bnm 2011-1

7/23/2019 BNM 2011-1

http://slidepdf.com/reader/full/bnm-2011-1 1/205

EVVO 1<7>-2772 ,Rteo}%EVVO 1<7>-64:: ,FM%

DDEEDDC C EEHHNNTTAAJJEEAA

OOAAŤŤEEHHOOAAC C ĄĄ AA @@HHC C MMHHZZGGEE

Ot 14211

FOF@FleŘeoĆw 4211

7/23/2019 BNM 2011-1


@EOEV]TU HJ FWC]WTG OA]EHOAC DHHI FLA@DGT HJ ]LG TGRWDCEF HJ @HCMHZA

Oa}ehoac Dedcehntarlu hj @hcmhza

Dhhiv/ Adv}taf}v/ ]lgvev/@ana{eog aom og~vrargt at}efcgv

Rwdcevlgm jth` 157<Evvwgm hofg a `ho}l

4211Ot 1

ODF@

FleŘeoĆw 4211

7/23/2019 BNM 2011-1


@EOEV]GTWC FWC]WTEE FA@GTA OAŤEHOACĄ A FĄTŤEE MEO TGRWDCEFA @HCMHZA

Dedcehntajea OaŦehoacĆ

a @hcmhzge

FĆtŦe/ Aw}htgjgta}g/ ]g{g/At}efhcg meo tgzev}g Ře {eatg

Vg gme}ga{Ć meo aowc 157<Aratg cwoat

4211Ot 1

FOF@

FleŘeoĆw 4211

7/23/2019 BNM 2011-1


AcfĆ}we}hte ; Zacgo}eoa FLE]HTHANĄ Tgoa}a FH[HOAF Hcgvga [ADEAFH Fcawmea DÄNW

Gje`ea @AFTEOEFEOeoa @EFLGTEO Cwm`eca FHTNLGOFE

Tgmaf}ht tgvrhovadec Ře fhhtmhoa}ht ; Zacgo}eoa FLE]HTHANĄ

Mgveno# }glohtgmaf}atg fh`rw}gte{a}Ć ; Tgoa}a FH[HOAF

MGVFTEGTGA FER A F A@GTGE O AŤEHOACG A F ĄTŤEE

Dedcehntajea OaŦehoacĆ a @hcmhzge 0 Oa}ehoac Dedcehntarlu hj @hcmhza ; FĆtŦe/ Aw}htgjgta}g/ ]g{g/ At}/ meo tgz/ Ře {eatg/ Tgvwtvg gcgf}th-oefg ; Vg gm/ meo aowc 157< ; Aratg cwoat ( Fa`gta OaŦ/ a FĆtŦee meo Tgr/@hcmhza 9 acfĆ}/ ; Zacgo}eoa Fle}hthanĆ# Tgoa}a Fh{hoaf# Hcgvga [adeafhYg} ac/P 9 tgm/ tgvr/ Ře fhhtm/ ; Zacgo}eoa Fle}hthanĆ 9 mgveno ; Tgoa}a Fh{h-oaf/ ‖ Fl/ ; Fa`gta OaŦ/ a FĆtŦee# 4211 ,Zaceog| VA%/ ‖ EVVO 1<7>-2772/ ‖ EVDO 5><-55>7-5>62-6-<

Ot 1# 4211/ ‖ 4211/ ‖ 1<: r/ ‖ ]g|}g ; cd/ th`/# twvĆ# ac}g cd/ v}tĆeog/

‖ 72 g|/ ‖ EVDO 5><-55>7-=5-2:4-> ,Rteo}%/ ‖ EVDO 5><-55>7-=5-2>>-1,FM%/

217,=><%

RtgjaŦĆ ‖ Zg{e Ot 1 Fa`gta OaŦehoacĆ a FĆtŦee

meo Tgrwdcefa @hcmhza# 4211

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1


RtgjaŦĆ ≡ Rtgjafg

:

gofefchrgmee# mefŦehoatg# ce}gta}wta at}ev}efĆ# mejgte}g nlemwte# dedcehntajee jwoma`go}acg/%rwdcefa}g ïo @hcmhza/ Acdw`gcg fw cwftĆte mg at}Ć rcav}efĆ Ře cwftĆtecg mg fgtfg}Ćte ïomh`goewc `w{efee vwo} hnceome}g Ře ïo fthoefecg tgvrgf}ezg - ïo $Fthoefa rwdcefaŦeecht mgat}Ć rcav}efĆ$ Ře ïo $Fthoefa rwdcefaŦeecht mg oh}g$/

$Fthoefa fĆtŦee$ ow eofcwmg ce}gta}wtĆ ïonwv} mgrat}a`go}acĆ# fg Ŧeog mg tgncg`go}a-tga htmeoee eo}gtog a woge htnaoe{aŦee9 tg}erĆtete acg à}gteacgcht eov}twf}ezg9 jhe mg eojht-àŦeg }gloefĆ# rwdcefaŦee }gloefg mg rthmwfŦeg# fg vg tgjgtĆ ca wogcg rthfgvg }glohchnefg9eov}twfŦewoee fg rtgzĆm jhchvetga woht at}efhcg eomwv}teacg9 rwdcefaŦee `Ćtwo}g mg tgfca`ĆŘe eojhtàŦeg9 wogcg rwdcefaŦee mg ce}gta}wtĆ }gloefĆ vrgfeacĆ - v}aomatmg# rtgvfterŦee }gloe-fg# cev}g mg rtgŦwte fw a`Ćowo}wc Ře fw temefa}a ca wogcg at}efhcg# rthegf}g-}er mg fhov}twf-Ŧeg/

RwdcefaŦeecg fw wo zhcw` àe èf mg = raneoe ïo $Fthoefa fĆtŦee$ ow vwo} hnceome}g/ Aw}htgjgta}gcg mevgt}aŦeecht vwo} eofcwvg ca vjätŘe}wc $Fthoefee fĆtŦee$/ Ca mgvftegtga fwcgng-techt mg hrgtg at}ev}efg vg mg{zĆcweg fhoŦeow}wc# vg eomefĆ aw}htee Ře }tamwfĆ}htee cht/

$Fthoefa fĆtŦee$ gv}g ïovhŦe}Ć mg eomgfŘee aw|eceate mg ow`g Ře mg }e}cwte/$Fthoefa rwdcefaŦeecht mg oh}g$# fatg aratg mg mhwĆ hte rg ao ïo Ot : Ře 14# eo-

fcwmg rwdcefaŦee acg hrgtgcht meo jhcfchtwc `w{efac# rwdcefaŦee acg hrgtgcht mg `w{efĆ zhfacĆ# eov}tw`go}acĆ# fwcgngte è|}g mg hrgtg mg `w{efĆ zhfacĆ Ře eov}tw`go}acĆ# rwdce-faŦee mg hrgtg zhfacg ve`jhoefg Ře `w{efa mg vfgoĆ# hrgtg fh`rcg}g# rwdcefaŦee `g}hmefgfw oh}g ca mevferceogcg `w{efac-ev}htefg Ře }ghtg}efg# vhcjgnee Ře mef}Ćte# cwftĆte `w{efacg ïorwdcefaŦee mg `w{efhchneg Ře `g}hmefg `w{efacg# oh}g `w{efacg meo tgzev}g# fwcgngte ŘerwdcefaŦee rgtehmefg arĆtw}g ïo Tgrwdcefa @hcmhza/ Fthoefa gv}g ïovhŦe}Ć mg eomg|wcaw|eceat mg ow`g/

Ïo $Fthoefa rwdcefaŦeecht mg at}Ć rcav}efĆ$# aratg mg 4 hte rg ao ,Ot :# Ot 14%#vwo} mgvftevg rcafatmgcg# à}gteacgcg memaf}efg eo}we}ezg# rht}tg}gcg# tgrthmwfŦeecg# acdw`g-

cg# ecwv}ta}gcg rtg{go}a}g at}ev}ef/ Ïo fthoefĆ ow vwo} hnceome}g ; fĆtŦecg ecwv}ta}g ïo fatgrtgmhèoĆ }g|}wc9 fa}achang mg rthegf}g a mejgte}ht fhov}twfŦee# mgvgog }gloefg9 rthvrgf}gmg tgfca`Ć gme}a}g jĆtĆ rca}Ć mg htnaoe{aŦeecg fw mtgr} gme}hteac9 dwfcg}g Ře jhe zhcao}g fwfataf}gtg mg tgfca`Ć9 vgòg mg fat}g9 na{g}g mg rgtg}g9 fĆtŦe rhŘ}acg fw }e`dtw Ře chfrgo}tw amtgvĆ9 acdw`g mg `hmĆ9 jht`wcatg rgo}tw merch`g mg hohatg/

Fa tgnwcĆ# gmeŦeecg vg mgvftew ca }e}cw# ow`gcg ref}htwcwe vg eomefĆ ïo `goŦewoga mgtgvrhovadece}a}g/ TgrthmwfŦeecg# ntazwtecg Ře fwcgngtecg wowe ref}ht vg mgvftew ca ow`gcgcwe/ Ïo mgvftegtg gv}g eomefa}Ć `g}hma mg e`rteàtg/ RwdcefaŦeecg mg at}Ć rcav}efĆ vg vev}g-à}e{ga{Ć mwrĆ vflgà mg fcavejefatg a ntajefee e`rteà}g# gcadhta}Ć mg Fa`gta OaŦeh-oacĆ a FĆtŦee/

$Fthoefa at}efhcgcht mg tgzev}Ć$ ,cwoatĆ% eofcwmg vgcgf}ez eojhtàŦea mgvrtg at}e-fhcg# à}gteacg mhfw`go}atg# hrgtg at}ev}efg# rwdcefa}g ïo raneoecg tgzev}gcht# fwcgngtecht#rwdcefaŦeecht rgtehmefg fho}eowg gme}a}g mg Afamgèa mg ş}eeoŦg a @hcmhzge Ře eov}e}w}gchtge# htnaoe{aŦeecg# eov}e}wŦeecg vwrgtehatg mg eozĆŦĆ`äo}ïozĆŦĆ`äo}# dedceh}gfecg àte# `w-{gg/ VgcgfŦea at}efhcgcht vg gjgf}wga{Ć ïo da{a eov}twfŦewoee $ AcfĆ}wetga $Fthoefee at}efhcg-cht mg tgzev}Ć$ gcadhta}Ć mg Fa`gta OaŦehoacĆ a FĆtŦee/ Ca vjätŘe}wc jegfĆtwe ow`Ćt ac$Fthoefee at}efhcgcht mg tgzev}Ć$ vg aog|ga{Ć cev}a tgzev}gcht a fĆtht at}efhcg aw jhv} jeŘa}grgo}tw ow`Ćtwc ma} Ře eomg|wc mg ow`g/

$Fthoefa at}efhcgcht mg na{g}Ć$ ,cwoatĆ% eofcwmg vgcgf}ez eojhtàŦea mgvrtg at}e-fhcg# à}gteacg mhfw`go}atg# hrgtg ce}gtatg# à}gteacg rwdcefev}efg Ře mg fte}efĆ ce}gtatĆ#rwdcefa}g ïo raneoecg na{g}gcht tgrwdcefaog/

7/23/2019 BNM 2011-1


Dedcehntajea OaŦehoacĆ a @hcmhzge Oa}ehoac Dedcehntarlu hj @hcmhza

>

@a}gteacgcg hjefeacg Ře at}efhcgcg# rwdcefa}g ïo {eatgcg fg arat ratacgc ïo ce`decg th`ä-oĆ Ře twvĆ ,$Fare}aca$# $Fh`woev}wc$# $Fwtegtwc mg vgatĆ$# $Mtgr}wc$# $Zhfga rhrhtw-cwe$% vg mgvftew ïo ce`da th`äoĆ# eat vwtvgcg ïo ce`da twvĆ vg amawnĆ ca mgvftegtga ïo ce`-da th`äoĆ/ Hrgtgcg at}ev}efg vwo} mgvftevg vgrata}/

Fw vfhrwc mg a gzemgoŦea à}gteacgcg fhovafta}g gzgoe`go}gcht e`rht}ao}g meo zeaŦarhce}efĆ# gfhohèfĆ Ře fwc}wtacĆ a tgrwdcefee# gzgoe`go}gcht mg rg atgoa eo}gtoaŦehoacĆ#aoezgtvĆtecht woht ha`goe mg za{Ć# woht htnaoe{aŦee Ř/ a/ ïo famtwc vwdmeze{ewoecht rgta`wte vwo} eo}thmwvg twdtefe }g`rhtatg/

Ca vjätŘe}wc jegfĆtwe ow`Ćt ac $Fthoefee at}efhcgcht mg na{g}Ć$ vg aog|ga{Ć cev}a na{g-}gcht a fĆtht at}efhcg aw jhv} jeŘa}g ïo ow`Ćtwc tgvrgf}ez Ře eomg|wc aw|eceat mg ow`g/

Ïo $Fthoefa tgfgo{eecht$ ,aratg }te`gv}teac# ïo Ot 6# :# 5# 14% vwo} hnceome}g tg-fgo{eecg rwdcefa}g ïo {eatg Ře tgzev}g/ Mgvftegtga dedcehntajefĆ g acfĆ}we}Ć meo mhwĆ rĆtŦe ‖ ïo rteà rat}g vg mgvfteg cwftatga tgfgo{a}Ć# ïo a mhwa rat}g ‖ eojhtàŦee tgjgte}hatg catgfgo{eg/ MafĆ woa Ře afggaŘe cwftatg atg àe `wc}g tgfgo{ee# gcg vg mgvftew ïo htmeogacjadg}efĆ mwrĆ ow`gcg mg jaèceg ac tgfgo{goŦecht# eat mafĆ afgv}ga cervgvf - mwrĆ }e}cwtecgtgfgo{eecht/

Ïo jegfatg ow`Ćt ac $Fthoefee tgfgo{eecht$ gv}g eofcwv eomg|wc mg ow`g ac aw}htecht#tgmaf}htecht# }tamwfĆ}htecht# tgfgo{goŦecht/

Eomefgcg $@a}gteacg dedcehntajefg$ aratg h ma}Ć ïo }te`gv}tw ,ïo Ot 6# :# 5# 14% Řeeofcwmg ma}g mgvrtg à}gteacgcg dedcehntajefg arĆtw}g ïo tgrwdcefĆ/ Gc fwrteomg dedcehnta-jee jwo ma`go}acg# dedcehntajee rg vwdegf}g# gmeŦee dedcehntajefg rgtehmefg# cev}g dedcehntaje-fg# cev}g Ře }tgfgte ïo tgzev}Ć dedcehntajefg rwdcefa}g ïo fĆtŦe Ře tgzev}g# }tgfgte ïo tgzev}Ćev}htehntajefg/

Eomefgcg ow eofcwmg ; cev}g mg ce}gta}wtĆ fe}a}Ć meo fĆtŦe Ře at}efhcg# cev}g mg ce}gta}wtĆ fgow vg tgjgtĆ ca }gà cwftĆtee mgvftevg# cev}g mg ce}gta}wtĆ fw àe rwŦeo mg 12 }e}cwte# cev}g ïo

rthnta`g Ře cwftĆte `g}hmefg# ïo à}gteacg memaf}efg Ře ïo àowacg rgo}tw Řfhaca mg fwc-}wtĆ ngogtacĆ# ïo oh}gcg mg vwdvhc a fĆtŦecht/ Ïo vwdmeze{ewoe rg rte`wc chf vg ajcĆ cwftĆtecgdedcehntajefg jwoma`go}acg# cev}gcg mg ce}gta}wtĆ rwdcefa}g ïo fĆtŦe# tgzev}g fhovafta}g rgt-vhoace}ĆŦecht Ře hrgtgcht cht# arhe ‖ mgvrĆtŦe}g rteo vgòwc ,------%# wt`ga{Ć cev}gcg mgce}gta}wtĆ eomefa}Ć ca vjätŘe}wc fĆtŦecht Ře at}efhcgcht meo tgzev}g/

$Fthoefa Tgvwtvgcht gcgf}thoefg$ eoeŦea}Ć ïo eaowateg 4226# aratg aowac Ře eofcwmgeojhtàŦee mgvrtg FM-TH@-wte# mevflg}g# e`rteà}g rg vwrht} gcgf}thoef

Fthoefa gv}g ïovhŦe}Ć mg eomg|wc mg ow`g Ře mg }e}cwte/Ca vjätŘe}wc jegfĆtwe ow`Ćt ac $Dedcehntajege OaŦehoacg a @hcmhzge$ vg mĆ fwrteovwc

ïo ce`da th`äoĆ/ Fwrteovwc g acfĆ}we} fhojht` fh`rat}e`go}gcht mg da{Ć a vflg`ge mg

fcavejefatg jhchve}Ć ïo dedcehntajeg/Hreoeecg Ře vwngv}eecg vwo} deogzgoe}g rg amtgva ;

F A@GTA O AŤEHOACĄ A F ĄTŤEE MEO T GRWDCEFA @HCMHZA dc/ ş}gjao fgc @atg 1<2# @M-422=# FleŘeoĆw# @hcmhza

]gc/ ; 45 7> =:# 45 75 1: Ja| ; 45 7< :2gàec; dhhifla`dgt/`mBnàec/fh` EVDO/@hcmhzaBnàec/fh`

EVVO/@hcmhzaBnàec/fh` ~~~/dhhifla`dgt/`m

7/23/2019 BNM 2011-1


RtgjaŦĆ ≡ Rtgjafg

<

RTGJAFG

$Oa}ehoac Dedcehntarlu hj @hcmhza$ ‖ }lg eomg| hj fwttgo} oa}ehoac ded-cehntarlu vgtzgv }h cedtategv# eojhtà}eho vgtzefgv# aom rtgvv ~htigtv# tgvgatflgtv# }gafl-

gtv# v}wmgo}v# vrgfeacev}v aom h}lgt tgamgtv/ $Oa}ehoac Dedcehntarlu hj @hcmhza$ eo-fcwmgm; –Dhhi aooacv$# –@wvefac oh}gv aooacv$# –Jeog at}v rwdcefa}eho aooacv$# –@ana-{eog tgzeg~ aooacv$# –Og~vrargt tgzeg~ aooacv$ aom eomg| –]lg Dedcehntarlefac à}g-teacv hj Tgrwdcef hj @hcmhza$/

Rwdcefa}ehov eofcwmgm eo $Oa}ehoac Dedcehntarlu hj @hcmhza$# atg mgvftedgmaffhtmeon }h }lg twcgv hj }lg Eo}gtoa}ehoac V}aomatm Dedcehntarlef Mgvfter}eho ,EVDM%/ ]lg lgameon hj }lg dedcehntarlef tgfhtm ev rtgvgo}gm eo e}.v hteneoac jht` aom hteneoacvfter} eo favgv# ~lgo }lg vhj}~atg acch~v }h mh }lev/ @a}gteacv atg fcavvejegm affhtmeon }h}lg Woezgtvac Mgfeàc Fcavvejefa}eho ,WMF%/ Aooacv# av }lget }e}cgv eomefa}g# mejjgt eo }lgà}gteac fho}aeogm aom eo vh`g `g}lhmv hj }lget fh`receon/

Dhhi Aooacv ,ev evvwgm `ho}lcu% fhzgt dhhiv aom dhhicg}v# fho}eowgm aomrgtehmefac fhccgf}ehov# `wvefac rwdcefa}ehov ~e}l g|rcaoa}htu }g|} aom jeog aom eè}a}ezgat}v acdw`v evvwgm eo @hcmhza/

Dhhi Aooacv mh oh} rtgvgo} oatth~ mgrat}`go}ac à}gteac# tgrteo}v hj eo-v}twf}ehov# }gfloefac eojhtà}eho cgajcg}v# }gfloefac rwdcefa}ehov ho vgrata}g }gflohchne-fac rthfgvvgv hj rthmwf}eho# eojhtà}ezg amzgt}eveon rwdcefa}ehov# zatehwv g|lede}ehofa}achnwgv# rhv}gt-ceig g|lede}eho rthvrgf}eon rwdcefa}ehov# rthnta`v# vh`g rwdcefa-}ehov hj vrgfeac }gfloefac flataf}gt; v}aomatmv vrgfejefa}ehov# }gfloefac fhome}ehov# tg}aecaom ~lhcgvacg rtefg-cev}v# }urefac fhov}twf}eho rthkgf}v/ Eo Dhhi Aooacv# aw}lht.v ad-v}taf}v hj mevvgt}a}ehov atg tgnev}gtgm/ ]lgu atg eofcwmgm ~e}lhw} vgcgf}eho aom dgatfho}eowhwv Dhhi Aooacv ow`gta}eho/

@wvefac Oh}gv Aooacv ,evvwgm }~efg ho ugat% fhzgt dh}l oh}gv evvwgm eovgrata}g rwdcefa}ehov aom oh}gv rteo}gm eo dhhiv aom rgtehmefacv/ @wvefac oh}gv ~e}lfh``go}ategv aom h}lgt }g|}v atg rtgvgo}gm dh}l eo @wvefac Oh}gv Aooacv aom eo Dhhi Aooacv/

Jeog At}v Rwdcefa}eho Aooacv ,ev evvwgm }~efg ho ugat% fhzgt rhv}gtv# rht-}tae}v# tgrthmwf}ehov aom acdw`v# rhv}fatmv# rhv}fatm vg}v# ref}wtg dhhiv aom rgtehme-facv/ Amzgt}eveon rhv}gtv hj oatth~ mgrat}`go}ac flataf}gt aom tgnwca}eho hj zatehwvjgv}ezacv# aooezgtvategv aom h}lgt gzgo}v atg oh} tgnev}gtgm eo }lg Aooacv/ Rteo}v aomfhccgf}ehov hj ~htiv hj hog at}ev} atg mgvftedgm du at}ev}.v oa`g/ H}lgt atg tgca}gm }h}lget }e}cg/

@ana{eog At}efcg Aooacv ,ev evvwgm `ho}lcu% fhzgt at}efcgv# mhfw`go}atu à}gteacv aom ce}gtatu ~htiv rwdcevlgm eo àna{eogv aom rgtehmefac aom fho}eowgm fhc-cgf}ehov/

Gafl ow`dgt hj @ana{eog At}efcg Aooacv ev vwrrcegm ~e}l a cev} hj rwdcefa-}ehov ,àna{eogv# rgtehmefac aom fho}eowgm fhccgf}ehov% aom eomg|/

Og~vrargt At}efcg Aooacv ,ev evvwgm `ho}lcu% fhzgt at}efcgv# mhfw`go}atu à}gteacv aom ce}gtatu ~htiv rwdcevlgm eo og~vrargt/ Gafl ow`dgt ev vwrrcegm ~e}l acev} hj og~vrargt aom eomg|/

Tgzeg~ Aooacv ,evvwgm qwat}gtcu% fhzgt tgzeg~v ho dhhiv aom rgtehmefacvrwdcevlgm eo tgrwdcefao rtgvv/ E} fhovev}v jth` }~h rat}v; eo jetv} rat} ev mgvftedgm }lg

~hti# }lg vgfhom rat} lav eojhtà}eho adhw} tgzeg~v/ Ej }lg va`g ~hti lav àou tgzeg~v# }lgu atg acrladg}efaccu htnaoe{gm/ Tgzeg~ Aooacv ev evvwgm qwat}gtcu/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1


Fthoefa fĆtŦee Ot 1-4211 ≡ Dhhi aooacv Ot 1-4211

12

FTHOEFA FĄTŤEE

VG GME]GA[Ą MEO AOWC 157<

DHHI AOOACV

RWDCEVLGM JTH@ 157<

EAOWATEG

4211OT 1

,1-1<4%KAOWATU

2 NGOGTACE]ĄŤE

22 DA[GCG NGOGTACG ACG FWOHAş]GTEE şE FWC]WTEE

221 ş}eeoŦĆ Ře fwohaŘ}gtg ïo ngogtac

1/ Rthnta`wc

Famtwc > ac Fh`woe}ĆŦee Gwthrgog rgo}tw fgtfg}atga# mg{zhc}atga }gloh-chnefĆ Ře af}eze}ĆŦee mg`hov}ta}ezg ,422>-4216% 0 Vgzgo}l Jta`g~hti Rthnta``g ; Nlemwcarcefao}wcwe meo Tgr/ @hcmhza ( Afam/ mg ş}eeoŦg a @hcmhzge 9 fhhtm/ Gcgoa Vgzgteo/ ‖ Fl/ ; Ï/G/-R/ $ş}eeoŦa$# 4212 ,]erhnt/ $Gcgoa-ZE$ VTC%/ ‖ 77# Y1P r/ ; }ad/ 9 44 f`/

:22 g|/EVDO 5><-55>7-:>->6<->/Y4211->P/- - 1/ Fgtfg}atg Ř}eeoŦejefĆ ‖ Mg{zhc}atg/

221/<51

22= ş}eeoŦa Ře }glohchnea facfwca}hatgcht/ Rtgcwftatga ma}gcht

4/ Flefw# HcnaCe`dakwc L]@C ; Yrgo}tw w{wc v}wmgoŦechtP ( Hcna Flefw 9 Afam/ mg ]taovrht}wte# Eojhtà-

}efĆ Ře Fh`woefaŦee/ ‖ Fl/ ; Gztefa# 4211 ,]erhnt/ Aş@%/ ‖ 55# Y1P r/ ; jen/# }ad/ 9 42 f`/ ‖ ,Vgtea]ghteg GfhohèfĆ# @a}gà}efĆ Ře Eojhtà}efĆ%/

Dedcehnt/; r/ <6 ,5 }e}/%/ ‖ 172 g|/EVDO 5><-55>7-5=1-:7-7/Y4211-165P/- - 1/ Ce`dakwc L]@C/

22=/=6,2>7/<%

Rthfggmeonv hj }lg Fhojgtgofg $@a}gà}efv * Eojhtà}eho ]gflohchnegv; tgvgatfl aomgmwfa}eho$ ,@E]TG 422<-4225%/ ‖ Zg{e Ot <</

6/ Zemgh`hmgcatg avev}a}Ć mg facfwca}ht ; Mgvenowc rthegf}gcht atle}gf}wtacg ïo vev}g`wcntajef Amhdg¯ Rlh}hvlhr ; EomefaŦeg `g}hmefĆ ( aw}/; T/ Aomthoef# E/ OeŦĆ# @/ ]tafe Yg} ac/P 9fhhtm/; Z/ CwraŘfw 9 Woez/ ]glo/ a @hcmhzge# Jaf/ Wtdaoev` Ře Atle}gf}wtĆ# Fa}gmta $Atle}gf-}wta$/ ‖ Fl/ ; W]@# 4212/ ‖ 41 f`/

R}/ 1-a/ ‖ 4212/ ‖ =<# Y1P r/ ; jen/ ‖ Dedcehnt/; r/ =< ,< }e}/%/ ‖ 172 g|/ ‖ Y4211-7<P/- - 1/ NtajefĆ rg facfwca}ht/

22=/54,2>:/7%

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



14

24 DEDCEH]GFHOH@EG

</ Dedceh}gfa @woeferacĆ ‖ dedceh}gfĆ eohzao}Ć ( aw}/; Cemea Iwceihzvie# Cateva FäŘcatw#]a}eaoa FhŘgte Yg} ac/P 9 Dedc/ @woeferacĆ $D/ R/ Lavmgw$/ ‖ Fl/ ; $@anoa-Rteofgrv$ VTC# 4212/

‖ 167 r/ ; ec/# }ad/# jh}/ fhcht 9 44 | 47 f`/ ‖ ,Facga }a vrtg fwohaŘ}gtg%/Aw}/ vwo} eomefaŦe rg zv/ j/ mg }e}/ ‖ 122 g|/EVDO 5><-55>7-=164-=-=/Y4211-:>P/- - 1/ Dedceh}gfe `woeferacg/

24>/74

2>2 [eatev}efĆ/ RtgvĆ

5/ DhlaoŦhz# Acg|aomtwKwtoacev`wc mg }gcgze{ewog ; ,oh}g mg fwtv% ( Acg|aomtw DhlaoŦhz 9 Woez/ CedgtĆ Eo}gto/

meo @hcmhza# Jaf/ Cd/ V}tĆeog Ře ş}eeoŦg acg Fh`woefĆtee# Fa}gmta Kwtoacev` Ře Fh`woefatgRwdcefĆ/ ‖ Fl/ ; WCE@# 4212/ ‖ <2 r/ 9 42 f`/

Dedcehnt/; r/ :5->=# >>->5 ,115 }e}/%/ ‖ 72 g|/EVDO 5><-55>7-121-62-1 ,ïo fhr/ }atg%/Y4211-6P/- - 1/ Kwtoacev` ‖ ]gcgze{ewog/

2>2;:7=/15,2>7/<%

2< RHCENTAJEE/ CWFTĄTE FHCGF]EZG

12/ $Mg{zhc}atga fgtfg}Ćtee Ř}eeoŦejefg# rth`hzatga Ře fwc}ezatga ftga}eze}ĆŦee Ře aeohzĆtee ïo rthfgvwc eov}twetee afamgèfg$# fhoj/ Ř}/ ,4212 9 FleŘeoĆw%/ FhojgteoŦa Ř}eeoŦejefĆ$Mg{zhc}atga fgtfg}Ćtee Ř}eeoŦejefg# rth`hzatga Ře fwc}ezatga ftga}eze}ĆŦee Ře a eohzĆtee ïo rthfgvwceov}twetee afamgèfg$ mgmefa}Ć aoezgtvĆtee := mg ca jhomatga Woez/ mg V}a} meo @hcmhza ; ş}/tgacg Ře g|af}g ; Tg{/ fh`woefĆtecht# 7 àe 4212 ( fh`/ htn/ ; @elaec Tgzgofh# NlghtnlgAzhtoef# @atea Dwcnatw Yg} ac/P/ ‖ Fl/ ; FGR WV@# 4212/ ‖ 1=># Y1P r/ ; jen/# }ad/ 9 41 f`/

Ao}g}e}/; Woez/ mg V}a} meo @hcmhza/ ‖ ]g|}g; cd/ th`/# gonc/# twvĆ/ ‖ Dedcehnt/ ca vjätŘe}wcat}/ ‖ <2 g|/

EVDO 5><-55>7->1-215-2/Y4211-67P/- - 1/ $Mg{zhc}atga fgtfg}Ćtee Ř}eeoŦejefg# rth`hzatga Ře fwc}ezatga ftga}eze}ĆŦee Ře a eohzĆtee

ïo rthfgvwc eov}twetee afamgèfg$ ‖ FhojgteoŦĆ Ř}eeoŦejefĆ ,th`/# gonc/# twvĆ%/

2<4;Y6><)221/<51P,=><%0167/1011101:1/12<>/7 RwdcefaŦee rgo}tw }eogtee fe}e}hte

11/ Adgfgmatwc ftgŘ}eo-ht}hmh| ( fhc/ tgm/; R/ V/ Mhte`gmho} ,grevfhr%# RazgcDhtŘgzvfle ,rth}/%# Ceceaoa FtgŦw Yg} ac/P 9 fhovwc}ao} mg vrgfeace}a}g Gcgoa RtevĆfatw/ ‖ YGm/ a4-aP/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖ >1 r/ ; ec/ fhcht 9 47 f`/

47 222 g|/EVDO 5><-55>7-<2-651-7/Y4211-11P/- - 1/ Adgfgmatwc ftgŘ}eo-ht}hmh|/

2<>/7;4>

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



1=

Y4211-14P/- - 1/ @e}thrhcea Davatadege/

4>1/4,=><%

4< EVCA@

1>/ Fhtaowc ( }tam/ meo atadĆ; Veczgv}tw Hf}azeao Evhrgvfwc 9 fhr/; Ze}aceg Fhthdao/ ‖Gm/ a 11-a/ ‖ Fl/ ; Fat}egt# 4211 ,Fh`deoa}wc Rhcent/%/ ‖ 6>5 r/ 9 41 f`/ ‖ ,FhcgfŦea F,at}%egt (fhhtm/ mg Enht @hfaow%/

1<22 g|/EVDO 5><-55>7->5-::5-5 ,ïo fhr/ }atg%/Y4211-171P/- - 1/ Fhtao/

4<-4=

6 ş]EEOŤG VHFEACG

62 ]GHTEE# @G]HMHCHNEG şE @G]HMG ÏO ş]EEOŤGCG VHFEACG

626 @g}hmg acg Ř}eeoŦgcht vhfeacg

1</ Fhkhfatw# Oa}aceaFgtfg}atga face}a}ezĆ ; Fwtv woez/ ( Oa}acea Fhkhfatw 9 Woez/ mg V}a} meo @hcmhza# Jaf/

Rvelhchneg Ře ş}eeoŦg acg GmwfaŦege# Fa}gmta Rvelhchneg Arcefa}Ć/ ‖ Fl/ ; FGR WV@# 4212/ ‖1>6# Y1P r/ ; }ad/ 9 42 f`/

Dedcehnt/; r/ 166-16>/ ‖ 72 g|/EVDO 5><-55>7->1-272-6/

Y4211-166P/- - 1/ Fgtfg}atg ‖ @g}hmhchneg/626/=;61:/:,2>7/<%

15/ @entaoŦee `hcmhzgoe ïo JgmgtaŦea TwvĆ ïo fhomeŦeecg fte{ge jeoaofeatg nchdacg ; V}/vhfehchnef ( Woez/ mg V}a} meo @hcmhza# Jaf/ mg Vhfehchneg Ře Avev}goŦĆ VhfeacĆ# Fa}gmta Vhfe-hchneg 9 gflera mg e`rcg`go}atg/ @atea Dwcnatw# Hcgn Dwcnatw# At}eh` @aev}gt Yg} ac/P 9 fhhtm/;Meaoa Flgeaow-Aomtge/ ‖ Fl/ ; FGR WV@# 4212/ ‖ 175# Y1P r/ ; vflg`g# }ad/ 9 41 f`/

Dedcehnt/; r/ 17:-175 ,7> }e}/% Ře ïo oh}gcg mg vwdvhc/ ‖ 672 g|/EVDO 5><-55>7->1-274->/Y4211-16=P/

- - 1/ @entaŦewog ‖ V}wmew vhfehchnef/626/=;61=/>

42/ RgtfgrŦeecg rhrwcaŦege meo Tgrwdcefa @hcmhza rtezeom jgoh`gowc mevfteèoĆtee; v}/vhfehchnef ( JwomaŦea Vhthv @hcmhza 9 gcad/ mg Cwmèca @acfhfe/ ‖ Fl/ ; Fat}egt# 4211 ,]erhnt/$Dhov Hjjefgv$ VTC%/ ‖ 5: r/ ; meant/ fhcht# }ad/ 9 45 f`/

722 g|/EVDO 5><-55>7->5-:<1-1/Y4211-1<>P/- - 1/ Mevfteèoatg vhfeacĆ ‖ Tgrwdcefa @hcmhza ‖ V}wmew vhfehchnef/

626/=;646/1,=><%

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



1:

64> TgcaŦee eo}gtoaŦehoacg/ Rhce}efĆ eo}gtoaŦehoacĆ/ Rhce}efĆ g|}gtoĆ

V}wmee Eo}gtoaŦehoacg/ Ze{ewoe meo @hcmhza/ ‖ Zg{e Ot 47/

64>,=><% Rhce}efĆ g|}gtoĆ a Tgrwdcefee @hcmhza

47/ V}wmee Eo}gtoaŦehoacg/ Ze{ewoe meo @hcmhza 0 Eo}gtoa}ehoac v}wmegv/ Zeg~v jth` @hc-mhza ; Rwdc/ rgtehmefĆ Ř}/-`g}hmefĆ ; Yïo zhc/P ( Woez/ mg V}a} meo @hcmhza# Fgo}twc mg EojhtàtgŘe Mhfw`go}atg Rtezeom OA]H 9 fhc/ tgm/ ; Z/ ]ghva ,tgm/-Řgj%# G/ Fehdw# F/ GŘaow Yg} ac/P/ ‖Fl/ ; FGR WV@# 422>/ ‖ 47 f`/ ‖ EVVO 1<7>-166:/ ‖ EVDO 5><-55>7->2-211-7

Zhc/ = ; Ot 6# 422>/ ‖ 422>/ ‖ 477 r/ ‖ ]e}/ ratac/; cd/ th`/# gonc/ ‖ ]g|}g; cd/ th`/# gonc/#twvĆ/ ‖ Tg{/; cd/ th`/# gonc/ ‖ Dedcehnt/ ca vjätŘe}wc Ře ïo oh}gcg mg vwdvhc/ ‖ Aratg fw vrtekeowcjeoaofeat ac Fgo}twcwe mg Eojhtàtg Ře Mhfw`go}atg rtezeom OA]H meo @hcmhza/ ‖ 422 g|/ ‖EVDO 5><-55>7->2-747->/ ‖ Y4211-1=:P/

- - 1/ TgcaŦee eo}gtoaŦehoacg ‖ Tgrwdcefa @hcmhza ‖ Woewoga GwthrgaoĆ ‖ AceaoŦa Ohtm-

A}cao}efĆ ,OA]H% ,th`/# gonc/# twvĆ%/ 64>,=><)=%)64>/7,2<4%0167/1011101:1/1

4:/ Zhc/ > ; Ot 4-6# 422</ ‖ 4225/ ‖ 457 r/ ; }ad/ ‖ ]e}/ ratac/; cd/ th`/# gonc/ ‖ ]g|}g; cd/th`/# gonc/# twvĆ/ ‖ Tg{/; cd/ th`/# gonc/ ‖ Dedcehnt/ ca vjätŘe}wc at}/ Ře ïo oh}gcg mg vwdvhc/ ‖ 422g|/ ‖ EVDO 5><-55>7->2-214-4 ,gthoa}%/ ‖ Y4211-1=>P/

- - 1/ TgcaŦee eo}gtoaŦehoacg ‖ Tgrwdcefa @hcmhza ‖ Woewoga GwthrgaoĆ ,th`/# gonc/# tw-vĆ%/

64>,=><)=%,2<4%0167/1011101:1/1

64< Ratca`go}g/ Tgrtg{go}atga rhrhtwcwe/ Nwzgtog

4>/ Nlemwc mgrw}a}wcwe ïo Ratca`go}wc Tgrwdcefee @hcmhza ( Ratca`go}wc Tgr/ @hcmh-za/ ‖ Fl/ ; V/ o/# 4211 ,]erhnt/ $Dhov Hjjefgv$ VTC%/ ‖ <2# Y1P r/ ; ec/ fhcht# }ad/ 9 46 f`/Aratg fw vrtekeowc jeoaofeat ac @eo/ Ajafgtecht G|}gtog ac Maogàtfge ,MAOEMA%# ac Ango-

Ŧege Vwgmg{g rgo}tw Mg{zhc}atg Eo}gto/ ,VEMA%# fhjeoaoŦa} mg Rthnt/ OaŦewoecht rgo}tw Mg{zhc}a-tg ,ROWM%/

Y4211-157P/- - 1/ Ratca`go}g ‖ Tgrwdcefa @hcmhza ‖ Nlemwte/

64<,=><%

66 GFHOH@EG/ ş]EEOŤG GFHOH@EFG

4</

Ve`rh{ehowc eo}gtoaŦehoac ac }eogtecht fgtfg}Ć}hte ,< 9 4212 9 FleŘeoĆw%/ Ve`rh-{ehowc eo}gtoaŦehoac ac }eogtecht fgtfg}Ć}hte# Gm/ a <-a# ,4<-45 art/% ( fhc/ tgm/; Fhtogcew NwŦw#Gwngoew NïtcĆ# Gwngoea JgwtaŘ Yg} ac/P 9 fh`/ htn/; TadhŘarfa Eteoa# Th}atw Hcgvga# OafwZehtefa Yg} ac/P/ ‖ Fl/ ; Gm/ AVG@# 4212/ ‖ =75# Y1P r/ ; jen/# }ad/ 9 4< f`/

Ao}g}e}/; Afam/ mg V}wmee Gfho/ meo Tgr/ @hcmhza/ ‖ ]g|}g; cd/ th`/# gonc/# twvĆ/ ‖ Tg{/;cd/ gonc/ ‖ Dedcehnt/ ca vjätŘe}wc at}/ Ře ïo oh}gcg mg vwdvhc/ ‖ 62 g|/

EVDO 5><-55>7->7-7=6-:/Y4211-147P/- - 1/ Ve`rh{ehowc eo}gtoaŦehoac ac }eogtecht fgtfg}Ć}hte ,th`/# gonc/# twvĆ%/

66;221/<51,2<4%0167/1011101:1/1

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



15

Dedcehnt/; r/ >1->4/ ‖ Aratg fw vrtekeowc jeoaofeat ac Jhomwcwe Eo}gto/ rgo}tw Mg{zhc}atgaAntefwc}wtee/ ‖ 722 g|/

EVDO 5><-55>7-=2<5-4-5/Y4211->5P/

- - 1/ Gfhohèa Tgrwdcefee @hcmhza ‖ Tgè}goŦg/ 66<,=><%

6</ $Rtgèvgcg mg{zhc}Ćtee gfhohège oaŦehoacg ïo fho}g|}wc fte{ge gfhohèfg$#fhoj/ Ř}/-rtaf}efĆ eo}gto/ ,4212 9 DĆcŦe%/ Rtgèvgcg mg{zhc}Ćtee gfhohège oaŦehoacg ïo fho}g|-}wc fte{ge gfhohèfg ; @a}gteacgcg Fhoj/ ş}/-Rtaf}efg Eo}gto/# 4<-45 àe 4212 ( fhc/ tgm/; CghoemDadee# Aca ]twvgzefe# Aomtge Dacïovflee Yg} ac/P/ ‖ DĆcŦe ; Rtgva woez/ dĆcŦgaoĆ# 4212 ,]erhnt/Woez/ mg V}a} $Acgfw Twvvh$ meo DĆcŦe%/ ‖ 45># Y1P r/ ; jen/# }ad/ 9 45 f`/

Ao}g}e}/; Woez/ mg V}a} $Acgfw Twvvh$ meo DĆcŦe/ ‖ ]g|}g; cd/ th`/# gonc/# twvĆ/ ‖ Dedcehnt/ cavjätŘe}wc at}/ ‖ 122 g|/

EVDO 5><-55>7-72-244->/

Y4211-1:=P/- - 1/ $Rtgèvgcg mg{zhc}Ćtee gfhohège oaŦehoacg ïo fho}g|}wc fte{ge gfhohèfg$ ‖ Fhojg-

teoŦĆ Ř}eeoŦejefĆ-rtaf}efĆ ,th`/# gonc/# twvĆ%/66<,=><%,2<4%0167/1011101:1/1

65/ Ипесмл# ГмчвмйНдв нзсшфмйзфмш тщапюащч тзэптг д Гпйнпдз; гцфвъмм м пьмблм ; ,Сф/ м пюзтлм%

( Ипесмл Гмчвмй/ ‖ Л/ ; Fh`rcg|wc Gm/ EGJV# 4212/ ‖ 16< r/ 9 41 f`/622 g|/EVDO 5><-55>7-=1>:-2-2/Y4211-<>P/- - 1/ Tgjht`g gfhohèfg ‖ Tgrwdcefa @hcmhza ,twvĆ%/

66<,=><%

66</=< ]wtev`/ Gfhohèa }wtev`wcwe

=2/ NwŦwŦwe# ZgafgvcazOevrhtgoe ; mgv}eoaŦeg }wtev}efĆ 0 }hwtev} mgv}eoa}eho ; nlem }wtev}ef ( Zgafgvcaz NwŦwŦwe# Ze-

htgc @etho 9 ntwrwc mg fhovwc}aoŦe; Eho @wo}gaow# @ateoa @etho# Fhtogcea Fe`det Yg} ac/P 9 jh}h;Zgafgvcaz NwŦwŦwe# Zehtgc @etho# Mwè}tw @e}e}gcw/ ‖ Fl/ ; $Ew}av}ao$ VTC# 4212/ ‖ >4 r/ ; Xl/#jh}/ fhcht 9 46 f`/

Aw}/ vwo} eomefaŦe rg zv/ j/ mg }e}/ ‖ ]e}/# }g|} ratac/; cd/ th`/# gonc/ ‖ Dedcehnt/; r/ >4 ,14

}e}/%/ ‖ Aratg fw vrtekeowc jeoaofeat ac Woewoee Gwthrgog/ ‖ 1222 g|/EVDO 5><-55>7-=2:2-2-2/Y4211-=>P/- - 1/ Oevrhtgoe ‖ Tgrwdcefa @hcmhza ‖ ]wtev` ,th`/# gonc/%/ 4/ ]wtev` ‖ Oevrhtgoe ‖ Tg-

rwdcefa @hcmhza ,th`/# gonc/%/66</=<,=><%0167/10111

665 Fh`gtŦ/ TgcaŦee gfhohèfg eo}gtoaŦehoacg/ Gfhohèg `homeacĆ

665/> JeoaoŦg eo}gtoaŦehoacg

=1/ $Thcwc eozgv}eŦeecht ïo mg{zhc}atga mwtadecĆ a gfhohège oaŦehoacg ïo fho}g|}wc

eo}gntĆtee gwthrgog$# fhoj/ Ř}/ eo}gto/ ,4212 9 FleŘeoĆw%/ FhojgteoŦa Ř}eeoŦejefĆ eo}gtoaŦehoacĆ

7/23/2019 BNM 2011-1



42

$Thcwc eozgv}eŦeecht ïo mg{zhc}atga mwtadecĆ a gfhohège oaŦehoacg ïo fho}g|}wc eo}gntĆtee gwthrg-og$# 45-62 hf}/ 4212 ( fhc/ tgm/; Lïofw Thmefa# Nw`hzvfle Aoa# Dwow @ateaoa Yg} ac/P 9 fhove-cewc Ř}/; Lïofw Thmefa ,rtgŘgmeo}g%# Dwlhfew Jchteo# ş}gjĆogvfw TĆ{zao Yg} ac/P/ ‖ Fl/ ; AVG@#4212/ ‖ 4:5 r/ ; jen/# jh}/ fhcht# }ad/ 9 47 f`/

Ao}g}e}/; Afam/ mg V}wmee Gfho/ meo @hcmhza# Fa}gmta $Eozgv}eŦee Ře RegŦg mg Fare}ac$/ ‖]g|}g; cd/ th`/# gonc/# twvĆ/ ‖ Tg{/; cd/ gonc/ ‖ Dedcehnt/ ca vjätŘe}wc at}/ Ře ïo oh}gcg mg vwdvhc/ ‖122 g|/

EVDO 5><-55>7->7-7=4-5/Y4211-146P/- - 1/ $Thcwc eozgv}eŦeecht ïo mg{zhc}atga mwtadecĆ a gfhohège oaŦehoacg ïo fho}g|}wc eo}g-

ntĆtee gwthrgog$ ‖ FhojgteoŦĆ Ř}eeoŦejefĆ eo}gtoaŦehoacĆ ,th`/# gonc/# twvĆ%/665/>4>/44;66<,=><%,2<4%0167/1011101:1/1

665/5 Gfhohèg eo}gtoaŦehoacĆ ïo ngogtac/ TgcaŦee gfhohèfg eo}gtoaŦehoacg/ Gfhohèg

`homeacĆ =4/ Eo}gntatga Ře fhhrgtatga gfhohèfĆ tgnehoacĆ ; Y`hohntajegP ( D/ Flev}twna# @/Revaoewf# H/ Vïtdw Yg} ac/P 9 Dhtev Flev}twna ,fhhtm/% 9 Afam/ mg ş}eeoŦg a @hcmhzge# Afam/ mgV}wmee Gfho/ meo @hcmhza/ ‖ Fl/ ; AVG@# 4212/ ‖ 662# Y1P r/ ; jen/# }ad/ 9 42 f`/

Dedcehnt/; r/ 641-662 ,176 }e}/% Ře ca vjätŘe}wc far/ ‖ =2 g|/EVDO 5><-55>7->7-7=7-2/Y4211-141P/- - 1/ Eo}gntatg gfhohèfĆ eo}gtoaŦehoacĆ/

665/544

=6/ Tgrgtg v}ta}gnefg acg rtgnĆ}etee Tgrwdcefee @hcmhza rgo}tw amgtatga ca WoewogaGwthrgaoĆ ; Y`hohntajegP ( Oarhcgho Rhr ,fhhtm/%# Zacgtew Ehao-Jtaof# Gèc Meona Yg} ac/P/ ‖Fl/ ; AVG@# 4212/ ‖ 17= r/ ; jen/ 9 4= f`/

Dedcehnt/; r/ 1=2-1=5 ,1>4 }e}/%/ ‖ Ïo tgm/ aw}/ ‖ 72 g|/EVDO 5><-55>7->7-7=2-7/Y4211-144P/- - 1/ Woewoga GwthrgaoĆ ‖ Amgtatg ‖ Tgrwdcefa @hcmhza/

665/54=

6= MTGR]/ KWTEVRTWMGOŤĄ ==/ Hdtgka# OefhcagAfqwåtet wog fwc}wtg kwtemeqwg ; ,Mhfw`go}v/ Tgovgenog`go}v/ V}a}ev}eqwgv% ( Oefhcag

Hdtgka 9 Afam/ $ş}gjao fgc @atg$# Fa}gmta Cd/ @hmgtog/ ‖ Fl/ ; $Afam/ ş}gjao fgc @atg$ a@AE# 4212/ ‖ 121 r/ ; }ad/ 9 42 f`/

Dedcehnt/; r/ 121 ,14 }e}/%/ ‖ <2 g|/EVDO 5><-55>7-567-=>-2/Y4211-<7P/- - 1/ Fwc}wta kwtemefĆ ,jt/%/

6=;<11/166/1,2>:/7%

6=2 Mtgr} ïo ngogtac/ Rthrgmgw}efĆ/ @g}hmgcg mtgr}wcwe Ře Ř}eeoŦgcg aw|eceatg

=7/ Тзимнв# Д/ Б/

7/23/2019 BNM 2011-1



41

Мсфптмш жпсцнвтсфдв м итвдв сйвдша ; Цюзб/ ипспбмз ( Д/ Б/ Тзимнв 9 тзн/-мон/ сп-дзф; Бвбзалп П/ В/# Гйзюлп Ф/ И/# Лвфва И/ М/ Yм нт/P 9 Сйвдша/ ца-ф ТГ/ ‖ Л/ ; $Zaceog|$VTC# 4211/ ‖ 1<4# Y1P r/ 9 45 f`/

Ïo tgm/ aw}/ ‖ Dedcehnt/ ca vjätŘe}wc }g`gcht/ ‖ 122 g|/

EVDO 5><-55>7-:<-1:2-7/Y4211-126P/- - 1/ V}a}wc Ře mtgr}wc ‖ Vcaze ‖ Ev}hteg ,twvĆ%/ 4/ Vcaze ‖ V}a} Ře mtgr}/

6=2/14,01:%,2>7/<%

6=1 Mtgr} eo}gtoaŦehoac

=:/ FhozgoŦea rtezeom mtgr}wtecg fhrecwcwe rg ïoŦgcgvwc }w}wtht ( Fgo}twc mg Eojhtàtg ŘeMhfw`go}atg rtezeom Mtgr}wtecg Fhrecwcwe meo @hcmhza FEMMF 9 }g|}; Maoegca Rca}ho# Ehvej @hcmhzaow 9 fhhtm/; Fg{at Naztecewf 9 mgv/; Zef}htea Cwonw# Thdgt} Feofewf/ ‖ YFl/P ; FEMMF ;$Wtà ]a$ VTC# 4212 ,]erhnt/ $Daza}-Rteo}$ VTC%/ ‖ 61# Y1P r/ mg/ fhcht 9 41 f`/

Aratg fw vrtekeowc jeoaofeat ac Htn/ Vwgmg{g $VaczaŦe Fhreee$# Nwzgtowcwe V}a}gcht Woe}gacg A`gtefee Řwe Tgrtg{go}aoŦa WOEFGV ïo @hcmhza/ ‖ 12 222 g|/Y4211-66P/- - 1/ FhozgoŦea rtezeom mtgr}wtecg fhrecwcwe/ 4/ Fhree ‖ Mtgr}wte/

6=1/461/1=-276/4

6=4 Mtgr} rwdcef/ Mtgr} fhov}e}wŦehoac/ Mtgr} amèoev}ta}ez

Ao}hoeoa Cwfeovfle/ ‖ Zg{e Ot 16/

=>/ Fhmwc fho}tazgoŦehoac ac Tgrwdcefee @hcmhza ; fw wc}e`gcg `hmejefĆte Ře fh`rc/ ; @Hot/ 151-156(:6= meo 21/12/4212/ ‖ Fl/ ; $Cazeca} Eojh$ VTC# 4211 ,]erhnt/ $Ze}g-Kgvf$ VTC%/ ‖12< r/ 9 42 f`/

622 g|/EVDO 5><-55>7-=171-=-5/Y4211-1>1P/- - 1/ Fhmwc fho}tazgoŦehoac ac Tgrwdcefee @hcmhza/

6=4/54,=><%,25=/=%

6=4/7,=><% Rw}gtga mg v}a}# vev}g`g Ře jwofŦee acg htnaogcht mg v}a} acg Tgrwdcefee @hc-

mhza

=</ Dhtmge# CeceaRteofereecg mg`hftaŦege rcwtacev}g ïo af}eze}a}ga ratca`go}atĆ ( Cecea Dhtmge/ ‖ Fl/ ; WCE@#

4212/ ‖ 165 r/ ; }ad/ 9 41 f`/Dedcehnt/; r/ 166-16< ,165 }e}/% Ře ïo oh}gcg mg vwdvhc/ ‖ 122 g|/EVDO 5><-55>7-121-=7-7/Y4211-54P/- - 1/ Mg`hftaŦeg rcwtacev}Ć/ 4/ Ratca`go}g/

6=4/76,=><%;641/>4

6=6 Mtgr} rgoac/ RthfgmwtĆ rgoacĆ/ Fteèohchneg/ Fteèoacev}efĆ

=5/ Av}talao# Ceceaoa

7/23/2019 BNM 2011-1



44

Fg }tgdweg vĆ fwohavfĆ dgogjefeatwc èoht ac rthdaŦewoee 8 ( Ceceaoa Av}talao# Vgtnew Fe-htdĆ# Ze}aceg Rhra 9 fhhtm/; Vhteo Laonaow# Zcameèt Rhra 9 Hjefewc fgo}tac mg rthdaŦewog rgcïonĆ Mgr/ Eov}e}wŦeecg Rgoe}gofeatg/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖ == r/ ; }ad/ ; 12 | 17f`/

Aw}/ vwo} eomefaŦe rg fhr/ ‖ Aratg fw vrtekeowc jeoaofeat ac AngoŦege Vwgmg{g rgo}tw Mg{-zhc}atg Eo}gto/ ,VEMA%/ ‖ 1222 g|/EVDO 5><-55>7-<2-=12-6 ,gthoa}%/Y4211-62P/- - 1/ RthdaŦewog/

6=6/1=-276/7

72/ Fhmwc mg rthfgmwtĆ rgoacĆ ac Tgrwdcefee @hcmhza ; fw wc}e`gcg `hmejefĆte Ře fh`rc/; @H ot/ 177-17<(771 meo 26/25/4212/ ‖ Fl/ ; $Cazeca}-Eojh$ VTC# 4211 ,]erhnt/ $Ze}g-Kgvf$VTC%/ ‖ 1>5 r/ 9 42 f`/

622 g|/

EVDO 5><-55>7-=171->-2/Y4211-1>=P/- - 1/ Fhmwc mg rthfgmwtĆ rgoacĆ ac Tgrwdcefee @hcmhza/

6=6/16,=><%,25=/=%

71/ Fhmwc rgoac ac Tgrwdcefee @hcmhza ; fw wc}e`gcg `hmejefĆte Ře fh`rc/ ; @H ot/ 151-156(:6= meo 21/12/4212/ ‖ Fl/ ; $Cazeca}-Eojh$ VTC# 4211 ,]erhnt/ $Ze}g-Kgvf$ VTC%/ ‖ 114 r/ 942 f`/

622 g|/EVDO 5><-55>7-=171-:-6/Y4211-1>6P/- - 1/ Fhmwc rgoac ac Tgrwdcefee @hcmhza/

6=6,=><%,25=/=%

74/ Fhmwc rgoac ac Tgrwdcefee @hcmhza ; Ïo fhojhtè}a}g fw wc}e`gcg `hmejefĆte Ře fh`rc/meo @hoe}htwc Hjefeac ac Tgr/ @hcmhza/ ‖ YGm/ a 4-aP/ ‖ Fl/ ; $Rtan-6$ VTC# 4211/ ‖ 1>2# Y4P r/ 942 f`/ ‖ ,Ohw%/

1722 g|/EVDO 5><-55>7->>-171-1/Y4211-<6P/- - 1/ Fhmwc rgoac ac Tgrwdcefee @hcmhza/

6=6,=><%,25=/=%

76/ Mhcga# Enht Fh`go}atew ca Cgnga fw rtezetg ca rthdaŦewog ( Enht Mhcga# Thào Ezaohz# Zcameèt Rhra

9 tgvr/ gm/; Zcameèt Rhra 9 fhhtm/; Vhteo Laonaow# Zcameèt Rhra 9 Hjefewc fgo}tac mg rthdaŦe-wog rg cäonĆ Mgr/ Eov}e}wŦeecg Rgoe}gofeatg/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖ <2 r/ ; }ad/ 94= f`/

Aw}/ rg fhr/ ow vwo} eomefaŦe/ ‖ Aratg fw vrtekeowc jeoaofeat ac AngoŦege Vwgmg{g rgo}twMg{zhc}atg Eo}gto/ ,VEMA%/ ‖ 422 g|/

EVDO 5><-55>7-<2-=12-6/Y4211-44P/

- - 1/ Cgnga fw rtezetg ca rthdaŦewog ‖ Fh`go}atew/ 6=6/1=,2/2>4%

7/23/2019 BNM 2011-1



46

7=/ E`rcg`go}atga rthdaŦewoee ïo rtezeoŦa fhreecht ïo fhojcef} fw cgnga ïo Tgrwdcefa@hcmhza ; Tarht} mg `hoe}hte{atg tgace{a} ïo famtwc rthegf}wcwe $Tgjhtà vev}g`wcwe mg kwv}eŦeg kwzgoecĆ ïo Tgr/ @hcmhza$ ( aw}/; Zef}ht [alatea# Enht Mhcga# Hcgn ]thfeo Yg} ac/P 9 tgvr/ mg gm/;Ze}aceg Rhra 9 fhhtm/; Vhteo Laonaow 9 @eo/ Kwv}eŦege ac Tgr/ @hcmhza# Hjefewc fgo}tac mg rthda-

