M – ANOVERVIEW · No. MFI Ordinance 2001MFI Ordinance 2001 SBP 10 The Voluntary Social Welfare...
Transcript of M – ANOVERVIEW · No. MFI Ordinance 2001MFI Ordinance 2001 SBP 10 The Voluntary Social Welfare...
MICROFINANCE SECTOR
– AN OVERVIEW
March 2013
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
WHAT ||WHY || WHO of micro-FINANCE
•Means of providing financial services to poor
•Average transaction size is very small
•Services offered by profit and non-profit organizations
Mi di i i i i d h•Microcredit, micro savings, micro insurance, and other transactional products
What :Why : Who of
MicrofinanceGlobal Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Micro-Finance || Finance for poor || Social cause || Business case ||
WHAT ||WHY || WHO of micro-FINANCE
Poor
IIncome level of belowbelow
US$1.25 per day
1
day
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Global TrendsNo of MFPs % No of Offices/Branches %
Type of Microfinance Institutions as on Dec-11
No. of MFPs % No. of Offices/Branches %NGO 488 35% 20,040 38%NBFI 433 31% 18,138 34%Bank 147 11% 9,991 19%Credit Union / Cooperative 233 17% 3,554 7%Rural Bank 54 4% 875 2%Other 36 3% 453 1%Total* 1,391 53,051
Country Gross Loan Portfolio (US$ in mln) % GDP
2
*There is slight variation in reported number of regionwise and legalstatuswise MFIs in MIX market data1 Bolivia 3,048 12.5%2 Kenya 1,719 5.1%3 Peru 8,768 5.0%4 Vietnam 5,477 4.4%5 Bangladesh 2,819 2.5%6 Colombia 5,311 1.6%7 South Africa 2,560 0.6%8 India 4,318 0.2%9 China 13,293 0.2%
10 Mexico 1,986 0.2%
Pakistan 232 0.1%
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Pakistan 232 0.1%
Global Trends
201195mln
World2007
68mln2010
102mln Africa9%
Middle East and North
Africa South Asia
World | Microcredit Pie
# of micro borrowers
9%Africa1% 10%
200884mln
200998mln
East Asia and the Pacific
36%
Latin America and
The Caribbean
32%
Eastern Europe and Central Asia
12%
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
System Share as on Dec-11 Assets Gross Loan Portfolio (GLP) Deposits Equity
Global Trends( )
Bank 67% 63% 77% 49%Credit Union / Cooperative 18% 21% 12% 26%NBFI 7% 9% 2% 16%NGO 4% 5% 5% 5%Other 4% 3% 5% 2%R l B k 0% 0% 0% 1%Rural Bank 0% 0% 0% 1%Total (US$ in mln) 118,780 87,650 67,202 17,674
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Global TrendsWorld | Gross Loan Portdolio
100 000
120,000
140,000
World | Gross Loan Portdolio
40 000
60,000
80,000
100,000
US
$ i
n m
ln
2007 2008 2009 2010 2011-
20,000
40,000
Total Assets 47,122 55,189 92,661 98,747 118,780Gross Loan Portfolio 38,279 44,871 75,336 90,113 87,650
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Global Trends
According to differentMicrofinance Pentration |
Microborrowers as % of worldestimates and surveys,around 23% of theworld’s population
3
Microborrowers as % of world poor population2011 %world s population
(~1.6bln people) is poor(Less than US$1.25 perday) with 66% residing
