indian financial institute basics
TRANSCRIPT
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Afoliog Ptru`turh io Ioeif
Kmmliog Fjhfe ay Kmmliog Af`l6
# Euvvuri Puaafrfm
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6/
Dmr tjh didtj yhfr mo f trmt+ ymu jfvh givho ch tjh privikhgh md
iofugurftiog tjis prhstigimus foe iodkuhotifk DI@@I#IAF Fooufk Afoliog
@modhrho`h/ Io cy didtj yhfr fs Gmvhromr md QAI+ I jfvh tjh Gmvhromrs
fooufk s`jheukh dircky iogrfiohe io cy cioe/ I jfvh `mch tm hxph`t+ hvho
kmml dmrwfre tm+ tjis hvhot io Phpthcahr hvhry yhfr/ I fc fwfrh tjft tjh
mrgfoizhrs jfvh fevfo`he tjh s`jheukh ay f cmotj tm hxthoe tm ch tjh
jmomur md iofugurftiog tjis `modhrho`h ahdmrh I ehcit mddi`h ohxt cmotj/ I
fc ehhpky tmu`jhe/
Afoliog Ptru`turh
1/ Wjft sjmuke ah tjh dm`us md cy rhcfrls tmefy= Ft hfrkihr`modhrho`hs+ I dm`usshe mo ofrrmw tjhchs witjio tjh afoliog emcfio/
Pjmuke I pi`l fomtjhr ofrrmw tjhch dmr tjis yhfrs `modhrho`h fs whkk= I
ehkiahrfthe mo it quith f ait/ Pio`h I wikk ah kfyiog emwo mddi`h fs
Gmvhromr md tjh Qhshrvh Afol io famut 5 whhls tich+ I ehthrciohe tjft it
cfy ah cmst fpprmprifth id I kmmshohe tjh `mostrfiot foe feerhsshe f
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armfehr tmpi`/ Foe tjh tmpi` I jfvh `jmsho is tm kmml fjhfe tm tjh
fpprmprifth afoliog stru`turh dmr Ioeif/
0/ Wjho wh issuhe tjh guiehkiohs dmr ki`ho`iog md ohw afols io tjhprivfth sh`tmr io Dharufry tjis yhfr+ tjh Qhshrvh Afol sfie tjft it wikk
`mch mut witj f Eis`ussimo Rfphr mo tjh Afoliog Ptru`turh io Ioeif/ Ujft
pfphr is io tjh diofk stfghs foe wikk ah rhkhfshe sjmrtky/ Ujh issuhs tjft I
wikk feerhss tmefy wikk iohvitfaky mvhrkfp witj smch md tjh issuhs tjft wikk
ah `mvhrhe io tjh Eis`ussimo Rfphr aut tjhrh ohhe ah om prhsucptimo tjft
tjh `mvhrfgh foe oufo`iog md tjh issuhs wikk ah sicikfr/
Ioeifo Diofo`ifk Ph`tmr # Ujh Aig Ri`turh
5/ Io mrehr tm kmml fjhfe tm issuhs mo tjh wfy dmrwfre+ it cfy ahiostru`tivh tm kmml ft f sofp sjmt md tjh Ioeifo diofo`ifk systhc fs it is
tmefy foe rhvihw tjh hvmkutimo md tjh afoliog systhc mvhr tjh kfst 12
yhfrs md h`momci` rhdmrcs/ Kht ch em tjft qui`lky foe arihdky sm fs tm sht
tjh `mothxt dmr tjh issuhs tjft I wikk feerhss/
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Ufakh # I
Ioeifo Diofo`ifk Pysthc # Pjfrh ay Fssht Pizh # 1261
Phgchot Cfrlht Pjfrh mdDiofo`ifk Fsshts
*Rhr`hotfgh)
Afols // 40
Iosurfo`h @mcpfoihs 69
Omo#afoliog Diofo`ifk Iostitutimos / :
Cutufk Duoes // / 4
Rrmviehot foe Rhosimo Duoes / / 5
Umtfk 622
Afols emciofth tjh Ioeifo diofo`ifk systhc/Ufakh # II
Ioeifo Afoliog Pysthc # Pjfrh ay Fssht Pizh
Iostitutimo Cfrlht Pjfrh md UmtfkAfoliog Fsshts *1261)
*Rhr`hotfgh)
P`jheukhe @mcchr`ifk Afols /
md wji`j>
/ 91/5
Ruaki` Ph`tmr Afols 47/1
Rrivfth Ph`tmr Afols /// 6:/7
Dmrhigo Afols / 4/8
Qhgimofk Qurfk Afols // /// 1/7
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Ufakh # III
Pjfrh io tjh Afoliog Ppf`h
Uyph md Afols Oucahr md
Afols
Oucahr md
Arfo`jhs
Rhr`hotfgh Pjfrh
md Oucahr md
Arfo`jhs
Cfrlht Pjfrh
md Fsshts
*Rhr`hotfgh)
Ruaki` Ph`tmr 14 47+544 :0/2 71/:
Rrivfth Ph`tmr 12 60+581 64/4 12/1
Dmrhigo Afols 56 010 2/5 7/2
Umtfk :7 :6+156 622/2 622/2
Ruaki` sh`tmr afols jfvh cmrh arfo`j prhsho`h rhkftivh tm tjhir sjfrhmd fsshts/
Wjft em tjh famvh eftf thkk us famut tjh aig pi`turh=
Witjio tjh afoliog systhc+ puaki` sh`tmr afols *RPA) `motiouh tmemciofth witj 70( md cfrlht sjfrh md fsshts foe :0( md arfo`jhs/
Qurfk foe urafo `m#mphrftivhs afols jfvh f rhkftivhky scfkk sjfrh iotjh afoliog systhc/ Jmwhvhr+ givho tjhir ghmgrfpji` foe
ehcmgrfpji` mutrhf`j+ tjhy pkfy f lhy rmkh io prmvieiog f``hss tm
diofo`ifk shrvi`hs tm kmw foe cieekh io`mch jmushjmkes io amtj rurfk
foe urafo frhfs/
Pi ik k QQA k l k i i di i k i k i
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Ufakh # IT
Hxpfosimo md Afoliog Pio`h Oftimofkizftimo
Yhfr 6949 6996 1227 1261
Om/ md @mcchr`ifk Afols *io`k/
QQAs foe KFAs)
70
171
6:1 670
Om/ md Afol Mddi`hs :+141 42+872 75+840 6+26+146
md wji`j Qurfk foe shci#
urafo afol mddi`hs
8+671 54+882 57+679 41+246
Rmpukftimo phr mddi`h 45+222 65+222 68+222 60+222
Rhr `fpitf Ehpmsit md P`jheukhe
@mcchr`ifk Afols *P@As)
`:: `1+04: `10+0:1 `86+624
Rhr `fpitf @rheit md P@As `4: `6+505 `6+7856 `09+929
Pio`h oftimofkisftimo md 65 cfnmr `mcchr`ifk afols io 6949+dmkkmwhe ay oftimofkisftimo md fomtjhr 4 afols io 69:2+ Ioeifo
afoliog systhc jfs hxpfoehe rfpieky/
Ujh oucahr md afol mddi`hs io`rhfshe drmc famut :+222 io 6949 tmmvhr 622+222 ay 1261/
Ujh fvhrfgh pmpukftimo phr arfo`j mddi`h jfs sjfrpky eh`kiohe drmc45+222 io 6949 tm 60+222 tmefy/
Amtj phr `fpitf ehpmsit foe phr `fpitf `rheit jfvh hxpfoehe famut422 tichs/ Hvho f``muotiog dmr iodkftimo+ tjis is sigoidi`fot
hxpfosimo/
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Cfnmr Afoliog Ph`tmr Qhdmrcs sio`h 6996
Ujh h`momci` rhdmrcs ioitifthe io 6996 fksm hcarf`he tjh afoliog
systhc/ Dmkkmwiog frh tjh cfnmr rhdmrcs fiche ft icprmviog hddi`iho`y+
prmeu`tivity foe prmditfaikity md afols/
Ohw afols ki`ho`he io privfth sh`tmr tm ionh`t `mcphtitimo iotjh systhc/ 62 io 6990 foe 1 cmrh io 1220/ Fomtjhr kmt md ohwafols wikk ah ki`ho`he io tjh ohxt dhw cmotjs/
DEI,DII up tm 75( fkkmwhe io privfth sh`tmr afols Kistiog md RPAs mo stm`l hx`jfoghs foe fkkmwiog tjhc tm
f``hss `fpitfk cfrlhts dmr fugchotiog tjhir hquity+ suanh`t tm
cfiotfioiog Gmvhrochot sjfrhjmkeiog ft f cioicuc md 86(/
Rrivfth sjfrhjmkehrs rhprhshothe mo tjh Amfre md RPAs/
Rrmgrhssivh rheu`timo io stftutmry prh#hcptimo *PKQ foe @QQ)tm icprmvh tjh rhsmur`h afsh md afols sm fs tm hxpfoe `rheit
fvfikfakh tm privfth sh`tmr/ PKQ `urrhotky ft 10( *0:/8( io
6996) foe @QQ ft 5( *68( io 6996)/
Femptimo md iothroftimofk ahst prf`ti`hs io afoliog rhgukftimo/Iotrmeu`timo md pruehotifk omrcs mo `fpitfk fehquf`y+ IQF@
*io`mch rh`mgoitimo+ fssht `kfssidi`ftimo+ prmvisimoiog)+
hxpmsurh omrcs ht`/
Rjfshe kiahrfkisftimo md arfo`j ki`hosiog/ Afols `fo omw mphoa j i Ui 1 Ui 4 i j i k d
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fkkm`ftivh hddi`iho`y foe strhogtjho tjh trfoscissimo md
cmohtfry pmki`y/
Afsh rfth *dkmmr rfth dmr khoeiog) iotrmeu`he *Nuky 1262)/Rrhs`riptimo md fo iothrhst rfth dkmmr mo sfviogs ehpmsit rfth
witjerfwo *M`tmahr 1266)/
Duo`timofk futmomcy tm RPAs/ Xsh md iodmrcftimo th`jomkmgy tm icprmvh tjh hddi`iho`y foe
prmeu`tivity+ hojfo`h tjh pfychot foe shttkhchot systhcs foe
ehhpho diofo`ifk io`kusimo
Ptrhogtjhoiog md Lomw Ymur @ustmchr *LY@) foe Foti#cmohy Kfuoehriog *FCK) omrcs< cfliog afoliog khss prmoh
tm diofo`ifk faush/
Icprmvhchots io tjh risl cfofghchot `ukturh md afols/
Rmst#`risis Qhgukftmry Qhdmrcs Frmuoe tjh Wmrke
Ujh diofo`ifk `risis hxpmshe tjh risl pmshe ay tjh GkmafkPysthci`fkky Icpmrtfot Diofo`ifk Iostitutimos *G#PIDIs) fs tjhsh
whrh tmm aig tm dfik/
Rmst#`risis+ XP+ XL+ Hurmphfo Xoimo tmml ioitiftivhs *Rfuk FTmk`lhr io XP+ Pir Nmjo Ti`lhrs Ioehphoehot @mccissimo mo
Afoliog io XL+ Hrlli Kiilfoho io tjh Hurmphfo Xoimo) tm
rh`mcchoe fs stru`turfk rhdmrcs io tjh afoliog sh`tmr tm auike
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Ujh Tmk`lhr Qukh foe tjh Emee#Drfol F`t Wfkk Ptrhht Qhdmrcfoe @mosuchr Rrmth`timo F`t jfvh armugjt sigoidi`fot `jfoghs
tm tjh XP diofo`ifk systhc/
Ujh Tmk`lhr Qukh shpfrfths iovhstchot afoliog+ privfth hquityfoe prmprihtfry trfeiog *jhegh duoe) sh`timos md diofo`ifk
iostitutimos drmc tjhir `mosuchr khoeiog frcs/ Afols frh omt
fkkmwhe tm sicuktfohmusky hothr iotm fo fevismry foe `rheitmr
rmkh witj `kihots+ su`j fs witj privfth hquity dircs/ Ujh Tmk`lhr
Qukh fics tm cioicizh `modki`ts md iothrhst ahtwhho afols foe
tjhir `kihots tjrmugj shpfrftiog tjh eiddhrhot typhs md ausiohss
prf`ti`hs diofo`ifk iostitutimos hogfgh io/
Ujh Ioehphoehot @mccissimo mo Afoliog *Ti`lhrs Qhpmrt) ioXL jfs iothr fkif rh`mcchoehe riog dho`iog md XL afols+ su`j
tjft tjh riog dho`he afols wmuke ah phrcitthe tm hxthoe moky
rhtfik foe `mcchr`ifk afoliog shrvi`hs tm kicithe `kihots
io`kueiog ioeivieufks foe scfkk foe cheiuc#sizhe mrgfoizftimos
*PCHs) io XL/
Ujh Kiilfoho Qhpmrt dmr tjh HX `mo`kuehe tjft risly diofo`ifkf`tivitihs ohhe tm ah shpfrfthe drmc ehpmsit#tfliog afols witjio
tjh afoliog grmup+ witj tjh manh`tivh md cfliog afoliog grmups
*cfioky ehpmsit#tfliog foe prmvieiog diofo`ifk shrvi`hs tm tjh
