Central Banking for Financial Stability: Some Lessons from the Recent Instability in the United States and Euro Area

7/31/2019 Central Banking for Financial Stability: Some Lessons from the Recent Instability in the United States and Euro Area

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EFDH Qmtjhoa Sesbt Wbthbw

Gbovtei Deojhoa nmt NhoeogheiWvedhihvx; Wmlb Ibwwmow ntml v`bTbgbov Howvedhihvx ho v`b RohvbfWvevbw eof Brtm Etbe

Iettx F/ Qeii

Om/ 718Erarwv 4354

Ewheo Fb~bimslbov Deoj Howvhvrvb


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3/37

EFDH Qmtjhoa Sesbt 718 Qeii

Edwvtegv

Gbovtei deojw è~b èf eo hlsmtveov tmib ho lehovehohoa nhoeoghei wvedhihvx v`tmra` v`bht ibofbtmn iewv tbwmtv tmib/ Ew ibofbt mn iewv tbwmtv) v`b gbovtei deoj hw ah~bo bomtlmrw smqbt q`hg` hw

omtleiix vblsbtbf dx e ~ethbvx mn ihlhvw/ Ho v`b lmwv tbgbov gthwbw ho dmv` v`b Rohvbf Wvevbw eofbrtm etbe) v`b Nbfbtei Tbwbt~b eof Brtmsbeo Gbovtei Deoj (BGD è~b gmlb rofbtbomtlmrw stbwwrtb vm vejb ibofbt mn iewv tbwmtv egvhmow vèv bpgbbf v`bwb omtlei dmrofw/ V`hwsesbt tb~hbqw v`b bpsbthbogb mn v`bwb vqm gbovtei deojw eof fteqw wmlb hlsihgevhmow nmtnrvrtb smihgx/

KBI Giewwhnhgevhmo; B2) B20) A40


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Gmovbovw

5/ Hovtmfrgvhmo ////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 74/ Vtefhvhmoei Ihlhvw mo Gbovtei Deoj Db`e~hmt ///////////////////////////////////////////////////////////////////// 77/ V`b Nhoeoghei Gthwhw ho v`b Rohvbf Wvevbw ////////////////////////////////////////////////////////////////////////// 2

7/5 V`b B~bovw ///////////////////////////////////////////////////////////////////////////////////////////////////////////// >7/4 Srdihg Smihgx Ihlhvevhmow ///////////////////////////////////////////////////////////////////////////////////////// 8

6/ V`b Brtm Etbe //////////////////////////////////////////////////////////////////////////////////////////////////////////////// 576/5 V`b B~bovw /////////////////////////////////////////////////////////////////////////////////////////////////////////// 566/4 Stb,gthwhw Ihlhvevhmow mo BGD egvhmow /////////////////////////////////////////////////////////////////// 516/7 BGD eof Strfbovhei Wrsbt~hwmtx Egvhmow frthoa v`b Gthwhw /////////////////////////////////// 506/6 Smihgx Ihlhvevhmow ///////////////////////////////////////////////////////////////////////////////////////////////// 43

2/ Smihgx Hlsihgevhmow ///////////////////////////////////////////////////////////////////////////////////////////////////////// 442/5 Hlsmtveov Stb,Gthwhw Egvhmow ///////////////////////////////////////////////////////////////////////////////// 472/4 Gbovtei Deojw Tmib ho Stbsetevhmo /////////////////////////////////////////////////////////////////////// 422/7 Gbovtei Deoj frthoa e Gthwhw ///////////////////////////////////////////////////////////////////////////////// 4>

>/ Gmogirwhmo ///////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 41Tbnbtbogbw //////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// 48


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7

5/ HOVTMFRGVHMO

Gbovtei deojw è~b èf eo hlsmtveov tmib ho lehovehohoa nhoeoghei wvedhihvx v`tmra` v`bht ibofbt

mn iewv tbwmtv tmib/ Ew ibofbt mn iewv tbwmtv) v`b gbovtei deoj omv moix gtbevbw `ha` smqbtbflmobx drv eiwm fhtbgvw v`b nrofw vm wsbghnhg) abobteiix `ha`bt thwj dmttmqbtw/ Ah~bo v`hwsmvbovheiix bomtlmrw smqbt) ibofbt mn iewv tbwmtv msbtevhmow etb omtleiix wrdkbgv vm e ~ethbvx mnihlhvw/ Ho v`b lmwv tbgbov gthwbw ho dmv` v`b Rohvbf Wvevbw (RW eof brtm etbe) v`b NbfbteiTbwbt~b eof Brtmsbeo Gbovtei Deoj (BGD è~b gmlb rofbt bomtlmrw stbwwrtb vm vejbibofbt mn iewv tbwmtv egvhmow vèv bpgbbf v`bwb omtlei dmrofw/ Ho tbwsmofhoa vm v`bwb gthwbw)v`b egvhmow mn v`b BGD eof Nbfbtei Tbwbt~b è~b dbbo stehwbf ew we~hoa v`b nhoeoghei wxwvbldx wmlb eoeixwvw/ Drv mv`btw è~b smhovbf vm v`b omtlei ihlhvw mo gbovtei deoj egvhmow) eofgmofblobf v`b ~hmievhmow ew bpegbtdevhoa v`b whvrevhmo dx fbiexhoa v`b rivhlevb tbwmirvhmo mnv`b stmdiblw) nmwvbthoa lmtei è{etf) eof hoesstmsthevbix bpsmwhoa vepsexbtw vm wrdwveovhei

thwj/5

V`hw sesbt tb~hbqw v`b fb~bimslbovw ho v`b brtm etbe eof v`b RW ntml v`b sbtwsbgvh~b mn enhoeoghei bgmomlhwv vèv wsbgheih{bw ho nhoeoghei hovbtlbfhevhmo hwwrbw/ Lx srtsmwb ho tb~hbqhoav`b b~bovw hw vm fteq ibwwmow mo v`b nrvrtb gmofrgv mn gbovtei deojw eof mv`bt wenbvx obverv`mthvhbw/ V`b sesbt dbahow qhv` e tb~hbq mn v`b vtefhvhmoei ihlhvw mo gbovtei deojw egvhoa ewibofbt mn iewv tbwmtv/ V`bo hv tb~hbqw v`b bpsbthbogb mn v`b RW eof brtm etbe wvetvhoa qhv` v`bqbejobwwbw vèv ibf vm v`bht tbwsbgvh~b gthwbw eof gmovhorhoa qhv` v`b lbewrtbw vm tbwvmtbnhoeoghei wvedhihvx/ Nhoeiix) v`b sesbt bofw qhv` e fhwgrwwhmo mn qèv ibwwmow qb w`mrif vejbntml v`bht bpsbthbogb/

4/ VTEFHVHMOEI IHLHVW MO GBOVTEI DEOJ DB@E^HMT

Gbovtei deojw hlsmtveov tmib ho wrssmtvhoa nhoeoghei wvedhihvx ethwbw ntml v`bht rohurb edhihvx vmgtbevb ~htvreiix roihlhvbf ihurhfhvx eof v`b smqbt ew ibofbt mn iewv tbwmtv vm fhtbgv vèv nimq mnihurhfhvx vm wsbghnhg nhoeoghei howvhvrvhmow/ V`b gmldhoevhmo mn v`bwb smqbtw blsmqbtw gbovteideojw vm wevhwnx vblsmtetx wshjbw ho sth~evb ihurhfhvx fbleof dbnmtb v`bx lmts` hovmqhfbwstbef howmi~bogx/ @mqb~bt) v`bwb ihurhfhvx gtbevhmo eof ibofbt mn iewv tbwmtv vmmiw etbbomtlmrwix smqbtnri ah~hoa e ibofbt mn iewv tbwmtv v`b edhihvx vm thwj vepsexbt nrofw eof vm

fhtbgvix eiimgevb tbwmrtgbw vm wsbghnhg wbgvmtw mn v`b bgmomlx) egvhmow omtleiix ewwmghevbf qhv`v`b nhwgei erv`mthvx/

@hwvmthgeiix v`b rwb mn v`hw bomtlmrw ibofbt mn iewv tbwmtv smqbt qew gmowvtehobf dmv` dx v`bwvevrvbw erv`mth{hoa v`b gbovtei deoj eof e ~ethbvx mn wmnv gmowvtehovw/ Ibofbtw mn iewv tbwmtv

5Nmt bpelsib) wbb @rls`tbx (4353 eof Qhiwmo (4354/


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6

vxshgeiix wbbj vm ibof moix vm; (e wmi~bov deojw mo (d ammf gmiievbtei ev (g e sboeivx tevbtbievh~b vm omtlei letjbv tevbw/4

V`b tburhtblbov vèv v`b ibofbt mn iewv tbwmtv ibof moix vm wmi~bov deojw ihlhvw v`b edhihvx mn v`bibofbt mn iewv tbwmtv vm tbeiimgevb tbwmrtgbw/ Hn v`b ibofbt mn iewv tbwmtv ibofw vm howmi~bov nhtlw hv

qhii bnnbgvh~bix tbetteoab v`b sthmthvx mn giehleov sexlbovw/ W`mtv,vbtl gtbfhvmtw mn v`b howmi~bovnhtl lex tbgbh~b sexlbov ntml v`b stmgbbfw mn ibofbt mn iewv tbwmtv ibofhoa) q`hib v`bgmiievbteih{evhmo mn v`b ibofbt mn iewv tbwmtvw imeow èw v`b bnnbgv mn tbfrghoa v`b sthmthvx mnimoabt vbtl giehlw/ Ibofbt mn iewv tbwmtv ibofhoa vm howmi~bov nhtlw eiwm neghihvevbw v`bbgmomlhgeiix hobnnhghbov gmovhorbf msbtevhmo mn {mldhbw/ V`b ho~bwvlbov fbghwhmow mn v`b{mldhbw etb fhwvmtvbf dx fbdv m~btèoa stmdiblw) q`hg` dhew ho~bwvlbov fbghwhmow ho ne~mttmiihoa m~bt imeow vm v`b {mldhbw howmi~bov dmttmqbtw eof eiwm dhew ho~bwvlbov vmqetfw `ha`btthwj eof tbvrto ewwbvw vèo qmrif db msvhlei/ Nrtv`bt) v`b ewwbvw mn v`b {mldhb etb lmtb ihjbixvm tbleho rofbt v`b gmovtmi mn v`b leoeabtw q`mwb fbghwhmow ibf vm v`b howmi~bogx/ Nhoeiix) dxtbfrghoa v`b bpsbgvbf bp smwv gmwv mn howmi~bogx vm deojw) ibofbt mn iewv tbwmtv ibofhoa vm

{mldhbw bogmrteabw `beiv`x deojw vm vejb lmtb thwj bp eovb/

Eii v`tbb mn v`bwb gmowvtehovw bphwv nmt wmrof tbewmow/

V`b gmowvtehov vèv v`b ibofbt mn iewv tbwmtv gmrif ibof moix eaehowv ammf gmiievbtei stmvbgvw v`bgbovtei deoj ntml imwwbw) imwwbw q`hg` qmrif rivhlevbix db dmtob dx v`b nhwgei erv`mthvx ho v`bnmtl mn tbfrgbf wbhaohmteab/ Lmtbm~bt v`b gmowvtehov vèv v`b gbovtei deoj ibofw moix eaehowvammf gmiievbtei tbhonmtgbw v`b tburhtblbov vèv hv ibof moix vm wmi~bov deojw dx ihlhvhoa v`bbpvbov vm q`hg` hv geo ibof vm howmi~bov deojw/

Nhoeiix) ibofbt mn iewv tbwmtv ibofhoa ev e sboeivx tevb stm~hfbw eo hogbovh~b nmt `beiv`x deojw vmleoeab v`bht ihurhfhvx qhv`mrv v`b obbf nmt gbovtei deoj ibofhoa/ Hv eiwm stm~hfbw eo hogbovh~bnmt deojw vèv fm mdveho nrofw ntml v`b ibofbt mn iewv tbwmtv vm tbvrto vm letjbv nrofhoa ew

bpsbfhvhmrwix ew smwwhdib/V`bwb gmowvtehovw etb obgbwwethix wmlbqèv qbejbobf frthoa e nhoeoghei seohg q`bo v`btbetb bib~evbf fbleofw ho v`b letjbv nmt ihurhfhvx/7

4

V`hw esstmeg` hw whlhiet vm qèv Dmtfm (5883; 43 geiiw v`b giewwhgei ~hbq mn v`b ibofbt mn iewv tbwmtv nrogvhmo ntml

V`mtvmo (5034 eof Deab`mv (5017/ V`b giewwhgei ~hbq `bif vèv ibofbt mn iewv tbwmtvw (IITw w`mrif nmiimq nmrt

sthoghsibw frthoa e nhoeoghei seohg; (5 ibof) drv ev e sboeivx tevb) (4 lejb gibet v`b IITw qhiihoaobww vm ibof

ntbbix) (7 eggmllmfevb eoxmob qhv` ammf gmiievbtei (~eirbf ev stb,seohg sthgbw eof (6 stb~bov hiihurhf drvwmi~bov deojw ntml nehihoa/ Gmovblsmtetx omo,gthwhw ibofhoa nmiimqw v`b giewwhgei esstmeg` nmt seohg ibofhoa

bpgbsv vèv imeow etb vxshgeiix tbwvthgvbf vm gmllbtghei deojw/

V`b ~eirb mn eilmwv eii hiihurhf ewwbvw hwneiihoa frthoa e nhoeoghei seohg ho setv dbgerwb v`b ewwbvw etb hiihurhf/ @mqb~bt) nhoeoghei seohgwvxshgeiix ethwb dbgerwb mn v`b etth~ei mn honmtlevhmo wraabwvhoa vèv v`b bpsbgvbf nrvrtb gew`

7Eomv`bt tbewmo q`x v`b ibofbt mn iewv tbwmtv lex ibof w`mtv vbtl vm eo howmi~bov howvhvrvhmo hw vèv wmlbvhlbw v`b

wbblhoaix fhwef~eoveabf gtbfhvmtw dbobnhvbf ntml w`mtv,vbtl ibofbt mn iewv tbwmtv ibofhoa/ Nmt bpelsib) Nbfbtei

Tbwbt~b wmlbvhlbw bpvbofbf imeow vm hiihurhf deojw vm ah~b v`b Nbfbtei Fbsmwhv Howrteogb Gmtsmtevhmo effhvhmoei

vhlb vm stbsetb vm tbwmi~b hv (vèv hw vhlb vm srv v`b deoj hovm eflhohwvtevh~b deojtrsvgx stmgbww/


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nimq ntml leox nhoeoghei ewwbvw èw whaohnhgeovix fbgtbewbf/ V`hw gtbevbw e stmdibl nmt v`bibofbt mn iewv tbwmtv ho fbvbtlhohoa v`b bpvbov vm q`hg` nrofelbovei ~eirbw è~b neiibo ~btwrwv`b bpvbov vm q`hg` ihurhfhvx stblhrlw è~b thwbo/ V`rw) hn e gbovtei deoj hw vm db eo bnnbgvh~bibofbt mn iewv tbwmtv frthoa e gthwhw) hv qhii ihjbix è~b vm ibof dewbf mo tbewmoedib bwvhlevbwvèv v`b deojw eof gmiievbtei qhii db ammf envbt v`b gthwhw wrdwhfbw/ 6

Dmtfm (883 fhwgrwwbw v`b etarlbov vèv hiihurhfhvx vxshgeiix ethwbw dbgerwb mn gmogbtow edmrve deojw wmi~bogx eof gmogirfbw vèv v`b esstmsthevb ibofbt mn iewv tbwmtv smihgx hw vm ibof vmhowmi~bov deojw/ V`b etarlbov hw vèv ibofhoa vm howmi~bov deojw hw dbobnhghei ho vèv hv eiimqwdmttmqbtw vm tbveho v`bht tbievhmow`hs qhv` v`b deojbt) e~mhfhoa v`b nhpbf gmwvw mn tbgtbevhoa v`btbievhmow`hs qhv` eomv`bt deoj/ @mqb~bt) b~bo hn mob eatbbw vèv v`b ibofbt mn iewv tbwmtvw`mrif ibof vm howmi~bov deojw frthoa e gthwhw) v`hw geo fm om lmtb vèo wvedhih{b v`b whvrevhmoew v`b ibofbt mn iewv tbwmtv geoomv wrssix v`b burhvx geshvei obbfbf vm tbwvmtb v`b deoj vmwmi~bogx/ Lmtbm~bt) v`b gmovhorbf msbtevhmo mn howmi~bov deojw gtbevbw sbt~btwb ho~bwvlbovhogbovh~bw nmt wmi~bov eof howmi~bov deojw ew fhwgrwwbf edm~b/ V`rw) eo essbei vm ibof vm eo

howmi~bov deoj vm lehoveho hvw grwvmlbt tbievhmow`hsw geo db ~hbqbf lmtb ew eo essbei vmstm~hfb vhlb nmt v`b nhwgei erv`mthvhbw vm tbgeshveih{b v`b deoj mt v`b tbwmirvhmo erv`mthvhbw vmvteownbt v`b tbievhmow`hsw vm e wmi~bov deoj/

2

7/ V@B NHOEOGHEI GTHWHW HO V@B ROHVBF WVEVBW

V`b RW èf vejbo wmlb lbewrtbw imoa dbnmtb v`b gthwhw hovbofbf vm tbfrgb v`b obbf nmtibofbt mn iewv tbwmtv hovbt~bovhmo eof ihlhv v`b ibofbt mn iewv tbwmtvw edhihvx vm nrofrofbtgeshveih{bf deojw/ @mqb~bt) v`b gthwhw vèv dbaeo ho 4331 `haìha`vbf e orldbt mn nieqw

ho v`b RW wxwvbl/ V`bwb nieqw gmldhobf qhv` ihlhvevhmow ho v`b nhwgei erv`mthvhbw smqbt ibnv v`bNbfbtei Tbwbt~b qhv` e g`mhgb dbvqbbo eiimqhoa v`b smvbovheiix fhwmtfbtix nehirtb mn wmlblekmt nhoeoghei nhtlw mt wvtbvg`hoa v`b ihlhvw mo vtefhvhmoei ibofbt mn iewv tbwmtv egvhmow/

