Energy Efficiency Finance: Assessing the Impact of IFC's China Utility-Based Energy Efficiency...

8/9/2019 Energy Efficiency Finance: Assessing the Impact of IFC's China Utility-Based Energy Efficiency Finance Program

1/94

Ederiy Eggamaedmy Gad`dme

@]]E]]ADI ZNE AO\@MZ CG AGM] MNAD@

UZAFAZQ-H@]EJ EDEXIQ EGGAMAEDMQ GAD@DME \XCIX@O


2/94

Zne Ycrfj H`dk Ircup

YCXKADI GCX @ YCXFJ GXEE CG \CWEXZQ

Zne YcrfjH`dk Ircup mcdsasts cg gave adstatutacdstne

Adterd`tacd`f H`dk gcr Xemcdstrumtacd dj Jevefcpoedt

(AHXJ), tne Adterd`tacd`f Gad`dme Mcrpcr`tacd (AGM), tne Adter-

d`tacd`f Jevefcpoedt @sscma`tacd (AJ@), tne Ouftaf`ter`f

AdvestoedtIu`r`dtee @iedmy (OAI@), `dj tne Adterd`tacd`f

Medtre gcr tne ]ettfeoedt cg AdvestoedtJasputes (AM]AJ).

Ats oassacd as tc gaint pcverty gcr f`stadi resufts dj tc nefp

pecpfe nefp tneosefves dj tnear edvarcdoedt hy prcvaj-

adi rescurmes, sn`radi kdcwfejie, huafjadi m`p`maty, dj

gcriadi p`rtdersnaps ad tne puhfam dj prav`te semtcrs.

Zne Adjepedjedt Ev`fu`tacd Ircup

EDN@DMADI JEWEFC\OEDZ

EGGEMZAWEDE]] ZNXCUIN E^MEFFEDME

@DJ ADJE\EDJEDME AD EW@FU@ZACD

Zne Adjepedjedt Ev`fu`tacd Ircup (AEI) as `d adjeped-

jedt, tnree-p`rt udat watnad tne Ycrfj H`dk Ircup.

AEI-Ycrfj H`dk as mn`riej watn ev`fu`tadi tne mtavataes

cg tne AHXJ (Zne Ycrfj H`dk) `dj AJ@, AEI-AGM gcmuses cd

`ssessoedt cg AGMs wcrk tcw`rj prav`te semtcr jevefcp-

oedt, dj AEI-OAI@ ev`fu`tes tne mcdtrahutacds cg OAI@

iu`r`dtee prcbemts `dj servames. AEI repcrts jaremtfy tc tne

H`dks Hc`rj cg Jaremtcrs tnrcuin tne Jaremtcr-Ieder`f,

Ev`fu`tacd.

Zne ic`fs cg ev`fu`tacd re tc fe`rd grco experaedme, tc

rcvaje `d chbemtave h`sas gcr `ssessadi tne resufts cg tne

H`dk Ircups wcrk, dj tc prcvaje mmcudt`hafaty ad tne

`mnaeveoedt cg ats chbemtaves. At `fsc aoprcves H`dk Ircup

wcrk hy ajedtagyadi dj jasseoad`tadi tne fesscds fe`rdej

grco experaedme dj hy gr`oadi remcooedj`tacds jr`wd

grco ev`fu`tacd gadjadis.


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@ssessadi tne Aop`mt cg AGMs Mnad` Utafaty-H`sejEderiy Eggamaedmy Gad`dme \rcir`o

E d e r i y E g g a m a e d m y G a d ` d m e

8


4/94

Mcpyraint 80> N ]treet, D.Y.

Y`snaditcd, J.M. 8


5/94

Z`hfe cg Mcdtedts |

Z`hfe cg Mcdtedts

@hhreva`tacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . va

@mkdcwfejioedts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vaa

Gcrewcrj . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vaaa

Exemutave ]uoo`ry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ax

Mnàro`ds ]uoo`ry2 ]uhmcooattee cd Jevefcpoedt

Eggemtavedess (MCJE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .xaaa

0. Mfao`te Mn`die dj Gad`dmadi Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . 0

Mfao`te Mn`die `dj Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

AGM Ediìeoedt ad Gad`dmadi Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =

8. Zne Mnad` Utafaty-H`sej Ederiy Eggamaedmy Gad`dme \rcirò . . . . . . . . . . . . . . 9

Ederiy Eggamaedmy Mn`ffedies ad Mnad` . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >

Jesaid cg tne \rcirò . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Aopfeoedt`tacd cg MNUEE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0:

MNUEEs Edj Users . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 09

Ederiy Eggamaedmy \ergcro`dme cg \rcbemts ]uppcrtej hy tne Iu`r`dtees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01

O`dìeoedt `dj Cri`daz`tacd`f @spemts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

]uoo`ry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

=. MNUEEs Aop`mts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8=

Ev`fu`tave Puestacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8:

Mcop`rascds hetweed \rcirò Hedegama`raes `dj Dcdhedegama`raes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8>

Icverdoedt \cfamy `dj Ederiy Eggamaedmy Advestoedts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =0

Udaque Mcdtrahutacds cg tne \rcirò . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =8

Pu`dtagyadi Cver`ff Aop`mts `dj tne \rciròs Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =7

Assues `dj Mn`ffedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =>

]uoo`ry cg MNUEEs Aop`mt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =1

:. Fesscds `dj Xemcooedj`tacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :0

Fesscds grco MNUEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :8

Xemcooedj`tacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :=


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av | Ederiy Eggamaedmy Gad`dme

@ppedjaxes

@ Mnadese Icverdoedt \cfamy tc ]uppcrt Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . .:5

H MNUEE Gudjadi ]curmes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:9

M ]uoo`ry cg ]urveys Mcdjumtej gcr tne Ev`fu`tacd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:>

J H`dk ]urvey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:1E Ederiy O`dìeoedt Mcop`dy ]urvey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59

G Meoedt Mcop`dy ]urvey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51

I MNUEE Mcst Hedegat @d`fysas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75

N O`bcr Mfao te Mn`die \rcbemts ad Mnad` . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7>

Edjdctes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

Hahfacir`pny . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9:

Hcxes

0.0 Xask-]n`radi G`mafaty dj Garst Fcss Iu`r`dtees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:0.8 Fesscds grco \`st Cper`tacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:

8.0 Emcdcoams cg AGM Iu`r`dtees ad Gad`dmadi Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . .00

8.8 Yny tne Utafaty-H`sej Ocjef Gàfej tc O`tera`faze. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0:

Gaiures

8.0 \rcirò Jesaid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .08

8.8 Muouf`tave Jashurseoedt @ocudt cg Fc`ds ]uppcrtej hy MNUEE

Iu`r`dtees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0>

8.= Muouf`tave Fc`ds udjer Iu`r`dtees ìàdst tne Craiad`f Z riet . . . . . . . . . . . . . . . .0>

8.: Muouf`tave Advestoedt ]uppcrtej hy Iu`r`dtees ìàdst tne Craiad`f Z riet . . .0>

8.5 ]emtcr Jastrahutacd cg Iu`r`dteej Fc`ds, hy @ocudt . . . . . . . . . . . . . . . . . . . . . . . . . . .01

8.7 Use cg NEEM\ Iu`r`dtee G`mafataes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..80

8.9 X]EG Mcooatoedt @ocudt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80

8.> Ycrfj H`dk EM\ AA Fc`ds grco E]MC Fc`d Iu`r`dtee Mcopcdedt, @mtu`f . . . . . . .80

=.0 Zct`f Ederiy Eggamaedmy Fc`ds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81

=.8 Duoher cg Mcop`daes tn`t N`ve Xemeavej Ederiy Eggamaedmy Fc`ds . . . . . . . . . . . . .= | Ederiy Eggamaedmy Gad`dme

Zne Mnad` Utafaty-H`sej

Ederiy Eggamaedmy Gad`dme \rcirò

Zne Mnad` Utafaty-H`sej Ederiy Eggamaedmy Gad`dme \rcirò (MNUEE) w`s fùdmnej ad8


25/94

Zne Mnad` Utafaty-H`sej Ederiy Eggamaedmy Gad`dme \rcirò |

pcadt gcr icverdoedt suppcrt gcr ederiy mcdserv`tacd. At

stapuf`tes tn`t tne mcudtrys ederiy mcdsuoptacd per udatcg ircss jcoestam prcjumt d`tacdwaje he rejumej hy 8.7 oaffacd

tcds (h`se m`se vcfuoe dj jegùfts). Zne semcdj iu`r`dtee

g`mafatys t`riet w`s ` rejumtacd cg 5 oaffacd tcds cg MC8per

ye`r jaremtfy grco prcbemts suppcrtej hy tne X]G (hetweed

8). Ederiy eggamaedmy prcbemts ad tne

mneoam`f adjustraes admfuje scoe w`ste ne`t remcvery gcr

]curme2 AEI, h`sej cd MNUEE prcirò j`t`h`se.

Ctners80%

Meoedt0>%

Mckadi

:%

Mneoam`fs

8

Haci`s 5

@ar mcdjatacdadi 5

N`z`rjcus w`ste 8

Xedew`hfe ederiy (scf`r, nyjrcpcwer) 8

]curme2AEI, h`sej cd MNUEE j`t`h`se.

Dcte2]coe prcbemts n`ve ouftapfe `mtavataes.

Z@HFE 8.7 ]uoo`ry cg Fc`ds Xef`tej tc EOMs

AH HCH Zct`f

Hy duoher cg fc`ds 9/5< (0:%) 9/> (>>%) 0:/5> (8:%)

Hy tct`f \rcbemt $0>.5 oaffacd (9% cg tct`f)

Fc`d $1 oaffacd (9% cg tct`f)

\rcbemt $80 oaffacd (10% cg tct`f)

Fc`d $08 oaffacd (90% cg tct`f)

\rcbemt $=1.5 oaffacd (0:% cg tct`f)

Fc`d $80 oaffacd (0:% cg tct`f)

@ver ie $= oaffacd prcbemt, fc`d $0.> oaffacd $= oaffacd prcbemt $0.>oaffacd fc`d $= oaffacd prcbemt $0.> oaffacd fc`d

(dcd-EOM verìe) $01 oaffacd

prcbemt $1 oaffacd fc`d

]curme2AEI, h`sej cd MNUEE j`t`.

Dcte2Cdfy gcr tne garst iu`r`dtee g`mafaty (51 fc`ds). HCH ? H`dk cg Heabadi; EOM ? ederiy o`dìeoedt mcop`dy ; AH ? Adjustra`f H`dk.


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8< | Ederiy Eggamaedmy Gad`dme

steò ieder`tacd `s weff `s pcwer s`vadis grco geroedt-

adi t`dk ìat`tcr aoprcveoedts, haci`s prcjumtacd grco

`maj w`ste w`ter tre`toedt gcr pcwer ieder`tacd, prcmess

cptaoaz`tacd, `dj datrcus cxaje eoassacd mcdtrcf. Ocst

cg tne ederiy eggamaedmy prcbemts ad steef adjustraes `re

hf`st gurd`me i`s pcwer ieder`tacd. Zne mfe`d jevefcp-

oedt oemn`daso prcbemt advcfves mc`f oade oetn`de

jevefcpoedt.

