU× NHQGLOHUL \D GD EDúNDODU× LoLQ \DUDU
VD÷ODPDNDPDF×\ODDo×NODUODUVDDOW×D\GDQ\×ODNDGDUKDSLVYHELQOLUDGDQ
PLO\RQOLUD\DNDGDUD÷×USDUDFH]DV×LOHFH]DODQG×U×O×UODU
%XPDGGHKNPEDQNDPHQVXSODU×LOHGL÷HUJ|UHYOLOHULQLúOHULQGHQD\U×OPDODU×
KDOLQGHGHX\JXODQ×U
$V×OV×]\D\×QYHKDEHU\D\PD
0DGGH %LU EDQNDQ×Q LWLEDU×Q× N×UDELOHFHN \D GD ú|KUHWLQH \D GD VHUYHWLQH
]DUDU YHUHELOHFHN ELU KXVXVD NDVWHQ VHEHS RODQ \D GD EX \ROGD DV×OV×] KDEHUOHU
\D\DQODULoLQoD\GDQLNL\×ODNDGDUKDSLVELQOLUDGDQPLO\RQOLUD\DNDGDU
D÷×USDUDFH]DV×KNPROXQXU
%X ILLOLQ %DV×Q .DQXQXQGD \D]×O× \D GD UDG\R WHOHYL]\RQ YLGHR JLEL \D\×Q
DUDoODU×QGDQELULLOHLúOHQPHVL \DGDQDNOHGLOPHVLKDOLQGH DOW×D\GDQ \×ODNDGDU
KDSLVYHPLO\RQOLUD\DNDGDUD÷×USDUDFH]DV×KNPROXQXU
%DQNDODU\HPLQOLPXUDN×SODU×Q×QVRUXPOXOXNODU×
0DGGH *|UHYOHUL GROD\×V×\OD |÷UHQGLNOHUL V×UODU× \HWNLOL PHUFLOHUGHQ
EDúNDV×QDDo×NOD\DQ%DQNDODU<HPLQOL0XUDN×SODU×YH\DUG×PF×ODU×LoLQDOW×D\GDQ
LNL \×OD NDGDU KDSLV YH ELQ OLUDGDQ D] ROPDPDN ]HUH D÷×U SDUD FH]DV×
KNPROXQXU
%LULQFL I×NUDGD \D]×O× NLPVHOHU V×UODU× NHQGLOHUL \D GD EDúNDODU× LoLQ \DUDU
VD÷ODPDNDPDF×\ODDo×NODUODUVDELU\×OGDQo\×ODNDGDUKDSLVFH]DV×QDYHELQ
OLUDGDQ D] ROPDPDN ]HUH D÷×U SDUD FH]DV×QD PDKNXP HGLOPHNOH ELUOLNWH D\U×FD
JHoLFLYH\DVUHNOLRODUDNPHPXUL\HWWHQPDKUXPL\HWOHULQHKNPROXQXU
*HQHOKNPOHULQVDNO×O×÷×
0DGGH %DQNDODU×Q YH\D VRUXPOX NLúLOHULQLQ EX .DQXQGD VXo WHúNLO HGHQ
KDUHNHWYHILLOOHULEDúNDNDQXQODUDJ|UHGHFH]D\×JHUHNWLUGL÷LWDNGLUGHKDNODU×QGD
HQD÷×UFH]D\×JHUHNWLUHQNDQXQPDGGHVLX\JXODQ×U
7UN7LFDUHW.DQXQXQXQVRUXPOXOX÷XJHUHNWLUHQKNPOHULVDNO×G×U
.RYXúWXUPDXVXO
0DGGH %X E|OPGHNL FH]DODUD LOLúNLQ VXoODUGDQ GROD\× NRYXúWXUPD
\DS×OPDV× %DNDQO×N WDUDI×QGDQ &XPKXUL\HW 6DYF×O×÷×QD \D]×O× EDúYXUXGD
EXOXQXOPDV×QD ED÷O×G×U %X EDúYXUX LOH %DNDQO×N D\Q× ]DPDQGD PGDKLO V×IDW×Q×
ND]DQ×U
YH ·QF PDGGHGH \D]×O× VXoODUGDQ GROD\× LOJLOL EDQNDODU×Q GDYD DoPD
KDNN×VDNO×G×U
%X PDGGH\H J|UH Do×ODFDN GDYDODU LOJLOL EDQNDQ×Q PHUNH]LQLQ EXOXQGX÷X
\HUGHNL $VOL\H &H]D 0DKNHPHOHULQGH VD\×O× 0HúKXG 6XoODU×Q 0XKDNHPH
8VXO .DQXQX KNPOHULQH J|UH J|UOU %X \HUOHUGH ELUGHQ ID]OD $VOL\H &H]D
0DKNHPHVL EXOXQGX÷X WDNGLUGH EX GDYDODUD QXPDUDO× $VOL\H &H]D
0DKNHPHOHULQGHEDN×O×U
&XPKXUL\HWVDYF×ODU×YHPDKNHPHOHU\DS×ODFDNNRYXúWXUPDYHGXUXúPDODUGD
ELOLUNLúL WHúNLOLQH JHUHN J|UGNOHUL WDNGLUGH PQKDV×UDQ UHVPL ELOLUNLúL OLVWHVLQGH
ND\×WO× NLúLOHUGHQ VHoHFHNOHUL ELOLUNLúLOHULQ J|UúOHULQL DO×UODU 5HVPL ELOLUNLúL
OLVWHOHUL%DNDQO×NWDUDI×QGDQWHVSLWROXQXU
3DUDFH]DODU×Q×QWDKVLOL
0DGGH%X.DQXQGDJ|VWHULOHQSDUDFH]DODU×QGDW]HONLúLOHULQVRUXPOXOX÷X
7UN7LFDUHW.DQXQXQXQLQFLPDGGHVLQHJ|UHWD\LQROXQXU
3DUD FH]DODU× W]HO NLúLOHUGHQ $PPH $ODFDNODU×Q×Q 7DKVLO 8VXO +DNN×QGD
.DQXQKNPOHULJHUH÷LQFHWDKVLOHGLOLU
