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6.1. MorHH 6o oprapHAa c n pTa TarnKHroTrapHHHHr
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Ba porH
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YMyMaH OJlraH)l, , cyFypTa – 6y MOJlH51 Hr aJl x,H)l, waKJlH 6yJl
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, x,aeT)l,
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Ba 6O3Op
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Hl\ O)l,HeTH)l,a MabJl M 6yJl pHcKJl HH KeJlHwHJl x,al\ 3Ba3Hra l\ 6yJl l\HJlH6 KOMneHcau,H51Jlaw)l,aH H6OpaT MOJlH51 i1 cp OJlH51 TypH x,HcO6Jl Ha)l,H. MOJlH51 6O3OpH)l, 6yH)l, i1 cp OJlH51 Hx,THcOcJl
opH)l, waXc Mal\ MHra 3ra 6yJl aH TypJl MyJlKYHJl K waKJlH)l, Ty3HJl aH cyFypTa TawKHJl TJl H (KOMnaHH51Jl ) aMaJl OwHpa)l, . yH)l,a cyFypTa KOMnaHH51Jl TH OpaT TawKHJl TJl H cHcp TH)l, MabJlyM pHcKJlapra MOi1HJl 6yJl aHJlHKJl ca6a6Jl , yJl y3JlapHra l\ Jl l\HJl aH pHcKJlapHH 6Owl\ yx,waw, Jl HH i1 Ba Hycp 3Jl , cyFypTa KOMnaHH51Jl pH ep)l,aMH)l,a l\ai1 cyFypTaJlai1)l,HJl .
CyFypTa KOMnaHH51Jl H cp OJlH51 HHHr x,Occa Ba XycycH51TJl pH 3Ba3Hra MOJlH51 6O3OpH TapKH6H)l, aJl x,H)l, cerMeHT – HHTerpaJlJl aH cyFypTa x,H3MaTJl H 6O3OpH cp JlH51 opHTa)l, Ba pHBO JlaHa)l, .
yH)l, yJl Ha cp l\ pHcKcH3Jl HH TabMHHJl HHcTHTyTJl p, 6aJl H MOJlH51 i1 pecypcJlap aKKyMyJl51 OpH Ba MOc paBHw)l, i1 pHK HHBecTHu, 51Jl MaH6aH Ba HHBecTOp x,aM cHcp )l, HaMOeH 6yJla)l,H. TabKH)l,Jlaw OH3KH, cyFypTa KOMnaHH51Jl H MOJlH51 6O3OpHHHHr cyFypTa cerMeHTH)l,a cyFypTa Onepau,H51JlapHHH, 6Owl\ cerMeHT JlapH)l, 3ca MOJl 51 Hi1 HHBecTHu, H Onepau,H51JlapHH aMaJl OwHpa)l, .
Arap cyFypTa KOMnaHH51Jl pH aKu,H51)l,OpJl KanHTaJlH acOcH)l, Ty3HJl 6yJl , yH)l, yJl aKu,H51Jl p 3MHTeHTH cHcp TH)l,a x,aM HaMOeH 6yJl )l, . OH)l, 6O3OpH)l, rH 3MHccHOH cp OJlH51 H )l, HpacH)l, yJl p 6Owl\ Typ)l, rH l\HMMaTJlH l\OFO3Jl pHH x,aM 6eJlrHJl HraH TapTH6)l,a YHl\apHwra x,al\Jl .
KypHHH6 TypH6)l, H, cyFypTa KOMnaHH51Jl pH 6aHKJlap Ba HHBecTHu,H51 HHcTHTyTJl pH 6HJlaH 6Hp l\ p)l, MOJlH51 6O3OpHHHHr npOcp aJl, yTa 3apyp, cp i1)l,aJl Ba 3Hr caJl l\Jl l\ YHJl H)l, x,HcO6Jl Ha)l,H.