World Population ~ 7.0 blnPoor Poulation 1.6blnMicro-borrowers 95mlnday) with ~66% residing
in Asia.Micro-borrowers 95mlnPenetration 6%
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Pakistan || Demand Side
N i lPopulation expected to use financial services | Employed Labor Force
Total % Working Age % Labor Force % Employed Labor ForceRural 113.2 63% 83.9 65% 41.2 69% 39.2 70%Urban 67.6 37% 46.0 35% 18.2 31% 16.6 30%
180.7 129.8 59.3 55.8
Nos. in mln
31%
Source: Economic Survey of Pakistan (2011-2012), Chapter 12, Table 12.9
Financially Served Voluntarily Excluded
Involuntarily Excluded
Formally Included
Informally Served (Organized Sector)
Inf. Served (unorg- Financially Excluded
* Bringing Finance to Pakistan’s Poor, Page 9, worldbank.org
( g ) ( gsector)
0% 14.3% 45.5% 50.5% 81.4% 100%
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Pakistan || Demand SideNumber of Borrowers and Depostors in Pakistan | At end Jun-12
Total Banks/DFIs MFB/MFIsNumber of Depsoitors 32.0 27.7 4.31*No of Borrowers 5.71 3.5 2.2*
p |
* Microwatch
Main Source: Inuagural Address by Deputy Govrener, SBP, 6th Pakistan Microfinance Country Forum, Dec-2012
Province No. in mln No. in mln %
Potential Microfinance Market
Penetration Rate
Active Borrowers
Country %Bangladesh 39.7
Microfinance Pentration | Pakistan and others>> *
Balochistan 1.7 0.0 1.0 KP 4.1 0.1 1.8 Punjab 15.2 1.6 10.7 Sindh 6.4 0.6 9.2 AJK - 0.0 -
Peru 39.6India 7.3Pakistan 5.3
World Average (55 countries) 19 0GB - 0.0 - ICT 0.1 0.0 6.0
27.4 2.4 8.6
* Source: Microwatch, Issue 26 (Oct-Dec2012)
World Average (55 countries) 19.0>>Number of borrowers as % of poor poulation* Source: Microscope on Microfinance 2012: Index, EIU
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Pakistan || Supply Side
End- 2012 2011
Microfinance Banks in Pakistan | Timeline with ownership# Year License Date Name Ownership
1-Aug-00 Khushhali Bank Ltd. UBL:67.4%1 2000Feb13
Microfinance Banks 10 10 9Microfinance 12 12 9
2 2002 2-Jan-02 The First Microfinance Bank Ltd. Agha Khan Development Agency:100%
3 1-Jan-05 Apna Microfinance Bank Ltd* GOI: 91%4 1-Aug-05 Tameer Microfinance Bank Ltd. Telenor: 51%
2005
Institutions Rural Support Programs 6 6 5
Oth 7 7 9
18-Feb-09 NRSP Microfinance Bank Ltd. NRSP: 52%1-Jun-08 Kashf Microfinance Bank Ltd. Kashf Holding Private Limited: 51%
13-Apr-06 Pak Oman Microfinance Bank Ltd. Govt. of Oman: 67%
18 F b 09 NRSP Mi fi B k L d NRSP 52%
6
7
5 2006
2009
2008
Others 7 7 9Total 35 35 32Source: Microwatch
8
9 2012 1-Nov-12 Advans Pakistan Microfinance Bank Ltd.** Advans SA:70%; FMO:30%
2011 12-Sep-11 Waseela Microfinance Bank Ltd. Orascom Telecom; 100%
18-Feb-09 NRSP Microfinance Bank Ltd. NRSP: 52%7 2009
* District license ** Province license
10 2013 1-Feb-13 U Microfinance Bank Ltd. PTCL: 100%
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Microfinance|| Regulatory Frame
Licensing Framework Regulatory Authority
No.
