prop · H503104 · 2018-04-24 00:00:00 — I|UVODJSnQ\O\GHOVHYDU´0HGSRVLWLRQHUDYVHVWUDQVDNWLRQHUVRPV\IWDUWLOODWW VlQNDNRVWQDGHUQDI|UVWDWVVNXOGHQPHGEHDNWDQGHDYULVNeller sänka riskerna för statsskulden med beaktande av kostnadRFKLQWHPRWLYHUDVDYXQGHUOLJJDQGHOnQH HOOHUSODFHULQJVEHKRY´5HJHULQJHQlQGUDGHULNWOLQMHUQDI|ULHQOLJKHWPHG 5LNVJlOGHQVI|UVODJ 5LNVJlOGHQI|UHVORJlYHQHQK|MQLQJDYPDQGDWHWLNURQDQVYDOXWDNXUVIUnQWLOO PLOMDUGHUNURQRU5LNVJlOGHQUHGRYLVDGHI|OMDQGHPRWLYI|UK|MQLQJHQ´0RW PLOMDUGHUNURQRUXWJ|UHQElWWUHDYYlJQLQJPHOODQQ\WWDQDYDWWYDOXWDVNXOGHQ DPRUWHUDVSnHWWHIIHNWLYWVlWWRFKULVNHQI|UDWWUHJHULQJHQVVW\UQLQJDY (698WYlUGHULQJDYVWDWHQVXSSOnQLQJRFKVNXOGI|UYDOWQLQJ± 6NU 5LNVJlOGHQ$YUDSSRUWHULQJDYUHJHULQJVXSSGUDJHWDWWDQDO\VHUDRPSRVLWLRQVYHUNVDPKHWHQLIUDPWLGHQNDQ YlQWDVELGUDWLOOVlQNWDNRVWQDGHURFKULVNHUI|UVWDWVVNXOGHQVRPKHOKHW 5LNVJlOGHQ6WDWVVNXOGHQVI|UYDOWQLQJ)|UVODJWLOOULNWOLQMHU± 5HJHULQJVNDQVOLHW5LNWOLQMHUI|UVWDWVNXOGHQVI|UYDOWQLQJ 5(*(5,1*(165,.7/,1-(b1'5,1* 5HJHULQJHQDYYLVDGH5LNVJlOGHQVI|UVODJRPHQK|MQLQJDYNURQPDQGDWHWPHG I|UGDSHQQLQJSROLWLNHQRFKKlQYLVDGHWLOO5LNVEDQNHQV\WWUDQGH|YHU5LNVJlOGHQV ULNWOLQMHI|UVODJ5LNVEDQNHQVNULYHULVLWW\WWUDQGHDWW´5LNVEDQNHQVGLUHNWLRQKDU NRPPXQLFHUDWDWWGHQVWnUEHUHGGDWWLQWHUYHQHUDSnYDOXWDPDUNQDGHQRPHQDOOWI|U VQDEEI|UVWlUNQLQJDYNURQDQULVNHUDUDWWKRWDXSSJnQJHQLLQIODWLRQHQPRWPnOHW(WW XW|NDWPDQGDWI|U5LNVJlOGVNRQWRUHWPHGP|MOLJKHWHUDWWWDSRVLWLRQHUI|UHQVWDUNDUH NURQDVNXOOHNXQQDNRPPDLNRQIOLNWPHGGHQI|UGDSHQQLQJSROLWLNHQRFKVNDSD RNODUKHWRFKHQRQ|GLJRVlNHUKHWSnGHILQDQVLHOODPDUNQDGHUQDRPSULVELOGQLQJHQ SnGHILQDQVLHOODPDUNQDGHUQD´5LNVEDQNHQVEHVOXWDWWDYVW\UND5LNVJlOGHQV I|UVODJYDUHWWSULQFLSLHOOWVWlOOQLQJVWDJDQGHRFKERWWQDGHLQWHVnP\FNHWLVWRUOHNHQ SnGHWI|UHVODJQDPDQGDWHWXWDQLVLJQDOHIIHNWHQ(WWXW|NDWPDQGDWWLOO5LNVJlOGHQ YLGGHQKlUWLGSXQNWHQVNXOOHHQOLJW5LNVEDQNHQULVNHUDDWWJ|UDSHQQLQJSROLWLNHQPHU RW\GOLJ WŽƐŝƚŝŽŶ ŝ ŬƌŽŶĂŶƐ ǀĂůƵƚĂŬƵƌƐ WŽƐŝƚŝŽŶ ŝ ƵƚůćŶĚƐŬ ǀĂůƵƚĂ Källa: Riksgälden och regeringen (69PHQDUDWWGHQGLVNXVVLRQRPSRVLWLRQVPDQGDWHWVVWRUOHNVRP(69I|UGHL 5LNVJlOGHQVI|UVODJDWWXW|NDSRVLWLRQVPDQGDWHWLNURQDQVYDOXWDNXUVIUnQWLOO PLOMDUGHUNURQRUNRSSODURFNVnWLOOVW\UQLQJHQDYYDOXWDVNXOGHQ'HQVW\UPRGHOO I|UYDOXWDVNXOGHQVRPEHVOXWDGHVLULNWOLQMHUQDI|UDWWYDOXWDVNXOGHQVNDYl[ODV YDOXWDVNXOGHQI|UDWWVlQNDNRVWQDGHQI|UVWDWVVNXOGHQWLOOH[HPSHOJHQRPDWW XSSK|UDPHGLQYl[OLQJHQXQGHUHQSHULRGI|UDWWGUDQ\WWDDYDWWNURQDQlU 5HJHULQJVNDQVOLHW5LNWOLQMHUI|UVWDWVNXOGHQVI|UYDOWQLQJ 5LNVEDQNHQ,QWHUYMX5LNVEDQNHQ 5(*(5,1*(165,.7/,1-(b1'5,1* XQGHUYlUGHUDGMlPI|UWPHGDQGUDYDOXWRU'HQHQGDP|MOLJKHWHQI|U5LNVJlOGHQDWW IUDPI|UDOOWPDQGDWHWI|USRVLWLRQHULNURQDQVYDOXWDNXUVVNDVHXW%nGD DUJXPHQWHUDUI|UDWWPLQVNDULVNHQ5HJHULQJHQYLOOGlUI|UEHKnOODPDQGDWHW RI|UlQGUDWPHGDQ5LNVJlOGHQVHUHWWRI|UlQGUDWPDQGDWVRPDWWULVNHQI|UDWWLQWH EHGULYDHQHIIHNWLYI|UYDOWQLQJDYVWDWVVNXOGHQPHGIRNXVSnULVNRFKNRVWQDG|NDU 'HVNLOGDV\QVlWWHQIUDPNRPPHUW\GOLJDVWL5LNVJlOGHQVI|UVODJWLOOULNWOLQMHUI|U NUDYHWSnDWWPLQVNDYDOXWDVNXOGHQ9LGHQSO|WVOLJI|UVYDJQLQJDYNURQDQUlFNHUGHW NURQRU,QWHUYDOOHWP|MOLJJMRUGHI|U5LNVJlOGHQDWWYLVVDnUKHOWXSSK|UDPHG