31.03.2004

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2003 312002 312003 312002 31( " )( " )

12,73612,65312,10112,26010,54610,5499,1008,841

48156919,17019,87523,76323,77140,37140,976

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-3,3903,390241(1)3,6302,9462,94621(6)2,961

( )994-132323--23111111--1118484-(1)83

3,5103,510245(1)3,7543,0533,05321(7)3,067: (2)

-10,2739,987310(24)10,2739,4069,476132(202)9,406

( )8,7958,84627(78)8,7956,1626,08382(3)6,16210,64310,502162(21)10,64312,49012,427175(112)12,49029,71129,335499(123)29,71128,05827,986389(317)28,058

( )1,3991,33170(2)1,399821846-(25)821

31,11030,666569(125)31,11028,87928,832389(342)28,879: (3)

-3,3313,193140(2)3,3312,7122,71520(23)2,712

( )88185328-88148646818-48690688227(3)90684083526(21)840

5,1184,928195(5)5,1184,0384,01864(44)4,038

52443788(1)5241732104(41)173

5,6425,365283(6)5,6424,2114,22868(85)4,21140,26239,5411,097(132)40,50636,14336,113478(434)36,157

, " . ( ). " . "

.Collateralized Mortgage Obligations (.( " 517 - 2002 31) , " 492 ( )

2003.

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3,3333,333241(1)3,5732,6152,61521(3)2,633: (2)

-9,6459,429240(24)9,6458,6528,75296(196)8,652

( )83803-83103985-1035335268(1)533606675-(69)606

6,0455,948108(11)6,0454,9684,947101(80)4,96816,30615,983359(36)16,30614,32914,472202(345)14,329

( )77671561-776227242-(15)227

17,08216,698420(36)17,08214,55614,714202(360)14,556: (3)

-3,1993,066135(2)3,1992,6292,63318(22)2,629

( )87885028-87847745918-47789086627(3)89082481626(18)824

4,9674,782190(5)4,9673,9303,90862(40)3,930

-----22--2

4,9674,782190(5)4,9673,9323,91062(40)3,93225,38224,813851(42)25,62221,10321,239285(403)21,121

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.Collateralized Mortgage Obligations (.( " 63 - 2002 31) , " 41 ( )

2003.

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2003 312002 312003 312002 31( " )( " )

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171,761120,550125,565

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5,7401,0866,8264,6161,0345,6503,7329994,7312,32182,3292,171812,2521,931872,018(374)(47)(421)(287)(29)(316)(385)(52)(437)(31)-(31)(29)-(29)(32)-(32)

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( )6,6251,0477,6725,7401,0866,8264,6161,0345,650 :

211781992314817128137165

5,2357155,9504,1226634,7853,3036403,9431,978181,9961,931712,0021,660751,735(239)(12)(251)(167)(19)(186)(240)(52)(292)(24)-(24)(21)-(21)(20)-(20)

, ,( )1,71561,7211,743521,7951,400231,423(816)-(816)(468)-(468)(575)-(575)(134)-(134)(162)-(162)(6)-(6)6,0007216,7215,2357155,9504,1226634,785

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18351,6332,7031,5932,60735702,9315,1702,8035,010701405,0086,1004,8755,976

14028511,5063,92511,3343,87428553014,1812,10913,9782,0065301,0609,0411,7308,9501,571

1,0601,7704,5699314,6828691,7703,5006,0521,4696,0781,3963,5007,1008,2912,1708,1272,0167,10017,70014,7294,02214,1553,940

17,70035,00013,5014,94513,4094,51935,000177,00032,87513,05034,13112,838

177,000355,00018,2498,54515,1416,139355,000710,00018,5944,12621,4074,955710,0003,8052945,8241,484

1,065,0001,5427191,8044421,420,0002,2752,3122,4292,0791,770,000----2,130,000-2,1908161,423

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2002 31 2003 31

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212,621

107

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114,403

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426,282399,124

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4,2133,1112,056

67987

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1,201,349

46

113,21475,62743,07915,304

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42,73614,9044,053

210,938169,319162,118

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170,215164,554

1,770,0002,130,0002,250,0001

1,234,606

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072775462484547187541,5487371,480

