╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡

╨Ю╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П

╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨║╨╡ ╨╕ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╤О ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨┐╤А╨╛╨┤╤Г╨║╤В╨╛╨▓ ╨╕ ╤Г╤Б╨╗╤Г╨│ ╨┤╨╗╤П ╤Г╨┤╨╛╨▓╨╗╨╡╤В╨▓╨╛╤А╨╡╨╜╨╕╤П ╤Б╨╗╨╛╨╢╨╜╤Л╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╨╡╨╣. ╨Ю╨▒╤Л╤З╨╜╨╛ ╨╡╨│╨╛ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╤О╤В ╨║╤А╤Г╨┐╨╜╤Л╨╡ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╝ ╨╜╨╡╨╛╨▒╤Е╨╛╨┤╨╕╨╝╨╛ ╤А╨╡╤И╨╕╤В╤М ╤Б╨╗╨╛╨╢╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╜╨╡ ╨╝╨╛╨╢╨╡╤В ╤Г╨┤╨╛╨▓╨╗╨╡╤В╨▓╨╛╤А╨╕╤В╤М ╤Б╤Г╤Й╨╡╤Б╤В╨▓╤Г╤О╤Й╨╕╨╣ ╨╜╨░╨▒╨╛╤А ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨╛╨▓.

╨Ю╨╜ ╨╛╤Е╨▓╨░╤В╤Л╨▓╨░╨╡╤В ╤И╨╕╤А╨╛╨║╨╕╨╣ ╤Б╨┐╨╡╨║╤В╤А ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╨┐╤А╨╛╨┤╤Г╨║╤В╨╛╨▓. ╨н╤В╨╛╤В ╨╝╨╡╤В╨╛╨┤ ╤Б╨╛╨╖╨┤╨░╨╡╤В ╨╕╨╜╨┤╨╕╨▓╨╕╨┤╤Г╨░╨╗╤М╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л ╨┤╨╗╤П ╤Г╨┤╨╛╨▓╨╗╨╡╤В╨▓╨╛╤А╨╡╨╜╨╕╤П ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╨╣ ╨║╨╗╨╕╨╡╨╜╤В╨░, ╨▓╨║╨╗╤О╤З╨░╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡, ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╤М, ╨┐╨╡╤А╨╡╨┤╨░╤З╤Г ╤А╨╕╤Б╨║╨░. ╨Я╨╡╤А╨╡╨┤╨░╤З╨░ ╤А╨╕╤Б╨║╨░. ╨Я╨╡╤А╨╡╨┤╨░╤З╨░ ╤А╨╕╤Б╨║╨░ тАФ ╤Н╤В╨╛ ╨╝╨╡╤Е╨░╨╜╨╕╨╖╨╝ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╤П ╤А╨╕╤Б╨║╨╛╨╝, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨┐╨╡╤А╨╡╨┤╨░╤З╤Г ╨▒╤Г╨┤╤Г╤Й╨╕╤Е ╤А╨╕╤Б╨║╨╛╨▓ ╨╛╤В ╨╛╨┤╨╜╨╛╨│╨╛ ╤З╨╡╨╗╨╛╨▓╨╡╨║╨░ ╨║ ╨┤╤А╤Г╨│╨╛╨╝╤Г. ╨Ю╨┤╨╜╨╕╨╝ ╨╕╨╖ ╨╜╨░╨╕╨▒╨╛╨╗╨╡╨╡ ╤А╨░╤Б╨┐╤А╨╛╤Б╤В╤А╨░╨╜╨╡╨╜╨╜╤Л╤Е ╨┐╤А╨╕╨╝╨╡╤А╨╛╨▓ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╤П ╤А╨╕╤Б╨║╨░╨╝╨╕ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╨┐╨╛╨║╤Г╨┐╨║╨░ ╤Б╤В╤А╨░╤Е╨╛╨▓╨║╨╕, ╨║╨╛╤В╨╛╤А╨░╤П ╨┐╨╡╤А╨╡╨┤╨░╨╡╤В ╤А╨╕╤Б╨║ ╨╛╤В╨┤╨╡╨╗╤М╨╜╨╛╨│╨╛ ╨╗╨╕╤Ж╨░ ╨╕╨╗╨╕ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╤В╤А╨╡╤В╤М╨╡╨╣ ╤Б╤В╨╛╤А╨╛╨╜╨╡ (╤Б╤В╤А╨░╤Е╨╛╨▓╨╛╨╣ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕). ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ ╨╕ ╤В. ╨┤. ╨Т╨╛╤В ╨╜╨╡╨║╨╛╤В╨╛╤А╤Л╨╡ ╨┐╤А╨╕╨╝╨╡╤А╤Л ╨┐╤А╨╛╨┤╤Г╨║╤В╨╛╨▓, ╨╛╤В╨╜╨╛╤Б╤П╤Й╨╕╤Е╤Б╤П ╨║ ╨╛╨▒╨╗╨░╤Б╤В╨╕ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П. ╨ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕ ╨ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕ ╨ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕ (ABS) тАФ ╤Н╤В╨╛ ╨╛╨▒╤Й╨╕╨╣ ╤В╨╡╤А╨╝╨╕╨╜, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╤Л╨╣ ╨┤╨╗╤П ╨╛╨▒╨╛╨╖╨╜╨░╤З╨╡╨╜╨╕╤П ╨▓╨╕╨┤╨░ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│, ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨║╨╛╤В╨╛╤А╤Л╤Е ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В╤Б╤П ╤Б╨╛╨▓╨╛╨║╤Г╨┐╨╜╨╛╤Б╤В╤М╤О ╨░╨║╤В╨╕╨▓╨╛╨▓, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╨╡ ╨║╤А╨╡╨┤╨╕╤В╤Л, ╨░╨▓╤В╨╛╨║╤А╨╡╨┤╨╕╤В╤Л ╨╕╨╗╨╕ ╨┤╨░╨╢╨╡ ╨┐╨╗╨░╤В╨╡╨╢╨╕ ╨┐╨╛ ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╝ ╨║╨░╤А╤В╨░╨╝. .╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ (ABS), ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╕╨╡ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣ (CMBS), ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨╢╨╕╨╗╨╕╤Й╨╜╨╛╨╣ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣ (RMBS), ╨╕ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░╨Ю╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░╨Ю╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ (CDO) тАФ ╤Н╤В╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╣ ╨┐╤А╨╛╨┤╤Г╨║╤В, ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╨╡╨╝╤Л╨╣ ╨▒╨░╨╜╨║╨░╨╝╨╕ ╨╕╨╜╤Б╤В╨╕╤В╤Г╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╤Л╨╝ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝. ╨в╨░╨║╨╕╨╡ ╤В╤А╨░╨╜╤И╨╕ ╨╕╨╝╨╡╤О╤В ╤Б╨╗╨╛╨╢╨╜╤Г╤О ╤Б╤В╤А╤Г╨║╤В╤Г╤А╤Г ╨╕ ╨┐╨╛╨╗╤Г╤З╨░╤О╤В ╤Б╨▓╨╛╤О ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨╛╤В ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╤Е ╨▒╨░╨╖╨╛╨▓╤Л╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╨║╤А╨╡╨┤╨╕╤В╤Л, ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╨╡ ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╤В╨░╨║╨╢╨╡ ╤Б╨╗╤Г╨╢╨░╤В ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╕╨╡╨╝ ╨▓ ╤Б╨╗╤Г╤З╨░╨╡ ╨┤╨╡╤Д╨╛╨╗╤В╨░. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡ (CDO).

