1HO PRGR )272 TXDQGR VL SUHPH LO WDVWR 0(18 q SRVVLELOH
XWLOL]]DUH L WDVWL l r SHU VFRUUHUH WUD OH IXQ]LRQL GHO PHQX
1HO PRGR 5,352'8=,21( OH YRFL GHO PHQX GLYHUUDQQR DWWLYH RJQL
YROWD FKH VL SUHPRQR L WDVWL l r
0HQX GHO PRGR )272
8WLOL]]DUH L WDVWL
SHU VFRUUHUH
l r
DWWUDYHUVR LO PHQX YHGHUH VRWWR
(OHQFR PHQX
0HQX GHO PRGR 5,352'8=,21(
8WLOL]]DUH L WDVWL
SHU VSRVWDUVL QHO
l r
PHQX
)81=,21( 3,) 3ULQW ,PDJH )UDPHU
/D IXQ]LRQH 3,) 3ULQW ,PDJH )UDPHU FRQVHQWH GL DOOHJDUH XQD FRUQLFH
DOOªLPPDJLQH PHQWUH OªLPPDJLQH YLHQH UHJLVWUDWD » SRVVLELOH TXLQGL XWLOL]]DUH
OD SURFHGXUD GL 67$03$ ',5(77$ SHU VWDPSDUH OD FRUQLFH FRPSRVWD
'(6&5,=,21( GL 35,17 ,PDJH )UDPHU
&RUQLFH
6FDWWR GL XQD IRWR
6RQR DQFKH GLVSRQLELOL GHOOH
FRUQLFL YHUWLFDOL /D FRUQLFH
PRVWUDWD FRVWLWXLVFH
HVFOXVLYDPHQWH XQ HVHPSLR
Ë SRVVLELOH FDULFDUH
FRQWHPSRUDQHDPHQWH QHOOD
PHPRULD GHOOD IRWRFDPHUD XQ
PDVVLPR GL GLYHUVH FRUQLFL
/D IRWRFDPHUD YLHQH IRUQLWD
FRQ FRUQLFH JLj FDULFDWD LQ
PHPRULD /D VFKHGD GL
PHPRULD 6' LQ GRWD]LRQH
LQFOXGH GLYHUVH FRUQLFL
$OWUH FRUQLFL GLVSRQLELOL VRQR
',61(<
VLWXDWH QHO &' LQ GRWD]LRQH R
QHO VLWR :HE (3621
68**(5,0(172
4XDQGR VL XWLOL]]D LO PRGR 3,) XQD OLQHD YHUGH YHUUj YLVXDOL]]DWD VXO GLVSOD\ /&' 4XDQGR
VL VFDWWD OD IRWR DVVLFXUDUVL FKH OD OLQHD YHUGH JLXQJD DOOD SDUWH VXSHULRUH GHOOD FRUQLFH
1RWD
5HJLVWUD]LRQH H VWDPSD 3,)
1HO PRGR 3,) VDUj SRVVLELOH XWLOL]]DUH OH FRUQLFL 3,) SUHFHGHQWHPHQWH FDULFDWH QHOOD
IRWRFDPHUD 6HOH]LRQDUH XQD FRUQLFH H VFDWWDUH XQD IRWR /D IRWR YHUUj VWDPSDWD QHOOD FRUQLFH
GXUDQWH OD 67$03$ ',5(77$ Ë SRVVLELOH GHFLGHUH GL FDPELDUH FRUQLFH SULPD GL VWDPSDUH
4XDQGR VL FRSLD XQ·LPPDJLQH DFTXLVLWD FRQ LO PRGR 3,) VX XQ FRPSXWHU LO
FROOHJDPHQWR LQWHUFRUUHQWH WUD O·LPPDJLQH H OD FRUQLFH YHUUj SHUVR
)81=,21, $9$1=$7(
,PPDJLQH ILQDOH
FRPSRVWD FRQ FRUQLFH 3,)
',61(<
7UDWWR GD ´:LQQLH WKH 3RRKµ GL $ $ 0LQH HG ( +
6KHSDUG
',61(<
7UDWWR GD ´:LQQLH WKH 3RRKµ GL $ $ 0LQH HG ( +
6KHSDUG
/D FRUQLFH 3,) QRQ q
UHJLVWUDWD VXOO·LPPDJLQH
RULJLQDOH EHQVu FROOHJDWD DG
HVVD &RUQLFH H LPPDJLQH
YHQJRQR XQLWH LQ IDVH GL
VWDPSD