anperb 14 Mafr, To, cyMMHpyfl pacxoAbl KaxAoro roAa 3a 3TI'I MecflLlbl, no'
Jryqaror pflA BeceHHHX BeJrHr{HH croKa. ToqHo raK )Ke Mox(Ho noActluTarb
croK 3a nepl4oA Me)KeHH kr aa Kalr4tlfi cegou Me)KeI{u.
Kone6anprr ce3olrHbrx BeJrr.rquu c'ioxa H roAoBoro croKa ycraHaBJIpIBaIor
lryreM nocrpoeHlrs. Teoperr{qecKr.rx Kpr,rBbIX o6ecneqeuHoctefi, Koropble
onpeAeJrflroTcff napaMeTp aMvr x, Co u Cr. flepnrte ABa napaMerpa ' BbIqI4c-
JI'IOT HCNOCPCACTBCHHO NO NOflYI{CHHbIM PflAAM CTOKA CC3OHHbIX BCflI'II{HH
r{ roAoBoro. Be.nuquuy Crayque no.q6uparb no coorBercrBulo xpunort o6ec-
flpu erou cyMMa ce3oHHbIX cToKoB He 6yAer paBHa noAoBoMy croKy rofi -
xe o6ecneqeHHocrll. 3ro o6tgcgsercr pa3JII{qHeM B creneHl4 LI3MeHr{I,IBocrH
croKa no ce3oHaM H 3a roA (pasnuuraev, C) 14 HanIvrrrr4eM Koppe.nRtunuof,t,
a He QynxUuosantuofi cBffBH Melr{Ay BeJIHqI4HaMI4 ce3oHHoro croKa.
Ans co6nroAeHnr paBeHcrBa roAoBoro croKa cyMMe croKa 3a orAeJIb-
Hbre ce3oHu B. f . Au4pennoB peKoMeFIAyer IIpHHHMaTb oAI4HaKoByIo o6ec-
rreqenHocrb (uttu BoAHocrb) ro.4onoro croKa H croKa JII{MHTHpyIoIJIero
.nepqoAa. Crox HeJII,IMIlTLIpyrcqero nepuoAa oIIpeAe,[tIoT KaK pa3HocTb
MexAy cToKoM 3a foA H c'toKoM JIHMLITHpyIOUIe|O nepUOAa.
Crox ga ilwMrTrapyrcquft ce3oH AoJr)KeH TaKlKe coorBercrBoBarb 3aAaH-
,Hofi o6ecneqeHHocru. TorAa croK 3a HeJIr4MLITI4py[oillufi cesoH onpeAeJluTcfl
no pa3HocTI4 MelKAy CTOKOM JII,IMHTHpyIOUIe|O rlepHoAa H ce3oHa.
HaUpurtaep, Aflq paBHHHHbIX peK c BeceHHLIM noJIoBoAbeM npu oHepre-
ruriecxonr Hx HcnoJrb3oBaHHH Jrr,rMuTupyrcullil rtepI4oA - MerNeHb, a ilr4Mvr'
Tr4pylorrlufi ceaoH - 3HMa. flpuunuafl oAHHaKoByto_ o6ecneqeHHocrb, paB-
.uyro pacueruofi AJrfl roAa r.r MelKeHr.r, no I(pI4Buv o6ecneqeHHocTu HaxoAsr
pacrlerHble BeJIHqHrtbt croKa 3a roA Q..n lz 3a MelKeHb Qm.p.Crox 3a BeceH-
tlrri nepuo.( paBeH:
Qo: Q". n-Q'. o'
Crox s6 .,'terHe-ocenHuft ceeoH TaKX{e Mox{Ho paccrluTarb, tr4cxoAs LI3 ltoc-
TaBJreHHoro rpe6onaHnR, uro6u suItaHllfi croK coorBercrBoBaJl pacqerHofi
o6ecneqegHocru. flo xplzsofi o6ecneqeHHocru 3I,IMHero croKa HaxoAI4M Qu.p.
BenuqHsa croKa 3a JlerHe-oceuHufi nepIIoA Mex(eHH paBHa:
Qn- o : Q*. n- Q.. n'
,O6ecneqeHHocrb BeceHHero croKa r.I JlerHe-oceHHero rrepuoAa MoxHo on-
peAeJrHTb rro Kpt4 Bbrrrl o6eCneqeHHocTLI cTOKa Ailfl. ?THx ce3oHOB. Oga nO-
Jryqr4Tcfl OTJIHqHOft OT paCUeruOr? o6ecnetlesHocrH
Taxnu o6pasona, B p$yJrbrare. pacqera Mex(ce3oHHoro pacnpeAeJleHHfl
croKa noJryqarcT BeJruqr{Hbr croKa 3a Ka}KAbItt cesoH H 3a foA. B npune4en-
HoM npl,IMepe AaHbI Q".n, Qp Qo-0, Qr.n.
I4sfioxeHHafl cxeMa pacqera Me)Kc$oHHoro pacnpeAeJleHHr croKa no
ycJroBr{r.o panuoo6ecleqeHHbrx Jrr.IMLITHpylotqux nepuoAoB IIpI{MeHI'IMa Ailfl
88
pa3Hbrx coqerauHfi THrra pacnpeAeJreHnfl vr xapaKTepa HcnoJIb3oBaHHfl
cToKa.