LQYl[OLQJHQRFKDQGUDnUDWWGXEEOHUDGHQ(QVnGDQVW\UQLQJJHUQDWXUOLJWYLV 5LNVJlOGHQHQVW|UUHIOH[LELOLWHWIUDPI|UDOOWJHQRPDWWNXQQDVNMXWDSnLQYl[OLQJHQ QlUPDQDQVHUDWWNURQNXUVHQlURQRUPDOWVYDJ'HQQDIOH[LELOLWHWNYDUVWRGlYHQHIWHU GHWDWWUHJHULQJHQIDWWDGHEHVOXWRPHQDQGHOVVW\UQLQJJHQRPDWWUHJHULQJHQ EHK|OODYYLNHOVHLQWHUYDOOHWSnPLOMDUGHUNURQRU 6RPIUDPJnWWRYDQDYYLVDUUHJHULQJHQ5LNVJlOGHQVI|UVODJWLOOK|MWSRVLWLRQVPDQGDWL NURQDQVYDOXWDNXUVPHGDUJXPHQWHWDWWHWWXW|NDWPDQGDWVNXOOHULVNHUDDWWNRPPDL NRQIOLNWPHGGHQI|UGDSHQQLQJSROLWLNHQ$YEXGJHWODJHQIUDPJnUDWWVWDWV VNXOGVI|UYDOWQLQJHQVNDVNHLQRPUDPHQI|UGHNUDYVRPSHQQLQJSROLWLNHQVWlOOHU 5HJHULQJHQVNDVnOHGHVJ|UDHQDYYlJQLQJPHOODQnHQDVLGDQSHQQLQJSROLWLNHQRFKn DQGUDVLGDQVWDWVVNXOGVSROLWLNHQ9DGJlOOHUIUnJDQRPHWWXW|NDWSRVLWLRQVPDQGDWL NURQDQVYDOXWDNXUVlUGHWW\GOLJWDWWGHWIDQQVHQPRWVlWWQLQJPHOODQGHQI|UGD SHQQLQJSROLWLNHQRFKPnOHQI|UVWDWVVNXOGVI|UYDOWQLQJHQQlUEHVOXWHWIDWWDGHV SRVLWLRQHULNURQDQVYDOXWDNXUVLQRPUDPHQI|UGHQO|SDQGHI|UYDOWQLQJHQ'HQ I|UHVODJQDK|MQLQJHQIUDPVWnUGlUI|UVRPULPOLJ 5LNWYlUGHWlUVDWWVRPHWWWDNSnPLOMDUGHUNURQRU$YPRWLYWH[WHUQDIUDPJnUGRFNDWWPLQVNQLQJHQSODQHUDGHVWLOO PLOMDUGHUNURQRU 5(*(5,1*(165,.7/,1-(b1'5,1* (69YLOOVDPWLGLJWIUDPI|UDDWWHWWDOWHUQDWLYWLOOHQXW|NDGSRVLWLRQlUDWWWLOOnWDHQ VW|UUHIOH[LELOLWHWL5LNVJlOGHQVYDOXWDLQYl[OLQJDU(69EHG|PHUDWWHWWULNWYlUGHI|U YDOXWDLQYl[OLQJPHGHWWDYYLNHOVHLQWHUYDOOlUHQElWWUHO|VQLQJlQDWWUHJHULQJHQ IDVWVWlOOHUHWWEHORSSVRPVNDYl[ODVLQ(WWULNWYlUGHPHGHWWDYYLNHOVHLQWHUYDOO 3RVLWLRQHULGHQO|SDQGHI|UYDOWQLQJHQ 5LNVJlOGHQLSULQFLSQHUGHQO|SDQGHI|UYDOWQLQJHQPHGPRWLYHWDWWGHWVDNQDGHVHQ 8QGHUKDGH5LNVJlOGHQLQI|UWHQI|UOXVWVSlUUVRPEHJUlQVDGHI|UOXVWHUQDWLOO RFKEHJUlQVDGHXWU\PPHWDWWWDSRVLWLRQHUUHGDQYLGVPnI|UOXVWHU)|UOXVWVSlUUHQ JMRUGHGHWVYnUWDWWWDLJHQHQSRVLWLRQVRPWLOOHQE|UMDQLQQHEDUI|UOXVW8QGHU I|UXWVlWWQLQJDUlQPnQJDDQGUDDNW|UHUDWWDJHUDOnQJVLNWLJWRFKXWKnOOLJW0DQ LQQHElUDDWWI|UXWVlWWQLQJDUQDDWWJnPHGYLQVWVNXOOH|ND5LVNPDQGDWHWlUVHGDQGHVV ,MlPI|UHOVHPHGGHQH[WHUQDI|UYDOWQLQJHQlU5LNVJlOGHQVUHVXOWDWVlPUHRFK I|UNODUDVDYGHQQHGVWlQJQLQJDYHQSRVLWLRQVRPJMRUGHV'HQWLOOV\QHVOlJUH YRODWLOLWHWHQI|UGHQH[WHUQDI|UYDOWQLQJHQEHURUGRFNSnDWWGHWlUHWWVDPPDQODJW UHVXOWDWIUnQIOHUDI|UYDOWDUH'HWQHJDWLYDUHVXOWDWHWLGHWVWUDWHJLVNDSRVLWLRQV 5(*(5,1*(165,.7/,1-(b1'5,1* (69DQVHUDWWGHQ|YHUV\QVRP5LNVJlOGHQJMRUWDYUHJHOYHUNHWI|USRVLWLRQHUL P|MOLJKHWHUWLOOEnGHYLQVWRFKI|UOXVWJHQRPDWWVlQNDULVNPDQGDWHWRFKDWWGHWYDULW EHVSDULQJMlPI|UWPHGXSSOnQLQJHQSnNDSLWDOPDUNQDGHQ)UnQRFKPHGEOHY GRFNGHQQDXSSOnQLQJVIRUPG\UDUH8QGHU|NDGHNRVWQDGHQPHGPLOMRQHU NURQRUYDUDYPLOMRQHUNDQKlQI|UDVWLOOSUHPLHREOLJDWLRQHUQD0RWGHQQD EDNJUXQGILFN5LNVJlOGHQLXSSGUDJDYUHJHULQJHQDWWDQDO\VHUDRPXSSOnQLQJL SUHPLHREOLJDWLRQHULIUDPWLGHQEHG|PVNXQQDELGUDWLOOGHWVWDWVVNXOGVSROLWLVND PnOHW6DPWOLJDVFHQDULHUVRP5LNVJlOGHQDQYlQGHULDQDO\VHQUHVXOWHUDULDWW SUHPLHREOLJDWLRQHUQDNRPPHUDWWJnPHGI|UOXVWGHQlUPDVWHnUHQ5LNVJlOGHQ I|URUGDUlQGnDWWXWJLYQLQJHQIRUWVlWWHUHIWHUVRPGHWVNXOOHEOLNRVWVDPWDWWnWHUXSSWD XWJLYQLQJHQRPGHQOHJDWQHUHKHOW+XUVWRUWELGUDJHWIUnQSUHPLHREOLJDWLRQHUQDNDQ WlQNDVEOLLIUDPWLGHQKDUGRFN5LNVJlOGHQVYnUWDWWEHG|PDRFKNRPPHULVWRU XWVWUlFNQLQJDWWEHURSnGHQIUDPWLGDHIWHUIUnJDQSnSUHPLHREOLJDWLRQHU'HWIDNWXP DWWSUHPLHREOLJDWLRQVXWOnQLQJHQNRPPHUDWWIRUWVlWWDDWWJnPHGI|UOXVWLQlUWLG PRWLYHUDUGRFNHQOLJW5LNVJlOGHQDWWPnOSHUVSHNWLYHWJ|UVPHUOnQJVLNWLJW 5LNVJlOGHQI|UHVOnUGlUI|ULULNWOLQMHI|UVODJHWI|UDWWHWWOlQJUHPnOSHUVSHNWLY LQI|UV(QOLJW5LNVJlOGHQNDQHWWOlQJUHPnOSHUVSHNWLYnVWDGNRPPDVJHQRPDWW 5LNVJlOGHQ6WDWVNXOGHQVI|UYDOWQLQJ)|UVODJWLOOULNWOLQMHU± 6NU 5LNVJlOGHQ$YUDSSRUWHULQJDYUHJHULQJVXSSGUDJHWDWWDQDO\VHUDRPXSSOnQLQJLSUHPLHREOLJDWLRQHULIUDPWLGHQ EHG|PVNXQQDELGUDWLOOGHWVWDWVVNXOGVSROLWLVNDPnOHW 5LNVJlOGHQ6WDWVNXOGHQVI|UYDOWQLQJ)|UVODJWLOOULNWOLQMHU± 5(*(5,1*(165,.7/,1-(b1'5,1* lQGUDLULNWOLQMHUQDVnDWWV\IWHWPHGSULYDWPDUNQDGVXSSOnQLQJHQLVWlOOHWlUDWW långsiktigt PLQVNDNRVWQDGHUQDI|UVWDWVVNXOGHQ*HQRPDWWlQGUDULNWOLQMHUQDILQQV GHWXWU\PPHDWWKDQWHUDGHI|UOXVWHUVRPSUHPLHREOLJDWLRQHUQDNRPPHUDWWJHQHUHUD GHQQlUPDVWHWLGHQHQOLJW5LNVJlOGHQ9DGOnQJVLNWLJWLQQHElUPHUSUHFLVWIUDPJnU LQWH ,ULNWOLQMHUQDI|UEHVOXWDGHUHJHULQJHQDWWPnOSHUVSHNWLYHWI|U SULYDWPDUNQDGVXWOnQLQJHQVNXOOHI|UOlQJDVLHQOLJKHWPHG5LNVJlOGHQVI|UVODJ 5HJHULQJHQVNULYHUGRFNDWW5LNVJlOGHQE|U|YHUYlJDDWWLQWHJHXWSUHPLH REOLJDWLRQHUIUDPWLOOGHVVDWWXSSOnQLQJVIRUPHQEHG|PVYDUDO|QVDPLJHQI|UDWW E\JJHUSnDWWGHWJnUDWWHPLWWHUDVW|UUHSUHPLHREOLJDWLRQVOnQlQLGDJ9LGDUHVNULYHU UHJHULQJHQDWWGHWlURYLVVWQlULWLGHQUlQWHQLYnQEOLUWLOOUlFNOLJWK|JI|UDWWJ|UD XSSOnQLQJVIRUPHQO|QVDP ,GHFHPEHUIDWWDGH5LNVJlOGHQVVW\UHOVHEHVOXWRPDWWLQWHJHXWSUHPLH REOLJDWLRQHUWLOOVYLGDUHPRWEDNJUXQGDYGHWOnJDUlQWHOlJHW (69LQVWlPPHULUHJHULQJHQVDQDO\VRFKDQVHUDWW5LNVJlOGHQVEHVOXWDWWWLOOVYLGDUH 5HJHULQJVNDQVOLHW5LNWOLQMHUI|UVWDWVNXOGHQVI|UYDOWQLQJ 5LNVJlOGHQ6W\UHOVHSURWRNROOQUYLGVDPPDQWUlGHPHG5LNVJlOGHQVVW\UHOVHGHQGHFHPEHU 5(*(5,1*(165,.7/,1-(b1'5,1* 5,.6*b/'(167,//b031,1* 5LNVJlOGHQDQVYDUDUI|UXSSOnQLQJRFKI|UYDOWQLQJDYVWDWVVNXOGHQ5LNVJlOGHQV I|UYDOWQLQJVNDVNHLHQOLJKHWPHGPnOHWI|UVWDWVVNXOGSROLWLNHQRFKLQRPUDPHQI|U NRVWQDGHQI|UVWDWVVNXOGHQPHGEHDNWDQGHDYULVN(IWHUVRPPnOIRUPXOHULQJHQlU UHODWLYW|SSHQJnUGHWLQWHDWWH[DNWEHUlNQDKXUYlO5LNVJlOGHQO\FNDVPHGGHW |YHUJULSDQGHPnOHW$YUHJHULQJHQVULNWOLQMHURFKLP\QGLJKHWHQVLQVWUXNWLRQIUDPJnU GRFNDWW5LNVJlOGHQVNDIDVWVWlOODSULQFLSHUI|UKXUJHQRPI|UDQGHWDYUHJHULQJHQV ULNWOLQMHUVNDVHXW5LNVJlOGHQVNDRFNVnIDVWVWlOODLQWHUQDULNWOLQMHUEDVHUDGHSn UHJHULQJHQVULNWOLQMHU'HLQWHUQDULNWOLQMHUQDVNDEODQGDQQDWUHJOHUDXWQ\WWMDQGHWDY SRVLWLRQVPDQGDWHWYDOXWDI|UGHOQLQJHQLYDOXWDVNXOGHQVDPWSULQFLSHUQDI|U PDUNQDGVRFKVNXOGYnUG5LNVJlOGHQVVW\UHOVHIDVWVWlOOHUGHLQWHUQDULNWOLQMHUQDL P\QGLJKHWHQVILQDQVRFKULVNSROLF\ 5LNVJlOGHQDQYlQGHUROLNDVWUDWHJLHUI|UDWWPDUNQDGHQI|UVWDWVSDSSHUVNDIXQJHUD OLNYLGLWHWHQRFKLQIUDVWUXNWXUHQSnVWDWVSDSSHUVPDUNQDGHQGHOVIUlPMDWUDQVSDUHQV I|UXWVlJEDUKHWRFKW\GOLJNRPPXQLNDWLRQ (69VEHG|PQLQJlUDWW5LNVJlOGHQKDUXSSI\OOWUHJHULQJHQVULNWOLQMHUYDGJlOOHU (QOLJWUHJHULQJHQVULNWOLQMHUI|USHULRGHQ±VNXOOHGHQUHDODNURQVNXOGHQ XWJ|UDSURFHQWDYVWDWVVNXOGHQ6WRFNHQDYUHDOREOLJDWLRQHUlUGRFNVYnUDWWlQGUD