╨Ю╨│╨╗╨░╨▓╨╗╨╡╨╜╨╕╨╡

• ╨Ю╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П
  • ╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨╛╨▒╤К╤П╤Б╨╜╨╕╨╗
  • ╨Я╤А╨╕╨╝╨╡╤А╤Л
  • ╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨┐╤А╨╛╤В╨╕╨▓ ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓
  • ╨з╨░╤Б╤В╨╛ ╨╖╨░╨┤╨░╨▓╨░╨╡╨╝╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л (FAQ)
  • ╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨Ъ╨╗╤О╤З╨╡╨▓╤Л╨╡ ╨▓╤Л╨▓╨╛╨┤╤Л

• ╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨┐╤А╨╡╨┤╨┐╨╛╨╗╨░╨│╨░╨╡╤В ╤А╨░╨╖╤А╨░╨▒╨╛╤В╨║╤Г ╨╕ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╤Б╨╗╨╛╨╢╨╜╤Л╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨┐╤А╨╛╨┤╤Г╨║╤В╨╛╨▓ ╨╕ ╤Г╤Б╨╗╤Г╨│ ╨┤╨╗╤П ╤Г╨┤╨╛╨▓╨╗╨╡╤В╨▓╨╛╤А╨╡╨╜╨╕╤П ╤Б╨╗╨╛╨╢╨╜╤Л╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╨╣.
• ╨Х╨│╨╛ ╨┐╨╛╤В╤А╨╡╨▒╨╕╤В╨╡╨╗╤П╨╝╨╕ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨║╤А╤Г╨┐╨╜╤Л╨╡ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕ ╤Б╨╛ ╤Б╨╗╨╛╨╢╨╜╤Л╨╝╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝╨╕ ╨┐╤А╨╛╨▒╨╗╨╡╨╝╨░╨╝╨╕ ╨╕╨╗╨╕ ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╤П╨╝╨╕, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨╕╤Й╤Г╤В ╨╕╨╜╨┤╨╕╨▓╨╕╨┤╤Г╨░╨╗╤М╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╨┐╤А╨╡╨▓╨╛╤Б╤Е╨╛╨┤╤П╤Й╨╕╨╡ ╨╛╨▒╤Л╤З╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л.
• ╨Я╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕ (ABS), ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╕╨╡ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣ (CMBS), ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨╢╨╕╨╗╨╕╤Й╨╜╨╛╨╣ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣ (RMBS), ╨╕ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ (CDO).
• ╨Ъ╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╤Л тАФ ╤Н╤В╨╛ ╨╛╤В╨┤╨╡╨╗╤М╨╜╨░╤П ╨║╨╛╨╜╤Ж╨╡╨┐╤Ж╨╕╤П. ╨Ю╨╜ ╤Д╨╛╨║╤Г╤Б╨╕╤А╤Г╨╡╤В╤Б╤П ╨╜╨░ ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╛╨╣ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╤П ╨╕ ╨╝╨░╨║╤Б╨╕╨╝╨╕╨╖╨░╤Ж╨╕╨╕ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╜╨╛╨╣ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕.

╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨╛╨▒╤К╤П╤Б╨╜╨╕╨╗

╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ тАФ ╤Н╤В╨╛ ╨╛╨▒╨╜╨╛╨▓╨╗╨╡╨╜╨╜╤Л╨╡ ╨╕ ╤Н╨║╤Б╨║╨╗╤О╨╖╨╕╨▓╨╜╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╜╤Л╨╡ ╨╕╨╖ ╨┐╤Г╨╗╨░ ╨░╨║╤В╨╕╨▓╨╛╨▓, ╤В╨░╨║╨╕╤Е ╨║╨░╨║ ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╕ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨▓╨║╨╗╤О╤З╨░╤О╤Й╨╕╨╡ ╤Б╨╗╨╛╨╢╨╜╤Л╨╡ ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╨╕, ╨╛╨▒╤Б╨╗╤Г╨╢╨╕╨▓╨░╤О╤Й╨╕╨╡ ╨▒╨╛╨╗╤М╤И╨╕╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╨╕. ╨н╤В╨╛ ╨╝╨╛╤Й╨╜╤Л╨╣ ╨▓╨░╤А╨╕╨░╨╜╤В ╨▓╨╛ ╨▓╤А╨╡╨╝╤П ╨║╤А╨╕╨╖╨╕╤Б╨░ ╨╕ ╤З╤А╨╡╨╖╨▓╤Л╤З╨░╨╣╨╜╨╛╨╣ ╤Б╨╕╤В╤Г╨░╤Ж╨╕╨╕, ╨░ ╤В╨░╨║╨╢╨╡ ╨┤╨╗╤П ╨║╤А╤Г╨┐╨╜╤Л╤Е ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╣ ╤Б╨╛ ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╤Л╨╝╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╤П╨╝╨╕. ╨н╤В╨╕ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨┤╨╛╤Б╤В╤Г╨┐╨╜╤Л, ╨║╨╛╨│╨┤╨░ ╤Б╤В╨░╨╜╨┤╨░╤А╤В╨╜╤Л╨╡ ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╜╨╡ ╨┐╨╛╨║╤А╤Л╨▓╨░╤О╤В ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╨╕ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕. ╨Т ╨┤╤А╤Г╨│╨╕╤Е ╤Б╨╗╤Г╤З╨░╤П╤Е ╤В╤А╨░╨┤╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨Ф╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨Ф╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╤О╤В ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╤А╨╛╤Б╤В╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣ ╨╕ ╨┐╨╗╨░╨╜╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨╜╨░ ╨▒╤Г╨┤╤Г╤Й╨╡╨╡ ╨╕ ╤Б╨╛╨│╨╗╨░╤И╨░╤О╤В╤Б╤П ╨┐╨╛╨│╨░╤Б╨╕╤В╤М ╨╕╤Е ╨▓ ╤Г╤Б╤В╨░╨╜╨╛╨▓╨╗╨╡╨╜╨╜╤Л╨╡ ╤Б╤А╨╛╨║╨╕. ╨Ъ ╨┤╨╛╨╗╨│╨╛╤Б╤А╨╛╤З╨╜╤Л╨╝ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨░╨╝ ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨У╨Ф╨а ╨╕╨╜╨╛╤Б╤В╤А╨░╨╜╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓. ╨Ъ╤А╨░╤В╨║╨╛╤Б╤А╨╛╤З╨╜╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╜╨░ ╨┐╨╛╨┐╨╛╨╗╨╜╨╡╨╜╨╕╨╡ ╨╛╨▒╨╛╤А╨╛╤В╨╜╨╛╨│╨╛ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨║╤А╨░╤В╨║╨╛╤Б╤А╨╛╤З╨╜╤Л╨╡ ╨║╤А╨╡╨┤╨╕╤В╤Л. ╨з╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡ ╤Г╨┤╨╛╨▓╨╗╨╡╤В╨▓╨╛╤А╤П╤О╤В ╨┐╨╛╤В╤А╨╡╨▒╨╜╨╛╤Б╤В╨╕ ╨▓ ╤Д╨╕╨╜╨░╨╜╤Б╨░╤Е. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╨╜╨╡ ╨▓╤Б╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╛╤А╤Л ╨╕╨╗╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤Г╤З╤А╨╡╨╢╨┤╨╡╨╜╨╕╤П ╨д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤Г╤З╤А╨╡╨╢╨┤╨╡╨╜╨╕╤П ╨д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤Г╤З╤А╨╡╨╢╨┤╨╡╨╜╨╕╤П ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╤В╨╡╨╝ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╤П╨╝, ╨║╨╛╤В╨╛╤А╤Л╨╡ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╤О╤В ╨▒╨╕╨╖╨╜╨╡╤Б-╤Г╤Б╨╗╤Г╨│╨╕ ╨╕ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╤Б╨▓╤П╨╖╨░╨╜╨╜╤Л╨╡ ╤Б ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝╨╕ ╨╕╨╗╨╕ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╝╨╕ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╤П╨╝╨╕, ╤Б╨▓╨╛╨╕╨╝ ╨║╨╗╨╕╨╡╨╜╤В╨░╨╝. ╨Э╨╡╨║╨╛╤В╨╛╤А╤Л╨╝╨╕ ╨╕╨╖ ╨╜╨╕╤Е ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨▒╨░╨╜╨║╨╕, NBFC, ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕, ╨▒╤А╨╛╨║╨╡╤А╤Б╨║╨╕╨╡ ╤Д╨╕╤А╨╝╤Л, ╤Б╤В╤А╨░╤Е╨╛╨▓╤Л╨╡ ╨║╨╛╨╝╨┐╨░╨╜╨╕╨╕ ╨╕ ╤В╤А╨░╤Б╤В╨╛╨▓╤Л╨╡ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╨╕. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╨╡╨╡╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╡╨╜╨╕╨╡ ╤В╨░╨║╨╕╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓, ╨╕ ╨╜╨╡ ╨▓╤Б╨╡ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕ ╨╕╨╝╨╡╤О╤В ╨┐╤А╨░╨▓╨╛.