MFI Ordinance 2001 SBP 10MFI Ordinance 2001 SBP 10The Voluntary Social Welfare Agencies Ordinance, 1961 [ORDINANCE No. XLVI]
Provincial Government
2
S i ti R i t ti A t [1860 A t XXI] P i i l 10Societies Registration Act [1860 Act XXI] (The “Societies Act”)
Provincial Government
10
The Companies Ordinance 1984 : Section 42 SECP 12
The Trust Act 1882 Provincial Government
1
Total 35Total 35
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Microfinance|| Regulatory Frame || MFI Ordinance 2001
O i R l i d
Establishment and Winding upAllowed Function
Specified Area of operations• District
Capitalization• Minimum
capital of the bank
• At least 51%
Licensing Requirement• Conversi
Ongoing Regulation and Supervision• Management and
Administration• Accounts and AuditAllowed Function
of MFBRestrictions [Creating of Floating Charge on
t ith t SBP
District • Regions (up
to 5 adjacent districts)
• Province
At least 51% of Paid-up Capital to be subscribed by sponsor
• Conversion of existing MFIs into MFBs
Accounts and Audit• Filing of Returns• Liquidity and Reserves• Depositors Protection Fund• Inspectionassets without SBP
permission]• Whole of
PakistanMFBs
• New MFBs
p• Powers to give directions ;
to remove BoD; to supersede BoD
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Microfinance || Regulatory Frame || India & Bangladesh
Andhra Pradesh Crises 2010
..Rethink Regulatory F k
Various Regulatory Bodies
[NGO-MFIs|| MRA]Funding Mix||Poor
[Need to establish core f di i ]Crises 2010 Framework [Banks | BB]
[Grameen Bank | GBO, 1983]
funding mix]
RBI|| Regulatory
India Bangladesh
Microfinance Bill approved May-12
RBI|| Regulatory Authority for
NBFC-MFI and informal SHG (>20
members)
Restriction on mobilization of deposits except
GB
Cap of 27% on interest rates
members)
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Pakistan | Microfinance Industry | Asset Growth Gross Loan Portfolio | Growth Trend
Sector Performance | Penetration & Asset Growth
50%
60%
70%
80%
50,000
60,000
70,000
80,000
40%
50%
60%
70%
30 000
35,000
40,000
45,000 Gross Loan Portfolio | Growth Trend
10%
20%
30%
40%
10,000
20,000
30,000
40,000
PK
R in
mln
10%
20%
30%
40%
15,000
20,000
25,000
30,000
PK
R i
n m
ln
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 (P)
-20%
-10%
0%
(20,000)
(10,000)
-
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12-20%
-10%
0%
-
5,000
10,000
Total Assets 33,194 30,473 35,826 48,623 70,152 Growth 45% -8% 18% 36% 44%
GLP 20,001 16,758 20,296 24,903 38,238 Growth 57% -16% 21% 23% 54%
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Sector Performance | GLP Market Share
5%
GLP | Market Share | At end Dec-12
Market Share |Active Borrowers | At end Dec-12
18%
5%
39%24%
7%
56%
22% 30%
MFBs MFIs RSPs Others
22%
MFBs MFIs RSPs Others
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Savings | Growth Trend
Funding Structure
Funding Structure60%
75%
20,000
25,000 Savings | Growth Trend
Equity17%Depsoits
22%30%
45%
10,000
15,000
PK
R i
n m
ln
Commercial
Liabilities 0%
15%5,000
Debt41%
Liabilities20% Dec-08 Dec-09 Dec-10 Dec-11 Dec-12
Savings 5,384 8,554 11,863 15,508 24,974 Growth 35% 59% 39% 31% 61%
0%-
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Performance
100%
120%Industry | Business Profile
Overall performance of
40%
60%
80%p
the industry improved during CY11 as it booked consolidated
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11OSS 89% 81% 105% 100% 108%
0%
20%booked consolidated profitability of PKR 665mln (CY10: Loss of PKR 16 l ) Thi
Yield on GLP (%) MFIs MFBs RSPs Weighted A
OSS 89% 81% 105% 100% 108%FSS 74% 71% 87% 82% 101%
PKR 16mln). This was mainly generated by RSPs (74%), followed
AverageNominal 37.5 33.5 32.0 35.2
Real 23.6 20.0 18.7 21.6Expenses as % GLP 30.8 39.1 39.4 37.5
( ),by MFBs (14%), and MFIs (12%).
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Expenses as % GLP 30.8 39.1 39.4 37.5
Assessment | Credit RiskMicrofinance industry entails different business models, each of them exposing y , p g
the industry to credit risk with varied level of vulnerability. The borrowers of the industry are low-income individuals – male (42%), and females (58%).