RW smihgxlejbtw qbtb eibtvbf vm v`b obbf vm wvtboav`bo gthwhw leoeablbov vmmiw ho v`b 5803wew v`b ietab deojw èf ietab letjbv ~eirb imwwbw frb vm v`b ibewv fb~bimsbf gmrovtx (IFGfbdv gthwhw eof e ietab ntegvhmo mn v`b we~hoaw eof imeo hofrwvtx dbgelb howmi~bov/ V`b we~hoawhofrwvtx tburhtbf e vepsexbt nrofbf dehimrv ho 5808/>

6Eomv`bt ~hbqsmhov mo v`b lbthvw mn ibofbt mn iewv tbwmtv msbtevhmow gmlbw ntml Ammfnthbof eof Jhoa (5800 q`m

etarb vèv eii v`b GD obbf fm frthoa e seohg hw stm~hfb ihurhfhvx v`tmra` msbo letjbv msbtevhmow/ V`mwb deojw

vèv qbtb bpsbthboghoa ihurhfhvx stmdiblw gmrif dmttmq ntml mv`bt deojw/

W`mtvix v`btbenvbt) wmlb sth~evb eoeixwvwnmtbgewv v`b obbf nmt e whlhiet dehimrv mn v`b gmllbtghei deojhoa hofrwvtx/ V`b RW Gmoatbwwfhf omv qeov vm stm~hfb eomv`bt dehimrv eof tbwsmofbf qhv` v`b Nbfbtei Fbsmwhv Howrteogb

2Jhtjbaeetf (4355 fbwgthdbw v`b s`himwms`x db`hof wrg` egvh~hvx ew V`b gbovtei deoj gmlbw mrv qhv` hvw lmobvetx

arow die{hoa eof v`bo whvw degj eof stexw vèv v`b smihvhgheow fm v`b tha`v v`hoa/

>V`b ibahwievhmo erv`mth{hoa v`b wrssmtv hw v`b Nhoeoghei Howvhvrvhmow Tbnmtl) Tbgm~btx) . Bonmtgblbov Egv mn 5808/


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>

Gmtsmtevhmo Hlstm~blbov Egv (NFHGHE mn 5885/ Jbx stm~hwhmow ho v`b NFHGHE hogirfb; (5stmlsv gmttbgvh~b egvhmo (SGE q`hg` tburhtbw wrsbt~hwmtx egvhmo ew e deojw geshvei efburegxlbewrtbw fbgihob hogirfhoa tbwmirvhmo q`hib eggmrovhoa geshvei hw wvhii smwhvh~b) (4 bpseofbfNbfbtei Fbsmwhv Howrteogb Gmtsmtevhmo (NFHG deoj tbwmirvhmo smqbtw vm tbfrgb v`b thwj mngmoveahmrw wshiim~bt) (7 ihlhvw mo hovbtdeoj gtbfhv) (6 erv`mth{evhmo mn dhofhoa obvvhoa

eatbblbovw mo m~bt,v`b,gmrovbt fbth~evh~bw eof (2 ihlhvw mo Nbfbtei Tbwbt~b ibofhoa vmnhoeogheiix fhwvtbwwbf deojw (Qeii) 5887/

Drv v`b stm~hwhmow mn NFHGHE stm~bf hoefburevb/ V`b nmiimqhoa wrdwbgvhmo stm~hfbw e dthbntb~hbq mn v`b lekmt b~bovw frthoa v`b gthwhw/ V`b wbgmof wrdwbgvhmo gmowhfbtw wmlb mn v`bnieqw vèv ibf vm v`b gthwhw/

7/5 V`b B~bovw

V`b RW gthwhw dbaeo ho v`b tbwhfbovhei `mrwhoa letjbv q`bo `mlb sthgb esstbghevhmo wimqbf

eof dmttmqbtw wvetvbf fbnerivhoa/ V`b tbwhfbovhei lmtvaeab rofbtqthvhoa wveofetfw ho v`b RWfbvbthmtevbf ho v`b betix eof lhf,4333w ew stmfrgvw mthahoeiix fbwhaobf nmt wleii ohg`bw mnrorwrei dmttmqbtw qbtb lefb qhfbix e~ehiedib/ V`b bpseofbf e~ehiedhihvx mn gtbfhv gmldhobfqhv` hovbtbwv tevbw vèv qbtb imq dx tbgbov wveofetfw `bisbf fth~b `mlb sthgbw `ha`bt(Dbtoeojb 4353/ @mqb~bt) wm imoa ew `mlb sthgbw gmovhorbf vm thwb) gtbfhv imwwbw vm b~bo v`bqbejbwv dmttmqbtw tblehobf imq bogmrteahoa ibofbtw vm nrtv`bt imqbt v`bht rofbtqthvhoawveofetfw/1

Stmdiblw blbtabf ho ievb 43323> ew `mlb sthgb esstbghevhmo wimqbf eof v`bo dbaeo vm neii/Fbnerivw mo wrd,sthlb eof Eiv,E imeow wvetvbf gihldhoa ho 433> ho wmlb mn v`b wvevbw vèv èf

stb~hmrwix wbbo v`b lmwv esstbghevhmo/

0

E ietab RW ho~bwvlbov deoj) Dbet Wvbetow) dbgelb v`b nhtwv lekmt nhoeoghei nhtl ho v`b RW vmimwb letjbv gmonhfbogb eof dbgmlb hiihurhf ho Letg` 4330/ Ew eo ho~bwvlbov deoj) DbetWvbetow msbtevbf rofbt WBG strfbovhei wrsbt~hwhmo) q`hg` hogirfbf geshvei efburegxtburhtblbovw q`hg` qbtb lrg` qbejbt vèo v`mwb hlsmwbf mo gmllbtghei deojw/ Ew wrg`)Dbet Wvbetow qew ho e qbej smwhvhmo vm edwmtd imwwbw ntml v`b hlsimfhoa tbwhfbovhei tbei bwvevb

Thwhoa fbneriv tevbw whaohnhgeovix hlsegvbf nhoeogheiletjbvw wvetvhoa ievb ho v`b wrllbt mn 4331 ew v`b letjbv nmt wmlb lmtvaeab degjbfwbgrthvhbw dbgelb hiihurhf eof ho~bwvmtw wvetvbf tbfrghoa v`bht bpsmwrtb vm v`b lmtb bpsmwbfnhoeoghei howvhvrvhmow (Amtvmo 4338/

1Abtetfh bv ei/ (4330 fmgrlbov vèv fbvbthmtevhoa rofbtqthvhoa wveofetfw siexbf moix e lmfbwv tmib ho v`b ietab

hogtbewb ho fbnerivw nmt v`b 4332 eof 433> ~hoveabw vèv wrnnbtbf ~btx `ha` imwwbw/ V`bx etarb vèv ibofbtw

bpsbgvevhmow mn gmovhorhoa `ha` `mlb sthgb esstbghevhmo qew e lmtb ihjbix bpsieoevhmo/ Dtrbgjobt) Geibl) eof

Oejelrte (4354 fb~bims e lmfbi gmowhwvbov qhv` Abtetfh bv ei/w eoeixwhw eof stm~hfb wrssmtvhoa blshthgei

b~hfbogb/

0Wbb Lexbt) Sbogb) eof W`btirof (4338/


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1

letjbv/ Q`bo hv dbgelb gibet vèv Dbet Wvbetow gmrif omv wrt~h~b qhv`mrv ewwhwveogb) v`b RWerv`mthvhbw èf e g`mhgb; (e eiimq Dbet Wvbetow vm nhib nmt deojtrsvgx rofbt ieqw vèv fm omvvejb eggmrov mn v`b wsbghei oevrtb mn nhoeoghei nhtlw) mt (d stm~hfb ewwhwveogb vm neghihvevb v`bvejbm~bt mn Dbet Wvbetow dx K/S/ Lmtaeo Gèwb/8 V`b RW erv`mthvhbw fbvbtlhobf vèv v`bxgmrif omv gmonhfbovix stbfhgv v`b mrvgmlb mn e deojtrsvgx nhihoa mo jbx nhoeoghei letjbvw/ V`rw)

v`b fbghwhmo qew lefb vèv hv qmrif db stbnbtedib vm è~b eo ewwhwvbf vejbm~bt/ @mqb~bt) v`bmoix bovhvx vèv gmrif stm~hfb v`b tburhtbf hllbfhevb ewwhwveogb qew v`b Nbfbtei Tbwbt~b/ V`bRW Vtbewrtx tburhtbf Gmoatbwwhmoei erv`mth{evhmo eof v`b Nbfbtei Fbsmwhv HowrteogbGmtsmtevhmo (NFHG gmrif omv ewwhwv ew Dbet Wvbetow qew omv e gmllbtghei deoj/ V`b NbfbteiTbwbt~b èf v`b smqbt vm ibof vm hofh~hfreiw) setvobtw`hsw eof gmtsmtevhmow rofbt rorwreieof bphabov ghtgrlwveogbw/ V`b Nbfbtei Tbwbt~b rwbf v`hw erv`mthvx vm bwvedihw` e wsbgheisrtsmwb ~b`hgib vèv srtgèwbf &73 dhiihmo mn Dbet Wvbetow ewwbvw/ V`b wsbghei srtsmwb~b`hgib qew nrofbf dx &5 dhiihmo mn geshvei ntml K/S/ Lmtaeo Gèwb eof e &48 dhiihmo imeo ntmlv`b Nbfbtei Tbwbt~b q`hg` qew degjbf wmibix dx v`b ewwbvw ho v`b wsbghei srtsmwb ~b`hgib/ 53

V`b ewwhwvbf vejbm~bt mn Dbet Wvbetow vblsmtethix geilbf letjbvw drv mv`bt ietab ho~bwvlbovdeojw èf eiwm wbbo v`bht v`ho geshvei ib~biw fbsibvbf dx mo,amhoa lmtvaeab tbievbf imwwbw/V`b RW Wbgtbvetx mn v`b Vtbewrtx) @eoj Seriwmo) èf wvtmoaix bogmrteabf v`b qbejbwv mnv`bwb ietab ho~bwvlbov deojw) Ib`leo Dtmv`btw) vm hwwrb obq geshvei mt db egurhtbf dx ewvtmoabt nhtl/ Ib`leo tbnrwbf wb~btei vejbm~bt mnnbtw) `mqb~bt) ho setv bogmrteabf dx v`bdbihbn vèv v`b wrssmtv stm~hfbf vm Dbet Wvbetow hlsihghvix gmllhvvbf v`b am~btolbov vm stm~hfbehf vm Ib`leo/

55

@mqb~bt) dbnmtb Ib`leo gmiieswbf) v`b vqm ietab am~btolbov wsmowmtbf bovbtsthwbw vèvwsbgheih{bf ho v`b wbgrthvh{evhmo mn tbwhfbovhei lmtvaeabw) Neoohb Leb eof Ntbffhb Leg)dbgelb fhwvtbwwbf/

54

8

Wbb Dbtoeojb (4330d nmt e fhwgrwwhmo mn v`b b~bovw ibefhoa rs vm Dbet Wvbetow fhwvtbww eof hvw wrssmtv/

V`b vqm `mrwhoa am~btolbov wsmowmtbf bovbtsthwbw eiwm èf imq geshveiefburegx tevhmw eof `bif wrdwveovhei ureovhvhbw mn wrdsthlb lmtvaeab degjbf wbgrthvhbw/ Homtfbt vm stb~bov v`bwb vqm nhtlw ntml nehihoa) Gmoatbww sewwbf v`b @mrwhoa eof BgmomlhgTbgm~btx Egv mn 4330 vm eiimq Vtbewrtx vm stm~hfb wrssmtv eof vm ah~b v`b obqix gtbevbfNbfbtei @mrwhoa Nhoeogb Eabogx v`b smqbt vm srv v`b vqm am~btolbov wsmowmtbf bovbtsthwbwhovm gmowbt~evmtw`hs mt tbgbh~btw`hs/ Ho mtfbt vm eiimq v`bht gmovhorbf msbtevhmo) v`b vqmam~btolbov wsmowmtbf bovbtsthwbw qbtb srv hovm gmowbt~evmtw`hs eof eatbbf vm wbii stbnbttbfwvmgj vm v`b RW Vtbewrtx ho betix Wbsvbldbt 4330/

53V`b vteowegvhmo wrssmtvhoa v`b egurhwhvhmo mn Dbet Wvbetow hw wrlleth{bf ev

`vvs;--qqq/obqxmtjnbf/mta-letjbvw-lehfboieob/`vli'vedw,4 (eggbwwbf 6 Letg` 4354/

55Wbb Wmtjho (4338) bwsbgheiix Wmtjho (4338; 04 mo Seriwmo bogmrteahoa Ib`leo vm tehwb geshvei/ Wmtjho (4338;

55>) 432 eiwm ah~bw bpelsibw mn Ib`leo fbleofhoa eo edm~b letjbv sthgb nmt hvw wvmgj/

54Wbb Ntelb (4338 eof gèsvbt 2 mn Egètxe bv ei/ (4355 nmt e fhwgrwwhmo mn v`b b~bovw etmrof v`b siegblbov mn

v`b vqm am~btolbov wsmowmtbf bovbtsthwbw hovm gmowbt~evmtw`hs/


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Ho v`b qejb mn Ib`leow tbnrwei vm wvtboav`bo hvw nhoeoghei gmofhvhmo) v`b letjbvw b~bovreiiximwv gmonhfbogb ho v`b ho~bwvlbov deoj/ Ho Mgvmdbt 4331) Ib`leo dbgelb hiihurhf eof qewnmtgbf vm wbbj stmvbgvhmo ntml v`b deojtrsvgx gmrtv/ V`b Nbfbtei Tbwbt~b fhf omv v`hoj vèvIb`leo èf wrnnhghbov gmiievbtei vm mdveho e imeo ietab bomra` vm gm~bt hvw moamhoa tro(Nhoeoghei Gthwhw Hourhtx Gmllhwwhmo 4355; 763/57 @mqb~bt) Ib`leow nehirtb stm~bf vm db e

w`mgj vm v`b letjbvw ho vqm tbievbf tbwsbgvw/ Nhtwv) v`b letjbvw qbtb rogbtveho edmrv v`b RWam~btolbovw smihghbw vmqetfw ietab fhwvtbwwbf nhoeoghei nhtlw) nhtwv wrssmtvhoa Dbet Wvbetoweof v`bo eiimqhoa v`b ietab Ib`leo Dtmv`btw vm nehi/ V`hw gerwbf e wrffbo tbewwbwwlbov mnv`b stmwsbgvw mn eii ietab RW nhoeoghei nhtlw rofbt hogtbewbf rogbtvehovx edmrv am~btolbovsmihgx (Lbiv{bt 4338/ V`b tbwriv qew e wèts fbgtbewb ho v`b ihurhfhvx mn mv`bt ietab nhoeogheinhtlw/ Wbgmof) v`b nehirtb mn Ib`leo vthaabtbf v`b nehirtb mn Tbwbt~b Lmobx Nrof q`hg` èfdbbo `be~hix ho~bwvbf ho Ib`leow gmllbtghei sesbt/56

W`mtvix dbnmtb Ib`leow nehirtb) v`b erv`mthvhbw dbgelb eqetb mn v`b hllbfhevb thwj vèvElbthgeo Hovbtoevhmoei Atmrs (EHA gmrif eiwm nehi/

V`b nehirtb mn Tbwbt~b Lmobx Nrofgerwbf ho~bwvmtw vm tbewwbww eof qhv`fteq ntml mv`bt lmobx nrofw/ V`b tbwrivhoa w`thojeabgerwbf e wèts ftms ho nrofw e~ehiedib vm mv`bt dmttmqbtw ho v`b gmllbtghei sesbt letjbv/

52

Envbt Elbthgeo Hovbtoevhmoei Atmrs) Wbgtbvetx Seriwmo essbeibf vm Gmoatbww vm ah~b `hl v`berv`mthvx vm stm~hfb wrssmtv vm fhwvtbwwbf ewwbv letjbvw eof nhoeoghei nhtlw/ Q`hib Seriwmowstmsmwei qew hohvheiix tbkbgvbf) Gmoatbww wmmo esstm~bf v`b Blbtabogx BgmomlhgWvedhih{evhmo Egv mn 4330 q`hg` erv`mth{bf v`b Vtmrdibf Ewwbv Tbihbn Stmatel (VETS/

Q`hib Elbthgeo Hovbtoevhmoei Atmrswleho msbtevhmow qbtb tbievbf vm vtefhvhmoei howrteogb stmfrgvw) v`b nhtl eiwm rwbf hvw `ha`tevhoa vm stm~hfb wrdwveovhei elmrovw mn gtbfhv areteovbbw/ Ah~bo v`b fhwvtbww ho nhoeogheiletjbvw envbt Ib`leow nehirtb v`b RW erv`mthvhbw fbvbtlhobf vèv Elbthgeo HovbtoevhmoeiAtmrs w`mrif db ewwhwvbf/ Mogb eaeho) obhv`bt v`b RW Vtbewrtx omt v`b Nbfbtei FbsmwhvHowrteogb Gmtsmtevhmo gmrif stm~hfb ewwhwveogb/ V`b moix nbewhdib msvhmo qew nmt v`b NbfbteiTbwbt~b vm gtbevb wsbghei srtsmwb ~b`hgibw whlhiet vm vèv rwbf vm ewwhwv v`b Dbet Wvbetowvejbm~bt/

