SEPTEMBER 2010 SEPTEMBER 30,2010 GLOBAL BANKING RATING METHODOLOGY ┠ḟ: ᴫせ 1 䝉䜽䝍䞊ศᯒ 2 ศᯒ䛾ᯟ⤌䜏 2 9 Appendix B 10 Appendix C 11 ᮾி ᴫせ ᮏ✏䛷䛿䚸䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛚䜘䜃䛭䛾മົ䛾᱁䛷䝮䞊䝕䜱䞊䝈䛜⏝䛔䜛ᡭἲ䜢ゎ ㄝ䛩䜛䚹䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊ᴗ⏺䛿ᗈ䛟䚸䝮䞊䝕䜱䞊䝈䛿ྠᴗ⏺䛾ᵝ䚻䛺䝃䝤䞉䝉䜽䝍䞊 䛾 60 ௨ୖ䛾ᴗ䛻᱁䜢䛧䛶䛔䜛䚹䛭䛾୰䛻䛿䚸⮬ື㌴䝣䜯䜲䝘䞁䝇䚸ၟᴗ䝣䜯䜲䝘䞁䝇䚸 ᾘ㈝⪅䝣䜯䜲䝘䞁䝇䚸䜽䝺䝆䝑䝖䞉䜹䞊䝗䞉䝣䜯䜲䝘䞁䝇䛺䛹䛾ᴗ䛜䛒䜚䚸䜎䛯䝃䝤䝥䝷䜲䝮䛾䝩 䞊䝮䞉䜶䜽䜲䝔䜱䞉䝻䞊䞁䜔⮬ື㌴䝻䞊䞁䜢䛻ᥦ౪䛩䜛ᑓ㛛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䜒䛒䜛䚹 O M UT ET DA H T O ED DO LO G 䝁䞁䝍䜽䝖: Analyzing The Credit Risks of Finance Companies Rating Methodology Y Appendix A ᱁ᡭἲ䡚䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 䛾ಙ⏝䝸䝇䜽ศᯒ 03.5408.4100 ஂಖ⏣ ✨ 03.5408.4149 䝬䝛䞊䝆䞁䜾䞉䝕䜱䝺䜽䝍䞊 minoru.kubota@moodys.com 䛣䛾䝉䜽䝍䞊䛻ᒓ䛩䜛ᴗ䛿බເᕷሙ䛷 7000 ൨䝗䝹䜢㉺䛘䜛മົṧ㧗䜢᭷䛧䛶䛚䜚䚸ᢞ㈨ᐙ 䛻䛸䛳䛶ᴟ䜑䛶㔜せ䛺⏘ᴗศ㔝䛻⨨䛡䜙䜜䜛䚹㈨⏘ᢸಖドๆ䠄ABS䠅䜢Ⓨ⾜䛧䛶䛔䜛ᴗ 䜒ከ䛔䚹ణ䛧䚸ABS 䛾᱁䛸Ⓨ⾜య䛾᱁䛻䛘䜛䛻䛴䛔䛶䛿ู䛾䝺䝫䞊䝖䛻ᶵ䜢ㆡ䜛䛣䛸 䛸䛩䜛䚹 䝮䞊䝕䜱䞊䝈䛜᱁䜢䛧䛶䛔䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛿௨ୗ䛾䝃䝤䝉䜽䝍䞊䜢ྵ䜐䚹 » ⮬ື㌴䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 ⮬ື㌴䝣䜯䜲䝘䞁䝇䛚䜘䜃䝸䞊䝇䛻≉䛧䛯䝯䞊䜹䞊⣔䛚䜘䜃㠀䝯䞊䜹䞊⣔䛾䝣䜯䜲䝘䞁䝇䞉 䜹䞁䝟䝙䞊 » ၟᴗ䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 䛸䛧䛶ၟᴗྥ䛡䛻㔠⼥䝃䞊䝡䝇䜢ᥦ౪䛩䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 » ᾘ㈝⪅䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 ᵝ䚻䛺䜾䝹䞊䝥䛾ᾘ㈝⪅䜢䛯䜛ᑐ㇟䛸䛧䛶㔠⼥ᶵ⬟䜢ᥦ౪䛩䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 » 䜽䝺䝆䝑䝖䞉䜹䞊䝗䞉䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 䜽䝺䝆䝑䝖䞉䜹䞊䝗䜢ᅾ䛧䛯ᾘ㈝⪅䜽䝺䝆䝑䝖䜢ᥦ౪䛩䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 » 䝃䝤䝥䝷䜲䝮䞉䝩䞊䝮䞉䜶䜽䜲䝔䜱䞉䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 ಙ⏝ᒚṔ䛻⍗⑅䛾䛒䜛ᾘ㈝⪅䛻䝩䞊䝮䞉䜶䜽䜲䝔䜱䞉䝻䞊䞁䜢ᥦ౪䛩䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 » 䝃䝤䝥䝷䜲䝮䞉⮬ື㌴䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 ಙ⏝ᒚṔ䛻⍗⑅䛾䛒䜛ᾘ㈝⪅䛻⮬ື㌴䝻䞊䞁䜢ᥦ౪䛩䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊 䛣䛾᱁ᡭἲ䛿䚸⌧⾜䛾䜒䛾䛷䛿䛺䛔䚹䝮䞊䝕䜱䞊䝈䞉䝆䝱䝟䞁䛜⌧ᅾ⏝䛧 䛶䛔䜛᱁ᡭἲ䛿䚸ᘢ♫䜴䜵䝤䝃䜲䝖䜢ཧ↷䛾䛣䛸䚹 䝮䞊䝕䜱䞊䝈䞉䝆䝱䝟䞁ᰴᘧ♫㻌 GLOBAL BANKING 䝉䜽䝍䞊ศᯒ ᮏ✏䛷䛿䚸䝣䜯䜲䝘䞁䝇ᴗ⏺䛾䛒䜙䜖䜛䝃䝤䝉䜽䝍䞊䛾ᴗ䛻ඹ㏻䛩䜛㆟ㄽ䜢ྲྀ䜚ୖ䛢䛯䚹≉ᐃ䛾䝃䝤䝉䜽䝍 䞊䜢ศᯒ䛩䜛ሙྜ䛻䛿䚸䛣䜜䜙䛻᭦䛻䝒䞊䝹䛜ຍ䜟䜛䛣䛸䛸䛺䜛䚹ྍ⬟䛸⪃䛘䜛⠊ᅖ䛷䚸䛣䜜䜙䛾䝒䞊䝹䜔䛭 䜜䜙䛜ᐃ㔞䛧䜘䛖䛸䛩䜛䝸䝇䜽䛻䛴䛔䛶䜒䛸䜚䛒䛢䛯䚹 䝮䞊䝕䜱䞊䝈䛾ศᯒᡭἲ䛿䚸᱁ᑐ㇟ᴗ䛾ಙ⏝ຊ䛾ศᯒ䛻Ỵᐃⓗព䜢ᣢ䛴ᐃᛶⓗせᅉ䛾ศᯒ䛸䚸ᗈ ⠊䛺ᐃ㔞ⓗศᯒ䜢⤫ྜ䛩䜛䜒䛾䛷䛒䜛䚹ᴗ䛾ಙ⏝ຊ䛻䛴䛔䛶䝮䞊䝕䜱䞊䝈䛜ぢゎ䜢♧䛩䛻ᙜ䛯䛳䛶䛿䚸┠ 䛻ぢ䛘䛺䛔ᐃᛶⓗ䛺ᒓᛶ䛾ศᯒ䜒㔜せ䛺ᙺ䜢ᯝ䛯䛩䚹 ศᯒ䛾ᯟ⤌䜏 O M UT ET DA H T O ED DO LO G Y 䝮䞊䝕䜱䞊䝈䛻䜘䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾᱁䛾ᡭἲ Ⴀᴗᇶ┙䛾ᙉ䛥䠉㛗ᮇⓗ䛻ᡂຌ䜢䜑䜛䛯䜑䛾᮲௳ 䛂Ⴀᴗᇶ┙䛾ᙉ䛥䛃䛸䛿䚸䛭䛾ᴗ䛜䚸⮬䜙䛾➇தຊ䛻ᇶ䛵䛔䛶䚸ணぢ䛧ᚓ䜛㝈䜚䛾ᑗ᮶䛻䛚䛔䛶䚸ᢞୗ㈨ᮏ 䛛䜙䝸䝇䜽ㄪᩚᚋ䛾┈䜢⏕䜏ฟ䛩⬟ຊ䛸ᐃ⩏䛷䛝䜛䚹ᴗᏑ⥆䛾䛯䜑䛻Ⴀᴗᇶ┙䛿Ḟ䛛䛫䛺䛔䜒䛾䛷䛒䜚䚸 䜒䛳䛸䜒ᇶᮏⓗ䛺ಙ⏝ศᯒ㡯┠䛸䛺䜛䚹䝮䞊䝕䜱䞊䝈䛜ᴗ䛾Ⴀᴗᇶ┙䜢ศᯒ䛩䜛㝿䛻䛿䚸䛭䛾ᴗ䛾᭷䛩 䜛ᕷሙయ䛸䚸䛭䛣䛻䛚䛡䜛ᴗ䛾ᆅ䜢⪃䛘䜛䚹 Ⴀᴗᇶ┙䜢ᨭ䛘䛶䛔䜛せᅉ䛿ᴗẖ䛻␗䛺䜛䚹䛻䛿䛺䛔⊂⮬䛾౯್䜢䜒䛳䛯ၟရ䜢ᥦ౪䛩䜛ᴗ⪅䜒䛒 䜜䜀䠄䛭䜜䛰䛡┈䜒䛝䛔䠅䚸䛹䛱䜙䛛䛸䛔䛖䛸䝁䝰䝕䜱䝔䜱ᆺ䛾㔠⼥ၟရ䜢ᥦ౪䛩䜛ᴗ⪅䜒䛒䜛䚹ᚋ⪅䛾 ᴗ䛿ప䝁䝇䝖䛾㔠⼥䝃䞊䝡䝇ᥦ౪⪅䛸䛧䛶䚸♫䛻㈇䛡䛺䛔ᴗຠ⋡䜢Ⓨ䛧䛺䛡䜜䜀䛺䜙䛺䛔䚹䛹䛱䜙䛾 䝰䝕䝹䜒䚸Ⴀᴗᇶ┙䜢ᨭ䛘䜛䛣䛸䛜䛷䛝䚸ᐇ㝿䛻ᨭ䛘䛶䛔䜛䚹䜎䛯䚸୧䝰䝕䝹䛾せ⣲䜢䛴䛸䜒ഛ䛘䛶䛔䜛 ᴗ䛜䛒䛳䛶䜒ᛮ㆟䛿䛺䛔䚹Ⴀᴗᇶ┙䜢ᵓᡂ䛩䜛䛾䛿ᵝ䚻䛺ഃ㠃䛾➇தຊ䛾⤖ྜ䛷䛒䜚䚸ලయⓗ䛻䛿䚸(1) 䜸䝸䝆䝛䞊䝅䝵䞁⬟ຊ䚸(2)䝸䝇䜽ᘬཷ䞉⟶⌮䛾䝇䜻䝹䛸⮬ᕫつᚊ䚸(3)䝃䞊䝡䝅䞁䜾⬟ຊ䚸(4)㈨㔠ㄪ㐩ຊ䛺䛹䚸 ᵝ䚻䛺ᙧ䜢ྲྀ䜛䚹䝬䞊䜿䝑䝖䞉䝅䜵䜰䚸ᴗ⏺䜈䛾ཧධ㞀ቨ䚸⯡ⓗ䛺➇த⎔ቃ䜒⪃៖䛥䜜䜛䚹 Ⴀᴗᇶ┙䜢ᙉ䛧䛖䜛䛾せᅉ䛸䛧䛶ከゅ䛜䛒䜛䚹ከゅ䛻䜘䛳䛶ᴗ䛾㈨⏘䛾㉁䚸┈䚸䜻䝱䝑䝅䝳䞉䝣䝻 䞊䛾䝪䝷䝔䜱䝸䝔䜱䜢ᑠ䛥䛟䛩䜛䛣䛸䛜䛷䛝䜛䚹䛧䛛䛧䚸Ⴀᴗᇶ┙䜢ᙉ䛩䜛䛸䛔䛖ព䛷䛿䚸ከゅ䛿䜎䛪ᡓ␎ ⓗ䛻↔Ⅼ䛾ᐃ䜎䛳䛯䜒䛾䛷䛺䛡䜜䜀䛺䜙䛪䚸ᴗ䛜᪤䛻᭷䛩䜛➇தຊ䛛䜙ὴ⏕䛧䛯䛛䚸䛭䜜䛸⿵㛵ಀ䛻䛒 䜛ᚲせ䛜䛒䜛䛣䛸䛻␃ព䛩䜛ᚲせ䛜䛒䜛䚹ከゅ䛿മົ㏉῭⬟ຊ䛾☜ᐇᛶ䜢ቑ䛥䛫䜛せᅉ䛸䛧䛶䚸Ⴀᴗᇶ ┙䛾ᙉ䛥䜢ホ౯䛩䜛ୖ䛷䛾㔜せ䛺⪃៖㡯䛷䛒䜛䚹 䝮䞊䝕䜱䞊䝈䛜㧗䛔᱁䜢䛩䜛ᴗ䛿୍⯡䛻䚸ୖ㏙䛾ㅖⅬ䛾ෆ䚸୍䛴䛺䛔䛧」ᩘ䛾Ⅼ䛷䚸⊂⮬䛾ᙉ䜏 䛛䚸䛒䜛䛔䛿ᴟ䜑䛶㧗䛔⬟ຊ䜢ᣢ䛳䛶䛔䜛䛾䛜ᬑ㏻䛷䛒䜛䚹䝮䞊䝕䜱䞊䝈䛿䚸ᴗ䛾≉ᐃ䛾ᙉ䜏䛜᫂☜䛻䛺 䛳䛯䜙䚸䛭䛾➇தୖ䛾ᙉ䜏䜢ᚋ䜒㜵⾨䞉⥔ᣢ䛧䛶䛔䛡䜛䛛䛹䛖䛛䜢ศᯒ䛩䜛䚹䛭䜜䛜ྍ⬟䛷䛒䜜䜀䚸䛭䛾 ᴗ䛿Ⴀᴗᇶ┙䛾ᙉ䜏䛻ᇶ䛵䛔䛶ᚋ䜒㛗ᮇⓗ䛻䚸Ᏻᐃⓗ䛺┈䛸䜻䝱䝑䝅䝳䞉䝣䝻䞊䜢⏕䜏ฟ䛩䛣䛸䛜䛷䛝䜛 䛸ᐃ䛥䜜䚸മᶒ⪅䛾┈䛸䛺䜛䚹 2 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING 䛣䜜䜎䛷䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䜢ᕪู䛧䛶䛝䛯䛾䛿䚸㈨㔠ㄪ㐩ຊ䛷䛒䜚⮬ᕫ㈨ᮏ䛷䛒䛳䛯䚹ABS䠄㈨⏘ᢸ ಖドๆ䠅ᕷሙ䛜Ⓩሙ䛧䚸ᚎ䚻䛻ᡂ⇍䛩䜛䛻క䛔䚸㈨㔠ㄪ㐩䜔⮬ᕫ㈨ᮏ䛾㠃䛷ྠ䛨ᅵಥ䛜⏝ព䛥䜜䜛䜘䛖䛻䛺 䛳䛶䛝䛶䛔䜛䚹 䝁䞊䝫䝺䞊䝖䞉䜺䝞䝘䞁䝇䡚ᑟᶒ䜢ᥱ䜛䛾䛿ㄡ䛛䚸ᐖ㛵ಀ⪅䛾┈䛿ᆒ⾮䛧䛶䛔䜛䛛䠛 ⤒Ⴀ㝕䛿䚸䛻ᐖ䛜䛩䜛㛵ಀ⪅䛻ᑐᢠ䛧䛺䛡䜜䜀䛺䜙䛺䛔䚹䝁䞊䝫䝺䞊䝖䞉䜺䝞䝘䞁䝇䛸⤒Ⴀ䛾㉁䛾ศ ᯒ䛷䝮䞊䝕䜱䞊䝈䛜᳨ウ䛩䜛䛾䛿䚸䛔䛛䛻ᕦ䜏䛻ᑐ❧䛩䜛ᐖ䛾䝞䝷䞁䝇䜢ᅗ䛳䛶䛔䜛䛛䚸┈䛾ඃඛ㡰 䛻ఱ䜙䛛䛾ኚື䛜䛺䛛䛳䛯䛛䛸䛔䛖Ⅼ䛷䛒䜛䚹䛣䜜䛿䚸ಙ⏝ศᯒᡭἲ䛾୰䛷䜒୍␒ዟ䛜῝䛟䚸ᚑ䛳䛶ㄽ㆟䛜ከ 䛔ศ㔝䛾୍䛴䛷䛒䜛䚹ᴗᡓ␎䜔ィ᪉㔪䛜ᚤጁ䛻ኚ᭦䛥䜜䛯ሙྜ䛻䛭䜜䛸䛺䛟ᐹ▱䛧䚸⤒Ⴀ㝕䛜タ䛡䛯 ᢞ㈨ᐙ䜔മๆ䚸ᰴᘧ䜰䝘䝸䝇䝖䛸䛾㆟ㄽ䛾ሙ䛷ᡭ䛜䛛䜚䜢ᚓ䜛䚹 䜎䛯䝮䞊䝕䜱䞊䝈䛿䚸⤒Ⴀ㝕䛾䝸䝇䜽㑅ዲᗘྜ䛔䜒᳨ウ䛩䜛䚹ᰴ䛾ᮇᚅ䛻ἢ䛚䛖䛸ᛮ䛳䛯䚸䝸䝇䜽㑅ዲ䛜 ኚ䛩䜛䛣䛸䛜䛒䜛䚹ᡂ㛗䜔㧗䛔ᅇ䜚䜢ồ䜑䛶䚸ಙ⏝䛾ຎ䜛㢳ᐈᒙ䛻ྥ䛛䛖䚸ෆ㒊ᡂ㛗䜢⿵ᙉ䛩䜛䛯䜑 ᴗ䛒䜛䛔䛿㈨⏘䜢㈙䛔ྲྀ䜛䚸ᆅᇦᣐⅬ䜢ᣑᙇ䛩䜛䛺䛹䚸ᵝ䚻䛺ᙧ䜢ྲྀ䛳䛶䝸䝇䜽㑅ዲ䛿㧗䜎䜛䚹⤒Ⴀ㝕䛿 ♫䛾㈨ᮏᵓ㐀䜢᰿ᮏⓗ䛻ኚ䛘䜛䛺䛹䛾Ỵᐃ䜢ୗ䛧䚸മᶒ⪅䛛䜙ぢ䛯䝸䝇䜽ෆᐜ䜢ኚ䛥䛫䜛䛣䛸䜒䛒䜛䚹 ྲྀ⥾ᙺ䛾ᵓᡂ䜒㔜せ䛺⪃៖㡯䛸䛺䜛䚹ྲྀ⥾ᙺ䛾⊂❧ᛶ䛿䚸䛭䛾ᵓᡂ䛸㐣ཤ䛾⾜Ⅽ䠄䛒䜛䛔䛿సⅭ䠅 䛷ศ䛛䜛䚹ᙺဨሗ㓘య⣔䜒ᐖ㛵ಀ⪅㛫䛾⣮த䛾ྍ⬟ᛶ䜢᥈䜛ୖ䛷㔜せ䛺ᡭẁ䛸䛺䜛䛣䛸䛜ศ䛛䛳䛶䛔䜛䚹 O M UT ET DA H T O ED DO LO G Y Ⓨ⾜యᴗ䛾ᰴᵓᡂ䜒⪃៖㡯䛾୍䛴䛸䛺䜛䚹ᖖ䛻ᰴ䛸䛾⣮தᅽຊ䛻䛥䜙䛥䜜䛶䛔䜛Ⅼ䛷䛿䚸䝣䜯䜲䝘 䞁䝇䞉䜹䞁䝟䝙䞊䛜බ㛤♫䛷䛒䜝䛖䛸㠀බ㛤♫䛷䛒䜝䛖䛸ྠ䛨䛷䛒䜛䚹㠀බ㛤ᴗ䛻䛴䛔䛶䝮䞊䝕䜱䞊䝈 䛜⪃៖䛩䜛䛾䛿䚸䛭䛾ᴗ䛜⣧⢋䛻⊂❧䛧䛯ᴗ䛛䚸ぶ♫〇ရ䛾㈍㔠⼥䛾䛯䜑䛾㛵ಀ♫䛛䚸䛒䜛䛔 䛿ᴗ䛾ཝᐦ䛺ព䛷䛾ᴗ㒊㛛䛸䛧䛶䛾䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䠄Ꮚ♫䠅䛛䛾༊ู䛷䛒䜛䚹 Ꮚ♫䛻䛴䛔䛶䛿䚸ಖド䚸ᨭዎ⣙䚸ᣦᑟᛕ᭩䚸ᬯ㯲䛾ᨭ䛺䛹ᵝ䚻䛺ᙧ䛾ぶ♫ᨭ䛻䛴䛔䛶䚸䛭䛾᫂ ♧ᛶ䚸ᨭᗘྜ䛔䚸⥅⥆ᮇ㛫䛺䛹䛜ศᯒ䛥䜜䜛䚹Ⓨ⾜య䜢ྵ䜐Ꮚ♫䛾⤒Ⴀ䛜ᅽ㏕䛥䜜䛯䛸䛝䛻ぶ♫䛿䛣 䜜䜎䛷䛹䜣䛺ᑐ⟇䜢䛸䛳䛯䛛䠄䛒䜛䛔䛿ྲྀ䜙䛺䛛䛳䛯䛛䠅䚸䛭䛾⤒⦋䜢ㄪ䜉䜛䚹ぶ♫䛾᱁䛜䝣䜯䜲䝘䞁䝇䞉䜹 䞁䝟䝙䞊Ꮚ♫䜘䜚ప䛔ሙྜ䚸䛭䛾ぶ♫䛾Ꮡᅾ䛜Ꮚ♫䛾ಙ⏝ຊ䜢ẋᦆ䛩䜛ྍ⬟ᛶ䜒᱁䛻⧊䜚㎸䜎䜜 䜛䚹 ㈨㔠ㄪ㐩ຊ䛸ὶືᛶ䠖ᚲせ䛺䛻ᡭඖ䛻䛒䜛䛛䠛 ᴗែୖ䚸㈨㔠䠄⌧㔠䠅䛿䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ཎᮦᩱ䛷䛒䜚䚸ᚲせ䛺䛸䛝䛻䛔䛴䛷䜒മๆᕷሙ䛷ㄪ㐩䛷䛝 䜛䛣䛸䛜ᴗົ㐠Ⴀୖ䛾せ௳䛸䛺䜛䚹䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ᴗົ䛜䚸ᆒ⾮䛾ྲྀ䜜䛯䚸ከゅ䛧䛯㈨㔠ㄪ㐩 ᡓ␎䛜ᚲせ䛸䛧䛶䛔䜛䛣䛸䛿䚸ᕷሙ䛾㇟䛜⧞䜚㏉䛧ド᫂䛧䛶䛝䛶䛔䜛䚹䛭䛾♫ᅛ᭷䛾䜔ᕷሙ䛾㇟ 䛷✺↛ὶືᛶ༴ᶵ䛜Ⓨ⏕䛧䛯ሙྜ䚸ᴟ䜑䛶యຊ䛻ඃ䜜䛯♫䛷䛒䛳䛶䜒䚸⤒Ⴀ䛻῝้䛺ᙳ㡪䛜ཬ䜆䛣䛸䛜 䛒䜛䚹㈨㔠ㄪ㐩䝸䝇䜽䛸ὶືᛶ䝸䝇䜽䛾ホ౯䛷䛿䚸䝮䞊䝕䜱䞊䝈䛿䚸ᴗ䛾㈨⏘ෆᐜ䛸䚸ドๆ䜒㏻䛨䛯㈨㔠ㄪ 㐩⬟ຊ䛛䜙䚸⏝ྍ⬟䛺ὶືᛶ䜢 ᐃ䛩䜛䚹ཷྲྀമᶒ䛾ᅇ㌿⋡䛜㧗䛟䚸㉁䛜ඃⰋ䛷䛒䜜䜀䚸㈨⏘䛾ὶືᛶ 䛿㧗䜎䜛䚹 䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛿㏻ᖖ䚸മᶒ䛾ᮇ᪥ᅇ䛛䜙䛒䛜䜛㈨㔠䜢ධ㔠䛾㏉῭䛻ᅇ䛥䛪䚸᪂つ䝡䝆䝛䝇䛾 ㈨㔠䛻䛶䜛䚹䝬䜽䝻⎔ቃ䛸䛭䛾ᴗ≉᭷䛾ኚ䛻↷䜙䛧䛶䚸㈨㔠ㄪ㐩䛾ෆᐜ䛸䚸㈨㔠䛚䜘䜃௦᭰ὶືᛶ䛾 ㄪ㐩ඛ䛾Ᏻᐃᛶ䛿䚸ᖖ䛻ぢ┤䛥䜜䜛䚹ᴗ䛾ಙ⏝ຊ䛾ホ౯䛷䛿䚸㈨㔠ㄪ㐩ඛ䛾ศᩓ䚸౪⤥㔞䚸Ᏻᐃᛶ䜢㔜 Ⅼⓗ䛻᳨ウ䛩䜛䚹▷ᮇ䞉㛗ᮇู䚸ᅛᐃ㔠䞉ኚື㔠ู䛾മົᵓᡂ䛻䛿䚸ᴗ䛾ಙ⏝䝫䞊䝖䝣䜷䝸䜸䛾‶ᮇ ᵓ㐀䞉㔠ᵓ㐀䛜ᫎ䛥䜜䛶䛔䛺䛡䜜䜀䛺䜙䛺䛔䚹 ᴗ䛾ὶືᛶ䛾䝁䜰㒊ศ䛿䚸㏉῭ᮇ᪥䛜฿᮶䛧䛯മົ䜢䜚᭰䛘䚸ᚲせ䛻ᛂ䛨᪂つ㈨㔠䜢ㄪ㐩䛷䛝䜛⬟ຊ 䛛䜙⏕䜏ฟ䛥䜜䜛䚹䛭䛾䛯䜑䚸ᴗ䛿ᕷሙ䛾ಙㄆ䛸ᢞ㈨ᐙᚰ⌮䛻ᩄឤ䛻䛺䜙䛦䜛䜢ᚓ䛺䛔䚹䝮䞊䝕䜱䞊䝈䛿䚸 ཝ᱁䛺ᡭἲ䜢⏝䛔䛶䚸ᴗ䛜ᕷሙ䛾㇟䛻ᰂ㌾䛻ᑐฎ䛩䜛⬟ຊ䛸䚸⤒Ⴀ䛜ᅽ㏕䛥䜜䛯ᮇ䛻᪂つ㈨㔠㟂せ 