Ta æugamu woproæyiæ). 1 страница

Pp.

O6cer æm›o+a+mx goroæopiæ woproæyeum yi++mx uauepiæ (›piu

›ouepyiu+mx 6a+›iæ wa i+æecwmyiu+mx ›ouua+iu) cwa+oæmæ 535,03 unpg. rp+. (60,57 % æig sarana+oro o6cery æm›o+a+mx goroæopiæ y 2008 p.) (pmc. 7.6).

600

300

2004 2005 2006 2007 2008

Po›m

Puc. 7.6.O6ceru æuıo+a+ux goroæopiæ woproæyemu yi++ux uauepiæ

ta æugamu woproæyiæ).

Mopiæ+e+o s 2007 p. y 2008 p. s6inammnaca uacw›a æm›o+a+mx goroæopiæ s yi++mum uauepaum i+æecwmyiu+mum ›ouua+ieum s 3,45% go 5,36% æig sarana+oro o6cery.

Ta›mu um+ou, a+anis giena+ocwi wopriæyiæ +a Øo+goæouy pm+›y V›paï+m cæigumwa upo a›wmæisayiD ouepayiu s yi++mu uauepaum upowerou ocwa++ix po›iæ. Oco6nmæo uouiw+mum weuuaum s6inamyDwace o6cerm 6po›epca›oï giena+ocwi wa ouepayiï, yo sgiuc+DDwace +a pm+›y yi++mx uauepiæ

›ouepyiu+mum 6a+›aum.

7.3.I+cwuwywiæ cuina+oro i+æecwyæa++e +a pu+ıy yi++ux uauepiæ

¶o i+cwuwywiæ cuina+oro i+æecwyæa++e (ICI)æig+ocewace i+æecwmyiu+i Øo+gm, yo upoæogmwa giena+icwa, uoæ'esa+y s o6'cg+a++eu (sanyue++eu)

›omwiæ i+æecwopiæ s uewoD ogepwa++e upm6yw›y æig æ›nage++e ïx y yi++i uauepm i+mmx euiwe+wiæ, ›opuopawmæ+i upaæa i +epyxouicwa.

ICI æ sanew+ocwi æig uopeg›y sgiuc+e++e uoro giena+ocwi uowe 6ywm

(pmc. 7.7):

Puc. 7.7.Bugu i+cwuwywiæ cuina+oro i+æecwyæa++e

ICI +anewmwa go æigıpuworo wmuy, e›yo æi+ (um ›ouua+ie s yupaæni++e uoro a›wmæaum) 6epe +a ce6e so6oæ'esa++e sgiuc+Dæawm æ 6yga-e›mu uac sa æmuoroD i+æecwopiæ æm›yu yi++mx uauepiæ, euiwoæa+mx ymu ICI (um ›ouua+icD s yupaæni++e uoro a›wmæaum).

ICI +anewmwa go i+wepæana+omy wmuy, e›yo æi+ (um ›ouua+ie s yupaæni++e uoro a›wmæaum) 6epe +a ce6e so6oæ'esa++e sgiuc+Dæawm sa æmuoroD i+æecwopiæ æm›yu yi++mx uauepiæ, euiwoæa+mx ymu ICI (um ›ouua+icD s yupaæni++e uoro a›wmæaum) upowerou o6yuoæne+oro æ upocue›wi euiciï wepui+y, ane +e pigme og+oro pasy +a pi›.

ICI +anewmwa go taıpuworo wmuy, e›yo æi+ (um ›ouua+ie s yupaæni++e uoro a›wmæaum) +e 6epe +a ce6e so6oæ'esa+a s umwa+a æm›yuy yi++mx uauepiæ, euiwoæa+mx ymu ICI (um ›ouua+icD s yupaæni++e uoro a›wmæaum) go uoue+wy uoro peopra+isayiï um ni›æigayiï.

Cwpoıoæuu ICI cwæopDcwace +a ueæ+mu cwpo›, æcwa+oæne+mu y pernaue+wi ICI. Micne sa›i+ue++e cwpo›y, sas+aue+mu ICI upmum+ec cæoD giena+icwa. Mogoæwe++e wepui+y giena+ocwi cwpo›oæoro ICI gosæonecwace nmme y pasi sue+me++e æapwocwi umcwmx a›wmæiæ ICI +a 20 % wa 6iname upowerou ocwa++ix 12 uiceyiæ giena+ocwi ICI. V wa›ouy pasi ICI so6oæ'esa+mu sgiuc+mwm æm›yu ænac+mx yi++mx uauepiæ y a›yio+epiæ (yuac+m›iæ), e›i ronocyæanm upowm upmu+ewwe wa›oro pime++e, a wa›ow y a›yio+epiæ (yuac+m›iæ), e›i +e 6panm yuacwi æ ronocyæa++i uo wa›ouy pime++D, wa æmuaraDwa æig ICI æm›yuy uoro yi++mx uauepiæ. Mopego› o6oæ'es›oæoro æm›yuy yi++mx uauepiæ ICI æcwa+oænDcwace KouicicD s yi++mx uauepiæ wa Øo+goæoro pm+›y. Mogoæwe++e wepui+y giena+ocwi cwpo›oæoro ICI sgiuc+Dcwace y uopeg›y, æcwa+oæne+ouy KouicicD s yi++mx uauepiæ wa Øo+goæoro pm+›y. Moæwop+e uogoæwe++e wepui+y giena+ocwi cwpo›oæoro ICI sa6opo+e+o. 3a6opo+ecwace sui+Dæawm æmg wa wmu ICI.

betcwpoıoæuu ICI cwæopDcwace +a +eæms+aue+mu cwpo›. ICI sa›pmworo wmuy uowe 6ywm nmme cwpo›oæmu.

ICI ææawacwace guæepcuøiıoæa+um, e›yo æi+ og+ouac+o æiguoæigac æmuorau, +aæege+mu +a pmc. 7.8.

¶mæepcmØi›oæa+mu ICI sa6opo+ecwace:

wpmuawm æ rpomoæmx ›omwax, +a 6a+›iæca›mx geuosmw+mx paxy+›ax, æ oyag+mx (geuosmw+mx) cepwmØi›awax wa 6a+›iæca›mx uewanax 6iname +iw 50% sarana+oï æapwocwi a›wmæiæ ICI, upm yaouy +e 6inam e› 10 % sarana+oï æapwocwi a›wmæiæ ICI æ so6oæ'esa++ex og+oro 6a+›y;

upmg6aæawm a6o gogaw›oæo i+æecwyæawm æ yi++i uauepm wa so6oæ'esa++e og+icï Dpmgmu+oï oco6m 6iname +iw 5 % sarana+oï æapwocwi a›wmæiæ ICI;

Bumoru go guæepcuøiıoæa+ux ICI

Kina›icwa yi++mx uauepiæ og+oro euiwe+wa +e uepeæmyyc 10 % sarana+oro o6cery yi++mx uauepiæ æiguoæig+oro æmuyc›y.

Cyuap+a æapwicwa yi++mx uauepiæ, yo cwa+oænewa a›wmæm ICI æ ›ina›ocwi, 6inamiu, +iw 5 % sarana+oro o6cery ïx euiciï, +a uoue+w ïx upmg6a++e +e uepeæmyyc 40 % æapwocwi umcwmx a›wmæiæ ICI.

He ue+m e› 80 % sarana+oï æapwocwi a›wmæiæ cwa+oænewa rpomoæi ›omwm, oyag+i cepwmØi›awm, o6nirayiï uigupmcucwæ wa o6nirayiï uicyeæmx uosm›, gepwaæ+i yi++i uauepm, yi++i uauepm, yo gouyye+i go wopriæ +a Øo+goæiu 6ipwi.

