Culegere bancuri

&XOHJHUHGHEDQFXUL VLSRDQWH vQOLPED URPkQD9HUVLXQHD 9ROXPXO ,

&XOHJHUH GHEDQFXULVLSRDQWH vQOLPED URPkQD
9ROXPXO ,EDQFXULOH
$OFDWXLWD GH(XJHQ .DUEDQ
9L]LWHD]DPL SDJLQDSHUVRQDOD GHZHEODD GUHVDKWWSKRPHSDJHVFRPSXVHUYHGHJHQX.
&DSRUWDO SHHQWUX SDJLQDGHEDQFXUL PDLSRWILIRORVLWHD GUHVHOH
ZZZEDQFXULRUJ
ZZZVXUIWREDQFXUL
6DXWULPLWHPL XQ(0DLOO DDGUHVD NDUEDQHXJHQ#JP[QHW
9HUVLXQHD 
8OWLPDPRGLILFDUH OD 

&XOHJHUHGHEDQFXUL VLSRDQWH vQOLPED URPkQD9HUVLXQHD 9ROXPXO ,

,QIRUPDWLL QXQXPDLFRS\ULJKW
$FHDVWDF ROHFWLHGHEDQFXUL VWDODGLVSR]LWLD OLEHUDDWXWXURU FHORUDFD UHYRU VDOHWLSDUHDVFD VDXVDOHIRORVHDVFD vQIRUPD ORU
HOHFWURQLFD SHQWUXX]XOSHUVRQDO
$FHVW ILVLHU
SGISRDWH ILGDWIDFXWFDGRX]YkUOLWDUXQFDWHPDLODWOD WRWLSULHWHQLL VLVDXGXVPDQLLW DL
%LQHvQWHOHVEDQFXULOH vQSULQFLSLX QXVWDX VXE S URWHFWLD QLFLXQXL FRS\ULJKW vQVDVLPHQLUHD ORUILLQG UDVSkQGLUHD OLEHUDSH
FDOHYHUEDOD GHSUHIHUDW  LDUvQDFHVWFD]SHFD OHVFULVD
7RWXVL VXQWGHSDUHUH FD D PLQYHVWLW IRDUWHPXOW WLPSVLPXQFD vQUHDOL]DUHD DFH VWRUSDJLQL REWLQkQG VSHUHXVLXQ UH]XOWDW
IUXPRV 'H DFHHD D VGRUL FD DFHD VWDPXQFD VDILH UHVSHFWDWD DQXPHQXDVJDVL GHORF IDLU FD DFH VWHEDQFXUL vQDFHDVWD
JUXSDUH vQWRWDOLWDWH VDXSH FD WHJRULL  VDILH WLSDULWH IDUDvQVWLLQWDUHD PHDDOWIHO GHFkW SHQWUX X]XOSHUVRQDO SUHFXPVL
SUHOXDUHDDFH VWRUJUXSDUL GHEDQFXUL GHDOWHVLWXUL RILFLDOH VDXSHUVRQDOH GLQLQWHUQHW 5HPDUFWRWXVLFXWULVWHWHFDDFH VWOXFUX
VHSUDFWLFD vQVDVLSDUH VDGHYLQD XQVSRUW GHPDVD/
1XL DVD"
EDQFXULWDULK\SHPDUWQHWGRPQXOH 0LKDL5XVVLPWHWH PDLGHSDUWHFD ODDXWRVHUYLUH SHDFHVWHSDJLQL
ZZZKD]URGRPQXOH 9RLFD6RULQVLPWHWH PDLGHSDUWHFD ODDXWRVHUYLUH SHDFHVWHSDJLQL
ZZZJHOXJRURGRPQXOH 9RLFD6RULQVLPWHWH PDLGHSDUWHFD ODDXWRVHUYLUH SHDFHVWHSDJLQL
'DFD F XPYDYUHRHGLWXUD"  JDVHVWHLQWHUHVDQWD DFHD VWDPLFD GHYHQLWD PDUHvQWUHWLPS- OXFUDUH SRDWHOXDOHJDWXUD F X
PLQHSULQ(PDLO