䜢⮫ⓗ䚸Ọ⥆ⓗ䛻㈥䛖⬟ຊ䜢ホ౯䛩䜛䚹 䝮䞊䝕䜱䞊䝈䛷䛿䚸䝁䝬䞊䝅䝱䝹䞉䝨䞊䝟䞊䛿༢䛻▷ᮇ䛾⌧㔠ㄪ㐩ᡭẁ䛾୍䛴䛻㐣䛞䛪䚸㖟⾜䛾⼥㈨ᯟ䛿 ༢䛺䜛₯ᅾⓗ䛺⌧㔠ㄪ㐩※䛾䜂䛸䛴䛻㐣䛞䛺䛔䛸䜏䛺䛩䚹䝮䞊䝕䜱䞊䝈䛿䚸ᴗ䛜⏝ព䛧䛶䛔䜛⥭ᛴ䛾㈨ 㔠ㄪ㐩ᡭẁ䜢䛂ὶືᛶ䝸䝇䜽ಖ㝤䛃䛸䜣䛷䛔䜛䚹 ᴗ䛾ὶືᛶ䝸䝇䜽ಖ㝤䛾ホ౯䛷䛿䚸䝮䞊䝕䜱䞊䝈䛿Ⓨ⾜య䛻ᑐ䛩䜛ㄳồᶒ䛾䛶䜢ᗈ䛟ᤕᤊ䛧䚸䛶䛾▷ ᮇⓗ䛺㈨㔠ㄪ㐩※䛸ẚ㍑䛩䜛䚹 3 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING ㈨㔠ㄪ㐩※䛻䛴䛔䛶䛿䚸㉁䚸ศᩓ䚸༶ᛶ䜢᳨ウ䛩䜛䚹༶ᛶ䛿≉䛻㔜せ䛺せᅉ䛷䛒䜛䚹Ⓨ⾜య䛾ᡭඖ⌧ 㔠䛾ホ౯䛷䛿䚸䝮䞊䝕䜱䞊䝈䛿ᅜእ䛛䜙䛾㈨㔠ൾ㑏䜔䚸Ⅽ᭰䚸⛯ไୖ䛾ၥ㢟䜢᳨ウ䛩䜛䚹ὶືᛶ䛾㧗䛔㈨ ⏘䛻㛵䛧䛶䛿䚸⌧㔠䛾ணᮇ䚸⤒Ⴀ䛜ᝏ䛧䛯ែ䛻䛚䛡䜛Ύ⟬౯್䜢᳨ウ䛩䜛䚹 Ⓨ⾜య䛜ᣢ䛴㖟⾜䛾⼥㈨ᯟ䛾ホ౯䛷䛿䚸ᐃ㔞ⓗせᅉ䛸䛸䜒䛻䚸ᐃᛶⓗせᅉ䜒⪃៖䛩䜛䚹䛭䛾ព䛷䚸㈚䛧ᡭ 䛜㈨㔠ᣐฟ䜢ᣄྰ䛷䛝䜛᰿ᣐ䛸䛺䜛つᐃ䛿㔜せ䛺せᅉ䛸䛺䜛䚹㈈ົไ㝈᮲㡯䚸㔜䛺ែ䛾ኚ᭦䛻䛛䛛䜟䜛 ᮲㡯䚸⼥㈨ᯟ䛾‶᪥䚸ዎ⣙᭦ᨵᡭ⥆䛝䛺䛹䛜䛭䛾䜘䛖䛺つᐃ䛻ྵ䜎䜜䜛䚹䛥䜙䛻䚸㈨㔠䛜䝗䝻䞊䝎䜴䞁䛥䜜 䜛ᕷሙ䜔䝗䝻䞊䝎䜴䞁䛾⤌䜏䛺䛹䜒⪃៖䛥䜜䜛䚹䛯䛸䛘䜀䚸䝴䞊䝻 CP 䝥䝻䜾䝷䝮䜢ᢪ䛘䜛Ⓨ⾜య䛿䚸‶ᮇ䛜 ฿᮶䛩䜛䝁䝬䞊䝅䝱䝹䞉䝨䞊䝟䞊䜢ൾ㑏䛩䜛䛯䜑䛻䝻䞁䝗䞁䛷䜻䝱䝑䝅䝳䜢ㄪ㐩䛩䜛ᚲせ䛜䛒䜛䚹ᕪ䜔ఇ᪥ 䛾㐪䛔䜒⪃៖䛻ධ䜜䜛䚹䛣䜜䜙䛾ၥ㢟䛿㏻ᖖ䛴䛺䛞ಙ⏝ᯟ䜢ά⏝䛩䜛䛣䛸䛷ゎỴ䛥䜜䜛䚹 䝮䞊䝕䜱䞊䝈䛾ศᯒ䛿䚸⌧㔠䛸㖟⾜䛾⼥㈨ᯟ䛻䛸䛹䜎䜙䛪䚸⌧㔠ᨭᡶ䛔䛜ᚲせ䛸䛺䜛㔠㢠䛾ぢ㏻䛧䛿䜒䛱䜝 䜣䚸䜻䝱䝑䝅䝳䛾ὶฟ䛸ὶධ䛾⥲㢠䛻䛴䛔䛶ᖜᗈ䛟ศᯒ䜢⾜䛖䚹䛣䛾ศᯒ䛻䛿䚸㈇മ䛾‶ᮇᵓ㐀䚸䛭䛾䛾㔠 ⼥മົ䛾ᨭᡶ䛔ᮇ᪥䚸അⓎമົ䛾ศᯒ䛜ྵ䜎䜜䜛䚹䜸䝣䝞䝷䞁䝇䛾മົ䚸ドᣐ㔠ᕪ䛧ධ䜜䚸྾ྜే䛻క䛖 മົ┦ẅ䛺䛹䛾ศᯒ䛜ᚲせ䛻䛺䜛ሙྜ䜒䛒䜛䚹 ㈨㔠ㄪ㐩ඛ䛾ホ౯䛷䛿䚸䜻䝱䝑䝅䝳䞉䝣䝻䞊䛾☜ᐇᛶ䛸Ᏻᐃᛶ䛜᳨ウ䛥䜜䜛䚹ලయⓗ䛻䛿䚸᪂つዎ⣙㔞䛾ᢚ ไ䛺䛹㈨㔠⏝䜢ᰂ㌾䛻ㄪᩚ䛷䛝䜛䛛䚸㈨⏘䜢ὶື䛷䛝䜛䛛䚸㈨ᮏᕷሙ䜈䛾䜰䜽䝉䝇䛜ไ㝈䜢ཷ䛡䜔䛩䛔 䛛䛹䛖䛛䛺䛹䛷䛒䜛䚹ᴗ䛜᪂つዎ⣙㧗䜢ㄪᩚ䛩䜛ሙྜ䚸䛭䛾䜘䛖䛺ື䛝䛜㛗ᮇⓗ䛻Ⴀᴗᇶ┙䛾⥔ᣢ䛸㜵⾨ 䛻䛘䜛ᙳ㡪ᗘ䜢⪃៖䛩䜛䚹 Y ㈨㔠※䛸䛧䛶䛾ドๆ䛾ศᯒ䛷䛿䚸Ⓨ⾜య䛾䛥䜎䛦䜎䛺㈨⏘䜽䝷䝇䛾ドๆᕷሙ䛾ᡂ⇍ᗘ䛸῝䛥䚸Ⓨ⾜య䛾 ドๆᐇ⦼䛻ຍ䛘䚸ᚲせ䛺䛸䛝䛻ᙜヱᕷሙ䛻┤䛠䛻䜰䜽䝉䝇䛷䛝䜛䛛䛹䛖䛛䜢᳨ウ䛩䜛䚹 O M UT ET DA H T O ED DO LO G 䝮䞊䝕䜱䞊䝈䛾ὶືᛶಖ㝤ศᯒ䛿䚸」ᩘ䛾䝅䝘䝸䜸䛻䜘䜛⤒Ⴀᝏ䛾ែ䛾ᐃ䛛䜙ጞ䜎䜛䚹⤒Ⴀᝏ䛾㐍 ᒎ䛻ᛂ䛨䛶䚸Ⓨ⾜య䛜䛹䜜䛰䛡䜻䝱䝑䝅䝳䞉䝣䝻䞊䞉䝙䞊䝈䜢㈥䛘䜛䛛䜢ุᐃ䛩䜛䚹₯ᅾⓗ䛻ᴗ䛜┤㠃䛩䜛 ྍ⬟ᛶ䛜䛒䜛ὶືᛶᅽ㏕䛻㛵㐃䛧䛶୍㐃䛾௬ᐃ䛜䛺䛥䜜䜛䚹䛭䛾୰䛻䛿䚸(a)㈨ᮏᕷሙ䛷䛾㈨㔠ㄪ㐩⬟ຊ䛿 䝊䝻䛛㝈ᐃⓗ䛻䛺䜛䚸(b)䛭䛾ᴗ䛾䝁䝭䝑䝖䝯䞁䝖䝷䜲䞁䛾୍㒊䛜⏝ྍ⬟䛸䛺䜛䚸(c)മົ䛿䛭䛾䛶䛜ᮇ ᪥䛻㏉῭䛥䜜䜛䜒䛾䛸䛧മົド᭩䛾䝥䝑䝖䞉䜸䝥䝅䝵䞁䛿䛶⾜䛥䜜䜛䚸(d)㔠䛸㓄ᙜ䛿䛶ᨭᡶ䜟䜜䜛䚸 (e)Ⴀᴗ⤒㈝䛿䛩䜉䛶ᨭᡶ䜟䜜䜛䚸䛭䛧䛶(f)Ⴀᴗᇶ┙䜢⥔ᣢ䛩䜛䛯䜑᪂つ䛾ዎ⣙䛻㈨㔠䛡䛜䛺䛥䜜䜛䚸䛺 䛹䛾௬ᐃ䛜ྵ䜎䜜䜛䚹 䛣䛾䜘䛖䛺ศᯒ䛾⤖ᯝ䛿䚸Ⓨ⾜య䛜ணᮇ䛧䛶䛔䛺䛛䛳䛯⎔ቃᝏ䛾ᙳ㡪䚸እ㒊㈨㔠※䛜ไ㝈䛥䜜䜛ែ䛻 ᑐ䛩䜛⪏ᛶ䜢ุᐃ䛩䜛ୖ䛷ཧ⪃䛻䛺䜛䚹䜎䛯䚸ᴗ䛜ᝏ䛧䛯⎔ቃ䛛䜙⬺ฟ䛩䜛䛾䛻䛹䜜䛰䛡㛫ⓗవ⿱䛜 䛘䜙䜜䜛䛛䜢᭷ຠ䛻ุᐃ䛩䜛䛣䛸䛜䛷䛝䜛䚹 ᭱ᚋ䛻䚸㈨㔠ㄪ㐩ຊ䛾ホ౯䛷䛿䚸ᴗ䛜㔠ኚື䛾ᙳ㡪䜢䛹䛾⛬ᗘ⟶⌮䛷䛝䜛䛛䜢ホ౯䛩䜛䚹䝮䞊䝕䜱䞊 䝈䛿䚸䛭䛾ᴗ䛾㈨⏘䛸㈇മ䛜䚸ᮇ㛫䛸㔠ᨵᐃ᮲௳㠃䛷䝬䝑䝏䞁䜾䛧䛶䛔䜛䛛䛹䛖䛛䜢ุᐃ䛩䜛䚹㈇മ䛸㈨ ⏘䛜䝬䝑䝏䞁䜾䛧䛶䛔䛺䛔ሙྜ䛻䛿䚸㐣ᗘ䛺㔠䜶䜽䝇䝫䞊䝆䝱䜢ไ㝈䛩䜛⟶⌮䜢⾜䛳䛶䛔䜛䛛䛹䛖䛛䜢ホ౯ 䛩䜛䚹≉䛻㈨⏘䜢ドๆ䛧䛶䛔䜛ᴗ䛻䛴䛔䛶䛿䚸䝕䝸䝞䝔䜱䝤䛾⏝≧ἣ䛸䜹䜴䞁䝍䞊䝟䞊䝔䜱䞉䜶䜽䝇䝫䞊 䝆䝱䛻㛵䛩䜛᪉㔪䜒᳨ウ䛩䜛䚹ドๆ䛜ᐇ⾜䛥䜜䜛䜎䛷䛾ᮇ㛫䛿䚸ᅛᐃ㔠㈇മ䜢ኚື㔠മົ䛷䛴䛺䛠 ሙྜ䛜ከ䛔䚹䝮䞊䝕䜱䞊䝈䛿䛭䛾䜘䛖䛺䜴䜶䜰䝝䜴䝆䞁䜾ᮇ㛫䛾㔠ኚື䝸䝇䜽䛾䝦䝑䝆᪉㔪䜢⪃៖䛩䜛䚹 ┈ᛶ䇷┈䛸䜻䝱䝑䝅䝳䞉䝣䝻䞊䛾㉁䚸ᣢ⥆ᛶ 䛔䛖䜎䛷䜒䛺䛟䚸മᶒ⪅䛾㛗ᮇⓗ䛺ಖㆤ䛸䛔䛖ほⅬ䛛䜙᭱䜒⫢ᚰ䛺せ௳䛿䚸ᴗ䛜ᣢ⥆ⓗ䛻┈䜢ィୖ䛩䜛 ⬟ຊ䛷䛒䜛䚹ᴗ䛜୍㈏䛧䛶┈䜢ィୖ䛧䛶䛔䛡䜛䛺䜙䜀䚸മົ㏉῭䛾䛯䜑䛾Ᏻᐃⓗ䛷ண ྍ⬟䛺䜻䝱䝑䝅 䝳䞉䝣䝻䞊䛜䜒䛯䜙䛥䜜䜛䜀䛛䜚䛷䛺䛟䚸ᡂ㛗䜢ᨭ䛘䜛㈨ᮏᙧᡂ䜒ྍ⬟䛻䛺䜛䚹䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛿䚸ከ 㢠䛾മົ䛾䝸䝣䜯䜲䝘䞁䝇䜢᪥ᖖⓗ䛻⟶⌮䛧䛺䛡䜜䜀䛺䜙䛪䚸䛭䛾Ⅼ䛛䜙䜒Ᏻᐃⓗ䛺┈ィୖ䛿㔜せ䛷䛒䜛䚹 䠄ಙㄆ䛻ᑐ䛩䜛ឤᛂᛶ䛻䛴䛔䛶䛿ᚋẁ䛾㈨㔠ㄪ㐩䛸ὶືᛶ䛾䝉䜽䝅䝵䞁䛷ヲ㏙䛩䜛䚹䠅 䝣䜯䜲䝘䞁䝇ᴗົ䛻䛿」㞧䛺ィၥ㢟䛜క䛖䛣䛸䛛䜙䛂ᇶᮏ䛻ᖐ䜛䛃䛣䛸䛜᭷ຠ䛷䛒䜛䚹䜒䛳䛸䜒⣲ᮔ䛺ၥ䛿 䛂䛣䛾ᴗ䛾┈※䛿ఱ䛛䛃䛷䛒䜛䚹ᦆ┈ィ⟬᭩䛜ᙉ䛥䜜䜛䛾䜢☜ㄆ䛩䜛䛰䛡䛷䜒䚸ᴗ䛾ィⓗഃ㠃䛰 䛡䛷䛿䛺䛟䚸ᴗ䛾䜶䝁䝜䝭䝑䜽䝇䛻ᑐ䛩䜛┤ឤⓗ䛺ุ᩿䛜ᚓ䜙䜜䜛䚹 4 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING ṇ㈨㔠䛦䜔䠄NIM䠅䛣䛭䛜䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾┈䛾ᇶ♏ 㒊ศ䛾䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛜┈䛾䛺※Ἠ䛸䛩䜛䛾䛿䚸ṇ㈨㔠䛦䜔(NIM)䚸䛩䛺䜟䛱䚸䛭䛾 ᴗ䛾㈨⏘䛜⏕䜏ฟ䛩ᅇ䜚䛸䛭䛾ᴗ䛾㈇മ䛻䛛䛛䜛㔠䝁䝇䝖䛸䛾ᕪ䛷䛒䜛䚹‶㊊䛺 NIM 䜢⏕䜏ฟ䛩⬟ ຊ䛿䚸䛭䛾ᴗ䛾Ⴀᴗᇶ┙䛾ᙉ䛥䛻ᐦ᥋䛻㛵㐃䛧䛶䛔䜛䚹 ᴗ䛾㈨⏘䛜⏕䜏ฟ䛩ᅇ䜚䜢ศᯒ䛩䜛䛻ᙜ䛯䛳䛶䛿䚸䝮䞊䝕䜱䞊䝈䛿䚸䛭䛾ᴗ䛜䛔䛛䛻䛧䛶䝡䝆䝛䝇䜢 ⏕䜏ฟ䛩䛛䜢᳨ウ䛩䜛䚹䛭䛾ᴗ䛜ຍ౯್ᣦྥ䛾䝙䝑䝏䞉䝥䝺䞊䝲䞊䛾ሙྜ䚸䝮䞊䝕䜱䞊䝈䛿䛭䛾ᴗ䛜 ➇தຊ䜢ᚋ䜒⥔ᣢ䛷䛝䜛䛛䛹䛖䛛䜢ุᐃ䛩䜛䚹⥔ᣢྍ⬟䛷䛒䜜䜀䚸䛭䛾ᴗ䛿㈨⏘䜢䜸䝸䝆䝛䞊䝖䛧䚸ᘬ䛝 ཷ䛡䜛䝸䝇䜽䛻ぢྜ䛖㐺ษ䛺㔠䜢タᐃ䛩䜛䛣䛸䛜䛷䛝䜛䚹䜒䛧䚸ᴗ䛜䝁䝰䝕䜱䝔䜱䞉䝍䜲䝥䛾ၟရ䜢ᢅ䛖䝣䜯䜲 䝘䞁䝇䞉䜹䞁䝟䝙䞊䛺䜙䜀䚸䛭䛾ᴗ䛿౯᱁ཷᐜ⪅䛸䛺䜚䚸ᅇ䜚䛿ᕷሙ䛜Ỵ䜑䜛䛣䛸䛻䛺䜛䚹䛣䛾ሙྜ䚸䛭䛾 ᴗ䛿䚸༑ศ䛺䝸䝍䞊䞁䜢✌䛠䛯䜑䛻䝁䝇䝖䜢ຠ⋡ⓗ䛻⟶⌮䛷䛝䛺䛡䜜䜀䛺䜙䛺䛔䚹 ᡭᩘᩱ䛸䛭䛾䛾┈䠖䝣䜯䜲䝘䞁䝇ᴗ䛾⪷ᮼ䜢ồ䜑䛶 䝣䜯䜲䝘䞁䝇ᴗ⏺䛾䛒䜙䜖䜛ศ㔝䛷⇚Ⅿ䛺➇த䛜ᒎ㛤䛥䜜䜛୰䚸ྛ䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛿䚸ᴗົ䛾ከゅ 䜢㏻䛨䛶䚸䛦䜔ධ䛜ᅽ㏕䛥䜜䜛䛣䛸䛻䜘䜛┈䛾ᖜ䜢ච䜜䜛㐨䜢ᶍ⣴䛧䛶䛔䜛䚹➨୕⪅㈨⏘䛾⟶⌮ ᴗົ䜔ಖ㝤ၟရ㈍䛾䜘䛖䛺ᡭᩘᩱ䝡䝆䝛䝇䛿䚸㈨⏘䜔㈨ᮏ䜢䛭䜜䜋䛹ᚲせ䛸䛧䛺䛔䝡䝆䝛䝇䛺䛾䛷䚸⮬ᕫ ㈨ᮏẚ⋡䜔⥲㈨⏘┈⋡䛺䛹䛾㈈ົᣦᶆ䛾ᨵၿ䜢䛻䜙䜏䛺䛜䜙䚸⤒Ⴀ䛾ᰂ㌾ᛶ䜢☜ಖ䛷䛝䜛䚹 ၥ㢟䛿䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛜ᢅ䛖䛣䛸䛜䛷䛝䜛䚸ಙ䝃䞊䝡䝇௨እ䛾㔠⼥ၟရ䛿ᩘ䛜㝈䜙䜜䛶䛚䜚䚸➇த 䛷㢳ᐈ䛻ㄢ䛩ᡭᩘᩱ䜒ไ⣙䜢ཷ䛡䛜䛱䛺䛣䛸䛷䛒䜛䠄䜽䝺䝆䝑䝖䞉䜹䞊䝗ᴗ⏺䛾᭱㏆ 5 ᖺ㛫䛾≧ἣ䛜䛣䛾㛫䛾 䜢≀ㄒ䜛䚹5 ᖺ๓䜎䛷䝯䞁䝞䞊䛾ᖺ㈝䛿ᬑ㏻䛻ᚩ䛥䜜䛶䛔䛯䛜䚸᪥䛷䛿ᐇୖ䜒䛖Ꮡᅾ䛧䛺䛔䠅䚹 O M UT ET DA H T O ED DO LO G Y ୖ㏙䛾䜘䛖䛺ไ⣙䜢⪃៖䛧䛯ୖ䚸ᡭᩘᩱ䛸䛭䛾䛾┈䚸䛭䛧䛶䛭䜜䜙䛾┦ᑐⓗつᶍ䛸Ᏻᐃᛶ䜢᳨ウ䛩䜛䚹䝮 䞊䝕䜱䞊䝈䛿䜎䛯䚸ᡭᩘᩱධ䛾ィฎ⌮䛜ᴗ䛻䜘䛳䛶㐪䛖Ⅼ䛻䜒ὀព䛩䜛䚹ᡭᩘᩱ䜢㔠ධ䛸䛧䛶ㄆ ㆑䛩䜛ᴗ䜒䛒䜚䚸䛂ᡭᩘᩱ䛚䜘䜃䛭䛾䛾ධ䛃䛸䛧䛶ฎ⌮䛩䜛ᴗ䜒䛒䜛䚹ィฎ⌮䛾㐪䛔䛿䚸 䚻䛻䛧䛶 ᴗ㛫䛾ẚ㍑䜢ṍ䜑䜛䚹䛔䛪䜜䛻䛧䛶䜒䚸┈※䛾ศᩓ䛿മົᒚ⾜⬟ຊ䜢㛗ᮇⓗ䛻⥔ᣢ䛩䜛䛯䜑䛾㔜せ䛺 せ௳䛸䛺䜛䚹 ドๆ㛵㐃┈䡚⌧ᐇ䛾┈䛛䚸ィ᧯స䛛䠛 ༢⣧䛧䛶䛔䛘䜀䚸ドๆ䛜ຠ⋡ⓗ䛺㈨㔠ㄪ㐩ᡭẁ䛻䛺䜚䛖䜛䛾䛿☜䛛䛷䛒䜛䛜䚸ドๆ䛻䜘䛳䛶㈨⏘䛾䜸 䝸䝆䝛䞊䝍䞊䛾䝸䝇䜽䜢ᐇ㉁ⓗ䛻⛣㌿䛷䛝䜛䛸䛿㝈䜙䛺䛔䛸䛔䛖䛾䛜䚸䝮䞊䝕䜱䞊䝈䛾ぢゎ䛷䛒䜛䚹䝮䞊䝕䜱䞊 䝈䛿䚸ドๆ䛿䚸┿䛾ព䛻䛚䛡䜛䛂㈨⏘䛾༷䛃䛷䛿䛺䛟䚸ᢸಖ⼥㈨䛻㏆䛔⾜Ⅽ䛷䛒䜛䛸⪃䛘䜛䚹䛭䜜䛻䜒 㛵䜟䜙䛪䚸GAAP䠄୍⯡䛻ㄆ䜑䜙䜜䛯ィཎ๎䠅䛿䚸ドๆ䛥䜜䛯Ⅼ䛷䛾ᑐ㇟㈨⏘䛾䛂༷䛃┈ィୖ䜢ㄆ䜑 䛶䛔䜛䛯䜑䚸ィୖ䛾┈ㄆ㆑䛜ṍ䜑䜙䜜䜛䚹 䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛜㈨㔠ㄪ㐩䛾䛯䜑ドๆ䜢⏝䛩䜛ᗘྜ䛔䛿ᵝ䚻䛺䛾䛷䚸ᴗ㛫䛾ẚ㍑䠄≉䛻ά Ⓨ䛺ドๆ䛷㈨⏘䜢༷䛧䛶䛔䜛ᴗ䛸䝫䞊䝖䝣䜷䝸䜸䞉䝺䞁䝎䞊䛸䛾㛫䛾ẚ㍑䠅䛜ᴟ䜑䛶ᅔ㞴䛻䛺䜛䚹䝮䞊䝕 䜱䞊䝈䛾ศᯒ䛷䛿䚸ᴗ䛾㈨⏘༷䛛䜙䛒䛜䜛ධ㢠䛸䛭䛾㔠㢠䛾ື䛝䛻ὀ┠䛩䜛䚹䜎䛯䚸ドๆ㈨⏘䛾 ༷┈ィୖ䛻ᙜ䛯䛳䛶ᴗ䛜䛳䛯๓ᥦ䜢᳨ウ䛧䚸ᚲせ䛺ㄪᩚ䜢⾜䛖䚹 䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾䛂䛭䛾䛾ධ䛃䛸䛧䛶䚸㈨⏘ドๆ䛻ಀ䜟䜛༷┈䜢䛹䛖ᢅ䛖䛛䛿䛝䛺ၥ㢟䛸䛧 䛶䚸㆟ㄽ䜢䜆䝔䞊䝬䛸䛺䛳䛶䛔䜛䚹㈨⏘༷┈䛾ィ䛿䚸ᴗ䛾ᮇ㛫ᦆ┈䛰䛡䛷䛺䛟䜻䝱䝑䝅䝳䞉䝣䝻䞊䜒 ṍ䜑䜛⤖ᯝ䛻䛺䜚䚸䜂䛔䛶䛿മົᒚ⾜⬟ຊ䛻㛵䛩䜛ุ᩿䜒ṍ䜑䛶䛧䜎䛖䚹 ドๆ䛻䜘䜛䛂༷┈䛃䛿䜻䝱䝑䝅䝳䛷䛿䛺䛔䛾䛷䚸䜻䝱䝑䝅䝳䞉䝣䝻䞊䛾ホ౯䛷䛿䚸༷┈ධ䛾୰䛛䜙䜻䝱䝑 䝅䝳䜢క䜟䛺䛔༷┈䛾㒊ศ䜢᥍㝖䛧䚸༷㈨⏘䛾␃ಖ㒊ศ䛾ㄪᩚ䜢⾜䛖䚹䛭䛧䛶䚸␃ಖ㒊ศ䛾䜰䝰䝏䝊䞊 䝅䝵䞁䠄ドๆ㈨⏘䛛䜙䛾㔠䜻䝱䝑䝅䝳䞉䝣䝻䞊䛾ྜ⌮ⓗ䛺ぢ✚䜒䜚䠅䜢⾜䛳䛯ୖ䛷䚸ドๆ䜢⾜䛖ᴗ䛾മ ົᒚ⾜⬟ຊ䜢䜘䜚ṇ☜䛻♧䛩ᣦᶆ䛸䛧䛶䛂ㄪᩚ EBITDA䛃䜢⟬ฟ䛩䜛䚹 ドๆ䛻㛵㐃䛩䜛䝃䞊䝡䝅䞁䜾䛛䜙ୖ䛜䜛ᡭᩘᩱධ䛜ቑຍ䛧䛶䛔䜛䚹䝮䞊䝕䜱䞊䝈䛾ศᯒ䛷䛿䚸ᥦ౪䛩䜛 䝃䞊䝡䝇䛾ᑐ౯䛜䚸㈨⏘䝥䞊䝹䛾䝃䞊䝡䝅䞁䜾䞉䝁䝇䝖䜢༑ศ䛻㈥䛳䛶䛔䜛䛛䚸䛒䜛䛔䛿ィሗ࿌ୖ䚸ᙜึ䛻 ୍䛾༷┈䜢⭾䜙䜎䛫䜛䛯䜑䚸ᨾព䛻ᘬ䛝ୗ䛢䜙䜜䛶䛔䛺䛔䛛䜢ศᯒ䛩䜛䚹 5 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING ಙ⏝䝁䝇䝖䠉⤒㈝䛾୰䛷䛚䛭䜙䛟᭱䜒ኚື䛧䜔䛩䛔㡯┠ ಙ⏝䝁䝇䝖䛿䚸䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾┈䜢ᕥྑ䛩䜛せ䛺せᅉ䛷䚸⤒㈝㡯┠䛾୰䛷䜒ኚື䛧䜔䛩䛟䚸䜎 䛯⟶⌮ྍ⬟䛺㡯┠䛷䛒䜛䚹ಙ⏝䝁䝇䝖䛾ุᐃ䛷䛿䚸ᴗ䛾㈨⏘䛾㉁䜢䛹䛾⛬ᗘண 䛷䛝䜛䛛䜢᳨ウ䛩䜛䚹䜎 䛯䚸ᘬᙜ㔠䛾Ỉ‽䛸ᙜᮇ䛾ಙ⏝䝁䝇䝖䜢ศᯒ䛩䜛䚹ᘬᙜ䛿ᙜᮇ䛾ൾ༷㢠䜢䜹䝞䞊䛧䛶䛔䜛䛛䚸㈨⏘䛾ቑຍ䜢 ぢ㎸䜣䛰㏣ຍ䛾‽ഛ䛜䛺䛥䜜䛶䛔䜛䛛䛜䝫䜲䞁䝖䛸䛺䜛䚹ᴗ䛿ᘬᙜ㔠㢠䜢⟶⌮䛩䜛䛣䛸䛜䛷䛝䜛䚹䝮䞊䝕䜱 䞊䝈䛿䚸⤒Ⴀ㝕䛜ᴗ䛾㈨⏘ෆᐜ䛻↷䜙䛧㐺ษ䛺Ỉ‽䛾ᘬᙜ㔠䜢⏝ព䛧䛶䛔䜛䛛䛹䛖䛛䜢䚸ุᐃ䛩䜛䚹 ಙ⏝䝁䝇䝖䛾ண ྍ⬟ᛶ䛿䚸ᴗ䛜⮬䜙䛾㔠⼥ၟရ䜢㐺ษ䛻౯᱁䛩䜛⬟ຊ䜢♧䛩せ௳䛸䛧䛶䜒ྍḞ䛷 䛒䜛䚹ண ྍ⬟ᛶ䛜ప䛡䜜䜀䚸ᴗ䛾മົᒚ⾜⬟ຊ䛻ᑐ䛩䜛ホ౯䜒ᦆ䛺䜟䜜䜛䚹ಙ⏝䝁䝇䝖䛾ண ྍ⬟ᛶ䛿䚸 ᘬᙜỈ‽䛾ጇᙜᛶ䜢ุᐃ䛩䜛䛾䛯䜑䛻䜒ྍḞ䛾せ⣲䛻䛺䜛䚹മᶒ䜔㈨⏘䛾ᛶ᱁䛒䜛䛔䛿ᵓᡂ䛾ఱ䜙 䛛䛾ኚ䜒䚸ᘬᙜỈ‽䛾᳨ウ䛻ᙳ㡪䜢䛘䜛䚹 ᴗົຠ⋡/Ⴀᴗ⤒㈝⟶⌮䠉㐺ษ䛺䜲䞁䝣䝷䛜㐺ษ䛺䝁䝇䝖䛷‽ഛ䛥䜜䛶䛔䜛䛛 䝣䜯䜲䝘䞁䝇ᴗ⏺䛷䛿䛹䛾䝃䝤䝉䜽䝍䞊䛷䜒➇த䛜⃭䛧䛶䛚䜚䚸㐣ཤᩘᖺ㛫䚸ྛ♫䛾⤒Ⴀ㝕䛿ᴗົຠ⋡䛾 ᨵၿ䛻ຊ䜢ὀ䛔䛷䛝䛯䚹๓㏙䛾䛸䛚䜚䚸ၟရ䛿䝁䝰䝕䜱䝔䜱䛧䛶䛝䛶䛔䜛䛯䜑䚸ྛᴗ䛸䜒౯᱁タᐃ⪅䛸䛔䛖 䜘䜚䛿౯᱁ཷᐜ⪅䛻䛺䛳䛶䛝䛶䛔䜛䚹䛭䛾䛯䜑Ⴀᴗ䝏䝱䝛䝹䛸䝃䞊䝡䝅䞁䜾䞉䝁䝇䝖䛜ᴗ䛾➇தຊ䛾䜹䜼䛸䛺 䛳䛶䛔䜛䚹 䝢䜰䞉䜾䝹䞊䝥䛾ẚ㍑䛷䚸䝮䞊䝕䜱䞊䝈䛿ᡤ᭷㈨⏘䛸⟶⌮㈨⏘䛾ྜィ䛻ᑐ䛩䜛Ⴀᴗ⤒㈝䛾ẚ⋡䜢⏝䛔䜛䚹 