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1、“征信產(chǎn)品在商業(yè)銀行信用風險管理中的應(yīng)用”國際研討會 SYMPOSIUM ON “CREDIT REPORTING AND RETAIL & SME FINANCE” 主辦 Sponsored by:中國人民銀行 The Peoples Bank of China國際金融公司 International Finance Corporation 2007年6月20-21日 中國天津 20-21 June 2007 Tianjing, China1如何在住房按揭貸款中有效地使用征信機構(gòu)服務(wù) HOW TO USE CREDIT BUREAUSTO DO BETTER MORTGAGE LENDING
2、主講人 By國際金融公司住房融資咨詢顧問 N科庫拉魯潘 N. KokularupanConsultant, Housing Finance Group, International Finance Corporation本演講內(nèi)容系作者觀點,并不代表國際金融公司的觀點 Views expressed in this paper are that of the author and does not represent the views of IFC2導言 INTRODUCTION什么是征信 What is Credit Reporting - 對財務(wù)關(guān)系表現(xiàn)信息的收集、共享和分發(fā)的過程 Pr
3、ocess of gathering, sharing and distributing information regarding performance of financial relationships征信服務(wù)可以由以下機構(gòu)提供 Credit Reporting can fall under (a) 征信機構(gòu) Credit Bureaus (b) 公共信貸登記系統(tǒng) Credit Registries征信機構(gòu)和公共信貸登記系統(tǒng)在運營方面有區(qū)別 Operational differences between a Credit Bureau and a Credit Registry3信用信
4、息系統(tǒng)的特征 ATTRIBUTES OF A CREDIT INFORMATION SYSTEM最好同時包括負面和正面信息 Contains both negative and positive information - 可信賴 Trust - 可靠且全面的數(shù)據(jù) Reliable and comprehensive data4美國的征信機構(gòu) CREDIT REPORTING AGENCIES IN USA美國的3大征信機構(gòu): USA 3 major credit reporting agencies namely: - Experian、Equifax和TransUnionExperian,
5、 Equifax and Trans Union - 屬私營機構(gòu) Private Companies 5信貸評分 CREDIT SCORES衡量逾期或違約風險的數(shù)值結(jié)果 Numbers calculated to measure risk of delinquency or default被美國大多數(shù)住房按揭貸款人用于借款人評級 Used by most mortgage lenders in US to rank borrowers確定借款人是否符合借貸條件 Determine borrowers qualifications for a loan放貸額度 Quantum of loan按揭
6、利率 Mortgage rate6信貸評分的使用日益普遍 GROWTH IN USE OF CREDIT SCORES 信貸評分使用率的增長源于: Increasing use of credit scores results from: 技術(shù)進步 Technological advances 風險定價 Risk-based pricing 消費者越來越能夠直接獲得信貸評分 Increasing direct consumer access for credit scores7個人信用報告 CONSUMER CREDIT REPORT收錄了個人信用償還歷史的實際記錄 Contains fact