18351,3262,5911,2812,49535702,1374,9992,0314,864701402,4435,8292,4095,825

1402852,5913,2132,6323,5582855302,2951,1982,4401,4835301,0603,0741,0123,1621,118

1,0601,7702,6596512,7876821,7703,5004,4901,0724,6071,0263,5007,1006,3901,3386,4111,3537,10017,70010,6922,68910,8012,720

17,70035,0009,6893,0529,9603,14435,000177,00028,94710,43529,24010,059

177,000355,00016,4668,10815,1146,240355,000710,00019,1844,19522,0805,287710,0003,7972945,0971,462

1,065,0001,5427191,7964501,420,0002,3463,9622,4292,0791,770,000----2,130,000-2,1908161,4232,480,000--332,5332,840,00016,472213,371

121,10066,113126,13263,106. , " 7,100

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1,012,313

1,5991,257

556554

993,202

2003 312002 31

3-

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5,934

152,529144,114

11

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88,42833,26610,571

356,189

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193,122

2,5902,333

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53799485

5,4942,4342,229

86,98630,821

193,809

145,556

1,210516

1,563

153,887

377,910

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2,480,0002,840,000

1,770,0002,130,000

1,420,0001,065,000

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2003 312002 312003 312002 31( " )( " )

1636--

5054-- ,(50)(54)--

( )1,1131,3901,1031,3741,1291,4261,1031,374

: ( )9871,2079611,171

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( )2003 312002 31

( " )( " )( )1,3611,338

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1,3611,350 :451392

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( )1,3327,4518,7831,2437,0208,263:

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1,3328,0369,3681,2547,7028,956 :4572,0082,4653521,6592,011

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200320022001200320022001( " )( " )

( )( - )158(27)63588688619

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( )152(32)54582683610

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( )2,99645(23)3,0181,44055(14)1,4811,5561,537,4,617431(32)5,0163,621350(30)3,9419961,075

7,613476(55)8,0345,061405(44)5,4222,5522,612

( )( )2,41531(21)2,4251,04531(12)1,0641,3701,361

,3,878288(18)4,1483,120246(17)3,3497587996,293319(39)6,5734,165277(29)4,4132,1282,160

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2003 312002 312003 312002 31( " )( " )

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2003 312002 312003 312002 31( " )( " )

25,47721,33919,22515,111*150,034147,678128,326125,744

28,07535,98427,28835,159203,586205,001174,839176,014

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2003 312002 312003 312002 31( " )( " )

:538350565935

3,2332,5291,7031,907469484405411

:181224177221

:1354613646

13811404,5573,6712,9873,660

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2003 312002 312003 312002 31( " )( " )

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597618561583( ) 26 - ,67954336

80501-16117798121196168191169313225198118

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:

2003 312002 312003 312002 31( " )( " )

1,6781,7751,5791,697(1,581)(1,729)(1,513)(1,656)

2,1142,1922,0762,165 ,2,2112,2382,1422,206

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- 12

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2003 31( )

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11,5975778,6721,4301,487-23,76311,8643,84419,8531,8379411,92340,262

( )51,92554,79446,8234,69310,916-169,15141389798--1,129-----1,3611,361-----2,6122,612

2,487362,5891,2147411,2408,30777,87759,38978,9169,18214,0857,136246,585

77,18439,36964,55314,9187,562-203,5864931,7781,233384669-4,5575921,325986---2,903

,1186,7633,732---10,613

2,5932,1352,2077361,0371,74710,45580,98051,37072,71116,0389,2681,747232,114(3,103)8,0196,205(6,856)4,8175,38914,471

: ( )--67(39)(28)--

( )-------( )-------:

( )3,754(603)(5,297)6,618(4,472)--( )477-(664)237(50)--

( )(261)-26118(18)--8677,416572(22)2495,38914,471

:( )-------

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( )624-(829)303(98)--( )(759)(23)619481(318)--

. ( ). ( )

2002 31( )

"( " )

