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Index [] · 2009. 2. 9. · א א א א א א א א -10- 14 l l w א kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk w א א
e v U W U q W a Y · .א ،אאאא :אאא ¹ ºZ6 Y& א e6C א K6BEA< K 6? One Obligor Concept...
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Ƒż ŖŧƋœƀƃŒ : ŖŧŒťƗŒ ũƄŞƆ ũƒőŧ ŦœřŪƕŒ ťƒŪƃŒ ťŶŕƍ ŗŕƒű ŗƒšř ţـــƒŧœřŕ ŖťـƀŶƈƆƃŒ ƊřـŪƄŞŕ ťـƆřŵŒ ťſ ƐŧŮƆƃŒ ƐŨƂŧƆƃŒ ƁƈŕƃŒ ŖŧŒťō ũƄŞƆ Ƈ ﺃƑƃō ŧƒŬ ﺃƇ ﺃťƍ ﺃÏÑ ƍƒœƆ ÏÍÍÒ ƆƃŒ ƇƒƍƂřƍ ŇƚƆŶƄƃ ŗƒƈœƆřőƙŒ ŖŧŒťŞƃŒ ƅƒƒƀř ũـŪŋŕ žƄŶřř ƑřƃŒ ŗƀżŒŧƆƃŒ ťŵŒƍƀƃŒ ŘœŮŮŤ ƅœـŵ ƐŧـŮƆƃŒ ƐŨـƂŧƆƃŒ ƁƈŕƃŒ Ƈŵ ŖŧťœŮƃŒ ŘœŮŮŤƆƃŒ ƇƒƍƂřƍ ¾ƍŮƕŒ ŻƒƈŮř ũـŪƕ Ĺ ƚƒťŕ ťŶř ƑřƃŒ ÎÖÖÎ ƅſŧ ƐŧƍťƃŒ ﺏœřƂƄƃ œƀżƍ ÐÏÎ Í ƅƒـƒƀřƃ ŗƒƄŤŒťƃŒ œƌƆŲƈ ŗŶŞŒŧƆŕ ƁƍƈŕƃŒ ƅŒŨřƃŒ ŖŧƍŧŰŕ ƐŧŮƆƃŒ ƐŨƂŧƆƃŒ ƁƈŕƃŒ ŖŧŒťō ũƄŞƆ ƊŞƍ ťſƍ Œ ŠƈƆ ťƈŵ ŇƚƆŶƄƃ ŗƒƈœƆřőƙŒ ŖŧŒťŞƃŒ ƉŦـƌƃ Ĺ œـƀżƍ ŘœŮŮŤƆƃŒ ƇƒƍƂř ťƈŵ ŒŦƂƍ ƉťƒťŞř ƍ ﺃƊřťœƒŨ ƍ ﺃƇœƆřőƙ ƇـƆ ¾Ƃƃ ŘœŮŮŤƆƃŒ ƇƒƍƂřƍ ŗƒƈœƆřőƙŒ ŖŧŒťŞƃŒ ƅƒƒƀř ũŪﺃƍ ŗƒƈœƆřőƙŒ ŧűœŤƆƃŒ ŖŧŒťō ŘƄƆŬ ƑřƃŒ ũـŪƕŒ ůƍŧـƀƃŒ Ƒـƃō ŗżœŰō ƑŮŤŬƃŒ ƇœƂŪƘƃ ŗƒŧœƀŶƃŒ ůƍŧƀƃŒƍ ŗƒƂƚƌřŪŒ ůŒŧŹƕ ůƍŧƀƃŒƍ ŘœŪŪŌƆƃŒ ƃ ŖŧƒźŮƃŒ ŗƒťœŮřſƙŒ ŗűŬƈƖ Í ŒŧœـŕřŵŒ ŗƒƍƈŪƃŒ ƍ ﺃŗƒƍƈŪƃŒ Ŵŕŧ ƁƍƈŕƄƃ ŗƒƃœƆƃŒ ƅőŒƍƀƃŒ ƏƄŵ ŘœŮŮŤƆƃŒ ƇƒƍƂř ťŵŒƍſ ƎŧŪř Śƒšŕƍ ŧŕƆŪƒť ŧŤ ﺃƇƆ ÏÍÍÒ ũــŪƕŒ ƉŦـƋ ŘœŕƄűřƆƍ žŽřƒ œƆŕ ŗƒƄŤŒťƃŒ ƊƆŲƈ ¾ƒťŶřŕ Ɓƈŕ ¾Ƃ ƅƍƀƒ Ƈ ﺃƏƄŵ ƚـŤ ƅŲƈـƃŒ ƉŦƋ ƇƆ ŗŤŪƈŕ ƐŧŮƆƃŒ ƐŨƂŧƆƃŒ ƁƈŕƃŒ ŖœżŒƍƆƍ ﺏœـřƂƃŒ ƁـƃŦ ţƒŧœـř ƇـƆ ŧƌـŬŒ ŗـśƚś ¾ ƏƄƒ œƆŕ ũƄŞƆƃŒ ƊŞƍ œƆƂ ƐŧƍťƃŒ : ـ
Transcript of e v U W U q W a Y · .א ،אאאא :אאא ¹ ºZ6 Y& א e6C א K6BEA< K 6? One Obligor Concept...