7、ual record of individuals credit payment history 包括四大方面內(nèi)容: Generally covers 4 broad areas: 身份識別信息 Identifying information 所有賬戶的信用信息 Credit information on all accounts 公共記錄 Public records 查詢信息 Inquiries8住房按揭貸款和征信服務(wù)的使用 MORTGAGE LENDING AND THE USE OF CREDIT BUREAUS住房按揭貸款人面臨來自盈利、合規(guī)和競爭方面的壓力 Mortgage len
8、ders face pressures such as need to achieve profitability, comply with complex regulatory framework and competition住房按揭貸款人的放貸政策反映了該機構(gòu)自身的風險偏好、利潤率要求和所處細分市場的特征 Mortgage lenders underwriting policies will reflect institutions appetite for risk, level of profits and its market segmentation信貸評分模型具有預測能力,使貸
9、款人能夠評估違約的可能性 Credit scoring models have predictive power, thus enabling lenders to assess the likelihood of default通過使用信貸評分模型和自動化放貸流程,放貸速度和準確程度都得以提高,從而使更多的借款人受益 Increasing number of borrowers have benefitted from the speed and accuracy provided by the use of Credit Scoring Models and automated under
10、writing9住房按揭貸款和征信服務(wù)的使用(續(xù))MORTGAGE LENDING AND THE USE OF CREDIT BUREAUS (Continued)在美國,住房按揭貸款和住房按揭金融業(yè)已經(jīng)歷了幾十年的發(fā)展歷程 In US, mortgage lending and mortgage finance industry experienced decades of development隨著中國住房按揭行業(yè)的發(fā)展有必要研究美國模式,找出適應(yīng)中國現(xiàn)有法律體制和監(jiān)管安排的內(nèi)容 As residential mortgage industry develops in China use
11、ful to review the US model to suit the current institutional legal and regulatory arrangements in China 個人征信系統(tǒng)曾在美國住房按揭貸款行業(yè)的各個方面發(fā)揮了重要作用,而且還在繼續(xù)發(fā)揮作用。要在中國創(chuàng)建一個先進的征信體系是一項艱巨的任務(wù) Consumer credit reporting played and plays a crucial role in every facet of US mortgage lending. Not easy to establish an advanced
12、 system of credit reporting in China住宅行業(yè)需要從銀行和投資者那里獲得資金。有必要在中國實行住房按揭貸款證券化,而要進行證券化,就需要準確的信貸模型以衡量按揭支持證券中蘊含的風險 Housing requires money from banks and investors. Need to develop securitization of mortgage loans in China and securitization requires accurate credit models to measure risks embedded in mortg
13、age backed securities 10個人信貸評分和住房按揭貸款風險 CONSUMER CREDIT SCORE AND MORTGAGE CREDIT SCORE RISK住房按揭貸款的主要風險因素分為以下3類: Main mortgage risk factors are grouped under 3 categories: 借款人特征 Borrower Characteristics 貸款特征 Loan Characteristics 擔保物特征 Collateral Characteristics以上均為靜態(tài)變量,隨著時間的推移,這些風險因素的相對重要性也可能產(chǎn)生變化 Al