Ŧewog rg cäonĆ Mgr/ Eov}e}wŦeecg Rgoe}gofeatg/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖ 74 r/ ; jen/ 94= f`/Aw}/ vwo} eomefa} rg zv/ j/ mg }e}/ ‖ Aratg fw vrtekeowc jeoaofeat ac AngoŦege Vwgmg{g rgo-

}tw Mg{zhc}atg Eo}gto/ ,VEMA%/ ‖ 122 g|/EVDO 5><-55>7-<2-=1:-7 ,dthŘa}Ć%/Y4211-1>P/- - 1/ RthdaŦewog ‖ @eohte/ 4/ Fhree ‖ Kwv}eŦeg kwzgoecĆ/

6=6/1=-276/7

77/ Vzaoem{g# Gtei Fh`da}gtga tgcgcht }ta}a`go}g Ře a e`rwoe}ĆŦee ; Mtgr}wtecg mgŦeowŦecht Ře hdcenaŦeecg jwofŦe-

hoatecht htnaogcht mg mtgr}; 11 ïo}tgdĆte Ře tĆvrwovwte ( Gtei Vzaoem{g 9 }tam/ mg; Ncazao Gcgoa9 Metgf}hta}wc Ngo/ rgo}tw Mtgr}wtecg H`wcwe Ře Ajafgte Kwtemefg# Fhovecewc Gwthrge/ ‖ YFl/ ; V/o/# 4212 ,]erhnt/ $Dhov Hjjefgv$ VTC%P/ ‖ 4< r/ 9 17 | 41 f`/

Dedcehnt/; r/ 4:-4< Ře ïo oh}gcg mg vwdvhc/Y4211-15=P/- - 1/ Mtgr}wc ca arĆtatg ‖ MgŦeowŦe/

6=6/161/7

7:/ ]thfeo# HcgnNlemwc fhovecegtwcwe mg rthdaŦewog vrgfeace{a} ïo cwftwc fw èohtee ( Hcgn ]thfeo# Ehvej

Fva}chv-Meà# Ze}aceg Rhra 9 fhhtm/; Vhteo Laonaow# Zcameèt Rhra 9 Hjefewc fgo}tac mg rthda-Ŧewog rg cäonĆ Mgr/ Eov}/ Rgoe}gofeatg/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖ 16< r/ ; }ad/ 9 4=f`/

Aratg fw vrtekeowc jeoaofeat ac AngoŦege Vwgmg{g rgo}tw Mg{zhc}atg Eo}gto/ ,VEMA%/ ‖ 622g|/

EVDO 5><-55>7-<2-=25->/Y4211-41P/- - 1/ RthdaŦewog ‖ @eohte/ 4/ @eohte ‖ RthdaŦewog/

6=6/1=-276/7

7>/ [alatea# Zef}ht Nlem mg e`rcefatg fh`woe}atĆ ïo af}eze}a}ga mg rthdaŦewog ïo rtezeoŦa èohtecht ( Zef}ht

[alatea# Oefhcag LatfhoeŦĆ# Zcameèt Rhra 9 tgvr/ gm/; Zcameèt Rhra 9 fhhtm/; Vhteo Laonaow#Zcameèt Rhra 9 Hjefewc fgo}tac mg rthdaŦewog rg cäonĆ Mgr/ Eov}e}wŦeecht Rgoe}gofeatg/ ‖ Fl/ ;$Dhov Hjjefgv$ VTC# 4225/ ‖ :> r/ ; }ad/ 9 4= f`/

Dedcehnt/; r/ :7-:> ,== }e}/% Ře ïo oh}gcg mg vwdvhc/ ‖ Aratg fw vrtekeowc jeoaofeat acAngoŦege Vwgmg{g rgo}tw Mg{zhc}atg Eo}gto/ ,VEMA%/ ‖ 622 g|/

EVDO 5><-55>7-<2-4:5->/Y4211-42P/- - 1/ RthdaŦewog ‖ @eohte/ 4/ @eohte ‖ RthdaŦewog/

6=6/1=-276/7

7</

[àt{cei# Khcao}a

7/23/2019 BNM 2011-1



4=

Fhrecwc `gw za mgrwog `Ćt}wtee ïo kwmgfa}Ć ; EojhtàŦee Ře vja}wte rgo}tw rĆteoŦe# }w}hte Řeac}g rgtvhaog fatg ïovhŦgvf fhreee fg mgrwo `Ćt}wtee ïo kwmgfa}Ć ( aw}/; Khcao}a [àt{cei 9amar}/ ïo @hcmhza; Maoegca Vï`dh}gaow# Thmefa FhtgŦfle-@hfaow# ]a}eaoa Fa}aoĆ 9 Fgo}twcOaŦ/ mg Rtgzgoetg a Adw{wcwe jaŦĆ mg Fhree ,FORAF%# @eo/ Kwv}eŦege Ře Rthfwta}wta Ngo/ ‖ Fl/ ;

$Wtà ]a$ RR VTC# 4212 ,]erhnt/ $Dhov Hjjefgv$ VTC%/ ‖ 1: r/ 9 41 f`/Aratg fw vrtekeowc jeoaofeat ac JwomaŦege HAI Ře JwomaŦege $Ohdhmu.v Flecmtgo$/Y4211-152P/- - 1/ @Ćt}wtee ïo kwmgfa}Ć ‖ Fhree/

6=6/1=-276/4

6=> Mtgr} fezec

75/ Fhmwc fezec ac Tgrwdcefee @hcmhza ; fw wc}e`gcg `hmejefĆte Ře fh`rc/ ; @H ot/ 15>-422(:7: meo 61/14/4225/ ‖ Fl/ ; $Cazeca}-Eojh$ VTC# 4211 ,]erhnt/ $Ze}g-Kgvf$ VTC%/ ‖ 44= r/ 942 f`/

622 g|/EVDO 5><-55>7-=171-<->/Y4211-1>7P/- - 1/ Fhmwc fezec ac Tgrwdcefee @hcmhza/

6=>,=><%,25=/=%

6=>/5 RthfgmwtĆ kwmefeatĆ/ Htnaoe{atg Ře rgtvhoac kwmefeat

:2/ Fhmwc mg g|gfw}atg ac Tgrwdcefee @hcmhza ; Ïo fhojhtè}a}g fw wc}e`gcg `hmejefĆteŘe fh`rc/ meo @hoe}htwc Hjefeac ac Tgr/ @hcmhza/ ‖ YGm/ a 4-aP/ ‖ Fl/ ; $Rtan-6$ VTC# 4211/ ‖165 r/ ; }ad/ 9 42 f`/ ‖ ,Ohw%/

1222 g|/EVDO 5><-55>7->>-177-5/Y4211-<4P/- - 1/ Fhmwc mg g|gfw}atg ac Tgrwdcefa @hcmhza/

6=>/51(/5>,=><%,25=/=%

:1/ Fhmwc mg rthfgmwta fezecĆ ac Tgrwdcefee @hcmhza ; fw wc}e`gcg `hmejefĆte Ře fh`rc/ ;@H ot/ 177-17<(771 meo 26/25/4212/ ‖ Fl/ ; $Cazeca}-Eojh$ VTC# 4211 ,]erhnt/ $Ze}g-Kgvf$VTC%/ ‖ 12: r/ 9 42 f`/

622 g|/EVDO 5><-55>7-=171-5-=/Y4211-1>:P/- - 1/ Fhmwc mg rthfgmwta fezecĆ ac Tgrwdcefee @hcmhza/

6=>/51(/57,=><%,25=/=%

6=5 Ta`wte vrgfeacg acg mtgr}wcwe

6=5/4 Mtgr}wc `wofee

:4/ Fhmwc `wofee ac Tgrwdcefee @hcmhza ; fw wc}e`gcg `hmejefĆte Ře fh`rc/ ; @H ot/ 1:2-1:4(7<: meo 2>/25/4212/ ‖ Fl/ ; $Cazeca}-Eojh$ VTC# 4211 ,]erhnt/ $Ze}g-Kgvf$ VTC%/ ‖ << r/ 942 f`/

622 g|/

EVDO 5><-55>7-=171-7-:/Y4211-1>4P/

7/23/2019 BNM 2011-1



47

- - 1/ Fhmwc `wofee ac Tgrwdcefee @hcmhza/6=5/4,=><%,25=/=%

:6/ Fhmwc `wofee ac Tgrwdcefee @hcmhza ; Ïo fhojhtè}a}g fw wc}e`gcg `hmejefĆte Řefh`rc/ meo @hoe}htwc Hjefeac ac Tgr/ @hcmhza/ ‖ YGm/ a 4-aP/ ‖ Fl/ ; $Rtan-6$ VTC# 4211/ ‖ 1=<

r/ 9 42 f`/ ‖ ,Ohw%/1722 g|/EVDO 5><-55>7->>-174-</Y4211->7P/- - 1/ Fhmwc `wofee ac Tgrwdcefee @hcmhza/

6=5/4,=><%,25=/=%

67 AM@EOEV]TAŤEG RWDCEFĄ/ AT]Ą @ECE]ATĄ

671(67= Amèoev}taŦeg rwdcefĆ

:=/

Afle{eŦeecg rwdcefg Ře e`rcefatga fg}ĆŦgoecht ïo zgtejefatga gjefegoŦge zachtejefĆtee daoe-cht rwdcefe ; Nlem ( Avhf/ Rtgvge Eomgrgomgo}g ,ARE%/ ‖ Fl/ ; $Gtefho$ VTC# 4212/ ‖ =< r/ ; }ad/fhcht 9 41 f`/

Aratg fw vrtekeowc jeoaofeat ac JwomaŦege Vhthv @hcmhza/ ‖ :22 g|/EVDO 5><-55>7-=11=-6-1/Y4211-1<5P/- - 1/ Afle{eŦee rwdcefg/

671/>14

:7/ Gcadhtatga Ře e`rcg`go}atga V}ta}gnege mg Mg{zhc}atg ChfacĆ; nlem mg `hdece{atga fh`woe}ĆŦee ( Rthnt/ Fh`wo mg Mg{zhc}atg ChfacĆ Eo}gnta}Ć 9 gcad/ mg Cwmèca @acfhfe/ ‖ Fl/

; $Ohza-E`rte`$ VTC# 4212/ ‖ 122 r/ ; }ad/ fhcht 9 4= f`/Dedcehnt/; r/ >:->> ,62 }e}/%/ ‖ Aratg fw vrtekeowc jeoaofeat ac Nwzgtowcwe Vwgmege/ ‖ 1222g|/

EVDO 5><-55>7-=161->-:/Y4211-16<P/- - 1/ V}ta}gneg mg mg{zhc}atg chfacĆ/

674;61:/=4,26:%

::/ Gzacwatga rgtjhtàoŦgcht rthjgvehoacg acg jwofŦehoatwcwe rwdcef ; Nlem `g}hmef (Faofgcatea mg V}a} a Tgr/ @hcmhza# MetgfŦea rhce}efa mg famtg 9 YacfĆ}/P Gcgoa CgzeoŦa-Rgtfewo#]aàta NlghtnleŦĆ# Awtgcea Ťgrhtmge Yg} ac/P/ ‖ Fl/ ; V/ o/# 4212 ,]erhnt/ $At} Ntwr Dtezg}$

VTC%/ ‖ 122 r/ ; jen/ fhcht# }ad/ 9 47 f`/Dedcehnt/; r/ 7> ,1> }e}/%/ ‖ =222 g|/EVDO 5><-55>7-=1>4-2-=/Y4211-<:P/- - 1/ JwofŦehoate rwdcefe ‖ Gzacwatg/

67=/2<,2>4%

Лпсфвь# Мпа/ Нам овфгзамш/ ‖ Zg{e Ot 4=/

7/23/2019 BNM 2011-1



4:

6: AVEV]GOŤĄ VHFEACĄ/ AVENWTĄTE VHFEACG

6:= Rthdcg`g vhfeacg fatg tgfca`Ć akw}ht Ře avev}goŦĆ/ ]erwte mg akw}hatg vhfeacg

:>/ AVE]H ‖ Rteà acgngtg ïo avenwtĆte 0 Изтдще дщбпт д сфтвчпдвамм ; @aoangt ;

Hjgt}Ć mg avenwtatg ( Fh`raoea Eo}gto/ mg AvenwtĆte $Ave}h$ V/A/ ‖ YFl/ ; V/ o/# 4211P/ ‖ 41# Y1P9 41# Y1P r/ ; jh}/ fhcht 9 62 f`/

]e}/# }g|} ratac/; cd/ th`/# twvĆ/ ‖ RaneoaŦeg ratac/ ‖ Fat}g-zacg} ,$изтздзтфщь$% ‖ J/ j/ mg}e}//

Y4211-114P/- - 1/ AvenwtĆte vhfeacg ‖ Tgrwdcefa @hcmhza ,th`/# twvĆ%/

6:=/6,=><%0167/101:1/1:</ Flevate# AcehoaRgovea mg ca A ca [ 0 Изасмш пф В нп Ш ; Nlem ( Acehoa Flevate# Cwmèca Nhofgat 9 Dedc/

@woeferacĆ $D/ R/ Lavmgw$# Dedc/ RwdcefĆ mg Mtgr}/ ‖ Fl/ ; V/ o/# 4212 ,]erhnt/ $Rte`g| Fh`$

VTC%/ ‖ >< 9 <= r/ ; }ad/ 9 41 f`/]e}/# }g|} ratac/; cd/ th`/# twvĆ/ ‖ RaneoaŦeg ratac/ ‖ Fat}g-zacg} ,$изтздзтфщь$%/ ‖ Aratgfw vrtekeowc jeoaofeat ac A`davamge VWA ïo Tgr/ @hcmhza/ ‖ 4222 g|/

EVDO 5><-55>7-=1=>-2-</Y4211-<P/- - 1/ Rgoveg ‖ Nlemwte/

6:=/6,26:%0167/101:1/1

:5/ Mg ca fhofgr}g ca ha`goe# vfle`däom mgv}eog; hrht}woe}ĆŦe àe dwog rgo}tw }eogteŘe jg`ge ; Tarht} mg }h}ace{atg a tg{wc}a}gcht rthegf}wcwe $Hrht}woe}ĆŦe àe dwog rgo}tw }eogte Řejg`ge$ ca : aoe mg af}eze}a}g ( Nwzgtowc Tgr/ @hcmhza# Rthnt/ OaŦewoecht Woe}g rgo}tw Mg{zhc}a-

tg ,ROWM%# WVAEM Yg} ac/P/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4211/ ‖ 65 r/ ; }ad/# vflg`g# jh}/ fhcht 9 45 f`/

Aratg fw vrtekeowc jeoaofeat ac AngoŦege VWA rgo}tw Mg{zhc}atg Eo}gto/ ,WVAEM%/ ‖ 622 g|/EVDO 5><-55>7-<2-=4=-2/Y4211-15P/- - 1/ Af}eze}ĆŦe vhfeacg/

6:=/=:7,2=>%

6> GMWFAŤEG/ Ï OZĄŤĄ@ÄO]/ EOV]TWETG/ ]E@R CEDGT

6>/2 ]erwte Ře rteoferee jwoma`go}acg mg gmwfaŦeg

>2/ Vecev}tatw# OefhcagZamg`gfw` ïo rgmanhneg ; ,Rgmanhnea ïo }adgcg Ře vflg`g% ; @a}gteac memaf}ef ( Oefh-

cag Vecev}tatw 9 Woez/ mg V}a} meo ]etavrhc# Fa}gmta Rgmanhneg Ře Rvelhchneg ngo/ ‖ Gm/ a 4-aam/ ‖ Fl/ ; WV]# 4211 ,Fh`deoa}wc Rhcent/%/ ‖ 151# Y1P r/ ; vflg`g# }ad/ 9 42 f`/

Dedcehnt/; r/ 1<5-152 ,45 }e}/%/ ‖ =222 g|/EVDO 5><-55>7->:-2=5-4/Y4211-172P/- - 1/ Rgmanhneg/

6>/21,2>7/<%

6>/21: Ac}g hdegf}g mg v}wmew/ @a}gtee mg ïozĆŦĆ`äo} vrgfeacg

7/23/2019 BNM 2011-1



4>

>1/ Fat}acgaow# ]a}eaoaCe`da Ře ce}gta}wta th`äoĆ ; Nlemwc rthjgvhtwcwe ; fc/ a 5-a ( ]a}eaoa Fat}acgaow# @etfga

Fehdaow# Hcna Fhvhzao 9 fhèvea mg gzacwatg; Cateva Fatane# Acehoa [natmao-Ftwmw# AoaNacakw Yg} ac/P 9 @eo/ GmwfaŦege ac Tgr/ @hcmhza/ ‖ Fl/ ; Ï/G/-R/ $ş}eeoŦa$# 4212 ,]erhnt/ $Gcgoa-

ZE$ VTC%/ ‖ <2 r/ ; }ad/ 9 4= f`/Dedcehnt/; r/ <2 ,1< }e}/%/ ‖ 4272 g|/EVDO 5><-55>7-:>->17-</Y4211->:P/- - 1/ Ce`da th`äoĆ ‖ @g}hmefa rtgmĆtee/ 4/ Ce}gta}wtĆ th`äoĆ ‖ @g}hmefa rtgmĆtee /

6>/21:;Y<11/167/1)<41/167/1/25P

>4/ FtgŦw# CeceaoaVĆ og fwohaŘ}g` ftgmeoŦa ; Vwrht} rgo}tw famtgcg memaf}efg# rĆteoŦe Ře gcgze ca mevferceoa

Tgceneg; Fwc}wc ht}hmh| ; fc/ a 7-a ‖ 5-a ( Ceceaoa FtgŦw/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖65<# Y1P r/ 9 4= f`/

Aw}/ gv}g eomefa} rg zv/ j/ mg }e}/ ‖ Dedcehnt/; r/ 654-656 ,72 }e}/%/ ‖ =722 g|/EVDO 5><-55>7-<2-656-5/Y4211-4=P/- - 1/ Tgceneg ht}hmh|Ć ‖ @g}hmefa rtgmĆtee/

6>/21:/2=:;4>

>6/ Ce`da Ře ce}gta}wta th`äoĆ ; Nlemwc rthjgvhtwcwe ; Yfc/P a 7-a ( Acg|aomtw FteŘao# Vh-jea Mhdta# Jchtgo}eoa VäèlĆeao Yg} ac/P 9 fhèvea mg g|rgtŦe; @ateaoa Ke}ate# Gcgoa Vazfa#Oefhcag Cgalw 9 @eo/ GmwfaŦege ac Tgr/ @hcmhza/ ‖ Fl/ ; Ï/G/-R/ $ş}eeoŦa$ 9 DwfwtgŘ}e ;Lwàoe}av# 4212 ,]erhnt/ Gm/ $Woezgtvwc$ ÏV%/ ‖ 1=1# Y4P r/ ; jen/# }ad/ 9 46 f`/

Dedcehnt/; r/ 1=6 ,1= }e}/%/ ‖ 4222 g|/EVDO 5><-55>7-:>->1>-4/Y4211-64P/- - 1/ Ce`da th`äoĆ ‖ @g}hmefa rtgmĆtee/ 4/ Ce}gta}wtĆ th`äoĆ ‖ @g}hmefa rtgmĆtee /

6>/21:/2=:;Y<41/167/1)<41/167/1/2P

>=/ @htgc# @aeaGmwfaŦeg rcav}efĆ ; Nlemwc rthjgvhtwcwe ; fc/ a >-a ( @aea @htgc# Thmefa @hfaow-Ohvih#

Aongca Jtw`hvw 9 fhèvea mg gzacwatg; ]ghmhta Lwdgofw# Zgta Dgkwf-RŘgogaf# ]aàta]tefhcefe 9 @eo/ GmwfaŦege ac Tgr/ @hcmhza/ ‖ Fl/ ; Ï/G/-R/ $ş}eeoŦa$# 4212 ,]erhnt/ Gm/ $Woezgt-vwc$ ÏV%/ ‖ >5 r/ ; jen/ 9 4= f`/

Dedcehnt/; r/ >6->7 Ře ïo oh}gcg mg vwdvhc/ ‖ 4222 g|/EVDO 5><-55>7-:>->1:-7/Y4211-61P/- - 1/ GmwfaŦeg rcav}efĆ ‖ @g}hmefa rtgmĆtee/

6>/21:/2=:;>6(>:

>7/ Emg` ïo cd/ twvĆ ; Чцнпкзсфдзаапз дпсимфвамз ; Ипспбмз нйш цюмфзйш ; > лй/ (}tam/ meo cd/ th`/; Acca Wzathza# Hcgn Manle/ ‖ Fl/ ; Ï/G/-R/ $ş}eeoŦa$# 4212 ,]erhnt/ $Gcgoa-ZE$VTC%/ ‖ <6# Y1P r/ ; jen/ 9 4= f`/

Dedcehnt/; <2-<1 ,77 }e}/% Ře ïo oh}gcg mg vwdvhc/ ‖ 1222 g|/EVDO 5><-55>7-:>->62-1/

Y4211-><P/- - 1/ GmwfaŦeg rcav}efĆ ‖ @g}hmefa rtgmĆtee ,twvĆ%/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



45

<2/ TgjcgfŦee mgvrtg af}eze}a}ga Fhovecewcwe @g}hmef ac Cefgwcwe ]ghtg}ef $Eho FtgaonĆ$`wo/ FleŘeoĆw ; gm/ 1-a ( aw}/ mg rthegf}; Zacgo}eo Nw{nao 9 aw fhcad/; Ogccu ]atcaraow# CwfeaGt`wtafle# Fcawmea Nhtfgan Yg} ac/P 9 fhhtm/; Fhtogcew Vhch`ho/ ‖ Fl/ ; V/ o/# 422: ,]erhnt/$Zaceog|$ VTC%/ ‖ :4 r/ ; jh}/ fhcht# }ad/ 9 45 f`/

Aratg fw vrtekeowc jeoaofeat ac Avhf/ RĆteoŦecht $Cefgw`$# Cefgwc ]ghtg}ef $Eho FtgaonĆ$`wo/ FleŘeoĆw/EVDO 5><-55>7-:<-1:1-4/Y4211-12=P/- - 1/ Cefgwc ]ghtg}ef $Eho FtgaonĆ$ meo FleŘeoĆw/

6>/251,=><-47%

<1/ TgjcgfŦee mgvrtg af}eze}a}ga Fhovecewcwe @g}hmef ac Cefgwcwe ]ghtg}ef $Eho FtgaonĆ$`wo/ FleŘeoĆw ïo aoee mg v}wmee … ; gm/ a 6-a ( aw}/ mg rthegf}; Zacgo}eo Nw{nao 9 aw fhcad/;@atea ]tejeo# Ogccu ]atcaraow# ]aevea Atvgoe Yg} ac/P 9 fhhtm/; Fhtogcew Vhch`ho/ ‖ Fl/ ; V/ o/#422< ,]erhnt/ $Zaceog|$ VTC%/ ‖ 45 f`/

… 422>-422</ ‖ 422</ ‖ 1=1 r/ ; jh}/ fhcht# }ad/ ‖ Aratg fw vrtekeowc jeoaofeat ac Avhf/RĆteoŦecht $Cefgw`$# Cefgwc ]ghtg}ef $Eho FtgaonĆ$ `wo/ FleŘeoĆw/ ‖ EVDO 5><-55>7-:<-1:4-5/ ‖ Y4211-127P/

- - 1/ Cefgwc ]ghtg}ef $Eho FtgaonĆ$ meo FleŘeoĆw/6>/251,=><-47%

<4/ … 422<-4225/ ‖ 4225/ ‖ 152 r/ ; jh}/ fhcht# }ad/ ‖ Aratg fw vrtekeowc jeoaofeat acAvhf/ RĆteoŦecht $Cefgw`$# Cefgwc ]ghtg}ef $Eho FtgaonĆ$ `wo/ FleŘeoĆw/ ‖ EVDO 5><-55>7-:<-1:6-:/ ‖ Y4211-12:P/

- - 1/ Cefgwc ]ghtg}ef $Eho FtgaonĆ$ meo FleŘeoĆw/6>/251,=><-47%

6>6 Ngowte Ře Řfhce mg fwc}wtĆ ngogtacĆ/ ÏozĆŦĆ`äo} mg fwc}wtĆ ngogtacĆ

<6/ GmwfaŦea gfhchnefĆ ïo fcavgcg rteàtg/ Fgo}tatg rg fh`rg}goŦg ; `hohntajeg (aw}/; Cwmèca Wtvw ,fhhtm/%# C/ Vataofewf-Nhtmga# ]/ Twvwcgaf Yg} ac/P 9 Woez/ RgmanhnefĆ mgV}a} $Eho FtgaonĆ$# Cad/ ş}/ GfhgmwfaŦeg/ ‖ Fl/ ; $Nath`ho}-V}wmeh$ VTC# 4212/ ‖ 44> r/ ;jen/# }ad/ 9 42 f`/

Aw}/ vwo} eomefaŦe rg fhr/ ‖ Dedcehnt/; r/ 411-44= ,1:< }e}/%/ ‖ 62 g|/EVDO 5><-55>7-=12=-6-=/Y4211-5=P/- - 1/ GmwfaŦeg gfhchnefĆ/

6>6/6<=/ Gmwfa}eho jht acc ‖ mwv} }tafi eoe}ea}ezg eo @hcmhza ; ]lg $Gmwfa}eho jht Acc ‖ jav}

]tafi Eoe}ea}ezg$ Rthkgf} eo }lg Tgrwdcef hj @hcmhza ( @eo/ hj Gmwfa}eho hj }lg Tgrwdcef hj @hcmhza 9 gm/; Awtgcea Nw{wo 9 fho}tedw}eho; Cea Vfcejhv/ ‖ Fl/ ; V/ o/# 4212 ,]erhnt/ $DhovHjjefgv$ VTC%/ ‖ 64 r/ ; jh}/ fhcht 9 4= | 4= f`/ ‖ ,Akw}Ć-c vĆ ftgavfĆ h` àtg%/

Aratg fw vrtekeowc jeoaofeat ac @eo/ GmwfaŦege Ře ]eogtg}wcwe ac Tgr/ @hcmhza# WOEFGJ#DĆofee @homeacg/

Y4211-4<P/- - 1/ GmwfaŦeg rtgŘfhcatĆ ,gonc/%/

6>6/4;724(72=

7/23/2019 BNM 2011-1



62

6>: GmwfaŦea Ře eov}twetga woht fa}gnhtee vrgfeacg mg rgtvhaog/ ÏozĆŦĆ`äo} vrgfeac

<7/ Fa}achnwc eov}e}wŦeecht rgo}tw fhree Ře }eogte fw me{adece}ĆŦe mg rg a`dgcg àcwte acgOev}twcwe 0 Лвфвйпж цютзкнзаме нйш нзфзе м гпйпнёкм с пжтвамюзаащгм дпогпкапсфшгм кмоазнзшфзйуапсфм с пбпмч бзтзжпд Назсфтв ( Rthegf}wc $Mg{zhc}atga woge tgŦgcg mg Fgo}tgmg tgadece}atg a fhreecht fw me{adece}ĆŦe$ 9 fhhtm/; ]a}eaoa Gfle`/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC#4211/ ‖ Y4<P r/ ; jh}/ fhcht 9 47 f`/

]e}/# }g|} ratac/; cd/ th`/# twvĆ/ ‖ J/ j/ mg }e}/ ‖ Aratg fw vrtekeowc jeoaofeat ac Woewoee Gw-thrgog/ ‖ =22 g|/

EVDO 5><-55>7-<2-=64-7/Y4211-1<7P/- - 1/ Eov}e}wŦee rgo}tw fhree Ře }eogte fw me{adece}ĆŦe ‖ Fa}achang/

6>:,27</>%0167/101:1/1

6>< ÏozĆŦĆ`äo} vwrgteht/ Woezgtve}ĆŦe/ Fwtvwte woezgtve}atg

<:/ Da{gcg }ghtg}efg Ře arcefa}ezg acg rthegf}Ćtee Ře e`rcg`go}Ćtee fhoŦeow}wtecht jht`Ćteervelhchnecht ca fefcwc cefgoŦeac ac ïozĆŦĆ`äo}wcwe vwrgteht ( Eho OgnwtĆ ,fhhtm/%# Enht Tafw# @ateaRcgŘfa Yg} ac/P 9 Woez/ RgmanhnefĆ mg V}a} $Eho FtgaonĆ$# Cad/ mg rvelhchneg/ ‖ Fl/ ; WRV $E/FtgaonĆ$# 4212/ ‖ 15: r/ ; jen/# }ad/ 9 41 f`/

]g|}g; cd/ th`/# twvĆ/ ‖ Dedcehnt/ ca vjätŘe}wc at}/ ‖ 72 g|/EVDO 5><-55>7-=:-2<6-7/Y4211-11=P/- - 1/ ÏozĆŦĆ`äo} vwrgteht ‖ Jhtàtga rvelhchnecht/

6><;175/544

<>/ ]gt`goe Ře mgjeoeŦee ïo mh`goewc avenwtĆtee face}ĆŦee ïo ïozĆŦĆ`äo}wc vwrgteht ; Nchvat ( Ntwrwc mg g|rgtŦe ïo tgjhtà ïozĆŦĆ`äo}wcwe vwrgteht# Hjefewc OaŦ/ ]g`rwv 9 vgc/ Th{aMw`dtĆzgaow/ ‖ Fl/ ; V/ o/# 4212 ,]erhnt/ WRV $E/ FtgaonĆ$%/ ‖ :2 r/ 9 42 f`/

Dedcehnt/; r/ :2 ,5 }e}/%/ ‖ =22 g|/EVDO 5><-55>7-=:-2<>-6/Y4211-117P/- - 1/ ÏozĆŦĆ`äo} vwrgteht ‖ ]gtèohchneg/

6><

7 @A]G@A]EFĄ/ ş]EEOŤG ACG OA]WTEE

71 @A]G@A]EFĄ

<</ $@a}gà}efv * Eojhtà}eho ]gflohchnegv; tgvgatfl aom gmwfa}eho$ ,@E]TG-422<-4225%# fhoj/ ,422<-4225 9 FleŘeoĆw%/ Rthfggmeonv hj }lg Fhojgtgofg $@a}gà}efv *Eojhtà}eho ]gflohchnegv; tgvgatfl aom gmwfa}eho$ ,@E]TG 422<-4225% ( htn/ fh`/ ; FehfaowNlghtnlg ,flaet%# Rgtkao Aomtge# Maèao Jchteo Yg} ac/P 9 gm/ du; Zacgtew NwŦw/ ‖ Fl/ ; FGRWV@# 4212/ ‖ 1>># Y1P r/ ; jen/# }ad/ 9 41 f`/

Ao}g}e}/; @hcmhza V}a}g Woez/# Jaf/ hj @a}lgà}efv aom Fh`rw}gt Vfegofg# Fgo}tg hj Gmwfa}eho aom Tgvgatfl eo @a}lgà}efv aom Fh`rw}gt Vfegofg ,FGF@E%# @a}lgà}efacVhfeg}u hj }lg Tgr/ hj @hcmhza/ ‖ ]g|}g; cd/ th`/# gonc/ ‖ Tg{/; cd/ gonc/ ‖ Dedcehnt/ ca vjätŘe}wcat}/ ‖ :2 g|/

EVDO 5><-55>7->2-557-</Y4211->=P/

7/23/2019 BNM 2011-1



61

- - 1/ $@a}gà}efv * Eojhtà}eho ]gflohchnegv; tgvgatfl aom gmwfa}eho$ ‖ FhojgteoŦĆ,th`/# gonc/%/

Y71)22=P;6>/2,2<4%0167/10111

715/4 Rthdadece}a}g/ V}a}ev}efĆ à}gà}efĆ

<5/ Fewtatew# NadtegcaGcg`go}g mg à}gà}efe arcefa}g ïo gfhohèg ; Yrgo}tw w{wc v}wmgoŦechtP ( Nadtegca

Fewtatew/ ‖ Fl/ ; $]gloefa-Eojh$ VTC# 4212 ,]erhnt/ $RE@$# EaŘe%/ ‖ 154 r/ ; }ad/ 9 4= f`/Dedcehnt/; r/ 1<5-154 ,6: }e}/%/ ‖ 122 g|/EVDO 5><-55>7-:6-2:6-=/Y4211-=5P/- - 1/ @a}gà}efĆ arcefa}Ć/

715/4(/<,2>7/<%

76 JE[EFĄ

76> Gcgf}tefe}a}g/ @anog}ev`

52/ Oefhtefe# AomtgeFwcgngtg mg rthdcg`g ca je{efa vgèfhomwf}hatgcht ( Aomtge Oefhtefe# Zacgo}eoa Oefhtefe#

Mwè}tw Ogmghnch 9 Woez/ mg V}a} meo @hcmhza# Jaf/ mg Je{efĆ# Fa}gmta Je{efa Arcefa}Ć ŘeEojhtà}efĆ/ ‖ Fl/ ; FGR WV@# 4212/ ‖ 121# Y1P r/ ; jen/ 9 42 f`/

Dedcehnt/; r/ 122 ,5 }e}/%/ ‖ 72 g|/EVDO 5><-55>7->1-271-2/Y4211->1P/- - 1/ Je{efa vgèfhomwf}hatgcht/

76>/611/644,2>:/7%7= FLE@EG/ FTEV]ACHNTAJEG/ @EOGTACHNEG

7=> Fleèg htnaoefĆ

51/ Fleèa htnaoefĆ ; @g}hmg mg vgratatg Ře emgo}ejefatg a fh`rwŘecht htnaoefe ; Ïo-mtwàt mg cad/ ( aw}/; @elaec NlgŦew# Aongca Nwtgz# Cateva [amhthkoäe Yg} ac/P 9 tgm/ tgvr/; AoaZgtgkao 9 Woez/ ]glo/ a @hcmhzge# Jaf/ ]glohchneg Ře @aoang`go} ïo Eomwv}tea Ace`go}atĆ#Fa}gmta Fleèg/ ‖ Fl/ ; W]@# 4212/ ‖ := r/ ; jen/# }ad/ 9 42 f`/

Dedcehnt/; r/ :4 ,> }e}/%/ ‖ 172 g|/Y4211-:4P/- - 1/ Fleèg htnaoefĆ/

7=>,2>:/7%

7> ş]EEOŤG DEHCHNEFG

54/ Dehv}a}ev}efa ; Yrgo}tw w{wc v}wmgoŦechtP ( Gcgoa Vece}tate# Eho ]hmgtaŘ# Aomtge Vece}tateYg} ac/P 9 Woez/ mg V}a} meo @hcmhza# Jaf/ mg Dehchneg Ře Rgmhchneg# Eov}/ mg [hhchneg ac Aş@/ ‖Fl/ ; FGR WV@# 4212/ ‖ 1=1# Y1P r/ ; jen/# }ad/ 9 41 f`/

Dedcehnt/; r/ 165-1=1 ,76 }e}/%/ ‖ 72 g|/EVDO 5><-55>7->2-5<4-</Y4211-6:P/

- - 1/ Dehv}a}ev}efĆ/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



66

:17/1(/= Jatàfeg ngogtacĆ Ře rthjgvehoacĆ/ @gmefa`go}g fcavejefa}g mwrĆ hteneoga cht/

Rtgrata}g jatàfgw}efg/ @a}gteacg Ře w}ecakg `gmefacg

5:/ Arata}g awme}ezg; amar}atg Ře g|rcha}atg ; Nlem rtaf}ef ( aw}/; Eho Adadee# @elae

@aoewf# Vgtnew Ratee Yg} ac/P 9 Vre}acwc Fceoef Tgr/ rgo}tw Fhree $G`/ FhŦana$# Fgo}twc Tgr/JwofŦehoac mg Awmehchneg# Rth}g{atg Awme}ezĆ Ře Tgadece}atg @gmefh-RgmanhnefĆ# Woez/ mg V}a}mg @gmefeoĆ Ře Jatàfeg $Oefhcag ]gv}gèŦaow$ Yg} ac/P/ ‖ Fl/ ; FGR $@gmefeoa$# 4211/ ‖ 64#Y1P r/ ; jen/# }ad/ 9 42 f`/

Aw}/ vwo} eomefaŦe rg zv/ j/ mg }e}/ ‖ Dedcehnt/; r/ 64 ,14 }e}/%/ ‖ :2 g|/EVDO 5><-55>7-516-61->/Y4211-11:P/- - 1/ Arata}g awme}ezg/

:17/=>1;:1:/4<->,2>:/7%

5>/ Emg` ïo cd/ twvĆ ; Сйцчпдщз виивтвфщ; внвифвъмш м рлсийцвфвъмш/ ‖ Л/ ; Мон/-

Ипймжт/ Ъзафт $@gmefeoa$# 4211/ ‖ 6># Y1P r/ ; jen/# }ad/ 9 42 f`/Aw}/ vwo} eomefaŦe rg zv/ j/ mg }e}/ ‖ Dedcehnt/; r/ 6> ,14 }e}/%/ ‖ 72 g|/EVDO 5><-55>7-516-64-=/Y4211-11>P/- - 1/ Arata}g awme}ezg ,twvĆ%/

:17/=>1;:1:/4<->,2>:/7%

:17/< Je{eh}gtareg/ Tameh}gtareg/ Ac}g }ta}a`go}g }gtargw}efg og`gmefac

5</ Бцегмсфтц# ФвфушавЪдзф ‖ лйяю л онптпдуя м нпйжпйзфмя ( Фвфушав Бцегмсфтц/ ‖ Л/ ; $KT-@gmea$ VTC#

4212 ,]erhnt/ $@g}th`raŘ$ VTC%/ ‖ 47 f`/ ‖ EVDO 5><-55>7-521-4:-2/ ‖ ,Сзтмш$Лпйптмсфмлв$%/Ла/ 4-ш/ ‖ 4212/ ‖ 6:= r/ ; jh}/ fhcht/ ‖ Dedcehnt/; r/ 6=:-6=>/ ‖ 622 g|/ ‖ EVDO 5><-

55>7-=1:7-2-= ,ïo fhr/ }atg%/ ‖ Y4211-:5P/- - 1/ ]gtareg rteo fwchte ,twvĆ%/ 4/ RgtfgrŦea fwchtecht ,twvĆ%/

:17/<7)175/56>/71

:1> Fletwtneg/ Ht}hrgmeg/ Hj}ac`hchneg

:1>/7 Fletwtneg tgnehoacĆ# }hrhntajefĆ/ AjgfŦewoe tgnehoacg

55/ CgŘfh# Aomtge

$…Fe vĆ ï`rceogŘ}e kwtĆèo}gcg }acg…$ ; TgjcgfŦeecg wowe fletwtn ( Aomtge CgŘfh/ ‖ Fl/ ;Atf# 4212 ,Fh`deoa}wc Rhcent/%/ ‖ 45> r/ 9 42 f`/722 g|/EVDO 5><-55>7-:1-:24->/Y4211-174P/- - 1/ Fletwtneg carathvfhrefĆ/

:1>/7-2<5

:1< Neogfhchneg/ Hdv}g}tefĆ

122/ Fatmaoewf# Fhteoa

7/23/2019 BNM 2011-1



6=

Cgv `å}lhmgv m.eozgv}ena}eho go nuoåfhchneg ( Fhteoa Fatmaoewf# Zacgo}eo Jter}w# Fhov-}ao}eo Dwtowvwv 9 Woez/ m.Å}a} mg @åmgfeog g} Rlatàfeg $Oefhcag ]gv}gèŦaow$# Mår/ m.Hdv-}å}teqwg g} mg nuoåfhchneg/ ‖ Fl/ ; FGR $@gmefeoa$# 4211/ ‖ == r/ ; jen/ 9 41 f`/

Dedcehnt/; r/ =6-== ,44 }e}/%/ ‖ 62 g|/

EVDO 5><-55>7-516-6>-5/Y4211-1=7P/- - 1/ Neogfhchneg ‖ @g}hmg mg eozgv}enaŦeg ,jt/%/

:1</1-2>1,2>:/7%

121/ @hŘeo# ZgafgvcazNeogfhchneg tgrthmwf}ezĆ ; YàowacP ( Zgafgvcaz @hŘeo/ ‖ Fl/ ; $.Ohza-E`rte`$ VTC#

4212/ ‖ <7: r/ ; jen/# }ad/ 9 47 f`/Ma}gcg mg rg fhr/ cervgvf/ ‖ Dedcehnt/; r/ <=<-<7: ,1<5 }e}/%/ ‖ Aratg fw vrtekeowc jeoaofeat

ac WOJRA# Jhomwcwe HOW rgo}tw RhrwcaŦeg/ ‖ =72 g|/EVDO 5><-55>7-=161-:-5 ,ïo fhr/ }atg%/

Y4211-16>P/- - 1/ Neogfhchneg tgrthmwf}ezĆ/

:1<;:14

:4 EONEOGTEG/ ]GLOEFĄ ÏO NGOGTAC

:42 Ïofgtfatga à}gteacgcht/ @a}gteacg fh`gtfeacg Ře fwohaŘ}gtga `Ćtjwtecht# fgo}tacg

gogtng}efg/ Gfhohèg gogtng}efĆ

124/ @wo}gao# EhoG|retatga fho}taf}wcwe meo}tg Na{rth` Ře @hcmhzana{ ‖ ohe hrht}woe}ĆŦe mg fhovhcematg

a vgfwte}ĆŦee gogtng}efg a Tgrwdcefee @hcmhza ( Eho @wo}gao 9 Eov}/ rgo}tw Mg{zhc}atg Ře EoeŦea}e-zg Vhfeacg ,EMEV% $Zee}htwc$/ ‖ Fl/ ; EMEV $Zee}htwc$# 4212 ,]erhnt/ $@V Chnh$ VTC%/ ‖ 45# Y1P r/ ;jen/# 9 45 f`/ ‖ ,Rhce}efe Rwdcefg9 Ot 5# 4212# EVDO 5><-55>7-=22>-:-6%/

Dedcehnt/; r/ 4< ,4< }e}/% Ře ïo oh}gcg mg vwdvhc/ ‖ Aratg fw vrtekeowc jeoaofeat ac HrgoVhfeg}u Eov}/ ,CNE(HVE%/ ‖ 72 g|/

EVDO 5><-55>7-=17:-7-1/Y4211-12>P/- - 1/ Gogtng}efĆ ‖ Tgrwdcefa @hcmhza/

:42/51,=><%

:41 Fhov}twfŦea mg àŘeoe ïo ngogtac/ ]gloefĆ owfcgatĆ/ Gcgf}th}gloefĆ/ ]glohchneg

`gfaoefĆ

:41/6 Gcgf}th}gloefĆ

126/ Ace`go}atga fw gogtneg gcgf}tefĆ ; Fefcw mg rtgcgngte ; Yïo zhc/P ( Woez/ ]glo/ a @hc-mhzge# Jaf/ Gogtng}efĆ# Fa}gmta Gcgf}thgogtng}efa 9 gcad/; Eho RthŦwf# Zef}ht Rhnhta 9 tgm/tgvr/; Eho V}ta}ao/ ‖ Fl/ ; W]@# 4212/ ‖ 42 f`/

Zhc/ 1/ ‖ 4212/ ‖ 16: r/ ; jen/ ‖ Dedcehnt/; r/ 16: ,4= }e}/%/ ‖ 172 g|/ ‖ Y4211-:2P/- - 1/ Gogtneg gcgf}tefĆ ‖ Ace`go}atg/

:41/61,2>7%

:41/< Htnaog mg àŘeoe/ ]taovè}gtga gogtnege `gfaoefg

7/23/2019 BNM 2011-1



67

12=/ Fgt}ao# Zacgtew@gfaoev`g Ře htnaog mg àŘeoe ; Yrgo}tw w{wc v}wmgoŦechtP ( Zacgtew Fgt}ao 9 Woez/ ]glo/

a @hcmhzge# Afam/ mg ]taovrht}wc# Eojhtà}efĆ Ře Fh`woefaŦee/ ‖ Fl/ ; Gztefa# 4212 ,]erhnt/Aş@%/ ‖ :2> r/ ; jen/# }ad/ 9 41 f`/ ‖ ,Vgtea; Eoneogteg# ]taovrht} Ře Chnev}efĆ%/

Dedcehnt/; r/ :2:-:2> ,67 }e}/%/ ‖ 472 g|/EVDO 5><-55>7-5=1-:6-1 ,ïo fhr }atg%/Y4211-56P/- - 1/ Htnaog mg àŘeoe/

:41/<,2>7/<%

:6 ANTEFWC]WTĄ/ ş]EEOŤG şE RTHFGMGG ÏOTWME]G/ VECZEFWC]WTĄ/ G\RCHA]ĄTE ANTEFH-

CG şE ACG ZEGŤEE VĄCDA]EFG

:61(:6< Antefwc}wtĆ

:61 Antefwc}wtĆ ïo ngogtac:61/= ş}eeoŦa vhcwcwe/ Rgmhchneg/ Fgtfg}Ćte rgmhchnefg

127/ Wtvw# AomtgeVhcwtecg Tg{gtzaŦege $Fhmtee$ ( Aomtge Wtvw# Gfa}gteoa Datfate 9 AngoŦea $@hcmvecza$# Tg-

{gtzaŦea $Fhmtee$# Eov}/ mg Gfhchneg Ře Nghntajeg ac Afam/ mg ş}eeoŦg a @hcmhzge Yg} ac/P/ ‖ Fl/ 9Ch{hza ; V/ o/# 4211 ,]erhnt/ Aş@%/ ‖ <1# Y1P r/ ; jh}h fhcht# }ad/ 9 44 f`/

Dedcehnt/; r/ :5->2 ,45 }e}/%/ ‖ 722 g|/EVDO 5><-55>7-:4-4<6->/Y4211-1=2P/

- - 1/ Vhcwtecg Tg{gtzaŦege $Fhmtee$ ‖ Tgrwdcefa @hcmhza/ :61/=,=><%

:61/7 CwftĆte antefhcg

12:/ Dwkhtgaow# OefhcagJhtàtga metgfŦehoa}Ć a jtwf}gcht rgo}tw rĆv}tatg ïomgcwona}Ć ; `hohntajeg ( Oefhcag

Dwkhtgaow 9 Afam/ mg ş}eeoŦg a @hcmhzge# Eov}/ mg Ngog}efĆ Ře Je{ehchneg a Rcao}gcht/ ‖ Fl/ ;$@anoa-Rteofgrv$ VTC# 4212/ ‖ 477# Y1P r/ ; jen/# }ad/ 9 41 f`/

Dedcehnt/; r/ 4=:-477/ ‖ Aratg fw vrtekeowc jeoaofeat ac AngoŦege rgo}tw Eohzatg Ře ]taovjgt ]glohchnef ac Aş@/ ‖ 722 g|/

EVDO 5><-55>7-=164-1-6 ,ïo fhr/ }atg%/Y4211-14<P/- - 1/ RĆv}tatga jtwf}gcht/

:61/7:6;:6=/1

:64 Dhce acg rcao}gcht/ MĆwoĆ}hte Ře htnaoev`g zĆ}Ć`Ć}hatg rgo}tw rcao}g/ Rth}gfŦea

rcao}gcht

12>/ Rth}gfŦea rcao}gcht ; }glohchnee Ře èkchafg }gloefg ( Dhtev Flefw# Naceoa Cwonw#Vgtnew Zavecgzvfle Yg}/ acP 9 tgm/ Ř}/; Eho LĆdĆŘgvfw 9 tgvr/ gm/ Zavecg Mgcgw 9 @eo/ Antefwc}wteeŘe Eomwv}tege Ace`go}atg# Afam/ mg ş}eeoŦg a @hcmhzge# Eov}/ mg ]gloefĆ AntefhcĆ $@gfanth$/ ‖

Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖ 614 r/ ; jen/# jen/ fhcht# }ad/ 9 4= f`/

7/23/2019 BNM 2011-1



6:

Aw} vwo} eomefaŦe rg zv/ j/ mg }e}/ ‖ Dedcehnt/; r/ 62>-614 ,112 }e}/%/ ‖ Aratg fw vrtekeowc je-oaofeat ac Fhovecewcwe Vwrtg` rgo}tw ş}/ Ře Mg{zhc}atg ]glohchnefĆ ac Afam/ mg ş}eeoŦg a @hc-mhzge/ ‖ 422 g|/

EVDO 5><-55>7-<2-=1<-5/

Y4211-47P/- - 1/ Rth}gfŦea rcao}gcht ‖ ]glohchnee/:64/567

:6= Lht}efwc}wtĆ ïo ngogtac

12</ Mamw# Fhov}ao}eoDa{gcg Ř}eeoŦejefg acg rthmwfgtee `gtgcht rgo}tw eomwv}teace{atg ïo fwc}wtĆ tgrg}a}Ć ( Mamw

Fhov}ao}eo 9 Eov}/ ş}/-Rtaf}ef mg Lht}efwc}wtĆ Ře ]glohchnee Ace`go}atg/ ‖ Fl/ ; V/ o/# 4211,]erhnt/ Aş@%/ ‖ 621# Y1P r/ ; jen/# }ad/ 9 44 f`/

Tg{/; cd/ th`/# gonc/# twvĆ/ ‖ Dedcehnt/; r/ 4=>-4<1 ,=:6 }e}/%/ ‖ 622 g|/

EVDO 5><-55>7-:4-4<4-2 ,ïo fhr/ }atg%/Y4211-6<P/- - 1/ Rhèfwc}wtĆ ‖ @gtg/

:6=/11;::6/<1

:7: ]taovrht} ïo ngogtac/ Vgtzefee rhŘ}acg/ Htnaoe{atga Ře fho}thcwc fetfwcaŦege

125/ Ae{goŘ}am}# Fhov}ao}eo >22 mg ïo}tgdĆte Ře }gv}g ,}gà}efg% rgo}tw rtgnĆ}etga mg g|a`gowc }ghtg}ef ve hdŦeogtga

rgtèvwcwe mg fhomwfgtg 0 >22 рловгзавъмпаащч ,фзгвфмюзслмч% овнвю нйш ипнжпфпдлм л фзптзфмюзслпгц рловгзац ав ипйцюзамз дпнмфзйуслпжп цнпсфпдзтзамш ( aw}/; Fhov}ao}eoAe{goŘ}am}# Zavecg Hofgaow 9 mgveno# ntaj; Vgtnlge Atlaonlgcvfle/ ‖ Gm/ a 4-a/ ‖ Fl/ ; $Ze}g-Kgvf$ VTC# 4211/ ‖ 1== r/ ; jen/ fhcht 9 45 f`/

]e}/# }g|} ratac/; cd/ th`/# twvĆ/ ‖ J/ j/ mg }e}/ ‖ 1222 g|/EVDO 5><-55>7-=177-1-=/Y4211-=:P/- - 1/ Rgtèv mg fhomwfgtg ‖ G|a`go }ghtg}ef ‖ ]gv}g ,th`/# twvĆ%/

:7:/251/1,2>5%0167/101:1/1

:7:/1 ]taovrht} tw}egt

112/ Hofgaow# ZavecgTgnwca`go}wc fetfwcaŦege tw}egtg 0 Итвдмйв нптпкапжп ндмкзамз ; fh`go}a} vwffeo} ;

YàowacP ( Zavecg Hofgaow# Fhov}ao}eo Ae{goŘ}am}/ ‖ Fl/ ; $Ze}g-Kgvf$ VTC# 4211/ ‖ >5# Y1P r#Y4=P r/ jen/# jen/ fhcht 9 46 f`/]e}/# }g|} ratac/; cd/ th`/# twvĆ/ ‖ 722 g|/EVDO 5><-55>7-=177-4-1/Y4211-1>2P/- - 1/ Tgnwca`go}wc fetfwcaŦege tw}egtg ,th`/# twvĆ%/

:7:/11/27;671/<11,2>7%0167/101:1/1

:7:/< RhŘ}Ć/ Vgtzefee rhŘ}acg Ře amèoev}tatga cht

111/ Fehdaow# Fhov}ao}eo Nl/

@elae Gèogvfw ïo jeca}gcea Ře fat}hjecea woezgtvacĆ ; Fa}/ gofefchrgmef ( Fhov}ao}eo Nl/Fehdaow# @atea Nhmhth{ga 9 @w{gwc OaŦ/ mg G}ohntajeg Ře Ev}hteg Oa}wtacĆ a @hcmhzge# Avhf/

7/23/2019 BNM 2011-1



6>

Jeca}gceŘ}echt# @a|eàjeceŘ}echt Ře Fat}hjeceŘ}echt meo Tgr/ @hcmhza/ ‖ Fl/ ; Ï/G/-R/ $ş}eeoŦa$# 4212,Fh`deoa}wc Rhcent/%/ ‖ 115 r/ ; jen/# jen/ fhcht 9 41 | 44 f`/

1222 g|/EVDO 5><-55>7-:>->4>-1/

Y4211-177P/- - 1/ Jeca}gceg ‖ @elae Gèogvfw/ 4/ Fat}hjeceg ‖ @elae Gèogvfw/ 6/ Gèogvfw# @elae#1<72-1<<5# rhg} th`äo ‖ Jeca}gceg ‖ Fat}hjeceg/

:7:/<67;<41/167/1/25

> AT]Ą/ TGFTGGTG/ MEZGT]EV@GO]/ VRHT]

Втчмфзлфптщ м нмовеазтщ Тзсицбймлм Гпйнпдв# 4212/ ‖ Zg{e Ot 11=/

>4 ATLE]GF]WTĄ

114/ Aomthohzefe# Meaoa ]erhchnea fcĆmetecht ; ChfweoŦa ; EomefaŦee `g}hmefg ( Meaoa Aomthohzefe# Vgtnew ]thofew 9

tgm/ tgvr/; Rg}tw Mwè}taŘfw 9 Woez/ ]glo/ a @hcmhzge# Jaf/ Wtdaoev` Ře Atle}gf}wtĆ/ ‖ Fl/ ;W]@# 4212/ ‖ 4># Y1P r/ ; mgv/ 9 41 f`/

Dedcehnt/; r/ 4> ,5 }e}/%/ ‖ 422 g|/Y4211-7=P/- - 1/ ChfweoŦg ‖ Atle}gf}wtĆ/

>4</1,2>:/7%

116/ Facfwcwc Ře acfĆ}wetga gcg`go}gcht rht}ao}g acg fcĆmetee eomwv}teacg `wc}eg}aka}g ;,gcg`go}g rtgjadtefa}g% ; @a}gteac memaf}ef ( Woez/ ]glo/ a @hcmhzge# Jaf/ Famav}tw# Nghmg{eg

Ře Fhov}twfŦee# Fa}gmta Fhov}twfŦee Ře @gfaoefa V}twf}wtecht 9 gcad/; @elae Wtvw# ]wmht Vätdw 9tgm/ tgvr/; ]wmht Vätdw/ ‖ Fl/ ; W]@# 4211/ ‖ 125# Y6P r/ ; jen/# }ad/ 9 41 f`/Dedcehnt/; r/ 5>-5< ,42 }e}/%/ ‖ 122 g|/Y4211-7>P/- - 1/ FcĆmete g}aka}g ‖ Rthegf}atg/

>47/1/214/47,2>7%

11=/ Втчмфзлфптщ м нмовеазтщ Тзсицбймлм Гпйнпдв# … 0 Atfle}gf}v aomMgvenogtv hj }lg Tgrwdcef hj @hcmhza# 4212 ( MAV Metgf}htu 9 Yспсф/P; Авнзкнв Дтзгз#Дшюзсйвд Юзбпфвту# Дмпйзффв Нвтсвймш Yм нт/P/ ‖ Л/ ; Б/ м/# 4212 ,]erhnt/ $Rhceat}$ VTC%/ ‖4=># Y1P r/ ; jh}/# jh}/ fhcht 9 45 f`/

]e}/# }g|} ratac/; cd/ twvĆ# gonc/ ‖ 6222 g|/EVDO 5><-55>7-=2=4-1-1 ,ïo fhr/ }atg Ře vwrtafhr/%/Y4211-:1P/- - 1/ Atle}gf}wtĆ ‖ Tgrwdcefa @hcmhza ,twvĆ%/ 4/ Mgveno ‖ Tgrwdcefa @hcmhza ,twvĆ%/

>4)>/27,=><%,254%01:1/10111

117/ Втчмфзлфцтапз итпзлфмтпдвамз ; Чцнпкзсфдзааще гцозе ; Цюзб/ ипспбмз ипдщипй/ лцтспд/ итпзлфв ип нмсъмиймаз $Втчмфзлфцтапз итпзлфмтпдвамз$ ; сизъ/ 4=21 ‖$Втчмфзлфцтв$ ( Фзча/ ца-ф Гпйнпдщ# Эвл/ жтвнпсфтпмфзйусфдв м втчмфзлфцтщ# Лвэ/ $Вт-чмфзлфцтв$ 9 спсф/; З/ В/ Бпжамбпд# Н/ Ф/ Вантпапдмю# В/ В/ Псфвипд Yм нт/P 9 пфд/ тзн/; Д/Йцажц/ ‖ Л/ ; ФЦГ# 4212/ ‖ 72# Y1P r/ ; mgv/# }ad/ 9 42 f`/

Dedcehnt/; r/ 72 ,14 }e}/%/ ‖ 122 g|/

7/23/2019 BNM 2011-1



6<

Y4211-:=P/- - 1/ Atle}gf}wta `w{ggcht ‖ Rthegf}atg ,twvĆ%/

>4>/>/214,2>7%

>6(>: AT]G RCAV]EFG/ AT]G MGFHTA]EZG

>6 AT]G RCAV]EFG

11:/ @acfhfe# Ze}acegFhov}e}wetga Ře gzhcwŦea rtgcwftĆtee at}ev}efg a reg}tge ïo at}a Tgrwdcefee @hcmhza ( Ze}aceg

@acfhfe/ ‖ Fl/ ; $Rteo}-Fath$ VTC# 4212/ ‖ =: r/ ; jen/ 9 41 f`/Dedcehnt/; r/ 42-41 ,=6 }e}/% Ře ïo oh}g# r/; 1= ,11 }e}/%/ ‖ 122 g|/EVDO 5><-55>7-=175-7-</Y4211-17>P/- - 1/ Rtgcwftatga at}ev}efĆ a reg}tge ïo Tgrwdcefa @hcmhza/

>6:/4,=><%

>=1(>== Mgvgo

11>/ Ref}htee fho}ta fhtwrŦege ; flefleŦg kwmgfĆ}htgŘ}e ( ]taovratgofu Eo}gto/ @hcmhza 9ref}/; Eho @äŦw/ ‖ Fl/ ; ]taovratgofu Eo}gto/ @hcmhza# 4212 ,]erhnt/ $Dhov Hjjefgv$ VTC%/ ‖62 f`/ ‖ EVDO 5><-55>7-<2-11:-=/