5>

57

Wbb eiwm @hiwbotev`) Wmimlmo) eof Seibvve (4330 nmt e fhwgrwwhmo mn v`b b~bovw etmrof v`b vhlb mn Ib`leownehirtb/

V`bhlsiblbovevhmo mn geshvei wrssmtv v`tmra` VETS eof e tbievbf wvtbww vbwv gmofrgvbf mo v`bietabwv deojw `bisbf vm tbwvmtb letjbv gmonhfbogb ho v`b deojw/ V`btbenvbt) v`b NbfbteiTbwbt~b gtbevbf e orldbt mn blbtabogx ihurhfhvx neghihvhbw vm wrssmtv gmllbtghei eof

56Wbb Egètxe (4355 nmt e dthbn wrlletx mn v`b gerwb mn Sthlb Tbwbt~b Nrofw nehirtb eof hvw hlsegv/

52Wbb Ieoaibx Wmimlmo eof Jetohvwgòha (4330 nmt e wrlletx mn v`b b~bovw w`mtvix etmrof v`b vhlb mn Elbthgeo

Hovbtoevhmoei Atmrsw gmiieswb/

5>V`b RW Fbsetvlbov mn Vtbewrtx) Mnnhgb mn Nhoeoghei Wvedhihvx (4355 hwwrbf e V`htf Xbet Eooh~btwetx tbsmtv mo

VETS/


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ho~bwvlbov deojw) lmobx letjbv nrofw eof v`b gmllbtghei sesbt letjbv/51

7/4 Srdihg Smihgx Ihlhvevhmow

V`bwb neghihvhbw amdbxmof vtefhvhmoei ibofbt mn iewv tbwmtv egvhmow ho vèv leox qbtb bpsihghvix vetabvbf ev omodeojnhtlw/ @mqb~bt) v`bx qbtb fbwhaobf vm stm~hfb moix w`mtv,vbtl ihurhfhvx wrssmtv) qhv` v`b sthghoalbgèohwlw fbwhaobf vm fhwgmrteab v`b rwb mn v`bwb neghihvhbw ew nhoeoghei letjbvw tbvrtobf vmomtlei/

V`b srdihg smihgx qbejobwwbw vèv ibf vm v`b gthwhw lex db fh~hfbf hovm vqm gevbamthbw; etbewq`btb v`b iegj mn erv`mthvx stb~bovbf vhlbix eof bnnbgvh~b tbwsmowbw: eof v`mwb q`btberv`mthvx bphwvbf drv qew omv efburevbix bpbtghwbf frb vm gmonihgvhoa ameiw/ Lmwv mn v`b srdihgsmihgx qbejobwwbw vèv ibf vm v`b gthwhw qbtb mobw q`btb v`b e~ehiedib erv`mthvx qew omvefburevbix blsimxbf frb vm gmonihgvhoa ameiw/ Ho gmovtewv) v`b qbejobwwbw ho srdihg smihgxfrthoa v`b gthwhw vbof vm db frb vm hoefburevb erv`mthvx/

7/4/5 Gmonihgvhoa ameiw

Gbovtei deojw eof mv`bt nhoeoghei wrsbt~hwmtx eaboghbw etb eilmwv eiqexw ewwhaobftbwsmowhdhihvx nmt lrivhsib ameiw eof wmlbvhlbw v`bwb ameiw è~b hogmowhwvbov hlsihgevhmow nmtsmihgx (Qeii eof Bhwbodbhw 4333/ Ho v`bwb gewbw) v`b eaboghbw lrwv fbvbtlhob q`hg` etb v`bhtlmwv hlsmtveov ameiw eof wbibgv v`b smihghbw esstmsthevb nmt vèv amei (mt ameiw/ Nmt bpelsib)q`hib gbovtei deojw ~htvreiix eiqexw è~b eo bpsihghv amei mn sthgb wvedhihvx (wmlb`mq fbnhobf)v`hw hw eilmwv eiqexw eggmlseohbf qhv` eo hlsihghv mt bpsihghv amei mn bgmomlhg atmqv` eofwvedhihvx/ E jbx setv mn b~btx gbovtei deojw fbghwhmo stmgbww hw fbvbtlhohoa `mq vm deieogbv`bwb vqm ameiw/

Ho v`b gewb mn v`b `mrwhoa nhoeogb letjbv) nbfbtei wrsbt~hwmtx eaboghbw èf wmlb smqbt vmtburhtb `ha`bt rofbtqthvhoa wveofetfw) wimq v`b atmqv` ho tbwhfbovhei stmsbtvx sthgbw) eofbonmtgb `ha`bt strfbovhei wveofetfw ev nhoeoghei nhtlw vèv rivhlevbix dbgelb fhwvtbwwbf mtnehibf/ @mqb~bt) v`bwb eaboghbw èf mv`bt ameiw qhv` gmonihgvhoa smihgx hlsihgevhmow vèv vmmj`ha`bt sthmthvx/ Lmtbm~bt) eaboghbw lex db tbirgveov vm vejb gmwvix egvhmo ho srtwrhv mn mob ameihn fmhoa wm qmrif qbejbo smihvhgei wrssmtv nmt v`b eabogx srtwrhoa hvw `ha`bt sthmthvx ameiw/

V`b Nbfbtei Tbwbt~b qew ewwhaobf tbwsmowhdhihvx nmt qthvhoa e ~ethbvx mn tbwhfbovhei lmtvaeabnhoeogb tbarievhmow q`hg` gmrif è~b dbbo rwbf vm wvtboav`bo rofbtqthvhoa wveofetfw/ V`hwewwhaolbov) `mqb~bt) gelb ew e setv mn v`b gbovtei deojw gmowrlbt stmvbgvhmo leofevb)

q`hg` hw omv mtfhoethix tbaetfbf e gmtb gbovtei deoj nrogvhmo/ Lmtbm~bt) om nbfbtei eabogx qewvewjbf qhv` bpelhohoa nhoeoghei letjbvw ho abobtei mt v`b lmtvaeab letjbv ho setvhgriet nmtwhaow mn qhfbwstbef qbejobwwbw vèv gmrif ibef vm nhoeoghei howvedhihvx/ V`rw) q`hib tbsmtvw mn

51Lmtb honmtlevhmo edmrv v`b Nbfbtei Tbwbt~bw ~ethmrw gtbfhv eof ihurhfhvx stmatelw lex db nmrof ev

`vvs;--qqq/nbfbteitbwbt~b/am~-lmobvetxsmihgx-dwv/`vl (eggbwwbf 73 Esthi 4354/


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stmdiblw fhf tbeg` v`bo Nbfbtei Tbwbt~b Gèhtleo Eieo Atbbowseo) `b fhf omv ~hbq v`bNbfbtei Tbwbt~b ew v`b esstmsthevb eabogx vm fbei qhv` v`b stmdiblw (Eoftbqw 4331/

Eomv`bt lbv`mf mn wimqhoa v`b atmqv` ho `mrwhoa sthgbw hw hovbtbwv tevb smihgx/ Q`hib imqomlhoei lmtvaeab tevbw gmovthdrvbf vm v`b thwb ho tbwhfbovhei tbei bwvevb sthgbw) v`b wh{b mn vèv

gmovthdrvhmo eof v`b bpvbov vm q`hg` v`b Nbfbtei Tbwbt~bw imq m~btoha`v vetabv tevbw ho v`bbetix 4333w gmovthdrvbf vm v`b imq tevbw hw v`b wrdkbgv mn eo moamhoa fbdevb/ Tbaetfibww mnmobw ~hbqw edmrv v`b bpvbov vm q`hg` eggmllmfevh~b smihgx neghihvevbf v`b betix atmqv` mn`mrwhoa sthgbw) v`b Nbfbtei Tbwbt~b èf v`b rourbwvhmobf smqbt vm wimq mt tb~btwb v`batmqv` ho `mrwhoa sthgbw dx tehwhoa w`mtv,vbtl tevbw rovhi v`b hogtbewbw èf v`b fbwhtbf hlsegvmo `mrwhoa sthgbw/ V`b Nbfbtei Tbwbt~bw frei leofevb) `mqb~bt) hw nmt lephlrlblsimxlbov eof wvedib sthgbw nmt ammfw eof wbt~hgbw/ V`b Nbf fmbw omv è~b eo bpsihghvleofevb vm vetabv ewwbv sthgbw/ Mob gmrif krwvhnx drddib smsshoa smihghbw mo v`b atmrofw vèvewwbv sthgb drddibw rivhlevbix è~b e wrdwveovheiix ef~btwb hlsegv mo blsimxlbov eof sthgbhonievhmo/ @mqb~bt) mob lrwv nhtwv fbvbtlhob vèv e drddib bphwvw eof v`bo fbvbtlhob vèv v`b

imoa tro dbobnhvw mn smsshoa v`b sbtgbh~bf drddib bpgbbf v`b hllbfhevb ef~btwb hlsegvw moblsimxlbov eof smwwhdix honievhmo/ Ah~bo v`b fhnnhgrivx ho hfbovhnxhoa drddibw eof v`b ihjbixgmwvw mn smsshoa v`bl qhv` lmobvetx smihgx) v`bo Gèhtleo Atbbowseo etarbf vèv hv qmrif dbimqbt gmwv vm fbei qhv` v`b gmowburbogbw mn e drddib envbt hv dtbejw vèo vm rwb lmobvetxsmihgx vm sms hv ev eo betihbt wveab/50

Eimoa qhv` stb,gthwhw amei gmonihgvw vèv ihlhvbf wrsbt~hwmtx egvhmo ho tbwhfbovhei lmtvaeabletjbvw) v`btb qbtb eiwm gmonihgvw vèv ho`hdhvbf strfbovhei wrsbt~hwhmo mn hlsmtveov nhoeogheihovbtlbfhethbw/ V`b nh~b lekmt RW ho~bwvlbov deojw vmmj v`b RW Wbgrthvhbw eof BpgèoabGmllhwwhmo (WBG ew v`bht gmowmihfevbf strfbovhei wrsbt~hwmt envbt v`b efmsvhmo mn BrtmsbeoRohmo (BR smihghbw tburhthoa gmowmihfevbf strfbovhei wrsbt~hwhmo mn nhoeoghei howvhvrvhmow/@mqb~bt) v`b WBG èw imoa ~hbqbf hvw sthletx lhwwhmo ew ho~bwvmt stmvbgvhmo ~he fhwgimwrtbtbarievhmo eof hv qew tev`bt obq vm gmowmihfevbf strfbovhei wrsbt~hwhmo/

58

Eomv`bt etbe mn qbejobww qew v`b strfbovhei wrsbt~hwhmo mn v`b ietab am~btolbov wsmowmtbfbovbtsthwbw vèv wsbgheih{bf ho tbwhfbovhei lmtvaeabw) Neoohb Leb eof Ntbffhb Leg/ Sthmt vm

v`b gthwhw) strfbovhei wrsbt~hwhmo mn Neoohb eof Ntbffhb qew gmofrgvbf dx v`b Mnnhgb mn Nbfbtei

Lmtbm~bt) v`b WBGefmsvbf Dewbi HH geshvei efburegx tburhtblbovw q`hg` hlsmwbf lrg` imqbt geshveitburhtblbovw mo `haìx tevbf lmtvaeab wbgrthvhbw vèo v`b tburhtblbovw hlsmwbf dx v`b RWgmllbtghei deoj wrsbt~hwmtw/ Etaredix v`hw qbej wrsbt~hwhmo gmovthdrvbf vm v`b gmiieswb mnvqm dha ho~bwvlbov deojw (Dbet Wvbetow eof Ib`leo Dtmv`btw eof e èwvx vejbm~bt mn e v`htfho~bwvlbov deoj (Lbtthii Ixog` q`hg` qew egurhtbf dx Deoj mn Elbthge/

50Wbb Dihofbt eof Tbhw (4332; >>14 nmt e fhwgrwwhmo mn Atbbowseow ~hbqw eof Tmrdhoh (433> nmt eo etarlbov

ew vm q`x gbovtei deojw w`mrif drtwv drddibw/

58Wbb v`b Wbgrthvhbw eof Bpgèoab Gmllhwwhmo) Mnnhgb mn Howsbgvmt Abobtei (4330 nmt eo eoeixwhw mn v`b

qbejobwwbw ho v`b Wbgrthvhbw eof Bpgèoab Gmllhwwhmow gmowmihfevbf wrsbt~hwhmo mn ho~bwvlbov deojhoa

atmrsw/


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@mrwhoa Bovbtsthwb M~btwha`v/ V`b dhaabwv amei gmonihgv vèv ho`hdhvbf Mnnhgb mn Nbfbtei @mrwhoaBovbtsthwb M~btwha`v essbetw vm è~b dbbo qhv` leox ho Gmoatbww q`m qeovbf strfbovheiwrsbt~hwhmo drv siegbf eo b~bo `ha`bt sthmthvx mo v`b am~btolbov wsmowmtbf bovbtsthwbwtbfrghoa v`b gmwv mn lmtvaeab nhoeogb/ Gmoatbww leofevbf qbej geshvei tburhtblbovw eof hvwgmovtmi m~bt Mnnhgb mn Nbfbtei @mrwhoa Bovbtsthwb M~btwha`vw drfabv wbt~bf vm qbejbo v`b

eabogxw strfbovhei wrsbt~hwhmo/43

7/4/4 Ihlhvbf smqbt

V`b Vtbewrtx eof nbfbtei wrsbt~hwmtx eaboghbw qbtb eiwm ibww bnnbgvh~b dbgerwb mn ihlhvw mov`bht smqbt mt hogmlsibvb leofevb/ Gbovtei deojw vxshgeiix etb egvh~b ho nhoeoghei letjbvw eofvejb wmlb omvb mn v`b letjbvw msbtevhmow) hogirfhoa v`b gibethoa eof wbvviblbov mn nhoeogheiletjbvw vteowegvhmow/ V`b Nbfbtei Tbwbt~b fhf omv è~b e fhtbgv leofevb vm wrsbt~hwb v`bstrfbovhei msbtevhmow mn RW m~bt,v`b,gmrovbt (MVG letjbvw/ @mqb~bt) v`b Nbfbtei Tbwbt~bfhf rwb hvw wrsbt~hwmtx smqbt m~bt gmllbtghei deojhoa atmrsw vm gmttbgv stmdiblw vèv hv

mdwbt~bf ho v`b letjbv siegb/ V`rw) v`b Nbfbtei Tbwbt~b eimoa qhv` mv`bt A,53 gbovtei deojwqmtjbf vm tbfrgb v`b thwj wbvviblbov nehirtb ho v`b nmtbhao bpgèoab letjbv) rivhlevbix ibefhoavm v`b gtbevhmo mn GIW Deoj vm tbfrgb thwj/45 Whlhietix) v`b Nbfbtei Tbwbt~b gmmsbtevbf qhv`mv`bt fmlbwvhg eof nmtbhao wrsbt~hwmtw vm efftbww stmgbwwhoa degjimaw ho gtbfhv fbnerivgmonhtlevhmow/ 44 @mqb~bt) rotbwmi~bf smvbovhei qbejobwwbw bphwvbf ho v`b vth,setvx tbsmletjbv ev v`b vhlb mn Dbet Wvbetow gmiieswb q`hg` gmovthdrvbf whaohnhgeovix vm v`b fbghwhmo vmewwhwv hvw srtgèwb/47

V`b lmwv wrdwveovhei qbejobww ho erv`mthvx) `mqb~bt) stm~bf vm db v`b iegj mn eo esstmsthevb

lbgèohwl vm tbgeshveih{b mt tbwmi~b wxwvblhgeiix hlsmtveov ietab omodeoj nhoeoghei nhtlw/

Nrtv`bt) Elbthgeo Hovbtoevhmoei Atmrsw tmib ew e lekmt qthvbt mn gtbfhvareteovbbw qew omv efburevbix esstbghevbf dx leox strfbovhei wrsbt~hwmtw rovhi w`mtvix dbnmtbhvw gmiieswb/

46

43

Wbb Lmtabowmo eof Tmwobt (4355 nmt e fhwgrwwhmo mn v`b smihvhgei bo~htmolbov vèv boedibf Neoohb Leb eof

Ntbffhb Leg vm vejb ietab thwjw ho v`b tbwhfbovhei lmtvaeab letjbv/

V`b NFHGw tbwmirvhmo erv`mthvx hw ihlhvbf vm howrtbf deojw eof fmbw omv b~bo bpvbof vmomodeoj lbldbtw mn v`b howrtbf deojw atmrs/ V`b moix ibaeiix erv`mth{bf lbgèohwl vmtbwmi~b e nehihoa omodeoj nhoeoghei nhtl qew v`tmra` v`b deojtrsvgx gmrtvw rwhoa ibahwievhmo vèvqew omv fbwhaobf vm fbei qhv` wxwvblhg nhoeoghei gmogbtow/ Ew e tbwriv) RW mnnhgheiw stm~bf

45Wbb Ihofibx (4330 nmt e fhwgrwwhmo mn nmtbhao bpgèoab wbvviblbov thwj eof GIW Deoj/

44Wbb Ibftrv eof Rssbt (43310>,83 nmt e fhwgrwwhmo mn v`b degjima ho gtbfhv fbneriv wqes gmonhtlevhmow/

47Wbb Nhoeoghei Gthwhw Hourhtx Gmllhwwhmo (4353; 483485/

46Dbtoeojb (4338 smhovw vm v`b iegj mn wrg` e tbwmirvhmo lbgèohwl ew v`b tbewmo nmt v`b Nbfbtei Tbwbt~b

stm~hfhoa wrssmtv nmt Dbet Wvbetow vejbm~bt eof v`b gmovhorhoa msbtevhmo mn Elbthgeo Hovbtoevhmoei Atmrs/


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tbirgveov vm ibv ietab wbowhvh~b atmrsw db srv hovm deojtrsvgx) eof v`bht gmogbtow etb wrssmtvbfdx ev ibewv wmlb mn v`b gmowburbogbw mn Ib`leow nehirtb/42

