fixing libor_ some preliminary findings - vol i

7/31/2019 Fixing LIBOR_ Some Preliminary Findings - VOL I

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@D =0>H

@g{tk gi Dgjjgot]rknt{rx Dgjjh}}kk

Ihphol FHBGR1 tgjk

srkfhjhonrx ihomholtTkdgom Rksgr} gi Tktthgo 23>2>4

Ygf{jk H


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3/126

@D =0>HS{bfht`km go >0 N{l{t} 23>2

bx n{}`grh}x gi }`k @g{tk gi DgjjgotFgomgo1 ]`k T}n}hgokrx Giihdk Fhjh}km

3/33

@g{tk gi Dgjjgot]rknt{rx Dgjjh}}kk

Ihphol FHBGR1 tgjk

srkfhjhonrx ihomholtTkdgom Rksgr} gi Tktthgo 23>2>4

Ygf{jk H1 Rksgr}& }glk}`kr |h}` igrjnfjho{}kt

Ygf{jk HH1 Grnf kyhmkodk

Grmkrkm bx }`k @g{tk gi Dgjjgot}g bk srho}km 8 N{l{t} 23>2s{rt{no} }g T}nomhol Grmkr Og/ >4


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]`k ]rknt{rx Dgjjh}}kk

]`k ]rknt{rx Dgjjh}}kk ht nssgho}km bx }`k @g{tk gi Dgjjgot }g kpnjhok }`kkpskomh}{rk& nmjhoht}rn}hgo& nom sgfhdx gi @J ]rknt{rx& @J Rkyko{k nomD{t}gjt nom nttgdhn}km s{bfhd bgmhkt/

D{rrko} jkjbkrt`hs

Jr Nomrk| ]xrhk JS (Dgotkryn}hyk& D`hd`kt}kr (D`nhrjnoJhd`nkf Inffgo JS (Dgotkryn}hyk& TkykognetJnre Lnrohkr JS (Dgotkryn}hyk& \xrk Igrkt}T}k|nr} @gthk JS (Tdg}}ht` On}hgonf Snr}x& M{omkk Knt}Nomrkn Fknmtgj JS (Dgotkryn}hyk& Tg{}` Ogr}`njs}got`hrkJr Nomx Fgyk JS (Fnbg{r& Kmjgo}goAgò Jnoo JS (Fnbg{r& Bnttk}fn|R} @go Sn} Jdinmmko JS (Fnbg{r& \gfykr`njs}go Tg{}` \kt}Jr Lkgrlk J{mhk JS (Fnbg{r& Fkkmt Knt}Akttk Ogrjno JS (Dgotkryn}hyk& @krkigrm nom Tg{}` @krkigrmt`hrk]krktn Sknrdk JS (Fnbg{r& Krh}` nom ]`njktjknm

Mnyhm R{iifkx JS& (Dgotkryn}hyk& B{rx T} Kmj{omtAgò ]`{rtg JS (Fhbkrnf Mkjgdrn}& Dnh}òktt& T{}`krfnom& nom Knt}kr Rgtt

Sg|krt

]`k Dgjjh}}kk ht gok gi }`k mksnr}jko}nf tkfkd} dgjjh}}kkt& }`k sg|krt gi|`hd` nrk tk} g{} ho @g{tk gi Dgjjgot T}nomhol Grmkrt& srhodhsnffx ho TG Og>;2/ ]`ktk nrk nynhfnbfk go }`k Ho}krok} yhn |||/snrfhnjko}/{e/

S{bfhdn}hgo

]`k Rksgr}t nom kyhmkodk gi }`k Dgjjh}}kk nrk s{bfht`km bx ]`k T}n}hgokrxGiihdk bx Grmkr gi }`k @g{tk/ Nff s{bfhdn}hgot gi }`k Dgjjh}}kk (hodf{mhol srkttog}hdkt nrk go }`k Ho}krok} n} |||/snrfhnjko}/{e'}rkntdgj/

]`k Rksgr}t gi }`k Dgjjh}}kk& }`k igrjnf jho{}kt rkfn}hol }g }`n} rksgr}& grnfkyhmkodk }neko nom tgjk gr nff |rh}}ko kyhmkodk nrk nynhfnbfk ho srho}kmygf{jk(t/ Nmmh}hgonf |rh}}ko kyhmkodk jnx bk s{bfht`km go }`k ho}krok} gofx/

Dgjjh}}kk t}nii

]`k d{rrko} t}nii gi }`k Dgjjh}}kk nrk D`rht T}no}go (Dfkre& Fxmhn Jkoqhkt(Tkdgom Dfkre& Anx T`k}`& Nmnj \nfkt (Dgjjh}}kk Tskdhnfht}t& Nfhtgo Lnjk(Tkohgr Dgjjh}}kk Nttht}no}& T}kyko Srhdk nom Fhtn T}knm (Dgjjh}}kk Nttht}no}tnom Anjkt Nbbg}} (Jkmhn Giihdkr/

Dgo}nd}t

Nff dgrrktsgomkodk t`g{fm bk nmmrkttkm }g }`k Dfkre gi }`k ]rknt{rx Dgjjh}}kk&@g{tk gi Dgjjgot& < Jhffbnoe& Fgomgo T\>S 4AN/ ]`k }kfks`gok o{jbkr igrlkokrnf ko~{hrhkt ht 323 8 ;


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Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt >

Dgo}ko}t

Rksgr} Snlk

> Ho}rgm{d}hgo 4FHBGR nom K[RHBGR 4ITN ihomholt ;Bnrdfnxt dg*gskrn}hgo |h}` rkl{fn}grt nom knrfx tk}}fkjko} 3Dgjjh}}kk ho~{hrx >2

2 Jnohs{fn}hgo bx homhyhm{nft |h}` }`k ho}ko}hgo gi skrtgonf bkokih} >=]`k jhtdgom{d} >=

Dgff{thgo |h}` }rnmkrt n} g}`kr bnoet >9

]`k inhf{rk gi ho}kronf dgo}rgft >84 Jnohs{fn}hgo m{rhol }`k ihonodhnf drhtht 24

Bndelrg{om 24Jkmhn nom ndnmkjhd dgodkro nbg{} FHBGR tk}}hol 2;]`k rgfk gi }`k n{}`grh}hkt 2


6/126

2 Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt

Nttkttjko} gi Bgb Mhnjgomt kyhmkodk }g }`k Dgjjh}}kk 32Sg|kr }g srgtkd{}k >32]`k ITN nom }`k Tkrhg{t Irn{m Giihdk >34

Dgodf{thgot nom rkdgjjkomn}hgot >3;Nsskomhp1 kpd`nolk gi fk}}krt bk}|kko Fgrm ]{rokr& D`nhrjno gi }`k ITN&

nom Jnrd{t Nlh{t& D`nhrjno gi Bnrdfnxt& 23>2 >>9Fk}}kr irgj Fgrm ]{rokr }g Jnrd{t Nlh{t& >3 Nsrhf 23>2 >>9Fk}}kr irgj Jnrd{t Nlh{t }g Fgrm ]{rokr& >0 Nsrhf 23>2 >>0

Igrjnf Jho{}kt >23\h}okttkt >2>Fht} gi Rksgr}t irgj }`k Dgjjh}}kk m{rhol }`k d{rrko} Snrfhnjko} >22


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Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt 4

> Ho}rgm{d}hgo>/Go 2< A{ok 23>2 }`k Ihonodhnf Tkryhdkt N{}`grh}x (ITN htt{km n Ihonf Og}hdk ihoholBnrdfnxt Bnoe Sfd (Bnrdfnxt ;8/; jhffhgo igr jhtdgom{d} rkfn}hol }g }`k FgomgoHo}krbnoe Giikrkm Rn}k (FHBGR nom }`k K{rg Ho}krbnoe Giikrkm Rn}k (K[RHBGR/ ]`ht

|nt }`k fnrlkt} ihok kykr hjsgtkm bx }`k ITN/ H} |g{fm `nyk bkko 0; jhffhgo `nm og}

Bnrdfnxt bkko lhyko }`k 43 skr dko} (t}nlk > mhtdg{o} igr h}t dg*gskrn}hgo {omkr }`k ITNt

Mkdhthgo Srgdkm{rkt nom Skonf}hkt Jno{nf/> ]`k ITN hoykt}hln}hgo gskrn}km ho dg*

gskrn}hgo |h}` }`k [T Dgjjgmh}x I{}{rkt ]rnmhol Dgjjhtthgo (D]ID nom Mksnr}jko}

gi A{t}hdk (MGA& |`hd` hjsgtkm ihokt gi -233 jhffhgo nom ->93 jhffhgo rktskd}hykfx/ ]`k

jhtdgom{d} }g |`hd` }`k Og}hdk rkfn}kt fnt}km irgj 233; }g 2338/2 ]`k ihomholt mkksfx

dgodkrokm }`k ]rknt{rx Dgjjh}}kk& Snrfhnjko}nrx dgffknl{kt nom dgot}h}{ko}t/

2/]`ht nttkttjko} gi FHBGR bx }`k Dgjjh}}kk ht okdkttnrhfx n srkfhjhonrx gok/Koigrdkjko} srgdkkmholt dgo}ho{k bg}` ho }`k [E& |`krk tkyko ihrjt nrk bkhol

hoykt}hln}km& nom ho g}`kr a{rhtmhd}hgot/ ]`k [E Lgykrojko} `nt rk~{kt}km }`n} }`k ITN

dgom{d} n rkyhk| ho}g }`k irnjk|gre igr }`k tk}}hol gi FHBGR fkm bx Jnr}ho \`kn}fkx& h}t

jnonlhol mhrkd}gr nom D`hki Kpkd{}hyk*mkthlon}k gi }`k i{}{rk Ihonodhnf Dgom{d}

N{}`grh}x/ Snrfhnjko} `nt drkn}km n drgtt*snr}x Dgjjhtthgo gi bg}` @g{tkt }g kpnjhok

}`k hjsfhdn}hgot gi }`k FHBGR ihomholt igr dgrsgrn}k lgykronodk nom t}nomnrmt ho

bnoehol/ Dgjjhtthgokr Bnrohkr ht {omkr}nehol rkl{fn}grx nd}hgo n} n K{rgskno fkykf/ Bg}`

}`k ITN nom Bnrdfnxt nrk dgom{d}hol ho}kronf rkyhk|t/

FHBGR nom K[RHBGR

4/]`k ITN `nt mktdrhbkm bg}` }`k thlohihdnodk gi FHBGR nom K[RHBGR nom }`k srgdkttbx |`hd` h} ht tk}/ Go h}t thlohihdnodk1

FHBGR nom }`k K[RHBGR nrk bkod`jnre rkikrkodk rn}kt }`n} homhdn}k }`k ho}krkt}

rn}k }`n} bnoet d`nrlk |`ko fkomhol }g knd` g}`kr/ ]`kx nrk i{omnjko}nf }g }`k

gskrn}hgo gi bg}` [E nom ho}kron}hgonf ihonodhnf jnrek}t& hodf{mhol jnrek}t ho

ho}krkt} rn}k mkrhyn}hykt dgo}rnd}t/

FHBGR nom K[RHBGR nrk {tkm }g mk}krjhok snxjko}t jnmk {omkr bg}` gykr }`kdg{o}kr (G]D ho}krkt} rn}k mkrhyn}hykt dgo}rnd}t nom kpd`nolk }rnmkm ho}krkt} rn}k

dgo}rnd}t bx n |hmk rnolk gi dg{o}krsnr}hkt hodf{mhol tjnff b{thokttkt& fnrlk

ihonodhnf hot}h}{}hgot nom s{bfhd n{}`grh}hkt/ Bkod`jnre rkikrkodk rn}kt t{d` nt

FHBGR nom K[RHBGR nftg niikd} snxjko}t jnmk {omkr n |hmk rnolk gi g}`kr

dgo}rnd}t hodf{mhol fgnot nom jgr}lnlkt/ ]`k ho}klrh}x gi bkod`jnre rkikrkodk rn}kt

> Tkk ITN& MKSS 9/


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= Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt

t{d` nt FHBGR nom K[RHBGR ht }`krkigrk gi i{omnjko}nf hjsgr}nodk }g bg}` [E

nom ho}kron}hgonf ihonodhnf jnrek}t/4

Thjhfnrfx& }`k Brh}ht` Bnoekrt Nttgdhn}hgo (BBN& }`k }rnmk nttgdhn}hgo igr bnoet ho }`k [E&

go |`gtk bk`nfi FHBGR ht s{bfht`km bx ]`gjtgo Rk{}krt& og}kt }`n} }`k UFHBGRZ rn}ktnrk nftg {tkm nt }`k bntht igr jnox }xskt gi fkomhol& irgj txomhdn}km nom dgjjkrdhnf

fkomhol& }g rkthmko}hnf jgr}lnlkt& nom }`n} h} }g{d`kt kykrxgok irgj fnrlk ho}kron}hgonf

dgolfgjkrn}kt }g tjnff bgrrg|krt/= FHBGR ht nftg kjbkmmkm ho o{jkrg{t dgo}rnd}t/ H}t

hoif{kodk ht }`krkigrk ykrx thlohihdno}/

=/FHBGR nom K[RHBGR nrk tk} nt igffg|t1FHBGR ht s{bfht`km go bk`nfi gi }`k Brh}ht` Bnoekrt Nttgdhn}hgo (BBN nom

K[RHBGR ht s{bfht`km go bk`nfi gi }`k K{rgskno Bnoehol Ikmkrn}hgo (KBI/ FHBGR

nom K[RHBGR nrk dnfd{fn}km nt nykrnlkt irgj t{bjhtthgot jnmk bx n o{jbkr gibnoet tkfkd}km bx }`k BBN gr KBI/ ]`krk nrk mhiikrko} snokft gi bnoet }`n}

dgo}rhb{}k t{bjhtthgot igr knd` d{rrkodx ho |`hd` FHBGR ht s{bfht`km& nom igr

K[RHBGR/

FHBGR nom K[RHBGR nrk bx inr }`k jgt} srkynfko} bkod`jnre rkikrkodk rn}kt {tkm

ho k{rg& [T mgffnr nom t}krfhol G]D Ugykr }`k dg{o}krZ ho}krkt} rn}k mkrhyn}hykt

dgo}rnd}t nom kpd`nolk }rnmkm ho}krkt} rn}k dgo}rnd}t/ ]`k og}hgonf njg{o}

g{}t}nomhol gi G]D ho}krkt} rn}k mkrhyn}hykt dgo}rnd}t ho }`k ihrt} `nfi gi 23>> `nt

bkko kt}hjn}km n} ;;= }rhffhgo [T mgffnrt/ ]`k }g}nf ynf{k gi ygf{jk gi t`gr} }krj

ho}krkt} rn}k dgo}rnd}t }rnmkm go FHIIK ho Fgomgo ho 23>> |nt = }rhffhgo k{rg rkfn}hol }g }`k }`rkk jgo}` K[RHBGR i{}{rkt

dgo}rnd} (}`k ig{r}` fnrlkt} ho}krkt} rn}k i{}{rkt dgo}rnd} bx ygf{jk ho }`k |grfm/

[o}hf Ikbr{nrx 23>> }`k [T mgffnr FHBGR snokf dgotht}km gi >9 bnoet nom }`k rn}k

dnfd{fn}hgo igr knd` jn}{rh}x kpdf{mkm }`k `hl`kt} ig{r nom fg|kt} ig{r t{bjhtthgot/

No nykrnlk gi }`k rkjnhohol khl`} t{bjhtthgot |nt }neko }g srgm{dk }`k ihonf

s{bfht`km FHBGR/

]`rg{l`g{} }`k Rkfkyno} Skrhgm UAno{nrx 233; }g A{ok 23>3Z& }`k K[RHBGR snokf

dgotht}km gi n} fknt} =3 bnoet nom ho knd` jn}{rh}x }`k rn}k dnfd{fn}hgo kpdf{mkm }`k

`hl`kt} >;+ nom fg|kt} >;+ gi nff }`k t{bjhtthgot dgffn}km/ N rg{omkm nykrnlk gi }`krkjnhohol t{bjhtthgot |nt }neko }g srgm{dk }`k ihonf s{bfht`km K[RHBGR/;

]`k BBN }gfm {t }`n} thodk > Ano{nrx 23>3 FHBGR `nt bkko }`k rktsgothbhfh}x gi BBN

FHBGR F}m1

BBN FHBGR F}m {omkr}nekt }`k mnx*}g*mnx r{oohol gi }`k bkod`jnre1 fhnhthol |h}`

]`gjtgo Rk{}krt& dgo}rhb{}grt& rkl{fn}grt nom {tkrt nt rk~{hrkm/ ]`k dgjsnox ht

4 Bnrdfnxt ihokm ;8/; jhffhgo igr thlohihdno} inhfholt ho rkfn}hgo }g FHBGR nom K[RHBGR& ITN Srktt Og}hdk& 2< A{ok 23>2

= BBN& FHBGR hoigrjn}hgo& 2 A{fx 23>2 s = nom s >9

; Bnrdfnxt ihokm ;8/; jhffhgo igr thlohihdno} inhfholt ho rkfn}hgo }g FHBGR nom K[RHBGR& ITN Srktt Og}hdk& 2< A{ok 23>2


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Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt ;

nmyhtkm bx }`k homkskomko} Igrkhlo Kpd`nolk nom Jgokx Jnrek}t (IP)JJ

Dgjjh}}kk nom }`k FHBGR F}m/ Bgnrm/ ]`k BBN FHBGR F}m/ Bgnrm ht tksnrn}k irgj

}`n} gi }`k BBN/

BBN FHBGR bkdnjk n fhjh}km dgjsnox (BBN FHBGR F}m/ |h}` n tksnrn}k bgnrmirgj }`k BBN go > Ano{nrx 23>3/ Srhgr }g }`n} BBN FHBGR |nt snr} gi BBN

