III - Fixed &amp Floating Rates

 

A|flneja Pnxa Pajokav Zlnx npa io|ah A|flneja Pnxav7 + Giiofoncv fgkkox xg knoexnoeoej xla a|flneja pnxa nx n vrafoiof cayac% Zlnx npa Icgnxoej A|flneja Pnxav7 + Eg oexapyaexoge ipgk `nemapv gp jgyapekaex giiofoncv% Xla knpmax haxapkoeav xla rpofa gi xla fqppaef% Zlnx ov n –fcane‛ icgnx7 N –hopxy‛ gea7 + Zoxl n hopx icgnx xla jgyapekaex hgave‟x raj xla fqppaef# `qx xpoav ipgk xoka xg xoka xg oeicqaefa xla pnxa ` `qoej gp vaccoej oe xla fqppaef knpmaxv%  

 

A|flneja Pnxa Pajokav Zlnx ov n –fcane‛ icgnx7 N –hopx‛ gea7 + Zoxl n hopx icgnx xla jgyapekaex hgave‟x raj xla fqppaef# `qx xpoav ipgk xoka xg xoka xg oeicqaefa xla pnxa ` `qoej gp vaccoej oe xla fqppaef knpmaxv% Io|ah A|flneja Pnxav4 Xla jgyapekaex kqvx `q xla nkgqex xlnx zocc `poej xla ~qnexox haknehah `nfm xg xla gpojoenc gp ojoenc cayac

 

 

Io|ah A|flneja Pnxav † Lgz fne xla jgyapekaex maar n fqppaef nx n fapxnoe yncqa oi oexapenxogenc f gkkapfa fgkkapfa `afgkav qezoccoej xg rn xlnx rpofa7 † Ox fne‟x knoexnoe xla yncqa igp cgej% Oi xla hakneh igp xla fqppaef inccv# ox‟v rpofa zgqch incc nv zacc% † Xla gec zn xla rpofa fne `a marx qr ov igp xla jgyapekaex rpgkovoej xg knoexnoe xla gpojoenc cayac xg aexap xla igpaoje a|flneja knpmax neh `oh xla rpofa gi xla fqppaef `nfm qr ` rqpflnvoej ox%

 

 

Io|ah A|flneja Pnxav † oxv Xg fqppaef7 zlnx hgav xla jgyapekaex io| xla yncqa gi  † Zlae gp lgz gixae hgav xla fgqexp flneja oxvjgyapekaex io|ah pnxa7 haiaeh xla io|ah † xla Lgzyncqa hgavgixla yncqa njnoevx ne knpmax rpavvqpav rqvloej xgznph lojlap gp cgzap a|flneja pnxa yncqa7 † Oe xla rnvx# ncc fqppaefoav zapa io|ah xg jgch% † Xghn# n fgqexp fne io| oxv yncqa xg negxlap  fgqexp‟v fqppaef  

 

Io| xg zlnx7 † N fgqexpy fne io| oxv fqppaefy xg n –`nvmax‛ gi gxlap  fqppaefoav% +Vnka nv hoapvoiyoej n rgpxigcog ,Egx rqxxoej ncc ygqp  ajjv oe gea `nvmax/ +Vrafonc Hpnzoej Pojlx ,VHP/…N `nvmax gi igqp  kndgp zgpch fqppaefoav%  Lgz fne lojlap o pnxav maar xla fqppaefy ncqa qr7  ,Nevzap4 Igpaojeapv zocc rqpflnva xla enxoge‟v fqppaefy#  `ohhoej oxv ncqa qrznph# xg knma vlgpx+xapk oeavxkaexv oe xla fgqexpy%/

 

 

Haiaehoej n Io|ah A|flneja Pnxa >% Xg `q `q  gp gp v vac accc igp igpao aoje je fq fqpp ppae aefo foav av ,o ,oe eg gph phap ap xg oeicqaefa xla rpaynocoej a|flneja pnxa/# n jgyapekaex kqvx lnya igpaoje a|flneja pavapyav% 0% Ox oov v egx egx ccom omac ac  xg lnya lnya aeg aegqj qjl l pava pavapy pyav av xg h hai aiae aeh h njnoevx n knvvoya neh vqvxnoeah nxxnfm ge xla fqppaef% Zlnx ov ne nxxnfm ge n fgqexp‟v fqppaef7 ,Nevzap4 Knvvoya –vaccoej gii‛ gi n fqppaef a|rafxah xg `a hayncqah% Gea fne `gppgz xla nxxnfmah fqppaef neh rn ox `nfm nixap   

hayncqnxoge%/

 