0DGGH VD\×O× 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV× .DQXQXQXQ
YH QF PDGGHOHULQGH J|VWHULOHQ ]RUXQOXOXN YH \NPOONOHUL \HULQH
JHWLUPH\HQ EDQNDODU LOH VRUXPOX RUJDQODU× KDNN×QGD XQFX PDGGHGH D\Q×
.DQXQXQ ·×QF× PDGGHVLQLQ ,,·QFL SDUDJUDI×Q×Q D EHQGL X\DU×QFD XPXPL
GLVSRQLELOLWH YH PHYGXDW NDUú×O×NODU× LoLQ WHVSLW HGLOHQ RUDQODU× VUHVL LoLQGH WHVLV
HWPH\HQ YH\D QRNVDQ WHVLV HGHQ EDQNDODU KDNN×QGD XQFX PDGGHQLQ ·QF
I×NUDV×QGD YH F EHQGL X\DU×QFD 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×QFD DO×QDQ
D\DUODPDNDUDUODU×QDX\PD\DQEDQNDODUKDNN×QGDXQFXPDGGHGH\D]×O×FH]DODU
X\JXODQ×U
VD\×O× 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV× .DQXQXQXQ LQFL
PDGGHVLQHD\N×U×KDUHNHWHGHQOHUQFPDGGHJHUH÷LQFHFH]DODQG×U×O×UODU
VD\×O×gGQo3DUD9HUPHøúOHUL.DQXQXQDYHHNYHGH÷LúLNOLNOHULQHD\N×U×
KDUHNHW HGHQOHU KDNN×QGD \DS×ODFDN NRYXúWXUPD QFL PDGGH KNPOHULQH
WDELGLU
21'g5'h1&h%g/h0
øWLUD]×QNHVLQRODUDNNDOG×U×OPDV×
0DGGH %DQNDODU NUHGL V|]OHúPHOHUL JHUH÷L DoW×NODU× FDUL KHVDS KDNN×QGD
PúWHULOHULQLQNUHGLV|]OHúPHOHULQGHEHOLUWWLNOHULDGUHVOHULQHV|]OHúPHGHEHOLUWLOHQ
G|QHPOHUGH ELU KHVDS |]HWL J|QGHUPHN ]RUXQGDG×UODU .UHGL V|]OHúPHVLQGH
J|VWHULOHQ DGUHVLQ GH÷LúWLULOPHVL DQFDN QRWHU DUDF×O×÷× LOH EDQND\D ELOGLULOGL÷L
WDNGLUGHKNPLIDGHHGHU
+HVDS |]HWL J|QGHUPH G|QHPOHUL VRQXQGD J|QGHULOPHVL JHUHNHQ KHVDS |]HWLQL
DOPDG×÷×Q× LGGLD HGHQ ERUoOX R G|QHPH DLW KHVDS |]HWLQL NUHGL V|]OHúPHVLQGH
EHOLUWLOHQ WHEOL÷ WDULKLQGHQ LWLEDUHQ JQ LoLQGH QRWHU DUDF×O×÷×\OD EDQNDGDQ
LVWHGL÷LQLLVSDWHWPHGLNoHEXQXDOP×úYHLoLQGHNLOHULQLNDEXOHWPLúVD\×O×U
%RUoOX DO×QG×÷×QGDQ LWLEDUHQ D\ LoLQGH LWLUD] HGLOPHPLú ELU KHVDS |]HWLQLQ
JHUoH÷HD\N×U×O×÷×Q×DQFDNERUFXQX|GHGLNWHQVRQUDGDYDHGHELOLU
%DQNDODU×Q NUHGL V|]OHúPHOHUL YH EXQODUOD LOJLOL VUHVLQGH LWLUD] HGLOPHPLú KHVDS
|]HWOHULLOHEDQNDWDUDI×QGDQXVXOQHX\JXQG]HQOHQPLúGL÷HUEHOJHYHPDNEX]ODU
LFUD YH LIODV .DQXQX
QXQ ·LQFL PDGGHVLQLQ LQFL I×NUDV×QGD EHOLUWLOHQ
EHOJHOHUGHQVD\×O×UODU%RUoOXLWLUD]HWPHGL÷LKHVDS|]HWLQLQGD\DQG×÷×EHOJHOHUGH
NHQGLVLQH L]DIH HGLOHQ LP]D\× NDEXO HWPLú VD\×O×U %X KNP øFUD YH øIODV
.DQXQX·QXQDPDGGHVLQLQV|]NRQXVXROGX÷XKDOOHUGHGHD\QHQX\JXODQ×U
$]DPLKDGLSRWH÷LQLQSDUD\DoHYULOPHVL\ROXLOHWDNLSKDOLQGHLFUDHPUL
0DGGH %DQNDQ×Q LEUD] HWWL÷L DNLW WDEORVX ND\×WV×] YH úDUWV×] ELU SDUD ERUFX
LNUDU×Q×LKWLYDHWPHVHGDKLEDQNDERUoOX\DDLWKHVDE×QNHVLOPHVLQHLOLúNLQKHVDS
|]HWLQLQQRWHUPDULIHWL\OHERUoOX\DJ|QGHULOGL÷LQHGDLUQRWHUGHQWDVGLNOLELUVXUHWL
LFUD PHPXUXQD LEUD] HGHUVH LFUD PHPXUX øFUD YH øIODV .DQXQX·QXQ XQFX
PDGGHVLX\DU×QFDLúOHP\DSDUùXNDGDUNLERUoOXQXQQRWHUPDULIHWL\OHVHNL]JQ
LoLQGHEXKHVDS|]HWLQHLWLUD]HWPLúROGX÷XQXLVSDWHWPHNVXUHWL\OHWHWNLNPHUFLLQH
úLND\HWWH EXOXQPDN KDNN× VDNO×G×U %X WDNGLUGH DODFDNO× ×QF× PDGGH