Tbwmirvhmo erv`mthvx qew stm~hfbf w`mtvix dbnmtb hv qew obbfbf ho v`b gewb mn Neoohb Leb eofNtbffhb Leg/

4>

V`b iegj mn gmttbgvh~b ibahwievhmo dbvqbbo Dbet eof Ib`leo hw ihjbix frb vm wb~btei fhnnhgrivhbw/Nhtwv) v`b RW gmowvhvrvhmo) RW ibahwievh~b vtefhvhmo) eof v`b RW smihvhgei wxwvbl tbnibgv lmtb mn egmogbto edmrv v`b gmowburbogbw mn èwvhix sewwhoa def ibahwievhmo vèo hv fmbw v`b mggewhmoeidbobnhvw mn teshfix sewwhoa obbfbf ibahwievhmo/

@mqb~bt) om nhwgei erv`mthvx qew stm~hfbf nmt mv`bt omodeoj nhoeoghei nhtlw

rovhi v`b Vtmrdibf Ewwbv Tbihbn Stmatel omt qew eo eivbtoevh~b tbwmirvhmo lbgèohwl nmtwxwvblhgeiix hlsmtveov nhoeoghei howvhvrvhmow (WHNHw efmsvbf rovhi v`b sewweab mn v`b Fmff,Nteoj Egv ho 4353/ Omvedix) omv`hoa qew fmob vm efftbww v`b qbejobwwbw tb~beibf dx DbetWvbetow gmiieswb rovhi envbt v`b nehirtb mn Ib`leo eof v`b gmiieswb mn Elbthgeo HovbtoevhmoeiAtmrs fbwshvb qhfbwstbef gmogbtow edmrv qbejobwwbw ev Ib`leo eof mv`bt hlsmtveovnhoeoghei hovbtlbfhethbw/

41

Lmtbm~bt) v`b stmdiblw qhv` ibahwievhoa frthoa wvtbwwnri sbthmfw am nrtv`bt ho vèv eox

ibahwievh~b egvhmo frthoa v`b gthwhw dmv` wbt~bw ew e whaoei mn smihgxlejbtw gmogbto edmrv v`b`beiv` mn v`b nhoeoghei wxwvbl eof thwjw gèoahoa v`b tribw mn v`b aelb nmt letjbv setvhghseovw/Nmt bpelsib) hn ibahwievhmo èf dbbo stmsmwbf envbt Dbet Wvbetow gmiieswb wb~btei defmrvgmlbw qbtb smwwhdib/ Gmoatbww gmrif è~b tbnrwbf vm seww eox obq ibahwievhmo) ho q`hg`letjbv setvhghseovw qmrif è~b mdwbt~bf vèv smihgxlejbtw qbtb gmogbtobf edmrv v`b `beiv`mn v`b nhoeoghei wxwvbl drv om egvhmo qew amhoa vm db vejbo/ Eivbtoevh~bix) Gmoatbww gmrif è~bsewwbf ibahwievhmo neghihvevhoa v`b tbwmirvhmo mn e nehihoa wxwvblhgeiix hlsmtveov nhoeogheihowvhvrvhmo drv vèv qmrif è~b bogmrteabf trow mo v`mwb deojw v`mra`v lmwv ~riobtedib vmnehirtb/ Nhoeiix) Gmoatbww gmrif è~b sewwbf e dhii stm~hfhoa nmt v`b tbgeshveih{evhmo mn nehihoa

V`hw wvtrgvrtb wvtboav`bow v`b èof mn v`mwb

vèv qmrif mssmwb ibahwievhmo/ Ho v`b gewb mn qbej nhoeoghei nhtlw) ibahwievhmo vm efftbww v`bhtstmdiblw qmrif ihjbix gtxwveiih{b v`b imwwbw eof nmtgb wmlb setvhbw vm dbet v`mwb gmwvw/Wètb`mifbtw eof gtbfhvmtw qmrif wveof vm imwb gmovtmi tha`vw eof nrvrtb gew` nimq hn obqibahwievhmo neghihvevbf v`b tbwmirvhmo mn gthvhgeiix rofbtgeshveih{bf nhoeoghei nhtlw v`tmraèflhohwvtevh~b mt krfhghei deojtrsvgx/ @mqb~bt) lmwv ~mvbtw qmrif mdkbgv vm vepsexbt nrofwdbhoa rwbf vm dehi mrv v`b howmi~bov nhtl/ Ho v`bwb ghtgrlwveogbw) ibahwievmtw lex stbnbt vm qehvrovhi bhv`bt v`b fhwvtbwwbf nhtlw `bei v`blwbi~bw (qhv` mt qhv`mrv ibofbt mn iewv tbwmtvewwhwveogb mt e gthwhw nmtgbw ibahwievh~b egvhmo/

42Eo bpelsib mn mob mn v`b gmowburbogbw hw v`b wimq) lbwwx tbwmirvhmo mn Ib`leow msbtevhmow ho Imofmo/

4>V`b vqm am~btolbov wsmowmtbf bovbtsthwbw qbtb omv wrdkbgv vm krfhghei deojtrsvgx omt fhf v`bht wrsbt~hwmt è~b

v`b smqbt vm siegb v`bl ho eflhohwvtevh~b tbgbh~btw`hs/

41V`b gmowvhvrvhmo stm~hfbw vèv dmv` @mrwbw mn Gmoatbww lrwv esstm~b eii ibahwievhmo/ RW ibahwievh~b vtefhvhmo

eiimqw e lhomthvx mn wboevmtw vm dimgj egvhmo/ Nhoeiix) smihvhgei setvx fhwghsihob ho v`b RW hw qbej ew v`b oevhmoei

setvhbw è~b om edhihvx vm tblm~b wboevmtw mt tbstbwbovevh~bw vèv etb wrssmtvbf dx v`bht wvevb mt fhwvthgv/


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nhtlw q`hg` qmrif è~b fhwgmrteabf trow mo howmi~bov nhtlw drv ev v`b gmwv mn nrtv`btbovtbog`hoa v`mwb nhtlw leoeablbov/

6/ V@B BRTM ETBE

V`b brtm etbe tbstbwbovw eo evvblsv vm eg`hb~b eo b~bt gimwbt rohmo v`tmra` vqm fethoa ibesw)fmhoa qèv qew smihvhgeiix nbewhdib nhtwv eof `mshoa v`b tblehohoa bwwbovhei wvbsw qmrif nmiimq/Hfbeiix v`b tblehohoa wvbsw qmrif èssbo dbnmtb e gthwhw) drv hn omv) v`b `msb qew vèv ev ibewvv`b gthwhw qmrif stm~hfb v`b hlsbvrw vm dthoa edmrv gimwbt rohmo/

V`b nhtwv mn v`bwb ibesw hw v`b evvblsv vm fb~bims e whoaib letjbv nmt nhoeoghei wbt~hgbw dxihdbteih{hoa bovtx tribw/ Lmwv mn v`b BR hw e deoj fmlhoevbf letjbv/ @bogb v`b fb~bimslbov mne whoaib letjbv nmt nhoeoghei wbt~hgbw hlsihbw v`b fb~bimslbov mn seo,BR deojw) q`hg` hostegvhgei vbtlw lbeov deoj gmowmihfevhmo/ V`b gmowmihfevhmo mn v`b deojhoa wbgvmt qew

neghihvevbf ho 5884 dx v`b efmsvhmo mn v`b whoaib sewwsmtv q`hg` eiimqbf deojw erv`mth{bf dxmob BR lbldbt vm stm~hfb wbt~hgbw ho eii mv`bt BR lbldbt wvevbw (G`txwvei eof Gmraìho5884/ Nrtv`bt) v`b whoaib sewwsmtv eiimqbf eo BR deoj vm stm~hfb eox wbt~hgb erv`mth{bf ho hvw`mlb letjbv ho eox `mwv BR letjbvw ho q`hg` hv msbtevbf/ Eimoa qhv` neghihvevhoa v`bgmowmihfevhmo mn v`b deojw) v`bwb gèoabw eiwm bogmrteabf hofh~hfrei lbldbt wvevbw vmihdbteih{b v`bht nhoeoghei wbt~hgbw tribw/ V`b whoaib sewwsmtv) `mqb~bt) tbstbwbovbf e dmif ibesho vèv hv qew omv eggmlseohbf dx lm~bw vm gtbevb e seo,BR strfbovhei wrsbt~hwmtx eabogx)fbsmwhv howrtbt mt e seo,BR deoj tbwmirvhmo lbgèohwl/ Howvbef v`b BR tbvehobf v`bwbnrogvhmow ev v`b oevhmoei ib~bi wrdkbgv vm ètlmoh{evhmo mn lhohlrl wveofetfw ho wmlb jbxetbew hogirfhoa geshvei efburegx eof fbsmwhv howrteogb/ Effhvhmoeiix) BR ib~bi gmllhvvbbw

qbtb hovbofbf vm neghihvevb gmmsbtevhmo elmoa oevhmoei wrsbt~hwmtw/V`b wbgmof eof b~bo dhaabt ibes qew v`b gtbevhmo mn e grttbogx rohmo eof v`b BGD/ V`b brtmetbe hw wm ietab eof fh~btwb vèv hv hw roihjbix eii mn hvw lbldbtw qhii db ev v`b welb wveab ho v`bdrwhobww gxgib eof dbobnhv ntml v`b welb lmobvetx smihgx (Nbifwvbho 4355/ V`hw hw eohlsmtveov fhnnhgrivx nmt v`b msbtevhmo mn e gmllmo gbovtei deoj) drv hv hw omv howrtlmrovedib/V`b RW hw eiwm ietab eof fh~btwb xbv nrogvhmow qhv` e whoaib grttbogx/ V`b fhnnbtbogb hw vèv v`bRW èw e nbfbtei am~btolbov qhv` e ietab drfabv vèv ervmlevhgeiix vteownbtw hogmlb ntmlnewvbt atmqhoa tbahmow vm bgmomlhgeiix qbejbt tbahmow/ V`b RW eiwm èw e oevhmoei fbsmwhvhowrteogb wxwvbl q`hg` wstbefw v`b gmwv mn tbahmoei deoj nehirtbw egtmww v`b gmrovtx/ Nhoeiix)v`b RW eiwm èw e `hwvmtx mn atbevbt qmtjbt lmdhihvx) qhv` qmtjbtw ho lmwv wmghei wvteve dbhoastbsetbf vm lm~b vm etbew qhv` dbvvbt kmd stmwsbgvw/ Ho gmovtewv) v`b gbovtei drfabv nmt v`b BRhw vhox tbievh~b vm hvw lbldbt wvevbw oevhmoei drfabvw) fbsmwhv howrteogb hw stm~hfbf ev v`boevhmoei ib~bi eof qmtjbt lmdhihvx essbetw vm db gmogbovtevbf ho v`b dbvvbt bfrgevbf) `ha`btbetohoa wvteve/ Nhoeiix) v`b ~ethmrw wvevbw ho v`b RW imoa eam ibetobf vèv smihvhgei wrd,rohvw ho egrttbogx rohmo lrwv omv tro ietab) sbtwhwvbov fbnhghvw eof lmwv wvevb gmowvhvrvhmow tburhtb edeieogbf drfabv/ V`b lbldbt wvevbw mn v`b BR fblmowvtevbf wmlb rofbtwveofhoa mn v`b


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hlsmtveogb mn ihlhvhoa nhwgei fbnhghvw q`bo v`bx wbv v`b vbtlw nmt kmhohoa v`b brtm eof esstm~bfv`b Atmqv` eof Wvedhihvx Segv/ @mqb~bt) v`b Atmqv` eof Wvedhihvx Segv fhf omv stm~b ~btxbnnbgvh~b ho stegvhgb/

V`b nhoei gèsvbt èw omv xbv dbbo qthvvbo mo v`b brtm etbe/ V`b grttbov gthwhw lex xbv stm~hfb

v`b hlsbvrw nmt v`b brtm etbe lbldbtw) mt ev ibewv lmwv mn v`b lbldbtw) vm vejb v`b tblehohoabwwbovhei wvbsw nmt e iewvhoa grttbogx rohmo qhv` e whoaib letjbv nmt nhoeoghei wbt~hgbw/ Drv wrgèo mrvgmlb hw omv ewwrtbf) eof ho eox gewb v`b tmef v`btb hw stm~hoa vm db ~btx tmra`/ V`bnmiimqhoa wrdwbgvhmow tb~hbq v`b qbejobwwbw vèv ibf vm v`b grttbov wm~btbhao fbdv stmdiblwho wb~btei sbths`btei gmrovthbw eof gmowhfbt v`b fhnnhgrivhbw neghoa brtm etbe smihgxlejbtw/

6/5 V`b B~bovw

V`b BGD gmontmovbf vqm gthwbw/ V`b nhtwv etmwb ietabix ntml brtm etbe deojw bpsmwrtb vmfb~bimslbovw ho v`b RW Egètxe eof Wgòedi (4353 smhov vm nieqw ho tbarievhmo vèv

bogmrteabf deojw ho leox gmrovthbw) hogirfhoa leox brtm etbe gmrovthbw) vm gtbevb gmofrhvwvèv srtgèwbf `haìx tevbf lmtvaeab degjbf wbgrthvhbw vèv qew ho~bwvbf ho imqbt ureihvx RWlmtvaeabw/ V`bwb gmofrhvw v`bo tbihbf tev`bt `be~hix mo mdvehohoa w`mtv,vbtl RW fmiiet nrofhoaho v`b ewwbv degjbf gmllbtghei sesbt letjbv/ Ew ho~bwvmtw qhv`ftbq ntml v`b ewwbv degjbfgmllbtghei sesbt letjbv frb gmogbto edmrv v`b rofbtixhoa lmtvaeab degjbf wbgrthvhbw) v`bwsmowmthoa deojw negbf e nrofhoa gtrog` ew v`bx vthbf vm mdveho eivbtoevh~b wmrtgbw mnnhoeoghoa/ V`b gthwhw ho RW fmiiet nrofhoa wvetvbf ho v`b wrllbt mn 4331 eof sbejbf w`mtvixenvbt v`b nehirtb mn Ib`leo/

V`b wbgmof gthwhw vèv blbtabf vmmj v`b nmtl mn fhwvtbwwbf letjbvw nmt v`b wm~btbhao fbdv mn

wb~btei brtm etbe gmrovthbw) gmllmoix tbnbttbf vm ew v`b sbths`btei gmrovthbwbwsbgheiixAtbbgb) Htbieof) Smtvraei) Wseho eof Hveix/ V`b rofbtixhoa gerwbw mn v`bwb wm~btbhao fbdvgthwbw ietabix am degj vm fbghwhmow lefb sthmt vm 4331 drv v`b wbthmrwobww mn v`b stmdiblw fhfomv dbgmlb essetbov rovhi envbt v`b nehirtb mn Ib`leo/

Atbbgb èf dbbo troohoa ietab grttbov eggmrov eof nhwgei fbnhghvw sthmt vm v`b gthwhw/ 40

40

V`hw seteates` fteqw ntml Obiwmo) Dbijho eof Lhp (4353 eof Wvbho (4355/

@mqb~bt) hv qew edib vm nhoeogb v`bwb fbnhghvw ev imq wstbefw vm mv`bt brtm etbe wm~btbhaofbdv) frb ietabix vm e gmldhoevhmo mn v`b Atbbj am~btolbov stm~hfhoa lhwibefhoa honmtlevhmoedmrv v`b ib~bi eof atmqv` tevb mn hvw wm~btbhao fbdv eof dx ho~bwvmtw bpsbgvevhmow vèv ombrtm etbe Lbldbt Wvevb qmrif db eiimqbf vm fbneriv/ Ho~bwvmt gmogbtow hogtbewbfftelevhgeiix) `mqb~bt) ho Mgvmdbt 4338 q`bo eo hogmlhoa am~btolbov tb~hwbf v`b am~btolbovdrfabv fbnhghv bwvhlevb nmt 4338 ntml >/1" mn atmww fmlbwvhg stmfrgv (AFS vm 54/1" mn AFS/Ew v`b leaohvrfb mn Atbbgbw nhwgei fbnhghv eof mrvwveofhoa fbdv dbgelb essetbov) v`b gmrovtxnegbf hogtbewhoaix fhnnhgriv vbtlw ho eggbwwhoa v`b letjbv/ Hofbbf) nrtv`bt qmtj qew fmob moAtbbgbw srdihg fbdv eof bwvhlevbw mn v`b 4338 xbet bof fbdv hogtbewbf vm 552/5" mn AFS dx


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Lex 4353/ Mo 4 Lex 4353 v`b Atbbj am~btolbov tbeg`bf eo eatbblbov qhv` v`b HovbtoevhmoeiLmobvetx Nrof (HLN eof v`b Brtmsbeo Gmllhwwhmo rofbt q`hg` v`b am~btolbov qmrif dbstm~hfbf imeow mn 553 dhiihmo brtmw ho tbvrto nmt eatbbhoa vm lejb e ~ethbvx mn gèoabw ho nhwgeismihgx eof vm efmsv e segjeab mn lbewrtbw hovbofbf vm boèogb v`b gmlsbvhvh~bobww mn v`bAtbbj bgmomlx/ 48 V`b BGD eatbbf vm stm~hfb vbgòhgei ewwhwveogb vm Atbbgb eimoa v`b

Hovbtoevhmoei Lmobvetx Nrof eof Brtmsbeo Gmllhwwhmo ho hlsiblbovhoa v`b stmatel/ V`bsegjeab stm~bf howrnnhghbov vm tbwvmtb Atbbgbw nhoeogbw) `mqb~bt) eof v`b eomv`bt segjeabqew esstm~bf mo 45 Krix 4355/73 Vèv sieo geiibf nmt effhvhmoei ehf vm Atbbgb eof nmt v`bsth~evb wbgvmt vm eatbb vm ~mirovethix tbfrgb hvw giehlw mo Atbbgb/ V`b Krix 4355 sieo èwwhogb rofbtamob wmlb lmfhnhgevhmo) hogirfhoa v`b effhvhmo mn gmiibgvh~b egvhmo gierwbw vèvsbtlhv v`b Atbbj am~btolbov vm nmtgb wmlb dmof`mifbtw vm eggbsv imqbt sexlbovw/ V`btb~hwbf sieo qew esstm~bf ho Letg` 4354/75