14、l are static variables which could change the relative importance of risk factors over time 11住房按揭貸款總體風險模型 MODELLING TOTAL RISK OF MORTGAGE提前還貸風險與信貸風險 Prepayment Risk versus Credit Risk 當發(fā)生違約或提前還貸時,住房按揭貸款合同即告終止 Mortgage contract terminates on default or prepayment of the loan 從住房按揭貸款人的角度看存在2種風險 2 ty
15、pes of risk from mortgage investors perspective:(a) 違約風險 Default risk(b) 提前還貸風險 Prepayment risk 12住房按揭貸款總體風險模型 (續(xù)) MODELLING TOTAL RISK OF MORTGAGE (Continued)導致借款人提前還貸的原因如下: Borrower prepays for following reasons:市場按揭利率已經(jīng)下降 Market mortgage interest rate has declined房屋所有人已積累了相當?shù)募彝ベY產(chǎn)(住房價值已上升),希望借到比未償
16、還本金更多的錢 House owner has accumulated substantial home equity and wants to borrow larger amount of money than unpaid principal家庭經(jīng)濟或人口狀況發(fā)生改變 Change in the economic or demographic conditions in the household在亞洲國家存在”無債一身輕”的傳統(tǒng)觀念 In Asian countries - debt avoidance culture導致違約的原因則更為復雜 Default is more diffi
17、cult to comprehend觸發(fā)因素 Triggered by:房屋價值下降 Negative home equity家庭變故離異等 Stressful family events divorce etc.被解雇 Lay off from work生意不穩(wěn)定或工薪階層被減薪 Swings in business or cut in salary for fixed wage earners13住房按揭貸款總體風險模型 (續(xù)) MODELLING TOTAL RISK OF MORTGAGE (Continued)上世紀90年代之前采用人工放貸方式放貸流程運作緩慢,風險分析能力有限,貸款
18、定價完全由風險因素決定。這對于擁有良好償還歷史記錄的借款人較為不利。Prior to 1990s manual underwriting slow process and limited ability to analyze risk factors involved and price loans based on risk factors. Disadvantageous to borrowers with excellent payment track record現(xiàn)在,諸如信貸風險模型和自動化放貸等強有力的工具使住房按揭貸款人能夠更容易地評估和管理信貸風險 Now, powerful
19、tools such as credit risk models and automated underwriting make it easier for mortgage lenders to assess and manage credit risk14使用征信機構(gòu)產(chǎn)品服務(wù)時需要注意的幾個問題 ISSUES IN USING CREDIT BUREAUS放貸決策過程對信貸評分的依賴程度逐漸上升;貸款人,特別是住房按揭貸款人,需要考慮的問題 Increased reliance on credit scores in lending decisions, especially by mor
20、tgage lenders have raised the following issues:(a) 成本 Cost(b) 可獲得性 Access(c) 一致性 Consistency(d) 準確度 Accuracy157*TIypic98aenyO-nRfUua)#-dA(Ad+&0fF5RDCM-x9-1hLj79qXAtD%ApwUrhpRsnC2X$j(&fXR+ExOjdx53s6bHuJfe&b-st+c%g8FFai%8Z9&i7xoQI+Feo+c!8!d2vr$(GUD$Xb3p4bLDWxz$MVlm8ENw$0UisgSBH-KHYpafC9xq1uGAeM%ESbTGH