Puc. 7.8.Bumoru go guæepcuøiıoæa+ux ICI

upmg6aæawm a6o gogaw›oæo i+æecwyæawm y gepwaæ+i yi++i uauepm, yi++i uauepm, goxogm sa e›mum rapa+woæa+o Ka6i+ewou Mi+icwpiæ V›paï+m, 6iname

+iw 50 % sarana+oï æapwocwi a›wmæiæ ICI. Mpm yaouy sa6opo+ecwace i+æecwyæawm uo+ag 10 % sarana+oï æapwocwi a›wmæiæ ICI y yi++i uauepm og+oro æmuyc›y;

upmg6aæawm a6o gogaw›oæo i+æecwyæawm æ yi++i uauepm opra+iæ uicyeæoro cauoæpegyæa++e 6iname +iw 40 % sarana+oï æapwocwi a›wmæiæ ICI. Mpm yaouy sa6opo+ecwace i+æecwyæawm uo+ag 10 % sarana+oï æapwocwi a›wmæiæ ICI y yi++i uauepm opra+iæ uicyeæoro cauoæpegyæa++e og+oro æmuyc›y;

upmg6aæawm a6o gogaw›oæo i+æecwyæawm æ yi++i uauepm, goxogm sa e›mum rapa+woæa+o ypegaum i+oseu+mx gepwaæ, 6iname +iw 20 % sarana+oï æapwocwi

a›wmæiæ ICI;

upmg6aæawm a6o gogaw›oæo i+æecwyæawm æ a›yiï wa o6nirayiï i+oseu+mx euiwe+wiæ, e›i gouyye+i go wopriæ +a opra+isoæa+mx Øo+goæmx pm+›ax i+oseu+mx gepwaæ, 6iname +iw 20 % sarana+oï æapwocwi a›wmæiæ ICI;

upmg6aæawm a6o gogaw›oæo i+æecwyæawm æ i+mi a›wmæm, gosæone+i sa›o+ogaæcwæou V›paï+m, 6iname +iw 5 % a›wmæiæ ICI;

upmg6aæawm a6o gogaw›oæo i+æecwyæawm æ yi++i uauepm, goxogm sa e›mum rapa+woæa+o ypegou og+icï i+oseu+oï gepwaæm, 6iname +iw 10 % sarana+oï æapwocwi a›wmæiæ ICI;

upmg6aæawm a6o gogaw›oæo i+æecwyæawm æ o6'c›wm +epyxouocwi 6iname

+iw 10 % sarana+oï æapwocwi a›wmæiæ ICI;

upmg6aæawm a6o o6ui+Dæawm yi++i uauepm, euiwe+waum e›mx c uoæ'esa+i oco6m ICI, ›ouua+iï s yupaæni++e a›wmæaum a6o s6epiraua.

ICI, e›i +e uaDwa ycix os+a› gmæepcmØi›oæa+oro ICI, c

+eguæepcuøiıoæa+umu.

HegmæepcmØi›oæa+mu ICI sa›pmworo wmuy, e›mu sgiuc+Dc æm›nDu+o upmæaw+e (sa›pmwe) posuiye++e yi++mx uauepiæ ICI cepeg Dpmgmu+mx oci6 wa Øismu+mx oci6, c æe+uyp+um øo+gom. 8ismu+a oco6a uowe 6ywm yuac+m›ou æe+uyp+oro Øo+gy æm›nDu+o sa yuoæm upmg6a++e yi++mx uauepiæ wa›oro Øo+gy +a cyuy +e ue+me +iw 1500 ui+iuana+mx sapo6iw+mx unaw.

¶mæige+gm uo yi++mx uauepax ICI æig›pmworo wa i+wepæana+oro wmuy +e

+apaxoæyDwace i +e cunauyDwace.

ICI æig›pmworo wa i+wepæana+oro wmuy uowywa 6ywm wina›m gmæepcmØi›oæa+i ICI.

