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    Rl33940 Rl33940 Document Transcript

    • WikiLeaks Document Release http://wikileaks.org/wiki/CRS-RL33940 February 2, 2009 Congressional Research Service Report RL33940 Reforming the Regulation of Government-Sponsored Enterprises in the 110th Congress Mark Jickling, Edward Vincent Murphy, and N. Eric Weiss, Government and Finance Division August 4, 2008Abstract. This report provides background on the GSE reform issue and summarizes the provisions of House-and Senate-passed versions of H.R. 3221.
    • ȱ Ž˜›–’—ȱ‘ŽȱŽž•Š’˜—ȱ˜ȱ ˜ŸŽ›—–Ž—Ȭ ™˜—œ˜›Žȱ —Ž›™›’œŽœȱ’—ȱ‘ŽȱŗŗŖ‘ȱ ˜—›Žœœȱ Š›”ȱ
    • ’Œ”•’—ȱ ™ŽŒ’Š•’œȱ’—ȱ ’—Š—Œ’Š•ȱ Œ˜—˜–’Œœȱhttp://wikileaks.org/wiki/CRS-RL33940 ǯȱ ›’ŒȱŽ’œœȱ ™ŽŒ’Š•’œȱ’—ȱ ’—Š—Œ’Š•ȱ Œ˜—˜–’Œœȱ  Š›ȱǯȱž›™‘¢ȱ —Š•¢œȱ’—ȱ ’—Š—Œ’Š•ȱ Œ˜—˜–’Œœȱ žžœȱŚǰȱŘŖŖŞȱ ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱŖŖŝśȬŝ ȱŸ˜ǯœ›Œǯ     ȱŖŚşřř ȱŽ™˜›ȱ˜›ȱ ˜—›Žœœ Prepared for Members and Committees of Congress
    • ȱœœŽ›—˜ ȱ ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ ž––Š›¢ȱ As government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac are hybrids: created and chartered by Congress for specific public policy purposes, they are nonetheless private, profit-seeking businesses whose shares are traded on the New York Stock Exchange. Their “government-sponsored” nature confers certain advantages over their purely private competitors. As a result, their operations have expanded rapidly over the years and they long ago assumed— and continue to play—critical roles in the residential mortgage market. In mid-2008, troubles in the mortgage market threatened the viability of the two GSEs; Congress responded by authorizing the Treasury to provide emergency funding to either firm. In 1992, Congress established the Office of Federal Housing Enterprise Oversight (OFHEO), an agency within the Department of Housing and Urban Development (HUD), to oversee the financial safety and soundness of the two firms. OFHEO is authorized to set capital requirements, conduct annual risk-based examinations, and generally enforce compliance with safety and soundness standards.http://wikileaks.org/wiki/CRS-RL33940 With the rapid subsequent growth of the GSEs, and major accounting scandals at both Fannie Mae and Freddie Mac, the effectiveness of current regulation has been widely questioned. Several legislative proposals considered in the 108th and 109th Congresses addressed GSE regulatory reform, but none was enacted. However, the adequacy of GSE regulation remained a prominent legislative issue. Although improving supervision of Fannie Mae and Freddie Mac is the major focus, regulatory reform also involves the 12 Federal Home Loan Banks, which comprise one collective GSE. The Federal Home Loan Banks lend to lenders—their member banks—primarily for housing, but also for many other purposes. They will now be brought under a single regulatory umbrella with Fannie and Freddie. The Housing and Economic Recovery Act of 2008 (H.R. 3221, P.L. 110-289), enacted on July 30, 2008, replaces OFHEO with an independent agency to oversee the GSEs, with enhanced safety and soundness, disclosure, and enforcement tools. The new law raises the conforming loan limit (which sets a ceiling on the size of mortgages that the GSEs can buy) in high cost areas to 150% of the national limit. P.L. 110-289 also establishes a fund, to be financed by Fannie and Freddie, to support low-income housing programs. Finally, the law authorizes the Treasury to buy GSE securities—debt or equity—in any amount, if necessary to provide stability to financial markets, prevent disruptions in the availability of mortgage credit, or protect the taxpayer. This emergency rescue authority expires on December 31, 2009. This report provides background on the GSE reform issue and summarizes the provisions of House- and Senate-passed versions of H.R. 3221. It will no longer be updated. ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜
    • ȱœœŽ›—˜ ȱ ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ ˜—Ž—œȱ Introduction ..................................................................................................................................... 1 The Need for Reform ...................................................................................................................... 3 Recent Developments...................................................................................................................... 3 The Reform Legislation................................................................................................................... 4 An Independent Regulator with Enhanced Authority ............................................................... 5 Affordable Housing Fund.......................................................................................................... 5 Portfolio Limits ......................................................................................................................... 6 Conforming Loan Limits........................................................................................................... 7 Š‹•Žœȱ Table 1. Fannie Mae and Freddie Mac: Selected Combined Financial Statistics, 1992 andhttp://wikileaks.org/wiki/CRS-RL33940 2006.............................................................................................................................................. 2 Table 2. Provisions of House- and Senate-Approved Versions of H.R. 3221 in the 110th Congress ....................................................................................................................................... 9 ˜—ŠŒœȱ Author Contact Information .......................................................................................................... 32 Acknowledgments ......................................................................................................................... 32 ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜
    • ȱœœŽ›—˜ ȱ ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ —›˜žŒ’˜—ȱ Fannie Mae and Freddie Mac are hybrids: created and chartered by Congress for specific public policy purposes, they are nonetheless private, profit-seeking businesses whose shares are traded on the New York Stock Exchange. Their “government-sponsored” nature confers certain advantages over their purely private competitors.1 As a result, their operations have expanded rapidly over the years and they long ago assumed—and continue to play—critical roles in the residential mortgage market. In exchange for government sponsorship, their statutory charters restrict Fannie and Freddie to buying, holding, guaranteeing, packaging, and selling mortgages that other firms originate and require them to meet a set of housing goals, whose general thrust is to promote and support home ownership among low- and moderate-income families, even where such activities may not be profit-maximizing. Congress has long been concerned that the safety and soundness of the government-sponsored enterprises (GSEs) be maintained in order that they meet their public policy mission and not posehttp://wikileaks.org/wiki/CRS-RL33940 risks to the housing finance system or to taxpayers. Prior to 1992, oversight was the responsibility of the Department of Housing and Urban Development (HUD) and the Federal Home Loan Bank Board. In 1992, in recognition of the two GSEs’ growing importance to the mortgage market, Congress established the Office of Federal Housing Enterprise Oversight (OFHEO), an independent agency within HUD, whose exclusive mission is to oversee the financial safety and soundness of the two firms. OFHEO is authorized to set capital requirements, conduct annual risk-based examinations, and generally enforce compliance with safety and soundness standards. Since Congress created OFHEO in 1992, Fannie Mae and Freddie Mac’s business has continued to expand. Table 1 illustrates the expansion by comparing certain figures for 1992 and 2006. The principal business activity of the two firms is mortgage securitization. They buy mortgage loans from the original lenders, pool them, and repackage them as mortgage-backed bonds, which may be sold to investors or held in the GSEs’ own investment portfolios. The two firms purchased $442.7 billion in mortgage loans in 1992, and more than double that amount in 2006. As a percentage of all mortgages originated, however, the GSEs’ share fell, an indication that other financial institutions are active in the mortgage market.2 1 The most significant advantage comes from an “implicit guarantee.” Although Fannie and Freddie bonds are not explicitly backed by the full faith and credit of the government, market participants behave as if they were, believing that the Treasury will never permit either firm to default. The implicit guarantee allows them to borrow at lower rates than private financial institutions, and to take on greater financial risk without a corresponding drop in their credit ratings or rise in their cost of capital. In addition, their charters include certain tax and regulatory exemptions and a line of credit with the U.S. Treasury. 2 Fannie and Freddie’s market share growth is constrained by two factors: they are not allowed to purchase mortgages over a certain value (so-called “jumbo” loans), and they have not been the leaders in securitization of subprime mortgages. The declining percentage shown in Table 1 may suggest that jumbo and subprime lending grew faster than the conventional or conforming mortgage sector where they are dominant However, because of the many factors in play, a single year’s figure does not necessarily indicate a long-term trend. ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱŗ
    • ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ ȱœœŽ›—˜ ȱ ,scitsitatS laicnaniF denibmoC detceleS :caM eidderF dna eaM einnaF .1 elbaT 6002 dna 2991 )srall od fo snoillib ni segatnecrep tpecxe serug if lla( ,htworG % 2991 6002 6002-2991 desahcruP segagtroM 7.244 3.909 4.501 detanigirO segagtroM llA fo tnecreP sa sesahcruP 5.94 5.03 deussI seitiruceS dekcaB-egagtroM 2.373 7.148 5.521 seussI SBM lla fo tnecreP 8.53 0.14 gnidnatstuO seitiruceS dekcaB-egagtroM 0.238 3.009,2 6.842 gnidnatstuO SBM lla fo tnecreP 4.36 6.05 oiloftroP egagtroM deniateR 9.981 4.624,1 1.156 )gnidnatstuO tnuomA lanoitoN( sevitavireD laicnaniF 7.17 4.345,1 6.250,2 lacitsitatS tekraM egagtroM 6002 ,snoitacilbuP ecnaniF egagtroM edisnI dna ,6002 ,ssergnoC ot tropeR OEHFO :secruoShttp://wikileaks.org/wiki/CRS-RL33940 .launnA sevitavireD .seitiruces detaler-egagtrom dna snaol egagtrom elohw sedulcni ”oiloftroP egagtroM deniateR“ :etoN .caM eidderF rof elbaliava ton era serugif reilrae ;3991 rof si latot In terms of issues of new mortgage-backed securities (MBS), the figures in Table 1 tell a similar story. The value of MBS issued by Fannie and Freddie in 2006 was more than double the 1992 figure, but their share of all MBS issued increased much more slowly. The value of all Fannie and Freddie MBS outstanding more than tripled over the period, but the percentage of MBS outstanding accounted for by the two firms remained relatively unchanged. Again, this suggests rapid growth in all segments of the mortgage securitization market, including those where the GSEs are not the major players. The figures in Table 1 relating to purchase and securitization of mortgages, and the value of MBS outstanding indicate that the GSEs have grown rapidly, but also suggest that most of that growth can be attributed to the general expansion of the home mortgage market. The fact that large increases in the volume of business occur without correspondingly large increases in market share is evidence that there are other major players in the marketplace, although these institutions generally do not compete head-to-head with Fannie and Freddie in the same market segments. The last two lines in Table 1, however, show a change in the nature of the GSEs’ business, rather than a simple increase in scale. The 651% increase in the GSEs’ mortgage portfolios suggests that the GSEs’ business model has changed significantly. They appear to be less focused on serving as a conduit between mortgage lenders and bond investors, and instead are placing more emphasis on earning interest income by holding mortgage loans and MBS in their own investment portfolios. Fannie and Freddie’s low cost of capital, derived from their GSE status, allows them to finance the purchase of mortgage assets by selling debt at interest rates below the yield on the acquired mortgages. The difference, or spread, between the rates is profit. As profit-seeking firms, the GSEs have an incentive to maximize the size of their portfolios. Table 1 illustrates the magnitude of their response to this incentive. Holders of mortgage loans and mortgage-backed bonds face a range of financial risks. Like any fixed-rate debt asset, a mortgage loses value if market interest rates rise. In addition, mortgage ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱŘ
    • ȱœœŽ›—˜ ȱ ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ investors are at risk when interest rates fall, because home owners have the right to prepay or refinance their loans, and high interest mortgages—most desirable from the investor’s point of view—are the first to be prepaid. To manage these risks, Fannie and Freddie turn to the derivatives markets, where contracts may be purchased that provide insurance against (or hedge the risks of) unfavorable changes in interest rates. Table 1 shows that as their portfolios have grown, the GSEs’ use of derivatives to manage risk has exploded. Financial management at Fannie and Freddie has become a more complex job, and safety and soundness regulation has become more challenging. ‘ŽȱŽŽȱ˜›ȱŽ˜›–ȱ Growth in business volume and the risks posed by growing portfolios (and the derivatives transactions needed to manage those risks) would likely have made GSE regulatory reform a priority in the 110th Congress (as it was in the 109th)3 even if that growth had been managed smoothly. But it was not: serious problems with financial accounting came to light at Freddie Mac in 2003, then at Fannie Mae in 2004. Both GSEs had to restate their earnings for several years,4http://wikileaks.org/wiki/CRS-RL33940 pay fines totaling hundreds of millions of dollars, and replace their top managers. The accounting scandals revealed serious weaknesses in accounting policies and controls. In essence, both firms ignored generally-accepted accounting principles (GAAP) and chose their accounting policies to produce the financial results that management wanted. Particularly disturbing, beyond the basic willingness to manipulate financial results, was that many of the lapses involved accounting for financial derivatives contracts, upon which the GSEs depend to manage the financial risks they face. ŽŒŽ—ȱ ŽŸŽ•˜™–Ž—œȱ In July 2008, the price of Fannie Mae’s and Freddie Mac’s shares plunged by more than 60%, leading to new and more acute concerns about the future of the companies. The immediate fear was that credit market participants would refuse to lend money to Fannie or Freddie. Since the GSEs’ portfolios are financed by hundreds of billions of dollars in short-term debt, which must be constantly refinanced or rolled over, neither firm could survive long without access to the credit markets. This is what happened to the investment bank Bear Stearns in March 2008: essentially a “non-bank run.” James B. Lockhart, the director of OFHEO, issued statements reaffirming that the two companies were adequately capitalized. Although this was true in a regulatory sense, in economic terms, both firms were extremely vulnerable to a loss of market confidence. Treasury Secretary Henry M. Paulson Jr. asked Congress to pass legislation that would give the Treasury broad authority to lend money to or invest in stock of Fannie Mae and Freddie Mac.5 Congress 3 For a summary of 109th Congress GSE legislation, see CRS Report RL32795, Government-Sponsored Enterprises (GSEs): Reform Legislation in the 109th Congress, by Mark Jickling. 4 When the restatements were completed, Freddie Mac was found to have understated its net income by $5 billion, while Fannie Mae overstated earnings by $6.3 billion. See CRS Report RS21949, Accounting Problems at Fannie Mae, by Mark Jickling, and CRS Report RS21567, Accounting and Management Problems at Freddie Mac, by Mark Jickling. 5 See CRS Report RL34661, Fannie Mae’s and Freddie Mac’s Financial Problems, by N. Eric Weiss, for more information on these developments. ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱř
    • ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ ȱœœŽ›—˜ ȱ responded swiftly: Section 1117 of the Housing and Economic Recovery Act of 2008 (H.R. 3221, P.L. 110-289), enacted on July 30, 2008, authorizes the Treasury to purchase any amount of Fannie or Freddie securities—debt or equity—if necessary to provide stability to financial markets, prevent disruptions in the availability of mortgage credit, or protect the taxpayer. The implicit guarantee has become nearly explicit. ‘ŽȱŽ˜›–ȱŽ’œ•Š’˜—ȱ H.R. 3221, as amended and approved by the House, includes provisions from H.R. 1427, which was introduced by Chairman Frank and passed by the House on May 22, 2007. The bill took a comprehensive approach to the reform of GSE regulation. The major changes between the House version of H.R. 3221 and H.R. 1427 are (1) that H.R. 3221 would make permanent the higher conforming loan limits in high-cost housing areas enacted by the Economic Stimulus Act of 2008, and H.R. 3221 explicitly states that the GSEs may not obtain bankruptcy protection.6 The Senate version of H.R. 3221 is generally similar to the House version—each would create a new agency with enhanced regulatory authority.http://wikileaks.org/wiki/CRS-RL33940 Key differences between the House and Senate versions are as follows. • The House version would make the new regulator a member of the Federal Financial Institutions Examination Council (FFIEC) along with the Fed, Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and Office of Thrift Supervision (OTS). The Senate bill would not make the new regulator a member of FFIEC. • The House version increases the conforming loan limit in high cost areas to 175% of the national median house price while the Senate version would increase the limit in high cost areas to 150%. • The House version would create the new regulator six months after enactment; the Senate version would create the new regulator immediately upon enactment. Other key differences in non-GSE portions of H.R. 3221 include the following. • The House version continues to permit seller-assisted downpayments on loans guaranteed by the Federal Housing Administration (FHA) and to allow FHA to implement risk-based pricing; the Senate version would eliminate seller assistance and would not authorize risk-based pricing.7 6 H.R. 3221, then called the New Direction for Energy Independence, National Security, and Consumer Protection Act, was introduced in the House by Representative Nancy Pelosi on July 30, 2007. It passed the House on August 4, 2007. The Senate amended and passed H.R. 3221 on April 10, 2008. The House amended and passed H.R. 3221 on May 8, 2008. The manager’s amendment to H.R. 3221 included other housing provisions in addition to those originally in H.R. 1427. On July 11, 2008, the Senate approved a bipartisan manager’s amendment in the nature of a substitute and sent the bill to the House. The Economic Stimulus Act of 2008 became P.L. 110-185, 122 Stat. 163 et seq. 7 See CRS Report RS22662, H.R. 1852 and Revisiting the FHA Premium Pricing Structure: Proposed Legislation in the 110th Congress, by Darryl E. Getter, and CRS Report RL33879, Housing Issues in the 110th Congress, by Libby Perl et al., for more information. ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱŚ
    • ȱœœŽ›—˜ ȱ ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ • The Senate version would authorize $3.9 billion in Community Development Block Grants (CDBG) to encourage local governments to buy and rehabilitate foreclosed homes; the House bill does not have this provision.8 The Administration has said it might veto a bill with this provision. • The House version included some $11 billion in housing-related tax reductions; these tax reductions are fully offset in the bill. The Senate version has $14.5 billion in tax reductions; $12.1 billion of the reductions is offset in the bill.9 —ȱ —Ž™Ž—Ž—ȱŽž•Š˜›ȱ ’‘ȱ —‘Š—ŒŽȱ ž‘˜›’¢ȱ Both versions of H.R. 3221 propose a restructuring of GSE regulation. They would replace OFHEO with an independent agency, called the Federal Housing Finance Agency, which would have enhanced safety and soundness powers, similar to those of federal banking regulators. Given the importance of the GSEs to the financial system, and the potential risks they pose, there is little support for keeping the GSE regulator inside HUD. Among the new powers would be the authority to set capital standards by order or regulation, to establish standards for the GSE portfolios, and to initiate receivership or liquidation proceedings for a failing GSE.http://wikileaks.org/wiki/CRS-RL33940 Also included under the new agency’s regulatory umbrella would be the Federal Home Loan Banks (FHLBs), which comprise one collective GSE, but have not experienced the kinds of problems and business shifts seen at Fannie and Freddie in recent years. (The bills refer to all GSEs—the FHLBs and Fannie and Freddie—as “regulated entities.” In provisions that apply only to Fannie and Freddie, the term “enterprises” is used.) ˜›Š‹•Žȱ˜žœ’—ȱ ž—ȱ Section 340 of the House version of H.R. 3221 would require Fannie and Freddie to contribute to an affordable housing fund to support home ownership among very low- and extremely low- income families, to increase investment in housing in low-income and economically distressed areas, and to increase and preserve the supply of rental and owner-occupied housing for very low- and extremely low-income families. Each enterprise would be required to contribute to the fund to the fund 1.2 basis points (0.012%) annually of its average total mortgage portfolio during the preceding year. Proponents of the affordable housing funds recognize that Fannie and Freddie receive a valuable subsidy in the form of their GSE status, which permits them to borrow at lower rates than other private financial firms. The affordable housing fund proposal can be viewed as a means of redirecting some of the value of this subsidy from private shareholders and corporate management to a policy objective consistent with the GSEs’ charters. H.R. 1461 (109th Congress) included a similar provision, which proved to be among the most controversial sections of the bill.10 Opponents argued that Fannie and Freddie would use the funds to reward political allies or for indirect lobbying purposes. During floor consideration of H.R. 1461, an amendment was adopted that prohibited the use of money disbursed by the affordable 8 For more details, see CRS Report RS22919, Community Development Block Grants: Legislative Proposals to Assist Communities Affected by Home Foreclosures, by Eugene Boyd and Oscar R. Gonzales. 9 See CRS Report RL33879, Housing Issues in the 110th Congress, by Libby Perl et al. 10 See CRS Report RL34158, The New GSE Affordable Housing Funds: The Housing Trust Fund and the Capital Magnet Fund, by N. Eric Weiss and Katie Jones. ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱś
    • ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ ȱœœŽ›—˜ ȱ housing funds for political, lobbying, or advocacy purposes. Other amendments included a five- year sunset for the fund (with the director of the new regulator to recommend to Congress whether the fund should be extended) and established a priority for activities in areas affected by Hurricanes Katrina and Rita, and in other areas designated by the President as major disaster areas. These amendments are incorporated into H.R. 3221 (with some modifications). Other changes include the allocation formula (in H.R. 1461, the enterprises were to contribute 5% of their profits to the fund) and the distribution mechanism—under H.R. 3221, the money would be paid to the new agency, which would pass it on to the states, who would select the ultimate recipients. Under H.R. 1461, Fannie and Freddie would have controlled the funds themselves, and dealt with recipients directly. The Senate version also provides for such a fund, although the amount of funds to be contributed and the allocation of funding are structured differently. The contributions would be divided between affordable housing (65%) and a new community development Capital Magnet Fund (35%). Initially, however, contributions would be used to provide a contingency fund for the FHA mortgage relief program created elsewhere in the bill. After this is phased out 25% wouldhttp://wikileaks.org/wiki/CRS-RL33940 continue to go to a fund to hep to pay off bonds sold to finance the mortgage relief program. The Senate version would require Fannie and Freddie to contribute 4.2 basis points (0.042%) of the unpaid principal of mortgages purchased during a year. The House version would require Fannie Mae and Freddie Mac to contribute 1.2 basis points (0.012%) of the annual average total of mortgages retained in portfolio or sold in the secondary market, whether or not the mortgages are pooled into an MBS, to the new GSE affordable housing fund. Based on 2007, the House version would have raised $592 million and the Senate version would have raised $501 million for the affordable housing funds. These provisions are in marked contrast to the Senate bill in the 109th Congress, which did not provide for the creation of a fund. ˜›˜•’˜ȱ’–’œȱ As noted above, both Fannie and Freddie hold large portfolios of mortgages and mortgage-backed securities, leading some observers to describe them as the world’s largest savings and loan institutions. The size of their portfolios represents a concentration of mortgage market risk that led former Federal Reserve Board Chairman Alan Greenspan and others to urge Congress to consider ways to shrink the size of the GSEs’ asset portfolios.11 Supporters of portfolio limits argue that reducing the size of the portfolios would prevent financial trouble at either Fannie or Freddie from spilling over into the financial system at large. In the 109th Congress, Section 109 of S. 190 (which was marked up by the Banking Committee but never brought to the floor) included statutory provisions that would have limited Fannie and Freddie’s ability to hold mortgage assets in portfolio. The GSEs would have been allowed to acquire mortgages and mortgage-backed securities only for purposes of securitization (with certain limited exceptions). Under this proposal, Fannie and Freddie’s business models would have been considerably altered: instead of very large investment funds, they would be transformed into conduits, buying mortgages from the original lenders, pooling them, packaging 11 See, e.g., testimony of Alan Greenspan, Chairman, Board of Governors of the Federal Reserve System, before the House Committee on Financial Services, February 17, 2005. ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱŜ
    • ȱœœŽ›—˜ ȱ ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ them into mortgage-backed securities, and selling them to bond investors. This change would have greatly reduced their portfolio earnings, currently one of the chief sources of their profits. Proponents of portfolio limits have argued that such a step is needed to reduce the cost of the GSE subsidy to taxpayers, which takes the form not of annual appropriations, but of the assumption of risk, that is, the potential cost to the Treasury of having to bail out either Fannie or Freddie. Opponents argue that reducing the GSEs’ interest earnings would mean less support for low- and moderate-income housing goals. House legislation in the 109th Congress did not contain portfolio limits. This was one of the key disagreements between House and Senate that prevented enactment of GSE reform. Section 325 of the House version of H.R. 3221 represents a compromise position. The director of the new agency would be specifically directed to monitor portfolios, and would have the authority to direct an enterprise to acquire or dispose of any asset, without requiring a formal determination that such an action was consistent with the safe and sound operation of the enterprise. During committee and floor consideration of H.R. 1427, two amendments were adopted that appear to constrain the regulator’s authority to impose portfolio limits based on systemic risk concerns. Inhttp://wikileaks.org/wiki/CRS-RL33940 the amended version, the regulator is directed to establish portfolio standards by taking into consideration risks to the safety and soundness of Fannie and Freddie themselves, but not risks to the financial system that might arise from the GSEs’ activities. The Senate version of the bill takes a similar approach. The director of the new agency is authorized to monitor the enterprises’ portfolios, and to ensure that the holdings are backed by sufficient capital and consistent with the mission and the safe and sound operations of the enterprises. Thus, the sharp differences between House and Senate approaches in the 109th Congress appear to have been bridged. ˜—˜›–’—ȱ˜Š—ȱ’–’œȱ Current law sets a limit on the size of mortgages that Fannie and Freddie can buy. Mortgages above the limit, called jumbo loans, are less likely to be securitized than the conforming mortgages that Fannie and Freddie are allowed to purchase. Partly as a result, mortgage rates for nonconforming loans are slightly higher than conforming loan rates. Critics of the conforming loan limit argue that the limit has a disparate geographical effect: in some areas of the country the limit, which was $417,000 for single-family homes in 2007, covers all but the high end of the market, while in other areas, such as San Francisco or New York City, virtually all real estate transactions take place over the limit. H.R. 1427, the GSE reform bill passed by the House on May 22, 2007, would have raised the limit permanently by up to 50% in high-cost housing areas, allowing the GSEs to expand into markets now served by non-GSE institutions. In response to turmoil in the mortgage market, however, the Economic Stimulus Act of 2008 (P.L. 110-185) enacted a temporary increase in the conforming loan limit. For mortgages originated between July 1, 2007, and December 31, 2008, the limit is capped at 175% of the statutory limit, or $729,750, in certain high-cost areas. Section 333 of H.R. 3221 (House) would make the temporary measure in the Stimulus Act permanent. It would raise the conforming loan limit in metropolitan areas where the median home price exceeds the current limit. In those areas, the limit would be set at the median home price, up ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱŝ
    • ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ ȱœœŽ›—˜ ȱ to a ceiling of 175% of the national limit ($729,750). For more information on this proposal, see CRS Report RS22172, The Conforming Loan Limit, by N. Eric Weiss and Mark Jickling. The Senate-passed version also calls for a permanent increase in the conforming loan limits, but only to 150% of the current ceiling of $417,000 ($625,500). Table 2 below provides brief summaries of the provisions of the House and Senate approved versions of H.R. 3221. Where there are significant differences between H.R. 3221 and H.R. 1427, which passed the House in 2007, the provisions are set out in italics. Titles IV and VI and Divisions B and C of the Senate bill, which do not deal with GSE reform, are not covered.http://wikileaks.org/wiki/CRS-RL33940 ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱŞ
    • ȱşȬ yraicudif fo hcaerb ,wal fo noitaloiv ni setapicitrap ylsselkcer ro ylgniwonk taht rotcartnoc tnednepedni yna )3( ;)ytitne detaluger eht fo sremotsuc ro srebmem era yeht esuaceb ylelos stnapicitrap ton era sredloherahs taht tpecxe( ytitne detaluger eht fo sriaffa eht fo tcudnoc eht ni setapicitrap taht ,rotcerid eht yb denimreted sa nosrep rehto yna ro ,srentrap erutnev tnioj ro stnatlusnoc ,setailiffa ,sredloherahs )2( ;redloherahs gnillortnoc a ro ,ytitne detaluger a fo stnega ro ,seeyolpme ,sreciffo ,srotcerid )1( snaem ”ytraP detailiffA-ytitnE detalugeR“ .knaB naoL emoH laredeF hcae dna ,setailiffa dna caM eidderF dna eaM einnaF ot srefer ”ytitnE detalugeR“ )203 .ceS( .ytitne detaluger yna morf ,sisab gniogno na no ,gnidnuf lapicnirp sti seviecer taht noitaroproc tiforp-rof-ton yna )D( dna ;ytitne detaluger eht ,no tceffe esrevda tnacifingis a ro ,ot ssol laicnanif laminim a naht erom ,esuac ot ylekil si ro ,desuac ecitcarp ro ,hcaerb ,noitaloiv hcus )ii( dna ;ecitcarp dnuosnu ro efasnu yna )III( ro ;ytud yraicudif fo hcaerb yna )II( ;noitaluger ro wal yna fo noitaloiv yna )I(—ni setapicitrap ylsselkcer ro ylgniwonk rotcartnoc tnednepedni eht )i(—fi ,)tnatnuocca ro ,resiarppa ,yenrotta yna gnidulcni( ytitne detaluger a rof rotcartnoc tnednepedni yna )C( ;ytitne detaluger eht fo remotsuc ro rebmem a gnieb fo nosaer yb ylelos ytitne detaluger taht fo sriaffa eht ni detapicitrap evah ot deredisnoc eb ton llahs ytitne detaluger a fo redloherahs a taht tpecxe ,ytitne detaluger a fo sriaffa )8211 .ceS( eht fo tcudnoc eht ni setapicitrap taht )sisab esac-yb-esac a no ro noitaluger .aera emocni wol dna ,emocni wol ylemertxe ,egagtrom gnimrofnoc yb( rotceriD eht yb denimreted sa ,nosrep rehto yna dna ,ytitne detaluger ,emocni wol yrev ,tluafed fo regnad fo snoitinifed sedulcni oslA a fo rentrap erutnev tnioj ro ,tnatlusnoc ,etailiffa ,redloherahs yna )B( ;esirpretne na fo redloherahs gnillortnoc ro ,ytitne detaluger a ,rof tnega ro ”.ytrap detailiffa-ytitne detaluger“ fo noitinifed ,eeyolpme ,reciffo ,rotcerid yna )A(-snaem ”ytraP detailiffa-ytitnE detalugeR“ s‘1223 .R.H ot lacitnedi si ”ytrap detailiffa-ytitne“ fo noitinifeD .knaB naoL emoH laredeF hcae http://wikileaks.org/wiki/CRS-RL33940 ”.ytitne detaluger“ fo noitinifed emaS dna ,setailiffa dna caM eidderF dna eaM einnaF ot srefer ”ytitnE detalugeR“ snoitinifeD 7002 fo tcA mrofeR ecnaniF gnisuoH laredeF 8002 fo tcA mrofeR yrotalugeR ecnaniF gnisuoH laredeF 8002 fo tcA mrofeR ecnaniF gnisuoH laredeF eltiT trohS ssendnuoS dna ytefaS fo tnemevorpmi—1 retpahC retpahC noisivrepuS sknaB naoL emoH ssendnuoS dna ytefaS fo tnemevorpmI—A eltitbuS laredeF dna sesirpretnE fo noitalugeR fo mrofeR—A eltitbuS eltitbuS sknaB naoL sesirpretnE fo noitalugeR fo mrofeR—I eltiT emoH laredeF dna sesirpretnE fo noitalugeR fo mrofeR—III eltiT eltiT )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorP ssergnoC ht011 eht ni 1223 .R.H fo snoisreV devorppA-etaneS dna -esuoH fo snoisivorP .2 elbaTȱ
    • ȱŖŗȬ )213 .ceS( .lareneG yenrottA eht hguorht ro )lareneG yenrottA eht htiw noitatlusnoc ni( yltnednepedni rehtie noitagitil hguorht pihsreviecer ro pihsrotavresnoc retsinimda ro ,sekat ti snoitca ecrofne yam ;noitaluger dna noisivrepus fo seitud s’ycnega llifluf ot srewop latnedicni etairporppa ro yrassecen yna esicrexe yam ;ytitne detaluger a ni tseretni gnillortnoc a fo refsnart ro noitisiuqca tcejer dna weiver yam rotceriD ehT .wal elbacilppa htiw tnetsisnoc seitivitca hguorht ylno noissim yrotutats sti tuo seirrac )4( ;wal elbacilppa ot tnausrup snoitaluger )2011 .ceS( .sgnideecorp pihsreviecer ro rotavresnoc dna sredro ,senilediug ,selur elbacilppa htiw seilpmoc )3( ;)seilimaf ni lareneG yenrottA eht htiw noitatlusnoc eriuqer ton seoD emocni-etaredom dna -wol rof gnisuoh rof gnidulcni( ecnanif gnisuoh fo tsoc eht eziminim taht stekram ecnanif gnisuoh lanoitan tneiliser dna ,evititepmoc .dezilatipac yletauqeda niamer seititne eht taht ,tneiciffe ,diuqil sretsof )2( ;slortnoc lanretni dna latipac etauqeda sniatniam ,tseretni cilbup eht htiw tnetsisnoc era seititne detaluger fo seitivitca dna ,rennam dnuos dna efas a ni setarepo )1( :ytitne hcae taht erusne ot rotceriD eht eht taht erusne ot seitud lanoitidda eht htiw ,snoisivorp ralimiS dna ytitne detaluger hcae fo snoitarepo eht eesrevo ot era seitud lapicnirP fo seitirohtuA dna seituD )103 .ceS( .daeh yeht seciffo eht ot tnaveler srotceriD ytuped rof deriuqer ecneirepxe dna egdelwonk dezilaiceps htiw ,tnemeganam laicnanif fo gnidnatsrednu )1011 .ceS( .snoisivorp lacitnedI detartsnomed a evah ohw ,snezitic .S.U eb tsum seitupeD dna rotceriD ehT slaiciffO fo snoitacifilauQ )113 .ceS( .ytitne detaluger yna htiw pihsnoitaler ssenisub a htiw nosrep yna dna ytitne detaluger yna morf slaeppa dna stnialpmoc redisnoc ot namsdubmO eht fo eciffO nA .gnisuoH dna ,noitalugeR knaB naoL emoH laredeF ,noitalugeR esirpretnE fo snoisiviD eht rof rotceriD eht yb detnioppa ,srotceriD ytupeD eerhT http://wikileaks.org/wiki/CRS-RL33940 .mret eht fo redniamer eht ylno llif ot detnioppa eb )5011 .ceS( ”.slaoG dna noissiM gnisuoH rof rotceriD llahs rotceriD wen a ,tnacav eb eciffo eht dluohS .mret raey-evif a rof etaneS ytupeD“ eb lliw eltit s’rotcerid ytuped driht eht taht tpecxe ,ralimiS eht fo tnesnoc dna ecivda htiw ,tnediserP eht yb detnioppa ,rotceriD A slaiciffO ycnegA )1011 .ceS( .ytilicaF ecnaniF eht dna ,sknaB naoL emoH laredeF eht ,caM )113 .ceS( .sknaB naoL emoH laredeF eht dnaeidderF ,eaM einnaF revo ytirohtua yrotaluger dna yrosivrepus lareneG ,caM eidderF ,eaM einnaF revo ytirohtua yrotaluger dna yrosivrepus lareneG noitcidsiruJ )1011 .ceS( .snoisivorp lacitnedI )103 .ceS( .ycnega laredef tnednepednI sutatS ycnegA )1011 .ceS( ycnegA ecnaniF gnisuoH laredeF )113 .ceS( ycnegA ecnaniF gnisuoH laredeF ycnegA yrotalugeR weN )203 .ceS( .ytitne detaluger a morf gnidnuf lapicnirp sti seviecer taht tiforp rof-ton yna )4( dna ;ytitne detaluger eht ot ssol laminim naht erom esuac