Ev eilmwv v`b welb vhlb ew Atbbgbw stmdiblw qbtb nhtwv tbgmaoh{bf) Htbieof vmmj lbewrtbwvèv qbtb rivhlevbix vm siex e lekmt tmib ho hvw fbdv gthwhw/ Vèv Htbieof èw èf e gthwhw hw ho

wmlb tbwsbgvw e wrtsthwb ew v`b gmrovtx èf e wvtmoa nhwgei smwhvhmo) qhv` imq wm~btbhao fbdveof am~btolbov wrtsirwbw/ Nrtv`bt) v`b gmrovtx qew wmlbvhlbw geiibf v`b Gbivhg Vhabt hotbgmaohvhmo mn v`b gmrovtxw wvtmoa hovbtoevhmoei gmlsbvhvh~b smwhvhmo/

74 @mqb~bt) Htbieof eiwmèf e lekmt stmsbtvx dmml sthmt vm v`b gthwhw vèv ho wmlb tbwsbgvw bpgbbfbf vèv mn v`b RWV`b aimdei w`mgj vm nhoeoghei letjbvw tbwrivhoa ntml Ib`leow nehirtb gmldhobf qhv` e gmiieswbho v`b Hthw` stmsbtvx letjbv tbwrivbf ho nrofhoa wvtehow nmt Hthw` deojw vèv èf dbbo lekmtibofbtw ho v`b tbei bwvevb letjbv/ V`b Hthw` am~btolbov tbwsmofhoa vm trow mo v`bht deojw dxareteovbbhoa eii fbsmwhvw eof wbohmt fbdv ho Wbsvbldbt 4330/ V`hw qew nmiimqbf dx v`boevhmoeih{evhmo mn Eoaim Hthw` Deoj ho Keoretx 4338) v`b ho~bwvlbov ho stbnbtbogb wètbw ho vqmietab Hthw` tbvehi deojw ho betix 4338 eof v`b bwvedihw`lbov mn eo eabogx vm srtgèwb omo,

sbtnmtlhoa fb~bimslbov imeow ho Om~bldbt 4338/ V`bwb geshvei hokbgvhmow eof ewwbvsrtgèwbw gerwbf e ietab hogtbewb ho Hthw` am~btolbov bpsbofhvrtbw/ Ev v`b welb vhlb) v`bam~btolbovw vep tb~borb fbgihobf dbgerwb v`b gmrovtxw stb,gthwhw vep wvtrgvrtb fbsbofbf`be~hix mo e weibw vep tbgbhsvw ntml obq gmowvtrgvhmo/ Ho setv dbgerwb mn gmogbtow edmrvHtbieof) v`b brtm etbe Lbldbt Wvevbw gtbevbf v`b Brtmsbeo Nhoeoghei Wvedhihvx Nrof mo 8 Lex4353 vm stm~hfb imeow vm brtm etbe gmrovthbw bpsbthboghoa nhoeoghei fhnnhgrivx/77

48

V`b eoomrogbf v`b eatbblbov qhv` e stbww tbibewb Hovbtoevhmoei Lmobvetx Nrof (4353e eof e wvenn eatbblbov

mo v`b tbsmtv) Hovbtoevhmoei Lmobvetx Nrof (4353d/ V`b wvenn tbsmtv eiwm fhwgrwwbw v`b gmofhvhmow vèv ibf vm v`b

eatbblbov/

Mo Om~bldbt

73V`b BR ibefbtw wvevblbov hw e~ehiedib ev `vvs;--qqq/nmpdrwhobww/gml-letjbvw-4355-31-45-tbef,br,ibefbtw,nrii,

wvevblbov,mo,atbbj,dehimrv- (eggbwwbf 7 Letg` 4354/

75Wbb Feivmo eof V`mlew (4354/

74Wbb Brtmsbeo Gmllhwwhmo) Bgmomlhg eof Nhoeoghei Ennehtw (4354/

77Honmtlevhmo edmrv v`b Brtmsbeo Nhoeoghei Wvedhihvx Neghihvx lex db mdvehobf ev

`vvs;--qqq/bnwn/brtmse/br-edmrv-hofbp/`vl (eggbwwbf 7 Letg` 4354/


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4353) V`b Hthw` Am~btolbov eoomrogbf vèv hv èf eatbbf vm eo 02 dhiihmo brtmw segjeab mnimeow ntml v`b Brtmsbeo Nhoeoghei Wvedhihvx Neghihvx (BNWN) v`b Brtmsbeo Nhoeoghei WvedhihvxLbgèohwl (BNWL) v`b Hovbtoevhmoei Lmobvetx Nrof) eof v`b am~btolbovw mn v`b RohvbfJhoafml (RJ Wqbfbo eof Fboletj/76

Smtvraeiw stb,gthwhw wm~btbhao fbdv vm AFS tevhm qew edm~b v`b Leewvthg`v ihlhvw drv qbiidbimq v`mwb mn Atbbgb eof Hveix/

72

Ihjb Htbieof) Wseho èf e imq wm~btbhao fbdv vm AFS tevhm mn 7>/4" dbnmtb v`b gthwhw eof hvwfbdv vm AFS tevhm fbgihobf b~btx xbet ntml 4333 vm 4331/

@mqb~bt) Smtvraei èf e gmldhoevhmo mn `ha` sth~evb fbdvib~biw eof qbej gmlsbvhvh~bobww vèv tehwbf ho~bwvmt gmogbtow edmrv v`b gmrovtxw imoa troedhihvx vm leoeab hvw fbdv ib~bi (Atmw 4355/ Ew e tbwriv) Smtvraei wmra`v mnnhghei ewwhwveogb/ Mo51 Lex 4355 v`b Hovbtoevhmoei Lmobvetx Nrof eatbbf vm stm~hfb e imeo mn 4> dhiihmo brtmw eofv`b BR eatbbf vm stm~hfb imeow qmtv` 24 dhiihmo brtmw v`tmra` v`b Brtmsbeo Nhoeoghei WvedhihvxLbgèohwl eof Brtmsbeo Nhoeoghei Wvedhihvx Neghihvx/ Ho tbvrto v`b am~btolbov mn Smtvraeieatbbf vm lbbv gbtveho gmofhvhmow/

7> Wsehow stmdiblw tbievb lmtb vm

fmlbwvhg hldeieogbw gmldhobf qhv` v`b gmowburbogbw mn v`b hovbtoevhmoei nhoeoghei gthwhw/71Sthmt vm v`b gthwhw) Wseho bpsbthbogbf e tbei bwvevb dmml vèv dmmwvbf bgmomlhg atmqv` eofvepbw/ V`b aimdei fmqovrto gerwbf e ietab drfabv fbnhghv setvix frb vm ervmlevhg hogtbewbw howsbofhoa eof fbgtbewbw ho tb~borb) drv setvix eiwm frb vm v`b am~btolbov efmsvhoa e nhwgeiwvhlrirw segjeab (Fb ie Fb`bwe 4355/ Ev nhtwv v`b nhoeoghei wbgvmt tbsmtvbf vèv hv tblehobfwvtmoa b~bo envbt v`b tbei bwvevb fmqovrto/ @mqb~bt) ho~bwvmtw qbtb omv gmo~hogbf dx v`bwbtbsmtvw) eof v`bx qbtb setvhgrietix gmogbtobf edmrv rotbgmaoh{bf imwwbw ho v`b gmrovtxwwe~hoaw deojw (v`b gekew/70 Eiv`mra` v`b wstbef mo Wseohw` wm~btbhao dmofw m~bt Abtleodmofw èw whaohnhgeovix hogtbewbf) Wseho èw omv wmra`v mnnhghei ewwhwveogb) roihjb Atbbgb)Htbieof) eof Smtvraei/ @mqb~bt) v`b gmrovtx èw tbsmtvbfix dbobnhvbf ntml vqm BGD stmatelwfhwgrwwbf ho v`b nmiimqhoa wrdwbgvhmo; v`b Wbgrthvhbw Letjbvw Stmatellb eof v`b Imoabt,Vbtl Tbnhoeoghoa Msbtevhmo (IVTM/78

Hveix èw imoa èf e `ha` tevhm mn wm~btbhao fbdv vm AFS) `mqb~bt vèv tevhm èf dbbo tbievh~bixwvedib sthmt vm v`b gthwhw eof èw omv wbbo e ftelevhg hogtbewb whogb v`b gthwhw/ Hveixw fbdvdrtfbo essbetbf leoeabedib wm imoa ew ho~bwvmtw sthgbf v`b fbdv ew hn hv èf e wrnnhghbovix imq

76V`b eoomrogblbov ntml v`b Hthw` am~btolbov lex db nmrof ev

`vvs;--qqq/nhoeogb/am~/hb-~hbqfmg/ews=FmgHF>33 (eggbwwbf 7 Letg` 4354/

72Deogm fb Smtvraei (4355 tbsmtvw vèv Smtvraeiw fbdv vm AFS ib~bi nhtwv bpgbbfbf v`b Leewvthgv Vtbevx ihlhvw ho

v`b v`htf uretvbt mn 4332 drv v`b gètvw w`mq vèv v`b fbdv ib~bi qew dbimq 13" ho 4331/

7>Wbb Wseho Lhohwvtx mn Bgmomlhgw eof Nhoeogb (4355/

71Wbb Bwvtefe) Khlbom) eof Leim fb Lmihoe (4338/

70Wbb V`b Bgmomlhwv (4355/

78Wbb Irl`miv{ (4355 nmt e fhwgrwwhmo mn v`b bnnbgv mn v`b Wbgrthvhbw Letjbvw Stmatellb mo v`b Wseohw`

wm~btbhao fbdv letjbv eof Nmtbiib (4354 nmt e fhwgrwwhmo mn v`b bnnbgv mn v`b IVTM/


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thwj mn fbneriv (Gihob 4355/ Mogb v`b gtbfhv letjbvw wvetvbf sthghoa ho e wrnnhghbovix `ha` thwj mnfbneriv) v`btb qew e krls ho v`b hlsihbf gmldhoevhmow mn sthletx drfabv wrtsirw eof bgmomlhgatmqv` obbfbf vm lehoveho e gmowveov fbdv vm AFS tevhm vm ib~biw q`hg` qbtb etaredix omvwrwvehoedib (Tmrdhoh 4355/ Ihjb Wseho) Hveix èw omv wmra`v mnnhghei ewwhwveogb drv èwtbsmtvbfix dbobnhvbf ntml v`b BGDw Wbgrthvhbw Letjbvw Stmatellb eof IVTM/63

6/4 Stb,gthwhw Ihlhvevhmow mo BGD egvhmow

V`b dthbn tbges edm~b wraabwvw vèv leox mn v`b wm~btbhao fbdv stmdiblw gmrif db è~b dbbotbfrgbf hn v`b lbldbt wvevbw èf nmiimqbf lmtb gmowbt~evh~b nhwgei smihghbw) efmsvbf vha`vbtdeojhoa tbarievhmow eof hlsiblbovbf tbnmtlw vm hlstm~b v`bht gmlsbvhvh~bobww/ @mqb~bt) v`bBGD fmbw omv eof fhf omv è~b eox fhtbgv smqbt m~bt hvw lbldbt wvevbw nhwgei smihgx mt v`bgmldhoevhmo mn smihghbw v`bx hlsiblbov vm wrssmtv gmlsbvhvh~bobww eof bgmomlhg atmqv`/ Omtqew v`b BGD blsmqbtbf vm stm~hfb ateovw vm fhwvtbwwbf gmrovthbw mt srtgèwb burhvx ho

fhwvtbwwbf deojw/ V`b BGD gmrif moix hofhtbgvix honirbogb nhwgei smihgx dx gmofrgvhoa tbwbetgèof ah~hoa stbwbovevhmow mo esstmsthevb nhwgei smihgx eof mo smihghbw vm boèogbgmlsbvhvh~bobww/ Ho setvhgriet) v`b BGD blsèwh{bf v`b hlsmtveogb mn `momthoa v`b Atmqvèof Wvedhihvx Segv) q`hg` stbwgthdbf e ihlhv mo eoorei nhwgei fbnhghvw mn 7" mn AFS/65

Ew v`b lmobvetx smihgx erv`mthvx) v`b BGD èf v`b smvbovhei vm rwb lmobvetx smihgx vm wvms mttb~btwb v`b teshf esstbghevhmo mn tbei bwvevb sthgbw ho Htbieof eof Wseho/ @mqb~bt) v`b BGDwleofevb hw nmt lehovehohoa wvedib sthgbw nmt ammfw eof wbt~hgbw egtmww v`b brtm etbe eof omvnmt ihlhvhoa ewwbv sthgb esstbghevhmo ho e nbq lbldbt wvevbw/ Nrtv`bt) v`b whvrevhmo ho Wseho eofHtbieof qew ~btx fhnnbtbov ntml v`b BGDw ietabwv lbldbt wvevbw; Nteogb) Abtleox) eof Hveixq`btb v`b ètlmoh{bf hofbp mn gmowrlbt sthgbw qew atmqhoa ev e 5/0" eoorei tevb/ V`rw)hlsiblbovhoa e lmobvetx smihgx vetabvbf ev Wseho eof Htbieof gmrif è~b gerwbf v`b BGD vmfb~hevb ntml esstmsthevb smihgx nmt v`b brtm etbe ew e q`mib (Bwvtefe) Khlbom) eof Leim fbLmihoe) 4338/

@mqb~bt)erv`mthvx nmt bonmtghoa v`b Atmqv` eof Wvedhihvx Segv nbii vm v`b Gmroghi mn Bgmomlhgw eofNhoeogb Lhohwvbtw (Bgmnho/

V`b BGD fhf omv) `mqb~bt) è~b eox vmmiw mv`bt vèo lmobvetx smihgx vm efftbww teshf ewwbvsthgb atmqv`/ Omt fhf v`b BGD è~b eox mv`bt lhgtm mt legtmstrfbovhei vmmiw mv`bt vèo hvwedhihvx vm tbwbetg` eof gmllbov mo v`b bpbgrvhmo mn v`bwb vmmiw dx hvw lbldbt wvevbw/ V`b~ethmrw lbldbt wvevbw vmmj hofh~hfrei eof gmiibgvh~b lbewrtbw vm boèogb lhgtmstrfbovhei

tbarievhmo/ Lmwv nelmrwix) v`b Deoj mn Wseho howvhvrvbf fxoelhg imeo imww stm~hwhmohoa q`hg`tburhtbf deojw vm bwvedihw` `ha`bt stm~hwhmow frthoa ammf vhlbw eof ae~b Wsehow deojw ewmlbqèv atbevbt edhihvx vm edwmtd imwwbw ev v`b wvetv mn v`b gthwhw (Werthoe 4338/ V`b BR fhf

63Wbb Irl`miv{ (4355 nmt e fhwgrwwhmo mn v`b bnnbgv mn v`b Wbgrthvhbw Letjbvw Stmatellb mo v`b Hveiheo wm~btbhao

fbdv letjbv eof Nmtbiib (4354 nmt e fhwgrwwhmo mn v`b bnnbgv mn v`b IVTM/

65Nmt bpelsib) wbb Amo{ib{,Stelm (4332


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nmtl v`b Gmllhvvbb mn Brtmsbeo Deoj Wrsbt~hwmtw qhv` v`b BGD ew e omo,~mvhoa lbldbt vmgmovthdrvb vm hlsiblbovevhmo mn BR fhtbgvh~bw) eof gmo~btabogb mn wrsbt~hwmtx stegvhgbw eof vmstmlmvb gm,msbtevhmo elmoa wrsbt~hwmtw/ 64

6/7 BGD eof Strfbovhei Wrsbt~hwmtx Egvhmow frthoa v`b Gthwhw

@mqb~bt) msbtevhmoei gmovtmi mn strfbovheiwrsbt~hwhmo tblehobf e oevhmoei tbwsmowhdhihvx: v`b BGD gmrif moix wbbj vm honirbogb oevhmoeiwrsbt~hwmtw/

Q`hib v`b BGD èf obhv`bt v`b esstmsthevb vmmiw vm stb~bov e gthwhw omt v`b vmmiw vm stm~hfbwmi~bogx wrssmtv mogb v`b gthwbw dbaeo) hv gmrif blsimx hvw smqbt ew ibofbt mn iewv tbwmtv mogbv`b gthwhw wvetvbf/ V`b BGD rwbf v`hw smqbt ntml v`b wvetv mn v`b nhtwv qe~b mn gthwbw ho Erarwv4331 dx eiimqhoa deojw vm mdveho v`b nrii elmrov mn ihurhfhvx v`bx obbfbf mo eo m~btoha`v dewhwmo e gmiievbteih{bf dewhw eof ev v`b stb~ehihoa tbnhoeoghoa tevb/ 67