3HQWUX DYHGHD VLDOWH EDQFXUL VDXSHQWUX DIDFH XQGRZQORDG DODFHVWHL FDUWLVDXDXQHL YHUVLXQL PDLQRLDDFH VWHLFDUWL  SRWL
VDYL]LWH]L GLQFkQG vQFkQG XUPDWRDUHD D GUHVDKWWSKRPHSDJHVFRPSXVHUYHGHJHQX.$LFL YHLJDVL VLDOWH OXFUXUL
VSHU HXLQWHUHVDQWHvQ DIDUDGHDFH VWHEDQFXUL
7LQVDPXOWXPHVF D LFL vQSULPXO UkQGVRWLHL PHOHSHQWUX UDEGDUHD FD UH D DUDWDWR IDWDGHPLQH VLGH F RPSXWHU-DSRL O XL
6RULQ 'DOHD OXL6WHYH *HDQWD OXL &ODXGLX $GULDQ&UXFHDQX VLDWXWXURU DFHORUD FD UHPDX vQFXUDMDW SULQVFULVRUL HPDLOVD
OXFUH]PDLGHSDUWH ODSDJLQD GHEDQFXUL
$FHDVWDFD UWHVHYUHDD VWIHORYDULDQWD PDLIUXPRDVD VLSUHOXFUDWDD SDJLQLLPHOHGHEDQFXUL YDULDQWDFD UHVD SRDWD ILFLWLWD VL
VHDUD vQDLQWH GHFXOFDUHQX QXPDLvQIDWD PRQLWRUXOXL VLFXJ kQGXOO DQRWD WHOHIRQLFD
$LFLvQ DFHDVWDFD UWHSRWILH[FOXVH GLQVWDUW RULFH WHQGLQWD GHVRYLQLVPUDVLVPQDWLRQDOLVP DQWLVHPLWLVPDQWLIHPLQLVP
VDXDOWHD VWIHOGHOXFUXUL GHSORUDELOH&XYLQWH H[SOLFLWHDSDUIDUD GRDU VLSRDWH ODIRDUWH PXOWHEDQFXUL SHQWUXDQX GHUDQMD SH
QLPHQLFXIRORVLUHD ORUGLUHFWD OHDPPDUFDW SHFkWDP SXWXW  FXXQ DVWHULVF'DFDF LQHYDJDVHVWH VLDVDFD EDQFXULOH GLQ
DFHDVWDFXOHJHUHF RQWLQSUHDPXOWHF XYLQWHREVFHQH vQVHDPQDFDF LWHVWHSDJLQLOH JUHVLWHVLHVWH UXJDW VDVWHDUJDDF HVWILVLHU GH
SHKDUG
0DV EXFXUD VDSULPHVF LPSUHVLL VLRSLQLLVDX FKLDUFULWLFLGLQS DUWHD FHORUF DUHDMXQJ VDFLWHDVFDD FHDVWDFDUWHVDX
IUDJPHQWH GLQHD
'DFDH VWLXQ LQWHUQHWLVW FRQYLQVVLDL RDUHFHH [SHULHQWDF X,5&XO VLFX SURJUDPXO 0,5&VDXDOWHOH  SRWLGLQFkQG vQFkQG VD
LQWULL SH8QGHUQHW SHFDQDOXO EDQFXUL $LFLYHLSXWHD VSXQHDVFXOWD EDQFXULVLGLVFXWD FXDOWLv PSDWLPLWL DLEDQFXULORU
(XJHQ

&XOHJHUHGHEDQFXUL VLSRDQWH vQOLPED URPkQD9HUVLXQHD 9ROXPXO ,

,QWURGXFHUH
,)HQRPHQXO URPkQHVFDOEDQFXOXL
'H $GROI &ULYDW9DVLOH
0RWWR $VSOkQJHGDU QXSRW GHUkV]LFDOD URPkQHDVFD
*HQHWLFVLIXQFWLRQDOEDQFXOW LQHGHGRPHQLXO FXOWXULLRUDOHHOQL VH SUH]LQWDFD RVSHFLH GHIROFORU QRXRUDVHQHVF vQWUXQLQG