10,3256707,7053,3521,719-23,7716,9084,95421,74890663399436,143

( )50,13255,03552,7463,59010,258-171,761-2011,19728--1,426-12---1,3381,350-----2,5522,552

2,276802,0099135686716,51769,64160,95285,4058,78913,1785,555243,520

:--197(79)(118)--

74,21543,02066,64114,1786,947-205,0015051,0981,020326722-3,6715351,632742195-2,933

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1,5572,2082,1486327748118,13076,92854,52774,09115,1558,448811229,960(7,287)6,42511,314(6,366)4,7304,74413,560

: ,9,017(683)(10,302)6,474(4,506)--

( )485(1)(440)(135)91--( )26(3)(50)(11)38--

2,2415,738522(38)3534,74413,560( ) ,485(2)(457)(104)78--

( ) ,(99)(28)23(84)188--

. ( ). ( )

. ( )

( ) ( ) - 16

312003( )

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11,49915,96210,4701,3211,119-40,37111,6244,1347,3091,42611377625,382

( )49,75027,26333,1214,0446,372-120,55041389538--1,103

( )34417330-388,7839,368-----2,1602,160

1,75422,0411,2055337856,32074,97547,67253,9248,0048,17512,504205,254

75,69934,32246,33214,2514,235-174,8397516201,14937394-2,987

131,302150---1,465-3,844257---4,101

2,0082,1321,4996286457377,64978,47142,22049,38715,2524,974737191,041(3,496)5,4524,537(7,248)3,20111,76714,213

:(*) ( )-------

( )-------( )-------:

( )3,736(603)(5,449)6,810(4,494)--( )477-(664)237(50)--

( )(261)-26118(18)--4564,849(1,315)(183)(1,361)11,76714,213

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( )624-(829)303(98)--( )(759)(23)619481(318)--

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( ) - 16

2002 31( )

"( " )

10,79417,1958,6652,9691,353-40,9766,7005,0418,3806609322921,103

( )47,88427,39141,1272,8836,280-125,565-2011,16211--1,374

( )37525131-368,2638,956-----2,1282,128

1,94461,3609084195215,15867,69750,08560,7257,4318,18111,141205,260

:--77-(77)--

72,75037,88048,24613,1583,980-176,0149699161,380271124-3,660

-1,600145---1,745-3,792256---4,048

1,3032,2101,5875335354786,64675,02246,39851,61413,9624,639478192,113(7,325)3,6879,111(6,531)3,54210,66313,147

:,9,069(734)(10,231)6,500(4,604)--

( )484(1)(408)(150)75--( )26(3)(50)(11)38--

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( )(99)(28)23(84)188--

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( ) ( ) - 16

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2003 31

( )( )( )( )( " )

:36,6698,30216,3083,4865,7511,8086455,038180178,1885,04977,87735,5965,29428,4015,5716,7499612674081703383,45033380,9801,0733,008(12,093)(2,085)(998)8473784,63010(32)(5,262)4,716(3,103)

( )1,6372159682141,21487169--4,432-3,754( )154(39)36628-(197)-(47)--265-216

:1,5122,47110,41610,0537,5885,8764,75818,94416,2313,16481,01319759,3891,0531,23712,2268,0785,4745,2554,32313,52912,88088764,94211451,370

4591,234(1,810)1,9752,1146214355,4153,3512,27716,071838,019( )(15)(32)(496)(43)(6)(19)(5)(8)--(624)-(603)

:( ) - 16,34110,20113,1088,3466,4394,8952,6195,7011,13434969,13373766,48032,02514,9349,2721,4538941,2277762,7632347263,650363,708

(15,684)(4,733)3,8366,8935,5453,6681,8432,9389002775,4837342,772( )(1,622)(183)(472)(171)(1,208)11(2)(161)--(3,808)-(3,151)

( )(154)39(366)(28)-197-47--(265)-(216)

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: ------------7,1367,136-----------1,7471,747-----------5,3895,389

:64,24425,01848,07725,80523,54714,90010,45131,64518,4583,514265,65913,270246,58584,90125,48655,30316,42415,0338,2156,44521,38513,284992247,4682,647232,114