YR}/P a 11-a/ ‖ 4212/ ‖ Y14<P r/ ; mgv/ ‖ Aratg fw vrtekeowc jeoaofeat ac H|ja` Ohzen/ ‖ 722g|/ ‖ EVDO 5><-55>7-<2-=1>-4/ ‖ Nta}we}/ ‖ Y4211-4:P/

- - 1/ Fatefa}wte ‖ FhtwrŦeg/>=1/7;64</1<7

>=7(>=5 At}g mgfhta}ezg/ @gvgtee mg at}Ć/ At}g arcefa}g/ Mgveno

11</ Гмчвейп# ЙвтмсвГмт ъдзфпд $Нмващ$ ; Yэйптмсфмлв лйцбв $Нмвав$P ( Йвтмсв Гмчвейп/ ‖ Л/ ; $Fw

Mtan$ VTC# 4211 ,]erhnt/ $Dhov Hjjefgv$ VTC%/ ‖ 54 r/ ; ec/# ec/ fhcht 9 4= f`/622 g|/EVDO 5><-55>7-=1=7-:-4/Y4211-1<<P/- - 1/ At}Ć jchtacĆ ,twvĆ%/

>=7/5

>< @W[EFĄ

115/ @a`h}# GwngoCea-Fehfätcea ; Fwcgn/ mg ftgaŦee fhtacg affargca rgo}tw zhfe gnacg ( Gwngo @a`h} 9

fhr/; Tw|aoma Th`aofewf/ ‖ Fl/ ; $Rte`g| Fh`$ VTC# 4212/ ‖ 164 r/ ; jh}/# o/ `w{/ 9 45 f`/72 g|/EV@O 5>5-2-6=<2-225:-1/EVDO 5><-55>7-=1=>-:-2/Y4211-<1P/- - 1/ @w{efĆ fhtacĆ/

><6/<

142/ Лпойпдв# Авнзкнв

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



=2

- - 1/ $Jechchnea `hmgtoĆ; tgace{Ćte Ře rgtvrgf}ezg ïo fho}g|}wc gwthrgao$ ‖ Fhchfzew eo-}gtoaŦehoac ,th`/# twvĆ%/

<21/>(/<,2<4%0167/101:1/1

<11 Ce`de eomezemwacg

<11/111 Ce`da goncg{Ć

14=/ Dwveogvv fwc}wtg; ]g|}v jht mevfwvveho ; Ïomtwàt `g}hmef ( Woez/ ]glo/ a @hcmh-zge# Jaf/ Facfwca}hatg# Eojhtà}efa Ře @efthgcgf}thoefa# Fa}gmta Eojhtà}efa Arcefa}a 9fh`recgt; @atea Aoevflegzefe 9 flegj gm/; Hcna Mazem/ ‖ Fl/ ; W]@# 4212/ ‖ >1# Y1P r/ 9 42 f`/

Dedcehnt/; r/ >1/ ‖ 122 g|/Y4211-75P/- - 1/ Ce`da goncg{Ć ‖ ]g|}g ,gonc/%/

<11/111;66=/214,2>:/7%

147/ Cwrao# Thmefa^te}}go }taovca}eho }gfloeqwgv ; ,Goncevl ‖ Thàoeao# Thàoeao ‖ Goncevl% ; Vwrht} mg

fwtv ( Thmefa Cwrao 9 Woez/ mg V}a} meo @hcmhza# Jaf/ mg Cd/ Ře Ce}/ V}tĆeog# Fa}gmta ]tam/#Eo}gtrtg}atg Ře Ceonzev}efĆ Arcefa}Ć/ ‖ Fl/ ; FGR WV@# 4212/ ‖ 175# Y1P r/ ; }ad/ 9 41 f`/

]g|}g; cd/ gonc/# th`/ ‖ Dedcehnt/; r/ 17>-175 ,=1 }e}/% Ře ïo oh}gcg mg vwdvhc/ ‖ 72 g|/EVDO 5><-55>7->2-5::-</Y4211->6P/- - 1/ Ce`da goncg{Ć ‖ ]gloefe mg }tamwfgtg ,gonc/# th`/%/

<11/111.4701110167/1,2>7/<%

14:/ Vïcoef# Eoa

Dehchnu ; Vwrht} mg fwtv ca cd/ gonc/ rgo}tw Jaf/ mg Dehchneg Ře Rgmhchneg ( Eoa Vïcoef#Aongca ]wcge 9 Woez/ mg V}a} meo @hcmhza# Jaf/ mg Cd/ Ře Ce}/ V}tĆeog# Fa}gmta Cd/ Ngtàoefg/ ‖Fl/ ; FGR WV@# 4212/ ‖ 156# Y1P r/ ; jen/# }ad/ 9 41 f`/

Dedcehnt/; r/ 154-156 ,4< }e}/% ‖ 72 g|/EVDO 5><-55>7->1-276-=/Y4211-1:6P/- - 1/ Ce`da goncg{Ć ,gonc/%/

<11/111;7>,2>7/<%

<11/114/4 Ce`da ngtàoĆ

14>/ Fataezao# AooaMgw}vfl acv Jtg`mvrtaflg ; Laomdwfl jót meg Zhtdgtge}won awj meg Advflcwvvrtójwongo

( Fataezao Aooa# Fgfgcoe}fle Aongcefa# Hverhz Aongca/ ‖ Fl/ ; $@anoa-Rteofgrv$ VTC# 4211/ ‖14># Y1P r/ ; }ad/ 9 47 f`/

Dedcehnt/; r/ 14< ,11 }e}/%/ ‖ 122 g|/EVDO 5><-55>7-=2>7->-1/Y4211-145P/- - 1/ Ce`da ngtàoĆ ,ngt`/%/

<11/114/4,2>7/6%

14</ Flevgcehz# Zef}ht Mgw}vflg Vrtaflngvflefl}g ; Zhtcgvwonviwtv jót Jtg`mvrtaflgojaiwc}í}go mgt ríma-

nhnevflgo Lhflvflwcgo ( Zef}ht Flevgcehz 9 V}aa}ceflg Rímanhnevflg Woez/ $Eho FtgaonĆ$#

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



=4

166/ şflehrw# Fhov}ao}eoCe`da Ře ce}gta}wta th`äoĆ ; @ao/ rgo}tw fc/ a 12-a# cefgw ( Fhov}ao}eo şflehrw# @atfgca

Zäcfw-şflehrw/ ‖ Fl/ ; $Ce}gta AZO$ VTC# 4225 ,]erhnt/ $Woezgtvwc$ ÏV%/ ‖ 4=># Y6P r/ ; jh}/#}ad/ 9 4: f`/ ‖ ,Ce}gta gmwfaŦehoac%/

EVDO 5><-55>7-52=-52-4/Y4211-164P/- - 1/ Ce`da th`äoĆ ‖ @aowacg/ 4/ Ce}gta}wtĆ th`äoĆ ‖ @aowacg/ 6/ Ce}gta}wtĆ th`äoĆ

meo Tgrwdcefa @hcmhza ‖ @aowacg/<11/167/1)<41/167/1/25)<41/167/1,=><%/25,2>7/6%

<4 CE]GTA]WTĄ

<4(<41 Ce}gta}wtĆ at}ev}efĆ

<41 Ce}gta}wta ce`decht eomezemwacg

16=/ Вафпйпжмш спдтзгзаапе ймфзтвфцтщ Итмназсфтпдуш ; Д 4-ч ф/ ав 6-ч жпс/ шо/ ‖тцс/# гпйн/# цлт/ ( спсф/; Д/ М/ Лпкцьаша 9 пфд/ тзн/; А/ В/ Зйвжма 9 тзнлпй/; В/ Й/ Дщтдмю#Т/ Т/ Лпкцчвтпд# Й/ В/ Ймфдмазапл Yм нт/P 9 Спяо имсвфзйзе Итмназсфтпдуш# Тзси/ Ймф/эпан Итмназсфтпдуш# Йвб/ мон/ фдптюзсфдв $Заъв$/ ‖ Фмтвсипйу ; Йвб/ мон/ фдптюзсфдв$Заъв$# 4212 ,ЖЦМИИ $Бзанзт/ фми/ $Ипймжтвэмсф$%/ ‖ 44 f`/ ‖ EVDO 5><-55>7-=1=1-4-</

Ф/ 1 ; Итпов/ Нтвгвфцтжмш/ Рссз/ Ицбймъмсфмлв/ Лтмфмлв/ ‖ 4212/ ‖ ===# Y=P r/ ; jh}/ ‖]g|}g; cd/ `hcm/# twvĆ# wft/ ‖ 1222 g|/ ‖ EVDO 5><-55>7-=1=1-6-7 ,ïo fhr/ }atg%/ ‖ Y4211-=P/

<41-<401:1/10167/401:1/4

167/ Ф/ 4 ; Ипромш/ ‖ 4212/ ‖ ==< r/ ‖ ]g|}g; cd/ `hcm/# twvĆ# wft/ ‖ 1222 g|/ ‖ EVDO5><-55>7-=1=1-=-4 ,ïo fhr/ }atg%/ ‖ Y4211-7P/

<41-<401:1/10167/401:1/4<41/167/1 Ce}gta}wtĆ th`äoĆ

16:/ @atajg}# Fhov}ao}eoRhrav ïo}tg ohte ; ,zgtvwte% ( Fhov}ao}eo @atajg}/ ‖ Fl/ ; Gm/ rgo}tw Ce}/ Ře At}Ć# 4212

,]erhnt/ Gm/ $Woezgtvwc$ ÏV%/ ‖ >< r/ 9 42 f`/722 g|/EVDO 5><-55>7-=1=<-1-=/Y4211-4P/- - 1/ Ce}gta}wta th`äoĆ ‖ Rhg{eg/

<41/167/1-1 @atajg}

16>/ @atajg}# Fhov}ao}eoTĆmĆfeoa ïov}gca}Ć ; rhg{ee ( Fhov}ao}eo @atajg}/ ‖ Fl/ ; $@gvangtwc$ VTC# 4225/ ‖ :=

r/ 9 41 f`/EVDO 5><-55>7-552>-2->/Y4211-124P/- - 1/ Ce}gta}wtĆ th`äoĆ ‖ Rhg{eg/

<41/167/1-1 @atajg}

<41/167/1,=><% Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza

16</ Dacao# Ewteg

7/23/2019 BNM 2011-1



=6

Rtaf}efa ca dtaŦ fw Ntaà}efa ; YtgjcgfŦeeP ( Ewteg Dacao 9 fhr/; Aoa}hc Twtaf/ ‖ Fl/ ; J/ G/-R/ $DaŘ}eoa-Tamhn$ VTC# 4212/ ‖ 1=2 r/ 9 42 f`/

4222 g|/EVDO 5><-55>7-=17=-6-5/

Y4211-112P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza/<41/167/1,=><%-5 Dacao

165/ Dgt{he# CwmècaRgevak aw}wòac ; YzgtvwteP ( Cwmèca Dgt{he/ ‖ Fl/ ; FGR WV@# 4211/ ‖ 46# Y1P r/ ; jh}/ 9

11 | 17 f`/72 g|/EVDO 5><-55>7->1-2>2-1/Y4211-16:P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg/

<41/167/1,=><%-1 Dgt{he1=2/ Dezhc# Gje`]tĆe` ïo Ťata cwe RĆfacĆ ; Yzgtvwte va}etefgP ( Gje` Dezhc 9 fhr/ Awtgc NwŦw/ ‖ Fl/ ; J/G/-R/

$DaŘ}eoa-Tamhn$ VTC# 4212/ ‖ 1=6# Y1P r/ 9 42 f`/4222 g|/EVDO 5><-55>7-=17=-4-4/Y4211-125P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg va}etefĆ/

<41/167/1,=><%-151 Dezhc

1=1/ Dht{eao# OefhcagWo }tgo g|rtgv ; YzgtvwteP ( Oefhcag Dht{eao 9 fhofgr}wc fĆtŦee Ře vgc/ zgtvwtecht; Awtgcea

Dht{eao 9 mgveno Ře fhr/; @elagca EhtmĆflgvfw/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖ 12># Y1P r/; ec/ 9 41 f`/

122 g|/EVDO 5><-55>7-<2-=1=-1/Y4211-4>P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg/

<41/167/1,=><%-1 Dht{eao

1=4/ FacataŘ# Enht

Rea}ta ïoŦgcgrfewoee ; YzgtvwteP ( Enht FacataŘ 9 rtg{/ ntaj/ Zacgtea Dht{eaf/ ‖ Fl/ ; $JchtecgMacdg$ ÏV# 4211/ ‖ :2 r/ ; ec/ 9 41 f`/ ‖ ,Mgdw}%/422 g|/EVDO 5><-55>7-5<2:->-</Y4211-:7P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg/

<41/167/1,=><%-1 FacataŘ

1=6/ FĆtĆwŘ# ]aàtaFarfaogcg emgo}e}ĆŦee ; YgvgwteP ( ]aàta FĆtĆwŘ 9 fhr/; Ze}aceg Fhthdao/ ‖ Fl/ ; Fat}egt#

4211 ,Fh`deoa}wc Rhcent/%/ ‖ 442 r/ 9 42 f`/ ‖ ,FhcgfŦea $Th}homa$ ( fhhtm/ mg G`/ Nacaefw-

RĆwo%/Dedcehnt/; r/ 414-415 Ře ïo oh}gcg mg vwdvhc/ ‖ 6=2 g|/

7/23/2019 BNM 2011-1



==

EVDO 5><-55>7->5-:>5-</Y4211-176P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Gvgwte /

<41/167/1,=><%-= FĆtĆwŘ

1==/ Fhrafeovfle# AongcaCetefĆ ( Aongca Fhrafeovfle/ ‖ Fl/ ; $Rte`g| Fh`$ VTC# 4212/ ‖ 12< r/ 9 41 f`/]g|}; cd/ th`/# jt/# vrao/ Ře ac}g cd/ v}tĆeog/ ‖ 72 g|/EVDO 5><-55>7-=1=>-=-:/Y4211-5P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg ,th`/# jt/# vrao/# ac}g cd/ v}tĆe-

og%/<41/167/1,=><%,275%022 Fhrafeovfle

1=7/ Madeka# Oefhcag]gà rgo}tw afavĆ ; thào ( Oefhcag Madeka 9 fhr/; Cghoem Rhrgvfw/ ‖ Fl/ ; Gm/ rgo}tw

Ce}/ Ře At}Ć# 4211 ,]erhnt/ Gm/ $Woezgtvwc$ ÏE%/ ‖ =2:# Y1P r/ 9 41 f`/7222 g|/EVDO 5><-55>7-=1=<-4-1 ,ïo fhr/ }atg%/Y4211-1:5P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Thàog/

<41/167/1,=><%-61 Madeka

1=:/ Jwtmwe# NaceoaA`rtgo}g ïo }e`r ; Meachnwte ( Naceoa Jwtmwe 9 rhv}j/ mg ]wmht Raccame/ ‖ Fl/ ; Rho}hv#

4212 ,$]erhnt/ Tgfcaà$ VA%/ ‖ 7<=# Y1P r/ ; jen/# jh}/# o/ `w{/ 9 41 f`/

122 g|/EVDO 5><-55>7-71-427-6/Y4211-52P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Meachnwte/

<41/167/1,=><%-<6 Jwtmwe

1=>/ @a|eao Mgcamhcoa# NlghtnlgAèo}ete Ře mhtwte vaftg ; mezgt}ev`go} rhg}ef ( Nlghtnlg @a|eao Mgcamhcoa 9 ntaj/;

Zacgo}eoa Raofh-RaowŘ 9 fhr/; ]a}eaoa Ntenhtegza/ ‖ Fl/ ; Rho}hv# 4212 ,$]erhnt/ Tgfcaà$VA%/ ‖ 146# Y7P r/ 9 42 f`/

122 g|/

EVDO 5><-55>7-71-412->/Y4211-<5P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg/

<41/167/1,=><%-1 @a|eao Mgcamhcoa

1=</ Oefwca# VazaAèo}ete Ře gzhfĆte ( Vaza Oefwca 9 fwzäo} ïoaeo}g mg Zavecg @acaogŦfle/ ‖ Fl/ ; A}gcegt#

4212 ,]erhnt/ $Dhov Hjjefgv$ VTC%/ ‖ 12> r/ ; jh}/# Y1P j/ vflgà 9 41 f`/622 g|/EVDO 5><-55>7-<2-=42-4 ,ïo fhr/ }atg Ře vwrtafhr%/Y4211-1:P/

- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza/ <41/167/1,=><%-5 Oefwca

7/23/2019 BNM 2011-1



=7

1=5/ Racee-RĆmwtatw# CwfeaMhwĆ cwè ; Zgtvwte ( Cwfea Racee-RĆmwtatw 9 fhr/; Tw|aoma Thàofewf/ ‖ Fl/ ; Rho}hv#

4212 ,$]erhnt/ Tgfcaà$ VA%/ ‖ 7:# Y=P r/ ; ec/ 9 42 f`/122 g|/

EVDO 5><-55>7-71-42<-=/Y4211-5>P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg/

<41/167/1,=><%-1 Racee-RĆmwtatw

172/ Wtvfle# NlghtnlgCav-vĆ tämĆ Ŧata av}a! ; `hohchang va}etefg ( Nlghtnlg Wtvfle 9 ec/ ntaj/# fhr/; Vgtnew

RwefĆ/ ‖ Fl/ ; $@anoa-Rteofgrv$ VTC# 4211/ ‖ 42># Y1P r/ ; ec/ 9 14 | 1> f`/1222 g|/EVDO 5><-55>7-=2>7-4-:/Y4211-14>P/

- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Va}etĆ/<41/167/1,=><%-> Wtvafle

171/ Zegtw# NtenhtgAcdeowŦa ; YadgfgmatP ( zgtvwtecg Ře `w{/ Ntenhtg Zegtw 9 fhr/ Ře ec/ CefĆ Vaeofewf 9 oh}hnt/;

Nadtegc Aomthoef/ ‖ Gm/ ohwĆ# tgzĆ{/ Ře am/# a <-a/ ‖ Fl/ ; Ce}gta ,gmwfaŦehoac%# 4212 ,Fh`de-oa}wc Rhcent/%/ ‖ 12># Y1P r/ ; ec/ fhcht# o/ `w{/ 9 46 | 4= f`/

Aratg fw vrtekeowc DĆofee Fh`gtfeacg Th`äog/EVDO 55>7->=-<5=-7 ,gthoa}% ,ïo fhr/ }atg%Y4211-17:P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza rgo}tw fhree/

<41/167/1,=><%-1-56 Zegtw

174/ Zegtw# NtenhtgFgcg àe jtw`havg rhg{ee 0 Meg vflúov}go ngmífl}g ( Ntenhtg Zegtw 9 }taovrwvg ïo

ngt`/ mg Eho @Ćtneogaow 9 fhofgrŦea ntaj/; Aomtge Efle`/ ‖ Fl/ ; Famtao# 4212 ,]erhnt/ $DhovHjjefgv$ VTC%/ ‖ 1>7# Y7P r/ ; ec/ 9 42 f`/

]e}/# }g|} ratac/; cd/ th`/# ngt`/ ‖ 1222 g|/EVDO 5><-55>7-<2-6::-6/Y4211-1=P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg ,th`/# ngt`/%/

<41/167/1,=><%-10167/10114/4 Zegtw

176/ Zegtw# NtenhtgCwèoa mg ]aeoĆ ; Raneoe acgvg fw FM ; YzgtvwteP ( Ntenhtg Zegtw 9 fhr/; Veèho FhamĆ#

@elae Vaza 9 fhofgrŦea ntaj/; @elae Vaza/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4211/ ‖ 627# Y6P r/ 9 41f`/

1222 g|/EVDO 5><-55>7-<2-=45-7 ,ïo fhr/ }atg%/Y4211-1<1P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Rhg{eg/

<41/167/1,=><%-1 Zegtw

<41/1= Ce}gta}wtĆ ntgafĆ ,gcgoĆ%

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



=>

- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza rgo}tw fhree ‖ Rhg{eg/<41/167/1,=><%-56 ş}etdw

175/ ş}etdw# ]e}wvWo dĆea} fw mhwĆ jgŦg Ře h vw}Ć mg rhzgŦg ; ,oh}eŦg acg woge jg}eŦg% ; Yrhg{ee rgo}tw fhreeP (

]e}wv ş}etdw 9 ec/; ]a}eaoa Zatzatewf/ ‖ YFl/P ; Rho}hv# 4212 ,]erhnt/ $GwthRtgvv$ VTC%/ ‖ 42 r/ ;ec/ 9 62 f`/

1722 g|/EVDO 5><-55>7-71-17=-=/Y4211-=4P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza rgo}tw fhree ‖ Rhg{eg/

<41/167/1,=><%-56 ş}etdw

<4(<41/2 ]ghtea# v}wmewc Ře }gloefa ce}gta}wtee

1:2/ Fe`rhe# @elae

Fte}efg ( @elae Fe`rhe/ ‖ Fl/ ; $@anoa-Rteofgrv$ VTC 9 Ftaehza ; JwomaŦea Vftevwc Th-`äogvf# 4211/ ‖ 42 f`/ ‖ EVDO 5><-55>7-=1>6-7-</YZhc/ 5P ; Emgo}e}a}g Ře ac}gte}a}g/ ‖ 4211/ ‖ 42: r/ ‖ 422 g|/ ‖ EVDO 5><-55>7-=1>6-:-7

,$@anoa-Rteofgrv$ VTC%/ ‖ EVDO 5><-5>6-><:=->2-6 ,JwomaŦea Vftevwc Th`äogvf# Ftaehza%/ ‖ Y4211-162P/

- - 1/ Ce}gta}wtĆ ‖ Fte}efĆ Ře eo}gtrtg}atg/<41/25

1:1/ Gofew# Zacgo}eoa]ghtea ce}gta}wtee ïo 122 mg }gt`goe ; Rgo}tw gcgzee mg neòa{ew Ře cefgw ( Zacgo}eoa Gofew/

‖ Fl/ ; Atf# 4212 ,J/G/-R/ $]erhnt/ Fgo}tacĆ$%/ ‖ 115# Y1P r/ 9 11 | 1> f`/ ‖ ,@g`hta}ht%/

Dedcehnt/; r/ 11>-11</ ‖ 1222 g|/EVDO 5><-55>7-:1-75=-7/Y4211-1=5P/- - 1/ ]ghtea ce}gta}wtee ‖ ]gtèohchneg/

<41/25,2>7/6%

1:4/ $Ce}gta}wtĆ Ře nav}thohèg$# ve`rh{/ eo}gtwoez/ ,4225 9 FleŘeoĆw%/ Ce}gta}wtĆ Řenav}thohèg; Ve`rh{/ eo}gtwoez/# =-7 mgf/ 4225 ; =2 aoe mg af}eze}a}g a Fa}gmtge mg Ce}/ Woezgt-vacĆ/ ‖ Fl/ ; FGR WV@# 4212/ ‖ 174# Y1P r/ 9 41 f`/

Ao}g}e}/; Woez/ mg V}a} meo @hcmhza/ ‖ ]g|}g; cd/ th`/# vrao/# twvĆ/ ‖ Dedcehnt/ ca vjätŘe}wcat}/ ‖ 122 g|/

EVDO 5><-55>7->1-2:2-4/Y4211-6=P/- - 1/ $Ce}gta}wtĆ Ře nav}thohèg$ ‖ Ve`rh{eho eo}gtwoezgtve}at ,th`/# vrao/# twvĆ%/

<41/25;654/<,2<4%0167/1016=/401:1/1

<41/111/2 Ce}gta}wtĆ goncg{Ć

1:6/ Ftgfefhzvfle# Zacgo}eoaKhvgrl Fhotam meo rgtvrgf}eza oata}eze}ĆŦee ; Vwrht} mg fwtv ( Gfa}gteoa Ftgfefhzvfle 9

Woez/ mg V}a} meo @hcmhza# Jaf/ mg Cd/ Ře Ce}/ V}tĆeog# Fa}gmta Ce}/ WoezgtvacĆ/ ‖ Fl/ ; FGRWV@# 4211/ ‖ :4# Y1P r/ 9 41 f`/

Dedcehnt/; r/ 7<-:1 Ře ïo oh}gcg mg vwdvhc/ ‖ 72 g|/EVDO 5><-55>7->1-2:>-1/

7/23/2019 BNM 2011-1



=<

Y4211-1:4P/- - 1/ Ce}gta}wtĆ goncg{Ć ‖ Fte}efĆ Ře eo}gtrtg}atg/

<41/111/25,2>7/<%

<41/167/1/2 Ce}gta}wtĆ th`äoĆ

şflehrw# Fhov}ao}eo/ Ce`da Ře ce}gta}wta th`äoĆ/ ‖ Zg{e Ot 166/

<41/167/1,=><%/2 Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza

1:=/ Mgtgvfw# Rg}twMeachnev`wc v}e`wca}ez ïo ftgaŦea rwdcefev}efĆ a cwe Gje` Khvaow ( Rg}tw Mgtgvfw 9 Woez/

mg V}wmee Gwthrgog meo @hcmhza/ ‖ Fl/ ; $Rte`g| Fh`$ VTC# 4212/ ‖ 164 r/ 9 41 f`/Dedcehnt/; r/ 161-164 Ře ïo oh}gcg mg vwdvhc/ ‖ 122 g|/EVDO 5><-55>7-=1=>-7-6/Y4211-<2P/

- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Fte}efĆ Ře eo}gtrtg}atg/<41/167/1,=><%/25

1:7/ Mhohv# Acg|aomtw DaŘ}eoa cwe Fhov}ao}eo V}gtg ; GzhfĆte# mg{zĆcwete# rtgfe{Ćte ( Acg|aomtw Mhohv 9 fhr/;

H|aoa Dgkao/ ‖ Fl/ ; Gm/ $Woezgtvwc$ ÏV# 4211/ ‖ <2 r/ ; jen/# jh}/ 9 42 f`/ Ïo tgm/ aw}/ ‖ 722 g|/EVDO 5><-55>7-=>-272-:/Y4211-121P/- - 1/ V}gtg# Fhov}ao}eo# 1<:7-156:# rhce}ef# kwtev}# vftee}ht th`äo/ 4/ Ce}gta}wtĆ th`äoĆ

meo Tgrwdcefa @hcmhza ‖ Fte}efĆ Ře eo}gtrtg}atg/<41/167/1,=><%/25)545 V}gtg

1::/ Taflegtw# Amteao MeowRhgŦe meo Davatadea ; Wo zgaf mg rhg{eg th`äogavfĆ ( Amteao Meow Taflegtw/ ‖ Dwfw-

tgŘ}e ; Gm/ Afam/ Th`äog 9 Fl/ ; Ï/G/-R/ $ş}eeoŦa$# 4212 ,]erhnt/ $Ntajefa 42$# DwfwtgŘ}e%/ ‖ :>>r/ ; jh}/ 9 4= f`/

Dedcehnt/ ïo oh}gcg mg vwdvhc/ ‖ 1222 g|/EVDO 5><-5>6-4>-1<<=-1 ,Gm/ Afam/ Th`äog%/ ‖ EVDO 5><-55>7-:>-:5=-: ,Ï/G/-R/ $ş}e-

eoŦa$%Y4211-:P/- - 1/ Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖ Fte}efĆ Ře eo}gtrtg}atg/

<41/167/1,=><%/25

şflehrw# Fhov}ao}eo/ Ce`da Ře ce}gta}wta th`äoĆ/ ‖ Zg{e Ot 166/

5 NGHNTAJEG/ DEHNTAJEE/ EV]HTEG

524(52= Atlghchneg/ Rtgev}hteg/ Zgv}enee

1:>/ Rgevakwc Fwc}wtac Htlgewc Zgfle ( aw}/; Nlghtnlg Rhv}efĆ# Oefhcag Dhdhf# Ca{at FletefĆ Yg} ac/P 9 fhhtm/ Ř}/; Nlghtnlg Rhv}efĆ 9 Woez/ mg V}a} meo @hcmhza# Fgo}twc mg Fgtfg}/Atlghchnefg meo @hcmhza/ ‖ Fl/ ; FGR WV@# 4212/ ‖ 16<# Y1P r/ ; jen/ fhcht# }ad/ 9 41 f`/

Dedcehnt/; r/ 16>-16< ,1> }e}/%/ ‖ Aratg fw vrtekeowc jeoaofeat ac rthegf}wcwe 1==>=:-]G@RWV-422<-TW-KRT/ ‖ 722 g|/

7/23/2019 BNM 2011-1



=5

EVDO 5><-55>7->1-21:-5/Y4211-1:1P/- - 1/ Htlgewc Zgfle ‖ Tgrwdcefa @hcmhza ‖ Atlghchneg/ 4/ Atlghchneg ‖ Htlgewc Zgfle ‖

Tgrwdcefa @hcmhza/

524(52=,=><-41%52< @hohntajee acg chface}ĆŦecht

1:</ Taehowc Eachzgoe ; YTgr/ @hcmhza ; acdw`P ( acfĆ}/; Oefhcag VfleŦfh 9 jh}/; Aomtge@atmate 9 rtg{/ ntaj/; Veèho [a`Řa/ ‖ Fl/ ; JwomaŦea $MtanleŘ}ga$# 4212 ,]erhnt/ $DhovHjjefgv$ VTC%/ ‖ := r/ ; jh}/ fhcht 9 44 | 44 f`/

]g|} ratac/; cd/ th`/# gonc/# twvĆ/ ‖ Aratg fw vrtekeowc jeoaofeat ac Fhovecewcwe TaehoacEachzgoe/ ‖ 1222 g|/

EVDO 5><-55>7-<2-=47-> ,ïo fhr/ }atg%/Y4211-1<6P/

- - 1/ Taehowc Eachzgoe ‖ Tgrwdcefa @hcmhza ‖ Acdw`g/ 52<,=><-41%,2<=%

545 ş}eeoŦg dehntajefg Ře ïotwme}g

Mhohv# Acg|aomtw/ DaŘ}eoa cwe Fhov}ao}eo V}gtg/ ‖ Zg{e Ot 1:7/

Ntenhtg Zegtw/ ‖ Zg{e Ot >/56(5= EV]HTEG

5= EV]HTEG NGOGTACĄ/ EV]HTEG WOEZGTVACĄ

1:5/ Жвгцтвту# БптмсП итпьйпг м авсфпшхмг ; Овгзфлм итп овивс ( Бптмс Жвгцтвту 9 fhr/; Tw|aomaThàofewf/ ‖ Л/ ; Rho}hv# 4212/ ‖ 41 f`/ ‖ EVDO 5><-55>7-71-11<-: ,gthoa}%/

Ла/ 4-ш ; Ипйуслме изтмпн/ ‖ 4212/ ‖ 151# Y1P r/# Y14P r/ jh}/ fhcht/ ‖ 622 g|/ ‖ EVDO5><-55>7-71-115-6 ,gthoa}%/ ‖ Y4211-=2P/

5=;64>,=><%,254%

5=,0167/1% Ev}htea th`äoecht

1>2/ Gofew# OefhcagEv}htea th`äoecht ïo 122 mg }gt`goe ; Rgo}tw gcgzee mg neòa{ew Ře cefgw ( Oefhcag Gofew/

‖ Fl/ ; Atf# 4212 ,Fh`deoa}wc Rhcent/%/ ‖ 144 r/ 9 11 | 1> f`/ ‖ ,@g`hta}ht%/Dedcehnt/; r/ 11:-11</ ‖ 4222 g|/EVDO 5><-55>7-:1-75>-:/Y4211-1=<P/- - 1/ Ev}htea th`äoecht ‖ ]gtèohchneg/

5=,0167/1%

5=,=1(55% Ev}htea eomezemwacĆ a mejgte}gcht ŦĆte

5=,=><% Ev}htea Tgrwdcefee @hcmhza

1>1/ Fehdaow# Ze}aceg

Väongtge ; ev}hteg Ře af}wace}a}g ( aw}/; Ze}aceg Fehdaow# Vgtnew @wo}gaow 9 fhhtm/ Ř}/;Mgèt Mtanogz 9 eàneoe Ře fhr/; Ze}aceg Ehzw# Gmwatm Dä{nw 9 Avhf/ mg Ev}hteg @ece}atĆ meo Tgr/

7/23/2019 BNM 2011-1



72

@hcmhza# VgfŦea Fwc}wtĆ a taehowcwe Väongtge/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4212/ ‖ 461# Y1P r/ ;jh}/ fhcht 9 62 f`/

Aw}/ vwo} eomefaŦe ïo favg}a }gl/ ‖ Tg{/; cd/ gonc/ ‖ 1222 g|/EVDO 5><-55>7-<2-=17-< ,ïo fhr/ }atg%/

Y4211-17P/- - 1/ Väongtge ‖ Taehaog ‖ Tgrwdcefa @hcmhza ‖ Ev}hteg/5=,=><%-41

1>4/ Nlemete`# Nlgtave`@eofewoa ‖ emgg mhèoao}Ć ca th`äoe ( Nlgtave` Nlemete`/ ‖ Fl/ ; $Woezgtvwc$ ÏV# 4211/

‖ 42 f`/Zhc/ 1/ ‖ 4211/ ‖ 1:2 r/ ‖ ]e}/ rg fhr/; Mgvfäo}gf mg jat`gfwc èofewoee/ ‖ 1222 g|/ ‖

EVDO 5><-55>7-=>-271-6/ ‖ Y4211-161P/5=,=><%

1>6/ Ratavfa# RazgcRhce}efe# jht`g mg nwzgtoatg Ře tgcaŦee eo}gtoaŦehoacg ïo ŤĆtecg Th`äog `gmegzacg ; Fwtv

woezgtve}at ( Razgc Ratavfa 9 tgm/ Ř}/; Aomtge Nacdgo 9 Woez/ CedgtĆ Eo}gto/ meo @hcmhza# Jaf/mg Ev}hteg Ře TgcaŦee Eo}gto/# Fa}gmta mg Ev}hteg/ ‖ Fl/ ; WCE@# 4212/ ‖ 4:: r/ 9 45 f`/

Dedcehnt/; r/ 4:1-4:= Ře ïo oh}gcg mg vwdvhc/ ‖ 422 g|/EVDO 5><-55>7-121-66-4/Y4211-<=P/- - 1/ ŤĆtecg Th`äog `gmegzacg ‖ Ev}hteg/

5=,=><%)5=,=5<%$2=(1=$;Y64>)6=4/7P,2>7/<%

1>=/ ]ĆtïŦĆ# Htgv}

Läkmegoee meo V}gra DĆcŦecht ; Ytaehowc NchmgoeP ; jecg mg ev}hteg ( Htgv} ]ĆtïŦĆ/ ‖ Fl/ ; Woe-zgtvwc# 4212/ ‖ =:= r/ ; l/# meant/# jh}/ fhcht 9 47 f`/Dedcehnt/; r/ ==4-==< ,1>4 }e}/% Ře ïo oh}gcg mg vwdvhc/ ‖ Aratg fw vrtekeowc jeoaofeat ac

Rte`Ćtege Ře Fhovecewcwe chfac Läkmegoe# Fhovecewcwe taehoac Nchmgoe Ře FAR $Fä`rea Läkmegoecht$/ ‖ 722 g|/

EVDO 5><-55>7-=>-2=7-4 ,ïo fhr/ }atg%/Y4211-1<P/- - 1/ Läkmegoe ‖ Va}g ‖ Taehowc Nchmgoe ‖ Tgrwdcefa @hcmhza ‖ Ev}hteg/

5=,=><-44%

5=,=5<% Ev}htea Th`äoege

Ratavfa# Razgc/ Rhce}efe# jht`g mg nwzgtoatg Ře tgcaŦee eo}gtoaŦehoacg ïo ŤĆtecg Th`äog`gmegzacg/ ‖ Zg{e Ot 1>6/

Aw}htgjgta}g

Rgo}tw }e}cwc mhf}ht

1>7/ Dg{zgtloe# [eoaema Hr}eè{atga vgtzefeecht rtgv}a}g mg jatàfeecg fh`woe}atg ïo fho}g|}wc tgnwcecht mg dwoĆ

rtaf}efĆ mg jatàfeg ; 17/22/21 ‖ Jatàfeg ; Aw}htgj/ }{/ mg mhf}/ ïo jatàfeg ( Dgt{zgloe[eoaema 9 Woez/ mg V}a} mg @gmefeoĆ Ře Jatàfeg $Oefhcag ]gv}gèŦaow$/ ‖ Fl/ ; $]erhnt/-Vetewv$ VTC# 4211/ ‖ 62 r/ ; jen/# }ad/ 9 41 f`/

Dedcehnt/; r/ 46-4: ,6= }e}/%/ ‖ 122 g|/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



74

}{/ mg mhf}/ ïo Ř}eeoŦg rhce}efg ( Gmwatm Ťwnwe 9 Woez/ mg V}a} meo @hcmhza/ ‖ Fl/ ; FGR WV@#4211/ ‖ 6=# Y1P r/ 9 41 f`/

Dedcehnt/; r/ 4>-61 ,<6 }e}/%/ ‖ 72 g|/Y4211-= ]g{gP/

64>,2=6/4%1<4/ Zhcfewf# Hcgvga Jadtefatga Ře v}wmewc v}twf}wtecht mg me`govehoace}a}g tgmwvĆ ïo da{a NaO ; 21/2=/12 ‖

Je{efa Ře eoneogtea vg`efhomwf}htecht ; Aw}htgj/ }{/ mg mhf}/ ïo }glo/ ( Zhcfewf Hcgvga 9 Woez/ mgV}a} meo @hcmhza/ ‖ Fl/ ; W]@# 4211/ ‖ 46 r/ ; jen/ 9 41 f`/

Dedcehnt/; r/ 1>-1< ,47 }e}/%/ ‖ =2 g|/Y4211-7 ]g{gP/

:41/617/754,2=6/4%

7/23/2019 BNM 2011-1



76

Eomg| mg ow`g ca $Fthoefa fĆtŦee$ Ot 1-4211

A

Adadee# Eho 5:-5>Ae{goŘ}am}# Fhov}ao}eo 125-12Aàtjee-TĆecgao# Ogcce 66Aomthoafle# Oefhcag 144Aomthoef# Nadtegc 171Aomthoef# T/ 6Aomthohzefe# Meaoa 114Aoevflegzefe# @atea 14=Atlaonlgcvfle# Vgtnlge 125Atvgog# Enht =Atvgoe# ]aevea <1-<4Av}talao# Ceceaoa =5

Azhtoef# Nlghtnlg 12 D

Dadee# Cghoem 6<Damao-Ca{atgofh# Aongca 17:Dacadao# Fcawmea >Dacao# Ewteg 16<Dacïovflee# Aomtge 6<DatdathŘ# Gfa}gteoa 61DatdathŘ# Eho 61Datfate# Gfa}gteoa 127

Dä{nw# Gmwatm 1>1Dgkao# H|aoa 1:7Dgkwf-RŘgogaf# Zgta >=->7Dgt{he# Cwmèca 165Dg{zgtloe# [eoaema 1>7Dezhc# Gje` 1=2DïtfĆ# @atea >>Dhdhf# Oefhcag 1:>DhlaoŦhz# Acg|aomtw 5Dhomatgofh# Oeoa 161-64Dhtmge# Cecea =<

DhtŘgzvfle# Razgc 11# 1=Dht{eaf# Zacgtea 1=4Dht{eao# Awtgcea 1=1Dht{eao# Oefhcag 1=1Dhwfgi# [/ 56DtaoaŘfh# Oa}acea 62DwfŘaow# Hcgvga 5=Dwmge# Enht 17:Dwlhfew# Jchteo =1Dwkhtgaow# Oefhcag 12:Dwcnatw# @atea 15Dwcnatw# Hcgn 15

Dwow# @ateaoa 12# =1Dwtowvwv# Fhov}ao}eo 122

F

FacataŘ# Enht 1=4Fatane# Cateva >1Fataezao# Aooa 14>Fatmaoewf# Fhteoa 122Fat}acgaow# ]a}eaoa >1Fa}aoĆ# ]a}eaoa 7<Fa{af# Eaoeoa 66Fa{afw# Cemea 145Fa{afw# Zef}htea 141FĆtĆwŘ# ]aàta 1=6FäŘcatw# Cateva <Fgdaow# Eho 144

Fgfgcoe}fle# Aongcefa 14>Fgt}ao# Zacgtew 12=Flgeaow-Aomtge# Meaoa 15Flefw# Dhtev 12>Flefw# Hcna 4Flefw# Zacgo}eoa >5FletefĆ# Ca{at 1:>Flevate# Acehoa :<Flevgcehz# Zef}ht 14<Flev}twna# D/ =4Flev}twna# Dhtev =4

Fe`det# Fhtogcea =2Fe`rhe# @elae 1:2Feofecge# Fhtogcea >5Feofewf# Thdgt} =:Fehdaow# Fhov}ao}eo Nl/ 111Fehdaow# Eoa 1>:Fehdaow# @etfga >1Fehdaow# Ze}aceg 1>1Fehdw# G/ 47-4:Fehfaow# Nlghtnlg <<FehtdĆ# Fhov}ao}eo 144FehtdĆ# Vgtnew =5Fewtatew# Nadtegca <5FcezamĆ# Vzg}caoa 5=FhamĆ# Veèho 176Fhfegtw-V}tĆ}ecĆ# Veczea ><Fhmtgaow# Fhov}ao}eo 7Fhkhfate# Hcgn 17>Fhkhfatw# Oa}acea 1<Fhrafeovfle# Aongca 1==Fhtfeovfle# Oeoa 146FhtgŦfle-@hfaow# Thmefa 7<Fhthdao# Ze}aceg 1># 1=6

Fhvhzao# Hcna >1FhŘgte# ]a}eaoa <

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



7:

Vataofewf-Nhtmga# C/ <6Vaza# @elae 176Vazfa# Gcgoa >6VäèlĆeao# Jchtgo}eoa >6Vätdw# ]wmht 116VfleŦfh# Oefhcag 1:<Vfcejhv# Cea <=Vfw}atw# Amgca 45Vgzgteo# Gcgoa 1Vecev}tatw# Oefhcag >2Vece}tate# Aomtge 54Vece}tate# Gcgoa 54Vïcoef# Eoa 14:Vï`dh}gaow# Maoegca 7<Vïtdw# H/ =4Vhch`ho# Fhtogcew <2-<4

Vhchzge# Thmefa >5Vrïow# V}gca 162V}ele# Cewmèca 64V}ta}ao# Eho 126Vwlhzefe# Aooa 6=Vzaoem{g# Gtei 77

ş

şflehrw# Fhov}ao}eo 166ş}gjĆogvfw# TĆ{zao =1ş}etdw# ]e}wv 17<-75

]

]atcaraow# Ogccu <2-<4]ĆtïŦĆ# Htgv} 1>=]fafewf# Fcawmea 45]ghva# Z/ 47-4:]hmgtaŘ# Eho 54]tafe# @/ 6]tefhcefe# ]aàta >=->7]tejeo# @atea <1-<4]thfeo# Hcgn 7=# 7:

]thofew# Vgtnew 114]twvgzefe# Aca 62# 6<]wcge# Aongca 14:

Ť

Ťgrhtmge# Awtgcea ::Ťwnwe# Gmwatm 1<1

W

Wtvfle# Nlghtnlg 172Wtvw# Aomtge 127

Wtvw# Cwmèca <6Wtvw# @elae 116

Wzathza# Acca >7

Z

Zafatfewf# Maoegca ><

Zäcfw-şflehrw# @atfgca 166Zatzatewf# ]a}eaoa 17<-75Zat{ate# Rao}gce`ho 46Zavecgzvfle# Vgtnew 12>Zgtgkao# Aoa 51Zegtw# Ntenhtg ,>%# 171-76Zhcfewf# Hcgvga 1<4Ztg`gtĆ# Gèc 7

[

[amhthkoäe# Cateva 51[alatea# Zgafgvcaz 6>[alatea# Zef}ht 7=# 7>[a`Řa# Veèho 1:<[natmao-Ftwmw# Acehoa >1[àt{cei# Khcao}a 7<

В

Влсзапд# Д/ 142Вантпапдмю# Н/ Ф/ 117

Б

Бвбзалп# П/ В/ =7Бпжамбпд# З/ В/ 117Бцегмсфтц# Фвфушав 5<

Д

Дзймьлп# Авнзкнв >>Дтзгз# Авнзкнв 11=Дщтдмю# В/ Й/ 16=-67

Ж

Жвгцтвту# Бптмс 1:5

Н

Нвтсвймш# Дмпйзффв 11=Нщгюзалп# А/ Д/ :

З

Зйвжма# А/ В/ 16=-67

К

Кмфамжпт# Сзгёа 177

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



7<

Eomg| mg }e}cwte ca $Fthoefa fĆtŦee$ Ot 1-4211

Adgfgmatwc ftgŘ}eo-ht}hmh| 11Afle{eŦeecg rwdcefg Ře e`rcefatga fg}ĆŦgoecht ïo

zgtejefatga gjefegoŦge zachtejefĆtee daoecht rw-dcefe :=

Af}gcg fhojgteoŦge Ř}eeoŦejefg eo}gtoaŦehoacg$ş}eeoŦa rhce}efĆ ïo Tgrwdcefa @hcmhza; tga-ce{Ćte Ře rgtvrgf}ezg$ >:

Ace`go}atga fw gogtneg gcgf}tefĆ 126Aoace{a FtgŘ}gtee Gfhohèfg ïo @hcmhza 6:Ao}hoeoa Cwfeovfle 16Arata}g awme}ezg; amar}atg Ře g|rcha}atg 5:Atfle}gf}v aom Mgvenogtv hj }lg Tgrwdcef hj

@hcmhza# 4212 11=

AVE]H ‖ Rteà acgngtg ïo avenwtĆte :>Da{gcg }ghtg}efg Ře arcefa}ezg acg rthegf}Ćtee Řee`rcg`go}Ćtee fhoŦeow}wtecht jht`Ćtee rvelh-chnecht ca fefcwc cefgoŦeac a ïozĆŦĆ`äo}wcwevwrgteht <:

Dedceh}gfa @woeferacĆ ‖ dedceh}gfĆ eohzao}Ć <Dehv}a}ev}efa 54Dwveogvv fwc}wtg; ]g|}v jh} mevfwvveho 14=Facfwcwc Ře acfĆ}wetga gcg`go}gcht rht}ao}g acg

fcĆmetee eomwv}teacg `wc}eg}aka}g 116Fa}achnwc eov}e}wŦeecht rgo}tw fhree Ře }eogte fw

me{adece}ĆŦe mg rg a`dgcg ̀ acwte acg Oev}twcwe<7

FĆcmwta Fwzäo}wcwe ><Fgtfg}Ćte avwrta ntaewtecht th`äogŘ}e mg ca gv}

mg Rtw} 162Fleèa htnaoefĆ 51FcavejefaŦea vrht}ezĆ woefĆ a Tgrwdcefee @hcmh-

za 144Fhmwc fezec ac Tgrwdcefee @hcmhza 75Fhmwc fho}tazgoŦehoac ac Tgrwdcefee @hcmhza

=>Fhmwc mg g|gfw}atg ac Tgrwdcefee @hcmhza :2

Fhmwc mg rthfgmwta fezecĆ ac Tgrwdcefee @hcmh-za :1Fhmwc mg rthfgmwtĆ rgoacĆ ac Tgrwdcefee

@hcmhza 72Fhmwc ̀ wofee ac Tgrwdcefee @hcmhza :4-:6Fhmwc rgoac ac Tgrwdcefee @hcmhza 71-74Fhchfzewc Eo}gtoaŦehoac $Jechchnea `hmgtoĆ;

tgace{Ćte Ře rgtvrgf}ezg ïo fho}g|}wc gwth-rgao$/ Ce`da# ce`dak# zhtdg 146

FhojgteoŦa Ř}eeoŦejefĆ $Mg{zhc}atga fgtfg}ĆteeŘ}eeoŦejefg# rth`hzatga Ře fwc}ezatga ftga}eze-

}ĆŦee Ře a eohzĆtee ïo rthfgvwc eov}twetee afa-

mgèfg$ mgmefa}Ć aoezgtvĆtee := mg ca jho-matga Woez/ mg V}a} meo @hcmhza 12

FhojgteoŦa Ř}eeoŦejefĆ eo}gtoaŦehoacĆ $Thcwc

eozgv}eŦeecht ïo mg{zhc}atga mwtadecĆ a gfh-ohège oaŦehoacg ïo fho}g|}wc eo}gntĆtee gw-thrgog$# 45-62 hf}/ 4212 =1

FhozgoŦea rtezeom mtgr}wtecg fhrecwcwe rg ïoŦg-cgvwc }w}wtht =:

Fhtaowc 1>Maovwc ce}gtgcht 17:Mg ca fhofgr}g ca ha`goe# vfle`däom mgv}eog;

hrht}woe}ĆŦe ̀ ae dwog rgo}tw }eogte Ře jg`ge:5

Meo recmgcg cwe Gvhr 17=

MhwĆ mgfgoee fw Va}etefwv E/ C/ Fataneacg#1552-4212 141Gfhohèg arcefa}Ć 45Gmwfa}eho jht acc ‖ mwv} }tafi eoe}ea}ezg eo @hc-

mhza <=GmwfaŦeg ftgŘ}eo-ht}hmh|Ć 1=GmwfaŦeg gfhchnefĆ ïo fcavgcg rteàtg/ Fgo}ta-

}g rg fh`rg}goŦg <6Gcadhtatga Ře e`rcg`go}atga V}ta}gnege mg

Mg{zhc}atg ChfacĆ :7Gzacwatga rgtjhtàoŦgcht rthjgvehoacg acg

jwofŦehoatwcwe rwdcef ::Jhtàtga fho}eowĆ a famtgcht memaf}efg ïo

fho}g|}wc gmwfaŦege fgo}ta}g rg fgc fg ïoza-ŦĆ >5

Nlemwc mgrw}a}wcwe ïo Ratca`go}wc Tgrwdcefee@hcmhza 4>

Ntenhtg Zegtw >E`rcg`go}atga rthdaŦewoee ïo rtezeoŦa fhreecht

ïo fhojcef} fw cgnga ïo Tgrwdcefa @hcmhza7=

Eo}gntatga Ře fhhrgtatga gfhohèfĆ tgnehoacĆ=4

Eo}gtoa}ehoac v}wmegv/ Zeg~v jth` @hcmhza 47-4:Ce`da Ře ce}gta}wta th`äoĆ >6Ce}gta}wtĆ Ře nav}thohèg 1:4@GNA ; @hcmhza Gfhohèf Nth~}l Aoacuvev

67-6:@entaoŦee `hcmhzgoe ïo JgmgtaŦea TwvĆ ïo

fhomeŦeecg fte{ge jeoaofeatg nchdacg 15@eowoe meo ztg`ga ohav}tĆ 17Ha{gcg mwlhzoefgŘ}e acg @e}thrhcege Davatadege

meo Rth}hrhrea}wc FleŘeoĆw 1:

Hrht}woe}ĆŦe mg Ajafgte rgo}tw Dgogjefeatee mgTgè}goŦg 6>

7/23/2019 BNM 2011-1



75

Rgevakwc Fwc}wtac Htlgewc Zgfle 1:>RgtfgrŦeecg rhrwcaŦege meo Tgrwdcefa @hcmhza

rtezeom jgoh`gowc mevfteèoĆtee 42Ref}htee fho}ta fhtwrŦege 11>Rtgèvgcg mg{zhc}Ćtee gfhohège oaŦehoacg ïo

fho}g|}wc fte{ge gfhohèfg 6<Rthfggmeonv hj }lg Fhojgtgofg $@a}lgà}efv

* Eojhtà}ehoac ]gflohchnegv; tgvgatflaom gmwfa}eho$ ,@E]TG 422<-4225% <<

Rthnta`wc Famtwc > ac Fh`woe}ĆŦee Gwthrgogrgo}tw fgtfg}atga# mg{zhc}atga }glohchnefĆŘe af}eze}ĆŦee mg`hov}ta}ezg ,422>-4216% 1

Rth}gfŦea rcao}gcht 12>Rw}gtga rhce}efĆ Ře fhg{ewoga vhfeacĆ ïo Tgrw-

dcefa @hcmhza meo rgtvrgf}eza eo}gntĆtee gw-thrgog 46

Taehowc Eachzgoe 1:<TgjcgfŦee mgvrtg af}eze}a}ga Fhovecewcwe @g}hmefac Cefgwcwe ]ghtg}ef $Eho FtgaonĆ$ ̀ wo/FleŘeoĆw <2

TgjcgfŦee mgvrtg af}eze}a}ga Fhovecewcwe @g}hmefac Cefgwcwe ]ghtg}ef $Eho FtgaonĆ$ ̀ wo/FleŘeoĆw ïo aoee mg v}wmee 422>-422< <1

TgjcgfŦee mgvrtg af}eze}a}ga Fhovecewcwe @g}hmefac Cefgwcwe ]ghtg}ef $Eho FtgaonĆ$ ̀ wo/FleŘeoĆw ïo aoee mg v}wmee 422<-4225 <4

Tgrgtg v}ta}gnefg acg rtgnĆ}etee Tgrwdcefee@hcmhza rgo}tw amgtatga ca Woewoga Gwth-rgaoĆ =6

Vgzgo}l Jta`g~hti Rthnta``g 1Ve`rh{ehowc eo}gtoaŦehoac ac }eogtecht fgtfg}Ć-

}hte# Gm/ a <-a# ,4<-45 ar}/% 4<V}wmee Eo}gtoaŦehoacg/ Ze{ewoe meo @hcmhza 47-

4:]gt`goe Ře mgjeoeŦee ïo mh`goewc avenwtĆtee

face}ĆŦee ïo ïozĆŦĆ`äo}wc vwrgteht <>Zemgh`hmgcatg avev}a}Ć mg facfwca}ht 6êo| fcwd 14Вафпйпжмш спдтзгзаапе ймфзтвфцтщ Итмн-

азсфтпдуш 16=-67Втчмфзлфптщ м нмовеазтщ 11=

Втчмфзлфцтапз итпзлфмтпдвамз ; Чцнпкзсф-

дзааще гцозе 117Лвфвйпж цютзкнзаме нйш нзфзе м гпйпнёкмс пжтвамюзаащгм дпогпкапсфшгм кмо-азнзшфзйуапсфм с пбпмч бзтзжпд Назсф-тв <7

Изтдще дщбпт д сфтвчпдвамм :>Сйцчпдщз виивтвфщ; внвифвъмш м рлсийцв-

фвъмш 5>

Eomg| vwdegf}gAdgfgmatwc ftgŘ}eo-ht}hmh| 11Afle{eŦee rwdcefg :=Af}eze}ĆŦe vhfeacg :5Ajafgte ‖ @aoang`go} 64Ajafgte èfe Ře èkchfee ‖ @aoang`go} 61Arata}g awme}ezg ,twvĆ% 5>Arata}g awme}ezg 5:Atlghchneg ‖ Htlgewc Zgfle ‖ Tgrwdcefa @hc-

mhza 1:>Atle}gf}wta `w{ggcht ‖ Rthegf}atg ,twvĆ% 117

Atle}gf}wtĆ ‖ Tgrwdcefa @hcmhza ,twvĆ% 11=At}Ć jchtacĆ ,twvĆ% 11<AvenwtĆte vhfeacg ‖ Tgrwdcefa @hcmhza ,th`/#

twvĆ% :>Dedceh}gfe `woeferacg <Dehv}a}ev}efĆ 54Fatefa}wte ‖ FhtwrŦeg 11>Fat}hjeceg ‖ @elae Gèogvfw 111FĆtŦe mg fhchta} 14Fgtfg}atg ‖ @g}hmhchneg 1<Fgtfg}atg Ř}eeoŦejefĆ ‖ Mg{zhc}atg 1

Fleèg ‖ @g}hmefa rtgmĆtee ,twvĆ% >>Fleèg htnaoefĆ 51

Fletwtneg carathvfhrefĆ 55FcĆmete g}aka}g ‖ Rthegf}atg 116Fhmwc fezec ac Tgrwdcefee @hcmhza 75Fhmwc fho}tazgoŦehoac ac Tgrwdcefee @hcmhza

=>Fhmwc mg g|gfw}atg ac Tgrwdcefee @hcmhza :2Fhmwc mg rthfgmwta fezecĆ ac Tgrwdcefee @hcmh-

za :1Fhmwc mg rthfgmwtĆ rgoacĆ ac Tgrwdcefee

@hcmhza 72

Fhmwc `wofee ac Tgrwdcefee @hcmhza :4-:6Fhmwc rgoac ac Tgrwdcefee @hcmhza 71-74FhozgoŦea rtezeom mtgr}wtecg fhrecwcwe =:Fhree ‖ Mtgr}wte =:Fhree ‖ Kwv}eŦeg kwzgoecĆ 7=Fhtao 1>Fwc}wta kwtemefĆ ,jt/% ==Fwc}wtĆ ‖ ]taovoev}tea ‖ Tgrwdcefa @hcmhza

,twvĆ% :Mg`hftaŦeg rcwtacev}Ć =<Mgveno ‖ Tgrwdcefa @hcmhza ,twvĆ% 11=

$Mg{zhc}atga fgtfg}Ćtee Ř}eeoŦejefg# rth`hzatgaŘe fwc}ezatga ftga}eze}ĆŦee Ře a eohzĆtee ïo rth-

7/23/2019 BNM 2011-1



:2

fgvwc eov}twetee afamgèfg$ ‖ FhojgteoŦĆ Ř}e-eoŦejefĆ ,th`/# gonc/# twvĆ% 12

Mevfteèoatg vhfeacĆ ‖ Tgrwdcefa @hcmhza ‖V}wmew vhfehchnef 42

Mtgr}wc ca arĆtatg ‖ MgŦeowŦe 77Gfhohèa Tgrwdcefee @hcmhza ‖ Tgè}goŦg 6>Gfhohèa Tgrwdcefee @hcmhza ,gonc/% 67Gfhohèa Tgrwdcefee @hcmhza ,th`/# gonc/% 6:Gfhohèg arcefa}Ć 45GmwfaŦeg ftgŘ}eo-ht}hmh|Ć ‖ @aowacg 1=GmwfaŦeg gfhchnefĆ <6GmwfaŦeg rcav}efĆ ‖ @g}hmefa rtgmĆtee ,twvĆ% >7GmwfaŦeg rcav}efĆ ‖ @g}hmefa rtgmĆtee >=GmwfaŦeg rtgŘfhcatĆ ,gonc/% <=Gèogvfw# @elae# 1<72-1<<5# rhg} th`äo ‖