╨н╤В╨╛ ╨╛╨▒╨╗╨╡╨│╤З╨░╨╡╤В ╨┐╨╡╤А╨╡╨┤╨░╤З╤Г ╨║╤А╨╡╨┤╨╕╤В╨╜╨╛╨│╨╛ ╤А╨╕╤Б╨║╨░. ╨Ш╨╖ ╨┐╤Г╨╗╨░ ╨▒╨╛╨╗╨╡╨╡ ╤А╨╕╤Б╨║╨╛╨▓╨░╨╜╨╜╤Л╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓ ╨╛╨╜ ╤Б╨╛╨╖╨┤╨░╨╡╤В ╨▒╨╡╨╖╨╛╨┐╨░╤Б╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л. ╨Т╨╛-╨┐╨╡╤А╨▓╤Л╤Е, ╨╛╨╜ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨▓ ╤Б╨╡╨▒╤П ╤В╨░╨║╨╕╨╡ ╨╝╨╡╤В╨╛╨┤╤Л, ╨║╨░╨║ ╨╛╨▒╤К╨╡╨┤╨╕╨╜╨╡╨╜╨╕╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╤Е ╨░╨║╤В╨╕╨▓╨╛╨▓. ╨д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л. ╨д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л тАФ ╤Н╤В╨╛ ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╤М ╨║╨╛╤В╨╛╤А╤Л╤Е ╨╛╨┐╤А╨╡╨┤╨╡╨╗╤П╨╡╤В╤Б╤П ╨┤╨╛╨│╨╛╨▓╨╛╤А╨╜╤Л╨╝ ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╨▓ ╨╛╤В╨╜╨╛╤И╨╡╨╜╨╕╨╕ ╤В╨╛╨│╨╛, ╤З╤В╨╛ ╨╛╨╜╨╕ ╨┐╤А╨╡╨┤╤Б╤В╨░╨▓╨╗╤П╤О╤В. ╨н╤В╨╛ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╨┐╨╛╤В╨╛╨╝╤Г ╤З╤В╨╛ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╤З╨╡╤Б╨║╨╕╨╡ ╤А╨╡╤Б╤Г╤А╤Б╤Л ╨╕╨╗╨╕ ╨┐╤А╨░╨▓╨╛ ╤Б╨╛╨▒╤Б╤В╨▓╨╡╨╜╨╜╨╛╤Б╤В╨╕ ╨╝╨╛╨│╤Г╤В ╨▒╤Л╤В╤М ╨┐╤А╨╡╨╛╨▒╤А╨░╨╖╨╛╨▓╨░╨╜╤Л ╨▓ ╤Ж╨╡╨╜╨╜╤Л╨╣ ╨░╨║╤В╨╕╨▓, ╤В╨░╨║╨╛╨╣ ╨║╨░╨║ ╨╜╨░╨╗╨╕╤З╨╜╤Л╨╡ ╨┤╨╡╨╜╤М╨│╨╕. ╨г╨╖╨╜╨░╨╣╤В╨╡ ╨▒╨╛╨╗╤М╤И╨╡, ╨╜╨░╨┐╤А╨╕╨╝╨╡╤А, ╨║╤А╨╡╨┤╨╕╤В╤Л. ╨▒╤Г╨┤╤Г╤Й╨╡╨╡ ╨┐╨╛╨│╨░╤И╨╡╨╜╨╕╨╡.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕ ╨╛╤В╨╜╨╛╤Б╤П╤В╤Б╤П ╨║ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╝ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨░╨╝, ╨▓╤Л╨┐╤Г╤Й╨╡╨╜╨╜╤Л╨╝ ╨┐╤А╨░╨▓╨╕╤В╨╡╨╗╤М╤Б╤В╨▓╨░╨╝╨╕ ╨╕╨╗╨╕ ╨║╨╛╤А╨┐╨╛╤А╨░╤Ж╨╕╤П╨╝╨╕ ╨┤╨╗╤П ╨┐╤А╨╕╨╛╨▒╤А╨╡╤В╨╡╨╜╨╕╤П ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨╜╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤.╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨╕ ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╨╡ ╨║╤А╨╡╨┤╨╕╤В╤Л. ╨Ч╨░╤В╨╡╨╝ ╨╛╨╜ ╨┤╨╡╨╗╨╕╤В╤Б╤П ╨╜╨░ ╨╛╤В╨┤╨╡╨╗╤М╨╜╤Л╨╡ ╨║╨╗╨░╤Б╤Б╤Л ╤А╨╕╤Б╨║╨░, ╤А╨░╤Б╤Б╤В╨░╨▓╨╗╤П╨╡╤В╤Б╤П ╨┐╨╛ ╨┐╤А╨╕╨╛╤А╨╕╤В╨╡╤В╨░╨╝ ╨╕ ╤Д╨╛╤А╨╝╨╕╤А╤Г╨╡╤В╤Б╤П ╤В╤А╨░╨╜╤И╨░╨╝╨╕ ╨┐╨╛╨┤ ╤Н╤В╨╕ ╨╖╨░╨╗╨╛╨│╨╛╨▓╤Л╨╡ ╨┐╤Г╨╗╤Л. ╨Ь╨╜╨╛╨│╨╕╨╡ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╤В╤А╨░╨╜╤И╨╕ ╨╖╨╜╨░╤З╨╕╤В╨╡╨╗╤М╨╜╨╛ ╨▒╨╡╨╖╨╛╨┐╨░╤Б╨╜╨╡╨╡, ╤З╨╡╨╝ ╤Б╤А╨╡╨┤╨╜╨╕╨╣ ╨╜╨╡╨╗╨╕╨║╨▓╨╕╨┤╨╜╤Л╨╣╨╜╨╡╨╗╨╕╨║╨▓╨╕╨┤╨╜╤Л╨╣╨Э╨╡╨╗╨╕╨║╨▓╨╕╨┤╨╜╤Л╨╣ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╨░╨║╤В╨╕╨▓╤Г, ╨║╨╛╤В╨╛╤А╤Л╨╣ ╨╜╨╡ ╨╝╨╛╨╢╨╡╤В ╨▒╤Л╤В╤М ╨║╨╛╨╜╨▓╨╡╤А╤В╨╕╤А╨╛╨▓╨░╨╜ ╨▓ ╨╜╨░╨╗╨╕╤З╨╜╤Л╨╡ ╨┤╨╡╨╜╤М╨│╨╕. ╨в╨░╨║╨╕╨╡ ╨░╨║╤В╨╕╨▓╤Л ╤В╨╡╤А╨┐╤П╤В ╤Г╨▒╤Л╤В╨╛╨║ ╨╛╤В ╨╛╤Ж╨╡╨╜╨║╨╕ ╨┐╤А╨╕ ╨┐╤А╨╛╨┤╨░╨╢╨╡ ╨▓ ╨╛╨▒╨╝╨╡╨╜ ╨╜╨░ ╨╜╨░╨╗╨╕╤З╨╜╤Л╨╡ ╨┤╨╡╨╜╤М╨│╨╕. ╨Ю╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╕, ╨░╨║╤Ж╨╕╨╕ ╨╕ ╨╜╨╡╨┤╨▓╨╕╨╢╨╕╨╝╨╛╤Б╤В╤М ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨╜╨╡╨║╨╛╤В╨╛╤А╤Л╨╝╨╕ ╨┐╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╨╜╨╡╨╗╨╕╨║╨▓╨╕╨┤╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╣. ╨Р╨║╤В╨╕╨▓╤Л ╨▓╨║╨╗╤О╤З╨░╤О╤В╤Б╤П ╨▓ ╨▒╨░╨╖╨╛╨▓╤Л╨╣ ╨┐╤Г╨╗ ╨╕╨╖-╨╖╨░ ╤Б╨╕╤Б╤В╨╡╨╝╤Л ╨┐╤А╨╕╨╛╤А╨╕╤В╨╡╤В╨╛╨▓, ╨╕╤Б╨┐╨╛╨╗╤М╨╖╤Г╨╡╨╝╨╛╨╣ ╨┐╤А╨╕ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╕╨╕ ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╨╣.