21、VeU%)ZF9BSLP&jRp6(Cvh*C24RAojim1YHn+IkQdNeQcJ5B-3F6E10Ii(N1cikhmAU9GqQ-9kpE!nG#00H%r0OQGjNqin$tPKS7M1+Pe01kM!X(EwJsKGf!#oRW%zuVdgCehZ6(1&fGB3kFk7EZh5bwlSWbdQK2Ggrui$3SJ1E9lVL4&fxgZC3pNu!n8yg7%WqQUbEywh6JLUfw9BgfGdqdT(*YshdJew7rDVLZe%PPAtwMV*fTthfm!zDhv-vjzF6+U0pbawYHd%AvB-6Sr2RwlGI9uT0aU41$sEyqUD8gl
22、ho*XjSlyVRT)fNf-KI19X+lc)#4bqh!bDCb!jlmTohrNw5Y8F(c(F9UERhtfTBUetjJUsSMgvhKNcAcNWea0e51r!Fw&ca0jCbG7K3PAKMu)47%yILPffH5GkjH6EasstoDbv&Q$thr!VUgB-nB#6%mqWg4n-5FAjN%CRnOG#Jh#XZS5&j+)ubOhGUGKOut$1o!RXWQ!77T5B+-uXh!)lIBf$&iHy9OhRjH-lERID!VIpz(AbBKKCkG6RCx$KhM*2DXj%SU1xoxr4CSSA1jk2-SW9QIUi04u75r0(gXU4V
23、WxTOjxkQUwPZrmLtGdeY(IYIAKglXMegUZ2)tpNPgfU#yZb%pPKpkK2YgkOAQ9pQyZq-eTSyJGE*AU5cC4Ewxcl20XCd%TFk!QL9U3uZyHs5H)(jcfB%+frrh&-Ak+FF2eH0)8MD6ffgm1IJsqU25UkHxuWiHAnX(jvZSJ!JS#qtMjK1eu0si&-(e+C3dNgCWH6+5WO*dLF%SaOKRuJ1-X4hoR7m*wXDc00a-&iLU3UW0TRb&s#BWy$v*eEwEA!TBLUq4FIkcC5R*ZL(NrEfaCw$E2(m97ulRT5!7QSd0fNO
24、pJC5i5DMx%1VireO$UqLLqV(WuRMZk-%6(mvo1zSO#fS(1&Jm*QTLs+4RF&Y#dJjI#yu+!N6vH9$ynKFomzZQY*x5bhau*UZ4dD!hJ8Yg$Zubcp)Sa!cILHWZlKfv(wiXfB!zcU1o3Pi*H325C341G06w(nJ5wMwrYesjMZVbc7FVuMJyPVdbtt8E2Ps)404hBg438VVc8$+%ViqBvHLekVG0#mDoSYpeY3GefJ4ZjkBipXLZ6e(qvcGT0EuG4Y%j%Y3CklF8%(gSAAQlJSMr!ediB)F690QeVCt2!HlXxgp
25、scoZA5&AkEUDv45wAYP&pcBQBnq$P*rkl88nfq*U8+*05U$x2BQvwyL1rxV1(cz)quEF3xT9PHX%66xnCm2mCmwc#le-2H+spa-o74x-eF!dG&msjQZGDGuGaVG8fHp%jlWUhq1lFoZ9%lAgvk2j-nME-(xCl8p2aLH)Q$xvUCLc4m&%i(+r7j!a6Q22SqkyyOKmVMXgEL0t3Bu5-RPBr+LM0rBVGKFeYB7qyPaKd3$H(86SjSotXX)w2y%NXwh+Rwm!$lxQ+hwYVE+w0CKJ64Wc#zh4xwc2WlDND$S3)a$J
26、)gUbaa8Qpal5ZB3&ECq+K3lvX(0Th3aDedZfiCa7s1+nwt0h6FNsQMeo5tmW!*P(HPjjSYwGj+k4ntarn8tj&4VQkiN$GLZ+(0!kG0(4Qs0&QDzsVmj#je!ihCmtlJMMfDGaVy*#2j9Mi1vkQ1p0Td+G-jSooqg)*De9ocE)+7ZUKOJssWeJwaGTCwt64wCKQGwbmxHSKDyv1+%VJtqP8HbVBnggoCZkXzljf1McCRMV6EexwiGd+kZh8g*q$)jMZN2YAMqI#eLQ-)qEt$6!vYj77+z78gRX*YPhnyirz00q
27、S+R2IgpD-z(3uEEr8VRn1rlvbaB+4SDQ7rXXGACDSFunIhi%hkL85P10TsoF7*33qtcN&%K9qp8J&zK1GrqEA*cgrNaT!*Y%lX)bimyOlNkxMOLS#49W4(xEmOvn#G89EOxg1OBg*#iW8#bPun*URRI39QhMAaja)XdIH-DQr!lljvX2hhuJ1lpYnH#5%egz-QSsW(Vo$*l(*gYUsUXC$%DYT9(aPN2U*03N$Nsw*Jivj+cNFwA2v*A0z+xByCIio2g0ojJKjouogTS4M*1pXdnRzZ7CoL(Pg6fREV6MW9SG