SnNRUWVLNW$QGHOHQVNDGlUI|UVHVVRPHWWOnQJVLNWLJWULNWYlUGHRFKEHURUHQOLJW 5LNVJlOGHQIUlPVWSnKXUQHWWROnQHEHKRYHWRFKKXUVWDWVVNXOGHQXWYHFNODV)UnQDWW KDOHJDWXQGHUULNWYlUGHWXQGHUQnJUDnUXSSJLFNGHQUHDODVNXOGHQWLOOSURFHQWL VOXWHWDY$QGHOHQI|UYDUSURFHQWcUVJHQRPVQLWWHWNDQYDUDEnGH K|JUHRFKOlJUHlQDQGHOHQLVOXWHWDYnUHW(QOLJW5LNVJlOGHQEHURUXSSJnQJHQIUlPVW SnDWWVWDWVVNXOGHQPLQVNDGH 6HSXQNWLUHJHULQJHQVULNWOLQMHUI|UVWDWVVNXOGHQVI|UYDOWQLQJVDPW)|URUGQLQJPHGLQVWUXNWLRQI|U 5LNVJlOGVNRQWRUHW 6HSXQNWLUHJHULQJHQVULNWOLQMHUI|UVWDWVVNXOGHQVI|UYDOWQLQJ 6HEODQGDQQDW5LNVJlOGHQ)LQDQVRFKULVNSROLF\ 5LNVJlOGHQ8QGHUODJI|UXWYlUGHULQJ6WDWVVNXOGHQVI|UYDOWQLQJ 'HWEHURUEODQGDQQDWSnDWWOLNYLGLWHWHQSnUHDOREOLJDWLRQVPDUNQDGHQlUOnJVDPWDWWGHQUHDODVNXOGHQEHVWnUDY UHODWLYWInOnQ7LOOVNLOOQDGPRWGHQQRPLQHOODVNXOGHQJnUO|SWLGHQI|UGHQUHDODVNXOGHQLQWHKHOOHUDWWMXVWHUDPHGKMlOSDY GHULYDW'XUDWLRQHQLGHQUHDODVNXOGHQEHURUGlUI|UXWHVOXWDQGHSnO|SWLGHQLXWHVWnHQGHREOLJDWLRQHURFKI|UlQGULQJDUL PDUNQDGVUlQWRUQD 5LNVJlOGHQ8QGHUODJI|UXWYlUGHULQJ6WDWVVNXOGHQVI|UYDOWQLQJ 5,.6*b/'(167,//b031,1* 'HQQRPLQHOODNURQVNXOGHQPHGO|SWLGHUOlQJUHlQnUVNDHQOLJWULNWOLQMHUQDI|U RFKXSSJnWLOOPLOMDUGHUNURQRU5HVXOWDWHWEOHYGRFNQnJRWOlJUH UHVSHNWLYHPLOMDUGHUNURQRU'HQXWHVWnHQGHVWRFNHQDYOnQJDREOLJDWLRQHU EHURULVWRUXWVWUlFNQLQJSnPDUNQDGHQVLQWUHVVHI|UOnQJDLQVWUXPHQW0RWEDNJUXQG DYDWWULNWYlUGHWlUOnQJVLNWLJWRFKDWWGHQXWHVWnHQGHVWRFNHQVXFFHVVLYWKDU|NDW XQGHUVHQDUHnUDQVHU(69DWWULNWOLQMHUQDInUDQVHVXSSI\OOGDlYHQLGHQQDGHO LQYl[OLQJVnUHW8W|YHUGHQSODQHUDGHLQYl[OLQJHQRPPLOMDUGHUNURQRUSnYHUNDV GHQWRWDODYDOXWDVNXOGHQlYHQDYGHYDOXWDYl[OLQJDUVRP5LNVJlOGHQO|SDQGHXWI|U I|UVWDWHQVUlNQLQJ0HGGHVVDO|SDQGHYDOXWDYl[OLQJDUPHGUlNQDGHPLQVNDGHGHQ 6RPIUDPJnWWWLGLJDUHKDUO|SWLGHQI|UVDPWOLJDVNXOGVODJOHJDWLQRPULNWOLQMHUQD XQGHURFK/|SWLGHQI|UGHQUHDODNURQVNXOGHQVNXOOHHQOLJWULNWOLQMHUQD QRPLQHOODNURQVNXOGHQK|MGHVO|SWLGHQLULNWOLQMHUQDEnGHRFK%nGDGHVVD nUKDPQDGHO|SWLGHQLGHQ|YUHGHOHQDYLQWHUYDOOHWI|UUHVSHNWLYHnU/|SWLGHQL 6RPWLGLJDUHQlPQWVNRPPHUKHODGHQQRPLQHOODNURQVNXOGHQDWWVW\UDVPHGHWWJHPHQVDPWO|SWLGVLQWHUYDOOSnPHOODQ ±nUIUnQRFKPHG 5,.6*b/'(167,//b031,1* 7DEHOO5LNWYlUGHQI|UVWDWVVNXOGHQVVDPPDQVlWWQLQJRFKO|SWLGVDPWXWIDOO± Anm. Minskningen av valutaskulden har beräknats med växelkurser per respektive 2016. 1\WWNRVWQDGVPnWWI|UGHW|YHUJULSDQGHPnOHW ,GHQnUOLJDXWYlUGHULQJVUDSSRUWHQDQYlQGHU5LNVJlOGHQPnWWHWSHULRGLVHUDGNRVWQDG I|UDWWI|OMDXSSVWDWVVNXOGHQVWRWDODNRVWQDG0nWWHWSHULRGLVHUDGNRVWQDGE\JJHUSn SULQFLSHQRPDWWRUHDOLVHUDGHPDUNQDGVYlUGHQLQWHVNDNRVWQDGVI|UDV(IWHUVRP IUDPWLGDNDVVDIO|GHQI|UH[HPSHOYLVUHDOREOLJDWLRQHURFKLQVWUXPHQWLXWOlQGVNYDOXWD lURNlQGDVnUHYLGHUDVNRVWQDGHQLVWlOOHWUHWURDNWLYWLWDNWPHGDWWGHIDNWLVNDXWIDOOHQ EOLUNlQGD,(69VXWYlUGHULQJDYVWDWHQVXSSOnQLQJRFKVNXOGI|UYDOWQLQJI|U SHULRGHQ±IUDPI|UGH(69DWWGHQSHULRGLVHUDGHNRVWQDGHQlUVYnUDWW I|UVWnEODQGDQQDWI|UDWWGHQUHWURDNWLYWNDQlQGUDVI|UKLVWRULVNDSHULRGHURFKI|U DWWGHQLQWHSnHWWHQNHOWVlWWNDQMlPI|UDVPRWPDUNQDGVGDWDRFKYHGHUWDJQD DYNDVWQLQJVRFKNRVWQDGVPnWW(69I|UHVORJGlUI|UDWW5LNVJlOGHQERUGH|YHUYlJD DWWDQYlQGDHQI|UHQNODGPHWRGVRPE\JJHUSnHQYlUGHULQJXWLIUnQUHVSHNWLYH