╨Ъ╨╗╤О╤З╨╡╨▓╤Л╨╝ ╨┐╤А╨╡╨╕╨╝╤Г╤Й╨╡╤Б╤В╨▓╨╛╨╝ ╤Н╤В╨╛╨│╨╛ ╤П╨▓╨╗╤П╨╡╤В╤Б╤П ╤В╨╛, ╤З╤В╨╛ ╨╛╨╜ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╨╛╨│╤А╨╛╨╝╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡, ╤З╤В╨╛╨▒╤Л ╨┐╤А╨╛╤В╨╕╨▓╨╛╤Б╤В╨╛╤П╤В╤М ╨╜╨╡╨┐╤А╨╡╨┤╨▓╨╕╨┤╨╡╨╜╨╜╤Л╨╝ ╨╛╨▒╤Б╤В╨╛╤П╤В╨╡╨╗╤М╤Б╤В╨▓╨░╨╝ ╨╕ ╨╕╤Б╨┐╨╛╨╗╤М╨╖╨╛╨▓╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╕╨╡ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╕. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨║╨╛╨│╨┤╨░ ╨║╨╛╨╝╨┐╨░╨╜╨╕╤П ╤А╨╡╤И╨░╨╡╤В ╤А╨░╤Б╤И╨╕╤А╨╕╤В╤М ╤Б╨▓╨╛╨╣ ╨▒╨╕╨╖╨╜╨╡╤Б ╨╜╨░ ╨╜╨╛╨▓╤Л╤Е ╤В╨╡╤А╤А╨╕╤В╨╛╤А╨╕╤П╤Е ╨╕╨╗╨╕ ╨╜╨░╤З╨░╤В╤М ╨╜╨╛╨▓╨╛╨╡ ╨┐╤А╨╡╨┤╨┐╤А╨╕╤П╤В╨╕╨╡, ╨╛╨╜╨░ ╤З╨░╤Б╤В╨╛ ╨╛╨▒╤А╨░╤Й╨░╨╡╤В╤Б╤П ╨╖╨░ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╝╨╕ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨░╨╝╨╕. ╨Я╨░╨║╨╡╤В ╤Б╨╗╨╛╨╢╨╜╤Л╤Е ╤В╤А╨░╨╜╨╖╨░╨║╤Ж╨╕╨╣ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╕╨▓╨░╨╡╤В ╨│╨╛╤А╨░╨╖╨┤╨╛ ╨▒╨╛╨╗╤М╤И╤Г╤О ╤Б╤Г╨╝╨╝╤Г, ╤З╨╡╨╝ ╨╜╨╡╨▒╨╛╨╗╤М╤И╨╕╨╡ ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╕ ╨▓╨░╤А╨╕╨░╨╜╤В╤Л ╨╕╨┐╨╛╤В╨╡╤З╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П. ╨Ъ╤А╨╛╨╝╨╡ ╤В╨╛╨│╨╛, ╤Н╤В╨╛ ╨╛╨▒╤К╨╡╨┤╨╕╨╜╤П╨╡╤В ╨▓╨╛╨▓╨╗╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╤Б╤В╨╛╤А╨╛╨╜╤Л, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╨║╤А╤Г╨┐╨╜╤Л╨╡ ╤Г╤З╤А╨╡╨╢╨┤╨╡╨╜╨╕╤П ╨╕ ╨║╤А╤Г╨┐╨╜╤Л╨╡ ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╕╨╡ ╨▒╨░╨╜╨║╨╕. ╨Ъ╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╕╨╡ ╨▒╨░╨╜╨║╨╕ ╨Ъ╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╕╨╣ ╨▒╨░╨╜╨║ ╨╛╤В╨╜╨╛╤Б╨╕╤В╤Б╤П ╨║ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨╛╨╝╤Г ╤Г╤З╤А╨╡╨╢╨┤╨╡╨╜╨╕╤О, ╨║╨╛╤В╨╛╤А╨╛╨╡ ╨┐╤А╨╡╨┤╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╤А╨╡╤И╨╡╨╜╨╕╤П ╨┤╨╗╤П ╨╛╤В╨┤╨╡╨╗╤М╨╜╤Л╤Е ╨║╨╗╨╕╨╡╨╜╤В╨╛╨▓ ╨╕╨╗╨╕ ╨║╨╗╨╕╨╡╨╜╤В╨╛╨▓ ╨╝╨░╨╗╨╛╨│╨╛ ╨▒╨╕╨╖╨╜╨╡╤Б╨░. ╨н╤В╨╛ ╨╛╨▒╨╗╨╡╨│╤З╨░╨╡╤В ╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╕╨╡ ╨┤╨╡╨┐╨╛╨╖╨╕╤В╤Л, ╤Г╤Б╨╗╤Г╨│╨╕ ╤И╨║╨░╤Д╤З╨╕╨║╨╛╨▓, ╨║╤А╨╡╨┤╨╕╤В╤Л, ╤В╨╡╨║╤Г╤Й╨╕╨╡ ╤Б╤З╨╡╤В╨░ ╨╕ ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╤В╨░╨║╨╕╨╡ ╨║╨░╨║ ╤Б╨▒╨╡╤А╨╡╨│╨░╤В╨╡╨╗╤М╨╜╤Л╨╡ ╤Б╤З╨╡╤В╨░, ╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╕╨╡ ╨╛╨▓╨╡╤А╨┤╤А╨░╤Д╤В╤Л ╨╕ ╨┤╨╡╨┐╨╛╨╖╨╕╤В╨╜╤Л╨╡ ╤Б╨╡╤А╤В╨╕╤Д╨╕╨║╨░╤В╤Л. ╨Я╨╛╨┤╤А╨╛╨▒╨╜╨╡╨╡, ╨▓╨╝╨╡╤Б╤В╨╡; ╨║╨╛╨╗╨╕╤З╨╡╤Б╤В╨▓╨╛ ╤Б╤А╨╡╨┤╤Б╤В╨▓, ╨┤╨╛╤Б╤В╤Г╨┐╨╜╤Л╤Е ╨╕ ╤Ж╨╕╤А╨║╤Г╨╗╨╕╤А╤Г╤О╤Й╨╕╤Е ╨▓ ╤Н╨║╨╛╨╜╨╛╨╝╨╕╨║╨╡, ╨╛╨│╤А╨╛╨╝╨╜╨╛.