yam taht ecitcarp dnuosnu ro efasnu ro ,ytud )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŗŗȬ )4011 .ceS( .noitamrofni gnidaelsim ro eslaf )413 .ceS( seititnE fo gnitroper eht ro troper ot eruliaf ’seititne detaluger rof seitlanep .eriuqer yam rotceriD eht stroper raluger ot ”etairporppa sredisnoc detalugeR yb stropeR sehsilbatsE .stroper laicnanif raluger eriuqer ot ytirohtua ralimiS rotceriD eht sa snoitarepo ro ,seitivitca ,tnemeganam“ no stroper sddA eriuqeR ot ytirohtuA )313 .ceS( .noissim sti fo tnemllifluf sti dna ycnegA eht ot gnitaler srettam rehto )6( dna ;ycnegA eht fo ecnamrofrep dna ,secruoser ,snoitarepo )5( ;snoissim rieht tuo gniyrrac ni seititne eht fo ecnamrofrep eht fo noitaulave )4( dna ;seititne detaluger eht fo sutats lanoitarepo llarevo )3( ;seititne eht ro snoitarepo eht fo tcudnoc ni seicneicifed lairetam )2( ;seititne detaluger eht fo ssendnuos dna ytefas )1( ot tcepser htiw srebmem sti fo yna ro draoB eht rotceriD )3011 .ceS( .snoisivorp ralimiS fo tnemssessa na edulcni ot dednapxe si rotceriD eht fo troper launna ehT eht fo tropeR launnA )213 .ceS( .etairporppa smeed draoB eht srettam rehto dna ,ycnegA eht fo ecnamrofrep dna secruoser ,snoitarepo eht ,snoissim rieht tuo gniyrrac era seititne eht woh fo noitaulave na ,seititne eht fo sutats lanoitarepo llarevo eht ,snoitarepo ’seititne eht fo tcudnoc eht ni seicneicifed lairetam yna ,seititne detaluger eht fo ssendnuos dna ytefas eht no ssergnoC erofeb yllaunna yfitset llahs dna shtnom eerht yreve ecno tsael ta steem draoB ehT .draoB eht sriahc ohw ,rotceriD )3011 .ceS( .)dedda si )CES( noissimmoC egnahcxE dna seitiruceS eht dna tnempoleveD nabrU dna gnisuoH dna yrusaerT eht fo seiraterceS eht fo namriahc eht( srebmem ruof evah ot si ti dna draoB thgisrevO eht :srebmem eerht evah ot si draoB ehT .seicilop dna seigetarts llarevo draoB ecnaniF gnisuoH laredeF eht dellac si draoB eht taht tpecxe ,ralimiS no rotceriD eht esivda ot draoB esirpretnE gnisuoH laredeF eht setaerC esirpretnE gnisuoH laredeF )213 .ceS( .dradnats eht teem ot deliaf tsrif ti nehw etad eht ot roirp shtnom 81 eht ni htworg yranidroartxe tnewrednu ytitne eht fi dna ,detcerroc ton si ycneicifed eht fi ,sdradnats debircserp teem ot sliaf ytitne eht fi snoitca eseht fo erom ro eno ekat llahs rotceriD ehT .detcerroc si ycneicifed eht litnu snoitca rehto ekat ro ,latipac yrotaluger ni esaercni na eriuqer ,ytitne eht fo stessa latot ni esaercni yna tibihorp yam rotceriD eht dna ,ycneicifed http://wikileaks.org/wiki/CRS-RL33940 eht tcerroc ot syad 03 nihtiw nalp a timbus tsum ytitne eht ,dradnats sdradnatS )8011 .ceS( .snoisivorp lacitnedI laitnedurp yna teem ot deliaf sah ytitne detaluger a taht sdnif rotceriD eht fI laitnedurP teeM ot eruliaF )213 .ceS( .etairporppa sdnif rotceriD eht sdradnats rehto )21( dna ,noitpursid tsniaga tcetorp ot seitilicaf etomer fo ecnanetniam dna ksir lanoitatuper gnidulcni ,tnemeganam ksir llarevo )11( ,yrassecen sredisnoc rotceriD eht sa ,tbed detanidrobus fo ecnaussi )01( ,gnipeek drocer )9( ,snoitisiuqca dna stnemtsevni )8( ,tnemeganam oiloftrop dna tessa )7( ,sevreser dna ytidiuqil fo ecnanetniam dna ycauqeda )6( ,ksir tekram fo tnemeganam dna gnirotinom )5( ,tnemeganam ksir etar tseretni )4( ,ksir ytrapretnuoc dna tiderc )7011 .ceS( .tbed detanidrobus )3( ,smetsys tidua lanretni )2( ,smetsys noitamrofni dna slortnoc lanretni sdradnatS snoitarepO ot ecnerefer cificeps edulcni ton seod tpecxe ,snoisivorp ralimiS )1( rof ytitne detaluger hcae rof sdradnats hsilbatse llahs rotceriD ehT dna tnemeganaM laitnedurP )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŘŗȬ )123 .ceS( .setutats gnizirohtua eht tuo yrrac ot yrassecen era taht )7011 .ceS( snoisivorp ralimiS sredro ro ,senilediug ,snoitaluger yna eussi ot dezirohtua si rotceriD ehT sredrO dna snoitalugeR )913 .ceS( .seititne detaluger fo sweiver tcudnoc ot rof seicnega sgnitar .noisivorp ralimis oN lacitsitats dezingocer yllanoitan naht rehto htiw tcartnoc yam rotceriD seicnegA sgnitaR )813 .ceS( .edam si noitanimreted a elihw worcse ni yap dloh ot dna ,evitucexe eht fo trap eht no gniodgnorw tnuocca otni ekat ot rotceriD eht gnittimrep yb dednema si elbarapmoc ro elbanosaer )3111 .ceS( .snoisivorp lacitnedI ton si taht noitasnepmoc evitucexe fo )wal tnerruc ni( noitibihorp ehT noitasnepmoC evitucexE )713 .ceS( .tnempoleveD nabrU dna )5011 ,ceS( .lareneG rotcepsnI na ycnegA eht nihtiw eb llahs erehT gnisuoH fo tnemtrapeD fo lareneG rotcepsnI ot ecnerefeR .noisivorp oN lareneG rotcepsnI )713 .ceS( .ecivres evititepmoc eht gninrevog selur yna gnidnatshtiwton ,ecivres detpecxe ytirohtuA gniriH eht gninrevog selur htiw ecnadrocca ni stsimonoce dna ,stekram laicnanif laicepS—stnatnuoccA )5011 .ceS( .snoisivorp ralimiS ro ygolonhcet ni stsilaiceps ,stnatnuocca ,srenimaxe erih yam rotceriD ehT dna srenimaxE )613 .ceS( .esnepxe s’ycnegA eht ta )OAG( eciffO ytilibatnuoccA tnemnrevoG eht yb yllaunna detidua eb dna ,)slortnoc gnitnuocca lanretni fo ssenevitceffe eht fo noitressa na gnidulcni( stnemetats laicnanif launna eraperp ,stsacerof dna snalp laicnanif htiw BMO edivorp llahs ycnegA ehT .seinom detairporppa ro sdnuf tnemnrevog eb ot deurtsnoc eb ton llahs hcihw ,stnemssessa morf diap eb llahs sesnepxe )6011 .ceS( .sknaB naoL rehto dna seiralaS .dezilatipac yletauqedani si ytitne na fi ro seitivitca emoH laredeF eht gnitaluger fo sesnepxe dna stsoc eht rof edivorp tnemecrofne fo stsoc revoc ot desaercni eb yam stnemssessA .latipac ot tneiciffus stnuoma eht deecxe ton llahs sknaB naoL emoH laredeF gnikrow yrassecen niatniam ot sesnepxe lautca fo ssecxe ni stnuoma )2( dnaeht morf detcelloc stnemssessA .sesirpretne eht ot gnitaler noitcesbus ,stnemssessa tiderc dna ,sweiver ,snoitanimaxe fo stsoc )1( gnidulcni ,ycnegA ni debircsed sesnepxe dna stsoc eht rof edivorp ot tneiciffus stnuoma eht fo sesnepxe dna stsoc elbanosaer rof edivorp ot seititne detaluger eht deecxe ton llahs sesirpretne eht morf detcelloc stnemssessA eht morf stnemssessa launna tcelloc dna hsilbatse llahs rotceriD ehT stnemssessA http://wikileaks.org/wiki/CRS-RL33940 )503 .ceS( .elbaliava ylcilbup eb ot si noitamrofni hcuS .noitubirtnoc eht fo eulav dna tiforpnon eht fo eman eht ,eetsurt ro rotcerid a saw ,esuops a ro ,esirpretne eht fo nosrep gnillortnoc ro ,reciffo ,rotcerid a hcihw fo tiforpnon yna ot tnuoma detangised eht evoba snoitubirtnoc rof dna ;)rotceriD eht yb denimreted tnuoma na gnideecxe snoitubirtnoc rof( snoitubirtnoc fo eulav dna noitazinagro eht fo eman eht gnidulcni ;snoitazinagro tiforp-non ot snoitubirtnoc fo eulav latot eht .noisivorp elbarapmoc oN no troper launna na timbus ot esirpretne hcae eriuqer llahs rotceriD ehT snoitubirtnoC elbatirahC )403 .ceS( .snoitcasnart hcus revocsid ot serudecorp niatniam dna hsilbatse ot seititne eht eriuqer ot si rotceriD ehT .dlos ro desahcrup evah yam ytitne eht tnemurtsni laicnanif ro naol tneluduarf yna )fo noicipsus snoitcasnarT )3111 .ceS( .snoisivorp ralimiS ro( yrevocsid eht rennam ylemit a ni troper ot ytitne detaluger a seriuqeR tneluduarF tropeR ot ytuD )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱřŗȬ )423 .ceS( .tsixe regnol on esaercni eht detnarraw taht snoitidnoc eht fi esaercni level latipac muminim yraropmet yna dnicser llahs dna ,sesirpretne eht yb dleh latipac eroc fo tnuoma eht weiver yllacidoirep llahs rotceriD ehT .sknaB naoL emoH laredeF eht rof slevel latipac lacitirc tes ,noitaluger yb ,llahs rotceriD ehT .ytivitca ro margorp ralucitrap yna ot tcepser htiw stnemeriuqer evreser ro latipac lanoitidda hsilbatse ,noitaluger ro redro yb ,yam rotceriD ehT .stsixe noitidnoc dnuosnu ro efasnu na fi ro sdradnats laitnedurp detaloiv sah ytitne detaluger )1111 .ceS( eht fi sisab yraropmet a no slevel latipac muminim esaercni ,redro yb ,yam http://wikileaks.org/wiki/CRS-RL33940 .slevel yrotutats eht naht rehgih era taht seititne detaluger rof slevel rotceriD ehT .slevel yrotutats eht naht rehgih era taht seititne detaluger stnemeriuqeR latipac muminim hsilbatse redro ro noitaluger yb yam rotceriD ehT rof slevel latipac muminim hsilbatse noitaluger yb yam rotceriD ehT latipaC muminiM )323 .ceS( .deniatniam eb llahs sdradnats latipac desab-ksir gnilbane noitamrofni fo ytilaitnedifnoC .sBLHF eht rof stnemeriuqer latipac desab-ksir hsilbatse llahs rotceriD ehT .erusopxe ksir troppus ot sevreser dna latipac tneiciffus fo ecnanetniam dna noitarepo dnuos dna efas erusne ot sesirpretne eht rof stnemeriuqeR )0111 .ceS( .ytilaitnedifnoc fo noitnem cificeps on tub ,ralimiS stnemeriuqer latipac desab-ksir hsilbatse ,noitaluger yb ,llahs rotceriD ehT latipaC desaB-ksiR )023 .ceS( .elbissop tnetxe mumixam eht ot ,seitivitca ssenisub fo slevel lla ni nemow dna seitironim fo noitazilitu dna noisulcni eht erusne ot ,noisulcnI nemoW ytisreviD ;seitironiM .noisivorp elbarapmoc oN dna ytironiM fo eciffO na etangised ro etaerc llahs ytitne detaluger hcaE dna nemoW fo noisulcnI )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŚŗȬ )4111 .ceS( .seitrap detailiffa-ytitne ot stnemyap etuhcarap nedlog ro noitacifinmedni tibihorp ot dezirohtua si rotceriD eht ,secnatsmucric niatrec rednU noisivorp oN setuhcaraP nedloG )813 .ceS( .tcudnocsim gnivlovni tnemetatser gnitnuocca na retfa secnatsmucric niatrec rednu ynapmoc eht esrubmier ot sOFC dna sOEC seriuqer hcihw ,tcA yelxO-senabraS eht fo 403 noitceS ot tcejbus edam era sesirpretnE .ecnamrofrep sgninrae no ylelos sucof ton llahs dna ,esirpretne eht fo slaog mret-gnol eht htiw tnetsisnoc ,seitilibisnopser dna seitud htiw etarusnemmoc eb llahs ,etairporppa dna elbanosaer si tahw sesirpretnE )3111 .ceS( .snoisivorp ralimiS deecxe ton llahs seeyolpme dna ,sevitucexe ,srotceriD fo noitasnepmoC yb noitasnepmoC )623 .ceS( .selur ESYN dna CES ot gnidrocca derewopme dna desopmoc eb ot ,seettimmoc gnitanimon dna ,noitasnepmoc ,tidua edulcni llahs sdraoB .noitapicitrap tnemeganam tuohtiw noisses evitucexe ni ylraluger teem ot srotcerid tnemeganam-non seriuqer dna ,raey a semit thgie tsael ta teem ot sdraob seriuqeR .ESYN eht sesirpretnE .noisivorp ralimiS yb denifed sa ,srotcerid tnednepedni eb ot draob eht fo ytirojam a seriuqeR fo ecnanrevoG etaroproC )523 .ceS( .tessa yna eriuqca ro fo esopsid ot ,etairporppa eb ot senimreted rotceriD eht sa snoitidnoc dna smret hcus rednu ,esirpretne na eriuqer ,redro yb ,yam rotceriD eht ,sesirpretne stessA fo eht fo snoitacifissalc latipac eht gnidnatshtiwton dna )a( noitcesbus noitisiuqcA ro noitisopsiD )9011 .ceS( .snoisivorp ralimiS ot tnausruP .esirpretne hcae fo oiloftrop eht rotinom llahs rotceriD ehT eriuqeR ot ytirohtuA )523 .ceS( .noitalsigel siht fo etad evitceffe eht fo syad 081 nihtiw deussi eb llahs sdradnatS .noitpursid ro sserts tekram gnirud sdradnats eht ot stnemtsujda yraropmet ekam ,redro yb ,yam rotceriD ehT .sesirpretne eht fo snoitarepo dnuos dna efas dna http://wikileaks.org/wiki/CRS-RL33940 noissim eht htiw tnetsisnoc era sgnidloh oiloftrop eht rehtehw gnissessa rof sdradnats hsilbatse ot noitcesbus siht fo ecnetnes tsrif eht rednu esoprup eht tuo yrrac ot yrassecen eb ot senimreted rotceriD eht taht srotcaf )9011 .ceS( .metsys ecnanif gnisuoh eht ni snoitpursid tekram etagitim lanoitidda yna )7( dna ;sgnidloh oiloftrop eht fo erutan eht yb sesirpretne ot yrassecen fi snoitaluger eseht tsujda yliraropmet yam rotceriD ehT eht ot desop sksir laitnetop yna )6( ;sesirpretne eht fo sdeen ytidiuqil eht )5( ;sesirpretne eht fo noissim gnisuoh elbadroffa eht troppus yltcerid ot .tekram egagtrom llarevo eht ot noitaler ni sgnidloh oiloftrop eht rof deen eht )4( ;snoitazitiruces htiw noitcennoc ni segagtrom oiloftrop eht ,seitivitca noitazitiruces hguorht tekram yradnoces diuqil fo yrotnevni na rof deen eht )3( ;tekram egagtrom yradnoces eht fo ytilibats a edivorp ot sesirpretne eht fo ytiliba eht redisnoc llahs rotceriD eht ro ytidiuqil gniniatniam ni oiloftrop eht rof deen eht )2( ;tekram egagtrom ,airetirc hcus gnihsilbatse nI .sesirpretne eht fo snoitarepo dnuos dna eht fo htworg ro ezis eht )1( redisnoc llahs rotceriD eht ,sdradnats )stimiLefas eht dna noissim eht htiw tnetsisnoc dna latipac tneiciffus yb dekcab gnipoleved nI .snoitarepo dnuos dna efas dna noissim eht htiw tnetsisnoc eb oiloftroP( seitilibaiL dna era sgnidloh eht taht erusne ot ,sesirpretne eht fo sgnidloh oiloftrop lliw sesirpretne eht fo ,sgnidloh oiloftrop eht fo htworg fo etar ro ,sgnidloh stessA esirpretnE ,revO eht gninrevog airetirc hsilbatse ,noitaluger yb ,llahs rotceriD ehT oiloftrop eht hcihw yb sdradnats hsilbatse ,noitaluger yb ,llahs rotceriD ehT ytirohtuA dna ,fo weiveR )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱśŗȬ )CEIFF( licnuoC noitanimaxE snoitutitsnI .noisivorp oN )823 .ceS( .CEIFF eht fo rebmem a eb llahs AFHF ehT laicnaniF laredeF )623 .ceS( .tcA egnahcxE seitiruceS eht fo snoisivorp niatrec ot tcejbus niamer deretsigered ro deretsiger ton si kcots esohw sesirpretnE )723 .ceS( .)kcots ynapmoc )2111 .ceS( . 