䛸䛧䛶㈚䛡䛒䜛䛔䛿䝣䜯䜲䝘䞁䝇ᴗ䜢⾜䛖ᴗ䛒䜛䛔䛿ᴗ㒊㛛䜢ホ౯䛩䜛ୖ䛷䚸䛣䛾ẚ⋡䛿≉ู䛾ุ ᩿ᮦᩱ䜢䛘䛶䛟䜜䜛䚹 O M UT ET DA H T O ED DO LO G Y 䛧䛛䛧䚸䝡䝆䝛䝇䞉䝰䝕䝹䜢ኚ᭦䛧䚸㈨⏘䛾䜸䝸䝆䝛䞊䝍䞊䞉䝕䜱䝇䝖䝸䝡䝳䞊䝍䛸䛧䛶䛾ᙺ䜢ᢸ䛖ᴗ䛜ከ䛟䛺 䛳䛶䛔䜛ᐇ䛻䛿ὀព䛩䜛ᚲせ䛜䛒䜛䚹䛣䛾䜘䛖䛺ᴗ䛿䚸䜸䞁䝞䝷䞁䝇䚸䜸䝣䝞䝷䞁䝇䜢ၥ䜟䛪㈨⏘䜈䛾ᢞ ㈨䜢ῶᑡ䛥䛫䛶䛔䜛䛻䜒䛛䛛䜟䜙䛪䚸Ⴀᴗ⤒㈝䛻䛴䛔䛶䛿ᶓ䜀䛔䜢ಖ䛴䛛ቑຍ䜢♧䛩䛣䛸䛜䛒䜛䚹䛣䛾ሙྜ䚸 ᴗຠ⋡䜢♧䛩䛣䛾ᣦᶆ䛾ព䛿ᑠ䛥䛟䛺䜛䚹 䝉䜾䝯䞁䝖ẖ䛾ሗ 䝮䞊䝕䜱䞊䝈䛾ಙ⏝ศᯒ䛻䛿ᴗ䛾ᴗศ㔝ẖ䛾≉ᛶศᯒ䛜ྵ䜎䜜䜛䚹䝉䜾䝯䞁䝖ẖ䛾ሗ䛿䛭䛾ᴗ䛾 ᭱䛾౯್䛜䛹䛣䛛䜙⏕䜎䜜䛶䛟䜛䛛䚸䜎䛯ྛᴗศ㔝䛾ᐤᗘ䛿䛹䛾⛬ᗘ䛾ኚືᛶ䜢᭷䛩䜛䛛䜢⌮ゎ䛩䜛 䛾䛻ᴟ䜑䛶᭷⏝䛷䛒䜛䚹䛣䛾✀䛾ሗ䛿୍⯡䛻බ▱䛾ሗ䛷䛿䛺䛔䛜䚸䛔䛟䛴䛛䛾๓ᥦ䜢タ䛡䚸㈈ົሗ࿌䜢 ヲ⣽䛻ศᯒ䛩䜛䛣䛸䛷᥎ᐹ䛷䛝䜛䚹 䝮䞊䝕䜱䞊䝈䛿䜎䛯䚸䛭䛾ᴗ䛜䝸䝍䞊䞁䜢ᚓ䜛䛯䜑䛻ྲྀ䜛┦ᑐⓗ䛺䝸䝇䜽䛾㔞䜢᳨ウ䛩䜛䚹ྠ䛨䝣䜯䜲䝘䞁䝇䞉 䝡䝆䝛䝇䛷䜒䚸⥲㈨⏘┈⋡䛜 1.5䠂䛒䜜䜀༑ศ䛺䝸䝍䞊䞁䛸䜏䛺䛥䜜䜛ศ㔝䛜䛒䜛୍᪉䚸䛭䜜䛷䛿༑ศ䛸 䛔䛖ศ㔝䜒䛒䜚䛖䜛䚹 ᢞୗ㈨ᮏ┈⋡(ROA/ROE) മๆ䛾䜰䝘䝸䝇䝖䛻䛸䛳䛶䚸ROA 䛿䚸⤒Ⴀ㝕䛾ᢞ㈨䞉ㄪ㐩ᡓ␎䛸ᴗ䛾య䛾䝁䝇䝖䛸䜢⤖䜃䛡䜛ᣦᶆ䛸䛧䛶䚸 ᴗ䛾┈ᛶ䜢ᅗ䜛ຠᯝⓗ䛺ᣦᶆ䛸䛺䜛䚹䝮䞊䝕䜱䞊䝈䛿䜎䛯ᰴ䛻↔Ⅼ䜢ྜ䜟䛫䛯ᣦᶆ䛸䛧䛶ᴗ䛾 ROE 䛻䜒ὀ┠䛩䜛䚹ᴗ䛜┠ᶆ ROE 䜢㐩ᡂ䛷䛝䛺䛔ሙྜ䚸⤒Ⴀ㝕䛿 ROE ᨵၿ䛾᪉⟇䜢ぢ䛴䛡䜛ᚲせ䛻 ㏕䜙䜜䜛䚹മᶒ⪅䛻䛸䛳䛶䛿䛭䛾᪉⟇䛜┈䛸䛺䜛䛣䛸䛜䛒䜛䚹 ㈨⏘䛾ෆᐜ䛸㉁䠉䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊ศᯒ䛾䛛䛺䜑 ಙ⏝䝁䝇䝖䛾㡯䛷㏙䜉䛯㏻䜚䚸㔠⼥䝃䞊䝡䝇䞉䝉䜽䝍䞊䛷ᡂຌ䛩䜛䛯䜑䛻䛿㈨⏘ෆᐜ䛜ඃ䜜䛶䛚䜚䚸ண ྍ⬟ 䛷䛒䜛䛣䛸䛜Ỵᐃⓗ䛻㔜せ䛸䛺䜛䚹䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛜┤㠃䛩䜛᭱䛾䝸䝇䜽䛾䜂䛸䛴䛻䚸⤒Ⴀ㝕䛜ㄆ ㆑䛧䛶䛔䛺䛔ከ㢠䛾₯ᅾⓗ䛺Ⰻ㈨⏘䛾Ꮡᅾ䛜䛒䜛䚹ᘬᙜ㔠䜔‽ഛ㔠䛜༑ศ䛛䛹䛖䛛䛿䚸⤒Ⴀ⪅䛾䜏䛜ุ ᐃ䛷䛝䜛ほⓗ䛺ពᛮỴᐃ䛾ၥ㢟䛷䛒䜛䚹䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ィ䛿ほⓗ䛻䛺䜙䛦䜛䜢ᚓ䛺䛔㠃䛜 䛒䜚䚸ᚲ↛ⓗ䛻䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾㈨⏘ෆᐜ䜢ホ౯䛩䜛సᴗ䛿ᅔ㞴䛻䛺䜛䚹 ㈨⏘ෆᐜ䛾ホ౯䛷䛿䚸䝮䞊䝕䜱䞊䝈䛿䛭䛾ᴗ䛾ಙ⏝䝸䝇䜽⟶⌮⬟ຊ䜢ホ౯䛧䚸㈨⏘ෆᐜ䜢ุᐃ䛩䜛䚹䝣䜯 䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛜䜎䛩䜎䛩䜾䝻䞊䝞䝹䛧䚸」㞧䛻䛺䜛䛻ᚑ䛔䚸䝸䝇䜽䛸䛭䛾⟶⌮䛾ၥ㢟䛾㔜せᛶ䛿䜎 䛩䜎䛩ቑ䛩䜛䚹 䝸䝇䜽⟶⌮䛾ၥ㢟䛿䚸䝸䝇䜽䛾㞟୰䠄≉ᐃ䛾䜚ᡭ䚸ၟရ䚸㒊㛛䛻ᑐ䛩䜛㐣ᗘ䛾㈚䛧ฟ䛧䠅䚸チㄆྍᙜᒁ䚸䛥䜙 䛻䛿⤒Ⴀ㝕䛜ಶ䚻䛾䝫䞊䝖䝣䜷䝸䜸䛻ෆᅾ䛩䜛ಙ⏝ၥ㢟䜢┘ど䛧䚸ᑐฎ䛩䜛䛾䜢ྍ⬟䛻䛩䜛⤒Ⴀሗ䝅䝇䝔 6 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING 䝮䛸䛾㛵ಀ䛜ᙉ䛔䚹ᐃ㔞䛷䛝䛺䛔䛸䛿䛔䛘䚸ᴗᩥ䛾ၥ㢟䜒䚸⟶⌮యไ䜢ุᐃ䛩䜛䛯䜑䛾㔜せ䛺せ⣲䛾 䜂䛸䛴䛷䛒䜛䚹 㛗ᮇⓗ䛻ᴗ䛾ಙ᪉㔪䛜䛹䛖ኚ䜟䜛䛛䜢⌮ゎ䛩䜛䛾䛻䚸ഴྥศᯒ䛿≉䛻ᙺ䛻❧䛴䚹ᘏമᶒ䜔ൾ༷䜢ᩄ ឤ䛻ண 䛩䜛䛯䜑䚸䝮䞊䝕䜱䞊䝈䛿䚸㏻ᖖ䚸⤒῭䝃䜲䜽䝹䛾㐣⛬䜢㏻䛨䛯㈨⏘ෆᐜ䛾ഴྥ䜢ศᯒ䛩䜛䚹 ᴗ䛾㈨⏘ෆᐜ䛾㏱᫂ᛶ䛜㔜ど䛥䜜䜛⌮⏤䛿䛯䛟䛥䜣䛒䜛䚹䜎䛪䚸㔠⼥䝃䞊䝡䝇䞉䝉䜽䝍䞊䛾䝃䝤䝉䜽䝍䞊䛻 䛿ከ䛟䛾᪂つཧධᴗ䜢ᢪ䛘䜛ศ㔝䛜䛒䜛䛜䚸䛭䛾䜘䛖䛺ᴗ䛻䛴䛔䛶⤒Ⴀᝏ䛾ᘏമᶒ䜔ಙ⏝ᦆኻ 䜢ྜ⌮ⓗ䛻ண 䛩䜛䛣䛸䛿䚸䜋䛸䜣䛹ྍ⬟䛺䛣䛸䛜䛒䛢䜙䜜䜛䚹ḟ䛻䚸ᬒẼᚋ㏥䛾ᐇ⦼䜢⏝䛷䛝䜛Ṕྐ 䛒䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛻䛴䛔䛶䜒䚸๓ᅇ䛾ᬒẼ䝃䜲䜽䝹䛾䛸䛿䚸ᴗ䛸䛧䛶䛾ᐇែ䛜ኚ䜟䛳䛶䛔䜛 䛜ከ䛟䛺䛳䛶䛔䜛䚹䛯䛸䛘䜀䚸ᐇ⦼ᩘ್䛾↓䛔ᴗศ㔝䜔ၟရ䛻䜚ฟ䛩ᴗ䜔䚸⤒Ⴀ㝕䛜ධ䜜᭰䜟䛳䛶䛔 䜛ᴗ䛜ከ䛟䛒䜛䚹䜎䛯䚸Ṕྐ䛾䛒䜛䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛷䛒䜜䚸᪂つཧධᴗ䛷䛒䜜䚸ᛴ⃭䛺ᴗᣑ 䜔ドๆ䛾ቑຍ䛷䚸ഴྥศᯒ䛜ṍ䜑䜙䜜䜛䛸䛔䛖䛣䛸䛜㉳䛣䜚ᚓ䜛䚹 ከ䛟䛾ᴗ䛿⮬ᕫᡤ᭷㈨⏘䛸⟶⌮㈨⏘䛾୧⪅䛾⤫ィ䜢ᥦ౪䛩䜛䛜䚸⮬ᕫᡤ᭷㈨⏘䛻䛴䛔䛶䜔䜔ヲ⣽䛺 ሗ䜢ᥦ౪䛩䜛ᴗ䜒䛒䜛䚹䛧䛛䛧䚸ドๆ䜢๓ᥦ䛻୍ⓗ䛻㈨⏘䜢⮬ᕫᡤ᭷䛧㈚ᑐ↷⾲䛻ィୖ䛩䜛ᴗ 䛿ከ䛟䚸ᡤ᭷㈨⏘䛾㉁䜢♧䛩ᣦᶆ䜢ẚ㍑䛧䛶䜒↓ព䛸䛺䜛ሙྜ䛜䛒䜛䚹ᖹᆒ್䜢⏝䛔䛯ศᯒ䛷䛿䚸ẚ㍑ᑐ ㇟䛻ᡂ㛗⋡䛜㧗䛔ᴗ䛜ྵ䜎䜜䜛ሙྜ䜒䚸㈨⏘䛾㉁䜢⾲䛩ᐇ⦼ᩘ್䛜ṍ䜑䜙䜜䜛䚹䛥䜙䛻䚸䛂ඃⰋ䛃㈨⏘䛜ド ๆ䛥䜜䚸ᦆኻⓎ⏕䛾ྍ⬟ᛶ䛜䜘䜚㧗䛔㈨⏘䛜ṧ䜛ሙྜ䚸മᶒ⪅䛿㏫㑅ู䜢ᙉ䛔䜙䜜䛛䛽䛺䛔䚹 O M UT ET DA H T O ED DO LO G Y 㟼ⓗ䝥䞊䝹䛾䝕䞊䝍䛾㏣㊧䛜ྍ⬟䛷䛒䜜䜀䚸䝮䞊䝕䜱䞊䝈䛿䚸BS 䝕䞊䝍䜘䜚䛭䛾䜘䛖䛺䝕䞊䝍䜢㔜ど䛩䜛䚹 ᡂ㛗䛻క䛖䝕䞊䝍䛾ṍ䜏䜢᭱ᑠ䛷䛝䜛䛛䜙䛷䛒䜛䚹䛧䛛䛧䚸᪥䛷䛿䚸ドๆ䛾䝸䝪䝹䝡䞁䜾ᵓ㐀䞉ㄪ㐩ᵓ 㐀䛿ኚ䛧䛶䛚䜚䚸BS 䝕䞊䝍䜘䜚䛿䛪䛳䛸ඃ䜜䛶䛔䜛䛸䛿䛔䛘䚸㟼ⓗ䝥䞊䝹䛾䝕䞊䝍䛾ᣢ䛴ព䛜ᑠ䛥䛟䛺䛳 䛶䛔䜛䛣䛸䜒ᐇ䛷䛒䜛䚹 ᨭᡶ䛔㐜ᘏ䛾ືྥ䜔㈚ಽൾ༷䛾ᐇ⦼䛿䚸㈨⏘䛾㉁䛾ண ྍ⬟ᛶ䜢Ỵᐃ䛩䜛ୖ䛷᭷⏝䛺ᣦᶆ䛸䛺䜚䚸䛭䛾 ᴗ䛾ᘬᙜ㔠䛾ホ౯䛻┤᥋ᫎ䛥䜜䜛䚹ᴗ䛾㈨⏘䛾㉁䛾ホ౯䛷䛿䚸䛭䛾ᴗ䛾ィ᪉㔪䛜⪃៖䛥䜜䜛䚹 ィ᪉㔪䛾㐪䛔䛻䜘䛳䛶ᴗ㛫䛾㈨⏘ෆᐜ䛾ẚ㍑ᛶ䛜䛝䛟ᦆ䛺䜟䜜䜛䚹ᴗ䛻䜘䛳䛶␗䛺䜚ᚓ䜛ィ᪉㔪䛻 䛿䚸(a)䝻䞊䞁䛾᭩䛝䛘䛜䛒䛳䛯ሙྜ䛾മᶒ䛾ዎ⣙ᮇ㛫䛾ᢅ䛔䚸(b)䝻䞊䞁䛾ᜥィୖ䛸䛩䜛ᮇ䛸ᜥ ィୖ䜢㛤䛩䜛᮲௳䚸(c)䝻䞊䞁䛾ൾ༷᪉㔪䚸䛩䛺䜟䛱㢠ൾ༷䛛䚸ᅇぢ㎸䜏㒊ศ䜢㈚ᑐ↷⾲䛻ṧ䛩䛾 䛛䚸(d)ᨭᡶ䛔㐜ᘏ䜔ൾ༷䛾ィୖᇶ‽䚸䛩䛺䜟䛱ዎ⣙䝧䞊䝇䠄䜘䜚ಖᏲⓗ䛺᪉ἲ䠅ィୖ䛛䚸ᨭᡶᮇ᪥฿᮶䝧 䞊䝇䠄䜘䜚䝸䝧䝷䝹䛺᪉ἲ䠅䛛䚸䛺䛹䛜䛒䜛䚹 ㈨ᮏ䛿༑ศ䛛䡚༑ศ䛺Ỉ‽䛸䛿䠛 1 ㈨ᮏ䚸䛩䛺䜟䛱ᨭᡶ䛔⬟ຊ䛿䚸ᴗ䛜䝫䞊䝖䝣䜷䝸䜸䞉䝸䝇䜽䚸ᴗ䝸䝇䜽䜢྾䛩䜛䛾䛻⏝䛷䛝䜛䝸䝇䜽㈨ᮏ 䛜༑ศ䛷䛒䜛䛛䛹䛖䛛䜢 䜛ᣦᶆ䛷䛒䜛䚹ಙ⏝䝸䝇䜽䚸ᕷሙ䝸䝇䜽䚸ᴗ䝸䝇䜽䚸䜸䝣䝞䝷䞁䝇䞉䝸䝇䜽䛺䛹䛾䝸䝇䜽 䛻↷䜙䛧䛶㐺ษ䛸䜏䜙䜜䜛㈨ᮏỈ‽䜢䝮䞊䝕䜱䞊䝈䛿ุᐃ䛩䜛䚹 ㈨ᮏ䛾ศᯒ䛿䚸㈚ᑐ↷⾲ୖ䛾 GAAP 䝧䞊䝇䛾ᰴᣢศ౯್䜢ศᯒ䛩䜛䛣䛸䛛䜙ጞ䜎䜛䚹ᚲせ䛻ᛂ䛨䛶䚸䛣 䛾㔠㢠䛻䚸༷┈ィ䚸↓ᙧ㈨⏘䚸⡙እ㈨⏘䞉㈇മ䚸㈚ᑐ↷⾲ィୖ㈨⏘䛾ྵ䜏ホ౯ᦆ䞉┈䛺䛹䛻㛵㐃䛩 䜛䛔䛟䛴䛛䛾ಟṇ䛜ຍ䛘䜙䜜䜛䚹䜎䛯䚸つไᴗ✀Ꮚ♫䛾ᰴ㈨ᮏ䜒᳨ウᑐ㇟䛸䛺䜛䚹つไᴗ✀Ꮚ♫䛾ᰴ ㈨ᮏ䛿つไ䛻䜘䜚㓄ᙜ䛜ไ㝈䛥䜜䜛ሙྜ䛜䛒䜛䚹 䛣䜜䜙䛾せᅉ䜢᳨ウ䛧䛯ᚋ䚸䛭䛾ᴗ䛾㈨ᮏ䛜䚸䝷䜲䝞䝹ᴗ䛾Ỉ‽䛒䜛䛔䛿㐣ཤ䛾ᐇ⦼䛻↷䜙䛧䛶༑ศ䛺 Ỉ‽䛻䛒䜛䛛䛹䛖䛛䜢ホ౯䛩䜛䚹䜎䛯䚸ᡂ㛗⋡䛻↷䜙䛧䛯㈨ᮏᙧᡂ⋡䛻䛴䛔䛶䜒᳨ウ䛩䜛䚹ᴗ䛾ᡂ㛗⋡䛸㈨ ᮏᙧᡂ⋡䛻㞳䛜䜏䜙䜜䛯ሙྜ䚸⤒Ⴀ㝕䛾ቑ㈨ィ⏬䜔┈␃ಖィ⏬䚸䛒䜛䛔䛿ᰴ䜈䛾㑏ඖ᪉㔪䛺䛹䛻 䛴䛔䛶䜒⫈ྲྀ䛩䜛䚹 㐺ษ䛺㈨ᮏỈ‽䛾ุᐃ䛷䛿⤒Ⴀ㝕䛾ពぢ䛜⪃៖䛥䜜䜛䚹ศᯒ㐣⛬䛷䛿䚸ᴗ䛾䝸䝇䜽㑅ዲ䚸ᐖ㛵ಀ⪅䛾 ┈ㄪᩚ㠃䛷䛾ኚ䠄ᚤጁ䛺ኚ䛷䛒䛳䛶䜒䠅䛻ὀ┠䛩䜛䚹 䝮䞊䝕䜱䞊䝈䛿䜎䛯䚸ᴗ䛾㈨ᮏᵓ㐀䛻䛚䛡䜛ඃඛᰴ䜔䛭䛾䛾䝝䜲䝤䝸䝑䝗ドๆ䛾䜟䜜᪉䚸㈇മෆᐜ䛸 ㈨ᮏᵓ㐀䛾ኚ䛻䜒␃ព䛩䜛䚹䝝䜲䝤䝸䝑䝗ドๆ䛻㛵䛧䛶䛿䚸䝮䞊䝕䜱䞊䝈䛾䝇䝨䝅䝱䝹䞉䝁䝯䞁䝖䛜䛔䛟䛴䛛 Ⓨ⾜䛥䜜䛶䛔䜛 2䚹䝮䞊䝕䜱䞊䝈䛿䚸㈨ᮏ䛾ᐇᗘ䜢ᐃ㔞䛩䜛䛻䛒䛯䛳䛶ᵝ䚻䛺㈇മẚ⋡䜢⏝䛔䜛䚹䛭䛾 ෆ䛾㔜せ䛺䜒䛾䛿௨ୗ䛾䛸䛚䜚䛷䛒䜛䚹 1 2 7 SEPTEMBER 2010 ドๆ㛵㐃䛾䝮䞊䝕䜱䞊䝈䛾䝺䝫䞊䝖䛻䛴䛔䛶䛿 Appendix B 䛾䝸䝇䝖䜢ཧ↷䛥䜜䛯䛔䚹 䝝䜲䝤䝸䝑䝗ドๆ㛵㐃䛾䝮䞊䝕䜱䞊䝈䛾䝺䝫䞊䝖䛻䛴䛔䛶䛿 Appendix B 䛾䝸䝇䝖䜢ཧ↷䛥䜜䛯䛔䚹 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING ㈇മ䛾ᑐ᭷ᙧᰴ㈨ᮏẚ⋡䠉ᬮ⡘௦䛺䛹䛾↓ᙧ㈨ᮏ䜢ㄪᩚ䛧䛯ୖ䛷䚸ᴗ䛾ᖒ⡙ୖ䛾ᰴ㈨ᮏ䛸䜸 䞁䝞䝷䞁䝇䛾㈇മ䛾ẚ⋡䜢♧䛩ᣦᶆ䛸䛧䛶ᇶᮏⓗศᯒ䛻㐺䛧䛶䛔䜛䚹 » ᐇຠ䝺䝞䝺䝑䝆䠉ドๆ㈨⏘䜔ᮍᐇ⌧䛾ドๆ㛵㐃┈䛻㛵䛩䜛ㄪᩚ䜢ຍ䛘䛯ᴗ䛾㈨ᮏᇶ┙䜢⏝ 䛔䛯䜘䜚Ὑ⦎䛥䜜䛯㈇മẚ⋡ » ㄪᩚ⮬ᕫ㈨ᮏ䛾ᑐ⟶⌮㈨⏘ẚ⋡䠉ᐇຠ㈇മẚ⋡䛻㢮ఝ䛩䜛ᣦᶆ䚹άⓎ䛻ドๆ䜢⾜䛳䛶䛔䜛ᴗ䛾 ẚ㍑䛻≉䛻᭷⏝䚹 O M UT ET DA H T O ED DO LO G Y » 8 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Appendix A SOURCES FOR ANALYSTS The following is a list of data that can be useful in analyzing finance companies. This is a generic list and must be adapted for each particular firm under consideration. In some cases, finance companies choose not to make this information public. » Regulatory filings. Required regulatory filings will vary with legal entity and regulatory jurisdiction. In the United States, these include 10-K and 10-Q reports. Consolidating financial statements. These are increasingly important because of the legal complexity of some firms. » Line-of-business profitability and capital allocation. Credit analysts will probably have to attempt to derive these figures themselves by speaking with the firm. » Descriptive information of the firm’s businesses. This is often included in annual reports or is available on the Internet where many firms have home pages. Also, firms produce many useful marketing materials. » Other analysts’ reports. Equity analysts’ reports can be useful, but they do not have a credit focus. Reports in the daily press and in periodicals are also helpful, but again, they are not credit focused. Moody’s produces extensive credit reports finance companies, as well as industry outlooks and