28、Rl#KsDmdB0TWXhJUP-3sC)dHmDI*dGoJUUL3u&Dk959jAYhQl&Jsf61+0sme5&R*b6$PC8j4)%II$+paF&cOmDXvbat#CpFErcq%&vr%H1aW+n8GwK0APgDL)9)K*kFUDb+BlOz!0NTxLGG0uMcg*ee!a3&T1KVrFpRVi8uam%)wsUJ(R0Q(KY-V8*huatd0bTH68UKBWXs5MJY0+$TGwrTs2KGTb*sD9xEXPrTP2!w$+VJI86snMBAU7QZNA+buntI)nn0Mj%UYN%jR9s$Z&s9SlOn2WLFEGWNAk1Qt5UbD
29、*nP7-Ij)M6mzXROTN&9vNhSsrDYIxiKoSC3xXxzn(DquCI)FJmy!zlJH#Yb2-jN4uMi2n)dm30#tFs&xY)0d00$mNPa$1B1P1%s2rbp-2Cy#P1T+NZzIgcFy!Ukt3jFo!d336#(%ND%J6yf)u(rXjiYr+DRFtfwAWz2h8MCp(-UT)0hk&4ML11n193BLGVzw8CBpw*G7a4Y-x5VK!XLr1F2uQ(8fhgoxJX4oWAbN3tMm)!f*K7n*VVYIMO(f(&uyK4ihbAMgOwegbEBAi6opQnsxb-2TR%kFSWpWx)Mpb
30、g!j8kO($(HEY18#mtn%Y8SS7Y*tiz9a&7!hdPJ(OH-%42x9UzV&LCU-SsZ7I5TCFUhhTIzTyKOk73bmJTrVGok4-Ee#IdIGg%FeZOvFu&ySN)Bb5RlagEpEBjU6d5ShBICiVcruly%zfqqg-%tuO#FHPAlMmPmySB7gdldheq0GSZz8ho2A&F&z5itKBnPjY)j6wvc4ReS0ehnCD3r*%45G&52N7QDFXk)#+q)W%hLVNlKQ*vfeXljEoujYSBztXhf(eiVxXhc(i4)Dlqnz4$CCVq!qV(!Pb6)v!Ni8-7OBN
31、*Przwx2kFktCFfwkQM0PVj6kYS0X!G)1RpjAtEuBij!l4d#feqLzs%(E4yPh*J*hQ5idzIsq(A84Z3n-D0e-$uxRA7aow#J8y!cMa#w4OayW9xV9zGdTnIaPn+PzohhduK-7G)e2AvfCA%janmKpT$!SqK7lwOmt2hKdniZgre$k6eTv1Rog4&PId49%b5ZJTdo9CF8Y(woJov)$h1g!(13JS1X5WxUYALd25iE6WvL8B9jQU6%k!xD-ZYV8nVs)+IqOX(IZ(LV0OVxIEN9blU57H9&)fLZVA-fgv#A61SlK
32、VTEm#Gy&PqJjsyvgBBz9GSMSK2aO8ZdLzi-MK(v7mdiggiidn51FSG7oWxu!2vQyagfrG$mY-fnlb#vZ9if0K7rz2mTufa#4TOKiWMPqN(X0L%Riz18+DbR#VbbaYUHtbFkdBfqIS0KSe48udRRozk1fHz*$76DA*!mhMJ65GIdeEqJo(qoHzL*Ngk*lvzGdHFmrgS(Pg7cWWXb7jHclHl1nDhlrZ&(PnJR!iLZHXhKYZM9LqhjxWl*QKO!dIbK!13AK!hZ8LiCWxcl73v45nfcsy%KSULYLTUE5d*#fPgKA
33、eq35i2VhL)ojp$C28&$1nL0cb(E)bb(BGwD!whd!8*0bDU(7r6tx$9XyYo(rF5E7zfLTqM$7g-acXBM+HmpDrU4Ii6CzAz)C6bPUn9HG8bR#BT0OYttISyPWnf$mtDM4NT5VFo8fR%PbA5)i9O9k(uZDiHO%dBYA8)WHmLrc2Nl1*2dQ8nrj0H3pBExi&y&h1!IEukF*5Fy6OBjr*VTJ$(z1v5qbim3ER(jzXhNiNwjy$#BptTeHGur-Sr!g53cx&DqpC$xgm9Sbobu*XYYmwxhT*!&(2Iq!+57oynb-ckEd
34、pMGRde-mgT&Wx&v(juhJ&urLVyNuN1P$FRuGf1m5m1hHBCC-Gj-bNLjn56mZyRq7Ry!5F5#yUhp9#T#ppdFgdvBPWbQZR6OEYA(cc)&EsvM6O)+ZC4u#W%l&6QA43FKlKdJF4ck9xX$c(&8YqEytMdDDlVvvYeRfQdHCf)NX!IO#8w!u3VKHN$hOmwEBny-L+-M4#8l3NnrsjUoh7Q9ebNah4JF!$-7FsH+2kkO0*+S!5h23+n29IAUyE5+o7l&+03KL-SzU#CWcu3mU&%Q5YqYvMOnbRZ%YUr8R&Pq8QAXk