omo#diofo`ifk sh`tmrs io tjh h`momcy) sfdhr foe khss `mooh`the
tm trfeiog f`tivitihs/
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Issuh Om/ 6> Ruaki` vs Rrivfth Mwohrsjip md Afols
Fastrf`tiog drmc iehmkmgy+ drmc f prfgcfti` phrsph`tivh+ amtjpuaki` foe privfth afols jfvh rhsph`tivh fevfotfghs foe
eisfevfotfghs/ Rrivfth mwohrsjip ariogs `mcphtitimo+
prmdhssimofkisc foe mphrftimofk hddi`iho`y/ Ruaki` mwohrsjip cflhs
it hfsihr tm pursuh sm`ifk manh`tivhs su`j fs cfss afoliog+ diofo`ifk
io`kusimo ht`/
Rrivfth afols jfvh `mcpfrftivhky grhfthr drhhemc io thrcs mdrh`ruitchot+ sfkfry foe `mcphosftimo/ Mo tjh mtjhr jfoe+ RPAs frh
phr`hivhe tm mddhr cmrh nma sh`urity+ foe `moshquhotky+ hcpkmyhh
turomvhr is kmwhr/
RPAs emciofth tjh afoliog sh`tmr io Ioeif foe wikk `motiouh tm ahemciofot io tjh dmrhshhfakh duturh/ Jmwhvhr+ tjhsh afols rhquirh
suastfotifk `fpitfk tm suppmrt grmwtj/
Ujh `riti`fk quhstimo is wjhtjhr tjh Gmvhrochot+ givho its kicithedis`fk spf`h+ `fo chht tjh hojfo`he `fpitfk ohhes md puaki` sh`tmr
afols uoehr tjh Afshk III `fpitfk rhgukftimos/
Qhshrvh Afol jfs cfeh fo hsticfth md tjh feeitimofk `fpitfkrhquirhchots md emchsti` afols dmr dukk Afshk III icpkhchotftimo tikk
Cfr`j 126:/ Ujhsh hsticfths frh afshe mo twm armfe fssucptimos>
*i) io`rhfsh io tjh risl whigjthe fsshts md 12( p/f/< *ii) iothrofk
f``rufk md tjh mrehr md 6( md risl whigjthe fsshts/
Uj i j j I ei a l ikk i
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Pph`idi` tm puaki` sh`tmr afols+ tjh hsticfths sugghst tjft puaki`sh`tmr afols wmuke rhquirh fo feeitimofk `fpitfk tm tjh tuoh md`5/68
trikkimo< md wji`j hquity `fpitfk wikk ah md tjh mrehr md`6/50 trikkimo+
wjikh omo#hquity `fpitfk wikk ah md tjh mrehr md`1/71 trikkimo/ Ujh
Gmvhrochots `motriautimo tm tjh hquity `fpitfk md RPAs wmuke ah md
tjh mrehr md`922 aikkimo ft tjh hxistiog khvhk md sjfrhjmkeiog md tjh
Gmvhrochot/ Ujh Gmvhrochots `motriautimo wikk `mch emwo tm
fpprmxicfthky`442 aikkimo id its sjfrhjmkeiog `mchs emwo tm 86(/
Diofkky+ jmw sjmuke tjh Gmvhrochot hodmr`h its rigjts foemakigftimos fs tjh mwohr md RPAs= Ujrmugj tjh Amfre mr tjrmugj
mtjhr chfos md iothrf`timo=
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Ufakh # T
Feeitimofk1
@mccmo Hquity Qhquirhchots md
Ioeifo Afols uoehr Afshk III
*Fcmuot io`aikkimo)
Ruaki`Ph`tmr
Afols
RrivfthPh`tmr
Afols
Umtfk
Feeitimofk Hquity @fpitfkQhquirhchots uoehr Afshk III
6502 112 6482
Feeitimofk Omo#hquity @fpitfkQhquirhchots uoehr Afshk III
1712 8:2 0022
Md Feeitimofk Hquity @fpitfk
Qhquirhchots uoehr Afshk III dmr
Ruaki` Ph`tmr Afols
Umtfk 5682 :22 5982
Gmvhrochot Pjfrh *ft tjh prhshotkhvhk md sjfrhjmkeiog pftthro)
922
# #
Gmvhrochot Pjfrh *id
sjfrhjmkeiog is armugjt emwo tm
86 phr `hot)
442 # #
Mvhr tjh kfst divh yhfrs+ tjh Gmvhrochot jfs iodushe`577 aikkimo iotjh RPAs/ Fo feeitimofk fcmuot md`652 aikkimo is prmpmshe tm ah
iovhsthe euriog tjh `urrhot yhfr/
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Gmvhrochot dmr eikutimo md its stflh io f oucahr md puaki` sh`tmr
afols/
Givho its dis`fk `mostrfiots+ sjmuke tjh Gmvhrochot eikuth itssjfrhjmkeiog io RPAs tm 86( mr sjmuke tjh Gmvhrochot gm durtjhr
foe f`quihs`h io rheu`iog its sjfrhjmkeiog tm ahkmw 86(+ aut auike
io smch sfdhgufres dmr rhtfioiog rhquisith cfofghchot `motrmk=
Rmssiakh mptimos mtjhr tjfo tjh aueghtfry suppmrt fvfikfakh tm tjhGmvhrochot>
# Issufo`h md sjfrhs witj eiddhrhotifk vmtiog rigjts mr omo#vmtiog sjfrhs/
# Qheu`timo io tjh Gmvhrochot sjfrhjmkeiog foe ioshrtimo mdprmth`tivh `kfush tm prmth`t Gmvhrochots `motrmk mvhr
puaki` sh`tmr afols/
# Dmrcftimo md Jmkeiog @mcpfoihs dmr RPAs/ Ohhe dmr f ehafth mo tjh iehfk `fpitfk stru`turh md puaki` sh`tmr
afols su`j tjft tjhy `fo ahst shrvh tjh ehcfoes md io`kusivh grmwtj
md tjh h`momcy/
# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
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Issuh Om/ 1> @mosmkieftimo md Afols
@mosmkieftimo fssuche sigoidi`fo`h fdthr tjh iotrmeu`timo mddiofo`ifk sh`tmr rhdmrcs stfrtiog hfrky oiohtihs/
Gfiohe cmchotuc fdthr tjh Ofrfsicjfc @mccitthh # I *6996) putdmrwfre tjh armfe pftthro md tjh afoliog sh`tmr \0 mr 5 kfrgh afols+ :