special comments on timely, creditrelated topics. » Scuttlebutt. The credit analyst can learn a great deal simply by talking with people in the industry, other analysts, and lenders. Trade publications are also useful information sources. O M UT ET DA H T O ED DO LO G Y » 9 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Appendix B RELATED, TOPICAL MOODY’S RESEARCH Industry Outlooks » Commercial Finance Industry Outlook - Robert F. Young, February 2000 » Consumer Finance Industry Outlook - Steven Nelson, March 2000 » Credit Card Industry Outlook - David Fanger, October 2000 Securitization Related Research » Securitization and Its Effect on the Credit Strength of Financial Services Companies – May1999 » Another Perspective on Risk Transference and Securitization – July 1999 Hybrid Securities Related Research Hybrid Securities: Debt or Equity - M. Douglas Watson, September 1995 » Moody’s Assesses Hybrid Securities - Barbara Havlicek, June 1996. » Moody’s Tool Kit: A Framework for Assessing Hybrid Securities – December 1999 O M UT ET DA H T O ED DO LO G Y » 10 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Appendix C DEFINITIONS OF KEY RATIOS The following are lists of key ratios excerpted from the company specific research which Moody’s publishes on finance companies. Moody’s analysts use these ratios in their quantitative analysis. These lists are extensive, and some of these ratios are more pertinent than others in given situations. Company Profile Assets: Period-end assets. » Total Receivables: Period-end receivables, net of unearned income and prior to the deduction of the reserve for losses. » Consumer Receivables: consumer receivables are segmented into real estate secured loans, (including second mortgages and revolving home equity credit), sales finance (including retail installment paper), credit card receivables and other unsecured personal loans. » Commercial Receivables: commercial receivables are segmented into corporate leveraged funding, commercial real estate loans, industrial/equipment loans and leases, factored receivables and other miscellaneous receivables in commercial businesses. » Equity: Period-end equity. » Net income - Finance Only: Net income excluding that relating to consolidated insurance and other nonfinance business. O M UT ET DA H T O ED DO LO G Y » » Net income - Consolidated: Net income as reported by the company. » Securitized Receivables: Receivables sold into the asset-backed securities market. Annual Growth Rates (all interim numbers are annualized, where applicable) Simple annual growth rates for each item in the company profile are calculated using period-end balances. Receivables Distribution Each major category of receivables is shown as a percentage of total receivables. Assets Distribution » Domestic assets as a percentage to total assets. » Foreign assets as a percentage to total assets. Asset/Liability Management 11 SEPTEMBER 2010 » Variable-Rate Debt % Total Debt: Variable-rate debt as a percentage of total debt. Variable-rate debt consists of short-term debt (including thrift certificates) current maturities of long-term debt, and non- current variable rate long-term debt. Moody’s classifies commercial paper backed by longterm revolving credit agreements as short-term debt. Total debt includes commercial paper, bank borrowings, current maturities of long-term debt, other short-term debt, thrift certificates, plus senior debt, and subordinated debt. » Variable-Rate Debt % Net Receivables: Variable-rate debt, defined as above, as a percentage of receivables, net of unearned income and prior to deduction of reserve for losses. » Variable-Rate Receivables % Variable-Rate Debt: Variable-rate receivables as a percentage of variable-rate debt, defined as above. » Variable-Rate Receivables % Net Receivables: Variable-rate receivables as reported by company as a percentage of receivables, net of unearned income and prior to deduction of reserve for losses. ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Asset Quality (all interim numbers are annualized, where applicable) Each major category of net charge-offs as a percentage of related average receivables, net of unearned income and prior to deduction of the reserve for losses. » Total Net Charge-Offs % Average Net Receivables: Total net charge-offs as a percentage of average total receivables, net of unearned income and prior to deduction of reserve for losses. » Recoveries % Prior-Year Gross Charge-Offs: Recoveries as a percentage of prior-year gross charge-offs. » Net Charge-Offs % Related Liquidations: Net charge-offs in each major category as a percentage of related liquidations. » Total Net Charge-Offs % Total Liquidations: Total net charge-offs as a percentage of total liquidations. » Reserve to Net Charge-Offs: Reserve for losses as a multiple of net charge-offs. » Provision to Net Charge-Offs: Provision for losses as a multiple of net charge-offs. » Loan Loss Cushion: Pretax profit plus provision for losses as a percentage of total receivables. » Loan Loss Coverage: Pretax profit plus provision for losses as a multiple of net