╨Я╤А╨╕╨╝╨╡╤А╤Л

CDO ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨▓╨░╨╢╨╜╤Л╨╝ ╨┐╤А╨╛╨┤╤Г╨║╤В╨╛╨╝ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П, ╨╕╨╗╨╗╤О╤Б╤В╤А╨╕╤А╤Г╤О╤Й╨╕╨╝ ╤Д╨╛╤А╨╝╤Г ╤Б╨╡╨║╤М╤О╤А╨╕╤В╨╕╨╖╨░╤Ж╨╕╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╨╛╨╣ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕. ╨С╨░╨╜╨║-╨┐╨╛╤Б╤А╨╡╨┤╨╜╨╕╨║ ╨╛╨▒╤К╨╡╨┤╨╕╨╜╤П╨╡╤В ╤Б╤Б╤Г╨┤╤Л, ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╨╡ ╨║╤А╨╡╨┤╨╕╤В╤Л ╨╕ ╨┤╤А╤Г╨│╨╕╨╡ ╨░╨║╤В╨╕╨▓╤Л, ╨║╨╛╨╜╨▓╨╡╤А╤В╨╕╤А╤Г╤П ╨╕╤Е ╨▓ ╤В╨╛╤А╨│╤Г╨╡╨╝╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╤Л ╨╜╨░ ╤А╤Л╨╜╨║╨╡ ╨║╨░╨┐╨╕╤В╨░╨╗╨░ ╨╕ ╨║╨╛╤Б╨▓╨╡╨╜╨╜╨╛ ╨┐╤А╨╡╨┤╨╗╨░╨│╨░╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝. ╨в╤А╨░╨╜╤И╨╕ ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨╝╨╗╨░╨┤╤И╨╕╨╡, ╨╝╨╡╨╖╨╛╨╜╨╕╨╜╨╜╤Л╨╡ ╨╕ ╤Б╤В╨░╤А╤И╨╕╨╡ ╤В╤А╨░╨╜╤И╨╕. ╨Х╨│╨╛ ╨▓╤Л╨┐╤Г╤Б╨║ ╨┐╨╛╨╝╨╛╨│╨░╨╡╤В ╤Н╨╝╨╕╤В╨╡╨╜╤В╨░╨╝ ╨▓╤Л╨┐╨╛╨╗╨╜╤П╤В╤М ╨╝╨╜╨╛╨│╨╕╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨╖╨░╨┤╨░╤З╨╕, ╨▓╨║╨╗╤О╤З╨░╤П ╨╖╨░╨▒╨░╨╗╨░╨╜╤Б╨╛╨▓╤Г╤О ╤Б╨╡╨║╤М╤О╤А╨╕╤В╨╕╨╖╨░╤Ж╨╕╤О, ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╤П╨╝╨╕ ╨║ ╨╜╨╛╤А╨╝╨░╤В╨╕╨▓╨╜╨╛╨╝╤Г ╨║╨░╨┐╨╕╤В╨░╨╗╤Г ╨╕ ╨┤╨╛╤Б╤В╤Г╨┐ ╨║ ╨░╨╗╤М╤В╨╡╤А╨╜╨░╤В╨╕╨▓╨╜╤Л╨╝ ╨╕╤Б╤В╨╛╤З╨╜╨╕╨║╨░╨╝ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨░╨║╤В╨╕╨▓╨╛╨▓.