( )(20,657)(468)(7,226)9,3818,5146,6854,00610,2605,1742,52218,19110,62314,471

( ) - 2002 31 -

( )( )( " )

- 2002 31 -:

63,02223,22850,68221,21515,03012,33910,45322,84613,0472,9118,747243,52080,26327,78247,81220,58211,2926,6246,00216,88010,2504542,019229,960

( )(17,241)(4,554)2,8706333,7385,7154,4515,9662,7972,4576,72813,560

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2003 31

( )( )( )( )( " )

:35,8217,94315,5813,2575,5681,7485184,3694-74,8094,87474,97534,4275,59627,3295,3426,4319552523851493180,89727878,4711,3942,347(11,748)(2,085)(863)7932663,984(145)(31)(6,088)4,596(3,496)

( )1,6372059592141,21487169--4,413-3,736( )154(39)36628-(197)-(47)--265-216

:1,3372,1109,1479,0086,0884,7903,21413,35611,99628561,33118147,672

9531,12511,1016,8494,2143,8683,3669,54110,92381752,75710442,220384985(1,954)2,1591,874922(152)3,8151,073(532)8,574775,452

( )(15)(32)(496)(43)(6)(19)(5)(8)--(624)-(603):( ) -

17,53811,25315,4268,0336,5084,4102,3554,98839334971,25373569,11332,73314,97010,1741,5981,6241,4381,2083,7732347267,824267,494

(15,195)(3,717)5,2526,4354,8842,9721,1471,2151592773,4297331,619( )(1,622)(173)(463)(171)(1,208)11(2)(161)--(3,789)-(3,133)

( )(154)39(366)(28)-197-47--(265)-(216)

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2003 31

( )( )( )( )( " )

: , " - 5751371413510825---1,003-990

1,69964303-66-----2,13272,119(1,124)73(162)354225---(1,129)(7)(1,129)

: ------------12,50412,504-----------737737-----------11,76711,767

:55,27121,44340,29520,33318,27210,9506,09222,71312,393634208,39618,294205,25469,81221,75548,90713,78912,3356,2614,82613,69911,306920203,6101,128191,041

( )(14,541)(312)(8,612)6,5445,9374,6891,2669,0141,087(286)4,78617,16614,213

( ) - 2002 31 -

( )( )( " )

- 2002 31 -51,69419,62243,51817,28012,38010,5557,93918,2869,57824314,165205,26066,14623,17743,64817,8389,8905,7604,56410,6888,9793381,085192,113

(14,452)(3,555)(130)(558)2,4904,7953,3757,598599(95)13,08013,147

, ( ). .

.( " 1,129 -2002 ) . " 915 ( ). / ( )

. ," " 16 ( ). , " 3.4 .( " 10.7 ) " ( )

.( " 3.3 " 11.3 ) " ( ). " 3.6 ( )

. 2002 2003 ( )

( )

( ) ( ) - 17

- 18

31 312003200220032002

- ( )( " )( " )

:2,8593,0922,3332,5566,5237,44611,47211,0935,5106,0784,8965,4197,3266,70010,65710,1373,0902,9012,9572,7949,61710,1059,4789,936

"10,4279,18510,3538,84620,02417,38410,63910,1985,3005,1634,9644,439

. ( )

- ( ) ( )( )

1,9471,7638,7098,494

7591,20711,41511,464

31

20032002( ) (1)

29504911418179502458

34534612019048491458

( )3448388210018320282 (2)

74381313634

743912-3534

( )74366-2623

.( ) ,( ) ( ). , '' 1,714 , '' 1,740 ( )

. " ( ).(%6.03 - 2002) %4.95 ( )

( )

( )

31 312003200220032002

( " )( " ): ( )

-

105106484697984138819136327673312761651920

5 16324556575836782312205273--57495631

( ) (3)

2003 312002 31

( )( )"( )( )"( " )( " )

23,02573823,76323,70121,9131,85823,77123,72136,7523,51040,26240,50632,7633,05335,81635,83788,91280,239169,151170,05983,84187,879171,720170,447

401,0891,1291,130411,3851,4261,4286,269-6,2696,2693,958-3,9583,958

154,99885,576240,574241,665142,51694,175236,691235,391

144,57259,014203,586204,870134,82969,903204,732203,6642,5661,9914,5574,5872,2951,3763,6713,5921,3931,5102,9032,8511,1221,8112,9332,754

13210,48110,61310,959-10,22010,2209,8796,274-6,2746,2743,715-3,7153,715

154,93772,996227,933229,541141,96183,310225,271223,604

- ( ). 3 3

. ( ). ( )

.