LQVWUXPHQWVHPLVVLRQVUlQWDRFKGlUYDULDWLRQHQLLQIODWLRQRFKYDOXWDNXUVHU NRVWQDGVI|UVO|SDQGH)|UDWWI|UElWWUDGHQO|SDQGHULVNNRQWUROOHQDQVnJ(69RFNVn DWW5LNVJlOGHQERUGHPDUNQDGVYlUGHUDVNXOGHURFKILQDQVLHOODLQVWUXPHQWO|SDQGH VDPWEHUlNQDXSSOnQLQJVNRVWQDGHUEDVHUDGHSnGHVVDPDUNQDGVYlUGHQ(69PHQDGH lYHQDWWGHWVDNQDVHQUHGRYLVQLQJDYXSSOnQLQJVNRVWQDGHUQDVULVNRFK UHNRPPHQGHUDGHGlUI|U5LNVJlOGHQDWWUHGRYLVDKXUGHQQDULVNE|UPlWDV6OXWOLJHQ 5LNVJlOGHQUHGRYLVDUWRWDOWWUHROLNDPnWWSnVWDWVVNXOGHQVNRVWQDGLVLWWXQGHUODJI|UXWYlUGHULQJDY VWDWVVNXOGVI|UYDOWQLQJHQ8W|YHUSHULRGLVHUDGNRVWQDGDQYlQGHU5LNVJlOGHQlYHQPnWWHWUlQWHEHWDOQLQJDUSnVWDWVVNXOGHQ VRPYLVDUYDGVRPIDNWLVNWEHWDODVHWWHQVNLOWnUVDPWPnWWHWJHQRPVQLWWOLJHPLVVLRQVUlQWD*(5VRPJHUHQ |JRQEOLFNVELOGDYNRVWQDGHQH[NOXVLYHLQIODWLRQVNRPSHQVDWLRQRFKYDOXWDNXUVI|UlQGULQJDU 5,.6*b/'(167,//b031,1* UHNRPPHQGHUDGH(69UHJHULQJHQDWWJH5LNVJlOGHQLXSSGUDJDWWXWDUEHWDI|UVODJWLOO ULNWPlUNHVSRUWI|OMHUI|UDWWXWYlUGHUD5LNVJlOGHQVXSSOnQLQJVNRVWQDGHU 0RWEDNJUXQGDY(69VV\QSXQNWHUJDYUHJHULQJHQLDSULO5LNVJlOGHQLXSSGUDJ DWWGHOVXQGHUV|NDRPPnWWHWSHULRGLVHUDGNRVWQDGNDQI|UHQNODVVnDWWGHWLQWHEHURU RPGHWNDQDQVHVYDUDlQGDPnOVHQOLJWDWWLQI|UDQnJRQIRUPDYULNWPlUNHVEDVHUDG XWYlUGHULQJDYXSSOnQLQJVNRVWQDGHUQD'HW|YHUJULSDQGHV\IWHWPHGXSSGUDJHWYDU DWWXWUHGDRPGHWJnUDWWXQGHUOlWWDXWYlUGHULQJHQDYGHW|YHUJULSDQGHPnOHWI|U VWDWVVNXOGVI|UYDOWQLQJHQbYHQ)LQDQVXWVNRWWHWNRQVWDWHUDGHDWWWUDQVSDUHQWDRFK MlPI|UEDUDNRVWQDGVPnWWlUQ|GYlQGLJDI|UDWWHIIHNWLYLWHWHQRFKPnOXSSI\OOHOVHQL VWDWVVNXOGVI|UYDOWQLQJHQVNDNXQQDI|OMDVXSS8WVNRWWHWVnJGHWGlUI|UVRPSRVLWLYW DWW5LNVJlOGVNRQWRUHWInWWLXSSGUDJDWWXWYlUGHUDRFKWDIUDPPnWWRFKPHWRGHUVRP VlNHUVWlOOHUGHWWD8WVNRWWHWDQVnJRFNVnDWWUHVXOWDWHWDYXSSGUDJHWE|UI|OMDVXSSL VDPEDQGPHGQlVWDXWYlUGHULQJ ,GHFHPEHUUHGRYLVDGH5LNVJlOGHQVLWWXSSGUDJWLOOUHJHULQJHQ)|UVODJHW LQQHElULNRUWKHWHQPRGLILHULQJDYGHWQXYDUDQGHNRVWQDGVPnWWHWSHULRGLVHUDG NRVWQDGVnDWWGHWLQWHOlQJUHEHURUSnDQWDJDQGHQRPIUDPWLGDKlQGHOVHURFKGlUPHG EHK|YHUUHYLGHUDVUHWURDNWLYW,VWlOOHWVNDNRVWQDGHUVRPXSSNRPPHUSnJUXQGDY Yl[HONXUVI|UlQGULQJDULQIODWLRQVXSSUlNQLQJRFKnWHUN|SWDVO|SDQGHLWDNWPHGDWWGH XSSVWnU5LNVJlOGHQI|UHVOnUlYHQHWWULVNPnWWVRPXWJ|UVDYYDULDWLRQHQLGHWQ\D NRVWQDGVPnWWHW1lUGHWJlOOHUXSSGUDJHWDWWXWUHGDRPGHWNDQYDUDlQGDPnOVHQOLJW DWWLQI|UDQnJRQIRUPDYULNWPlUNHVEDVHUDGXWYlUGHULQJDYXSSOnQLQJVNRVWQDGHUQD J|U5LNVJlOGHQEHG|PQLQJHQDWWGHWWDLQWHNRPPHUDWWXQGHUOlWWDXWYlUGHULQJHQDY VWDWVVNXOGVI|UYDOWQLQJHQRFKI|UHVOnUGlUI|ULQJHQI|UlQGULQJLGHWWDDYVHHQGH, 5LNVJlOGHQVXQGHUODJI|UXWYlUGHULQJDYVWDWVVNXOGHQVI|UYDOWQLQJI|UHVORJ 5LNVJlOGHQDWWGHWQ\DNRVWQDGVRFKULVNPnWWHQVNXOOHDQYlQGDVI|UI|UVWDJnQJHQL XQGHUODJHWI|UXWYlUGHULQJ5LNVJlOGHQYDOGHGRFNDWWLQYlQWDUHJHULQJHQV EHG|PQLQJDYI|UVODJHWRFKGHWQ\DNRVWQDGVPnWWHWNRPPHUDWWDQYlQGDVI|UVWL XQGHUODJHWI|UXWYlUGHULQJ ,EXGJHWSURSRVLWLRQHQI|UVWlOOGHVLJUHJHULQJHQSRVLWLYWLOOUHNRPPHQGDWLRQ HUQDIUnQ(69RFK5LNVJlOGVNRQWRUHWRFKDQVHUDWWGHWQ\DPnWWHWVRPI|UHVODJLWVDY 5LNVJlOGVNRQWRUHWIRUWVlWWQLQJVYLVE|UDQYlQGDVLVW\UQLQJRFKXWYlUGHULQJDY