BNM 8-2008

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1/197

N]]D :1?9&

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2/197

FNDN]S[^ GH M_ES_[O JDC SG_[N]FDJSNGDJE KGG@ MAJFKO[ GH SAO [O\_KENM GH FGECGXJ

Djsngdje Knkengi{j|a~

gh Fgecgxj

Kgg`}$ Jk}s{jms}$ Sao}n}$Fjijrndo jdc doy}|j|o{ j{snmeo}

\uken}aoc h{gf :>?1N}}uoc gdmo j fgdsa

;

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3/197

FNDN]SO[_E M_ES_[NN N S_[N]F_E_NMJFO[J DJNGDJE J M[NN CND [O\_KENMJ FGECGXJ

Knkengi{jhnjDjngdje j Fgecgxon

M{n$ Jusg{oho{jso$ Soro$J{snmgeo cnd {oxn}so n rnj{o$

]o ocnsojr cnd jdue :>?1J|j{o eudj{

;

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4/197

Jemsunsg{n 2 Xjeodsndj MANSG[GJI[odjsj MGRGDJMGeo}oj RJKNJMGOhnfnj FJM[NDNMNMejucnj KI_Dndj FNMAO[NDEucfnej MG[IAODMN

[ocjmsg{ {o}|gd}jkne n mgg{cgdjsg{2 Xjeodsndj MANSG[GJI

Co}nid% soadg{ocjmsj{o mgf|uso{nrjs2 [odjsj MGRGDJM

CO]M[NO[OJMN\ JMJFO[ON DJNGDJEO JM[NN

Knkengi{jhnj Djngdje j Fgecgxon 6 Djsngdje Knkengi{j|a~ ghFgecgxj 2 M{n$ Jusg{oho{jso$ Soro$ J{s$ cnd {ox$ n rnj{o 2 ]o oc$ cnd jdue:>?1 2 J|j{o eudj{ ' Mjfo{j Dj$ j M{nn cnd [o|$ Fgecgxj 0 jems$ 2

Xjeodsndj Mansg{gji% Ohnfnj Fjm{ndnmn% [odjsj Mgrgdjm Pos je$V 0 {oc$

{o}|$ n mgg{c$ 2 Xjeodsndj Mansg{gji 0 co}nid 2 [odjsj Mgrgdjm$ Ma$ 2Mjfo{j Dj$ j M{nn% ;

7/23/2019 BNM 8-2008

5/197

Knkengi{jhnj Djngdje j Fgecgxon Djsngdje Knkengi{j|a~ gh Fgecgxj

?

M[GDNMJ M[NN

]O OCNSOJR CND JD_E :>?1

KGG@ JDDJE]

\_KEN]AOC H[GF :>?1

J_I_]S;

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6/197

M{gdnmj m{nn D{ 1&;&:8=$ Knkengi{$ |{o}on2 |$ :81&:91!:&:

P;

7/23/2019 BNM 8-2008

7/197


9

N]KD >91&>>9?&>=81&81&

7/23/2019 BNM 8-2008

8/197

M{gdnmj m{nn D{ 1&;9?&>>??&>&9P;>9?&>>??&8&8P;

7/23/2019 BNM 8-2008

9/197


>

:3?9$ Mg{gkjd% XnsjenoMgeg{f heg{n n nd}omso 2 Pmj{so co mgeg{jsV ' Xnsjeno Mg{gkjd$ Ma$ 2 Mj{sno{% ;9?&9>&?>9&=&:P;

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10/197

M{gdnmj m{nn D{ 1&;>9&3&1P;

7/23/2019 BNM 8-2008

11/197


::

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12/197

M{gdnmj m{nn D{ 1&;91&>>9?&99&9?&99&&9P;

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13/197


:=

[ojenrj{oj c{o|sueun ej enko{j mn{muejno d {oinudoj co o}s j [o|ukenmnn$ Xorn D{:31=

Sdu}% [u}ejd$ ]n}sofoeo oeomsg{jeo mgdsof|g{jdo$ Xorn D{ :313

==OMGDGFNO$SNNDO OMGDGFNMO

==< Omgdgfno d iodo{je$ Omgdgfno |gensnm

:39?$ Omgdgfos{no 2 P|ods{u urue }sucodneg{V ' Cngdn} Enmj% Iaog{iao Fnmgn%C{jig Mnf|gno Pos je$V 0 _dnx$ Ji{j{ co ]sjs cnd Fgecgxj$ Ma$ 2 Mods{ue oc$ je _J]F%;9?&83&:;=&3P;

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14/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

15/197


:?

J|j{o mu }|{nbndue hndjdm$ je Hudcjnon Ou{j}nj Fgecgxj% Jiodnon ]uocoro |ods{uCorxgesj{o n Mgg|$ Ndso{d$ !J}cn']ncj.$ =?< oq$

N]KD >91&>>9?&91&838&:

I{jsuns$ P;

Jus$ o}so ndcnmjs |o x}$ h$ co sns$ Soqs |j{je$2 ek$ {gf$% odie$% {u}$ Knkengi{$ ddgsoeo co }uk}ge$ J|j{o mu }|{nbndue hndjdm$ je Mgf$ Aoe}nd`n cnd ]uocnj |ods{u C{o|su{neoGfueun n ]NCJ$ =91&>>9?&88&

7/23/2019 BNM 8-2008

16/197

M{gdnmj m{nn D{ 1&;=P;

7/23/2019 BNM 8-2008

17/197


:9

P;

7/23/2019 BNM 8-2008

18/197

M{gdnmj m{nn D{ 1&;=$ Fjdgeo% NgdGkenijnneo fnensj{o jeo egmunsg{neg{ {oinudnn S{jd}dn}s{odo j Fgecgxon 6