Jeca}gceg ‖ Fat}hjeceg 111

Gogtng}efĆ ‖ Tgrwdcefa @hcmhza 124Gogtneg gcgf}tefĆ ‖ Ace`go}atg 126Jatàfhchneg fceoefĆ 57Jeca}gceg ‖ @elae Gèogvfw 111$Jechchnea `hmgtoĆ; tgace{Ćte Ře rgtvrgf}ezg ïo

fho}g|}wc gwthrgao$ ‖ Fhchfzew eo}gtoaŦeh-oac ,th`/# twvĆ% 146

JeoaoŦg ïo}tgrteomgtee ‖ ]gv}g 66Je{efa vgèfhomwf}hatgcht 52Jhtàtga fho}eowĆ a famtgcht memaf}efg >5JwofŦehoĆte rwdcefe ‖ Gzacwatg ::Neogfhchneg ‖ @g}hmg mg eozgv}enaŦeg ,jt/% 122Neogfhchneg tgrthmwf}ezĆ 121Ntajefa rg facfwca}ht 6Läkmegoe ‖ Va}g ‖ Taehowc Nchmgoe ‖ Tgrwdcefa

@hcmhza ‖ Ev}hteg 1>=Lh`hvg|wace}a}g 5=Eov}e}wŦee rgo}tw fhree Ře }eogte fw me{adece}ĆŦe ‖

Fa}achang ,th`/# twvĆ% <7Eo}gntatg gfhohèfĆ eo}gtoaŦehoacĆ =4Ev}htea th`äoecht ‖ ]gtèohchneg 1>2

Ï`dĆ}täoetg mg`hntajefĆ ,gonc/% 44 Ï`dĆ}täoetg mg`hntajefĆ 41

ÏozĆŦĆ`äo} vwrgteht ‖ Jhtàtga rvelhchnecht <:

ÏozĆŦĆ`äo} vwrgteht ‖ ]gtèohchneg <>Kwtoacev` ‖ ]gcgze{ewog 5Cgnga fw rtezetg ca rthdaŦewog ‖ Fh`go}atew

76Cefgwc ]ghtg}ef $Eho FtgaonĆ$ meo FleŘeoĆw <2-

<4Cefgwc }ghtg}ef $Zavecg Acgfvaomte$ meo FleŘeoĆw

‖ Ev}hteg ><Ce`da goncg{Ć ‖ ]gloefe mg }tamwfgtg ,gonc/#

th`/% 147Ce`da goncg{Ć ‖ ]g|} ,gonc/% 14=

Ce`da goncg{Ć ,gonc/% 14:Ce`da ngtàoĆ ,ngt`/% 14>-4<Ce`da e}aceaoĆ ‖ Cg|efhchneg ,th`/% 145Ce`da th`äoĆ ‖ Meacgf}hchneg 162Ce`da th`äoĆ ‖ @aowacg 166Ce`da th`äoĆ ‖ @g}hmefa rtgmĆtee >1# >6Ce`da th`äoĆ ‖ ]gv}g 161-64Ce`dakwc L]@ 4Ce}gta}wta th`äoĆ ‖ Rhg{eg 16:-6>Ce}gta}wtĆ ‖ Fte}efĆ Ře eo}gtrtg}atg 1:2Ce}gta}wtĆ goncg{Ć ‖ Fte}efĆ Ře eo}gtrtg}atg 1:6Ce}gta}wtĆ ntgafĆ ‖ Jadwcg 17=Ce}gta}wtĆ th`äoĆ ‖ @aowacg 166Ce}gta}wtĆ th`äoĆ ‖ @g}hmefa rtgmĆtee >1# >6Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Fte}efĆ Ře eo}gtrtg}atg 1:=-::

Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖Meachnwte 1=:Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Gvgwte 1=6Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Eomefe dedcehntajefe >Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

@aowacg 166Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Rhg{eg ,th`/# jt/# vrao/# ac}g cd/ v}tĆeog% 1==Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Rhg{eg ,th`/# ngt`/% 174Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Rhg{eg 165# 1=1-=4# 1=># 1=5# 176Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Rhg{eg va}etefĆ 1=2Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Thàog 1=7Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza ‖

Va}etĆ 172Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza 16<#

1=<Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza

rgo}tw fhree ‖ Rhg{eg 17<-75Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza

rgo}tw fhree ‖ Rhg{ee ‖ RhzgŘ}e 17>Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza

rgo}tw fhree 171# 17:Ce}gta}wtĆ twvĆ ‖ Ajhtev`g ,twvĆ% 177$Ce}gta}wtĆ Ře nav}thohèg$ ‖ Ve`rh{eho

eo}gtwoezgtve}at ,th`/# vrao/# twvĆ% 1:4ChfweoŦg Atle}gf}wtĆ 114Cwfeovfle# Ao}hoeoa# 15=2-4227# rgmanhn#

vhŦea fgcwe mg-ac mhecga rtgŘgmeo}g ac Tgrw-

dcefee @hcmhza Rg}tw Cwfeovfle 16@a}gà}efĆ arcefa}Ć <5

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



:4

Eomg| gme}htecht

AAR 61

Afam/ $ş}gjao fgc @atg$a @AE ==Atf >># 55# 1:1# 1>2AVG@ 41-44# 4<# 64# 6=# =1-=6A}gcegt 1=<DaŘ}eoa-Tamhn J/G/-R/ VTC ># 16# 16<# 1=2Dhov Hjjefgv VTC 11# 1=# 67-6:# =5# 76-7=# 7:-7>#

:5# >4# <7# 12># 141# 1=1# 176# 1>1Famtao 174Fat}egt 1># 42# 1=6FGR $@gmefeoa$ 5:# 122FGR WV@ 12# 1<-15# 47-4:# >:# >5# <<# 52# 54#

144# 147-4:# 145# 165# 17:# 1:4-:6# 1:># 1><#1<1Fh`rcg|wc Gm/ a EGJV 65Fw mtan VTC 17-1:# ><# 11<Gm/ rgo}tw Ce}/ Ře At}Ć 16:# 1=7Gm/ Woez/ mg V}a} $]atav şgzfgofh$ meo ]etavrhc

1<2Gtefho VTC :=Gztefa 4# 12=Jchtecg Macdg ÏV 1=4JwomaŦea $MtanleŘ}ga$ 1:<Nath`hom-V}wmeh VTC <6

EMEV $Zee}htwc$ 124Eov}/ Eo}gntatg GwthrgaoĆ Ře ş}eeoŦg Rhce}efg acg

Aş@ 46Ew}av}ao VTC =2KT-@gmea VTC 5<Kwoeht Aflegzg`go} @hcmhza 45Cazeca}-Eojh VTC =># 72-71# 75# :1-:4

Ce}gta ,gmwfaŦehoac% 171

Ce}gta-AZO VTC 166@anoa-Rteofgrv VTC <# 12:# 146# 14>#

162# 172# 1:2@gvangtwc VTC 16>@wc}eAt}-VZ VTC 6>Ohza-E`rte` VTC :7# 121Rho}hv 142# 1=:-=># 1=5# 17=# 17<-75#

1:5Rtan-6 VTC 14# 74# :2# :6Rtgva woez/ dĆcŦgaoĆ 62# 66# 6<Rte`g|-Fh` VTC 115# 1==# 1:=

Rteo}-Fath VTC 11:Rtw} Eo}gtoaŦehoac 17>ş}eeoŦa Ï/G/-R/ 1# >1# >6->7# 56# 111# 1::]gloefa-Eojh VTC 7# <5]erhnt/-Vetewv VTC 1>7]taovratgofu Eo}gto/ @hcmhza 11>WCE@ 5# =<# 1>6# 1>>Woezgtvwc ÏV 1:7# 1>4# 1>=WRV $E/ FtgaonĆ$ <:Wt`a ]a VTC =:# 7<WV] >2W]@ 6# 51# 126# 114-16# 14=# 1<4

Zaceog| VA =# =7Ze}g-kgvf VTC 125-12Мон/-Ипймжт/ Ъзафт $@gmefeoa$ 5>Йвб/ мон/ фдптюзсфдв $Заъв$ 16=-67Ипймжтвэмсф 177ФЦГ 117

Eomg| EVDO gthoa}g

EVDO 5><-55>7->2-214-4 4:EVDO 5><-55>7-<2-=12-6 =5EVDO 55>7->=-<5=-7 171EVDO 55>7-:5-:66-6 17>EVDO 5><-55>7-71-17=-= 17<EVDO 5><-55>7-71-115-6 1:5

7/23/2019 BNM 2011-1



:6

FTHOEFA TGVWTVGCHTGCGF]THOEFG

VG GME]GA[Ą MEO AOWC 422:

GCGF]THOEF TGVHWTFGVAOOACV

RWDCEVLGM JTH@ 422:

AOWAC 4211OT 1,1-%

AOWAC

2 NGOGTACE]ĄŤE


227 Fhomwfgtg Ře htnaoe{atg/ @aoang`go}1/ Fwttefwcw` mg ca jeceìtg jtaofhrlhog ngv}eho g} amèoev}ta}eho mgv go}tgrtevgv go davg mw

vuv}g` gwthrågo mgv ftåme}v }taovjåtadcgv ,GF]V% ; Vråf/; Ngv}eho g} Amèoev}ta}eho mgv Go}tgrtevgv,6:6/1% ( Woez/ Cedtg Eo}gto/ mg ca Tgr/ mg @hcmhza# Jaf/ $Vfegofg gfho/$# Flaet $@aoang`go} g} @at-ig}eon$ 9 fhhtm/ ; Aoa NwŦw/ ‖ Fl/ ; WCE@# 422</ ‖ >1 r/

122 g|/EVDO 5><-55>7-542-<>-4/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# @efthvhj} ^htm/YTG 4212-=P/

Y227)66=P;6><,2>6/<%21 DEDCEHNTAJEG/ FA]ACHANG

4/ Dedcehntajea OaŦehoacĆ a @hcmhzge 0 Oa}ehoac Dedcehntarlu hj @hcmhza ; FĆtŦe/ Aw}htgjgta}g/]g{g/ At}/ meo tgz/ Ře {eatg/ Tgvwtvg gcgf}thoefg ; Vg gm/ meo aowc 157< ; Aratg cwoat ( Fa`gta OaŦ/ aFĆtŦee meo Tgr/ @hcmhza 9 acfĆ}/ ; Zacgo}eoa Fle}hthanĆ# Tgoa}a Fh{hoaf# Hcgvga [adeafh Yg} ac/P 9 tgm/tgvr/ Ře fhhtm/ ; Zacgo}eoa Fle}hthanĆ 9 mgveno ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; Fa`gta OaŦ/ a FĆtŦee# 4212,Zaceog| VA%/ ‖ EVVO 1<7>-2772 ,Rteo}%/ ‖ EVVO 1<7>-64:: ,FM%/ ‖ EVDO 5><-55>7-5>62-6-</

…4227-4225/ ‖ 4212/ ‖ ]g|}g ; cd/ th`/# twvĆ# ac}g cd/ v}tĆeog/ ‖ 72 g|/ ‖ EVDO 5><-55>7-=5-26>-7/

FM-th`; vm/# fhc/ 9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R(Zev}a# 47: @d TA@/YTG 4212-=<P/

217,=><%

6/ Dedcehntajea OaŦehoacĆ a @hcmhzge 0 Oa}ehoac Dedcehntarlu hj @hcmhza ; FĆtŦe/ Aw}htgjgta}g/]g{g/ At}/ meo tgz/ Ře {eatg/ Tgvwtvg gcgf}thoefg ; Vg gm/ meo aowc 157< ; Aratg cwoat ( Fa`gta OaŦ/ aFĆtŦee meo Tgr/ @hcmhza 9 acfĆ}/ ; Zacgo}eoa Fle}hthanĆ# Tgoa}a Fh{hoaf# Hcgvga [adeafh Yg} ac/P 9 tgm/tgvr/ Ře fhhtm/ ; Zacgo}eoa Fle}hthanĆ 9 mgveno ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; Fa`gta OaŦ/ a FĆtŦee# 4212,Zaceog| VA%/ ‖ EVVO 1<7>-2772/ ‖ EVDO 5><-55>7-5>62-6-</

Ot 1# 4212/ ‖ 4212/ ‖ 1<: r/ ‖ ]g|}g ; cd/ th`/# twvĆ# ac}g cd/ v}tĆeog/ ‖ 72 g|/ ‖ EVDO 5><-55>7-

=5-24=-7 ,Rteo}%/ ‖ EVDO 5><-55>7-=5-266-> ,FM%/ ‖ YTG 4212-72P/

7/23/2019 BNM 2011-1


Fthoefa tgvwtvgcht gcgf}thoefg Ot 1-4211 ≡ Gcgf}thoef tgvhwtfgv aooacv Ot 1-4211

:=

Fwrteomg; 1/ Ev}htef/ 4/ Fho}af}g/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# Amhdg Tgamgt/

217,=><%

=/ Dedcehntajea OaŦehoacĆ a @hcmhzge 0 Oa}ehoac Dedcehntarlu hj @hcmhza ; FĆtŦe/ Aw}htgjgta}g/]g{g/ At}/ meo tgz/ Ře {eatg/ Tgvwtvg gcgf}thoefg ; Vg gm/ meo aowc 157< ; Aratg cwoat ( Fa`gta OaŦ/ aFĆtŦee meo Tgr/ @hcmhza 9 acfĆ}/ ; Zacgo}eoa Fle}hthanĆ# Tgoa}a Fh{hoaf# Hcgvga [adeafh Yg} ac/P 9 tgm/tgvr/ Ře fhhtm/ ; Zacgo}eoa Fle}hthanĆ 9 mgveno ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; Fa`gta OaŦ/ a FĆtŦee# 4212,Zaceog| VA%/ ‖ EVVO 1<7>-2772/ ‖ EVDO 5><-55>7-5>62-6-</

Ot 4# 4212/ ‖ 4212/ ‖ 1:= r/ ‖ ]g|}g ; cd/ th`/# twvĆ# ac}g cd/ v}tĆeog/ ‖ 72 g|/ ‖ EVDO 5><-55>7-=5-247-4 ,Rteo}%/ ‖ EVDO 5><-55>7-=5-26=-= ,FM%/ ‖ YTG 4212-71P/

Fwrteomg; 1/ Ev}htef/ 4/ Fho}af}g/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# Amhdg Tgamgt/

217,=><%7/ Dedcehntajea OaŦehoacĆ a @hcmhzge 0 Oa}ehoac Dedcehntarlu hj @hcmhza ; FĆtŦe/ Aw}htgjgta}g/

]g{g/ At}/ meo tgz/ Ře {eatg/ Tgvwtvg gcgf}thoefg ; Vg gm/ meo aowc 157< ; Aratg cwoat ( Fa`gta OaŦ/ aFĆtŦee meo Tgr/ @hcmhza 9 acfĆ}/ ; Zacgo}eoa Fle}hthanĆ# Tgoa}a Fh{hoaf# Hcgvga [adeafh Yg} ac/P 9 tgm/tgvr/ Ře fhhtm/ ; Zacgo}eoa Fle}hthanĆ 9 mgveno ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; Fa`gta OaŦ/ a FĆtŦee# 4212,Zaceog| VA%/ ‖ EVVO 1<7>-2772/ ‖ EVDO 5><-55>7-5>62-6-</

Ot 6# 4212/ ‖ 4212/ ‖ 415 r/ ‖ ]g|}g ; cd/ th`/# twvĆ# ac}g cd/ v}tĆeog/ ‖ 72 g|/ ‖ EVDO 5><-55>7-=5-24:-5 ,Rteo}%/ ‖ EVDO 5><-55>7-=5-267-1 ,FM%/ ‖ YTG 4225-74P/

Fwrteomg; 1/ Ev}htef/ 4/ FhojgteoŦg/ 6/ Fho}af}g/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# Amhdg Tgamgt/

217,=><%

:/ Dedcehntajea OaŦehoacĆ a @hcmhzge 0 Oa}ehoac Dedcehntarlu hj @hcmhza ; FĆtŦe/ Aw}htgjgta}g/]g{g/ At}/ meo tgz/ Ře {eatg/ Tgvwtvg gcgf}thoefg ; Vg gm/ meo aowc 157< ; Aratg cwoat ( Fa`gta OaŦ/ aFĆtŦee meo Tgr/ @hcmhza 9 acfĆ}/ ; Zacgo}eoa Fle}hthanĆ# Tgoa}a Fh{hoaf# Hcgvga [adeafh Yg} ac/P 9 tgm/tgvr/ Ře fhhtm/ ; Zacgo}eoa Fle}hthanĆ 9 mgveno ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; Fa`gta OaŦ/ a FĆtŦee# 4212,Zaceog| VA%/ ‖ EVVO 1<7>-2772/ ‖ EVDO 5><-55>7-5>62-6-</

Ot =# 4212/ ‖ 4212/ ‖ 1<< r/ ‖ ]g|}g ; cd/ th`/# twvĆ# ac}g cd/ v}tĆeog/ ‖ 72 g|/ ‖ EVDO 5><-55>7-=5-24>-: ,Rteo}%/ ‖ EVDO 5><-55>7-=5-26:-< ,FM%/ ‖ YTG 4225-76P/

Fwrteomg; 1/ Ev}htef/ 4/ [ewa Dedceh}gfatwcwe ‖ 46 arteceg 4212/ 6/ Ze{e}g eo}gtoaŦehoacg/ =/ Fho}af}gFM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# Amhdg Tgamgt/

217,=><%

>/ Dedcehntajea OaŦehoacĆ a @hcmhzge 0 Oa}ehoac Dedcehntarlu hj @hcmhza ; FĆtŦe/ Aw}htgjgta}g/]g{g/ At}/ meo tgz/ Ře {eatg/ Tgvwtvg gcgf}thoefg ; Vg gm/ meo aowc 157< ; Aratg cwoat ( Fa`gta OaŦ/ aFĆtŦee meo Tgr/ @hcmhza 9 acfĆ}/ ; Zacgo}eoa Fle}hthanĆ# Tgoa}a Fh{hoaf# Hcgvga [adeafh Yg} ac/P 9 tgm/tgvr/ Ře fhhtm/ ; Zacgo}eoa Fle}hthanĆ 9 mgveno ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; Fa`gta OaŦ/ a FĆtŦee# 4212,Zaceog| VA%/ ‖ EVVO 1<7>-2772/ ‖ EVDO 5><-55>7-5>62-6-</

Ot 7# 4212/ ‖ 4212/ ‖ 412 r/ ‖ ]g|}g ; cd/ th`/# twvĆ# ac}g cd/ v}tĆeog/ ‖ 72 g|/ ‖ EVDO 5><-55>7-

=5-262-: ,Rteo}%/ ‖ EVDO 5><-55>7-=5-26<-4 ,FM%/ ‖ YTG 4225-77P/Fwrteomg; 1/ Ev}htef/ 4/ Fho}af}g/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



:>

EVDO 5><-55>7-=5-27>-6/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# 64 @d latm# Afthda} Tgamgt# AfmVgg Rth </2/YTG 4212-<6P/

217,=><%15/ RwdcefaŦeecg @hcmhzge ; 15=2 Y>=-167P# 15=7# 15=># 1575 ; Cev}a fĆtŦecht ïotgnev}ta}g ïo Tg-

nev}twc mg V}a} Ře mgrh{e}a}g ïo Atleza Mgrh{e}wcwe Cgnac ac FOF ; YtgvwtvĆ gcgf}thoefĆP ( Fa`gta OaŦ/ aFĆtŦee meo @hcmhza 9 fh`recatg ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; FOF@# 4212/

EVDO 5><-55>7-=5-27<-2/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# 64 @d latm# Afthda} Tgamgt# AfmVgg Rth </2/YTG 4212-<=P/

217,=><%

42/ RwdcefaŦeecg @hcmhzge ; 1572 Y4-17P ; Cev}a fĆtŦecht ïotgnev}ta}g ïo Tgnev}twc mg V}a} Ře mgrh{e-}a}g ïo Atleza Mgrh{e}wcwe Cgnac ac FOF ; YtgvwtvĆ gcgf}thoefĆP ( Fa`gta OaŦ/ a FĆtŦee meo @hcmhza 9fh`recatg ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; FOF@# 4212/

EVDO 5><-55>7-=5-275->/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# 64 @d latm# Afthda} Tgamgt# AfmVgg Rth </2/YTG 4212-<:P/

217,=><%

41/ RwdcefaŦeecg @hcmhzge ; 1572 Y1:-47P ; Cev}a fĆtŦecht ïotgnev}ta}g ïo Tgnev}twc mg V}a} Ře mgrh-{e}a}g ïo Atleza Mgrh{e}wcwe Cgnac ac FOF ; YtgvwtvĆ gcgf}thoefĆP ( Fa`gta OaŦ/ a FĆtŦee meo @hcmhza 9

fh`recatg ; Tgoa}a Fh{hoaf/ ‖ Fl/ ; FOF@# 4212/EVDO 5><-55>7-=5-2:2-6/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# 64 @d latm# Afthda} Tgamgt# AfmVgg Rth </2/YTG 4212-<5P/

217,=><%

272 RwdcefaŦee rgtehmefg Ře vgteacg

44/ Eojh@atig} ; Dwcg}eo eojhtà}ez ( Eojh@atig} @gmea VTC 9 met/; Acg|aomtw Dwtmgeoäe/ ‖ Fl/ ;Eojh@atig} @gmea VTC# 4212/ ‖ EVVO 1<7>-2<<>/

///àe 4225/ ‖ 4212/ ‖ 1222 g|/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# L]@C Tgamgt/YTG 4212->P/

H72

46/ ///ewoeg 4225/ ‖ 4212/ ‖ 1222 g|/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# L]@C Tgamgt YTG 4212-<P/

272

4=/ ///ewceg 4225/ ‖ 4212/ ‖ 1222 g|/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



>4

Ot 1# 4212/ ‖ 4212/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# Afthda} Tgamgt/YTG 4212-4>P/

61:)66<,=><%,2<6/=1%0167/1011101:1/17=/ Ot 4# 4212/ ‖ 4212/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# Afthda} Tgamgt/YTG 4212-4<P/

61:)66<,=><%,2<6/=1%0167/1011101:1/1

77/ Ot 6# 4212/ ‖ 4212/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# Afthda} Tgamgt/YTG 4212-=1P/

61:)66<,=><%,2<6/=1%0167/1011101:1/1

7:/ Ot =# 4212/ ‖ 4212/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R# := @d latm# Afthda} Tgamgt/YTG 4212-75P/

61:)66<,=><%,2<6/=1%0167/1011101:1/1

64 RHCE]EFĄ 646 Rhce}efĆ eo}gtoĆ

7>/ MZM ca rcef# … ( Avhf/ $Hdgtcel}$# Eov}/ Fwc}wtac Th`äo/ ‖ Fl/ ; V/ o/# 4212 ,@azt Fh`raou%/ ‖ Vwrc/ ac $tgz/ ca Rcef$ Ot 4# 4212/

Ot 4# 4212/ ‖ 4212/ ‖ Fwrteov; 1/ @ACCmhza ,422<% ,6:;66% ( ]a}eaoa Jehmhthza# Zcameèt Wv#Zame` ŤenĆoaŘ# Mgoev Dat}gogz9 4/ Rht}tg}wc cwe C/ E/ Dtgkogz 0 Rht}tae} hj C/ E/ Dtg{logz ,424% ,6;72% (Zgafgvcaz MtwŦĆ9 6/ Ca{h ,4227% ,<;47% ( ş}gjao Twvw9 =/ ]htda 0 ]lg dan ,422: ,=;17%/ 7/ 122 vgfwo-mg ,4225% ,1;=2% ( Nlgoameg Rhrgvfw9 :/ Rwona ca th`äoe 0 Thàoeaov ~e}l a dan ,422>% ,6;=>% (@aceoa Ehogvfw9 >/ Ïo v}atg mg wtngoŦĆ 0 V}a}g hj g`gtngofu,422<% ,7;11%/ </ @atŘwc Cwrecht 0 ^hczg.v@atfl ,4212% ,1>;1>% ( Oh Vlanna/

FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R(Zev}a# 47: @d TA@# ZHD Rcaugt

Zemgh-FMYTG 4212-44P/646

7</ Ot 6# 4212 ; ]tao{eŦea ( ]taove}eho ( fwta}ht; ş}gjao Twvw/ ‖ 4212/ ‖ Fwrteov; 1/ 7 aoe 0 7ugatv ,422>% ,6;1<% ( Aomtgga Fätow 9 4/ Latgiecceo. ,4227% ,>;4<% ( Enht şfgtdeoa 9 6/ Ma Ře ow 0 Ugv *Oh ,422>% ,:;4<% ( ]a}eaoa Jehmhthza 9 =/ Nh`goemao gv}g ïo zeaŦĆ 0 Nh`goemao ev acezg ,4225% ,2;:2% (@ati Zgtcao 9 7/ @ga 0 @u ,4225% ,46;=>% ( Nlgoameg Rhrgvfw/

FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R(Zev}a# 47: @d TA@# ZHD Rcaugt Zemgh-FM

YTG 4212-66P/

7/23/2019 BNM 2011-1



>6

646

75/ Ot =# 4212/ ‖ 4212/ ‖ Fwrteov; 1/ Aw}h tgjcgfŦeg 0 Vgcj eàneon ,4225% ,1;4<% ( AcgivaomtaAfef 9 4/ Dat{a ( ]lg v}hti#,4225%# zemgh,6;2>% Cateva Ve}at 6/ RĆ`äo} `hcmhzgogvf ( @hcmazeao Caom#,4225%# cwftatg mene}acĆ# ,4; 21%=/ Jte{gtwc ( Laetmtgvvgt# ,4225%# zemgh# ,4;=>% ( ]a}eaoa Jehmhthza

7/]Ćtä`wc jtefee ( ]gtte}htu hj Jgat ,4226%# zemgh# ,>;14% ( Mgcea Rhra :/Eaowaie Tgr}eceaowc Meo @eog (Eaowaie }lg Tgr}eceao eovemg @g# ,4225% eov}acaŦeg zemgh,7;1>% ( Feo}u Ehogvfw9 >/ @äeoe Hatdg ( DceomLaomv,4225%#zemgh#,7;1=% Acgivaomta Afef/ </Ow-e }h} woa ( Oh} }lg Va`g ,4212%# cwftatg ZK# ,7;62% (Feo}u Ehogvfw/ FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/

FgteoŦg vev}g`; êomh~v 5<(4222(\R(Zev}a# 47: @d TA@# ZHD Rcaugt Zemgh-FM/ ‖ 722 g|/YTG 4212-=4P/

646

:2/ Ot 7# 4212 ; G|rchtatga atlezgcht 0 Law}eon }lg atflezgv ( fwta}ht; ş}gjao Twvw / ‖ 4212/ ‖Fwrteov; 1/ ^ggigom-wte 0 ^ggigomv ,422>% ,12;27% ( Aceoa Rhra# Hcezea Hcezea @elĆcŦgaow/ 4/ Jtan-`go}Ćte 0 Jtan`go}a}eho ,422>% ,=;2=% ( Cezew Rhr/ 6/ @ati uhw àig dgcegzg ù mgat# ugv ,422:%,14;66% ( Khlo Mazev/ =/ Mgcgoma Gv}8 ,422>% ,=;7<% ( @a|e` Fw{`gofh/ 7/ Fajgogawa ‖ H ev}hteg mgmtanhv}g hdeŘowe}Ć 0 Iajaoa ‖ A ve`rcg chzg v}htu ,422>% ,11;72% ( [htao Mkwtihzef/

Zemgh FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R(Zev}a# 47: @d TA@# ZHD Rcaugt 722 g|/YTG 4212-=>P/

646

:1/ Ot :-># 4212 ; Vfgog# rth}anhoeŘ}e# ve`r}h`g ; vraŦee ïo vfle`datg 0 Vfgogv# rth}anhoev}v#

vu`r}h`v; vrafgv eo }lg vrggm hj flaong ( vgc/ mg ş}gjao Twvw / ‖ 4212/ ‖ Fwrteov; 1/ Cw`ga ànefĆ0 @anefac ~htcm ,4227% ,zemgh eo chhr% ,:;14% ( Khlaooa Decceon/ 4/ @atga vrgtaoŦĆ 0 Ntga}g|rgf}a}ehov ,4227% ,vwrgt 1: ``% ,1>;12% ( Tgoa}a Rhckai/ 6/ Vwrgt Aomteka ,meo fefcwc Vwrgt Gthw (jth` Vwrgt Lgth fufcg% ,422:% ,15;6<% ( Eogv ItaveĎ ,ïo fhcad/ fw ]eoh ]wti%/ =/ 1> ev}htee 0 1> v}htegv,4221% ,6;1:% ( Cac TašĀeĎ/ 7/ DĆea}wc fw wo fhto ànef 0 Dhu ~e}l a ànef lhto ,422>% ,17;44% ( Maèt HĀih/

Zemgh FM-th` ; vm/# fhc/9 ïo fho}aeogt# 14 | 1= f`/FgteoŦg vev}g`; êomh~v 5<(4222(\R(Zev}a# 47: @d TA@# ZHD Rcaugt 722 g|/YTG 4212-:2P/

Fh`/ Ot


66: JeoaoŦg :4/ Gzvewfhza# Taeva EomefaŦee `g}hmefg ca gcadhtatga Ře vwvŦeogtga tarhat}gcht v}aneecht mg rtaf}efĆ gjgf}wa}Ć ïo dĆofecg

fh`gtfeacg mg fĆ}tg àv}gtao{ee vrgfeace}ĆŦee $JeoaoŦg Ře DĆofe$ ( Taeva Gzvewfhza# Aoa Vhc}ao-Vräow 9Woez/ CedgtĆ Eo}gto/ meo @hcmhza# Jaf/ ş}eeoŦg Gfho/# Fa}gmta $JeoaoŦg# DĆofe Ře Fho}adece}a}g$/ ‖ Fl/ ;WCE@# 4212/

122 g|/

EVDO 5><-55>7-121-=1->/FM-th` ; vm/# fhc/9 ïo fho}aeogt# 16 | 16 f`/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



<2

YTG 4212-<>P/>54/==,=><%

<:/ /// 4225/ ‖ 4212/ ‖ Fwrteov; 1/ Feog ewdgŘ}g @hcmhza ,4225%/ 4/ Mgvflemg hflee ‖ @hcmhza,4225%/ 6/ @hcmhza - Ŧata `ga v}tĆdwoĆ/,Mgvftegtga a 1= chface}ĆŦe% ,4225%/ =/ AmgzĆta}a jaŦa a rtgŘg-

meo}gcwe T@ ,4225%/ 7/ Eo}thmwfgtg ,Rthmwv ïo @hcmhza% ,4225%/ :/ Tgrht}ak mgvrtg Ntenhtg Zegtw ,@g-vangt @hcmhza 1% ,4225%/ >/ ]ZT 1 ‖ GmeŦeg vrgfeacĆ/ Tg{wc}a}gcg acgngtecht ratca`go}atg ïo Tgrwdcefa@hcmhza ,4225%/ </ Rcaog}a @hcmhza rtg{eo}Ć/ 5/ Rh{g @hcmhza/

FM-th` ; vm/# fhc/ 9 ïo fho}aeogt# 16 | 16 f`/FgteoŦg vev}g`; êomh~v 5<(4222(G\R# := @d latm# êomh~v @gmea Rcaugt YTG 4212-<<P/

>54/==,=><%

< CEONZEV]EFĄ/ JECHCHNEG/ CE]GTA]WTĄ

<4 CE]GTA]WTĄ


<41 Ce}gta}wta ce`decht eomezemwacg


<>/ Zegtw# Ntenhtg Cwèoa mg }aeoĆ ; Raneoe acgvg YzgtvwteP ( Ntenhtg Zegtw/ ‖ Fl/ ; $Dhov Hjjefgv$ VTC# 4211/Fwrteomg; 1/ JĆr}wta à`ge ,4212% ,2;61%/ 4/ @efa dacamĆ ,4211% ,2;76%/ =/ @a`Ć mg ae je h v}ga

,4211% ,2;=7%/ 7/ Fäo}gf mg cganĆo rgo}tw àà ,4211% ,2;=7%/ :/ Nlefe}hatg jĆtĆ vjätŘe} ,4211% ,2;=7%/

>/ @a`Ć }w gŘ}e ,4211% ,2;=4%/ </ @aà Ře jgfehtwc ,4211% ,1;21%/ 5/ @äoa à`ge/ ,4211% ,2;76% 12/Jchatga vhatgcwe ,4211% ,1;47%/ 11/ Ow a` `hat}g fw }eog oeèf ,4211% ,1;47%/ 14/ Jht`wcat ,4221%,1;2=%/ 16/ CgnĆ`äo} ,4211% ,1;2:%/ 1=/ Fava `ga ,4211% ,4;24%/ 17/ Ïo ce`da }a ,4211% ,1;27%/ 1:/ MgcganĆo ,4211% ,2;7>%/ 1>/ Fw zeaŦa fw mhtwc ,4211% ,2;64%/ 1</ AfavĆ ,4211% ,1;24%/ 15/ E{zhtwc ,4211%,2;7<%/ 42/ Mheoa ,4211% ,1;64%/ 41/ Avfwc}aŦe `Ć fhree ,4211% ,6;17%/ 44/ Mgvrtg jgtefetg ,4211% ,1;1>%/46/ RĆmwtg zgtmg# rĆmwtg ,4211% ,2;76%/ 4=/ Fäo}atg vftevwcwe ohv}tw ,4211% ,7;=5%/ 47/ Rg mtw` acd#rg mtw` zgtmg ,4211% ,2;66%/ 4:/ Fg }äoĆtĆ gŘ}e ,4211% ,2;64%/ 4>/ Ïofleoatg ca fäo}gfwc rhrwcat ,4211%,2;==%/ 4</ Mg afw` ,4211% ,1;42%/ 45/ Vwo} ,4211% ,4;14%/ 62/ Ma# väo} oaŦehoacev} ,4211% ,4;62%/

EVDO 5><-55>7-<2-=62-1/Awmeh FM-th`; vm/# fhc/FgteoŦg vev}g`; êomh~v 5<(4222(\R(Zev}a# 714 @d TA@/YTG 4212-:<P/

<41/167/1,=><%-1

<41/71 Ce}gta}wtĆ ïo ce`de wtac-ac}aefg

<</ Nanaw{ ce}gta}wtaveooao }aoeŘài ( rgg}fecgteo dehnt/ lg` ieè Řeetcgte hiwmw rthfi}eohomgtefeve lg` tgm/; Ntakmao Zaveceva/ ‖ Fl/ ; V/ o/# 422> ,@wvef @av}gt%/

YR/P 1 ; Rth{a ( Řeetcgte hiwmwcat ai}htcat; Kgihza Gia}gteoa# Ezatcai Zacgteu# Iúví Vazgceu 9 tgkevút;A/ @aive`goih/ ‖ 422>/

YR/P 4 ; şeetcít ( Řeetcgte hiwmwcat ai}htcat; Kgihza Gia}gteoa# @ateoa Uaàome# Zacgo}eoa Nó`óŘcó 9tgkevút; Hcna şzgŦ/ ‖ 422>/

FM-th` ; vm/# fhc/ 9 ïo fho}aeogt# 14 | 1= f`/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



<6

şflehrw# Fhov}ao}eo 45şe}# @elae 6>-65

]

]acàfe# Thào 47]aà{cäfatw# Aomtge ,61%]gt-Hzgogvgao# Nlghtnle =<

Ť

Ťäfw# Hf}azeao 1<Ťwtfaow# Hcna 4-6

Z

Za}aàow# Eho =6Zefhc# Ogcw 45

ZhmĆ# Nlghtnlg =:Zhchmatvie# Gmwatm =:

[

[avazeŦfle# Cemea 4-6# <# 12[a{wf# ]/ 1=

Б

Бвозйша# Шлпд ==Бвйфзт# Бптмс =7Бйвал# Вйзлсвант =5

Д

Дцйиз# М/ Г/ 64

Ж

Жвкмц# Двйзтме ==Жптнпа# Вйзлсвант =:Жптулме# Гвлсмг =>

М

Мотвмйзд# Гмчвмй => Л

Лвймл# Гмчвмй ==-=7Лвймл# Ивдзй ==Лвймамав# Авфвйуш =5Лмтмйпд# И/ Д/ 64Лцьазтпдмю# Твнме =5

Й

Йвоп# Сзтжзе ,=7%

Йпфшац# Ргмйу =>

Г

Гвсс# Дйвнмгмт ==

А

Авжптаще# Вйзлсзе =:Авжптаще# Сзгза =>Авфваспа# Жзптжме ==

И

Ивдйпдслм# Пйзж ==Ивтвнквапд# Сзтжзе ==

Т

Тщъвтзд# Бптмс ==Тшбпд# Жзйме =:

С

Сзеюцл# Д/ А/ 64

Ц

Цймълвш# Пйужв ==

Э

Эвнззд# Вйзлсвант ==

Ю Юзтдмаслме# Гмчвмй ==Юзчпд# Вафпа =<

7/23/2019 BNM 2011-1


Fthoefa at}efhcgcht mg tgzev}Ć Ot 1-4211 ≡ @ana{eogv at}efcg aooacv Ot 1-4211

<=

FTHOEFA AT]EFHCGCHT MGTGZEV]Ą


@ANA[EOGV AT]EFCGAOOACV

RWDCEVLGM JTH@ 157<

EAOWATEG 4211OT 1

,1-==6%KAOWATU

2 NGOGTACE]ĄŤE


221 ş}eeoŦĆ Ře fwohaŘ}gtg ïo ngogtac

1/ DecgŦfle# Cwfea/ Tgrgtg ïo rthfgvwc mg gzacwatg a fgtfg}Ćtee ; Yïo vjgta Ř}eeoŦge Ře eoh-zĆtee a Tgr/ @hcmhzaP ( Cwfea DecgŦfle (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ >5-<4 ; jh}/ ‖ Tg{/ ïocd/ th`/# gonc/ ‖ Dedcehnt/ ; 7 }e}/

4/ Fhkhfatw# Enht/ Vev}g`wc eojhtàŦehoac mg gzacwatg Ře vgcgfŦeg a rthegf}gcht mg fgtfg-}atg Ř}eeoŦejefĆ ïo T@ ; mg ca $ftgeho Ře lät}eg$ ca }glohchnea avev}a}Ć mg facfwca}ht ( Enht Fhkhfatw (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ :4->1 ; jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; 41}e}/

6/ Rhtfgvfw# Vgtnew/ Jwoma`go}atga g|gtfeŦewcwe mg jhtgvenl} ; Yrgo}tw vjgta mg fgtfg-}atg-eohzatg meo Tgr/ @hcmhzaP ( Vgtnew Rhtfgvfw# Mao Nthvw (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖R/ 1>-4= ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; r/ 4=

=/ Rtgèecg Afamgège mg ş}eeoŦg a @hcmhzge rgo}tw 4212 (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 4</

,Zg{e mg avg`goga Ot >2# >6# <4# 176%

22= ş}eeoŦa Ře }glohchnea facfwca}hatgcht/ Rtgcwftatga ma}gcht

,Zg{e Ot 11# 1=# 15# 6># 1=7# 666%

22< Fezece{aŦeg/ Fwc}wtĆ/ Rthntgv

7/ Dw{ecĆ# Zatzata/ FhojgteoŦa OaŦehoacĆ $FhozgoŦeecg WOGVFH ïo mh`goewc rth}gkĆtee ŘezachtejefĆtee ra}te`hoewcwe fwc}wtac ïo fhtgcaŦeg fw cgnevcaŦea oaŦehoacĆ a Tgrwdcefee @hcmhza$ ;YFleŘeoĆw# 2< ewo/ 4225P ( Zatzata Dw{ecĆ (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře @w{ghchneg; vgt/ ohwĆ/ ‖ 4225/ ‖ Ot 11 ; Javf/$G}ohntajeg Ře @w{ghchneg$/ ‖ R/ 6==-6=7/

:/ Tg{ogaf# Fhteoa/ Avrgf}g meo ev}htea cgnevcaŦege eo}gtoaŦehoacg ïo mh`goewc rth}gfŦege

ra}te`hoewcwe fwc}wtac eà}gteac ( Fhteoa Tg{ogaf (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



<:

1>/ ]tefhcefe# Fcawmea/ Fhofgr}wc Vgtzefewcwe EojhtàŦee Fh`woe}atg ïo hreoea dedceh}g-fatecht ; Ymg ca Dedceh}gfa @woeferacĆ $D/ R/ Lavmgw$ meo FleŘeoĆwP ( Fcawmea ]tefhcefe (( DedcehRhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ =1-==/

1</ Ťwtfao# Ogccu/ Fhrutenl} rgo}tw dedceh}gfate ; Yrg àtneoga fwttefwcw`wcwe fw afg-caŘe }e}/# mevfw}a} ca Vgèoatwc eo}gto/ meo 46-4= vgr}/ 4212# Zecoewv# Ce}waoeaP ( Ogccu Ťwtfao ((Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ =7-=:/

15/ Wonwtgaow# Gcgoa/ TgjgteoŦa ho-ceog ïo }g|}wc Ř}eeoŦejef ; ,vaw vg faw}Ć… wo fe}a}rg Eo}gtog}% ; Yvev}g`wc ho-ceog mg fe}atg a vwtvgchtP (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 17-47 ;jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; 1: }e}/,Zg{e mg avg`goga Ot 4:4# =27# ==2%

262 CwftĆte mg tgjgteoŦĆ ngogtacg,Zg{e Ot ># 6=>%

2: Htnaoe{aŦee ,ïo ngogtac%

2:1 Htnaoe{aŦee/ AvhfeaŦee ,ïo ngogtac%

,Zg{e Ot 4:4%

2:5 @w{gg

42/ RaoĆ# Vgtnew/ ]taeoeonwc oaŦehoac WOGVFH ( EFH@ rgo}tw vrgfeaceŘ}ee meo tgŦgawa`w{gacĆ a Tgrwdcefee @hcmhza $@aoang`go}wc `w{gac$ ; YFleŘeoĆw# 11-1: àe 4225P ( VgtnewRaoĆ (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře @w{ghchneg ; vgt/ ohwĆ/ ‖ 4225/ ‖ Ot 11 ; Javf/$G}ohntajeg Ře @w{ghchneg$/ ‖ R/ 6=:-6=>/


41/ Maoechz# @atea/ Mejw{atga rtgvge e`rgteacg ïo Davatadea Ře eov}e}wŦeecg mg fgo{wtĆ (@atea Maoechz (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 1=>-177 ; jh}/ ‖ Tg{/ ïocd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 177 ,6: }e}/%/,Zg{e mg avg`goga Ot 6=4%

25 @AOWVFTEVG/ DEDCEHJECEG

,Zg{e Ot 4<%1 JECH[HJEG/ RVELHCHNEG

1(1= Jech{hjeg

44/ Vwtmw# Acg|aomtw/ Evelav`wc Ře `gme}aŦea }taovfgomgo}acĆ ( Acg|aomtw Vwtmw ((CwèoĆ}htwc/ ‖ 4212/ ‖ Ot 7/ ‖ R/ 45-6: ; jh}/

7/23/2019 BNM 2011-1



<>

175/5 Rvelhchneg

46/ Tafw# Enht/ Jhtàtga rgtvhoace}ĆŦee ca rtgamhcgvfgoŦee meo jaècee }g`rhtat mg{eo-}gnta}g ( Enht Tafw (( Eo}gntatga rvelhvhfeacĆ a fhreecht meo jaècee }g`rhtat mg{eo}gnta}g ;@a}gteacgcg Fhoj/ Ř}/ eo}gto/# 4225/ ‖ Fl/# 4225/ ‖ R/ 77-:6/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 12}e}/

,Zg{e mg avg`goga Ot =6# 172# 42<%

4 TGCENEG/ ]GHCHNEG

4> FTGş]EOEV@/ TGCENEG FTGş]EOĄ

4=/ Dacao# Fat`go Fhtogcea/ H `Ćt}wteg mg }tĆetg ïo ev}hteg ; Yrg àtneoga fĆtŦee @Ć-oĆv}etga ZhthogŦ ; Ev}hteg/ Fwc}wtĆ/ Vrete}wace}a}g mg Aomtge Ře Zacgo}eoa GŘaow# Fl/# Rho}hv#4212# 4>1 r/P ( Fat`go Fhtogcea Dacao (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1>> ; jh}/

47/ Dac`wŘ# Razgc/ Rthgwthrgaowc Vjäo} Egtatl Rg}tw @hzecĆ ; Y@e}thrhce} ac Iegzwcwe ;,175:-1:=:(=>%P ( Razgc Dac`wŘ (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 6<-=1 ; jh}/

4:/ Dwdwtw{# Rg}tw/ …Ftgm mhat ïo Mwòg{gw… ; Yeo}gtzew fw rth}/ R/ Dwdwtw{# ra-thlwc Devgtefee $VjeoŦee Arhv}hce Rg}tw Ře Razgc $meo FleŘeoĆwP ( a eo}gtzegza} ; Oamgkma Wva}ïe ((CwèoĆ}htwc/ ‖ 4212/ ‖ Ot 7/ ‖ R/ 46-4>/

4>/ Fg`ät}ao# Th`gh/ Ve}waŦea Ře gzhcwŦea zegŦee devgtefgŘ}e meo TVV@ ïo rgtehama15=7-15:4 ( Th`gh Fg`ät}ao (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 11<-162

; jh}/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 145-162 ,>: }e}/%/4</ Fleadwtw# Gcgoa/ ÏovgòĆtecg fw dcgv}g` ‖ jht`Ć vrete}wacĆ a FĆtŦee Zgfle Ře vwtvĆ

mg eojhtàŦee ev}htefg ( Gcgoa Fleadwtw (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře @w{ghchneg ;vgt/ ohwĆ/ ‖ 4225/ ‖ Ot 11 ; Javf/ $G}ohntajeg Ře @w{ghchneg$/ ‖ R/ 5>-11> ; jh}/ ‖ Tg{/ ïo cd/th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 11=-11: ,51 }e}/%/

45/ Fhkhfatw# Zehtgc/ $@eowoa} gv}g Mwòg{gw ïo}tw VjeoŦee Cwe$ ,Rv/ :># 6:% ; Yrgàtneoga fĆtŦee $Vjäo}wc Oefhme` mg ca ]evàoa$ mg Oefhcag O/ ]h`hoew# Rathlea @achzĆŦ-@glgmeoŦe# Gm/ $Fwng} Th`äogvf$# 4212# 44= r/P ( Zehtgc Fhkhfatw (( CwèoĆ}htwc/ ‖ 4212/ ‖Ot 7/ ‖ R/ >-16/

62/ Fwzehvwc Oefhme` mg ca ]evàoa (( CwèoĆ}htwc/ ‖ 4212/ ‖ Ot 7/ ‖ R/ 6-: ; jh}/-,Veoa|at%/

61/ Nw`goäe# Eho/ @hmejefatga vrgf}twcwe tgcenehv ac Davatadege ; ,1<14-1<4<% ( EhoNw`goäe (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře @w{ghchneg ; vgt/ ohwĆ/ ‖ 4225/ ‖ Ot 11 ;Javf/ $G}ohntajeg Ře @w{ghchneg$/ ‖ R/ 476-4:4/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/4:1-4:4 ,45 }e}/%/

64/ @wo}gaow# Ze}aceg/ @ĆoĆv}etecg davatadgog vwd fh`woev`/ @Ćt}wtevete ; Yrg àtne-oga meachnwcwe fw ; Gnw`goa Anogvea# v}atgŦa @ĆoĆv}etee FwŘgcĆwfa 9 `hoalea ]ghf}ev}a# jhv}a

7/23/2019 BNM 2011-1



<<

v}atgŦĆ a @ĆoĆv}etee ZĆt{ĆtgŘ}e Ře rĆteo}gcg Atleàomte} @eoa Mhd{gw# oĆvfw} ïo Davatadea#fĆcwnĆt ca @ĆoĆv}etga $VjeoŦee Arhv}hce Rg}tw Ře Razgc$ meo LwŘe# Th`äoeaP ( Ze}aceg @wo}gaow ((Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ =>-74/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; = }e}/ ‖ ,Ev}hteg zgtdacĆ%/

66/ Ogntw# Oeoa/ Tarht}wtecg kwtevmefŦehoacg Ře fwc}wtacg meo}tg Grevfhrea LwŘecht Ře At-legrevfhrea FleŘeoĆwcwe ïo}tg aoee 151>-154< ( Oeoa Ogntw (( CwèoĆ}htwc/ ‖ 4212/ ‖ Ot 7/ ‖ R/74-:=/ ‖ Dedcehnt/ ïo oh}g# r/ :6-:= ,1< }e}/%/

6=/ Ratavfa# Razgc/ Fgcg }tge vgfhcg acg @ĆoĆv}etee Läofw ; Yrg àtneoga zhc/ $Ev}htea@ĆoĆv}etee Läofw# 15>>-4212$ mg Acg|ge Anlafle# FleŘeoĆw# Rho}hv# 4212# 4=7 r/P ( RazgcRatavfa# Zacgo}eo ]h`wcgŦ (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1:<-1>1 ; jh}/

67/ Vgftegtw# Zavecg/ Wogcg avrgf}g rtezeom èvehoatev`wc tgcenehv meo Davatadea ;,151<-15=2% ( rtgh} Zavecg Vgftegtw (( CwèoĆ}htwc/ ‖ 4212/ ‖ Ot 7/ ‖ R/ =:-71/

6:/ Ťätfhòefw# Gèc/ Acdh}eoa ‖ chf vrete}wac Ře tgrgt emgo}e}at rgo}tw th`äoee}e`hfgoe meo Dwcnatea ; Y@ĆoĆv}etga twrgv}Ć# vĆra}Ć ïo facfat# fg ma}ga{Ć meo Grhfa @gmegza-cĆ Ře fgcg 61 mg va}g chfwe}g mg th`äoeP ( Gèc Ťätfhòefw (( Tgz/ mg G}ohntajeg# ş}eeoŦgcgOa}wtee Ře @w{ghchneg ; vgt/ ohwĆ/ ‖ 4225/ ‖ Ot 11 ; Javf/ $G}ohntajeg Ře @w{ghchneg$/ ‖ R/147-167 ; jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 166-167 ,4> }e}/%/

6>/ Wonwtgaow# Gcgoa/ Dedcea# dedceh}gfa Ře $Dedceh-og}wc$ fa lergt}g|} ( GcgoaWonwtgaow (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ :7->2 ; jen/ ‖ Tg{/ ïo cd/ gonc/

,Zg{e mg avg`goga Ot =7# =<# 1:2# 4><# 4<=# 4<>%

4< EVCA@

,Zg{e Ot =:# 75%6 ş]EEOŤG VHFEACG

61 V]A]EV]EFĄ/ MG@HNTAJEG/ VHFEHCHNEG

611 V}a}ev}efĆ

6</ RätŦafle# Eho/ Face}a}ga v}a}ev}efecht hjefeacg ïo fho}g|} gwthrgao 0 Qwace}u hj hjjefeac v}a}ev}efv eo Gwthrgao fho}g|} ( Eho RätŦafle (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 14:-

166/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 166 ,: }e}/%/ ‖ ]e}/# }g|} ratac/ ; cd/ th`/# gonc/

61= Mg`hntajeg/ V}wmewc rhrwcaŦege

65/ Dwteao# Ftev}eoa/ Rhce}efa èntaŦehoacĆ a Tgrwdcefee @hcmhza ïo fho}g|}wc rthfgvg-cht mg eo}gntatg gwthrgaoĆ ( Ftev}eoa Dwteao (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖4212/ ‖ Ot 6/ ‖ R/ 11-6=/ ‖ Tg{/ ïo cd/ gonc/# twvĆ/ ‖ Dedcehnt/ ; 62 }e}/ Ře ïo oh}gcg mg vwdvhc/

=2/ Nth{az# Amteao/ VfĆmgtga oa}ace}ĆŦee vwd eojcwgoŦa `hmgtoe{Ćtee Ře ftgŘ}gtee ntamw-cwe mg eov}twetg 0 ]lg mgftgavg hj det}l ta}g womgt }lg eojcwgofg hj `hmgtoe{a}eho aom eoftgavghj gmwfa}ehoac mgntgg ; Yavrgf} mg`hntajefP ( Amteao Nth{az (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖R/ ==-71 ; jen/# }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; > }e}/ ‖ ]e}/# }g|} ratac/ ; cd/ th`/# gonc/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



52

644 TgcaŦee meo}tg devgtefĆ Ře v}a}

=</ Cgw# Rawc/ TĆre} mg IND Ře fhomaòa} ca `hat}g ; Ymgvrtg rte`wc atlegrevfhr acg|ecwcwe Zef}ht Zavecg Cgw# tgrtg{go}ao} cgnac ac Devgtefee Ht}hmh|g Th`äogP ( Rawc Cgw (( Cw-èoĆ}htwc/ ‖ 4212/ ‖ Ot 7/ ‖ R/ 4>-=7/ ‖ Dedcehnt/ ïo oh}g# r/ ==-=7 ,17 }e}/%/

,Zg{e mg avg`goga Ot 4>%

646 Rhce}efĆ eo}gtoĆ

=5/ Mtgfeo# @elae M/ Davatadea ïo zeaŦa Ře aèo}etecg rthjgvhtwcwe Zef}ht Keona ; Ygfh-ohèv}# h` rhce}ef th`äo ; ,1521-1552%P ( @elae M/ Mtgfeo (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}w-tee Ře @w{ghchneg ; vgt/ ohwĆ/ ‖ 4225/ ‖ Ot 11 ; Javf/ $G}ohntajeg Ře @w{ghchneg$/ ‖ R/ 4<5-457/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 45= ,15 }e}/%/

72/ Vïce# Ze}aceg/ FhovemgtaŦewoe fw rtezetg ca wogcg rat}efwcate}ĆŦe vrgfejefg acg af}eze}ĆŦee

ao}e}gthtev}g ( Ze}aceg Vïce (( Rth}gfŦea kwtemefĆ a rthrteg}ĆŦee# cedgt}ĆŦee Ře venwtaoŦge rgtvhaoge ïomtgr}wc oaŦehoac Ře eo}gtoaŦehoac ; @a}gteacgcg Fhoj/ Ř}/-rtaf}efg eo}gto/# 44 mgf/ 4225/ ‖ Fl/#4212/ ‖ R/ 62:-617/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 617 ,12 }e}/%/

71/ ]atcarao# Gje`/ Maoegc Fewnwtgaow# wo rte`-èoev}tw ac oga`wcwe ohv}tw Ře acoga`wtecht `gcg ; Yàt}et ac @atee WoeteP ; ,147 mg aoe mg ca oaŘ}gtg% ( Gje` ]atcarao (( Mgv}eoth`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 161-1=4 ; jh}/ ‖ Tg{/ ïo cd/ gonc/ ‖ ,Jenwte dava-tadgog%/

,Zg{e mg avg`goga Ot 16<%

646 ,=><% Rhce}efa eo}gtoĆ a Tgrwdcefee @hcmhza74/ FĆreŦĆ# Ehogc/ Ce`da à}gtoĆ ‖ Vaczatga meo}äe! ; Y61 awn/ ‖ VĆtdĆ}hatga Ce`dee

Th`äogP ( Ehogc FĆreŦĆ (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ <1-<4 ; jh}/

76/ MavfĆc# @elae/ $Ce`da Th`äoĆ og-a w`rcw} nhcwc v}tĆeoĆ}ĆŦee$ ; Ymeachn fw @/ Mav-fĆc Ře @atea FhŦ# fwrcw mg th`äoe meo Og~ Uhti zgoeŦe ca VĆtdĆ}hatga Ce`dee Th`äog mg caFleŘeoĆwP ( a meachna} Ehaoa Rtw}gaow (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ <6-<:/

7=/ Gofew# Oefhcag/ FhovemgtaŦee rtezeom rat}efwcate}ĆŦecg tgne`wcwe }h}ace}at fh`woev} meo@hcmhza Vhzeg}efĆ , 154=-1551% ( Oefhcag Gofew (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 67-=: ;

}ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}gcg mg vwdvhc/

77/ @htatw# Zef}ht/ Tgvwtvgcg fh`woefaŦehoacg acg afŦewoee rhce}efg ; Yrg àtneoga fĆt-Ŧee $RT-rhce}ef Ře fh`woefatga mg fte{Ć ïo Tgrwdcefa @hcmhza$ mg Awtgcea Rgtw-Dacao# FleŘe-oĆw# E`hoa Ntwr VTC# 4212P ( Zef}ht @htatw (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1<2 ; jh}/

7:/ Ogntw# Nlghtnlg/ Nlghtnlg Nle`rw# `g`dtw ac Jtho}wcwe OaŦehoac Ra}teh}ef ;Yhtnaoe{aŦeg mg tg{ev}goŦĆ th`/P (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ <-12/

7>/ RhlecĆ# Zcam/ H fat}g ac fĆtge }e}cw vg ztga h tgace}a}g racradecĆ ; Yrg àtneoga zhc/

FĆmgtga fh`woeŘ}echt mg Zavecg şheàtw# FleŘeoĆw# Rth`g}gw# 4212# 1:2 r/P ( Zcam RhlecĆ ((Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ 167-16< ; jh}/

7/23/2019 BNM 2011-1



51

,Zg{e mg avg`goga Ot >6# 16># 1::# =62# ==4%

647 @entatg/ Fhchoeacev`

,Zg{e Ot 65%

64> TgcaŦee eo}gtoaŦehoacg/ Rhce}efĆ eo}gtoaŦehoacĆ/ Rhce}efĆ g|}gtoĆ

7</ Dwteao# Acg|aomgt/ ]lg gzhcw}eho hj }lg fhofgr} hj $oa}ehoac vgfwte}u$ eo }lg fho-}g|} hj }taovjhtà}eho aom nchdace{eon jaf}htv hj vhfeac mgzgchr`go} ( Acg|aomgt Dwteao#Hcuaoa Ieomedacui (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ >2-<4/ ‖Tg{/ ïo cd/ th`/# twvĆ/ ‖ Dedcehnt/ ; :> }e}/

75/ Nthvw# Twvcao/ Ngog{a èŘfĆtecht Ře fwtgo}gcht rhce}efg Ře fhojgvehoacg meo v}a}gcgevcaèfg atadg Ře oho-atadg ïo nghrhce}efa fho}g`rhtaoĆ ( Twvcao Nthvw (( Tgz/ `hcm/ mg

mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ 51-55/ ‖ Tg{/ ïo cd/ gonc/# twvĆ/ ‖ Dedcehnt/ ;1= }e}/ Ře ïo oh}gcg mg vwdvhc/

:2/ Ogntw# Nlghtnlg/ Mevrw}a meo}tg WTVV Ře TVT rtezeom }ta}atga ev}htege tgcaŦeecht twvh- Ře vhzeg}h-th`äog ( Nlghtnlg Ogntw (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖R/ 1>1-42> ; jh}/# mhf/ ‖ Tg{/ ïo cd/ gonc/