Kopuopawuæ+uu i+æecwuyiu+uu øo+g – ye ICI, yo cwæopDcwace y Øopui æig›pmworo a›yio+ep+oro woæapmcwæa i upoæogmwa æm+ew›oæo giena+icwa s umwa+a cuina+oro i+æecwyæa++e.

Mouaw›oæmu cwawyw+mu ›auiwan (Øo+g) ›opuopawmæ+oro i+æecwmyiu+oro Øo+gy Øopuycwace sa paxy+o› rpomoæmx ›omwiæ, gepwaæ+mx yi++mx uauepiæ, yi++mx uauepiæ i+mmx euiwe+wiæ, yo gouyye+i go wopriæ +a Øo+goæiu 6ipwi, wa

o6'c›wiæ +epyxouocwi, +eo6xig+mx gne sa6esueue++e cwawyw+oï giena+ocwi.

Posuip uouaw›oæoro cwawyw+oro ›auiwany (Øo+gy) ›opuopawmæ+oro i+æecwmyiu+oro Øo+gy +e uowe 6ywm ue+me posuipy, æcwa+oæne+oro sa›o+ogaæcwæou gne æig›pmwmx a›yio+ep+mx woæapmcwæ. 36iname++e cwawyw+oro

›auiwany (Øo+gy) ›opuopawmæ+oro i+æecwmyiu+oro Øo+gy sgiuc+Dcwace æm›nDu+o sa paxy+o› rpomoæmx ›omwiæ a›yio+epiæ, æ+ece+mx mnexou upmg6a++e +mum a›yiu.

Mauoæuu i+æecwuyiu+uu øo+g – ye i+æecwmyiu+mu Øo+g, a›wmæm e›oro

+anewawa i+æecwopau +a upaæi cuina+oï uacw›oæoï ænac+ocwi, uepe6yæaDwa æ yupaæni++i ›ouua+iï s yupaæni++e a›wmæaum i æpaxoæyDwace ocwa++aoD o›peuo æig pesynawawiæ ïï rocuogapca›oï giena+ocwi.

Mi+iuana+mu o6cer a›wmæiæ uauoæoro i+æecwmyiu+oro Øo+gy +e uowe 6ywm ue+mmu posuipy uouaw›oæoro cwawyw+oro ›auiwany (Øo+gy)

›opuopawmæ+oro i+æecwmyiu+oro Øo+gy.

Mauoæmu i+æecwmyiu+mu Øo+g +e c Dpmgmu+oD oco6oD.

200

0

Puc. 7.9.Potuogin ICI ta perio+amu y 2008p.

Cwa+ou +a 31.12.2008 p. æ V›paï+i ICI upoæogmnm cæoD giena+icwa y 11 o6nacwex V›paï+m, +au6inama ›ina›icwa ICI socepegwe+a æ u. Kmcæi -191 (pmc. 7.9).

3arana+a cyua a›wmæiæ ICI cwa+oæmwa 5,25 unpg. rp+., cyua umcwmx a›wmæiæ ICI -4,73 unpg. rp+. (wa6n. 7.4).

Ta6nuçe 7.4

Potuogin aıwuæiæ øo+giæ ICI y 2008p.

Cwa+ou +a 31.12.2008 p. æ V›paï+i KouicicD s yi++mx uauepiæ wa Øo+goæoro pm+›y sapeccwpoæa+o æmuyc›m i+æecwmyiu+mx cepwmØi›awiæ uauoæmx I+æecwmyiu+mx Øo+giæ +a sarana+y cyuy 139,14 unpg. rp+.

Mpowerou po›y sapeccwpoæa+o 350 æmuyc› i+æecwmyiu+mx cepwmØi›awiæ uauoæmx i+æecwmyiu+mx Øo+giæ +a cyuy 65,37 unpg. rp+. (pmc. 7.10).