Ko}krsrhtkt F}m/& n t{bthmhnrx gi }`k BBN/

Srk*23>3& nff }kd`ohdnf nom rn}k*rkfn}km htt{kt |krk }`k rktsgothbhfh}x gi }`k IP)JJ

Dgjjh}}kk5 nff dgo}rnd}{nf nrrnolkjko}t rkfn}hol }g fhdkodkt |krk `nomfkm bx BBN

Ko}krsrhtkt F}m5 nom }`k FHBGR Tkdrk}nrhn} |h}`ho }`k BBN jnonlkm rkfn}hgot`hst

|h}` dgo}rhb{}hol bnoet nom s{bfhd n{}`grh}hkt& srgyhmkm }`k Tkdrk}nrhn} gi }`k

IP)JJ Dgjjh}}kk& nom htt{km go bk`nfi gi }`k IP)JJ Dgjjh}}kk nox

t}n}kjko}t nom l{hmnodk rkfn}hol }g }`k rn}kt nt nssrgsrhn}k/ ]`k kpkd{}hyk gi }`k

BBN brg{l`} rkl{fnr {smn}kt go lgykronodk htt{kt nom rkfn}km jn}}krt }g }`k BBNBgnrm/

Irgj > Ano{nrx 23>3& igffg|hol }`k hodgrsgrn}hgo gi FHBGR nt BBN FHBGR F}m&

rktsgothbhfh}hkt |krk dfnrhihkm nom dgmhihkm ndrgtt nff nrknt/ Nff dgo}rnd}{nf htt{kt |krk

}rnotikrrkm }g BBN FHBGR F}m/ ]`k srgdkttkt nom srgdkm{rkt igffg|km bx

dgo}rhb{}hol bnoet |`ko t{bjh}}hol }g ]`gjtgo Rk{}krt rkjnhokm }`k tnjk nt }`kx

|krk bkigrk hodgrsgrn}hgo nom rkl{fnr rksgr}t dgo}ho{km }g bk }neko }g }`k Bgnrm gi

}`k BBN nt nssrgsrhn}k/9

ITN ihomholt

;/]`k ITN ig{om }`n} Bnrdfnxt jhtdgom{d} hodf{mkm1jnehol t{bjhtthgot |`hd` igrjkm snr} gi }`k FHBGR nom K[RHBGR tk}}hol srgdktt

}`n} }gge ho}g nddg{o} rk~{kt}t irgj Bnrdfnxt ho}krkt} rn}k mkrhyn}hykt }rnmkrt/ ]`ktk

}rnmkrt |krk jg}hyn}km bx srgih} nom tg{l`} }g bkokih} Bnrdfnxt }rnmhol sgth}hgot5

tkkehol }g hoif{kodk }`k K[RHBGR t{bjhtthgot gi g}`kr bnoet dgo}rhb{}hol }g }`k

rn}k tk}}hol srgdktt5 nom

rkm{dhol h}t FHBGR t{bjhtthgot m{rhol }`k ihonodhnf drhtht nt n rkt{f} gi tkohgrjnonlkjko}t dgodkrot gykr okln}hyk jkmhn dgjjko}/

Ho nmmh}hgo& }`k ITN ig{om }`n} Bnrdfnxt inhfkm }g `nyk nmk~{n}k txt}kjt nom dgo}rgft ho

sfndk rkfn}hol }g h}t FHBGR nom K[RHBGR t{bjhtthgot srgdkttkt {o}hf A{ok 23>3 nom inhfkm

}g rkyhk| h}t txt}kjt nom dgo}rgft n} n o{jbkr gi nssrgsrhn}k sgho}t/ Bnrdfnxt nftg inhfkm }g

mknf |h}` htt{kt rkfn}hol }g h}t FHBGR t{bjhtthgot |`ko }`ktk |krk ktdnfn}km }g Bnrdfnxt

Hoykt}jko} Bnoehol dgjsfhnodk i{od}hgo ho 233< nom 2330/2


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9/]`k ITN ig{om }`n} Bnrdfnxt `nm brknd`km Srhodhsfkt 2& 4 nom ; gi }`k ITNt Srhodhsfktigr B{thokttkt }`rg{l` jhtdgom{d} rkfn}hol }g h}t t{bjhtthgo gi rn}kt |`hd` igrjkm snr} gi

}`k FHBGR nom K[RHBGR tk}}hol srgdkttkt/ ]`krk |nt n rhte }`n} Bnrdfnxt jhtdgom{d}

|g{fm }`rkn}ko }`k ho}klrh}x gi }`gtk bkod`jnre rkikrkodk rn}kt/ Srhodhsfk 2 t}n}kt }`n} n

ihrj j{t} dgom{d} h}t b{thoktt |h}` m{k tehff& dnrk nom mhfhlkodk/ Srhodhsfk 4 t}n}kt }`n} n

ihrj j{t} }nek rkntgonbfk dnrk }g grlnohtk nom dgo}rgf h}t niinhrt rktsgothbfx nom

kiikd}hykfx& |h}` nmk~{n}k rhte jnonlkjko} txt}kjt/ Srhodhsfk ; t}n}kt }`n} n ihrj j{t}

gbtkryk srgskr t}nomnrmt gi jnrek} dgom{d}/0

2& snrnt 09& >84 nom >89/

8 Bnrdfnxt ihokm ;8/; jhffhgo igr thlohihdno} inhfholt ho rkfn}hgo }g FHBGR nom K[RHBGR& ITN Srktt Og}hdk& 2< A{ok 23>2


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Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt 3 ]`k

Dgjjh}}kk ig{om Jr Mhnjgomt n}}kjs} }g t{bmhyhmk }`k fn}kr skrhgm gi |rgolmghol

okh}`kr rkfkyno} ogr dgoyhodhol/ H} mgkt og} nssknr }`n} }`k dgoykrtn}hgo bk}|kko Jr

]{dekr nom Jr Mhnjgom jnmk n i{omnjko}nf mhiikrkodk }g Bnrdfnxt bk`nyhg{r& lhyko

}`k rkskn}km hot}nodkt gi fg|*bnffhol t{bjhtthgot }g }`k FHBGR ihphol srgdktt bx

Bnrdfnxt tk} g{} ho }`k ITN Ihonf Og}hdk dgykrhol }`k xknr r{oohol {s }g }`k s`gok dnff

bk}|kko Jr ]{dekr nom Jr Mhnjgom/

8/Bnrdfnxt jnx |kff og} bk nfgok/ Ogr ht h} fhekfx }g bk n Fgomgo*bntkm s`kogjkogo/ ]`kITN ht dgo}ho{hol }g hoykt}hln}k }`k dgom{d} gi tkyko g}`kr bnoet ho rkfn}hgo }g FHBGR

tgjk gi }`kj ogo*[E bntkm bnoet/ ]`k ITNt rkl{fn}grx dg{o}krsnr}t ho tkykrnf g}`kr

dg{o}rhkt nrk nftg dgom{d}hol }`khr g|o hoykt}hln}hgot/>> Bnrdfnxt ht a{t} gok gi jnox

ho}kron}hgonf bnoet {omkr hoykt}hln}hgo igr sgtthbfk jnrek} jnohs{fn}hgo/ H} ht

hjsgr}no} }`n} Bnrdfnxt tkrhg{t t`gr}dgjholt t`g{fm og} bk tkko ho htgfn}hgo irgj }`k

sgtthbfk nd}hgot gi g}`kr bnoet nom |k n|nh} }`k rkt{f}t gi golghol hoykt}hln}hgot/

>3/Ho nmmh}hgo& }`k Tkrhg{t Irn{m Giihdk (TIG noog{odkm go 9 A{fx 23>2 }`n} h} `nmmkdhmkm igrjnffx }g nddks} }`k FHBGR jn}}kr igr hoykt}hln}hgo/>2 Jr ]{dekr }gfm {t }`n}

dgo}holkodx sfnoohol |nt lghol go }g kpnjhok |`k}`kr }`k dfntt nd}hgo t{h}t Unlnhot}

bnoetZ /// dn{tk t{d` ihonodhnf mnjnlk }g }`k ihrjt }`n} h} dg{fm {omkrjhok t}nbhfh}x ///

USZkgsfk nrk t}nr}hol }g }`hoe nbg{} }`n} }gg/>4

Bnrdfnxt dg*gskrn}hgo |h}` rkl{fn}grt nom knrfx tk}}fkjko}

>>/Hi h} srgykt }g bk }`k dntk }`n} g}`kr bnoet `nyk bkko l{hf}x gi thjhfnr jhtdgom{d}& }`koBnrdfnxt jnx |kff `nyk t{iikrkm irgj ihrt} jgykr mhtnmyno}nlk/ H} `nt }neko }`k hoh}hnf

br{o} gi drh}hdhtj bkdn{tk h} tk}}fkm ihrt} nom tg `nt bkko }`k ihrt} bnoe }g `nyk bkko ig{om

l{hf}x gi jhtdgom{d}/ Bnrdfnxt ht }g bk dgjjkomkm igr dg*gskrn}hol i{ffx |h}` }`k

rkl{fn}grt ho~{hrhkt/ ]`k ITN }gge }`ht ho}g nddg{o} |`ko mk}krjhohol }`k skonf}x1

]`k ITN `nt nftg dgothmkrkm }`k on}{rk nom kp}ko} gi }`k dg*gskrn}hgo srgyhmkm bx

Bnrdfnxt m{rhol }`k dg{rtk gi h}t hoykt}hln}hgo/ ]`k ITN ndeog|fkmlkt }`n} Bnrdfnxt

`nt srgyhmkm kp}rkjkfx lggm dg*gskrn}hgo& ho snr}hd{fnr ho srgyhmhol nddktt }g

kyhmkodk nom indhfh}n}hol ygf{o}nrx |h}oktt ho}kryhk|t |`hd` |krk dgom{d}km bx }`k

ITN }glk}`kr |h}` gykrtknt n{}`grh}hkt/ ]`k ITNt hoykt}hln}hgo |g{fm `nyk }nekoj{d` fgolkr }g dgodf{mk |h}`g{} Bnrdfnxt dg*gskrn}hyk nssrgnd`/>=

]rndkx JdMkrjg}} }gfm {t }`n} Bnrdfnxt `nm bko} gykr bnde|nrmt }g }rx }g jgyk }`ht

igr|nrm nom `nm bkko kp}rkjkfx dg*gskrn}hyk/>; ]`k [T DI]D& thjhfnrfx& rkdglohtkm

>3 ^ 2>

>> ^~ >>92& dgf =94

>2 FHBGR1 TIG }g hoykt}hln}k& TIG srktt rkfkntk& 9 A{fx 23>2

>4 ^ =8;

>= ITN Ihonf Og}hdk& 2< A{ok 23>>2& snrn 230

>; ^ >>>4


12/126


Bnrdfnxt thlohihdno} dg*gskrn}hgo m{rhol }`k Mhyhthgo gi Koigrdkjko}t hoykt}hln}hgo gi

}`ht jn}}kr& |`hd` hodf{mkm srgyhmhol hjsgr}no} hoigrjn}hgo nom nonfxtht }g }`k Mhyhthgo

}`n} kfskm }`k Mhyhthgo kiihdhko}fx nom kiikd}hykfx {omkr}nek h}t hoykt}hln}hgo/>9

>2/Bnrdfnxt igrjkr D`hki Kpkd{}hyk& Bgb Mhnjgom& }gfm {t1Dfknrfx }`krk |nt bk`nyhg{r }`n} |nt rksrk`kothbfk5 b{} nt tggo nt }`ht |nt

rkdglohtkm Bnrdfnxt s{} nff igrdkthi }`krkt n jht}nek& hi }`krkt n srgbfkj& `g| mg

|k `nomfk h}7 \`n} mg |k mg nbg{} h}7 N} Bnrdfnxt h} `nt bkko }`rkk xknrt |h}` }`rkk

gi }`k jgt} hjsgr}no} rkl{fn}grx nlkodhkt ho }`k |grfm fggehol n} jhffhgot gi ihfkt5

nom nff }`rkk rkl{fn}grx nlkodhkt nssfn{mhol Bnrdfnxt igr h}t dg*gskrn}hgo& nonfxtht

nom srgnd}hyh}x/ \k `hrkm }|g kp}kronf ihrjt }g |gre |h}` }|g jkjbkrt gi tkohgr

jnonlkjko}& rksgr}hol }g }`k d`nhrjno gi }`k bgnrm nom }`k d`nhrjno gi }`k n{mh}

dgjjh}}kk/ ]`k n}}h}{mk gi Bnrdfnxt }`rkk xknrt nlg |`ko }`ht |nt rkdglohtkm |nt&

Fk}t lk} }g }`k bg}}gj gi h}/ Fk}t hmko}hix }`k srgbfkj5 }nek }`k nd}hgot okdkttnrx5fknro g{r fkttgot nom& hi nox gi g{r d{t}gjkrt nom dfhko}t lg} `{r}& fk}t jnek }`kj

lggm/ ]`n} n}}h}{mk ht rkdglohtkm bx }`k }`rkk rkl{fn}grx nlkodhkt ho |`n} }`kx

|rg}k& b{} h} ht og} dgjhol g{} ho }`k dg{r} gi s{bfhd gshohgo gykr }`k snt} |kke/>33 jhffhgo ho d`kdehol kjnhft nom }rnotfn}hol Ansnoktk& nom tg go nom

tg igr}`/ \k dg{fm og} `nyk mgok jgrk& nom }`n} ht ndeog|fkmlkm ho }`k t{bjhtthgot

gi }`k nlkodhkt/

Godk |k lg} }g }`k sgho} gi tk}}fkjko}& |k nftg rkdglohtkm }`n} |k |g{fm `nyk

ihrt}*jgykr mhtnmyno}nlk/ \k dg{fm `nyk mrnllkm g{r `kkft5 }`n} |g{fm og} `nyk

bkko rhl`}/ \k ikkf |k mhm }`k rhl`} }`hol/>0

Jr Nlh{t nftg jnmk dfknr }`n} Jr Mhnjgom |nt og} hoygfykm ho nox dgothmkrn}hgo bx

Bnrdfnxt gi }`k rkl{fn}grt ho~{hrhkt ho}g FHBGR1 Bkdn{tk `k |nt n sg}ko}hnf |h}oktt& `k

|nt kpdf{mkm irgj nff dgothmkrn}hgot gi }`ktk jn}}krt U///Z `k |nt thjsfx n|nrk }`n} }`krk|nt no ho~{hrx ho}g FHBGR/>8

>4/@g|kykr& mktsh}k }`ktk t}n}kjko}t irgj Jr Mhnjgom nom Jr Nlh{t h} ht hjsgr}no} }gt}n}k }`n} Bnrdfnxt ho}kronf dgjsfhnodk mksnr}jko} |nt }gfm }`rkk }hjkt nbg{}

dgodkrot gykr FHBGR ihphol m{rhol }`k skrhgm {omkr dgothmkrn}hgo nom h} nssknrt }`n}

}`ktk |nroholt |krk og} snttkm }g tkohgr jnonlkjko} |h}`ho }`k bnoe/ T}n}kjko}t }`n}

>9 DI]D Grmkr& snlk =

>< ^ >

>0 ^ 9;4

>8 ^~


13/126


kykrx}`hol sgtthbfk |nt mgok ni}kr }`k hoigrjn}hgo dnjk }g fhl`} j{t} bk dgothmkrkm

nlnhot} n bndelrg{om gi tkrhg{t inhf{rkt gi }`k dgjsfhnodk i{od}hgo |h}`ho }`k bnoe/ Ho

g}`kr |grmt& }`k tkohgr jnonlkjko} t`g{fm nyk eog|o knrfhkr nom nd}km knrfhkr/

>=/H} ht og}k|gr}`x }`n} }`k hmko}hihdn}hgo gi }`ht ihrt} skrhgm gi |rgolmghol}`kjnohs{fn}hgo gi t{bjhtthgot ho grmkr }g bkokih} }rnmkrtdnjk irgj Bnrdfnxt g|ohoykt}hln}hgo ho}g }`k fn}kr skrhgm gi FHBGR ihphol m{rhol }`k drhtht igr Bnrdfnxt g|o

bkokih}/ Jr Nlh{t }gfm {t }`n}1

]`k FHBGR ho~{hrx |nt ho}g }`k fg|*bnffhol& }g {tk }`k kpsrktthgo }`n} tkkjt }g bk

d{rrko} ho }`ht Dgjjh}}kk/ ]`k DI]D t}nr}km }`n} ho~{hrx ho}g fg|*bnffhol/ \k dg*

gskrn}km |h}` }`n}/ Nt |k tknrd`km }`rg{l` g{r rkdgrmt& nt |k tknrd`km }`rg{l` g{r

kjnhft nom tknrd`km }`rg{l` g{r yghdk rkdgrmholt& |k mhtdgykrkm }`k drhjhonfh}x& }g

{tk xg{r kpsrktthgo/ Hot}knm gi th}}hol go }`n}& |k on}{rnffx mhtdfgtkm }`n}& nom |k ho

ind} }`ko }{rokm {s }`k ygf{jk& gr |`n}kykr }`k kpsrktthgo ht& go }`k fg|*bnff nd}hyh}x|k mhm }g tkk a{t} `g| j{d` |k dg{fm {odgykr& nom |k fki} og t}gok {o}{rokm/23

>;/Ntekm |`k}`kr Bnrdfnxt `nm bkko {oinhrfx `h} bx ihrt}*jgykr mhtnmyno}nlk& Fgrm]{rokr& D`nhrjno gi }`k ITN& rktsgomkm1