At as aopcrt`dt tc pcadt cut tn`t ctner tn`d MNUEE,

dcde cg AGMs p`st ederiy eggamaedmy prciròs oet tnear

craiad`f t`riet vcfuoes cg eoassacds rejumtacd. Znas as

p`rtfy hemùse cg tne udeved upt`ke cg prciròs hy o`rket

p`rtamap`dts, `s weff `s snagts ad eopn`sas cd adtervedtacd

t`riets (gcr exòpfe, grco adjustraes tc resajedta`f) juradi

tne aopfeoedt tacd.

Cdfy ` n`djguf cg h`dks ad prevacus AGM ederiy egga-

maedmy prciròs extedsavefy usej tne iu`r`dtee g`mafa-

taes.]coe h`dks n`j ` gew adata`f je`fs `dj est`hfasnejedcuin mcdgajedme tc mcdjumt tne husadess tneosefves

`dj stcppej usadi tne iu`r`dtee g`mafaty. Ad Xussa`, AGM

gcudj tn`t tnere w`s dc jeo`dj

gcr iu`r`dtees òcdi tne t`rietej

h`dks `dj restrumturej tne p`mkìe

tc prcvaje faquajaty (` mrejat fade)

`s weff `s temndam`f `ssast`dme. Ad

ctner o`rkets ad E`sterd Eurcpe,

wnere tnere w`s suhst`dta`f adter-

est ad redew`hfe ederiy r`tner tn`d

ederiy eggamaedmy, tne iu`r`dtee

adstruoedt w`s dct suat`hfe, `s tne

h`dks were fcckadi gcr spcdscrs

equaty r`tner tn`d iu`r`dtees. Uta-

faz`tacd tedjej tc he sfcwer tn`d

`dtamap`tej. At tcck seved ye`rs gcr NEEM\ tc see sai-

dagam`dt usìe cg AGM iu`r`dtees (gaiure 8.7). Zne Xussa`

]ustàd`hfe Ederiy Gad`dme prcirò tcck ocre tn`d twc

ye`rs tc re`mn n`fg cg tne pf`ddej fc`d mcooatoedt vcf-

uoe (gaiure 8.9).

Ad Mnad`, jespate tne r`paj ircwtn ad ederiy eggamaedmy

gad`dme, dct `ff `mtcrs `dj adata`taves `re experaedmadi

` surie cg jeo`dj. Zne Ycrfj H`dk/IEG Ederiy Mcd-

serv`tacd \rcbemt (EM\) AA, wnamn n`s ` iu`r`dtee smneoe

t`rietej tc fc`ds tc E]MCs, n`s dct heed utafazej oumn

(gaiure 8.>). Zne smcpe cg tne EM\ AA mcvers cdfy EOMs cr

E]MCs tn`t `re aopfeoedtadi E\M prcbemts. Xei`rjadi tne

fcw utafaz`tacd cg iu`r`dtees, ref`tavefy o`ture E]MCs `re

cgted `hfe tc `rr`die gad`dmadi grco p`rtders cr gad`dma`f

adstatutacds watncut deejadi tc p`y gcr tne prciròs fc`d

iu`r`dtees2 o`dy E]MCs chtàdej tnear garst mcooerma`f

fc`d gad`dmadi tnrcuin tne Mnad` D`tacd`f Advestoedt &

Iu`r`dtee Mc. prcirò, dj tned, `s tney o`turej, utafazej

tne iu`r`dtee prcirò ocre sefemtavefy wnafe chtàdadioumn cg tne requarej gad`dme tnrcuin ctner mn`ddefs (Z`y-

fcr `dj ctners 8 INI Eoassacd Xejumtacd hy Adjustry

Adjustry type

Garst iu`r`dtee g`mafaty ]emcdj iu`r`dtee g`mafaty Zct`f

Eoassacd

rejumtacd \ermedt

Dc. cg

prcbemts

Eoassacd

rejumtacd \ermedt

Dc. cg

prcbemts

Eoassacd

rejumtacd \ermedt

Dc. cg

prcbemts

Mneoam`f =08,>08 1 7 5,=>1,9>> 50 > 5,9


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Zne Mnad` Utafaty-H`sej Ederiy Eggamaedmy Gad dme \rcirò | 8

O`dìeoedt `dj Cri`daz`tacd`f @spemts

MNUEE n`s heed cper`tej hy tne jesaid`tej prcbemt

teò watnad tne AGMs Heabadi cggame `dj n`s heed mco`d-

ìej hy tne reiacd`f gad`dma`f o`rkets dj edvarcdoedt je-p`rtoedts. O`dìera`f mcdtrcfs `dj cversaint were we`k,

`dj tne X]G w`s oàdfy n`djfej hy tne prcirò teò, watn

fattfe advcfveoedt cg advestoedt cggamers grco tne gad`dma`f

o`rket jep`rtoedt. AGMs `jvascry servames teò cdfy

pf`yej ` oadcr rcfe ad tne prcirò jesaid.

Znas f`mk cg cversaint `dj `mmcudt`hafaty gròewcrk mcd-

trahutej tc scoe arreiuf`r prcmessadi ad prcbemt `pprcv`f

`dj servame prcvasacdadi. Gcr exòpfe, AGM w`s suppcsej

tc mcdjumt temndam`f revaew cg cdfy tne garst gave prcbemts

`dj tned n`dj cver tne respcdsahafaty gcr temndam`f revaew

tc tne mfaedt h`dks. Znas n`djcver jaj dct t`ke pf`me, `s

AH requestej ocre revaews hy tne prcirò teò, `dj tne

fei`f ìreeoedt w`s dct mfe`r `hcut tne `rr`dieoedt.

Ocrecver, tne p`rtder h`dk jaj dct stramtfy `jnere tc

expcsure faoats. Zne o`xaouo fc`d faoat òcudts werespemagaej ad tne ìreeoedt `s ` fc`d faoat, hut dct per ch-

fai`tcr. Znas mcdtrahutej tc saidagam`dt expcsure tc cde cg

tne hcrrcwadi mcop`daes ìàdst tne craiad`f adtedtacd cg

` javersagaej pcrtgcfac.

Znere w`s dc mrejat jep`rtoedt advcfveoedt ad dy revaew

cr adterpret`tacd cg tne mcdjatacds. Gurtnerocre, AGMs mcd-

vedtacd`f mrejat `dj prcbemt ocdatcradi systeos h`refy m`p-

turej tne prcirò-ref`tej expcsures. Zne iu`r`dtee w`s

dct prcperfy `mmcudtej `s AGMs expcsure udtaf Bude 8


38/94

88 | Ederiy Eggamaedmy Gad`dme

Gurtnerocre, tne ocdatcradi dj ev`fu`tacd gròewcrk

cg tne prcirò n`s heed admcdsastedt. Xemcrjs were gafej

udjer ouftapfe prcbemts. Zne mcrpcr`te prcbemt j`t`h`se

remcrjs tnree sep`r`te edtraes gcr tne prcirò advestoedts

(tne iu`r`dtee g`mafaty), `dj tnere `re sep`r`te edtraes gcr

`jvascry servame cper`tacds. Znese `re dct ref`tej tc tne

v`racus pcrtgcfac supervasacd adgcro`tacd gafej gcr e`mn

p`rtder h`dk, `s remcrjs `dj pergcro`dme adjam`tcrs gcr

mcdvedtacd`f, dcd-MNUEE advestoedt prcbemts re tr`mkej

sep`r`tefy. Ad e`mn edtry systeo, tnere `re jaggeredt ocda-

tcr`hfe adjam`tcrs, `dj dct `ff `re demess`rafy mcdsastedtfy

tr`mkej. Ocrecver, st`gg turdcver ad tne prcirò prcbemt

o`dìeoedt udat dj ocdi tne Heabadi-h`sej advestoedt

cggamers n`s oe`dt tn`t e`mn dew cggamer st`rtej adputtadi

j`t` ad ` o`dder admcdsastedt watn tne p`st edtraes. Cdfy

ad f`te 8


39/94

MNUEEs Aop`mts | 8

Mn`pter=


40/94

8: | Ederiy Eggamaedmy Gad`dme

Xemedtfy, tne ederiy eggamaedmy o`rket ad Mnad` expera-

edmej saidagam`dt ircwtn, `dj tne advestoedt suppcrtej hy

tne prciròs iu`r`dtees oaint n`ve heed re`fazej eved ad

tne `hsedme cg tne prcirò. Devertnefess, mcudtadi cdfy

gcr ` so`ff pcrtacd cg edj users tn`t wcufj dct n`ve ao-

pfeoedtej tnear prcbemts watncut tne prcirò, tne r`te cg

returd (eoassacd rejumtacd `dj ederiy s`vadis mcop`rejwatn prcbemt `dj prcirò mcsts) as estao`tej `t => permedt.

Zne prcirò est`hfasnej `d adstatutacd`f set-up gcr ederiy

eggamaedmy fedjadi ad tne p`rtamap`dt h`dks. At fsc aoprcvej

`mmess tc gad`dmadi gcr ederiy eggamaedmy prcbemts `dj gcr

tne key o`rket pf`yersE]MCstnrcuin temndam`f `ssas-

t`dme gcr m`p`maty huafjadi `dj hy hrckeradi dew ref`tacd-

snaps watn h`dks.

Zc edn`dme ats aop`mt, MNUEE deejs tc edn`dme tne sus-

tàd`hafaty cg tne prcbemt hedegats, `s p`rtamap`dt h`dks staff

refy ne`vafy cd tne prciròs temndam`f `ssessoedt. ]aoa-

f`rfy, tnere as dc `ssur`dme tn`t tne h`dks waff mcdtaducusfy

fedj watncut suhst`dta`f mcrpcr`te mcff`ter`f ad tne `hsedme

cg MNUEE iu`r`dtees. Zne prciròs hedegama`raes n`ve

heed oàdfy f`rie mcop`daes, mcdtr`ry tc tne craiad`f eo-

pn`sas cd so`ff dj oejauo mcop`daes s tne t`riet. Ocv-

adi jcwd o`rket tc so`ff mcop`daes as deejej, s tney g`me

mn`ffedies ad `mmess tc gad`dmadi. Gad`ffy, tnere `re o`dy

pctedta`f ederiy s`vadi cppcrtudataes tn`t tne Mnadese

h`dks jc dct yet `jequ`tefy `jjress, sumn `s ederiy s`vadi

huafjadis.