oHUoHYHVLQGH DODFD÷×Q× GL÷HU EHOJHOHU LOH LVSDWOD\DELOL\RUVD ERUoOXQXQ úLND\HWL
UHGGHGLOLU
%RUoOXQXQPUDFDDW×\ODLIODV
0DGGH %RUoOXQXQ NHQGL LIODV×Q× WDOHS HWPHVL KDOLQGH DODFDNO×ODU DUDV×QGD
EDQNDPHYFXWLVHPDKNHPH\HøFUDYHøIODVNDQXQXQXQQFPDGGHVLQLQLQFL
I×NUDV×QGD |QJ|UOHQ PDO EH\DQ×Q× LEUD] HWPHVL YH LIODV WDOHELQGH EXOXQDFD÷×Q×
EDQND\D QRWHU DUDF×O×÷×\OD LKEDU HWWL÷LQL LIODV WDOHELQH HNOHPHVL ]RUXQOXGXU %X
EHOJH PDKNHPH\H LEUD] HGLOPHGLNoH LIODVD NDUDU YHULOHPH] %X KDOGH DODFDNO×
EDQNDODU ERUoOXQXQ EX WDOHELQLQ KDNN×QGDNL WDNLSOHUL HUWHOHPHN YH ERUoODU×Q×
|GHPH\LJHFLNWLUPHNLoLQ\DSW×÷×Q×LOHULVUHUHNWDOHELQUHGGLQLLVWH\HELOLU
øIODV×Q LODQ× LIODV LGDUHVLQLQ WHúNLO HGLOPHVL YH NDUDUODU×Q×Q DODFDNO× EDQNDODUD
WHEOL÷L
0DGGH %DQNDODU×Q GD DODFDNO× ROGX÷X KDOOHUGH øFUD YH øIODV .DQXQXQXQ
QF× PDGGHVL X\DU×QFD LIODV NDUDU× NHQGLVLQH ELOGLULOHQ LIODV LGDUHVL EX NDUDU×
7UNL\HoDS×QGD\D\×Q\DSDQYHWLUDM×HQ\NVHNEHúJD]HWHGHQELULQGHYH7LFDUHW
6LFLOL*D]HWHVLQGHLODQHWWLUPHNOHPNHOOHIWLU$ODFDNO×ODUDWHUHWWSHGHQLúOHPOHUH
DLW VUHOHU LIODV 7LFDUHW 6LFLOL *D]HWHVLQGH LODQ HGLOPLú ROPDG×NoD LúOHPH\H
EDúODPD]
øIODV PDVDV×QGD EDQND DODFD÷× EXOXQGX÷X WDNGLUGH øFUD YH øIODV .DQXQXQXQ
·QF PDGGHVL X\JXODQDUDN LIODV LGDUHVLQLQ WHúNLOLQGH EX LGDUH WP
DODFDNO×ODU×Q DODFDN WXWDUODU×QD J|UH HQ oRN R\X DODQ LNL NLúL LOH DODFDNO×ODU VD\×V×
LWLEDUL\OHHQoRNR\DODQELUNLúLGHQROXúXULQFLPDGGHKNPVDNO×G×U
øIODV PDVDV×QD DODFDNO× RODUDN PUDFDDW HGHQ DODFDNO×ODU WHEOLJDW× NDEXOH HOYHULúOL
DGUHVJ|VWHUPHNYH$GDOHW%DNDQO×÷×·QFDJ|WURODUDNR\×OLoLQEHOLUOHQPLú\D]×
YHWHEOL÷PDVUDIODU×LoLQDYDQVYHUPHNVXUHWL\OHLIODVLGDUHVLQFHDO×QDFDNELOFPOH
NDUDUODU×Q NHQGLOHULQH WHEOL÷LQL LVWH\HELOLUOHU %X PXDPHOH\L \DSW×UP×ú DODFDNO×ODU
KDNN×QGDLIODVLGDUHPHPXUXQXQNDUDUODU×QDNDUú×NDQXQ\ROODU×NHQGLOHULQHWHEOL÷
WDULKLQGHQLWLEDUHQLúOHPH\HEDúODU
g]HOJ|UHYOLEDQNDODU×QLSRWHNOLDODFDNODU×Q×QWDKVLOL
0DGGH JQ YH VD\×O× .DQXQ +NPQGH .DUDUQDPHQLQ
QFPDGGHVLQLQELULQFLI×NUDV×QDJ|UHNHQGLOHULQH|]HOJ|UHYOHUYHULOPLúEDQNDODU
WLFDUL NUHGLOHU G×ú×QGDNL NUHGL LúOHPOHULQGHQ GR÷DQ DODFDNODU×Q× LSRWHNOH WHPLQ
HGLOPLúROVXQYH\DROPDV×QøFUDYHøIODV.DQXQXQGD\HUDODQWDNLS\ROODU×\ODYH\D
EXPDGGHKNPOHULQHJ|UHWDKVLOHGHELOLUOHU
JD\ULPHQNXOQN×\PHWWDNGLUL\DS×O×UYHEDúNDFDPHUDVLPHWDELROPDNV×]×QEDQND
WDUDI×QGDQ VDSWDQDFDN UD\Lo EHGHO ]HULQGHQ JQ VUH LOH JD\ULPHQNXOQ
EXOXQGX÷X \HULQ |UI YH DGHWOHULQH J|UH X\JXQ J|UOHFHN WDU]GD YH Do×N DUW×UPD
VXUHWL\OHVDW×úDo×NDU×O×U
$O×F× o×NPDG×÷× YH\D YHULOHQ EHGHO VDW×úD HVDV ROPDN ]HUH EDQNDFD VDSWDQDQ
N×\PHWLQ \]GH \HWPLúEHúLQL EXOPDG×÷× YH ERUo IDL] YH PDVUDIODU WXWDU×Q×
NDUú×ODPDG×÷×WDNGLUGHDUW×UPDVUHVLJQGDKDX]DW×O×UJQVUH\OHX]DW×ODQ
DUW×UPDGD YHULOHQ EHGHO JD\ULPHQNXOH ELoLOHQ N×\PHWLQ \]GH ·LQL EXOPD]VD