H }`hoe |`n} `nt `nsskokm ht ko}hrkfx inhr& ho }`k tkotk }`n} n srgdktt `nt lgok

}`rg{l` }`n} `nt fkm }g }`ht ihonf og}hdk& nom }`n} `nt rkdgrmkm }`k ind} }`n} h} |nt

n}}kjs}hol }g jnohs{fn}k ho }|g mhiikrko} |nxt ho }`k }|g mhiikrko} skrhgmt& nom h}

nddks}km }`n} nom nlrkkm }g h}/ H mg og} }`hoe }`n} ht {oinhr/ Ho inhroktt& h} ht hjsgr}no}

U///Z }g rkdgrm nt n bnfnodk }g }`n} }`n} h} |nt ykrx dg*gskrn}hyk |h}` {t/2>

>9/Bnrdfnxt rkdkhykm n rkm{d}hgo ho h}t ihok bkdn{tk gi h}t `hl` mklrkk gi dg*gskrn}hgo|h}` }`k ITN ho h}t hoykt}hln}hgo/ Bnrdfnxt nftg mhtdfgtkm |rgolmghol }`n} h} `nm h}tkfi

ig{om }g }`k rkl{fn}grt/ Nox t{d` mhtdfgt{rk ht fhekfx }g `nyk dnrrhkm tkrhg{t rhte gi

rks{}n}hgonf mnjnlk/ Dg*gskrn}hgo |h}` ho~{hrhkt okkmt }g bk kodg{rnlkm bx

rkl{fn}grt& |`g okkm }g }nek ho}g nddg{o} ihrt} jgykr mhtnmyno}nlk& b{} h} mgkt og}

kpd{tk gr mhjhoht |rgolmghol/ Ogr mgkt }`k ind} }`n} g}`krt jnx `nyk bkko kolnlkm

ho thjhfnr srnd}hdkt/ ]`k ITN nom h}t t{ddkttgrt t`g{fm dgothmkr lrkn}kr ifkphbhfh}x ho

ihok fkykft& fkyxhol j{d` `knyhkr skonf}hkt go ihrjt |`hd` inhf i{ffx }g dg*gskrn}k |h}`

}`kj/ ]`k ITN okkmt }g lhyk `hl` srhgrh}x }g h}t hoykt}hln}hgot ho}g g}`kr bnoet&

hodf{mhol }`gtk fnrlkfx g|okm bx }`k }npsnxkr/

>>>;


14/126

>3 Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt

>0/]`k ihomholt gi }`k rkl{fn}grt `nyk bkko n rks{}n}hgonf mhtnt}kr igr Bnrdfnxt/ ]`kx `nykfkm mhrkd}fx }g }`k fgtt gi h}t D`hki Kpkd{}hyk nom h}t D`hki Gskrn}hol Giihdkr/ ]`ktk

rkthlon}hgot |krk srkdkmkm bx }`k noog{odkjko} gi }`k rkthlon}hgo gi h}t D`nhrjno& |`g

t{btk~{ko}fx mkdhmkm }g t}nx ho sgt} {o}hf `k `nm gykrtkko }`k nssgho}jko} gi n ok| D`hki

Kpkd{}hyk/ ]`k rkthlon}hgot n} Bnrdfnxt nrk dgothmkrkm ho tkd}hgo 9 gi }`ht Rksgr}/

>8/]`k ihomholt `nyk igd{ttkm srk*kpht}hol s{bfhd nolkr |h}` bnoet/ Bnrdfnxt ht gok gijnox hot}h}h}{}hgot }`n} `nyk dgo}rhb{}km }g }`k t}n}k gi bnoeholt rks{}n}hgo/ FHBGR `nt

igffg|km }`k ynt} s{bfhd bnhfg{}t gi bnoet m{rhol }`k ihonodhnf drhtht& }`k fh~{hmh}x t{ssgr}

nom l{nrno}kkt lhyko }g nff bnoet nom }`k nssnrko} fnde gi skonf}hkt igr }`gtk |`g

dgo}rhb{}km }g }`n} drhtht& jgt} gi |`gj rk}nhokm ykrx `hl` fkykft gi rkj{okrn}hgo kyko

ni}kr 2330/ Jgrk rkdko}fx }`krk nt bkko }`k tdnomnf gi snxjko} srg}kd}hgo hot{rnodk (SSH

jht*tkffhol& drh}hdhtj gi bnoet skrdkhykm rkf{d}nodk }g fkom& dgjsfnho}t nbg{} }`k tnfk gi

{ot{h}nbfk nom dgjsfkp ho}krkt} rn}k t|ns srgm{d}t }g b{thokttkt (|`hd` nrk {omkr

hoykt}hln}hgo bx }`k ITN& nom tkrhg{t H] inhf{rkt n} RBT Lrg{s/ ]`k kdgogjx okkmt |kff*

i{od}hgohol bnoet/ ]`kx |hff `nyk n dr{dhnf rgfk ho nox kdgogjhd rkdgykrx }`rg{l` }`khr

fkomhol }g b{thokttkt nom `g{tk`gfmt/ No kom }g dr{mk bnoekr bnt`hol |g{fm bk `hl`fx

mkthrnbfk& b{} bnoekrt j{t} rkdglohtk }`n} }`kx `nyk brg{l`} j{d` gi }`ht {sgo

}`kjtkfykt }`rg{l` nd}hgot |`hd` `nyk tkrhg{tfx mnjnlkm s{bfhd dgoihmkodk/ \`hfk bnoet

dgo}ho{k }g srgyhmk kyhmkodk }`n} |rgolmghol skrtht}t }`k sgs{fnr jggm ht fhekfx }g

rkjnho `gt}hfk/

Sgfhdx rktsgotkt

23/Go 2 A{fx 23>2 }`k D`nodkffgr gi }`k Kpd`k~{kr noog{odkm n rkyhk| (}`k \`kn}fkxrkyhk| bx }`k ITN gi FHBGR1

H `nyk }gmnx ntekm Jnr}ho \`kn}fkx& }`k d`hki kpkd{}hyk mkthlon}k gi }`k Ihonodhnf

Dgom{d} N{}`grh}x& }g rkyhk| |`n} rkigrjt nrk rk~{hrkm }g }`k d{rrko} irnjk|gre

igr tk}}hol nom lgykrohol FHBGR/ ]`ht |hff hodf{mk fggehol n} |`k}`kr snr}hdhsn}hgo

ho }`k tk}}hol gi FHBGR t`g{fm bkdgjk n rkl{fn}km nd}hyh}x& n} }`k iknthbhfh}x gi {thol

nd}{nf }rnmk mn}n }g tk} }`k bkod`jnre& nom n} jnehol hoh}hnf rkdgjjkomn}hgot go

}`k }rnotsnrkodx gi }`k srgdkttkt t{rrg{omhol }`k tk}}hol nom lgykronodk gi FHBGR/

]`k rkyhk| |hff nftg fgge n} }`k nmk~{ndx gi }`k [Et d{rrko} dhyhf nom drhjhonftnod}hgohol sg|krt& |h}` rktskd} }g ihonodhnf jhtdgom{d} nom jnrek} nb{tk |h}`

rklnrm }g FHBGR/ H} |hff nftg nttktt |`k}`kr }`gtk dgothmkrn}hgot nssfx }g g}`kr

srhdk*tk}}hol jkd`nohtjt ho ihonodhnf jnrek}t& }g kot{rk }`n} }`ktk ehomt gi nb{tkt

dnoog} gdd{r kftk|`krk ho g{r ihonodhnf txt}kj/ \k okkm }g lk} go |h}` }`ht& nom og}

tskom xknrt onykf*lnqhol |`ko |k eog| |`n} `nt lgok |rgol/ H nj }`krkigrk

sfkntkm }g }kff }`k @g{tk }`n} Jr \`kn}fkx `nt nlrkkm }g rksgr} }`ht t{jjkr tg }`n}

}`k Ihonodhnf Tkryhdkt Bhff d{rrko}fx bkigrk Snrfhnjko}gr& hi okdkttnrx& }`k i{}{rk

fklhtfn}hgo go bnoehol rkigrjdno bk njkomkm }g lhyk g{r rkl{fn}grt }`k sg|krt

}`kx dfknrfx okkm/

]`k rkyhk| ht kttko}hnf }g kot{rhol }`n} |k jkom }`k brgeko rkl{fn}grx txt}kj

ho}rgm{dkm bx }`k fnt} Lgykrojko}}`n} nffg|km }`ktk nb{tkt }g `nssko& b{} }`k


15/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt >>

jnohs{fn}hgo gi }`k jgt} {tkm bkod`jnre ho}krkt} rn}k rkyknft }`k brgnmkr htt{k gi

}`k srgiktthgonf t}nomnrmt nom gi }`k d{f}{rk ho tgjk snr}t gi }`k ihonodhnf tkryhdkt

hom{t}rx }`n} |nt nffg|km }g lrg| {s ho }`k xknrt bkigrk }`k drhtht nom |`hd` t}hff

okkmt }g d`nolk/22

Go 43 A{fx 23>2 }`k ]rknt{rx noog{odkm }`k mk}nhfkm }krjt gi rkikrkodk gi }`k \`kn}fkx

rkyhk|1

]`k \`kn}fkx rkyhk| |hff igrj{fn}k sgfhdx rkdgjjkomn}hgot |h}` n yhk| }g1

>/ Rkigrjhol }`k d{rrko} irnjk|gre igr tk}}hol nom lgykrohol FHBGR/ ]`ht |gre

t`g{fm& ho}kr nfhn& dgothmkr1

|`k}`kr snr}hdhsn}hgo ho }`k tk}}hol gi FHBGR t`g{fm bk brg{l`} ho}g }`k rkl{fn}grx

skrhjk}kr {omkr }`k Ihonodhnf Tkryhdkt nom Jnrek}t Nd} 2333 nt n rkl{fn}km nd}hyh}x5

@g| FHBGR ht dgot}r{d}km& hodf{mhol }`k iknthbhfh}x gi {thol gi nd}{nf }rnmk mn}n }g

tk} }`k bkod`jnre5

]`k nssrgsrhn}k lgykronodk t}r{d}{rk igr FHBGR5

]`k sg}ko}hnf igr nf}kron}hyk rn}k*tk}}hol srgdkttkt5

]`k ihonodhnf t}nbhfh}x dgotk~{kodkt gi n jgyk }g n ok| rklhjk nom `g| n }rnoth}hgo

dg{fm bk nssrgsrhn}kfx jnonlkm/

Mk}krjhohol }`k nmk~{ndx nom tdgsk gi tnod}hgot }g nssrgsrhn}kfx }ndefk FHBGRnb{tk/ ]`ht |gre t`g{fm dgothmkr1

2/ ]`k tdgsk gi }`k [E n{}`grh}hkt dhyhf nom drhjhonf tnod}hgohol sg|krt |h}`

rktskd} }g ihonodhnf jhtdgom{d}& snr}hd{fnrfx jnrek} nb{tk nom nb{tk rkfn}hol }g }`k

tk}}hol gi FHBGR nom k~{hynfko} rn}k*tk}}hol srgdkttkt5 nom }`k ITNt nssrgykm

skrtgot rklhjk nom hoykt}hln}hgot ho}g jnrek} jhtdgom{d}/

4/ \`k}`kr thjhfnr dgothmkrn}hgot nssfx |h}` rktskd} }g g}`kr srhdk*tk}}hol

jkd`nohtjt ho ihonodhnf jnrek}t& nom srgyhmk srgyhthgonf sgfhdx rkdgjjkomn}hgot

ho }`ht nrkn/

]`k rkyhk| |hff rksgr} bx }`k kom gi }`k t{jjkr }g konbfk }`k Lgykrojko} }g dgothmkr

rkdgjjkomn}hgot |h}` n yhk| }g }nehol fklhtfn}hyk d`nolkt igr|nrm }`rg{l` }`k Ihonodhnf

Tkryhdkt Bhff& |`hd` ht d{rrko}fx bkhol tdr{}hohtkm ho }`k @g{tk gi Fgrmt/ ]`k rkyhk| |hff

nhj }g s{bfht` h}t dgodf{thgot bx }`k kom gi Tks}kjbkr/24

2>/Snrfhnjko} `nt nftg hot}hln}km n rkyhk|/ Go >9 A{fx& }`k @g{tk gi Dgjjgot drkn}km nSnrfhnjko}nrx Dgjjhtthgo go Bnoehol T}nomnrmt }g dgothmkr nom rksgr} go1

22 @D Mkb& 2 A{fx 23>2& dgft 9>24

24 @J ]rknt{rx srktt rkfkntk& ]`k \`kn}fkx Rkyhk|& 43 A{fx 23>2


16/126


Srgiktthgonf t}nomnrmt nom d{f}{rk gi }`k [E bnoehol tkd}gr& }nehol nddg{o} gi

rkl{fn}grx nom dgjsk}h}hgo hoykt}hln}hgot ho}g }`k FHBGR rn}k*tk}}hol srgdktt5

Fkttgot }g bk fknrokm nbg{} dgrsgrn}k lgykronodk& }rnotsnrkodx nom dgoifhd}t gi

ho}krkt}& nom }`khr hjsfhdn}hgot igr rkl{fn}hgo nom igr Lgykrojko} sgfhdx/2=

Ho rktsgotk }g }`k rk~{kt} irgj }`k @g{tk gi Dgjjgot& }`k @g{tk gi Fgrmt nssgho}km h}t

ihyk jkjbkrt }g }`k Dgjjhtthgo go >< A{fx 23>2/2;

22/Go 2; A{fx 23>2 }`k K{rgskno Dgjjhtthgo s{} igr|nrm njkomjko}t }g srgsgtnft igrn Rkl{fn}hgo nom n Mhrkd}hyk go hothmkr mknfhol nom jnrek} jnohs{fn}hgo/ ]`k

Dgjjhtthgo ho}komt }`n} }`ktk |hff dfknrfx srg`hbh} }`k jnohs{fn}hgo gi bkod`jnret&

hodf{mhol FHBGR nom K[RHBGR& nom jnek t{d` jnohs{fn}hgo n drhjhonf giikodk/

Ho}kronf Jnrek} nom Tkryhdkt Dgjjhtthgokr Jhd`kf Bnrohkr tnhm1

]`k ho}kron}hgonf hoykt}hln}hgot {omkr|nx ho}g }`k jnohs{fn}hgo gi FHBGR `nykrkyknfkm xk} nog}`kr kpnjsfk gi tdnomnfg{t bk`nyhg{r bx }`k bnoet/ H |no}km }g

jnek t{rk }`n} g{r fklhtfn}hyk srgsgtnft go jnrek} nb{tk i{ffx srg`hbh} t{d`

g{}rnlkt/ ]`n} ht |`x H `nyk mhtd{ttkm }`ht |h}` }`k K{rgskno Snrfhnjko} nom nd}km

~{hdefx }g njkom g{r srgsgtnft& }g kot{rk }`n} jnohs{fn}hgo gi bkod`jnret ht

dfknrfx hffklnf nom ht t{bakd} }g drhjhonf tnod}hgot ho nff dg{o}rhkt/29

Dgjjh}}kk ho~{hrx

24/Ho g{r ho~{hrx |k `nyk }neko kyhmkodk irgj tkohgr ihl{rkt ho Bnrdfnxt1 Jr BgbMhnjgom& igrjkr D`hki Kpkd{}hyk& Jr Jnrd{t Nlh{t& D`nhrjno& nom Jr Akrrx mkf Jhtthkr&

igrjkr D`hki Gskrn}hol Giihdkr/ \k `kfm no kyhmkodk tktthgo |h}` ITN rksrktko}n}hykt1

Fgrm ]{rokr gi Kdd`hot|kff& Kpkd{}hyk D`nhrjno& Jr Nomrk| Bnhfkx& `knm gi }`k

Sr{mko}hnf B{thoktt [oh} gi }`k ITN& nom ]rndkx JdMkrjg}}& nd}hol mhrkd}gr gi

Koigrdkjko} nom Ihonodhnf Drhjk/ \k nftg `knrm kyhmkodk irgj Thr Jkryxo Ehol&

Lgykrogr gi }`k Bnoe gi Kolfnom& nom Jr Sn{f ]{dekr& Mks{}x Lgykrogr/ \k }`noe nff

}`k |h}okttkt igr jnehol }`kjtkfykt nynhfnbfk }g lhyk kyhmkodk n} t`gr} og}hdk/ ]`k

Dgjjh}}kk `nt }neko kp}kothyk |rh}}ko kyhmkodk irgj jnox gi }`ktk |h}okttkt& nom irgj

g}`kr skgsfk nom grlnohtn}hgot/ \k nrk nftg ykrx lrn}ki{f igr }`k nttht}nodk gi g{r tskdhnfht}

nmyhtkrt Bhff Nffko& Agon}`no Iht`kr D& Ag`o \hffjno nom Srgikttgr Lkgiirkx \ggm/29 A{fx 23>2

2; @F Mkb& >< A{fx 23>2&dgf >38/ ]`k jkjbkrt`hs gi }`k Dgjjhtthgo ht1 Jr Nomrk| ]xrhk JS (D`nhrjno5 Dgo& JnreLnrohkr JS (Dgo& Nomrk| Fgyk JS (Fnb'Dg*gskrn}hyk& R} @go Sn} JdInmmko JS (Fnb& Ag`o ]`{rtg JS (Fhb Mkj&]`k Fgrm Bht`gs gi M{r`nj (Ogo*Niihfhn}km& Bnrgoktt Ernjkr (Fhb Mkj& R} @go Fgrm Fn|tgo gi Bfnbx (Dgo& R} @goFgrm JdInff gi Nfdf{h}` (Fnb'Dg*gs& Fgrm ]{rob{ff EDB DYG (Drgttbkod`

29 K{rgskno Dgjjhtthgo srktt rkfkntk& 2; A{fx 23>2& Fhbgr tdnomnf1 Dgjjhtthgo srgsgtkt K[*|hmk nd}hgo }g ihl`} rn}k*ihphol