6 Sao Fnensj{~ ]o{xnmo Gkenijsngd} ghsao Ndajknsjds} h{gf sao S{jd}dn}s{njd [oingd gh Fgecgxj 2 ]sucnu ' Ngd Fjdgeo 0 ju mgds{nku&ns 2 \jxoe \g}snmj% Jeoqjdc{u \g}snmj% Xnsjeno Meui{ojdu 0 s{jc$% jcj|s$ 2 N{ndj ]jxnman 0J}gm$ \{gfg&Eoq% Mods{ue co [o}u{}o n Corxgesj{o |ods{u S{jd}dn}s{nj$ Ma$ 2 ]$ d$% ;9?&88&

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19/197


:>

& & :$ \od}no Iancu{n$=83$=!8$ Murdogx% Ej{n}jS{jsjs co ocumjno |ods{u hjfneno$ \ocjiginj hjfnenon ' Ej{n}j Murdogx 0 _dnx$

\ocjiginm co ]sjs +Ngd M{ojdi+ cnd Manndu$ Ma$ 2 MO\ _]F% ;

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20/197

M{gdnmj m{nn D{ 1&;

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21/197


;:

P;

7/23/2019 BNM 8-2008

22/197

M{gdnmj m{nn D{ 1&;1::&?&8P;

7/23/2019 BNM 8-2008

23/197


;=

P;1 Hgemeg{:?:=$ Knou% Dnmgejo]{ksg{n cgfdosn 2 !dmandjso Fjnmnn Cgfdueun n Fdsunsg{ueun. 2 ]sucnu 2 Mueoi$

co soqso osdgi{jhnmo n hgemeg{nmo ' Dnmgejo Knou 0 Jmjc$ co snndo j Fgecgxon% Nd}s$ co Hneg&egino$ Ma$ 2 Mj{soj Fgecgxon% ;>9?&8

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24/197

M{gdnmj m{nn D{ 1&;>9?&9&&>9;&=P;

7/23/2019 BNM 8-2008

25/197


;?

& & :$ Fjsofjsnm !{u}.$?:!

7/23/2019 BNM 8-2008

26/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

27/197


;9

& & :$ Mods{ue co Focnmnd \{oxodsnx fudnmn|je Manndu \{g}|omso$8:3$;!391&;?.

:?;1$ ]{sne% Xejc\g{s{osod jek 2 ]|nsjeue {jngdje Muodn2 g }us co jdn d dufoeo }dsnn ' Xejc]{sne 0 mge$ {oc$ 2 Jeoqjdc{u Mgbgmj{u% Xnmsg{ Xj}njd% Snfghon Kumumn$ Ma$ 2 \gdsg}% ;9?&: \jsgegino }|omnje:?;>$ % $ 2 !. 2 PV ' $ &

% $ % $ $ $ 2 $ $ 0 & 2 $ $% ;9?&91&83=&< !d mg|$ sj{o.P;

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28/197

M{gdnmj m{nn D{ 1&;

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29/197


;>

Knkengi{$2 |$ ::?&::8 !;3 sns$.$ :91&>>9?&83&::?&>P;

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30/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

31/197


=:

8? oq$N]KD >91&>>9?&9

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32/197

M{gdnmj m{nn D{ 1&;

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33/197


==

91F_RNM

:??9?&9

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34/197

M{gdnmj m{nn D{ 1&;9?&9 sns$.$ ?< oq$

N]KD >91&>>9?&9

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35/197


=?

P;>9?&>?;>&=&3$

Dnxoeue :% Mnmeue :$ ;9?&>?;>&3&:$ P;&?&1$ P;9?&>?;>&8&?$ P;

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36/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

37/197


=9

1;ENSO[JS_[

1;'1;: Enso{jsu{ j{sn}snm

1;: Enso{jsu{j enfkneg{ ndcnxncujeo1;:$:::!3::. Enso{jsu{ }mgnjd d enfkj odieor

:?89$ ]mgss% Yjeso{Nxjdago 2 P{gfjd 2 s{jc$ cnd odie$V ' Yjeso{ ]mgss 0 s{jc$ co \os{o ]gegfgd 0 ne$ co

Xejcnfn{ M{jxmodmg 0 mg|$ 2 \jxoe Rfoox$ Ma$ 2 \{us Ndso{djngdje% ;>9?&8>&>?:&1 !d mg|$ sj{o.P;18&8&8P;

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38/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

39/197


=>

_fk{o n eufndn 2 Cnd xnjj gjfodneg{ co iodnu 2 P|gxo}sn{nV ' Cufns{u Ffeni$ Ma$ 2 ]$ d$% ;9?&>9?>&?&9P;1>9&?&8 !d mg|$ sj{o.P;

7/23/2019 BNM 8-2008

40/197

M{gdnmj m{nn D{ 1&;>;8&9&:P;

7/23/2019 BNM 8-2008

41/197


3:

:?1?$ % $ $ NN 2 $ ' $ $ $ 2 $ $% ;9?&>:3&&=P;81&>8&1&9P;$ \gxo}soj u{}ueun mjhodnu n jeso |gxosn ' ne$ n jcj|sj{o soqs 2 MsendDocoemu$ Ma$ 2 S{on \nsnmn !+Oxo{o}s&Nf|oq+ ][E.% ;>>8&;&?