Ev`fu`tave PuestacdsZnas ev`fu`tacd gcmuses cd tne jaggeredme o`je hy tne

AGM adtervedtacd tc ederiy eggamaedmy advestoedts ad

Mnad`. @ftncuin tne uftao`te aop`mt as cd `mtu`f INI

eoassacd rejumtacd, tne ev`fu`tacd fccks `t eggemts `fcdi

tne mnàd cg adtervedtacds, gcmusadi cd tnree fevefs2 (a) tne

fevef cg gad`dma`f adstatutacds tn`t `jcpt `dj sustàd ederiy

eggamaedmy gad`dmadi cd ` mcooerma`f h`sas; (aa) tne fevef cg

o`rket pf`yers, sumn s prcvajers cg ederiy eggamaedmy equap-

oedt `dj servames; `dj (aaa) tne fevef cg edterprases tn`t `re

aopfeoedtadi prcbemts watn h`dk gad`dmadi tc rejume INI

eoassacds. At as aopcrt`dt tc stress tn`t tne revaew as p`rta`f

`dj st`tam, `s at gcmuses cd eoassacd rejumtacd cg suppcrtej

eoatters, hut dct cd scoe cg tne jydòam eggemts tn`t tne

prcirò m`d hradi ad. Gcr exòpfe, `s oedtacdej e`rfaer,

tne eggamaedmy iàds hy ederiy users mcufj he cggset hy tne

sm`fe cg mc`f use, fe`jadi tc ire`ter `hscfute mc`f mcdsuop-tacd. Zneregcre, tnas `d`fysas jces dct m`pture tne mcopfete

scma`f mcsts grco tne sm`fe cg mc`f ederiy headi pcssahfy

exp`djej hy tne suhsajaes, sumn `s tncse eohejjej ad tne

iu`r`dtees `dj temndam`f `ssast`dme. Gcr ` mcopfete `ssess-

oedt cg tne prcirò, at as aopcrt`dt tc fcck `t dct cdfy tne

eggamaedmy eggemts hut `fsc `t tne sm`fe eggemts, wned pcfamy

mcdmfusacds `re jr`wd ad ` jydòam settadi.

Ev`fu`tacd oetncjcfciy

Ad tnas ev`fu`tacd, watn ` vaew tc nainfaint wnetner tne

prcirò o`je ` jaggeredme, tne Adjepedjedt Ev`fu`tacd

Ircup (AEI) sefemtej mcop`rascd ircups tn`t mfcsefyreseohfe watncut smed`racs cg tne adtervedtacd ad ed-

eriy gad`dme.Znas w`s suppfeoedtej hy hegcre-`dj- gter

mcop`rascd cg tne p`rtamap`tadi h`dks `dj tnear hcrrcw-

ers gcr ederiy eggamaedmy prcbemts. Znas ev`fu`tacd eopfcys

hctn qu`dtat`tave `dj qu`fat`tave j`t` mcffemtacd `dj `d`fy-

sas oetncjs. Pu`dtat`tave j`t`, sumn `s h`dk ederiy egga-

maedmy fedjadi `mtavataes, ederiy o`dìeoedt mcop`daes

`mmess tc gad`dmadi, `dj edj users ederiy eggamaedmy advest-

oedts, re i`tnerej hy strumturej surveys mcveradi repre-

sedt`tave sòpfe cg tne pcpuf`tacd.

Z`hfe =.0 sncws tne spemagam mcop`rascd ircups, watn tne`pprc`mn t`ked gcr e`mn ircup `t tne jaggeredt fevefs `dj

tne oetncjcfciy gcr j`t` i`tneradi.

Faoat`tacd cg oetncjcfciy

Znas ev`fu`tacd g`mej scoe faoat`tacds ad `ppfyadi tne

strcdiest oetncj ad `ssessadi tne aop`mts. ]trcdi mcd-

mfusacds `hcut tne `ssessoedt cg tne aop`mt, cr jaggeredmes

o`je cd gad`f cutmcoes, m`d he jeravej grco stramt mco-

p`rascds hetweed wn`t `mtu`ffy n`ppedej `dj wn`t wcufj

n`ve n`ppedej ad tne `hsedme cg adtervedtacd (tne mcud-

MNUEEs Aop`mts

Zne cver`rmnadi questacd gcr tnas ev fu`tacd as wnetner MNUEE n`s o`je ` jaggeredme

ad m`t`fyzadi ederiy eggamaedmy gad`dme gcr INI eoassacd rejumtacds. Zne ssessoedt cg

aop`mt as h`sej cd mcop`rascds cg ederiy eggamaedmy `mtavataes `dj `mmess tc gad`dmadi

hetweed ircups tn`t mmessej tne prcirò dj mcdtrcf ircups, t tnree jastadmtave fevefs2

h`dks, o`rket pf`yers, `dj edj users.


41/94

MNUEEs Aop`mts | 8

terg`mtu`f). Znas ev`fu`tacd `tteopts tc sefemt mcop`rascd

ircups tn`t `re fake tne tre`toedt ircups ad every w`y, ex-

mept tn`t tney were dct suhbemt tc tne adtervedtacd. Ncwever,

sever`f pr`mtam`f faoat`tacds adnahat stramt ajedtagam`tacd cg

mcudterg`mtu`fs2 f`mk cg h`sefade j`t`, sefemtacd ha`s, `dj

mcdtòad`tacds.

F`mk cg h`sefade j`t`

Znere were dc refev`dt h`sefade j`t` mcffemtej `t tne

heiaddadi cg tne prcirò. Znere were dc adjustrywajest`tastams cd ederiy eggamaedmy gad`dme ad Mnad` cr cd tne

`mtavataes hy tne edj users. ]coe adjustry revaews were m`r-

raej cut `t tne prcirò `ppràs`f stìe; ncwever, hemùse

cg tne mn`dies ad prcirò jesaid, tnese hemòe arrefev`dt,

`s tnese adjustraes were dc fcdier tne oàd t`riet cg tne

adtervedtacd.

]efemtacd ha`s

]efemtacd w`s `d aopcrt`dt ge`ture cg tne prcirò.

MNUEE jaj dct cper`te ad tne h`sas cg r`djco `ffcm`tacd

cg rescurmes. \`rtamap`dt h`dks, EOMs, `dj edj users were

mncsed hy scoe smreedadi `dj o`rket tests. Zneregcre, tnasev`fu`tacd m`ddct refy cd aop`mt ev`fu`tacd oetncjcfc-

iaes sumn s r`djco ssaidoedt cg tre`toedt. Zne prcirò

mcdtàds twc types cg sefemtavaty2 cde as sefemtacd grco AGM,

`dj tne ctner as sefg-sefemtacd. Ad ajedtagyadi h`dkadi p`rt-

ders, AGM adata`ffy sefemtej pcssahfe m`djaj`tes h`sej cd

mertàd mratera`, sumn `s tnear o`tmn watn tne utafaty mco-

p`dy cr AGM mfaedt ref`tacdsnap, `s weff `s mrejat cd rask

mratera`. MNUEE `fsc o`je mcdsmacus `dj udmcdsmacus

sefemtacds ad o`rketadi ats servame tc EOMs. Zne edj us-

ers were sefemtej hy tne h`dkadi p`rtders h`sej cd, òcdi

ctner tnadis, mrejat `ssessoedt `dj fakefanccj cg summess ad

aopfeoedtadi prcbemts.

]efg-sefemtacd as `dctner scurme cg ha`s ad `ssessadi tnas

prcirò.H`dks sncufj he waffadi tc p`rtamap`te, `dj tney

`re admre`sadify `skej tc mcdtrahute gees gcr tne prciròs

servames. Zne EOMs tn`t `re bcadadi tne prciròs det-

wcrk o`y n`ve nainer `spar`tacds rei`rjadi tnear husadess

ircwtn tn`d tncse tn`t jaj dct hctner tc `ppfy ad tne garst

pf`me. Edj users t`kadi fc`ds sefg sefemtej tc aopfeoedt tne

ederiy eggamaedmy prcbemts. @s AGM `pprc`mnes refy cd o`r-

kets, mfaedts hafaty dj waffadidess tc p`y as fsc scurme cgsefg-sefemtacd ha`s.

Z@HFE =.0 ]uoo`ry cg Znree Fevefs cg Aop`mt Ev`fu`tacd

Fevefs Zre`toedt ircups Mcop`rascd ircups J`t` scurmes dj oetncjcfciy

Gad`dma`f adstatutacds \rcirò p`rtamap`dt h`dks (AH,

HCH)

Dcdp`rtamap`dt h`dks watn

saoaf`r mn`r`mterastams tc

p`rtamap`dt h`dks

AH mcop`r`tcr2 Bcadt stcmk h`dk

watn d`tacdwaje cper`tacds,

watn saoaf`r `sset saze `dj mfaedt

h`se `t tne edj cg 8


42/94


Mcdtòad`tacd

Mcdtòad`tacd m`d mcoe grco tne adtervedtacd at-

sefg, `s ` resuft cg spaffcver eggemts, `dj grco ctner

adtervedtacds saoaf`r tc MNUEE. Cde cg tne chbem-

taves cg tne prcirò as tc jeocdstr`te ats `mnaeveoedt,

sc tn`t tne spaffcver eggemts `re p`rt cg tne jesaid. Ocrecver,

`s adjam`tej ad `ppedjax N, tnere `re saz`hfe cutsaje

adtervedtacds ad mfao`te mn`die ad Mnad`, `dj scoe cg

tneo `re very saoaf`r tc tne prcirò. Zne mcdtòad`tacd

eggemts rejume tne mcop`r`hafaty cg mcop`rascd ircups `s `

dcdtre`toedt smed`rac.

Je`fadi watn tnese faoat`tacds

Zne ev`fu`tacd traej tc oadaoaze tne prchfeos. Zne

surveys mcffemtej j`t` cd adtervedtacds ad tne mcop`rascd

ircups tc ajedtagy scurmes `dj adtedsaty cg mcdtòad`tacd.

Gurtnerocre, ad tne m`se cg EOMs, tne mcop`rascds were

jcde watnad tncse EOMs `ggemtej hy tne f`rie-sm`fe Ycrfj

H`dk prcirò, wnamn st`rtej e`rfaer tn`d MNUEE. @ so`ff

duoher cg h`dks o`kes at aopcssahfe tc use st`tastam`f `p-

prc`mnes tc estao`te aop`mts `t tne fevef cg tne h`dks. @t-

teopts were o`je tc mcdtrcf sefemtacd ha`s hy tryadi tc

o`tmn chserv`hfes hetweed tne tre`toedt `dj mcop`rascd

ircup `s oumn `s pcssahfe. Ad p`rtamuf`r, prcpedsaty smcre

o`tmnadi oetncjs (hy estao`tadi ` st`tastam`f ocjef cg tne

prch`hafaty cg p`rtamap`tadi usadi ` reiressacd ocje watn

p`rtamap`tacd `s tne zerc-cde jepedjedt v`ra`hfes, `dj `

set cg chserv`hfe mn`r`mterastams, wnamn oust he ud`ggemtej

hy tne adtervedtacd, `s tne expf`d`tcry v`ra`hfes) `re usej

wnere `ppfam`hfe. Gcr EOMs `dj meoedt mcop`daes, `

f`mk cg h`sefade j`t` o`je tne ocjef fess rchust. Hemùse

cg tne j`t` faoat`tacd, tnas ev`fu`tacd o`y dct oeet o`dy

requareoedts gcr stramt aop`mt ev`fu`tacd h`sej cd qu`sa-

experaoedt`f jesaid, hut tne ev`fu`tacd o`je hest eggcrts

tc o`tmn tne twc ircups `dj usej suppfeoedt`f adgcro`-

tacd tc jerave tne gadjadis.

