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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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 א א)Group Risk Rate / GRR( .

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א -ب א א אא ٠א

א− א(א א(١٨٠–١٢٠١٢١−٩٠٩١−٠٣١

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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