tm 62 oftimofk afols+ km`fk afols foe rurfk afolsS/
Qhithrfthe ay tjh P/J/ Ljfo @mccitthh *6997)+ Ofrfsicjfc@mccitthh # II *699:)+ Qfgjurfc Qfnfo @mccitthh *1229)+
@mccitthh mo Diofo`ifk Ph`tmr Fsshsschot *@DPF) *1229) foe
@mccitthh mo Dukkhr @fpitfk F``muot @movhrtiaikity *1224)/
Fkk @mccitthhs vihwhe tjft rhstru`turiog md tjh afoliog systhcsjmuke ah cfrlht#erivho afshe mo vifaikity foe prmditfaikity
`mosiehrftimos foe armugjt famut tjrmugj f prm`hss md Chrghrs $
Fcfkgfcftimos/
Pio`h tjh dirst rmuoe md oftimofkizftimo md afols io 6949+ tjhrh jfvhahho f tmtfk md 56 chrghrs foe fcfkgfcftimos/ Md tjhsh+ 67
jfpphohe ahdmrh tjh mosht md rhdmrcs io 6996 foe 15 fdthr tjft/
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Ujh ofturh md C$Fs jfs ahho fs dmkkmws>
Oucahr md `fshs
Ruaki` sh`tmr afol witj puaki` sh`tmr afol 0
Rrivfth afol witj puaki` sh`tmr afol 15
Rrivfth afol witj privfth afol 65
Umtfk 56
Frguchots io suppmrt md `mosmkieftimo
Jigjhr `fpitfk afsh fdthr `mosmkieftimo wikk df`ikitfth io`rhfshekhoeiog f`tivity foe dfsthr GER grmwtj/
Ammst iodrfstru`turh diofo`iog drmc tjh phrsph`tivh md hojfo`hehxpmsurh kicits dmr siogkh foe grmup amrrmwhrs/
Chht tjh afoliog shrvi`h ehcfoes md Ioeifo `mrpmrfths+ amtj ftjmch foe gkmafkky/
@mst ahohdits dmr afols euh tm h`momcihs md s`fkh foe h`momcihsmd s`mph su`j fs `hotrfkishe af`l mddi`h prm`hssiog+ hkicioftimo md
arfo`j mvhrkfp foe eupki`ftimo md fecioistrftivh iodrfstru`turh+
ahtthr cfopmwhr pkfooiog+ mpticuc duoes cfofghchot+
`mosmkieftimo md mphrftimos+ sfviogs io IU foe mtjhr pur`jfshs/
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Kfrghr sizh chfos wiehr foe ri`jhr hxphriho`h io diofo`ifkio`kusimo/ Rmssiakh tm ariog kfrghr `mkkh`tivh hxphriho`h tm iehotidy
su``hssduk cmehks/
Iothroftimofk f``hptfo`h foe rh`mgoitimo/ Ahtthr risl cfofghchot/
Frguchots fgfiost `mosmkieftimo
Khfe tm `mcpkhxity foe Umm#Aig#Um#Dfik *UAUD) mr Umm#@mooh`the#Um#Dfik *U@UD) cmrfk jfzfres witj fevhrsh icpf`t mo
diofo`ifk stfaikity/
Qhgukftmry issuhs> Pigoidi`fot aig afols `muke rhsmrt tmcmompmkisti` prf`ti`hs tjft cfy rhsukt io uohqufk `mcphtitimo foe
eistmrtivh foe hvho prheftmry ahjfvimur io tjh cfrlht/ Pu`j
prf`ti`hs `muke fksm akuot tjh cmohtfry trfoscissimo foe cfrlht
ch`jfoisc dmr hddi`ihot fkkm`ftimo md rhsmur`hs/
@muke pmsh prmakhcs su`j fs th`jomkmgy cigrftimo issuhs+`ustmchr fttritimo+ icpkhchotftimo `msts+ JQ issuhs *viz/ shoimrity+
sfkfry+ trfosdhrs+ prmcmtimo+ pfrity io phrls ht`/) foe kitigftimo+ wikk
omt ah fakh tm prmvieh phrsmofkizhe shrvi`hs prmviehe ay scfkk
afols/
@rithrif dmr `mosmkieftimo-chrghr
Rrhshotky+ sigoidi`fot slhwohss io tjh sizh md afols/ Ujh sh`moe
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fempt prheftmry ahjfvimur foe dmr`h scfkkhr afols iotm uovifakh
cmehks/
Mrgfoi` chrghr mr iomrgfoi` chrghr=# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
Issuh Om/ 0> Kfrgh foe Pcfkk Afols
Fo issuh rhkfthe tm tjh ehafth mo `mosmkieftimo io afoliog sh`tmr is
tjh chrits foe ehchrits md kfrgh foe scfkk afols/
Io suppmrt md kfrgh afols
Kfrgh afols `fo hxpkmit h`momcihs md s`fkh foe s`mph khfeiog tmh`momci` hddi`iho`y/
Kfrgh afols wikk jfvh tjh `fpf`ity+ rhsikiho`h foe ioomvftivh zhfk tmpursuh diofo`ifk io`kusimo/ Ujhy wikk ariog eivhrsh hxphriho`h tm
ahfr mo km`fk ioitiftivhs/
Kfrgh afols `fo pmthotifkky ah`mch sigoidi`fot gkmafk pkfyhrs foetjhrhay givh f gkmafk rhf`j tm Ioeifo `mrpmrfths/
Kfrgh afols witj jugh `fpitfk afsh `fo ahtthr chht tjh jugh duoeiogrhquirhchots md tjh iodrfstru`turh sh`tmrs/
Fgfiost kfrgh afols
Kfrgh afols `fo ah`mch tmm#aig#tm dfik+ khfeiog tm cmrfk jfzfreprmakhcs
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sh`uritisftimo+ ehrivftivhs trfeiog+ ht`/ `muke pmsh sigoidi`fot
systhci` risl ah`fush md tjhir `mcpkhxity foe mpf`ity/
Kfrgh afols `fo ush pmwhr ehrivhe drmc tjhir iodmrcftimocmompmky tm supprhss `mcphtiog iostitutimos foe cfrlhts/
Kfrgh afols cfy eikuth tjh ahohdits md `mcphtitimo/Io suppmrt md scfkk afols
Pcfkk afols jfvh f `mcpfrftivh fevfotfgh io tjh suppky md `rheit tmscfkk ausiohss uoits+ scfkk dfrchrs foe mtjhr uomrgfoizhe sh`tmr
hotitihs+ tjhrhay durtjhriog tjh `fush md diofo`ifk io`kusimo/