2< \hffhnj Nffko mkdfnrkm }`k igffg|hol ho}krkt}t1 H nj n ihonodhnf nom kdgogjhd dgot{f}no}& nom nftg {omkr}nekndnmkjhd |gre rkfn}km }g }`k rkdko} ihonodhnf drhtht nom bnoe rkl{fn}hgo/ H `nyk }|g d{rrko} dgot{f}nodx dgo}rnd}t/Gok ht |h}` n dgjsnox dnffkm Nm Tn}ht F}m (}`khr ho}krok} th}k ht `}}s1''|||/nmtn}ht/dgj'/ Nm Tn}ht h}tkfi srgyhmkt

dgot{f}nodx tkryhdkt }g bnoet& nom }`k dgo}rnd} ht }g srgyhmk }`kj |h}` shkdkt gi rktknrd` go bnoe rkl{fn}hgo/ ]`kg}`kr ht |h}` Brh}ht` Kjshrk nom Lkokrnf Tkd{rh}hkt ]r{t}& ht no hoykt}jko} }r{t}/ H nftg {omkr}nek gddnthgonfdgot{f}nodx |gre igr }`k Ho}kron}hgonf Jgok}nrx I{om/ H mg gddnthgonf fkd}{rhol nom dg{rtk*grlnohthol |gre& jnhofxigr Dntt B{thoktt Td`ggf (|`krk H nj n yhth}hol ikffg|& igr |`hd` H lk} snhm/ H |rh}k gddnthgonf nr}hdfkt igr s{bfhdn}hgoigr |`hd` H jnx lk} snhm/


17/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt >4

2=/]`ht Rksgr} mrn|t dgodf{thgot irgj }`k kyhmkodk }`n} |k `nyk `knrm nom `hl`fhl`}htt{kt igr i{r}`kr dgothmkrn}hgo bx Snrfhnjko}& Lgykrojko} nom rkl{fn}grt/

Agon}`no Iht`kr ^D mkdfnrkm }`k igffg|hol ho}krkt}t1 Srnd}hthol bnrrht}kr (Mkykrk{p D`njbkrt& ]kjsfk& Fgomgo

tskdhnfhthol ho ihonodhnf drhjk dntkt& Yhth}hol Srgikttgr gi Fn|& Fgomgo Td`ggf gi Kdgogjhdt& }knd`hol Dgrsgrn}k nomIhonodhnf Drhjk& @gogrnrx Yhth}hol Srgikttgr& Dh}x Fn| Td`ggf (Dh}x [ohykrth}x Fgomgo& }knd`hol ho Irn{m nomIhonodhnf Drhjk& Lkokrnf Kmh}gr& Ffgxmt Fn| Rksgr}t1 Ihonodhnf Drhjk& Dgjjh}}kk jkjbkr& HBN No}h*JgokxFn{omkrhol Igr{j& @gogrnrx T}kkrhol Lrg{s Jkjbkr& Fgomgo Irn{m Igr{j& Jkjbkr& Dgjjkrdhnf Irn{m Fn|xkrtNttgdhn}hgo& Jkjbkr& Irn{m Nmyhtgrx Snokf& ]r{t}kk Mhrkd}gr& Irn{m Nmyhtgrx Snokf& 233923>3& Jkjbkr& DrhjhonfBnr Nttgdhn}hgo& Jkjbkr& Ihonodhnf Tkryhdkt Fn|xkrt Nttgdhn}hgo& Jkjbkr& Srgdkkmt gi Drhjk Fn|xkrt Nttgdhn}hgo/

Ag`o \hffjno mkdfnrkm }`k igffg|hol ho}krkt}t1 Sknrtgo Skothgo Td`kjk bkokihdhnrx& SDT Skothgo Td`kjk bkokihdhnrx5t`nrk`gfmholt ho1 Sknrtgo Lrg{s SFD& nom Yh}kttk Jkmhn SFD5 Kmh}grhnf dgot{f}nodx dfhko}t thodk fknyhol }`k I] ho23381 Igrkhlo ) Dgjjgo|knf}` Giihdk& @J ]rknt{rx& Q{rhd` Ihonodhnf Tkryhdkt& ]`k Bgt}go Dgot{f}hol Lrg{s&Ihonodhnf ]hjkt Dgoikrkodkt& Sgfhdx Kpd`nolk& ]`kDh}x[E& DBH& Srhdk|n}kr`g{tkDggskrt& Shd}k} ) Dhk& BnekrSfn}}(Akrtkx fklnf nom ihonodhnf tkryhdkt ihrj& R`gok ]r{t} ) Ihm{dhnrx Tkryhdkt TN& ]HJKT Lrg{s& \hoerkn}hyk& ]`kDgrsgrn}hgo gi Fgomgo& Ho}kron}hgonf Ihonodk Dgrsgrn}hgo& Lgykrojko} Giihdk igr Tdhkodk& Fgomgo B{thoktt Td`ggf5Tsknehol kolnlkjko}t thodk 23301 Bfndergde& Bnoe gi Ok| Xgre& Jkffgo& Kpskrhno& ^NT& Dhoyko& B{thoktt ) Sgfh}hdt&]rnmk Nttgdhn}hgo Igr{j& Dko}n{r Dgoikrkodkt& N}rnmh{t& NJ Dgoikrkodkt& Y\J& Lfntlg|& Jno % Jnd`hok& \SN&Jgokx Jnrek}hol Hoykt}jko} Nffhnodk& Ogr}` gi Kolfnom Km{dn}hgo Dgoikrkodk& OK Ho}kron}hgonf Ok}|grehol Df{b&Bnekr ) JndEkoqhk5 Sgfh}hdnf niihfhn}hgot1 Jkjbkr gi }`k Inbhno Tgdhk}x

Srgikttgr Lkgiirkx \ggm mkdfnrkm }`k igffg|hol ho}krkt}t1 Mhrkd}gr& @notn ]r{t}& Jkjbkr& Hoykt}jko} Nmyhtgrx Snokf&T}rn}`dfxmk Skothgo I{om& Jkjbkr nom Nmyhtkr& SH Dnsh}nf (srhyn}k k~{h}x lrg{s& nom Nmyhtkr& Kffhg} Nmyhtkrt/


18/126

>= Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt

2 Jnohs{fn}hgo bx homhyhm{nft |h}` }`kho}ko}hgo gi skrtgonf bkokih}

]`k jhtdgom{d}

2;/]`k ITN ig{om }`n} bk}|kko Ano{nrx 233; nom A{fx 2330 Bnrdfnxt |nt ho brknd` gi }`kITNt srhodhsfk ; bx jnehol [T mgffnr FHBGR nom K[RHBGR t{bjhtthgot |`hd` }gge

ho}g nddg{o} rk~{kt}t jnmk bx h}t ho}krkt} rn}k mkrhyn}hykt }rnmkrt/20 ]`ht s`ntk gi FHBGR

jnohs{fn}hgo mhiikrkm irgj }`n} mhtd{ttkm fn}kr ho }`ht Rksgr}& nt h} dko}rkm go n lrg{s gi

}rnmkrt n}}kjs}hol }g bkokih} }`khr g|o }rnmhol sgth}hgot& rn}`kr }`no nd}hol ho }`k

hjjkmhn}k ihonodhnf ho}krkt}t gi Bnrdfnxt gykrnff/28

29/Bnrdfnxt }rnmkrt |krk n|nrk gi `g| kyko tjnff jgykjko}t ho FHBGR gr K[RHBGR|g{fm bk gi bkokih} }g }`kj& |h}` }`k ITN og}hol }`n} Bnrdfnxt Mkrhyn}hykt ]rnmkrt eok|

go nox snr}hd{fnr mnx |`n} }`khr bgget kpsgt{rk }g n gok bntht sgho} (3/3>+ jgykjko} ho

FHBGR gr K[RHBGR |nt/43 Bkdn{tk gi }`k dko}rnf rgfk FHBGR nom K[RHBGR sfnxkm ho

`g| mkrhyn}hykt dgo}rnd}t |krk mrn|o {s& }`k n}}kjs}km jnohs{fn}hgo gi }`ktk rkikrkodk

rn}kt dg{fm nyk jnmk }`k Mkrhyn}hykt ]rnmkrt srgih} gr rkm{dkm n fgtt/4>

2> rk~{kt}t bntkm go

dgjj{ohdn}hgot irgj }rnmkrt n} g}`kr bnoet5

bk}|kko Tks}kjbkr 233; nom Jnx 2338& n} fknt} ;0 rk~{kt}t igr K[RHBGR

t{bjhtthgot |krk jnmk }g Bnrdfnxt T{bjh}}krt (hodf{mhol 23 rk~{kt}t bntkm go

dgjj{ohdn}hgot irgj }rnmkrt n} g}`kr bnoet5 nom

bk}|kko N{l{t} 2339 nom A{ok 2338& n} fknt} 29 rk~{kt}t igr xko FHBGR t{bjhtthgot

|krk jnmk }g Bnrdfnxt T{bjh}}krt/42

Nt |k `nyk tkko& }`k }rnmkrt eok| }`n} tjnff d`nolkt ho FHBGR dg{fm `nyk fnrlk kiikd}t/

]`k ITN og}km }`n}1

20 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn 0

28 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn 0>

43 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn =0

4> Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn =8/ Igr n jgrk mk}nhfkm mktdrhs}hgo gi `g| Bnrdfnxt}rnmkrt dg{fm `nyk bkokih}}km& sfkntk tkk Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrnt =8;>

42 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn ;9


19/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt >;

Igr kpnjsfk ho n }kfks`gok dnff go >2 Tks}kjbkr 2332& snrn >9=

4= @D (23>2*>4 ;4;& ^ 22

49 ^ >32=

4< ^~ >>>3>>>>


20/126


]`k ind} ht }`n} nf}`g{l` h} ht ykrx mhiihd{f} }g |gre g{} kpnd}fx |`n} |g{fm `nyk

d`nolkm |h}` }`k FHBGR rn}k hi }`kx `nm og} bkko jnohs{fn}hol& xg{ `nyk }g ntt{jk

U///Z }`n} hi tgjkgok `nm bkko hom{dkm }g s{} ho n `hl`kr ihl{rk }`no }`kx g}`kr|htk

|g{fm& FHBGR j{t} `nyk bkko n} fknt} tgjk tjnff bh} `hl`kr& nom xg{ `nyk }g

ntt{jk& nt xg{ tnx& }`n} }`ktk }rnmkrt |krk og} ko}hrkfx hrrn}hgonf& gr }`n} }`kx

bkfhkykm }`n} }`kx |krk `nyhol no hoif{kodk/ Gi dg{rtk& }`k dr{dhnf htt{k `krk ht }`n}

|k nrk mknfhol ho }`k mkrhyn}hykt jnrek}& |h}` no koyhrgojko} ho |`hd` jho{}k

jgykjko}t ho }`k FHBGR rn}k jhl`} `nyk n ykrx thlohihdno} hjsnd} go ykrx tskdhihd

sgth}hgot }`n} }`kx |krk `gfmhol n} }`n} }hjk/ ]`n} ht tgjk|`n} mhiikrko} irgj& igr

hot}nodk& }`k dgot{jkr jnrek}& |`krk tholfk bntht sgho} jgykjko}t |g{fm bk

{ofhekfx }g nyk n rknffx jn}krhnf kiikd} go& tnx& }`k dgt} gi n jgr}lnlk/40

28/G}`kr dgjjko}n}grt bkfhkykm }`n} }`k nd}hgot gi tholfk t{bjh}}hol hot}h}{}hgot dg{fmhoif{kodk }`k gykrnff rn}k/ Go >9 A{fx 23>2 Bfggjbkrl dnrrhkm n rksgr} t`g|hol `g|

homhyhm{nf }rnmkrt tg{l } }g mg }`ht/ ]`k Bfggjbkrl rksgr} tnhm& Bx jnehol n t{bjhtthgo}gg `hl` }g bk hodf{mkm ho }`k nykrnlk& n tholfk fkomkr dno s{t` n srkyhg{tfx kpdf{mkm rn}kbnde ho}g }`k snde }g tkom }`k nykrnlk `hl`kr/ Bx t{bjh}}hol n rn}k }`n} infft }gg fg| }g bkhodf{mkm& }`k nykrnlk dno bk o{mlkm mg|o nt n srkyhg{tfx kpdf{mkm rn}k rk*ko}krt }`ksnde/48

Dgff{thgo |h}` }rnmkrt n} g}`kr bnoet

43/Jgrk |grrxholfx& }`k ITN ig{om }`n} }`ht jhtdgom{d}& go gddnthgo& |nt og} fhjh}km }gBnrdfnxt nom kp}komkm }g g}`kr bnoet/ ]`k Ihonf Og}hdk kjs`nthtkm }`k bkokih}t gi t{d`

dgff{thgo |h}` g}`kr bnoet/ H} t}n}km }`n}1

\`krk Bnrdfnxt jnmk t{bjhtthgot |`hd` }gge ho}g nddg{o} }`k rk~{kt}t gi h}t g|o

Mkrhyn}hykt ]rnmkrt& gr tg{l`} }g hoif{kodk }`k t{bjhtthgot gi g}`kr bnoet& }`krk |nt

n rhte }`n} }`k s{bfht`km FHBGR nom K[RHBGR rn}kt |g{fm bk jnohs{fn}km/ Bnrdfnxt

dg{fm `nyk bkokih}km irgj }`ht jhtdgom{d} }g }`k mk}rhjko} gi g}`kr jnrek}

snr}hdhsno}t/ \`krk Bnrdfnxt nd}km ho dgodkr} |h}` g}`kr bnoet& }`k rhte gi

jnohs{fn}hgo hodrkntkm jn}krhnffx/=3

4>/ Thodk }`k koigrdkjko} srgdkm{rkt go g}`kr bnoet dgo}ho{k& h} ht mhiihd{f} }g nttktt `g|inr }`krk |nt dgff{thgo bk}|kko bnoet& b{} ho h}t Ihonf Og}hdk& }`k ITN homhdn}km }`n}1

N} fknt} >2 gi }`k [T mgffnr FHBGR rk~{kt}t jnmk }g Bnrdfnxt T{bjh}}krt |krk jnmk

go bk`nfi gi kp}kronf }rnmkrt }`n} `nm srkyhg{tfx |grekm n} Bnrdfnxt nom |krk og|

|grehol n} g}`kr bnoet (nf}`g{l` }`gtk bnoet mhm og} dgo}rhb{}k [T mgffnr FHBGR

t{bjhtthgot/=>

Nom }`n}1

40 ^ >>>2

48 Bfggjbkrl& Fhbgr ifn|t nffg|km bnoet }g rhl rn}kt |h}`g{} dgotshrndx& >9 A{fx 23>2

=3 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn >>

=> Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn 02


21/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt >j nom 4j |g{fm bk ohdk& b{} sfkntk ikkf irkk }g tnx og/// Dgiikkt

|hff bk dgjhol xg{r |nx kh}`kr |nx& a{t} }g tnx }`noe xg{ igr xg{r `kfs ho }`k snt} ik|

|kket/ N T{bjh}}kr rktsgomkm Mgokigr xg{ bhl bgx/==

go 29 Gd}gbkr 2339& no kp}kronf }rnmkr jnmk n rk~{kt} igr n fg|kr }`rkk jgo}` [T

mgffnr FHBGR t{bjhtthgo/ ]`k kp}kronf }rnmkr t}n}km ho no kjnhf }g ]rnmkr L n}

Bnrdfnxt Hi h} dgjkt ho {od`nolkm Hj n mknm jno/ ]rnmkr L rktsgomkm }`n} `k

|g{fm `nyk n d`n}/ Bnrdfnxt t{bjhtthgo go }`n} mnx igr }`rkk jgo}` [T mgffnr

FHBGR |nt `nfi n bntht sgho} fg|kr }`no }`k mnx bkigrk& rn}`kr }`no bkhol{od`nolkm/ ]`k kp}kronf }rnmkr }`noekm ]rnmkr L igr Bnrdfnxt FHBGR t{bjhtthgo

fn}kr }`n} mnx1 M{mk/ H g|k xg{ bhl }hjk. Dgjk gykr gok mnx ni}kr |gre nom Hj

gskohol n bg}}fk gi Bgffholkr/ =;

Fgrm ]{rokr tnhm }`n} nd}hgot gykr }`ht skrhgm homhdn}km n d{f}{rnf |kneoktt |h}`ho

Bnrdfnxt/ Rkikrrhol }g }`k skrhgm ho |`hd` }`k rgl{k }rnmkrt gskrn}km& k og}km }`n}1

=2 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn 0=

=4 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrnt 0008

== Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn 9;

=; Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn 04


22/126


Okykr}`kfktt& }`krk mgkt tkkj }g `nyk bkko n d{f}{rk }`n} nffg|km }`ht }g gdd{r/ Gok

gi }`k t`gdehol }`holt nbg{} }`ht ht }`n} go tgjk gddnthgot& }`k mkrhyn}hykt }rnmkr ht

og} ntehol }`k t{bjh}}kr }g d`nolk `ht t{bjhtthgo go }`k bntht gi n `hmmko s`gok

dnff gr n og}k }`n} `k bkfhkykt ht `hmmko& b{} bx t`g{}hol h} ndrgtt }`k }rnmhol ifggr/