YH\D ERUo IDL] YH PDVUDIODU WXWDU×Q× NDUú×ODPD]VD LKDOH \DS×OPD] $QFDN YHULOHQ
EHGHO ERUo IDL] YH PDVUDIODU WXWDU×Q× NDUú×ODVD GDKL JD\ULPHQNXO KLoELU VXUHWOH
ELoLOHQN×\PHWLQ\]GH·VLQGHQDúD÷×\DVDW×ODPD]
%DQND\XNDU×GDEHOLUWLOHQúDUWODUODDUW×UPDODUDLúWLUDNHGHUHNJD\ULPHQNXOVDW×Q
DODELOLU %X \ROOD LNWLVDS HGLOHQ JD\ULPHQNXOOHU KDNN×QGD EX .DQXQ
XQ QFL
PDGGHVLKNPX\JXODQPD]
øKDOHQLQ NHVLQOHúPHVL ]HULQH LKDOH ]HULQGH NDODQ NLúL YH\D EDQND DG×QD
WHVFLOLQ \DS×OPDV× LoLQ D\Q× KkNLPOLN WDUDI×QGDQ WDSX\D WH]NHUH \D]×O×U YH
JD\ULPHQNXOWDSXGD\HQLPDOLNLDG×QDWHVFLOROXQXU
%DQNDODUFD NUHGLOHULQ WHPLQDW× RODUDN DO×QDQ LSRWHNOHU KHU KDOGH PXD\\HQ
PHEOD÷LSRWH÷LUH·VXOPDOLSRWH÷LNDEXOHGLOHUHNEDQNDDODFD÷×Q×KHU]DPDQIDL]
YHPDVUDI×LOHVDW×úEHGHOLQGHQPDKVXSHGHU%DNL\HVL]HULQGHLVHJD\ULPHQNXOQ
D\Q×QGDQ GR÷DQ YHUJL UHVLP YH VDLU 'HYOHW DODFD÷× YH WDSX NW÷ KDFL]OHU
VLFLOLQGHPHYFXWoQFúDK×VDODFDNODU×JD\ULPHQNXO]HULQGHNLGL÷HUD\QLKDNODU
G×ú×QGD EDQNDQ×Q ERUoOX ]HULQGHNL GL÷HU PXDFFHO DODFDNODU× RUDQ×QGD NDQXQL
UHKLQKDNN×GR÷DUYHEDQNDFDEORNHYH\DPDKVXSHGLOLU
%XPDGGHKNPOHULQHJ|UH \DS×ODFDNWDNLSLúOHPOHULQLQKHUKDQJLELULQHNDUú×
KHUKDQJL ELU VDIKDGD ERUoOX YH\D oQF NLúLOHU WDUDI×QGDQ \DS×ODFDN LWLUD]ODU YH
Do×ODFDNGDYDODUWDNLELGXUGXUPD]
*D\ULPHQNXOQEDQNDDG×QDWHVFLOLQHNDGDUERUoOXERUoIDL]YHPDVUDIODU×Q×
|GH\HUHNNRYXúWXUPDQ×QGXUGXUXOPDV×Q×LVWH\HELOLU
*D\ULPHQNXO EDQND DG×QD WDSXGD WHVFLOL WDULKLQGHQ EDúOD\DUDN DOW× D\ LoLQGH
HOGHQo×NDUW×OPDP×úVDEDQNDERUoOXODUYH\DNDQXQLPLUDVo×ODU×Q×Q|GHPHJQQH
NDGDUELULNPLúERUFX|GHPHJQQGHEDQNDQ×QX\JXODG×÷×LVNRQWRRUDQ×QDJ|UH
KHVDSODQDFDN IDL] YH PDVUDIODU× |GH\HUHN JD\ULPHQNXOQ LDGHVL YH EX KXVXVXQ
WDSX\DWHVFLOL\ROXQGDNLLVWHNOHULQLNDEXOHGHU
21%(ùø1&ø%g/h0
øVWLVQDODU6DNO×YH.DOG×U×ODQ+NPOHU
.DON×QPDYH\DW×U×PEDQNDODU×
0DGGH .DON×QPD YH \DW×U×P EDQNDODU×Q×Q NXUXOXú YH IDDOL\HWOHUL EX
.DQXQXQDFHI
YH QF
PDGGHOHULQH WDELGLU 0HYGXDW NDEXO HWWLNOHUL WDNGLUGH EX EDQNDODU×Q NXUXOXú YH
IDDOL\HWOHULKDNN×QGDEX.DQXQXQGL÷HUKNPOHULGHX\JXODQ×U
.DON×QPD YH \DW×U×P EDQNDODU×Q×Q EDQNDODUGDQ YH NHQGL PVWDNUL]OHULQGHQ
JHQHOHVDVODUGDKLOLQGHVD÷ODG×NODU×KHUWUOSDUDODUPHYGXDWVD\×OPD]
'L÷HUPDOLNXUXOXúODU
0DGGH %DQNDODU G×ú×QGDNL PDOL NXUXOXúODU×Q NXUXOXú YH IDDOL\HWOHUL EX
.DQXQDWDELGH÷LOGLU
.DOG×U×ODQKNPOHU
0DGGH VD\×O× %DQNDODU .DQXQX LOH HN YH GH÷LúLNOLNOHUL \UUONWHQ
NDOG×U×OP×úW×U
VD\×O×%DQNDODU.DQXQX·QXQLQFLPDGGHVLQHJ|UHWHVLVHGLOHQPHYGXDW
PXQ]DP NDUú×O×NODU× LOJLOL EDQNDODUD LDGH HGLOLU %X .DQXQXQ \UUO÷H JLUGL÷L
WDULKWHNLWDKDNNXNYH\DWDKVLOHGLOPHPLúFH]DLIDL]OHUYHYHUJLOHULWDOHSHGLOPH]
*HoLFL0DGGH%DQNDODUDQDV|]OHúPHOHULQLYHGL÷HUJHoLFLPDGGHOHUOH|]HOELU
VUH YHULOPHPLú RODQ KDOOHUGH GXUXPODU×Q× WDULKLQH NDGDU EX .DQXQ