Pcfkk km`fk afols frh cmrh oicakh foe dkhxiakh/ Ujhy `fo hddh`tivhky`fthr tm uoafolhe frhfs foe chht km`fkishe ohhes/ @fo ah cmrh
hddi`ihot io diofo`ifk io`kusimo/
Pcfkk afols witj kicithe frhf md mphrftimo wmuke rhquirh khssiodrfstru`turh+ stfdd foe jho`h tjh mphrftimofk hxphoshs wmuke ahkmw/
Dfikurh md f scfkk afol wikk omt jfvh foy systhci` icpf`t foerhsmkutimo wmuke ah hfsihr/
Fgfiost scfkk afols
Pcfkk afols frh pmthotifkky vukohrfakh tm sh`tmr `mo`hotrftimo risl/Dmr iostfo`h+ `mccuoity afols io tjh XP suddhrhe kmsshs euh tm tjhir
hx`hssivh rhkifo`h mo khoeiog tm `mcchr`ifk rhfk hstfth
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Pcfkk afols frh omt aig homugj tm diofo`h aig iovhstchots+io`kueiog iodrfstru`turh/
Pcfkk afols frh prmoh tm km`fk iodkuho`h `fpturh/ F kfrgh oucahr md scfkk afols put prhssurh mo tjh suphrvismry
rhsmur`hs md tjh `hotrfk afol/
Mur Hxphriho`h witj KFAs -X@As -QQAs
Mut md six KFAs ki`hoshe ay QAI+ 1 whrh `kmshe emwo+ iothr fkif+euh tm ciscfofghchot foe moky 5 frh duo`timoiog/ Ujh mvhrfkk
phrdmrcfo`h md duo`timoiog KFAs is khss tjfo sftisdf`tmry fs tjhy
jfvh ah`mch jigj `mst stru`turhs/
Ujh KFA cmehk jfs iojhrhot whflohsshs mwiog tm its scfkk sizh foe`mo`hotrftimo risl rhsuktiog io uovifakh foe uo`mcphtitivh `mst
stru`turhs+ fevhrsh shkh`timo+ `mostrfiots io fttrf`tiog foe rhtfioiog
prmdhssimofk stfdd -cfofghchot euh tm km`ftimofk eisfevfotfgh/
X@As suddhr drmc ciscfofghchot+ grmwiog ORFs+ stfthiothrvhotimo+ pmkiti`izftimo foe pmmr rhsmur`h afsh/ Ujhrh jfvh ahho
666 chrghrs foe fcfkgfcftimos fcmog tjh X@As witj tjh oucahr
md XA@s pkf`he ft 6+46: fs ft hoe Cfr`j 1261/
Hxphriho`h witj QQAs is sicikfr/ Mvhr tjh yhfrs+ tjh oucahr mdQQAs jfs `mch emwo drmc 694 tm 41/
Issuhs witj ho`murfgiog kfrgh afols io Ioeif
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jfvh om gkmafk prhsho`h/ Pmch md tjh Fchri`fo mr Hurmphfo afols
cfy omt ah kfrgh io thrcs md fsshts+ aut tjhy jfvh prhsho`h io cfoy
nurisei`timos/
Wjft typh md kfrghohss sjmuke Ioeifo afols ftthcpt= Kfrgh afolskilh tjh @jiohsh afols mr kfrgh afols witj gkmafk prhsho`h= Omth
tjft it wikk tflh shvhrfk yhfrs dmr mur afols tm f`jihvh tjh stftus md f
kfrgh gkmafk afol/ Mur aigghst afol is rfolhe ft famut 42 io tjh
gkmafk khfguh md kfrgh afols/ It cfy tflh yhfrs dmr mur afols tm
ah`mch gkmafk pkfyhrs ay wfy md mrgfoi` grmwtj/ Jmwhvhr+ wh
sjmuke fspirh tm jfvh f dhw Ioeifo cuktioftimofk afols io tjh ohfr
duturh ay shkh`tivh f`quisitimo/
Issuhs witj scfkk afols io Ioeif
Chrhky ho`murfgiog scfkk afols witjmut feerhssiog tjheisfevfotfghs md ahiog scfkk=
Pcfkk afols frh prmoh tm dfik drhquhotky+ foe wh jfvh tm ehvhkmp tjhpmkiti`fk foe diofo`ifk rhsikiho`h tm f``hpt dfikurhs md scfkk afols/
Ujhrh is f ohhe dmr f dfsthr foe cmrh hddh`tivh drfchwmrl dmrrhsmkutimo foe shttkhchot md ehpmsit iosurfo`h `kfics io tjh hvhot md
dfikurh md f afol/
Wjho scfkk afols ah`mch su``hssduk+ tjhy ofturfkky wfot tm hxpfoefoe grmw/ Pjmuke wh fkkmw f scmmtj trfositimo drmc scfkk tm aig=
Aut id wh em tjft+ frhot wh ehdhftiog tjh vhry rftimofkh dmr su`j
a l i tj t tj ikk a i ak e dk iak e t k k
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Issuh Om/ 5> Ki`hosiog Rmki`y
Ujh QAI issuhs afol ki`ho`hs uoehr sh`timo 11 md tjh AfoliogQhgukftimo F`t+ 6959/ Ujh ki`ho`h hofakhs tjh afol tm em afoliog
foe mtjhr diofo`ifk shrvi`hs f`tivitihs kisthe io tjh Afoliog
Qhgukftimo F`t/
Ioeif dmkkmws f uoivhrsfk afol ki`hosiog rhgich/Ki`hosiog pmki`y dmr emchsti` privfth sh`tmr afols
Rursufot tm tjh rh`mcchoeftimos md Ofrfsicjfc @mccitthh I io6996+ guiehkiohs mo ohw afols whrh rhkhfshe io 6990 witj f
cioicuc `fpitfk rhquirhchot md`6 aikkimo/ 62 ohw privfth sh`tmr
afols whrh ki`hoshe
Rursufot tm Ofrfsicjfc @mccitthh II *Fprik 699:) mo AfoliogPh`tmr Qhdmrcs+ f ohw sht md guiehkiohs whrh issuhe io 1226 witj f
`fpitfk rhquirhchot md`0 aikkimo/ 1 ohw privfth sh`tmr afols whrh
ki`hoshe/
Io Dharufry 1260+ drhsj guiehkiohs dmr ki`hosiog md ohw afols whrhissuhe+ iothr fkif phrcittiog ausiohss-ioeustrifk jmushs tm prmcmth
afols witj f `fpitfk rhquirhchot md`8 aikkimo/
Ki`hosiog Rmki`y dmr Dmrhigo Afols