7/23/2019 BNM 8-2008

42/197

M{gdnmj m{nn D{ 1&;;$ ]muhnj [gno0 \gxo}soj f|{jsueun |{ohmus d mg|jm$ [dcudnmj n x{kn&neo ' ne$ 2 Msend Docoemu$ Ma$ 2 S{on \nsnmn% ;>>9&:&9P;=$ Ncof$ PMa$ 2 ]$ d$V 0 Kumu{osn 2 Sog|nsnmgs% ;9=&11?3$ _{}ue |mens co xue|o 2 P|gxo}soV ' ne$ n jcj|sj{o soqs 2 Msend Docoemu$ Ma$ 2 S{on \nsnmn !+Oxo{o}s&Nf|oq+ ][E.% ;>>8&9&

7/23/2019 BNM 8-2008

43/197


3=

P;= Enso{jsu{ {gfd:?>?$ Mj|{j mu s{on norn 2 P|gxo}soV ' ne$ n jcj|sj{o soqs 2 Msend Docoemu$ Ma$ 2

S{on \nsnmn !+Oxo{o}s&Nf|oq+ ][E.% ;>>8&8&=P;8$ Hj{jig% OeodjM}uj cnd gje0 Mgenkj no|u{jueun0 \gxo}soj |ung{ueun difhjs 2 \gxosn ' Oeo&

dj Hj{jig 0 ne$ 2 Msend Docoemu$ Ma$ 2 S{on \nsnmn !+Oxo{o}s&Nf|oq+ ][E.% ;>>9&9&>P;9$ Hj{jig% OeodjNcof$ Ma$ 2 S{on \nsnmn !+Oxo{o}s&Nf|oq+ ][E.% ;>>9&8&;P;1$ Hj{jig% OeodjMoeuue mang| n fueso jesoeo 2 \gornn ' Oeodj Hj{jig 0 ne$ 2 Msend Docoemu$

PMa$ 2 ]$ d$V 0 Kumu{osn 2 Sog|nsnmgs% ;9=&11?

7/23/2019 BNM 8-2008

44/197

M{gdnmj m{nn D{ 1&;>8&?&8P;9?&39&= Enso{jsu{ {u} cnd [o|ukenmj Fgecgxj

:8

7/23/2019 BNM 8-2008

45/197


3?

N]KD >91&>>9?&39&P;9?&9&>P;

7/23/2019 BNM 8-2008

46/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

47/197


39

:>9?&>

7/23/2019 BNM 8-2008

48/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

49/197


3>

G|snfnrj{oj hj{fjmgeginm n usnenrj{oj {jngdje j odso{g}g{knon 2 :3$

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50/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

51/197


?:

\{oisn{oj soadnm j ajdckjensneg{ dmo|sg{n |o kjrj ojegd{nn fnbegjmoeg{ }|omn&hnmo 2 ]|om$ 2 :=$

7/23/2019 BNM 8-2008

52/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

53/197


?=

Ndcoq co dufo ej +M{gdnmj m{nn+ D{ 1&;Jdc{gdnm% Ej{n}j :?=1Jdsgmn% Ocuj{c :?=?Jdsgan% Eogdnc :31:J|g}sge&Fjmgxon% Sjfj{j :8:8J{an|% Xejc :?93Jx{jf% Fj{nj :?:8&:1% :?83

K

Kjknd&[u}u% Sjsnjdj :???Kjknum% Jdj :383&8?Kjknum% ]sjdn}ejx :383&8?Kjkgx% Xng{nmj :?:

Keu% Cufns{u :?9:Kj{jdmojdu% Dndj :?:8&:1% :?83Kobjd% Gmsjxnjd :31;Kobodj{u% Ijendj :??1Koea% Fj{ij{osj :??Kueij{u% Fj{nj :3>3% :3>3Kusdj{u% Fj{nd :8:3

Kusdj{u% Snfghon :8:3

M

Meui{ojdu% Xnsjeno :3>=Mj|u}sj&Cu{}udgxj% Oeodj :8Mj{j% Jdioej :?:8&:1% :?83Mj{j% Geoi :399Mj{jkos% Djsjenj :3?;&??Mj{jijdmnu% Xejcnfn{ :?;;Mj}j|u% Ng{cjd :8?Manmjsn% Fj{ij{osj :?93Mansg{gjm% Xjeodsndj 3Mnkgsj{u% Fnajne Ia$ :?9;Mnf|go% Ju{oe :33:Mnf|gno% C{jig :39?Mngkjdu% N{ndj :?

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54/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

55/197


??

Egiand% \os{u M$ :3>9Eu|jmu% Fnajne :?=9% :?3:Eu|jmu% Xjeo{nu :?=9Eu|u% Neno :?:>

F

Fjmnd}man% Xo{j :31:Fjcjd% Iaog{iao X$ :8:8Ffeni% Cufns{u :?9?Fjdgeo% Jdj :?81Fjdgeo% Ngd :31=% :3>=Fj{njd% Enenjdj :38>Fj{nd% Fj{njdj :38>% :?8=&83Foendso% Cnjdj :3>1Foednmnum% Ngd :?

7/23/2019 BNM 8-2008

56/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

57/197


?9

% $ $ :?13

% :?

7/23/2019 BNM 8-2008

58/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

59/197


?>

Eu|ue n mon j|so norn :38\{orodo kj}j{jkodo d }|n{nsujensjsoj

{gfdoj}m 2 !}om$ je QNQ&eoj |{nfjbufsjso j }om$ je QNQ&eoj. :8:=

\{gkeofo jmsujeo jeo |{oxodn{nn n mgf&kjso{nn m{nfndjensnn 2 jd$ s$% oc$ j 1&j:318

\{gkeofo ndso{cn}mn|endj{o d fjso{nj|{oxodn{nn n mgfkjso{nn m{nfndjensnn bu&xodneo ej osj|j mgdsof|g{jd% mgdh$s$&|{jmsnm ndso{d$ !;;&>=

]nsujnj }gmnje&omgdgfnm j [o|ukenmnnFgecgxj d :39:

]|omnn co |n}nmn :389snndo :?:8&:9Sao [nias sg H{oocgf gh Fgxofods nd

sao S{jd}dn}s{njd [oingd gh Fgecgxj:31=

_{}ue |mens co xue|o :?>3 2 $ 1& $ :?;3

% & :?=3

:?;9

& ;

7/23/2019 BNM 8-2008

60/197

M{gdnmj m{nn D{ 1&;;1&%

jmjcofnmnjd Kngi{jhno :?=9Jdjsgfno ]n}sofo do{xg} mods{je :?;8Jdnfjeo cgfo}snmo :339&31Jdnfjeo }ekjsnmo :33>&?J}n}sodj }gmnje [o|ukenmj Fgecgxj:3>3

J}gejfodso hu{jbo{g&mo{ojeno{o Sn|u{n:?3:

Jusgfgkneo Cnjidg}snmj{o :?=?Kj}j{jkodn Cnmngdj{o :8:=Knkengsomj +Jekj Nuenj+ Manndu N}sg{no

:333Knkengsomj Fudnmn|je +K$ \$ Ajcou+

Manndu [j|gj{so :33?Kngcnxo{}nsjso xoiosje [o|ukenmj Fge&cgxj :?;?

Kngegino Fosgcnmj |{oc{nn !{u}. :?8Ocumjno |ej}snm :?31Osnm |{gho}ngdje :38>Hnrnm !{u}. :?;:Hgemeg{ ]{ksg{n :?:=Hgemeg{ {gfdg&kueij{ :?:3

Iogi{jhnj hnrnm j [o|ukenmnn Fgecgxj!{u}. :8Iogi{jhnj hnrnm j [o|ukenmnn Fgecgxj

:8

7/23/2019 BNM 8-2008

61/197


8:

Enfkj {gfd I{jfjsnm Jegendixn:??>&8:

Enfkj {gfd ]ndgdnfo Cnmngdj{o$Cnmngdj{ co }ndgdnfo Enfkj {gf&d :?8;

Enfkj {gfd ]sucno{o$ Enfkj {u} ]sucno{o :?8&>1

Enso{jsu{ {u} :?9>Enso{jsu{ {u} cnd [o|ukenmj Fgecgxj

\gorno !{u}. :?1=Enso{jsu{ {u} cnd [o|ukenmj Fgecgxj

[gfjdo !{u}. :?1;% :?13Enso{jsu{ {u} cnd [o|ukenmj Fgecgxj

!{u}. :?1?Enso{jsu{ {u} cnd [o|ukenmj Fgecgxj

|ods{u mg|nn !{u}. :8Fomjdnm sog{osnm :?;;

Focnu dmgdbu{sg{ \{gsomno !{u}.:?:1

Furnm mg{je :??=

Gk}sos{nm$ Indomgegino :?==\j{sncue \g|uej{ M{osnd Cofgm{js [o|ukenmj Fgecgxj :393

\ocgegino \ejdso co muesu{ :?=1\od}no Iancu{n :3>?\no}o jusg [omgdcnngdj{o :?=8\gxosn :?19&>?% :?>>% :89[o|ukenmj Fgecgxj A{n :8:

7/23/2019 BNM 8-2008

62/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

63/197


8=

Ndcoq co ocnsg{n

Jmjc$ +sohjd moe Fj{o+ j FJN :338%:318&19

Jmgfoc |eu} ][E :3?;&??Jc{nij&Xn} ][E :31Kjejm{gd ][E :383&8?% :?:8&:9% :??>%

:?99Knke$ Foso{ue Fjdgeo :?81Knkengd ][E :?Kgd} Ghhnmo} ][E :333% :31;% :31?%

:3>>% :??:% :?91% :8:=% :8:?&

:9Mj{soj Fgecgxon :?:=% :?3>&?

7/23/2019 BNM 8-2008

64/197

M{gdnmj m{nn D{ 1&;

7/23/2019 BNM 8-2008

65/197


8?

M[GDNMJ J[SNMGEOEG[ CO[OXN]S

]O OCNSOJR CND JD_E :>?1

FJIJRNDOJ[SNMEO JDDJE]

\_KEN]AOC H[GF :>?1

J_I_]SD[ 1;

7/23/2019 BNM 8-2008

66/197

M{gdnmj j{snmgeoeg{ co {oxn}s D{ 1&;

7/23/2019 BNM 8-2008

67/197


89

=:=3$ Mg}ueojdu% Ngd$ Fosjcjsj C{nxod Ndsoi{jsoc ]sjsn}snmje Cjsj \{gm&o}}ndi jdc Cn}}ofndjsngd ]~}sof j {ojens~ hg{ Fgecgxj7 ' Ngd Mg}ueojdu '' KNS+Soadgeginn ndhg{fjngdjeo ;

7/23/2019 BNM 8-2008

68/197


7/23/2019 BNM 8-2008

69/197


8>

=:?=$ ]om{no{u% Nu$ @dgyeocio ]s{umsu{o Fgcoeendi nd _es{j}gudc ' Nu$]om{no{u% G$ \g|mgxj% ]$ \unu% C$ ]gegiuk '' KNS +Soadgeginn ndhg{fjngdjeo ;

7/23/2019 BNM 8-2008

70/197


7/23/2019 BNM 8-2008

71/197


9:

=:9

7/23/2019 BNM 8-2008

72/197


7/23/2019 BNM 8-2008

73/197


9=

=:]SJSN]SNM$COFGI[JHNO$]GMNGEGINO

=:3 Cofgi{jhno$ ]sucnue |g|uejnon

!Xorn co j}ofodoj D{ =;=?.