KNPOHULQHLQWLEDNHWWLUPHN]RUXQGDG×UODU
*HoLFL 0DGGH *HoLFL LQFL PDGGHGH EHOLUWLOHQ VUH VRQXQGD ·LQFL PDGGH\H
X\JXQ KDOH JHWLULOPH\HQ VHUPD\H SD\ODU× WHPHWW KDULo KLoELU RUWDNO×N KDNN×QGDQ
\DUDUODQDPD] %X SD\ODUD DLW GL÷HU RUWDNO×N KDNODU× LQFL PDGGH KNPOHULQH
LQWLEDNHWWLULOPHOHULQHNDGDU7DVDUUXI0HYGXDW×6LJRUWD)RQXWDUDI×QGDQNXOODQ×O×U
*HoLFL0DGGH%DQNDODUWDULKLQHNDGDU|]ND\QDNODU×Q×YHQF×
PDGGHOHULQJHUHNWLUGL÷LPLNWDUODUDo×NDUPDN]RUXQGDG×UODU
*HoLFL 0DGGH 0HYGXDW×Q EX .DQXQXQ QF PDGGHVLQH J|UH WDVQLILQH
7UNL\H&XPKXUL\HW0HUNH]%DQNDV×QFDEHOLUOHQHFHNWDULKWHQLWLEDUHQEDúODQ×U
*HoLFL 0DGGH %DQNDODU EX .DQXQ·XQ \D\×P× WDULKLQGH GDKD |QFHNL
PHY]XDWDX\JXQRODUDNDoW×NODU×NUHGLOHUGHQEX.DQXQ
GDEHOLUWLOHQúDUWODUDD\N×U×
RODQODU×.DQXQKNPOHULQHX\JXQKDOHJHWLULQFH\HNDGDUDUW×UDPD]ODU
%X.DQXQ·DJ|UHDo×OPDV×\DVDNRODQNUHGLOHUWDULKLQHNDGDUWDVIL\H
HGLOLU
*HoLFL 0DGGH %DQNDODU EX .DQXQ
XQ \D\×P× WDULKLQGHQ |QFH PHY]XDWD
X\JXQ RODUDN \DSW×NODU× LúWLUDNOHU YH HGLQGLNOHUL JD\ULPHQNXOOHUL EX .DQXQGD
J|VWHULOHQ V×Q×UODUD LQWLEDN HWWLULQFH\H NDGDU LúWLUDNOHULQH VHUPD\H \DW×UDPD] YH
JD\ULPHQNXOHGLQHPH]OHU
%XNDQXQXQ\DS×OPDV×Q×\DVDNODG×÷×LúWLUDNOHULQWDULKLQHNDGDUHOGHQ
o×NDU×OPDV×]RUXQOXGXU
*HoLFL0DGGH%X.DQXQ
XQYHQF×PDGGHOHULQHJ|UHo×NDU×ODFDNRODQWHN
G]HQKHVDSSODQ×WLSELODQoRYHNkUYH]DUDUFHWYHOLLOHoD\O×NKHVDS|]HWOHULYH
D\O×N PHYGXDW YH NUHGL FHWYHOOHUL LOH EXQODU×Q X\JXODQPD YH G]HQOHQPH
HVDVODU×QD LOLúNLQ L]DKQDPH \×O× VRQXQD NDGDU KD]×UODQ×U YH \×O×
EDú×QGDQLWLEDUHQ\UUO÷HNRQXOXU%XWDULKHNDGDUVD\×O×.DQXQXQLQFL
PDGGHVLQHJ|UHG]HQOHQHQEHOJH|UQHNOHULQLQNXOODQ×OPDV×QDGHYDPROXQXU
*HoLFL0DGGH%X.DQXQ
XQ\D\×P×QGDQ|QFHVD\×O×%DQNDODU.DQXQX
LOH HN YH GH÷LúLNOLNOHULQH J|UH WHGULFHQ WDVIL\H HGLOPHNWH RODQ EDQNDODU×Q
WDVIL\HOHULQH D\Q× KNPOHU GDKLOLQGH GHYDP ROXQXU 7DVIL\H\H QH]DUHW HGHQ
EDQNDODU EXQODU×Q DODFDNODU×QGDQ ELQ OLUD\D NDGDU RODQODU×Q× UHVHQ PLO\RQ
OLUD\DNDGDURODQODU×Q×%DNDQO×÷×QX\JXQJ|UPHVL]HULQHWHUNLQH\HWNLOLGLU
7HGULFHQ WDVIL\H HGLOPHNWH RODQ EDQNDODU×Q DFL] YHVLNDV×QD ED÷O× DODFDNODU×
WHUNLQHGLOLU
%DQNDODU7DVIL\H)RQXQGDQWHGULFHQWDVIL\HHGLOHQEDQNDODUDYHULOHQDYDQVODUD
YHULOLú WDULKOHULQGHQ LWLEDUHQ 7UNL\H &XPKXUL\HW 0HUNH] %DQNDV×Q×Q FDUL JHQHO
UHHVNRQWIDL]RUDQ×]HULQGHQIDL]\UWOU
ELUOHúWLULOPLú EXOXQDQ EDQNDODU×Q oQF úDK×VODUGDNL DODFDNODU×Q×Q WDKVLOL
KDNN×QGDGDX\JXODQ×U
'HYUDODQEDQNDøFUDYHøIODV.DQXQXKNPOHULQHJ|UHEDúODP×úROGX÷XWDNLSOHUH
GHGHYDPHGHELOLU
7HEOL÷OHU
<UUON
0DGGH%X.DQXQ\D\×P×WDULKLQGH\UUO÷HJLUHU
<UWPH
0DGGH%X.DQXQKNPOHULQL%DNDQODU.XUXOX\UWU
.$<1$.d$
.LWDSODU
$.*hdg]WLQ´6RUXGD7UNL\H·GH%DQNDF×O×Nµ*HUoHN<D\×QHYL
øVWDQEXO
$57817XQFD\7UNL\H·GH%DQNDF×O×NøúOHYL*HOLúLPLg]HOOLNOHULYH
6RUXQODU×\OD7HNLQ<D\×QHYL,,%DV×PøVWDQEXO
%2=.8571HMDW%D÷×PV×]'HQHWLP(÷LWLPL'HUV1RWODU×7h502%