charge-offs. » Non-performing Receivables % Commercial Receivables: Non-performing receivables, as reported by the company, as a percentage of total commercial receivables. » Contractual Delinquencies % Related Gross Receivables: Contractual delinquencies of each major category as a percentage of related gross receivables for the specified period of time (60, 90, 180, or 180+ days). Y » Insurance Operations (all interim numbers are annualized, where applicable) Premiums Earned: Premiums earned as reported by the company. » Net Earnings: Net income from the insurance operation only. » Insurance Equity: Period-end equity of the insurance subsidiary only. » Pretax ROA: Pretax income for insurance operation as a percentage of average insurance assets. » Return of Average Equity: Net income % average equity, insurance operation only. » Combined Loss incurred & Underwriting Expense Payout Ratio: Loss ratio plus expense ratio. Loss ratio is defined as losses and loss expenses incurred as a percentage of premiums earned; expense ratio is defined as underwriting expenses incurred as a percentage of premiums written. » Premiums Earned % Equity: Premiums of insurance earned as a percentage of insurance subsidiary’s equity. » Credit Life, Disability & Other Pretax Earnings % Insurance Pretax Earnings: Life insurance business pretax income as a percentage of total insurance pretax income. » Casualty Pretax Earnings % Insurance Pretax Earnings: Casualty insurance pretax income as a percentage of total insurance pretax income. O M UT ET DA H T O ED DO LO G » 12 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Profitability Ratios (all interim numbers are annualized, where applicable) Return on Average Assets: Net income as a percentage of average assets. » Return on Average Equity: Net income as a percentage of average equity. » Return on Average Managed Assets: Net income as a percentage of average assets including offbalance sheet assets. » Dividend Payout: Common and preferred dividends as a percentage of consolidated net income. » Capital Formation Rate: Net income minus common and preferred dividend as a percentage of beginning equity. » Pretax Interest Coverage: Pretax profit plus interest expense divided by interest expense. » Net Interest Margin: Net interest income as a percentage of average net receivables. » Pretax ROA (Finance Only, excluding insurance and non-finance operations): Pretax income relating to the finance operations only, as a percentage of average finance assets. » Pretax Interest Coverage (Finance Only): Finance-only pretax income plus finance interest expense divided by finance interest expense. » Loan Loss Coverage (Finance Only): Finance-only pretax income plus the provision for losses divided by net charge-offs. » Unearned Income % Period-End Gross Receivables: Unearned income as a percentage of periodend gross receivables. » Productivity: Gross receivables divided by the total number of employees. » Gross Consumer Receivables per Office: Gross consumer receivables divided by the total number of offices. O M UT ET DA H T O ED DO LO G Y » Income Statement Analysis (all interim numbers are annualized, where applicable) 13 SEPTEMBER 2010 » As % Average Net Receivables: Major income statement categories as a percentage of average receivables, net of unearned income and prior to the deduction of the reserve for losses. » As % Total Revenue: Major income statement categories as a percentage of total revenue. » Pretax Income Sources: Major pretax income sources, divided into finance business, insurance business and non-finance non-insurance business, as a percentage of total pretax income. ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Capital Adequacy Debt/Equity: Total balance sheet debt divided by total common and preferred equity. Total debt consists of commercial paper, bank borrowings, current maturities of long-term debt, other shortterm debt, thrift certificates plus senior and subordinated long-term debt. » Contingent Liabilities/Equity: Off-balance sheet liabilities divided by total common and preferred equity. » Debt/Tangible Net Worth: Total debt divided by tangible net worth. Tangible net worth is common and preferred equity subtracting goodwill and other intangible assets. » Senior Debt/Equity & Subordinated Debt: Senior debt divided by equity plus subordinated debt. Senior debt includes commercial paper, bank borrowings, other short-term debt, current maturities of long-term debt, thrift certificates, and senior long-term debt. » Total debt as multiple of the following adjusted tangible net worth figures: » TNW minus Investments in Non-finance Subsidiaries: Tangible net worth (including investment in consolidated insurance subsidiaries) minus investment in non-finance subsidiaries. » TNW minus Investments in Non-finance & Consolidated Insurance: Tangible net worth minus investments in consolidated insurance and non-finance subsidiaries. » TNW & DIT minus Investment in Non-finance & Subsidiaries: Tangible net worth (including investment in consolidated insurance subsidiaries) plus deferred income tax minus investment in