Oetncjcfciy `dj j`t` gcr h`dks

AGM sefemtej p`rtamap`dt h`dks tc o`tmn ats str`teiam ch-

bemtaves.Zne craiad`f prcirò jesaid w`s medterej `rcudj

tne utafaty mcop`dy, sc AGM traej tc gadj o`tmnadi h`dks. AGM

`fsc gcmusej cd exastadi h`dkadi mfaedts. Ncwever, tne prc-

irò `dj h`dks adterests n`j tc he `faidej, `dj cde h`dk

(Oadsnedi) jemajej dct tc p`rtamap`te hemùse cg mn`dies

ad ats mcrpcr`te str`teiy. F`ter, AGM `pprc`mnej HCH, `dj

HCH w`s sefemtej hemùse cg ats nain use cg Mnad` D`tacd`f

Advestoedt & Iu`r`dtee Mc. iu`r`dtees cg fc`ds tc EOMs.

Zne twc p`rtamap`dt h`dks, AH `dj HCH, n`j jaggeredt

mn`r`mterastams ad iecir`pnam mcverìe, mfaedt h`se, `dj

saze(see `ppedjax J gcr ` suoo`ry). AH as ` oejauo-saze

bcadt stcmk mcooerma`f h`dk watn d`tacdwaje cper`tacds.

Ats oàd husadess as mcrpcr`te h`dkadi, p`rtamuf`rfy adjus-

tra`f mfaedts. HCH as ` so`ffer, maty-fevef bcadt stcmk mco-oerma`f h`dk est`hfasnej tnrcuin tne mcdscfaj`tacd cg tne

1< urh`d mrejat mccper`taves ad tne Heabadi oudamap`faty.

HCH as exp`djadi heycdj Heabadi, hut ats oàd mfaedt h`se

as ad tne Heabadi m`pat`f `re`. Ats oàd mfaedts `re fcm`f mcr-

pcr`tacds, suppfeoedtej hy retàf mcop`daes.

Eaint h`dks `ftcietner were ajedtagaej `s mcop`r`tcrs

gcr tne p`rtamap`dt h`dks, sefemtej grco =8 surveyej

h`dks hy t`kadi adtc `mmcudt sumn g`mtcrs `s cwdersnap/

icverd`dme strumture, iecir`pnam`f mcverìe, h`dk type,

saze `s oe`surej hy tct`f `ssets, `dj t`riet o`rket/mfaedt

h`se. Ad ieder`f, AH as mcop`rej ìàdst tne ctner o`bcr,d`tacd`f bcadt stcmk mcooerma`f h`dks watn ` mfaedt h`se cg

adjustra`f garos. HCH as mcop`rej ìàdst ctner maty mco-

oerma`f h`dks ad o`bcr urh`d medters. Dc h`sefade j`t` gcr

tne h`dks were mcffemtej `t tne heiaddadi cg tne prcirò

(8


43/94

MNUEEs Aop`mts | 8

J`t` re i`tnerej hy revaew cg prcbemt gafes; adtervaews watn

prcirò teò oeohers, AGM advestoedt o`dìeoedt dj

st`gg, `dj mfaedts h`dks; advestoedt prcbemt j`t` gcr AGM ad-

vestee mfaedt h`dks ad Mnad` tn`t `re dct ad tne prcirò;

adtervaews watn tne Mnad` H`dkadi Xeiuf`tcry Mcooas-

sacd (MHXM) `dj ctner gad`dma`f o`rket `mtcrs ad Mnad`;

`dj adtervaews watn dcd-AGM mfaedt h`dks ad Mnad`. @ key

scurme cg adgcro`tacd as tne survey cg gad`dma`f adstatutacds

mcdjumtej ad mcff`hcr`tacd watn MHXM (see t`hfe =.0; see

`fsc `ppedjaxes MG) gcr tne purpcse cg tnas ev`fu`tacd.

Zne survey mcverej =8 h`dks, wnamn mcffemtavefy represedt

`hcut >< permedt cg Mnad`s h`dkadi semtcr `ssets.

Oetncjcfciy `dj j`t` gcr EOMs

Zne ev`fu`tacd gcmuses cd EOMs mmess tc gad`dmadi.He-

mùse dc h`sefade j`t` were mcffemtej hy tne prcirò, tne

aop`mt ev`fu`tacd oetncjcfciy as restramtej tc pcstaopfe-

oedt`tacd prcbemt dj mcop`rascd ircups.

MNUEE est`hfasnej `d EOM detwcrk, `dj oeohers

were `mmeptej gcffcwadi ` saopfe `ppfam`tacd prcmess.@s

cg O`rmn 8


44/94

8> | Ederiy Eggamaedmy Gad`dme

meoedt mcop`daes cr tnear `ggafa`tes n`ve prcbemts watn tne

prcir`o, dj cg tne tcp 5< meoedt mcop`daes ad Mnad`, tne

prcir`o serves 0>. MNUEEs fedjadi ad tne meoedt semtcr

n`s heed gcffcwadi tne t`riet ajedtagaej hy tne semtcr stujy2

tne prcbemts remcver w`ste ne`t grco `d D]\ meoedt prc-

jumtacd fade watn tne prcjumtacd m`p`maty cg 8,5:.7 permedt

ircwtn grco 8


45/94

MNUEEs Aop`mts | 8

At prcvajej ` tct`f cg 8.5 haffacd yu`d fc`ds ad 8


46/94

=< | Ederiy Eggamaedmy Gad`dme

Edj ederiy users n`ve jevefcpej `d adterest ad ed-

eriy eggamaedmy advestoedts, `dj o`dy ederiyeggamaedmy prcbemts `re headi aopfeoedtej cutsaje

tne prcirò. @ocdi tne mcop`daes tn`t n`ve remeavej

fc`ds iu`r`dteej hy MNUEE, ocre tn`d n`fg (51 permedt)

respcdjej tn`t tney n`ve aopfeoedtej cr were mcdsajer-

adi ederiy eggamaedmy prcbemts ctner tn`d tncse gad`dmej hy

tne prcirò. De`rfy ` qu`rter cg users adjam`tej tn`t tney

wcufj aopfeoedt tne sòe prcbemt eved ag tney jaj dct re-

meave tne fc`ds iu`r`dteej hy tne prcirò (t`hfe =.9). Zne

o`bcraty cg tneo wcufj n`ve n`j prcbemts watn faoatej

smcpe cr fcdier aopfeoedt`tacd taoes. Ncwever, 1 permedt

cg edj users jaj dct advest ad `d ederiy eggamaedmy prcbemt

ag tney jaj dct remeave ` fc`d suppcrtej hy tne prcirò.Znese mcop`daes were ref`tavefy so`ffer ad `sset saze, `dj

tnear prcbemt sazes were `fsc ref`tavefy so`ff mcop`rej watn

tne o`bcraty cg tne edj users.

Znere as ` mcdsajer`hfe upt`ke cd ederiy eggamaedmy ad-

vestoedts watnad tne meoedt adjustr y. @ff mcop`daes

surveyej adjam`tej tn`t tney n`j eatner advestej cr were

pf`ddadi tc advest ad ` w`ste ne`t remcvery systeo cd `t

fe`st cde prcjumtacd fade. Zne meoedt mcop`daes `re guffy

`w`re cg tne hedegats cg ederiy eggamaedmy prcbemts, `dj

ocst cg tneo n`ve edcuin temndam`f m`p`hafaty tc aopfe-

oedt tneo, cr m`d chtàd `jequ`te nefp grco p`rtaes sumn

`s adjustry `sscma`tacds `dj icverdoedt ìedmaes. ]coe

mcop`daes respcdjej tn`t tne w`ste ne`t remcvery temn-

dcfciy w`s o`ture `dj tnere w`s edcuin adgcro`tacd

`vàf`hfe, admfujadi exòpfes grco ctner mcudtraes. Ocre-cver, `s suiiestej hy tne nain admajedme cg sefg-gad`dmadi

prcbemts, tnese mcop`daes `re waffadi tc spedj ocdey gcr

tnese prcbemts.

Ctner tn`d w`ste ne`t remcvery, wnamn `ff mcop`daes n`j

heed advcfvej ad, 7> permedt were advestadi ad ederiy mcd-

serv`tacd regat cg ` octcr-jraved systeo, :8 permedt were

advestadi ad tne `ppfam`tacd cg nain-eggamaedmy iradjadi

equapoedt `dj temndcfciaes, `dj 0< permedt were redcv`t-

adi cfj D]\ prcjumtacd fades. Znese prcbemts were gad`dmej

GAIUXE =.= Duoher cg EOM@ Oeohers ad Mnad`

]curmes2Mnad` Ederiy O`dìeoedt Mcop`dy @sscma`tacd, D`tacd`fJevefcpoedt `dj Xegcro Mcooassacd, `dj Ycrfj H`dk.

Dcte2 EOM ? ederiy o`dìeoedt mcop`dy; EOM@ederiy o`d-ìeoedt mcop`dy `sscma`tacd.

8


47/94

MNUEEs Aop`mts | =

hy tne mcop`dys cwd rescurmes, h`dk fc`ds, `djscoe-

taoesicverdoedt suhsajaes. @hcut =< permedt cg w`ste

ne`t remcvery prcbemts were guffy gudjej hy mcop`daes

adterd`f rescurmes (see t`hfe =.>), `dj 55 permedt cg prcb-

emts advcfvej fc`d gad`dmadi. Cdfy 9 permedt cg prcbemts

chtàdej scoe icverdoedt suhsajaes. Yatn rei`rj tc h`dk

fc`ds, 7= permedt cg tne mcop`daes `ppfaej gcr ` fc`d, `dj

>= permedt cg tneo were summessguf. Znus, `hcut 5< permedt

cg tne mcop`daes `mtu`ffy chtàdej fc`ds gcr ederiy egga-

maedmy prcbemts.

]o`ff meoedt mcop`daes cutsaje tne prcirò n`j fcwer

aopfeoedt`tacd cg ederiy eggamaedmy prcbemts `dj fess `m-

mess tc gad`dmadi gcr tne prcbemts.@ftncuin o`dy mcop`-

daes cutsaje cg tne prcirò n`ve heed advestadi ad ederiy

eggamaedmy prcbemts, ocst cg tne re`fazej advestoedts were

grco ref`tavefy f`rier mcop`daes. De`rfy `ff f`rie meoedt

mcop`daes (>7 permedt) n`ve `fre`jy mcopfetej tne w`ste

ne`t remcvery prcbemts, hut fess tn`d n`fg cg so`ff mcop`-

daes n`j mcopfetej sumn advestoedts (t`hfe =.1). ]umn i`ps

òcdi so`ff mcop`daes `re `fsc evajedt ad `mmess tc h`dk

fc`ds. @ o`bcraty cg tne f`rie mcop`daes chtàdej fc`ds gcr

ederiy eggamaedmy prcbemts, wnere`s cdfy `hcut cde-tnarj cg

so`ff mcop`daes chtàdej fc`ds gcr tnear prcbemts.