Haiaehoej n Io|ah A|flneja Pnxa 6%

Xla Xla jg jga apek pekae aexx ffne ne ncvg ncvg kn knma ma cg cgej ej+x +xapk apk nh nhdqv dqvxk xkae aexv xv gi  oxv knfpgafgegkof ,kgeaxnpy neh'gp iovfnc rgcofy/% @qhjax nqvxapoxy ,vaci+haeonc `afnqva gi a|xapenc  rpavvqpa/ ngohv oeicnxoge neh xnmav hgzeznph rpavvqpa gii fqppaefy% Zl Zly yh hga gavv ooei eicn cnxo xoge ge rq rqxx h hgz gzez eznp nph hr rpa pavv vvqp qpaa ge n fgqexpy‟v a|flneja pnxa7

>% 

 Ege+oeicnxoej fgqexpoav npa qezoccoej xg rny kgpa neh kgpa xg `qy ne oeicnxoej fgqexpy‟v jgghv neh vapofav% Pahqfah hakneh igp xla oeicnxoej fqppaefy zocc knma ox harpafonxa%  

 

Haiaehoej n Io|ah A|flneja Pnxa 6% 

Zl Zly yh hga gavv ooei eicn cnxo xoge ge rq rqxx h hgz gzez eznp nph hr rpa pavv vvqp qpaa ge n fgqexpy‟v a|flneja pnxa7 Foxotaev gi xla oeicnxoej fgqexpy zocc znex xg vaam   `npjnoev xlpgqjl okrgpxv# vaccoej xlaop fqppaefy xg g`xnoe gxlap fqppaefoav% Vaccoej oefpanvav xla vqrrcy neh hpoav

xla rpofa hgze iqpxlap% Nvvqka xla Ravg lnv `aae oeicnxoej oe Ka|ofg Hgzeznph rpavvqpa zocc `a ge xla ravg% ,Cavv hakneh igp ox# voefa iazap zocc `a rqpflnvah zoxl Ka|ofne rpofav jgoej qr%/ >% Xl Xlaa K Ka| a|of ofne ne jg jga ape peka kaex ex oe oexa xap pae aeav av oe fq fqpp ppae aefy fy knpmaxv# rqpflnvoej ravgv xg knoexnoe xlaop ncqa neh  rpgkovav ox zocc rapkox oxv ncqa xg incc% eayap   

 

Haiaehoej Xla Ravg Qehap Nxxnfm 8%

Xl Xlaa nnxx xxnf nfm mz zoc occc ` `aa q qeh ehap ap zn zny y ooii r rag agrca rca hg hge‟ e‟xx ` `ac acoa oaa a xl xlaa  rpgkova% Ragrca vacc xlaop ravgv igp hgccnpv# axf%# zloca xla  rpofa ov vxocc qr% Egxa4 `gppgz `gp pgz kgeay oe Ka|ofg# flneja ox ~qofmcy igp hgccnpv% Rny `nfm xla cgne cnxap zoxl flanr

 ravgv% 1% Xla Xla K Ka| a|of ofne ne jg jga ape peka kaex ex vvgg gge e pq pqev ev g gqx qx g gii pa pava vap pav av nneh eh caxv xla ravg rpofa incc% 9%

Ragr Ragrca ca rq rqpf pfln lnva va ra ravg vgvv `n `nfm fm nx xl xlaa eaz eaz## ccgz gzap ap ppnx nxaa igp  igp  jggh jnoev%

 

 

Zlae xg Flneja xla Pnxa7 † Zl kojlx n jgyapekaex znex xg flneja xla a|flneja yncqa gi oxv † fqppaef7 Ox kojlx hg vg oe gphap xg rpgkgxa# igp a|nkrca# jpanxap a|rgpx ygcqka% † Zlnx ov n rajjah a|flneja pnxa7 † Xla xapk rajjah a|flneja pnxa paiapv xg vaxxoej n xnpjaxah yncqa igp n fgqexp‟v igpaoje a|flneja# neh ox oehofnxav xla jgyx% lnv vgka n`ocox xg kgya xla raj% † Fcane Icgnx  ‖  Vqrrcy neh Hakneh npa vgcacy rponxa nfxooxoav  ‖  Fgkrcaxa ica|o`ocoxy † Hopx Icgnx ,Knenjah Icgnx/ ½ Ipgk xoka xg xoka# xla jgyapekaex xpoav xg okrnfx xla pnxa xlpgqjl oexapyaexoge  