Mopiæ+e+o s 2007 p. sapeccwpoæa+mx æmuyc›iæ i+æecwmyiu+mx cepwmØi›awiæ uauoæmx i+æecwmyiu+mx Øo+giæ s6inammæce +a 34,25 unpg. rp+. a6o y 2 pasm.

70

2004 2005 2006 2007 2008

Puc. 7.10.O6cer æuuycıiæ cepwuøiıawiæ uauoæux i+æecwuyiu+ux øo+giæ

Mpowerou 2008 p. sapeccwpoæa+o 164 æmuyc›m a›yiu ›opuopawmæ+mx i+æecwmyiu+mx Øo+giæ +a cyuy 8,89 unpg. rp+. (pmc. 7.11).

2004 2005 2006 2007 2008

Puc. 7.11.O6cer æuuycıiæ aıyiu ıopuopawuæ+ux i+æecwuyiu+ux øo+giæ

Mopiæ+e+o s 2007 p. o6cer æmuyc›iæ a›yiu ›opuopawmæ+mx i+æecwmyiu+mx Øo+giæ s6inammæce +a 3,41 unpg. rp+.

Te+ge+yie go spocwa++e o6ceriæ æmuyc›iæ yi++mx uauepiæ i+cwmwywiæ cuina+oro i+æecwyæa++e uoæ'esa+a, +acauuepeg, s wmu, yo cuocwepiracwace s6iname++e ›ina›ocwi i+cwmwywiæ cuina+oro i+æecwyæa++e, so›peua, y 2008 p. go Cgm+oro gepwaæ+oro peccwpy i+cwmwywiæ cuina+oro i+æecwyæa++e æ+ece+o 381 i+æecwmyiu+mu Øo+g, yo cwa+oæmwa 29,95% æig sarana+oï ›ina›ocwi sapeccwpoæa+mx i+æecwmyiu+mx Øo+giæ upowerou 2004-2008 pp.

7.4.¶iena+icwa ıomepyiu+ux 6a+ıiæ +a øo+goæomy pu+ıy:cæiwoæa u æiwuut+e+a upaıwuıa

Kouepyiu+mu 6a+› - +eæig’cu+mu i o6oæ’es›oæmu eneue+w 6yga-e›oï cxeum Øi+a+coæoï wpa+ca›yiï sa yuoæ ye+wpanisoæa+oro pm+›y yi++mx uauepiæ.

ba+›m e› Øi+a+coæi uocepeg+m›m a›yuynDDwa ›omwm æ›nag+m›iæ i sa6esueuyDwa cupeuyæa++e saoyagwe+mx ›auiwaniæ y i+æecwmyiï. V 6inamocwi

›paï+ +a caorog+i goxogm ›ouepyiu+mx 6a+›iæ æig ouepayiu is yi++mum uauepaum æigirpaDwa gegani 6inamy pona y Øopuyæa++i upm6yw›y. Mpowe æ pis+mx ›paï+ax pona i uicye ›ouepyiu+mx 6a+›iæ +a Øo+goæouy pm+›y pis+i. Ta›, sanew+o æig posuewyæa++e Øy+›yiu Øi+a+coæoro uocepeg+mywæa (geuosmw+o-uosm›oæoï, euiciu+oï u i+æecwmyiu+oï) uiw Øi+a+coæo-›pegmw+mum ycwa+oæaum, goæoni uiw›o æmpis+eDwa wpm uogeni: +iueya›y, a+rniuca›y u auepm›a+ca›y (pmc. 7.12).

Puc. 7.12.Tuuu 6a+ıiæcaıux cucwem cæiwy

¶ne a+rniuca›mx Øi+a+coæmx i+cwmwywiæ upmwaua++a uiw›a cueyianisayie.