With 56% of total borrowers residing in rural areas macro economic factorsWith 56% of total borrowers residing in rural areas, macro-economic factors -economic growth, inflation trends, natural calamities, and to some extend political environment - play a key role in repayment ability and willingness
Types of Collateral used by 25 Microfinance Providers in Pakistan
1 2 3 4 5 6 7 8 9
Microfinance Sector | Credit Risk Management
#Category
8 6 8 4 7 7 3 2 2 1
Asset Ownership
-
Compulsory Savings
Asset Leasing
Live Stock
MFB
Group Guarent
ee
Personal Guarentee
Post Dated Cheks
Promisory Note Gold
8 6 8 4 7 7 3 2 2 1 9 6 5 5 2 - 1 - 1 - 3 3 2 1 1 - - 1 - - 5 4 3 3 2 - 3 1 - - 25 19 18 13 12 7 7 4 3 1
MFIsRSPs
Others
MFBs
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Credit Risk || Lending Methodology || Sector Concentration
100%GLP | Lending Methodology
GLP | Sector wise Expsoure | at end Dec-12
30% 31% 30% 32%
80%
90%
100%
Others, 15%
GLP | Sector wise Expsoure | at end Dec 12
70% 69% 70% 68%
50%
60%
70%Trade, 30%
Services, 8%
Housing, 0%
%
20%
30%
40%Manufacturing/Production, 9%
0%
10%
Mar-12 Jun-12 Sep-12 Dec-12Group Individual
Agriculture, 22%
Livestock/Poultry, 16%
Group Individual
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Credit Risk || Asset Quality
Africa LAC* World ECA** EAP*Pakistan Asia MENA****
Asset Quality | Comparison with World | at end Dec-11
PAR > 30% 6.6 4.8 3.8 3.7 3.4 3.2 2.5 2.1Write-off to GLP 0.7 1.4 0.5 0.3 0.4 2.1 0 0.3
* Latin America and the Caribbean ** Eastern Europe and Central Asia
*** East Asia and the Pacific **** Middle East and North Africa
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Credit Risk || PAR trend
A l i f l t i ht t
7.0
8.0Portfolio at Risk | Quarterly Trend
An analysis of last eight quarters reveal that ::PAR follows a seasonal trend with highest level of PAR at the
4.0
5.0
6.0
% G
LP
gbeginning of the years, gradually reducing to a low level towards the end of year. MFB’s on average maintained a
1.0
2.0
3.0
PA
R MFB s on average maintained a
higher PAR. During 4QCY12, PAR has reduced to a very low level. Although detailed data for PAR is
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12Industry 4.2 3.7 3.0 3.3 3.9 3.8 3.1 1.4MFBs 4.9 4.6 3.0 3.3 4.7 5.0 3.5 1.1
0.0 not available, this decline in ratios can be attributed to any of the following two reasons i) all portfolio greater than 90 days
MFIs 2.6 2.1 1.2 1.5 2.1 1.9 2.3 2.1RSP 5.0 2.5 4.1 4.8 3.2 2.2 1.5 0.4Other MFPs 2.8 5.5 5.4 4.9 5.4 5.5 7.3 5.8
portfolio greater than 90 days crossing one month age; thus invoking write-offs, or ii) high recoveries.
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Credit Risk || Punjab Delinquency Case [08-09]
Groups : Refusal to repay loans
Groups: Connections with local politicians
Result: Intentional defaults
PAR Increased from 1% to 10%
Highlights Gaps in business models, internal controls and Risk management
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Credit Risk || Industry Practices that lead to bad Asset Quality
MFPs following herd behavior; clustering of
Delegation of responsibilities [client; g
MPs in same areas
Extra focus on growth; compromise on
responsibilities [client selection] to Group
Leaders
Manipulation of other MPs clientele to shift to ownp
internal controls
Pressure on LOs to meet targets; incentive
clientele to shift to own MFPs through Group
leaders
Dependence of potential customers on Groupmeet targets; incentive
systems non aligned
Same LOs working for
customers on Group leaders [commission
agents]
Multiple Borrowing;Same LOs working for multiple MFPs
Multiple Borrowing; Use of credit bureaus (X)
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
T th lit f l b k
Credit Risk || What to analyze?