½ Kgpa rgrqcnp xlne fcane icgnx ½ Aiiafxoyaeavv gi oexapyaexoge ov fgexpgyapvonc

 

Zlae xg Flneja xla Pnxa7 † Jgapekaexv nxxakrx xg maar xla ncqa io|ah igp pacnxoacy cgej  rapoghv gi xoka xg pahqfa xpnha qefapxnoexoav% † Zlnx ov ne nhdqvxn`ca raj7 † Xla jgyapekaex kny flneja xla rajjah pnxa oi n vq`vxnexonc hova~qoco`poqk hova~qoco`p oqk oe xla fgqexpy‟v oexapenxogenc rgvoxoge haacgrv , a%j%# hakneh igp xla fqppaefy ov xgg zanm xg knoexnoe xla havopah ncqa/% † N fpnzcoej raj  raj  fne `a flnejah gixae ,kgexlcy# vny/ nffgphoej xg n vax gi oehofnxgpv oehofnxgpv gp xla dqhjkaex g gii xla fgqexpy‟v fgqexpy‟v kgeaxnpy nqxl nqxlgpoxy% gpoxy% † Oehofnxgpv4  ‖  Xla hoiiapaefa gi oeicnxoge pnxav  ‖  Oexapenxogenc pavapa nvvaxv  ‖  Jpgzxl gi xla kgeay vqrrcy  ‖  Xla fqppaex nfxqnc knpmax a|flneja pnxa pacnxoa   faexpnc rnp ncqa gi xla rajjah pnxa

xg xla

 

Kgeaxnp Rgcof zoxl Io|ah A|flneja Pnxav A|rnehoej xla Kgea Vqrrc Zgpvaev xla @ncnefa gi Rnkaexv Fnroxnc icgzv gqx%

,,oe oe xla vlgpx pqe/ Xg okrpgya n rggp knfpgafgegkof voxqnxoge# n fgqexp oefpanvav oxv kgea vqrrc vg xlnx `nemv npa kgpa zoccoej xg caeh%

Xla gyapncc

Oexapavx pnxa hpgrv

rnkaexv `ncnefa –zgpvaev%‛

Panc vraehoej# rpghqfxoge# neh oefgka pova# `qx Xla rpofa cayac oefpanvav%

 

Xla Fqppaex nffgqex `ncnefa –zgpvaev‛ nv a|rgpxv incc neh okrgpxv oefpanva%

 

Kgeaxnp Rgcof zoxl Icgnxoej A|flneja Pnxav Aiiafxv gi A|rnehoej xla Kgea Vqrrc Fnroxnc icgzv gqx%

,Oe xla vlgpx pqe/ Zoxl ne oefpanva oe xla kgea vqrrc# `nemv npa kgpa zoccoej xg caeh%

Fqppaef

Oexapavx pnxa hpgrv

harpafonxoge neh nqxgknxof nhdqvxkaex `ajoev.

Panc vraehoej# rpghqfxoge# neh oefgka pova%

Fqppaex nffgqex `ncnefa –zgpvaev%‛

Xla Rpofa cayac

 

oefpanvav% ,@aygeh xla vlgpx pqe/

Xla Fqppaex nffgqex `ncnefa okrpgyav

Panc rpghqfx neh oefgka pova kgpa

 

Oe Fgefcqvoge † Io|ah a|flneja pnxav npa jgapekaex fgexpgccah% † Icgnxoej a|flneja pnxav npa knpmax hpoae% † Jgapekaexv lna ncznyv rpaiappah xla okrpgah `qvoeavv fcoknxa gi io|ah pnxav  ‖ Xlay  ‖  Xlay pahqfa xla qefapxnoexy gi qevxn`ca fqppaefy ncqav ,egxa xla Aqpgrane Kgeaxnpy Vyvxak‟v io|ah pnxav gi xla >??2v/%

@qx nv ioenefonc knpmaxv lnya hayacgrah xg nffgkkghnxa igp ica|o`ca a|flneja pnxav# kgpa neh kgpa fgqexpoav lnya fgka xg nrrpafonxa xla yncqa gi knpmax haxapkoenxoge%

 

 

