prop · H503104 · 2018-04-24 00:00:00 — Av budgetlagen framgår att statsskuldsförvaltningen ska ske inom ramen för de krav som penningpolitiken ställer och att ska ges möjlighet att yttra sig över förslag till riktlinjer. Nedan framgår yttrande över (Riksgäldens) förslag till riktlinjer för statsskuldens förvaltning 2017‒2020. Enligt de nuvarande riktlinjerna för statsskuldens förvaltning ska Riksgälden amortera ned valutaskulden. Riksgälden har mandat att ta valutapositioner för maximalt . I riktlinjeförslaget föreslår Riksgälden nu att det skulle vara mer kostnadseffektivt om ett större utrymme finns att skjuta på amorteringarna av utlandsskulden om kronan bedöms vara undervärderad. Som ett led i detta vill Riksgälden att mandatet för valutapositioner höjs . direktion har kommunicerat att den står beredd att intervenera på valutamarknaden om en alltför snabb förstärkning av kronan riskerar att hota uppgången i inflationen mot målet. Ett utökat mandat för Riksgälden, med möjlighet att ta positioner för en starkare krona, skulle då kunna komma i konflikt med den förda penningpolitiken, och skapa oklarhet och en onödig osäkerhet på de finansiella marknaderna om prisbildningen på den svenska kronan. finner att övriga förslag är förenliga med penningpolitiken. Premieobligationernas bidrag till det statsskuldspolitiska målet I riktlinjerna beslutade regeringen att målperspektivet för privatmarknadsupplåningen skulle förlängas i enlighet med förslag. Bakgrunden var att de senaste årens låga räntenivåer gjort att privatmarknadsupplåningen inte bidragit till målet att minska kostnaderna för statsskulden. Det förlängda målperspektivet gjorde det möjligt att kunna återuppta upplåningsformen igen om den bedöms kunna bli lönsam . För att begränsa räntekostnadsförlusten fram till dess att upplåningsformen bedöms vara lönsam igen, uppmanade regeringen att överväga att inte ge ut premieobligationer. fattade beslut om att inte ge ut premieobligationer tillsvidare mot bakgrund av det låga ränteläget. ESV instämmer i regeringens analys och anser att beslut att tillsvidare inte ge ut premieobligationer är riktigt mot bakgrund av det fallande resultatet i verksamheten och den stora osäkerheten om den framtida efterfrågan på premieobligationer. Regeringen har därför för avsikt att ge i uppdrag att överväga att ha avvecklat sparformen när de sista utestående premieobligationerna löper till förfall 2021. En förutsättning för detta är att merkostnaderna förknippade med att ha beredskap för att kunna återta sparformen inte längre bedöms motiverade. &RS\ULJKW(69 (NRQRPLVW\UQLQJVYHUNHW(69KDULUHJOHULQJVEUHYHQI|URFKInWWL XSSGUDJDWWXWYlUGHUDVWDWHQVXSSOnQLQJRFKVNXOGI|UYDOWQLQJI|USHULRGHQ 8WYlUGHUDLYLONHQRPIDWWQLQJUHJHULQJHQVULNWOLQMHUI|UVWDWVVNXOGHQVI|UYDOWQLQJ (QOLJWXSSGUDJVEHVNULYQLQJHQlU(NRQRPLVW\UQLQJVYHUNHWRI|UKLQGUDWDWWXWYlUGHUD $UEHWHWPHGUHJHULQJVXSSGUDJHWKDUJHQRPI|UWVDY$QQD+DQVVRQSURMHNWOHGDUH 6YDQWH+HOOPDQH[SHUWRFK0DWWV.DUOVRQXWUHGDUH (NRQRPLVW\UQLQJVYHUNHW|YHUOlPQDUKlUPHGUDSSRUWHQ8WYlUGHULQJDYVWDWHQV ,11(+c// )|URUG 6DPPDQIDWWQLQJ %DNJUXQG 'HRIIHQWOLJDILQDQVHUQDLQWHUQDWLRQHOOW 'HRIIHQWOLJDILQDQVHUQDL6YHULJH 0DDVWULFKWVNXOGHQ 6WDWVVNXOGHQ (QJnQJVHIIHNWHUVRPSnYHUNDWVWDWVVNXOGHQ )|UVlOMQLQJDYVWDWOLJHJHQGRP gYHUI|ULQJDYWLOOJnQJDUIUnQcOGHUVSHQVLRQVV\VWHPHW /nQWLOO5LNVEDQNHQ gYULJDHQJnQJVHIIHNWHUI|UVWDWVVNXOGHQ 6WDWVVNXOGHQRFK5LNVEDQNVOnQHW )|UlQGULQJDULVWDWVVNXOGHQVO|SWLG± %DNJUXQGHQWLOOI|UOlQJGDO|SWLGHU %UHGDUHO|SWLGVLQWHUYDOO $QYlQGQLQJHQDYUlQWHVZDSSDU (69VNRPPHQWDUHU 6WDWVVNXOGHQVVDPPDQVlWWQLQJI|UlQGUDVLQWH 6lUVNLOWRPDQGHOHQUHDONURQVNXOG 9DOXWDVNXOGHQ 6W\UQLQJHQDYYDOXWDVNXOGHQ (69VNRPPHQWDUHU 3RVLWLRQVWDJQLQJHQ 3RVLWLRQVWDJQLQJHQI|UH 3RVLWLRQVWDJQLQJHQIUnQRFKPHG (69VNRPPHQWDUHU 3RVLWLRQHULGHQO|SDQGHI|UYDOWQLQJHQ 6WDWVVNXOGHQVVDPPDQVlWWQLQJRFKO|SWLG 1\WWNRVWQDGVPnWWI|UDWWXWYlUGHUDGHW|YHUJULSDQGHPnOHW 0DUNQDGVYnUG /LNYLGLWHWHQSnVWDWVREOLJDWLRQVPDUNQDGHQ 5LNVJlOGHQNDQSnYHUNDOLNYLGLWHWHQLQGLUHNW /LNYLGLWHWlUVYnUWDWWPlWD ,11(+c// 2PVlWWQLQJHQSnGHQVYHQVNDREOLJDWLRQVPDUNQDGHQ± $QDO\VHUDYOLNYLGLWHWHQI|UVWDWVREOLJDWLRQHU 9DGVlJHUDNW|UHUQD" 9DGEHURUGHQI|UVlPUDGHOLNYLGLWHWHQSn" (69VNRPPHQWDUHU (69KDUXWYlUGHUDWVWDWVVNXOGVI|UYDOWQLQJHQI|USHULRGHQ±PHGIRNXVSn OnQJVLNWLJWPLQLPHUDNRVWQDGHQI|UVNXOGHQPHGEHDNWDQGHDYULVN(69YLOOEHWRQD DWWGHQVMXQNDQGHOLNYLGLWHWHQSnPDUNQDGHQI|UVWDWVREOLJDWLRQHUXWJ|UHWWRURV PRPHQWI|UVWDWVVNXOGVI|UYDOWQLQJHQ5LNVJlOGHQKDUKLWLQWLOOVNXQQDWKDQWHUD VLWXDWLRQHQWDFNYDUHHQDNWLYPDUNQDGVYnUG%ODQGDQQDWKDU5LNVJlOGHQ|NDW GRFNIUnJDQRP5LNVJlOGHQOnQJVLNWLJWKDUGHWKDQGOLQJVXWU\PPHGHEHK|YHUI|UDWW 'HQHNRQRPLVNDSROLWLNHQXWYHFNOLQJHQLYlUOGVHNRQRPLQRFKGHQVYHQVND HNRQRPLQXWJ|UHQ\WWUHUDPI|UVWDWVVNXOGVI|UYDOWQLQJHQ$QGUDIDNWRUHUNRSSODGH WLOOGHQ\WWUHUDPHQlULQIODWLRQVWDNWHQLQIODWLRQVXWVLNWHUQDRFKSHQQLQJSROLWLNHQV XWIRUPQLQJ,HQLQWHUQDWLRQHOOMlPI|UHOVHKDU6YHULJHVWDUNDRIIHQWOLJDILQDQVHU IUDPI|UDOOWRPPDQVHUWLOOGHWILQDQVLHOODVSDUDQGHWRFKGHQRIIHQWOLJDVNXOGHQ'H VYHQVNDRIIHQWOLJDILQDQVHUQDKDUXWYHFNODWVYlOVHGDQLQI|UDQGHWDYGHWILQDQV SROLWLVNDUDPYHUNHWHIWHUWDOVNULVHQbYHQRPVSDUDQGHWVHGDQKDUOHJDW XQGHUGHQPnOVDWWDQLYnQRPHWW|YHUVNRWWRPSURFHQWDY%13|YHUHQNRQMXQNWXU F\NHO±VnXSSJnUGHWILQDQVLHOODVSDUDQGHWLRIIHQWOLJVHNWRULJHQRPVQLWWWLOO PLOMDUGHUNURQRUSHUnUHOOHUWRWDOWPLOMDUGHUNURQRU'HWILQDQVLHOODVSDUDQGHWL VWDWHQKDUXWYHFNODWVQnJRWVYDJDUH2PPDQH[NOXGHUDUGHQ|YHUI|ULQJVRPJMRUGHV IUnQ$3IRQGHUQDWLOOVWDWHQLVDPEDQGPHGSHQVLRQV|YHUHQVNRPPHOVHQXSSJnU VSDUDQGHWLVWDWHQWLOOPLOMDUGHUNURQRUVHGDQ'HQXQGHUOLJJDQGH XWYHFNOLQJHQKDUGRFNYDULWEHW\GOLJWVWDUNDUHGnULNVGDJHQXQGHUVDPPDSHULRG EHVOXWDWRPVNDWWHVlQNQLQJDUSnPLOMDUGHUNURQRU QlVWDQPLOMDUGHUNURQRU'HHQJnQJVHIIHNWHUVRPIUDPI|UDOOWVlQNWVNXOGHQlU 6$00$1),1* LQNRPVWHUIUnQI|UVlOMQLQJDYVWDWOLJHJHQGRPRFK|YHUI|ULQJDYWLOOJnQJDUIUnQ$3 IRQGHQ8WDQGHVVDVNXOOHVNXOGHQLVWlOOHWKD|NDWPHGQlUPDUHPLOMDUGHU NURQRU'HQXQGHUOLJJDQGHXWYHFNOLQJHQDYVWDWHQVLQNRPVWHURFKXWJLIWHUKDUDOOWVn ELGUDJLWWLOODWWK|MDVWDWVVNXOGHQ0LQVNQLQJHQDYVNXOGNYRWHQGHWYLOOVlJDVNXOGHQL I|UKnOODQGHWLOO%13I|UNODUDVIUlPVWDY%13WLOOYl[WHQ5LNVEDQNHQVOnQL 