eMaK, cyFypTa TawKHJl TJl H MOJlH51 6O3OpH)l, , yMyMaH Hl\ cO)l, )l, Ba x,aeT)l, H 6apYa OJl)l,HH)l,aH HOaHHl\ (6awOpaT l\HJlHHHwH l\Hi1HH 6yJl ) x,OJlJl Ba 3x,THMOJlHi1 l\ Jl x,aTTH- x,apaKaTJl H pHcKcH3 (MabJl M )l,apa a)l, ) Tap3)l, 6Ow)l, KeYHpHwHHHr HwOHYJlHJl K )l,
yJl )l, MaB y)l, 6yJl aH pHcK )l,apa aJlapHHH KeJl Jl aH x,al\ 3Ba3Hra nacai1THpHw Opl\aJl TabMHHJlai1)l, , HaTH a)l, MOJlH51 i1 pecypcJl aKKyMyJl51 OpHra ( aMFapMacHra) ai1Jl a)l, , 6y 3ca yJl HH KaTTa x,a M)l,arH HHBecTHu,H51Jl p MaH6aHra ai1Jl HTHpa)l, Ba HHcTHTyu, HaJl HHBecTOp cHcp TH)l,a MOJlH51 6O3OpH)l, caMapaJlH cp JlH51 opHTHw yYyH KeHr HMKOHH51TJlap 6epa)l, . y 3ca MOJlH51 6O3OpHHHHr pHcKcH3JlHJlHK, aJl )l,OpJl Jl , 6apl\apOpJl , MOJlH51BHi1 x,aBcpcH3Jl )l, pa a cHHH KyTapHwra, caMapaJlH HHBecTHu, x, HHH Ba apaeHH cHcp H OwHpHwra x,H3MaT l\ Jla)l, .
WyH)l,ai1 l\HJl 6, cyFypTa KOMnaHH51Jl yMyMaH x,aeT)l, Ba Hl\ cO)l,HeT)l, , XycycaH MOJlH51 6O3OpH)l, l\yi1H)l, rH pOJlJl pHH 6a apa)l, :
pHcKcH3Jl HH (cyFypTa TypJl pH KJlaccHcpHKaTOpH 6yi1 ) TabMHHJlOBYH MOJlH51BHi1 HHcTHTyTJl ;
MOJlH51BHi1 pecypcJl aKKyMyJl51 , i1 HK HHBecTHu,H51Jl p MaH6aH;
HHcTHTyu, HaJl HHBecTOp (6eJl HJl H TapTH6)l, );
l\ MMaTJl l\OFO3Jl 3MHTeHTH (6eJlrHJl HraH TapTH6)l,a).
Ai1 HJl aHJl HH XaJll\ cyFypTa 6O3OpH Ba cyFypTa Onepau,H51JlapH pHBO Jl TeH)l,eHu,H51JlapH acOcH)l, KypHw MyMKHH35.
X, 3Hp)l, pHBO Jl aH MaMJlaKaTJl )l, cyFypTa KOMnaHH51Jl Onepau,H51JlapH Ba
)l, Ma)l, HHHr 60-80 cp Hra OpacH)l, H MHl\)l, pH l\ Jl l\OFO3Jl 6O3OpH)l, waKJlJl l\)l, (HJl Ba 2). apOMa)l,HHHHr l\OJlraH l\ MH 3ca Tpa)l,Hu, H cyFypTa Onepau,H51Jl pH)l,aH x,OcHJl 6yJl Ol\)l, . Y36eKHcTOH)l, x,aM wyHra yx,waw TeH)l,eHu,H51 H KypHw MyMKHH (HJl Ba 3).
Caao!l!lap
CyFypTa KOMnaHH51Jl pHHHHr MOJlH51 6O3OpH)l, rH l\ H)l, i1 cp OJlH51 TypJl pHHH 6HJlacH3?
CyFypTa KOMnaHH51Jl pHHHHr MOJlH51 6O3OpH)l,arH pOJl l\ H)l,ai1?
K, H)l,ai1 i1 HK cyFypTa KOMnaHH51Jl pHHH 6HJl cH3?
Tonmupu !l
CyFypTa KOMnaHH51Jl pHHHHr MOJlH51 6O3OpH)l,arH pOJl H Tax,JlHJl l\HJl r.
TepMHHJl p Jl FaTHHH Ty3HHr.