:1/ Юпнтм# Всмэ/ Всмэ Юпнтм ; Ипспй СЬВ д Тзсицбймлз Гпйнпдв ; YмафзтдуяP( овимсвйв Пйужв Лтпфздмю (( Aqwatgccg/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 42-44 ; jh}/

,Zg{e mg avg`goga Ot :4# <1# 55# ==6%

64>,=><% Rhce}efa g|}gtoĆ a Tgrwdcefee @hcmhza

:4/ FhtcĆ}gaow-Ntaofewf# Veczew/ FhojgteoŦa ş}eeoŦejefĆ Eo}gtoaŦehoacĆ Tgrwdcefa @hc-mhza ïo $vev}g`wc-cw`g$ fho}g`rhtao ; gzhcwŦee Ře rgtvrgf}ezg ; YFleŘeoĆw# 4 ewo/ 4212P ( VeczewFhtcĆ}gaow-Ntaofewf (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 4>>-4<2/

645 Rat}emg Ře èŘfĆte rhce}efg

,Zg{e Ot 12=%

645,=><% Rat}emg Ře èŘfĆte rhce}efg meo Tgrwdcefa @hcmhza

,Zg{e Ot 7:%66 GFHOH@EG/ ş]EEOŤG GFHOH@EFG

662 Gfhohèg ïo ngogtac

:6/ Mwè}taŘ# ]wmht/ Mgvrtg aw}hohèa Ře v}gtece}a}ga jechvhjefĆ acg näometee gfhohè-fg ïo ze{ewoga wowe gfhohèv} 0 Ca zeveho m.wo åfhohèv}g vwt c.aw}hohèg g} ca v}gtece}årlechvhrleqwg mg ca rgovåg åfhohèqwg ; Yaf}wace}a}ga fhofgrŦege cwe K/ A/ Vflw`rg}gtP (]wmht Mwè}taŘ (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 5-42/ ‖ Tg{/ ïo cd/ th`/# jt/ ‖ Dedcehnt/ ïooh}g# r/ 42 ,65 }e}/%/ ‖ ]e}/# }g|} ratac/ ; cd/ th`/# jt/

7/23/2019 BNM 2011-1



54

661 @wofĆ/ TgcaŦee mg `wofĆ/ Gfhohèa `wofee/ Htnaoe{atga `wofee

:=/ DïtfĆ# Acef/ @aoangtwc mg tgvwtvg wàog ‖ rth`h}ht ac vfle`dĆtecht 0 Lwàotgvhwtfgv àoangt ‖ rth`h}gt hj flaongv ( Acef DïtfĆ (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 74-:2 ; }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; 14 }e}/ ‖ ]e}/# }g|} ratac/ ; cd/ th`/# gonc/

,Zg{e mg avg`goga Ot <<%

664 Gfhohèg tgnehoacĆ/ Gfhohèa rĆ`äo}wcwe Ře a rthrteg}ĆŦee/ Gfhohèa jhomwcwe mg

chfweoŦg

:7/ Dïo{ate# Aongca/ Vev}g`wc mg ftgme}atg erh}gfatĆ meo Tgrwdcefa @hcmhza 0@ht}nang cgomeon vuv}g` eo }lg Tgrwdcef hj @hcmhza ( Aongca Dïo{ate (( Gfhohèfa/ ‖ 4212/ ‖Ot =/ ‖ R/ 125-11: ; jen/# }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 11: ,12 }e}/%/ ‖ ]e}/#}g|} ratac/ ; cd/ th`/# gonc/

66: JeoaoŦg::/ Ce}hzfgofh# Aca/ @hmejefĆte ïo `hmwc mg arcefatg a fh}ge {gth a ]ZA ca ceztatga

`Ćtjwtecht Ře vgtzefeecht mgv}eoa}g rthegf}gcht mg avev}goŦĆ }gloefĆ Ře eozgv}eŦehoacĆ ( AcaCe}hzfgofh# Zgthoefa Ztanacgza (( Fho}adece}a}g Ře awme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 7-: ; jen/# jh}/

:>/ Овчвтюзалп# Мтмав/ П овипйазамм Нзлйвтвъмм ятмнмюзслпжп ймъв пипнпчпнапг авйпжз ов 4212 жпн ( Мтмав Овчвтюзалп (( Fho}adece}a}g Ře awme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 1:-== ; jh}/# }ad/

:</

Лвйзанвту авйпжпийвфзйухмлв ав эздтвйу 4211 жпнв (( Fho}adece}a}g Ře awme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 56-5= ; }ad/

:5/ Тзсицбймлв Гпйнпдв/ Ивтйвгзаф ,4225-4214%/ Овлпа п жпсцнвтсфдзаапгдацфтзаазг эмаваспдпг лпафтпйз ; YOt 445 пф 46 сзаф/ 4212 ж/P (( Fho}adece}a}g Ře awme}/ ‖4211/ ‖ Ot 1/ ‖ R/ 12>-11=/

,Zg{e mg avg`goga Ot :7# >:# 114# 146%

66< Ve}waŦeg gfhohèfĆ/ Rhce}efĆ gfhohèfĆ/ Fhomwfgtga gfhohège/ Rcaoejefatga gfh-

ohège/ RthmwfŦeg/ Vgtzefee/ RtgŦwte

66<,=><% Ve}waŦea gfhohèfĆ a Tgrwdcefee @hcmhza

>2/ Fgtoge# Nlgoameg/ Zh` azga vaw ow h gfhohèg eohzaŦehoacĆ8 ; Ymg{zhc}atgaao}tgrtgohtea}wcwe eohzaŦehoac ïo Tgr/ @hcmhzaP ( Nlgoameg Fgtoge (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 17-1:/ ‖ Tg{/ ïo cd/ gonc/

>1/ Fe`rhegŘ# Ceceaoa/ Tgncg`go}atga mg v}a} fa rtgèvĆ a mg{zhc}Ćtee mwtadecg avgf}htwcwe antefhc ïo Tgrwdcefa @hcmhza 0 Nhzgto`go}ac tgnwca}eho av rtgfhome}eho jht Vwv}aeoadcg Mgzgchr`go} hj }lg @hcmhzao antefwc}wtac vgf}ht ( Ceceaoa Fe`rhegŘ (( Gfhohè-fa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 62-6: ; }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 6: ,= }e}/%/ ‖

]e}/# }g|} ratac/ ; cd/ th`/# gonc/

7/23/2019 BNM 2011-1



56

>4/ Fwfetgzee# Zcameèt/ GzhcwŦea tgjht`gcht v}twf}wtacg ïo vgf}htwc antat ïo 4222-4212( Zcameèt Fwfetgzee (( Antefwc}wta @hcmhzge/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 1<-42 ; }ad/ ‖ Tg{/ ïo cd/gonc/ ‖ Za wtà/

>6/ Mwfa# Nlghtnlg/ Tgze}ace{atga gfhohège# e`rgta}ezwc oaŦehoac fg og wogŘ}g (Nlghtnlg Mwfa (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 12-14/ ‖ Tg{/ ïo cd/ gonc/

>=/ Nïtdw# Zehtgc/ Gfhohèa Tgrwdcefee @hcmhza ïo cwèoa tgfgo}ge fte{g gfhohèfg`homeacg ( Zehtgc Nïtdw (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ <-5/ ‖ Tg{/ ïo cd/ gonc/

>7/ Nhcef# Awtgcea/ TgcaŦeecg gfhohèfg Ře gfhchnefg ïo fho}g|}wc wowe ohw oezgc mgmg{zhc}atg 0 Gfhchnefac aom gfhohèf tgca}ehov eo }lg fho}g|} hj a og~ cgzgc hj mgzgchr`go} ;Yïo Tgr/ @hcmhzaP ( Awtgcea Nhcef (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 6:-== ; jen/ ‖ Tg{/ ïo cd/th`/# gonc/ ‖ Dedcehnt/ ; : }e}/ ‖ ]e}/# }g|} ratac/ ; cd/ th`/# gonc/

>:/ Th}atw# Ftev}eao/ Emgo}ejefatga rh}goŦeacwcwe mg ftgŘ}gtg gfhohèfĆ a Tgrwdcefee@hcmhza rteo rtevà gfhohèvetee Ře eozgv}etee 0 Emgo}ejefa}eho hj gfhohèf nth~}l rh}go}eac hj }lg Tgrwdcef hj @hcmhza eo }gt`v hj vazeon aom eozgv}`go} ( Ftev}eao Th}atw (( Gfhohèfa/ ‖4212/ ‖ Ot =/ ‖ R/ 51-55 ; jen/# }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; > }e}/ ‖ ]e}/# }g|} ratac/ ;cd/ th`/# gonc/

,Zg{e mg avg`goga Ot <6%

66</=< ]wtev`/ Gfhohèa }wtev`wcwe

>>/ Ntedeofga# Acg|aomtw/ Aoace{a# gzacwatga Ře rthnoh{atga af}eze}ĆŦee }wtev}efg a

Tgrwdcefee @hcmhza 0 Aoacuvev# avvgvv`go} aom jhtgfav} hj }hwtev` af}eze}u eo }lg Tgrwdcef hj @hcmhza ( Acg|aomtw Ntedeofga# Thmefa Dwtdwcga# Gfa}gteoa şzgŦ (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 41-62 ; }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 62 ,= }e}/%/ ‖ ]e}/# }g|} ratac/ ;cd/ th`/# gonc/

></ ]wtfhz# Aoa/ ]gomeoŦg ïo mg{zhc}atga }wtev`wcwe `homeac fho}g`rhtao 0Fho}g`rhtatu nchdac }tgomv eo }hwtev` mgzgchr`go} ( Aoa ]wtfhz (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1=1-1==/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ ]e}/# }g|} ratac/ ; cd/ th`/# gonc/

,Zg{e mg avg`goga Ot 142# 4<=%

665 Fh`gtŦ/ TgcaŦee gfhohèfg eo}gtoaŦehoacg/ Gfhohèg `homeacĆ

665/1 Rthdcg`g ngogtacg/ ReaŦĆ

,Zg{e Ot 4:>%

665/7 Fh`gtŦ g|}gteht/ Fh`gtŦ eo}gtoaŦehoac

>5/ Madeka# ]wmht/ Rthdcg`gcg vev}g`wcwe mg natao}atg jeoaofeatĆ a hdcenaŦege zaàcg ïo famtwc tgne`wtecht zaàcg vwvrgovezg 0 Jeoaofeac nwatao}gg vuv}g` rthdcg`v hj fwv}h`vceadece}u ~e}leo vwvrgovezg fwv}h`v tgne`gv ( ]wmht Madeka (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/122-125/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 125 ,= }e}/%/ ‖ ]e}/# }g|} ratac/ ; cd/ th`/#

gonc/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



57

<</ FwfhŘ# Meaoa/ ]lg Eo}gtoa}ehoac Fhozgo}eho ho }lg Rth}gf}eho hj }lg Tenl}v hj acc@entao} ^htigtv aom @g`dgtv hj ]lget Jaècegv ; a og~ lwào tenl}v eov}tw`go} ( MeaoaFwfhŘ (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ 67-=2/ ‖ Tg{/ ïo cd/

th`/# twvĆ/ ‖ Dedcehnt/ ïo oh}g# r/ =2 ,4< }e}/%/

<5/ Jecer# Ftev}eoa/ GzhcwŦea eov}e}wŦege tgfwohaŘ}gtee ïo mtgr}wc eo}gtoaŦehoac fho}g`rh-tao ( Ftev}eoa Jecer (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ 122-12=/ ‖Tg{/ ïo cd/ gonc/# twvĆ/ ‖ Dedcehnt/ ; 6= }e}/ Ře ïo oh}gcg mg vwdvhc/

52/ Na`wtate# Ze}aceg/ Avenwtatga kwv}eŦege ca oezgc oaŦehoac Ře eo}gtoaŦehoac ; avrgf}grtezeom tgne`wc rat}eferĆtee zef}e`gcht ca rthfgmwta FwtŦee Rgoacg Eo}gtoaŦehoacg ( Ze}acegNa`wtate (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ :2-:5/ ‖ Tg{/ ïocd/ gonc/# twvĆ/ ‖ Dedcehnt/ ïo oh}gcg mg vwdvhc/

51/ Nwfgaf# Eho/ Mtgr}wc ca zeaŦĆ Ře jgoh`gowc `htŦee fgtgdtacg ( Eho Nwfgaf ((Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ ><-<7/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}gcg mg vwdvhc/

54/ Ca{Ćt# Gcgoa/ Tgvrgf}atga mtgr}wtecht h`wcwe Ře cedgt}ĆŦecht jwoma`go}acg ( GcgoaCa{Ćt (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ <6-52/ ‖ Tg{/ ïo cd/gonc/# twvĆ/ ‖ Dedcehnt/ ïo oh}g# r/ 52 ,41 }e}/% Ře ïo oh}gcg mg vwdvhc/

56/ Vätfw# Meaoa/ Gcadhtatga af}wcwe kwtevmefŦehoac eo}gtoaŦehoac ( Meaoa Vätfw (( Tgz/`hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ 146-14>/ ‖ Tg{/ ïo cd/ gonc/# twvĆ/ ‖

Dedcehnt/ ïo oh}gcg mg vwdvhc/5=/ V`hfleoĆ# Fathceoa/ Fhov}e}wŦehoace{atga Woewoee Gwthrgog ïo mh`goewc mtgr}wte-

cht h`wcwe ( Fathceoa V`hfleoĆ# Aomtge V`hfleoĆ (( Rth}gfŦea kwtemefĆ a rthrteg}ĆŦee# cedgt}ĆŦee ŘevenwtaoŦge rgtvhaoge ïo mtgr}wc oaŦehoac Ře eo}gtoaŦehoac ; @a}gteacgcg Fhoj/ Ř}/-rtaf}efg eo}gto/#44 mgf/ 4225/ ‖ Fl/# 4212/ ‖ R/ 14:-162/ ‖ Dedcehnt/ ïo oh}g# r/ 162 ,> }e}/%/

57/ Wonwtgao# Ezao/ Mtgr}wc mg a ow je wt`Ćte}# kwmgfa} vaw rgmgrve} mg àe `wc}g hte$oho dev eo emg`$( Ezao Wonwtgao (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ 14<-166/ ‖ Tg{/ ïo cd/ gonc/# twvĆ/ ‖ Dedcehnt/ ; 14 }e}/

5:/ Фмгюзалп# Йзпамн/ Д/ Г/ Лптзълме п гпфмдвч тзьзаме ГзкнцавтпнапжпСцнв ППА ( Йзпамн Фмгюзалп# Двйзтме Лпапазалп (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře tgcaŦeeeo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ =1-=5/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ïo oh}gcg mg vwdvhc

,Zg{e mg avg`goga Ot 65# =1# 55# 121-26# 12:# 11>-1<# 16=%

6=4 Mtgr} rwdcef/ Mtgr} fhov}e}wŦehoac/ Mtgr} amèoev}ta}ez

5>/ Dao}wŘ# Aoa}hceg/ Wogcg avrgf}g rtezeom rth}gfŦea cedgt}ĆŦee Ře venwtaoŦge rgtvhaoge ïo Tgrwdcefa @hcmhza ( Aoa}hceg Dao}wŘ (( Rth}gfŦea kwtemefĆ a rthrteg}ĆŦee# cedgt}ĆŦee Ře venwtaoŦgergtvhaoge ïo mtgr}wc oaŦehoac Ře eo}gtoaŦehoac ; @a}gteacgcg Fhoj/ Ř}/-rtaf}efg eo}gto/# 44 mgf/

4225/ ‖ Fl/# 4212/ ‖ R/ 6:=-6:>/ ‖ Dedcehnt/ ïo oh}g# r/ 6::-6:> ,5 }e}/%/

7/23/2019 BNM 2011-1



5:

5</ DïtnĆw# @elaec/ Wogcg avrgf}g rtezeom rth}gfŦea kwtemefĆ a mtgr}wtecht h`wcwe ïo Tg-rwdcefa @hcmhza ( @elaec DïtnĆw (( Rth}gfŦea kwtemefĆ a rthrteg}ĆŦee# cedgt}ĆŦee Ře venwtaoŦge rgt-vhaoge ïo mtgr}wc oaŦehoac Ře eo}gtoaŦehoac ; @a}gteacgcg Fhoj/ Ř}/-rtaf}efg eo}gto/# 44 mgf/ 4225/ ‖ Fl/# 4212/ ‖ R/ 1>-4>/ ‖ Dedcehnt/ ; 1> }e}/

55/ FätoaŦ# ]ghmht/ Tgjhtà fhov}e}wŦehoacĆ meo Tgrwdcefa @hcmhza rteo rtevà eo}g-ntĆtee gwthrgog ( ]ghmht FätoaŦ (( Rth}gfŦea kwtemefĆ a rthrteg}ĆŦee# cedgt}ĆŦee Ře venwtaoŦge rgt-vhaoge ïo mtgr}wc oaŦehoac Ře eo}gtoaŦehoac ; @a}gteacgcg Fhoj/ Ř}/-rtaf}efg eo}gto/# 44 mgf/ 4225/ ‖ Fl/# 4212/ ‖ R/ 1>=-1<6/ ‖ Dedcehnt/ ïo oh}g# r/ 1<6 ,= }e}/%/

122/ Fhtoga# Vgtnew/ Ao}etgjhtà amèoev}ta}ez-}gte}hteacĆ meo aowc 4226 ; faw{g Ře fho-vgfeoŦg ( Vgtnew Fhtoga (( @hmgtoe{atga amèoev}taŦege rwdcefg ïo fho}g|}wc mg`hfta}e{Ćteevev}g`wcwe rhce}ef Ře rthfgvgcht eo}gntaŦehoev}g ; @a}gteacg acg vgfŦewoee a }tgea meo famtwc fhoj/Ř}/ eo}gto/ $ş}eeoŦa rhce}efĆ ïo Tgrwdcefa @hcmhza ; tgace{Ćte Ře rgtvrgf}ezg$# fhovafta}Ć aoezgt-

vĆtee a \Z-a a Jaf/ TgcaŦee Eo}gto/# ş}/ Rhce}efg Ře Amèoev}ta}ezg# 17-1: hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 75->4/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g/ r/ >2->4 ,41 }e}/%/

121/ Ca{ate# Fhov}ao}eo/ Eo}gtjgtgoŦa meo}tg mtgr}wtecg h`wcwe Ře mtgr}wc eo}gtoaŦehoac (Fhov}ao}eo Ca{ate (( Rth}gfŦea kwtemefĆ a rthrteg}ĆŦee# cedgt}ĆŦee Ře venwtaoŦge rgtvhaoge ïo mtgr}wcoaŦehoac Ře eo}gtoaŦehoac ; @a}gteacgcg Fhoj/ Ř}/-rtaf}efg eo}gto/# 44 mgf/ 4225/ ‖ Fl/# 4212/ ‖ R/465-472/

124/ Vwfgzgaow# Oa}acea/ @g}hmg Ře }gloefe mg at`hoe{atg a cgnevcaŦege oaŦehoacg fw cg-nevcaŦea Woewoee Gwthrgog ( Oa}acea Vwfgzgaow# V}gca Dwewf (( Tgz/ `hcm/ mg mtgr} eo}gto/ Ře

tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ 1=6-171/ ‖ Tg{/ ïo cd/ gonc/# twvĆ/ ‖ Dedcehnt/ ; 16 }e}/126/ Втцфяаша# Жвжмл/ Азлпфптщз нзэптгвъмм д лпасфмфцъмпаап-итвдпдпг

тводмфмм ипсфспдзфслмч жпсцнвтсфд ( Жвжмл Втцфяаша (( Kwv}eŦea Fhov}e}wŦehoacĆ ïo Tgr/@hcmhza/ ‖ 4212/ ‖ Ot =/ ‖ R/ 65-=1/

12=/ Бзьз-Жпйпдлп# Лвтма/ Лпасфмфцъмпаавш йпжмлв гапжпивтфмеапе смсфзгщЭтваъмм ( Лвтма Бзьз-Жпйпдлп (( Kwv}eŦea Fhov}e}wŦehoacĆ ïo Tgr/ @hcmhza/ ‖ 4212/ ‖ Ot =/ ‖R/ =4-=</

,Zg{e mg avg`goga Ot 7# <=# 54# 165# =67# =6>%

6=4/7,=><% Rw}gtga mg v}a}# vev}g`g Ře jwofŦee acg htnaogcht mg v}a} acg Tgrwdcefee @hc-

mhza

127/ RwŘfaŘ# Zef}ht/ ArĆtatga mtgr}wcwe fhov}e}wŦehoac mg rthrteg}a}g Ře tgv}tïongtgaafgv}we mtgr} rteo rtevà kwtevrtwmgoŦge FwtŦee Fhov}e}wŦehoacg ( Zef}ht RwŘfaŘ (( Rth}gfŦea kwte-mefĆ a rthrteg}ĆŦee# cedgt}ĆŦee Ře venwtaoŦge rgtvhaoge ïo mtgr}wc oaŦehoac Ře eo}gtoaŦehoac ; @a}gtea-cgcg Fhoj/ Ř}/-rtaf}efg eo}gto/# 44 mgf/ 4225/ ‖ Fl/# 4212/ ‖ R/ 7>-:>/ ‖ Tg{/ ïo cd/ gonc/ ‖Dedcehnt/ ïo oh}g# r/ ::-:> ,61 }e}/%/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



55

141/ @elacaflg# Ewteg/ Fho}taf}wc mg }taovrht} aw}h mg ravangte Ře danakg ; Yavrgf} kwte-mefP ( Ewteg @elacaflg (( Tgz/ oaŦ/ mg mtgr}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 15-47/ ‖ Tg{/ ïo cd/ jt/ ‖Dedcehnt/ ïo oh}g# r/ 4=-47 ,4= }e}/%/ ‖ VjätŘe}/ Ïofgrw}wc ; Ot 14# 4212/

144/ Rtevaf# Acg|aomtw/ Ohe fhofgr}g rtezeom v}eongtga hdcenaŦeecht ; ,jeoace}a}ga hdcenaŦee-cht# rteofereecht Ře }tĆvĆ}wtecht v}eongtee hdcenaŦeecht% ( Acg|aomtw Rtevaf (( Tgz/ oaŦ/ mg mtgr}/ ‖4211/ ‖ Ot 1/ ‖ R/ 77-:2/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ :2 ,42 }e}/%/

146/ Жтмамл# Фвфушав/ Ймомаж ‖ юфп жпн итмьзньме авг жпфпдмф8 ; Yнпжпдпт/ пф-апьзамш ; ятмн/ м эмаваспдщз всизлфщP ( Фвфушав Жтмамл (( Fho}adece}a}g Ře awme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ <4-54 ; jh}/# }ad/

6=>/: Mtgr}wc jaècege/ Mtgr} gtgme}at

14=/ Nïvfa# Zgthoefa/ Mtgr}wtecg v}a}wcwe avwrta vwffgvewoee zafao}g ( Zgthoefa Nïvfa

(( Rth}gfŦea kwtemefĆ a rthrteg}ĆŦee# cedgt}ĆŦee Ře venwtaoŦge rgtvhaoge ïo mtgr}wc oaŦehoac Ře eo}gtoa-Ŧehoac ; @a}gteacgcg Fhoj/ Ř}/-rtaf}efg eo}gto/# 44 mgf/ 4225/ ‖ Fl/# 4212/ ‖ R/ 662-667/ ‖Dedcehnt/ ïo oh}g# r/ 667 ,5 }e}/%/

6=>/> Mtgr} fh`gtfeac

147/ FewŘ# Mheoa/ Rtaf}efa kwmefeatĆ ïo mh`goewc RE ; ce}enee tgjgte}hatg ca ïofĆcfĆte acgmtgr}wtecht meo mh`goewc `Ćtfecht ( Mheoa FewŘ# Aoa [azacev}ïe (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/14>-162/

14:/

Fhfegtw# Cwmèca/ H`hoeèa `Ćtfecht ‖ `h}ez tgca}ez Ře advhcw} mg tgjw{ ca ïotg-nev}tatg ( Cwmèca Fhfegtw (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 66-6< ; jen/# jh}/ ‖ Tg{/ ïo cd/ th`/#gonc/ ‖ Dedcehnt/ ; > }e}/

14>/ Jhmga# Aceoa/ @aoang`go}wc rthrteg}ĆŦee eo}gcgf}wacg ; tgace}ĆŦe Ře rgtvrgf}ezg ( Ace-oa Jhmga (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 71-7> ; mgv/# jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖Dedcehnt/ ïo oh}gcg mg vwdvhc/

14</ Ca FleŘeoĆw a jhv} caova} Rthegf}wc ]~eooeon $Vwrht} rgo}tw e`rcg`go}atga Řetgvrgf}atga mtgr}wtecht mg rthrteg}a}g eo}gcgf}wacĆ ïo Tgrwdcefa @hcmhza$ ; Y46 oheg`/ 4212P ;gme}hteac ( Vgtzefewc mg rtgvĆ ANGRE (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 7-> ; jh}/

145/ Th}atw# Vgtnew/ Ngv}ehoatga fhcgf}ezĆ a mtgr}wcwe mg aw}ht Ře a mtgr}wtecht fhog|g; ,V}wmew% ,E% ( Vgtnew Th}atw (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ <-1= ; jh}/ ‖ Tg{/ ïo cd/ th`/#gonc/ ‖ Dedcehnt/ ; 1= }e}/ ‖ Za wtà/

162/ Twvaohzvfle# Ze}aceg/ Ohe }glohchnee ‖ ohe rhvedece}ĆŦe ; Ymg af}eze}a}g rgo}tw Ango-Ŧea mg V}a} rgo}tw Rthrteg}a}ga Eo}gcgf}wacĆ a Tgr/ @hcmhza ,ANGRE%P ( Ze}aceg Twvaohzvfle#Zgafgvcaz HoeŘhtw# Zcameèt Mwfa (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ <>-<5 ; jen/ ‖ Tg{/ ïo cd/th`/# gonc/ ‖ Dedcehnt/ ; 7 }e}/

7/23/2019 BNM 2011-1



122

161/ Бпняй# Фвфушав/ Оавюзамз м ъзйм овтцбзкапжп ивфзафпдвамш пбызлфпдитпгщьйзаапе спбсфдзаапсфм ( Фвфушав Бпняй (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 7<-:1 ;jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/# twvĆ/

,Zg{e mg avg`goga Ot 1# 1<# 125# 111# 476%


164/ @aoŦewf# Gcgoa/ FhoŘ}eeoŦa kwtemefĆ# fa jaf}htwc vwdegf}ez ac gjefegoŦge af}eze}ĆŦee mgarcefatg a mtgr}wcwe mg fĆ}tg htnaogcg rw}gtee mg v}a} ( Gcgoa @aoŦewf# Aomtge Ogntw (( Rthdcg-`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/# 11-14 oheg`/4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 1 ; ]ghtea Ře rtaf}efa atle}gf}wtee Ře wtdaoev`wcwe/ Rthegf}a-tga# tgadece}atga Ře fhovhcematga fhov}twfŦeecht/ Mtw`wte# à}gteacg Ře `gfaoe{atga fhov}twfŦee-cht/ ‖ R/ 52-5= ; jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 12 }e}/

166/ Ogntw# Aomtge/ G|rwogtg mg hreoee tgjgte}hatg ca tgncg`go}Ćtecg kwtemefg oaŦehoacg

ïo mh`goewc jht`Ćtee Ře af}eze}ĆŦee Fhcgnewcwe mevferceoat Ře ac tĆvrwomgtee mevferceoatg a kwmgfĆ}h-techt ( Aomtge Ogntw (( Tgz/ oaŦ/ mg mtgr}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 12-1< ; jh}/ ‖ Tg{/ ïo cd/ gonc/ ‖Dedcehnt/ ïo oh}g# r/ 1< ,1< }e}/%/

16=/ Овчвтмш# Сзтжзе/ Тпйу авъмпавйуапжп Масфмфцфв Пгбцнсгзав итвдюзйпдзлв ( Сзтжзе Овчвтмш# Сдзфйвав Гмтпапдв (( Rth}gfŦea kwtemefĆ a rthrteg}ĆŦee# cedgt}ĆŦeeŘe venwtaoŦge rgtvhaoge ïo mtgr}wc oaŦehoac Ře eo}gtoaŦehoac ; @a}gteacgcg Fhoj/ Ř}/-rtaf}efg eo-}gto/# 44 mgf/ 4225/ ‖ Fl/# 4212/ ‖ R/ 161-1=2/ ‖ Dedcehnt/ ; > }e}/

,Zg{e mg avg`goga Ot <5%

6=5 Ta`wte vrgfeacg acg mtgr}wcwe6=5/= Mtgr} jwofeat/ Mtgr} antat

,Zg{e Ot :7%67 AM@EOEV]TAŤEG RWDCEFĄ/ AT]Ą @ECE]ATĄ

671(67= Amèoev}taŦeg rwdcefĆ

167/ Dwfa}atw# Enht/ Avrgf}g rtezeom mg{zhc}atga tgnehoacĆ ïo Tgrwdcefa @hcmhza (Enht Dwfa}atw# Zavecg FwkdĆ (( @hmgtoe{atga amèoev}taŦege rwdcefg ïo fho}g|}wc mg`hfta}e{Ćteevev}g`wcwe rhce}ef Ře rthfgvgcht eo}gntaŦehoev}g ; @a}gteacg acg vgfŦewoee a }tgea meo famtwc fhoj/

Ř}/ eo}gto/ $ş}eeoŦa rhce}efĆ ïo Tgrwdcefa @hcmhza ; tgace{Ćte Ře rgtvrgf}ezg$# fhovafta}Ć aoezgt-vĆtee a \Z-a a Jaf/ TgcaŦee Eo}gto/# ş}/ Rhce}efg Ře Amèoev}ta}ezg# 17-1: hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 5<-111/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ >2->4 ,41 }e}/%/

16:/ Fehdaow# ]a}eaoa/ @hmgtoe{atga amèoev}taŦege rwdcefg rteo arcefatga rteofereecht mgho}hchnege jwofŦehoatwcwe rwdcef meo vjgta g|gfw}ezĆ ( ]a}eaoa Fehdaow (( @hmgtoe{atga am-èoev}taŦege rwdcefg ïo fho}g|}wc mg`hfta}e{Ćtee vev}g`wcwe rhce}ef Ře rthfgvgcht eo}gntaŦehoev}g ;@a}gteacg acg vgfŦewoee a }tgea meo famtwc fhoj/ Ř}/ eo}gto/ $ş}eeoŦa rhce}efĆ ïo Tgrwdcefa @hcmhza ;tgace{Ćte Ře rgtvrgf}ezg$# fhovafta}Ć aoezgtvĆtee a \Z-a a Jaf/ TgcaŦee Eo}gto/# ş}/ Rhce}efg ŘeAmèoev}ta}ezg# 17-1: hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 62-=7/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g#

r/ =6-=7 ,1: }e}/%/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



124

1=7/ Mwfa# @atea/ Eov}twetg rteo fgtfg}atg ; Ye`rcg`go}atga }glohchneecht eojht`/ ïo rth-fgvwc mg rtgmatg(ïozĆŦatgP ( @atea Mwfa (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ >1->6 ; jh}/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 42 }e}/

1=:/ Cgalw# Taeva/ Cgf}wta Ře eo}gtrtg}atga wowe rth{hrhg` ; YZïoĆ}hatga mg Eho @et-fgaP ( Taeva Cgalw (( Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 14<-1=6/ ‖ Tg{/ ïo cd/th`/# jt/ ‖ Dedcehnt/ ; r/ 1=6/

6>/251 Htnaoe{atga vev}g`wcwe mg gmwfaŦeg Ře ïozĆŦĆ`äo}/ Htnaoe{atg ŘfhcatĆ

1=>/ Nwcefa# Eceg/ FhovemgtaŦewoe rtezeom ce}gta}wta memaf}efĆ davatadgaoĆ ïo aoee ‴62-‴:2ae vgf/ \E\ ( Eceg Nwcefa (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ >5-52 ; jh}/ ‖Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ <5-52 ,=4 }e}/%/

1=</ Thnaf# Taea/ Ca h aoezgtvatg# Eho Manle ïo }tge erhv}a{g ; Ymhf}ht ïo rgmanhneg#

ref}ht# vftee}ht `hcm/ ; ca 72 mg aoeP ( Taea Thnaf (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/><-<2 ; jh}/

1=5/ Vätnle# Gcgoa/ Rtgmatga ce`dakgcht mg vrgfeace}a}g ; ce`dakwc mg vrgfeace}a}g famevferceoĆ memaf}efĆ 0 C.govgenog`go} mgv caonwgv vwt hdkgf}ejv vråfejeqwgv ; ca caonwg hdkg}m.arrtgo}evvang ; YjwofŦea memaf}efĆ a cd/ jt/ mg ajafgte ca Jecegta JtaofhjhoĆ a AVG@ P ( GcgoaVätnle (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1=7-1=5/ ‖ Tg{/ ïo cd/ th`/# jt/ ‖ Dedcehnt/ ; 7 }e}/ ‖]e}/# }g|} ratac/ ; cd/ th`/# jt/

,Zg{e mg avg`goga Ot 4<<# 61=%

6>6 Ngowte Ře Řfhce mg fwc}wtĆ ngogtacĆ/ ÏozĆŦĆ`äo} mg fwc}wtĆ ngogtacĆ172/ Твлц# Кваав/ Пспбзаапсфм тводмфмш лпггцамлвфмдащч сипспбапсфзе ц нзфзе

нпьлпйуапжп дпотвсфв мо дтзгзаап азипйащч сзгзе ( Кваав Твлц (( Eo}gntatga rvelhvh-feacĆ a fhreecht meo jaècee }g`rhtat mg{eo}gnta}g ; @a}gteacgcg Fhoj/ Ř}/ eo}gto/# 4225/ ‖ Fl/#4225/ ‖ R/ 12<-117/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 11 }e}/

6>> ÏozĆŦĆ`äo} vrgfeace{a} ( mg vrgfeace}a}g/ ÏozĆŦĆ`äo} }gloef# rthjgvehoac/ şfhce# fhcg-

nee rthjgvehoacg ( }gloefg/ Rhce}gloefe/ şfhce mg `gvgtee

171/ Шапжйп# М/ Ж/ Итпмодпнсфдп кнзф авьмч дщицсламлпд ; Yд вжтвтап-фзчамюзслме лпййзнк# ж/ Сдзфйще# ВФП ЖвжвцомшP ( М/ Ж/ Шапжйп (( Antefwc}wta @hcmhzge/ ‖4212/ ‖ Ot 11(14/ ‖ R/ 46/

6>< ÏozĆŦĆ`äo} vwrgteht/ Woezgtve}ĆŦe/ Fwtvwte woezgtve}atg

174/ Dachza# Zgta/ Gcadhtatga v}ta}gnege mg àtig}eon ïo ta`wta vgtzefeecht gmwfaŦehoa-cg 0 Mgzgchr`go} hj }lg gmwfa}ehoac àtig}eon v}ta}gnu ; Yïo ïozĆŦĆ`äo}wc vwrgteht a @hcmh-zgeP ( Zgta Dachza (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ >=-<2 ; jen/# }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; > }e}/ ‖ ]e}/# }g|} ratac/ ; cd/ th`/# gonc/

176/ FaoŦgt# Zacgtew/ Mhf}hta}wc Ře tgrthmwfgtga rh}goŦeacwcwe mg fgtfg}atg/ EE/ Vgfzgo-Ŧg meo g|rgtegoŦa Tgrwdcefee @hcmhza ; YgmwfaŦeg ‖ Ř}eeoŦĆ ‖ eohzatgP ,6% ( Zacgtew FaoŦgt# Eho

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



12:

à}/# rthjgvht woez/P ( tgf}hta}wc Woez/ ]glo/ a @hcmhzge (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 152; jh}/

76> Gcgf}tefe}a}g/ @anog}ev`

1<1/ Fhccgf}ezg gcg`go}atu g|fe}a}eho hj }~h-me`govehoac ànog}hg|e}a}ehov eo }lg dh-vg-Geov}geo fhomgova}eho v}a}g ~e}l ~azg zgf}ht i02 ( V/ A/ @hviacgoih# @/ A/ Cedgtào# G/Z/ Mwàohz Yg} ac/P (( @hcmazeao Khwtoac hj }lg Rluvefac Vfegofgv/ ‖ 4212/ ‖ Zhc/ 5# Ot 1/ ‖ R/1:-6> ; jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 6: }e}/

1<4/ Oav}av# Z/ @g}thchnefac ve`wca}htv hj gcgf}tefac ravvezg qwao}e}egv ~e}l acnhte}lèfv}twf}wtg ( Z/ Oav}av (( @hcmazeao Khwtoac hj }lg Rluvefac Vfegofgv/ ‖ 4212/ ‖ Zhc/ 5# Ot 1/ ‖R/ <6-124 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 66 }e}/

7= FLE@EG/ FTEV]ACHNTAJEG/ @EOGTACHNEG

7=4 Fleèg mg rtgratatg Ře g|rgte`go}acĆ1<6/ Mtanaofga# Z/ @hmejegm vftggo-rteo}gm fatdho gcgf}thmgv ~e}l }uthveoavg jht

mg}gtèoa}eho hj rlgohcef fh`rhwomv eo v`higm jhhm ( Z/ Mtanaofga# T/ V}wt{a# @/ Dhwk}e}a(( Flgèv}tu khwtoac hj @hcmhza/ ‖ 4212/ ‖ Zhc/ 7# Ot 4/ ‖ R/ =>-76 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 17 }e}/

7== Fleèg je{efĆ

1<=/ Fa}acu}ef ~azg hj flchta}g ehov eo }lg rtg{gofg hj }lg `hcudmgow`,ZE% -4#6-melumth|udgo{acmglumg fh`rcg| ( Cwmèca Ieteuai# ]a}eaoa Fa{af# @/ Tgzgofh Yg} ac/P ((Flgèv}tu khwtoac hj @hcmhza/ ‖ 4212/ ‖ Zhc/ 7# Ot 4/ ‖ R/ 4=-45 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖

Dedcehnt/ ; 17 }e}/1<7/ Oa{athz# @/ Taào vrgf}thvfhru hj mhwdcg af}eza}gm UOdH= ; Gw6)aom U]aH= ;

Gw6)#]d6) ( @/ Oa{athz (( @hcmazeao Khwtoac hj }lg Rluvefac Vfegofgv/ ‖ 4212/ ‖ Zhc/ 5# Ot 1/ ‖ R/ 7-17 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 4: }e}/

1<:/ Hdvgtza}ehov ho }lg ao}eh|emao} af}eze}u hj ohzgc melumth|ujwàtef afemmgteza}ezgv ( O/ Vgfata# Nl/ Mwfa# C/ Zcam Yg} ac/P (( Flgèv}tu khwtoac hj @hcmhza/ ‖ 4212/ ‖Zhc/ 7# Ot 4/ ‖ R/ 75-:> ; vflg`g# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 1> }e}/

1<>/

]wt}Ć# Fhov}ao}eo/ @anogŦee `hcgfwcate# woa meo metgfŦeecg rtehte}atg `hmgtog acgfgtfg}Ćtee ( Fhov}ao}eo ]wt}Ć (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 12:-11= ; jen/# }ad/ ‖ Tg{/ ïo cd/gonc/ ‖ Dedcehnt/ ; :> }e}/

,Zg{e mg avg`goga Ot 4>7%

7=: Fleèg aohtnaoefĆ

1<</ Mwfa# Nlghtnlg/ Afam/ Fhov}ao}eo ]wt}Ć ca >2 mg aoe ; Yvazao}# mh`goewc mg fgt-fg}atg ; fleèa dehaohtnaoefĆ# rthjgvht woez/P ( Nlghtnlg Mwfa# ]wmht CwraŘfw (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 151 ; jh}/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



12<

,Zg{e mg avg`goga Ot 476%

: ş]EEOŤG ARCEFA]G/ @GMEFEOĄ/ ]GLOEFĄ

:1 @GMEFEOĄ :14 Je{ehchneg/ Je{ehchneg fh`rata}Ć

15:/ Racame# Nl/ Eomefa}htee rteoferace ae vĆoĆ}ĆŦee tgrthmwf}ezg Ře eojcwgoŦa cht avwrta jg-oh`gowcwe mg`hntajef ïo Tgrwdcefa @hcmhza ( Nl/ Racame (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Řeneogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhch-neg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 1>6-1>< ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 1: }e}/

:16 EnegoĆ/ VĆoĆ}a}g Ře enegoĆ rgtvhoacĆ

:16/6 DĆw}wte/ DĆw}wte fwta}ezg15>/ Eathzhe# Zacgo}eoa/ Ara ïo ace`go}aŦeg# hdefgewte Ře }tameŦee ( Zacgo}eoa Eathzhe ((

Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 165-1=4/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 16 }e}/

:1= VĆoĆ}a}g Ře enegoĆ rwdcefĆ/ Rtgzgoetga affemgo}gcht

15</ Lh}eogaow# Zcameèt/ Tgace{Ćtecg vev}g`wcwe hfth}etee vĆoĆ}ĆŦee Ře rgtvrgf}ezgcg mgmg{zhc}atg ( Zcameèt Lh}eogaow (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ <:-52/ ‖ Tg{/ ïo cd/ gonc/

,Zg{e mg avg`goga Ot 51# 41=# 415-42# 445%

:1: Ra}hchneg/ @gmefeoĆ fceoefĆ:1:/1 Ra}hchnea vev}g`wcwe fetfwca}ht Ře a zavgcht vaonzeog/ Dhce fatmehzavfwcatg

,Zg{e Ot 44:%

:1:/4 Ra}hchnea vev}g`wcwe tgvreta}ht/ Dhce acg htnaogcht mg tgvretaŦeg

,Zg{e Ot 424%

:1:/6 Ra}hchnea vev}g`wcwe mengv}ez/ Dhcecg }wdwcwe ace`go}at

155/ Veomth`wc LGCR ; ,meanohv}ef mejgtgoŦeac% ( Z/ Fhkhfatw# @/ DhtŘ# Mhteaoa

Fhkhfatw Yg} ac/P (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ$Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖Fl/# 4212/ ‖ R/ <6-<>/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 12 }e}/

422/ V}azeovfaea# Cwmèca/ Avrgf}g fceoefg mgtgncĆtecht jwofŦege `gov}twacg ca rafego-}gcg fw lgra}e}g fthoefg zetacg Ře `g}hmg mg tgfwrgtatg ( Cwmèca V}azeovfaea (( Ac Z-cga Fho-ntgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïohdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 4==-472 ; }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 4: }e}/

,Zg{e Ot 411#446# 462-61%

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



111

ŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/4212/ ‖ Fl/# 4212/ ‖ R/ 646-647 ; }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 5 }e}/

41>/ E`raf}wc fatog}wcwe `gmefac rgteoa}ac ïo vgtzefewc mg avev}goŦĆ rgteoa}acĆ ( E/ Dhn-

mao# ]a}eaoa Dgchwvhz# Cwmèca Dhchnao Yg} ac/P (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfhch-neg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}g-teacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ <-11 ; }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ;: }e}/

41</ E`rht}aoŦa F]N g|}gtoĆ ïo `hoe}hte{atga jg}acĆ eo}ta-rat}w` ( T/ Ftev}ga# A/Fewcfw# R/ Fewcfw Yg} ac/P (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoa-ŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/4212/ ‖ Fl/# 4212/ ‖ R/ 122-12= ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 14 }e}/

415/ @elacfgao# CwèoeŦa/ Avrgf}g `gmefh-vhfeacg acg vatfeoee v}anoa}g ( CwèoeŦa@elacfgao (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}w-ace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/#4212/ ‖ R/ 171-17: ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 44 }e}/

442/ @hoe}hte{atga Ře ïotgnev}tatga ntajefĆ a rgtehamge a EE-a a oaŘ}gtee ( @/ Th}atw# Z/Rg}thz# Zacgo}eoa Mewn Yg} ac/P (( Ac Z-cga fhontgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatgeo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-<hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 41<-446 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 7 }e}/

441/

Hv}thjgŦ# Fhov}ao}eo/ Hr}eè{atga }ta}a`go}wcwe v}gtece}ĆŦee }wdat-rgte}hogacg carafego}gcg fw carath}hèe ïo ao}gfgmgo}g ( Fhov}ao}eo Hv}thjgŦ (( Ac Z-cga Fhontgv mg hdv}g-}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Řeneogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 1:6-1:7/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; < }e}/

444/ Racame# Nl/ Acnhte}`wc mg fhomwe}Ć a rafego}gcht fw twrgtga rtgà}wtĆ a rwoneeaòeh}efg rtg}gt`go ( Nl/ Racame# Wceaoa ]adwefa (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfh-chneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ;@a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 1>5-1<7 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖Dedcehnt/ ; 41 }e}/

446/ Racame# Nl/ Ra}hchnea fhtmhowcwe h`decefac ( Nl/ Racame# Thmefa ]Ćw}w# Cwmèca]Ćw}w (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦeŘe fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖R/ 61<-644 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 17 }e}/

44=/ Rat}efwcate}ĆŦecg jcw|wcwe vaonweo w}gteo tgnehoac ïo èh`wc w}gteo ve`r}hà}ef (Fhteoa Fatmaoewf# @/ Vwtnwfe# F/ Hv}thjgŦ Yg} ac/P (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfh-chneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ;@a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 4<-62/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 17}e}/

7/23/2019 BNM 2011-1



114

447/ Regtmgtecg rgteoa}acg ïo}tg fhreee oĆvfwŦe fw àva g|}tg` mg èfĆ ; ,722-1222nt/% (Nl/ Racame# Hcna FgtogŦfle# Wceaoa ]adwefa Yg} ac/P (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfh-chneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ;

@a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 1::-1:5/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 1<}e}/

44:/ Vanaemaf# Eteoa/ Tg{wc}a}gcg rgteoa}acg ca ntazemgcg fw veomth` ao}ejhvjhceremef (Eteoa Vanaemaf# Hcna RhrwŘhe (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatgeo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-<hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 446-44:/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; > }e}/

44>/ Vatfeoa g|}taw}gteoĆ ; g}ehchnea# }adchwc fceoef# meanohv}efwc Ře }ta}a`go}wc ca g}araaf}wacĆ ( F/ Dwtowvwv# Fhteoa Fatmaoewf# Oa}acea Fhthcfhza Yg} ac/P (( Ac Z-cga Fhontgv mg

hdv}g}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Řeneogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 46-47/ ‖ Tg{/ ïo cd/ gonc/ ‖Dedcehnt/ ; 16 }e}/

44</ Vätdw# [eoaema/ şhfwc vgr}ef ïo hdv}g}tefĆ Ře neogfhchneg ( [eoaema Vätdw# F/Hv}thjgŦ (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace-}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 445-46= ; }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 14 }e}/

445/ şeŘfaow# M/ Rthdcgà}efa `gmefh-vhfeacĆ ïo rgteoa}hchneg ; avrgf}g af}wacg ïo

ngv}ehoatga tevfwtecht rvelhvhfeacg ( M/ şeŘfaow# F/ GŦfh (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Řeneogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhch-neg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 471-47:/ ‖ Tg{/ ïo cd/ gonc/ ‖Dedcehnt/ ; 1> }e}/

462/ ]hjao-Vfw}atw# Cwmèca/ Mev}thjea ceremefĆ afw}Ć lgra}efĆ mg vatfeoĆ Ře veomth`wcLGCR ( Cwmèca ]hjao-Vfw}atw (( Ac Z-cga Fhontgv mg hdv}g}tefĆ Ře neogfhchneg fw rat}eferatgeo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Ře neogfhchneg$ ; @a}gteacgcg fhont/# >-<hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 4:1-4:>/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; =5 }e}/

461/ Ťwtfaow# Amgca/ Vcamkwc deceat ïo vatfeoĆ ( Amgca Ťwtfaow (( Ac Z-cga Fhontgv mghdv}g}tefĆ Ře neogfhchneg fw rat}eferatg eo}gtoaŦehoacĆ $Af}wace}ĆŦe Ře fho}thzgtvg ïo hdv}g}tefĆ Řeneogfhchneg$ ; @a}gteacgcg fhont/# >-< hf}/ 4212/ ‖ Fl/# 4212/ ‖ R/ 4>=-4></ ‖ Tg{/ ïo cd/ th`/#gonc/ ‖ Dedcehnt/ ; 12 }e}/

,Zg{e mg avg`goga OT 155-24# 427-2:%

:4 EONEOGTEG/ ]GLOEFĄ ÏO NGOGTAC

,Zg{e Ot 161%

7/23/2019 BNM 2011-1



116

:42 Ïofgtfatga à}gteacgcht/ @a}gteacg fh`gtfeacg Ře fwohaŘ}gtga `Ćtjwtecht# fgo}tacg

gogtng}efg/ Gfhohèg gogtng}efĆ

464/ VrĆ}atw# Cghoem/ Mg{zhc}atga gogtng}efee ghcegog ïo Tgrwdcefa @hcmhza ( Cghoem

VrĆ}atw (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 4:-64 ; jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; :}e}/,Zg{e mg avg`goga Ot 46=%

:41/61 Rthmwfgtga# ace`go}atga Ře tgncatga gcgf}tefe}ĆŦee/ @aŘeoe Ře arata}g gcgf}tefg/

@ĆvwtĆ}hte gcgf}tefg/ ArcefaŦee acg ànog}ev`wcwe/ Gcgf}thv}a}efĆ arcefa}Ć

,Zg{e Ot 1<1%:41/67 ]gloefĆ gcgf}thfleèfĆ

,Zg{e Ot 1<6%

:41/6< Gcgf}thoefĆ/ Mevrh{e}ezg gcgf}thoefg/ ]wdwte gcgf}thoefg/ Jh}hfgcwcg/ Affgcgta-

}hatg mg rat}efwcg/ ]wdwte fw ta{g \

466/ Afwceoeo# A/ ]g`rhtac aom vra}eac zateadece}u hj }h}ac h{hog fho}go} eo @hcmhza ;va}gcce}g tg}tegz acv nthwom hdvgtza}ehov ( A/ Afwceoeo# Z/ Vèfhz (( @hcmazeao Khwtoac hj }lgRluvefac Vfegofgv/ ‖ 4212/ ‖ Zhc/ 5# Ot 1/ ‖ R/ 126-111 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖Dedcehnt/ ; 16 }e}/

46=/ Ohe à}gteacg vgèfhomwf}hatg Ře v}twf}wte rgo}tw fhozgtvewoga jh}hzhc}aefĆ a

gogtnege vhcatg ( Gtogv} AtwŘaohz# Cghoem Fwcewf# Rg}tw NaŘeo Yg} ac/P (( Aiamg`hv/ ‖ 4212/ ‖Ot =/ ‖ R/ 51-5> ; jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 47 }e}/

467/ ]enleogaow# Eho/ Afam/ Oefhcag Aomthoa}e ca >7 mg aoe ; Ymhf}ht ladece}a} ïo Ř}eeoŦg}gloefg# mh`goewc Ř}/ ; eojhtà}efa# }gloefa mg facfwc Ře aw}hà}e{atga# eoneogtP ( Eho]enleogaow (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1<5 ; jh}/

46:/ ]thofew# Z/ [/ Flahv fh``woefa}eho wveon vgèfhomwf}ht cavgtv vwdkgf} }hmejjgtgo} ieomv hj hr}efac jggmdafi ( Z/ [/ ]thofew (( @hcmazeao Khwtoac hj }lg RluvefacVfegofgv/ ‖ 4212/ ‖ Zhc/ 5# Ot 1/ ‖ R/ 71-:5 ; jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 64 }e}/

:41/71(/7= ArcefaŦee }gloefg acg gogtnege rogwà}efg

,Zg{e Ot 464%

:41/: Eov}acaŦee Ře `g}hmg rgo}tw }taovrht}wc# mgrh{e}atga Ře mev}tedwŦea jcwemgcht

,Zg{e Ot 4>=%

:41/< Htnaog mg àŘeoe/ ]taovè}gtga gogtnege `gfaoefg

:41/<1(/<7 Htnaog mg àŘeoe

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



117

4=6/ ]glohchnee azaova}g mg grwtatg dehchnefĆ a argcht w{a}g ( Mwè}tw Wonwtgaow#Eho EhogŦ# Vgtnew Fachv Yg} ac/P (( Rthdcg`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ;Fhoj/ }glo/-Ř}/ eo}gto/# 11-14 oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 4 ; Ace`go}Ćte fw arĆŘe faoace{atg/ Rth}gfŦea `gmewcwe/ Ace`go}Ćte fw fĆcmwtĆ Ře na{g# zgo}ecatg Ře rth}gfŦea agtwcwe/ ‖

R/ 161-176 ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 14 }e}/

4==/ ]how# Zacgo}eo/ Acgngtga `g}hmge mg mg}gtèoatg a fhgjefegoŦecht mg ve`wc}aoge}a-}g# w}ece{aŦe ca me`govehoatga tgŦgcgcht mg mev}tedwŦeg na{g ( Zacgo}eo ]how# Oa}acea AomteaŘ ((Rthdcg`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/# 11-14oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 4 ; Ace`go}Ćte fw arĆ Ře faoace{atg/ Rth}gfŦea `g-mewcwe/ Ace`go}Ćte fw fĆcmwtĆ Ře na{g# zgo}ecatg Ře rth}gfŦea agtwcwe/ ‖ R/ 466-46< ; jen/ ‖ Tg{/ ïocd/ gonc/ ‖ Dedcehnt/ ; 11 }e}/

4=7/ Ťwcgaow# Fhov}ao}eo/ FhovemgtaŦee rtezeom eojcwgoŦa jgoh`gogcht mg vwrtajaŦĆ ca

rwtejefatga ehoh-gcgf}thoefĆ a `gmeecht na{havg ( Fhov}ao}eo Ťwcgaow# Vgtnew Ťwcgaow (( Rth-dcg`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/# 11-14 oheg`/4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 4 ; Ace`go}Ćte fw arĆ Ře faoace{atg/ Rth}gfŦea `gmewcwe/Ace`go}Ćte fw fĆcmwtĆ Ře na{g# zgo}ecatg Ře rth}gfŦea agtwcwe/ ‖ R/ 4=>-47= ; jen/ ‖ Tg{/ ïo cd/gonc/ ‖ Dedcehnt/ ; 11 }e}/

,Zg{e mg avg`goga Ot 4>>%

:45 ]gloefa èkchafgcht mg }taovrht}

:45/6 Zglefwcg }gtgv}tg# ïo ajata fgcht rg Řeog/ Zglefwcg tw}egtg Ře mg }gtgo

4=:/

AomtewŦĆ# @/ Fw rtezetg ca e`rht}aoŦa rtaf}efĆ a tgne`wcwe mg cwftw rgo}tw àŘeoecgmg temefa} ( @/ AomtewŦĆ# Z/ DgcgwŦĆ (( Rthdcg`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}h-tewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/# 11-14 oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 1 ; ]ghtea Řertaf}efa atle}gf}wtee Ře wtdaoev`wcwe/ Rthegf}atga# tgadece}atga Ře fhovhcematga fhov}twfŦeecht/Mtw`wte# à}gteacg Ře `gfaoe{atga fhov}twfŦeecht/ ‖ R/ 1>7-1<2 ; }ad/ ‖ Tg{/ ïo cd/ gonc/

:6 ANTEFWC]WTĄ/ ş]EEOŤG şE RTHFGMGG ÏOTWME]G/ VECZEFWC]WTĄ/ G\RCHA]ĄTE ANTEFH-

CG şE ACG ZEGŤEE VĄCDA]EFG

:62 Veczefwc}wtĆ

4=>/ ZgtgŘfganleo# Dhtev/ Mezgtve}a}ga go}h`hjawoge veczefg# fĆecg ge mg fhovgtzatg Řemg meèowatg a mĆwoĆ}htecht ( Dhtev ZgtgŘfganleo# Naceoa DwŘàflew# Vzg}caoa Dafac (( Ante-fwc}wta @hcmhzge/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 62-61 ; jh}/

:61(:6< Antefwc}wtĆ

:61 Antefwc}wtĆ ïo ngogtac

,Zg{e Ot 1=1%:61/1 Fhomwfgtga Ře htnaoe{atga jgt`gcht

,Zg{e Ot >1->4# 665%

7/23/2019 BNM 2011-1



11:

:61/= ş}eeoŦa vhcwcwe/ Rgmhchneg/ Fgtfg}Ćte rgmhchnefg

4=</ Dta}fh# Mwè}tw/ Fw rtezetg ca fhovhcematga }gtgowtecht antefhcg ( Mwè}tw Dta}fh#Mwè}tw Dac}gaovfle (( Antefwc}wta @hcmhzge/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 16-1>/

4=5/ Ивтгвлйм# Н/ Г/ Спбйянзамз фзчапйпжмм ‖ эвлфпт ипдщьзамш рээзлфмдап-сфм озгйзнзймш ( Н/ Г/ Ивтгвлйм (( Antefwc}wta @hcmhzge/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 41-46 ;}ad/ ‖ Dedcehnt/ ; 7 }e}/

:61/7 CwftĆte antefhcg

472/ Mt/ Zacgtew Dwkhtgaow ca >2 mg aoe ; YŘgjwc Cad/ Deh}glohchnee Zgng}acg# Eov}/ mgNgog}efĆ Ře Je{ehchneg a Rcao}gcht a Aş@P ( Amèoev}taŦea Eov}/ mg Ngog}efĆ Ře Je{ehchneg aRcao}gcht ac Aş@ (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 154 ; jh}/

471/ Mwfa# Nlghtnlg/ Afamgèfeaowc Eho RhrwŘhe ‖ wo mgv}eo avwà} ; Ymhf}ht ladece}a} ïo Ř}/ antefhcg# vazao}# rthjgvht# g|-met/ ac Eov}/ mg Je{ehchneg Ře Dehfleèg a Rcao}gcht ac Aş@P ( Nlghtnlg Mwfa (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1<1-1<6 ; jh}/

474/ Jwtmwe# ]ghmht/ Mt/ lad/ Rg}tw Dwewfce ca <2 mg aoe ; Yngog}efeao# mh`goewc Ř}/ ;a`gcehtatga rcao}gcht# rthjgvht woez/P ( ]ghmht Jwtmwe# Dhtev Naeoa# Zavecg Dh}oate ((Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1<: ; jh}/

476/ @ev}tgŦ# Veczea/ G|aèoatga }gloefĆ a vhewtecht mg rcao}g ïo Tgrwdcefa @hcmhza ;Yrth}gfŦea kwtemefĆ a }w}wtht ngowtecht Ře vrgfeecht dh}aoefg# fatg vg fwc}ezĆ ïo Ŧata ohav}tĆP (