5LNVJlOGHQlUHPHOOHUWLGHQHQJnQJVHIIHNWVRPK|MWVWDWVVNXOGHQPHGGU\JW PLOMDUGHUNURQRUPRWVYDUDQGHSURFHQWDY%13 Längre löptider och bredare intervall 5HJHULQJHQKDUI|UOlQJWO|SWLGHQI|UGHQQRPLQHOODNURQVNXOGHQPHGXSSWLOOWROYnU WLOOI|UIDOOEnGHRFKbYHQEUHGGHQLO|SWLGVLQWHUYDOOHW|NDGH 9DOXWDVNXOGHQVO|SWLGI|UOlQJGHVJHQRPDWWGHWWLGLJDUHO|SWLGVULNWYlUGHWSn nUHUVDWWHVPHGHWWVW\ULQWHUYDOOSn±nU'HWLQQHElUDWWVDPWOLJDVNXOGVODJ QXPHUDVW\UVPHGKMlOSDYLQWHUYDOO)|U|YULJDVNXOGVODJEOHYVW\UQLQJHQRI|UlQGUDG XQGHURFK0RWLYHWWLOOGHI|UOlQJGDO|SWLGHUQDlUDWWNRVWQDGVI|UGHOHQ )|U(69IUDPVWnUI|UOlQJQLQJHQDYVWDWVVNXOGHQVO|SWLGVRPYlODYYlJGPRW EDNJUXQGDYDWWNRVWQDGVI|UGHOHQPHGNRUWXSSOnQLQJKDUPLQVNDW(WWDOWHUQDWLYWLOO DWWJUDGYLVI|UOlQJDO|SWLGHQLGHQQRPLQHOODNURQVNXOGHQKDGHYDULWDWWJH 5LNVJlOGHQHWWQnJRWVW|UUHO|SWLGVLQWHUYDOOWLGLJDUH'HWIDNWXPDWWGHIDNWLVND XWIDOOHQI|UGHQQRPLQHOODNURQVNXOGHQKDUOHJDWQlUDGHQ|YUHJUlQVHQDY VW\ULQWHUYDOOHWXQGHUIOHUDnURFKDWWUHJHULQJHQNRQWLQXHUOLJWK|MWO|SWLGHQWDODUI|U Oförändrad sammansättning av skulden KDUGRFNLULNWOLQMHI|UVODJHWI|UDQDO\VHUDWRPGHWILQQVDQOHGQLQJDWWlQGUD 5LNVJlOGHQVDQDO\VP\QQDUXWLDWWHQ|YHUJnQJWLOOHWWULNWPlUNHVNXOOHLQQHElUDHQ VYDJDUHVW\UQLQJRFKPLQVNDGWUDQVSDUHQVHIWHUVRPVW\ULQWHUYDOOHWVNXOOHEHK|YDEOL UHODWLYWVWRUW(QVWDWLVNPnOQLYnVNXOOHRFNVnPLQVNDIOH[LELOLWHWHQLOnQHSODQHULQJHQ (69GHODU5LNVJlOGHQVDQDO\V(QOLJW(69DNWXDOLVHUDUDQDO\VHQlYHQIUnJDQRP DQGHOHQSnSURFHQWERUGHPLQVNDSnVLNW)OHUDVNlOWDODUI|UGHW/nQHEHKRYHWlUL GDJOLWHWRFKI|UYlQWDVPLQVNDSnVLNW.RVWQDGVI|UGHOHQI|UUHDODREOLJDWLRQHU I|UHIDOOHURFNVnKDVMXQNLW|YHUWLGWLOOI|OMGDYOlJUHLQIODWLRQVI|UYlQWQLQJDU'HW IDNWXPDWWOLNYLGLWHWHQLQRPLQHOODVWDWVREOLJDWLRQHUKDUI|UVlPUDWVWDODURFNVnI|UDWW ,QI|UEHVOXWDGHUHJHULQJHQDWWLQULNWQLQJHQI|UYDOXWDVNXOGHQVNXOOHlQGUDVVnDWW P|MOLJKHWHQI|U5LNVJlOGHQDWWEHDNWDI|UYlQWQLQJDURPNURQDQVXWYHFNOLQJLV\IWHDWW VlQNDNRVWQDGHQI|UVWDWVVNXOGHQVNDJ|UDVLQRPUDPHQI|UWLOOGHODWSRVLWLRQVPDQGDW RFKLQWHJHQRPDWW|NDHOOHUDWWPLQVNDLQYl[OLQJHQDYYDOXWDVNXOGHQ(WWEHVOXWRP -6NDYDOXWDVNXOGHQDYYHFNODVHOOHUEHKnOODV" -+XUVNDYDOXWDVNXOGHQDYYHFNODV" -1lUVNDYDOXWDVNXOGHQE|UMDDYYHFNODV" ,XWYlUGHULQJHQNXQGH(69NRQVWDWHUDDWWXQGHUGHQVHQDVWHWLRnUVSHULRGHQ YLONHWJHWWHQNRVWQDGVI|UGHOI|UOnQLXWOlQGVNYDOXWD9DOXWDU|UHOVHUJDYnDQGUD GRFN|NDWYLONHWJMRUWDWWGHWJHQRPVQLWWOLJDQHJDWLYDELGUDJHW|NDWWLOO VlQNDNRVWQDGHQKDU|NDWNRVWQDGHQI|UI|UYDOWQLQJHQDYVWDWVVNXOGHQ5LNVJlOGHQV I|UVODJRFKUHJHULQJHQVEHVOXWDWWDYYHFNODYDOXWDVNXOGHQIUDPVWnUVRPYlO|YHUYlJW $YYHFNOLQJHQDYYDOXWDVNXOGHQSnE|UMDVDOOWVnVDPWLGLJWVRPULNVEDQNHQYLGWDU nWJlUGHUI|UDWWSnYHUNDNURQDQLV\IWHDWWSnYHUNDLQIODWLRQHQ0HGWDQNHSn YDOXWDVNXOGHQVVWRUOHNRFKGHQDYYHFNOLQJVWDNWVRPlUEHVOXWDGEHK|YVHQUHODWLYW NRUWWLGI|UDWWDYYHFNODYDOXWDVNXOGHQ6HWWLGHWSHUVSHNWLYHWDQVHU(69DWWHQ DYYHFNOLQJDYYDOXWDVNXOGHQLHWWPHUQRUPDOWSHQQLQJSROLWLVNWOlJHYDULWDWWI|UHGUD 5LNVJlOGHQVPRWLYI|UDWWYlOMDLYLONHQYDOXWDYDOXWDVNXOGHQVNDYl[ODVLQKDU 6$00$1),1* RFK5LNVJlOGHQVHUROLNDSnKXUPDQGDWHQIUDPI|UDOOWPDQGDWHWI|USRVLWLRQHULGHQ NURQDQVYDOXWDNXUVVNDVHXW%nGDDUJXPHQWHUDUI|UDWWPLQVNDULVNHQ5HJHULQJHQ YLOOEHKnOODHWWPLQGUHPDQGDWPHGDQ5LNVJlOGHQPHQDUDWWHWWVW|UUHPDQGDW|NDU