¶euosmw+o-uosm›oæa u euiciu+a Øy+›yiï sa›piune+i sa 6a+›iæca›mu ce›wopou. Vcepegm+i 6a+›iæca›oro ce›wopy wew ic+yc oueæmg+e posuewyæa++e, so›peua euiciu+a Øy+›yie - ye upeporawmæa woproæmx 6a+›iæ. Xoua ïx+e giena+icwa +e syuoæne+a wog+mum sa›o+ogaæumum +opuaum, a+rniuca›i woproæi 6a+›m saæwgm sauuanmce ouepayieum, æigui++mum æig wmx, yo upoæogewa ›ouepyiu+i.

A+rniuca›mu ›ouepyiu+mu 6a+›au sa›o+ogaæuo +e sa6opo+ecwace uawm upoumcnoæi a›yiï, ywiu, æo+m gywe +eoxoue 6epywace sa wa›i ouepayiï, 6o ææawaDwa ïx gywe pmsm›oæmum. Mpm+ymum opra+isayiï 6pmwa+ca›oro pm+›y yi++mx uauepiæ +e +agaDwa ueæ+mx uepeæar ›o+›pew+mu wmuau Øi+a+coæmx i+cwmwywiæ. Vwiu, caue +e6a+›iæca›i Øi+a+coæi i+cwmwywm c upoæig+mum Øirypa+waum +a Øo+goæouy pm+›y ›paï+m, æm›o+yDum Øy+›yiD ›o+wponepa s 6o›y Øi+a+coæoro pm+›y +ag æmpo6+mumu ce›wopou e›o+oui›m. Fonoæ+mu upm+ymu æonogi++e a›yieum - Øopuyæa++e gmcuepc+oro uopwØene. Ocwa++iu uacou cuocwepiracwace we+ge+yie go gmæepcmØi›ayiï giena+ocwi ›ouepyiu+mx 6a+›iæ - æo+m uouanm upo+m›awm +a pm+›m i+æecwmyiu+mx 6a+›iæ, c›yuoæyDum a6o cwæopDDum woproæi 6a+›m.

V CHA ic+yc sa›o+ogaæue posuewyæa++e Øy+›yiu Øi+a+coæoro uocepeg+mywæa. Mig æunmæou ›pmsoæmx eæmy sa uaciæ Benm›oï geupeciï y ›paï+i æm+m›na uowpe6a saxmcwy i+wepeciæ cycuinacwæa u o›peumx i+æecwopiæ æig pmsm›iæ +a Øi+a+coæouy pm+›y. 3 ornegy +a ye 6yno yxæane+o 3a›o+ Fnacca- Cwirana (1933 p.) wa 3a›o+ upo yi++i uauepm (1933 p.). 3a›o+ Fnacca-Cwirana o6uewyæaæ yuacwa ›ouepyiu+mx 6a+›iæ æ ouepayiex is yi++mum uauepaum. 8egepana+mu 6a+›au 6yno sa6opo+e+o rapa+wyæawm posuiye++e yi++mx uauepiæ (sa æm+ew›ou so6oæ’esa+a ›as+aueucwæa CHA i gee›mx ypegoæmx so6oæ’esa+a), a wa›ow sgiuc+Dæawm ouepayiï is yi++mum uauepaum sa cæiu paxy+o›. O6uewe++e uommpDDwace u +a 6a+›m mwawiæ, e›i æxogewa go 8egepana+oï pesepæ+oï cmcweum.

¶osæin ic+yc +a o›peui æmgm æmco›o›nac+mx 6oproæmx so6oæ’esa+a, æ›nDu+o s uauepaum ›opuopayiu, upowe sa6opo+e+o rapa+wyæawm ïx

posuiye++e. Caue wouy 90 % i+æecwmyiu+oro uopwØene 6a+›iæ cwa+oænewa so6oæ’esa++e Øegepana+oro ypegy i Øegepana+mx are+yiu, yi++i uauepm mwawiæ i uy+iymuana+i o6nirayiï. ba+›au wa›ow gosæone+o æm›o+yæawm gee›i Øy+›yiï 6po›epiæ, ›yuyDum u upogaDum a›yiï wa o6nirayiï upoumcnoæmx ›ouua+iu sa paxy+o› ›nic+wiæ. Auepm›a+ca›i ›ouepyiu+i 6a+›m wa›ow sgiuc+DDwa s+au+mu o6cer wpacwoæmx uocnyr (ouepayiï s yupaæni++e uopwØeneu yi++mx uauepiæ sa gopyue++eu ›nic+wiæ), Øa›wmu+o æmcwyuaDwa ænac+m›aum æenm›mx ua›ewiæ a›yiu upoumcnoæmx Øipu.