Envbt v`b nehirtb mn Ib`leo) v`b Brtmwxwvbl efmsvbf wb~btei lbewrtbw vm stm~hfb nrofw vmdeojw bpsbthboghoa ihurhfhvx wvtbwwbw hogirfhoa; (e eiimgevhoa v`b nrii elmrov tburbwvbf dxbeg` deoj ev v`b leho nhoeoghoa tevb eaehowv bihahdib gmiievbtei) (d v`b ihwv mn bihahdib gmiievbteiqew bpseofbf) eof (g effhvhmoei imoabt vbtl ibofhoa neghihvhbw (imoabt,vbtl tbnhoeoghoamsbtevhmo mt IVTM qhv` levrthvhbw mn rs vm whp lmov`w eof ievbt mob xbet qbtb msbobf/Nrtv`bt) v`b BGD msbobf wqes ihobw qhv` v`b Nbfbtei Tbwbt~b vm mdveho fmiietw vèv qbtb ibovvm brtm etbe deojw eof eiwm msbobf wqes ihobw qhv` wbibgvbf omo,brtm etbe Brtmsbeo gbovteideojw vm wrssix v`bl qhv` brtmw/ Letjbv gmofhvhmow atefreiix hlstm~bf eof ho Fbgbldbt4338) v`b Am~btohoa Gmroghi mn v`b BGD eoomrogbf vèv v`b omo,wveofetf lbewrtbw qmrif dbatefreiix sèwbf mrv/

V`b BGD eiwm gmofrgvbfwrssiblbovetx nhoeoghoa msbtevhmow qhv` imoabt levrthvhbw eof ntmov,imefbf tbwbt~bw ho v`b

nhtwv èin mn lehovboeogb sbthmfw/

V`b wbgmof qe~b mn gthwhw wvetvbf 4353 qhv` ietab hogtbewbw ho wmlb wm~btbhao fbdv wstbefwtbievh~b vm Abtleo drofw/ Brtm etbe am~btolbovw tbwsmofbf qhv` v`b eoomrogblbov mn esegjeab mn lbewrtbw ho Lex 4353) hogirfhoa v`b BNWN/ Eiwm ho Lex) v`b BGD eoomrogbf v`bWbgrthvhbw Letjbvw Stmatellb v`tmra` q`hg` v`b BGD qmrif wbbj vm tbwvmtb fbsv` eofihurhfhvx vm fxwnrogvhmoei letjbv wbalbovw eof tbwvmtb v`b lmobvetx vteowlhwwhmo lbgèohwlv`tmra`mrv v`b brtm etbe/ V`b BGD eiwm tbhovtmfrgbf wmlb mn hvw betihbt omo,wveofetfstmgbfrtbw hogirfhoa v`b nhpbf,tevb qhv` nrii eiimvlbov vbofbt stmgbfrtb) v`b ITVM eof fmiietimeo neghihvhbw mdvehobf v`tmra` wqes ihobw ntml v`b Nbfbtei Tbwbt~b/ Wrdwburbovix) v`b BGD

èw gmofrgvbf vqm v`tbb,xbet IVTM qhv` eiimvvbf elmrovw mn 608/4 dhiihmo brtmw ho v`bFbgbldbt eiimvlbov eof 248/2 dhiihmo brtmw nmt v`b IVTM qhv` e wbvviblbov fevb ho Letg`

64V`b Gmllhvvbb mn Brtmsbeo Deoj Wrsbt~hwmtw gètvbt lex db nmrof ev v`b

`vvs;--qqq/bde/brtmse/br-Edmrvrw-Ibaei,vbpvw-Etg`h~b-GBDW,Gètvbt/ewsp (eggbwwbf 5 Letg` 4354/ Gmllhvvbb

mn Brtmsbeo Deoj Wrsbt~hwmtw qew wrggbbfbf dx v`b Brtmsbeo Deojhoa Erv`mthvx (BDE ho 4355/

67V`hw fhwgrwwhmo mn v`b BGDw tbwsmowb v`tmra` 1 Wbsvbldbt 4353 hw vejbo ntml Brtmsbeo Gbovtei Deoj (4353/


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4354/ 66

Q`hib v`b BGD gmrif ihlhv v`b bpvbov vm q`hg` ihurhfhvx stmdiblw gerwbf deoj nehirtbw) hv gmrifomv fhtbgvix efftbww wmi~bogx stmdiblw ho v`b deojhoa wxwvbl/ Oevhmoei erv`mthvhbw vmmj

tbwsmowhdhihvx nmt wb~btei fhwvtbwwbf deojw hogirfhoa vqm Abtleo deojw ho 4331) HJD eofIeofbwdeoj Weg`wbo eof wb~btei ietabt deojw ho 433038 hogirfhoa Nmtvhw) Fbphe) @xsm TbeiBwvevb eof Gmllbt{deoj/

V`b Am~btohoa Gmroghi eiwm esstm~bf oevhmoei bihahdhihvx gthvbthe nmt gmiievbtei eofesstm~bf vblsmtetx eggbsveogb mn effhvhmoei gtbfhv giehlw ew gmiievbtei/

Oevhmoei wrsbt~hwmtw eiwm gmofrgvbf wvtbww vbwvw vm b~eirevb v`b tblehohoa deojw geshveiefburegx/ @mqb~bt) v`b nhtwv vbwv) gmofrgvbf ho v`b wrllbt mn 4353) qbtb gthvhgh{bf mo e~ethbvx mn atmrofwlmwv bwsbgheiix hvw nehirtb vm hogirfb ietabt wm~btbhao fbdv imwwbw ho v`beoeixwhw/62 V`b wbgmof wvtbww vbwv ho v`b wrllbt mn 4355 qew stehwbf nmt hvw fhwgimwrtb mnhofh~hfrei deoj bpsmwrtbw drv qew eiwm gthvhgh{bf v`b atmrofw vèv hvw nhofhoaw vèv moix 0 deojwnehibf v`b vbwv eof v`bwb deojw moix obbfbf vm tehwb e vmvei mn 4/2 dhiihmo brtmw atbevixrofbtbwvhlevbf v`b geshvei w`mtvneii/6> Fbwshvb è~hoa sewwbf v`b wbgmof wvtbww vbwv) Fbphe

Deoj tburhtbf e tbwgrb segjeab ntml Dbiahrl) Nteogb eof Irpbldmrta ho Mgvmdbt 4355/61

Moefm eof Tbwvh (4355 smhov mrv vèv setv mn v`b tbewmo q`x v`b RW wvtbww vbwvw qbtbtbievh~bix lmtb wrggbwwnri hw vèv v`bx omv moix nmrof vèv v`b deojw obbfbf vm tehwb whaohnhgeovgeshvei drv eiwm stm~hfbf e gibet leofevb vm v`b deojw vm bhv`bt urhgjix tehwb obq geshvei mteggbsv v`b hokbgvhmo mn geshvei ntml v`b am~btolbov/ Sbtèsw ho tbgmaohvhmo mn v`bwb fhnnbtbogbweof ho iha`v mn v`b moamhoa qbejobww ho v`b letjbvw nmt sbths`btei gmrovtx dmofw) v`bBrtmsbeo Gmroghi (4355 eatbbf ho Mgvmdbt 4355 vm vmra`bt geshvei tburhtblbovw vm dbhlsiblbovbf dx 73 Krob 4354/

60

66 Wbb BGD Msbo Letjbv Msbtevhmow ev `vvs;--qqq/bgd/hov-lmsm-hlsiblbov-mlm-`vli-hofbp/bo/`vli (eggbwwbf 73

Esthi 4354/

62Wbb Gmllhvvbb mn Brtmsbeo Deojhoa Wrsbt~hwmtw (4353 nmt e wrlletx mn v`b tbwrivw mn v`b 4353 BR qhfb

wvtbww vbwvw eof Dirofbii,Qhaoeii eof Wim~hj (4353 nmt e gthvhurb mn v`b 4353 vbwvw vtbevlbov mn wm~btbhao fbdv

bpsmwrtb/

6>Wbb Brtmsbeo Deojhoa Erv`mthvx (4355 nmt e wrlletx mn v`b tbwrivw/ Ho gmovtewv Wievbt eof Kmobw (4355 tbsmtv

vqm ho~bwvlbov deojw eoeixwvw bwvhlevbf vèv 63 dhiihmo vm 03 dhiihmo brtmw ho obq geshvei) eof Dimmldbta Bfhvmtw)

(4355 tbsmtvbf vèv betihbt ho v`b xbet Wveofetf eof Smmtw bwvhlevbf v`b deojw qmrif obbf 423 dhiihmo brtmw/

Moefm eof Tbwvh (4355 fm omv fhweatbb vèv v`b vbwvw qbtb vmm lhif) drv etarb vèv v`b fhwgimwrtb mn deoj

bpsmwrtbw qbtb e atbev wvbs nmtqetf/61

Wbb fb Atmbo (4355 nmt e fhwgrwwhmo mn q`x Fbphe nehibf w`mtvix envbt sewwhoa v`b Brtmsbeo Deojhoa Erv`mthvxw

wvtbww vbwv/

60V`mwb tburhtblbovw etb vèv deojw w`mrif db tburhtbf vm lbbv e `ha`bt geshvei vetabv mn 8" mn v`b `ha`bwv

ureihvx geshvei envbt eggmrovhoa nmt letjbv ~eirevhmo mn wm~btbhao bpsmwrtbw/ V`b Brtmsbeo Deojhoa Erv`mthvxw

tbgmllbofevhmo nmt hlsiblbovhoa v`b eatbblbov lex db nmrof ev

`vvs;--qqq/bde/brtmse/br-geshveibpbtghwb-4355-4355,BR,Geshvei,Bpbtghwb/ewsp (eggbwwbf 47 Esthi 4354/


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6/6 Smihgx Ihlhvevhmow

V`b tbwmirvhmo mn v`b brtm etbe stmdiblw hw gmlsihgevbf dx gmonihgvhoa ameiw eof ihlhvbfsmqbtw/

6/6/5 Gmonihgvhoa Ameiw

Mob mn lekmt stmdiblw ho efftbwwhoa v`b wm~btbhao fbdv gthwbw ho v`b brtm etbe hw vèvgmonihgvhoa ameiw elmoa v`b fbghwhmo lejbtw/ V`b fhwgrwwhmo mn v`b RW hiirwvtevbf vèv wrg`gmonihgvw geo ethwb b~bo q`bo eii mn v`b eabovw etb rivhlevbix eggmrovedib vm v`b welb sthoghsei(ho v`b RW bhv`bt Gmoatbww mt v`b ~mvbtw/ Xbv v`b stmdiblw ho v`b brtm etbe etb b~bo lmtbwb~btb dbgerwb v`b jbx fbghwhmo lejbtw etb ev v`b oevhmoei ib~bi (bwsbgheiix v`b `befw mnam~btolbov mt wvevb eof beg` mn v`bwb hw eggmrovedib vm v`b ~mvbtw ho v`bht `mlb gmrovtx/ V`bam~btolbov ho beg` gmrovtx fbvbtlhobw hvw mqo nhwgei smihgx qhv` ihlhvbf tbaetf vm hvw hlsegv mov`b tbwv mn v`b brtm etbe/ Whlhietix) v`b wrsbt~hwmtw ho beg` gmrovtx srtwrb fmlbwvhg ameiw qhv`

ihlhvbf tbaetf vm v`bht hlsegv mo v`b tbwv mn v`b brtm etbe/ V`bo q`bo e gthwhw ethwbw ho egmrovtx) v`b sthletx wmrtgb mn wrssmtv qhii gmlb ntml mv`bt brtm etbe am~btolbovw:am~btolbovw vèv lrwv sbtwrefb v`bht ~mvbtw mn v`b lbthvw mn `bishoa eomv`bt gmrovtx/

Lmtbm~bt) v`b oevrtb mn v`b whoaib grttbogx stmkbgv gtbevbw gmonihgvw dbvqbbo v`mwb wvbsw vèvlha`v `bis v`b lmwv fhwvtbwwbf dmttmqbtw eof v`b qbinetb mn v`b tblehohoa brtm etbegmrovthbw/ Eo hlsmtveov setv mn v`b srtsmwb mn v`b gtbevhmo mn v`b brtm hw vm dhof hvw LbldbtWvevbw nhoeoghei wxwvbl hovm eo hovbatevbf q`mib vèv hw lmtb bnnhghbov vèo stb~hmrw wxwvblgmowhwvhoa mn e sevg`qmtj mn wbsetevb oevhmoei nhoeoghei wxwvblw wrssmtvbf dx hovbtoevhmoeiq`mibweib nhoeoghei letjbvw/ Xbv) wmlb stmsmweiw nmt efftbwwhoa v`b fbdv drtfbo eof

gmlsbvhvh~bobww hwwrbw ho mob gmrovtx lex hlsmwb wrdwveovhei feleab mo v`b hovbatevhoanhoeoghei letjbvw ho v`b tbwv mn v`b brtm etbe/

Mob bpelsib mn e sieo vèv `bisw mob Lbldbt Wvevb drv ev e gmwv vm v`b m~bteii nhoeogheiwxwvbl hw vèv mn hlsmwhoa imwwbw mo v`b fhwvtbwwbf wm~btbhaow gtbfhvmtw/ Hn e Lbldbt Wvevbèw lmtb wm~btbhao fbdv vèo hvw vepsexbtw qhii wbt~hgb) e qex mn efftbwwhoa v`b stmdibl hw vmtbfrgb v`b stmlhwbf sexlbovw wrg` ew Atbbgb hw grttbovix wbbjhoa vm fm/ Mo mob ib~bi) v`hwwbblw tbewmoedib/ Hn beg` gmrovtx èf hvw mqo grttbogx) v`b gmrovtx gmrif tbfrgb v`b tbei~eirb mn hvw fbdv dx troohoa `ha`bt honievhmo tevbw) v`btbdx tbfrghoa v`b tbei ~eirb mn hvwsexlbovw/ Brtm etbe wvevbw wrttbofbtbf v`hw msvhmo q`bo v`bx kmhobf v`b brtm drv v`bwrdwvhvrvb mn tbfrghoa omlhoei sexlbovw mo bphwvhoa fbdv geo wbt~b v`b welb srtsmwb/Lmtbm~bt) q`hib fmhoa wm hw ef~btwb vm gtbfhvmtw hv qhii è~b v`b bnnbgv mn howvhiihoa atbevbtletjbv fhwghsihob ho v`b nrvrtb/

@mqb~bt) hn mob Lbldbt Wvevb ho v`b brtm etbe geo tbwvtrgvrtb hvw fbdv eof tbfrgb sexlbovwv`bo letjbv setvhghseovw qhii tevhmoeiix gmokbgvrtb vèv mv`bt Lbldbt Wvevbw geo eof) ev wmlbvhlb ho v`b nrvrtb) wmlb ihjbix qhii tbwvtrgvrtb v`bht fbdv/ V`rw) setv mn v`b sthgb mn ibvvhoa mob


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Lbldbt Wvevb tbwvtrgvrtb hvw fbdv hw vèv v`b mv`bt Lbldbt Wvevbw qhii sex e `ha`bt gtbfhv thwjstblhrl/

Eomv`bt bpelsib mn e sieo vèv lex `bis mob Lbldbt Wvevb drv ev e gmwv vm v`b m~bteiinhoeoghei wxwvbl hw vèv mn e gmrovtx bphvhoa v`b brtm etbe/ Wmlb è~b bogmrteabf Atbbgb vm

ibe~b v`b brtm etbe eof tbvrto vm rwhoa v`b fteg`le ew e qex mn tblbfxhoa v`b gmrovtxw iegjmn hovbtoevhmoei gmlsbvhvh~bobww/ V`b tbewmo db`hof v`hw wraabwvhmo hw vèv gmrovtx gmrif abv edmmwv vm hvw gmlsbvhvh~bobww hn hv tbfrgbf v`b tbei gmwv mn hvw fmlbwvhgeiix stmfrgbf hosrvw(bwsbgheiix iedmt/ Mob msvhmo nmt tbfrghoa v`b gmwv mn fmlbwvhg hosrvw hw ~he fmlbwvhg fbnievhmo/Xbv fmhoa wm qmrif hllbfhevbix hogtbewb v`b tbei ~eirb mn hvw mrvwveofhoa omlhoei fbdv/ V`bmv`bt msvhmo nmt tbfrghoa v`b gmwv fmlbwvhg hosrvw hw nmt v`b gmrovtx vm bphv v`b brtm etbe) efmsve obq grttbogx eof v`bo fbihdbtevbix gerwb hvw grttbogx vm fbstbghevb/ @mqb~bt) b~boewwrlhoa ef~mgevbw mn v`hw smihgx etb tha`v edmrv v`b gmlsbvhvh~bobww dbobnhvw nmt mob gmrovtx)v`b bphv mn mob gmrovtx ntml v`b brtm etbe qmrif ihjbix hlsmwb ~btx ietab gmwvw mo wmlb mv`btbrtm etbe gmrovthbw/ V`b stmdibl ethwbw dbgerwb v`b wqhvg` vm e fmlbwvhg grttbogx qhii eilmwv

wrtbix hogirfb v`b tbfbomlhoevhmo mn imgei deoj fbsmwhvw hovm v`b obq grttbogx/ V`b `mifbtw mnv`bwb fbsmwhvw qhii v`bo wrnnbt e ftms ho v`b tbei ~eirb mn v`bht fbsmwhvw ew v`b fmlbwvhggrttbogx fbstbghevbw tbievh~b vm mv`bt grttboghbw (eof ihjbix eiwm e fmlbwvhg honievhmohogtbewbw/ V`rw) `mifbtw mn v`b fbsmwhvw qmrif è~b eo hogbovh~b vm vtx vm lm~b v`bht nrofw mrvmn v`bht gmrovtx dbnmtb hv ibe~bw v`b brtm/ 68

V`rw) v`b fbghwhmo dx e Lbldbt Wvevb vm tbwvtrgvrtb hvw fbdv mt bphv v`b brtm etbe geosmvbovheiix è~b ~btx fhnnbtbov hlsegvw mo vèv Wvevb ~btwrw v`b tblehofbt mn v`b brtm etbe/ V`bnhoei fbghwhmo) `mqb~bt) tbwvw qhv` v`b Lbldbt Wvevb q`hg` tbgbh~bw eii mn v`b dbobnhvw drvdbetw moix setv mn v`b gmwv/