Veczea @ev}tgŦ (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 65-=1 ; jh}/# }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖Dedcehnt/ ; 6 }e}/,Zg{e mg avg`goga Ot 47=-77%

:64 Dhce acg rcao}gcht/ MĆwoĆ}hte Ře htnaoev`g zĆ}Ć`Ć}hatg rgo}tw rcao}g/ Rth}gfŦea

rcao}gcht

,Zg{e Ot 47>%

:66 Fwc}wta rcao}gcht mg fä`r

:66/1 Fgtgacg/ Tgfhc}g mg ntäog47=/ Нцлфпдв# А/ В/ Мсипйуопдвамз бзйлпдщч гвтлзтпд нйш лпафтпйш лвюзсфдв

жмбтмнпд лцлцтцощ д Тзсицбймлз Бзйвтцсу ( А/ В/ Нцлфпдв# С/ Д/ Зжптпд# Ф/ Д/ Лвтнмс ((Antefwc}wta @hcmhzge/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 4=-4< ; jen/# }ad/ ‖ Tg{/ ïo cd/ gonc/# twvĆ/ ‖Dedcehnt/ ; < }e}/

477/ Лймгзалп# П/ Дймшамз ипамкзаапе фзгизтвфцтщ ав итпъзсс тзжзазтвъммтвсфзаме лцлцтцощ eo ze}th ( П/ Лймгзалп# В/ Лтвдюзалп (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/144-14: ; jh}/# }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; 7 }e}/

7/23/2019 BNM 2011-1



11>

:6= Lht}efwc}wtĆ ïo ngogtac

47:/ Fwfw# Nlgoameg/ Vev}g`wc tamefwcat rhècht rcao}aŦe meo fho}aeogtg ïo cezamĆ (Nlgoameg Fwfw# Zacgtew Fhkhlatgofh (( Antefwc}wta @hcmhzge/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 4<-45 ;jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; = }e}/


:6=/< Ze}efwc}wtĆ

47>/ ]hracĆ# V}gjao Nl/ ]lg Vuo}lgvev hj Og~ Ngoh`g hj Ntargzeog av a @gaov }hFhoqwgt }lg Rlucch|gta ,Zetgwv ze}ejhcee ,Je}fl/ Vle`gt%% ( V}gjao Nl/ ]hracĆ (( Eo}gccgf}wv/ ‖4212/ ‖ Ot =/ ‖ R/ 125-141 ; jen/# jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; 41 }e}/

:6: [hh}gloeg/ FtgŘ}gtga Ře ïo`wcŦetga aoeàcgcht/ FtgŘ}gtga ze}gcht#a Řgr}gcwcwe/ Ïo`wc-

Ŧetga aoeàcgcht mh`gv}efg

47</ Jhchvetga taŦehoacĆ a ow}tgŦwtecht fhofgo}ta}g ‖ h tg{gtzĆ e`rht}ao}Ć ïo tgmtgva-tga vgf}htwcwe {hh}gloef (( Antefwc}wta @hcmhzge/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 64-6> ; }ad/

,Zg{e mg avg`goga Ot 17:%

:6:/25 Dhce acg aoeàcgcht mh`gv}efg/ ş}eeoŦĆ Ře `gmefeoĆ zg}gteoatĆ

,Zg{e Ot 475%:6:/4 Tw`gnĆ}hatg àte# }awteog/ Ze}g# dhe

475/ JhfŘa# Zacgo}eo/ Arcefatga àtigtecht ngog}efe ca ftgatga }erwcwe mg }awteog `hcmh-

zgogvf ac tavge DĆcŦa}a fw ogntw ( Zacgo}eo JhfŘa (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 115-146 ;jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 16 }e}/

:6> Rthmwvg acg aoeàcgcht mh`gv}efg,mg fwt}g% Ře acg zäoa}wcwe

:6>/7 Fatog/ Rthmwvg meo fatog rgo}tw ace`go}aŦeg

,Zg{e Ot 4:=%

:= GFHOH@EG FAVOEFĄ/ ş]EEOŤG MH@GV]EFG/ Ï O]TGŤEOGTGA FAVGE

:=1(:=4 Ace`go}g/ NĆ}e}/ @äofĆtwte/ @gvg

4:2/ Dw{ecĆ# Zatzata/ Zacgo}eoa Eathzhe ‖ fgtfg}Ć}ht ac }tameŦeecht ace`go}atg ; ,Hànewca aoezgtvatga a :7-a mg aoe mg ca oaŘ}gtg% ( Zatzata Dw{ecĆ (( Tgz/ mg G}ohntajeg# ş}eeoŦgcgOa}wtee Ře @w{ghchneg ; vgt/ ohwĆ/ ‖ 4225/ ‖ Ot 11 ; Javf/ $G}ohntajeg Ře @w{ghchneg$/ ‖ R/6=1-6=4 ; jh}/

4:1/ Eathzhe# Zacgo}eoa/ ]tameŦee Ře ohe fh`rhogo}g ïo ace`go}aŦea `hcmhzgoecht (Zacgo}eoa Eathzhe (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře @w{ghchneg ; vgt/ ohwĆ/ ‖ 4225/ ‖Ot 11 ; Javf/ $G}ohntajeg Ře @w{ghchneg$/ ‖ R/ 11<-14=/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ;11 }e}/ Ře ïo oh}g# r/ 14= ,7 }e}/%/


7/23/2019 BNM 2011-1



11<

:7= ]gcgfh`woefaŦee Ře }gcgfhàomĆ ,htnaoe{atg# jwofŦehoatg%

,Zg{e Ot ==%

:77 Eomwv}tee rhcentajefg/ ]erhntajee/ Gme}wtĆ/ CedtĆtee

4:4/ CawtgaŦee Vachowcwe Eo}gtoaŦehoac mg Fat}g# GmeŦea a 15-a# fhovafta}Ć Aowcwe Gè-ogvfw ; Y61 awn/-6 vgr}/ 4212P (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ 12=-12>/


:7: ]taovrht} ïo ngogtac/ Vgtzefee rhŘ}acg/ Htnaoe{atga Ře fho}thcwc fetfwcaŦege

:7:/1 ]taovrht} tw}egt

,Zg{e Ot 141# 1=1%

:7:/> ]taovrht} agteao

4:6/ Fehdaow# Vgtnew/ Rat}ga ohav}tĆ mg {dht ; Yeo}gtzew fw V/ Fehdaow# met/ Ï/V/ Agth-rht}wc Eo}gtoaŦehoac $@ĆtfwcgŘ}e$# taehowc JchtgŘ}eP ( fhovgòatg mg Oefhcag Wv}wthe (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ >=->7 ; jh}/

:7> Fho}adece}a}g

4:=/ @elaeca# Vzg}caoa/ GzemgoŦa Ře fho}thcwc fhovw`wtecht rg fgo}tg mg tgvrhovadece}a-}g ca ïo}tgrteomgtecg rtgcwftĆ}hatg mg fatog 0 @hoe}hteon aom fho}thc hj fhovw`r}ehov rgt tgvrhovedece}u fgo}gtv a} `ga} rthfgvveon go}gtrtevgv ; Yïo akw}htwc fho}adecwcweP ( Vzg}caoa@elaeca (( Gfhohèfa/ ‖ 4212/ ‖ Ot =/ ‖ R/ 11>-147 ; jen/# }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ ]e}/#

}g|} ratac/ ; cd/ th`/# gonc/

4:7/ OgmgteŦa# Acg|aomtw/ TgfhàomĆte rtaf}efg rtezeom }tao{eŦea ca ohwc `hm mg Ŧeogtga fho}adece}ĆŦee ïo htnaoe{aŦeecg ogfh`gtfeacg ( Acg|aomtw OgmgteŦa# ]a}eaoa Rtevafat (( Fho}ade-ce}a}g Ře awme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ :>->4 ; }ad/

4::/ Tgrwdcefa @hcmhza/ @eoev}gtwc JeoaoŦgcht / Fw rtezetg ca arthdatga EomefaŦeecht `g}hmefg rtezeom rat}efwcate}ĆŦecg fho}adece}ĆŦee ïo htnaoe{aŦeecg ogfh`gtfeacg ; YHtmeo Ot 17< meo2: mgf/ 4212P (( Fho}adece}a}g Ře awme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 57-12:/ ‖ Ao/ ; EomefaŦee `g}hmefgrtezeom rat}efwcate}ĆŦecg fho}adece}ĆŦee ïo htnaoe{aŦeecg ogfh`gtfeacg ; YArthd/ rteo Htmeowc Ot 17<

meo 2: mgf/ 4212P (( Fho}adece}a}g Ře awme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 57-12: ; }ad/

4:>/ VhfletfĆ# Acg|ge/ @hmwc mg fh`rcg}atg a Tgnev}twcwe àŘeoee mg favĆ Ře mg fho}thc( Acg|ge VhfletfĆ (( Fho}adece}a}g Ře awme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ >-17 ; jen/# }ad/

4:</ Азнзтмъв# Вйзлсвант/ Пспбзаапсфм бцчжвйфзтслпжп цюзфв овивспд д азлпг-гзтюзслмч птжвамовъмшч ( Вйзлсвант Азнзтмъв# Фвфушав Итмсвлвт (( Fho}adece}a}g Řeawme}/ ‖ 4211/ ‖ Ot 1/ ‖ R/ >6-<1 ; }ad/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



142

::> Eomwv}tea fhchtaoŦecht Ře zhrvetee

4>=/ NwŦwc# Zgta/ Rthdcg`g mg fh`da}gtg a oh|gcht ïo hrgtaŦeecg mg zhrvetg ; Yrteo mh-}atga fw eov}acaŦee mg zgo}ecatg vrgfeacgP ( Zgta NwŦwc (( Eo}gccgf}wv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 121-12< ; jen/# jh}/# }ad/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; 5 }e}/

:>(:< EOMWV]TEE# @GVGTEE şE ÏOMGCG]OEFETE RGO]TW MEZGTVG @A]GTEACG

:>> Eomwv}teg }g|}ecĆ

,Zg{e Ot 1:=%

:>< Eomwv}tee da{a}g rg à}gteacg àfth`hcgfwcatg/ Eomwv}tea fawfewfwcwe/ Eomwv}tea

à}gteacgcht rcav}efg

4>7/ Fh`rata}ezg ieog}efv v}wmu hj }lg }lgtàc aom }lgt`h-h|ema}ezg mgntama}eho hj arhcuv}utgog-fcau oaohfh`rhve}g du ]NA aom MVF ( Eho Mtaofa# Oefho Wonwt# ]wmht CwraŘfwYg} ac/P (( Flgèv}tu khwtoac hj @hcmhza/ ‖ 4212/ ‖ Zhc/ 7# Ot 4/ ‖ R/ :<->4 ; jen/ ‖ Tg{/ ïo cd/gonc/ ‖ Dedcehnt/ ; 4< }e}/

4>:/ Nw}vaow# Zavecg/ @g}accef fh`rhwomv eo }lg rlavg hj }lg tg}efwca}gm ehoefrhcu`gtv ( Zavecg Nw}vaow# Fhov}ao}eo ]wt}a# Nghtng Jech}e (( Flgèv}tu khwtoac hj @hcmhza/ ‖4212/ ‖ Zhc/ 7# Ot 4/ ‖ R/ >6-<4 ; jen/# }ad ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 75 }e}/

:<= Eomwv}tea `hdecge Ře eomwv}tee ïotwme}g/ Jadtefatga `hdecge/ ]areŦgteg

,Zg{e Ot 17<%:<< Nacao}gteg Ře at}efhcg `Ćtwo}g mg `hmĆ/ KwfĆtee/ At}efhcg mgfhta}ezg

,Zg{e Ot 612%

:5 CWFTĄTE MG FHOV]TWFŤEE ,MG FAVG ÏO RTEOFERAC%/ @A]GTEACG MG FHOV]TWFŤEG/

]GLOHCHNEE şE RTHFGMGG ÏO FHOV]TWFŤEE

:5:(:5> Gflera`go}# vgtzefee Ře eov}acaŦee ïo fhov}twfŦee Ře fcĆmete,vaoe}atg# mg na{g# mg

adwt# gcgf}tefg%

4>>/ Zätcao# Razgc/ Rteoferewc mg fhov}twetg a meanta`gcht rgo}tw mg}gtèoatga nthveèev}ta}wcwe }gt`he{hcao} ac fhomwf}gcht tgŦgcgcht }gtèfg ( Razgc Zätcao (( Rthdcg`g af}wacg acgwtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/# 11-14 oheg`/ 4212 ; Ïo 4 zhc/ ‖Fl/# 4212/ ‖ Zhc/ 4 ; Ace`go}Ćte fw arĆ Ře faoace{atg/ Rth}gfŦea `gmewcwe/ Ace`go}Ćte fw fĆcmwtĆŘe na{g# zgo}ecatg Ře rth}gfŦea agtwcwe/ ‖ R/ 4>:-4>5 ; jen/ ‖ Tg{/ ïo cd/ jt/

> AT]Ą/ JH]HNTAJEG/ FEOG@A]HNTAJEG/ MEZGT]EV@GO]/ VRHT]

>/2 At}Ć ïo NGOGTAC

4></

Fehdaow# Fhov}ao}eo E/ Ve`g}tea $avfwovĆ$ a Afa}ev}wcwe mg ca Atdhtg ; YcgnĆ}wtameo}tg ref}wtecg `wtacg g|}gtehatg mg ca Devgtefa $]Ćegtga farwcwe Vj/ Ehao Dh}g{Ć}htwc meo va}wc

7/23/2019 BNM 2011-1



141

Atdhtg# kwmgŦwc Vwfgaza# Dwfhzeoa# Th`äoea Ře efhaoa Cawma @aefee Mhòwcwe mg ca Fa}gmta-ca Amhtètga @aefee Mhòwcwe a Ftg`ceowcwe# @hvfhzge# TwveaP ( Fhov}ao}eo E/ Fehdaow ((Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 77-:= ; jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}gcg mg vwdvhc/

>1 VEV]G@A]E[ATG JE[EFĄ/ VEV]G@A]E[ATG TGNEHOACĄ# WTDAOĄ şE TWTACĄ/ WTDAOEV@/ RGEVAKG/ RATFWTE/ NTĄMEOE

4>5/ CwraŘfw# Zacgtew/ Mg{zhc}atga atle}gf}wtac-wtdaoev}efĆ a FleŘeoĆwcwe ( ZacgtewCwraŘfw (( Rthdcg`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/#11-14 oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 1 ; ]ghtea Ře rtaf}efa atle}gf}wtee Ře wtdaoev-`wcwe/ Rthegf}atga# tgadece}atga Ře fhovhcematga fhov}twfŦeecht/ Mtw`wte# à}gteacg Ře `gfaoe{a-tga fhov}twfŦeecht/ ‖ R/ <1-<5 ; jen/ ‖ Tg{/ ïo cd/ jt/

4<2/ Twmef# H}ecea/ FhofgrŦea mg{zhc}Ćtee# tgfhov}twfŦege Ře tgv}awtĆtee a fh`rcg|wcwe at-

le}gf}wtac-rgevanegt Ťawc ; Yt/ MhomwŘgoeP ( H}ecea Twmef# Acg|aomtw Fhfeo (( Rthdcg`g af}wacgacg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/# 11-14 oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 1 ; ]ghtea Ře rtaf}efa atle}gf}wtee Ře wtdaoev`wcwe/ Rthegf}atga# tgadece}atgaŘe fhovhcematga fhov}twfŦeecht/ Mtw`wte# à}gteacg Ře `gfaoe{atga fhov}twfŦeecht/ ‖ R/ 1=5-17= ;jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; = }e}/

4<1/ Лпюма# Вйзлсвант/ Ъвцйуслме цсвнзбап-йваньвэфаще ивтл/ Мсфптмш спо-нвамш м изтсизлфмдщ тводмфмш ; Yт-а НпанцьзауP ( Вйзлсвант Лпюма (( Rthdcg`g af}wacgacg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/# 11-14 oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 1 ; ]ghtea Ře rtaf}efa atle}gf}wtee Ře wtdaoev`wcwe/ Rthegf}atga# tgadece}atga

Ře fhovhcematga fhov}twfŦeecht/ Mtw`wte# à}gteacg Ře `gfaoe{atga fhov}twfŦeecht/ ‖ R/ =7-72/ ‖Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; = }e}/,Zg{e mg avg`goga Ot 4<:%

>15 Hfth}etga `how`go}gcht wtdaog Ře twtacg ïo ngogtac

,Zg{e Ot =61%>4 ATLE]GF]WTĄ

4<4/ Aomthohzefe# Meaoa/ ChfweoŦa ïo fho}g|}wc mg{zhc}Ćtee mwtadecg ( Meaoa Aomthohzefe(( Rthdcg`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo}gto/# 11-14

oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 1 ; ]ghtea Ře rtaf}efa atle}gf}wtee Ře wtdaoev`wcwe/Rthegf}atga# tgadece}atga Ře fhovhcematga fhov}twfŦeecht/ Mtw`wte# à}gteacg Ře `gfaoe{atgafhov}twfŦeecht/ ‖ R/ >-12/ ‖ Tg{/ ïo cd/ jt/ ‖ Dedcehnt/ ; : }e}/

4<6/ Dweèv}tw# ]a}eaoa/ Fwchatga Ře jhtà }te-mg`govehoacĆ a ïofĆrgtecht ( ]a}eaoaDweèv}tw (( Rthdcg`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/ }glo/-Ř}/ eo-}gto/# 11-14 oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 1 ; ]ghtea Ře rtaf}efa atle}gf}wtee Řewtdaoev`wcwe/ Rthegf}atga# tgadece}atga Ře fhovhcematga fhov}twfŦeecht/ Mtw`wte# à}gteacg Ře`gfaoe{atga fhov}twfŦeecht/ ‖ R/ 1:-42 ; jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 12 }e}/

4<=/ @wo}gaow# A`dth{eg/ @ĆoĆv}etecg ev}htefg davatadgog ‖ fat}ga mg ze{e}Ć a Tgrw-dcefee @hcmhza ( Atleàomte}wc A`dth{eg @wo}gaow (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



147

612/ Thfafewf# Zef}htea/ Vfgohntajea ïo fho}g|}wc gzhcwŦege at}gcht rcav}efg `hcmhzg-ogŘ}e ( Zef}htea Thfafewf (( Rthdcg`g af}wacg acg wtdaoev`wcwe Ře a`goakĆtee }gte}htewcwe ; Fhoj/}glo/-Ř}/ eo}gto/# 11-14 oheg`/ 4212 ; Ïo 4 zhc/ ‖ Fl/# 4212/ ‖ Zhc/ 1 ; ]ghtea Ře rtaf}efa atle}gf-}wtee Ře wtdaoev`wcwe/ Rthegf}atga# tgadece}atga Ře fhovhcematga fhov}twfŦeecht/ Mtw`wte# à}gteacg

Ře `gfaoe{atga fhov}twfŦeecht/ ‖ R/ 1=6-1=< ; jen/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 1: }e}/

611/ V-a v}eov wo }e}ao ac vfgoge }ga}tacg `hcmhzgogŘ}e ; Yaf}htwc Ře tgne{htwc Rg}twDataffe ,47/ZEE/ 1545 ‖ 41/ ZEE/ 4212% ; Eo `g`htea`P (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖R/ 1=7-1=: ; jh}/

>5:(>55 Vrht}/ Khfwte vrht}ezg/ GmwfaŦeg je{efĆ

614/ Dh}oatgofh# ]ghmht/ V}wmewc zachtee `gmee a ze}g{ge }g`rhwcwe Ře cwoneèe $ravwcwe$ ïoh}Ć}htecht mg rgtjhtàoŦĆ ( ]ghmht Dh}oatgofh (( Rthdcg`g af}wacg acg `g}hmhchnege rtgnĆ}e-tee vrht}ezecht mg rgtjhtàoŦĆ ; @a}gteacgcg fhoj/ Ř}/ eo}gto/# 41-44 hf}/ ‖ Fl/# 4212/ ‖Tg{/ ïo cd/

gonc/ ‖ R/ 17-1< ; }ad/ ‖ Dedcehnt/ ; 12 }e}/

616/ Dwmgzefe-Rwew# Ceceaoa/ V}wmew rtezeom tgvrhovadece}a}ga ao}tgohtwcwe Ře v}ecwtecg mgcgamgtvfler ïo rtgnĆ}etga vrht}ezecht meo rtevà fh`rg}goŦgcht vacg ( Ceceaoa Dwmgzefe-Rwew ((Rthdcg`g af}wacg acg `g}hmhchnege rtgnĆ}etee vrht}ezecht mg rgtjhtàoŦĆ ; @a}gteacgcg fhoj/ Ř}/eo}gto/# 41-44 hf}/ ‖ Fl/# 4212/ ‖ Tg{/ ïo cd/ gonc/ ‖ R/ 1<-4= ; jen/ ‖ Dedcehnt/ ; 5 }e}/

61=/ Dwj}ga# Zef}ht/ RtgnĆ}etga rthjgvehoacĆ a vrgfeaceŘ}echt ïo gmwfaŦea je{efĆ Ře vrht}rteo rtevà avrgf}wcwe fhnoe}ez ( Zef}ht Dwj}ga (( Rthdcg`g af}wacg acg `g}hmhchnege rtgnĆ}eteevrht}ezecht mg rgtjhtàoŦĆ ; @a}gteacgcg fhoj/ Ř}/ eo}gto/# 41-44 hf}/ ‖ Fl/# 4212/ ‖ Tg{/ ïo cd/

twvĆ/ ‖ R/ 4=-4< ; jen/ ‖ Dedcehnt/ ; 7 }e}/

617/ Meafgofh# Gwngoea/ Fw rtezetg ca ja{a mg acwogfatg ïo rthfgmgwc mg ïoh} Ftawc rgregr} ( Gwngoea Meafgofh (( Rthdcg`g af}wacg acg `g}hmhchnege rtgnĆ}etee vrht}ezecht mg rgtjht-àoŦĆ ; @a}gteacgcg fhoj/ Ř}/ eo}gto/# 41-44 hf}/ ‖ Fl/# 4212/ ‖ Tg{/ ïo cd/ gonc/ ‖ R/ 67-6< ;}ad/ ‖ Dedcehnt/ ; 12 }e}/

61:/ Eceeo# Ntenhtg/ Rthdcg`g af}wacg acg rtgnĆ}etee je{efg vrgfejefg a }goev`goecht ïo rg-tehama fh`rg}eŦehoacĆ ( Ntenhtg Eceeo (( Rthdcg`g af}wacg acg `g}hmhchnege rtgnĆ}etee vrht}ezecht mg rgtjhtàoŦĆ ; @a}gteacgcg fhoj/ Ř}/ eo}gto/# 41-44 hf}/ ‖ Fl/# 4212/ ‖ Tg{/ ïo cd/ twvĆ/ ‖ R/

=>-71 ; }ad/ ‖ Dedcehnt/ ; = }e}/

61>/ Rhv}hcafle# Acg|ge/ V}wmew rtezeom eomefee rtgnĆ}etee }gloefg Ře je{efg vrgfeacg a cwr-}Ć}htecht mg v}ec cedgt ( Acg|ge Rhv}hcafle# Eho Aomtgefh# Ezao @twŦ (( Rthdcg`g af}wacg acg `g}h-mhchnege rtgnĆ}etee vrht}ezecht mg rgtjhtàoŦĆ ; @a}gteacgcg fhoj/ Ř}/ eo}gto/# 41-44 hf}/ ‖ Fl/#4212/ ‖ Tg{/ ïo cd/ gonc/ ‖ R/ >7-<2 ; }ad/ ‖ Dedcehnt/ ; = }e}/

61</ ]ĆdïtŦĆ# Zavecg/ Aoace{a afŦewoecht `h}tefg fw fataf}gt mg jhtŦĆ-ze}g{Ć ïo famtwc kh-fwcwe mg twndu ca oezgc mg rgtjhtàoŦĆ ( Zavecg ]ĆdïtŦĆ# Fhov}ao}eo FehtdĆ (( Rthdcg`g af}wacgacg `g}hmhchnege rtgnĆ}etee vrht}ezecht mg rgtjhtàoŦĆ ; @a}gteacgcg fhoj/ Ř}/ eo}gto/# 41-44 hf}/ ‖

Fl/# 4212/ ‖ Tg{/ ïo cd/ twvĆ/ ‖ R/ 122-12: ; jen/# }ad/ ‖ Dedcehnt/ ; : }e}/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



14>

64</ Cafwv}a# Gcgoa/ Rtgèvg acg woezgtvace}ĆŦee jta{ghchnev`gcht vhà}efg ; v}wmew mgceonzev}efĆ ( Gcgoa Cafwv}a (( Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ >:-<1/ ‖ Tg{/ ïocd/ th`/# gonc/ ‖ Dedcehnt/ ; r/ <1/

645/ RĆfwtatw# Zgthoefa/ FhovemgtaŦee rtezeom mg{a`denwe{atga vgògcht cg|efacg rhce-vgào}efg rteo rtevà eo}gtafŦewoee vgào}efee fw rtanà}efa ( Zgthoefa RĆfwtatw (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ :1-:5/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ :5 ,11 }e}/%/

662/ Rthfhrfewf#Zcameèt/ Veogtng}efa ceonzev}efĆ ( Zcameèt Rthfhrfewf (( Eo}gccgf}wv/ ‖4212/ ‖ Ot =/ ‖ R/ <6-<: ; jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; 7 }e}/

661/ Veth}a# Gcgoa/ Пспбзаапсфм шощлпдпе тзитзозафвъмм влфцвйуапжп юйзазамшитзнйпкзамш д знмамъвч гмлтп- м гвлтпсмафвлсмсв ( Gcgoa Veth}a# Oeoa @enleteoa (( OhwaTgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 127-125/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; r/ 125/

664/ ]hà# Acefg/ ]gtèohchnea cg|efacĆ Ře mevfwtvezĆ ïo v}wmegtga ce`dakgcht vrgfeace{a-}g meo vgfhcwc ac \E\-cga ( Acefg ]hà (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 124-112/ ‖ Tg{/ ïocd/ gonc/ ‖ Dedcehnt/ ; r/ 112 Ře ïo oh}g# r/ 125-112 ,16 }e}/%/

666/ Wonwtgaow# Gcgoa/ ]g|}# g-}g|}# eo}gt}g|} Ře eo}gtog} ( Gcgoa Wonwtgaow ((Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 52-5=/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 5= ,16 }e}/%/

,Zg{e mg avg`goga Ot 6=2# 672%

Eo `g`htea` ceonzev}wcwe# gèogvfhchnwcwe# rthjgvhtwcwe woezgtve}at# Mwè}tw Eteèa

66=/ Eteèa# Ftev}eoa/ $VĆ jee vrete} cedgt# vĆ ftg{e ïo amgzĆt# vĆ }g àoejgŘ}e fw veofgte}a-}g…$ ; Yeo}gtzew fw F/ Eteèa# vhŦea cwe Mwè}tw EteèaP ( fhovgòatg mg @atea şcgale}eŦfle ((Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 61-6< ; jh}/

667/ @ecefĆ# Ehao/ Mhòwc Rthjgvht Eteèa ; YMwè}tw ; Meo Fhozhtdete ce}gtatg# 4225# Ot ># r/ =2P ( Ehao @ecefĆ (( Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 4>-4</

66:/ @eowŦ# Aoa-@atea/ @Ćtfecg v}ecwcwe Mwè}tw Eteèa ; YMeo Fhozhtdete ce}gtatg# 4225#Ot ># r/ =1P ( Aoa-@atea @eowŦ (( Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 45-62/

66>/ şcgale}eŦfle# @atea/ Wt`gcg mg cwèoĆ acg JeeoŦge ; YMwè}tw EteèaP ( @ateaşcgale}eŦfle (( Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 1>-4:/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖Dedcehnt/ ; r/ 47-4:/


<11/111 Ce`da goncg{Ć

66</ Dw{ga# Haoa/ Rat}efwcate}ĆŦecg cg|efh-ntaà}efacg acg ao}hoe`gcht jta{ghchnefg ïoce`decg goncg{Ć Ře th`äoĆ ( Haoa Dw{ga (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 111-11=/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 11= ,> }e}/%/

7/23/2019 BNM 2011-1



14<

<11/14= Ce`da ca}eoĆ

,Zg{e Ot 17=%

<11/166/1 Ce`da jtaofg{Ć

,Zg{e Ot 1=5%

<11/167/1 Ce`da th`äoĆ

665/ Decazvfle# Nghtng A/ ]gtèohchnea th`äogavfĆ tgjgte}hatg ca rtaf}efecg antefhcgŘe rav}htacg }tameŦehoacg ( Nghtng A/ Decazvfle (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře @w{gh-chneg ; vgt/ ohwĆ/ ‖ 4225/ ‖ Ot 11 ; Javf/ $G}ohntajeg Ře @w{ghchneg$/ ‖ R/ 67-:=/ ‖ Tg{/ ïo cd/th`/# gonc/ ‖ Dedcehnt/ ïo oh}g# r/ =5-:6 ,1>: }e}/%/

6=2/ Gtgèa# Aoa}hc/ Tgncg`go}atga hohàv}efee oaŦehoacg ; Yth`äogŘ}eP ( Aoa}hcGtgèa (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1=6-1=>/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 1< }e}/

6=1/ Gtgèa# Aoa}hc/ @atea Fhvoefgaow ‖ tgàtfadec fgtfg}Ć}ht ac hohàv}efee th`ä-ogŘ}e ( Aoa}hc Gtgèa# Ceceaoa V}gnĆtgvfw (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 162-161/

6=4/ Nadeovfle# @atfw/ Arthrh mg rtg{go}atga fhofgr}wcwe mg acaw}gèg ïo tgzev}a$Ce`da Th`äoĆ$ ,DwfwtgŘ}e% ( @atfw Nadeovfle (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ >5-<5/ ‖Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ <<-<5 ,14 }e}/% Ře ïo oh}gcg mg vwdvhc/

6=6/ Nthvw# Gcgoa/ Wo mefŦehoat mg … vwtrte{g ; Yrg àtneoga MefŦehoatwcwe mg mejefwc-}ĆŦe Ře vwtrte{g acg ce`dee th`äog mg Acg|ge Racee# FleŘeoĆw# Grentaj# 422<P ( Gcgoa Nthvw ((

Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ 162-164 ; jh}/

6==/ Ralhè# ]aàta/ Wo rcwnat ac fwzäo}wcwe Nlghtnlg MtwŦĆ ; Ymhf}ht ïo jechchneg ; ca>7 mg aoeP ( ]aàta Ralhè# Cemea Ztadeg (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 1=4-1=6/

6=7/ Razgc# Zavecg/ Fgo}goatwc Zef}ht FhàtoeŦfle ; Ymeacgf}hchn mg }gtgo ,1512-1551% ;Eo `g`htea`P ( Zavecg Razgc (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 1==-1=7/

6=:/ Rhra# Nlghtnlg/ Meo ohw mgvrtg eohrht}woe}a}ga tgjht`ge ht}hntajefg ; Yth`ä-ogŘ}eP ( Nlghtnlg Rhra (( Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ <4-<</ ‖ Tg{/ ïo cd/

th`/# gonc/ ‖ Dedcehnt/ ; r/ <</

6=>/ ŤĆtwŘ# Memeoa/ Avrgf}g }ghtg}efg Ře rtaf}efg ïo jhtàtga tgrgt}htewcwe }gtèohchnefac $Gofefchrgmege @hcmhzge$ ( Memeoa ŤĆtwŘ (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 57-121 ; }ad/ ‖Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 121 ,12 }e}/%/

6=</ Wmcgt# Twdeo/ Aèo}ete mgvrtg fhcgnwc Ře rteg}gowc Zef}ht FhàtoeŦfle ; Ymeacgf}hchnP( Twdeo Wmcgt# @atfw Nadeovfle# Acdeoa Mw`dtĆzgaow (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/1=:-1=>/

,Zg{e mg avg`goga Ot 74-6# 1:<# 66<#672%

<11/1:1/4 Ce`da wftaeogaoĆ

7/23/2019 BNM 2011-1



145

,Zg{e Ot 64:%

<11/1>4 Ce`da ce}waoeaoĆ

6=5/ Mgvrtg ce`da ce}waoeaoĆ ac}jgc ; Jhfatwc mg ce}waoev}efĆ ( Zemav Iazaceawviav#Oamgkma @hth{hza# Khcao}a [adatviae}å Yg} ac/P (( Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖R/ ==-=5 ; jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; r/ =5/

672/ Iazaceawviav# Zemav/ Cg|ef fh`wo eomh-gwthrgao ïo ce`decg ce}waoeaoĆ Ře th`äoĆ( Zemav Iazaceawviav# Aca Vaeogofh (( Ohwa Tgzev}Ć JechchnefĆ/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ :1->7/ ‖Tg{/ ïo cd/ th`/# gonc/ ‖ Dedcehnt/ ; r/ >=->7/

<4 CE]GTA]WTĄ

<4(<41 Ce}gta}wtĆ at}ev}efĆ<41/114/: Ce}gta}wtĆ ïo ajteiaaov

671/ Fhthaoa mg Tgng ; ,rhzgv}g ajtefaoĆ% ( mgv/ mg Zehcg}a Mehtmegz (( Acwogcwc/ ‖4211/ ‖ Ot 1/ ‖ R/ 5/

<41/16=/6,<1% Ce}gta}wtĆ dta{eceaoĆ

674/ Fhgclh# Rawch/ Acfleèv}wc ; YthàoP ( Rawch Fhgclh 9 }tam/ ; @efagca Nle}gvfw 9 ec/; Amteao @htatw (( Ohe/ ‖ 4211/ ‖ Ot 1/ ‖ Vwrc/ ; R/ 1-</ ‖ Za wtà/

<41/167/1 Ce}gta}wtĆ th`äoĆ

676/ Atnlg{e# ]wmht/ V}wrwc cht ; YzgtvwteP ( ]wmht Atnlg{e 9 mgv/ mg Awtgc NwŦw (( Acwog-cwc/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 6/

67=/ Dcana# Cwfeao/ Ng`goe ; YzgtvwteP ( Cwfeao Dcana 9 mgv/ mg Awtgc NwŦw (( Acwogcwc/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 6/

677/ RĆwogvfw# Amteao/ $ZĆ zĆm rg }hŦe àe dwoe Ře àe wàoe…$ ; YzgtvwteP ( AmteaoRĆwogvfw (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 42-41 ; jh}/ ‖ Fwrteov ; TwnĆ rgo}tw rĆteoŦe 9

Fw zhe 9 Mg ca wo fatmeaf# fhtmeac/67:/ RĆwogvfw# Amteao/ Davatadea rg ftwfg ; YzgtvwteP ( Amteao RĆwogvfw (( @hcmhza/

‖ 4212/ ‖ Ot 11(14/ ‖ R/ 4: ; jh}/

67>/ RĆwogvfw# Amteao/ Fhceomwc nw}wee meo nga` ; YzgtvwteP ( Amteao RĆwogvfw (( $a$@EF$/ ‖ 4211/ ‖ Ot 1/ ‖ R/ 5 ; jh}/

67</ Vja}wc }a}Ćcwe ; ,rhg{eg rhrwcatĆ% ( mgv/ mg Awtgc NwŦw (( Acwogcwc/ ‖ 4211/ ‖ Ot 1/ ‖R/ 6/

7/23/2019 BNM 2011-1



162

675/ Дйвчцър# Вйзлсвантц/ Ситвдзнймдпсфу ; YсфмчмP ( Вйзлсвантц Дйвчцър 9 изт/; В/ Вчгвфпдв (( Авьз иплпйзамз/ ‖ 4212/ ‖ Ot 14/ ‖ R/ a =-a a fhr/


6:2/ Dezhc# Gje`/ Cwrwc fata}ev} 9 @h}ĆoaŘwc 9 Mhe fehthe 9 Dth}Ćfgee 9 Larväowc 9 ÏozĆŦĆ-}wta 9 AcgtnwŘ 9 Ow`ĆtĆ}hatga ; YzgtvwteP ( Gje` Dezhc 9 mgv/ mg Aoa Gz}wŘgofh (( Acwogcwc/ ‖4211/ ‖ Ot 1/ ‖ R/ 14-16/

6:1/ Dezhc# Gje`/ Ogoga RĆfacĆ 9 Ïo}äcoetga 9 Fgat}a fhfhŘgecht 9 Fwtfaowc cĆwmĆthv 9TgŦg}a 9 ÏozĆŦĆ}wtĆ ; Ygrenta`gP ( Gje` Dezhc 9 fwz/ ïoaeo}g mg Nlghtnlg Rhv}hcaflg (( $a$@EF$/ ‖ 4211/ ‖ Ot 1/ ‖ R/ = ; jh}/

6:4/ Mgcgaow# Cezew/ MeèogŦe acdav}tg 9 Atnlg{e 9 AfwatgcĆ 9 ]haòa 9 Cwoa fa h fha-vĆ 9 Fïom 9 @Ćt}wtevetg 9 Mgvjgtgf jgtgav}ta 9 Gèogvfw ïo }haòĆ 9 Aw}wòacĆ 9 Fthflew ;

YzgtvwteP ( Cezew Mgcgaow 9 ec/ ; Zehcg}a [ĆdwcefĆ (( Ohe/ ‖ 4211/ ‖ Ot 1/ ‖ R/ <-5 ; jh}/

6:6/ Nlgcao# Oa}acea/ E{zhtwc cwe Gèogvfw ; YzgtvwteP ( Oa}acea Nlgcao (( $a$ @EF$/ ‖4211/ ‖ Ot 1/ ‖ R/ 17 ; jh}/

6:=/ LamätfĆ# Eho/ Ae ohŘ}te aoe# rhgŦee ; YzgtvwteP ( Eho LamätfĆ (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 1< ; jh}/

6:7/ LamätfĆ# Eho/ Mhòwc Ce`dee Th`äog ; Ntenhtg Zegtw ; YzgtvwteP ( Eho LamätfĆ ((@hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 72 ; jh}/

6::/ LamätfĆ# Eho/ Cedgt}a}ga ; YzgtvwteP ( Eho LamätfĆ (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 14 ; jh}/

6:>/ LamätfĆ# Eho/ Tgfzeg` mg Mheoa Ře Eho ; YzgtvwteP ( Eho LamätfĆ (( @hcmhza/ ‖4212/ ‖ Ot 11(14/ ‖ R/ 64 ; jh}/

6:</ LamätfĆ# Eho/ Vhog} ngo}ec ; YzgtvwteP ( Eho LamätfĆ (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ >< ; jh}/

6:5/ LamätfĆ# Eho/ Vhog} }atmez ; YzgtvwteP ( Eho LamätfĆ (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ :4 ; jh}/

6>2/ Cate# Cghoema/ Meo mtanhv}g… ; YzgtvwteP ( Cghoema Cate (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ >5 ; jh}/

6>1/ Cate# Cghoema/ G ànwc… ; Rhg}wc Nt/ Zegtw ; YzgtvwteP ( Cghoema Cate (( @hcmhza/ ‖4212/ ‖ Ot 11(14/ ‖ R/ 71 ; jh}/

6>4/ Cate# Cghoema/ Rgo}tw ‖ afgv} mtan rhrht ; YzgtvwteP ( Cghoema Cate (( @hcmhza/ ‖

4212/ ‖ Ot 11(14/ ‖ R/ :6 ; jh}/

7/23/2019 BNM 2011-1



161

6>6/ Cate# Cghoema/ TwnĆ mg ohar}g ; YzgtvwteP ( Cghoema Cate (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/ 15 ; jh}/

6>=/ Cate# Cghoema/ Vjgta ; YzgtvwteP ( Cghoema Cate (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖ R/

16 ; jh}/

6>7/ Cate# Cghoema/ Vrwcdgt ; YzgtvwteP ( Cghoema Cate (( @hcmhza/ ‖ 4212/ ‖ Ot 11(14/ ‖R/ 66 ; jh}/

6>:/ Thàofewf# Zavecg/ Ow`gcg ; YzgtvwteP ( Zavecg Thàofewf 9 mgv/ mg Vgtnew RwefĆ(( Acwogcwc/ ‖ 4211/ ‖ Ot 1/ ‖ R/ </ ‖ Fwrteov ; Ow`gcg 9 Aceo 9 Aomtge 9 Fhtogcew 9 Mao 9 Mgcea/

6>>/ Zaonlgce# Vretemho/ Mg fg w`dcĆ FtĆeŦa fw davfĆ8 ; Yjtan`/ meo zhc/ FtĆeŦaP ( Vre-temho Zaonlgce 9 mgv/ mg Acg|ge Fhcädogaf (( Acwogcwc/ ‖ 4211/ ‖ Ot 1/ ‖ R/ :-> ; ec/ ‖ Za wtà/

<41/1:1/1 Ce}gta}wtĆ twvĆ

6></ Чвтйвгпд# Ятме/ Ипрфмюзслме итпжапо 9 Итмлпймсф 9 Ипрф м фцвйзф 9 Сйцчпг ‖ аз отзаузг ; YсфмчмP ( Ятме Чвтйвгпд (( Авьз иплпйзамз/ ‖ 4212/ ‖ Ot 14/ ‖ Т/ 57 ; jh}/

<41/1:1/1,=>>% Ce}gta}wtĆ twvĆ meo Wftaeoa

6>5/ Дпйпсял# Мдва/ $Сйпдп лвийзе лвовйпсу# ап д аёг газ…$ 9 $Пав фвл йябмйвипнвтлм…$ 9 $Ш ипдзтмй фзбз# м фзизту газ аз симфсш…$ 9 $Фшкзйп газ/ Ав ивчацхзежамйуя…$ 9 $Жвсазф сдзюлв дпслпдвш…$ 9 $Азф# ш аз дзтмй# азф# лвл дзтшф бзо пжйшнлм…$ 9

$Фмчп гптш лпйщьзфсш дщгш…$ 9 $Ш авьёй фзбш/ мсфмав…$ 9 $Ш дмнзй сфтвааця лвтфм-ац…$ 9 $Лвлвш гцощлв ийзюзе…$ 9 $Ш ситпсмй ц азбв ; $Авдсзжнв йм…$ 9 $Лфп сгпфтзй дрфм плав8//$ 9 $Д лвкнпе дзфлз# д лвкнпе кмйпюлз…$ 9 $Рфп сймьлпг пивсап…$ 9 $Дсфвацтпдап д ишфу# дсфтзюц спйаъв йцю…$ ; YсфмчмP ( Мдва Дпйпсял (( Авьз иплпйзамз/ ‖ 4212/ ‖ Ot 14/ ‖ Т/ 54-5= ; jh}/

<41/1:1/1,=><% Ce}gta}wtĆ twvĆ meo Tgrwdcefa @hcmhza

6<2/ Бзнавш# Пйужв/ Ш цчпкц 9 $Ийвсйв възйзнавш всмсше…$ 9 Ценм# в фп азювша-ап пфнвгсш! 9 $Овдшкм газ жйвов# пфдзнм л вйфвтя…$ 9 Дпйпсщ гпм итпивчйм йзфпг 9 Ап9 Нздпюлв# онтвдсфдце 9 $Отш ш фзбз итп йябпду пбышсашйв ав ивйуъвч…$ 9 Аз тзку

лтщйуш! 9 Цглв ; YсфмчмP ( Пйужв Бзнавш (( Авьз иплпйзамз/ ‖ 4212/ ‖ Ot 14/ ‖ Т/ <:-<< ;jh}/

6<1/ Мдвапд-Фвжваслме# Двйзтме/ Жтзчм ьзйцнмдщч спбвл ; YипдзсфуP ( ДвйзтмеМдвапд-Фвжваслме (( Авьз иплпйзамз/ ‖ 4212/ ‖ Ot 14/ ‖ Т/ 44-=7 ; jh}/ ‖ VjätŘe}/ Ïofgrw}wc ;Ot 12/

6<4/ Лвятпд# Жзптжме/ Вомвфслме омжовж ; YипдзсфуP ( Жзптжме Лвятпд (( Авьз ип-лпйзамз/ ‖ 4212/ ‖ Ot 14/ ‖ Т/ 77->> ; jh}/

6<6/ Йцивьлп# Гмчвмй/ Слтпгап# ап жпйцбъщ ав ипгмалвч бщйм! 9 Сфтвсфм ип лц-тшфамлц 9 Апдпжпнаме вйуимамсф 9 Дзтздпюлв 9 Дсфтзюв бзо жвйсфцлпд 9 Ипфпи д йзсц 9

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



167

=1=/ @wo}gaow# H|aoa/ Thàowc ZeaŦa woge ohrŦe# vaw ]h}go}ao{ mg Fcawmea Rat}hcg ;YarĆtw} ca FleŘeoĆw# Rho}hv# 4225# 1:< r/P ( H|aoa @wo}gaow (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67#Ot 6/ ‖ R/ 16<-1:4 ; jh}/

=17/ Razcefgofw# Vgtnew/ Zavecg Fhthdao ; Yev}htef Ře fte}ef ce}gtat ,1512-15<=%P Ře ce}gta-}wta woezgtvacĆ ( Vgtnew Razcefgofw (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 11<-14=/ ‖ Tg{/ ïo cd/gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 14= ,< }e}/%/

=1:/ Rg}taŘ# Eteoa/ Og-a rĆtĆve} Zetnec Dwca} ; Yrhg}# }tamwfĆ}ht# gvgev} ,4=/ EE/ 15=2- 42/\/ 4212% ; Eo `g`htea`P ( Eteoa Rg}taŘ# Cemea Iwceihzvfle (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ 1176-17= ; jh}/

=1>/ Rthfhr# Vzg}caoa/ Fazacgt ac Ř}eeoŦge `hcmazg ; Yafam/ Fhov}ao}eo Rhrhzefe# fte}efce}gtat# vazao}# vftee}ht# gèogvfhchn ; Eo `g`htea` ,41/27/154=-27/14/ 4212%P ( Vzg}caoa

Rthfhr (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1:> ; jh}/=1</ TĆecgaow# Ze}aceg/ Jgèoeowc Ře ‖ ev`gcg ; FĆceoa ]tejao# Eteoa Ogfle}# Ftev}eoa

Fätv}ga ( Ze}aceg TĆecgaow (( Rlechchnea/ ‖ 4212/ ‖ Ot 1(4/ ‖ R/ 6<-=6/ ‖ Tg{/ ïo cd/ gonc/

=15/ Vazeo# @atea/ FhovjĆ}wetg rg àtneoga wowe mgdw} th`äogvf ; Yrg àtneoga cao-vĆtee thàowcwe ]gà mg afavĆ mg Oefhcag Madeka# EaŘe# Rteofgrv Gme}# 4225P ( @atea Vazeo ((Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ >7->< ; jh}/

=42/ Vwfgzgaow# Atfameg/ EgŘetga meo fgtfwc fw zefee ; Yeo}gtzew fw rhg}wc A/ Vwfgzgaow#

ohwc rtgŘgmeo}g ac Woewoee Vftee}htecht meo @hcmhzaP ( eo}gtchfw}ht ; Oefhcag ThŘfa (( @hcmhza/ ‖4212/ ‖ Ot 11(14/ ‖ R/ 1=-1> ; jh}/

=41/ Zavecaflg# Nlgoameg/ AŘa a jhv} afgv} vftee}ht# at}ev}# ra}teh}…; YVeèho Nle`rw,4=/ Z/ 1565 ‖ 4>/ ZEE/ 4212% ; Eo `g`htea`P ( Nlgoameg Zavecaflg (( Dedceh Rhcev/ ‖ 4212/ ‖Zhc/ 67# Ot 6/ ‖ R/ 171-176 ; jh}/,Zg{e mg avg`goga Ot 5# 1=<# 4:4# 62=%

<41/1:1/1/2 Ce}gta}wtĆ twvĆ

,Zg{e Ot 621%

<41/1:1/1,=><%/2 Ce}gta}wtĆ twvĆ meo Tgrwdcefa @hcmhza

=44/ RhlecĆ# Zcam/ H ravĆtg ïo ntĆmeoa ce}gta}wtee davatadgog ; YEwteg Ntgfhz ,1:/EZ/156<- 15/ ZEEE/ 4212% ; Eo `g`htea`P ( Zcam RhlecĆ (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/1=<-171 ; jh}/

=46/ Гвтмва# Бптмс/ Сдпе юзйпдзл д Гпйнпдз ; Yп фдптюзсфдз Амлпйвш Свдпсфм-ав# тцс/ ипрф м изтздпнюмлP ( Бптмс Гвтмва (( Авьз иплпйзамз/ ‖ 4212/ ‖ Ot 14/ ‖ Т/ 6-= ;jh}/

<41/1:6/4/2 Ce}gta}wtĆ dwcnatĆ

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



16>

Mtgfeo# @elae M/ Davatadea ïo zeaŦa Ře aèo}etecg rthjgvhtwcwe Zef}ht Keona ; Ygfhohèv}#h` rhce}ef th`äo ; ,1521-1552%P/ ‖ Zg{e Ot =5/

Gtgèa# Aoa}hc/ @atea Fhvoefgaow ‖ tgàtfadec fgtfg}Ć}ht ac hohàv}efee th`äogŘ}e/ ‖

Zg{e Ot 6=1/

Eteèa# Ftev}eoa/ $VĆ jee vrete} cedgt# vĆ ftg{e ïo amgzĆt# vĆ }g àoejgŘ}e fw veofgte}a}g…$ ;Yeo}gtzew fw F/ Eteèa# vhŦea cwe Mwè}tw EteèaP/ ‖ Zg{e Ot 66=/

@ecefĆ# Ehao/ Mhòwc Rthjgvht Eteèa ; YMwè}twP/ ‖ Zg{e Ot 667/

@eowŦ# Aoa-@atea/ @Ćtfecg v}ecwcwe Mwè}tw Eteèa/ ‖ Zg{e Ot 66:/

Rg}tgofw# Aoa}hc/ Eho Dwna ca >7 mg aoe/ ‖ Zg{e Ot =6</

Rthfa# Razgc/ Jgtefetga mg a je ogjgtefe} ; Yjecg mgvrtg zeaŦa Ře ftgaŦea af}htwcwe mg }ga}tw Řefeogà Zavecg [wdfw-FhmtgaowP/ ‖ Zg{e Ot 625/

VwzgefĆ# Vzg}caoa/ Ev}htefwc Ře rthjgvhtwc Nlghtnlg Racamg ca :2 mg aoe/ ‖ Zg{e Ot ==1/

şcgale}eŦfle# @atea/ Wt`gcg mg cwèoĆ acg JeeoŦge ; YMwè}tw EteèaP/ ‖ Zg{e Ot 66>/

şhc}heaow# Acg|aomtw/ Hcgn Mh`dthzvfle ; Ïojtäongtga woge atà}g rg fä`rwc mg cwr}Ćow ïovgaòĆ Ře ïojtäongtga wowe h` ; Yjecg meo dehntajea jhv}wcwe hjeŦgt a Tgne`go}wcwe 47 At}ecg-

teg meo LwŘe# `g`dtw ac Cenee Th`äog a Zg}gtaoecht Ogfh`woeŘ}e# hteneoat meo ht/ HtlgeP/ ‖ Zg{eOt 1=4/

]atcarao# Gje`/ Maoegc Fewnwtgaow# wo rte`-èoev}tw ac oga`wcwe ohv}tw Ře ac oga`wtecht `gcg/ ‖ Zg{e Ot 71/

Wtvw# @elae/ Zavecg Nthvw ‖ rgmanhn# fgtfg}Ć}ht# `w{ghntaj ‖ ca >7 mg aoe/ ‖ Zg{e Ot 1:7/

545/> Ohdece`g/ ]e}cwte mg ohdcgŦg/ Mgòe}ĆŦe Ře }e}cwte atev}hfta}efg

,Zg{e Ot 12%56(5= EV]HTEG

562/47 Atlezev}efĆ/ Atlezg

=62/ ]aŘfĆ# @elae/ Affgvwc ca atlezg ïo Tgrwdcefa @hcmhza# fw tgjgtetg ca mgrh{e}gcgvrgfeacg mg v}a} meo famtwc VEV Ře @AE ( @elae ]aŘfĆ (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 45-6= ;}ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}gcg mg vwdvhc/

562/<7 Ev}htea fezece{aŦeecht/ Ev}htea fwc}wtecht

7/23/2019 BNM 2011-1



16<

=61/ DtelwogŦ# Gàowec/ @how`go}g fh`g`hta}ezg `gmegzacg meo jhv}wc Ŧeow} Lh}eo (Gàowec DtelwogŦ (( Tgz/ mg G}ohntajeg# ş}eeoŦgcg Oa}wtee Ře @w{ghchneg ; vgt/ ohwĆ/ ‖ 4225/ ‖Ot 11 ; Javf/ $G}ohntajeg Ře @w{ghchneg$/ ‖ R/ 4:6-4<< ; jh}/ ‖ Tg{/ ïo cd/ th`/# gonc/ ‖Dedcehnt/ ïo oh}g# r/ 4<:-4<> ,77 }e}/%/

5= EV]HTEG NGOGTACĄ/ EV]HTEG WOEZGTVACĄ

5=,=1(55% Ev}htea eomezemwacĆ a mejgte}gcht ŦĆte

5=,=>>% Ev}htea Wftaeoge

,Zg{e Ot =4%

5=,=><% Ev}htea Tgrwdcefee @hcmhza

=64/ FaŘw# Enht/ Ohe rgtvrgf}ezg ev}htehntajefg avwrta aowcwe 15=2 ïo ev}htea DavatadegeŘe a g|rgtegoŦgcht e`rgteacg acg th`äoecht ; Yrg àtneoga Fhoj/ Eo}gto/ Vhfeg}a}ga th`äogavfĆ ïo}tg jtho}egtg e`rgteacg# FleŘeoĆw# <-5 hf}/ 4212P ( Enht FaŘw# Aomtge FwŘfh (( Mgv}eo th`ä-ogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 4<:-452 ; jh} /

=66/ Fhov}ao}eohz# Zacgo}eo/ Ťata @hcmhzge ïo }e`rwc mhòege cwe Fhov}ao}eoFao}gèt/ Mhfw`go}g eo}gtog ; ,1:<7-1:56% ( Zacgo}eo Fhov}ao}eohz (( Aiamg`hv/ ‖ 4212/ ‖Ot =/ ‖ R/ 17>-175/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}gcg mg vwdvhc/

=6=/ Mtanogz# Mgèt/ Fw` a jhv} eozgo}a} $rwof}wc mg zgmgtg ac ev}htehntajege vhzeg}efg$avwrta ev}htege ohav}tg oaŦehoacg ( Mgèt Mtanogz# Razgc Ratavfa (( Mgv}eo th`äogvf ; vgt/ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 17:-1>2 ; jh}/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ 1:5-1>2,5> }e}/%/ ‖ Fho}eo/ Ïofgrw}wc ; Ot 4/

=67/ Mtanogz# Mgèt/ Emgo}e}a}ga eo}gtoaŦehoacĆ a Rteofera}wcwe @hcmhzgogvf ; Yrg àt-neoga zhc/$V}a}w}wc kwtemef eo}gtoaŦehoac ac ŤĆtee @hcmhzge ; ,mg ca hteneoe räoĆ ca ïofgrw}wc vgf/ac \ZE-cga%$ mg Eho Gtgèa# Fl/# Rho}hv# 4212# 41: r/P ( Mgèt Mtanogz (( Aiamg`hv/ ‖ 4212/ ‖ Ot =/ ‖ R/ 1>4-1>= ; jh}/

=6:/ Nhteofehe# ]aàta/ ]Ćtea atnw`go}wcwe ev}htef ï`rh}teza mgànhnege oghdhcŘgzefg; Yrg àtneoga zhc/ $Zef}e`gcg }gthtee fh`woev}g meo Davatadea ; Mhfw`go}g vgftg}g vhzeg}efg/15==-157= ; Zhc/ 1$ mg Acg|aomtw @htatw# arĆtw}Ć ca FleŘeoĆw# Ewceao# 4212# 1== r/ ; ec/P (

]aàta Nhteofehe (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ 164-16= ; jh}//

=6>/ Oa{atea# Vgtnew/ Tgrwdcefa Mg`hfta}efĆ @hcmhzgogavfĆ Ře $Woetga$ Davatadegefw Th`äoea ïo fho}g|}wc mtgr}wcwe eo}gtoaŦehoac ( Vgtnew Oa{atea# Zef}ht V}graoewf (( Tgz/`hcm/ mg mtgr} eo}gto/ Ře tgcaŦee eo}gto/ ‖ 4212/ ‖ Ot 6/ ‖ R/ 174-1:2/ ‖ Tg{/ ïo cd/ gonc/# twvĆ/ ‖Dedcehnt/ ïo oh}gcg mg vwdvhc/

=6</ Rg}tgofw# Aoa}hc/ Eho Dwna ca >7 mg aoe ; Ymhf}ht ladece}a} ïo Ř}eeoŦg ev}htefg# rthjg-vht woez/# vazao}P ( Aoa}hc Rg}tgofw (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/457-45> ; jh} /

7/23/2019 BNM 2011-1



165

=65/ Rhrhzvfle# Zacgtew/ Dethwc mg Htnaoe{atg a Vja}wcwe ŤĆtee ; ,4> hf}/ ‖ 41 oheg`d/151>% ( Zacgtew Rhrhzvfle (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 41-6: ; jh}/ ‖Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ; 6 }e}/ Ře ïo oh}g# r/ 45-6: ,165 }e}/%/

==2/ TaŦĆ# Zacgtew/ Davatadea ogfwohvfw}Ć ca ac hr}wcga zhcw` ; Yrg `atneoga caovĆtee ïo famtwc Dedc/ @woeferacg $D/ R/ Lavmgw$ a zhc/ fw afgcaŘe }e}/ mg Ewteg Fhcgvoef# FleŘeoĆw# Ï/G/-R/ $ş}eeoŦa$# 4212# 611 r/P ( Zacgtew TaŦĆ (( Dedceh Rhcev/ ‖ 4212/ ‖ Zhc/ 67# Ot 6/ ‖ R/ :5->4 ; jh}/

==1/ VwzgefĆ# Vzg}caoa/ Ev}htefwc Ře rthjgvhtwc Nlghtnlg Racamg ca :2 mg aoe (Vzg}caoa VwzgefĆ (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 451-45= ; jh}/