VWDWVNXOGHQVI|UYDOWQLQJ'lUHPRWLQVWlPGHUHJHULQJHQL5LNVJlOGHQVEHG|PQLQJDWW (698WYlUGHULQJDYVWDWHQVXSSOnQLQJRFKVNXOGI|UYDOWQLQJ± 6NU8WYlUGHULQJDYVWDWHQVXSSOnQLQJRFKVNXOGI|UYDOWQLQJ± %HW)L88WYlUGHULQJDYVWDWHQVXSSOnQLQJRFKVNXOGI|UYDOWQLQJ± 5LNVJlOGHQ$YUDSSRUWHULQJDYUHJHULQJVXSSGUDJHWDWWXWUHGDRPXWYlUGHULQJHQDYGHW|YHUJULSDQGHPnOHWNDQ XQGHUOlWWDV 5LNVJlOGHQ8QGHUODJI|UXWYlUGHULQJ6WDWVVNXOGHQVI|UYDOWQLQJ 5,.6*b/'(167,//b031,1* HQULNWPlUNHVEDVHUDGXWYlUGHULQJLQWHE|ULQI|UDVPHGEODQGDQQDWPHGKlQYLVQLQJ WLOODWWQ\WWDQVNXOOHEOLEHJUlQVDGVDPWLGLJWVRPGHQVNXOOHNUlYDEHW\GDQGH (WWDYGHYLNWLJDVWHYHUNW\JHQI|U5LNVJlOGHQI|UDWWPLQLPHUDNRVWQDGHQI|U VWDWVVNXOGHQlUDWWYHUNDI|UHQDWWUDNWLYPDUNQDGI|UVYHQVNDVWDWVSDSSHU1lU PnQJDLQYHVWHUDUHYLOOOnQDXWWLOOVWDWHQVMXQNHUNRVWQDGHQI|UVWDWVVNXOGHQRFK OLNYLGLWHWHQ|NDU6RPHWWOHGLDWWXWYlUGHUDKXUYlO5LNVJlOGHQELGUDUWLOOHQYlO IXQJHUDQGHPDUNQDGJHQRPI|U5LNVJlOGHQHQnUOLJHQNlWXQGHUV|NQLQJGlU nWHUI|UVlOMDUHRFKLQYHVWHUDUHInUVYDUDSnIUnJRURP5LNVJlOGHQVDNWLYLWHWHURFK VWUDWHJLHU,GHQVHQDVWHXQGHUV|NQLQJHQInU5LNVJlOGHQ|YHUODJHWWJRWWEHW\JDY PDUNQDGVDNW|UHUQDRFKUHVXOWDWHWOLJJHULOLQMHPHGUHVXOWDWHQIUnQWLGLJDUHnU ,HQGHODYXQGHUV|NQLQJHQInUPDUNQDGVDNW|UHUQDUDQJRUGQDEHW\GHOVHQDY 5LNVJlOGHQVVWUDWHJLHURFKVHGDQEHW\JVVlWWDGHP,WDEHOOOLVWDVGHIHPRPUnGHQ VRPDNW|UHUQDEHG|PWVRPYLNWLJDVWVDPWYLONDEHW\J±DNW|UHUQDKDUJHWW SnUHVSHNWLYHRPUnGHVHGDQ%HW\JHWOLJJHU|YHUSnVDPWOLJDIHPRPUnGHQ RFKlURFNVnK|JUHMlPI|UWPHGSnDOODRPUnGHQ9lUWDWWQRWHUDlUDWWGHW RPUnGHVRPUDQNDVDOOUDK|JVWDYDNW|UHUQD±PDUNQDGVYnUGJHQRPUHSRUL VWDWVSDSSHU±RFNVnInUGHWDOOUDK|JVWDEHW\JHWSn5LNVJlOGHQVUHSRIDFLOLWHWKDU YX[LWNUDIWLJWXQGHUGHVHQDVWHWYnnUHQYLONHWKlQJHUVDPPDQPHGGHQI|UVlPUDGH DQQDWREVHUYDQGXPlUDWWEHW\JHWI|UGHWRPUnGHVRPUDQNDVVRPQlVWYLNWLJDVWDY DNW|UHUQD±PDUNQDGVYnUGJHQRPE\WHQDYUHDOREOLJDWLRQHU±VMXQNHUMlPI|UWPHG I|UUHDOREOLJDWLRQHUKDUIXQJHUDWVlPUHWLOOI|OMGDYUHJOHULQJDU5LNVEDQNHQV nWHUN|SVSURJUDPRFKOlJUHHPLVVLRQVYRO\PHU 3URS8WJLIWVRPUnGH6WDWVVNXOGVUlQWRUPP 0DUNQDGVYnUGlULQJHWHQW\GLJWGHILQLHUDWEHJUHSS,5LNVJlOGHQVUDSSRUW5LNVJlOGVNRQWRUHWVPDUNQDGVYnUGL LQWHUQDWLRQHOOWSHUVSHNWLYGHILQLHUDU5LNVJlOGHQPDUNQDGVYnUGVRP´GHnWJlUGHUHPLWWHQWHQYLGWDUI|UDWWöka likviditeten RFKminska osäkerheten LVWDWVSDSSHUVPDUNQDGHQ 8QGHUV|NQLQJHQJHQRPI|UGHVLVOXWHWDYDY7616,)23URVSHUD6MXnWHUI|UVlOMDUHRFKLQYHVWHUDUH WLOOIUnJDGHV6YDUVIUHNYHQVHQYDUSURFHQW 5LNVJlOGHQ8QGHUODJI|UXWYlUGHULQJ6WDWVNXOGHQVI|UYDOWQLQJ 5,.6*b/'(167,//b031,1* 7DEHOO0DUNQDGVDNW|UHUQDVEHW\JLQRPGHRPUnGHQVRPGHDQVHUlUYLNWLJDVW DĂƌŬŶĂĚƐǀĊƌĚ ŐĞŶŽŵ ƌĞƉŽƌ ŝ ƐƚĂƚƐƉĂƉƉĞƌ DĂƌŬŶĂĚƐǀĊƌĚ ŐĞŶŽŵ ďǇƚĞŶ ŝ ƌĞĂůŽďůŝŐĂƚŝŽŶĞƌϭ ƚƚ ƚǇĚůŝŐƚ ŽĐŚ ŬŽŶƐĞŬǀĞŶƚ ĂŐĞƌĂŶĚĞ /ŶĨŽƌŵĂƚŝŽŶ Žŵ ǀŽůǇŵĞƌ ŽĐŚ ĂŶĚƌĂ ǀŝůůŬŽƌ Žŵ <ŽŵŵƵŶŝŬĂƚŝŽŶ Žŵ ůĊŶĞďĞŚŽǀ ŽĐŚ ĨŝŶĂŶƐŝĞƌŝŶŐ Källa: Riksgälden (TNS Prospera) 1) Frågan ställs enbart till återförsäljare. 