Icverdoedt \cfamy `dj Ederiy Eggamaedmy

Advestoedts

Zne icverdoedt n`s heed `mtave ad prcoctadi ederiy

eggamaedmy ad Mnad`. Zne Mnadese icverdoedt dcw remci-

dazes ats ederiy use `s ` rask tc tne mcudtrys sustàdej emc-

dcoam ircwtn, `dj at n`s mcooattej tc mcdserve ats ederiy

`dj i`s eoassacds, espema`ffy tnrcuin tne ed`mtoedt cg tne

00tn Gave-Qe`r \f`d `dj Xedew`hfe Ederiy F`w. Znas w`s

`mmcop`daej hy ` f`rie-sm`fe puhfam mòpàid cd ederiy

mcdserv`tacd. Cde cg tne oe`sures admfujej jaremt fc`ds

grco st`te-cwdej h`dks tc f`rie st`te-cwdej edterprases

gcr ederiy eggamaedmy advestoedts. Gurtnerocre, tne icv-

erdoedt h`ddej fc`ds tc steef dj meoedt adjustraes udfess

tne fc`ds were gcr ederiy eggamaedmy cr pcffutacd rejumtacd.

At `fsc adtrcjumej ` oe`sure tc retare cfj `dj adeggamaedt

pf`dts ad o`dy ne`vy adjustraes. Hemùse cg tnese `mtacds,

fedjadi tc ederiy eggamaedmy prcbemts hy puhfam semtcr h`dks

sc`rej ad 8


48/94

=8 | Ederiy Eggamaedmy Gad`dme

eggamaedmy fc`ds, `dj 10 permedt cg tne h`dks (8< cg 88)

s`aj o`rket cppcrtudataes gcr ederiy eggamaedmy fedjadi

were d aopcrt`dt re`scd. Gad`dma`f admedtaves prcvajej hy

tne icverdoedt were tnarj ad tne r`dkadi cg re`scds, matej

`s `d aopcrt`dt g`mtcr hy `hcut 51 permedt cg tne h`dks.

]uppcrt grco adterd`tacd`f cri`daz`tacds w`s r`tej `s ao-

pcrt`dt hy =8 permedt cg tne h`dks `dj r`dks gcurtn.

Zne meoedt adjustry n`s heed cde cg tne key semtcrs ad

wnamn tne icverdoedt n`s `jjressej ederiy eggamaedmy

oe`sures.Ad e`rfy 8


49/94

MNUEEs Aop`mts | =

tr`st, ff hut cde mcop`r`tcr h`dk prcmess ederiy eggamaedmy

fc`ds ad ne`jqu`rters cdfy.

Fc`d prcjumts ocre suat`hfe gcr ederiy

eggamaedmy advestoedt

Mnadese h`dk fedjadi as oàdfy h`sej cd mcff`ter`f `s-

sets. Zne Mnadese h`dkadi pr`mtame cg o`kadi mrejat jema-

sacds h`sej cd mcff`ter`f `ssets cg tne mcop`dy cr prcbemt

spcdscr as cde cg tne haiiest mcdstràdts tc gad`dme gcr

o`dy mcop`daes, espema`ffy ]OEs.5@ Ycrfj H`dk repcrtreve`fej tn`t ad Mnad`, `hcut 71 permedt cg so`ff mcop`-

daes tn`t n`j heed rebemtej gcr ` fc`d st`tej at w`s hemùse

tney f`mkej `mmept`hfe mcff`ter`f, `dj de`rfy ` qu`rter cg

]OEs jaj dct `ppfy gcr ` fc`d hemùse cg tne stramt requare-

oedts cd mcff`ter`f (Ycrfj H`dk 8

\`rtamap`dt h`dks `jcptej dew fedjadi pr`mtames

watn fcwer mcff`ter`f requareoedt. Zne twc p`rtamap`t-

adi h`dks, gcr exòpfe, st`tej tn`t tney n`j dct n`j tnas

prcbemt gad`dme-h`sej fedjadi pr`mtame hegcre `dj n`j

`jcptej at watn nefp grco MNUEE. Hegcre MNUEE, ` je-

p`rtoedt ad HCH o`je fc`ds tc E]MCs h`sej cd Ycrfj

H`dksuppcrtej iu`r`dtees, hut tncse fc`ds were dct

prcbemt gad`dme h`sej, tncuin scoe cg tneo were h`sej cd

pfejies cg `mmcudt remeav`hfes. Cdfy : cg tne 5< fc`ds o`je

hy AH dj cde cg tne 1 fc`ds hy HCH udjer tne garst iu`r`dtee

g`mafaty advcfvej p`rta`f use cg gaxej ssets mcff`ter`f; tne fc`ds

were suppfeoedtej hy `jjatacd`f perscd`f iu`r`dtees `djmcrpcr`te iu`r`dtees. @s o`dy `s =8 cg tne 5< AH fc`ds `dj

: cg tne HCH fc`ds were h`sej cd ocrtiìes cd equapoedt

headi usej ad tne prcbemt headi gad`dmej.

Zne v`fue cg tne ocrtiìej equapoedt as cgted saidagam`dtfy

fcwer tn`d tn`t cg tr`jatacd`f mcrpcr`te gaxej ssets mcff`ter`f.

Gcr exòpfe, tne v`fue cg ocrtiìej equapoedt udjer fc`ds

hy HCH n`s heed `s fcw `s 57 permedt `dj dc ocre tn`d 0


50/94

=: | Ederiy Eggamaedmy Gad`dme

fc`ds, hut at adjam`tej tn`t tne resufts were fess tn`d sum-

messguf `dj jaj dct see saidagam`dt pctedta`f gcr admre`sadi

ats ederiy eggamaedmy fedjadi.

Znas ocve `w`y grco mcrpcr`te gaxej `sset mcff`ter`f re-

quareoedts aoprcvej `mmess tc gad`dmadi hy mcop`daes

watn ` we`k m`p`maty tc prcvaje mcff`ter`f. Gcr exòpfe,

twc mfaedt meoedt mcop`daes vasatej hy AEI, cde ad Ba`disu`dj `dctner ad Guba`d, sàj tn`t tney wcufj n`ve tc pcst-

pcde tnear advestoedts ad w`ste ne`t remcvery (` very eg-

gemtave ederiy eggamaedmy advestoedt) watncut tne prcirò

fc`ds hemùse tney usej up tnear mcff`ter`f m`p`maty `dj

tnus mcufj dct iet fc`ds grco ctner scurmes. @dctner mfaedt

meoedt mcop`dy ad Za`dbad sàj tn`t watncut tne AH fc`d, at

wcufj n`ve tc rescrt tc sncrt-tero fc`ds. Ncwever, sncrt-

tero fc`ds `re ieder`ffy dct ` iccj mncame gcr ederiy eg-

gamaedmy prcbemts, wnamn typam`ffy n`ve ` p`yh`mk peracj cg

ocre tn`d tnree ye`rs.

@d ]OE fcm`tej ad ]nedzned Maty cg Iu`dijcdi \rcv-adme, wnamn hcrrcwej 0< oaffacd yu`d grco AH udjer tne

prcirò ad 8


51/94

MNUEEs Aop`mts | =

`ffy mcdsajerej cde cg tne rask oatai`dts ad tne mrejat revaew

prcmess. Ad g`mt, iu`r`dtees were mcudtej s ` suhstatute gcr

tne hcrrcwers mcff`ter`f requareoedts.

Iu`r`dtees nefpej prcocte tne ederiy eggamaedmy fade cg

husadess watnad tne h`dks. Hctn AH `dj HCH n`j strcdi

tcp o`dìeoedt mcooatoedt tcw`rj sustàd`hfe ireed

husadesses. Ncwever, sumn mcooatoedt jces dct `fw`ys

iu`r`dtee cper`tacd`f pergcro`dme. @s e`mn fc`d cggamer

`dj cper`tadi hr`dmn g`mes vcfuoe `dj prcgat t`riets, tnereas ` strcdi jasadmedtave tc tryadi dew, udtestej cper`tacds.

Ad g`mt, adtervaews watn h`dks reve`fej tn`t h`dk st`gg `fsc

edmcudter adterd`f resast`dme tc dew husadess. Zne iu`r`dtee

ed`hfej h`dks tc huafj up tne pcrtgcfac very quamkfy, wnamn

o`je tne ederiy eggamaedmy fedjadi teò ocre vasahfe. Znear

f`rie vcfuoe `dj dc-jegùft pergcro`dme nefpej tne husa-

dess he remcidazej `s `d aopcrt`dt p`rt cg dcro`f h`dkadi

cper`tacds. Devertnefess, hctn h`dks adjam`tej tn`t tnere

w`s strcdi deej tc prcocte tne husadess watnad tne h`dk,

watn ocre tràdadi tc fc`d cggamers `dj mrejat/jemasacd

o`kers.

MNUEEs jeocdstr`tacd eggemts

cd ctner h`dks

Zne prcirò experaedme as gàrfy weff kdcwd òcdi

Mnad`s gad`dma`f adstatutacds.@ tct`f cg 9< permedt cg sur-

veyej h`dks sàj tney were `w`re cg AGMs suppcrt tc AH dj

HCH. @dj 0


52/94

=7 | Ederiy Eggamaedmy Gad`dme

oeohers remeavej ` fc`d, mcop`rej watn bust 09 permedt cg

dcdoeohers (t`hfe =.0:).

Headi ` detwcrk oeoher waff admre`se tne mn`dme cg

remeavadi fc`ds.@ test cg prch`hafaty cg `mmess tc gad`dme

w`s mcdjumtej, watn EOM mn`r`mterastams `s adjepedjedt

v`ra`hfes (`sset saze, duoher cg eopfcyees, ye`rs cg es-t`hfasnoedt); ctner v`ra`hfes admfujej remeavadi temnda-

m`f `ssast`dme grco `dy scurme, experaedme ad `rr`diadi cr

o`rketadi fc`ds, `dj headi p`rt cg `d AGM detwcrk.0=Zne

resufts sncwej tn`t tne wncfe ocjef as st`tastam`ffy saidaga-

m`dt (fakefanccj r`tac Mna squ`re 85.09 [p


53/94

MNUEEs Aop`mts | =

Zne re`f r`te cg returd cg tne prcirò sc g`r as estao`tej

`t => permedt.Znas as h`sej cd `d `ssuoptacd tn`t 1 per-

medt cg prcbemts iàd `jjatacd`f aop`mt grco tne prcirò.

Zne mcst hedegat `d`fysas t`kes 1 permedt cg tct`f hedegats

ad ederiy s`vadis `dj eoassacd rejumtacds, mcrrespcdj-

adi prcbemt mcsts `s weff `s edtare prcirò mcst, admfujadi

mcsts cg temndam`f `ssast`dme. Znas as ` nain r`te iaved tne

seeoadify ocjest r`te cg `jjatacd`faty `t tne fevef cg tne

edj users.

Zne resuft as adjam`tave cg tne wad-wad d`ture cg ederiy eg-gamaedmy advestoedts, wnamn m`d ieder`te hctn saidagam`dt

scma`f `dj prav`te hedegats. Eved so`ff `jjatacd`faty m`d

he suggamaedt tc bustagy tne suhsajaes advcfvej. Zne upper-

hcudj r`te cg returd cg tne prcirò iàdej hy t`kadi

97 permedt cg tne prciròs cutmcoes (tn`t as, exmfujadi

tne mfe`r m`ses cg prcbemts tn`t wcufj t`ke pf`me watncut tne

prcirò) as :5 permedt.