==4/ ŤĆtaow# @ateaoa V/ ]gthatga fh`woev}Ć meo Davatadea ïo rte`wc ao mg hfwraŦegvhzeg}efĆ ; ,15=2-15=1% ( @ateaoa V/ ŤĆtaow (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ 6>-:< ; jh}/# }ad/ ‖ Tg{/ ïo cd/ gonc/ ‖ Dedcehnt/ ïo oh}g# r/ ::-:< ,111 }ad/%/ ‖ Fho}eo/ Ïofg-

rw}wc ; Ot 1/,Zg{e mg avg`goga Ot 12# 61-66# =4# =5# 71# 7=# :2# 1==# 4<7%

5=,=5<% Ev}htea Th`äoege

==6/ Ve`ho# Acg|aomtw/ Rw}gte `hmgtog ‖ rw}gte `gmegzacg ; ,ev}hteg th`äoĆ Ře `anle-atĆ# emghchneg Ře ev}htehntajeg ïo kwtwc ceoege FatraŦecht ïo a mhwa kw`/ a vgf/ \Z% ( Acg|aomtwVe`ho (( Mgv}eo th`äogvf ; vgt/ ohwĆ/ ‖ 4212/ ‖ Ot 6(=/ ‖ R/ :5-></ ‖ Tg{/ ïo cd/ gonc/ ‖Dedcehnt/ ïo oh}g# r/ >7->< ,1= }e}/%/

,Zg{e mg avg`goga Ot 66# 71# 4<7# 626# =64-66# =67# =6>%

7/23/2019 BNM 2011-1



1=2

Eomg| mg ow`g ca $ Fthoefa at}efhcgcht mg tgzev}Ć$ Ot 1-4211

A Adadee# Eho 426Afwceoeo# A/ 466Anlafle# Acg|ge 6=Anhr# Veczea 42>Aomtgefh# Eho 61>AomteaŘ# Oa}acea 4==Aomtegzvfle# Vgtnlge 4>4AomtewŦĆ# @/ 4=:Aomthoa}e# Oefhcag 467Aomthohzefe# Meaoa 4<4

Arg}te# Mwè}tw =24Atnlg{e# ]wmht 676Atlecewf# Zef}htea <2AtoĆw}# Rao}gce`ho 465Atrgo}eo# Nlghtnlg 4>1AtwŘaohz# Gtogv} 46=

D

DadĆtĆ# Oefhcag 64>Dafac# Vzg}caoa 4=>Daloatw# Zavecg =26

Dacao# Fat`go Fhtogcea 4=Dacao# @atea 62:Dacfgth~ef{# Cgv{gi <1-<4Dac`wŘ# Razgc 47Dachza# Zgta 174Dac}govfle# Mwè}tw 4=<Dao}wŘ# Aoa}hceg 5>Dataffe# Rg}tw 611DatdĆogantĆ# Acg|ge <=Dat}lgv# Thcaom Y=25PDĆegŘw# Awtgc 115

Dgffegz# Fhov}ao}eo 4=1DgcgwŦĆ# Z/ 4=:Dgchwvhz#]a}eaoa 41>Dgtoef# Zef}htea 14DgŘcganĆ# Zcameèt =2=Dg}v# Cewmèca 1<5Decazvfle# Nghtng A/ 665DecgŦfle# Cwfea 1Dezhc# Gje` 6:2-:1Dïo{ate# Aongca :7DïtfĆ# Acef :=DïtnĆw# @elaec <7# 5<

Dcana# Cwfeao 67=Dhnmao# E/ 41>

Dhnmgzefl# H/ 1>>

Dhchnao# E/ 42<Dhchnao# Cwmèca 42<# 41>Dhtmeaow# Thmefa 151Dhthma}ïe# ]a}eaoa 11DhtŘ# @/ 155# 421Dht}Ć# Cateva 64=Dh}oatgofh# ]ghmht 614Dh}oate# Zavecg 474Dh}oatw# Zef}ht 45<Dhwk}e}a# @/ 1<6Dta}fh# Mwè}tw 4=<# 4>1

Dtefgan# H|aoa 4=2DtelwogŦ# Gàowec =61Dwdwtw{# Rg}tw 4:Dwfa}atw# Enht 167Dwfewfgaow-Ztadeg# @ateaoa 425Dwmgzefe-Rwew# Ceceaoa 616Dwj}ga# Zef}ht 61=Dwna# Eho Y=6<PDweèv}tw# ]/ 4<6# 4<5Dweèv}tw# ]a}eaoa 4<6# 4<5Dwewf# V}gca 124Dwewfce# Rg}tw 474Dwkmwzgaow# ]Ćoavg 1>4Dwkhtgaow# Zacgtew 472Dwca}# Cwmèca =27Dwca}# Zetnec =1:Dw`dw# Eafhd 151-54# 15=Dw`dw# Eho 1=6Dwomwfle# Gcgoa 152Dwtaf# Aomtge =2<Dwtdwcga# Thmefa >>Dwteao# Acg|aomgt 7<Dwteao# Ftev}eoa 65

DtelwogŦ# Gàowec =61Dwtcafw# Acg|aomtw =2:-2>Dwtowvwv# F/ 44>DwŘàfle# Naceoa 4=>Dw{ga# Haoa 66<Dw{mwnao# Eho Y=2>PDw{ecĆ# Zatzata 7# 17># 4:2Dw{w# ]ghmht 454# Y45:P

F

Famhfeoefhz# A/ 46<

Famhfeoefhz# H/ 1>>Fachv# Vgtnew 4=2-=1# 4=6

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



1=4

G

Gcevl}aeo# Kgao Dg}lig =:Gofew# Oefhcag 7=Gtgèa# Aoa}hc 6=2-=1

Gtgèa# Eho 1==# =67Gtgèa# Oefhcag 17:Gtlao# Gcgoa 41=Gtlao# R/ 41=GŘaow# Aomtge 12# 4=GŘaow# ]aevea 427GŘaow# Zacgo}eoa 12# 4=GŦfh# F/ 445Gz}wŘgofh# Aoa 6:2

J

Jgnlew# Nl/ 42:Jecer# Ftev}eoa <5Jecer# Ewceao 1:5Jech}e# Nghtng 4>:JhfŘa# Zacgo}eo 475Jhmga# Aceoa 14>Jter}w# Z/ 417Jwtmwe# ]ghmht 474

N

Nadeovfle# @atfw 6=4# 6=<

Naeoa# Dhtev 474Na`wtate# Ze}aceg 52NaŘeo# Rg}tw 46= NävfĆ# Acehoa 452Nlgcao# Oa}acea 6:6NlghtnleŦĆ# @elae 12<Nle`rw# Nlghtnlg 7:Nle`rw# Veèho Y=41PNle}gvfw# @efagca 674Nïtdw# Zehtgc >=Nïvfa# Zgthoefa 14=Ncamwo# Gwngo 424Ncamwo# V/ 424Nùtua# Cuwmèca 64:Nheao# Oa}acea 14Nhcef# Awtgcea >7Nhà# Rawc 652-51# Y656PNhteofehe# ]aàta =6:Nta}e# Acehoa 656Ntgfhz# Ewteg =44Ntedeofga# Acg|aomtw >>Ntenhtgvfw# Ntenhtg 64>Nthvw# Mao 6

Nthvw# Gcgoa 6=6Nthvw# Twvcao 75

Nthvw# Zavecg 1:7Nth{az# Amteao =2Nwfgaf# Eho 51Nwcefa# Eceg 1=>Nw`goäe# Eho 61Nw`gog# Gcgoa 1:2Nwtvfle# Eona =1Nw}vaow# Zavecg 4>:NwŦw# Awtgc 676-7=# 67<NwŦw# G/ 41:NwŦwc# Zgta 4>=Nw{wo# Z/ 41:

L

LamätfĆ# Eho 6:=-:5LgtŦa# Zacgtew Y457P

Lhcdao# Eho 176#Lh}eogaow# Zcameèt 15<# 426

E

Eathzhe# Zacgo}eoa 15<# 4:2# 4:1EhzeŦĆ# Zcam Y62=PEceeo# Ntenhtg 61:EhogŦ# Eho 4=6EhoeŦĆ# Hcna 157Eteèa# Ftev}eoa 66=Eteèa# Mwè}tw Y66=-6>P# 65=

Ewv}eo# Zehtgc 125K

Ke}ga# Dhnmao-Acg|aomtw 626

I

Iazaceawviav# Zemav 6=5-72Ieomedacui# Hcuaoa 7<Ieteuai# Cwmèca 1<=Iwmtoa# @ethvcaz 456Iwceihzvfle# Cemea =1:

C

Cafwv}a# Gcgoa 64<Cate# Cghoema 6>2->7Ca{ate# Fhov}ao}eo 121Ca{Ćt# Gcgoa 54Cgalw# Taeva 1=:Cgw# Rawc =<Cgw# Zef}ht Zavecg =<Cedgtào# A/ 1<1Cev# Aongca 152

Ce}hzfgofh# Aca ::

7/23/2019 BNM 2011-1



1=6

Chvïe# Gcgoa =6Ch{hzaow# Mè}tee 1>5Cwonw# Zavecg 11>CwraŘfw# ]wmht 1<<# 4>7CwraŘfw# Zacgtew 4>5

@

@afagz# Jcewt 1<5@aoŦewf# Gcgoa 164@ateŦ# Acg|aomtw 112@a}ge# Zacgtew =14@a{wt# E/ 417@gcoef# Taeva 16@gcoef# ]e`h}ge 6<5@enleteoa# Oeoa 661@elaeca# Vzg}caoa 4:=

@elacaflg# Ewteg 141@elacfgao# CwèoeŦa 415@ecefĆ# Ehao 667@eowŦ# Aoa-@atea 66:@etfga# Eho 1=:@ev}tgŦ# Veczea 476@hcmhzao# Mwè}tw <4@htatw# Amteao =16@htatw# Acg|aomtw =6:@htatw# Aoa}hc =16@htatw# Zef}ht 77

@hth{hza# Oamgkma 6=5@hviacgoih# V/ A/ 1<1@twŦ# Ezao 61>@wo}gaow# A`dth{eg Atleàomte} 4<=@wo}gaow# H|aoa =1=@wo}gaow# Ze}aceg 64@wv}gaŦĆ# Vgtnew 1==

O

Oav}av# Z/ 1<4Oa{atea# Vgtnew =6>

Oa{athz# @/ 1<7OgmgteŦa# Acg|aomtw 4:7Ogntw# Aomtge 164-66# 157Ogntw# Gcgoa 16>Ogntw# Nlghtnlg 7:# :2Ogntw# Oeoa 66Ogv}gthz# ]aàta 4<:Oeflejhtgaf# Zaveceva <

H

HoeŘhtw# Zgafgvcaz 162

Hracfh# E/ 424Hrtga# Gcgoa 65:

Hvheaow# Zgta 1=Hv}thjgŦ# Fhov}ao}eo 441# 44=# 44<

R

Ralhè# ]aàta 6==Racame# Nl/15:# 444-46# 447# ==2Racee# Acg|ge 6=6Raoae}gvfw# Zacgtew Oefhcag 4=4RaoĆ# Vgtnew 42Ratavfa# Razgc 6=# =6=Rat}hcg# Fcawmea =1=Rava}# Aongca 1>2Rawcgofw# Eho 1>:Razgc# Zavecg 6=7Razgcgvfw# Nlghtnlg 1>=Razcefgofw# Vgtnew =17

RĆfwtatw# Zgthoefa 645RĆwogvfw# Amteao 677-7># 65<# Y=22PRätcga# Nlghtnlg 65>RätŦafle# Eho 6<Rgtw-Dacao# Awtgcea 77Rg}taŘ# Eteoa =1:Rg}tgofw# Aoa}hc =6<Rg}thŘgc# Maoegca 655Rg}thz# Z/ 442Rhmcgvoaea# Oa}acea 451RhlecĆ# Zcam 16#17# 7># =44

Rhea}Ć# @elae ş}gjao 62=Rhra# Nlghtnlg 6=:Rhrgvfw# V}gca 62<Rhrhzefe# Fhov}ao}eo =1>Rhrhzvfle# Zacgtew =65RhrwŘhe# Hcna 44:Rhtfgvfw# Vgtnew 6Rhv}hcaflg# Nlghtnlg 6:1Rhv}hcafle# Acg|ge 61>Rhv}hcafle# Gcgoa 1:1Rh}ätoeflg# @elae 45>Rtevaf# Acg|aomtw 144Rtevaf# Cemea 1:4Rtevafat# ]a}eaoa 4:7Rthfa# Razgc 625Rthfhr# Vzg}caoa =1>Rthfhrfewf# Zcameèt 662Rtw}gaow# Ehaoa 76RwefĆ# Vgtnew 6>:RwŘfaŘ# Zef}ht 127-2:

T

Tafw# Enht 46Taecgao# Maoegca <7

7/23/2019 BNM 2011-1



1==

TaŦĆ# @ejhmeg Y1><PTaŦĆ# Zacgtew 5# ==2TĆecgaow# Ze}aceg =1<Tgmeofewf# Oefhcg}a 657Tgzgofh# @/ 1<=Tg{ogaf# Fhteoa :Thfafewf# Zef}htea 612Thnaf# Taea 1=<# 62:# 65<Thàofewf# Zavecg 6>:ThŘfa# Oefhcag 45># 62># =42Th}atw# Ftev}eao >:Th}atw# Vgtnew 145Th}atw# @/ 442Twdcefgaow# Awtgceao 465Twmef# H}ecea 4<2Twvaohzvfle# Ze}aceg 162

Twvoaf# Vzg}caoa 42<V

Vanaemaf# Eteoa 44:Vaeogofh# Aca 672Vaia# Vgtaje` =24Vazfewf# Zcameèt 4:5Vazeo# @atea =15VĆw# Zef}ht 1=2 Vätdw# [eoaema 44<Vätfw-VfhdehacĆ# Meaoa 56# 11<

Vätnle# Gcgoa 1=5Vflwrg}gt# K/ A/ :6Vgfata# Oa}acea 1<:# 156Vgftegtw# Zavecg 67Ve`ho# Acg|aomtw ==6Veth}a# Gcgoa 661Vïce# Ze}aceg 72Vï`dh}gaow# Awtgc 16<Vcadate# Oefhcag 622Vcw}w-Ntaà# Fcawmea 1:Vèfhz# Z/ 466V`hfleoĆ# Aomtge 5=V`hfleoĆ# Fathceoa 5=VhfletfĆ# Acg|ge 4:>Vra}ate# @ateaoa 111Vra}atw# Oeoa <=VrĆ}atw# Cghoem 464Vrïow# Zgthoefa <:V}a}e# Zavecg 114V}azecĆ# ]wmht 45=V}azeovfaea# Cwmèca 422V}gnĆtgvfw# Ceceaoa 6=1V}graoewf# Zef}ht =6>

V}heaohz# Oefhcae 165V}hefa# Zacgo}eoa =27

V}ta}ao# Acg|aomtw <6V}wt{a# T/ 1<6Vwfgzgaow# Atfameg =42Vwfgzgaow# Oa}acea 124Vwtmw# Acg|aomtw 44Vwtnwfe# @/ 44=Vwvao# Hcgn 4=4VwzgefĆ# Vzg}caoa ==1

ş

şeŘfaow# M/ 445şeŘfaow# Gcgoa 1:6şcgale}eŦfle# @atea 66=# 66>şhjtaoviu# [eoa 1:=şheàtw# Zavecg 7>şhcmao# Gwngoew 465

şhc}heaow# Acg|aomtw 1=4şraf# Eho 12şwzate# M/ 46>şzgŦ# Gfa}gteoa >>şze}fle# Meaoa 457

]

]adwefa# Wceaoa 444# 447]aà{cäfatw# Aomtge 1>7->:]atcarao# Gje` 71]atcgz# Zgthoefa <>

]aŘfĆ# @elae =># >1># 4<7]ĆdïtŦĆ# Zavecg 61<]Ćoavg# Acg|aomtw 116]Ćw}w# Cwmèca 446]Ćw}w# Thmefa 446]enleogaow# Eho 1><# 467]e`hjge# Vhteo 11=]era# Zehcg}a ==]hmhtaŘfw# Gwngoea Y627P]hjao-Vfw}atw# Cwmèca 462]hà# Acefg 664

]hà# Zavecg 1>1]h`hoew# Oefhcag O/ 45]h`wcgŦ# Zacgo}eo 6=]how# Zacgo}eo 4==]hracĆ# V}gjao Nl/ 47>]tefhcefe# Fcawmea 5# 1>]thofew# Vgtnew 4<:]thofew# Z/ [/ 46:]wmhvg# Fhteoa 456# 45:]wtfhz# Aoa ><]wt}Ć# Fhov}ao}eo 1<>-<<# 4>:

7/23/2019 BNM 2011-1



1=7

Ť

ŤĆtaow# @ateaoa V/ ==4ŤĆtwŘ# Memeoa 6=>Ťätfhòefw# Gèc 6:

ŤïdïtoĆ# Fhov}ao}eo 42=ŤïdïtoĆ# Nlghtnlg 42=Ťwcgaow# Fhov}ao}eo 4=4# 4=7Ťwcgaow# Vgtnew 4=7Ťwtfao# Ogccu 1<Ťwtfaow# Amgca 461

W

Wmcgt# Twdeo 6=<Wceaohzvfle# \gohjho 117Wonwt# Oefho 4>7

Wonwtgao# Ezao 57Wonwtgaow# Fhov}ao}eo =4Wonwtgaow# Mwè}tw 4=2-=1# 4=6Wonwtgaow# Gcgoa 15# 6># 666Wtvw# @elae 1:7# 4<>Wva}ïe# Oamgkma 4:Wv}wthe# Oefhcag 1=2# 4:6

Z

Zaonlgce# @/ 46>Zaonlgce# Vretemho 6>>

Zavecaflg# Nlgoameg =41Zätcao# Razgc 4>>ZgtgŘfganleo# Dhtev 4=>Zegtw# Ntenhtg Y6:7P# Y6>1P# Y=22P# Y=25P# Y=14PZcam# Cewmèca 1<:# 1<5Zcameèt A|ehohz 455Zhefwcgvfw# Z/ 657Ztadeg# Cemea 6==Ztanacgza# Zgthoefa ::

\

\gohjho}hz# Eho >[

[adatviae}å# Khcao}a 6=5[azacev}ïe# Aoa 147[ĆdwcefĆ# Zehcg}a 6:4[wdfw-Fhmtgaow# Zavecg Y625P

В

Вамсяфлма# А/ Л/ =47Втцфяаша# Жвжмл 126

Вчгвфпдв# В/ 675

Б

Бзнавш# Пйужв 6<2Бзйзд# Амлпнмг 615Бзьз-Жпйпдлп# Лвтма 12=

Бпняй# Фвфушав 161Д

Дмомфзе# А/ 642Дйвчцър# Вйзлсвантц 675Дпйпсял# Мдва 6>5

Ж

Жпйцбамюме# Мдва =4=Жтмамл# Фвфушав 146

Н Нвавмй# Сзтжзе 641Нзгюзалп# Изфт 615Нзтздшалп# Д/ А/ 4>6Нцлфпдв# А/ В/ 47=Нвьздслме# Пйзж 621

З

Зжптпд# С/ Д/ 47=

О

Овгйзйпдв# Сдзфйвав =4=Овчвтмш# Сзтжзе 16=Овчвтюзалп# Мтмав :>

М

Мдвапд-Фвжваслме# Двйзтме 6<1

Л

Лвтнмс#Ф/ Д/ 47=Лвьмав# Жвймав 62=

Лвятпд# Жзптжме 6<4Лймгзалп# П/ 477Лпдвйзд# Дмлфпт 4>2Лпапазалп# Двйзтме 5:Лпюма# Вйзлсвант 4<1Лтвдюзалп# В/ 477Лптзълме# Д/ Г/ 5:Лтпфздмю#Пйужв :1# 624# =4<Лцьамт# З/ Ж/ 4>6

Й

Йцлушазъ# Пйужв 1::Йцивьлп# Гмчвмй 6<6

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1


Fthoefa at}efhcgcht mg na{g}Ć Ot 1-4211 ≡ Og~vrargt at}efcg aooacv Ot 1-4211

1=<

FTHOEFA AT]EFHCGCHT MGNA[G]Ą


OG^VRARGT AT]EFCGAOOACV

RWDCEVLGM JTH@ 157<

EAOWATEG OT 14211

,1-=<6%KAOWATU

2 NGOGTACE]ĄŤE


22: V}aomatme{atg Ře v}aomatmg22:/5 V}aomatme{atga ntgw}ĆŦecht# `Ćvwtecht Ře `Ćvwtatga }e`rwcwe

1/ Fewàf# Razgc/ Ngog{a facgomatwcwe ntgnhteao meo 647 Ře vĆtdĆ}htecg RaŘ}gcwe Ře acgFtĆfewowcwe ( Razgc Fewàf (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 16 eao/ ‖ R/ >/

4/ Maàvfleo# Veèho/ ÏofĆ h ma}Ć mgvrtg v}ecwc Zgfle Ře V}ecwc Ohw ( VeèhoMaàvfleo (( Ce}/ Ře at}a/ ‖ 4211/ ‖ : eao/ ‖ R/6/

6/ Нтвжваюв# Дмфвйме/ Мадзсфмъмм д гзфтпйпжмя нпйкащ бщфу рээзлфмдащгм#

ипашфащгм м итпотвюащгм ; Yмафзтдуя с жзазт/ нмт/ Авъ/ ма-фв сфванвтфмовъмм м гзф-тпйпжмм Д/ НтвжваювP ( овимсвйв Фвфушав Вафпапдмю (( Рлпа/ пбпотзамз/ ‖ 4211/ ‖ 4<шад/ ‖ Т/ 4:/

22< Fezece{aŦeg/ Fwc}wtĆ/ Rthntgv

=/ Gtow# Zavecg/ [ewa Fwc}wtee OaŦehoacg ïo mgtezĆ ; Ymgvrtg eojtav}twf}wta fwc}wtacĆP ( Za-vecg Gtow (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ :/

7/ Nwtao# Rg}tg/ 1/ $Fa}gmtacgcg vhfeacev`wcwe$ zht je jhat}g ntgw ïonleŦe}g mg rĆ`äo}9

4/$Fwc}wta nwv}wcwe jafg rat}g meo fwc}wta ïoac}Ć$ ; eo}gtzew fw R/ Nwtao# met/ ac Eov}/ Fwc}wtac$@elae Gèogvfw$ meo FleŘeoĆw ( eo}gtzew tgace{a} mg Eteoa Ogfle} (( Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 17# 41 eao/ ‖ R/ 1:/

:/ Йщсзалп# Зйзав/ Гпйнпдв ‖ Тпссмш; лцтспг довмгпнзесфдмш ; Yмафзтдуя с овг/тцлпдпнмфзйш Тпс/ ъзафтв авцлм м лцйуфцтщ д Лмьмарц З/ ЙщсзалпP ( овимсвй НгмфтмеСмнптпд (( Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖ 4> шад/

7/23/2019 BNM 2011-1



1=5


>/ Dgcäe# Cezew/ H ev}hteg vftevĆ mg rth}anhoeŘ}ee vĆe ; Yrg àtneoga zhc/ $62 mg ïo}tg-dĆte mg afavĆ$ ; fwcgn/ mg eo}gtzewte a {eateŘ}echt mg ca $Fwzäo}wc$# Tg{eoa# V/ o/# 4212P ( Cezew

Dgcäe (( Ce}/ Ře at}a/ ‖ 4211/ ‖ : eao/ ‖ R/ >/

</ Flgeaow# Fhov}ao}eo/ Fä} rwdcefĆ` Ře fä} avfwomg` ; Yàvv-`gmea ïo fho}g|} vhf/-rhc/P ( Fhov}ao}eo Flgeaow (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ :/

5/ Ca < eaowateg Zehtgc Fehdaow at je ï`rceoe} =2 mg aoe ; Yeo `g`htea` {eatev}wcweP ((Vrht} rcwv/ ‖ 4211/ ‖ 11 eao/ ‖ R/ =/

12/ @hŘeo# Hf}azeao/ Rth}/ Hf}azeao @hŘeo; $Ztgaw vĆ ftgm fĆ og zh` rw}ga `goŦeogca afgcaŘe oezgc Ře ïo fho}eowatg# azg` tgvwtvg Ře rh}goŦeac# fgga fg og mg}gtèoĆ vĆ `gtng`

ïoaeo}g fw vwjefego} go}w{eav`$ ; Yeo}gtzew fw tgm/-Řgj ac {eatwcwe $Ac}atwc FtgmeoŦge$P ( a fhovg`-oa} Oefhcag Fätcen (( Ac}atwc ftgmeoŦge/ ‖ 4211/ ‖ 4: eao/ ‖ R/ 12/

11/ ]wtfgvfw# Thdgt}/ Thdgt} ]wtfgvfw; $Av}Ć{e# jegfatg reŦerhaofĆ fg aratg ca }gcgze-{ht///$ ; Yjtan`/ meo eo}gtzewc fw kwtoacev}wc th`äo; tgcwa} meo {eatwc $AmgzĆtwc$P (( ]e`rwc mgmeèogaŦĆ/ ‖ 4211/ ‖ 14 eao/ ‖ R/ 6/

1 JECH[HJEG/ RVELHCHNEG

1(1= Jech{hjeg

14/ Fg h aŘ}gar}Ć rg Tgrwdcefa @hcmhza ïo 4211 ; Yrthohv}ef tgace{a} mg gflera mg av-}thchne a Fgo}twcwe mg Fwc}wtĆ Ře Fhv`hchneg $Rhcwv Ng}efwv$P (( Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖: eao/ ‖ R/ 1>/


4 TGCENEG/ ]GHCHNEG

16/ Flejeaf# ]wmht/ H`wc gv}g rgtjgf}8 ; Ymgvrtg h` fa h ftgaŦeg a cwe Mwòg{gwP (]wmht Flejeaf (( @hcmhza vwzgtaoĆ/ ‖ 4211/ ‖ 42 eao/ ‖ Za wtà/

4> FTGş]EOEV@/ TGCENEG FTGş]EOĄ 1=/ DhtŘgzvfle# Razgc/ Rth}hegtgwc Razgc DhtŘgzvfle; $]tgdweg vĆ Ŧeog` èo}g fĆ }ha-

}g fä}g cg ztga Dwowc Mwòg{gw# cg ztga vrtg deogcg ohv}tw$ ; Yeo}gtzew fw rathlwc Devgtefee $Vj/@/ @f/ Mwè}tw$ meo `wo/ FleŘeoĆwP ( fhovgòatg ; Hf}azeao @hŘeo (( Ac}atwc ftgmeoŦge/ ‖4211/ ‖ 4: eao/ ‖ R/ </

17/ FhfhŘecĆ# Amteao/ Dh}g{wc Mhòwcwe ‖ Dhdh}ga{a ( Amteao FhfhŘecĆ (( Fwtegtwc ht-}hmh|/ ‖ 4211/ ‖ : eao/ ‖ R/ =/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



171

4:/ Gèogvfw# @elae/ AfgŘ}e og}tgdoefe fatg og fhomwf ; Ymeo fefcwc $Efhaog zgfle Řeefhaog ohe$# rwdc/ ïo $]e`rwc$# 1<>>P ( @elae Gèogvfw (( Jcw| ; gm/ mg zeogte/ ‖ 4211/ ‖ 4< eao/ ‖ R/ 7/

4>/ Racghchnw# ]lghmht/ ]lghmht Racghchnw; $Ow eàneoga }tgdweg vĆ og rtghfwrg#fe tgace}a}ga$ ; Yavrgf}g vhf/-rhc/; eo}gtzew fw h`wc mg fwc}wtĆ Ře rhce}ef th`äoP ( fhovgòatg ;Vhteoa ş}gjätŦĆ (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 61 eao/ ‖ R/ 16/

646,122-<>% Rhce}efa eo}gtoĆ a ŦĆtecht mg rgv}g lh}atg

4</ Dhna}w# Rg}tw/ Vg rtgnĆ}gŘ}g aoelecatga cwe Mè}te @gmzgmgz8 ; Ymgvrtg gzhcwŦeecgrhce}efg meo JgmgtaŦea TwvĆP ( Rg}tw Dhna}w (( Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖ 1< eao/ ‖ R/ >/

45/ Maèao# Nghtng/ Feog za cwa rw}gtga ïo Gner}8 ( Nghtng Maèao (( ]e`rwc mg me-èogaŦĆ/ ‖ 4211/ ‖ 61 eao/ ‖ R/ 6/

62/ Gtow# Zavecg/ MwrĆ 42 mg aoe ; cgfŦea }tao{eŦege th`äogŘ}e ,4% ( Zavecg Gtow (( ]e`-rwc mg meèogaŦĆ/ ‖ 4211/ ‖ > eao/ ‖ R/ :/ ‖ At}/ 1 ; 61 mgf/ 4212/

61/ Ogmgcfga# ]wmht/ Vfle`datga Eòwcwe Ře a [ecge OaŦehoacg a Th`äoege ( ]wmht Ogmgcfga (( Ce}/ Ře at}a/ ‖ 4211/ ‖ : eao/ ‖ R/ 6/

64/ Двжвбовнр# Мсэванмшт/ Жпнпдхмав фтвжзнмм ; Yп спбщфмшч пф 42 шад/ 1552 ж/д Возтбвенкваз ; сф/ Ютзод/ м Ипйапгпю/ Ипсйв Возтб/ Тзси/ д Тзси/ ГпйнпдвP ( Мс-эванмшт Двжвбовнр (( Гпйн/ дзнпгпсфм/ ‖ 4211/ ‖ 15 шад/

66/ Твчгвапд# Двйзафма/ Лвовчсфва; тзэзтзанцг дгзсфп дщбптпд ; Yпбхзсфд/-ипймф/ лпафзлсфP ( Двйзафма Твчгвапд (( Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖ 15 шад/

6=/ Фймйм# Гцсфвэв/ Лцнв итмдзнзф $квсгмапдвш тздпйяъмш$ д Фцамсз8 ; Yсф/цюзапжп-мссйзнпдвфзйш д Ца-фз Ауя-ЕптлвP ( Гцсфвэв Фймйм (( Рлпа/ пбпотзамз/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ 41/

67/ Ьдзн# Дйвнмсйвд/ Дмйуаясслвш фтвжзнмш м гмэщ 1551-жп ; Yп фтвжмю/ спбщ-фмшч д сфпймъз Ймф/ ССТP ( Дйвнмсйвд Ьдзн (( Лпггзтсваф rcwv/ ‖ 4211/ ‖ 41# 4< шад/ ‖

Т/ 17/ ‖ Итпнпйк/ сйзнцзф/

646,=><% Rhce}efa eo}gtoĆ a Tgrwdcefee @hcmhza

6:/ DgŘcganĆ# Zcameèt/ IND-wc gv}g og`wte}ht# gc mhat ïŘe vfle`dĆ mgowètga ; eo-}gtzew fw vftee}htwc Z/ DgŘcganĆ ( rgo}tw fhojhtè}a}g ; Aog}a Nthvw (( [eatwc mg natmĆ/ ‖ 4211/ ‖ : eao/ ‖ R/ 12# 17/

6>/ Dhna}w# Rg}tw/ Ow zh` azga h aceaoŦĆ mg fgo}tw-mtgar}a ; Yavrgf}g vhf/-rhc/P (Rg}tw Dhna}w (( Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖ 11 eao/ ‖ R/ >/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



17=

::/ Вантмздслме# Дмфвйме/ Гпйнпдв ипсйз ивтйвгзафслмч дщбптпд ; дпогпк-ащз съзавтмм ( Дмфвйме Вантмздслме (( Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖ 11 шад/

:>/ Вантмздслме# Дмфвйме/ Имттпдв ипбзнв Гвтмвав Йциц ; Yпбхзсфд/-ипймф/

лпафзлсфP ( Дмфвйме Вантмздслме (( Азовдмсмгвш Гпйнпдв/ ‖ 4212/ ‖ 1= шад/ ‖ Т/ >/

:</ Всфвчпдв# Мтмав/ Фзсащз твглм лпвймъмм ; Yпбхзсфд/-ипймф/ всизлфP ( МтмавВсфвчпдв# Лсзамш Мйумав (( Лмьма/ пбпотздвфзйу/ ‖ 4211/ ‖ 42 шад/ ‖ Т/ 1# 6/

:5/ Двсмймлр# Двйзтмц/ Лцнв м лвл мнзф Гпйнпдв8 ( Двйзтмц Двсмймлр (( Ивап-твгв/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ 7/

>2/ Нпнпа# Мжпту/ Мжпту Нпнпа; Жпйпсв жтвкнва пбшощдвяф авс цювсфдпдвфу дцитвдйзамм жпсцнвтсфдпг ; Yмафзтдуя с нзицфвфпг Ивтйвгзафв Тзси/ ГпйнпдвP ( овим-

свй Мпа Фпгв (( Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖ 15 шад/>1/ Овивнмаслме# Тпбзтф/ Д пкмнвамм сфвбмйуапсфм ; Yпбхзсфд/-ипймф/ всизлфP (

Тпбзтф Овивнмаслме (( Лпггзтсваф rcwv/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 6/

>4/ Йздмълме# Вйзлсвант/ Лпгц ацкав Гпйнпдв8 ; Yпбхзсфд/-ипймф/ всизлфP (Вйзлсвант Йздмълме (( Лпггзтсваф rcwv/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ </

>6/ Гцьцл# Рнцвтн/ Дзлфпт ндмкзамш дщбтва азитвдмйуаще ; Yпбхзсфд/-ипймф/лпафзлсф; мафзтдуя с нзицфвфпг Ивтйвгзафв Тзси/ Гпйнпдв Р/ ГцьцлP ( овимсвйв Йян-

гмйв Бптмспдв (( Лпггцамсф/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ <-5/>=/ Азсфзтпдв# Плсвав/ Итпъзсс лпвймъмпаапжп бтпкзамш ; Yпбхзсфд/-ипймф/

лпафзлсфP ( Плсвав Азсфзтпдв (( Рлпа/ пбпотзамз/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 6/

>7/ Изфтзалп# Жтмжптме/ Жтмжптме Изфтзалп; $Гпйнпдв авчпнмфсш д овйпкамлвчймюащч вгбмъме юзйпдзлв# лпфптще дп юфп бщ фп ам сфвйп чпюзф сфвфу итзомнзафпгсфтващ$ ; дщсфцийзамз дмъз-итзн/ Ивтфмм Здтпи/ Йздщч# итзнсфвдй/ ав овсзнвамм Ивт-йвгзаф/ Вссвгбйзм Спдзфв Здтпищ пф жтциищ Пбызн/ здтпи/ йздщч/ 4= шад/ 4211 ( Жтм-жптме Изфтзалп (( Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖ 47 шад/

>:/ Ипш# Двйзтме/ Сдвнубв спсфпмфсш ; Yпбхзсфд/-ипймф/ всизлфP ( Двйзтме Ипш ((Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖ 1< шад/

>>/ Спбпт# Зджзаме/ Авсфвйв иптв ипймфмлм итпотзамш ; Yпбхзсфд/-ипймф/всизлфP ( Зджзаме Спбпт (( Лпггзтсваф rcwv/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ </

></ Спжйвьзамз п спонвамм м эцалъмпамтпдвамм Вйушасв $Ов Здтпизеслця Ма-фзжтвъмя$ ; Yпф 62 нзл/ 4212 ж/P (( Лпггзтсваф rcwv/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 7/

>5/ Сптпювац# Фцнпт/ Пфъщ м нзфм нзгплтвфмм ; Yпбхзсфд/-ипймф/ всизлфP ( ФцнптСптпювац (( Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖ 42 шад/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



17:

56/ ]hàf# Gwngo/ $Azg` wo zem cgnevca}ez ïo tgcaŦeecg Th`äoege fw th`äoee meo ajatĆ$ ;eo}gtzew fw G/ ]hàf# vgftg}at mg v}a} rgo}tw th`äoee mg rtg}w}eomgoe ïo Nwzgtowc Th`äoege (fhovgòatg ; Aongceoa Hcatw (( Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖ 11 eao/ ‖ R/ <-5/

5=/ Вншспд# Мааплзафме/ Юфп кнзф Спнтцкзсфдп д 4211 жпнц8 ; Yл 42-йзфмя пб-твопдвамш Спнтцкзсфдв Азовдмсмгщч Жпсцнвтсфд ; сф/ юй/ рлсизтф/-вавймф/ спдзфв итмЛпг/ ип нзйвг САЖ Жпс/ НцгщP ( Мааплзафме Вншспд (( Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖4> шад/

57/ Лвьмтма# Двсмйме/ Апдпз одзап д пнапе ъзим спбщфме ; Yп нзшфзйуапсфмсизъ/ итзнсфвдмфзйш Здтпспяов д Гпйнпдз Гмтпсйвдв Йвеювл; сф/ рлсизтфв ип бвйл/-нцавеслпгц rзжмпацP ( Двсмйме Лвьмтма (( Лпггзтсваф rcwv/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ 14/

5:/ Ивффза# Лтм/ Жпсипнма Чц знзф д Двьмажфпа ; Yп дмомфз итзн/ ЛАТ Чц Ъомау-

фвп д СЬВ # шад/ 4211 ; сф/ ипюзф/ тзлфптв Плсэптн/ ца-фвP ( Лтм Ивффза (( Рлпа/ пбпотз-амз/ ‖ 4212/ ‖ 1= шад/ ‖ Т/ 42/

5>/ Тмчфзт# Вйзлсзе/ Тцгщамш гзкнц Ьзажзапг м Гпйнпдпе ; Yп твсьмтзаммжтвамъ ьзажза/ опащP ( Вйзлсзе Тмчфзт (( Лмьма/ пбпотздвфзйу/ ‖ 4212/ ‖ 16 шад/ ‖ Т/ =/

5</ Сптпювац# Фцнпт/ Ийва Лповлв ‖ 4 ; п жзпипймф/ дймшамм Тпс/ Эзнзтвъмм (Фцнпт Сптпювац (( Азовдмсмгвш Гпйнпдв/ ‖ 4212/ ‖ 1= шад/ ‖ Т/ 7/

64>,=><% Rhce}efa g|}gtoĆ a Tgrwdcefee @hcmhza

55/ CgaofĆ# Ewteg/ Ewteg CgaofĆ; $Af}eze}a}ga @eoev}gtwcwe mg G|}gtog vg za mgtwca vwdawvrefeecg fho}eowe}ĆŦee$ ; Yeo}gtzew fw èoev}twc mg G|}gtog ac Tgr/ @hcmhzaP ( fhovgòatg ;Vhteoa ş}gjätŦĆ (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 4< eao/ ‖ R/ 17-1:/ ‖ ,Vwrc/ $Eo}gntatgagwthrgaoĆ# rav fw rav$# Eao/%/

122/ Vflwgdgc# Meti/ Meti Vflwgdgc ; @Ć }g` fĆ ow rh} vĆ jew mg afhtm fw mhòwcFao}gèt ; Ymgvrtg eo}gntatga gwthrgaoĆ a Tgr/ @hcmhza ; eo}gtzew fw Řgjwc MgcgnaŦege WoewoeeGwthrgog ïo Tgr/ @hcmhzaP ( fhovgòatg ; Zacgtew ZavecefĆ (( Zhfga rhrhtwcwe/ ‖ 4211/ ‖ 1=eao/ ‖ R/ 5/ ‖ Emg` ïo cd/ twvĆ/

121/ Двтзамъв# Втфзг/ Лцнв гщ мнзг8 мйм Лпгц аздщжпнап цйцюьзамз пфапьз-аме Гпйнпдщ с Тпссмзе ( Втфзг Двтзамъв (( Лпггзтсваф rcwv/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ 7/

124/ Лптзълме# Овчвт/ Шбйплм твонптв м ипндпнащз лвгам ; Yпб здтпи/ мафзжтв-ъмм Тзси/ ГпйнпдвP ( Овчвт Лптзълме (( Гпйн/ дзнпгпсфм/ ‖ 4211/ ‖ 14 шад/

126/ Лпсвтзд# Двйзтме/ Бйвжмгм йм авгзтзамшгм … ; Yпб здтпи/ мафзжтвъммТзси/ ГпйнпдвP ( Двйзтме Лпсвтзд (( Лпггзтсваф rcwv/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ 12/

7/23/2019 BNM 2011-1



17>

64< Ratca`go}g/ Tgrtg{go}atga rhrhtwcwe/ Nwzgtog

12=/ Спсфвд Итвдмфзйусфдв Тзсицбймлм Гпйнпдв ; Yбмпжт/ нваащз ; цфд/ 1= шад/4211 ж/P (( Рлпа/ пбпотзамз/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 42-41/

645 Rat}emg Ře èŘfĆte rhce}efg

127/ Mwcnlgtw# Zacgtew/ Zcameèt Cgoeo ‖ ngoew vaw fteèoac8 ( Zacgtew Mwcnlgtw (( Ce}/Ře at}a/ ‖ 4211/ ‖ 4> eao/ ‖ R/ 6/

12:/ Thnaf# Taea/ H ohwĆ fat}g mgvrtg hthtecg tgne`wcwe fh`woev} ; Yrg àtneoga fĆtŦee$OhwĆ fh`go}atee mgvrtg Rat}emwc Fh`woev}$# gm/ ïo cd/ th`/ a {eatwcwe $]lg Grhfl ]e`gv$P (Taea Thnaf (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 42 eao/ ‖ R/ >/

645,=><% Rat}emg Ře èŘfĆte rhce}efg meo Tgrwdcefa @hcmhza

12>/ FaoŦït# Ftev}eao/ Mtgar}a mwrĆ 4< oheg`dteg ; Ymgvrtg thcwc Rat}emwcwe Cedgtac ïofamtwc AEG-4P ( Ftev}eao FaoŦït (( Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖ 11 eao/ ‖ R/ 12/

12</ Ogntw# Oefhcag/ Mg fg vg zef}eè{ga{Ć RC8 ; Ymgvrtg Rat}emwc Cedgtac ïo fho}g|}wcfhov}e}wetee AEG-4P ( Oefhcag Ogntw (( Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖ 1= eao/ ‖ R/ :/

125/ Wo}ecĆ# Zgafgvcaz/ Zgafgvcaz Wo}ecĆ ; $Ca fhontgv zh` cwa mgfe{ee fatmeoacg$ ; Yeo-}gtzew fw rtgŘgmeo}gcg @eŘfĆtee $AfŦewoga GwthrgaoĆ$P ( eo}gtzew tgace{a} mg NlghtnlgDwmgaow (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 4< eao/ ‖ R/ </

112/ Ъртвац# Вавфпйме/ Эзапгза Нзгивтфмм Гпйнпдщ ( Вавфпйме Ъртвац ((Лпггзтсваф rcwv/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 14/,Zg{e mg avg`goga Ot 1:5%


662 Gfhohèg ïo ngogtac

111/ Ьмййзт# Тпбзтф/ Автпнавш рлпапгмлв ; Yвсизлфщ ипицйштмовъмм рлпа/ оав-аме ; сф/ итпэ/ Езй/ ца-фвP ( Тпбзтф Ьмййзт (( Рлпа/ пбпотзамз/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ 41/

661/12=/== Veomefa}g

114/ @eflac{ec# Rg}gt/ Meachnwc vhfeac ca oezgc vgf}hteac ; Ymeo g|rgtegoŦa veomefa}gcht gw-thrgog; tgca}Ćte mg R/ @eflac{ei# tgvr/ mg e`rcg`go}atga rthegf}wcwe eo}gto/ mg rth`hzatg ameachnwcwe vhfeac ïo Dacfaoe# Oefhcag Vwtwfgaow# vgftg}at fhojgmgtac ac FhojgmgtaŦege OaŦ/ aVeomefa}gcht meo @hcmhza Ře Hcgn @ätcgaow# zefgrtgŘgmeo}g ac JgmgtaŦege $Veomefhov$P ( fho-vgòatg ; Zef}ht Razcewf (( Zhfga rhrhtwcwe/ ‖ 4211/ ‖ 1= eao/ ‖ R/ =/ ‖ Emg` ïo cd/ twvĆ/

116/ FOV@; }h}acwte 4212# rtehte}ĆŦe 4211 ; Ymgvrtg af}eze}a}ga FhojgmgtaŦege OaŦ/ a Veo-mefa}gcht meo @hcmhzaP (( Zhfga rhrhtwcwe/ ‖ 4211/ ‖ 4< eao/ ‖ R/ =/ ‖ Emg` ïo cd/ twvĆ/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



1:4

176/ Nwka# Vgtnew/ Vgtnew Nwka; $Aw jhv} vfw}eŦe mg fho}thcwc FF }e}aoee fw af}ez mg èce-atmg$ ; Yeo}gtzew fw `g`dtwc FwtŦee mg Fho}wteP ( eo}gtzew tgace{a} mg Vzg}caoa Fhthdfgaow ((Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖ 4< eao/ ‖ R/ </

6=6 Mtgr} rgoac/ RthfgmwtĆ rgoacĆ/ Fteèohchneg/ Fteèoacev}efĆ17=/ @ataomefe# Cwmèca/ Cwmèca @ataomefe; $MgŦeowŦee aw ogzheg ow mg jtefĆ# fe mg

akw}htwc ohv}tw$ ; Yeo}gtzew fw Řgja rgoe}gofeatwcwe-vre}ac ot/ 1: mg ca RtwofwcP ( fhovgòatg ;Razgc RĆmwtatw (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 61 eao/ ‖ R/ >/ ‖ ,Vwrc/ $Jg`gea$ 9 Ot =%/

177/ Оцблп# Двйзтме/ Твссйзнпдвамз рлпапгмюзслмч итзсфцийзаме м лпттциъмм;апдвш тзэптгв ; Yмафзтдуя с жзазт/ итплцтптпг Тзси/ Гпйнпдв Д/ Оцблп# нмт/ Ъзафтвип бптубз с рлпа/ итзсфцийзамшгм м лпттциъмзе Дмптзйпг Лзфтвтц м овг/ итплцтптвВафмлпттци/ Итплцтвфцтщ Двсмймзг ЙздмълмгP (( Рлпа/ пбпотзамз/ ‖ 4211/ ‖ 4< шад/ ‖ Т/15/

17:/ Лмтмййпдв# Зджзамш/ $Эвафвсфмлв$ м тзвйуапсфу гпйнвдслпе лмбзтитзсфци-апсфм ( Зджзамш Лмтмййпдв (( Гпйн/ дзнпгпсфм/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ =/

17>/ Лмтмййпдв# Зджзамш/ Авсмймз авн овлпапг ; Yп итмгзазамм сф/ $Авсмймз дсзгуз$ Цжпйпд/ лпнзлсвP ( Зджзамш Лмтмййпдв (( Гпйн/ дзнпгпсфм/ ‖ 4211/ ‖ 1= шад/ ‖ Т/=/

17</ Ймфдмазалп# Ваав/ Бптубв с лпттциъмзе $цимтвзфсш$ д сцн8 ( Ваав Ймфдм-азалп (( Гпйн/ дзнпгпсфм/ ‖ 4211/ ‖ 1= шад/ ‖ Т/ =/

175/ Эмймиипд# Нзамс/ Азипнлциавш Эзгмнв ; Yп лпттциъмм д сцнзб/ смсфзгзТзси/ ГпйнпдвP ( Нзамс Эмймиипд (( Иваптвгв/ ‖ 4211/ ‖ 1= шад/ ‖ Т/ =/

,Zg{e mg avg`goga Ot 1:<%

6=> Mtgr} fezec


1:2/ Meafhz# Eho/ Eho Meafhz; $MafĆ azg` rthfwta}wtĆ `woeferacĆ# vĆ azg` Ře kwmgfĆ-}hteg `woeferacĆ$ ; Yeo}gtzew fw rthfwthtwc `wo/ FleŘeoĆwP ( fhovgòatg ; Nlghtnlg Dwmgaow

(( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 4< eao/ ‖ R/ 12# 46/

1:1/ Meafhz# Eho/ Eho Meafhz; $Nle`rw ow `-a ztw}///$ ; Yeo}gtzew fw rthfwthtwc `wo/FleŘeoĆwP ( fhovgòatg ; Taeva Ch{eovfle (( Kwtoac mg FleŘeoĆw/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 4# 12/

1:4/ [wdfh# Zacgtew/ $Fw fgt}e}wmeog vg `gte}Ć vĆ jee rthfwtht$ ; eo}gtzew fw Z/ [wdfh#Rthfwthtwc Ngo/ ac Tgr/ @hcmhza ( fhovgòatg ; Eteoa Dwtga (( Mtgr}wc/ ‖ 4211/ ‖ 4< eao/ ‖ R/6-=/

1:6/ Нушлпд# Мдва/ Овлвоапз твссгпфтзамз нзй мслвомйп ймюапсфу гапжмч итплц-

тптпд ; мафзтдуя с итплцтптпг гца/ Лмьмарц М/ Нушлпдщг ( овимсвйв Гвтушав Фвбца-юмл (( Рлпа/ пбпотзамз/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ 1</

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



1>1

475/ Oanoedgma-]zgtmhlcgd# ]a}eaoa/ Ca ]aceoo# mwrĆ g|rgtegoŦĆ azaova}Ć ; Ymgvrtgze{e}a mg cwftw ïo fare}aca Gv}hoege; tgca}atg mg ]/ Oanoedgma-]zgtmhlcgd# met/ ngo/ ac Met/ Ngo/GmwfaŦeg# ]eogtg} Ře Vrht}# `wo/ FleŘeoĆw# Ře Aoa NlghtnleŦĆ# met/ Cefgwcwe ]ghtg}ef $Rteoferg-va Oa}acea Mameaoe$P (( Woezgtv rgmanhnef rth/ ‖ 4211/ ‖ 16 eao/ ‖ R/ =-7/

4:2/ Oefhtefe# @atea/ @hmgcg mg v}twf}wtatg a cgfŦege ,4% ( @atea Oefhtefe (( JĆfcea/ ‖4211/ ‖ 45 eao/ ‖ R/ 7/ ‖ At}/ 1 ; = mgf/# 4212/

4:1/ Tgfgao# V}gca/ ş}gjao fgc @atg ‖ mhòe}ht Ře h` ; Yaf}eze}a}g g|}tafwtv ; fhofwtv caCefgwc ]ghtg}ef $ş}gjao fgc @atg$# htaŘwc MthfleaP ( V}gca Tgfgao (( JĆfcea/ ‖ 4211/ ‖ 17 eao/ ‖R/ 5/

4:4/ V}a}ee# ]a}eaoa/ Rth`hzatga og}tameŦehoacĆ a fhofgr}wcwe mg ace`go}aŦeg vĆoĆ}havĆ ïo famtwc fgtfwcwe $Ntggo âu$ ; Ymeo g|rgtegoŦa Cefgwcwe ]ghtg}ef $Z/ Acgfvaomte$# `wo/ FleŘe-

oĆwP ( ]a}eaoa V}a}ee (( JĆfcea/ ‖ 4211/ ‖ 45 eao/ ‖ R/ 1:/4:6/ V}hefa# Zacgo}eoa/ Fw lat mezeo Ře face}ĆŦe mg g|fgrŦeg ; Ymgvrtg Aoa Nacakw# rthj/ ca

Cefgwc $Eho FtgaonĆ$# `wo/ FleŘeoĆwP ( Zacgo}eoa V}hefa (( JĆfcea/ ‖ 4211/ ‖ 17 eao/ ‖ R/ 1=/

4:=/ ]hmgtaŘfw# Aomtge/ Rteoferewc ohee jht`wcg mg jeoaoŦatg; daoee wt`ga{Ć gcgzwc ;Ymgvrtg jwofŦehoatga rthegf}wcwe $GmwfaŦeg mg face}a}g ïo `gmewc twtac$ ; eo}gtzew fw A/]hmgtaŘfw# Řgm ac Met/ Taehoacg mg ÏozĆŦĆ`äo} FĆwŘgoeP ( fhovgòatg ; Gcgoa Zhth}ogaf ((JĆfcea/ ‖ 4211/ ‖ 45 eao/ ‖ R/ <-5/

4:7/ Вамлуздв# Фвмсмш/ Фвмсмш Вамлуздв; $Ипсйз ипсзхзамш рсфпаслмч ьлпй шпсфвйвсу чтпамюзслм дпсчмхзаапе$ ; Yмафзтдуя с нмт/ ймъзш мг/ А/ Жпжпйш# гца/ Лмьм-

арцP ( бзсзнпдвйв Гвеш Мпалп (( Лмьма/ апдпсфм/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ =/

4::/ Бтвфцапдв# Дзтв/ Пймгимвнщ ип маэптгвфмлз ; Yп ипнбптз овнваме; д стзн/ьл/ ot/ ># ж/ ЛпгтвфP ( Дзтв Бтвфцапдв (( JĆfcea/ ‖ 4211/ ‖ 45 eao/ ‖ R/ 12/

4:>/ Кцаш# Авнзкнв/ Мафзжтмтпдваащз цтплм ( Авнзкнв Кцаш (( JĆfcea/ ‖ 4211/ ‖45 eao/ ‖ R/ 14/

4:</ Гцафша# Вйзав/ Азсфванвтфащз цтплм ; ,ддпн/ цтпл мйм цтпл моцюзамш апд/гвфзтмвйв% ( Вйзав Гцафша (( JĆfcea/ ‖ 4211/ ‖ 45 eao/ ‖ R/ 1=/

4:5/ Сздзтмав# Амав/ Цтв! Ц авс рлслцтсмш! ; Yрлслцтсмш лвл эптгв м гзфпн д итз-ипнвдвамм мсфптмм м дзнзамм дазлй/ твбпфщ ; мо пищфв цюмфзйш Ймъзш мг/ Б/И/ ЧвьнзцP( Амав Сздзтмав (( Woezgtv rgmanhnef rth/ ‖ 4211/ ‖ 16 eao/ ‖ R/ </

4>2/ Сивфвтц# Авфвймш/ Гзсфп цюмфзйш д цюзбапг итпъзссз ( Авфвймш Сивфвтц ((JĆfcea/ ‖ 4211/ ‖ 45 eao/ ‖ R/ 14/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



1>=

65< Jhcfcht

456/ ]aà{cäfatw# Aomtge/ Jhcfchtwc gv}g jech{hjea zegŦee ; Yeo}gtzew fw jhcfchtev}wc A/]aà{cäfatwP (( Jchtecg macdg/ ‖ 4211/ ‖ 42 eao/ ‖ R/ 4-6/

7 @A]G@A]EFĄ/ ş]EEOŤG ACG OA]WTEE724(72= Oa}wta/ V}wmewc Ře rth}gfŦea oa}wtee/ ş}eeoŦa `gmewcwe ïofhokwtĆ}ht

45=/ DwŘecĆ# Tamw/ Tamw DwŘecĆ ; Aw}hte}ĆŦecg `woeferacg enohtĆ rthrwogtecg vhfeg}ĆŦeefezecg mg mgrĆŘetg a fte{ge gfhchnefg ; eo}gtzew fw rtgŘgmeo}gcg FhaceŦege rgo}tw h NwzgtoatgMg`hfta}efĆ Ře ]taovratgo}Ć ( a fhovgòa} Oefhcag Jgmgtewf (( Jcw| ; gm/ mg zeogte/ ‖ 4211/ ‖1= eao/ ‖ R/ 7/

457/ V}ta}ho# Fg{at/ Ratamevwc meo Dwfhzeoa; fhmtwc vgfwcat VcĆ}ehata ( Fg{at V}ta}ho ((

Oa}wta/ ‖ 4211/ ‖ Eao/ ,Ot 1%/ ‖ R/ :/45:/ Кпйпанлпдслм# Вйзлсвантц/ $Озйзащз спяоамлм$ ; Yпб пбхзсфд/ птж/ $Спяо

ип изтзтвбпфлз пфчпнпд ‖ ов юмсфця Гпйнпдц$ ; лпггзаф/ ипюзф/ итзн/ Спяов В/ Кп-йпанлпдслмP ( овимсвй ; Двнмг Лзфтвту (( Рлпа/ пбпотзамз/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 44/

71 @A]G@A]EFĄ

45>/ Вйзлсвантпд# Дйвнмгмт/ Бтвфуш Бщюлпдщ ; Yл 122-йзфмя сп наш тпкнзамшизнвжпжпд-гвфзгвфмлпд# бтвфузд-бймоазъпд# Бптмсв м Дмлфптв БщюлпдщчP ( ДйвнмгмтВйзлсвантпд (( Азовдмсмгвш Гпйнпдв/ ‖ 4212/ ‖ 1= шад/ ‖ Т/ 1>/

76 JE[EFĄ

45</ Th}atw# ]a}eaoa/ Je{efeaowc Mwè}tw NleŦw Ře `gŘ}gtwc @aohcg ze{aze mg af}wc mgvaftejefew ïo ftgaŦeg ; Y<2 mg aoe mg ca oaŘ}gtga vazao}wcweP ( ]a}eaoa Th}atw (( Ce}/ Ře at}a/ ‖4211/ ‖ 42 eao/ ‖ R/ :/

: ş]EEOŤG ARCEFA]G/ @GMEFEOĄ/ ]GLOEFĄ

:1 @GMEFEOĄ

:1= VĆoĆ}a}g Ře enegoĆ rwdcefĆ/ Rtgzgoetga affemgo}gcht 455/ FceŘfhzvfle# ]a}eaoa/ VrgfeaceŘ}ee azgt}e{ga{Ć; Ao}edeh}efgcg ow }ta}ga{Ć tĆfgaca#

fe# me`rh}tezĆ# rh} antaza v}atga mg vĆoĆ}a}g ; Yeo}gtzew fw ]/ FceŘfhzvfle# zefgmet/ ac Avhf/`gmefac-}gte}hteacg TäŘfaoeP ( fhovgòatg ; Zef}htea FwŘoet (( Jcw| ; gm/ mg zeogte/ ‖ 4211/ ‖ 1=eao/ ‖ R/ :/

:17 Jatàfhchneg/ ]gtargw}efĆ/ ]h|efhchneg

,Zg{e Ot 455%

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



1><

>5 MEZGT]EV@GO]/ TGFTGGTG/ KHFWTE/ VRHT]

>54 ]ga}tw/ At}Ć vfgoefĆ

647/ Dwtcafa# Maoegca/ $Gv}g wo tevf avwà} Ře vwo}g` fhoŘ}egoŦe mg fhovgfeoŦg$ ; Yeo-

}gtzew fw M/ Dwtcafa# af}teŦĆ ca ]ga}twc $Gwngog Ehogvfh$P ( eo}gtzew mg Ceceaoa RhrwŘhe (( Jcw| ;gm/ mg zeogte/ ‖ 4211/ ‖ 41 eao/ ‖ R/ </

64:/ Fataè}tw# Eho/ Eho Fataè}tw; $A je th`äo gv}g h `äomteg# ow wo fh`rcg|$ ; Yeo-}gtzew fw met/ ]ga}twcwe OaŦ/ meo DwfwtgŘ}eP ( fhovgòatg ; Oefhcag Thedw (( ]e`rwc mg meèoga-ŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 16/

64>/ Wonwtgaow# Cateva/ ]ga}twc $Va}etefwv ‖ Eho Cwfa Fataneacg$ `gte}Ć vĆ jeg }ga}twOaŦehoac! ; Y42 mg aoe mg ca ïojeeoŦatgP ( Cateva Wonwtgaow (( Ce}/ Ře at}a/ ‖ 4211/ ‖ : eao/ ‖ R/ </