]`n} t{llkt}t tgjk}`hol ht mkksfx |rgol |h}` }`k d{f}{rk }`n} dg{fm sgtthbfx `nyk

nffg|km }`n} }g gdd{r/=9

44/Jr Mhnjgom }`g{l` |nt ekko }g kjs`nthtk }`n} }`ht s`ntk gi |rgol*mghol |ntfhjh}km }g n tjnff tk} gi Bnrdfnxt kjsfgxkkt/ @k tnhm }`n} H} |nt >= }rnmkrt U///Z/ \k `nyk n

dg{sfk gi }`g{tnom }rnmkrt/=< N thjhfnr yhk| |nt nftg kpsrkttkm bx Jr Nlh{t& |`g |`ko

ntekm |`k}`kr Bnrdfnxt |nt ho mkohnf gykr }`k tdnfk gi }`k srgbfkj& rksfhkm1

Og& og} ho mkohnf gi }`k tdnfk gi h}& bkdn{tk nf}`g{l` h} |ko} go igr n fgol skrhgm gi

}hjk& h} |nt {omk}kd}km/ H} t`g{fm `nyk bkko mk}kd}km nom t`g{fm okykr `nyk

`nsskokm ho }`k ihrt} sfndknff gi }`n} ht nbtgf{}kfx dfknrb{} h} |nt og} komkjhdndrgtt }`k |`gfk bnoe/ H} |nt htgfn}km ho gok nrkn }`n} |nt {omkr*jgoh}grkm U///Z/

]`n} mgkt og} kpd{tk h}/=0

Fgrm ]{rokr nddks}km }`n} H }`hoe h} ht srgbnbfx }`k dntk }`n} }`k }g}nf o{jbkr gi skgsfk

hmko}hihkm ho }`ht hoykt}hln}hgo nom g}`krt |hff kom {s nt n rkfn}hykfx tjnff o{jbkr/=8 @k

mhm g|kykr nftg nddks} |`ko ~{kt}hgokm }`n} tgjk }rnmkrt jnx og} nyk bkko dn{l`}1

T}k|nr} @gthk1 U///Z Ho }krjt gi }`k }rnmkrt |`g `nyk bkko dn{l`}& h} |nt bkdn{tk }`kx

fki} no kfkd}rgohd }rnhf/ Hi }`kx tskne hoigrjnffx grnffx ho }`k s{b& g{}|h}` }`k

rkdgrmkm ok}& }`krk dg{fm bk jnox jgrk/ Ht }`ht }`k }hs gi no hdkbkrl7

Fgrm ]{rokr1 Nfjgt} bx mkihoh}hgo& H mgo} eog|& bkdn{tk H gofx eog| |`n} |k nrk

dnsnbfk gi ihomhol g{}/ H |g{fm bk njnqkm hi h} ht kykrx}`hol& srkdhtkfx igr }`k rkntgot

xg{ t{llkt}/ Hi skgsfk nrk nd}hol ho n |nx }`n} fknykt n fklnffx hmko}hihnbfk }rnhf& h}

|g{fm bk ykrx t{rsrhthol hi }`krk nrk og} g}`kr nd}hyh}hkt |h}`g{} n fklnffx hmko}hihnbfk

}rnhf/ \k eog| ho lkokrnf }`n} jnrek} nb{tk gr jnohs{fn}hgo gi nox dn}klgrx ht

hodrkmhbfx mhiihd{f} }g tsg}& bkdn{tk gi}ko skgsfk nrk dfkykr kog{l` }g mg h} ho n

ykrbnf& gii*} k*rkdgrm& gii*}`k*fklnf*}rnhf bntht/;3

Go 2 A{fx 23>2& Bnrdfnxt noog{odkm }`n} h} |g{fm {omkr}nek n rkyhk| gi h}t b{thoktt

srnd}hdkt/;> Go 2= A{fx 23>2& igffg|hol g{r `knrholt& Bnrdfnxt noog{odkm }`k }krjt girkikrkodk gi n rkyhk| }g bk fkm bx No}`gox Tnfq& Kpkd{}hyk Yhdk D`nhrjno gi Rg}`td`hfm1;2

=9 ^ >38=

=< ^ >438=

;3 ^ >38;

;> Bnrdfnxt SFD& No}`gox Tnfq }g fknm homkskomko} b{thoktt srnd}hdkt rkyhk|& 2= A{fx 23>2

;2 Bnrdfnxt SFD& No}`gox Tnfq }g fknm homkskomko} b{thoktt srnd}hdkt rkyhk|& 2= A{fx 23>2


23/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt >8

]`k lfgbnf rkyhk| |hff nttktt }`k bnoet d{rrko} ynf{kt& srhodhsfkt nom t}nomnrmt gi

gskrn}hgo nom mk}krjhok }g |`n} kp}ko} }`gtk okkm }g d`nolk5 }kt} `g| |kff d{rrko}

mkdhthgo*jnehol srgdkttkt hodgrsgrn}k }`k bnoet ynf{kt& t}nomnrmt nom srhodhsfkt

nom g{}fhok nox d`nolkt rk~{hrkm5 nom mk}krjhok |`k}`kr gr og} }`k nssrgsrhn}k

}rnhohol& mkykfgsjko}& hodko}hykt nom mhtdhsfhonrx srgdkttkt nrk ho sfndk/;4

]`k gskohol |grmt gi }`k }krjt gi rkikrkodk gi }`ht nrk1 ]`k d{f}{rk gi }`k bnoehol

hom{t}rx gykrnff& nom }`n} gi Bnrdfnxt |h}`ho h}& okkmt }g kygfyk/;= Og} gofx Bnrdfnxt `nt

rkdglohtkm }`k okkm igr n d`nolk ho d{f}{rk/ T}ks`ko @kt}kr& D`hki Kpkd{}hyk gi RBT& t}n}km

}`n} N} RBT |k `nyk g{r t`nrk gi srgbfkjt }g dgrrkd} irgj }`k snt} nom a{t} nt |k nrk

|grehol `nrm n} s{}}hol g{r ihonodhnf |kneokttkt bk`hom {t& tg }gg j{t} |k dkjko}

d{f}{rnf d`nolk/;;

4=/]`k nd}hgot }`n} `nyk tg inr bkko mhtdgykrkm gi Bnrdfnxt nom g}`kr }rnmkrt |krkmhtlrndki{f/ Nt }`k ITNt Ihonf Og}hdk t}n}kt& }`k n}}kjs}km jnohs{fn}hgo gi FHBGRdrkn}km }`k rhte }`n} }`k ho}klrh}x gi FHBGR nom K[RHBGR |g{fm bk dnffkm ho}g

~{kt}hgo nom }`n} dgoihmkodk ho gr }`k t}nbhfh}x gi }`k [E ihonodhnf txt}kj |g{fm bk

}`rkn}kokm/ ]`ht n}}kjs}km jnohs{fn}hgo gi FHBGR t`g{fm og} bk mhtjhttkm nt bkhol

gofx }`k bk`nyhg{r gi n tjnff lrg{s gi rgl{k }rnmkrt/ ]`krk |nt tgjk}`hol mkksfx

|rgol |h}` }`k d{f}{rk gi Bnrdfnxt/ T{d` bk`nyhg{r |g{fm gofx bk sgtthbfk hi }`k

jnonlkjko} gi }`k bnoe }{rokm n bfhom kxk }g }`k d{f}{rk gi }`k }rnmhol ifggr/ ]`k

hodko}hykt nom dgo}rgf txt}kjt gi Bnrdfnxt |krk tg mkikd}hyk }`n} }`kx hodko}hyhtkm

}rnmkrt }g bkokih} }`khr g|o bgge hrrktskd}hyk gi }`k hjsnd} go t`nrk`gfmkrt nom }`k

bnoet gykrnff skrigrjnodk/ Og| kpsgtkm& }`khr nd}hgot nrk }g }`k mk}rhjko} gi

Bnrdfnxt rks{}n}hgo nom }`k rks{}n}hgo gi }`k hom{t}rx/ ]`k t}nomnrmt nom d{f}{rk giBnrdfnxt& nom bnoehol jgrk |hmkfx& nrk ho n sggr t}n}k/ [rlko} rkigrj& bx bg}`

rkl{fn}grt nom bnoet& ht okkmkm }g srkyko} t{d` jhtdgom{d} ifg{rht`hol/

]`k inhf{rk gi ho}kronf dgo}rgft

4;/\k ntekm |`x }`ht |rgol*mghol bx }rnmkrt `nm og} bkko dn{l`} knrfhkr/ Nf}`g{l` }`kIhonf Og}hdk hodf{mkm rkikrkodkt bx }rnmkrt }g }`k okkm }g ekks }`khr nd}hgot tkdrk}&;9 g}`kr&

jgrk bfn}no}& bk`nyhg{r |nt nftg mk}kd}km/ Igr hot}nodk& }`k ITN rksgr} og}km& nom Fgrm

]{rokr rkikrrkm ho grnf kyhmkodk }g& }`k ind} }`n} N} fknt} gok Mkrhyn}hykt ]rnmkr n}

Bnrdfnxt |g{fm t`g{} ndrgtt }`k k{rg T|nst Mkte }g dgoihrj }`n} g}`kr }rnmkrt `nm ogdgoifhd}hol srkikrkodk srhgr }g jnehol n rk~{kt} }g }`k T{bjh}}krt/;2

;= Bnrdfnxt SFD& ] k Tnfq Rkyhk| gi Bnrdfnxt B{thoktt Srnd}hdkt ]krjt gi Rkikrkodk& 2= A{fx 23>2

;; Mnhfx Jhrrgr& ,Xg{ nrk rhl`} }g bk nolrx |h}` bnoet& b{} ogok gi {t dno niigrm }g lhyk {s go }`kj,1 T}ks`ko @kt}kr,tjkttnlk }g rknmkrt go bnoehol drhtht& 4 A{fx 23>2

;9 Igr kpnjsfk& Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& Snrn 84

;< ^ >38=5 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& Snrn ;=

;0 ^ >;=


24/126


bk`nyhg{r }g }`khr t{skryhtgrt nom dgjsfhnodk& b{} }`n} }`ht `nm og} `nsskokm/;8 Jr Nlh{t

srgyhmkm }`k igffg|hol mk}nhf go }`k dgjsfhnodk i{od}hgo n} Bnrdfnxt igffg|hol `ht

nssknrnodk1

Dgjsfhnodk i{od}hgot ho }`k hoykt}jko} bnoe nom ndrgtt Bnrdfnxt `nyk m{nfrksgr}hol fhokt& bg}` |h}`ho }`k b{thoktt nom }g }`k Lrg{s @knm gi Dgjsfhnodk/

]`k Lrg{s @knm gi Dgjsfhnodk rksgr}t }g g{r Lrg{s Lkokrnf Dg{otkf& |`g ho

}{ro rksgr}t mhrkd}fx }g }`k D`hki Kpkd{}hyk/

]`k D`hki Kpkd{}hyk nom Ihonodk Mhrkd}gr nrk }`k }|g kpkd{}hyk mhrkd}grt go }`k

Bgnrm/

]`k Lrg{s @knm gi Dgjsfhnodk srgyhmkt rkl{fnr Dgjsfhnodk rksgr}t }g }`k Lrg{s

Lgykronodk nom Dgo}rgf Dgjjh}}kk& }`k Bgnrm N{mh} Dgjjh}}kk nom }`k Kpkd{}hyk

Dgjjh}}kk/

]`krk |nt n inhf{rk |h}`ho }`k Hoykt}jko} Bnoe Dgjsfhnodk }knj }g ktdnfn}k

hoigrjn}hgo nbg{} }`k FHBGR*rkfn}km htt{kt kh}`kr |h}`ho }`k b{thoktt gr }g }`k

Lrg{s @knm gi Dgjsfhnodk/93

@nyhol okkmkm og}hdk igr tgjk gi g{r ~{kt}hgot |`ko `k nssknrkm bkigrk {t&9> nom

}`krkigrk `nyhol d`kdekm }`k ind}t& Jr Nlh{t }gfm {t }`n} Bnrdfnxt `nm nmmkm n dgjsfhnodk

srktkodk go }`k }rnmhol ifggr m{rhol jhm*2338/92 Jr Nlh{t srgyhmkm }`k igffg|hol

kpsfnon}hgo nt }g |`x Bnrdfnxt `nm og} }`g{l`} gi FHBGR nt n rhte srhgr }g }`k

hoykt}hln}hgo1

Ho nox bnoe& nt |kff nt }`k skgsfk |`g mg }`k b{thoktt& xg{ `nyk skgsfk |`g dgo}rgf

nom jnonlk |`n} ht dnffkm }`k dgjsfhnodk i{od}hgo/ ]`k dgjsfhnodk i{od}hgo ht

}`krk }g kot{rk }`n} }`k bnoe nd}t n} nff }hjkt |h}`ho }`k rkl{fn}grx dgot}rnho}t {omkr

|`hd` h} ht m{k }g gskrn}k/ H} ht og} n srnd}hdnf srgsgth}hgo }`n} kykrx tholfk homhyhm{nf

ht jgoh}grkm n} kykrx tholfk jho{}k gi `ht gr `kr |grehol mnx/ ]`n} ht thjsfx og}

srnd}hdnf/ \`n} `nsskot ht }`n} dgjsfhnodk ht dgot}r{d}km nrg{om nrknt |`krk rhte ht

skrdkhykm }g fhk& nom }`k rhtehkr }`k nrkn gi }`k bnoe gr }`k nd}hyh}x& }`k lrkn}kr }`k

fkykft gi dgjsfhnodk nom gykrthl`}/

Igr jnox xknrt& }`k nd}hyh}hkt gi }`k FHBGR jnrek} |krk tkko }g bk fg|*rhte bkdn{tk

}`k snttnlk gi }`k FHBGR rn}k |nt ykrx dgot}no}& }`k tsrknmt |krk ykrx onrrg| nom

ykrx fh}}fk `nsskokm/ Tksnrn}kfx& bkdn{tk gi }`k |nx }`k FHBGR rn}k ht t}r{de|h}

>9 bnoet t{bjh}}hol& }`k }gs ig{r }neko gii& }`k bg}}gj ig{r }neko gii nom no nykrnlk

}neko}`k d`nodkt gi noxbgmx jnohs{fn}hol }`k rn}k t{ddktti{ffx |krk mkkjkm }g bk

ykrx fg|/ Nt |k `knrm xkt}krmnx irgj g}`kr }kt}hjgox& nt }`k drkmh} drhtht gdd{rrkm&

;8 ^ >;0

93 Fk}}kr irgj Jnrd{t Nlh{t }g }`k D`nhrjno gi }`k ]rknt{rx Dgjjh}}kk& 23 A{fx 23>2

9> ^~ 032

92 Fk}}kr irgj Jnrd{t Nlh{t }g }`k D`nhrjno gi }`k ]rknt{rx Dgjjh}}kk& 23 A{fx 23>2


25/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt 2>

}`k bk`nyhg{r gi FHBGR mksnr}km irgj h}t `ht}grhd sn}}krot nom& kyhmko}fx& }`n} fkm }g

no gssgr}{oh}x igr rhte nom igr skgsfk }g }nek nmyno}nlk gi }`n}/

\k t`g{fm `nyk d`nolkm g{r dgjsfhnodk ho rkdgloh}hgo gi }`n}/ \k |krk bk`hom }`k

d{ryk nom }`n} ht jgt} {oigr}{on}k& b{} h} kpsfnhot |`x }`ktk }`holt |krk nffg|km }g`nssko& |`x }`kx |krk og} mk}kd}km nom |`x jgrk n}}ko}hgo |nt og} brg{l`} }g g{r

fkykf n} no knrfhkr t}nlk/ H} mgkt og} kpd{tk nox gi h}& b{} H tkke }g lhyk no kpsfnon}hgo

nt }g |`n} nsskokm/94

42 Tks}kjbkr 233< no kjnhf irgj njnonlkr rnhtkm ~{kt}hgot |h}` Bnrdfnxt Dgjsfhnodk ho rkfn}hgo }g Bnrdfnxt gbfhln}hgot

nom FHBGR tk}}hol/9= ]`n} kjnhf tskdhihdnffx rkikrrkm }g ho}krkt} rn}k mkrhyn}hyk dgo}rnd}t&

nom }`k Bnrdfnxt jnonlkr t}n}km }`n} Nf}`g{l` }`krk nrk dgo}rnd}t }`n} rktk} kykrxmnx&

Jgomnx ht snr}hd{fnrfx hjsgr}no} nt nff gi }`k 4 jgo}` i{}{rkt dgo}rnd}t ihp/9;Mktsh}k }`ht

kjnhf& Dgjsfhnodk n} Bnrdfnxt inhfkm }g }nek nox nd}hgo/ ]`k ITN Ihonf Og}hdk rkdgrmkm}`n}1

Dgjsfhnodk nlrkkm }g mrni} n sgfhdx nom tgjk srgdkm{rkt |`hd` |g{fm kot{rk }`n}

Bnrdfnxt T{bjh}}krt |krk og} n|nrk gi }`k ihrjt gykrnff kpsgt{rk }g FHBGR/ Ni}kr

dgothmkrhol }`k htt{k i{r}`kr& Dgjsfhnodk dgodf{mkm }`krk |nt og rhte gi }`k

T{bjh}}krt bkdgjhol n|nrk gi }`k ihrjt gykrnff kpsgt{rk }g FHBGR/ Dgjsfhnodk

dgothmkrkm n} }`n} }hjk |`k}`kr nox hoigrjn}hgo bnrrhkrt bk}|kko Bnrdfnxt

T{bjh}}krt nom nox g}`kr nrkn gi }`k bnoe |krk rk~{hrkm/

Dgjsfhnodk dgodf{mkm }`n} og t{d` hoigrjn}hgo bnrrhkrt |krk okdkttnrx& kyko

}`g{l` }`krk |nt n sg}ko}hnf dgoifhd} gi ho}krkt} bk}|kko Bnrdfnxt T{bjh}}krt nom h}t

Mkrhyn}hykt ]rnmkrt/ @g|kykr& Dgjsfhnodk mhm og} ~{krx }`k rkikrkodk }g mkrhyn}hykt

dgo}rnd}t ho Jnonlkr Kt kjnhf go >2 Tks}kjbkr 2332& Snrn >9;

9; Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& Snrn >9;

99 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& Snrnt >99>9


26/126


ykrx hjsgr}no}/ Hi h} ht |kne gr hlogrkm ho }`k srnd}hdkt gi } k bnoe } n} ht rkifkd}hyk gi n

sggr d{f}{rk |`hd` mgkt og} }nek tkrhg{tfx kog{l` nbhmhol bx }`k r{fkt kttko}hnf }g

srgskr i{od}hgohol gi }`k bnoe nom }`k |hmkr ihonodhnf txt}kj/ ]`k tkrhg{t inhfholt gi

}`k dgjsfhnodk i{od}hgo m{rhol }`k skrhgm {omkr kpnjhon}hgo t{llkt} }`krk |nt }`ht

ehom gi d{f}{rk n} Bnrdfnxt/

48/M{rhol }`ht skrhgm gi kp}rkjkfx |kne dgjsfhnodk n} Bnrdfnxt& h} |nt ogok}`kfkttt{bakd} }g kp}kothyk rkl{fn}grx gykrthl`} bx }`k ITN/ Mktsh}k }`k o{jkrg{t NRRG\

yhth}t }`n} |krk dgom{d}km bx }`k ITN m{rhol } ht skrhgm& |k `nyk tkko og kyhmkodk }`n}

}`ht |kneoktt ho dgjsfhnodk kfnbgrn}km ho }`k Ihonf Og}hdk |nt hmko}hihkm bx }`k ITN ho

n }hjkfx jnookr& t}hff fktt& mknf} |h}`/ ]`k ITN j{t} rksgr} }g }`ht Dgjjh}}kk go `g| h}

|hff nf}kr h}t t{skryhtgrx kiigr}t }g dg{o}kr t{d` |kne dgjsfhnodk ho i{}{rk/


27/126


4 Jnohs{fn}hgo m{rhol }`k ihonodhnf drhthtBndelrg{om

=3/Ho 233& nmns}km irgj }`k Jnrd` 2338 ]{rokr Rkyhk|& `hl`fhl`}t }`k ekx htt{kt indkm bx

bnoet m{rhol }`ht skrhgm/

]nbfk >1 T}nlkt gi }`k Drhtht1 2339*2338

2339 T{jjkr 233;

>9>90


29/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt 2;

Jkmhn nom ndnmkjhd dgodkro nbg{} FHBGR tk}}hol

==/Bnrdfnxt dgo}ho{hol jnohs{fn}hgo gi h}t g|o FHBGR tk}}hol }gge sfndk nlnhot} nbndelrg{om gi jkmhn dgodkro nbg{} }`k FHBGR tk}}hol srgdktt m{rhol }`k drhtht/ Go 2;

Tks}kjbkr 233


30/126


]`k nr}hdfk og}km }`g{l` }`n} ]`k Ag{ronft nonfxtht mgkto} srgyk }`n} bnoet nrk fxhol gr

jnohs{fn}hol Fhbgr/

@g|kykr& }`k BHT snskr sfnxkm mg|o }`k sgtthbhfh}x }`n} }`krk |nt ihphol gi }`k FHBGR

t{bjhtthgot n} |gre1

Ho }`k [T mgffnr jnrek}& }`k |hmkohol gi Thbgr nom @/>; tsrknmt gykr Fhbgr ht

dgotht}ko} |h}` thlonffhol bx Fhbgr dgo}rhb{}gr bnoet/ @g|kykr& jnox gi }`k bnoet

go }`k [T mgffnr Fhbgr snokf nrk nftg go }`k k{rg Fhbgr snokf& nom }`krk nrk og thlot

}`n} thlonffhol mht}gr}km }`k fn}}kr ihphol/02

Jkno|`hfk& n |grehol snskr ko}h}fkm FHBGR Jnohs{fn}hgo7 irgj N{l{t} 2330& nom

rkikrkodhol }`k \nff T}rkk} Ag{ronf nr}hdfkt& og}km }`n}1

Bnoe igr Ho}kron}hgonf Tk}}fkjko}t& Ho}krbnoe rn}k ihpholt m{rhol }`k rkdko} }{rjghf & Andgb Lxo}kfbkrl nom S`hfhs\ggfmrhmlk & Jnrd` 2330 BHT ^{nr}krfx Rkyhk| &s 9;

02 Bnoe igr Ho}kron}hgonf Tk}}fkjko}t& Ho}krbnoe rn}k ihpholt m{rhol }`k rkdko} }{rjghf & Andgb Lxo}kfbkrl nom S`hfhs\ggfmrhmlk & Jnrd` 2330 BHT ^{nr}krfx Rkyhk| &s


31/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt 23/2>48'ttro/>23>408

0= @D (23>2*>4 ;4;& ^ >>2


32/126


\k mhmo} tkk h}/ H }`hoe }`krk |krk g}`kr t}{mhkt& hodf{mhol gok bx }`k BHT& nf}`g{l` H

}`hoe H nj n|nrk gi }`ht ni}kr }`k ind}& }`n} mhmo} dgodf{mk }`n} h} |nt n srgbfkj/

Jnxbk |k |krk a{t} }gg igd{tkm go }`k ihonodhnf drhtht/0;

]`k T}krfhol Jgokx Jnrek}t Fhnhtgo Lrg{s

=0/Go >; Ogykjbkr 233>nj/

0; ^ =93

09 Bnoe gi Kolfnom& BNOE GI KOLFNOM T]KRFHOL JGOKX JNREK]T FHNHTGO LRG[S& ]`{rtmnx >; Ogykjbkr 2332/2

0< ^ =44


33/126


]`k BBN srgyhthgot lg go1 ]`krkigrk& t{bjhtthgot nrk bntkm {sgo }`k fg|kt}

skrdkhykm rn}k n} |`hd h} dg{fm lg ho}g }`k Fgomgo ho}krbnoe jnrek} nom gb}nho

i{omhol ho rkntgonbfk jnrek} thqk& igr n lhyko jn}{rh}x nom d{rrkodx/ BBN FHBGR ht

og} okdkttnrhfx bntkm go nd}{nf }rnotnd}hgot ////

Bknrhol ho jhom }`k mkihoh}hgo gi FHBGR nom }`k hffh~{hm& ygfn}hfk nom tgjk}hjkt

mxti{od}hgonf dgomh}hgot lkokrnffx srkynhfhol ho }`k jgokx jnrek}t ni}kr N{l{t}

233>/33 nj/ nom }`k rn}k n} |`hd` h} dg{fm bgrrg| n} g}`kr }hjkt gi }`k mnx& gr h}t

nykrnlk bgrrg|hol dgt}t gykr }`k dg{rtk gi }`k mnx5

(hhh Bnoet ko}krkm ho}g ik|kr& jgrk tsgrnmhd nom go nykrnlk tjnffkr ho}krbnoe

}rnotnd}hgot& snr}hd{fnrfx n} fgolkr jn}{rh}hkt/ ]`kx }`krkigrk `nm }g rkfx jgrk go

a{mlkjko} ho igrj{fn}hol }`khr FHBGR t{bjhtthgot }`no srk*drhtht& nom jnrek}

dgomh}hgot jnmk }`k kpkrdhtk gi }`n} a{mlkjko} hodrkntholfx mhiihd{f}5

(hy ]`krk |nt fktt }rnotsnrkodx gi }`k ho}krbnoe jnrek}& ho nff fhekfh`ggm bkdn{tk gi

rkm{dkm nd}hyh}x n} fgolkr jn}{rh}hkt nom jgrk bhfn}krnf nt gssgtkm }g brgekrkm}rnotnd}hgot/00

]`k Lgykrogr gi }`k Bnoe gi Kolfnom nftg kjs`nthtkm }`n}1

Hi xg{ lg bnde }g }`k jgokx jnrek}t fhnhtgo lrg{s jkk}hol& }`k rkl{fn}gr nom }`k

BBN |krk srktko} n} }`k jkk}hol/ ]`k jho{}kt |krk s{bfht`km go }`k |kbth}k/ Og

ag{ronfht} ho}krsrk}km }`gtk rkjnret nt& Lgt & |k `nyk n tjgehol l{o gi

|rgolmghol/ ]`k rkl{fn}gr mhm og} fgge n} h} nom tnx& ]`ht ht |rgolmghol/ ]`krk

|nt kogrjg{t dgodkro n} }`k }hjk nbg{} |`n} }`k t{bjhtthgot gi FHBGR nd}{nffx

jkno} ho dhrd{jt}nodkt |`ko }`k jnrek} |nt mxti{od}hgonf& nom homkkm H mhtd{ttkmh} |h}` }`ht ykrx Dgjjh}}kk/08

Igffg|hol g{r `knrhol& Fgrm ]{rokr |rg}k }g }`k D`nhrjno gi }`k ]rknt{rx Dgjjh}}kk&

nom og}km }`k srkfhjhonrx ihomholt gi }`k ITN }`n}1

Ho rkfn}hgo }g nox hoigrjn}hgo |`hd` ifg|km }g {t irgj }`k Bnoe gi Kolfnom& |k nrk

n|nrk }`n} n jkjbkr gi g{r t}nii n}}komkm }`k Bnoe,t T}krfhol Jgokx Jnrek}t

Fhnhtgo Lrg{s go Ogykjbkr >;}`2339 A{fx 23>2

08 @D (23>223>4 ;4;& ^ ;


34/126


rksgr} gi }`n} jkk}hol dhrd{fn}km |h}`ho }`k ITN |`hd` jhl`} `nyk rnhtkm dgodkrot&

b{} |k nrk og} d{rrko}fx n|nrk }`n} }`n} ht }`k dntk/83

]`k [T n{}`grh}hkt

;3/Go >4 A{fx 23>2& }`k Ikmkrnf Rktkryk Bnoe gi Ok| Xgre rkfkntkm dgshkt gi }rnotdrhs}tgi dnfft h}t nonfxt}t `nm `nm |h}` Bnrdfnxt t}nii& nt snr} gi n rkfkntk }g Dgolrktt/8> Gok gi

}`gtk }rnotdrhs}t& gi n dnff bk}|kko n Bnrdfnxt t}nii jkjbkr& nom Inbhgfn Rnynqqgfg (IR& no

nonfxt} ho }`k jnrek}t lrg{s gi }`k Ikmkrnf Rktkryk Bnoe gi Ok| Xgre go >> Nsrhf 2330

dgo}nhokm n tkkjhol nmjhtthgo gi mht`gokt}x n} Bnrdfnxt1

U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 \k |krk s{}}hol ho |`krk |k rknffx }`g{l`} |k

|g{fm bk nbfk }g bgrrg| dnt` ho }`k ho}krbnoe jnrek} nom h} |nt

IR1 Jj jj/U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 Nbgyk |`krk kykrxgok kftk |nt s{bfht`hol rn}kt/

IR1 Jj jj/

U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 Nom }`k okp} }`hol |k eok|& }`krk |nt {j& no

nr}hdfk ho }`k Ihonodhnf ]hjkt& d`nr}hol g{r FHBGR dgo}rhb{}hgot nom dgjsnrhol h}

|h}` g}`kr bnoet nom hoikrrhol }`n} }`ht jkno} }`n} |k `nm n srgbfkj rnhthol dnt` ho

}`k ho}krbnoe jnrek}/

IR1 Xkn`/

U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 Nom {j& g{r t`nrk srhdk |ko} mg|o/

IR1 Xkt/

U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 Tg h}t okykr t{ssgtkm }g bk }`k srkrgln}hyk gi n&

n jgokx jnrek} mknfkr }g niikd} }`khr dgjsnox t`nrk ynf{k/

IR1 Genx/

U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 Nom tg |k a{t} ih} ho |h}` }`k rkt} gi }`k drg|m& hi

xg{ fhek/

IR1 Genx/

U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 Tg& |k eog| }`n} |krk og} sgt}hol {j& no

`gokt} FHBGR/

IR1 Genx/

83 Fk}}kr irgj Fgrm ]{rokr }g }`k D`nhrjno gi }`k ]rknt{rx Tkfkd} Dgjjh}}kk& 2= A{fx 23>2

8> Ikmkrnf Rktkryk Bnoe gi Ok| Xgre& Ok| Xgre Ikm Rktsgomt }g Dgolrktthgonf Rk~{kt} igr Hoigrjn}hgo go Bnrdfnxt *FHBGR Jn}}kr& A{fx >4& 23>2


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Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt 4>

U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 Nom xk} nom xk} |k nrk mghol h}& bkdn{tk& {j& hi

|k mhmo} mg h}

IR1 Jj jj/

U[oeog|o Bnrdfnxt t}nii jkjbkrZ1 H} mrn|t& {j& {o|no}km n}}ko}hgo go g{rtkfykt/82

]`k rkfkntk bx }`k Ikmkrnf Rktkryk Bnoe gi Ok| Xgre rkdgrmkm }`n} Hjjkmhn}kfx

igffg|hol }`ht dnff Uog}km nbgykZ& }`k nonfxt} og}hihkm tkohgr jnonlkjko} ho }`k Jnrek}t

Lrg{s }`n} n dgo}nd} n} Bnrdfnxt `nm t}n}km }`n} {omkrrksgr}hol gi FHBGR |nt srkynfko} ho

}`k jnrek}& nom `nm gdd{rrkm n} Bnrdfnxt/84 Bk}|kko }`k =; Jnx 2330& }`k Lgykrogr gi

}`k Bnoe gi Kolfnom nom ]hjg}`x Lkh}`okr& n} }`k }hjk Srkthmko} gi }`k Ikmkrnf Rktkryk

Bnoe gi Ok| Xgre& `nm n dgoykrtn}hgo n} Bntkf nbg{} }`k gskrn}hgo gi FHBGR/ 8= Igffg|hol

mhtd{tthgot |h}` }`k BBN& go > A{ok 2330 ]hjg}`x Lkh}`okr tko} no kjnhf }g }`k Lgykrogr

gi }`k Bnoe gi Kolfnom/

8;

]`k kjnhf dgo}nhokm n jkjgrnom{j ko}h}fkmRkdgjjkomn}hgot igr Ko`nodhol }`k Drkmhbhfh}x gi FHBGR/89 ]`k jkjgrnom{j

dgo}nhokm }`k igffg|hol rkdgjjkomn}hgot1

>/ T}rkol}`ko lgykronodk nom kt}nbfht` n drkmhbfk rksgr}hol srgdkm{rk

]g hjsrgyk }`k ho}klrh}x nom }rnotsnrkodx gi }`k rn}k*tk}}hol srgdktt& |krkdgjjkom }`k BBN |gre |h}` FHBGR snokf bnoet }g kt}nbfht` nom s{bfht` bkt}srnd}hdkt igr dnfd{fn}hol nom rksgr}hol rn}kt& hodf{mhol srgdkm{rkt mkthlokm }gsrkyko} nddhmko}nf gr mkfhbkrn}k jhtrksgr}hol/ ]`k BBN dg{fm rk~{hrk }`n} nrksgr}hol bnoet ho}kronf nom kp}kronf n{mh}grt dgoihrj nm`krkodk }g }`ktk bkt}

srnd}hdkt nom n}}kt} }g }`k ndd{rndx gi bnoet FHBGR rn}kt/

]g i{r}`kr ko`nodk skrdks}hgot gi }`k BBN nt no gbakd}hyk ho}krjkmhnrx ho }`k rn}k*

tk}}hol srgdktt& |k rkdgjjkom lrkn}kr }rnotsnrkodx |h}` rktskd} }g }`k ihonodhnf

rkfn}hgot`hst bk}|kko }`k BBN nom }`k snokf bnoet& nom nrg{om }`k BBN,t ihonodhnf

ho}krkt}t ho FHBGR/

U///Z

9/ Kfhjhon}k hodko}hyk }g jhtrksgr}

Hi }`k dgjbhon}hgo gi bkt} srnd}hdkt nom n{mh} rkdgjjkomn}hgot ho (> nbgyk tkkjt{ofhekfx }g bk t{iihdhko}fx kiikd}hyk ho kot{rhol ndd{rn}k rksgr}hol& n dgjsfhjko}nrx

nssrgnd` jhl`} bk }g nmgs} }`k igffg|hol srgdktt igr dgffkd}hol& dnfd{fn}hol& nom

82 Ikmkrnf Rktkryk Bnoe gi Ok| Xgre& Ok| Xgre Ikm Rktsgomt }g Dgolrktthgonf Rk~{kt} igr Hoigrjn}hgo go Bnrdfnxt *FHBGR Jn}}kr& A{fx >4& 23>2


8= Bnoe gi Kolfnom& ]hjkfhok gi Bnoe'Ikmkrnf Rktkryk'BBN dgjj{ohdn}hgot nbg{} BBN Fhbgr Rkyhk| ho 2330& 23 A{fx23>2

8; Ikmkrnf Rktkryk Bnoe gi Ok| Xgre& Ok| Xgre Ikm Rktsgomt }g Dgolrktthgonf Rk~{kt} igr Hoigrjn}hgo go Bnrdfnxt *FHBGR Jn}}kr& A{fx >4& 23>2



36/126


s{bfht`hol FHBGR rn}kt/ ]`k BBN dg{fm dgffkd} ~{g}kt irgj nff jkjbkrt gi }`k

kpsnomkm snokf& nom }`ko rnomgjfx tkfkd} n t{btk} gi >9 bnoet irgj |`hd` }`k

}rhjjkm jkno |g{fm bk dnfd{fn}km/ ]`k onjkt nom ~{g}kt igr }`k 0 bnoet |`gtk

rn}kt nrk nykrnlkm }g dnfd{fn}k }`k FHBGR ihphol |g{fm bk s{bfht`km/ ]`k bnoet

|`gtk rksgr}t inff nbgyk gr bkfg| }`k jhmrnolk |g{fm og} bk s{bfhdfx hmko}hihkm& ogr

|g{fm }`k fkykf gi }`khr g{}fxhol rn}kt/ ]`ht rnomgj tnjsfhol irgj no kpsnomkm

snokf |g{fm fkttko }`k fhekfh`ggm }`n} }`k jnrek} |g{fm mrn| n okln}hyk hoikrkodk

rklnrmhol n snr}hd{fnr bnoe,t dgo}ho{km nbtkodk irgj }`k fht} gi s{bfht`km ~{g}kt/88 Jnx& `ht mks{}x&