MorHH 6o oprapHAa 6aHKrapHHHr aorHHTH Ba porH
YMyMaH OJl aH)l,a, 6aHK – 6y MOJlH51 r Max,cyc cp OJlH51 cOx, cH 6yJl , MOJlH51 6O3OpH Opl\aJl nyJl pecypcJlapHHH aMJl , yJlapHH Hl\ cO)l, eTHHHr TypJl caMapaJlH cy6beKTJl ra MaHcpaaTJl
35 Bax,O6OB A.B., )l{ MaeB H.X, ypXaHOB Y.A. XaJll\apO MOJl 51 MyHOca6aTJl H.-T.: Wapl\, 2003.-66.347-370.
Tal\cHMJl i1)l, H aJlOx,H)l,a MOJlH51 Hi1 HHcTHTyT x,HcO6Jl Ha)l,H. yH)l, 6aHK nyJl Ba MOJlH51BHi1 HHcTpyMeHTJl ep)l, )l, y3H 6HJl 6OFJlHl\ waXcJl (Kpe)l, pJl , 3raJl H HHBecTOpJl , OpHi1 Onepau, OH x,H3MaTH)l,aH cpOi1)l, HyBYH MH O3Jl , Kpe)l,HT OJl BYHJl p, wepHKJl H) pHcKJl HHH MabJl M (KeJl wHJl aH) x,al\ 3Ba3Hra l\ Jl l\HJl 6 OJla)l, Ba aMJl raH pHcKJlapHH MaHcpaaTJl (cp i1)l, OJl Ba cp i1)l, 6HJl TabMHHJl w Mal\ca)l,H)l, ) )l,HcpepcHcpHKau,H51Jlaw acOcH)l, npOcp OHaJl 6Owl\ a)l, . MOJlH51 6O3OpH)l, 6yH)l, i1 cp OJlH51 Hx,THcOcJl wraH opH)l,HK waXc Mal\OMHra 3ra 6yJl TypJl MyJlKYHJl waKJlH)l, Ty3HJl aH 6aHKJl aMaJlra OwHpa)l, . yH)l, 6aHKJl TH OpaT TawKHJlOTJl cHcpaTH)l, MabJlyM pHcKJlapra MOi1 Jl 6yJlraHJlHKJlapH ca6a6Jl , yJlap MOJlH51 6O3OpH Opl\aJl y3 pHcKJl HH 6Owl\apa)l,HJl .
aHKJl cp OJlH51 HHr MeXaHH3MH, x,Occa Ba XycycH51TJl pH 3Ba3Hra MOJlH51 6O3OpH TapKH6H)l, aJlOx,H)l, cerMeHT – 6aHK KanHTaJlH Ba x,H3MaTJl pH 6O3OpH cp OJlH51 opHTa)l,H Ba pHBO Jl )l, . yH)l, yJl Kpe)l, , nyJl BOcHTaJl H 6HJlaH 6OFJlHl\ Onepau,H51Jl p HHcTHTyTJl pH, MOJlH51BHi1 pecypcJl Ba HHcTpyMeHTJl p aKKyMyJl51 Ba MOc paBHw)l, i1 HHBecTHu,H51Jl p MaH6aH, HHcTHTyu,HOHaJl HHBecTOp, npOcp HaJl 3MHTeHT Ba BOcHTaYH cHcp )l, HaMOeH 6yJla)l, . awl\ l\HJl 6 ai1 HJl )l, , 6aHKJlap MOJlH51 6O3OpHHHHr nyJl, BaJl Ta Ba Kpe)l,HT (6aHK KanHTaJlH) cerMeHTH)l,a TerHwJl Onepau,H51JlapHHH 6a apa)l, , cp H)l, HHcTpyMeHTJl H cerMeHTH)l, 3ca l\ Jl l\OFO3Jl 6HJl 6OFJlHl\ MOJlH51 i1 x,H3MaT, 3MHccHOH Ba HHBecTHu,HOH Onepau,H51Jl pHH aMaJlra OwHpa)l,H. yH)l, H Tawl\ 6aHKJl y3 cp JlH51TJl H )l, HpacH)l, KyYMac MyJl 6O3OpH)l, Ba HnOTeKaBHi1 x,H3MaTJl x,aM KypcaTa)l, .
KypHHH6 TypH6)l, H, 6aHKJlap cyFypTa KOMnaHH51Jl pH Ba HHBecTHu,H51 HHcTHTyTJl pH 6HJlaH 6Hp l\ p)l, MOJlH51 6O3OpHHHHr npOcp aJl, yTa 3apyp, cp i1)l,aJl Ba 3Hr caJl l\Jl l\ YHJl H)l, x,HcO6Jl Ha)l,H.