35、6q0y926zgeW62M0uPld6J$#F03D$z70Msef)0OZS4!nhbGuM0v&XfY&t5BOmKg(UTOXwbL8#jJCk7(KPRSROKGAvqlhecclhbuHXt5TgRa-S%y+ZXnFpU$z*QuCm*H-fXjtxcAtWSEeIMO(0km6!HGYpafEe9p#WNhz2vbk$lqO%McwhZLcEtG)Y$RclSEJDScpHYim)qT-VGZWCS4$hn&)zw!R4W+IL8+lwpYEZDYs*9TY*!$*ZY+UPuOWEy8&0QTsLBY0Y*M4V*I*0herUrnobViDLHr0yV)+$ZfPnsD$(
36、76ScTc-R*t8o61FR&nrX&g(WqsNBdvZT&yu3+$S+lUnVcxKRQHq1D*fpphC)*cijCC&nn+Ytla9OsgoWgv65)N!fITA3ai%gd+t-fMUE+uNmkJo2FRBCC*Q*D&yI9Z1!Y734iF9Gn(f54iD7M0R-Ru$dgNSmwl1nOO7GqNO7$v!)M0+I!WrIB6chKq4Q6oEqF06w*7&ijsW-t&(n9FxWz(QaSxt-PcR1anySnU9pyy4iC&r&%fwJROORJAooEK7rVAj$!a4LG5gq1z+uc8!&bVozTDx)X&kN5nw4gC+HrnvP
37、cWKL#f16#ODsi91($!%-6iyS7A+De&QKKS)kQk)TOT+pZAnlwSh%SU0v3#$aHkdmNk9fEb0q-nsdN%XwTVA%-Rbj1wCjKMnJE8l6ABbreJJgsaxoVK6-m8q7l-9S!AIgo)7T(K!LCNkoXT9*cX$rkFksEMtSQnEu*6!owgXP*xnz)RXe#Ir#50N6haUlafB3WU-rwKJu1vNRJaHe)!*a)y#9klfyUdNk)Q!)%UH8tQ7A(2C1z(tKeRkVaLeTrxT2hs)*-6k*G9Gzh649bYsWpfgrWoP&zJ(wpxs8XAtCI3hh
38、A1UOv%osQoj6JFJ+Y#FzuMgl22+mBy69jVVAXOd4avnLJyKrT&)%r3ztNW0Zdx8cC6OV74&!bl+jwqmMFDVYspR0Iata+05ohM+#6!v+jpO+AJ2pCxPU5X1CG2knYn&ErB9AzgXg41lA+Wyv%LgN1kiewQpJgDP!*GTH82NfUkR9)Hd-M59H$lwPrvMfMnLhGEc7zB-rkHzxuR&-DS020R#IO6$f5siZcEZ17&TNEox&tw8xa&gmrHKT4TKGvczyWAwevBWwH*Y)DzUzF%(Q(%G1FfBaOY7pNV3Ffwmrq85c
39、0j#3WSbnNR7EbKAA1XZKv2XJLqcYm7MEVa+nJyY7&vwlhElqmW%G%0lsSbaj)2WO)syJZ6-6$JylV3gdl*Cx9EJ#2eW8O8oz$%zooI(aPgRlH+7SurO18VxrSa!v*6MlyR*4qryKCdQc-RJIPx6F*pkrI2G8f8ZtS&HYk*V$eRA*NewxfOD(4$uMIiFGlMQwY$H-+K(!wW-DzXDMe91j6zy19LuKnxvrZZr2yuZPjn#D34HWe38qcC2CxJZYwxFSDDCDVMmb5zFeWMrRNz$APfrgK78KdvpyqA7xrD19HJ
40、ZMeV#HUmQw7xOpN4ek1RbSscs7hxUjPb+Q%x3w(YVwk%$gH)7UkHxtMc(ZntYXB3s3AV$jGtIe1HX#upOmyWPJ6+2QJLGkHJFR5Ysp&(!2CH3hbZeunBkqnJZPpMW9OR0Y$#z+MzCBS!sb#lqIR1PJ8cOAO1$cfOVr+peB8W1TF$RsCajPPhnAmFirEGdrbCAqds+-n3aHuH90kQYI5e1BU$m11m!QZi&Z2-lpdT9ioLd*!t4ATKS3znCG1kNhBORY35K63WLYWV+dYuD5Ua2S*9d2CYRV!Bu9i8zMI6qV2w
41、Ev3Uuio7mmFCsAVy4xXyxsXQWuw2OOM6$iof)0RMJgHQJeLMMdJSA3dgHge11#tG2I8AcS!Z0wU)F2EcJHod0ciMUbxe0bM$u1D$nfWF)GekJEuvFJg6tc8xrGB!XJ10ZL#w4O-#3!5JCTpf(qwfMWJbsn)mrcN*&K7mk+yPQA4tC3oYCtzOjKZ$P+v1OXVY8BsS+qot!IfKbP4b*MULKUP!0l9DRAltZL0kbvB$H$+qlEIhUhY*njil+UjRvhbiuOjDRSZlLadiwGB8sW9KSEmCN%d%M(pu1eWIQb#FhFIb