4391 fo tcA egnahcxE seitiruceS ni snoitcasnart redisni fo erusolcsid dna gnitroper yxorp htiw laed hcihw( eht fo 61 dna 41 ,31 ,21 snoitceS htiw ylpmoc ot )caM eidderF dna eaM 4391 fo tcA egnahcxE seitiruceS eht fo 61 dna 41 snoitceS htiw ylpmoc einnaF( sesirpretne seriuqer dna ,stnemeriuqer noitartsiger CES morf ot )caM eidderF dna eaM einnaF( sesirpretne seriuqer dna ,CES eht htiw stnemeriuqeRtpmexe ton era sesirpretne eht yb deussi seitiruces ytiuqe taht sedivorP kcots latipac fo ssalc eno tsael ta retsiger ot ytitne detaluger hcae seriuqeR noitartsigeR CES )623 .ceS( .draob eht ot ylraluger dna OEC eht ot yltcerid stroper ohw ,reciffo tnemeganam ksir a yb dedaeh eb llahs margorp ehT .noitarepo fo sksir eht eganam ot dengised .noisivorp oN ylbanosaer margorp tnemeganam ksir a hsilbatse llahs esirpretne hcaE margorP tnemeganaM ksiR )623 .ceS( .draob eht ot ylraluger dna OEC eht ot yltcerid stroper ohw ,reciffo ecnailpmoc a yb dedaeh eb llahs margorp ehT .slortnoc lanretni dna ,snoitaluger ,swal elbacilppa htiw seilpmoc esirpretne eht taht erusne .noisivorp oN ot dengised ylbanosaer margorp ecnailpmoc a hsilbatse llahs esirpretne hcaE margorP ecnailpmoC )623 .ceS( .sraey evif yreve degnahc .noisivorp oN eb esirpretne na fo rotidua lanretxe eht fo rentrap dael eht taht seriuqeR rentraP tiduA fo egnahC )623 .ceS( .tcA yelxO-senabraS eht fo 203 noitceS yb deriuqer snoitacifitrec eht ekam llahs dna stroper .noisivorp oN ylretrauq dna launna weiver llahs esirpretne na fo OFC dna OEC ehT serusolcsiD fo noitacifitreC )623 .ceS( .reciffo evitucexe ro rebmem draob a ot naol lanosrep yna tiderC fo http://wikileaks.org/wiki/CRS-RL33940 .noisivorp oN ekam )yraidisbus a hguorht ro ,yltceridni ,yltcerid( ton yam esirpretne nA snoisnetxE fo noitibihorP )623 .ceS( .srotaluger laredef ot gnitroper ni ssenevisnopser )7( dna ,srotcerid dna sreciffo ot tiderc fo snoisnetxe )6( ,srotsevni dna sredloherahs ot serusolcsid )5( ,smetsys gnitroper laicnanif dna gnitnuocca fo ytirgetni eht )4( ,smargorp noitasnepmoc )3( ,sevitucexe deifilauq fo noitneter dna gnirih )2( ,smargorp ecnailpmoc dna srotceriD fo draoB .noisivorp oN ,ycilop ksir ,ygetarts etaroproc )1( eesrevo llahs esirpretne na fo draob ehT eht fo seitilibisnopseR )623 .ceS( .sraey eerht yreve ecno tsael ta deweiver eb llahs edoc ehT .tcA yelxO -senabraS eht fo 604 noitceS rednu sdradnats gnidulcni ,rennam evitcejbo dna laitrapmi na ni tca seeyolpme dna ,sreciffo ,srotceriD taht erusne ot scihtE .noisivorp oN dengised tcudnoc fo edoc nettirw a ecrofne dna hsilbatse llahs esirpretne nA dna tcudnoC fo edoC )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorP ȱ
    • ȱŜŗȬ )4211 .ceS( .sesaercni )333 .ceS( .rotceriD eht yb deniatniam xedni ecirp gnisuoh a ni egnahc noitaxednI retal tsniaga desu dna ”deknab“ era sesaerceD .enilced tonnac timiL launna eht tcelfer ot esaerced ro esaercni lliw timil naol gnimrofnoc ehT —timiL naoL gnimrofnoC )233 .ceS( .egagtrom eht fo redloh eht ro esirpretne eht rof ksir ot erusopxe wen tnacifingis etaerc )2( ro ,gnicnanif egagtrom laitnediser naht rehto gnicnanif ro secivres edulcni )1( ton od taht smetsys hcus ot sedargpu ro snoitacifidom yna ro ,noitalsigel )3211 .ceS( ”.egagtrom eht fo redloh eht ro esirpretne siht fo tnemtcane fo etad eht no ecnetsixe ni smetsys gnitirwrednu ytivitcA ssenisuB weN eht rof ksir ot erusopxe wen tnacifingis“ ot ecnerefer cificeps oN naol detamotua ’sesirpretne eht edulcni ton seod ”tcudorp“ mret ehT ro tcudorP fo noitinifeD )233 .ceS( .tseuqer eht yned ro evorppa ot doirep tnemmoc eht fo esolc eht retfa syad 03 evah lliw rotceriD )3211 .ceS( .secnatsmucric tnegixe rednu tnemmoc ehT .doirep tnemmoc cilbup yad-03 a htiw retsigeR laredeF eht ni tseuqer eht cilbup tuohtiw lavorppa yraropmet evig yam rotceriD tub ,ralimiS hsilbup llahs ohw ,rotceriD eht ot tseuqer nettirw a ekam sesirpretne ehT lavorppA rof erudecorP )233 .ceS( .metsys ecnanif egagtrom eht fo ycneiciffe eht riapmi yllairetam ton seod dna ,metsys ecnanif egagtrom eht ro esirpretne eht fo ssendnuos dna )3211 .ceS( .1223 .R.H ni sa ”...ycneiciffe eht riapmi ytefas eht htiw tnetsisnoc si ,tseretni cilbup eht ni si ,retrahc s’esirpretne yllairetam“ gninrecnoc dradnats on si ereht eht taht tpecxe ,lacitnedI eht htiw tnetsisnoc si tcudorp wen a taht enimreted llahs rotceriD ehT lavorppA rof dradnatS )233 .ceS( .AFHF eht ot slaog gnisuoh dna lavorppa tcudorp wen rof ytirohtua s’DUH srefsnart noitces sihT .denifed era hcihw ”,stcudorp“ wen )3211 .ceS( .noisivorp ralimiS yna gnireffo erofeb rotceriD eht morf lavorppa niatbo tsum sesirpretne ehT lavorppA tcudorP weN http://wikileaks.org/wiki/CRS-RL33940 thgisrevO )133 .ceS( .AFHF eht ot slaog gnisuoh laoG gnisuoH dna lavorppA )1211 .ceS( .noisivorp lacitnedI dna lavorppa tcudorp wen rof ytirohtua s’DUH srefsnart noitces sihT tcudorP fo refsnarT noisivrepuS noissiM fo tnemevorpmI—B eltitbuS noisivrepuS noissiM fo tnemevorpmI—2 retpahC )923 .ceS( .snoitaredisnoc eulav cimonoce dna ,ksir ytrapretnuoc ,ksir tiderc sa hcus srotcaf suoirav enimaxe llahs yduts ehT .noitazitiruces dna sesahcrup egagtrom fo ssenisub eht ni stnapicitrap rehto fo stnemeriuqer gnitroper dna ycnerapsnart ,secitcarp suogolana )1051 dna seef eetnaraug ot drager htiw seititne detaluger eht fo gnitroper .ceS( .seef ni egnahc yna dna ,degrahc eef egareva ,stsoc ,seunever dna ycnerapsnart ,gnicirp eht fo yduts a ssergnoC ot timbus ,tnemtcane ,gnicirp no ssergnoC ot troper yllaunna dna segagtrom eetnaraug eht fo etad eht retfa raey eno naht retal ton ,llahs ,OEHFO eht dna ot degrahc seef fo yduts gniog-no na tcudnoc llahs rotceriD ehT seicnega gniknab laredef eht fo sdaeh eht htiw noitatlusnoc ni ,OAG ehT ydutS eeF eetnarauG )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŝŗȬ )433 .ceS( .sesirpretne eht yb dezitiruces dna desahcrup snaol rehto ot sesirpretne eht yb dezitiruces dna desahcrup snaol emirpbus fo scitsiretcarahc eht erapmoc dna ,tekram egagtrom emirpbus eht ni devlovni si esirpretne hcae hcihw ot tnetxe eht yfitnedi )6( dna ;stekram egagtrom dna stekram gnisuoh eht ni snoitidnoc rehto dna gnicirp ni sdnert gnitsixe ezylana )5( ;sreyub emoh emit-tsrif rof seitinutroppo dnapxe ot snaem rehto dna gnirocs )5211 .ceS( tiderc evitanretla fo esu eht enimaxe )4( ;stcudorp egagtrom hcus ezitiruces .rennam ylemit a ni cilbup edam eb llahs atad hcuS .cte ,scitsiretcarahc dna gnisuoh ylimafitlum rof senilediug gnitirwrednu dna smret tidercgnitirwrednu ,secirp esuoh ,segagtrom gnimrofnoc-non dna gnimrofnoc dradnats edivorp ot stroffe fo sutats eht dna stekram egagtrom gnisuoh fo scitsiretcarahc fo yevrus ylhtnom a tcudnoc llahs rotceriD ehT ylimafitlum eht ni snoitidnoc tiderc enimaxe )3( ;srednel yb serudecorp gnidnel riaf fo snoitaloiv ssucsid dna ,redneg dna ,ecar ,emocni no atad .snaol lanoitidartnon dna ,sesahcrup egagtrom emirpbus ezylana )2( ;smargorp gnisuoh elbadroffa dna ,tnemtsevni ytinummoc ,slaog ,redneg ,ecar ,semocni ,slaog gnisuoh no atad etagergga ,slaog gnisuoh gnisuoh gnidulcni ,sesoprup yrotutats sti )teem retteb dluoc ro( gniteem ssergnoC ot fo stnemeveihca ESG no ssergnoC ot yllaunna troper llahs rotceriD si ytitne detaluger eht hcihw ot tnetxe eht ssucsid )1( llahs troper ehT tropeR launnA fo stnetnoC )331 .c eS( . snoitcir tser hcus gnitani m re t re dro na eussi yam r o tce riD e ht ,s noitcirts er hcus yb de sae rcni eb lliw s a era t soc-hgih h c u s n i s r e w o r r o b o t st s o c t a h t s e n i m r e t e d r o t c e r i D e h t f I . s a e r a t s o c - h g i h h c u s n i d e t a c o l g n i s u o h r o f s e g a gt r o m n o d e s a b s e i t i r u c e s l l e s o t e l b a e b lliw sesir p re tne e ht hcihw ot t net xe e ht ) 2 ( , dna s ae ra ts oc-hgih ni gnisuoh rof se gag trom fo ytilibalia va e ht no sesir p ret ne e ht y b dlos dna de zitiruces s e g a g t r o m o t y l n o s t i m i l n a o l g n i m r o f n o c r e h g i h e h t g n i t c i rt s e r f o stceffe eht )1( enimreted ot yduts a tcudnoc llahs rotceriD ehT :7241 .R.H saerA tsoC-hgiH )4211 .ceS( .dezitiruces eb tsum tub ,oiloftrop s’ESG rof sesaercnI timiL naoL a ni dleh eb ton yam timil naol gnimrofnoc lanoitan eht evoba snaoL .noisivorp oN :1223 .R.H gnimrofnoC no snoitidnoC )333 .ceS( .xedni eht ot noitacifidom yna retfa dna xedni eht http://wikileaks.org/wiki/CRS-RL33940 fo noitaerc eht fo syad 081 nihtiw xedni siht tidua llahs OAG .sesirpretne eht fo snoitatimil naol gnimrofnoc eht gnitsujda rof esu rof secirp )4211 .ceS( .tidua OAG on ;xedni ot gnitaler snoisivorp ralimiS esuoh ylimaf elgnis egareva lanoitan fo xedni na niatniam llahs rotceriD ehT xednI ecirP esuoH )331 .ceS( .esirpretne eht yb dlos dna dezitiruces era hcihw segagtrom ot esaercni na hcus timil yam rotceriD ehT .aera eht ni ecirp naidem eht )2( ro noitatimil lareneg hcus fo %051 )1( fo ressel eht ot noitatimil lareneg eht sdeecxe ecirp naidem eht erehw saera ni desaercni eb llahs timil naol gnimrofnoc ehT :7241 .R.H )333 .ceS( .stimil eetnaraug AHF eht enimreted ot desu sa emas eht eb llahs saerA .timil lanoitan saerA )4211 .ceS( .)044,055$( timil naol eht fo %571 naht erom ton tub ,naidem aera eht fo %521 si timil aera eht tsoC-hgiH rof timiL naoLlanoitan fo %231 ro naidem aera fo %001 fo ressel ot desaercni si timiL ,timil lanoitan eht sdeecxe ecirp esuoh naidem eht fo %521 erehw saera nI gnimrofnoC ni esaercnI )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŞŗȬ )733 .ceS( .6891 fo edoC euneveR lanretnI eht fo 24 noitces rednu tiderc xat gnisuoh emocni )8211 .ceS( .tiderc -wol eht yb detsissa stinu gnillewd ecnanif taht segagtrom )3( dna ,seilimaf xat gnisuoh emocni-wol eht yb detsissa stinu gnillewd ecnanif taht emocni-wol yrev rof stinu gnillewd ecnanif taht segagtrom )2( ,seilimaf)2( dna ,seilimaf emocni-wol yrev ot elbadroffa stinu gnillewd ecnanif )1( emocni-wol rof stinu gnillewd ecnanif taht segagtrom )1( :gnisuoh ylimafitlum taht gnisuoh ylimafitlum no segagtrom fo esirpretne hcae yb esahcrup no segagtrom fo sepyt gniwollof eht fo hcae fo esirpretne hcae yb laoG gnisuoH elbadroffA eht rof laog launna na ,noitaluger yb ,hsilbatse llahs rotceriD ehT esahcrup eht rof laog launna na ,noitaluger yb ,hsilbatse llahs rotceriD ehT laicepS ylimafitluM )733 .ceS( .sesirpretne eht fo noitidnoc laicnanif dnuos eht niatniam ot deen eht )5( dna ,tekram egagtrom lanoitnevnoc llarevo eht fo ezis eht ot evitaler seilimaf fo sepyt eht fo hcae gnivres tekram egagtrom lanoitnevnoc eht fo ezis eht )4( ,sraey suoiverp ni slaog gnisuoh eht gniveihca drawot sesirpretne eht fo troffe dna ecnamrofrep eht )3( ,snoitidnoc cihpargomed dna ,gnisuoh ,cimonoce )2( ,sdeen gnisuoh lanoitan )1( redisnoc llahs rotceriD eht ,stegrat hcus gnihsilbatse nI .5791 fo tcA erusolcsiD egagtroM emoH eht rednu noitamrofni hcus ot detaler ecnamrofrep tekram ni segnahc detcepxe tcelfer ot ylsuoiverp stegraT .noisivorp elbarapmoc oN tuo tes slaog ylimaf-elgnis eht esaercni noitaluger yb yam rotceriD ehT esaercnI ot ytirohtuA )733 .ceS( .segagtrom gnitsixe ecnanifer ot desu segagtrom rof laog emocni-wol etarapes a hsilbatse llahs rotceriD ehT .saera emocni-wol ni ediser taht seilimaf )3( dna ,seilimaf emocni -wol yrev )2( ,seilimaf emocni-wol )1( rof gnisuoh gnicnanif segagtrom yenom esahcrup ,deipucco-renwo ,ylimaf-elgnis ,gnimrofnoc ,lanoitnevnoc fo slaoG )9211 .ceS( .stinu latner ylimaf-elgnis fo tnemtaert rof tpecxe ,ralimiS esirpretne hcae yb esahcrup eht rof slaog launna hsilbatse llahs rotceriD ehT gnisuoH ylimaF-elgniS )733 .ceS( .seitironim-non naht etar tseretni http://wikileaks.org/wiki/CRS-RL33940 tnereffid a degrahc era seitironim fi enimreted ot noitamrofni tneiciffus )9211 .ceS( .seitirapsid htiw rotceriD eht edivorp ot deriuqer era sesirpretne eht ,noitidda nI etar etaidemer ot rotceriD ot nevig ytirohtua on tub ,ralimiS .laog gnisuoh ylimafitlum eno dna slaog gnisuoh ylimaf-elgnis eerht era erehT lareneG ,slaoG gnisuoH )733 .ceS( .DUH morf rotceriD eht ot devom )8211 .ceS( snoisivorp ralimiS si sesirpretne eht rof slaog gnisuoh rotinom dna hsilbatse ot ytirohtua ehT ytirohtuA slaoG gnisuoH )633 .ceS( .rebmun tnuocca ytiruceS laicoS a evah ton seod stnemeriuqeR .noisivorp elbarapmoc oN reworrob eht erehw segagtrom htiw tnemevlovni ytitne detaluger stibihorP noitacifitnedI rogagtroM )433 .ceS( .2991 fo tcA tnempoleveD ytinummoC dna gnisuoH ni tnemeriuqer gnitroper eht htiw gniylpmoc fo esoprup eht rof emirpbus deredisnoc eb llahs desahcrup segagtrom hcihw yb sdradnats eussi snaoL .noisivorp elbarapmoc oN llahs rotceriD eht noitalsigel siht fo etad evitceffe eht fo raey eno nihtiW emirpbuS rof sdradnatS )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorP ȱ