Ai1THJl Onepau,H51Jl p HerH3H)l, )l, BJl (MapKa3Hi1) 6aHKH Ba TH OpaT 6aHKJlapH y3apO 6OFJlHl\Jl )l, 6aHK TH3HMHHH x,OcHJl l\HJlH6, MapKa3Hi1 6aHK 6OwYHJlHrH)l, MOJlH51 6O3OpH Opl\aJl Hl\ O)l,HeT)l,a Kpe)l,HT nyJl (MOHeTap) cHecaTHHH opHTa)l,H. y 3ca MOJlH51 6O3OpHHHHr pHcKcH3JlHJlHK,
aJl6)l, JlHJlHK, 6apl\ pJl K, MOJlH51 Hi1 x,aBcp 3Jl K )l, HH KyTapHwra, caMapaJlH HHBecTHu, H x,a MHHH Ba apaeHH cHcpaTHHH OwHpHwra x,H3MaT l\HJl )l,H.
WyH)l, i1 l\HJlH6, 6aHKJlap yMyMaH Hl\ O)l,HeT)l,a, XycycaH MOJlH51 6O3OpH)l, l\ i1H)l, rH pOJlJl 6a apa)l, :
MOHeTap cHecaTHH TabMHHJlOBYH HHcTHTyTJl p;
Hl\ cO)l, cy6beKTJl ra Kpe)l, , nyJl BOcHTaJl 6HJl 6OFJlHl\ Onepau,H51Jlap 6yi1 Ya npOcp OHaJl x,H3MaTJl KypcaTyBYH HHcTHTyTJlap;
MOJlH51BHi1 pecypcJl aKKyMyJl51 , i1 HK HHBecTHu,H51Jl p MaH6aH;
HHcTHTyu, HaJl HHBecTOp (6eJl HJl H TapTH6)l, );
l\ MaTJl l\OFO3Jl YHl\apyBYH (6eJlrHJl H TapTH6)l,a);
cp H)l, 6O3OpH)l, npOcp cHOHaJl x,H3MaT KypcaTyBYH HHcTHTyT.
Ai1THJlraHJl pHH XaJll\apO 6aHK TH3HMH pHBO Jl HwH TeH)l, Hu,H51Jl pH acOcH)l, KypHw MyMKHH36. X, 3Hp)l, pHBO JlaHraH MaMJlaKaTJl )l, 6aHKJl Onepau,H51JlapH Ba )l, Ma)l, HHHr 80 cpOH3Hra
51l\HH MHl\)l,OpH l\ TJlH l\OFO3Jl 6O3OpH)l,a waKJlJl Ol\)l, . apOMa)l, r l\OJl l\ MH 3ca Tpa)l,Hu, H 6aHK Onepau,H51Jl pH)l,aH x,OcHJl 6yJlMOl\)l, . y x,OJl HHBecTHu,H51 6aHKJlapH cp OJlH51 H MHcOJlH)l,a KypHw MyMKHH.
VI THu,H51 6aHKH – 6y acOcaH l\ TJlH l\ FO3Jl 6HJlaH 6OFJlHl\ Onepau,H51Jl ra Hx,THcOcJl wraH Kpe)l,HT MOJlH51 HHcTHTyTH. YHHHr Mal\ca)l, : MOJlH51 6O3OpJl Opl\aJl l\ wHMYa nyJl Ma6JlaFJl pHHH aJl l\HJl , y3 MH O3Jl pHHH ( yMJla)l,aH )l,aBJl THH) y3Ol\ My)l,)l, TJl Kpe)l,HTJl w.
36 Bax,O6OB A.B., )l{ MaeB H.X, ypXaHOB Y.A. XaJll\apO MOJl 51 MyHOca6aTJl H.-T.: Wapl\, 2003.-66.347-370;
MaKcHMO B.3Hr, p3HcHc A.JlHc, JlOypeHc .Mayep. MHpOBIe cpHHaHcI.-M.: VIKK « eKA», 1998.-736 c.