]cma`f hedegats exmeej hedegats tc prav`te cri`daz`tacds hy

waje o`riad2 tne prav`te hedegats ad tne gcro cg ederiy s`v-

adis grco tnas prcirò `re 8< permedt, h`sej cd tct`f prcb-

emt mcsts `dj ederiy s`vadis oe`surej hy tne adterd`tacd`fprame cg mc`f (hut dct regfemtadi eoassacd rejumtacds). Ncw-

ever, tnas prav`te hedegat as extreoefy sedsatave tc tne ederiy

prame. Znas prav`te returd m`d he mcop`rej tc ctner ederiy

s`vadis estao`tes. @d `verìe adterd`f r`te cg returd cg ed-

eriy eggamaedmy prcbemt as `d estao`tej 09 permedt (G`rreff

`dj Xeoes 8


54/94

=> | Ederiy Eggamaedmy Gad`dme

jevefcpej ad Mnad`). Ocrecver, tne ocjef `ssuoej IEG

ir`dts suppcrtej iu`r`dtees `s expedsejtne dc-jegùfts

udjer tne iu`r`dtee prcirò wcufj rejume tne ex pcst mcst

cg ruddadi tne prcirò dj tnus rejume mcsts dj aoprcve

r`tes cg returd.

Assues `dj Mn`ffedies

Zne prcirò as d`rrcwfy h`sej cd cde jcoad`dt h`dk.

Dadety-eaint permedt cg tne fc`ds mcverej hy tne prciròsiu`r`dtee were grco AH (gaiure =.5). Zne saze cg tne fc`d `s

weff w`s adgfuedmej hy tne g`mt tn`t AHs mfaedt h`se as f`rier

adjustra`f mcop`daes. Ad st`rk mcdtr`st watn AH, HCH w`s

sfcw ad ircwadi ats ederiy eggamaedmy fc`d pcrtgcfac udjer

tne prcirò. @s cg @uiust 8


55/94

MNUEEs Aop`mts | =

GAIUXE =.7 Jastrahutacd cg X]G-]uppcrtej Fc`ds hy Duoher cg \rcbemts (permedt cg tct f)

]curme2 AEI, h`sej cd MNUEE j`t`.

Dcte2 Fc`d saze m`teicraes were h`sej cd tne `ppr`as`f repcrt (Ycrfj H`dk 8


56/94

:< | Ederiy Eggamaedmy Gad`dme

GAIUXE =.9 @ X`dkadi cg ]emtcrs hy Duoher cg Ederiy Eggamaedmy \rcbemts (d87)

]curme2 AEI/MHXM survey.

Dcte2 ]coe h`dks `re cper`tadi ad ouftapfe semtcrs. E]MC ? ederiy servame mcop`dy.

87

8:

88

8

07

0:

08

0

7

:

8

8 07> 0,7>: | Ederiy Eggamaedmy Gad`dme

Zype cg survey ]urvey t`riets (s`opfes)

]urvey joadastr`tcr dj

respcdse r`te \cpuf`tacd

Gad`dma`f adstatutacds =9 gad`dma`f adstatutacds2

Gcur hai st`te-cwdej h`dks

`dj tnree pcfamy h`dks

09 bcadt-stcmk mcooerma`f

h`dks

Ctner o`bcr h dks ad eaint

o`bcr mataes

Gave fe`sadi mcop`daes

Mnad` H`dkadi Xeiuf`tcry Mco-

oassacd (]t`tastams Jept.)

Xespcdse r`te cg 10 permedt2

81 cg =8 h`dks

]`opfe mcvers >7 cg 0


65/94

@ppedjax J2 H`dk ]urvey | :

Zne ]urvey

Grco O`y tc @uiust 8


66/94


Ocst h`dks st`rtej ederiy eggamaedmy fedjadi juradi twc taoe

peracjs ad tne p`st 0< ye`rs50< ye`rs ìc `dj 0= ye`rs

ìc (t`hfe J.8). @hcut :5 permedt cg h`dks (0< cg 88) st`rtej

ederiy eggamaedmy fedjadi juradi tne f`st gave ye`rs. Znas as

mcdsastedt watn tne icverdoedts jrò`tam`ffy streditn-

edej eopn`sas cd ederiy mcdserv`tacd ad tne p`st tnree

ye`rs cr sc.

Z`hfe J.= sncws tn`t ff h`dks tn`t st`rtej ederiy eggamaedmy

fedjadi 0= ye`rs ìc `re mcooerma`f h`dks, `dj ocst cg

tneo `re bcadt-stcmk h`dks (sax cg eaint). Ad mcdtr`st, `ff

tne f`rie, st`te-cwdej h`dks edterej adtc ederiy eggamaedmy

fedjadi ocre tn`d gave ye`rs ìc.

Zype cg prcbemts suppcrtej hy ederiy

eggamaedmy gad`dme

Zne f`riest sn`re cg ederiy eggamaedmy fc`ds wedt tc re-

strumturadi prcbemts tn`t cgted n`ve ` strcdi gcmus cd m`-p`maty exp`dsacd, sumn `s tnero`f pcwer f`rie repf`madi

so`ff prcbemts, ieder`f purpcse temndam`f redcv`tacd,

`dj mfe`d ederiy `dj w`ste tre`toedt prcbemts (admfujej

ad tne ctner m`teicry). Ad mcdtr`st, tne sn`re cg ederiy

eggamaedmy fc`ds o`je tc st`dj`rj ederiy eggamaedmy prcbemts

sumn `s w`ste ne`t remcvery `dj mcieder`tacd w`s oumn

so`ffer. \`rtamuf`rfy, tne sn`re cg ederiy eggamaedmy fc`ds tc

tne ncusadi semtcr w`s òcdi tne fcwest (gaiure J.0).

Xe`scds gcr ederiy eggamaedmy fedjadi

husadess

Zne tcp twc jravers gcr h`dks tc ediìe ad ederiy eggamaedmy

fedjadi were icverdoedt pcfamaes `dj o`rket cppcrtuda-

taes. Dadety-gave permedt cg h`dks tn`t n`j st`rtej ederiyeggamaedmy fedjadi (80 cg 88) matej tn`t edn`dmej icverd-

oedt pcfamaes were `d aopcrt`dt re`scd gcr tneo tc jemaje

tc o`ke ederiy eggamaedmy fc`ds (t`hfe J.:), `dj 10 permedt

cg tne h`dks (8< cg 88) sàj o`rket cppcrtudataes gcr ed-

eriy eggamaedmy fedjadi were d aopcrt`dt re`scd. Gad`dma`f

admedtaves prcvajej hy tne icverdoedt were tnarj ad tne

r`dkadi, matej s d aopcrt`dt g`mtcr hy hcut 51 permedt cg

tne h`dks, hut tne permedtìe as jrò`tam`ffy fcwer tn`d gcr

tne tcp twc jravers. ]uppcrt grco adterd`tacd`f cri`daz`-

tacds w`s r`tej s aopcrt`dt hy =8 permedt cg tne h`dks dj

r`dks `s tne gcurtn ocst aopcrt`dt g`mtcr.

]ervames hy ederiy servame mcop`daes (E]MCs) `dj peer

jeocdstr`tacd eggemts r`dk tne fcwest2 tney were fe`st mco-

ocdfy matej `s `d aopcrt`dt g`mtcr hy tne h`dks. Zne sòe

as ieder`ffy true gcr e`mn cg tne tnree types cg h`dks, exmept

tn`t bcadt-stcmk h`dks matej suppcrt grco adterd`tacd`f cr-

i`daz`tacds `dj servames hy E]MCs oumn ocre `s `d ao-

pcrt`dt g`mtcr tn`d ctner h`dks.

Ircwtn pctedta`f gcr ederiy eggamaedmy

fedjadi husadess

Ocst h`dks s`w saidagam`dt guture ircwtn pctedta`f gcr ed-

eriy eggamaedmy gad`dme (t`hfe J.5). De`rfy >< permedt (8

=5 ye`rs ìc 0

50< ye`rs ìc >

0

=5 ye`rs ìc < 0 < 0

50< ye`rs 8 5 0 >

0


67/94

@ppedjax J2 H`dk ]urvey | 5

@ver`ie ]n`res cg Fc`ds O`je tc W`racus Zypes cg Ederiy Eggamaedmy \rcbemts GAIUXE J.0

]curme2AEI/MHXM survey cd ederiy eggamaedmy gad`dme ad Mnad`.

Dcte2Ex`opfes cg ref`tavefy f`rie ederiy eggamaedmy prcbemts admfujej ad tne ctner m`teicry re mfe`d ederiy dj w`ste tre`toedt.

0>07.=

00.500.500.= (5/7) 5< (=/7) 09 (0/7) < (


68/94


jevefcpej spema`f iuajefades/o`du`fs gcr prcmessadi cg

ederiy eggamaedmy fc`ds (t`hfe J.7).

@ssast`dme remeavej gcr ederiy eggamaedmy

fedjadi gcr h`dks prcvajadi ederiyeggamaedmy fc`ds

@hcut :5 permedt cg h`dks (0< cg 88) remeavej v`racus types

cg suppcrt grco jaggeredt scurmes (t`hfe J.9). Zne ocst

mcoocdfy remeavej suppcrt as temndam`f `ssast`dmedade

cg tne ted h`dks remeavej temndam`f `ssast`dme. Ctner types

cg suppcrt were evedfy spre`j òcdi ir`dts, iu`r`dtees,

`dj suhsajazej mrejat. Zne tcp twc scurmes cg suppcrt were

adterd`tacd`f jevefcpoedt ìedmaes `dj adterd`tacd`f ga-

d`dma`f adstatutacds. E`mn cg tnese twc mn`ddefs prcvajej

suppcrt tc dade h`dks. Jcoestam prcvajers mcoprasej

tnree ircups2 icverdoedt, Mnadese gad`dma`f cri`daz`tacds,

`dj ctner Mnadese adstatutacds. Hut cver`ff tnear `mtavataesseeoej gàrfy spcr`jam.

Zypes cg temndam`f ssast`dme remeavej

gcr `ff h`dks

@ocdi `ff h`dks iavadi ederiy eggamaedmy fc`ds, tne

o`bcraty (05 cg 87) remeavej v`racus types cg temndam`f

`ssast`dme, admfujadi tràdadi cd ederiy eggamaedmy temn-

dcfciaes, strumturadi `dj o`rketadi ederiy eggamaedmy

fc`ds, mrejat udjerwratadi `dj rask `ssessoedt, pcrtgc-

fac o`dìeoedt `dj repcrtadi pr`mtames, `dj o`rketadi

rese`rmn `dj ajedtagam`tacd cg t`riet semtcrs. Gcurteed cgtneo n`ve remeavej ocre tn`d cde cg tne `hcve types cg

tràdadi. Znere `re dc saidagam`dt jaggeredmes òcdi tne

duohers cg h`dks tn`t n`ve remeavej jaggeredt types cg

tràdadi (gaiure J.8).

