I-lpomcxyro,rrrr,rii pacrrel oOrcva nolepb ne npnBoAH".? Ojlr.t norepb 11 sH.rucrRtor
a Qyuxurlu or cpeAHero o6reua H Hopnrbr norepb Vrn:}t'. QHrrusuoe HanoJI-
.HeHHe c yrreroM norepb paBHo V'6:V&- il (rpala He npuBoAr.rrcn).
flpu anruucJreHrlu rpaQrr 9 ucno.rrsyror ynoMrHyrbre ycJloBuq K pacrlery rpaQtr 7,
flpra r(oropbrx KoFreqHoe HanoJrHeHue c yrreroM rrorepb V* uoxHo uaftru roJIbKo B ilpeAe-
aax VrnulV*2V*'.O6reu xorrocroro c6poca S (rpaSa l0) c yuetoM norepb HaxoAflr KaK
pasnocft MexAy QnxrunHsrru HanoJIHeHHeM, He otpaHHr{eHHbIM eMKocrblo, H no.nHrrtvt o6t-
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KofAa QuxrHsHoe HanoJrHeFrHe, r{e orpar{HrreHHoe eMKocrbro, c yqeroM rrorepb Me}Ibr.rre Mepr-
soro o6reu a; D:V *n-V'q. @axrrqecx an or/'aqa U6 (rpaQa l2) npu orcyrcrBul.r AeQH-
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flo Aasuur'r 6araHcosoro ra6rH,rHo-uuQponoro pacqerz crpoflr BcnoMorare.lrusni rpa-
Qux yc-nonHbrx Kpr4Bbrx o6ecneqesuoctefi KoHer{Hbrx HanoJrHeHHfi c yverou norepb, xoJloc-
rslx c6pocon u QaxruqecKl,rx orAarl AJIfl nepBoro roAa peryJILIpoBaHI,Iff.
Kpr.roax o6ecneqessocra .nrc6oro pegyJrbrara peryJrlrpoBaHr,rq, nocrpoeHFIafl c yrle-
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,4oro H3 pacqerHbrx HaqaJrbHbrx HanoJrHeHr.rfi ecrr cBofl ycJroBHar Kpr,rBaq o6ecne,{eHHoctn
pe3yJrbrara peryJrupoBaHHfl. Bcnouorarerrurni rpaQux ycJIoBHbIx KpHBbIx- o6ecneqes-
,HocrH p$yJrbraroB pefyJrHpoBaHr.rfl crporrr B npflMoyroJrbHbrx KoopALIHarax. Ha ocu a6c-
dtgcc orKJraAbrBalor o6ecleqeHuocrra B AoJrfx eAHlIHqbl, B3ffTbre us rpaQrr 3 ra6.nurtu 15,
a Ha ocil opAr{Har - o6relrtr KoHerrHbrx Ha[oJrHeHHfi c yuerou norepb, xoJrocrblx c6pocoe
n $axtnuecr<r.{x orAaq (.uanliue rpaQ 9, 10, l2- pnc.85, a).
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TaK KaK AJI.fl HX nOCTpOeHHfl HeAOCTaTOTIHO TOqeK.
B .{acrg ycJroBHbrx KpHBblx o6ecneqenHoc'reii r(oHeqHbrx HanoJIHeHI,Ifi c yverou norepb
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poBaHHfl H HcnoJrb3yrorcfl AJrfl Bbrqr{cJreHHq H nocrpoeHun 6esycrosuolt rpunofi o6ecneqeu-
Hocrr. paccMarpHsaer\.rofi BeJrr{qr.rHbr. Eesycnoouyro (a6co.rrrornyro) Kpr,rByro o6ecneqensocru
KolleqHblx HanoJrHerrufi paccvuruBator H crporr c yr{eroM ecex ria.IanbHblx pacqerHblx
HanonHeunii.
A.nq BbrrrHcJreHfia 6eaycronuoii xpunoii o6ecneqeu.noctu KoFIeqt{oro HanoJIHeHHfl
,ilpHMeHtIor Qopl'ty'tly no.nuofi BepoflrHocrH:
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Pnc. 85. BcnouorareJlbHble rpaQltxll:
4 - vc.[oB'],tx KpllBblx -o6cc-nc,tcttltoctt't l(ollcqllblx ttanonttcttltii drat<rttuecxoil oTAa'lII'
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!,rn neplofo foAa pcry,rurpoBanHn 6crycJronnbrc BcpolTIIocTI{ Iiolleqllblx nanonttettni"t
no HHrepBarlaM nocr'IeAuiax ebrqucnslor npH olHornr (6espas'nia-vi:--i3i9y]:-1::::.":"t Hanorl-
HeHr4r.r no 3aBi4cr.rMocrn (80). Bst'{I4cneHHbIe Beposrllocrl'I KoH:qllI lT:i-:^t:]],f IIo HHrep-
BaJIaMAJISnepBo|oroAanpIIHI,IMaIoTsaBepoflTHocTHHaIIaflbHbIXHa[oJIHeHHHcooTBeTcT-
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fr. LIlfl AaHHO|O l/rilu HalqalIbHofo HanoJIHeHHg
rBHbtx I,IJIH noJIHbIx BepoflTHocrefi rogequslx
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He cpa3y, a oxtsarblBaeT rlepHoA HecKoJIbKI'IX JIeT'--- - 
npit'ae3or{Ho-roAnrrHotvr peryJILIpoBaHHH cToKa npu oAHoM Bo3Mo}KHoM HaqaJIbHoM Ha-
nonriair" cra6','ttsaUun xpransix obecne'{erlHocrefi pesyJlbraroB pefyJII'IpoBaHI'Iq HacTy-
ilaeTHeno3AHeeBTopororoAa'ToecTbpe3yJIbTaTbIpacqeTaoAHoroIoAaflBafnrcnycroft-
qHBbIMH.
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gano.rrneH'oifi rie gas'cl4T oT pactlerHblx Hano.lsesuft nepBoro roAa, npu 3roM BepotTlrocr'
KOHerrHbrx HanoJrHer{I{fi no r.IHrepBa,'IaM n-IO rOAa paBHtlIoTCtI COOTBeTCTByIOU\HM BeJIHqI',IiIaM
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- ycJIoBHar BepoqrFrocrb KoHeqrroro HanoJrHeHlta V* npI,I nplrHtroM HaqaJIbHoM
HanoJrueHr.rvt Vrr. Vcaonnue Beporrrrrocru 6epyr no gaAaHIIbtM ulrepBaJlaM
Kor{eqnbrx uanonrteunii.
.(.rrn nepnoro roAa pefyJrHpoBalrnn 6esycJroDnbre Bepotrrtocrlt ItartaJIbI.lblx lIanoJI-
sesufi no HHrepBaJraM npHHarbrx KorreqHbrx HanoJlHeuufi paruu eAHHLIqe. C xaxlofi yc-
.nonrrofi xplrnofi o6ccnc'rcrrrrocl'u KOrrerlrrrrx IrzrrroJrncttnfi BcnoMonareilL'lloro npa(luxa ctttl'
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nocrorHHbtMu Ha nepHoA pefyJlHpoBaljHt
249
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flpousne4eHl4e ycJIoBHofi neponrnocrH KoHeqHoro
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KOHeqHOnO HanOJIHeHUt C yqeTolvl norepb:
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(81)
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