To assess the quality of loan book:
i) credit approval process,i) credit approval process,ii) credit verification, disbursements, and monitoring of credit process,iii) Internal controls and MIS generated by MFP,iv) loan to value ratios (if secured against physical security)security),v) proportion of repeat and roll-over loans,vi) MFPs client assessment frequency and analysis ofvi) MFPs client assessment frequency and analysis of clients’ repayment behavior
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Financial Risk
Minimum Liquidity Requirement:: MaintainMinimum Liquidity Requirement:: Maintaini) maintain at least 5% cash,ii) 10% liquid reserves against deposits of less than one years.
Deposit Protection Fund :: Credit 5% of profits to Depositor Protection Fund (DPF). The amount is allowed to be invested in government securities or gto be deposited with SBP. Protection of up to PKR10,000 per depositors in case of liquidation.
Currently all banks maintain strong liquidity positions owing to initial roll-out of business operations and fresh capital.
Mi i it l (PKR 300 l PKR 1 000 l ) d it lMinimum capital (PKR 300mln –PKR 1,000mln) and capital adequacy requirements (15%) are also laid by SBP. Currently one bank is non-compliant with minimum capital and CAR requirements
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
requirements.
Conclusion | Opportunities & Challenges
Young & Growing
Untapped potential
Supportive Regulatory
Role
Microfinance Sector
CY12 ||Conversion of MFIs in
MFBs
Branchless
CY12 || Launch of nationwide MF specific
CIBBranchless Banking || The hottest
Trend
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Conclusion | Opportunities & Challenges
B i &Ownership & Governance
Business & Financial Profile
• Requires attention• MFBs are better placed
• Requires improvement in Credit risk management
• Yet to achieve sustainable profitability: BB an additional revenue streamframework
MFBs are better placed• Need to bring
Professional Board & Management
BB an additional revenue stream• Funding Constraints• Need to establish Retail Deposit base
What and Why of Microfinance Global Trends
Demand-Supply
Dynamics -Pakistan
Regulatory Framework
Sector Performance ||
Branchless Banking
Risk Assessment and Outlook
Bibliography
1. PovcalNet – an analytical tool for measuring poverty developed by worldbankhttp://iresearch.worldbank.org/PovcalNet/index.htm?1)
2. Worldbank | www.worldbank.org/3. Human Development Report 2011 - Sustainability and Equity: A Better Future for All,
HDR_2011_Statistical Tables4. State Bank of Pakistan (SBP) website, ‘Microfinance Institutions Ordinance 2001’, Last Updated on
1st July 2007, Viewed on 2nd February 2013, http://www sbp org pk/1 frame/MF Inst Ord 20001 pdfhttp://www.sbp.org.pk/1_frame/MF_Inst_Ord_20001.pdf
5. Pakistan Microfinance Connect | www.microfinanceconnect.info6. Economic Survey of Pakistan | 2011-20127. State of microcredit Summit Campaign Report 2012, Note 45 , Further referenced to :
http://iresearch worldbank org/PovcalNet/povDuplic html)http://iresearch.worldbank.org/PovcalNet/povDuplic.html)8. MIX market data , cross market analysis report : 2011, last viewed in Mar-13
9. US Department of State, http://www.state.gov/s/inr/rls/4250.htm, last viewed in Mar-13.10 i i i ki ’ ldb k10. Bringing Finance to Pakistan’s poor, worldbank.org11. Microwatch Oct-Dec1212. Global microscope on the microfinance business environment 2012, Economic Intelligence Unit, The
Economist13 l i ki b k i fi i i i i h f h13. Regulating Pakistan’s Nonbank Microfinance Institutions, Micronote Dec11, PMN with further
reference to www.amlaw.pk14. The Microfinance Crisis in Andhra Pradesh, India: A Window on Rural Distress? By Marcus
Taylor)
Analysts Rana Muhammad [email protected]
Samiya [email protected]
Naureen [email protected]
Humza [email protected]
C b 92 35869504Contact number: +92 35869504
DISCLAIMERSCPACRA has used due care in preparation of this document. Our information has been obtainedfrom sources we consider to be reliable but its accuracy or completeness is not guaranteed. Theinformation in this document may be copied or otherwise reproduced, in whole or in part,
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