VI THu,H51 6aHKJlapH MyMTO3 MabHO)l, 6aHKJlap)l,aH cp pl\Jl , O)l,)l,Hi1 6aHKJl ra yx,waw Kyn Typ)l,arH 6aHK Onepau,H51Jl pHHH 6a apMai1)l,HJlap. 0)l,aT)l,a yJlapHH HHBecTHu, OH 6aHKHpJl )l, 6 HOMJl wa)l,H. yH)l, yJl HHHr l\ MaTJl l\OFO3Jl p 6yi1 MOJlH51BHi1 BOcHTaYH (l\ MMaTJl l\OFO3Jl pHH YHl\apHw Ba Oi1Jl wTHpyBYH x,aM)l,a yJlap 6HJlaH 6OFJlHl\ caB)l, Onepau,H51Jl pHHH aMaJlra OwHpyBYH) cHcpaTH)l,arH cp OJlH51 H Ha3ap)l, TyTHJl )l, .
3aMOHaBHi1 HHBecTHu,H51 6aHKH x,O3Hp)l,a Ha cp l\ T cpOH)l, 6O3OpJlapH)l,a l\ MaTJl l\OFO3Jl 6HJlaH 6OFJlHl\ Onepau,H51Jl HH 6a apa)l, , 6aJl H KOMnaHH51Jl pHH 6HpJl HpHJl wH (oTH6 6OpHJl wH) Ba y3apO 6HpJl HHH TawKHJlJl wTHpHw, HnOTeKaHH Ba BeHYyp KanHTaJlHHH 6Owl\ pHw 6HJlaH x,aM wyFyJlJl Ha)l,H.
Ai1 Hw OH3KH, Fap6 MaMJlaKaTJl H l\OHyHJl Ba cTaTHcTHKacH)l, 6apYa MOJlH51BHi1 HHcTHTyTJl pHH yJl HHHr acOcHi1 cp HKu,H51Jl H 6yi1 cp pl\Jl )l, . Jl HH aMaJl )l, 3ca 6OpraH capH TH OpaT Ba HHBecTHu,H51 6aHKJlapH OpacH)l,arH cp pl\ i1yl\OJl 6OpMOl\)l, . yHra MHcOJl l\HJlH6 KypcaTHw MyMKHHKH, MacaJlaH, AK,W)l, H TH OpaT 6aHKJl l\ HyHYHJl (1933 i1 Jl)l, rJl CTHraJl Ba l\ TJl l\OFO3Jl p TyFpHcH)l,arH l\OHyHJl ) 6HJlaH ypHaTHJl TycHl\JlapHH YeTJl 6 yTH6, y3 cp OJlH51TJl yHHBepcaJlJlawTHpHw i1yJlH)l,a 6aHK XOJl)l,HHrJl HHH, HHBecTHu,H51 KOpnOpau,H51JlapHHH Ty3raHJl p Ba cpOH)l, 6O3OpH)l, 6HJlBOcHTa cp OJl l\ THawraHJl p. Kyn i1HJlJl 6yH)l, i1 caMapacH3 YeKJl BYH Ta pH6a)l,aH Kei1 x,O3Hp)l, (2001 i1HJl)l,aH 6OwJl ) AK, 6aHKJlapHra cp H)l, 6O3OpH)l, rH l\ i1HJl TycHl\Jl OJlH6 TawJl .
VI ecTHu, 51 6aHKJl TypJl MaMJlaKaTJl )l, MabJl M XycycH51TJlapra 3ra. MacaJl , yoK
pHTaHH51)l,a – TypJl npOcpHJlJl HHBecTHu,H51 KOMnaHH51Jl H, caB)l, 6aHKJlapH. yH)l, caB)l, 6aHKJlapH O)l,)l,Hi1 6aHK Onepau,H51Jl pH)l,aH Tawl\apH, aKu,H51)l,OpJl KOMnaHH51JlapH, neHcH51 cp H)l, pH, cyFypTa KOMnaHH51JlapH l\ MMaTJl l\ FO3Jl HHH 6Owl\ pHw 6HJlaH x,aM wyFyJlJl Ha)l,H.