╨а╨░╤Б╤И╨╕╤А╨╡╨╜╨╜╤Л╨╡ ╨┤╨╛╨▓╨╡╤А╨╕╤В╨╡╨╗╤М╨╜╤Л╨╡ ╤Б╨╡╤А╤В╨╕╤Д╨╕╨║╨░╤В╤Л ╨╜╨░ ╨╛╨▒╨╛╤А╤Г╨┤╨╛╨▓╨░╨╜╨╕╨╡ (EETC) (╤Б╨┐╨╛╨╜╤Б╨╕╤А╤Г╨╡╨╝╤Л╨╡ ╨░╤А╨╡╨╜╨┤╨░╤В╨╛╤А╨░╨╝╨╕) ╨╕ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕ (ABS) (╤Б╨┐╨╛╨╜╤Б╨╕╤А╤Г╨╡╨╝╤Л╨╡ ╨░╤А╨╡╨╜╨┤╨╛╨┤╨░╤В╨╡╨╗╤П╨╝╨╕), ╤Г╨╢╨╡ ╨┤╨░╨▓╨╜╨╛ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╨┤╨╛╤Б╤В╤Г╨┐╨╜╤Л╨╝, ╤Г╨┤╨╛╨▒╨╜╤Л╨╝ ╨╕ ╤А╨░╤Б╨┐╤А╨╛╤Б╤В╤А╨░╨╜╨╡╨╜╨╜╤Л╨╝ ╤Б╨┐╨╛╤Б╨╛╨▒╨╛╨╝ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╤Б╨░╨╝╨╛╨╗╨╡╤В╨╛╨▓, ╨╛╤Б╨╛╨▒╨╡╨╜╨╜╨╛ ╤Б╤В╨░╤А╤Л╤Е ╤Б╨░╨╝╨╛╨╗╨╡╤В╨╛╨▓. ╨Я╨╛╨▓╤Л╤И╨╡╨╜╨╕╨╡ ╨║╤А╨╡╨┤╨╕╤В╨╛╤Б╨┐╨╛╤Б╨╛╨▒╨╜╨╛╤Б╤В╨╕ ╤Н╤В╨╕╤Е ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В╨╛╨▓ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П ╨┤╨╗╤П ╤Г╨╝╨╡╨╜╤М╤И╨╡╨╜╨╕╤П ╨┐╨╛╤Б╨╗╨╡╨┤╤Б╤В╨▓╨╕╨╣ ╨┤╨╡╤Д╨╛╨╗╤В╨╛╨▓ ╨╕╨╖╨▓╨╡╤Б╤В╨╜╨╛ ╨║╨░╨║ DIP ╨╕╨╗╨╕ ╨╝╨╡╤Е╨░╨╜╨╕╨╖╨╝ ╨╗╨╕╨║╨▓╨╕╨┤╨╜╨╛╤Б╤В╨╕ ╨▓ ╨╝╨╕╤А╨╡ ╤Б╨░╨╝╨╛╨╗╨╡╤В╨╛╨▓. ╨Ю╨╜ ╤А╨░╨▒╨╛╤В╨░╨╡╤В ╨░╨╜╨░╨╗╨╛╨│╨╕╤З╨╜╨╛ ╨╛╨▓╨╡╤А╨┤╤А╨░╤Д╤В╤Г, ╨┐╤А╨╡╨┤╨╛╤В╨▓╤А╨░╤Й╨░╤П ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║. ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ ╨Ф╨╡╨╜╨╡╨╢╨╜╤Л╨╣ ╨┐╨╛╤В╨╛╨║ тАФ ╤Н╤В╨╛ ╤Б╤Г╨╝╨╝╨░ ╨┤╨╡╨╜╨╡╨╢╨╜╤Л╤Е ╤Б╤А╨╡╨┤╤Б╤В╨▓ ╨╕╨╗╨╕ ╨╕╤Е ╤Н╨║╨▓╨╕╨▓╨░╨╗╨╡╨╜╤В╨░, ╤Б╨╛╨╖╨┤╨░╨╜╨╜╨░╤П ╨╕ ╨┐╨╛╤В╤А╨╡╨▒╨╗╨╡╨╜╨╜╨░╤П ╨Ъ╨╛╨╝╨┐╨░╨╜╨╕╨╡╨╣ ╨╖╨░ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╜╤Л╨╣ ╨┐╨╡╤А╨╕╨╛╨┤. ╨н╤В╨╛ ╨╛╨║╨░╨╖╤Л╨▓╨░╨╡╤В╤Б╤П ╨┐╤А╨╡╨┤╨┐╨╛╤Б╤Л╨╗╨║╨╛╨╣ ╨┤╨╗╤П ╨░╨╜╨░╨╗╨╕╨╖╨░ ╤Б╨╕╨╗╤Л ╨▒╨╕╨╖╨╜╨╡╤Б╨░, ╨┐╤А╨╕╨▒╤Л╨╗╤М╨╜╨╛╤Б╤В╨╕ ╨╕ ╨▓╨╛╨╖╨╝╨╛╨╢╨╜╨╛╤Б╤В╨╡╨╣ ╨┤╨╗╤П ╤Г╨╗╤Г╤З╤И╨╡╨╜╨╕╤П. ╤З╨╕╤В╨░╤В╤М ╨┤╨░╨╗╤М╤И╨╡ ╨┐╤А╨╛╨▒╨╗╨╡╨╝╤Л. ╨н╤В╨░ ╤Д╤Г╨╜╨║╤Ж╨╕╤П ╨┐╨╛╨╗╨╡╨╖╨╜╨░ ╨┤╨╗╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨╛╨▓ ╨▓ EETC, ABS ╨╕ ╨┤╤А╤Г╨│╨╕╤Е ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╤Е ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨░╤Е, ╨╜╨╛ ╨╛╨╜╨░ ╤В╨░╨║╨╢╨╡ ╨╝╨╛╨╢╨╡╤В ╨┤╨░╤В╤М ╨╗╨╛╨╢╨╜╤Г╤О ╨╜╨░╨┤╨╡╨╢╨┤╤Г, ╨┐╤А╨╛╤Б╤В╨╛ ╨╖╨░╨╝╨░╤Б╨║╨╕╤А╨╛╨▓╨░╨▓ ╤В╤А╨╡╤Й╨╕╨╜╤Л.

╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡ ╨┐╤А╨╛╤В╨╕╨▓ ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓

╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡╨Ъ╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╤Л╨Ю╨╜ ╨┐╤А╨╛╨╕╨╖╨▓╨╛╨┤╨╕╤В ╨╕╨╜╨┤╨╕╨▓╨╕╨┤╤Г╨░╨╗╤М╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л ╨╕ ╤Г╤Б╨╗╤Г╨│╨╕, ╤З╤В╨╛╨▒╤Л ╨┐╨╛╨╝╨╛╤З╤М ╨║╤А╤Г╨┐╨╜╤Л╨╝ ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╤П╨╝ ╤А╨╡╤И╨╕╤В╤М ╨╕╤Е ╤Б╨╗╨╛╨╢╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨┐╤А╨╛╨▒╨╗╨╡╨╝╤Л. ╨Ю╨▒╤Л╤З╨╜╨╛ ╤Н╤В╨╛ ╤В╨░╨║╨╕╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╨║╨░╨║ ╨┤╨╡╤А╨╕╨▓╨░╤В╨╕╨▓╤Л ╨╕ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕. ╨Ш╨╝╨╡╨╡╤В ╨┤╨╡╨╗╨╛ ╤Б ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╛╨╣ ╨┤╨╡╤П╤В╨╡╨╗╤М╨╜╨╛╤Б╤В╤М╤О ╨╛╤А╨│╨░╨╜╨╕╨╖╨░╤Ж╨╕╨╕. ╨д╤Г╨╜╨║╤Ж╨╕╨╕ ╨▓╨║╨╗╤О╤З╨░╤О╤В ╨▓ ╤Б╨╡╨▒╤П ╨║╨░╨┐╨╕╤В╨░╨╗╤М╨╜╤Л╨╡ ╨▓╨╗╨╛╨╢╨╡╨╜╨╕╤П, ╨║╨░╨┐╨╕╤В╨░╨╗╤М╨╜╨╛╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡, ╤А╨╡╤И╨╡╨╜╨╕╤П ╨┐╨╛ ╤Г╨┐╤А╨░╨▓╨╗╨╡╨╜╨╕╤О ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╨░╨╝╨╕ ╨╕ ╨╛╨▒╨╛╤А╨╛╤В╨╜╤Л╨╝ ╨║╨░╨┐╨╕╤В╨░╨╗╨╛╨╝. ╨Я╤А╨╕╨╝╨╡╤А╤Л: ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╛╨╣ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣ (CMBS), ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨╢╨╕╨╗╨╕╤Й╨╜╨╛╨╣ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣ (RMBS), ╨╕ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ (CDO). ╨Я╤А╨╕╨╝╨╡╤А╤Л: ╨▓╤Л╨┐╤Г╤Б╨║ ╨╛╨▒╨╗╨╕╨│╨░╤Ж╨╕╨╣, ╤Б╨╛╤Б╤В╨░╨▓╨╗╨╡╨╜╨╕╨╡ ╨▒╤О╨┤╨╢╨╡╤В╨░ ╨║╨░╨┐╨╕╤В╨░╨╗╨░, ╨┐╨╛╨╗╤Г╤З╨╡╨╜╨╕╨╡ ╨▒╨░╨╜╨║╨╛╨▓╤Б╨║╨╛╨│╨╛ ╨║╤А╨╡╨┤╨╕╤В╨░ ╨╕ ╨▓╤Л╨┐╨╛╨╗╨╜╨╡╨╜╨╕╨╡ ╨┐╤А╨╛╨│╤А╨░╨╝╨╝╤Л ╨┤╨╕╨▓╨╕╨┤╨╡╨╜╨┤╨╛╨▓. ╨б╨╛╤Б╤А╨╡╨┤╨╛╤В╨╛╤З╤М╤В╨╡╤Б╤М ╨╜╨░ ╤Г╨┤╨╛╨▓╨╗╨╡╤В╨▓╨╛╤А╨╡╨╜╨╕╨╕ ╤Г╨╜╨╕╨║╨░╨╗╤М╨╜╤Л╤Е ╨╕ ╨▓╨░╨╢╨╜╤Л╤Е ╤В╤А╨╡╨▒╨╛╨▓╨░╨╜╨╕╨╣ ╨╖╨░╨╡╨╝╤Й╨╕╨║╨░. ╨б╨╛╤Б╤А╨╡╨┤╨╛╤В╨╛╤З╤М╤В╨╡╤Б╤М ╨╜╨░ ╨╝╨░╨║╤Б╨╕╨╝╨╕╨╖╨░╤Ж╨╕╨╕ ╤Б╤В╨╛╨╕╨╝╨╛╤Б╤В╨╕ ╨░╨║╤Ж╨╕╨╛╨╜╨╡╤А╨╛╨▓.

╨з╨░╤Б╤В╨╛ ╨╖╨░╨┤╨░╨▓╨░╨╡╨╝╤Л╨╡ ╨▓╨╛╨┐╤А╨╛╤Б╤Л (FAQ)

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л?

╨Я╤А╨╕╨╝╨╡╤А╨░╨╝╨╕ ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨░╨║╤В╨╕╨▓╨░╨╝╨╕ (ABS), ╨║╨╛╨╝╨╝╨╡╤А╤З╨╡╤Б╨║╨╕╨╡ ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣ (CMBS), ╤Ж╨╡╨╜╨╜╤Л╨╡ ╨▒╤Г╨╝╨░╨│╨╕, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨╢╨╕╨╗╨╕╤Й╨╜╨╛╨╣ ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣ (RMBS), ╨╕ ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╨╡ ╨┤╨╛╨╗╨│╨╛╨▓╤Л╨╡ ╨╛╨▒╤П╨╖╨░╤В╨╡╨╗╤М╤Б╤В╨▓╨░ (CDO). ╨н╤В╨╕ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л ╤П╨▓╨╗╤П╤О╤В╤Б╤П ╤А╨╡╨╖╤Г╨╗╤М╤В╨░╤В╨╛╨╝ ╨╝╨╡╤В╨╛╨┤╨╛╨▓ ╤Б╨╡╨║╤М╤О╤А╨╕╤В╨╕╨╖╨░╤Ж╨╕╨╕, ╨╛╨▒╤К╨╡╨┤╨╕╨╜╤П╤О╤Й╨╕╤Е ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╡ ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л ╨▓╨╝╨╡╤Б╤В╨╡, ╤З╤В╨╛╨▒╤Л ╤Б╤Д╨╛╤А╨╝╨╕╤А╨╛╨▓╨░╤В╤М ╨╕╨╜╤Б╤В╤А╤Г╨╝╨╡╨╜╤В, ╨┐╤А╨╕╨╜╨╛╤Б╤П╤Й╨╕╨╣ ╨┐╤А╨╛╤Ж╨╡╨╜╤В╤Л, ╨╕ ╨┐╤А╨╡╨┤╨╗╨╛╨╢╨╕╤В╤М ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝.

╨з╤В╨╛ ╤В╨░╨║╨╛╨╡ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨░╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╨░╤П ╨╛╨┐╨╡╤А╨░╤Ж╨╕╤П?