Znas temndam`f `ssast`dme w`s ieder`ffy v`fuej hy remapaedt

h`dks. Cdfy twc h`dks `dswerej tn`t tne temndam`f `ssas-

t`dme w`s dct d aopcrt`dt g`mtcr gcr tnear ederiy eggamaedmy

gad`dme husadess. Cde h`dk `dswerej tn`t tne temndam`f `s-

sast`dme w`s aopcrt`dt `t tne heiaddadi, `dj 0= `dswerej

tn`t temndam`f `ssast`dme w`s aopcrt`dt tc edteradi tneo`rket `dj mcdtaduadi. Zn`t sàj, ncwever, tney `fsc he-

faeve tn`t temndam`f `ssast`dme as dct essedta`f gcr sustàdadi

`dj exp`djadi tnear ederiy eggamaedmy gad`dmadi. ]evedty-

cde permedt cg h`dks tn`t `dswerej tne questacd sàj tney

m`d sustàd dj exp`dj ederiy eggamaedmy gad`dmadi watncut

tne temndam`f `ssast`dme.

Ircwtn \ctedta`f gcr Ederiy Eggamaedmy Fedjadi

Jc ycu see saidagam`dt pctedta`f gcr

admre`sadi ycur gad`dme gcr ederiy

eggamaedmy prcbemts3

Bcadt stcmk, maty cr rur f mcooerma f h`dks ]t te-cwdej cr pcfamy h`dks

Qes ? 07 (>:%)/Dc ? = (07%)/Dc dswer ? < Qes ? : (0


69/94


AGM `dj MNUEE

]evedty permedt cg `ff 8= respcdjadi h`dks (exmfujadi tne

tnree MNUEE h`dks) s`aj tney were `w`re cg MNUEE

suppcrt tc AH, HCH `dj ]\JH cd ederiy eggamaedmy fedj-

adi (t`hfe J.>). Mcop`r`tavefy spe`kadi, bcadt-stcmk h`dks

n`ve tne nainest `w`redess, gcffcwej mfcsefy hy pcfamy `dj

st`te-cwdej h`dks, watn maty `dj rur`f mcooerma`f h`dks

mcoadi `s ` jast`dt tnarj. Znas as mcdsastedt watn tne g`mt

tn`t MNUEE h`dks re ff bcadt-stcmk h`dks, tncuin HCH as

` maty mcooerma`f h`dk turdej bcadt-stcmk h`dk.

Assues ad adterpretadi tne j`t`

@ m`ve`t tc keep ad oadj as tn`t dct `ff tne fc`ds repcrtej

hy respcdjedt h`dks `s ederiy eggamaedmy fc`ds `re ad g`mt

st`dj`rj ederiy eggamaedmy fc`ds `s typam`ffy jegadej ad tne

fater`ture (Z`yfcr `dj ctners 8


70/94


r`tacd`fe gcr mcdsajeradi tnese g`mtcrs as tn`t tney `re very

fakefy mcrref`tej watn tne cutmcoes cg MNUEE suppcrt tc

h`dks. Zne prcmess cg ajedtagyadi tne mcop`rascd h`dks

w`s stràintgcrw`rj hemùse tne jrcppej h`dks were eatner

saidagam`dtfy tcc so`ff cr tcc oumn f`rier tn`d cr dct tne

sòe type `s AH cr HCH.

Zne p`rtamap`tadi h`dks were sefemtej h`sej cd ` mcoha-

d`tacd cg AGMs smreedadi `dj sefg-sefemtacd cg pctedta`f

p`rtamap`dt h`dks tneosefves. Znere w`s dc papefade cg

m`djaj`te p`rtamap`tadi h`dks, sc tne papefade oetncj as

dct usej ad tne ajedtagam`tacd cg tne mcop`rascd ircups.

Zne prcpedsaty smcre o`tmnadi oetncj as dct usej hemùse

tnere w`s cdfy cde tre`toedt h`dktn`t as, eatner AH cr

HCH`dj tnere were dc ocre tn`d 0< fccsefy mcop`r`hfe

h`dks tc eatner AH cr HCH, h`sej cd scoe cg tne ocst chva-

cusfy refev`dt v`ra`hfes, sumn `s h`dk saze `dj cwdersnap/

icverd`dme strumture.

@focst `ff tnese mcop`rascd h`dks n`ve n`j scoe expe-

raedme ad o`kadi fc`ds tc/va` ederiy o`dìeoedt mco-

p`daes (EOMs) iu`r`dteej hy Mnad` Advestoedt `dj

Iu`r`dtee @iedmy watn suppcrt grco tne Ycrfj H`dk. Ad

`jjatacd, twc cg tne mcop`rascd h`dks n`ve n`j jaremt mc-

cper`tacd watn àj ìedmaes ad ederiy eggamaedmy gad`dmadi,

oàdfy ad tne gcro cg cd-fedjadi fc`ds grco àj ìedmaes

tc edj fc`d remapaedts gcr ederiy eggamaedmy advestoedts.

Cde remeavej ssast`dme grco haf`ter`f aj iedmy ad 8


71/94


revaew peracj (t`hfe J.0


72/94


H`dk cg Heabadi `dj Mcop`r`hfe H`dks

H`dk (h`dk d`oe

cr survey duoher)

Zct`f `ssets ad

8


73/94

@ppedjax E2 Ederiy O`dìeoedt Mcop`dy ]urvey | 5

Zne ]urvey

Znere were 0=5 E]MCs/ederiy o`dìeoedt mcop`daes

(EOMs) cd tne fast cg tne MNUEE detwcrk. Zne tre`toedt

sòpfe w`s restramtej tc :0 Mnad`-h`sej E]MCs/EOMs

tn`t were oàdfy ad tne husadess cg ederiy eggamaedmy ser-

vames prcvasacd `dj tn`t were oeohers cg tne Mnad` Ed-

eriy O`dìeoedt Mcop`dy @sscma`tacd (EOM@), he-

mùse cg tne key rcfe tnese E]MCs were expemtej tc pf`y

ad nefpadi rejume o`rket h`rraers tc ederiy eggamaedmy ad-

vestoedt ad Mnad` ref`tej tc tne f`mk cg mn`ddefs gcr `m-

mess tc refa`hfe ederiy eggamaedmy servames. Zne exmfujej

E]MCs were eatner gcreaid h`sej cr tncse h`sej ad NcdiKcdi ]@X, Mnad`, `dj n`j ref`tavefy strcdi gad`dma`f `dj

temndam`f m`p`mataes, cr tney were equapoedt suppfaers. Zne

udtre`tej mcop`rascd sòpfe mcdsasts cg 51 E]MCs/EOMs

r`djcofy sefemtej grco tne reoàdadi 091 EOM oeo-

hers cg EOM@ tn`t were oàdfy ederiy eggamaedmy servames

prcvajers. Zne tct`f saze cg tne sòpfe w`s 07 permedt respcdse r`te).

Zne MNUEE tre`toedt cd E]MCs/EOMs gcmusej cd prc-

vajadi ` detwcrk cg adgcro`tacd `dj kdcwfejie sn`radi tc

edn`dme pcssahfe p`rtdersnaps `dj m`rry cut mertàd tràd-adi gcr detwcrk E]MCs/EOMs. Zne tre`toedt as ref`tavefy

saopfe `dj ncociedecus `dj tnus `ffcws gcr `pprcpra`te

use cg juooy `dj oe`d mcop`rascd `pprc`mnes.

]urvey Xespcdses

@mmess tc temndam`f `ssast`dme

MNUEE detwcrk oeohers `re `sscma`tej watn remeavadi

eggemtave temndam`f `ssast`dme grco v`racus scurmes admfuj-

adi MNUEE (t`hfe E.0). Ocre tn`d n`fg cg tne detwcrk

oeohers (70 permedt) remeavej temndam`f `ssast`dme grco

`dy scurmes (sumn `s MNUEE `dj EOM@), mcop`rej watndcdoeohers (cdfy qu`rter remeavej temndam`f `ssast`dme).

@mmess tc gad`dme

H`sej cd tne survey, ` f`rier duoher cg MNUEEs EOM det-

wcrk oeohers `ppfaej gcr ` fc`d tn`d dcdoeoher EOMs.

Ocre tn`d n`fg (78 permedt) cg MNUEE detwcrk oeohers

`ppfaej gcr ` fc`d, mcop`rej watn cdfy ` qu`rter cg dcd-

oeohers (t`hfe E.8). Ocrecver, MNUEE oeohers were

ocre summessguf ad iettadi fc`ds2 9> permedt cg `ppfam`dts

chtàdej ` fc`d, mcop`rej watn bust n`fg cg dcd-MNUEE

@\\EDJA^ E

Ederiy O`dìeoedt Mcop`dy ]urvey

oeohers. Cver`ff, de`rfy n`fg cg MNUEE oeohers remeavej

` fc`d, mcop`rej watn bust 0= permedt cg dcdoeohers.

Zeros dj mcdjatacds cg tne fc`d

Yned EOMs n`ve scoe mmess tc fc`ds, tne saze cg tne fc`ds

as ref`tavefy so`ff2 7< permedt cg EOMs `re iettadi fc`ds gcr

fess tn`d 5 oaffacd yu`d ($< permedt cg

tne EOMs watncut temndam`f `ssast`dme remeavej cdfy

sncrt-tero fc`ds (fess tn`d ` ye`r), `dj 5= permedt cg

temndam`f `ssast`dme remapaedts n`j fcdi-tero fc`ds (o`tu-

raty cg ` ye`r cr ocre). @hcut >< permedt cg MNUEE temnda-

m`f ssast`dme remapaedts dj 98 permedt cg EOM@ temndam`f

`ssast`dme remapaedts n`j fcdi-tero fc`ds.

EOMs Xemeavadi Zemndam`f @ssast`dme

N`ve ycu remeavej temndam`f ssast`dme3

MNUEEdetwcrk (%)

Dcd-MNUEEdetwcrk (%)

Zemndam`f `ssast`dme remeavej

(grco dy scurme)

70 8:

Zemndam`f `ssast`dme dct remeavej =1 97

]curme2AEI/EOM@ survey j`t`.

Dcte2EOMederiy o`dìeoedt mcop`dy.

Z@HFE E.0

@mmess tc Gad`dme ocdi EOMs

MNUEE det-wcrk oeoher

EOMs (%)

Dcd-MNUEE

detwcrkoeoher

EOMs (%) Cver`ff (%)

@ppfaej tc fc`d 78 85 :0

Cg wnamn,

chtàdej ` fc`d

9> 5< 7=

Cver`ff mmess tc

gad`dme

:1 0= 8>

]curme2AEI/EOM@ survey j`t`.

Dcte2EOMederiy o`dìeoedt mcop`dy.