Ft prhshot+ dmrhigo afols mphrfth io Ioeif fs arfo`jhs md tjh pfrhotafol/ @urrhotky+ phrcissimo dmr mphoiog md arfo`jhs ay dmrhigo
afols io Ioeif is guiehe ay Ioeifs `mccitchot tm WUM tm fkkmw61
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Ehvhkmpchot Diofo`ifk Iostitutimos
Ehvhkmpchot Diofo`ifk Iostitutimos *EDIs) em omt rhquirh f afoliogki`ho`h/
Rmst#Ioehphoeho`h+ EDIs whrh hstfakisjhe cfioky tm chht tjhehcfoe dmr kmog#thrc diofo`h ay tjh ioeustrifk sh`tmr/
Ujhy jfe tjh ahohdit md kmw#`mst duoes tjrmugj Kmog UhrcMphrftimo *KUM) duoes drmc QAI ft `mo`hssimofk rfths+ duoes drmc
cuktikfthrfk foe aikfthrfk fgho`ihs euky gufrfothhe ay tjh
Gmvhrochot/ Ujhy whrh fksm fkkmwhe tm issuh amoes+ wji`j
qufkidihe dmr PKQ stftus/ Dmr ehpkmychot md duoes+ tjhy df`he kittkh
`mcphtitimo fs tjh afoliog systhc `mo`hotrfthe kfrghky mo wmrliog`fpitfk diofo`h foe fkcmst tmtfkky yihkehe tjh thrc diofo`h spf`h tm
EDIs/
Rmst#diofo`ifk sh`tmr rhdmrcs io tjh 6992s+ tjh privikhghe f``hss tmkmw#`mst duoes wfs witjerfwo dmr`iog EDIs tm rfish rhsmur`hs ft
cfrlht#rhkfthe rfths/ Mo tjh mtjhr jfoe+ tjhy jfe tm df`h `mcphtitimo
io tjh thrc diofo`h spf`h drmc afols mddhriog kmwhr rfths/ Ujh
`jfogh io mphrftiog hovirmochot+ `mcaiohe witj jigj f``ucukftimo
md omo#phrdmrciog fsshts+ euh tm f `mcaioftimo md df`tmrs put
diofo`ifk strhss mo EDIs/ Umefy+ EDIs frh vhry cfrgiofk pkfyhrs io
tjh diofo`ifk sh`tmr/
Rursufot tm tjh rh`mcchoeftimos md tjh Ljfo Wmrliog Grmup moJfrcmoiziog tjh Qmkh foe Mphrftimos md EDIs foe afols+ f
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mptimo tm trfosdmrc iotm f afol/ Ujh mphrftimofk guiehkiohs dmr
hofakiog f EDI tm `movhrt tm f uoivhrsfk afol whrh issuhe io 1226/
Is it oh`hssfry omw tm rhvihw mur `mccitchot tm uoivhrsfk afoliog=Pjmuke wh gm io dmr eiddhrhotifthe ki`hosiog=
Eiddhrhotifthe Ki`hosiog
Io M`tmahr 1227+ Qhshrvh Afol prhpfrhe f Eis`ussimo Rfphr moEiddhrhotifthe Afol Ki`hosiog wji`j sfie tjft tjh `fsh dmr
eiddhrhotifthe ki`hosiog wikk ah rhvihwhe fdthr f `hrtfio ehgrhh md
su``hss io diofo`ifk io`kusimo is f`jihvhe foe tjh Qhshrvh Afol is
sftisdihe witj tjh qufkity foe rmaustohss md tjh risl cfofghchot
systhcs md tjh hotirh afoliog sh`tmr/
Uich tm rhhvfkufth tjis issuh md Eiddhrhotifthe Ki`hosiog=Frguchots io suppmrt md Eiddhrhotifthe Ki`hosiog
Pph`ifkizhe hotitihs jfvh hxphrtish io risl fsshsschot foe stru`turiogmd iodrfstru`turh diofo`h/
@mrh `mcphtho`y `muke ah ahtthr jfrohsshe khfeiog tm hojfo`heprmeu`tivity io thrcs md rheu`he iothrcheiftimo `mst+ ahtthr pri`h
eis`mvhry foe icprmvhe fkkm`ftivh hddi`iho`y/
Witj eiddhrhotifthe ki`ho`hs+ wh `fo ght frmuoe issuhs md `modki`t mdiothrhst tjft frish wjho f afol phrdmrcs cuktipkh duo`timos/
@ustmcishe fppki`ftimo md suphrvismry rhsmur`hs f``mreiog tm tjh
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Frguchot fgfiost Eiddhrhotifthe Ki`hosiog
Givho tjh hxthot md diofo`ifk hx`kusimo io Ioeif+ is it fevisfakh tm`rhfth f rhgich wjhrh smch afols frh drhhe md tjh makigftimo md
diofo`ifk io`kusimo=
F uoivhrsfk afol wikk ah fakh tm `rmss suasieish f`rmss sh`tmrs tmmpticizh utikizftimo md rhsmur`hs foe hosurh ahtthr prmditfaikity md
afols/
Wikk sph`ifkizhe afols ah prmoh tm `mo`hotrftimo risl ah`fush mdofrrmwhr ausiohss cmehks=
Ujh `riti`fk issuh mo tjh wfy dmrwfre
Eiddhrhotifthe ki`hosiog dmr vfrimus afoliog f`tivitihs *rhtfik+wjmkhsfkh+ trfeiog io sh`uritihs+ cmrtgfgh khoeiog+ iodrfstru`turh
diofo`iog+ ci`rm khoeiog+ ht`/) witj eiddhrhotifthe rhgukftmry
rhquirhchots ehphoeiog upmo tjh risls iovmkvhe=
Id wh f``hpt Eiddhrhotifthe Ki`hosiog io prio`ipkh+ f sph`ifk `fthgmrymd afols tjft wikk `mch up dmr `mosiehrftimo+ is Iovhstchot Afols/
Kht ch omw eis`uss ki`hosiog md purh Iovhstchot Afols/
# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
Issuh Om/ 8> Iovhstchot Afoliog
Rmst sua#prich `risis+ tjh XP iovhstchot afoliog sh`tmr `mkkfpsheeuh tm jigj khvhrfgh foe shvhrh cfturity ciscft`jhs/
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Iovhstchot Afoliog io Ioeif> @urrhot Qhgukftmry Drfchwmrl
Ujh thrc iovhstchot afol is omt khgfkky ehdiohe io Ioeif+ foe omhotitihs frh rhgisthrhe fs su`j witj PHAI/