$QNDUD
d2/$.1XVUHWøONHU%DQNDF×O×N']HQOHPHYH'HQHWOHPH.XUXPXYH
$%'gUQH÷L6HoNLQ.LWDEHYL$QNDUD
&2ù.81 1HFDW YH 'L÷HUOHUL 7UNL\H·GH %DQNDF×O×N 6HNW|U 3L\DVD
<DS×V× )LUPD 'DYUDQ×úODU× YH 5HNDEHW $QDOL]L 7%% <D\×QODU× <D\×Q
1RøVWDQEXO
(öø/0(= 0DKIL .UHVHO )LQDQV .UL]L 5HP]L .LWDEHYL %DV×P
øVWDQEXO
(56HODPL'HYOHWLQ%DQNDF×O×N6HNW|UQGH']HQOH\LFLYH'HQHWOH\LFL
5RO YH 7UNL\H 8\JXODPDV× øVWDQEXO 7LFDUHW 2GDV× <D\×QODU× <D\×Q
1RøVWDQEXO
(5'(0 (NUHP 3DUD %DQND YH )LQDQVDO 6LVWHP 'HWD\ <D\×QF×O×N
$QNDUD
.$<$ )HUXGXQ YH GL÷HUOHUL %DQNDF×O×N *LULú YH øONHOHUL %HWD
<D\×QF×O×NøVWDQEXO
0,6+.,1 )UHGHULF 6 )LQDQVDO 3L\DVDODU YH .XUXPODU %LOLP 7HNQLN
<D\×QHYLdHYøO\DV,ú×NODUYHGL÷HUOHULøVWDQEXO
12<$1(UGDO%DQNDF×O×N)DDOL\HWOHUL$GDOHW<D\×QHYL$QNDUD
2ö8=)XDW'HYOHWYH3L\DVD5HJODV\RQ(NRQRPLVLQH*LULú6HoNLQ
<D\×QF×O×NøVWDQEXO
3871,6-DQ7KH%DQNLQJ5HJXODWLRQ5HYLHZ/DZ%XVLQHVV5HVHDUFK
8QLWHG.LQJGRP
67,*/,7= -RVHSK ( .DPX .HVLPL (NRQRPLVL dHY gPHU )DUXN
%DW×UHO0DUPDUDhQLYHUVLWHVLøø%)<D\×QODU×<D\×Q1R
ù$.$5 %LUJO %DQND .UHGLOHUL YH <|QHWLPL %HWD %DV×P <D\×Q
øVWDQEXO
7UNL\H %DQNDODU %LUOL÷L <×O×QGD 7UNL\H %DQNDODU %LUOL÷L YH
7UNL\H·GH %DQNDF×O×N 6LVWHPL ´²µ 7%% <D\×QODU× <D\×Q
1R
<$ö&,/$5 *DP]H *|oPHQ 7UN %DQNDF×O×N 6HNW|UQQ 5HNDEHW
<DS×V×Q×Q$QDOL]L%''.<D\×QODU×<D\×Q1R$QNDUD
<øöø7%$ùùHKQD]%DN×U%DQNDODU×Q.UHGL9HUPH'DYUDQ×ú×h]HULQH
$VLPHWULN ELOJLQLQ (WNLVL YH 5HHO 6HNW|U <DQV×PDV× 7UNL\H %DQNDODU
%LUOL÷L<D\×Q1RøVWDQEXO
7H]OHU
$<$=0XUDW%DQNDODUGDøo'HQHWLP<DNODú×PODU×YH%LU8\JXODPD
gUQH÷L 0DUPDUD hQLYHUVLWHVL %DQNDF×O×N YH 6LJRUWDF×O×N (QVWLWV
<D\×QODQPDP×ú'RNWRUD7H]LøVWDQEXO
.DQXQYH<|QHWPHOLNOHU
.DV×P 7DULK YH 6D\×O× 5HVPL *D]HWH 6D\×O×
%DQNDF×O×N.DQXQX
+D]LUDQ 7DULK YH 6D\×O× 5HVPL *D]HWH 6D\×O×
%DQNDODU.DQXQX
0D\×V7DULKYHVD\×O×5HVPv*D]HWH6D\×O×%DQNDODU
.DQXQX
5HVPL *D]HWH +D]LUDQ WDULK YH VD\×O× %DQNDODU×Q øo
6LVWHPOHUL+DNN×QGD<|QHWPHOLN
6UHOL<D\×QODU
$/6721 /HH - *$//2 $QGUpV (YROXW×RQ $QG 5HYROXW×RQ ,Q 7KH
$UJHQWLQH%DQNLQJ6\VWHP8QGHU&RQYHUWLELOLW\7KH5ROHV2I&ULVHV
$QG3DWK'HSHQGHQFH KWWSZZZQEHURUJSDSHUVZ
$YUXSDøo'HQHWLP(QVWLWOHUL.RQIHGHUDV\RQX´$YUXSD·GDøo'HQHWLPµ
'XUXP5DSRUXùXEDW
%$57+ -DPHV 5 &$35,2 *HUDUG -U /(9,1( 5RVV %DQN
5HJXODWLRQDQG6XSHUYLVLRQ:KDW:RUNV%HVW"1%(5:RUNLQJ3DSHU
1R
%$57+-DPHV5&$35,2*HUDUG-U/(9,1(5RVV7KH'HVLJQDQG
*RYHUQDQFH RI %DQN 6XSHUYLVLRQ 5LNVEDQN FRQIHUHQFH RQ 7KH
*RYHUQDQFHRI&HQWUDO%DQNV
%$57+-DPHV5&$35,2*HUDUG-U/(9,1(5RVV%DQN5HJXODWLRQ
DQG 6XSHUYLVLRQ LQ &RXQWULHV IURP WR
KWWSIDFXOW\KDDVEHUNHOH\HGXURVVBOHYLQH3DSHUV%DQNB5HJXODWLRQBDQG
B6XSHUYLVLRQB$URXQGBWKHB:RUOGB-$1SGI
%''..UL]GHQøVWLNUDUD7UNL\H7HFUEHVLdDO×úPD7HEOL÷L*|]GHQ
*HoLULOPLú øNLQFL%DVN×$UDO×N
%(.7$ù +DNDQ *g.d(1 $KPHW 7UN %DQNDF×O×N 6HNW|UQGH