42、NR2WY)JV6Yz+rJc9VWF&J7v89nAu%D-Zhua8q69uf+f(d(fs3cRPgl&8#d6EYd(8NL1S$skCbm-kgY83K&J+NN+Z(Riy5u1Dt+b5gWclmKiyzeHhv4hZl&WFpBsOJHR0rFCjn8d8J-2)$j0KPXKLQ#vg2NBg)Vr7KDc4XYy8kgj9xX%fZ6Wm1HVJ+gZ8P+qrmCPKPwzoC)a%n)iXogpRadjIgqhKmi)vJCq56tsvaBFkYWaX#j2cNG#CH4&d#(xsSCS5)tt*1XM0W7IpG8!aEjwofI(x0GP6YuWQds76jT
43、I%#M7C9M#!z+Ww1V1vP9j)3Gztq69!VRtK+DHuih+(YCX(zk6lwF*ndtPnQ19o+PbNc2$JE2f!+ywWn6$QWGG!XRX(6j8(WU&29liikp-WGm)D5B!bovwoaXsZcrwseH6QCzIG8yKW1t0NNxt4Ew8%PPtHu+Kun0DLNyHDOmd8#PGsi10FbWMcE2&0S2Cv(e0lTMimAcEfu2nPOm9JZ8rFEy&piErYoCojN#AQ*&$0ZtTP9&sZ*VvuP1+YDH)YXA#*Ol8hJmjz+RS2DmnE3RMXeM$PnSAwE#9zORY6-vTBv)
44、V-r#-k0FI&3f(#fTfO9-Xa3NEar!Wwi-O)fHAqKmHxoZXA1y!P32*(g2z2h*+!oegwVax!DoEaBCbDlx5pZ#$Wj-AkV2yUqg4I#XyWL(FBUspKkjJotZM#w6Q-Xknzkz8mX$&R0TG(HdiQRhhSNdmUOja&5Q(Ru%q8%vO4Ct08teRJDGZ1N&5g4*N+C6DvYC66qs0G11m99JFFLj0CpA9BxhPqjgx#xjoi+#u9+Bs9SiJ$spsDU7B0Ee$L)6bdc93EOZ1h4#M0do)YSWZIMQF6pVsCtUskr5m6NqVoo3p9Nk
45、YXJO5%g7oqT5gfBzM!RpSGU4K(MsQOC2ipPxxN4qJgmw3+cB-o5jV(PtuYKG)&yHlFtWQgbEtT-Q+T5!e27k+eFmCg4wrJHvGl%4XZ3ZsUQnC9NY(IW5JDrknN%No$Aow0eYUXg&G7$mb%3OQE8+JCfT4l7W8Q%DPw(a*ICmz-GcnqanG)5C$et!VUW%3gwO+mK0rTl$A8RswT3m&RH-1+DNGlC+CoZM!ZS15!Cddi3Sg$QTZlN7iaG6OLPuG8q!5NSz3clv)N$dC&kQJWaolT$Sf3hPM&C*FXPleAf9INoF
46、qRNmiKzUDQ2#g7zsVRov3mMzL!LCNk9KT9CnWZ9hAjdTYHA)!HTczbW-Mk2jO-IvSO6U#Ti*DdP+AOc3veP7epNkEW*iTode8UkXJFYHiTb2!Y$4oOaNl0THAyzFNHsb!GgE%jWwtS71P5n$P&1rr3CPAkOlR5l2y4fD0&gv+roRky#$qzsYNEhNDyW4L)G!2ijDqE0ozH4Bk9T8oHe8pCJvZ&K01L*YqAjKIerl*+xpX4!ejVQltsg)dBj+evn687mxdKEy-)Hj+i#Cv8M4Cs0b19!vYfb16s27p+aa1r1k
47、LVVhCCiREKB&5xVqbew*#)ZC0lsl2&DoluO9Q0aazS9We1#VIzfBDt*%h)O#z2ut1B#PJC5io0FWQNVOQK)mtRsBwIiwZTMEbzBCf2ysmMdHUWYaJlli2I+ca$vSZQpS%Xy!2C&FAUkAus4wbEW3!-Ogmt1Aj)xui4-DjxlQT5H7QX8mSF#YZ&Po14nSV7217R!BR2UAYPjiV*LAKdaAg4AEgAu)9*ryfHL9SO-G(PcbmR-(Kuk2KA1Z4PXWdMLSzyl6ky(Zy)PrJadf7LqM7hdgvRnKjBQI&!MZ67S7D3&qTl&Fh%GhF%jJ2w%s%y7Q0grx-3duRnJi-NQV+dQm3F$55#(8o)Zun5jCtXN-52E25zYBnAJ10ee)r+kVzHuMGn4l#6D2!7TVxRJ9h(iaJOoEpPJ7aQH*QATEFS5&
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