Micne o6uewe++e giena+ocwi y+iæepcana+mx 6a+›iæ y CHA, uopeg is

›ouepyiu+mum s’eæmnmce i+æecwmyiu+i 6a+›m (Investment Banks), e›i cueyianisyDwace uepeæaw+o +a goærowepui+oæmx æ›nage++ex y Øi+a+coæi a›wmæm wa euiciu+mx ouepayiex (poni ›nacmu+mx ›ouepyiu+mx 6a+›iæ æo+m +e æm›o+yDwa).

Ocwa++iu uacou sarocwpmnmce cyuepeu+ocwi uiw ›ouepyiu+mum wa i+æecwmyiu+mum 6a+›aum. 3a cyuac+mx yuoæ isoneyie 6yga-e›mx 6a+›iæca›mx i+cwmwywiæ æig Øo+goæoro pm+›y c +egopeu+oD, yo syuoænDc +eo6xig+icwa uepernegy um++mx sa›o+ogaæumx a›wiæ.

V Hiueuum+i giDwa y+iæepcana+i 6a+›m, æ e›mx socepegwe+o æci wpm Øy+›yiï Øi+a+coæoro uocepeg+mywæa. V+iæepcana+i 6a+›m +agaDwa goærowepui+oæi ›pegmwm, æ›nagaDwa ›omwm y ænac+mu ›auiwan uigupmcucwæa, yo gac suory 6a+›au cwewmwm sa Øi+a+coæmu cwa+ou uigupmcucwæa, uoro æmpo6+muoD giena+icwD u uigæmyyc ›o+›ype+wocupouow+icwa +iueya›mx

›opuopayiu +a cæiwoæouy pm+›y. Kouepyiu+i 6a+›m uaDwa upaæo sgiuc+Dæawm æci æmgm ouepayiu is yi++mum uauepaum. Oc›ina›m æ ›paï+i +e ic+yc uocepeg+mya›mx 6po›epca›mx Øipu, yci ïx+i Øy+›yiï uepe6panm +a ce6e 6a+›m. Bo+m æmcwyuaDwa +au6inammum i+æecwopaum i ænac+m›aum i+æecwmyiu+mx rpyu, sgiuc+DDwa 6inamicwa ouepayiu is yi++mum uauepaum, æ›nDu+o is ïx posuoæcDgwe++eu.

B sarani 67 % a›yiu, yo uepe6yæaDwa y +ayio+ana+mx Øi+a+coæmx ycwa+oæax, upmuagac +a 6a+›m. He6a+›iæca›i Øi+a+coæi i+cwmwywm +e

sopic+woæa+i +a i+æecwmyiu+y Øy+›yiD (uacw›a a›yiu y ïx+ix a›wmæax cwa+oæmwa 6nmsa›o 5 %). Mpm+ymu æonogi++e a›yieum y +iueya›mx 6a+›ax - Øopuyæa++e

›o+ye+wpoæa+oro uopwØene (+auuacwime 6no›aum uo 25 % a›yiu ›auiwany

›ouua+iï unDc og+a a›yie, 6o æiguoæig+o go +iueya›oro sa›o+ogaæcwæa ye uacw›a gac upaæo æewo upm ronocyæa++i). ba+›m c ronoæ+mum yuac+m›aum wopriæ, peccwpayie yi++mx uauepiæ +a 6ipwi gosæonecwace nmme uicne cuina+oro sæep+e++e ›ouua+iï wa giDuoro 6a+›y +a 6ipwy. 8ismu+i oco6m uowywa y›nagawm yrogm nmme sa yuacwi 6a+›iæca›oro uocepeg+mywæa. V Hiueuum+i wa›ow ic+yc uepexpec+a cmcweua æonogi++e a›yieum, e›a uocmnDc æunmæ 6a+›iæ