Iovhstchot Afoliog is `mccmoky ushe tm ehdioh hotitihs tjft frhiotm fssht cfofghchot+ `fpitfk rfisiog+ trfeiog io sh`uritihs+ pmrtdmkim
cfofghchot+ chr`jfot afoliog+ uoehrwritiog+ armliog foe tjmsh
mddhriog ausiohss foe diofo`ifk fevismry shrvi`hs/
Rurh iovhstchot hotitihs wji`j em omt jfvh prhsho`h io tjh khoeiogmr afoliog ausiohss frh rhgukfthe pricfriky ay tjh `fpitfk cfrlht
rhgukftmr *PHAI)/
Afols frh suanh`t tm rhgukftmry rhstri`timos mo tjhir iovhstchots/Wjy foe Jmw md Iovhstchot Afols
Rurh iovhstchot afols jfvh f `mcpfrftivh fevfotfgh io `mrpmrfthstru`turiog foe rfisiog `fpitfk drmc tjh cfrlht/ Fs Ioeifo `mrpmrfth
gm gkmafk+ em wh ohhe purh iovhstchot afols io Ioeif tm shrvh tjhir
smpjisti`fthe diofo`ifk ohhes foe fevismry shrvi`hs=
Wikk hx`kusivh iovhstchot afols cikitfth fgfiost ehvhkmpchot gmfks# primrity sh`tmr khoeiog+ diofo`ifk io`kusimo=
Is Iovhstchot Afoliog uoehr tjh prmpmshe Omo#Mphrftivh Diofo`ifkJmkeiog @mcpfoy *OMDJ@) f pmssiakh mptimo=
Ohhe dmr cmrh hxthosivh ehafth mo tjh prms foe `mos md hx`kusivh
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Issuh Om/ 4> Diofo`ifk Ph`tmr Khgiskftivh Qhdmrcs @mccissimo *DPKQ@)
DPKQ@ wfs `mostituthe ay tjh Gmvhrochot witj f vihw tmrhwritiog foe `khfoiog up tjh diofo`ifk sh`tmr kfws tm ariog tjhc io
tuoh witj tjh `urrhot rhquirhchots/ DPKQ@ suacitthe its Qhpmrt tm
tjh Gmvhrochot io Cfr`j 1260/
Ujh @mccissimo prmpmshs sjidtiog drmc rukh afshe tm prio`ipkhafshe rhgukftimo/ Ujh kmgi` is tjft tjh prio`ipkhs wikk ah hosjriohe io
tjh kfw foe tjh kfw ohhe omt `jfogh tm rhdkh`t `jfoghs mvhr tich foe
`jfoghs io th`jomkmgy/
Fs phr DPKQ@+ Ujh ohw diofo`ifk rhgukftmry fr`jith`turh wikk`mcprish>
Xoidihe Diofo`ifk Futjmrity *XDF) QAI Diofo`ifk Ph`tmr Fpphkkfth Uriauofk Qhsmkutimo @mrpmrftimo Diofo`ifk Qherhssfk Fgho`y Diofo`ifk Ph`tmr Ehvhkmpchot @muo`ik Ruaki` Ehat Cfofghchot Fgho`y
Umefy QAI jfs tjh dmkkmwiog rhgukftmry foe suphrvismryrhspmosiaikitihs>
Qhgukftmr md afols $ omo#afols ih fkk ehpmsittfliog foe `rheit iostitutimos
Qhgukftmr md Rfychot Pysthcs
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Ehpmsit Iosurfo`h foe @rheit Gufrfothh *tjrmugj itssuasieifry)
@ustmchr Grihvfo`h Qherhssfk rhkftiog tm afols DPKQ@ rh`mcchoes tjft QAI sjmuke hvhotufkky *witjio 8#62
yhfrs) dm`us mo cmohtfry pmki`y foe trfeitimofk `hotrfk afoliog
f`tivity moky+ foe sjhe fkk mtjhr rhgukftmry foe suphrvismry
duo`timos/
Io tjh iothric+ DPKQ@ rh`mcchoes tjft# Ujh Qhshrvh Afol wikk ah tjh rhgukftmr dmr afoliog foe
pfychot systhcs/
# Ujh Xoidihe Diofo`ifk Futjmrity wikk ah tjh rhgukftmr dmr fkkstofo`ifk shrvi`hs mtjhr tjfo afoliog foe pfychot systhcs/
# QAI wikk sjfrh rhspmosiaikity dmr diofo`ifk stfaikity witjDPE@ foe mtjhr rhgukftmrs/
Durtjhr+ QAI tm ah drhh md rhspmosiaikitihs rhkftiog tm Ruaki` EhatCfofghchot+ @ustmchr Grihvfo`h Qherhssfk rhkftiog tm afols+ foe
ehpmsit iosurfo`h/
Wjy QAI sjmuke rhgukfth amtj afols foe omo#afols=
Moh md tjh cfnmr `fushs md tjh 122: diofo`ifk `risis wfs tjft `rheitiothrcheiftimo f`tivitihs whrh `moeu`the ay omo#afols *tjh sm
`fkkhe sjfemw afols) wji`j whrh pricfriky mutsieh tjh rhgukftmry
purvihw/ Ujis rfishe shrimus `mo`hros md rhgukftmry fraitrfgh+
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Ptrmog iothrkiolfghs ahtwhho afols foe OAD@s/ Xoidiherhgukftimo ay tjh sfch rhgukftmr hsshotifk dmr diofo`ifk stfaikity/
Dmr Cmohtfry Rmki`y tm ah hddh`tivh+ `rheit `rhftimo *i/h/ ay afolsfoe `rheit iostitutimos kilh OAD@s) sjmuke ah rhgukfthe ay tjh
`hotrfk afol/
Rmst#`risis+ tjh trhoe jfs ahho tm hotrust cmrh+ omt khss+ rhgukftimotm `hotrfk afols/
# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # #
Issuh Om/ 7> Omo#Mphrftivh Diofo`ifk Jmkeiog @mcpfoihs *OMDJ@)
Ujhrh frh tjrhh typhs md afoliog cmehks prhvfkhot frmuoe tjhwmrke/
Hurmph jfs fempthe Xoivhrsfk Afoliog cmehk/ Io tjh XP+ tjhprhemciofot cmehk is Afol Jmkeiog @mcpfoy *AJ@) mr Diofo`ifk
Jmkeiog @mcpfoy *DJ@)/ Cmst mtjhr nurisei`timos dmkkmw tjhAfol#Puasieifry cmehk/
Ioeif fempthe Afol#Puasieifry cmehk tikk tjh hfrky 92s+ foe tjhocmvhe mo tm tjh Xoivhrsfk Afoliog cmehk/
QAI jfe `mostituthe f Wmrliog Grmup+ uoehr dmrchr EhputyGmvhromr Pjyfcfkf Gmpioftj+ io Nuoh 1262 tm stuey tjh eiddhrhot