QRWHOHFDUDFWHULVWLFHD OHIDSWXOXL IROFORULF RUDODQRQLP FROHFWLYVLDGHVHRUL VLQFUHWLF ,QGLIHUHQW GHVWDWXWXO VDXD[LRORJLF HO
UHSUH]LQWD XOWLPDPDQLIHVWDUH YLHIHUWLOD VLUHOHYDQWD D F UHDWLYLWDWLLQRDVWUHSRSXODUH 6DIDFXW PDUH FD] vQIROFORULVWLFD
VHFROXOXL ;;GHLPSRUWDQWD H[SORUDULLSUH]HQWXOXL IROFORULFFDRUHDFWLH IDWDGHVSLULWXO URPDQWLF D OFHUFHWDULORU IROFORULFH
GLQVHFROXO DO;,;OHD FXH[DOWDULOH VDOHSDVHLVWH VLDUKDL]DQWH vQYLUWXWHDFD URUDFUHDWLLOH SRSXODUH VXVFLWDXLQWHUHVXO GRDUFD
PDUWXULL DOHWUHFXWXOXL VXUYLYDQFHV GXSDVVH 
/D QRL OXSWD vQDFHVW VHQVDIRVW L QLWLDWD GHXQ IROFORULVW VHPLSURIHVLRQLVW OLQJYLVWXO2YLG'HQVXVLDQX )ROFORUXO&XP
WUHEXLHvQWHOHV /HFWLHGHGHVFKLGHUH OD)DFXOWDWHD GH/LWHUH  QRLHPEULH  HO vQVXVL FRQWLQXkQG VDVHRFXSH vQVDPDL
PXOW GHIROFORUXO W UDGLWLRQDO IROFORULVWLFD QRDVWUDLQWHUEHOLFD D XUPDWFXPLFL H[FHSWLL DFHHDVLFDOH,PSHUDWLYXO W HRUHWLF
XWLOGDUH[DJHUDW  DO OXL2 'HQVXVLDQX SUH]HQWXOIROFORULF DUIL PDL DOHV SDUWHD FH WUHEXLH H[SORUDWD  DIRVW DGRSWDW
WHQGHQWLRV vQUHJLPXO FRPXQLVW GHPDL W kU]LX GXFkQG SULQPLVWLILFDUH LGHRORJLFD OD DVD]LVXO IROFORU QRXDORUkQGXLULL
SRSXODUH FRQWUDIDFHUL SURSDJDQGLVWLFH GHWLSXO &DWUDLHVF ELQHVLFkQW &DPXQ 5HSXEOLFD VvQWVDX)UXQ]D YHUGHPHUH
FRDSWH (XFXSDUWLGXO PLVIUDWH &D HOvPL IDFH GUHSWDWH /DGUHDSWD FD OHPD VFRDWH  %DQFXULOHvQVFKLPE  IRUPD
DXWHQWLFD GH FUHDWLYLWDWH RUDODGDUVLGH LQFRPRGD OLEHUWDWHVSLULWXDOD DX IRVW L JQRUDWH GH FHUFHWDWRUL VLSURVFULVH GH
DXWRULWDWLXUPkQG FDDELDGHDFXP vQFRORVDOLVH IDFDHYHQWXDOFXYHQLWD GUHSWDWH
'HODXQ PRPHQW GDWEDQFXO SDUHVDILPRQRSROL]DW HQHUJLLOHSODVPXLWRDUH D OHVSLULWXOXL SRSXODU$FHVWVSLULWVDUHWUDV
vQWUHJ vQOXPHD EDQFXULORU FXPLMORDFHOH H[SHULHQWHOH REVHUYDWLLOHSUHMXGHFDWLOH REVHVLLOHVL WHPHULWDWLOH OXL8QLYHUVXO
EDQFXULORU QXLGHFLW O XPHDQRDVWUD H VHQWLDOL]DWD vQILFWLXQH HOLEHUDWD F RQYHQWLRQDO GHVXE WHURDUHD LVWRULHL Uk]kQGXVL FX
YROXSWDWHGH HDvQVDVL vQWUXQMRF SHVWULW VLVXEWLUH IDUDLOX]LL VLIDUD UHWLFHQWH 3HGH D OWDSDUWH EDQFXO QX YUHDVDDPX]H