    • ȱşŗȬ )733 .ceS( .smoordeb fo rebmun eht yb derusaem sa ezis tinu rof stnemtsujda etairporppa htiw ,yrogetac emocni eht fo level emocni mumixam eht fo %03 deecxe ton seod ti fi elbadroffa eb ot deredisnoc eb llahs level tner A .seilimaf emocni-wol yrev dna emocni -wol ot elbadroffa slevel tner ,elbaliava ton era atad eht erehw ro ;elbaliava era atad hcus erehw ,ytreporp eht fo stnanet lautca ro evitcepsorp eht fo emocni eht no desab ecnamrofrep hcus etaulave llahs dna slaog gnisuoh tneR )8211 .ceS( .snoisivorp ralimiS gniteem ni esirpretne hcae fo ecnamrofrep eht rotinom llahs rotceriD ehT ro emocnI tnaneT fo esU )733 .ceS( .esirpretne eht yb desahcrup era dna edarg tnemtsevni ton era ro ,esirpretne eht fo eetnaraug a yb deruces era sdnob hcus fi ylno tub ,ycnega ecnanif gnisuoh lacol ro etatS a yb deussi sdnob elbaxat ro tpmexe-xat yb decnanif si taht gnisuoh ylimafitlum ni stinu gnillewd ot laog gnisuoh elbadroffa laiceps sdnoB ycnegA ecnaniF )8211 .ceS( .snoisivorp ralimiS ylimafitlum eht fo tnemeveihca eht drawot tiderc evig llahs rotceriD ehT gnisuoH yb decnaniF stinU )733 .ceS( .saera larur evres taht stcejorp hcus gnoma lacipyt era sa sezis rellams hcus fo stcejorp gnisuoh ylimafitlum edulcni llahs dna ,htob ro ,egagtrom eht fo tnuoma eht ro tcejorp eht ni stinu gnillewd fo rebmun eht no desab eb yam hcihw ,ezis detimil ro rellams a fo stcejorp gnisuoh ylimafitlum rof segagtrom fo esirpretne hcae yb esahcrup eht rof stnemeriuqer lanoitidda ,laog stcejorP rellamS rof )8211 .ceS( snoisivorp ralimiS gnisuoh elbadroffa laiceps ylimafitlum eht nihtiw ,hsilbatse llahs rotceriD ehT stnemeriuqeR lanoitiddA http://wikileaks.org/wiki/CRS-RL33940 )733 .ceS( .tcA erusolcsiD egagtroM emoH eht rednu detcelloc atad fo egareva raey-eerht gnillor a esu ot rotceriD .esirpretne eht fo noitidnoc laicnanif dnuos eht niatniam ot deen eht )5( dna ;saera larur ni detacol seitreporp ylimafitlum dna ,noitatilibaher fo deen ni seitreporp ylimafitlum ,stinu 05 ot 5 fo stcejorp ylimafitlum llams rof sa hcus ,stekram devresrednu rof yllaicepse ,elbaliava tiderc egagtrom gnikam ni yrtsudni eht dael ot esirpretne eht fo ytiliba eht )4( ;tekram egagtrom ylimafitlum eht fo ezis eht )3( ;sraey suoiverp ni gnisuoh ylimafitlum rof elbaliava tiderc egagtrom gnikam ni esirpretne eht fo troffe dna ecnamrofrep eht )2( ;sdeen tiderc egagtrom )8211 .ceS( .ytilibisaef rof yllaunna slaog weiver tsum ycnegA ylimafitlum lanoitan )1( :redisnoc llahs rotceriD eht ,raey a rof esirpretne laoG gnisuoH elbadroffAdna ,ecruos atad cificeps a ot ecnerefer on si ereht taht tpecxe ,ralimiS na rof laog gnisuoh elbadroffa ylimafitlum laiceps eht gnihsilbatse nI laicepS ylimafitluM gnitteS )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŖŘȬ )833 .ceS( .aera cihpargoeg ro ,tnemges tekram ,epyt reworrob yb deifitnedi eb yam stekram devresrednu hcuS .secruos gnidnel lanoitnevnoc hguorht tiderc etauqeda gnikcal sa seifitnedi rotceriD eht taht seilimaf emocni-etaredom dna ,-wol ,-wol yrev rof tekram devresrednu rehto yna rof dna ,saera larur ni seilimaf emocni-etaredom dna ,-wol ,-wol yrev rof gnisuoh )3( ;noitavreserp )9211 .ceS( .snoitagilbo )ARC( tcA tnemtsevnieR ytinummoC gnisuoh elbadroffa )2( ;seilimaf emocni-etaredom dna ,-wol ,-wol yrev rieht teem ot srednel tsissa llahs sesirpretne ehT .snaol snoitutitsnI yb desahcrup gnisuoh derutcafunam )1( :rof senilediug gnitirwrednu elbixelflaicnaniF tnempoleveD ytinummoC dna ,emirpbus sdda tpecxe ,ralimiS dna stcudorp naol gnipoleved ni yrtsudni eht dael llahs esirpretne hcaE stekraM devresrednU )833 .ceS( .stekram devresrednu rof gnicnanif egagtrom rof elbaliava latipac fo noitubirtsid eht dna fo ytidiuqil eht evorpmi ot ytud eht evah )2( dna ;seitivitca rehto no denrae nruter eht naht ssel eb yam taht nruter cimonoce elbanosaer a gnivlovni seilimaf emocni-etaredom dna stekraM devresrednU )9211 .ceS( .snoisivorp ralimiS ,-wol ,-wol yrev rof gnisuoh no segagtrom esahcrup )1( llahs sesirpretne ehT evreS ot ytuD )733 .ceS( .sdnal tsurt labirt dna saera natiloporcim .noisivorp elbarapmoc oN edulcni ot desiver era denifed yltnerruc sa ”aera larur“ dna ”laruR“ snoitinifeD )733 .ceS( .retrahc s’esirpretne eht ni deificeps ,noitanigiro hcus fo emit eht ta tceffe ni ,noitatimil rallod eht deecxe ton seod taht noitagilbo lapicnirp lanigiro na gnivah egagtrom lanoitnevnoc a :egagtrom gnimrofnoC .ezis ylimaf rof stnemtsujda htiw ,emocni naidem aera eht fo %03 fo ssecxe ni ton emocni ,stinu latner fo esac eht ni )B( dna ;emocni naidem aera eht fo %03 fo ssecxe ni ton emocni ,stinu deipucco-renwo fo esac eht ni :emocni-wol ylemertxE .stcart susnec ytironim ni ediser ohw emocni naidem aera eht fo %001 naht retaerg ton semocni gnivah seilimaf http://wikileaks.org/wiki/CRS-RL33940 edulcni llahs dna ,detacol si aera gnirebmun kcolb ro tcart susnec hcus hcihw ni aera eht rof emocni naidem eht fo %08 deecxe ton seod emocni naidem eht hcihw ni aera gnirebmun kcolb ro tcart susnec :aera emocni-woL .ezis ylimaf rof detsujda ,emocni naidem aera fo %05 fo ssecxe ni ton emocni ,stinu latner fo esac eht ni dna ;emocni naidem aera fo %05 fo )8211 .ceS( .snoisivorp ralimiS ssecxe ni ton emocni ,stinu deipucco-renwo fo esac eht ni :emocni-wol yreV snoitinifeD )733 .ceS( .wal eht fo tnetni eht ot yrartnoc secneuqesnoc rehto ro ,stnemges tekram niatrec ni tnemtsevni-revo ,ytidiuqil fo tniartsnoc eht ni tluser dluow laog eht teem ot stroffe )2( ro ;noitca hcus eriuqer esirpretne eht fo noitidnoc laicnanif )8211 .ceS( eht ro snoitidnoc cimonoce dna tekram )1( fi ylno sesirpretne eht fo eno slaoG gnisuoH fo.laog yna fo level eht ecuder ot rotceriD noititep yam ytitne detalugeR yb noititep a hcus ot tnausrup laog a rof level eht ecuder yam rotceriD ehT tnemtsujdA yranoitercsiD )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŗŘȬ )043 .ceS( .dnuf gnisuoh elbadroffa na eganam dna hsilbatse llahs )yraterceS DUH dnuF gnisuoH elbadroffA )1311 .ceS( .snoisivorp ralimiS htiw noitatlusnoc ni( ycnegA ecnaniF gnisuoH laredeF eht fo rotceriD ehT na fo tnemhsilbatsE )933 .ceS( .laog eht fo tnemeveihca sti gnidnep sgnireffo dna ,sgnikatrednu ,secivres ,seitivitca dna stcudorp dnepsus ot esirpretne eht redro ot dna sgnireffo dna ,sgnikatrednu ,secivres ,seitivitca wen yna ni gnigagne ro tcudorp yna gnireffo yllaitini morf esirpretne eht tibihorp ot tca siht rednu rotceriD eht ot elbaliava ytirohtua tnemecrofne etairporppa esicrexe dna ,laog slaoG teeM ot eruliaF )0311 .ceS( .snoisivorp ralimiS a teem ot sliaf esirpretne na nehw snoitca rehto kees yam osla rotceriD ehT rof seidemeR lanoitiddA )933 .ceS( .doirep yad-03 lanoitidda elgnis a rof lavorppasid ro lavorppa rof doirep eht dnetxe yam rotceriD ehT .noitca rehto ro nalp eht evorppasid ro evorppa ,noissimbus retfa syad 03 naht retal ton dna ,nalp gnisuoh )0311 .ceS( .snoisivorp ralimiS a gnidulcni ,esirpretne na yb noissimbus yna weiver llahs rotceriD ehT nalP gnisuoH fo weiveR )933 .ceS( .noitcesbus siht ni htrof tes sa seidemer rehto redro ro ,seitlanep yenom livic esopmi ,redro tsised dna esaec a eussi yam rotceriD eht ,nalp gnisuoh a timbus ot esirpretne na gniriuqer ot noitidda ni ,laog gnisuoh yna teem ot deliaf sah esirpretne eht taht sdnif rotceriD eht ro nalp eht htiw ylpmoc ot sliaf ,nalp elbatpeccanu na stimbus ,nalp a hcus timbus ot sesufer esirpretne eht dna gnidnif a hcus sekam rotceriD eht fI .nalp gnisuoh a timbus esirpretne eht taht snalP gnisuoH eriuqer yam rotceriD eht ,elbisaef si ro saw laog gnisuoh eht fo tnemeveihca gnidulcnI seidemeR eht taht dna laog gnisuoh yna teem ot ,deliaf yllautca sah ro ,liaf lliw dna ,seitlaneP yenoM liviC )0311 .ceS( .seitlanep yenom livic retaerg tpecxe ,snoisivorp ralimiS esirpretne na taht ytilibaborp laitnatsbus a si ereht taht sdnif rotceriD eht fI ,sredrO tsiseD dna esaeC http://wikileaks.org/wiki/CRS-RL33940 )933 .ceS( .noitanimreted hcus rof snosaer eht gnidulcni eciton nettirw edivorp llahs rotceriD eht ,laog gnisuoh yna teem ot liaf ot ylekil )0311 .ceS( .snoisivorp ralimiS si ro ,deliaf sah esirpretne na taht senimreted yliranimilerp rotceriD eht fI tnemecrofnE laoG gnisuoH )833 .ceS( .elbaecrofne stekraM devresrednU ot era slaog gnisuoh eht taht snoisivorp emas eht rednu dna tnetxe tiderC egagtroM edivorP )9211 .ceS( .snoisivorp ralimiS emas eht ot elbaecrofne eb llahs stekram devresrednu evres ot ytud ehT ot ytuD fo tnemecrofnE )833 .ceS( .esirpretne hcae fo ecnamrofrep eht etar dna ecnailpmoc eht etaulave yllaunna llahs rotceriD ehT .ecnailpmoc hcus fo tnetxe eht gnitar rof dna stekram devresrednu evres ot ytud eht htiw deilpmoc evah sesirpretne )9211 .ceS( eht ,hcihw ot tnetxe eht dna ,rehtehw gnitaulave rof rennam a hsilbatse ecnailpmoC .srotcaf lanoitidda enimreted yam rotceriD eht tub ,snoisivorp ralimiS llahs rotceriD eht ,etad evitceffe eht retfa shtnom xis naht retal toN fo gnitropeR dna noitaulavE )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŘŘȬ )1311 .ceS( .seilimaf emocni-wol dna ,-wol yrev ,-wol ylemertxe yliramirp rof gnisuoh elbadroffa troppus ot )043 .ceS( .snoitcidsiruj stnarg dedrawa ylevititepmoc edivorp ot dnuF tengaM latipaC a ot og tnapicitrap dna setats ot snoitacolla EMOH no desab setats ot detubirtsiddluow %53 ;dnuf gnisuoh elbadroffa s’esuoH eht ot ralimis dnuf gnisuoh eb lliw snoitacolla eht ,snoitacolla ekam ot si rotceriD eht emit eht yb a ot og dluow %56 ,)detsujda sa( %57 eht fO .margorp EPOH eht dehsilbatse ton si alumrof a hcus fI .gnisuoh dradnatsbus fo tnetxe eht dnarof og dluow %57 rehto eht fo )%52 ,%05 ,%001( egatnecrep gnisaerced ,seilimaf emocni-wol yrev dna -wol ylemertxe fo egatnecrep ,ytilibadroffa sraeY retaL a ,sraey eerht tsrif eht gniruD .sdnob srenwoemoH rof EPOH gnisuoh ,noitalupop gnidulcni ,srotcaf deificeps no desab sebirt naidnI rof snoitacollA :salumroF rof dnuf evreser a troppus ot og dluow dnuf eht fo %52 ,sraey lla nI dna setats ot sdnuf etacolla ot alumrof a hsilbatse llahs yraterceS DUH sdeeN gnisuoH elbadroffA 8002 )1311 .ceS( .margorP srenwoemoH )043 .ceS( .ytirohtuA tnempoleveD ippississiM eht ot %52 ;ycnegA rof snoitacollA :salumroF rof EPOH eht troppus dluow dnuf eht ,)9002( raey laitini eht nI ecnaniF gnisuoH anaisiuoL eht ot og llahs snoitacolla fo %57 ,8002 roF sdeeN gnisuoH elbadroffA )043 .ceS( .deifidom ro dednetxe eb dluohs dnuf eht rehtehw no snoitadnemmocer gnikam troper a ssergnoC ot timbus llahs rotceriD eht ,1102 ,03 enuJ naht retal toN .retfaereht raey yna ni ro 2102 ni dnuf gnisuoh tropeR )1311 .ceS( .noisivorp tesnus oN elbadroffa eht ot snoitacolla ekam ot deriuqer eb ton llahs sesirpretne ehT dna tesnuS raeY-eviF )043 .ceS( .C9631 noitceS rednu nalp noitarotser latipac a gnitelpmoc yllufsseccus morf esirpretne eht tneverp dluow ro ,dezilatipacrednu sa deifissalc eb ot esirpretne eht esuac dluow ,esirpretne eht fo ytilibatsni laicnanif eht ot etubirtnoc dluow snoitacolla hcus taht rotceriD eht yb gnidnif a nopu dnuf gnisuoh elbadroffa eht snoitubirtnoC )1311 .ceS( .noisivorp ralimiS ot esirpretne na yb noitacolla eht dnepsus yliraropmet llahs rotceriD ehT fo noisnepsuS )1311 .ceS( .esu cilbup rof nekat si ytreporp taht sselnu snoitubirtnoC,niamod tnenime yb nekat ytreporp htiw noitcnujnoc ni desu eb tonnaC .noisivorp elbarapmoc oN no noitatimiL )043 .ceS( .stnempoleved tekram sserdda ot dna noitces siht tnemelpmi ot yrassecen sa smret hcus gninifed rehtruf selur etaglumorp ot dezirohtua si rotceriD ehT http://wikileaks.org/wiki/CRS-RL33940 .mrof yna ni dlos ro oiloftrop ni deniater rehtehw ,snoitagilbo dezitiruces ro segagtrom hcus lla sedulcni sihT .segagtrom yb dekcab seitiruces derutcurts rehto ro ,setacifitrec noitapicitrap ,seitiruces dekcab-egagtrom ,snaol elohw gnidulcni ,mrof yna ni raey taht gnirud gnidnatstuo segagtrom .denifed lla no secnalab lapicnirp gnidnatstuo diapnu eht fo tnuoma rallod eht fo ”oiloftroP egagtroM ton ”sesahcrup ssenisub wen latot sti fo secnalab lapicnirp diapnU“ mus eht ,raey a ot tcepser htiw ,snaem ”oiloftrop egagtrom latot“ mret ehT latoT“ fo noitinifeD )043 .ceS( .raey gnidecerp )1311 .ceS( .sesahcrup ssenisub wen latot sti fo secnalab lapicnirp eht gnirud oiloftrop egagtrom latot egareva sti fo )%210.0( stniop sisab 2.1 sesirpretnEdiapnu eht fo )%240.0( stniop sisab 2.4 etubirtnoc llahs esirpretne hcaE dnuf eht ot etacolla llahs esirpretne hcae ,1102 hguorht 7002 sraey lacsif roF yb stnuomA fo noitacollA )043 .ceS( .saera emocni-wol ni tnemtsevni esaercni ot ,erutcurtsarfni cilbup ni tnemtsevni esaercni ot ,seilimaf emocni-wol )1311 .ceS( .snoisivorp ralimiS yrev gnoma