Ǐƺ ƔƥljƑƾǁƐ:
ƔƥƐƣǕƐ ƧǂƜDŽ ƧǐƏƥ ƤƑƗƨǓƐ ƣǐƨǁƐ
ÛÛÛ ƣƴƓNj ƕƓǐƯ ƕǐƟƗ ơـــǐƥƑƗƓ ƔƣـƾƴdžDŽǁƐ LjƗـƨǂƜƓ ƣـDŽƗƳƐ ƣƽ ǎƥƬDŽǁƐ ǎƦǀƥDŽǁƐ ƿdžƓǁƐ ƔƥƐƣƋ ƧǂƜDŽ Džأ ǏǁƋ ƥǐƪأ Džأ ƣNjأ čď NjǐƑDŽ čċċĐ DŽǁƐ DžǐNjǀƗNj ƅǘDŽƴǂǁ ƕǐdžƑDŽƗƏǗƐ ƔƥƐƣƜǁƐ ǃǐǐƾƗ ƧـƨƉƓ ƼǂƴƗƗ ǏƗǁƐ ƕƾƺƐƥDŽǁƐ ƣƳƐNjƾǁƐ ƖƑƬƬƢ
ǃƑـƳ ǎƥـƬDŽǁƐ ǎƦـǀƥDŽǁƐ ƿdžƓǁƐ DžƳ ƔƥƣƑƬǁƐ ƖƑƬƬƢDŽǁƐ DžǐNjǀƗNj üNjƬǓƐ ƹǐdžƬƗ ƧـƨǓ ŷǘǐƣƓ ƣƴƗ ǏƗǁƐČĔĔČ ǃƽƥ ǎƥNjƣǁƐ بƑƗǀǂǁ ƑƾƺNj ĎčČ ċ
ǃǐـǐƾƗǁ ƕǐǂƢƐƣǁƐ ƑNJDŽưdž ƕƴƜƐƥDŽƓ ƿNjdžƓǁƐ ǃƐƦƗǁƐ ƔƥNjƥƮƓ ǎƥƬDŽǁƐ ǎƦǀƥDŽǁƐ ƿdžƓǁƐ ƔƥƐƣƋ ƧǂƜDŽ LjƜNj ƣƽNj
Ɛ ƞdžDŽ ƣdžƳ ƅǘDŽƴǂǁ ƕǐdžƑDŽƗƏǗƐ ƔƥƐƣƜǁƐ LJƤـNJǁ ŷƑـƾƺNj ƖƑƬƬƢDŽǁƐ DžǐNjǀƗ ƣdžƳ ƐƤǀNj Û LJƣǐƣƜƗ Njأ LjƗƣƑǐƦ Njأ DžƑDŽƗƏǗ DžـDŽ üǀǁ ƖƑƬƬƢDŽǁƐ DžǐNjǀƗNj ƕǐdžƑDŽƗƏǗƐ ƔƥƐƣƜǁƐ ǃǐǐƾƗ ƧƨأNj ƕǐdžƑDŽƗƏǗƐ ƥƯƑƢDŽǁƐ ƔƥƐƣƋ ƖǂDŽƪ ǏƗǁƐ ƧـƨǓƐ ƭNjƥـƾǁƐ ǏـǁƋ ƕƺƑƮƋ Û ǏƬƢƪǁƐ DžƑǀƨǖǁ ƕǐƥƑƾƴǁƐ ƭNjƥƾǁƐNj ƕǐǀǘNJƗƨƐ ƭƐƥƷǓ ƭNjƥƾǁƐNj Û ƖƑƨƨƊDŽǁƐ
ǁ ƔƥǐƸƬǁƐ ƕǐƣƑƬƗƽǗƐ ƕƯƪdžǔċ ƐƥƑـƓƗƳƐ ƕǐNjdžƨǁƐ Njأ ƕǐNjdžƨǁƐ ƲƓƥ ƿNjdžƓǂǁ ƕǐǁƑDŽǁƐ ǃƏƐNjƾǁƐ ǍǂƳ ƖƑƬƬƢDŽǁƐ DžǐNjǀƗ ƣƳƐNjƽ njƥƨƗ ƘǐƟƓNj
ƥƓDŽƨǐƣ ƥƢأ DžDŽčċċĐ Û ƧــƨǓƐ LJƤـlj ƖƑƓǂƯƗDŽNj ƼƻƗǐ ƑDŽƓ ƕǐǂƢƐƣǁƐ LjDŽưdž üǐƣƴƗƓ ƿdžƓ üǀ ǃNjƾǐ Džأ ǍǂƳ Û ǘـƢ ǃưdžـǁƐ LJƤlj DžDŽ ƕƢƨdžƓ ǎƥƬDŽǁƐ ǎƦǀƥDŽǁƐ ƿdžƓǁƐ ƔƑƺƐNjDŽNj بƑـƗǀǁƐ ƿـǁƤ ơǐƥƑـƗ DžـDŽ ƥNJـƪƐ ƕـƙǘƙ ü