paHu,H51)l,a 3ca 6H3Hec 6aHKJl , HHBecTHu,H51 yi1Jl H, repMaHH51)l,a – HHBecTHu,H51 aMH51TJl pH,
51 HH51)l, – TpacT 6aHKJlap Ba wax,ap 6aHKJl MHcOJl 6yJla OJla)l, .
X,O3Hp)l, )l, HeHHHr 3Hr i1 HHBecTHu,H51 6aHKJl H l\ i1H)l,arHJl x,HcO6Jl Ha)l,H 37 : HSBC Holdings ( yoK pHTaHH51), Chase Manhattan Corp. (AK,W), Credit Agricole Group ( Hu,H51), Citicorp. (AK, ), Bank of Tokyo-Mitsubishi (51nOHH51), Deutsche Bank (repMaHH51), Bank America Corp. (AK,W), ABN AMRO Bank (rOJlJlaH)l,H51), Sumitamo Bank (51nOHH51), Dai-Ichi Konquo Bank (51nOHH51) Ba x,.K.
WyH)l, i1 l\HJlH6, 6aHKJlapHHHr MOJlH51 6O3OpH)l, cp OJlH51 TypJl pHHH l\ i1H)l, rHYa TH3HMJlawTHpHw MyMKHH.
aHKJl MOJlH51 6O3OpHHHHr l\ i1 )l, cerMeHTJl )l, cp JlH51 opHTa)l,HJl : BaJloTa, l\ MaTJl l\OFO3Jl , nyJl Kpe)l, ( yMJla)l, HnOTeKa Kpe)l,HTJlapH), l\ MaT6ax,O MeTaJlJl Ba TOwJl
( yMJla)l, caHbaT acapJl ).
KyYMac MyJl 6O3OpH)l, BOcHTaYH, pHeJlTOp, HwOHYJlH 6Owl\ BYH (TpacT), HnOTeKaBHi1 HHBecTOp cHcp cp JlH51T KypcaTa)l, .
BaJl 6O3OpH)l, : )l,HJl Ba 6pOKep (Tpei1)l, , yMJla)l, BaJloTa OnepaTOpH). yH)l, cnOT Ba My)l,)l,aTJlH 6O3OpJl p)l, HwTHpOK 3Ta)l, .
nyJl Kpe)l, 6O3OpH)l, : nyJl x,HcO6 pal\ Jl Ba nyJl BOcHTaJl (YeKJl , KapTOYKaJl Ba x,.K.) 6yi1 MH O3Jl Onepau,HOH x,H3MaT KypcaTHw; Kpe)l,HT 6epHw Ba OJl ; 6yJl Kpe)l,HTOpJlapHHHr Kpe)l,HT TpaHwJlapH 6yi1 a OnepaTOp 6yJl Ba x,.K.
K, Jl l\OFO3Jl 6O3OpH)l, : 3MHTeHT (3MHccH51Jl yBYH Ba 3MHccH51JlaHMai1)l, TypJl H 6yi1 ); HHcTHTyu, HaJl HHBecTOp (y3HHHHr HHBecTHu,H51Jl pHHH 6Owl\ pHw 6yi1 ) Ba KOJlJleKTHB HHBecTOp (MH O3Jl HHHHr HHBecTHu,H51Jl pHHH 6Owl\ Hw 6yi1 ); npOcp cHOHaJl HHcTHTyT (6pOKep, Tpai1)l, , )l,HJl , aH)l,eppai1Tep, TpacT, KOHcaJlTHHr, KJl HHr, )l, O3HTapHi1, TpaHccp eHT Ba x,.K.).
37 Top 1000. The Banker.-1998.-July.-p.131.
MOJlH51 6O3OpH)l, caHa6 yTHJl aH cp JlH51T TypJl HHH yHHBepcaJl 6aHKJl aMaJlra OwHpa)l, .
Caao!l!lap
aHKJl HHHr MOJlH51 6O3OpH)l, l\ H)l, i1 cp OJlH51 TypJl pHHH 6HJlacH3?
aHKJlapHHHr MOJlH51 6O3OpH)l, rH pOJl l\ H)l,ai1?
VI BecTHu, OH 6aHKJlapHHHr cp OJlH51 H HHMa)l,aH H6OpaT?
Tonmupu !l
aHKJlapHHHr MOJlH51 6O3OpH)l, rH pOJl Tax,JlHJl l\HJlHHr.
TepMHHJl p Jl FaTHHH Ty3HHr.
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