)LQDQVDO *o 'HUHFHVLQH 6DKLS 2ODQ %DQNDODU×Q .DQWLWDWLI
9HULOHULQLQ øVWDWLVWLNVHO $QDOL]L 0DUPDUD hQLYHUVLWHVL øø%) 'HUJLVL
&LOW;;;,6D\×,,
&$1'$1+DVDQ.UL]6UHFLQGH%DVHO,,·GHgQJ|UOHQ'H÷LúLNOLNOHU
%DQNDF×ODU'HUJLVL6D\×
&+$0%(561XUJOdø)7(5$WLOOD2SHUDV\RQHO5LVN<|QHWLPL·QGH
=DUDU 'D÷×O×PODU× øOH *HOLúPLú gOoP <DNODú×P× 8\JXODPDV× 'R÷Xú
hQLYHUVLWHVL'HUJLVL1R
&/$5.(*HRUJH5&8//*5REHUW'
$0$72/DXUD02/,1$5,
$QGUHD 7KH (IIHFW RI )RUHLJQ (QWU\ RQ $UJHQWLQD
V 'RPHVWLF
%DQNLQJ6HFWRU3ROLF\5HVHDUFK:RUNLQJ3DSHU7KH:RUOG%DQN
KWWSZZZDVEDVXSHUYLVLRQRUJGPGRFXPHQWVB3$
,QJSGI
'(/ø&(*YHQYH'L÷HUOHUL)LQDQVDO5HJODV\RQYH3L\DVD'LVLSOLQL
&XPKXUL\HWhQLYHUVLWHVLøNWLVDGLYHøGDUL%LOLPOHU'HUJLVL&LOW6D\×
'(7=(5'DQLHOYH'L÷HUOHUL7KH*HUPDQ)LQDQFLDO6\VWHP6WXGLHVLQ
)LQDQFLDO 6\VWHPV 1R KWWSZZZIHVVXGHXZS
FRQWHQWXSORDGV3')*HUPDQ)LQDQFLDO6\VWHP
)LQDOSGI
'ø1d(51HUJL]1(<$37,%LOLQ/HJDO4XDOLW\2I%DQN5HJXODWLRQ
$QG 6XSHUYLVLRQ $QG ,WV 'HWHUPLQDQWV
KWWSZZZELONHQWHGXWUaHFRQRPLFVSDSHUV'3B1H\DSWLB'LQFH
USGI
(0(.8÷XU%D÷×PV×]']HQOH\LFL.XUXPODUYH7UNL\H8\JXODPDV×
7UN6DQD\LFLOHULYHøúDGDPODU×'HUQH÷L<D\×Q1R$UDO×N
(5 6HODPL ']HQOH\LFL YH 'HQHWOH\LFL .XUXPODU×Q '×ú 'HQHWLPL YH
6D\×O×.DQXQGD<DS×ODQ'H÷LúLNOLNOHU6D\×úWD\'HUJLVL6D\×
(5 6HODPL 6D\×O× .DQXQ .DUú×V×QGD ']HQOH\LFL YH 'HQHWOH\LFL
.XUXPODU×Q .RQXPX '×ú 'HQHWLP 'HUJLVL 6D\×úWD\ 'HQHWoLOHUL
'HUQH÷L7HPPX]$÷XVWRV(\OO
(5 6HODPL (WNLQ %DQNDF×O×N 'HQHWLPL øoLQ 7HPHO øONHOHU %DQNDF×ODU
'HUJLVL6D\×
(5'g10(=3HOLQ$WDPDQ)LQDQVDO.UL]OHU6RQUDV×*HOLúPHNWH2ODQ
hONHOHUGH<DEDQF×%DQNDODU%DQNDF×ODU'HUJLVL6D\×
*25721 *DU\ :,1721 $QGUHZ )LQDQFLDO ,QWHUPHGLDWLRQ 7KH
:KDUWRQ6FKRRO0DUFK
*8$6&+ - /XLV +$+1 5REHUW : 7KH &RVWV DQG %HQHILWV 2I
5HJXODWLRQ ,PSOLFDWLRQV IRU 'HYHORSLQJ &RXQWULHV 7KH :RUOG %DQN
5HVHDUFK2EVHUYHU9RO1R
+$//0D[LPLOLDQ-%%DQNLQJ5HJXODWLRQDQG6XSHUYLVLRQ,Q-DSDQ
6RPH ,VVXHV DQG &RQFHUQV
KWWSZZZOVHDFXNIPJGRFXPHQWVVSHFLDO3DSHUVVSSGI
.$5$&$1$OLøKVDQ7UN%DQNDF×O×N6LVWHPLQLQ7HPHO6RUXQODU×YH
%DQNDF×O×O×N 6HNW|UQQ <HQLGHQ <DS×ODQG×U×OPDV× øNWLVDW øúOHWPH YH
)LQDQV'HUJLVL&LOW6D\×
.$57$/ )LNUHW ']HQOH\LFL .XUXPODU×Q 6L\DVL 2WRULWH YH 3L\DVD
.DUú×V×QGD%D÷×PV×]O×÷×<|QHWLP<×O6D\×ùXEDW
/DUJH %DQN 6XSHUYLVLRQ &RPSWUROOHU RI WKH &XUUHQF\ $GPLQLVWUDWRU RI
1DWLRQDO %DQNV 2FDN
KWWSZZZRFFJRYSXEOLFDWLRQVSXEOLFDWLRQVE\W\SHFRPSWUROOHUV
KDQGERRNOEVSGI
0,6+.,1)UHGHULF65HIRUPLQJ%DQN6XSHUYLVLRQ'LVFXVVLRQµ7KH
)HGHUDO 5HVHUYH %DQN 2I %RVWRQ
KWWSZZZERVWRQIHGRUJHFRQRPLFFRQIFRQIFIBSGI
1(<$37, %LOLQ 'ø1d(5 1HUJL] 0HDVXULQJ 7KH 4XDOLW\ 2I %DQN
5HJXODWLRQ $QG 6XSHUYLVLRQ DQG ,WV 0DFURHFRQRPLF (IIHFWV $Q
$SSOLFDWLRQ WR 7UDQVLWLRQ (FRQRPLHV
KWWSLGHDVUHSHFRUJDRXSHFLQTXY\LSKWPO
12,$&DUPLQH'L*,25*,2'L*LRUJLR6KRXOG%DQNLQJ6XSHUYLVLRQ