Maeae ge Io|ah neh Icgnxoej Pnxav † Xokav lna flnejah voefa xla anpcy >?:2v neh Eo|ge‟v havxpqfxoge gi @paxxge Zgghv% Knpmaxv lna haacgrah xg lahja a|flneja povmv neh za lna `afgka nffqvxgkah xg xla qefapxnoexoav nvvgfonxah zoxl xlak% Xpnha icgqpovlav% † Io|oej xla a|flneja pnxa harpoav n jgapekaex gi xzg apy ncqn`ca rgcofy oevxpqkaexv# xla egkoenc a|flneja pnxa neh kgeaxnpy rgcofy# neh ox kny xlapaigpa `a xakrxah xg nhgrx `ajjnp+ xly+eaojl`gp xpnha rgcofoav xg fgra zoxl gqxrqx+pahqfoej vlgfmv% † Xla panhoej `y Raxap `% Maeae# –io|ah apvqv Icgnxoej A|flneja Pnxav‛ ov rpg`n`cy a|rpavvoa gi n kndgpoxy gi afgegkovxv% † Gefa# hqpoej xla apn gi xla @paxxge Zgghv Vyvxak# kney ianpah icgnxoej pnxav% Xlaop qefapxnoexy zgqch loehap oexapenxogenc xpnha  

 

Maeae ge Io|ah neh Icgnxoej Pnxav † Io|oej xla a|flneja pnxa kn lacr vxn`ocota n fgqexp xlnx lnv vqiiapah a|xaevoyac zoxl oeicnxoge% xpnha rgcofoav xg fgra zoxl gqxrqx+pahqfoej vlgfmv% † Xla fgkkoxkaex xg n rajjah a|flneja pnxa ov okrcofoxc n fgkkoxkaex xg kgeaxnp neh iovfnc vxn`ocox# zoxlgqx zlofl n io|ah fgkkoxkaex pnxa fneegx vqpyoya% Rajjoej fne `q fpaho`ocox% † Zlae nvkkaxpof afgegkof vlgfmv xpgq`ca enxogev# vgka fneegx fgra zoxlgqx flnejoej xlaop a|flneja pnxav% –Ox ov eaoxlap zova egp  pancovxof xg nhygfnxa zgpch+zoha rajjoej%‛

 

 

Poflnph E% Fggrap ge A|flneja Pnxa Flgofav † Kne fgqexpoav lnya jgea xg xla icgnx igp xlaop a|flneja pnxav# `qx kne vxocc hafoha xg raj xlaop fqppaef gp io| xlaop a|flneja pnxa% Xla flgofa flgofa ov rpg`n`c xla kgvx okrgpxnex knfpg+ afgegkof rgcof hafovoge n fgqexp knmav% † Fggrap payoazv xla oexapenxogenc kgeaxnp a|rapoaefa nkgej xla kndgp fgqexpoav# payoazoej xla panvgev zl icgnxoej pnxav zapa cgej yoazah zoxl vqvrofoge% † La hovfqvvav xla Ipoahkne'Dglevge fnva igp ica|o`ca pnxav knha oe xla vo|xoav neh vayaexoav% Dglevge xlgqjlx xla hayacgroej hayacgro ej fgqexpoav zgqch fgexoeqa xg raj xlaop pnxav%

 

 

Poflnph E% Fggrap ge A|flneja Pnxa Flgofav † Fggrap payoazv xla rgxaexonc roxinccv igp hayacgroej fgqexpoav zlae oexapenxogenc oevxoxqxogev oevovx xlnx xla `gxl kgya xg jpanxap a|flneja pnxa ica|o`ocox neh xg co`apncota oexapenxogenc fnroxnc kgyakaexv nx xla vnka xoka% † Ica|o`ca a|flneja pnxav lnya zgpmah yap zacc igp xla canhoej oehqvxponc fgqexpoav% Ox zocc `a oexapavxoej xg vaa lgz Aqpgra inpav zoxl n`vgcqxac io|ah a|flneja pnxav nkgej AQ kak`apv ,yon xla Aqpg/ neh lgz xla Aqpg'Q%V% Hgccnp pacnxogevlor hayacgrv% † Za‟pa vxocc canpeoej# `qx kgyakaexv oe a|flneja pnxav rpgyoha n qvaiqc vlgfm n`vgp`ap igp panc hovxqp`nefav xg xla zgpch afgegk# `qx xla npa ncvg n vojeoiofnex vgqpfa gi qefapxnoex igp xpnha neh fnroxnc igpknxoge# xla zaccvrpoejv gi afgegkof rpgfavv%