>5= Khfwte rg }adcĆ mg khf Ře khfwte mg àvĆ ,khfwte mg nïometg# rgtvrefafe}a}g Ře ohthf%/64</ Zgtme# Nlghtnlg/ Wo vrht} eo}ta} rgo}tw }h}mgawoa ïo zeaŦa va ; Ymgvrtg Vgtnew

Oefwc# rtgŘgmeo}g ac JgmgtaŦege taehoacg a khfwtecht mg ma`g WonlgoeP ( Nlghtnlg Zgtme ((Vrht} rcwv/ ‖ 4211/ ‖ 11 eao/ ‖ R/ =/

>5:(>55 Vrht}/ Khfwte vrht}ezg/ GmwfaŦeg je{efĆ

645/ Dw{wcao# Acehoa/ Tg{ev}goŦa ca hdhvgacĆ ïo tarht} fw ow}teŦea ; Ymgvrtg face}a}ga`h}tefg a vrht}ezwcweP ( Acehoa Dw{wcao (( Vrht} rcwv/ ‖ 4211/ ‖ 11 eao/ ‖ R/ >/

662/ Mhdthzhcvfle# Enht/ Enht Mhdthzhcvfle; $Rg jegfatg rhv} }tgdweg fä}g wo jh}dacev}mg zachatg$ ; Yeo}gtzew fw ao}tgohtwc gflerge mg jh}dac $Mafea$P (( Zhfga rhrhtwcwe/ ‖ 4211/ ‖ 1=eao/ ‖ R/ 1:/ ‖ Emg` ïo cd/ twvĆ/

661/ Jwoi# Ehvej/ Vatfeoa rteoferacĆ a fwc}wtee je{efg Ře vrht}wcwe ‖ vĆoĆ}a}ga rhrhtwcweYfh`go}/ mg E/ Jwoi# ao}tgoht g`gte} ac Tgr/ @hcmhzaP ( a ïotgnev}ta} Razgc DtĆmgvfw (( Vrht}rcwv/ ‖ 4211/ ‖ 47 eao/ ‖ R/ :/

664/ Lamge# Ze}aceg/ Fte{a a ïo}Ćte} jh}dacwc `hcmhzgogvf ( Ze}aceg Lamge (( Kwtoac mg Fle-ŘeoĆw/ ‖ 4211/ ‖ : eao/ ‖ R/ 44/

666/ Бвавтц# Гвлсмг/ ИЭЙ; ьплпдвш фзтвимш нйш эцфбпйв8 ; Yп спонвамм итпэ/эцфбпй/ ймжм д ГпйнпдзP ( Гвлсмг Бвавтц (( Гпйн/ дзнпгпсфм/ ‖ 4211/ ‖ 1= шад/ ‖ Т/ 7/

66=/ Бцамю# Плсвав/ Плсвав Бцамю; $Тзжбм ‖ рфп ювсфу гпзе кмоам$ ; Yмафзтдуя сймнзтпг сбптапе Гпйнпдщ ип тзжбмP ( овимсвй Рнцвтн Юпбвац (( Гпйн/ дзнпгпсфм/ ‖4211/ ‖ 4< шад/ ‖ Т/ 7/

667/ Птбц# Жзаавнме/ Жзаавнме Птбц; $Д эцфбпйз азф гзсфв твссйвбйзаапсфм$ ;Yмафзтдуя с авивнвяхмг ЭЛ $Нвюмш$P ( овимсвй Рнвтн Юпбвац (( Гпйн/ дзнпгпсфм/ ‖4211/ ‖ 41 шад/ ‖ Т/ 7/

7/23/2019 BNM 2011-1



1>5

66:/ Ъцтлва# Мжпту/ Апдщз дзчм тводмфмш фзаамсв ; Yмафзтдуя с итзомнзафпгЭзнзтвъмм фзаамсв Гпйнпдщ М/ ЪцтлваP ( овимсвй Рнцвтн Юпбвац (( Гпйн/ дзнпгпсфм/ ‖ 4211/ ‖ 1= шад/ ‖ Т/ 7/

66>/ Ьмьчвапд# Внйва/ Внйва Ьмьчвапд; $Цитвдйшфу эцфбпйпг авнп ип-спдтзгзаапгц$ ; Yмафзтдуя с дйвнзйуъзг эцфбпй/ лйцбв $Нвюмш$P (( Азовдмсмгвш Гпй-нпдв/ ‖ 4211/ ‖ 4> шад/

< CEONZEV]EFĄ/ JECHCHNEG/ CE]GTA]WTĄ


<11/167/1 Ce`da th`äoĆ

66</ Fhomtga# Eteoa/ Mgvrtg }ho Ře eo}hoaŦeg ; Yavrgf}g ratazgtdacgP ( Eteoa Fhomtga ((

]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 4=/665/ Fhomtga# Eteoa/ RthowoŦatga ,og%ce}gtatĆ ; Ymgvrtg rthowoŦea tgnehoacĆP ( Eteoa

Fhomtga (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 16/

6=2/ Fhomtga# Eteoa/ Tgnehoacev`gcg ïo fh`woefatga af}wacĆ ( Eteoa Fhomtga (( ]e`rwcmg meèogaŦĆ/ ‖ 4211/ ‖ > eao/ ‖ R/ 46/

<4 CE]GTA]WTĄ


<41/167/1 Ce}gta}wtĆ th`äoĆ

6=1/ Gèogvfw# @elae/ NchvvĆ ; ,jtan`/% ( @elae Gèogvfw (( Zhfga rhrhtwcwe/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 1/

6=4/ Gèogvfw# @elae/ TwnĆfewog ; YzgtvwteP ( @elae Gèogvfw (( Ce}/ Ře at}a/ ‖ 4211/ ‖16 eao/ ‖ R/ 1/

6=6/ Jatanh# Gcgoa/ Ïo}t-h ohar}g mg FtĆfewo ; YzgtvwteP ( Gcgoa Jatanh (( Jchtecg macdg/ ‖ 4211/ ‖ 1 eao/ ‖ R/ =/

6==/ RaŦwtfĆ# Ftev}eao/ Eòwc Nhcaoecht ; YzgtvwteP ( Ftev}eao RaŦwtfĆ (( Jcw| ; gm/ mg ze-ogte/ ‖ 4211/ ‖ 41 eao/ ‖ R/ >/

6=7/ RĆwogvfw# Amteao/ V}ganwte acdg ; YzgtvwteP ( Amteao RĆwogvfw (( Jchtecg macdg/ ‖4211/ ‖ 42 eao/ ‖ R/ 1/

6=:/ Vgdav}eao# Eho/ H`wc mg {ĆramĆ ; YzgtvwteP ( Eho Vgdav}eao (( Jchtecg macdg/ ‖4211/ ‖ 4> eao/ ‖ R/ 1/

6=>/ Ргмазслц# Гмчве/ Авьв гпйпнзку ; YсфмчмP ( Гмчве Ргмазслц (( Лмьма/ ап-дпсфм/ ‖ 4211/ ‖ 1= шад/ ‖ Т/ >/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



1<1

6:1/ Dwthz# ş}gjao/ Räeoga ohav}tĆ fga mg }ha}g {ecgcg ; YgvgwP ( ş}gjao Dwthz (( Ce}/ Řeat}a/ ‖ 4211/ ‖ : eao/ ‖ R/ </

6:4/ Fgrhe# Kho/ Datm `ĆtgŦ /// ; YzgtvwteP ( Kho Fgrhe (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 42 eao/ ‖R/ 1/

6:6/ Fhkhfatw# Vgtnew/ TwnĆ 9 Jazhtwte Ře `g}glog 9 JaèceacĆ ; Ygrenta`gP ( VgtnewFhkhfatw (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 4> eao/ ‖ R/ </

6:=/ Meze{a# Eho/ Dcgv}g` ; Ygrenta`ĆP ( Eho Meze{a (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 61eao/ ‖ R/ 1:/

6:7/ Meze{a# Eho/ Facga fwohaŘ}gtee 9 Kwv}eŦeg ; Ygrenta`gP ( Eho Meze{a (( ]e`rwc mg meè-

ogaŦĆ/ ‖ 4211/ ‖ 1># 1< eao/ ‖ R/ </6::/ Meze{a# Eho/ FhceomĆ}hte ca rte`Ćteg 9 Fh`rce`go} dwtnlg{ ; Ygrenta`gP ( Eho Meze{a

(( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 14# 16 eao/ ‖ R/ </

6:>/ Meze{a# Eho/ FtĆfewo ïo nwdgtoea Davatadege 9 Tgzgceho ca tgfg; Ygrenta`gP ( EhoMeze{a (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 12 eao/ ‖ R/ 1:9 11 eao/ ‖ R/ </

6:</ Meze{a# Eho/ Cgafwc 9 Azao}ak ; Ygrenta`gP ( Eho Meze{a (( ]e`rwc mg meèogaŦĆ/ ‖4211/ ‖ 4:# 4> eao/ ‖ R/ </

6:5/ Meze{a# Eho/ Cwe Gwngo NlghtnleŦĆ# amèoev}ta}ht ac DZ# fw hfa{ea kwdecgwcwe 9Ohar}g ca fa{at`Ć 9 Woetg# `hcmhzgoe! 9 Fhceomwc @ehteŦge 9 LhŦe cgnace 9 ZafaoŦĆ ratca`go}atĆ 9Fehfhewc ohw 9 NwzgtoaoŦee ohŘ}te 9 Jg`ge ïo Ratca`go} 9 V}äona Ře mtgar}a ïo mg`hftaŦeg 9Fhchaoa ; Ygrenta`gP ( Eho Meze{a (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 4> eao/ ‖ R/ </

6>2/ Meze{a# Eho/ @Ćt}wtevetga wowe ratca`go}at 9 Tgferthfe}a}g ; Ygrenta`gP ( Eho Meze{a(( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 15# 42 eao/ ‖ R/ </

6>1/ Meze{a# Eho/ ]äonweaca wowe ntgegt 9 Ftga}htwcwe ; Ygrenta`gP ( Eho Meze{a (( ]e`rwcmg meèogaŦĆ/ ‖ 4211/ ‖ 4= eao/ ‖ R/ 1: 9 47 eao/ ‖ R/ </

6>4/ Mhoefe# Ewteg/ Vhog}wc \E 9 Rtezenlg}hte 9 GfwaŦea rg}acge 9 Fhchfzew 9 Artharg rte-`Ćzata 9 Rwof}w` 9 Vacho mg }haòĆ 9 Rgevak mg aŘ}gr}atg 9 Cefwtefe 9 @ecgoewc }tge ; YzgtvwteP (Ewteg Mhoefe (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 42 eao/ ‖ R/ 7/

6>6/ Mht mg Ntenhtg Zegtw ; Yzgtvwte mgmefa}g rhg}wcweP (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 16 eao/ ‖R/ 4/ ‖ Fwrteov ; Fäom è-a jhv} mhtwc /// ( Gcgoa DĆcwŦĆ 9 Fïo}atga th`äogavfĆ ( OamgkmaWva}äe 9 H cw`g-o cafteè /// ( Cemea Hchn 9 VĆ og egtŦe /// ( Th`gh şfgtdeoa/

6>=/ MtĆnao# Ntenhtg/ Wowe rcäonĆtgŦ meo jetg 9 ]haòa ïo @hcmhza 9 VĆ zgmgŦe /// ;Ygrenta`gP ( Ntenhtg MtĆnao (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 4> eao/ ‖ R/ </

7/23/2019 BNM 2011-1



1<4

6>7/ MtwŦĆ# Eho/ Ïongtwc vwrtazegŦwetee ; `Ćt}wtee Ře vrhzgmaoee ( Eho MtwŦĆ (( VĆr}Ć`ïoa/ ‖4211/ ‖ >(1=# 41# 4< eao/ ‖ R/ 11/ ‖ Fho}eo/ Ïofgrw}wc ; 6 mgf/ 4212/

6>:/ Nthvw# Cemea/ OaŘ}gtga Mhòwcwe ; YzgtvwteP ( Cemea Nthvw (( JĆfcea/ ‖ 4211/ ‖ 44eao/ ‖ R/ =/

6>>/ Nw{wo# Gcgoa/ Zegtèe e-aw hjgte} väoee cht fac{e Ře /// @wvfa ; YzgtvwteP ( GcgoaNw{wo (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 4< eao/ ‖ R/ 47/

6></ Lavmgw# Dhnmao-Rg}tefgefw/ VĆ zhtde` th`äogŘ}g ; YzgtvwteP ( Dhnmao-Rg}tefgefw Lavmgw (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 4> eao/ ‖ R/ 1/

6>5/ Lhcdao# Eho/ @h{aef meo zeaŦa ohav}tĆ ; YtgjcgfŦeeP ( Eho Lhcdao (( Ce}/ Ře at}a/ ‖ 4211/

‖ 42 eao/ ‖ R/ =/6<2/ EhzeŦĆ# Zcam/ Ca jecàtg ; Yjtan`/ meo rhzgv}etga fw afgcaŘe }e}/P ( Zcam EhzeŦĆ (( ]e`-

rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 4:/

6<1/ EhzeŦĆ# Zcam/ \\\ ; YzgtvwteP ( Zcam EhzeŦĆ (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 4< eao/ ‖ R/ 4=/

6<4/ @afhzvfle# Ftev}eoa/ Vhog} ; YzgtvwteP ( Ftev}eoa @afhzvfle (( ]e`rwc mg meèoga-ŦĆ/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 41/

6<6/ @atajg}# Fhov}ao}eo/ Dav}howc acd 9 AfwatgcĆ 9 Mhnhte}ht 9 Ga 9 Gfhw 9 Mhtwc mht 9A,Zem% 9 Ncavwc 9 Evho 9 ]a}a 9 Ra}Ć 9 Ïo}wogfatg ; YzgtvwteP ( Fhov}ao}eo @atajg} (( Ce}/ Ře at}a/ ‖4211/ ‖ 16 eao/ ‖ R/ 7/

6<=/ Hohjtge# Hf}h`dteoa/ ]aonhw 9 @a`Ć 9 Eovhòeg 9 Ae mevrĆtw} /// 9 Rtezetga }a /// ;YzgtvwteP ( Hf}h`dteoa Hohjtge (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 4> eao/ ‖ R/ 7/

6<7/ RcĆegŘw# Taeva/ DtĆmwŦwc ; Yrhzgv}etgP ( Taeva RcĆegŘw (( Jchtecg macdg/ ‖ 4211/ ‖ 1eao/ ‖ R/ =/

6<:/ Rhrhz# Mwè}tw/ G|}tgèv}wc ; Ygrenta`ĆP ( Mwè}tw Rhrhz (( Ce}/ Ře at}a/ ‖ 4211/ ‖4> eao/ ‖ R/ </

6<>/ Rht}av# Zacgo}eo/ Dat{a Ře cwrwc ; YjadwcĆP ( Zacgo}eo Rht}av (( Ce}/ Ře at}a/ ‖ 4211/ ‖4> eao/ ‖ R/ </

6<</ Rthfa# Eho/ Meo ftwnwc aowcwe }gtgv}tw ; YzgtvwteP ( Eho Rthfa (( Jchtecg macdg/ ‖4211/ ‖ 4> eao/ ‖ R/ </ ‖ Fwrteov ; @hŘ FtĆfewo 9 @hŘ FtezĆŦ 9 @hŘ DtäomwŘ 9 @hŘ RĆrĆmeg 9@hŘ Jchtat 9 @hŘ FetgŘat 9 @hŘ Ntäoat 9 @hŘ Nwv}at 9 @hŘ V}twnwtg 9 @hŘ Dtw`Ćtgc 9 @hŘDtwàt 9 @hŘ Aomtge/

7/23/2019 BNM 2011-1



1<6

6<5/ TĆmwfao# A}goa/ Fhr}wta vcwŦe}Ć ; Yrhzgv}etgP ( A}goa TĆmwfao (( Jchtecg macdg/ ‖4211/ ‖ 42 eao/ ‖ R/ </

652/ Th}atw# Rg}tw/ Lah}efĆ 9 Fg}a}ga Ntenhtg Zegtw ; YzgtvwteP ( Rg}tw Th}atw (( JĆfcea/

‖ 4211/ ‖ 17 eao/ ‖ R/ </

651/ Veczgv}tw# Awtgceao/ Avwc meo `äogfĆ ; YgvgwP ( Awtgceao Veczgv}tw (( Ce}/ Ře at}a/ ‖4211/ ‖ : eao/ ‖ R/ 1/

654/ Veczgv}tw# Awtgceao/ Egt}atga ; YgvgwP ( Awtgceao Veczgv}tw (( Ce}/ Ře at}a/ ‖ 4211/ ‖42 eao/ ‖ R/ 1/

656/ Veczgv}tw# Awtgceao/ Ra}tea ; YgvgwP ( Awtgceao Veczgv}tw (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 16eao/ ‖ R/ 1/

65=/ Veczgv}tw# Awtgceao/ Rhzata ac}wea ; YgvgwP ( Awtgceao Veczgv}tw (( Oa}wta/ ‖ 4211/ ‖Eao/ ,Ot 1%/ ‖ R/ 16/

657/ Veczgv}tw# Awtgceao/ şaova ; YgvgwP ( Awtgceao Veczgv}tw (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 4>eao/ ‖ R/ 1/

65:/ Vwfgzgaow# Atfameg/ Fhceom rgo}tw Gèogvfw ; YzgtvwteP ( Atfameg Vwfgzgaow ((Jchtecg macdg/ ‖ 4211/ ‖ 16 eao/ ‖ R/ =/

65>/

]atlho# Rg}tw/ : ewceg 15=5 ; YzgtvwteP ( Rg}tw ]atlho (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 42eao/ ‖ R/ 4/

65</ ]atcarao# Gje`/ Cwèoa w`dtge `gcg/ Aowc 4221-4224 ; kwtoac ( Gje` ]atcarao ((Ce}/ Ře at}a/ ‖ 4211/ ‖ : eao/ ‖ R/ <9 16 eao/ ‖ R/ :9 42# 4> eao/ ‖ R/ </

655/ ]atcarao# Gje`/ ]ätn 9 Tgjcw| 9 V}a}gcg 9 Ïo ztg`g fg cwe Fataneacg e vg tgvreongawhrgtgcg ca rtgègtg# Afamgèa Th`äoĆ ïc rtgèa rg TĆmwcgvfw-Oengt ; YzgtvwteP ( Gje`]atcarao (( Ce}/ Ře at}a/ ‖ 4211/ ‖ : eao/ ‖ R/ </

=22/ ]gcgwfĆ# Zef}ht/ H ac}Ć ce`dĆ àe jtw`havĆ ow-e ; YzgtvwteP ( Zef}ht ]gcgwfĆ ((VĆr}Ć`ïoa/ ‖ 4211/ ‖ 41# 4< eao/ ‖ R/ 14/

=21/ Zäcfw# @elae/ RevefwŦa Ře jwcnee 9 Eatoa ; YzgtvwteP ( @elae Zäcfw (( Jchtecg macdg/ ‖4211/ ‖ 42 eao/ ‖ R/ =/

=24/ Zegtw# Ntenhtg/ Gèogvfw 9 CgnĆ`äo} ; YzgtvwteP (Ntenhtg Zegtw (( Oa}wta/ ‖ 4211/ ‖ Eao/ ,Ot 1%/ ‖ R/ </

=26/ [amoertw# Rg}tw/ @hcmhzgoee ; YzgtvwteP ( Rg}tw [amoertw (( Ce}/ Ře at}a/ ‖ 4211/ ‖ :eao/ ‖ R/ 1/

7/23/2019 BNM 2011-1



1<=

=2=/ Тзамъв# Двйзтме/ Гпйнпдв; дщимслв мо тззсфтв ; ивгэйзф ( Двйзтме Тзам-ъв (( Лпггцамсф/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 11/

<41/1:1/1 Ce}gta}wtĆ twvĆ

=27/ Лпггвтм# Вйзлсвант/ Тцсслме# лтвсаще# юзйпдзл пивсаще ; YтвсслвоP ( Вйзл-свант Лпггвтм (( Лпггцамсф/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 12-11/

<41/1:1/1,=><% Ce}gta}wtĆ twvĆ meo Tgrwdcefa @hcmhza

=2:/ Фчптпд# Вйзлсвант/ Ш дитшжвясу 9 Тпссмш# бзнавш Тпссмш … 9 Юзйпдзл рип-чм дпотвкзауш … 9 Д рфпг жмбйпе рипчм лтпьздз … 9 Спккзаапз имсугп 9 Ипчгзйузсйвнлпз сдпбпнщ … 9 Д фзгамъз твоцгв … ; YсфмчмP ( Вйзлсвант Фчптпд (( Лпггзтсвафrcwv/ ‖ 4211/ ‖ 41 шад/ ‖ Т/ 1:/

=2>/ Юмтлпдв# Омавмнв/ Слволв итп пчпфамлв ( Омавмнв Юмтлпдв 9 ипнжпф/ л ицбй/м итмг/ Амлпйве Жмбц (( Азовдмсмгвш Гпйнпдв/ ‖ 4211/ ‖ 4< шад/ ‖ Т/ 1>/

<41/1:1/4 Ce}gta}wtĆ wftaeogaoĆ

=2</ Eadchoviaea# Aooa/ $/// gw dgaw arĆ facmĆ ///$ 9 Taec~au eomwv}teac 9 GfcervĆ 9 Caohthf ; YzgtvwteP ( Aooa Eadchoviaea 9 }tam/ mg Cgh Dw}oatw (( @hcmhza vwzgtaoĆ/ ‖ 4211/ ‖ 4<eao/

<4(<41/2 ]ghtea# v}wmewc Ře }gloefa ce}gta}wtee

=25/ TĆecgaow# Ze}aceg/ Hteneoecg ethoege ; Yatnw`go}gcg fte}efwcwe ce}gtatP ( Ze}aceg TĆecgaow(( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 4< eao/ ‖ R/ 47/

<41/114/4/2 Ce}gta}wtĆ ngtàoĆ

=12/ Nacaefw-RĆwo# Gèceao/ Lgt}a @wccgt# CganĆowc tgvretaŦege ; Y rg àtneoga thà-owcwe vftee}hatge ngt`/# DwfwtgŘ}e# gm/ Lwàoe}av# 4212P ( Gèceao Nacaefw-RĆwo (( Kwtoac mgFleŘeoĆw/ ‖ 4211/ ‖ 47 eao/ ‖ R/ 12/

<41/167/1/2 Ce}gta}wtĆ th`äoĆ

=11/ Fgtoge# Eho/ Amteao RĆwogvfw# aŘa fw` c-a` fwohvfw} /// ; Yeo `g`htea` rhg}wcweP( Eho Fgtoge (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 41/

=14/ Flejeaf# ]wmht/ Fg ce`dĆ a zhtde} Gèogvfw ( ]wmht Flejeaf (( Fh`woev}wc/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 14-16/

=16/ Fe`rhe# @elae/ Gw Ře fgcĆcac} ; Y`gme}aŦee fw Mgttema ; mgvrtg ftgaŦea rhg}wcwe @elaeGèogvfwP ( @elae Fe`rhe (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 16 eao/ ‖ R/ 7/

=1=/ Fhtfeovfle# Oeoa/ Rawc Nhà; wo vftee}ht fatg a ve`Ŧe} meo rceo ntgwc ïoflevhtecht (

Oeoa Fhtfeovfle (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 4>/

7/23/2019 BNM 2011-1



1<7

=17/ Ftwmw# Mwè}tw/ Rth{a gth}efĆ a cwe Gèogvfw ( Mwè}tw Ftwmw (( ]e`rwc mg meè-ogaŦĆ/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 42/

=1:/ Gtow# Zavecg/ Jewc Vgfwte}ĆŦee# vaw CgfŦea cwe ]wmhtao ,1%; Ymgvrtg ftgaŦea cwe Mhteo

]wmhtao# vftee}ht th`äoP ( Zavecg Gtow (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 1= eao/ ‖ R/ </

=1>/ Nghtngvfw# Oag/ Fw` a `wte} Gèogvfw ; Yjtan`/ meo fat}ga $Dhaca Ře `hat}ga cweGèogvfw$P ( Oag Nghtngvfw (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 44/

=1</ @a}ge# Zacgtew/ Rgte`g}twc vaftw ; Yhànew rhg}wcwe @elae GèogvfwP ( Zacgtew @a-}ge (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 16 eao/ ‖ R/ 1/

=15/ ]ĆtäŦgaow# Zavecg/ Rhg}wc oaŦehoac# ceao}wc ohv}tw vwjcg}gvf ; Yhànew rhg}wcwe @e-lae Gèogvfw ; eo}gtzew fw Z/ ]ĆtäŦgaow# rtgŘgmeo}g ac JwomaŦege Fwc}wtacg $Fava Ce`dee Th-

`äog$ meo FgtoĆwŦeP ( rgo}tw fhojhtè}a}g ; Ewcew Cawteao Rhrhzefe (( Jcw| ; gm/ mg zeogte/ ‖4211/ ‖ 41 eao/ ‖ R/ 5/

<41/167/1,=><%/2 Ce}gta}wtĆ th`äoĆ meo Tgrwdcefa @hcmhza

=42/ DgŘcganĆ# Zcameèt/ Fatg vwo} thàogcg davatadgog tgrtg{go}a}ezg arĆtw}g mw-rĆ 15548 ; Yaoflg}Ć fw Z/ DgŘcganĆ# vftee}htP ( ran/ tgace{a}Ć mg Mwè}tw Ftwmw (( ]e`rwc mgmeèogaŦĆ/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 42/

=41/ Dezhc# Gje`/ Gje` Dezhc; $MafĆ ow fwohŘ}e hdegf}wc mgvrtg fatg ztge vĆ vftee gre-ntaà# ow h àe vfteg ///$ ; Yeo}gtzew fw grentaèv}wcP ( eo}gtchfw}ht ; Zef}ht Rthleo (( Ce}/ Ře at}a/

‖ 4211/ ‖ : eao/ ‖ R/ 7/

=44/ Fe`rhe# @elae/ Ce`dakwc oa}wtac fa $acwa}$ ; Ymgvrtg hrgta rhg}wcwe Ntenhtg ZegtwP( @elae Fe`rhe (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 16 eao/ ‖ R/ =/

=46/ Fehfaow# Eho/ Eatoa Ře rteg}goee vĆe ; Yrg àtneoga fĆtŦee $Rhzgv}ga egtoee$ mg@atfgca @atmatg# FleŘeoĆw# Tw|aoma# 4225#1: r/P ( Eho Fehfaow (( Jchtecg macdg/ ‖ 4211/ ‖ 4>eao/ ‖ R/ >/

=4=/ Fehfaow# Eho/ Rhg}wc ïo fĆw}atga Cwèoee ; Yrg àtneoga zhc/ $Ravak }gcwtef$ mg Oe-

fhcag DĆcŦgvfw# FleŘeoĆw# 4212P ( Eho Fehfaow (( Ce}/ Ře at}a/ ‖ 4211/ ‖ : eao/ ‖ R/ 7/

=47/ Fehfaow# Eho/ ]tamwfĆ}ht mg àtfĆ ac rhg{ege dac}efg ; Ymgvrtg af}eze}a}ga mg }ta-mwfĆ}ht ac cwe Zef}ht ]gcgwfĆP ( Eho Fehfaow (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 42 eao/ ‖ R/ =/

=4:/ Fhtdw# Lataca`deg/ Fchrh}gcg mg rcw`d Ře mg ata`Ć acg cwe Zef}ht ]gcgwfĆ ; Yrgàtneoga zhc/ $Zef}ht ]gcgwfĆ ‖ wo lgtafce}gao }taov`hmgto$# FleŘeoĆw# gm/ $Woezgtvwc$# 4212P( Lataca`deg Fhtdw (( JĆfcea/ ‖ 4211/ ‖ 17 eao/ ‖ R/ 16/

=4>/ Ftwmw# Mwè}tw/ Fw` vĆ ïofgre zeaŦa meo ohw mwrĆ h àtg mg{a`Ćnetg ; Yrg àt-

neoga zhc/ mg zgtvwte $FleŘeoĆwc g h }adcg}Ć mg fehfhca}Ć$ mg Awtgcea Dht{eo# DwfwtgŘ}e# gm/Zeoga# 4212P ( Mwè}tw Ftwmw (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 4>/

7/23/2019 BNM 2011-1



1<:

=4</ Ftwmw# Mwè}tw/ Fw` }g }tĆmga{Ć ae }Će Ře fw` }g akw}Ć ae cht ; Yrg àtneoga zhc/mg owzgcg $Womg-v {gee rhrhatgcht ïozeovg8$ mg Zcam Ntgfw# FleŘeoĆw# gm/ Atf# 4212P ( Mwè-}tw Ftwmw (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 41/

=45/ Ftwmw# Mwè}tw/ CgfŦeg mg a`ht Ře mg ev}hteg ; Yrg àtneoga zhc/ mg owzgcg $CgfŦegmg a`ht$ mg Zef}ht Mw`dtĆzgaow# FleŘeoĆw# gm/ $Dhov Hjjefgv$# 4212P ( Mwè}tw Ftwmw ((]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ > eao/ ‖ R/ 41/

=62/ Ftwmw# Mwè}tw/ Wo ac} Ntenhtg Zegtw ; Ymgvrtg zachtejefatga hrgtge rhg}wcweP (Mwè}tw Ftwmw (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ > eao/ ‖ R/ 42/

=61/ Ftwmw# Mwè}tw/ Wo thào mgvrtg vg|# acfhhc Ře oghfh`woev` ; Yrg àtneogathàowcwe $]wtoĆ}htwc mg `gmacee$ mg Aoa}hc @htatw# FleŘeoĆw# gm/ $Rtw} Eo}gtoaŦehoac$# 422<P (

Mwè}tw Ftwmw (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 4< eao/ ‖ R/ 47/=64/ Ftwmw# Mwè}tw/ Zcam EhzeŦĆ ; wo àtg vftee}ht ogmtgr}ĆŦe} ( Mwè}tw Ftwmw (( ]e`-

rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41 eao/ ‖ R/ 4:/

=66/ Madeka# Oefhcag/ Jta}gcg ohv}tw# rhg}wc /// ; Ymgvrtg ftgaŦea rhg}wcwe Fhov}ao}eo@atajg}P ( Oefhcag Madeka (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 16 eao/ ‖ R/ 7/

=6=/ Meogvfw# Zehtgc/ $Womg gŘ}e# fhrecĆteg8 ///$ ; Yrg àtneoga zhc/ $121 rhg`g$ mgZavecg FĆrĆŦäoĆ# DwfwtgŘ}e# gm/ DehmhzaP ( Zehtgc Meogvfw (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 16 eao/ ‖ R/

=/=67/ Meogvfw# Zehtgc/ Wc}eà zgtdĆ ; Yeo `g`htea` rhg}wcwe Ntenhtg ZegtwP ( Zehtgc

Meogvfw (( Ce}/ Ře at}a/ ‖ 4211/ ‖ 4> eao/ ‖ R/ =/

=6:/ Gte{aow# Nlghtnlg/ Fatg vwo} thàogcg davatadgog tgrtg{go}a}ezg arĆtw}g mw-rĆ 15548 ; Yaoflg}Ć fw Nl/ Gte{aow# met/ gm/ $Fat}egt$P (( ]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 41eao/ ‖ R/ 4:/

=6>/ NlghtnleŦĆ# Gwngo/ Wo ]tejao Dac}Ć fho}g`rhtao ; Yrg àtneoga fĆtŦee $Cwftwtecge`rht}ao}g$ mg @elae Zäcfw# FleŘeoĆw# V/ o/# 4212P ( Gwngo NlghtnleŦĆ (( Ce}/ Ře at}a/ ‖ 4211/ ‖42 eao/ ‖ R/ :/

=6</ Nta}e# Acehoa/ Facgemhvfhr vwrtatgacev} ; Yrg àtneoga zhc/ mg rth{Ć vfwt}Ć$V/]/G/R/$ ; ,rth{Ć woezgtvacĆ% mg Enht Wtvgofh# DwfwtgŘ}e# Lgtndgog}# 4211P ( Acehoa Nta}e ((]e`rwc mg meèogaŦĆ/ ‖ 4211/ ‖ 1= eao/ ‖ R/ 41/

=65/ Cevoef# @atea/ Mht mg [amoertw ; Yeo `g`htea` rhg}wcwe Rg}tw [amoertwP ( @ateaCevoef (( JĆfcea/ ‖ 4211/ ‖ 17 eao/ ‖ R/ 6/

==2/ @ateo# Nlghtnlg/ 1-4/ AcĆ}wte mg @a}ggzefe ; Yeo `g`htea` Zef}ht ]gcgwfĆ# vftee-}htP ( Nlghtnlg @ateo (( VĆr}Ć`ïoa/ ‖ 4211/ ‖ 41# 4< eao/ ‖ R/ 14/

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



151

Eomg| mg ow`g ca $Fthoefa at}efhcgcht mg na{g}Ć$ Ot 1-4211

A

Adtav# @atfgc 11>Acg|ge# ş}gjao 157Ao}ho# Eho 6=<-72Atadamke# ]aàta 15:Ateho# Zacgo}eo 621Atoaw}# Aoa 141Atzeo}g# Ze}aceg 146Azta`# @atea 4>1

D

Dacao# M/ 15># 4=1Datacewf# Zacgo}eo 4=7DĆdĆcĆw# Eho 15<-55DĆcwŦĆ# Gcgoa 6>6DĆcŦgvfw# Oefhcag Y=4=PDäcefe# Nlghtnlg 671-7=DätcĆmgaow# CwftgŦea 677Dgkao# Tgoa}a 67:Dgcäe# Cezew >DgŘcganĆ# Zcameèt 6:# =42# =71Dezhc# Gje` 67>-7<# =41Dïtfa# Mheoa 422-21

DcĆoatw# Nlghtnlg 675Dhdhf# Zacgo}eoa 4=4Dhna}w# Rg}tw 4<# 6>-65Dhcwo# H|aoa 625DhtŘgzvfle# Razgc 1=Dht{eo# Awtgcea 6:2 =4>Dh}g{a}w# Cewda 1>=Dh}oatw# Zavecg 16=DhŦao# Enht =2DtĆmgvfw# Razgc 661DwfŘao# H|aoa 1>7

Dwmgaow# Nlghtnlg 125# 1:2Dwnao# Oa}acea 4=6Dwcefaow# Cezea 15:Dwtga# Eteoa 1:4Dwtcafa# Maoegca 647Dwthz# ş}gjao 6:1Dwvwehf# Awtgcew =1DwŘecĆ# Tamw 45=Dw}oatw# Cgh =2<# =7:Dw}wfgc# Gcgoa 11>Dw{wcao# Acehoa 645

F

Facch# ]a}eaoa 1>:# Y1<6PFaoŦït# Ftev}eao 12>Fataè}tw# Eho 64:Fatr# Hcgn 622Faveao# Cwmèca 1>># 4=<FaŘw# Enht 44# <># =75-:2Fa}atana# ]wmht 611Fa{afw# Oefhcag 4==Fa{afw# Zgfgvcaz 1><Fa{eèt# H}ecea 422FĆrĆŦäoĆ# Zavecg Y=6=P

FĆreŦĆ# Ehogc 617Fätcen# Oefhcag 12Fgrhe# Kho 6:4Fgtoga# Nlghtnlg =:1Fgtoge# Eho =11Flgeaow# Fhov}ao}eo <Flejeaf# ]wmht 16# =14Flehva# Eona 424Fletfa# Thào 14=Fleteaf# Eho 11>Fleteaf# Rg}tw 115

Flet}hafĆ# Mhteo 1:>Flev}twna# Nlghtnlg 426Fedwf# Antereoa 4=7-=:Fenwcga# Zgta 4=>Fe`rhe# @elae =16# =44Fehdaow# Fhov}ao}eo Nl/ 62<Fehdaow# Ntenhtg 42=Fehdaow# @elae 61<Fehdaow# @etfga Z/ =76Fehdaow# ş}gjao =:4-:6Fehdaow# Zehtgc 5Fehfaow# Eho =46-47

Fehfaow# @elae 4<<Fehfhe# Zacgtew 11:Fehtoge# Zvgzhchm =4-==Fewdwffew# Zcam =:=Fewfew# Vzg}caoa 427Fewmeo# Zgta 4=<Fewàf# Razgc 1Fïtcen# Vgtnew 41<Fceà# Awtgcea 42:FceŘfhzvfle# ]a}eaoa 455FhfhŘecĆ# Amteao 17

Fhmtgaow# Enht =7>Fhkhfatw# Vgtnew 6:6

7/23/2019 BNM 2011-1



154

Fhcgvoef# Ewteg 454Fhcrakew# @etfga 42># 425# 41<Fhomtga# Eteoa 66<-=2Fhtae# ]a}eaoa 1:# :=Fhtdw# Lataca`deg =4:Fhtfeovfle# Oeoa =1=Fhthdfgaow# Vzg}caoa 176FtgŦw# ]a}eaoa 42<Ftev}ga# Ehz 1:Ftev}ga# Ewteg 1>5Ftwmw# Mwè}tw =17# =42# =4>-64Fwfgtgaow# Tameho =:=FwŘoet# Zef}htea 455Fw{a# Acg|aomtw Ehao =<2

M

Madeka# E/ 4=5Madeka# Oefhcag 47# 614# 61:# =66# Y==6P =:7Maàvfleo# Veèho 4Maèao# Nghtng 45# =7-=:# <<-<5Mao# Cwmèca 472Mao# @elae 472Matadao# Cwmèca 1<2MavfĆc# Zacgtea =>Meafhow# Gcgoa 471Meafhz# Eho 1:2-:1Mefgvfw-Veèogc# Ewcea Y454P

Meogvfw# Zehtgc =6=-67Meze{a# Eho 6:=->1Mhdthzhcvfle# Enht 662Mho# Oa}acea 4<=Mhoefe# Ewteg 6>4Mtaflgodgtn# Fhov}ao}eo =<6Mtanaohz# ş}gjao Y=:2PMtĆnao# Ntenhtg 6>=MtwŦĆ# Eho 6>7MwdĆvatw# Mwè}tw 11>Mwdthzvfle# Aoa}hceg =::Mwmoef# Chtg}a 474Mwcnlgtw# Zacgtew =<-72# 127Mw`dtĆzgaow# Zef}ht =45

G

Gèogvfw# @elae 4:# Y62<P# 6=1-=4# Y=16P#Y=1<-15P# =:>

Gte{aow# Nlghtnlg =6:Gtow# Zavecg =# 62# =1:Gveogofw# Oefhcag Y==>PGŘaow Aomtge =:<

J

Jatanh# Gcgoa 6=6Jgmgtewf# Oefhcag 45=Jeca}# Zcam 71-74

Jecer# Ewceao =72Jchtga# Ehaoa 76Jchtgao# Acehoa 4>4Jwoi# Ehvej 661JwŘ}ge# Oefhcag 1>

N

Nacaefw-RĆwo# Gèceao =12Nacakw# Aoa Y4:6PNavrathz# Oeoa 411NĆcwŘfĆ# Eho 1<1

Nghtngvfw# Oag =1>Nlghtnlg# ]wmht 615NlghtnleŦĆ# Aoa 475NlghtnleŦĆ# Gwngo 1:># Y6:5P# =6>Nlgtave`# Atfameg 621NleŦw# Mwè}tw Y45<PNïcfĆ# Aog}a 1<4Ncazao# ]a}eaoa 4>6Nchdw# @atea 476Nhà# Rawc Y=1=PNh}eŘao# Ewteg 16=Nta}e# Acehoa =6<Nta}e# Aongca 47=Ntawt# Naceoa 477NtĆmeoatw# Fcawmea 47:NtĆkmegtw# ş}gjao 42># 41<Ntgfw# Mwè}tw =4<Ntgkmgaow# ]wmht 4<<-<5Nte{a# Eho 4<7Nthvw# Aog}a 6:# 1:<Nthvw# Cemea 6>:Nwnwcao# @atea =:<Nwka# Vgtnew 176

Nwtao# Rg}tg 7NwŦw# Aoa 46NwŦw# @atea 414NwŦw# Zcameèt 1<6Nw{wo# Aoa 416Nw{wo# Gcgoa 41=# 6>>

L

Lamge# Ze}aceg 664Lavmgw# Dhnmao-Rg}tefgefw 6><Lgnlga# Zef}htea 417# 47>

Lhcdao# Eho 6>5

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



157

Z

Zaiwchzvie# @elae =76Zat{ate# Oefhcg}a 42>ZavecefĆ# Zacgtew 122

Za}aàow# Eho ===Zäcfw# @elae =21Zätcao# Eho 4<2Zgtdgoewf# Thmefa 627Zgtme# Nlghtnlg 64<Zefhc# @elae Vwc}aoa =7=Zegtw# FĆceo :=Zegtw# Ntenhtg 61<# 6>6# 652# =24# Y=44P# =62#

=67# ==4# ==<# =7=Zcameèt# @e}thrhce}wc FleŘeoĆwcwe Ře ac Ïo}tgnee@hcmhzg 42

Zcameètgvfw# ]wmht =<6Zhth}ogaf# Gcgoa 4:=

[

[amoertw# Rg}tw =26# Y=65P[wdfh# Zacgtew 1:4

В

Вжвтлпдв# Ймймвав 162Вншспд# Мааплзафме 5=Вйзлсвантпд# Дйвнмгмт 45>

Вантзздв# Зйзав =77Вантмздслме# Дмфвйме :7-:>Вамлуздв# Фвмсмш 4:7Вафпапдмю# Фвфушав 6Всфвчпдв# Мтмав :<

Б

Бвавтц# Гвлсмг 666Бвтбмзтц# Амав 46=Бзтжйпэ# Ртмл 1==Бзтзлзйш# Злвфзтмав 467

Бзтмй# Сфзива 451Бпйбпюва# Нзамс 1=4Бптмспдв# Йянгмйв >6Бтвфцапдв# Дзтв 4::Бцамю# Плсвав 66=Бщюлпд# Бптмс 45>Бщюлпд# Дмлфпт 45>

Д

Двжвбовнр# Мсэванмшт 64Двйвл# Йвтмсв 46:

Двтзамъв# Втфзг 121Двсмймлр# Двйзтмц :5

Ж

Жвмав# Дмлфпт 14:Жвенвткм# Гвтмав 46>Жмбц# Амлпйве =2>

Жптювл# Йзпамн 64=Жтзлц# Г/ >44Жтпс# Нрамзй 164

Н

Нвьздслме# Пйзж 62:Нкпаспа# Свегпа 166Нпнпа# Мжпту >2Нпйпжва# Мтмав 62:Нтвжваюв# Дмфвйме 6Нушлпд# Мдва 1:6-:7

З

Зьвац# Ймймш 46<

К

Казъпд# Дмлфпт =><Кпйпанлпдслм# Вйзлсвантц 45:Кцаш# Авнзкнв 4:>

О

Овеъздв# Жвймав 4<1Овивнмаслме# Тпбзтф >1Оцблп# Двйзтме 177# 1::

М

Мдваамлпдв# Пйужв 4<4Мйумав# Лсзамш :<Мпалп# Гвеш 1>2# 4:7

Л

Лвйвл# Нгмфтме 1=1

Лвйзамл# Авфвйуш 1=1Лвацфп# Пфвдмвап 1=7Лвьмтма# Двсмйме 57Лвятпд# Ятме =77Лзфтвтц# Дмптзй 177Лзфтвту# Двнмг 45:Лмптпжйп# Фвгвтв 465Лмтмййпдв# Зджзамш 17:-7>Лпйпгва# Зйзав 1::Лпггвтм# Вйзлсвант =27Лптзълме# Овчвт 124Лпсвтзд# Двйзтме 126

Лтлпьлв# Ймбптв 1=6

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1



15>

Cev}a na{g}gcht a fĆtht at}efhcg vwo} jeŘa}g ïo $ Fthoefa at}efhcgcht mg na{g}Ć$

Ot 1-4211

1/ AmgzĆtwc ; gm/ mg @hcmhza4/ Ac}atwc ftgmeoŦge6/ Fare}aca=/ Fh`woev}wc7/ Fwtegtwc ht}hmh|:/ Mtgr}wc>/ Gfhoh`ev}</ Gzgoe`go}wc {ecge5/ JĆfcea

12/ Jchtecg macdg11/ Jcw| gwthrgao ; gm/ mg zeogte14/ Eo}gntatga gwthrgaoĆ ; rav fw rav16/ Kwtoac mg FleŘeoĆw1=/ Ce}gta}wta Ře at}a17/ @hcmhza vwzgtaoĆ1:/ Oa}wta Ot 11>/ VĆr}Ć`äoa1</ Vrht} rcwv15/ ]e`rwc mg me`eogaŦĆ

42/ Woezgtv rgmanhnef rth41/ Zhfga rhrhtwcwe44/ [eatwc mg natmĆ46/ Жпйпс автпнв4=/ Лмьмаздслмз апдпсфм47/ Лмьмаздслме пбпотздвфзйу4:/ Лпггзтсваф rcwv4>/ Лпггцамсф4</ Гпйнвдсмз дзнпгпсфм45/ Азовдмсмгвш Гпйнпдв

62/ Апдпз дтзгш61/ Апдпсфм наш64/ Иваптвгв66/ Сфпймъв0 Fare}aca6=/ Рлпапгмюзслпз пбпотзамз

7/23/2019 BNM 2011-1


15<

Fwrteov

R T G J A Ť Ą //////////////////////////////// //////////////////////////////// //////////////////////////////// ////////// 7

FTHOEFA FĄTŤEE////////////////////////////////////////////////////////////////////////////////////////////////////// 12

2 NGOGTACE]ĄŤE//////////////////////////////// //////////////////////////////// //////////////////////////////// // 12

22 Da{gcg ngogtacg acg fwohaŘ}gtee Ře fwc}wtee///////////////////////////////////////////12

221 ş}eeoŦĆ Ře fwohaŘ}gtg ïo ngogtac //////////////////////////////// ///////////////////////// 12

22= ş}eeoŦa Ře }glohchnea facfwca}hatgcht/ Rtgcwftatga ma}gcht ////////////////// 12

22: V}aomatme{atg Ře v}aomatmg//////////////////////////////////////////////////////////////// / 11

22< Fezece{aŦeg/ Fwc}wtĆ/ Rthntgv////////////////////////////////////////////////////////////// 11

21 Dedcehntajeg/ Fa}achang/////////////////////////////////////////////////////////////////////11

24 Dedceh}gfhohèg ///////////////////////////////////////////////////////////////////////////////14

2>2 [eatev}efĆ/ RtgvĆ//////////////////////////////// //////////////////////////////// ///////////////// 14

2< Rhcentajee/ CwftĆte fhcgf}ezg //////////////////////////////// ////////////////////////////// 14

2<>/7 RwdcefaŦee rgo}tw }eogtee fe}e}hte //////////////////////////////// /////////////////////// 14

1 JECH[HJEG/ RVELHCHNEG //////////////////////////////// //////////////////////////////// //////////////////// 16

1> G}efĆ/ Jech{hjeg `htacĆ/ Jech{hjeg rtaf}efĆ //////////////////////////////////////////16

4 T GCENEG/ ]GHCHNEG//////////////////////////////// //////////////////////////////// /////////////////////////// 16

4> FtgŘ}eoev`/ Tgceneg ftgŘ}eoĆ//////////////////////////////// /////////////////////////////// 16

4< Evca`//////////////////////////////// //////////////////////////////// /////////////////////////////// 1=

6 ş]EEOŤG VHFEACG//////////////////////////////// //////////////////////////////// /////////////////////////////// 1=

62 ]ghtee# `g}hmhchneg Ře `g}hmg ïo Ř}eeoŦgcg vhfeacg /////////////////////////////////1=

61 V}a}ev}efĆ/ Mg`hntajeg/ Vhfehchneg//////////////////////////////// //////////////////////17

64 Rhce}efĆ //////////////////////////////// //////////////////////////////// /////////////////////////// 17

66 Gfhohèg/ ş}eeoŦg gfhohèfg //////////////////////////////// ///////////////////////////// 1:

6= Mtgr}/ KwtevrtwmgoŦĆ ////////////////////////////////////////////////////////////////////////42

67 Amèoev}taŦeg rwdcefĆ/ At}Ć èce}atĆ ///////////////////////////////////////////////////47

6: Avev}goŦĆ vhfeacĆ/ AvenwtĆte vhfeacg ////////////////////////////////////////////////////4:

6> GmwfaŦeg/ ÏozĆŦĆ`äo}/ Eov}twetg/ ]e`r cedgt /////////////////////////////////////////4:

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1


421

22= ş}eeoŦa Ře }glohchnea facfwca}hatgcht/ Rtgcwftatga ma}gcht ////////////////// <=

22< Fezece{aŦeg/ Fwc}wtĆ/ Rthntgv////////////////////////////////////////////////////////////// <=

21 Dedcehntajeg/ Fa}achang/////////////////////////////////////////////////////////////////////<7

24 Dedceh}gfhohèg ///////////////////////////////////////////////////////////////////////////////<7

262 CwftĆte mg tgjgteoŦĆ ngogtacg//////////////////////////////// ///////////////////////////// <:

2: Htnaoe{aŦee ,ïo ngogtac% //////////////////////////////// //////////////////////////////// /////// <:

2:1 Htnaoe{aŦee/ AvhfeaŦee ,ïo ngogtac%///////////////////////////////////////////////////// <:

2:5 @w{gg //////////////////////////////// //////////////////////////////// /////////////////////////////// <:

2>2 [eatev}efĆ/ RtgvĆ//////////////////////////////// //////////////////////////////// ///////////////// <:

25 @aowvftevg/ Dedcehjeceg//////////////////////////////////////////////////////////////////////<: 1 JECH[HJEG/ RVELHCHNEG //////////////////////////////// //////////////////////////////// //////////////////// <:

1(1= Jech{hjeg//////////////////////////////// //////////////////////////////// /////////////////////////// <:

4 T GCENEG/ ]GHCHNEG//////////////////////////////// //////////////////////////////// /////////////////////////// <>

4> FtgŘ}eoev`/ Tgceneg ftgŘ}eoĆ//////////////////////////////// /////////////////////////////// <>

4< Evca`//////////////////////////////// //////////////////////////////// /////////////////////////////// <<

6 ş]EEOŤG VHFEACG //////////////////////////////// //////////////////////////////// /////////////////////////////// <<

61 V}a}ev}efĆ/ Mg`hntajeg/ Vhfehchneg//////////////////////////////// //////////////////////<<

64 Rhce}efĆ //////////////////////////////// //////////////////////////////// /////////////////////////// <5

66 Gfhohèg/ ş}eeoŦg gfhohèfg //////////////////////////////// ///////////////////////////// 51

6= Mtgr}/ KwtevrtwmgoŦĆ ////////////////////////////////////////////////////////////////////////5=

67 Amèoev}taŦeg rwdcefĆ/ At}Ć èce}atĆ /////////////////////////////////////////////////122

6> GmwfaŦeg/ ÏozĆŦĆ`äo}/ Eov}twetg/ ]e`r cedgt ///////////////////////////////////////121

65 G}ohchneg/ G}ohntajeg/ Hdefgewte/ ]tameŦee/ Ma}eoe/ Jhcfcht //////////////////126

7 @A]G@A]EFĄ/ ş]EEOŤG ACG OA]WTEE //////////////////////////////// /////////////////////////////// 127

71 @a}gà}efĆ ///////////////////////////////////////////////////////////////////////////////////127

76 Je{efĆ//////////////////////////////// //////////////////////////////// //////////////////////////// 127

7= Fleèg/ Ftev}achntajeg/ @eogtachneg/////////////////////////////////////////////////12:

77 Nghchneg/ ş}eeoŦg nghchnefg Ře nghje{efg /////////////////////////////////////////////12>

7> ş}eeoŦg dehchnefg /////////////////////////////////////////////////////////////////////////////12>

7/23/2019 BNM 2011-1


424

7< Dh}aoefĆ//////////////////////////////// //////////////////////////////// //////////////////////// 12>

: ş]EEOŤG ARCEFA]G/ @GMEFEOĄ/ ]GLOEFĄ //////////////////////////////// ///////////////////////// 12<

:1 @gmefeoĆ //////////////////////////////// //////////////////////////////// ///////////////////////12<

:4 Eoneogteg/ ]gloefĆ ïo ngogtac //////////////////////////////// /////////////////////////// 114

:6 Antefwc}wtĆ/ ş}eeoŦg Ře rthfgmgg ïotwme}g/ Veczefwc}wtĆ/ G|rcha}Ćte antefhcg

Ře acg zegŦee vĆcda}efg///////////////////////////////////////////////////////////////////////117

:= Gfhohèg favoefĆ/ ş}eeoŦg mh`gv}efg/ Ïo}tgŦeogtga favge /////////////////////11>

:: ]glohchneg fleèfĆ/ Eomwv}tee fleèfg Ře ïotwme}g/////////////////////////////// 115

:>(:< Eomwv}tee# `gvgtee Ře ïomgcg}oefete rgo}tw mezgtvg à}gteacg//////////////142

:5 CwftĆte mg fhov}twfŦee ,mg favg ïo rteoferac%/ @a}gteacg mg fhov}twfŦeg/

}glohchnee Ře rthfgmgg ïo fhov}twfŦee/////////////////////////////////////////////////142

> AT]Ą/ JH]HNTAJEG/ FEOG@A]HNTAJEG/ MEZGT]EV@GO]/ VRHT] ////////////////////// 142

>1 Vev}gà}e{atg je{efĆ/ Vev}gà}e{atg tgnehoacĆ# wtdaoĆ Ře twtacĆ/ Wtdaoev`/

Rgevakg/ Ratfwte/ NtĆmeoe//////////////////////////////// //////////////////////////////// 141

>4 Atle}gf}wtĆ ////////////////////////////////////////////////////////////////////////////////////141

>6 At}g rcav}efg //////////////////////////////////////////////////////////////////////////////////144>7(>: Ref}wtĆ/ At}g ntajefg/ NtajefĆ/ NtazwtĆ ///////////////////////////////////////146

>> Jh}hntajeg Ře af}eze}ĆŦe veècatg/ Feogà}hntajeg//////////////////////////////// 146

>< @w{efĆ //////////////////////////////// //////////////////////////////// //////////////////////////146

>5 Mezgt}ev`go}/ Tgftggtg/ Khfwte/ Vrht} ///////////////////////////////////////////////14=

< CEONZEV]EFĄ/ JECHCHNEG/ CE]GTA]WTĄ //////////////////////////////// /////////////////////////// 14:

<2(<1 Rthdcg`g ngogtacg fw rtezetg ca ceonzev}efĆ Ře ce}gta}wtĆ/ Jechchneg//14: <4 Ce}gta}wtĆ //////////////////////////////// //////////////////////////////// //////////////////////145

5 NGHNTAJEG/ DEHNTAJEE/ EV]HTEG //////////////////////////////// //////////////////////////////// ///// 16:

524(52= Atlghchneg/ Rtgev}hteg/ Zgv}enee//////////////////////////////// //////////////// 16:

52< @hohntajee acg chface}ĆŦecht //////////////////////////////// ///////////////////////////// 16:

516 Nghntajeg tgnehoacĆ ïo ngogtac/ Nghntajea cwèe ao}efg Ře `hmgtog 16:

516,=><% Nghntajea Tgrwdcefee @hcmhza//////////////////////////////// /////////////// 16:

545 ş}eeoŦg dehntajefg Ře ïotwme}g//////////////////////////////// //////////////////////////// 16:

7/23/2019 BNM 2011-1


7/23/2019 BNM 2011-1


42=

:4 Eoneogteg/ ]gloefĆ ïo ngogtac //////////////////////////////// /////////////////////////// 1>7

:6 Antefwc}wtĆ/ ş}eeoŦg Ře rthfgmgg ïotwme}g/ Veczefwc}wtĆ/ G|rcha}Ćte antefhcg

Ře acg zegŦee vĆcda}efg///////////////////////////////////////////////////////////////////////1>7

:>(:< Eomwv}tee# `gvgtee Ře ïomgcg}oefete rgo}tw mezgtvg à}gteacg//////////////1>:

> AT]Ą/ JH]HNTAJEG/ FEOG@A]HNTAJEG/ MEZGT]EV@GO]/ VRHT] ////////////////////// 1>:

>1 Vev}gà}e{atg je{efĆ/ Vev}gà}e{atg tgnehoacĆ# wtdaoĆ Ře twtacĆ/ Wtdaoev`/

Rgevakg/ Ratfwte/ NtĆmeoe//////////////////////////////// //////////////////////////////// 1>:

>4 Atle}gf}wtĆ ////////////////////////////////////////////////////////////////////////////////////1>:

>6 At}g rcav}efg //////////////////////////////////////////////////////////////////////////////////1>:

>7(>: Ref}wtĆ/ At}g ntajefg/ NtajefĆ/ NtazwtĆ ///////////////////////////////////////1>:

>> Jh}hntajeg Ře af}eze}ĆŦe veècatg/ Feogà}hntajeg//////////////////////////////// 1>>

>< @w{efĆ //////////////////////////////// //////////////////////////////// //////////////////////////1>>

>5 Mezgt}ev`go}/ Tgftggtg/ Khfwte/ Vrht} ///////////////////////////////////////////////1><

< CEONZEV]EFĄ/ JECHCHNEG/ CE]GTA]WTĄ //////////////////////////////// /////////////////////////// 1>5

<4 Ce}gta}wtĆ //////////////////////////////// //////////////////////////////// //////////////////////1>5

5 NGHNTAJEG/ DEHNTAJEE/ EV]HTEG //////////////////////////////// //////////////////////////////// ///// 1<<512 Rthdcg`g ngogtacg acg nghntajege/ Nghntajea fa Ř}eeoŦĆ/ G|rgmeŦee

nghntajefg/ FĆcĆ}htee//////////////////////////////// //////////////////////////////// /////// 1<<

545 ş}eeoŦg dehntajefg Ře ïotwme}g//////////////////////////////// //////////////////////////// 1<<

56(5= Ev}hteg//////////////////////////////// //////////////////////////////// ///////////////////////1<<

Eomg| mg ow`g ca $Fthoefa at}efhcgcht mg na{g}Ć$ Ot 1-4211///////////////// 151

Cev}a na{g}gcht a fĆtht at}efhcg vwo} jeŘa}g ïo $ Fthoefa at}efhcgcht mg

na{g}Ć$ Ot 1-4211//////////////////////////////// //////////////////////////////// ////////// 15>

7/23/2019 BNM 2011-1


bnm 2011-1

Documents