( ) - 18

( )

( )( ) (3)

2003 312002 31

( )( )"( )( )"( " )( " )

20,50319,86840,37140,81720,48720,48940,97640,54622,0483,33425,38225,62218,2362,61420,85020,86974,37546,175120,550120,35174,88650,639125,525124,402

131,0901,1031,104231,3511,3741,3764,836-4,8364,8363,057-3,0573,057

121,77570,467192,242192,730116,68975,093191,782190,250

126,17148,668174,839175,613107,90067,846175,746174,4891,8791,1082,9873,0072,2771,3833,6603,643

131,4521,4651,410-1,7451,7451,5751323,9694,1014,392-4,0424,0423,947

4,226-4,2264,2263,050-3,0503,050132,42155,197187,618188,648113,22775,016188,243186,704

- ( ). 3 3

. ( ). ( )

.

( ) - 18

( )

- , - . .

2003 31

-

( " ) .1

1 .

SWAPS-9,461107---9,461107--

(swaps) :-3,769

1,2 ALM .

FUTURES-11,644--42FORWARD5268,98257,954-271

-53,1669,652--53,2179,652-

289,22528,2001,227--9,54028,0331,813-

SWAPS113,422742--55552,823121,31222,344313

(swaps) :-6,714

1 .SWAPS-549---

-549--- .

----206-------6,128----6,128-206

55562,833127,54722,344519

.SPOT (1). , (2)

( ) - 18

- , - .( ) .

2003 31

-

( " ) .2

1 .-514----31839--

1,2 ALM .225363,017829-

-3492,484755-1 .

-8----7---

.

----1

. (1). , (2)

( ) - 18

- ( ) , - . .

2003 31

( " )13282,48250411,6124,927

1,5387,1922613752,32411,6901,8669,6747653763,936

: - .

2003 31

( " )

-195324-55523,3398,23126,8114,45262,83375,78045,3494,8071,611127,54716,0555,2349678822,344

201145173-519115,39459,49132,7626,151213,798

. (1)

/"

( ) - 18

16,617

( ) - 18

( )

2002 31

(1)( " )( , )26,379-( , )12,258-

,4,275-42,912972

(2)(IRS) - 10,621293

(FORWARD) - 242122511

11,088305 - -584 - -442

2002 31

( " ) (3)

(FORWARD, FUTURE)15,6161111711(IRS)6,19833013818272

562----279----

22,65534113919983

(Future, Swap, Spot, Forward)52,4811,2761,2848771,10339,587496-455-39,626-478-455

131,6941,7721,7621,3321,558154,3492,1131,9011,5311,641

. *

*

( ) - 18 ( )

( ):

2002 31

( " ) (1)

( )18,54410,99427,1512,96659,65579,88656,0166,6911,601144,194

,2,9421,359199-4,500101,37268,36934,0414,567208,349

( ) (2)2002 31

"

( " )8,35037,40729-13,86959,655

-45,0322,9512,79793,414144,194 ,166581,316-2,5104,500

8,36683,0974,2962,797109,793208,349

200320022001200320022001( " )( " )

( ) ( )9,4828,84413,6827,3135,77310,010

(25)77151(25)701496504976488288651439708109911,7951,9218931,5793,7401,2198892,363

11,14311,47419,3599,9868,55515,308

( ) ( )(7,498)(6,601)(13,612)(7,528)(5,387)(11,433)

(81)(85)(216)(47)(67)(104)(21)1(13)(21)1(12)(87)(362)(319)(69)(267)(367)

,(213)(497)(752)(215)(210)(170)

(7,900)(7,544)(14,912)(7,880)(5,930)(12,086)