DQG 0RQHWDU\ 3ROLF\ 7DVNV EH *LYHQ WR 'LIIHUHQW $JHQFLHV"
8QLYHUVLWDW 3RPSHX )DEUD 'HSDUWDPHQW G
(FRQRPLD L (PSUHVD
KWWSUHSRVLWRULXSIHGXELWVWUHDPKDQGOHSGI"VHTXHQFH
2.6$<6XQD)LQDQVDO3L\DVDODUGD<HQL<DVDO']HQOHPHOHUøKWL\DF×
YH 7UN )LQDQV 6LVWHPL
KWWSZZZHFRQWXUNRUJ7XUNL\HHNRQRPLVLRNVD\SGI
3261(55LFKDUG$7KHRULHVRI(FRQRPLF5HJXODWLRQ1EHU:RUNLQJ
3DSHU6HULHV:RUNLQJ3DSHU1R
48$*/,$/XF×D([SODLQLQJ7KH5HIRUPRI%DQNLQJ6XSHUYLVLRQ,Q
(XURSH $Q ,QWHJUDWLYH $SSURDFK *RYHUQDQFH $Q ,QWHUQDWLRQDO
-RXUQDO RI 3ROLF\ $GPLQLVWUDWLRQ DQG ,QVWLWXWLRQV 9RO 1R -XO\
526(1*5(1 (ULF 6 -25'$1 -RKQ 6 %XLOGLQJ DQ ,QIUDVWUXFWXUH
IRU )LQDQFLDO 6WDELOLW\ )HGHUDO 5HVHUYH %DQN RI %RVWRQ
KWWSZZZERVWRQIHGRUJHFRQRPLFFRQIFRQIFIBSGI
ù(16HOPD$NWDú%DQNDF×O×N6HNW|UYH'HYOHW0GDKDOHOHUL3ROLWLN
'HYUHVHO 'DOJDODQPDODU dHUoHYHVLQGH 7UN %DQNDF×O×N 6HNW|U
(WNLQOLN$QDOL]L6RV\RHNRQRPL7HPPX]$UDO×N²
7(.(5 6XDW YH 'L÷HUOHUL %DQND 6HUPD\H <HWHUOLOL÷L %DVHO ,,
6WDQGDUWODU×Q×Q %LU 7UN %DQNDV×QD 8\JXODQPDV× (OHNWURQLN 6RV\DO
%LOLPOHU'HUJLVL,661²
7(3(%HUQD$5',<2.ùDKLQ'HYOHWH<HQL5RO5HJODV\RQ$PPH
øGDUHVL'HUJLVL&LOW6D\×
86/8 .DPLO *h1'2ö'8 $\VHO .UHVHO )LQDQVDOODúPDQ×Q
7UNL\H·GHNL %DQNDODU×Q )LQDQVDO )DDOL\HWOHULQH YH %LUH\OHU h]HULQH
(WNLOHUL 0DUPDUD hQLYHUVLWHVL øø%) 'HUJLVL &LOW ;;;, 6D\× ,,
:$/.(5 -RKQ / %XLOGLQJ 7KH /HJDO $QG 5HJXODWRU\ )UDPHZRUN
KWWSZZZERVWRQIHGRUJHFRQRPLFFRQIFRQIFIBSGI
<(7ø0 6HGDW %$/&, $VO× %DVHO ,, 8OXVDO øQVL\DWLI $ODQODU×Q×Q
$QODú×OPDV×QD <|QHOLN $o×NOD\×F× 5HKEHU
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH%DVHOSGI
øQWHUQHW$GUHVOHUL
$Q ,QWURGXFWLRQ 7R 7KH %UD]LOLDQ %DQNLQJ 6HFWRU $QG ,WV 6XVWDLQDELOLW\
3UDFWLFHV $PLJRV 'H 7HUUD
KWWSZZZEDQNWUDFNRUJPDQDJHHPVBILOHVGRZQORDGDQBLQWURGXFWLRQBWR
BWKHBEUD]LOLDQBEDQNLQJBVHFWRUBDQGBLWVBVXVWDLQDELOLW\BSUDFWLFHVBE
UD]LOLDQBEDQNLQJBVHFWRUBDQGBVXVWDLQDELOLW\BBBSGI
%DVHO&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQ&RUH3ULQFLSOHVIRU(IIHFWLYH
%DQNLQJ 6XSHUYLVLRQ 6HSWPHEHU
KWWSZZZELVRUJSXEOEFEVSGI
%''.
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH.XUXPB%LOJLOHUL666666DVS[
%''. 6RUXGD <HQL %DVHO 6HUPD\H 8]ODú×V× %DVHO ,, 2FDN
KWWSZZZEGGNRUJWU:HE6LWHVLWXUNFH%DVHOB6RUXGDB%DVHO
,,SGI
%''.
KWWSZZZEGGNRUJWUZHEVLWHVLWXUNFHNXUXPBELOJLOHULEGGNBKDNNLQGD
EGGNNLWDSFLNBVRQSGI
2SHUDWLRQDO5LVN0DQDJHPHQW%DVOH&RPPLWWHHRQ%DQNLQJ6XSHUYLVLRQ
6HSWHPEHUKWWSZZZELVRUJSXEOEFEVSGI
3ULQFLSOHV )RU 7KH 0DQDJHPHQW RI &UHGLW 5LVN %DVHO &RPPLWWHH RQ
%DQNLQJ 6XSHUYLVLRQ %DVHO 6HSWHPEHU
KWWSZZZELVRUJSXEOEFEVSGI
7KH %DQNLQJ /DZ )LUP
KWWSZZZIHGEDQNODZFRPEDQNLQJBUHJXODWRU\BDJHQFLHVUHJXODWRU\BVWDW
HBDJHQFLHVDVS
7UNL\H%DQNDODU%LUOL÷L%DQNDF×O×NWD(WNLQ*|]HWLPYH'HQHWLPHøOLúNLQ
7HPHO 3UHQVLSOHU
ZZZWEERUJWU'RV\DODU$UDVWLUPDBYHHWNLQBJR]HWLPGRF