=;\GENSNM

=;=!391. \gensnmj ndso{d j [o|ukenmnn Fgecgxj

=:13$ \os{odmu% Jdjsge$ +Ndsoi{j{oj Fgecgxon d _O co|ndco co xgndj|gensnm j Manndueun+ 2 Pndso{xnu mu enco{ue |j{sncueun Fnm{nn Jmnudoj Ou{g|ojdV '+\{ghns +'' \{ghns$ ;

7/23/2019 BNM 8-2008

74/197

M{gdnmj j{snmgeoeg{ co {oxn}s D{ 1&;;$ Ko{rocojd% Xnmsg{$ \gxj{j coxndo sgs fjn i{oj 2 P|gensnmj kuiosj{&hn}mjeV ' Xnmsg{ Ko{rocojd '' \{ghns$ ; 2 ne$ Ncof n d ek${u}$

=:>8$ I{grj% Xnsjeno$ Fnm{ghndjdj{o co ej KM +Fgecndmgdkjd`+ ]J 'Xnsjeno I{grj '' \{ghns$ ;

7/23/2019 BNM 8-2008

75/197


9?

=;

7/23/2019 BNM 8-2008

76/197


7/23/2019 BNM 8-2008

77/197


99

=;:9$ Iumojm% Ngd$ Fomjdn}fo djngdjeo co |{gsomno j c{o|su{neg{ mg|n&eueun ' Ngd Iumojm '' \{gkeofoeo ndso{cn}mn|endj{o d fjso{nj |{oxodn{nn n mgfkjso{nn

m{nfndjensnn buxodneo ej osj|j mgdsof|g{jd 2 Fjso{njeo jeo Mgdh$ s$&|{jmsnmo ndso{d$%

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9>

=;=;$ Ej{nn% Nu{no$ \{ghnejqnj xnmsnfgeginm j ndh{jmnudneg{ }x{nso f|g&s{nxj fndg{neg{ ' Nu{no Ej{nn '' \{gkeofoeo ndso{cn}mn|endj{o d fjso{nj |{oxodn{nn n mgf&

kjso{nn m{nfndjensnn buxodneo ej osj|j mgdsof|g{jd 2 Fjso{njeo jeo Mgdh$ s$&|{jmsnmondso{d$%

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1:

=81 J}niu{{n

=;3?$ Manhj{num% \jxoe$ Duf{ueco cg}j{o ej MOCG }o xj {ocumo cjsg&{ns j}niu{jneg{ 2 Pndso{xnu mu jxgmjsueV ' Jiodnj NDHGSJI '' \{ghns$ ;

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1=

?3MANFNO$M[N]SJEGI[JHNO$FNDO[JEGINO

=;8

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1?

snndo j Fgecgxon$ s$ focnmjeo$ ;

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19

8:: Jdjsgfno$ Jdjsgfno mgf|j{js

=;1?$ Mu{gmnmand% Iaodjcno$ Jcn|gmnsg`ndoeo 2 {geue d nd}uendg&{orn}sod ' Iaodjcno Mu{gmnmand '' Kue$ Jmjc$ co s$ j Fgecgxon$ snndo focnmjeo$

;

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1>

8:?$:'$3 Hj{fjmno iodo{je n |{gho}ngdje$ Focnmjfodso mej}nhnmjso cu| }sneue eg{$

\{o|j{jso hj{fjmousnmo$ Fjso{njeo n usnejbo focnmjeo

=;>>$ Mu{gmnmand% Iaodjcno$ Jcn|gmnsg`ndoeo 2 {geue d nd}uendg&{orn}sod ' Iaodjcno Mu{gmnmand '' Kue$ Jmjc$ co s$ j Fgecgxon$ snndo focnmjeo$ ;

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>:

==:3$ ]ndc{gfue jdsnhg}hgen|ncnm mjsj}s{ghje j}ao{}gd ' D$ Mg}snd% C$Fnau% Mj{fod Fnajoej Fnau% Pos je$V '' Kue$ Jmjc$ co s$ j Fgecgxon$ snndo focnmj&eo$ ;< 2 hni$% sjk$ [or$ d ek$ {gf$% odie$ Knkengi{$ 2 8; sns$

!8; sns$ d ek$ odie$.$==:?$ ]s{jsoinn co cnjidg}snm n s{jsjfods d fngmj{cnsoeo jmuso ej mg|nn '

Doen Fs{iud% Dnmgejo Mngkjdu% Jcoej ]sjfjsn Pos je$V '' Kue$ Jmjc$ co s$ j Fge&cgxon$ snndo focnmjeo$ ;

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>=

===

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>?

8:9$? Man{u{ino {oingdje% sg|gi{jhnm$ Jhomnudn {oingdjeo

==33$ Jkjknn% Ngd$ J}|omso jmsujeo jeo man{u{inon {ndg}ndurjeo ej mg|nn 'Ngd Jkjknn% Fnajne Fjdnum '' Kue$ Jmjc$ co s$ j Fgecgxon$ snndo focnmjeo$ ;$ Mj}njd% D$ Ndmncodj fgeon ancjsnhg{fo 2 Pd indomgeginoV ' D$Mj}njd '' Mu{no{ue focnmje$ ;

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>9

Fjso{njeo ]nf|gr$ Dj$% Manndu% ;8&;9 nud$ ;

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>>

==9=$ & %

jmsnxjsg{ ' $ $ % $ $ % $ $ % $ $ ''Ji{gkngcnxo{}nsjsoj xoiosje d [o|$ Fgecgxj 2 oxjeuj{oj% mgd}o{xj{oj n usnenrj{oj 2Fjso{njeo ]nf|gr$ Dj$% Manndu% ;8&;9 nud$ ;

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:

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:

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: 2sjk$ [or$ d ek$ odie$ Knkengi{$ 2 ? sns$

=3;