P|MOLJKHWHQDWWEHGULYDHQHIIHNWLYI|UYDOWQLQJDYVWDWVVNXOGHQPHGIRNXVSnULVNRFK 9LGHQSO|WVOLJI|UVYDJQLQJDYNURQDQUlFNHUGHWQXYDUDQGHPDQGDWHWLNURQDQV Yl[HONXUVWLOODWWVNMXWDXSSLQYl[OLQJHQDYYDOXWDVNXOGHQXQGHUPnQDGHU(69 LQRPUDPHQI|UGHQO|SDQGHI|UYDOWQLQJHQ5LNVJlOGHQVI|UHVODJQDK|MQLQJDY ,ULNWOLQMHUQDI|UEHVOXWDGHUHJHULQJHQLHQOLJKHWPHG5LNVJlOGHQVI|UVODJDWW J|UDPnOSHUVSHNWLYHWI|USUHPLHREOLJDWLRQVXWOnQLQJHQPHUOnQJVLNWLJW5HJHULQJHQ WLOOGHVVDWWXSSOnQLQJVIRUPHQEHG|PVYDUDO|QVDPLJHQ5HJHULQJHQPHQDGHDWWGH E\JJHUSnDWWGHWJnUDWWHPLWWHUDVW|UUHSUHPLHREOLJDWLRQVOnQlQLGDJ,GHFHPEHU YLGDUHPRWEDNJUXQGDYGHWOnJDUlQWHOlJHW(69LQVWlPPHULUHJHULQJHQVDQDO\VRFK (69VEHG|PQLQJlUDWW5LNVJlOGHQKDUXSSI\OOWUHJHULQJHQVULNWOLQMHUYDGJlOOHU VWDWVVNXOGHQVVDPPDQVlWWQLQJRFKO|SWLG/|SWLGHQKDUOHJDWLQRPULNWOLQMHUQDI|U PHG|YHUWROYnUWLOOI|UIDOOGlUXWIDOOHWYDULWQnJRWOlJUHlQGHWOnQJVLNWLJDULNWYlUGHW I|UXWHVWnHQGHYRO\PSnPLOMDUGHUNURQRU9LGXWJnQJHQDYRFK XSSJLFNGHQXWHVWnHQGHYRO\PHQWLOOUHVSHNWLYHPLOMDUGHUNURQRU'HQXWH GHQXWHVWnHQGHVWRFNHQVXFFHVVLYWKDU|NDWXQGHUVHQDUHnUDQVHU(69DWWULNWOLQMHUQD 5LNVJlOGHQInU|YHUODJHWWJRWWEHW\JDYPDUNQDGVDNW|UHUQDLGHQVHQDVWHHQNlWXQGHU |YHUODJI|UElWWUDWVVHGDQ(WWRPUnGHVRPVWLFNHUXWLnUHWVHQNlWRFKVRPLQWH PDUNQDGVDNW|UHUQDVEHW\JSnOLNYLGLWHWHQSnVWDWVREOLJDWLRQVPDUNQDGHQ5HVXOWDWHQ 5LNVJlOGHQI|UHVOnUHWWQ\WWNRVWQDGVPnWW )|UDWWXQGHUOlWWDXWYlUGHULQJHQDYGHW|YHUJULSDQGHPnOHWI|UVWDWVVNXOGV I|UYDOWQLQJHQKDU5LNVJlOGHQWDJLWIUDPHWWQ\WWPnWWI|UDWWI|OMDXSSVWDWVVNXOGHQV WRWDODNRVWQDG'HWQ\DPnWWHWLQQHElUHQPRGLILHULQJDYGHWQXYDUDQGHNRVWQDGV KlQGHOVHURFKGlUPHGEHK|YHUUHYLGHUDVUHWURDNWLYW,VWlOOHWVNDNRVWQDGHUVRPXSS NRPPHUSnJUXQGDYYl[HONXUVI|UlQGULQJDULQIODWLRQVXSSUlNQLQJRFKnWHUN|SWDV O|SDQGHLWDNWPHGDWWGHXSSVWnU'HWQ\DPnWWHWlUWlQNWDWWDQYlQGDVI|UVWDJnQJHQL 6$00$1),1* ,EXGJHWODJHQDQJHVGHW|YHUJULSDQGHPnOHWI|UVWDWVVNXOGVI|UYDOWQLQJHQYLONHWlUDWW )|UYDOWQLQJHQDYVWDWVVNXOGHQVNDRFNVnVNHLQRPUDPHQI|UGHNUDYVRP SHQQLQJSROLWLNHQVWlOOHU5HJHULQJHQVW\UI|UYDOWQLQJHQDYVWDWVVNXOGHQSnHQ |YHUJULSDQGHQLYnJHQRPDWWYDUMHnUJHXWULNWOLQMHUI|UVWDWVVNXOGHQVI|UYDOWQLQJ 7LOOJUXQGI|UEHVOXWHWOLJJHUEODQGDQQDW5LNVJlOGHQVI|UVODJWLOOULNWOLQMHU 5LNVEDQNHQKDURFNVnP|MOLJKHWDWW\WWUDVLJ|YHU5LNVJlOGHQVI|UVODJ,ULNWOLQMHUQD IDVWVWlOOVEODQGDQQDWVWDWVVNXOGHQVVDPPDQVlWWQLQJRFKO|SWLG*HQRPULNWOLQMHUQD NDQUHJHULQJHQSnYHUNDVWDWVVNXOGHQVH[SRQHULQJPRWROLNDULVNHU5LNWOLQMHUQD VNDSDURFNVnWUDQVSDUHQVRFKI|UXWVlJEDUKHW5LNWOLQMHUQDVW\UGlUHPRWLQWHVMlOYD ILQDQVLHULQJHQDYVNXOGHQ'HWlU5LNVJlOGHQVRPEHVOXWDULYLONHWVNXOGVODJRFKPHG YLONHQO|SWLGVRPOnQHQWDVXSS'HQHNRQRPLVNDSROLWLNHQXWYHFNOLQJHQL YlUOGVHNRQRPLQRFKGHQVYHQVNDHNRQRPLQXWJ|UHQ\WWUHUDPI|U VWDWVVNXOGVI|UYDOWQLQJHQ$QGUDIDNWRUHUVRPlUNRSSODGHWLOOGHQ\WWUHUDPHQlU LQIODWLRQVWDNWHQLQIODWLRQVXWVLNWHUQDRFKSHQQLQJSROLWLNHQVXWIRUPQLQJ%DVHQI|UKXU K|JDUlQWHNRVWQDGHUQDEOLUlUVWRUOHNHQSnVWDWVVNXOGHQRFKEXGJHWVDOGRQD ,HQLQWHUQDWLRQHOOMlPI|UHOVHKDU6YHULJHP\FNHWVWDUNDILQDQVHUIUDPI|UDOOWRP UHGRYLVDVPHGHOYlUGHWI|UGHWILQDQVLHOODVSDUDQGHWLHWWXUYDO2(&'OlQGHUXQGHUWYn SHULRGHU'HQI|UVWDSHULRGHQRPIDWWDUnUHQ±PHGDQGHQDQGUDSHULRGHQ K|JNRQMXQNWXUHQXQGHUGHQDQGUDSHULRGHQILQQVGHWHWWDQWDOOlQGHUVRPI|UVlPUDW RFKIRUWIDUDQGHKDUHWWVWRUWQHJDWLYWILQDQVLHOODVSDUDQGHW%HOJLHQ)UDQNULNH NDSEXGJHWODJHQ 6HEODQGDQQDW5LNVJlOGHQ8QGHUODJI|UXWYlUGHULQJDYVWDWVVNXOGHQVI|UYDOWQLQJ lYHQLKXUVWRUDQGHODYXWJLIWHUQDVRPXWJ|UVDYUlQWHEHWDOQLQJDU,8QJHUQ,UODQG ,WDOLHQ3RUWXJDO6SDQLHQ6WRUEULWDQQLHQRFK86$WDUQHWWRUlQWHEHWDOQLQJDUQDL DQVSUnNPHUlQSURFHQWDYGHWRWDODXWJLIWHUQDVHGLDJUDP 'HVYHQVNDRIIHQWOLJDILQDQVHUQDKDUXWYHFNODWVYlOVHGDQLQI|UDQGHWDYGHW OHJDWXQGHUGHQPnOVDWWDQLYnQRPHWW|YHUVNRWWRPSURFHQWDY%13|YHUHQ 'LDJUDP2IIHQWOLJDVHNWRUQVILQDQVLHOODVSDUDQGHVDPWnUOLJI|UlQGULQJLQNOXVLYHRFKH[NOXVLYH ,E|UMDQDYSHULRGHQI|UNODUDVGHWSRVLWLYDILQDQVLHOODVSDUDQGHWLRIIHQWOLJVHNWRUDY |YHUVNRWWLnOGHUVSHQVLRQVV\VWHPHW'lUHIWHUlUVSDUDQGHWLnOGHUVSHQVLRQVV\VWHPHW NDQYDULHUDP\FNHWIUnQHWWnUWLOOHWWDQQDW8QGHUKHODSHULRGHQXSSJnUVSDUDQGHWL VWDWHQWLOOPLOMDUGHUNURQRU8QGHUVDPPDSHULRGKDUULNVGDJHQEHVOXWDWRP VNDWWHVlQNQLQJDUSnPLOMDUGHUNURQRU 6SDUDQGHWLVWDWHQXSSJnUHJHQWOLJHQWLOOPLOMDUGHUNURQRUPHQPLOMDUGHUNURQRUDYVHUHQ|YHUI|ULQJIUnQ $3IRQGHUQDWLOOVWDWHQ6HNDSLWHO 'LDJUDP6WDWHQVILQDQVLHOODVSDUDQGHVDPWnUOLJI|UlQGULQJLQNOXVLYHRFKH[NOXVLYH 'HQVWDUNDXWYHFNOLQJHQDYGHWILQDQVLHOODVSDUDQGHWI|UNODUDVEODQGDQQDWDYOlJUH |ND'HWILQDQVLHOODVSDUDQGHWNRPPHUGRFNDWWPLQVNDPLQGUHHIWHUVRPVWDWHQV 67$766.8/'(16879(&./,1* HQJnQJVHIIHNWHU'HHQJnQJVHIIHNWHUVRPIUDPI|UDOOWVlQNWVNXOGHQlULQNRPVWHU IUnQI|UVlOMQLQJDYVWDWOLJHJHQGRPRFK|YHUI|ULQJDYWLOOJnQJDUIUnQ$3IRQGHQ 0LQVNQLQJHQDYVNXOGNYRWHQGHWYLOOVlJDVNXOGHQLI|UKnOODQGHWLOO%13I|UNODUDV IUlPVWDY%13WLOOYl[WHQ5LNVEDQNHQVOnQL5LNVJlOGHQlUHPHOOHUWLGHQ HQJnQJVHIIHNWVRPK|MWVWDWVVNXOGHQPHGGU\JWPLOMDUGHUNURQRUPRWVYDUDQGH SURFHQWDY%13 %HJUHSSHWokonsolideradstatsskuldEHVWnUDY5LNVJlOGHQVDOODXWHVWnHQGH VNXOGLQVWUXPHQW5LNVJlOGHQDQYlQGHUlYHQHWWVNXOGEHJUHSSPHGDYGUDJI|U YLVVDILQDQVLHOODWLOOJnQJDUXWOnQLQJHQWLOO5LNVEDQNHQRFKWLOODQGUDVWDWHUVn NDOODGYLGDUHXWOnQLQJRFKI|UYDOWQLQJVWLOOJnQJDUVHDYVQLWW'HWlUGHWWD VNXOGEHJUHSSVRPUHJHULQJHQVULNWOLQMHUDYVHU ,EHJUHSSHWkonsoliderad statsskuldKDUVWDWOLJDP\QGLJKHWHUVLQQHKDYDY VWDWVSDSSHUUlNQDWVERUWIUnQGHQRNRQVROLGHUDGHVWDWVVNXOGHQ'HWYLVDUGHQ HJHQWOLJDVWDWOLJDVNXOGVlWWQLQJHQRFKDQYlQGVEODQGDQQDWL EXGJHWSURSRVLWLRQHQL(69VSURJQRVHURFKLGHWWDDYVQLWW6NLOOQDGHQPHOODQ GHQNRQVROLGHUDGHRFKGHQRNRQVROLGHUDGHVNXOGHQXWJ|UVIUDPI|UDOOWDY .lUQDYIDOOVIRQGHQVRFK,QVlWWQLQJVJDUDQWLQlPQGHQVVWDWVSDSSHUVLQQHKDY'H ,EHJUHSSHWoffentliga sektorns konsoliderade bruttoskuld(Maastrichtskulden) LQJnUKHODGHQRIIHQWOLJDVHNWRUQVVNXOGHU,QWHUQDVNXOGHULQRPRFKPHOODQGHWUH GHOVHNWRUHUQDVWDWHQNRPPXQVHNWRUQRFKnOGHUVSHQVLRQVV\VWHPHWlUERUWUlNQDGH 6NXOGHQYlUGHUDVWLOOQRPLQHOOWYlUGH'HWWDPnWWGHILQLHUDVDY(8UHJOHURFK DQYlQGVYLGEHG|PQLQJHQDYPHGOHPVOlQGHUQDVRIIHQWOLJDILQDQVHU.UDYHWlUDWW VNXOGHQLQWHInU|YHUVWLJDSURFHQWDY%13 67$766.8/'(16879(&./,1* 6YHULJHV0DDVWULFKWVNXOGGHQRIIHQWOLJDVHNWRUQVEUXWWRVNXOGXSSJLFNWLOO SURFHQWDY%130DDVWULFKWVNXOGHQXWJ|UVWLOOVW|UVWDGHOHQDYVWDWHQVVNXOGRFK WLOOHQPLQGUHGHOFLUNDHQIMlUGHGHODYNRPPXQVHNWRUQVVNXOG6YHULJHV0DDVWULFKW VNXOGlUEHW\GOLJWOlJUHlQ(08NUDYHWVRPLQQHElUDWWVNXOGHQLQWHInU|YHUVWLJD