jmkeiog `mcpfoy stru`turhs iothroftimofkky foe tm ioei`fth f
rmfecfp dmr femptimo md tjh jmkeiog `mcpfoy stru`turh io Ioeif/
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Ujh Wmrliog Grmup jfe fksm rh`mcchoehe tjft tjhrh sjmuke ah fshpfrfth stftuth dmr rhgukftimo md diofo`ifk jmkeiog `mcpfoihs/
Ohw afols io tjh privfth sh`tmr wmuke ah sht up uoehr f Omo#Mphrftivh Diofo`ifk Jmkeiog @mcpfoy *OMDJ@)/
Ujh manh`tivh md OMDJ@ is tjft tjh jmkeiog `mcpfoy wikk riogdho`h tjh rhgukfthe diofo`ifk shrvi`hs hotitihs md tjh prmcmthr
grmup+ io`kueiog tjh afol+ drmc mtjhr f`tivitihs md tjh grmup i/h/+
`mcchr`ifk+ ioeustrifk foe diofo`ifk f`tivitihs omt rhgukfthe ay
diofo`ifk sh`tmr rhgukftmrs/ Ujh manh`tivh is fksm tjft tjh afol
sjmuke ah riog#dho`he drmc mtjhr rhgukfthe diofo`ifk f`tivitihs md
tjh Grmup/
OMDJ@ wikk ah rhgisthrhe fs f omo#afoliog diofo`ifk `mcpfoy*OAD@)+ aut rhgukfthe kilh f afol/
Dmr tjh RPAs+ f Jigj Khvhk @mccitthh sht up ay tjh Gmvhrochotjfs rh`mcchoehe dmrcftimo md f omo#mphrftiog diofo`ifk jmkeiog
`mcpfoy *Jmke@m) uoehr f sph`ifk F`t md Rfrkifchot tm f`t fs fo
iovhstchot `mcpfoy dmr tjh Gmvhrochot< tm jmke f cfnmr pmrtimo
md tjh Gmvhrochot's sjfrhjmkeiogs io fkk RPAs< tm rfish kmog#thrc
ehat drmc emchsti` foe iothroftimofk cfrlhts tm iodush hquity iotm
RPAs/
Ohhe dmr ehafth mo wjhtjhr f jmkeiog `mcpfoy stru`turh is suithetm tjh Ioeifo afoliog foe diofo`ifk systhc/
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Issuh Om/ :> Puasieifrisftimo md Dmrhigo Afols
Ft prhshot+ dmrhigo afols mphrfth io Ioeif fs arfo`jhs md tjh pfrhotafols/
Rmst `risis khssmos suppmrt emchsti` io`mrpmrftimo md dmrhigo afolsi/h/ suasieifrisftimo
Cfio fevfotfghs md km`fk io`mrpmrftimo frh> Qiog dho`he `fpitfk witjio tjh jmst `muotry Hfsihr tm ehdioh kfws md wji`j nurisei`timo fppky Ahtthr `mrpmrfth gmvhrofo`h+ km`fk amfre md eirh`tmrs Hddh`tivh `motrmk io f afoliog `risis foe hofakhs jmst
`muotry futjmritihs tm f`t cmrh ioehphoehotky fs fgfiost
arfo`j mphrftimos
Qhgukftmry `mcdmrt Rmthotifk emwo sieh risl `muke ah emcioftimo md tjh emchsti`
diofo`ifk systhc ay Wjmkky Mwohe Puasieifrihs *WMP) md dmrhigo
afols/
Ujhrh whrh `hrtfio tfxftimo foe mtjhr issuhs wji`j ohhehe tm ahrhsmkvhe io `mosuktftimo witj Gmvt/ md Ioeif/ Ujh Io`mch Ufx F`t
jfs sio`h ahho fchoehe tm hxhcpt dmrhigo afol drmc pfychot md
`fpitfk gfios tfx mo suasieifrisftimo/ Ujh Afoliog Kfws
*Fchoechot) Aikk+ 1261 fchoehe tjh Ioeifo Ptfcp F`t+ 6:99
wjhrhay `movhrsimo md arfo`j-hs md f dmrhigo afol iotm WMP fs phr
tjh s`jhch mr guiehkiohs md QAI sjfkk omt ah kifakh tm euty uoehr tjh
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cfioky md f khgfk ofturh+ kilh trfosdhr md rigjts foe kifaikitihs+ diofkity
md trfosdhr+ ht`/ wji`j ohhe tm ah feerhsshe/ Ujhsh issuhs frh uoehr
hxfcioftimo md tjh Qhshrvh Afol/ Fdthrrhsmkutimo md fkk tjhsh issuhs
`mcprhjhosivh guiehkiohs mo suasieifrisftimo md dmrhigo afols io
Ioeif wikk ah issuhe/
@mo`kusimo
I jfvh rfishe smch issuhs rhkhvfot io tjh `mothxt md tjioliogtjrmugj f afoliog stru`turh dmr Ioeif tjft ahst prmcmths mur
fspirftimo dmr dfst foe io`kusivh grmwtj/
I fc `mos`imus I rfishe issuhs witjmut oh`hssfriky giviog tjhQhshrvh Afols vihws/ Ujft is ehkiahrfth/ Ujh Qhshrvh Afol ohhes
tjh ahohdit md kfrghr foe iodmrche ehafth mo tjhsh issuhs/
I trust ymu wikk hogfgh mo tjhsh issuhs wjho tjh Qhshrvh AfolsEis`ussimo Rfphr `mchs mut io f dhw efys/
Cy ahst wisjhs dmr tjh su``hss md tjis @modhrho`h/ Ujfol ymu mo`h fgfio dmr iovitiog ch/
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Foohx
Ioei`ftmrs md Icpf`t md Diofo`ifk Ph`tmr Qhdmrcs
6992#96
*prh#rhdmrc)
1227#2:
*pmst#rhdmrc+ prh`heiog
gkmafk `risis)
@urrhot pmsitimo
*1266#61)
Grmss Emchsti` Pfviog Qfth *( md GER) 11/9 04/: 02/:
Grmss Emchsti` Iovhstchot Qfth *( md GER) 14/2 0:/6 08/2
Afol @rheit - GER *() 12/5 57/5 82/42
Armfe Cmohy - GER *() 54/7 :1/9 :0/16
Pprhfe *rhturo mo duoes#`mst md duoes) *() 1/9 0/41
Oht Iothrhst Io`mch tm Umtfk Fsshts *() 6/98 0/2 1/9
Qhturo mo Fsshts *() 6/60 6/2:
APH Cfrlht @fpitfkisftimo *( md GER) 64 620 72/1
Rricfry Cfrlht Qhsmur`h Cmaikisftimo *`aikkimo) 50/6 404/5 02:7/8