QXPDL HODVSLUD ODRKLODULWDWH VXSHULRDUD FXIXQFWLH F RPSHQVDWLYD vQSODQ H[LVWHQWLDO %DQFXODUHvQWRWGHDXQD XQVFRS PDL
FRPSOH[ GHFkWUkVXO HOHVWH FDPDVFDULFLL UHJLORUGHRGLQLRDUD VLFRQIHVRUXO QRVWUXQHVWLH SDVXULOH WRDWHVL vVLUkGH GH HOH
FXSURSULXO QRVWUXUkV'DU DFHVWD QXHVWH GRDU U kVXOYXOJDU GHODSHULIHULD OXPLLFLXQ UkV PDL VXEWLUH DSURDSH ILORVRILF
YRLQG SDUFDVDQH D GXFD DPLQWH FD vQDIDFH KD]GHQHFD] VWDvQWUXQ IHOWRDWD vQWHOHSFLXQHD VL WRDWD OLEHUWDWHD H [LVWHQWHL
QRDVWUH%DQFXULOH DXRILORVRILH DORU SUDFWLFDQHSUHWHQWLRDVDFX UDGDFLQLYHQHUDELOHvQUHDOLVPXO JkQGLULLSRSXODUH
$FHDVWD QRXDIRUPD GH FUHDWLYLWDWH GHWLS IROFORULF FKLDUGDFDPDLJUDELWD PDLFHUHEUDOD VLPDL SHULVDELOD GHFkWFHOH
WUDGLWLRQDOH QXHVWH PDLSXWLQ UHSUH]HQWDWLYD 8UPkQGYUHPXULORU HDDGHYHQLW XQDSUHSRQGHUHQW GDFDQXH[FOXVLY  XUEDQD
'H DOWIHO QRWLXQHD vQVDVLGHVSLULW SRSXODU DUWUHEXL UHGLVFXWDWD SRDWHvQFRQWH[WXO QRLORU UHDOLWDWLVRFLRHFRQRPLFH
1LYHODUHD VRFLDODDOIDEHWL]DUHD vQPDVD XUEDQL]DUHD DFFH OHUDWDVLLPSOLFLW GHSRSXODUHD WUHSWDWD DVDWHORU PDVVPHGLD vQ
H[SDQVLXQHVFLHQWLVPXOVLGHVDFUDOL]DUHD LDWD WRWDWkWLD IDFWRUL GHGLVROXWLH D PHGLXOXL VLPHQWDOLWDWLL W UDGLWLRQDOH%DQFXO
DSDUHGUHSWFRSLOXO W HULELODODFHVWHL O XPL vQFKLQXLWD SUHIDFHUH FDUHLDvL OLSVHVWH SRDWH F RQVLVWHQWD GDUQXVLYLWDOLWDWHD
UHFWLWXGLQHD GDUQXVLLVWHWLPHD ÌQFRQGLWLLOH YHFKLXOXLUHJLPEDQFXULOH DXDYXW RH[LVWHQWD YLJXURDVD GDURDUHFXP LOLFLWDVL
VXEWHUDQD &ULWLFLVPXOO RULPSOLFLW PDQLIHVWDUHD QRQLPDVLQHVFULVDDDFH OHLRSLQLL SXEOLFH FHDvQORFXLW vQOXPHD PRGHUQD 
PXWDWLVPXWDQGLV QRUPD F ROHFWLYLWDWLL GLQVRFLHWDWLOH WUDGLWLRQDOH IDFHDVSDLPD PXOWRUXUHFKL FDVHPQ GHQHWDJDGXLW DO
XQHLQHDOLQLHUL LQWHULRDUH ODOLQLD LGHRORJLFD D SXWHULL'H DOWIHO PXOWH EDQFXUL GLQ FDWHJRULD FH ORUSROLWLFH DX UHSUH]HQWDW
DGHYDUDWH PDQLIHVWH RUDOHWUDQVILJXUDWH GHKLODULWDWH 1XHVWH GHFL GHPLUDUH FD H OHQDX DYXWQLFLRWUHFHUH RILFLDOD FkQG