+a upoumcnoæicwa, 6o gac ïu suory wpmuawm æenm›i 6no›m a›yiu y +eæenm›iu rpyui ›nDuoæmx ›ouua+iu. Ta›mu um+ou, y+iæepcana+i 6a+›m uocigaDwa upoæig+e uicye y rpomoæo-›pegmw+iu cmcweui Hiueuum+m.

O›piu Hiueuum+m upm+ymu y+iæepcanisuy æwine+o æ 6a+›iæca›ouy sa›o+ogaæcwæi 8pa+yiï, Hæeuyapiï wa i+mmx ›paï+ax ›o+wm+e+wana+oï Cæpoum - benariï, Iwaniï, Aæcwpiï woyo.

B V›paï+i cwæope+i oc+oæm gne peanisayiï 6a+›iæca›oï cmcweum

›o+wm+e+wana+oro wmuy, æ e›iu Øy+›yio+yDwa 6a+›m e›i c y+iæepcana+i sa cæocD cywwD i yo uaDwa upaæo +a ouepayiï s yi++mum uauepaum, wo6wo 6a+›m og+ouac+o æmcwyuaDwa i i+æecwopaum, i upoØeciu+mum yuac+m›aum pm+›y yi++mx uauepiæ.

ba+›m æ ymx ›paï+ax uaDwa cwawyc upeuoro yuac+m›a Øo+goæoro pm+›y i uownmæicwa æig›pmæawm ænac+i 6po›epca›i wa gmnepca›i uigposginm, sgiuc+Dæawm æiguoæig+e s6epira++e yi++mx uauepiæ i ›nipm+r.

3rig+o is 3a›o+ou V›paï+m «Mpo 6a+›m i 6a+›iæca›y giena+icwa» æig 7 rpyg+e 2000 p. ¼ 2121-III 6a+›m sa yuoæm owpmua++e umcauoæoro gosæony HbV uaDwa upaæo æm›o+yæawm wa›i ouepayiï is yi++mum uauepaum:

euiciD ænac+mx yi++mx uauepiæ;

opra+isayiD ›yuiæni wa upogawy yi++mx uauepiæ sa gopyue++eu ›nic+wiæ; ouepayiï +a pm+›y yi++mx uauepiæ æig cæoro iue+i (æ›nDu+o s

a+geppauwm+rou);

i+æecwyæa++e y cwawyw+i Øo+gm wa a›yiï i+mmx Dpmgmu+mx oci6;

ouepayiï sa gopyue++eu ›nic+wiæ a6o æig cæoro iue+i s i+cwpyue+waum rpomoæoro pm+›y i s Øi+a+coæmum Ø’Duepcaum wa ouyio+aum;

goæipue yupaæni++e yi++mum uauepaum sa goroæopaum s Dpmgmu+mum wa Øismu+mum oco6aum;

geuosmwap+y giena+icwa i giena+icwa is æege++e peccwpiæ ænac+m›iæ iue++mx yi++mx uauepiæ;

+aga++e ›o+cynawayiu+mx wa i+Øopuayiu+mx uocnyr yogo 6a+›iæca›mx ouepayiu.

Æ› cæiguawa cwawmcwmu+i ga+i, +au6inammum euiwe+waum ›opuopawmæ+mx o6nirayiu æ V›paï+i c ›ouepyiu+i 6a+›m (22,63 % o6nirayiu). uigepaum piu+oro peuwm+ry yuac+m›iæ wopriæ M8TC c 3AT «AKIb «V›pCm6ba+›», TOB «Kb