Bhff M{mfkx& }kfks`gokm Sn{f ]{dekr nom tnhm }`n} ]hj Lkh}`okr |no}km tgjk nmyhdk

go ikkmhol yhk|t }g }`k BBN& |`g nrk rktsgothbfk igr FHBGR/ T`g{fm `k |rh}k }g }`kBBN& dgshkm }g jk7 Gr t`g{fm k |rh}k }g jk& dgshkm }g }`k BBN7 \`n}kykr/

H tko} n jkttnlk bnde }`rg{l` Sn{f tnxhol& \rh}k }g jk/ \k |hff fgge n} xg{r fk}}kr&

nom hi |k nlrkk |h}` h}& |k |hff komgrtk h} nom tkom h} go }g }`k BBN/ Tg |k tgfhdh}km

}`n} k*jnhf& |`hd` nrrhykm fn}k gok kykohol |`ko H |nt ho Irnoei{r}/ H tko} n jkttnlk

bnde tnxhol }`n} t}nii t`g{fm lhyk n yhk| go h}/ H lg} }`n} }`k okp} kykohol |`ko H |nt

bnde irgj Irnoei{r}& nom }`k okp} mnx |k |rg}k }g }`k BBN& igr|nrmhol }`k k*jnhf

jkjg irgj }`k Ok| Xgre Ikm& tnxhol }`n} |k |no}km }`kj }g }nek nddg{o} gi }`ht ho

}`khr igr}`dgjhol dgot{f}n}hgo/80

;>/\k mhtd{ttkm }`ht jkjgrnom{j& nom }`k Bnoe gi Kolfnomt rktsgotk& |h}` bg}` }`kLgykrogr gi }`k Bnoe gi Kolfnom nom Sn{f ]{dekr/ \k nftg rk~{kt}km i{r}`kr hoigrjn}hgo

go nox Bnoe gi Kolfnom t}nii brhkihol nbg{} }`ht og}k/ ]`k Lgykrogr gi }`k Bnoe gi

Kolfnom t}rgolfx mkohkm }`n} }`k Bnoe `nm rkdkhykm kyhmkodk gi |rgol*mghol irgj }`k

Ikmkrnf Rktkryk Bnoe gi Ok| Xgre yhn }`k jkjgrnom{j/ @k og}km }`n}1

U///Z |k `nyk bkko }`rg{l` nff g{r rkdgrmt/ ]`krk ht og kyhmkodk gi |rgolmghol gr

rksgr}hol gi |rgolmghol }g }`k Bnoe/ ]`k jkjg irgj Jr Lkh}`okr }`n} xg{

rkikrrkm }g |nt& hi xg{ fhek& n dgot}h}{}hgo igr `g| FHBGR t`g{fm gskrn}k/ H} nfrknmx

`nm n tk} gi gskrn}hgot/ ]`ht |nt n tkfi*rksgr}hol td`kjk/ Nox tkfi*rksgr}hol td`kjk

`nt }g `nyk n srgyhthgo nbg{} mkfhbkrn}k jhtrksgr}hol/ ]`n} ht og} }`k tnjk nt tnxhol

}`n} }`kx bkfhkyk }`n} }`krk |nt mkfhbkrn}k jhtrksgr}hol/88

;2/Thodk Jr ]{dekr `nm `nm dgoykrtn}hgot |h}` }`k Ok| Xgre Ikmkrnf Rktkryk& |k~{kt}hgokm `hj nbg{} |`k}`kr }`ktk dgo}nd}t& nom }`k snskr irgj }`k Ikmkrnf Rktkryk

Bnoe gi Ok| Xgre& `nm kfhdh}km nox kyhmkodk gi |rgol*mghol/ @k t}rgolfx mkohkm }`n} h}

`nm1

8< IRBOX Jnrek}t nom Rktknrd` nom T}n}ht}hdt Lrg{st& Rkdgjjkomn}hgot igr Ko`nodhol }`k Drkmhbhfh}x gi FHBGR& Jnx24& 23>2

80 @D (23>2>4 ;4;& ^ =2

88 @D (23>2>4 ;4;& ^ ;;


37/126


Jhd`nkf Inffgo1 Jr ]{dekr& fnt} |kke |`ko |k ntekm xg{ tskdhihdnffx nbg{} FHBGR

ho}klrh}x& xg{ tnhm& \k }`g{l`} }`k {omkrfxhol jnrek}t |krk mxti{od}hgonf&

tsgrnmhdnffx hffh~{hm& j{d` fktt rkfhnbfk }`no ogrjnf& b{} |k mhm og} `nyk t{tshdhgot

gi mht`gokt}x/ Xk} }`k snskr irgj }`k Ok| Xgre Ikm rkdgjjkomt |gre |h}`

FHBGR bnoet }g kt}nbfht` srgdkm{rkt mkthlokm }g srkyko} mkfhbkrn}k jhtrksgr}hol/

]`krk ht n |`gfk tkd}hgo ho }`ht og}k go }`k okkm }g kfhjhon}k hodko}hykt }g

jhtrksgr}/ ]`kx |krk dfknrfx dgodkrokm nbg{} jhtrksgr}hol/ Mhm xg{ rknffx og} `nyk

nox t{tshdhgo gi mht`gokt}x7

Sn{f ]{dekr1 Ho jx mhtd{tthgot |h}` Bhff M{mfkx gi }`k Ok| Xgre Ikm& h} |nt og}

irnjkm ho }`n} |nx5 h} |nt irnjkm nt krgmhol dgoihmkodk nom drkmhbhfh}x& snr}hd{fnrfx

ho mgffnr FHBGR& |`hd` |nt bkhol tk} fg|kr m{rhol Fgomgo `g{rt }`no h} |nt

t{btk~{ko}fx }rnmhol ho Ok| Xgre/ \k |krk ykrx dgodkrokm nbg{} }`ht shkdk gi

lfgbnf hoirnt}r{d}{rk fgthol drkmhbhfh}x/ Nt }`k Lgykrogr tnhm& |k {rlkm }`k BBN }g

rkyhk| kykrx}`hol& snr}hd{fnrfx h}t lgykronodk& nom }g mg tg go n lfgbnf bntht/ Og& }`k

og}k mhm og} tk} gii mht`gokt}x nfnrj bkfft/

Jhd`nkf Inffgo1 ]`k skoox mhmo} mrgs }`n} }`k s`rntk mkfhbkrn}k jhtrksgr}hol

jhl`} hjsfx tgjk mklrkk gi mht`gokt}x7

Sn{f ]{dekr1 Og& h} mhmo}/

Jhd`nkf Inffgo1 \`x og}7 \`n} mhm xg{ }`hoe mkfhbkrn}k jhtrksgr}hol |nt7

Sn{f ]{dekr1 H nj og} t{rk H nmmrkttkm jx jhom }g h}/

Jhd`nkf Inffgo1 Xg{ mhmo} nmmrktt xg{r jhom }g }`k og}k irgj }`k Ok| Xgre Ikm

}`n} |k nrk mhtd{tthol7

Sn{f ]{dekr1 \k |krk ykrx igd{tkm go kot{rhol }`n} }`krk |nt n dgjsfk}kfx gsko*

komkm rkyhk| gi }`k |nx }`n} FHBGR |nt r{o nom dgot}r{d}km& nom gi tgjk }kd`ohdnf

htt{kt& nt |kff/ \k |krk fktt ho}krkt}km ho }`k }kd`ohdnf htt{kt }`no ho }`k gykrnff

lgykronodk gi }`k srgdktt/ H }`hoe }`n} |k nd}km srk}}x ihrjfx }g kot{rk }`n} }`n}

rkyhk| gdd{rrkm/ ]`k noo{nf rkyhk| }`n} }`k BBN s{bfht`km |nt go |`hd` bnoet

|g{fm bk go }`k FHBGR snokf& nom |k `nm jnmk h} dfknr }g }`k BBN }`n} }`n} rkl{fnr

rkyhk| gi }`k FHBGR snokf |g{fm og} bk kog{l`/

Jhd`nkf Inffgo1 ]`ht ht og} nbg{} drkmhbhfh}x/ Ht mkfhbkrn}k jhtrksgr}hol mht`gokt}7

Sn{f ]{dekr1 \kff& h} }{rot g{} |h}` `homthl`} }`n}& xkt& h} |nt& b{} h} mhm og} tk}

nfnrj bkfft rholhol n} }`k }hjk& H nj nirnhm/

Jhd`nkf Inffgo1 B{} g| dg{fm mkfhbkrn}k jhtrksgr}hol bk `gokt}7

Sn{f ]{dekr1 H {omkrt}nom }`k ~{kt}hgo& Jr Inffgo& b{} nff H dno tnx ht }`n} h} mhm og}

tk} nfnrj bkfft rholhol/ \k |krk ykrx dgodkrokm nbg{} }`k drkmhbhfh}x gi FHBGR nt n

shkdk gi lfgbnf hoirnt}r{d}{rk nom |k nd}km/


38/126

4= Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt

Jhd`nkf Inffgo1 B{} xg{ j{t} `nyk rknfhtkm n} }`k }hjk }`n} }`krk |krk dgothmkrnbfk

hodko}hykt igr bnoet }g {omkrrksgr} nom }g srg}kd} }`khr sgth}hgot& lhyko |`n} |nt

`nsskohol }g Bnrdfnxt/

Sn{f ]{dekr1 Nt H tnhm fnt} |kke& FHBGR tkkjkm }g jgyk ho n brgnmfx tkothbfkmhrkd}hgo& lhyko }`k t}rnhot ho }`k jnrek}/ ]`k skrhgm }`n} |k nrk mhtd{tthol og| ht

gok |`krk t}krfhol FHBGR nom }`k FHBGR tsrknm |krk rhthol/ ]`krk |krk r{jg{rt

nbg{} @BGT nom nbg{} h} nssrgnd`hol {t igr i{omt/ \k |krk ykrx j{d` igd{tkm go

t}krfhol FHBGR bkdn{tk |k nrk }`k t}krfhol fkomkr gi fnt} rktgr}/ ]`krk |nt }`ko }`ht

kjkrlhol dgodkro ho snr}hd{fnr nbg{} mgffnr FHBGR/ \k |krk ykrx dgodkrokm nbg{}

}`k fgtt gi drkmhbhfh}x& b{} |k mhm og} tkhqk go h} ho }krjt gi mht`gokt}x/>33

]`k rkfkntk gi i{r}`kr hoigrjn}hgo irgj }`k Bnoe gi Kolfnom igffg|hol g{r grnf kyhmkodk

`knrholt dgo}nhokm n Bnoe gi Kolfnom t}nii og}k tko} }g Jr ]{dekr go 22 Jnx 2330/ ]`n}

og}k dgo}nhokm }`k igffg|hol snttnlkt1

Ihphol srgdktt& skrdks}hgo srgbfkj

; ]`k Fhbgr srgbfkj nt }|g i{omnjko}nf tg{rdkt1 }`k on}{rk gi }`k ihphol srgdktt (n

t{rykx og} n }rnmkm rn}k& nom h}t }rnotigrjn}hgo irgj n jknt{rk gi Fgomgo jgokx

jnrek} dgomh}hgot }g }`k bntht gi n lfgbnf mkrhyn}hykt jnrek}/

9 ]`krk ht n fgol t}nomhol skrdks}hgo }`n} Fhbgr bx yhr}{k gi }`k jnookr ho |`hd` h}

ht tk} ht gsko }g mht}gr}hgo1 snokf bnoet `nyk og gbfhln}hgo }g }rnmk gr }g `nyk }rnmkm

n} }`k rn}kt }`n} }`kx t{bjh}& tg h} ht n} fknt} sfn{thbfk }`n} }`ktk nrk hoif{kodkm bx

dgjjkrdhnf hodko}hykt/ Ho ogrjnf }hjkt }`ktk jhl`} gofx `nyk `nm n jnrlhonf kiikd}&nom dg{fm bhnt Fhbgr mhiikrko} |nxt n} mhiikrko} }hjkt/ B{} }`ht skrdks}hgo mgkt jkno

}`n} dgoihmkodk ho Fhbgr ht irnlhfk/ Nom ho }`k kp}rkjk dgomh}hgot gi }`k fnt} khl`}

jgo}`t bnoet `nyk bkko t{bakd} }g }`k jgrk sg|kri{f hodko}hyk gi nyghmhol t}hljn

irgj bkhol tkko }g t{bjh} hl` rn}kt rkifkd}hyk gi |`n} }`kx nrk nd}{nffx snxhol/

< Hi t}hljn mgkt hoif{kodk t{bjh}}km rn}kt& h} |g{fm }kom }g bhnt Fhbgr mg|o|nrmt

nom'gr onrrg| }`k mhtskrthgo gi homhyhm{nf& t{bjhtthgot/ B{} h} ht og} dfknr |`x }`k

kiikd} |g{fm bk bhllkr ho mgffnrt& tg }`ht mgkt og} tkkj }g bk n lggm kpsfnon}hgo igr

}`k nffklkm mg|o|nrm bhnt ho - Fhbgr/

]`k rkfkntk }g }`ht Dgjjh}}kk bx }`k Bnoe gi Kolfnom hodf{mkm no kjnhf d`nho bk}|kko }`k

({oeog|o n{}`gr gi }`k og}k nbgyk& nom Jr ]{dekr/ Igffg|hol i{r}`kr ~{kt}hgot irgj Jr

]{dekr& }`k n{}`gr jnmk }`k igffg|hol dgjjko}t1

\krk tnxhol }`n} }`k ind} }`krk ht n i{tt ht n srgbfkj& bkdn{tk gi (n }`k kiikd} go

dgoihmkodk nom (b ikkmbnde irgj }`k i{tt ho}g rknf ygfn}hfh}x ho }`k ihphol (ni}kr }`k

Nsrhf >9 BBN |nrohol/ B{} h} ht sggr lgykronodk }`n} nffg|t }`krk }g bk n i{tt& kodk

lgykronodk okkmt ihphol/ \k nftg tnx }`n} }`k mhiikrkodk bk}|kko Fhbgr nom g}`kr

kjshrhdnf jknt{rkt (@>;& t|nst ht Wog}W h}tkfi kyhmkodk }`n} Fhbgr ht mht}gr}km/ (]`k

>33 @D (23>2>4 ;4; & ^~ =;;>


39/126

Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt 4;

Ikm |hff eog| }`ht * g{r nrl{jko} ht a{t} n tjnff kp}kothgo gi }`n} ho }`k ASJ shkdk/

Tg }`k kjshrhdnf kyhmkodk mgkt og} nt xk} a{t}hix rkigrjhol }`k Wmkihoh}hgoW gi

Fhbgr/>3>

Fgrm ]{rokr& ho n fk}}kr }g }`k D`nhrjno gi }`k ]rknt{rx Dgjjh}}kk ho A{fx 23>2& jnmk }`kigffg|hol dgjjko}t nbg{} dgo}nd}t bk}|kko }`k ITN nom }`k Ikmkrnf Rktkryk Bnoe gi Ok|

Xgre1

Ho nmmh}hgo h} jhl`} bk kfsi{f }g g{}fhok g{r d{rrko} t}n}k gi eog|fkmlk ho rkfn}hgo }g

nox hoigrjn}hgo }`n} snttkm irgj }`k Ikmkrnf Rktkryk }g }`k ITN/ Ho `ht }kt}hjgox }g

Dgolrktt go >< A{fx 23>2& |`ko rkikrrhol }g n dgoykrtn}hgo bk}|kko n Bnrdfnxt

kjsfgxkk nom n Ikmkrnf Rktkryk kjsfgxkk go >> Nsrhf 2330& D`nhrjno Bkronoek

t}n}km1 ]`k Ikm& ni}kr rkdkhyhol }`ht hoigrjn}hgo///hoigrjkm nff }`k rkfkyno}

n{}`grh}hkt ho }`k [E nom }`k [T/ ]`k OX Ikm nftg dgjj{ohdn}km |h}` }`k ITN nom

}`k Bnoe gi Kolfnom ho }`k [E/

\k `nyk thodk bkko ho }g{d` |h}` }`k Ikmkrnf Rktkryk }g dfnrhix |`k}`kr }`kx mhm

homkkm tkom }`ht hoigrjn}hgo }g {t/ ]`kx `nyk og| dgoihrjkm }`n} }`kx mg og} `nyk

nox kyhmkodk }g t{llkt} }`n} }`k dgjj{ohdn}hgo }gge sfndk/ Ogr mg |k d{rrko}fx

`nyk nox kyhmkodk gi t{d` dgjj{ohdn}hgo ho ITN rkdgrmt/

\k `nyk nftg ntekm }`k Ikmkrnf Rktkryk }g fk} {t eog| |`k}`kr }`kx `nyk nox

kyhmkodk }g t{llkt} }`n} }`k kjnhf irgj ]hj Lkh}`okr }g Jkryxo Ehol go > t} A{ok

2330 |nt dgshkm }g }`k ITN/ ]`kx nyk dgoihrjkm }`n} }`kx nyk og homhdn}hgo }`n} h}

|nt/

H} rkjnhot gi dg{rtk sgtthbfk }`n} g{r Ho}kronf N{mh} Rkyhk| |hff t{btk~{ko}fx ihom

kpnjsfkt gi dgjj{ohdn}hgot bk}|kko }`k Ikmkrnf Rktkryk nom }`k ITN gi |`hd`

bg}` |k nom }`k Ikmkrnf Rktkryk nrk d{rrko}fx {on|nrk/>32

]`k Brh}ht` Bnoekrt Nttgdhn}hgo rkyhk|

;4/J{d` gi }`k dgo}nd} bk}|kko }`k Ikmkrnf Rktkryk Bnoe gi Ok| Xgre nom }`k Bnoe giKolfnom dko}rkm go }`k jkjgrnom{j mktdrhbkm nbgyk& nom }`ko }`k Brh}ht` Bnoekrt