( )( ) ( )11--11--

ALM1,914--1,898--27--13--

1,952--1,922--

-7061-4438-7771,231-7541,199-(219)(883)-(201)(862)-628409-597375

( )241244239197201194

( )66042646752524933219(145)(99)20(72)(70)

920525607742378456

6,1155,0835,4634,7703,6004,053

. ( ). ( )

.2001 2002 2003 2003 1- ( ) , " 141 -2002) " 113 - , " 142 ( )

.( " 93 - , " 122 -2001 , " 112 -

- 20

200320022001200320022001( " )( " )

(:

3098312932472503551,3603,3396756882,0552291362722201292588931,5793,7401,2198892,363

: ( )1441801149812574(23)(48)(46)(16)(26)(33)

( )( ) ,327(57)112311(60)107

44875180393391481,3411,6543,9201,6129282,511

(

(290)--(290)--372--372--

, " 168 ( ) ( ) .( " (87) - , " (86) ) " 164 -

200320022001200320022001( " )( " )

490483462352352356583634570492535509201198199166162165

( ) ,147784106978"110111110105107106

521421384308245232351319247113111110

:4747484-116119131211617978645269342929

2,4582,4322,2601,5971,6221,597

. " 40 2003 ( )

( ) - 20

- 21

200320022001200320022001( " )( " )

10185181434( )(11)(42)(72)-(10)(30)

( )( ) ,(5)(29)12(9)(30)2

4447653210"38(6)562(24)16

. ( ). " (29) 2001 . ( )

" 0 - , " 95 ( ) ( ).( " 0 - , " (35) )

200320022001200320022001( " )( " )

196196209180180194209225215121131135

220-50211-50 ,464933223228

671470507534343407

200320022001200320022001( " )( " )

2,1812,0142,1561,6611,5181,678, , ,

,446364380347304331452418430387359373128125133808183

29219341719326147336214141331204

3,3833,4763,3472,6332,7862,695" :42537831691822

( ), ( ) - 22

- 23

- 24

200320022001200320022001( " )( " )

1871842079197142 ,255188183195140137

' , , :119123120859090( )898181---

827578514348887539614522

" ( )60(201)64---( )255262296121137182

1,1357871,068604552621

. ( ).( ) 19 - ( )

: ( )

200320022001200320022001( " )( " )

-90241081655451582(21)116135(20)116135881526951534167717

- ( )(66)(149)(286)47(108)(232)

9(115)(134)8(115)(134)(57)(264)(420)55(223)(366)824262531589(56)351

" :3414657---

- 26

- 25

( ):

20032002200120032002200145.76%45.55%45.30%45.76%45.55%45.30%

( " )( " )842374645533(148)300

: ( )72374236

131614989* "(50)(172)(159)15412

(17)(10)(7)(9)(9)(12)655655

165113(7)1(5)42(3)32

(10)(29)(14)2--

1114--- ,333032312830

(12)11(12)11-4--(1)7

824262531589(56)351

. *

( ) - 26

( ):

200320022001200320022001( " )( " )

278299311247272281*(18)(21)(12)(13)(25)(9)

260278299234247272

: ( )

2003200220032002( " )( " )

(849)(909)(832)(898)-63546052

(247)(264)(233)(252)(51)(39)--

(182)(177)(80)(97)105015(14)30243023

(206)(355)-(193)"-(5)-(5)

- - 919(2)(4) - (34)(24)(8)-

,( )(1,457)(1,626)(1,050)(1,388):

" "(1,524)(1,721)(1,093)(1,424)" "67954336

,( )(1,457)(1,626)(1,050)(1,388)

200320022001200320022001( " )( " )

( ) ,28-1(1)- ( )4(1)(3)6(1)(3)

,( )(1)86(1)86,5153663

:19628621962862

,( )(14)91(2)-1 ( )

---(12)9- ( )(14)91(14)91

( ).1966 - " ,(11 ' ) ( )

. " 159 2000 . " 261 2000

( ) - 26

( ) - 27

31312003200220032002

( " )( " )

8991,1428361,126--1636

8991,1428521,162

29291626---61

1,4351,6991,3691,6201,4641,7281,3851,707

, - 29