0DUNQDGVDNW|UHUQDKDURFNVnInWWMlPI|UD5LNVJlOGHQPHGDQGUDVNXOGNRQWRU GHVVXWRPI|UElWWUDWVVHGDQ7LOOH[HPSHOJHUVDPWOLJDDNW|UNDWHJRULHUHWWK|JUH EHW\JSn5LNVJlOGHQVZHEEVLGDI|UDQGUDnUHWLUDG3nWYnRPUnGHQKDUGRFN W\GOLJWI|UElWWUDWVMlPI|UWPHG &ƂƌŵĊŐĂ Ăƚƚ ĨĂƚƚĂ Källa: Riksgälden (TNS Prospera) 3URILOYlUGHWlUK|JVWEODQGnWHUI|UVlOMDUHGlUYlUGHWYDUUHVSHNWLYHI|U 5,.6*b/'(167,//b031,1* RFK)|UXWOlQGVNDLQYHVWHUDUHKDUYlUGHWOHJDWUXQWEnGHRFK (QOLJW7616,)23URVSHUDE|UYlUGHQ|YHUI\UDWRONDVVRPXWPlUNWDPHGDQYlUGHQ XQGHUWUHlUXQGHUNlQW6DPPDQIDWWQLQJVYLVInU5LNVJlOGHQHWWXWPlUNWEHW\JDY PDUNQDGVDNW|UHUQD$YHQNlWVYDUHQDWWG|PDKDU5LNVJlOGHQGHVVXWRPI|UElWWUDWVLQD UHVXOWDWXQGHUnUHWIUnQHWWUHGDQEUDXWJnQJVOlJH YLVDUP\FNHWQHJDWLYDRFKVMXQNDQGHUHVXOWDWlUPDUNQDGVDNW|UHUQDVEHW\JSn OLNYLGLWHWHQSnPDUNQDGHQ7LOOH[HPSHOJHUnWHUI|UVlOMDUQDEHW\JHWSnOLNYLGLWHWHQ PlWWVRPRPVlWWQLQJHQDYQRPLQHOODVWDWVREOLJDWLRQHU'HWNDQMlPI|UDVPHGEHW\JHW I|UHJnHQGHnURFKnU5HVXOWDWHQI|UVYHQVNDRFKXWOlQGVNDLQYHVWHUDUH I|OMHUHWWOLNQDQGHP|QVWHU,DYVQLWWQHGDQGLVNXWHUDVIUnJDQRPGHQVMXQNDQGH (QJUXQGI|UXWVlWWQLQJI|UHQYlOIXQJHUDQGHKDQGHOLVWDWVSDSSHURFKDQGUD YlUGHSDSSHUlUOLNYLGLWHW/LNYLGLWHWlUGRFNHWWPnQJIDFHWWHUDWEHJUHSSRFKNDQWDVLJ ROLNDXWWU\FN,YLGPHQLQJEHW\GHUmarknadslikviditetDWWHQSODFHUDUHNDQNlQQDVLJ QnJRUOXQGDVlNHUSnDWWWLOOJLYQDSULVHURFKPHGNRUWYDUVHONXQQDJnXUHQSRVLWLRQL UlQWHElUDQGHSDSSHU-XPHUVRPNDQRPVlWWDVXWDQDWWSULVHWSnYHUNDVGHVWR GMXSDUHVlJVPDUNQDGHQYDUD(QDQQDQGHILQLWLRQVNXOOHNXQQDYDUDHQPDUNQDG PHGVPnWUDQVDNWLRQVNRVWQDGHUFinansieringslikviditetKDQGODULVWlOOHWRPKXUOlWW HQDNW|UNDQILQDQVLHUDVLQYHUNVDPKHWWLOOH[HPSHOKXUOlWW5LNVJlOGHQNDQHPLWWHUD HQQ\REOLJDWLRQ'HWYnOLNYLGLWHWVEHJUHSSHQKlQJHUGRFNQlUDVDPPDQRFKLQJnU RIWDEnGDLROLNDGHILQLWLRQHUDYOLNYLGLWHW XQGHUVHQDUHnUHQOLJW5LNVJlOGHQVPDUNQDGVXQGHUV|NQLQJDU,GHWKlUDYVQLWWHW NRPPHUYLGlUI|UDWWI|UGMXSDRVVLIUnJDQRPOLNYLGLWHW$YVQLWWHWE|UMDUPHGHQ |YHUVLNWOLJEHVNULYQLQJDYKXU5LNVJlOGHQDUEHWDUI|UDWWSnYHUNDOLNYLGLWHWHQSn VWDWVREOLJDWLRQVPDUNQDGHQ'lUHIWHUI|OMHUHQUHGRJ|UHOVHDYUHVXOWDWHQIUnQQnJUD DQDO\VHUDYOLNYLGLWHWHQSnGHQVYHQVNDVWDWVREOLJDWLRQVPDUNQDGHQVDPWHQ JHQRPJnQJDYYDGPDUNQDGVDNW|UHUQDVMlOYDDQVHU$YVQLWWHWDYVOXWDVPHGHQ VDPPDQIDWWQLQJDYROLNDI|UNODULQJDUWLOOYDUI|UOLNYLGLWHWHQKDUPLQVNDW 0DUNQDGVOLNYLGLWHWEUXNDURIWDGHODVXSSLI\UDGHONRPSRQHQWHUQlUGHWJlOOHUKDQGHOPHGVWDWVSDSSHU8W|YHUdjup EUXNDUPDQRFNVnWDODRPbreddVRPlUVNLOOQDGHQPHOODQN|SRFKVlOMNXUVomedelbarhetVRPKDQGODURPKXUVQDEEWHQ PDUNQDGVDNW|UNDQJHQRPI|UDHQYLVVWUDQVDNWLRQVDPWåterhämtningsförmågaVRPEHVNULYHUKXUVQDEEWSULVHU nWHUYlQGHUWLOOGHWIXQGDPHQWDODYlUGHWYLGHQWHPSRUlUOLNYLGLWHWVVW|UQLQJVHEODQGDQQDW628Översyn av statsskuldspolitiken.2PVlWWQLQJRFKRPVlWWQLQJVKDVWLJKHWSnGHQXWHVWnHQGHVWRFNHQlU\WWHUOLJDUHWYnPnWW 5LNVJlOGHQ5LNVJlOGVNRQWRUHWVPDUNQDGVYnUGLHWWLQWHUQDWLRQHOOWSHUVSHNWLY 5,.6*b/'(167,//b031,1* 6RPHPLWWHQWDYVWDWVREOLJDWLRQHURFKVWDWVVNXOGYl[ODUYHUNDU5LNVJlOGHQSn primärmarknaden5LNVJlOGHQVREOLJDWLRQHUVlOMVVHGDQYLGDUHWLOODQGUDLQYHVWHUDUH Snsekundärmarknaden/LNYLGLWHWHQSnVHNXQGlUPDUNQDGHQKDUVWRUEHW\GHOVHI|U OLNYLGLWHWHQSnSULPlUPDUNQDGHQRFKI|UDWWPDUNQDGHQI|UVWDWVSDSSHUVRPKHOKHW VNDIXQJHUDEUD2PRPVlWWQLQJHQRFKOLNYLGLWHWHQLVHNXQGlUPDUNQDGHQPLQVNDU NRPPHUSULVELOGQLQJHQLPDUNQDGHQDWWI|UVlPUDVYLONHWOHGHUWLOOPHUYRODWLODSULVHU RFK|NDGRVlNHUKHWI|UDOODDNW|UHU3nOnQJVLNWNDQGHWWDOHGDWLOOK|JUHXSSOnQLQJV