SURFHQWDY%13$YGH(8OlQGHUQDNODUDUOlQGHUGHWWDNUDY(QGDVWVH[ OlQGHUKDUHQOlJUHVNXOGlQ6YHULJHVHGLDJUDP'HQJHQRPVQLWWOLJDVNXOGHQI|U DOOD(8OlQGHUlUSURFHQWDY%13'HQKDUVMXQNLWQnJRWGHVHQDVWHnUHQIUnQVRP K|JVWSURFHQWDY%13 'LDJUDP(8OlQGHUQDV0DDVWULFKWVNXOG GHOHQ|NDW)|UlQGULQJHQDYGHQVYHQVND0DDVWULFKWVNXOGHQVWnULVNDUSNRQWUDVWWLOO XWYHFNOLQJHQLPnQJDDQGUD(8OlQGHUVHGLDJUDP8QGHUSHULRGHQlUGHWEDUDVH[ 6YHULJH(8OlQGHUQDVJHQRPVQLWWOLJDVNXOGKDU|NDWPHGSURFHQWDY%13 (QOLJW(8NRPPLVVLRQHQVK|VWSURJQRV 67$766.8/'(16879(&./,1* 'LDJUDP(8OlQGHUQDVI|UlQGULQJDY0DDVWULFKWVNXOGHQ± 0DDVWULFKWVNXOGHQSnI\UDnUWLOOVRPK|JVWSURFHQWDY%13 'HQVYHQVNDVWDWVVNXOGHQKDUDOOWVnVMXQNLWVHGDQWDOHWRFKlUQXI|UKnOODQGHYLV OnJ0LQVNQLQJHQJlOOHUIUDPI|UDOOWVNXOGNYRWHQVRPKDUPLQVNDWIUnQSURFHQWDY %13WLOOSURFHQW0LQVNQLQJHQlUIUlPVWHQHIIHNWDY%13WLOOYl[WHQ XQGHUSHULRGHQ6NXOGHQKDURFNVnPLQVNDWLQRPLQHOODWHUPHUPHQEHW\GOLJWPnWW OLJDUH(QOLJW(69VVHQDVWHSURJQRVKDUVNXOGHQUHGXFHUDWVIUnQPLOMDUGHU NURQRUWLOOPLOMDUGHUNURQRUGHWYLOOVlJDPHGFLUNDPLOMDUGHU NURQRU6NXOGHQVPLQVNQLQJEHURUSnROLNDHQJnQJVHIIHNWHUVRPVDPPDQWDJHWVlQNW VNXOGHQPHGQlVWDQPLOMDUGHUNURQRUVHWDEHOO8WDQGHVVDVNXOOHVNXOGHQL VWlOOHWKD|NDWPHGQlUPDUHPLOMDUGHUNURQRU'HQXQGHUOLJJDQGHXWYHFNOLQJHQ DYVWDWHQVLQNRPVWHURFKXWJLIWHUKDUDOOWVnELGUDJLWWLOODWWK|MDVWDWVVNXOGHQ,SURFHQW DY%13KDUGRFNGHQXQGHUOLJJDQGHVNXOGHQPLQVNDW±WLOOSURFHQW±HIWHUVRP %13|NDWVQDEEDUHlQVNXOGHQ'DJHQVVNXOGNYRWVNXOOHYDUDGU\JWSURFHQWHQKHWHU ,GHWWDDYVQLWWRFKLDYVQLWWRFKDQYlQGVEHJUHSSHWNRQVROLGHUDGVWDWVVNXOGVHIDNWDUXWD $OODEHORSSDYVHHQGHHQOLJW(69VQRYHPEHUSURJQRV 8WIDOOHWI|UGHQNRQVROLGHUDGHVWDWVVNXOGHQlUPLOMDUGHUNURQRU 0HGXWIDOOVVLIIURUI|UEOLUVNLOOQDGHQPLOMDUGHUNURQRU 67$766.8/'(16879(&./,1* K|JUHXWDQGHVVDHQJnQJVHIIHNWHU'LDJUDPYLVDUXWYHFNOLQJHQ±DYVWDWV Källa: ESV och Riksgälden 'HlUIUDPI|UDOOWWYnHQJnQJVSRVWHUVRPVlQNWVNXOGHQ±LQNRPVWHUYLGI|UVlOMQLQJ DYVWDWOLJHJHQGRPIUlPVWDNWLHUVDPW|YHUI|ULQJDYWLOOJnQJDUIUnQcOGHUVSHQVLRQV V\VWHPHWLVDPEDQGPHGRPOlJJQLQJHQDYSHQVLRQVV\VWHPHWLE|UMDQDYWDOHW gYHUI|ULQJIUnQcOGHUVSHQVLRQVV\VWHPHW Käla: ESV och Riksgälden 67$766.8/'(16879(&./,1* (QVWRUHQJnQJVSRVWVRPK|MWVNXOGHQlU5LNVEDQNHQVOnQL5LNVJlOGHQI|UDWWVWlUND YDOXWDUHVHUYHQ(QJnQJVSRVWHUQDVSnYHUNDQVDPPDQIDWWDVLWDEHOOHQRYDQ'HEH )|UVlOMQLQJDYVWDWOLJHJHQGRP±IUDPI|UDOOWVWDWOLJWlJGDDNWLHU±KDULQQHEXULWVWRUD LQNRPVWHUI|UVWDWHQVDPPDQODJWPLOMDUGHUNURQRUVHGDQ'HVW|UVWDI|U VlOMQLQJDUQDDYVnJGHKHOlJGDERODJHQ9LQ 6SULWRFK9DVDNURQDQUHVSHNWLYH PLOMDUGHUNURQRUHQGHODYlJDQGHWL7HOLDPLOMDUGHUNURQRUVDPWUHVWHUDQGH LQQHKDYL1RUGHDPLOMDUGHUNURQRU+XYXGGHOHQDYI|UVlOMQLQJDUQDVNHGGHXQGHU nUHQRFK gYHUI|ULQJDYWLOOJnQJDUIUnQcOGHUVSHQVLRQVV\VWHPHW ,VDPEDQGPHGRPOlJJQLQJHQDYSHQVLRQVV\VWHPHWJMRUGHVHQVWRU|YHUI|ULQJ IUnQ$3IRQGHUQDWLOOVWDWHQVEXGJHWI|UDWWNRPSHQVHUDI|UGHnWDJDQGHQVRPIO\W WDGHVIUnQcOGHUVSHQVLRQVV\VWHPHWWLOOVWDWHQgYHUI|ULQJHQSnE|UMDGHVUHGDQnUHQ RFKPHGOLNYLGDPHGHORPPLOMDUGHUNURQRUUHVSHNWLYHnUcU |YHUI|UGHVERVWDGVREOLJDWLRQHURPPLOMDUGHUNURQRURFKVWDWVREOLJDWLRQHURP PLOMDUGHUNURQRUPDUNQDGVYlUGHQ'HQWRWDOD|YHUI|ULQJHQRFKSnYHUNDQSn