gnisuoh latner fo ylppus eht dna pihsrenwoemoh esaercni oT dnuF eht fo esopruP )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱřŘȬ )043 .ceS( .erutpacer ot tcejbus eb ro ,etad tnarg eht fo sraey owt nihtiw dettimmoc ro desu eb tsum sdnuf llA .stcejorp erutcurtsarfni cilbup ot og llahs %5.21 naht erom ton ,dna ;seitivitca pihsrenwoemoh rof eb llahs %01 naht ssel ton ;))E()2()f(b1441 .C.S.U )1311 .ceS( .noillim 21( tcA knaB naoL emoH laredeF eht fo )E()2()f(B12 noitceS ni dedivorp snoitacollA 3$ eb dluow noitacolla etats muminim ehT .procfeR ot ecnerefer oN sa ,procfeR yb desu eb llahs %52 ,raey hcae detacolla stnuoma etagergga fO muminiM deriuqeR )043 .ceS( .smrof deificeps ni noitacifitnedi lanosrep ,edivorp dlohesuoh eht fo srebmem tluda lla ,dlohesuoh a fo esac eht ecnatsissA ni ,ro laudividni eht sselnu dlohesuoh ro laudividni yna ot elbaliava edam eb ro ycnapuccO rof .noisivorp elbarapmoc oN ton yam stnuoma tnarg gnisuoh elbadroffa yna htiw dedivorp ecnatsissa ynA stnemeriuqeR noitacifitnedI )043 .ceS( .margorp eht fo stnemeriuqer eht htiw ylpmoc lliw yeht taht )rotceriD eht yb deriuqer sa( eetnarg eht ot secnarussa ekam taht )2( dna ,seitivitca gnisuoh elbigile tuo gniyrrac rof yticapac detartsnomed a htiw )1( )seititne desab-htiaf ro ,tiforp-non ,tiforp-rof )1311 .ceS( .snoisivorp ralimiS gnidulcni( seititne ro ,seicnega ,snoitazinagro ot ylno dedivorp eb yam sdnuF stneipiceR elbigilE )043 .ceS( .)2( ro )1( hpargarap rednu dednuf seitivitca gnisuoh htiw noitcennoc ni seitivitca tnempoleved erutcurtsarfni cilbup )3( dna ;sreyub emoh emit-tsrif emocni -wol yrev dna ylemertxe rof )snwod-yub etar-tseretni rof ecnatsissa dna ,ecnatsissa tsoc gnisolc ,ecnatsissa tnemyapnwod sa smrof hcus gnidulcni( pihsrenwoemoh rof gnisuoh fo noitatilibaher dna ,noitavreserp ,noitcudorp eht )2( ;seilimaf emocni-wol yrev dna ylemertxe fo ylno tifeneb eht rof desu eb yam stnuoma tnarg hcus taht tpecxe ,)B()2()a(5331 noitceS ni deifitnedi http://wikileaks.org/wiki/CRS-RL33940 smargorp eht rednu gnisuoh gnidulcni ,gnisuoh latner fo noitatilibaher )1311 .ceS( .snoisivorp ralimiS dna ,noitavreserp ,noitcudorp eht )1( rof ylno desu eb llahs stnuoma tnarG seitivitcA elbigilE )043 .ceS( .ecnatsissa eviecer ot snoitacilppa rof stnemeriuqer htrof tes llahs nalp ehT .raey hcae stnuoma )1311 .ceS( .snoisivorp ralimiS tnarg fo noitubirtsid rof nalp a hsilbup dna hsilbatse llahs eetnarg hcaE snalP noitacollA eetnarG )043 .ceS( .stnarg eviecer ot eetnarg eht fo ytilatnemurtsni deifilauq rehto ro ,ytitne gnisuoh detangised yllabirt ,ytitne tnempoleved ytinummoc )1311 .ceS( .snoisivorp ralimiS dna gnisuoh ,ycnega ecnanif gnisuoh etats a etangised yam eetnarg hcaE snoitacollA fo stneipiceR )043 .ceS( .stnuoma elbaliava eht retsigeR laredeF eht ni hsilbup dna )sebirt naidnI dna stnuomA )1311 .ceS( .snoisivorp ralimiS setats( eetnarg hcae rof tnuoma alumrof eht enimreted llahs rotceriD ehT alumroF fo noitacollA )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŚŘȬ )043 .ceS( .elbaliava ylcilbup stroper eseht ekam llahs rotceriD ehT .eetnarg eht rof dehsilbatse nalp noitacolla eht htiw deilpmoc eetnarg eht hcihw ni rennam eht dna noitces siht rednu dednuf seitivitca eht sebircsed taht rotceriD eht ot troper launna na timbus ot raey a rof stnuoma tnarg )1311 .ceS( .snoisivorp ralimiS dnuf gnisuoh elbadroffa gniviecer eetnarg hcae eriuqer llahs rotceriD ehT seetnarG yb stropeR )043 .ceS( .wal rednu elbaliava eb yam taht seidemer rehto yna ot noitidda ni era esualc siht rednu seidemer ehT .esu rof dettimmocnu ro desunu niamer taht stnuoma yna eetnarg eht ot nruter dna stnuoma desusim rof eetnarg eht esrubmier llahs tneipicer eht ,esusim hcus fo noitanimreted eht retfa shtnom 21 nihtiw ,taht eriuqer llahs eetnarg eht ,dedivorp erew stnuoma hcus hcihw rednu snoitidnoc ro stnemeriuqer yna ro ,noitces siht rednu deussi snoitaluger eht ,noitces siht fo noitaloiv ni yllairetam si taht rennam a ni stnuoma yna desu sah ecnatsissa fo tneipicer yna taht stneipiceR )1311 .ceS( .snoisivorp ralimiS senimreted )weiver s’rotceriD eht ot tcejbus( eetnarg a ro rotceriD eht fI yb sdnuF fo esusiM )043 .ceS( .stnemeriuqer tidua dna ,noitneter drocer ,gnitroper laicnanif etairporppa edulcni llahs hcihw ,stneipicer dna seetnarg rof stnemeriuqer muminim hsilbatse llahs rotceriD ehT .snoitidnoc ro ,stnemeriuqer ,snoitaluger elbacilppa yna dna ,noitces siht htiw ecnadrocca ni sdnuf esoht esu sdnuf fo stneipicer lla taht erusne seetnarG dna stneipiceR http://wikileaks.org/wiki/CRS-RL33940 )1311 .ceS( .snoisivorp ralimiS ot metsys a niatniam dna poleved ot eetnarg hcae eriuqer llahs rotceriD ehT fo ytilibatnuoccA )043 .ceS( .evres ot ytud ro slaog gnisuoh gniteem drawot tnuoc ton )1311 .ceS( .snoisivorp ralimiS llahs dnuf gnisuoh elbadroffa eht ot sesirpretne eht yb detubirtnoc stnuomA slaoG gnisuoH no tceffE )043 .ceS( .noitces siht rednu deriuqer margorp eht tuo gniyrrac fo eetnarg eht fo stsoc evitartsinimda rof desu eb yam stnuoma tnarg taht tpecxe ,stnuoma tnarg hcus fo tneipicer yna ro eetnarg eht fo stsoc rehto ro ,hcaertuo ,evitartsinimda rof desu eb ton yam stnuoma tnarg taht noitaluger yb edivorp llahs rotceriD ehT .snruter xat no ecivda gnidivorp ro gniraperp )6( dna ;sesnepxe levart )5( ;secivres gnilesnuoc )4( ;seitrap rehto hguorht ro yltcerid rehtehw ,gniybbol )3( ;ycacovda )2( ;seitivitca lacitilop )1( rof esu edulcni llahs hcihw )1311 .ceS( .snoisivorp ralimiS ,stnuoma tnarg fo sesu detibihorp htrof tes ,noitaluger yb llahs rotceriD ehT sesU detibihorP )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱśŘȬ ))a(543 .ceS( .ytitne eht fo noitidnoc laicnanif eht evorpmi yeht fi rotceriD eht yb dettimrep eb yam snoitcasnart gnirutcurtser latipac niatrec taht tpecxe ,dezilatipacrednu emoceb snoitubirtsiD )2411 .ceS( .noisivorp ralimiS ot ti esuac dluow taht noitubirtsid latipac on ekam llahs ytitne detaluger A latipaC no noitcirtseR ))a(543 .ceS( .ecitcarp dnuosnu ro efasnu na ni gnigagne si hcihw )3( ro ,noitidnoc dnuosnu ro efasnu na ni eb ot )gniraeh a rof ytinutroppo dna eciton retfa( denimreted si hcihw )2( ,eulav ni yltnacifingis denilced evah stessa egagtrom esohw )esirpretne na fo esac eht ni( ro ,latipac latot ro eroc etelped yldipar dluoc tcudnoc esohw )1( ytitne detaluger a yfissalcer yam rotceriD ehT .))b(151 .ceS( .noitalsigel siht fo etad evitceffe eht fo syad 081 nihtiw deussi eb ot era snoitaluger esehT ))a(151 )2411 .ceS( .ytitne detaluger .ceS( .sesirpretne eht dna sknab eht neewteb snoitarepo ni secnereffid a yfissalcer ot ytirohtua s’rotceriD eht gnidrager snoisivorp ralimiS gnitcelfer ,sBLHF eht rof snoitacifissalc latipac hsilbatse llahs rotceriD ehT snoitacifissalC latipaC noitcA evitcerroC tpmorP—C eltitbuS noitcA evitcerroC tpmorP—3 retpahC )043 .ceS( .sreyub emoh rof tiderc fo ytilibaliava dna ytilibadroffa dnuF gnisuoH )1311 .ceS( .snoisivorp ralimiS eht no tcapmi s’dnuf gnisuoh elbadroffa eht no troper ot OAG eht stceriD elbadroffA fo ydutS OAG )043 .ceS( .)a(1631 noitceS ot tnausrup dehsilbatse stnemeriuqer latipac desab-ksir eht ot tcejbus eb ton llahs .noisivorp elbarapmoc oN dnuf gnisuoh elbadroffa eht morf stnuoma fo tnemtimmoc ro noitazilitu ehT stnemeriuqeR latipaC http://wikileaks.org/wiki/CRS-RL33940 )043 .ceS( .eetnarg eht ot noitces siht rednu ecnatsissa yna etanimret ro ;ylpmoc ot eruliaf hcus yb detceffa ton stneipicer ro seitivitca ot eetnarg eht ot noitces siht rednu ecnatsissa fo ytilibaliava eht timil ;noitces siht htiw ecnadrocca ni desu ton erew hcihw stnuoma tnarg dnuf gnisuoh elbadroffa eht fo tnuoma eht ot lauqe tnuoma na yaper ot eetnarg eht eriuqer ;noitces siht htiw ecnadrocca ni desu ton erew taht stnuoma tnarg dnuf gnisuoh elbadroffa eht fo tnuoma eht ot lauqe tnuoma na yb eetnarg eht ot noitces siht rednu ecnatsissa fo tnuoma eht ecuder llahs rotceriD eht ,ylpmoc ot eruliaf hcus yna regnol on si ereht taht deifsitas si rotceriD eht litnu dna noitces siht fo noisivorp yna htiw yllaitnatsbus ylpmoc ot deliaf sah eetnarg a taht ,gniraeh seetnarG )1311 .ceS( .snoisivorp ralimiS rof ytinutroppo dna eciton elbanosaer retfa ,senimreted rotceriD eht fI yb sdnuF fo esusiM )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŜŘȬ )843 .ceS( .eud emoc yeht sa stbed sti gniyap yllareneg neeb ton )syad 03 rof( sah ytitne detaluger eht fi ro ,srotiderc sti ot snoitagilbo sti naht ssel )syad 03 rof neeb evah dna( era stessa s’ytitne detaluger a fi reviecer a sa ycnegA eht tnioppa ot rotceriD eht seriuqer :pihsreviecer yrotadnaM .ytitne detaluger a fo retrahc eht gnillunna ro ,gnikover ,gnitanimret morf reviecer a stibihorP .tluafed ni ytitne na fo sriaffa eht htiw laed ot ytitne detaluger efil-detimil a tnioppa ot rotceriD eht sezirohtuA .weiver laiciduj gnidulcni ,noitadiuqil fo stcepsa rehto )5411 .ceS( .yrotadnam si noitadiuqil ,detrats dna ,stessa fo lasopsid ,smialc fo tnemelttes rof serudecorp dna ,sreviecer )ytirohtuA si pihsreviecer ecno ,oslA .06 ot 03 syad gnirud pihsreviecer ecrof ro srotavresnoc fo srewop tuo steS .noitaluger ro wal fo snoitaloiv noitadiuqiL( sesirpretnEot ytirohtua yranoitercsid evah dluow rotceriD ehT .syad 03 fo daetsni ro/dna ytluciffid laicnanif ot detaler sesuac deificeps lareves rof rotavresnoc dezilatipacrednU ,syad 06 retfa srucco pihsreviecer yrotadnam tub ,snoisivorp ralimiS ro reviecer a )sa evres yam ycnegA eht ro( tnioppa yam rotceriD ehT yllacitirC revo ytirohtuA )743 .ceS( .sesiar yap ro sesunob eviecer ton yam ytitne detaluger dezilatipacrednu yltnacifingis a fo sevitucexe ,rotceriD eht fo lavorppa nettirw roirp tuohtiW .snoitca rehto ro ,sreciffo seititnE evitucexe deifilauq fo gnirih dna ,sevitucexe ro/dna srotceriD fo lassimsid detalugeR dezilatipacrednU ,srotceriD fo noitcele wen :nekat eb tsum gniwollof eht fo erom ro eno yltnacifingiS ot elbacilppA )4411 .ceS( .snoisivorp lacitnedI ,wal tnerruc rednu ekat yam rotaluger eht taht snoitca yrosivrepus eht fO snoitcA yrosivrepuS http://wikileaks.org/wiki/CRS-RL33940 )643 .ceS( .yrassecen ti sdnif rotceriD eht fi ,sESG dezilatipacrednu ot drager htiw nekat eb yam sESG dezilatipacrednu yltnacifingis ot drager htiw wal tnerruc rednu nekat eb yam taht snoitcA .nalp noitarotser latipac eht htiw tnetsisnoc eb dluow seitivitca hcus taht noitanimreted dna lavorppa roirp s’rotceriD eht tuohtiw gnireffo ro ,gnikatrednu ,ecivres ,ytivitca wen yna ni egagne ro ))f(1231 noitces ni denifed si mret hcus sa( tcudorp wen yna reffo yllaitini ro ytitne yna ni tseretni yna eriuqca ,yltceridni )3411 .ceS( .nalp noitarotser latipac htiw ylpmoc ot ro yltcerid ,ton llahs ytitne dezilatipacrednu nA .gnisaercni si stessa eruliaf rof dezilatipacrednu yltnacifingis sa ESG yfissalcer tsum ycnegA ot latipac latot fo oitar eht )3( dna ,nalp eht htiw tnetsisnoc si stessa ni esaercni na )2( ,nalp noitarotser latipac s’ESG eht detpecca sah rotceriD eht seititnE )3411 .ceS( ).stessa ot ”latipac latot“ sah llib )1( sselnu ,ESG dezilatipacrednu na rof dettimrep si stessa latot ni htworg detalugeR dezilatipacrednU esuoH( .gnisaercni si ytiuqe ot ”stessa elbignat“ sti fo oitar eht sselnu oN .nalp eht fo ycaciffe eht dna ,nalp noitarotser latipac sti htiw ecnailpmoc ot elbacilppA worg ton yam ESG dezilatipacrednu na taht tpecxe ,ralimis snoisivorP sti ,noitidnoc s’ytitne dezilatipacrednu na rotinom tsum rotceriD ehT snoitcA yrosivrepuS )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŝŘȬ )553 .ceS( .sreit .noisivorp ralimis oN lla ot seitlanep 3 reit rof noitacifinmedni no noitibihorp tnerruc sdnetxE noitacifinmednI )553 .ceS( .ytitne detaluger a ot sessol laitnatsbus esuac taht secitcarp dnuosnu ro efasnu ro ,seitud yraicudif fo sehcaerb ,snoitaloiv ni gnigagne ylgniwonk rof yad rep noillim 2$ fo mumixam a ot pu )3( dna ,laudividni ro ytitne eht ot niag laicnanif htiw ytud yraicudif fo hcaerb lairetam ro tcudnocsim fo nrettap a ro)5511 .ceS( .1 reit ot ”ecitcarp dnuosnu ro efasnu na eb ot senimreted ,ecitcarp dnuosnu ro efasnu na ni gnigagne ylsselkcer rof yad rep 000,05$ )2( rotceriD eht taht tcudnoc yna“ sdda dna seitlanep fo sreit emaS ,sredro fo snoitaloiv rof yad rep 000,01$ )1( :senif fo sreit eerht sehsilbatsE seitlaneP yenoM liviC )453 .ceS( .redro ro eciton hcus htiw ecnailpmoc eriuqer ot rewop dna noitcidsiruj evah llahs truoc ehT .noitca na hcus gnirb lareneG yenrottA eht taht tseuqer ro ,deussi redro ro eciton gnidnatstuo dna evitceffe )4511 .ceS( .B3131 yna fo tnemecrofne eht rof ,detacol si ytitne detaluger eht fo sretrauqdaeh noitceS ni sdradnats noitarepo dna tnemeganam laitnedurp thguorb eht hcihw fo noitcidsiruj eht nihtiw truoc tcirtsid .S.U eht ro ,aibmuloC noitcidsiruJ snoitca revo noitcidsiruj truoc laredef sevomer tub ,snoisivorp ralimiS fo tcirtsiD eht rof