2. B nyrp Hce3oI{ Hoe p acrpeAeJIeHH e cro Ka sa'
Btrc?rr or BoAHocrH c$oHa. floetoMy pacqer BHyrpuce3oHHofo pacnpeAe-
JreHHfl cJreAyer Becrn orAeJIbHo Aflfl pa3JluqHbtx rpynfl BoAHocTH. llpax-
THqecKr,tr AOCTaTOTTHO nplrHflTb Tpl{ fpaAaqHH BOAHOCTLI: MHOTOBOAHyIO, K
xoropofl orHocuTcfl croK c o6ecneqeHHocrblo p<33%, cpe4ulorc - c o6ec-
reqeHHocrbro br 33 Ao 660/o vr MaJIoBoAHyIo - c o6ecneqeHHocrblo
p>66%.
nns [epr4oAa Me)Ker-rH orrpeAeJr rror no Mecrr] Hoe p ac [peAeJreHue croKa.
B nepuo4 rroJroBoAb fl, BBr4Ay sHaqLITeJIlHoft BHyrpuMecsquoft HepaBHoMep-
HOCTr{ CrOKa peKoMeHAyercfl BecTI,I pacqeT no AeKaAaM.
Ans KalKAoro ce3oHa BeJrHrrHHbI ce3oHHoro croKa pa3Merqalor rro Bep-
Tr4Karrl B nopflAKe y6unauvfl, kr BbrqucJrflIor HX enanupnuecKylo o6ecneqes-
Hocrb; 3a KalKAbrfi roA no ropH3oHTaJIr4 BbInHCbIBaIor Mecflquue (u.nu .4e-
KaAHbre AJrfl BeceHHero rroJroBoAbx) ne,rrnuuHbl croKa B rropflAKe y6brBaHHfl,
a raKx(e coorBercrByloxlue I{M KaJIeHAapHbIe Mecrlrbl (unvt Aexa4u).
B cooreercrBnn c BeJrHrrHHaMr.r aMrrupnuecrofi o6ecneqeHHocru psA ce-
3OHHbIX BCJIHIII,IH CTOKA (NO NEPTHWANU) PAA6NNATOT HA TPH |PYTIIIbI BOA-
Hocru, trpH oroM KoJllrqecrBo qfleHoB pflAa e xaxAofi fpyn[e AoJr]KHo 6ntrr
npr.rMep Ho oAI4 HaKOBbIM.
Ann xa>r<4ofi r'pa Aaqr4t BoAFIocrH ce3oHa cyMMHpylor MecflqHbre (Ae-
xa.4utre) pacxoAbr c oAHHaKoBbrM rropeAKoBbIM HoMepoM BHyrpH ce3orla,
a raKlKe noAcqr.rrblBalor cyMMbr MecflrrHbrx pacxoAoB 3a ce3oH. I-Iyrerra .ae-
JreHHrr rroJryqeHHbrx cyMM pacxoAoB ga KalKAbtfi uecsq Ha cyMMy pacxoAoB
3a ce3oH HaxoAfT oTHocLITeJIbHoe pacnpeAeJleHlle cToKa no MecflrlaM (B
rrpoueHTax oT croKa 3a ce3oH). 3arerrr orrpeAeJlflor TaKHM xe o6pasorr,r
cpeAHee paclpeAeJreHHe croKa no Mecflqarvr (aexa,qarrr) no BceM fpynfiaM
BOAHOCTH.
VcraHaenr.IBalor, KaKI4e KaJIeHAapHbIe MecflIIbI H cKoJrbKo pag Bcrpeqa-
[rucb AJrfl KaxdAoro nopsAKoBoro IIoMepa Mecqqa. OrHocure[bHafl, Beilr4-
qHHa Mecflr{Hofo croKa (e npoueHTax or ce3oHHofo) oruocurcfl K ToMy Ka-
JreHAapHoMy Mecfrly, I{oropnul ncrpeqaercfl sara6onee qacro AJrfl AaHHofo
riops[KoBoro HoMepa MecflI{4.
tr4HorAa Bo3Mo)KHo HecKoJrbKo BapHaHToB xaneH,qapuofi [ocJIeAoBa-
TeJrbHocrra. B erou cflyqae [peA[otITeHHe orAalor Bapr,raHTy c rrocreneuHbrM
yBerHqeHneM I4JIH yMeHbUeHHeM CTOKa.
Vunoxas nporreHTHoe BHyrpl4ce3oHHoe pacnpeIeJreHHe croKa Ha BeJrH-
TII4HbI CTOKA 3A CC3OH, NOflYIIACM BCJIIItIHHbI MCCflI{HbIX H ACKAAHbIX PACXO-
AoB 3a roA pacqersofi o6ecneqeHHocru.
flonyudHHoe raKnnn o6pasoM pacnpeAeJleHHe croKa B roAy ffErrflercfi
pacqerHbrM H He coAep)KHT B ce6e HHp:HBLrp'yaJrbHbIx oco6euHocreft, ceoftcr-
BCHHbIX OTACJIbHbIM PCAJIbHbIM |OAAM.
VxasaHusuu CH 371--67 MeroA KoMnoHo.BKr{ peKoMeHAyercn npuMe-
Hqrb Aflfl pacqeToB BHyTprrfoAoBofo pacnpeAeJreHHrr cToKa IIpH HaJrHqHI4
AaHHbrx ua6.nroAeHnfi He MeHbrrre r{eM 3a 10 ,ner npl4 ycJIoBHr{, r{To B gTor
nepHoA BXOAIIT KaK MaJIOBOAHbTe, TaK Lr TUIIO|OBOAHbIe H Cpe.qHeBOAHbIe
roAbl.
' (140)
(r41)
i
lt,
I
i