nonfinance subsidiaries. » TNW & DIT minus Investment in Non-finance & Consolidated Insurance: Tangible net worth plus deferred income tax minus investment in consolidated insurance and non-finance subsidiaries. O M UT ET DA H T O ED DO LO G Y » 14 SEPTEMBER 2010 » As % Capitalization: Each component of capitalization as a percentage of total capitalization. » Senior LTD % Total Senior Debt: Senior long-term debt as a percentage of total senior debt. Senior longterm debt excludes current maturities of senior long-term debt. Total senior debt includes commercial paper, bank borrowings, other short-term debt, current maturities of long-term debt, thrift certificates, and senior long-term debt. » As Multiple of Indenture-Based Capital: Portions of debt divided by indenture-based capital. Indenture – based capital is the capital base defined by the indenture for each company. » Senior Debt: Senior debt includes commercial paper, bank borrowings, other short-term debt, current maturities of long-term debt, thrift certificates, and senior long-term debt. » Senior Subordinated Debt: Senior subordinated debt and current maturities of senior subordinated debt. » Total Debt: Includes senior and subordinated debt. ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Liquidity Receivables Due Within 1 year % Total Receivables: Receivables, due in one year, prior to deduction of the reserve for losses, as reported by the company, as a percentage of total receivables, prior to deduction of the reserve for losses. » Consumer Receivables Due within 1 Year % Consumer Receivables: Consumer receivables due in one year, prior to deduction of reserve for losses, as a percentage of total consumer receivables, prior to the deduction of the reserve for losses. » Receivables Due Within 1 Year % Variable-Rate Debt: Receivables due in one year prior to the deduction of the reserve for losses, as a percentage of variable-rate debt. Variable-rate debt consists of short-term debt, current maturities of long-term, and non-current variable-rate long-term debt. » Receivables Due Within 1 Year % STD: Receivables due in one year prior to the deduction of the reserve for losses, as a percentage of short-term debt. Short-term debt consists of commercial paper, bank borrowings, other short-term debt, thrift certificates, and current maturities of long-term debt. » Average Monthly Cash Collections % Average Gross Consumer Receivables: Average monthly cash collections as a percentage of average consumer receivables. Cash collections are the total cash collected and applied to the unpaid face amount of the notes (before the deduction of unearned income). » Cash Collections % STD: Average monthly cash collections as a percentage of short-term debt. Cash collections are the total cash collected and applied to the unpaid face amount of the notes (before the deduction of unearned income). Short-term debt consists of commercial paper, bank borrowings, current maturities of long-term debt, other short-term debt, and thrift certificates. O M UT ET DA H T O ED DO LO G Y » 15 SEPTEMBER 2010 » Average Monthly Cash Collections & Cash % Debt: Average monthly cash collections plus cash as a percentage to total debt. Cash collections are the total cash collected and applied to the unpaid face amount of the receivables (before the deduction of unearned income). Debt is the total of commercial paper, bank borrowings, other short-term debt, thrift certificates, and long-term debt, including current maturities. » Bank Lines & Revolver % Bank Borrowings & CP: Bank lines plus revolving credit agreements as a percentage of bank borrowings plus commercial paper (including commercial paper backed by revolving credit agreements). » Average CP Outstanding: Average daily commercial paper outstanding for the respective period. » Peak CP Outstanding: Peak commercial paper outstanding in the respective period. » Average CP Maturity: Average maturity of commercial paper in days during the respective period. » Percent Aa Banks or Better (based on $ amount): Percent of banks with deposit ratings of Aa3 or higher that provide lines to the issuer, based on the dollar amount they provide. » MAC Clauses: Material adverse change clause’s contained in the issuer’s bank agreements, which require the issuer to represent that there has been no such change prior to drawing, or in which the lender, at its discretion, may determine that there has been a material adverse change in the borrower’s condition. » Total Committed Bank Lines: Amount of committed bank lines at the end of the period. ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING DEFINITIONS OF ADJUSTED RATIOS FOR FINANCE COMPAN Adjusted Leverage Ratios Adjusted Equity: Common equity less the sum of the Excess Servicing Receivable, capitalized servicing rights, and goodwill; and plus unrecognized income from restricted deposits and an adjustment for the effects of FAS 91. All of these adjustments, except the adjustment for goodwill, are made on a tax adjusted basis by deducting taxes at the company’s effective tax rate. » Effective Leverage (common equity): Adjusted Debt divided by Adjusted Equity, where Adjusted Debt is the sum of debt issued by special purpose securitization vehicles to third party investors, balance sheet debt, preferred stock, and minority interest, and Adjusted Equity is as defined above. After-tax items are calculated by deducting taxes at the company’s effective tax rate. » Effective Leverage (total equity): Adjusted Debt divided by Adjusted Equity, where Adjusted Debt is the sum of debt issued by special purpose securitization vehicles, balance sheet debt, and minority interest, and Adjusted Equity is as defined above, however, with the inclusion of preferred stock as equity. » Book Equity/Total Managed Receivables: Common equity, as determined by GAAP, divided by the total serviced portfolio. » Retained Interests to Securitized Receivables: The ratio the of retained interests in securitizations (whether an interest only or residual interest) to the total outstanding balance of securitized receivables. » Retained Interests to Common Equity: The ratio of retained interests in securitizations (whether an interestonly or residual interest), on an after-tax basis, to common equity as determined by GAAP. O M UT ET DA H T O ED DO LO G Y » Adjusted Operating Ratios » Adjusted EBITDA Coverage: Earnings before interest, taxes, depreciation and amortization less gain on sale, divided by interest expense. » Adjusted Pre-Tax Return on Managed Receivables: Earnings before taxes less gain on sale and plus amortization of retained interests and capitalized servicing rights, divided by the average total servicing portfolio. » Operating Expenses to Average Managed Receivables: The ratio of annualized operating expenses to the average of the total serviced portfolio. Interest expense is excluded from operating expenses. » Cash from Operations: Total cash flows from operations as shown on the statements of cash flows. » Cash from Operations net of Originations, Sales, and Repayments: Total cash flows from operations as shown on the statements of cash flows, net of cash used for acquiring loans and cash received from loan sales and principal repayments. Cash used for acquiring loans and cash received from loan sales and principal repayments are netted out only when they appear in the cash flows from operations section of the statement of cash flows. Securitization Activity 16 SEPTEMBER 2010 » Total Managed Receivables: This is the same as “total serviced portfolio.” It includes loans on the balance sheet as well as those serviced for third parties. » Growth in Total Managed Receivables: The annualized growth rate of the total serviced portfolio. » Gains to Assets Securitized: The ratio of gains on sales to assets securitized during the same period. » Loans Originated and Purchased: The total principal amount of loans originated or purchased for the period then ended. » Gains on Sales to Total Revenues: The ratio of gains on sales to total revenues for the period then ended. » NCOs to Prior Year Total Managed Receivables: For a fiscal year, the ratio of net charge-offs to the total serviced portfolio at the end of the prior fiscal year. For a quarter, the ratio of annualized net charge-offs to the total serviced portfolio at the end of the comparable prior year’s quarter. ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Asset Quality » NCOs to Average Managed Receivables: The ratio of annualized net charge-offs to average total serviced portfolio for the period. » Owned NCOs to Balance Sheet Receivables: The ratio of annualized net charge-offs, related to balance sheet receivables, to average total balance sheet receivables, net of unearned finance charges but without any deduction for loss reserves. » NPAs to Prior Year Total Managed Receivables: The ratio of loans 60 or more days contractually past due, loans in process of foreclosure, and repossessed and foreclosed collateral (all of the foregoing being referred to as “Non-Performing Assets”) to the total serviced portfolio one year prior to the date of determination. » NPAs to Total Managed Receivables: The ratio of Non-Performing Assets to the total serviced portfolio one year prior to the date of determination. » Reserves on Retained Interests to Securitized Receivables: The ratio of estimated loan losses, used in the valuation of retained interests, to the total portfolio serviced for securitization trusts. DEFINITIONS OF ADJUSTED RATIOS FOR CREDIT CARD COMPANIES Managed Operating Statistics Net Income: Net earnings after taxes for the respective period. » Return on Average Managed Assets: After-tax net income divided by the sum of on-balance sheet assets plus securitized loans. » Managed Net Interest Margin (NIM): Managed net interest income divided by the sum of onbalance sheet interest-earning assets plus securitized loans. Managed net interest income equals interest income earned onbalance sheet plus interest income earned in special purpose securitization vehicles less the sum of interest expense on-balance sheet and interest expense paid by special purpose securitization vehicles to third party investors. » Risk Adjusted Managed