truoC tcirtsiD .S.U eht ot ylppa yam rotceriD ehT dna tnemecrofnE )353 .ceS( .snoitaloiv rof snoitca evitartsinimda ro livic ot tcejbus .noisivorp elbarapmoc oN snosrep fo ytreporp rehto ro ,sdnuf ,stessa ezeerf ot struoc eht stimreP tnemhcattA tnemgdujerP )253 .ceS( .redro yraropmet hcus ecrofne ot noitcnujni na rof truoC tcirtsiD .S.U eht ot ylppa yam rotceriD ehT .sgnideecorp hcus fo noitelpmoc gnidnep ecidujerp ro ,noitidnoc ,noitapissid ,ycnevlosni hcus ydemer ro tneverp ot noitca evitamriffa ekat ot dna ecitcarp ro noitaloiv hcus yna morf tsised dna esaec ot ytitne detaluger eht gniriuqer redro yraropmet a eussi http://wikileaks.org/wiki/CRS-RL33940 yam rotceriD eht ,sgnideecorp tsised-dna-esaec fo noitelpmoc eht ot roirp ytitne detaluger eht fo noitidnoc eht nekaew ot ylekil si ro ,ytitne detaluger a fo sgninrae ro stessa fo noitapissid tnacifingis ro ycnevlosni esuac ot ylekil sgnideecorP tsiseD )2511 .ceS( .snoisivorp ralimiS si ecitcarp dnuosnu ro efasnu na ro )noitaloiv denetaerht ro( noitaloiv a fI -dna-esaeC yraropmeT )253 .ceS( .slaog gnisuoh htiw ecnailpmoc ecrofne ot desu eb ton yam ytirohtua sihT .detcerroc ton si ycneicifed deifitnedi eht erehw ,ytidiuqil ro ,tnemeganam ,sgninrae ,ytilauq tessa rof gnitar yrotcafsitas-naht -ssel a gniviecer a rof ro ,snoitaluger dna swal fo snoitaloiv ,)tnenimmi ro lautca( secitcarp dnuosnu ro efasnu rof )402 .ceS yb detaerc( noitaroproC ecnaniF knaB naoL emoH laredeF eht ro ,ytrap detailiffa-ytitne detaluger sgnideecorP )1511 .ceS( .snoisivorp ralimiS a ,ytitne detaluger a tsniaga sredro tsised-dna-esaec eussi yam rotceriD ehT tsiseD-dna-esaeC snoitcA tnemecrofnE—D eltitbuS snoitcA tnemecrofnE—4 retpahC )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŞŘȬ )263 .ceS( .emit revo decuder ro detimil eb dluohs sgnidloh hcus rehtehw dna ,sgnidloh oiloftrop fo metsys laicnanif eht dna ,stekram latipac dna gnisuoh eht ,sesirpretne eht rof snoitacilpmi ksir cimetsys laitnetop eht dna ,sesirpretne eht fo noissim eht llifluf sgnidloh oiloftrop rehtehw ,sesoprup ssendnuos dna ytefas evres sgnidloh oiloftrop rehtehw ,)sesoprup gnigdeh rof sevitavired fo esu eht gnidulcni( sesirpretne eht yb nekatrednu tnemeganam ksir tneuqesnoc eht dna sgnidloh hcus fo sesirpretne eht rof snoitacilpmi ksir eht ,sesirpretne eht fo sgnidloh oiloftrop eht soiloftroP .noisivorp oN no ,tnemtcane fo shtnom 21 nihtiw ,ssergnoC ot troper llahs rotceriD ehT esirpretnE no tropeR )2051 .ceS( noitaulavE ksiR .noitaulave ksir tluafed no yduts a mrofrep ot rotceriD eht seriuqeR .noisivorp oN tluafeD egagtroM no ydutS)7211 .ceS( .ADMH rednu atad ylimaf elgnis niatrec esolcsid tsum sESG erusolcsiD )6211 .ceS( .level ataD dna esabataD tcart susnec eht ta eb ot cilbup eht ot sESG yb detroper atad seriuqeR noisivorp oN esU cilbuP no ydutS )163 .ceS( .etairporppa si rebmun rehtona taht senimreted rotceriD eht sselnu ,31 ot 81 morf sdraob esirpretne fo ezis eht secudeR .tnediserP eht yb detnioppa eb caM eidderF dna srotceriD )2611 .ceS( .snoisivorp ralimiS eaM einnaF fo sdraob eht no srotceriD evif taht tnemeriuqer eht setanimilE fo sdraoB esirpretnE snoisivorP lareneG—E eltitbuS snoisivorP lareneG—5 retpahC )8511 .ceS( .aneopbus a rewsna ot eruliaf rof seitlanep lanimircsdda dna aneopbus a gniussi rof sdnuorg sdnapxe tub ,snoisivorp ralimiS )853 .ceS( .saneopbus eussi ot rotceriD eht sezirohtuA ytirohtuA aneopbuS )753 .ceS( .tnemnosirpmi ’sraey evif ro ,noillim 1$ ot pu fo http://wikileaks.org/wiki/CRS-RL33940 enif a rof elbail eb llahs lavomer fo redro ro noisnepsus rednu elihw ytitne )6511 .ceS( .snoisivorp lacitnedI detaluger a fo sriaffa eht ni ,yltceridni ro yltcerid ,setapicitrap ohw enoynA ytlaneP lanimirC )653 .ceS( .snoisnepsus ro sredro hcus fo weiver laiciduj rof sedivorP .secnatsmucric niatrec rednu snoisnepsus ediw-yrtsudni rof sedivorp oslA .ytitne detaluger eht fo ssendnuos dna ytefas eht rof dragersid gniunitnoc dna luflliw setartsnomed ro ytsenohsid lanosrep sevlovni ecitcarp dnuosnu ro efasnu eht )2( dna ,)niag laicnanif eviecer ytrap detailiffa-esirpretne eht ro( ssol reffus ot ylekil si ytitne detaluger eht )1( taht hcus ,ytud yraicudif dehcaerb )3( ro ,ecitcarp dnuosnu ro efasnu na ni degagne )2( ,redro nettirw rehto ro ,tsised-dna-esaec a ,wal a detaloiv )1( evah ohw seitrap detailiffa-ytitne detaluger evomer ro dnepsus ytirohtuA )3511 .ceS( .snoisivorp ralimiS yam rotceriD eht ,gniraeh a rof ytinutroppo dna eciton nettirw retfA noitibihorP dna lavomeR )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱşŘȬ )273 .ceS( .pihsrotcerid gnirud knab tseretnI fo stcilfnoC .noisivorp oN rebmem ro BLHF a fo reciffo na sa evres ton yam rotcerid tnednepedni nA ,tnednepednI ,srotceriD )273 .ceS( .esitrepxe laicnanif rehtO .noisivorp oN evah llahs srotcerid tseretni cilbup ton era ohw srotcerid tnednepednI ,tnednepednI ,srotceriD )2021 .ceS( )273 .ceS( .yrotsih.stseretni remusnoc ro ytinummoc gnitneserper ecneirepxe sraey ruof raey owt a naht erom htiw snoitazinagro ytinummoc/remusnoc morf tseretnI cilbuPnaht erom evah tsum srotcerid owt eht taht tpecxe ,snoisivorp ralimiS nesohc eb llahs knaB hcae rof srotcerid tnednepedni eht fo owt tsael tA ,tnednepednI ,srotceriD )272 .ceS( .srotcerid tnednepedni gnitnioppa ni knaB eht fo margorP gnisuoH elbadroffA eht yb devres tsom ytinummoc eht fo puekam cihpargomed eht noitaredisnoc otni ekat llahs rotceriD ehT .noisivorp ralimis oN )272 .ceS( .knaB eht fo tcirtsiD eht fo stnediser lliw srotcerid )2021 .ceS( .srotcerid tnednepednI .AFHF eht fo rotceriD eht yb detnioppa eb llahs srotcerid tnednepedni eb tsum srebmem draob fo shtfif-owt naht ssel toN tnednepednI .tnednepedni eb tsum srotcerid s’knaB hcae fo 5/2 tsael tA tnednepednI ,srotceriD )2021 .ceS( .srebmem eht yb detcele eb ot srotcerid tnednepedni dna srotcerid rebmeM )273 .ceS( .srotcerid tnednepedni edulcni ton seod noitcelE .srebmem eht yb detcele eb llahs srotcerid rebmeM .BLHF taht .noisivorp lacitnedI fo sknab rebmem fo sreciffo eb tsum BLHF hcae fo srotcerid fo ytirojaM srebmeM ,srotceriD )2021 .ceS( noisivorp emaS )273 .ceS( .snezitic .S.U eb tsum srotcerid draoB pihsnezitiC ,srotceriD )273 .ceS( .senimreted AFHF fo rotceriD eht )2021 .ceS( .snoisivorp ralimiS sa rebmun rehto ro ,srotcerid 31 fo draob a yb deganam eb lliw BLHF hcaE rebmuN ,srotceriD )1021 .ceS( .snoitca tnemecrofne ro yrosivrepus gnikat ni sknaB naoL emoH eht dna sesirpretne eht neewteb secnereffid tnuocca otni ekat ot rotceriD eht sredrO .noisivorp oN http://wikileaks.org/wiki/CRS-RL33940 sknaB naoL emoH laredeF—II ELTIT sknaB naoL emoH laredeF—B eltitbuS )1051 .ceS( .seef enimreted ot desu airetirc dna tnuoma gnidrager ssergnoC ot troperyllaunna dna seef eetnaraug fo yduts gniogno na tcudnoc llahs rotceriD noisivorp oN seeF eetnarauG fo ydutS )463 .ceS( .noitalsigel siht fo etad evitceffe eht fo shtnom 21 nihtiw detelpmoc eb ot si yduts sihT .sesirpretne eht fo noitaerc eht ecnis snoitutitsni dna stekram ecnanif gnisuoh dna laicnanif fo erutcurts eht ni segnahc noitaredisnoc otni gnikat ,ecnanif gnisuoh rof metsys tekram yradnoces tnerruc eht ot sevitanretla fo stekram ecnanif gnisuoh dna laicnanif no stceffe eht fo yduts a tcudnoc llahs ,DUH smetsyS tekraM yradnoceS .noisivorp oN dna ,yrusaerT eht ,evreseR laredeF eht htiw noitatlusnoc ni ,rotceriD ehT evitanretlA fo ydutS )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŖřȬ )3611 .ceS( .dedivorp esiwrehto sselnu ,tnemtcane fo etad ehT )183 .ceS( .tnemtcane morf shtnom xiS etaD evitceffE )7121 .ceS( .segagtrom lanoitidartnon ot detaler secnavda BLHF fo yduts a tcudnoc llahs rotceriD )083 )5121 .ceS( .snaol egagtrom .ceS( .raey eno nihtiw troper eht timbus dna smargorp gnisuoh elbadroffa emoh knab rebmem fo noitazitiruces fo yduts a tcudnoc llahs rotceriD BLHF eht fo yduts a tcudnoc lliw ycnerruC eht fo rellortpmoC ehT seidutS )8121 .ceS( .emocni naidem aera fo %08 woleb ro ta seilimaf fo secnediser yramirp no segagtrom ecnanifer ot ytirohtua nevig era sBLHF .noisivorp oN ytirohtuA gnicnanifeR )873 srebmeM noitutitsnI )1121 .ceS( .noisivorp ralimiS .ceS( .noillib 1$ ot noillim 005$ morf tnemeriuqeR tessA latoT eht sesiaR laicnaniF ytinummoC )773 .ceS( .relaed seitiruces tnemnrevog a ro rekorb seitiruces tnemnrevog a gninifed fo sesoprup eht rof ”seitiruces detpmexe“ sa denifed era kcots latipac BLHF fo serahS .metsys BLHF eht ni snoitcasnart ytrap detaler gnitroper dna ,kcots latipac BLHF ot detaler sreffo rednet ,BLHF eht ni kcots latipac fo pihsrenwo )8021 .ceS( .snoisivorp ralimiS gnidulcni ,snoitaluger gnitroper CES emos morf tpmexe era sBLHF serusolcsiD CES )0121 .ceS( .knab a fo noitadiuqil ro sregrem yratnulov fo tluser a sa 8 naht rewef ot decuder eb yam stcirtsid BLHF fo rebmun ehT )9021 .ceS( .snoitcasnart hcus gninrevog snoitaluger eussi llahs ohw )673 .ceS( .rotceriD regreM yratnuloV http://wikileaks.org/wiki/CRS-RL33940,rotceriD eht fo lavorppa eht htiw sBLHF rehto htiw egrem yam sBLHF AFHF eht fo lavorppa eht htiw sBLHF rehto htiw egrem yam sBLHF dna noitazinagroeR BLHF )573 .ceS( .egelivirp yna eviaw )7021 .ceS( .atad yrateirporp gnidrager snoitatimil ot tcejbus ton seod ytilibail ot tnausrup gnirahs noitamrofnI .ytilibail lareves dna tnioj ,sBLHF gnoma noitamrofni niatrec fo gnirahs etatilicaf llahs rotceriD sti fo tnetxe enimreted ot dedeen noitamrofni ot ssecca evah yam BLHF A gnirahS noitamrofnI )4021 .ceS( .snoisivorp ralimiS )373 .ceS( .draoB ecnaniF eht secalper AFHF ehT ycnegA weN yB thgisrevO )273 .ceS( .delaeper si 0691 ni dah ti srotcerid fo rebmun eht tsael ta evah etats hcae taht noisivorp ehT .dloh yeht sknaB .noisivorp oN kcots BLHF fo tnuoma eht ot noitroporp ni setov evah llahs sknab rebmeM rebmeM fo rewoP gnitoV )273 .ceS( .srotcerid tnerruc ot ylppa ton seod htgnel mret ni egnahc ehT .3/1 naht rehtar raey hcae gnitelpmoc era 4/1 )2021 .ceS( .noisivorp lacitnedI taht os dereggats eb lliw smreT .sraey ruof ot eerht morf desaercni smreT smreT ,srotceriD )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱŗřȬ .SRC yb delipmoC :ecruoS )893-693 .ceS( .seitilicaf dna ,ytreporp ,snoitairporppa detaler fo DUH morf refsnart rof sedivorP .secivres ycnega dna ,ytreporp fo esu ,snoitaluger ,sutats eeyolpme fo ytiunitnoc rof sedivorP )493 .ceS( .ycnega wen eht ot derrefsnart eb ot era snoitcnuf thgisrevo hcus lla ,tnemtcane morf shtnom xiS .sesirpretne eht fo )3311 .ceS( thgisrevo niatniam ot AFHF eht ot refsnart ot seeyolpme hcihw ,tnemtcane DUH ta snoitcnuF detaleR .AFHF ot seeyolpme DUH niatrec fo refsnart rof sedivorP fo shtnom eerht nihtiw ,enimreted ot DUH fo yraterceS eht stceriD -esirpretnE fo noitanimreT )493-883 .ceS( .303-103 snoitceS draoB ecnaniF gnisuoH )4131-1131 .sceS( .snoisivorp ralimiS ot ralimis snoisivorp htiw AFHF ot BFHF morf noitisnart eht rof sedivorP laredeF eht fo tnemhsilobA )3031 .ceS( .smargorp tifeneb ni ytiunitnoc rof sedivorp )783 .ceS( .smargorp tifeneb ni ytiunitnoc rof sedivorp OEHFO morfdna tnemyolpme AFHF ot seeyolpme OEHFO fo refsnart eht snrevoG dna tnemyolpme AFHF ot seeyolpme OEHFO fo refsnart eht snrevoG seeyolpmE fo refsnarT )683 .ceS( http://wikileaks.org/wiki/CRS-RL33940 .ycnega wen eht yb elbaecrofne emoceb dna ,ecrof ni niamer lliw truoc a sredrO dna snoitalugeR )2031 .ceS( .snoisivorp ralimiS ro OEHFO yb edam snoitanimreted dna ,snoituloser ,sredro ,snoitaluger llA fo noitaunitnoC )583 .ceS( .ycnega wen eht ot derrefsnart eb lliw OEHFO tsniaga ssergorp ni snoitca rehto dna )1031 .ceS( .secivres ycnega dna ,ytreporp fo esu ,sutats eeyolpme fo stiuS .secivres ycnega dna ,ytreporp fo esu ,sutats eeyolpme fo ytiunitnocytiunitnoc rof sedivorP .tnemtcane retfa raey eno dehsiloba si OEHFO rof sedivorP .tnemtcane retfa shtnom xis OEHFO fo tnemhsiloba eht steS OEHFO fo tnemhsilobA OEHFO—A eltitbuS thgisrevO esirpretnE gnisuoH laredeF fo eciffO—1 retpahC tnempoleveD nabrU dna gnisuoH fo tnemtrapeD dna ,draoB ecnaniF draoB ecnaniF gnisuoH laredeF eht dna OEHFO gnisuoH laredeF ,thgisrevO esirpretnE gnisuoH laredeF fo eciffO fO ytreporP dna ,lennosreP ,snoitcnuF fo refsnarT—III eltiT fo ytreporP dna ,lennosreP ,snoitcnuF fo refsnarT—C eltitbuS )8002 ,11 yluJ devorppA etaneS( 1223 .R.H 7241 .R.H /)8002 ,8 yaM devorppA esuoH( 1223 .R.H noisivorPȱ
    • ȱœœŽ›—˜ ȱ ŖŗŗȱŽ‘ȱ—’ȱœŽœ’›™›Ž— ȱŽ›˜œ—˜™Ȭ—Ž–—›ŽŸ˜ ȱ˜ȱ—˜’Š•žŽȱŽ‘ȱ—’–›˜Ž ‘ ȱ ž‘˜›ȱ ˜—ŠŒȱ —˜›–Š’˜—ȱ Mark Jickling Edward V. Murphy Specialist in Financial Economics Analyst in Financial Economics mjickling@crs.loc.gov, 7-7784 tmurphy@crs.loc.gov, 7-6201 N. Eric Weiss Specialist in Financial Economics eweiss@crs.loc.gov, 7-6209 Œ”—˜ •Ž–Ž—œȱ Barbara Miles, former Specialist in Financial Institutions, contributed to this report.http://wikileaks.org/wiki/CRS-RL33940 ȱŽŒ’Ÿ›Žȱ‘Œ›ŠŽœŽȱ•Š—˜’œœŽ›—˜ ȱŘř