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:$ ]musj{u% Xj}neo$ +[usj&\{nf+ ][E |{nfj s{jdrjmno 6 & 6 J domo}}j{~ mgeejkg{jsngd 2 Pmgejkg{j{oj cnds{o Mgf|jdnjco s{jd}|g{s +[usj&\{nf+ n +A~udcjn Fgsg{ Mg+ cnd Mg{ooj co ]ucV ' Xj}neo ]musj{u'' Fgecgxj 2 }o{$ dgu$ ;

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:

93?'93> J{so comg{jsnxo$ Fo}o{nn co j{s$ J{so |ej}snmo$ Co}nid

=33:$ ds{o fgsnxue |g|uej{ n fgsnxjnj j{sn}snm 2 Pco}|{o DjcobcjXnc{jmu% fjo}s{ j m{gosonV '' Fgecgxj 2 }o{$ dgu$ ;

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:::

1;ENSO[JS_[

1;'1;: Enso{jsu{ j{sn}snm

1;: Enso{jsu{j enfkneg{ ndcnxncujeo1;:$:=?$:!391. Enso{jsu{j {gfd cnd [o|ukenmj Fgecgxj

=3?8$ Knxge% Ohnf$ Indj n x{jknj0 Xdsgj{o0 Hgskje0 [jj n}soj0 Do&doj \mje0 Fgsdjue0 K{gsmonn 2 Pxo{}u{nV ' Ohnf Knxge '' Jeudoeue$ ;

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M{gdnmj j{snmgeoeg{ co {oxn}s D{ 1&;%=:3;% =:?8Kgiajdj}sbu`% Xnmsg{nj =:38&39Kgajdj}snum% Xnmsg{nj =:?1Kgnjd% O$ =3?3Kgnsojdu% Xejcnfn{ ==31Kg{conjdu% Eog =:9>Kgsdj{u% X$ ==:>Kgsdg{odmg% \jdsoenfgd ==11

Kgrnjdu% N{ndj =;Mj{|% ]nfngd =;;8Mj}njd% Cufns{u ==3?% ==3>

Mj}njd% D$ ==3>Mj}njd% Dogdnej ===9Mju% Fj{nj =;88Mendo}mu% Fjson =383Msjd% Xnmsg{ =;1;Momjd% Jdjsge ==>=% =33% ==>>Manej{n% Enj ===3Mnkgsj{u% Sucg{ =:=>Mngkjdu% Oeodj =;1>Mngkjdu% Fnajn =33=Mngkjdu% Dnmgejo ==:?&:8Mngmjdu% Fnajn =;1;% =;>=M{mnud% Ngd =;?:M{nxmojd}mann% Eox ==:M{gnsg{u% Geo}oj =:;>Mumnu{ojdu% Iaog{iao =:=?

Mueojm% N$ \$ =3;1Mu{gmmand% Ma$ ==:=Mu{gmnmand% Iaodjcno =;1?% =;>>% ==:8Mum% Jdc{on =:=8

C

Cjcu% Mgd}sjdsnd ==>3Cjdnegx% Fj{nj =:91Cj{nn% Jeoqon ===1

Cj}mjenum% Jeoqjdc{u =;99Cjxnc% Ouiodnj =39Co}ojsdnmgxj% Oeodj ===3Cnfnd% Xnsjeno =;:?Cgigsj{n% Njd =;3>.Cgodmg% Codn} =:=9C{neoj% Fj{njd =;:8C{u% Ngd =3?9&?1Cukmgxoman% Nu$ =:3>% =;?3Cufk{jxj% Xejcj ==;=Cufk{xojdu%Xnmsg{ =338Cufns{jmg% M$ =:?1

O

Odjmao% Iog{io =:1;Ojdu% Dnmgejo ==;1Omg% J$ ==?:% =;>?H{udro% Sjfj{j =3=>Hu{sud% I{nig{o =:>3

I

Ijhsgd% Fj{moej ==?9% =33=Ijnku% R$ ==8:Ijndc{nm% M$ ==

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M{gdnmj j{snmgeoeg{ co {oxn}s D{ 1&;Iumojm% Ngd =;:9&:1Iucufjm% Oxj ==:Eusjd% Xj}neo ==

F

Fjmj{n% Xojmo}ejx =:38Fjejagxj% Eucfnej =:=;% =:3:Fjdnum% Fnajne ==33Fj{cj{n% Jdc{on =338Fj{njd% Kg{n} =39;Fj{u}nm% C{jig ==39&31F{rj% Fnajn =;9>Fjmgxoxj% ]xosejdj ===11Fs{iud% Doen ==:?Foednmodmg% Eucfnej ==>9

Fo}aje`nd J$ =:?3Fnmu% Xj}neo ==81

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::9

Fnajemojd% Eufndnj ==?:Fnau% Mj{fod Fnajoej ==:3Fnau% C$ ==:3Fn{gd% Jddj ==[gmj% Jeh{ocj =:;3[gmj% Dndj ==19% ==>

[u}u% F$ ==>?[u}u% Dnmgejo =38

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M{gdnmj j{snmgeoeg{ co {oxn}s D{ 1&;;]gegiuk% C$ =:?=]sjfjsn% Jcoej ==:?]so|jdgxj% S$ ==8:]s{bo{u% ]nexnj =;83]su{ru% Ngd =:>>

]u{umaojdu% Ngd =338]uxonmj% Eufndnj ==:=% ==:8nmjdu% Iaog{iao ==>?% =39% =:>>S{nhujdu% Iaog{iao =339Sucg{% sohjd =39=Susudj{u% Fj{njdj =;11nkueojm% ]$ ===1Xnc{jmu% Djcobcj =33:Xej}gx% Jdjsge =;3=Xgednman% Nig{ =:>:Xg}mgkgndnm% Xnmsg{ =3=% =:1?% $ $ =3:1

% $ $ =;8;% ==93% =:88% =;:% % $ =3;:% $ ==

% =;8>% $ =:8;% =:89% =:8>

% ==9>

% =;?