QXVHWDFHD D VXSUDORUHUDX VWLJPDWL]DWH VDXEDJDWHOL]DWH 'H DFHHDPXOWL O HDXMXGHFDW VL OHPDL MXGHFD vQFDVXSHUILFLDO
LJQRULQGXOH VDXIDOVLILFkQGXOH VLVWDWXWXO VLIXQFWLD VRFLDOD
'LFWLRQDUXOO LPELLURPkQHF RQWHPSRUDQH H[SULPDFODUDFHDVWD GHSUHFLHUH GHILQLQGEDQFXOGUHSWRJOXPD XVRDUD 5HJUHWDWXO
IROFORULVW 2YLGLX%DUOHD vQSULPXO YROXPDOVROLGHL VDOHVLQWH]H )ROFORUXO URPkQHVF (GLWXUD0LQHUYD %XFXUHVWL  OD
FDSLWROXO GHGLFDWVQRDYHL DWLQJHvQWUHDFDW VLSUREOHPD EDQFXOXLQXPLQGXO vQVDSUXGHQW WRWJOXPD 3UREOHPD H VWH
H[SHGLDWDvQWURVLQJXUD SDJLQDPDLPXOW VXEDVSHFW IRUPDO vQFDXWDUHD XQRUFULWHULL GHOLPLWDWLYH vQWUHVSHFLL 6WDWXWXO
VSLULWXDO VLVRFLDO DOEDQFXOXLFD VLXQLYHUVXO DFHVWXLDVXQWW UHFXWHFXYHGHUHD,,
2ULJLQLOH EDQFXOXL FDVSHFLH IROFORULFD WUHEXLH FDXWDWHQHJUHVLW vQVQRDYHOH GH DOWDGDWD 6HSRW IDFH WRWXVL DSURSLHUL VLGH
VSHFLD F XOWD D DQHFGRWHL VDUHDPLQWLP FDJUHFHVFXO DQHNGRWD H VWH HFKLYDOHQWXO YHFKLXOXLVODYL]QRYD FH DGDWURPkQHVFXO
VQRDYD DPEHOHYRFDEXOH D XvQWHOHVXO GHLVWRULH LQHGLWD FDVLURPDQLFXO QRYHOOD 6SUH GHRVHELUH GHVQRDYD VLGH EDQF
DQHFGRWD QX QXPDL FDQX HVWH RVSHFLH IROFORULFD GDUDUH D GHVHRUL FKLDUXQDHU HUXGLW UHIHULQGXVH OD FHOHEULWDWL VLILLQG
SURQXQWDW GLGDFWLFD 6HvQWkPSOD FD DQHFGRWDVDILH FKLDU OLSVLWD GHXPRU VXE]LVWLQG GR DUSULQ SLOGD SH FDUHRFRQWLQH VDX
SULQFXULR]LWDWHD SH FDUHRUHODWHD]D 0HGLXOSRSXODU vQFDUH WUDLHVWH EDQFXOQHvQGHSDUWHD]D GHFLGH DQHFGRWD F ODVLFDÌQ
]LOHOHQRDVWUH F XYLQWXODQHFGRWD VLDVLSLHUGXW SULQH[WHQVLH VHPDQWLFD vQWHOHVXOFODVLFDMXQJkQG VDvQVHPQH JOXPDvQ
JHQHUDOVDXGHVHPQkQGX QHRULDFHOH JOXPHF XFLUFXODWLH VFULVDGHFDUHVXQW SOLQH SHULRGLFHOH GHPkQDD GRXDH[LVWLQG FKLDU
VLDXWRUL FRQVDFUDWL GHDVWIHO GHDQHFGRWH  %DQFXULOH GLPSRWULYD VXQWRUDOH VLDQRQLPH GXFkQGDGHVHDRH[LVWHQWD GHFXOLVH
VLQHFXQRVFkQG vQSULQFLSLX UHWLFHQWHGHH[SUHVLH VDXGHF RQWLQXW 1XHVWHH [FOXV WRWXVL