VWDWHQVILQDQVLHOODVSDUDQGHXSSJLFNGlUPHGWLOOPLOMDUGHUNURQRU(IIHNWHQSn VWDWVVNXOGHQYDUHPHOOHUWLGQnJRWPLQGUHWRWDOWPLOMDUGHUNURQRU$WWHIIHNWHQYDU PLQGUHEHURGGHSnDWWVWDWVREOLJDWLRQHUQD±VRPI|UGHV|YHUWLOO5LNVJlOGHQRFK PDNXOHUDGHV±UHGXFHUDGHVWDWVVNXOGHQPHGVLWWQRPLQHOODYlUGHRPPLOMDUGHU NURQRUGHWYLOOVlJDOlJUHlQPDUNQDGVYlUGHWgYHUI|ULQJHQSnYHUNDGHVWDWVVNXOGHQ XQGHUIOHUDnUWLOOI|OMGDYDWW5LNVJlOGHQEHK|OOERVWDGVREOLJDWLRQHUQDWLOOVGHI|UI|OO XQGHUGHQI|OMDQGHIHPnUVSHULRGHQ'HLQEULQJDGHXQGHUGHQQDWLGRFNVnUlQWH LQNRPVWHURPPLOMDUGHUNURQRU8QGHUSHULRGHQ±PHGI|UGH$3IRQGV |YHUI|ULQJHQGlUPHGHQPLQVNQLQJDYVWDWVVNXOGHQPHGPLOMDUGHUNURQRU (IIHNWHQSn0DDVWULFKWVNXOGHQYDUHPHOOHUWLGPLQGUHPLOMDUGHUNURQRUWLOOI|OMG DYDWWVWDWVREOLJDWLRQHUQDUHGDQKDGHUlNQDWVDY'HWlUYlUWDWWQRWHUDDWWVWDUWSXQNWHQ I|UGHQQDDQDO\VlUGHQVLVWDGHFHPEHUYLONHWPHGI|UDWWGHQI|UVWD|YHU I|ULQJHQRPPLOMDUGHUNURQRUVRP$3IRQGHUQDJMRUGHXQGHULQWHLQJnU 'HVVDI|UVlOMQLQJVLQNRPVWHUSnYHUNDUYDUNHQVWDWHQVILQDQVLHOODVSDUDQGHHOOHUVWDWHQVQHWWRI|UP|JHQKHWHQGDVW EXGJHWVDOGRVWDWVVNXOGRFK0DDVWULFKWVNXOG $NWLHI|UVlOMQLQJPHGI|URFNVnERUWIDOODYHYHQWXHOODIUDPWLGDXWGHOQLQJVLQNRPVWHUI|UVWDWHQVRPVNXOOHKDVlQNW VNXOGHQ'HWWDKDULQWHEHDNWDWVLGHQQDDQDO\V 6WDWHQVEXGJHWVDOGRSnYHUNDGHVLQWHDYGHQQDWUDQVDNWLRQVWDWVVNXOGHQPLQVNDGHGLUHNWVH6NXOGGLVSRVLWLRQHUPP 67$766.8/'(16879(&./,1* I|U5LNVEDQNHQVUlNQLQJK|MHUVWDWVVNXOGHQVDPWLGLJWVRP5LNVJlOGHQInUHQPRWVYD UDQGHIRUGUDQSn5LNVEDQNHQ1lU5LNVJlOGHQUHILQDQVLHUDUHQVNLOGDOnQI|U5LNV EDQNHQVUlNQLQJ±OnQHQVO|SWLGlUQRUPDOWnU±SnYHUNDVEXGJHWVDOGRWDYKXU YDOXWDNXUVHQI|UlQGUDWVVHGDQUHVSHNWLYHOnQWRJV7LOOI|OMGDYI|UVYDJQLQJHQDY NURQDQGHVHQDVWHnUHQKDU5LNVEDQNVOnQHWQRPLQHOOW|NDWWLOOPLOMDUGHUNURQRU ,QDWLRQDOUlNHQVNDSHUQDUlNQDV5LNVEDQNHQLQWHLQLGHQRIIHQWOLJDVHNWRUQ YLONHWPHGI|UDWWlYHQ0DDVWULFKWVNXOGHQK|MWVSnJUXQGDY5LNVEDQNVOnQHW gYULJDHQJnQJVHIIHNWHUI|UVWDWVVNXOGHQELGURJWLOODWWVlQNDVNXOGHQPHGPLO MDUGHUNURQRUVHGDQ+lULQJnU|YULJDHQJnQJVHIIHNWHUI|UEXGJHWVDOGRW VDPWVNXOGGLVSRVLWLRQHUPP Övriga engångseffekter för budgetsaldot 0nQJDDYGH|YULJDHQJnQJVHIIHNWHUQDI|UEXGJHWVDOGRWlUSRVWHUVRPHQGDVWLQQHElU DWWVNXOGI|UlQGULQJDUIO\WWDVPHOODQnURFKGlUPHGMlPQDVXW|YHUWLGHQ'HWJlOOHU H[HPSHOYLVWLGLJDUHOlJJQLQJDUHOOHUVHQDUHOlJJQLQJDUDYXWJLIWHU|YHUnUVVNLIWHQ 9LVVDHQJnQJVHIIHNWHUMlPQDUXWVLJ|YHUOnQJWLGH[HPSHOYLVXWOnQLQJVRPnWHU EHWDODVHIWHUIOHUDnU$QGUDSRVWHUKDUHQSHUPDQHQWHIIHNWSnVNXOGHQ±QHJDWLYHOOHU SRVLWLY1nJUDVW|UUHSRVWHUVRPELGUDJLWWLOODWWVlQNDVNXOGHQSHUPDQHQWlUH[WUDXW GHOQLQJDUSnVWDWOLJWlJGDDNWLHURFKIUnQ5LNVEDQNHQ9LVVDWLOOIlOOLJDVNDWWHLQEHWDO QLQJDUWDVRFNVnXSSVRPHQJnQJVYLVDKlQGHOVHU'HVWRUDH[WUDLQEHWDOQLQJDUQDWLOO I|UHWDJHQVVNDWWHNRQWRQGHVHQDVWHnUHQLQJnURFNVnKlU'HVlQNHUVWDWVVNXOGHQ WLOOIlOOLJWPHQHIIHNWHQNRPPHUDWWI|UVYLQQDQlUI|UHWDJHQUHYHUVHUDUVLQDNDSLWDO SODFHULQJDUYLONHWYlQWDVVNHLWDNWPHGVWLJDQGHUlQWRUIUDP|YHU([HPSHOSnSHU PDQHQWDSRVWHUVRPK|MWVNXOGHQlUXWEHWDOQLQJDYNDSLWDOWLOOVNRWWWLOOVWDWOLJDERODJ RFKLQWHUQDWLRQHOODLQYHVWHULQJVEDQNHU 5LNVJlOGHQEHQlPQHUXWOnQLQJHQWLOO5LNVEDQNHQRFKXWOlQGVNDVWDWHUI|UYLGDUHXWOnQLQJ 'HVVXWRPKDUVWDWVVNXOGHQ|NDWPHGPLOMDUGHUNURQRUWLOOI|OMGDYRUHDOLVHUDGHYDOXWDNXUVI|UOXVWHUDYVHHQGH 