Z@HFE E.8


74/94

5> | Ederiy Eggamaedmy Gad`dme

]aze cg Fc`ds Cht`adej hy EOMs

@ocudt EOMs cht`adej fc`ds (%)

Fess tn`d 0 oaffacd yu`d 09

05 oaffacd yu`d :=

50< oaffacd yu`d 1

0


75/94

Zne ]urvey

Zne survey cg ederiy edj users oàdfy mcdsasts cg ` sòpfe

cg udtre`tej meoedt mcop`daes ad Ned`d, ]n`djcdi, `dj

Rneba`di \rcvadmes `dj tre`tej cdes ad ` duoher cg prcv-

admes. Zne meoedt adjustry w`s sefemtej hemùse at as cde

cg tne key semtcrs tn`t MNUEE n`s heed prcvajadi suppcrt

tc `dj at as re`scd`hfy e`sy tc ajedtagy udtre`tej mcop`ra-

scd mcop`daes ad tne adjustry. Zne tnree prcvadmes were

sefemtej hemùse tney were òcdi tne f`riest meoedt prc-

jumadi prcvadmes ad Mnad` `dj n`j mcop`r tavefy tne fe`st

expcsure tc MNUEE adtervedtacd dj tnus were udfakefy tcn`ve saidagam`dt mcdtòad`tacd eggemts. Gcr exòpfe, tnere

were dc MNUEE-suppcrtej meoedt mcop`daes ad Ned`d

\rcvadme, `dj tnere were cdfy cde `dj tnree ad ]n`djcdi

`dj Rneba`di \rcvadmes, respemtavefy (t`hfe G.0). Zne tnree

prcvadmes were `fsc sefemtej hemùse tney `re fcm`tej ad tne

sòe reiacd `s MNUEE mfaedts2 tne mc`st`f `dj medtr`f p`rt

cg Mnad`.

Zne sòpfe cg udtre`tej meoedt mcop`daes mcdsasts cg

0= mcop`daes ad e`mn cg Ned`d `dj ]n`djcdi \rcvadmes

`dj 0: ad Rneba`di \rcvadme. Gcr e`mn cg tne tnree prcv-

admes, tne sòpfe mcop`daes were r`djcofy sefemtej gcradmfusacd ad tne survey grco ` pcpuf`tacd cg udtre`tej

mcop`daes tn`t ad turd were ajedtagaej grco Mnad` Meoedt

@sscma`tacds fast cg meoedt mcop`daes tn`t n`j `t fe`st cde

dew suspedsacd prem`fmad`tacd (D]\) meoedt prcjumtacd

fade cg 8,5


76/94


saze, `s oe`surej hy s`fes, cutput, `dj D]\ prcjumtacd

m`p`maty; wnetner tne mcop`dy as ` oeoher cg ` ircup

mcop`dy (mcdifcoer`tes); `dj fevef cg adjehtejdess `s

regfemtej hy tne r`tac cg cutst`djadi fc`ds tc tct`f `ssets.

Ad ieder`f, f`rie mcop`daes cr tncse tn`t re oeoher cg

ircup mcop`dy tn`t n`ve heed ad tne o`rket gcr ref`tavefy

fcdi peracj tedj tc he ocre mrejatwcrtny `dj n`ve ocre

`mmess tc gad`dme, n`ve ` strcdier temndam`f `dj o`dìe-

oedt m`p`maty, edbcy ocre suppcrt grco icverdoedt pcfa-

maes, `dj `re suhbemt tc ocre pressures grco tne icverd-

oedt cd ederiy eggamaedmy advestoedt. Znus tney `re ocre

fakefy tc m`rry cut ederiy eggamaedmy advestoedt dj mnaeve

iccj resufts.

Ad mcdtr`st, ad ieder`f ` mcop`dy watn fess adjehtejdess

tedjs tc he ocre mrejatwcrtny dj n`ve hetter mmess tc h`dk

fc`ds. Zne tre`tej `dj tne udtre`tej sòpfe mcop`daes

o`tmn re`scd`hfy weff cd tnese mn`r`mterastams (t`hfe G.=).

@joattejfy, tnere `re mertàd jaggeredmes hetweed tne

twc ircups2 tre`tej mcop`daes `re f`rier ad ieder`f `dj

ref`tavefy ocre est`hfasnej ad tne o`rket, hut ` nainer per-

medtìe cg udtre`tej mcop`daes `re ` oeoher cg ` ircup

mcop`dy. Znas waff resuft ad pcssahfe estao`tacd ha`s, hut

tne ha`s as dct expemtej tc he very f`rie.

@dy pcssahfe mcdtòad`tacd eggemt cd tne udtre`tej sòpfegrco tne tre`tej mcop`daes sncufj dct he f`rie. Hesajes

Xeiacd`f Jastrahutacd cg Zre`tej vs. Udtre`tej Meoedt Mcop`daes tn`t @dswerej tne ]urvey

Xeiacd

MNUEE meoedt mcop`daes Dcd-MNUEE meoedt mcop`daes

\rcvadme

Duoher cg

respcdses

Xeiacd`f

jastrahutacd \rcvadme

Duoher cg

respcdses

Xeiacd`f

jastrahutacd

Medtr`f prcvadmes Mncdiqadi 0 Ned`d 08

Nehea 0

Nuhea 8

Nud`d 0

]uhtct`f 5 ==% 08 =8%

Mc`st`f prcvadmes Ba`disu = ]n`djcdi 0=

]n`djcdi 0 Rneba`di 0=

Za`dbad 0

Rneba`di 8

Guba`d =

]uhtct`f 0< 79% 87 7>%

Zct`f 05 0


77/94

@ppedjax G2 Meoedt Mcop`dy ]urvey | 7

tne g`mt tn`t tne udtre`tej meoedt mcop`daes ad tne s`opfe

prcvadmes n`j ref`tavefy fess expcsure tc MNUEE gad`dmadi,

`s jasmussej `hcve, tne MNUEE ederiy eggamaedmy prcbemt

gad`dmeh`sej fedjadi ocjef w`s udaque ad Mnad` `dj

tnere were dc mcop`r`hfe fterd`taves ad tne o`rket. Ad j-

jatacd, w`ste ne`t remcvery prcbemts were fastej `s cde cg

tne 0< key remcooedjej ederiy eggamaedmy prcbemts hy tne

icverdoedt ad 8


78/94


Y`ste Ne`t Xemcvery \rcbemts ad tne Meoedt Adjustry ad Mnad` (Gehru`ry 8


79/94

@ppedjax G2 Meoedt Mcop`dy ]urvey | 7

ne`t prcbemt) prcbemts òcdi mcop`daes dct p`rtamap`tadi

ad tne prcirò.

Xcfe cg o`rketadi `mtcrs ocre mratam`f

gcr MNUEE meoedt mcop`daes

Zne rcfe cg adterd`f st`gg `dj equapoedt suppfaers w`s

de`rfy tne sòe gcr MNUEE mfaedts `dj dcdmfaedts; tne

ocst aopcrt`dt jaggeredmes `re ` strcdi refa`dme cd o`r-

ketadi p`rtders òcdi MNUEE mfaedts, sumn `s EOMs

`dj temndam`f mcdsuft`dts (>= permedt `dj 09% >=%

Equapoedt suppfaers 5=% 5=%

Xef`tacdsnap mcop`daes (mfaedts, suppfaers) ==% 0=%

EOMs :


80/94


81/94

@ppedjax I2 MNUEE Mcst Hedegat @d`fysas | 7

Zne m`fmuf`tacd mcvers ederiy eggamaedmy prcbemts suppcrt-

ej hy tne prcir`os iu`r`dtee `dj gad`dmej hy tne p`rtder

h`dks (AH `dj HCH). Zne pcrtgcfac admfujes prcbemts udjer

tne iu`r`dtee g`mafaty, `dj prcir`o expedjatures `dj gee

admcoes udtaf tne edj cg gasm`f 8


82/94


Mcst Hedegat @d`fysas Ycrksneet

Qe`r 85 7:,095,8:>.0< 857,:>:,709.07

1% hedegats smed`rac =>:,>.55 01:,18>,=


83/94

@ppedjax I2 MNUEE Mcst Hedegat @d`fysas | 7

8=

0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8

01.8: 01.8: 01.8: 01.8: 01.8: 01.8: 01.8:

898,=5:7.>: 898,=5:7.>: 898,=5:7.>: 898,=5:7.>: 898,=5:7.>: 898,=5:7.>: 898,=5:7.>:

=,=07,00:.9.>1 >9.>1 >9.>1 >9.>1

=50,187,


84/94


85/94


86/94


87/94


88/94


Edjdctes

Exemutave ]uoo`ry

0. Ad 8


89/94

Edjdctes | 9

7. Zne prcbemt gad`dme-h`sej fedjadi jasmussej nere as jag-

geredt grco tr`jatacd`f prcbemt gad`dme, espema`ffy ad tn`t at

as dct h`sej cd ` dcdremcurse fc`d strumture, `s tr`jatacd`f

prcbemt gad`dme ocjefs `re. Yned o`kadi mrejat rask jema-

sacds `dj udjerwratadi fc`ds, prcbemt gad`dme-h`sej fedj-

adi o`y tc ` mertàd extedt staff mcdsajer tne ieder`f `ssets

cr mrejatwcrtnadess cg tne prcbemt spcdscrs, tncuin at puts

ocre eopn`sas cd prcbemt m`sn gfcw `dj prcbemt `ssets.

9. Znas pr`mtame hy atsefg as prch`hfy dct edtarefy dew ad

Mnad`. AH sàj ad tne survey tn`t at gcffcwej tnas pr`mtame

hegcre MNUEE, tncuin HCH sàj tn`t tnas as `d addcv`tacd

hrcuint hy MNUEE.

>. H`sej cd gaefj adtervaews watn edj users `dj h`dks, sumn

oaj- tc fcdi-tero fc`ds watn òcrtaz`tacd rep`yoedts

`fcde `re `mtu`ffy dct edtarefy f`mkadi ad Mnad`s gad`dma`f

o`rket. Ncwever, espema`ffy gcr so`ffer mcop`daes cr mco-

p`daes watn permeavej nain mrejat rask, sumn fc`ds `re ad

sncrt suppfy.Zne ocrtaz`tacd smnejufe tedjs tc he hy ye`r

r`tner tn`d hy qu`rter, `s as tne m`se udjer MNUEE. @fsc

see `ppedjax J gcr gurtner st`tastams grco tne survey.

1. Znese fc`ds `re ad ieder`f dct prcbemt gad`dme h`sej, he-mùse (a) tne iu`r`dtees were typam`ffy h`sej cd mcudter

iu`r`dtees ad tne gcro cg gaxej `sset mcff`ter`f grco fc`d

remapaedts, dj tnese mcff`ter`f requareoedts re typam`ffy s

stramt s tncse cg mcooerma`f h`dks; (aa) mmcudt remeav`hfes

`re ocstfy `sscma`tej watn `fre`jy aopfeoedtej prcbemts,

dct watn tne prcbemt headi gad`dmej; cr (aaa) ad mertàd m`ses,

sumn `s gcr scoe mfe`d jevefcpoedt oemn`daso prcbemts,

tne fc`d w`s gcr regad`dmadi. Znas w`s cgted tne m`se ad

wnamn tne `mmcudt remeav`hfes cg tne prcbemt n`j hemcoe

st`hfe `gter at n`j heed ad cper`tacd gcr scoe taoe (AGM

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Hahfacir`pny | 9

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AEI \uhfam`tacds

@ddu`f Xevaew cg Jevefcpoedt Eemtavedess 8


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Energy Efficiency Finance: Assessing the Impact of IFC's China Utility-Based Energy Efficiency...

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