NRVWQDGHUI|UVWDWHQRFKVW|UUHVYnULJKHWHUDWWDWWUDKHUDLQYHVWHUDUH(QI|UVlPUDG PDUNQDGVOLNYLGLWHWNDQRFNVnInQHJDWLYDNRQVHNYHQVHUI|UGHWILQDQVLHOODV\VWHPHW VRPKHOKHWbYHQRPGHWLQWHlUWUROLJWDWWI|UVlPUDGPDUNQDGVOLNYLGLWHWLVLJLQQHElU HQ|NDGULVNI|UGHQILQDQVLHOODVWDELOLWHWHQVnNDQEULVWDQGHPDUNQDGVOLNYLGLWHW I|UVWlUNDHQQHJDWLYKlQGHOVHXWYHFNOLQJ ROLNDYHUNW\JI|UDWWSnYHUNDOLNYLGLWHWHQLQGLUHNW)|UDWWVWLPXOHUDPDUNQDGHQV IXQNWLRQRFKI|UElWWUDOLNYLGLWHWHQDQYlQGHU5LNVJlOGHQnWHUI|UVlOMDUH PDUNQDGVJDUDQWHUYDQOLJWYLVEDQNHUcWHUI|UVlOMDUQDKDUJHQRPDYWDOPHG 5LNVJlOGHQI|UEXQGLWVLJDWWDJHUDSnYLVVWVlWW,SULPlUPDUNQDGHQlUnWHUI|UVlOMDUQD H[HPSHOYLVWYLQJDGHDWWOlJJDEXGLDXNWLRQHUQDYLONHWPLQVNDUULVNHQDWW5LNVJlOGHQ VNDEHK|YDGUDQHUHOOHUVWlOODLQHQDXNWLRQ,VHNXQGlUPDUNQDGHQVNDnWHUI|UVlOMDUQD IXQJHUDVRPHWWVODJVVP|UMPHGHORFKELGUDWLOOJRGOLNYLGLWHWRFKSULVWUDQVSDUHQV 'HWJ|UGHEODQGDQQDWJHQRPDWWSnEHJlUDQVWlOODELQGDQGHN|SRFKVlOMUlQWRUSn NXQGPDUNQDGHQRFKNRQWLQXHUOLJWWLOOKDQGDKnOODLQGLNDWLYDN|SRFKVlOMUlQWRUSn PDUNQDGHQVLQIRUPDWLRQVV\VWHPcWHUI|UVlOMDUQDnWDUVLJRFNVnDWWJ|UDDOODULPOLJD DQVWUlQJQLQJDUI|UDWWXSSUlWWKnOODHQPDUNQDGVDQGHOVRPXSSJnUWLOOPLQVWSURFHQW UHVSHNWLYHSURFHQWDYGHQWRWDODRPVlWWQLQJHQSnGHQHOHNWURQLVNDLQWHUEDQN PDUNQDGHQUHVSHNWLYHNXQGPDUNQDGHQ2PnWHUI|UVlOMDUQDIXOOJ|UVLQDnWDJDQGHQL SULPlURFKVHNXQGlUPDUNQDGHQInUGHSURYLVLRQ 5LNVJlOGHQI|UV|NHURFNVnNRQFHQWUHUDXSSOnQLQJHQWLOOHWWEHJUlQVDWDQWDOVnNDOODGH VWUXNWXUI|UElWWUDVXWE\WEDUKHWHQPHOODQOnQYLONHWVNDSDUI|UXWVlWWQLQJDUI|UHQDNWLY KDQGHORFKDWWGHQXWHVWnHQGHYRO\PHQEOLWLOOUlFNOLJWVWRUI|UDWWVlNHUVWlOODJRG OLNYLGLWHW$WWRPVlWWQLQJHQEOLUVW|UUHLHQVNLOGDOnQJ|URFNVnDWWSULVELOGHQEOLUPHU UlWWYLVDQGH6\VWHPHWPHGEHQFKPDUNOnQVNDSDURFNVnI|UXWVlWWQLQJDUI|UXWYHFNOLQJ 6HEODQGDQQDW628gYHUV\QDYVWDWVVNXOGVSROLWLNHQ5LNVEDQNHQ0DUNQDGVOLNYLGLWHWHQSnGHQVYHQVND REOLJDWLRQVPDUNQDGHQRFKGHVVEHW\GHOVHI|UILQDQVLHOOOLNYLGLWHW(NRQRPLVNDNRPPHQWDUHUQURFK )LQDQVLQVSHNWLRQHQ/LNYLGLWHWHQLPDUNQDGHQI|UVlNHUVWlOOGDREOLJDWLRQHU),DQDO\V1U 6HEODQGDQQDW5LNVEDQNHQ0DUNQDGVOLNYLGLWHWHQSnGHQVYHQVNDREOLJDWLRQVPDUNQDGHQRFKGHVVEHW\GHOVHI|U ILQDQVLHOOOLNYLGLWHWRFK)LQDQVLQVSHNWLRQHQ6nUEDUKHWVLQGLNDWRUHUI|UOLNYLGLWHW),DQDO\V1U 5LNVJlOGHQKDUI|UQlUYDUDQGHVMXnWHUI|UVlOMDUH 5,.6*b/'(167,//b031,1* ROLNDO|SWLGHUIXQJHUDUVRPEDVI|USULVVlWWQLQJDYREOLJDWLRQHUIUnQDQGUDOnQWDJDUH 5LNVJlOGHQKDURFNVnHWWPDUNQDGVnWDJDQGHYLDUHSRPDUNQDGHQYLONHWLQQHElUDWW 5LNVJlOGHQWLOOJRGRVHUPDUNQDGHQVEHKRYDYVWDWVSDSSHU9HWVNDSHQSnPDUNQDGHQ DWWPDQDOOWLGNDQInWDJSnVWDWVREOLJDWLRQHUKDUVWRUEHW\GHOVHI|UOLNYLGLWHWHQSnKHOD REOLJDWLRQVPDUNQDGHQ5lQWDQSnUHSRUQDVlWWVLI|UKnOODQGHWLOO5LNVEDQNHQV UHSRUlQWDRFKOLJJHULGDJSnEDVSXQNWHUXQGHUUHSRUlQWDQ9RO\PHUQDL 5LNVJlOGHQVUHSRUPHGnWHUI|UVlOMDUQDKDU|NDWNUDIWLJWXQGHUGHVHQDVWHWYnnUHQ 8QGHUDQGUDKDOYnUHWUHSDGH5LNVJlOGHQGDJOLJHQXWVWDWVREOLJDWLRQHUI|UL JHQRPVQLWWRPNULQJPLOMDUGHUNURQRU $WWOLNYLGLWHWHQSnVWDWVSDSSHUVPDUNQDGHQlUDYFHQWUDOEHW\GHOVHIUDPJnUlYHQDY VYDUHQSn5LNVJlOGHQVnUOLJDHQNlWWLOOPDUNQDGVDNW|UHUQD1lULQYHVWHUDUHRFK nWHUI|UVlOMDUHInUDQJHEHW\GHOVHQDY5LNVJlOGHQVROLNDVWUDWHJLHUI|UPDUNQDGVYnUG