Nttgdhn}hgo (BBN rkyhk| gi FHBGR tk}}hol/ ]`ht rkyhk| srgyhmkm no gssgr}{oh}x igr }`k

BBN& nom }`k n{}`grh}hkt& }g rkigrj }`k FHBGR tk}}hol srgdktt/ ]`k hoigrjn}hgo rkdkhykmbx }`k ]rknt{rx Dgjjh}}kk ni}kr g{r grnf kyhmkodk `knrholt |h}` }`k Bnoe gi Kolfnom

srgyhmkt no hothl`} ho}g `g| }`k n{}`grh}hkt nd}km go }`khr dgodkrot gykr FHBGR tk}}hol/

]`k Brh}ht` Bnoekrt Nttgdhn}hgo `nt nftg srgyhmkm }`k Dgjjh}}kk |h}` nmmh}hgonf

hoigrjn}hgo/ ]`k Bnoe gi Kolfnomt dgrrktsgomkodk dgo}nhot }`k igffg|hol t`gr} }hjkfhok

gi h}t kiigr}t& nfgolthmk }`gtk gi }`k Ikmkrnf Rktkryk Bnoe gi Ok| Xgre (IRBOX1

>3> Bnoe gi Kolfnom& Ok|t Rkfkntk& I{r}`kr hoigrjn}hgo nom dgrrktsgomkodk ho rkfn}hgo }g }`k BBN Fhbgr Rkyhk| ho2330& 23 A{fx 23>2

>32 Fk}}kr irgj Fgrm ]{rokr }g }`k D`nhrjno gi }`k ]rknt{rx Tkfkd} Dgjjh}}kk& 2= A{fx 23>2


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Irgj Jnx 2330& }`k Bnoe gi Kolfnom kodg{rnlkt }`k BBN }g dgom{d} nlfgbnf rkyhk| gi Fhbgr nom bnoet }g kolnlk |h}` }`k rkyhk| n} n t{iihdhko}fx

tkohgr fkykf/ H} nftg bklhot }g mhtd{tt }`ktk htt{kt |h}` }`k IRBOX/

]`k Bnoe dgothmkrt }`k sgho}t ho }`k Lkh}`okr jkjgrnom{j nom kot{rkt}`n} }`gtk sgho}t nrk }neko go bx }`k BBN/

]`k Bnoe nom }`k Ikmkrnf Rktkryk |gre dfgtkfx }glk}`kr bk`hom }`k tdkokt }ghoif{kodk }`k dgot{f}n}hgo snskr htt{km bx }`k BBN go >3 A{ok 2330/

]`k Bnoe nftg dgo}ho{kt }g |gre go hoif{kodhol }`k g{}dgjkt ni}kr }`kdgot{f}n}hgo snskr ht s{bfht`km {o}hf }`k BBN s{bfht`kt h}t ihonf rksgr} go >0

Mkdkjbkr 2330/>34

;=/]`k nmmh}hgonf kyhmkodk irgj }`k Bnoe gi Kolfnom srgyhmkm n shd}{rk gi no hot}h}{}hgo}`n} }gge n ekko ho}krkt} ho |`n} }`k BBN rkyhk| jhl`} nd`hkyk/ No knrfx BBN

noog{odkjko} go 43 Jnx 2330 |nt jk} bx }`k igffg|hol dgjjko} irgj }`k Lgykrogr }g

Bnoe t}nii1 ]`ht tkkjt |`gffx honmk~{n}k/ \`n} t`g{fm |k mg7>3= Ni}kr }`k Bnoe `nm

snttkm go Jr Lkh}`okrt jkjgrnom{j }g }`k BBN& }`k Bnoe kolnlkm |h}` }`k BBN go

ynrhg{t mrni}t gi } k BBN dgot{f}n}hgo mgd{jko}t/

;;/Nt }`k dgot{f}n}hgo dgo}ho{km& nog}`kr dgodkro mkykfgskm n} }`k n{}`grh}hkt/ ]`kx|krk ekko }g kot{rk }`n} }`kx mhm og} nssknr }g komgrtk }`k BBNt srgsgtnft nom nssknrkm

}g |ht` }g jnho}nho }`khr mht}nodk/ Igr kpnjsfk& go ; A{ok 2330& no kjnhf irgj Jhd`nkf

Drgtt n} }`k Bnoe gi Kolfnom }g Nfkp Jkrrhjno n} }`k BBN dgo}nhokm }`k igffg|hol

dgjjko}1

Go }`k Bnoet onjk& |k `nyk n dfknr fhok }`n} h} t`g{fm og} bk {tkm/ H {omkrt}nom }`n}

}`k ITN nom }`k Ikmkrnf Rktkryk `nyk }`k tnjk sgth}hgo/ Okh}`kr dno |k nddks}

rkfkyno} dko}rnf bnoet///k}d/ ]`n} |hff gbyhg{tfx bk }neko nt hjsfxhol g{r

komgrtkjko} gi }`k srgsgtnft xg{ jnek/ @kodk g{r t{llkt}hgo }`n} xg{ rkikr }g nff

ho}krkt}km snr}hkt& nt |k nom H nj t{rk }`k inr |hmkr dgjj{oh}x |h}` no ho}krkt} ho

Fhbgr |g{fm gi dg{rtk bk nssx }g mhtd{tt xg{r hmknt go }`k bntht gi }`ht snskr/>3;

N snskr go FHBGR bx Jhd`nkf Drgtt go 29 A{ok 2330 og}km }`n}1

\k mg og} }`hoe }`n} dko}rnf bnoet t`g{fm bk igrjnffx hoygfykm ho }`k FHBGR snokft

nom srgdkttkt& b{} |k mg }`hoe |k t`g{fm jnho}nho n |n}d`hol brhki/ \k eog| }`k

Ikmkrnf Rktkryk nom }`k T|htt On}hgonf Bnoe |ht`& fhek {t& }g kolnlk |h}` }`k BBN

go h}t rkyhk|/>39

>34 Bnoe gi Kolfnom& Ok|t Rkfkntk& I{r}`kr hoigrjn}hgo nom dgrrktsgomkodk ho rkfn}hgo }g }`k BBN Fhbgr Rkyhk| ho2330& 23 A{fx 23>2

>3= Bnoe gi Kolfnom& Ok|t Rkfkntk& I{r}`kr hoigrjn}hgo nom dgrrktsgomkodk ho rkfn}hgo }g }`k BBN Fhbgr Rkyhk| ho2330& 23 A{fx 23>2

>3; Bnoe gi Kolfnom& Ok|t Rkfkntk& I{r}`kr hoigrjn}hgo nom dgrrktsgomkodk ho rkfn}hgo }g }`k BBN Fhbgr Rkyhk| ho2330& 23 A{fx 23>2



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Ihphol FHBGR1 tgjk srkfhjhonrx ihomholt 43< @k nftg tnhm }`g{l` }`n} `k |g{fm fhek Jr ]{dekr }g jkk} |h}` Nolkfn Eohl`} }g

hjsrktt go `kr }`k okkm igr lrkn}kr kokrlx ho U}`kZ BBNt rktsgotk nom }g jnek dfknr }`n}

U}`k BnoeZ |g{fm og} t}nom ho }`k |nx gi nf}kron}hyk jnrek} hoh}hn}hykt }g srgyhmk

nf}kron}hykt }g FHBGR/>30 N fk}}kr irgj }`k Bnoe }g }`k ]rknt{rx Dgjjh}}kk& tko} go 24

A{fx 23>2& t{jjnrhtkm }`k sgth}hgo nt igffg|t1

\h}` rklnrm }g }`k Bnoet hoygfykjko} ho }`k |gre {omkr}neko bx }`k BBN ho 2330

go }`k tdr{}hox nom lgykronodk gi }`k Fhbgr ihphol srgdktt& }`k Bnoet srkikrrkm

nssrgnd` |nt (nom ht igr }`krk }g bk n lrnm{nf jgyk n|nx irgj txt}kjt bntkm go

tkfi*rksgr}hol/ Nom }`k Bnoe& `nyhol og rkl{fn}grx n{}`grh}x& |nt og} srksnrkm }g

fkom h}t hjsrhjn}{r }g n txt}kj }`n} h} |nt og} nbfk }g dgo}rgf gr koigrdk/ Nt dno bk

tkko irgj }`ht og}k nom }`k snskrt mhtdfgtkm go Irhmnx& }`k BBN mhm |no} }g {tk }`k

Bnoet onjk }g bgft}kr dgoihmkodk ho Fhbgr/>38

\`ko ntekm |`k}`kr `k }`g{l`} }`n} }`k BBN `nm mgok n lggm agb& }`k Lgykrogr gi }`k

Bnoe gi Kolfnom }gfm {t }`n} H }`hoe }`kx `nm }g bk o{mlkm }g lk} ho}g }`k rhl`} mhrkd}hgo&

b{}& godk }`kx `nm bkko o{mlkm ho Jnx 2330& }`kx mhm |gre ykrx `nrm }g jnek n t{ddktt gi

}`k dgot{f}n}hgo/>>3

;9/Ho n fk}}kr }g }`k D`nhrjno gi }`k ]rknt{rx Dgjjh}}kk igffg|hol g{r kyhmkodk`knrholt& Fgrm ]{rokr g{}fhokm }`k ITN t}niit eog|fkmlk n} }`k }hjk gi }`k BBN rkyhk|1

\k `nyk hmko}hihkm& `g|kykr& }`n} tgjk gi g{r Jnrek}t Mhyhthgo t}nii jgt} mhrkd}fx

hoygfykm ho hos{}}hol }g }`k BBN FHBGR Rkyhk| m{rhol Jnx'A{ok 2330 |krk

t{iihdhko}fx n|nrk gi jnrek} dgodkrot gi sgtthbfk mhykrlkodk bk}|kko tgjk FHBGR

t{bjhtthgot nom }`k nd}{nf dgt} gi nynhfnbfk i{omhol }`n} }`kx hmko}hihkm }`ht nt n

dr{dhnf htt{k |`hd` okkmkm }g bk nmmrkttkm bx }`k Rkyhk|/ ]`krk ht igr hot}nodk& ho

}`k mgd{jko}t rkfkntkm fnt} |kke bx }`k Bnoe gi Kolfnom& no kjnhf irgj gok gi g{r

t}nii }g }`k BBN og}hol }`n} }`k BBN t`g{fm kpnjhok }`k Tdr{}hox gi T{bjhtthgot

thodk }`k rn}kt t{bjh}}km j{t} rksrktko} }`k fkykft }`k snokffht}t nd}{nffx dno i{om/

]`ht sgho} |nt nftg jnmk bx }`k rkfkyno} t}nii ho n jkjg }g }`k ITNt }`ko Jnonlhol

Mhrkd}gr& \`gfktnfk& |`hd` mktdrhbkm }`k ekx sgho}t |k |krk hos{}}hol }g }`k FHBGR

rkyhk|/>>>

;3< Bnoe gi Kolfnom& Ok|t Rkfkntk& I{r}`kr hoigrjn}hgo nom dgrrktsgomkodk ho rkfn}hgo }g }`k BBN Fhbgr Rkyhk| ho2330& 23 A{fx 23>2


>38 Fk}}kr irgj }`k nttht}no} srhyn}k tkdrk}nrx }g }`k Lgykrogr gi }`k Bnoe gi Kolfnom }g } k Dfkre gi }`k ]rknt{rx

Dgjjh}}kk& 24 A{fx 23>2

>>3 @D (23>2>4 ;4; & ^ 83

>>> Fk}}kr irgj Fgrm ]{rokr }g }`k D`nhrjno gi }`k ]rknt{rx Tkfkd} Dgjjh}}kk& 2= A{fx 23>2


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okdkttnrx }g kpsfgrk |`k}`kr n }rnmk nttgdhn}hgo |nt bkt} sfndkm }g dgo}ho{k }g srgyhmk

|`n} rksrktko}km n ekx shkdk gi jnrek} hoirnt}r{d}{rk/>>2

Bnrdfnxt dgo}nd} |h}` }`k rkl{fn}grt

;0/\k `nyk tkko nfrknmx }`n} }`k Ok| Xgre Ikmkrnf Rktkryk Bnoe rkdkhykm mhrkd}dgoihrjn}hgo irgj n Bnrdfnxt tg{rdk }`n} jnohs{fn}hgo gi h}t t{bjhtthgot |nt gdd{rrhol/

Bnrdfnxt mhtd{tthgot |h}` [E rkl{fn}grt nssknr }g `nyk bkko fktt dfknr/ ]`k ITNt ihonf

og}hdk dgodf{mkm }`n}1

Bnrdfnxt mhm rnhtk dgodkrot kp}kronffx nbg{} }`k FHBGR t{bjhtthgot gi g}`kr bnoet

(|`hd` Bnrdfnxt skrdkhykm }g bk {omkrt}n}km nom go gddnthgo rkikrrkm }g h}t g|o

nssrgnd` }g t{bjh}}hol FHBGR/ @g|kykr& }`ktk dgjjko}t mhm og} i{ffx kpsfnho

Bnrdfnxt nssrgnd` nom |krk hodgotht}ko}/>>4

Bnrdfnxt srgyhmkm }`ht Dgjjh}}kk |h}` n }hjkfhok gi dgo}nd}t |h}` }`k ITN& }`k BBN& }`k

Bnoe gi Kolfnom nom }`k [T Ikmkrnf Rktkryk/>>= Fgrm ]{rokr mkikomkm }`k ITNt rktsgotk

}g }`ktk dgo}nd}t nt igffg|t1

\kff& nt H tnhm knrfhkr& Bnrdfnxt `nm ykrx {tki{ffx hmko}hihkm }`k >4 hot}nodkt bk}|kko

Tks}kjbkr 3< nom Gd}gbkr 2330& |`krk }`kx ikkf }`n} ho tgjk |nx }`kx dgo}nd}km

}`k rkl{fn}gr}`k ITN/ ]`k }`rkk gi }`gtk |`hd` ho }`k a{mljko} gi koigrdkjko}

nom& tg inr& ho jx a{mljko}& fggehol n} }`k ihfk& |krk }`k dfknrkt} gr dfgtkt} }g bkhol

dfknrkt} ho t{llkt}hol }`n} tgjk}`hol |nt lghol go nrk mktdrhbkm ho }`k UITNtZ ihonf

og}hdk/ ]`kx nrk mktdrhbkm ho snrnlrns`t >20 }g >43& >4> nom >4>tgjkbgmx tnhm& \krk

bkhol dfkno ho srhodhsfk& b{} |krk og} bkhol dfkno dfkno/ ]`k ~{kt}hgo ht |`x mhmo}

tgjkbgmx s{} {s n rkm ifnl7 \kff& }`k not|kr ht }`ht gdd{rt nt n dgjjko} njgol fg}t

gi dgjjko}t ho n fnrlk dgoykrtn}hgo nbg{} fh~{hmh}x dgomh}hgot ho }`k jnrek}sfndk/ H}

gdd{rt n} n rkfn}hykfx a{ohgr fkykf& nom n} }`n} fkykf tgjkbgmx mgkt og} tnx& ]`ht ht nrkm ifnl }`n} H t`g{fm s{} {s }`k jnonlkjko} d`nho/

Tg |h}`ho }`k ITN n} }`n} }hjk& H dno ihom og kyhmkodk }`n} }`krk |krk dgodkrot og}km

n} n tkohgr jnonlkjko} fkykf gr& igr hot}nodk& mhtd{ttkm n} }`k KpDg fkykf/ Og|& ho n

skrikd} |grfm& xkt& }`gtk |g{fm `nyk bkko tsg}}km/ B{} H rk}{ro }g }`k ind} }`n} }`krk

|nt thjsfx n jhomtk} }`n} hi }`krk |krk srgbfkjt `krk& h} |nt igr }`k BBN }g tgfyk

}`kj/ Og|& jnxbk }`n} ht n snr} gi }`k |nx }`k |grfm }`ko |nt}`k ntt{js}hgot

>>2 Bnoe gi Kolfnom& BNOE ' BBN JKK]HOL& 2; Nsrhf 2330

>>4 Ihonodhnf Tkryhdkt N{}`grh}x& Ihonf Og}hdk& 2< A{ok 23>2& snrn >=;

>>= Bnrdfnxt& T{ssfkjko}nrx hoigrjn}hgo rklnrmhol Bnrdfnxt tk}}fkjko} |h}` }`k N{}`grh}hkt ho rktskd} gi }`khrhoykt}hln}hgot ho}g }`k t{bjhtthgo gi ynrhg{t ho}krbnoe giikrkm rn}kt (Njkomkm& 4 A{fx 23>2


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skgsfk }`ko `nmb{} }`n} |nt }`k ntt{js}hgo }`n} skgsfk |krk jnehol n} }`n}

}hjk/>>;

Fgrm ]{rokr `nt hoigrjkm {t }`n} }`k Ho}kronf N{mh} Mksnr}jko} gi }`k ITN ht og|

{omkr}nehol n rkyhk| gi `g| }`k ITN mknf} |h}` }`k dgo}nd}t nbg{} FHBGR/&

fixing libor_ some preliminary findings - vol i

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