Ǎǂǐ ƑDŽƓ ƧǂƜDŽǁƐ LjƜNj ƑDŽǀ Û ǎƥNjƣǁƐ:ـ
Č. ǏƺƥƬDŽǁƐ ƣNJƴDŽǁƐ üǘƢ DžDŽ ƧƨǓƐ LJƤlj ƼǐƓƯƗ ǍǂƳ ƿNjdžƓǁƑƓ DžǐǂDŽƑƴǁƐ بǐƥƣƗ ƕǐDŽljأċ č. ƅƐƣأ njƣDŽ ƞƮNjƗ ǏƗǁƐ ƖƐƥƪƊDŽǁƐ ǏǁƋ üNjƬNjǁƐNj ƕƻǂƗƢDŽǁƐ ƖƑƳƑdžƬǁƐ üNjƟ ƘNjƟƓǁƐ ƅƐƥƜƋ ƲǐƜƪƗ ƕǐDŽljأ
Ǐƺ ƦƥƓǐNj Û ƕƳƑdžƬǁƐ ƖƑƳƑdžƬǁƐ ƣƑƟƗƐ ƥNjƣ üƑƜDŽǁƐ ƐƤlj ċ Ď. ƖƑـƨƨƊDŽǂǁ ƕǐdžƑDŽƗƏǗƐ ƔƥƐƣƜǁƐ ƣǐƣƟƗ ƖƐƥƪƊDŽ DžDŽ ƥƪƊDŽ üǀƓ ƕƬƑƢǁƐ DžƐƦNjǔǁ ƿdžƓ üǀ ƲƮNj ƔƥNjƥƮ
ƑNJƓ ǎƥƬDŽǁƐ ǎƦǀƥDŽǁƐ ƿdžƓǁƐ ƔƑƺƐNjDŽNj Û ƿNjdžƓǁƑƓ DžƑDŽƗƏǗƐ üƑƜƥ ƔƥƓƢ ǍǁƋ ŷƐƣƑdžƗƨƐċ
džƓǁƐ ƵǘƓƐNj ǃƦǂǐ ƑDŽ ƤƑƢƗƐ ǏǁƋ LjǐƓdžƗǁƐNj ƕƯƑƟǕƑƓ üƮƻƗǁƐ ƅƑƜƥƓ ǃƗǐ ƑDŽƓ ǎƥƬDŽǁƐ ǎƦǀƥDŽǁƐ ƿċ
ÛÛÛ ǃƐƥƗƟǗƐ ƼƏƑƺ üNjƓƾƓ ƐNjǂƮƻƗNj ƣNjDŽƟDŽ ƦǐƦƴǁƐ ƣƓƳ ƣNjDŽƟDŽ
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א .א א .א. . א א
אא /א
.א
٩−א×א
א.
אא
.א
אא.
אא א.א
א א.א
،א
.
א.
א.
אאא.
אא א
אא
.
אא
.
אא
.
.א
א א.א
א.א
.אא א
.א .. . . . . א−١.
אא א
א × א א א א א א אא א א א א .א
١٢
١٣
א א )Obligor Risk Rate / ORR( א
א :אא – ) ( Facility Risk Rate / FRRא
א – א א א א א א א)Group Risk Rate / GRR( .