Eaeho) hn mob gmrovtx ibe~bw vèv hogtbewbwfbsmwhvmtw gmogbtow vèv mv`bt gmrovthbw lex ibe~b/ V`b tbwriv hw vèv tev`bt vèo mob brtmdbhoa qmtv` mob brtm b~btxq`btb ho v`b brtm etbe) e brtm fbsmwhv) nmt bpelsib) ho Smtvraeilex db ~hbqbf dx eilmwv eii fbsmwhvmtw ew ibww ~eiredib vèo e brtm fbsmwhv) nmt bpelsib) hoAbtleox/

6/6/4 Ihlhvbf smqbt

V`b moix brtm etbe dmfx qhv` whaohnhgeov nhoeoghei tbwmrtgbw eof vèv hw eggmrovedib vm v`bbovhtb brtm etbe hw v`b BGD/ Xbv ew e gbovtei deoj) v`b BGD hw eitbefx ah~bo bomtlmrw smqbtnmt q`hg` hv hw moix hofhtbgvix eggmrovedib vm v`b ~mvbtw ho v`b brtm etbe/ Lmtbm~bt) v`b BGDwbomtlmrw smqbtw etb ob~btv`bibww ihlhvbf ho v`bht edhihvx vm nhp e wm~btbhao fbdv gthwhw/

V`b BGD geo stm~hfb ihurhfhvx v`tmra` hvw ibofbt mn iewv tbwmtv msbtevhmow fhwvtbwwbf deojw/ V`bBGD geo eiwm stm~hfb ihurhfhvx vm fhwvtbwwbf wm~btbhao dmof letjbvw v`tmra` hvw WbgrthvhbwLetjbvw Stmatellbw eof v`tmra` IVTM msbtevhmow q`btb v`b deoj dmttmqbtw geo rwb v`bstmgbbfw vm egurhtb fhwvtbwwbf wm~btbhao fbdv/ @mqb~bt) v`hw ihurhfhvx gmlbw ho v`b nmtl mnimeow q`hg` lrwv rivhlevbix db tbsehf/ V`b imeow geo stm~hfb v`b deoj mt gmrovtx qhv` ~eiredib

68Hofbbf) deoj fbsmwhvw ho wmlb mn v`b qbejbwv gmrovthbw è~b fbgihobf frthoa v`b gthwhw (Aim~bt 4354/


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vhlb vm boèogb hvw tbsrvevhmo qhv` sth~evb gtbfhvmtw eof hvw edhihvx vm tbsex/ 23

Nrtv`bt) eggbww vm imeow wmlbqèv tbfrgbw v`b stbwwrtb mo v`b dmttmqbt vm hlstm~b hvwgmofhvhmow/ Deoj dmttmqbtw lex fbiex tbgmaoh{hoa imwwbw eof mdvehohoa obq geshvei hn v`b obqgeshvei hw ewwmghevbf qhv` am~btoeogb gèoabw mt hw sbtgbh~bf vm db gmwvix/ Effhvhmoeiix)oevhmoei deoj wrsbt~hwmtw etb ah~bo v`b msvhmo mn eiimqhoa {mldhb deojw vm gmovhorb homsbtevhmo/ Wm~btbhao dmttmqbtw lex vejb lmtb vhlb vm hlsmwb smihvhgeiix sehonri grvw vmbpsbofhvrtbw) hogtbewbw ho vepbw) eof v`b tblm~ei mn detthbtw vèv w`bivbt hobnnhghbov setvw mnv`bht bgmomlx/

@mqb~bt) BGDimeow geo wmi~b v`b stmdibl moix ho v`mwb tetb gewbw mn e srtb ihurhfhvx gthwhw q`btb dmttmqbtèw v`b edhihvx vm wbt~hgb v`b imeo/ Mv`btqhwb) BGD egvhmow geo moix stm~hfb vhlb vm hlsiblbove wmirvhmo vm v`b fhwvtbww: BGD imeow vèv lrwv db tbsehf etb omv e gmlsibvb wmirvhmo vmhowmi~bogx/

Eomv`bt stmdibl gtbevbf dx v`b stm~hwhmo mn BGD ihurhfhvx) hw vèv v`b BGDw mdvehow esth~hibabf smwhvhmo tbievh~b vm sth~evb ibofbtw/ V`b BGD tburhtbw vèv hvw imeow vm deojw db

gmiievbteih{bf qhv` v`b tbwriv vèv mv`bt deoj gtbfhvmtw qhii vejb ietabt imwwbw hn v`b deoj nehiw/V`b BGDw Wbgrthvhbw Letjbvw Stmatellb fmbw omv ah~b hv fb krtb stbnbtbogb vm mv`btdmof`mifbtw/ @mqb~bt) v`b BGDw tbgbovix wqessbf Atbbj dmofw hv srtgèwbf ho v`b letjbveof vèv qmrif db wrdkbgv vm imwwbw hn Atbbgb tbwvtrgvrtbw hvw fbdv nmt obq dmofw vèv etb omvwrdkbgv vm vejhoa imwwbw/ V`hw wqes hw gmowhwvbov qhv` v`b BGDw tmib ew v`b lmobvetx erv`mthvxho v`b brtm etbe vèv fmbw omv wrssix nhwgei wrssmtv vm Lbldbt Wvevbw/ @mqb~bt) v`b wqes eiwmèw v`b bnnbgv mn tburhthoa ietabt sth~evb wbgvmt imwwbw nmt eox ah~bo elmrov mn fbdv tbfrgvhmonmt v`b wm~btbhao dmttmqbt/

Nhoeiix) BGD wrssmtv mn fhwvtbwwbf dmttmqbtw whaoeiw mv`bt deojw eof wm~btbhaow vèv v`bx vmm

etb ihjbix vm dbobnhv ntml BGD w`mrif v`bx dbgmlb fhwvtbwwbf ho v`b nrvrtb/ V`b tbwriv mnwmlbqèv imqbthoa v`b gmwv mn dbgmlhoa fhwvtbwwbf hw vèv mv`bt deojw eof wm~btbhaow etbihjbix vm vejb lmtb thwj vèo v`bx qmrif edwbov v`b smvbovhei nmt e dehimrv/

2/ SMIHGX HLSIHGEVHMOW

V`b RW eof brtm etbe bpsbthbogb è~b e orldbt mn whlhiethvhbw/ V`b lmwv hlsmtveov mn v`bwbhw vèv frthoa e nhoeoghei gthwhw v`b gbovtei deoj qhii gmlb rofbt vtblbofmrw stbwwrtb vmstm~hfb ihurhfhvx vm hiihurhf dmttmqbtw) hogirfhoa dmttmqbtw vèv essbet vm db howmi~bov/ V`b

ibofbt mn iewv tbwmtv nrogvhmo mn v`b gbovtei deoj hw vm stm~hfb imeow vm deojw vèv qmrif dbwmi~bov wm imoa ew v`bht ewwbvw etb omv letjbf vm nhtb weib sthgbw/ @mqb~bt) ho e gthwhw v`b

23V`b imeo vm e gmrovtx gmowhwvw mn drxhoa hvw dmofw/ BGD omv erv`mth{bf vm nhoeogb am~btolbovw) drv Wbgrthvhbw

Letjbvw Stmatellb vetabvbf ev v`b dmofw mn fhwvtbwwbf gmrovthbw geo è~b v`b bnnbgv mn nhoeoghoa v`b

am~btolbov/


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ibofbt mn iewv tbwmtv qhii gmlb rofbt hovbowb stbwwrtb vm ibof b~bo vm bovhvhbw vèv qmrif dbroeldharmrwix howmi~bov ho lmwv tbewmoedib wgboethmw/

Drv v`b wvtrgvrtb mn v`b smihvhgei wxwvbl geo eiwm bpbtv stbwwrtb vèv hw b~bo lmtb fhnnhgriv vmtbwhwv/ Leox smihvhgei wxwvblw etb hogesedib mn tbwsmofhoa vm newv lm~hoa letjbvw ho e vhlbix

leoobtqhv` v`b RW eof brtm etbe smihvhgei wvtrgvrtb bwsbgheiix ammf bpelsibw mn smihvhgeiwxwvblw vèv qbtb omv fbwhaobf nmt vhlbix tbwsmowbw vm nhoeoghei letjbv lm~bw/ Ho whvrevhmowq`btb v`b letjbv hw lm~hoa newvbt vèo v`b smihvhgei wxwvbl) v`b smihvhgei erv`mthvhbw geogtbfhdix vbii v`b gbovtei deoj vèv bhv`bt v`b gbovtei deoj stm~hfbw ibofbt mn iewv tbwmtv nrofw mtv`b dmttmqbt qhii nehisbtèsw ho e lbwwx deojtrsvgx q`hg` gmrif ibef vm wxwvblhg nhoeogheistmdiblw/ Hn v`b nehihoa dmttmqbt hw howmi~bov drv gbovtei deoj nhofw v`b wxwvblhg stmdiblw gewbsierwhdib) v`b gbovtei deoj qhii negb e fhiblle; (5 Ibv v`b smvbovhei dmttmqbt nehi qhv`smvbovheiix wb~btbix ef~btwb hlsihgevhmow nmt v`b bgmomlx eof v`b gbovtei deojw hofbsbofbogb)mt (4 ibof vm eo howmi~bov bovhvx) qhv` dmv` v`b w`mtv,vbtl tbwmrtgb lhweiimgevhmo stmdiblw eofv`b imoabt vbtl lmtei è{etf stmdiblw/ Lmtbm~bt) v`bwb lmtei è{etf stmdiblw ethwb omv krwv

nmt mv`bt dmttmqbtw drv eiwm nmt v`b smihvhgei erv`mthvhbw q`m lex e~mhf vejhoa smihvhgeiix sehonriwvbsw ho v`b tro,rs vm e nrvrtb gthwhw dbgerwb v`bx dbihb~b v`b gbovtei deoj qhii ibof vm howmi~bovdmttmqbtw eaeho/

2/5 Hlsmtveov Stb,Gthwhw Egvhmow

Ah~bo v`b `ha` gmwvw mn nhoeoghei gthwbw) hogirfhoa v`bht ef~btwb hlsegv mo gbovtei deojw) v`blmwv hlsmtveov wvbsw etb v`mwb vejbo dbnmtb e gthwhw ethwbw/ Elmoa v`b obgbwwetx egvhmow vmdb vejbo sthmt vm e gthwhw etb v`mwb mn lejhoa wrtb vèv v`b nhoeoghei hontewvtrgvrtb fmbw omvstmseaevb w`mgjw v`tmra` v`b nhoeoghei wxwvbl eof boèoghoa v`b tbwhihbogx mn v`b nhoeogheiwxwvbl v`tmra` lhgtm, eof legtm,strfbovhei wrsbt~hwhmo/ @mqb~bt) nhoeoghei gthwbw è~bmggrttbf v`tmra`mrv vhlb ho e qhfb ~ethbvx mn wbvvhoaw eof qb w`mrif db lmfbwv edmrv mrtedhihvx vm stb~bov nrvrtb gthwhw/ V`b tbgbov bpsbthbogb mn v`b RW eof v`b brtm etbe hw vèv hv hw~btx fhnnhgriv frthoa e gthwhw vm mdveho ibaei erv`mth{evhmo nmt obq vmmiw eof vm fb~bims e ammfsieo nmt v`bht rwb/ V`rw) v`b vhlb vm efmsv eof tbnhob gthwhw leoeablbov vmmiw hw imoa dbnmtbmob ethwbw/

Ho mob tbwsbgv gbovtei deojw qbtb setvheiix wrggbwwnri ho v`bht stb,gthwhw egvhmow) vèv mnefftbwwhoa qbejobwwbw ho v`b nhoeoghei hontewvtrgvrtb/ V`b stb,gthwhw egvhmow mn v`b gbovteideojw eof strfbovhei wrsbt~hwmtw ho tbfrghoa @btwvevv thwj ho v`b nmtbhao bpgèoab letjbv eof

fmgrlbovevhmo degjimaw ho v`b gtbfhv fbneriv wqes letjbvw ihjbix jbsv v`b gthwhw ntml dbhoab~bo qmtwb vèo hv qew/ @mqb~bt) v`b stbwwrtb vm dehimrv Dbet Wvbetow frb vm gmogbto edmrvv`b vth,setvx tbsm letjbv w`mqw vèv lmtb qmtj tblehow ho v`hw etbe/

Lhgtmstrfbovhei eof legtmstrfbovhei smihghbw è~b eo hlsmtveov tmib vm siex ho lejhoa v`bnhoeoghei wxwvbl tbwhwveov vm ef~btwb w`mgjw/ Lhgtmstrfbovhei wrsbt~hwhmo èw imoa bphwvbf eofv`bwb wrsbt~hwmtw è~b imoa e qbii fb~bimsbf eabofe nmt wvtboav`bohoa nhoeoghei nhtlw) wrg` ew


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v`b Dewbi HHH eabofe q`hg` efftbwwbw wmlb mn v`b fbnhghboghbw fhwgrwwbf edm~b ho v`b Dewbi HHtburhtblbovw/ Legtmstrfbovhei wrsbt~hwhmo hw ho wmlb tbwsbgvw obqbt eof ibww fb~bimsbf/Legtmstrfbovhei wrsbt~hwhmo w`mrif gmowhwv mn lmtb vèo whlsix wvthgvbt lhgtmstrfbovheiwrsbt~hwhmo mn wxwvblhgeiix hlsmtveov nhoeoghei howvhvrvhmow (WHNHw/ Qeii (4338 etarbw)letgtmstrfbovhei wrsbt~hwhmo lrwv eiwm wbbj vm rofbtwveof eof jbbs segb qhv` lekmt nhoeoghei

letjbvw/ @b smhovw mrv vèv e getbnri tb~hbq mn fb~bimslbovw ho v`b RW lmtvaeab letjbv sthmtvm v`b gthwhw qmrif è~b vrtobf rs e orldbt mn rowenb eof rowmrof stegvhgbw/ V`b gthwhw vèvwvetvbf ho 4331 qmrif ihjbix è~b omv dbbo wm wb~btb hn v`bwb stegvhgbw èf dbbo efftbwwbfbetihbt/ V`b erv`mthvhbw lex eiwm è~b dbbo edib vm egv lmtb bnnbgvh~bix frthoa v`b gthwhw èfv`bx dbvvbt rofbtwvmmf wmlb jbx letjbv fb~bimslbovw/

Etaredix eomv`bt esstmsthevb wvbs hw vm rwb legtmstrfbovhei eof smwwhdix eiwm lmobvetx smihgxvm wvms wbblhoaix roqetteovbf ewwbv sthgb esstbghevhmo/ Q`hib Atbbowseow giehlw edmrv v`bimq gmwv mn gibeohoa rs envbt e smssbf drddib è~b stm~bo qtmoa) `hw gmogbtow qhv` v`bfhnnhgrivx mn hfbovhnxhoa drddibw eof v`b gmwvw mn smsshoa v`bl tbleho/ Ho eox gewb) v`b gbovtei

deoj w`mrif db lhofnri mn sthgb vtbofw ho ewwbv letjbvw/Eimoa qhv` egvhmow vm tbfrgb v`b ihjbih`mmf eof wb~bthvx mn e nhoeoghei gthwhw) stb,gthwhw egvhmoww`mrif hogirfb v`b stbsetevhmo mn gthwhw leoeablbov vmmiw/ Mob wrg` gthvhgei wbv mn vmmiw etbv`mwb obbfbf vm tbwmi~b nehihoa nhoeoghei nhtlw qhv`mrv gerwhoa nrtv`bt nhoeoghei howvedhihvx/ Mobmn v`bwb vmmiw qhii db v`b fb~bimslbov mn teshf) bnnhghbov lbgèohwlw nmt tbwmi~hoa howmi~bovnhtlw) wrg` ew v`b rwb mn gmovhoabov geshvei vm ervmlevhgeiix tbgeshveih{b fhwvtbwwbf WHNHw mt v`bfb~bimslbov mn bnnbgvh~b eflhohwvtevh~b mt krfhghei deojtrsvgx wxwvblw vm tbwmi~b nehibf WHNHw/Q`bo nbewhdib) tbwmirvhmo v`tmra` eflhohwvtevh~b mt krfhghei deojtrsvgx hw ho leox qexw v`bdbwv esstmeg` nmt èofihoa e fhwvtbwwbf wxwvblhgeiix hlsmtveov nhoeoghei howvhvrvhmo/25

Eimoa qhv` mdvehohoa v`b obgbwwetx vmmiw) v`b erv`mthvhbw w`mrif eiwm tbarietix wvtbww vbwv v`bhtsieow nmt leoeahoa e nhoeoghei gthwhw dx gmofrgvhoa lmgj bpbtghwbw/ Wrg` wvtbww vbwvw etb ihjbixvm `bis v`b erv`mthvhbw hfbovhnx aesw ho v`bht sieow eof vm db dbvvbt stbsetbf frthoa e gthwhw/ V`hwhw omv vm wex vèv v`b wvtbww vbwvw qhii hfbovhnx eii mn v`b smvbovhei stmdiblw) eilmwv wrtbix wmlblekmt qbejobwwbw ho v`b gthwbw leoeablbov sieow qhii omv db hfbovhnhbf rovhi envbt v`b gthwhwwvetvw/ Drv wrg` bpbtghwbw w`mrif tbfrgb v`b orldbt mn wrtsthwbw eof lex neghihvevb dbvvbtqmtjhoa tbievhmow`hsw elmoa v`b fhnnbtbov wbvw mn erv`mthvhbw vèv gmrif stm~b `bisnri frthoa egthwhw/

Eomv`btmn v`bwb vmmiw lex db v`b stm~hwhmo mn wmlb nhwgei tbwmrtgbw) sbtèsw eimoa v`b ihobw mnfbsmwhv howrteogb) vm nrtv`bt neghihvevb v`b tbwmirvhmo mn nehihoa nhtlw/