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:;:

En}sj {oxn}soeg{% mueoio{neg{ n |ukenmjnneg{% jeo m{g{ j{snmgeo }uds hnjso d

+M{gdnmj j{snmgeoeg{ co {oxn}s+ D{ 1&;

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M{gdnm j{snmgeoeg{ co ijros D{ 1&;

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125/197


:;?

= SNNDO ]GMNJEO

=

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126/197


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:;9

Fg{j{u% hg}s condus je Iuejiueun }sjendn}sV ' j mgd}ofdjs Eumnj Idjsnum '' Heuq mgdsn&duu 2 oc$ co xndo{n$ ;

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:;>

=1?;$ Cueiao{u% Xjeo{nu$ Mo hjmof% h{jneg{ 7 dmgs{g fo{iof 7 2 Pj}|om&so }gm$&|ge$ V ' Xjeo{nu Cueiao{u '' Ens$ n j{sj$ ;

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:=:

=19=$ Xj{snm% Jdc{on$ ]dioeo eg{% ejm{nfneo dgj}s{o 2 Pj}|omso }gm$&|ge$V 'Jdc{on Xj{snm '' Snf|ue co cnfndoj$ ;

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:==

=1>;$ Mng{don% X}oxgegc$ Sodcndo n g}mnejnn 2 P|o fj{indoj mgdhenmsueun{u}g&iog{injdV ' X}oxgegc Mng{don '' ]|sfdj$ ;

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:=?

=>:=$ \j{sncue Omgegin}s +Jenjdj xo{co+ cnd Fgecgxj$ Comej{jnj \j{&sncueun Omgegin}s +Jenjdj xo{co+ cnd Fgecgxj% mu |{nxn{o ej [rkgnue cnds{o [u}nj nIog{inj '' Bu{dje co Manndu$ ;:3$ \j{sncue Enko{je Cofgm{js cnd Fgecgxj$ Comej{jnj \j{sncueun En&ko{je Cofgm{js cnd Fgecgxj mu |{nxn{o ej {omudgjso{oj co ms{o Hoco{jnj [u} jndco|odcodon {o|ukenmneg{ }o|j{jsn}so Jkajrnj n G}osnj co ]uc 2 PMa$% ;8 jui$;

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137/197

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M{gdnm j{snmgeoeg{ co ijros D{ 1&;39$ % $ 2 P$ $ & V ' '' $ &$ ;31$ 8> co jdn d \jmsue Fgegsgx&[nkkods{g| 2 P|ejd co jmnudn d xoco&{oj udnhnm{nn |j{sncoeg{ co g{nodsj{o djngdje&|js{ngsnm n |{gou{g|ojd oejkg{js coFnmj{oj _dngdn}s cnd [o|$ FgecgxjV '' Snf|ue co cnfndoj$ ;$ K{jsu% Neno$ J hn |js{ngs d jmo}so so{nsg{nn d}ojfd j hn udngdn}s 2P|ejd co jmnudn je Fnm{nn _dngdn}so cnd [o|$ FgecgxjV ' Neno K{jsu '' Bu{dje co Mann&

du$ ;

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:=>

=>?

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:3:

=>88$ \j{sncue Enko{je Cofgm{js cnd Fgecgxj$ ]nsujnj co |o |njj hn&djdmnj{ {oheoms ndso{o}ue |uso{nn co j }o fkgin |o }ojfj mosodneg{ 2 Pcomej{jnj\ECF% ;: jui$ ;

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:3=

=>1?$ % $ 2 P V ' '' $ $ ;$ Eudiu% Jeoqon$ \njj |os{geno{ cnd [o|ukenmj Fgecgxj% ds{o ndso&{o} n ndmgf|osod ' Jeoqon Eudiu '' Heuq mgdsnduu$ Omgdgfnm$ && ;

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:3?

!Xorn D{ =9>1.

=3 C{o|s$ Bu{n}|{ucod

=3; C{o|s |ukenm$ C{o|s mgd}snsungdje$ C{o|s jcfndn}s{jsnx3

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:39

=3> [jfu{n }|omnjeo jeo c{o|sueun

=3>$; C{o|sue fudmnn

3

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:3>

=8 J}n}sod }gmnje$ J}niu{{n }gmnjeo

=83 \{gkeofo }gmnjeo mj{o {omejf jbusg{ n j}n}sod$ Sn|u{n co jbusgj{o }gmnjeo

3

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150/197


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151/197

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152/197


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:?=

Eu|ug{ '' Xgmoj |g|g{ueun$ ;

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154/197


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155/197


:??

3:

7/23/2019 BNM 8-2008

156/197


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:?9

?:FJSOFJSNM

?:?$: Sg|gegino

3:;

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158/197


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:?>

8:8$= \jsgeginj }n}sofueun cnio}snx$ Kgeneo sukueun jenfodsj{

3:=?$ [gsj{u% Sjsnjdj$ ]gnj {omsg{ueun 2 PRndjncj Jdo}snjcn% odcgm{ndgegi|{ndmn|je je Fnd$ ]dsnn% }gnj hg}sueun {omsg{ je _]FH +Dnmgejo So}sofnjdu+% Xj}n&

eo Jdo}snjcnV ' Sjsnjdj [gsj{u '' ]|sfdj$ ;

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:8:

3:31$ Xnc{jmu% Jdjsge$ Mj } u{f{osn g +omen|} co fndso+ sgs jn do&xgno co }snme jhufjs 2 ndso{xnu mu J$ Xnc{jmu% cn{$ iod$ je I{u|ueun Oc$ +Enso{j+ ' jcnjegijs Xjeo{nu Kjkjd}`~ '' Xgmoj |g|g{ueun$ ;

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162/197


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:8=

3:8:$ % $ 2P & $ V ' & '' $ $ ;

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164/197


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165/197

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166/197

M{gdnm j{snmgeoeg{ co ijros D{ 1&;> ]|g{s$ Bgmu{n }|g{snxo$ Ocumjno hnrnm

3:>3$ Kjejd% Jdjsge$ Jdjsge Kjejd 2 +K{jxg jseoneg{ mj{o ju j{sjs {orue&sjso co}sgndnmo+ 2 Pndso{xnu mu |{o$ Hoco{jnon Fgecgxodosn co Jseosn}fV '' ]|g{s |eu}$ ;

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:89

3:>9$ Ku}ungm% Ju{oenu$ Hodgfodue mandor 2 P|o fj{indoj {oruesjsoeg{|j{snmn|jdneg{ ej Bgmu{neo Genf|nmo% Konbndi% juiu}s ;

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168/197


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:8>

3;:?$ Kgbgij% Ouiodnj$ +Enfkj fgecgxodoj}m+% ud |{gnoms |gensnm oujs2 }omxodo cnd cnjegiue |u{sjs ds{o O$ Kgbgij% |{gh$ ej _dnx$ Kjko&Kge~jn cnd Meub&Dj|gmj% n ]o{inu \{j|g{mnm% d mjc{ue ofn}nudnn +O|nmods{u+ cnd :: jui$ ;

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170/197


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:9:

3;=?$ Kenmn% Iaog{iao$ [}su{dj{o co xjeg{n0 mj|{j xomndueun 2 Po|ni{j&foV ' Iaog{iao Kenmn '' Bu{dje co Manndu$ ;

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172/197


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:9=

3;?>$ \unm% I{nig{o$ ]sucodsue0 Cg{0 Nd}m{n|no |o ud mg|jm n}sg{nm0 Ju&sgkngi{jhnm 2 Po|ni{jfoV ' I{nig{o \unm '' Ens$ n j{sj$ ;

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174/197


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:9?

3;9>$ Fgmjdu% Nig{$ Mg|jmue cnd mu{so n mjnosue co co}od 2 P|o fj{in&doj {gfjdueun +Mjnos co co}od+ co Jc{njd Manxu% Kumu{osn% oc$ Mu{soj Xomao%;

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176/197

M{gdnm j{snmgeoeg{ co ijros D{ 1&;3$ \{gmj% Ngd$ N{o|osjknej |gorno 2 P|o fj{indoj m{ojnon |gosnmo j eunOfne EgsojduV ' Ngd \{gmj '' Iej}ue$ ;

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177/197


:99

3=

7/23/2019 BNM 8-2008

178/197


% $ Xorn D{ 3=;1

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:9>

>='>3N]SG[NO

>3N]SG[NO IODO[JE$N]SG[NO _DNXO[]JE

>3!3:'>>. N}sg{nj ndcnxncuje j cnho{nsoeg{ {n3=:9$ Ajxoe% Xjmejx$ Xjmejx Ajxoe 2 +G xj{ |{oj h{ufgj} mj } }o

so{fndo mu kndo+ 2 P3< co jdn co ej oxodnfodsoeo |os{omuso d Moag}egxjmnj 2 |{oeujscnd +Rnuj+V '' Snf|ue co cnfndoj$ ;

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:1:

Ndcoq co dufo ej +M{gdnmj j{snmgeoeg{ co ijros+ D{ 1&;Kjku`nd% Xnmsg{ 3:1;Kjmnu% Xjeodsndj =11?% =>3?

Kjejd% Jdjsge 3:>3Kjejd% Fj{nj 3:13Kjecgxnmn% Xejcnfn{ =>91Kenmn% Iaog{iao 3;=:&=1Kjd`% O{aj{c xgd co{ =118Kj{ku% Ouiod 3;;;Kj{ku% Ngd 3;;=Kj{sn}% Jssnej 3;9=% 3=:;Knmu% Nuenjd 3=:3Ks{du% Dnmgejo =1&3

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182/197


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:1=

Ig{ijd% Ngd 3;31Ig{gcodmg% Jdjsgeno =>9>Iggdgij% Dnmgejo =>??I{nig{nu% I{nig{o 3:1;I{g}u% Ju{oe 3:=3I{g}u% Ngd 3;3>I{g}u% Dnmgejo =1??% 3=;[cueo}mu% [jeumj =>?9% 3

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:1?

[gsj{u% Sjsnjdj =1:1% 3:;>% 3:=?% 3:33[u|dn`% Bjmzuo} =1;8[u}djm% Jdjsge 3;8:% 3;19% 3;>;[u}djm% Eucfnej 3;8;[u}djm% ]xosejdj =1:>[u}u% Jdjsge =>?8:

Sj{eox% Xj}neo =183Sjm% Fnajn 3=;9Sdj}o% Jeoqjdc{u 3

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:19

% 3:8;% =>>?

% =>?3% =>>9% =>=3% 3;9< 3>% 3:;8% 311

% 3:8=?% 3:1>&>:% =>89% 3:38

% =1% =>=8% $ $ 39% 3:9?

% 3:=;% =>=9&=1% 3:8;

% 3>1

% 3:=1% 3:19% 3=>% =>>>>% =9>>% =>98% 3:?;% 3:?8%

3:?1% 3;::% 3:1=% =11=1% =>3% 381&8>% 3

% 3:33:% =>99% =>>8% =1;9% 3:?8% =11;% =>=

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BNM 8-2008