╨Ю╨╜ ╨▓╨║╨╗╤О╤З╨░╨╡╤В ╨▓ ╤Б╨╡╨▒╤П ╤Б╨╗╨╛╨╢╨╜╤Л╨╡ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╡ ╨╛╨┐╨╡╤А╨░╤Ж╨╕╨╕, ╨┐╨╛╨╖╨▓╨╛╨╗╤П╤О╤Й╨╕╨╡ ╨┐╨╡╤А╨╡╨┤╨░╤В╤М ╨║╤А╨╡╨┤╨╕╤В╨╜╤Л╨╣ ╤А╨╕╤Б╨║ ╨╛╤В ╨┐╤А╨╛╨┤╨░╨▓╤Ж╨░ ╨║ ╨┐╨╛╨║╤Г╨┐╨░╤В╨╡╨╗╤О ╨┐╤А╨╛╨┤╤Г╨║╤В╨░. ╨Э╨░╨┐╤А╨╕╨╝╨╡╤А, ╨▓ ╤Б╨╗╤Г╤З╨░╨╡ ╤Ж╨╡╨╜╨╜╤Л╤Е ╨▒╤Г╨╝╨░╨│, ╨╛╨▒╨╡╤Б╨┐╨╡╤З╨╡╨╜╨╜╤Л╤Е ╨╕╨┐╨╛╤В╨╡╨║╨╛╨╣, ╨╕╨╖ ╨▒╨╛╨╗╤М╤И╨╛╨│╨╛ ╨┐╤Г╨╗╨░ ╨╕╨┐╨╛╤В╨╡╤З╨╜╤Л╤Е ╨║╤А╨╡╨┤╨╕╤В╨╛╨▓ ╤Д╨╛╤А╨╝╨╕╤А╤Г╨╡╤В╤Б╤П ╨╜╨╡╤Б╨║╨╛╨╗╤М╨║╨╛ ╨┐╤А╨╛╨┤╤Г╨║╤В╨╛╨▓ ╨┐╤Г╤В╨╡╨╝ ╨╕╤Е ╨║╨╗╨░╤Б╤Б╨╕╤Д╨╕╨║╨░╤Ж╨╕╨╕ ╨┐╨╛ ╤А╨░╨╖╨╜╤Л╨╝ ╨║╨╗╨░╤Б╤Б╨░╨╝ ╤А╨╕╤Б╨║╨░. ╨Ч╨░╤В╨╡╨╝ ╤Н╤В╨╕ ╨┐╨╛╨┤╨╝╨╜╨╛╨╢╨╡╤Б╤В╨▓╨░ ╨┐╤А╨╛╨┤╤Г╨║╤В╨╛╨▓ ╨┐╤А╨╛╨┤╨░╤О╤В╤Б╤П ╨╕╨╜╨▓╨╡╤Б╤В╨╛╤А╨░╨╝, ╨╕ ╨╛╨┤╨╜╨╛╨▓╤А╨╡╨╝╨╡╨╜╨╜╨╛ ╨┐╤А╨╛╨╕╤Б╤Е╨╛╨┤╨╕╤В ╨┐╨╡╤А╨╡╨┤╨░╤З╨░ ╤А╨╕╤Б╨║╨░.

╨Ъ╨░╨║╨░╤П ╨╖╨░╤А╨┐╨╗╨░╤В╨░ ╤Г ╨░╨╜╨░╨╗╨╕╤В╨╕╨║╨░ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П?

╨Ю╨┤╨╜╨░ ╨╕╨╖ ╨┐╨╛╨┐╤Г╨╗╤П╤А╨╜╤Л╤Е ╨▓╨░╨║╨░╨╜╤Б╨╕╨╣ ╨▓ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨░╤Е тАФ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║. ╨д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╣ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║ ╨╛╨▒╤Л╤З╨╜╨╛ ╨╖╨░╨╜╨╕╨╝╨░╨╡╤В╤Б╤П ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝ ╨╝╨╛╨┤╨╡╨╗╨╕╤А╨╛╨▓╨░╨╜╨╕╨╡╨╝ ╨┤╨╗╤П ╨▓╨╜╨╡╨┤╤А╨╡╨╜╨╕╤П ╤Г╨╜╨╕╨║╨░╨╗╤М╨╜╤Л╤Е ╨╕╨╜╨▓╨╡╤Б╤В╨╕╤Ж╨╕╨╛╨╜╨╜╤Л╤Е ╤Б╤В╤А╤Г╨║╤В╤Г╤А ╨╕ ╨┐╤А╨╡╨┤╨┐╨╛╨╗╨░╨│╨░╨╡╤В ╤Б╨╛╤В╤А╤Г╨┤╨╜╨╕╤З╨╡╤Б╤В╨▓╨╛ ╤Б ╤А╨░╨╖╨╗╨╕╤З╨╜╤Л╨╝╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓╤Л╨╝╨╕ ╤Г╤З╤А╨╡╨╢╨┤╨╡╨╜╨╕╤П╨╝╨╕. ╨б╨╛╨│╨╗╨░╤Б╨╜╨╛ ╨╛╤В╤З╨╡╤В╤Г Glassdoor.com ╨╛╤В 24 ╨░╨┐╤А╨╡╨╗╤П 2022 ╨│╨╛╨┤╨░, ╤Б╤А╨╡╨┤╨╜╤П╤П ╨╜╨░╤Ж╨╕╨╛╨╜╨░╨╗╤М╨╜╨░╤П ╨╖╨░╤А╨┐╨╗╨░╤В╨░ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║╨░ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╤Е ╤Д╨╕╨╜╨░╨╜╤Б╨╛╨▓ ╤Б╨╛╤Б╤В╨░╨▓╨╗╤П╨╡╤В 77 343 ╨┤╨╛╨╗╨╗╨░╤А╨░ ╨▓ ╨│╨╛╨┤ ╨▓ ╨б╨и╨Р.

╨а╨╡╨║╨╛╨╝╨╡╨╜╨┤╤Г╨╡╨╝╤Л╨╡ ╤Б╤В╨░╤В╤М╨╕

╨н╤В╨╛ ╨▒╤Л╨╗╨╛ ╨а╤Г╨║╨╛╨▓╨╛╨┤╤Б╤В╨▓╨╛ ╨┐╨╛ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨╝╤Г ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤О. ╨Ь╤Л ╨╛╨▒╤К╤П╤Б╨╜╤П╨╡╨╝ ╨╡╨│╨╛ ╨╛╨┐╤А╨╡╨┤╨╡╨╗╨╡╨╜╨╕╨╡, ╨┐╤А╨╛╨┤╤Г╨║╤В╤Л, ╨┐╤А╨╕╨╝╨╡╤А╤Л ╨┐╨╛ ╤Б╤А╨░╨▓╨╜╨╡╨╜╨╕╤О ╤Б ╨║╨╛╤А╨┐╨╛╤А╨░╤В╨╕╨▓╨╜╤Л╨╝╨╕ ╤Д╨╕╨╜╨░╨╜╤Б╨░╨╝╨╕, ╨╖╨░╤А╨┐╨╗╨░╤В╨╛╨╣ ╨░╨╜╨░╨╗╨╕╤В╨╕╨║╨░ ╤Б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╨╛╨│╨╛ ╤Д╨╕╨╜╨░╨╜╤Б╨╕╤А╨╛╨▓╨░╨╜╨╕╤П. ╨Т╤Л ╤В╨░╨║╨╢╨╡ ╨╝╨╛╨╢╨╡╤В╨╡ ╨╛╨╖╨╜╨░╨║╨╛╨╝╨╕╤В╤М╤Б╤П ╤Б╨╛ ╤Б╨╗╨╡╨┤╤Г╤О╤Й╨╕╨╝╨╕ ╤Б╤В╨░╤В╤М╤П╨╝╨╕, ╤З╤В╨╛╨▒╤Л ╤Г╨╖╨╜╨░╤В╤М ╨▒╨╛╨╗╤М╤И╨╡.

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• ╨б╤В╤А╤Г╨║╤В╤Г╤А╨╕╤А╨╛╨▓╨░╨╜╨╜╤Л╨╡ ╨╖╨░╨╝╨╡╤В╨║╨╕
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