25@mqb~bt) ew omvbf dx Qeii (4353 v`b ew xbv rotbwmi~bf stmdiblw mn tbwmi~hoa v`b gtmww,dmtfbt msbtevhmow mn

hovbtoevhmoei atmrsw eof v`b stmdiblw mn whlriveobmrwix tbwmi~hoa lrivhsib WHNHw stbgirfbw nrii tbiheogb mo nehirtb

tbwmirvhmo ev v`hw vhlb/


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2/4 Gbovtei Deojw Tmib ho Stbsetevhmo

V`b gbovtei deoj èw dtmef tbwsmowhdhihvhbw dmv` ho omtlei eof gthwbw sbthmfw/ V`rw) hv lrwvsiex e tmib ho v`b stbsetevhmow nmt v`b gthwhw/ Ev e lhohlrl) v`b gbovtei deoj w`mrif db ho~mi~bf

ho v`b stb,gthwhw stbsetevhmow ho ev ibewv v`tbb qexw/ Nhtwv) v`b gbovtei deoj w`mrif è~b e wbevvèv vedib q`btb lhgtm, eof legtmstrfbovhei smihghbw etb dbhoa fb~bimsbf/ V`b gbovtei deojw`mrif db ho e smwhvhmo vm ef~mgevb nmt smihghbw vèv tbfrgb v`b ihjbih`mmf mn e gthwhw eof stm~hfblmtb bnnhghbov lbgèohwlw nmt efftbwwhoa eox gthwhw vèv fmbw blbtab/ Wbgmof) v`b gbovteideoj lrwv db eo egvh~b setvhghseov ho lmgj bpbtghwbw vm vbwv v`b erv`mthvhbw gthwhw tbwmirvhmosieow/ V`htf) v`b gbovtei deoj w`mrif è~b hvw mqo wmrtgbw mn honmtlevhmo) hfbeiix hogirfhoa v`bhofbsbofbov edhihvx vm howsbgv lekmt nhoeoghei howvhvrvhmow eof letjbvw/ Q`hib mob lha`v oeh~bix`msb vèv fhnnbtbov am~btolbov eaboghbw qmrif ntbbix wètb honmtlevhmo qhv` beg` mv`bt) v`btbeihvx hw vèv honmtlevhmo nimqw etb ho`hdhvbf dbgerwb fhnnbtbov eaboghbw etb ewwhaobf fhnnbtbovwbvw mn ameiw eof è~b fhnnbtbov sthmthvhbw elmoa v`mwb ameiw/ V`b gbovtei deoj obbfw vm è~b

e gibet shgvrtb mn v`b nhoeoghei wxwvbl ho mtfbt vm bnnbgvh~bix gmovthdrvb vm v`b fb~bimslbov mnlhgtm, eof legtmstrfbovhei smihghbw eof ho mtfbt vm bnnhghbovix bpbgrvb hvw ibofbt mn iewv tbwmtvtbwsmowhdhihvx frthoa gthwbw/

V`b lmtb fhnnhgriv urbwvhmow tbievb vm `mq dha mn e tmib v`b gbovtei deoj w`mrif è~b ho lhgtm,eof legtmstrfbovhei wrsbt~hwhmo eof q`bv`bt hv w`mrif db ah~bo nhwgei smqbtw vm tbwmi~b nehihoanhtlwnmt bpelsib) dx lejhoa v`b fbsmwhv howrtbt setv mn v`b gbovtei deoj/ Ah~bo vèv v`bgbovtei deoj qhii è~b wmlb ho~mi~blbov ho v`b sieoohoa nmt eii mn v`bwb egvh~hvhbw: hv hw vblsvhoavm whlsix ah~b v`b gbovtei deoj gmlsibvb tbwsmowhdhihvx/ Q`hib vèv lex db esstmsthevb howleiibt gmrovthbw qhv` ihlhvbf `rleo eof nhoeoghei tbwmrtgbw) v`btb etb ev ibewv vqm ammf

tbewmow q`x v`b gbovtei deoj w`mrif omv db ah~bo eii strfbovhei eof tbwmirvhmo smqbtw/Nhtwv) v`b gbovtei deoj hw ah~bo bomtlmrw bgmomlhg smqbt eof hv qhii negb wmlb smihvhgeistbwwrtb b~bo ho v`b dbwv mn vhlbw/ Esstmsthevb strfbovhei smihghbw) bwsbgheiix legtmstrfbovheismihghbw fhtbgvbf ev v`tbevw vm nhoeoghei wvedhihvx ntml thwjx letjbv stegvhgbw mt sbtgbh~bfdrddibw lex qmtj vm nrtv`bt rofbtlhob gbovtei deoj smihvhgei hofbsbofbogb/ Vèv hw) dx v`bvhlb e letjbv stegvhgb mt sbtgbh~bf ewwbv sthgb drddib v`tbevbow nhoeoghei wvedhihvx) v`bx etbeilmwv wrtbix stm~hfhoa wrdwveovhei bgmomlhg dbobnhvw vm wmlb setvw mn wmghbvx/ Hn e gbovteideoj egvw wmibix mo hvw mqo erv`mthvx vm gmttbgv v`b blbtahoa v`tbev vm wvedhihvx) v`b ef~btwbixhlsegvbf setvw mn wmghbvx etb ihjbix vm rwb v`bht smihvhgei gimrv vm gmrovbt v`b gbovtei deojwegvhmow eof sbtèsw b~bo gbovtei deoj hofbsbofbogb/

Wbgmof) gbovtei deojw etb eitbefx ewwhaobf e ~ethbvx mn srdihg smihgx ameiw vèv qhii omv eiqexwè~b gmowhwvbov hlsihgevhmow nmt smihgx/ Hn v`b gbovtei deoj hw ewwhaobf nhoei fbghwhmo lejhoasmqbt m~bt legtmstrfbovhei tbarievhmo) hv lex db vblsvbf vm rwb hvw wrsbt~hwmtx smqbtw vmnrtv`bt hvw lmobvetx smihgx ameiw/ Mt hv lex nbbi smihvhgei stbwwrtb vm rofrix efkrwv hvw lmobvetxsmihgx fbghwhmow vm lhvhaevb nhoeoghei howvedhihvx ethwhoa ntml fbnhghboghbw ho hvw legtmstrfbovheiwrsbt~hwhmo/


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2/7 Gbovtei Deoj frthoa e Gthwhw

V`b gbovtei deoj egvhoa èw e gibet tbwsmowhdhihvx frthoa e gthwhw vm egv ew eo ibofbt mn iewvtbwmtv/ Hfbeiix v`hw tbwsmowhdhihvx geo db lbv dx wrssixhoa effhvhmoei ihurhfhvx v`tmra` hvw omtlei

lbgèohwlw/ @mqb~bt) hn omtlei lbgèohwlw etb omv wrnnhghbov) v`b ibofbt mn iewv tbwmtv lrwvdb qhiihoa vm ibof vm gibetix wmi~bov deojw vm v`b nrii bpvbov mn v`bht ammf gmiievbtei/ Ah~bo v`bfhnnhgrivx mn ewwbv ~eirevhmo) v`b ibofbt mn iewv tbwmtv vxshgeiix lrwv db stbsetbf vm ibof vm deojwvèv qhii sierwhdix db wmi~bov envbt v`b ihurhfhvx gthwhw dewbf mo gmiievbtei vèv qhii sierwhdix dbammf envbt v`b gthwhw/ V`bwb imeow lex stb~bov v`b weib mn ewwbvw ev nhtb weib sthgbw eof v`bnmtgbf gimwrtb mn howvhvrvhmow vèv gmrif mv`btqhwb wrt~h~b/ Lmtb hlsmtveovix) v`bwb egvhmow eiwmihlhv v`b bpvbov vm q`hg` vblsmtetx nhoeoghei gmogbtow lex è~b e imoa iewvhoa hlsegv mo v`btbei bgmomlx/

V`b fhnnhgrivx frthoa e gthwhw hw q`bv`bt v`b gbovtei deoj w`mrif ibof vm nhoeoghei howvhvrvhmow vèv

etb ihjbix vm tbleho howmi~bov envbt v`b gthwhw) smvbovheiix mo v`b dewhw mn ewwbvw vèv etb ihjbix vmdb qmtv` ibww vèo v`b ~eirb mn v`b imeo envbt v`b gthwhw/ Wrg` imeow geoomv wmi~b v`b rofbtixhoastmdibl mn howmi~bogx) ev dbwv v`b imeow geo moix drx vhlb nmt v`b mv`bt erv`mthvhbw vmtbgeshveih{b mt tbwmi~b v`b nehihoa nhtl/ Lmtbm~bt) wrg` imeow gettx gibet gmwvw vm wmghbvx ho v`bnmtl mn v`b gmovhorbf msbtevhmo mn {mldhb deojw) eof v`b bogmrteablbov mn atbevbt thwj vejhoamo v`b setv mn v`b wvhii wmi~bov nhoeoghei nhtlw/ Ob~btv`bibww) hn stb,gthwhw stbsetevhmow vrto mrv vmdb hoefburevb frthoa e gthwhw) v`b gbovtei deoj lex ob~btv`bibww negb e g`mhgb mn thwjhoa efhwmtfbtix nehirtb mt ibofhoa vm eo howmi~bov nhtl dewbf mo hoefburevb gmiievbtei/

Mob smwwhdib eowqbt hw vèv v`b gbovtei deoj w`mrif efmsv e krwv wex om smihgx mn tbnrwhoa eiiwrg` tburbwvw/ V`b ef~eoveab mn e krwv wex om smihgx bp eovb hw vèv hv stm~hfbw wvtmoabt

hogbovh~bw nmt deojw vm msbtevb strfbovix eof v`b smihvhgei erv`mthvhbw vm fb~bims efburevbgthwhw tbwmirvhmo vmmiw/ V`b stmdibl qhv` krwv wex om hw vèv hv hw omv vhlb gmowhwvbov/ Q`bo enhoeoghei gthwhw etth~bw) v`b gbovtei deoj qhii qbha` v`b w`mtv tro thwj vm v`b bgmomlx eof hvwsmihvhgei smwhvhmo mn eiimqhoa e wxwvblhg gthwhw eaehowv v`b imoabt tro gmwvw mn eiimqhoa {mldhbdeojw eof gtbevhoa lmtb lmtei è{etf/ Ah~bo v`b `ha` gmwv mn wxwvblhg gthwbw mo v`b tbeibgmomlx) gbovtei deojw è~b g`mwbo vm stm~hfb wrssmtv ho v`b sewv eof ~btx ihjbix qhii ho v`bnrvrtb/

Eo eivbtoevh~b vm v`b gbovtei deoj efmsvhoa e vhlb hogmowhwvbov smihgx hw vèv mn v`b hlsmwhoawvthgvbt bp eovb ihlhvw mo ibofbt mn iewv tbwmtv msbtevhmow/ Hfbeiix) v`b bnnbgv mn wvthgvbt ihlhvw

qmrif db v`b welb ew e gtbfhdib krwv wex om smihgx mo deojw eof v`b smihvhgei erv`mthvhbw/ Hostegvhgb) ihlhvw mo ibofbt mn iewv tbwmtv msbtevhmow è~b dbobnhvw drv eiwm è~b gmwvw/ V`btburhtblbov vèv v`b ibofbt mn iewv tbwmtv lex moix stm~hfb gmiievbteih{bf imeow siegbw gtbfhdibeof wrdwveovhei ihlhvw mo v`b gbovtei deojw edhihvx vm gmofrgv nhwgei msbtevhmow/ @mqb~bt) ewWelrbi Kmòwmo mogb tbletjbf (Dmwqbii 5185; $Fbsbof rsmo hv) wht) q`bo e leo jomqw `bhw vm db èoabf ho e nmtvoha`v) hv gmogbovtevbw `hw lhof qmofbtnriix/$ Negbf qhv` v`b hllhobovthwj mn e wxwvblhg gthwhw) gbovtei deojw eof v`b smihvhgei erv`mthvhbw geo fblmowvtevb atbev


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hoaborhvx/ V`b Nbfbtei Tbwbt~bw imeow vm gmllbtghei deojw qbtb ihlhvbf dx NFHGHE) drv v`bEgv fhf omv bpsihghvix stm`hdhv v`b Nbfbtei Tbwbt~b ntml gtbevhoa eof ibofhoa vm eo wsbgheisrtsmwb ~b`hgib/ V`b BGD hw omv eiimqbf vm nhoeogb am~btolbovw/ 24 @mqb~bt) envbt v`b BGDeoomrogbf hvw v`tbb xbet IVTM) Ntbog` Stbwhfbov Wetjm{x wehf vèv deojw w`mrif dbbogmrteabf vm dmttmq ntml v`b BGD eof rwb v`b stmgbbfw vm drx brtm etbe wm~btbhao fbdv

qèv wmlb ho v`b letjbv geii v`b Wetjm{x vtefb/ 27

V`rw) H el ibnv qhv` v`b rowevhwnxhoa tbgmllbofevhmo vèv ibofbt mn iewv tbwmtv msbtevhmoww`mrif db wrdkbgv vm bp eovb ihlhvw dmv` vm tbwvthgv v`bht rwb frthoa omo,gthwhw sbthmfw eofhlsmwb wmlb ihlhvw mo qèv hw fmob frthoa e gthwhw/ @mqb~bt) qb w`mrif omv db m~btixmsvhlhwvhg edmrv v`b bnnbgvw mn wrg` ihlhvw mo v`b bp eovb dbè~hmt mn smihvhgei erv`mthvhbw) omt mov`b mrvgmlbw frthoa e gthwhw/

Q`hib wstbef dbvqbbo wm~btbhao fbdv xhbifweof v`b gmwv mn v`b IVTM ho v`b Wetjm{x vtefb lex `bis tbgeshveih{b wmlb deojw) v`hwesstmeg` hw etaredix eo hobnnhghbov eof thwjx wrdwvhvrvb nmt fhtbgv BGD nhoeoghoa mnam~btolbovw/

>/ GMOGIRWHMO

Gbovtei deojw egvhoa ew ibofbtw mn iewv tbwmtv etb ah~bo bomtlmrw smqbt vm vejb urewh,nhwgeiegvhmow q`hg` lex db ~btx gmwvix/ Ew e tbwriv v`bht ibofbt mn iewv tbwmtv egvhmow etb omtleiixihlhvbf dx e ~ethbvx mn gmowvtehovw) hogirfhoa vèv mn ibofhoa moix vm wmi~bov dmttmqbtw mo ammfgmiievbtei ev e tevb edm~b omtlei letjbv tevbw/ V`bwb gmowvtehovw etb obgbwwethix qbejbobffrthoa ihurhfhvx gthwhw ew ibofbtw geoomv bewhix fhwvhoarhw` dbvqbbo `ha` gtbfhv thwj stblhrlweof `ha` ihurhfhvx stblhrlw/ Ob~btv`bibww) b~bo ho v`bwb gewbw v`btb etb gmwvw vm ibofhoa vm

dmttmqbtw vèv qmrif omv db sierwhdix wmi~bov edwbov ihurhfhvx stblhrlw mt ibofhoa mo gmiievbteivèv qmrif gibetix db hoefburevb b~bo edwbov ihurhfhvx stblhrlw/

Sthmt vm v`b gthwhw) dmv` v`b brtm etbe eof v`b RW qbtb gmowvtehobf ho v`bht edhihvx vm fbei qhv`blbtahoa stmdiblw dx e gmldhoevhmo mn hoefburevb erv`mthvx eof amei gmonihgvw elmoa v`mwbqhv` wmlb erv`mthvx/ Dmv` gbovtei deojw qbtb gmontmovbf qhv` wb~btb nhoeoghei fhwvtbww howhvrevhmow q`btb hoefburevb tbwmirvhmow lbgèohwlw bphwvbf eof v`b nhwgei erv`mthvhbw gmrifomv tbwsmof stmlsvix vm blbtahoa stmdiblw/ V`b tbwriv qew vèv dmv` v`b Nbfbtei Tbwbt~b eofBGD qbtb nmtgbf vm g`mmwb dbvqbbo thwjhoa fhwmtfbtix nehirtbw mt vejhoa egvhmow ev mt dbxmofv`b mrvbt ihlhvw mn ammf ibofbt mn iewv tbwmtv dbè~hmt/

V`b bpsbthbogb mn v`b Nbfbtei Tbwbt~b eof v`b BGD stm~hfb wvtmoa b~hfbogb ho wrssmtv mn v`bhlsmtveogb mn lhohlh{hoa nhoeoghei howvedhihvx thwj dbnmtb e gthwhw blbtabw/ V`b smihgx egvhmowhogirfb; (e hofbovhnxhoa eof nhphoa qbejobwwbw ho nhoeoghei hontewvtrgvrtb) (d stm~hfhoa bnnbgvh~blhgtmstrfbovhei wrsbt~hwhmo) (g rwhoa legtmstrfbovhei wrsbt~hwhmo vm hfbovhnx eof efftbww

24V`b BGD ihwvw v`hw tbwvthgvhmo ev `vvs;--qqq/bgd/hov-lmsm-bebg-nhwgei-`vli-hofbp/bo/`vli (eggbwwbf 47 Esthi 4354/

27Wbb Gettbi (4354/


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Egètxe) ^/ ^/) eof S/ Wgòedi/ 4353/ Fm Aimdei Deojw Wstbef Aimdei Hldeieogbw= Ewwbv,Degjbf Gmllbtghei Sesbt frthoa v`b Nhoeoghei Gthwhw mn 433138/ HLN Bgmomlhg

Tb~hbq) 7117/Ejhxmw`h) N/ 4338/ Deojhoa seohgw) deoj nehirtbw) eof v`b ibofbt mn iewv tbwmtv; v`b W`mqe

Fbstbwwhmo mn 58735874/ Mpnmtf Bgmomlhg SesbtwMgvmdbt; 11>033/

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Central Banking for Financial Stability: Some Lessons from the Recent Instability in the United States and Euro Area

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