א – א א א א אאא
)Weighted Portfolio Risk Rate / WPRR ( .א−٤ א א א :א
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−א א א אא אאאא
א)( א א א א אא א ٠א
:א−٥−−−−−−−−−−−−−−−−−−−−−−−−−−
א אא )٣(אאא٤ א א א א א :א
א − א א א א א א א א א א א אא אא א(א א
א אא א)א א.א
א − א א אאא אא،א א א א א א
א ٠אא א א(א
א א א א א א א )א
١٤א א א א א א א
٠ א٪٦٥ − א א א א
א א אא א א א א אא א א א א א
א א א٠א
אא٪٥٠ − א+Fair Market Valueא אא א :א
אאאא – .א٠אא –אא – א א
٠אא – א א א א א
א .אא א אא ، א א
א א אאא אא א٠
א א :אא • א א אא
٠אא • א א א א א א
א א א א ٠אא • א ٠אאאאא٪٢٥− אא אאא א א
א אאאאאא א
אא + א א א א א ٠א
١٥א א א א אא ،א
אא אא א א ٠אא אא אא א
א א א א א א٠א
א א א א א א אא א א)א/א(א
٠אאא א א
א א ٠אא
א −٦ א א אאאאא :אא−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
אא − אאאאא א אא
אאאא א א א א א ،א א א א א א א א א א
א ٠אא − א אא א א
א אאאא א :א.אא א א אא .אא א א א א .אא אא .אא א א א .אא א א .אא א א .א
١٦ א −٧ א א :א
−−−−−−−−−−−−−−−−−−−−
א − א א א .אא − א א א א א א א א א א
א א א )אאא(אא א א א א א א א
א א ، א א א א א א אא א א .א
א − א א אא א א א
٠אא − אאאא
א א א א א אא אא א אא א
א .אא− א א א א א א
٠א− א א א א א א
א אא אא א א ٠א
א: א א אא אא א، א ــــــــــــــــــــــــــــــــــــــــــــــــــ
:א −١
−−−−−−−א א א א א א א א
א אא א א א א ،א א א ، א א א א א א א
א א א א ٠א
١٧
א א א אא אא ٠א
א א א א.א
א −٢ א :א−−−−−−−−−−−−−−−−
:א−−−−−−−−−−
א -أ א א אא א א ٠א
א -ب א א.אא
א -ج א א א א א.א
א -د ، א א א א א، א א אא א א א :א
א − א אא א א א א א א .א
אא −.אא − א א .א
א– א ، א א א א א א א אא א א אאא א
אא א א א א א א ،−:אא − א א .אא − א א א .אא − א א .אאא– א א א א א א א
١٨א :א
א − א −א א אא −א −א − א −אאא −א −א − א −א
א − א א א א א א א אא א א א א א א
א א א א א א א א א א א ٠א
א−٣ א א א א א :א
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−א א :א
א א)٢()١()٢()١(
א -أ אא− א(א א١٨٠−١٥٠١٥١−١٢٠١٢١−٩٠٩١−٦٠٦١−٣١)א٪١٠٠٪٥٠٪٤٠٪٢٠٪١٠٪٣א−
א -ب א א אא ٠א
א− א(א א(١٨٠–١٢٠١٢١−٩٠٩١−٠٣١
٪١٠٠٪٥٠٪٢٠٪٣א−א -ج א א
אא− א(א
א(٠
٪٢٠٪٣א−א א
٥٠٪א א
١٠٠٪אא
١٩א :١٨א(א (
א − א)א(א א א، ، ،٠
א − א א א אא א٠٪٣٠א
א − א א א)(א א א ٪١٠٠אא א א א א א א א א א א
א١٥)٦(א א א ٠אא − א א א א ٠א
א −٤ א א א ، א א א א א−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
א א א א א א)٤،٧(א ١٣،١٦אא ٠א
א: אאא א ٠א:א −١
−−−−−−א א א א א א
א א ، ٠אא −٢ א א
−−−−−−−−−−−−−−א א אא א א א א
:אא − א א א א
:א • א א ٠אא • א א אא א א
א ٠אא • א א א ٠א
٢٠
א − א א א א א א אא א א ٠א
א − א ٠אאא − א א א א א א א
٠אא− א א א א א א
א א א א אאא א א א א א א
א א א א א א א ٠א א −٣ א א א :א
−−−−−−−−−−−−−−−−−−−−−−−−−−−א −:א
אא
אא א−א א٪١٠٠٪٥٠٪٢٠٪٣א
٤− ، א א א א אא א
א א א א ، :א−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
א א א א א א )٤،٥،٧(א אא١٣،١٤،١٥،١٦ .א
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