5LNVEDQNVOnQHWVH6NXOGGLVSRVLWLRQHUPP (QJnQJVHIIHNWHUQDI|UEXGJHWVDOGRWUHGRYLVDVL(69VXWIDOOVSXEOLNDWLRQ7LGVVHULHUVWDWVEXGJHWHQ6HZZZHVYVH XQGHU2IILFLHOOVWDWLVWLN3URJQRVWLVHUDGHHQJnQJVHIIHNWHUILQQVL(69VQRYHPEHUSURJQRV 0DDVWULFKWVNXOGHQSnYHUNDVLQWHDYGHVVDNDSLWDOSODFHULQJDUGHWDVLGHQXSSVRPHQVNXOG 67$766.8/'(16879(&./,1* REOLJDWLRQHU(QDQQDQSRVWVRPUHGRYLVDVKlUlUI|UlQGULQJHQDY5LNVJlOGHQVI|U YDOWQLQJVWLOOJnQJDU'HWJlOOHUWLOOJnQJDUVRPEHK|YVLVNXOGI|UYDOWQLQJHQRFKWLOO VWDWOLJDOnQHEHKRYHWGHWYLOOVlJDEXGJHWVDOGRW)|USHULRGHQlUHIIHNWHQDYGHVVD |YHUWLG(QIDNWRUVRPK|MWVNXOGHQXQGHUSHULRGHQlUDWW5LNVJlOGHQlQGUDWVlWWHWDWW 5LNVEDQNHQVOnQL5LNVJlOGHQSnYHUNDUDOOWVnVWDWVVNXOGHQPDUNDQWcUlU VWDWVVNXOGHQPLOMDUGHUNURQRUK|JUHlQGHQVNXOOHYDUDXWDQXWOnQLQJWLOO 5LNVEDQNHQ,SURFHQWDY%13XSSJnUVWDWVVNXOGHQLQNOXVLYH5LNVEDQNVOnQHW WLOOSURFHQW8WDQ5LNVEDQNVOnQHWVNXOOHVNXOGNYRWHQYDUDSURFHQW,GLDJUDP YLVDVXWYHFNOLQJHQDYVWDWVVNXOGHQRFKVWDWVVNXOGHQXWDQ5LNVEDQNVOnQLQRPLQHOOD WHUPHURFKLSURFHQWDY%13I|USHULRGHQ±%HORSSI|U±HQOLJW (69VQRYHPEHUSURJQRV 67$766.8/'(16879(&./,1* 'LDJUDP6WDWVVNXOGRFKVWDWVVNXOGH[NOXVLYH5LNVEDQNVOnQ± Källa: ESV och Riksgälden 6WDWVVNXOGHQNRPPHUHQOLJW(69VSURJQRVDWWIRUWVlWWDVMXQNDnUHQIUDP|YHU 6WDWVVNXOGHQH[NOXVLYH5LNVEDQNVOnQHWSURJQRVWLVHUDVLnUDWWVMXQNDWLOOFLUND PLOMDUGHUNURQRUHOOHUSURFHQWDY%13RFKQlVWDnUWLOOGU\JWPLOMDUGHU NURQRUHOOHUSURFHQWDY%13cUVMXQNHUVNXOGHQWLOOFLUNDPLOMDUGHU NURQRUHOOHUSURFHQWDY%13 JlOGHQVXSSOnQLQJI|U5LNVEDQNHQI|UIDOOHU (69VSURJQRVPHWRGlUDWWLQWHUlNQDPHGQnJRQILQDQVSROLWLNXW|YHUGHQVRPUHGDQKDUEHVOXWDWVHOOHUW\GOLJW DYLVHUDWV'HWLQQHElUDWWVWDWVVNXOGHQPHGVWRUVDQQROLNKHWNRPPHUDWWEOLK|JUHlQYDGSURJQRVHQLQGLNHUDU 67$766.8/'(16879(&./,1* ,E|UMDQDYPLOOHQQLXPVNLIWHWXWJMRUGHYDOXWDVNXOGHQ|YHUSURFHQWDYGHQWRWDOD VNXOGHQ6HGDQGHVVKDUHQVWRUGHODYYDOXWDVNXOGHQYl[ODWVLQRFKLGDJXWJ|UGHQ VWDWVREOLJDWLRQHURFKUHDOREOLJDWLRQHU'HQ|YULJDNURQVNXOGHQXWJ|UVIUlPVWDY 'LDJUDP6WDWVVNXOGHQI|UGHODGSnVNXOGLQVWUXPHQW± $YVHU5LNVJlOGHQVSXEOLFHUDGHXWIDOOI|UGHQRNRQVROLGHUDGHVWDWVVNXOGHQPHGDYGUDJI|UYLGDUHXWOnQLQJRFK I|UYDOWQLQJVWLOOJnQJDU 67$766.8/'(16879(&./,1* 5(*(5,1*(165,.7/,1-(b1'5,1* 5HJHULQJHQVW\UVWDWVVNXOGHQVI|UYDOWQLQJSn|YHUJULSDQGHQLYnJHQRPnUOLJDEHVOXW RPULNWOLQMHUI|UVWDWVNXOGHQVI|UYDOWQLQJ7LOOJUXQGI|UGHVVDEHVOXWOLJJHUEODQG DQQDW5LNVJlOGHQVI|UVODJWLOOULNWOLQMHU'HWWDNDSLWHOLQQHKnOOHUHQJHQRPJnQJDY UHJHULQJHQVI|UlQGULQJDULULNWOLQMHUQDVRPJHQRPI|UWVXQGHUSHULRGHQ± 5LNWOLQMHUQDI|UnUHQ±KDUNRPPHQWHUDWVLWLGLJDUHVNULYHOVHU 6RPWLGLJDUHQlPQWVlUPnOHWI|UVWDWVNXOGI|UYDOWQLQJHQDWWOnQJVLNWLJWPLQLPHUD IUDPI|UDOOWJHQRPYDOHWDYO|SWLGHIWHUVRPO|SWLGHQSnYHUNDUUlQWHNRVWQDGHQI|U *HQRPDWWVNXOGHQI|UGHODVSnROLNDVNXOGVODJPHGROLNDULVNSURILONDQGHQWRWDOD ULVNHQVlQNDV5HJHULQJHQWDURFNVnKlQV\QWLOOVWDWVNXOGHQVVWRUOHNRFKI|UYlQWDGH XWYHFNOLQJ(QOnJVWDWVVNXOG|NDUULVNXWU\PPHWJHQRPOlJUHNRVWQDGHUVRPLVLQWXU PLQVNDUYDULDWLRQHUQDLNRVWQDGHUQDXWWU\FNWLNURQRU,XQGDQWDJVIDOONDQlYHQ GHQDEVROXWDUlQWHQLYnQEHDNWDVYLGVW\UQLQJHQDYVWDWVVNXOGVI|UYDOWQLQJHQOLNVRP VLWXDWLRQHQSnOnQHPDUNQDGHUQDRFKGHQVYHQVNDNURQDQVYl[HONXUV )|UlQGULQJDULVWDWVVNXOGHQVO|SWLG±