NIM: Managed net interest margin less managed net charge-offs. » Cash from Operations ($000): Total cash flows from operations as shown on the statements of cash flows. » Operating Expenses/Average Managed Portfolio: Total non-interest expense divided by the sum of on-balance sheet loans plus securitized loans. O M UT ET DA H T O ED DO LO G Y » 17 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Adjusted Ratios Adjusted Tangible Common Equity/Total Managed Assets: Adjusted tangible common equity divided by the sum of total on-balance sheet assets plus securitized loans, where adjusted tangible common equity equals common equity less goodwill, other intangible assets, and after-tax excess servicing receivables (ESRs) and interest-only (I/O) strips receivable. After-tax items are calculated by deducting taxes at the company’s effective tax rate. » Adjusted Tangible Common Equity and Reserves/Total Managed Assets: Adjusted tangible common equity, as defined above, plus on-balance sheet loan loss reserves divided by the sum of total on-balance sheet assets plus securitized loans. » Adjusted Tangible Total Equity/Total Managed Assets: Adjusted tangible total equity divided by the sum of total on-balance sheet assets plus securitized loans. Adjusted tangible total equity equals total equity less goodwill, other intangible assets, and after-tax excess servicing receivables (ESRs) and interest-only (I/O) strips receivables. After-tax items are calculated by deducting taxes at the company’s effective tax rate. » Effective Leverage (common equity): Adjusted managed debt plus preferred stock divided by adjusted tangible common equity as defined above. Adjusted managed debt is the sum of balance sheet debt (excluding deposits), trust preferreds, and debt issued by special purpose securitization vehicles to third party investors. » Effective Leverage (total equity): Adjusted managed debt divided by adjusted tangible total equity, both as defined above. » Adjusted Pre-Tax Return on Average Managed Receivables: Earnings before taxes less securitization-related gains on sale, divided by the sum of on-balance sheet loans plus securitized loans. O M UT ET DA H T O ED DO LO G Y » » Adjusted EBITDA Coverage: Earnings before interest, taxes, depreciation and amortization less securitizationrelated gains on sale, divided by interest expense on balance sheet liabilities. Securitization Activity » Total Managed Portfolio: Total loans on balance sheet plus securitized loans. » Growth in Total Managed Portfolio: The year-over-year growth rate in total managed receivables. » Loans Securitized/Total Managed Assets: Securitized loans divided by the sum of total on-balance sheet assets plus securitized loans. » Gains on Sale/Loans Securitized in Period: The ratio of securitization-related gains on sales to loans sold to special purpose securitization vehicles during that same time period. » Gains on Sales/Total Revenues: The ratio of securitization-related gains on sales to total revenues (net of interest expense) during the period. » ESRs and I/O Strips/Securitized Receivables: Capitalized excess servicing receivables (ESRs) and interest-only (I/O) strips receivables divided by total securitized loans. » ESRs and I/O Strips/Common Equity: Capitalized excess servicing receivables (ESRs) and interestonly (I/O) strips receivables divided by common equity. Asset Quality 18 SEPTEMBER 2010 » Managed NCOs/Average Managed Receivables: The sum of current period net charge-offs onbalance sheet plus current period net charge-offs in special purpose securitization vehicles, annualized, divided by current period average managed receivables (on-balance sheet loans plus securitized loans). » Managed NCOs/Prior Year Managed Receivables: Annualized current period managed net charge-offs, as defined above, divided by total managed receivables (on-balance sheet loans plus securitized loans) from twelve months earlier. » Managed 30+ Delinquencies/Managed Receivables: the ratio of loans 30 or more days past due both onbalance sheet and in special purpose securitization vehicles to total managed receivables. » Loan Loss Reserves/Loans on Balance Sheet: On-balance sheet loan loss reserves divided by gross loans onbalance sheet. ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING Recourse Reserves/Securitized Receivables: Reported reserves held against recourse exposure on securitized loans divided by total securitized loans. O M UT ET DA H T O ED DO LO G Y » 19 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ GLOBAL BANKING 䝮䞊䝕䜱䞊䝈䞉䝆䝱䝟䞁ᰴᘧ♫㻌 䛈㻝㻜㻡㻙㻢㻞㻞㻜㻌 ᮾி㒔 ༊ឡ 㻞 ┠ 㻡㻙㻝㻌 ឡ䜾䝸䞊䞁䝠䝹䝈 㻹㻻㻾㻵 䝍䝽䞊㻌 㻞㻜㻲㻌 Report Number: SC880/273(Japanese) 㻌 Copyright 2010 Moody䇻s Investors Service, Inc.ཬ䜃/ཪ䛿ྠ♫䛾䝷䜲䝉䞁䝃䞊ཬ䜃㛵㐃♫䠄௨ୗ䛂䝮䞊䝕䜱䞊䝈䛃䛸⥲⛠䛧䜎 䛩䚹䠅All rights reserved. Y ಙ⏝᱁䛿䚸ᴗయ䚸ಙዎ⣙䚸മົཪ䛿മົ㢮ఝドๆ䛾ᑗ᮶䛾┦ᑐⓗಙ⏝䝸䝇䜽䛻䛴䛔䛶䛾䚸䝮䞊䝕䜱䞊䝈䞉䝆䝱䝟䞁ᰴ ᘧ♫䠄௨ୗ䛂MJKK䛃䛸䛔䛔䜎䛩䚹䠅䛾⌧Ⅼ䛾ពぢ䛷䛩䚹MJKK 䛿䚸ಙ⏝䝸䝇䜽䜢䚸ᴗయ䛜ዎ⣙ୖ䞉㈈ົୖ䛾⩏ົ䜢ᮇ᪥䛻ᒚ ⾜䛷䛝䛺䛔䝸䝇䜽ཬ䜃䝕䝣䜷䝹䝖⏤䛜Ⓨ⏕䛧䛯ሙྜ䛻ぢ㎸䜎䜜䜛䛒䜙䜖䜛✀㢮䛾㈈⏘ⓗᦆኻ䛸ᐃ⩏䛧䛶䛔䜎䛩䚹ಙ⏝᱁ 䛿䚸ὶືᛶ䝸䝇䜽䚸ᕷሙ౯್䝸䝇䜽䚸౯᱁ኚືᛶ䝸䝇䜽ཬ䜃䛭䛾䛾䝸䝇䜽䛻䛴䛔䛶ゝཬ䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ಙ⏝᱁ 䛿䚸⌧ᅾཪ䛿㐣ཤ䛾ᐇ䜢♧䛩䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ಙ⏝᱁䛿䚸ᢞ㈨ཪ䛿㈈ົ䛻㛵䛩䜛ຓゝ䜢ᵓᡂ䛩䜛䜒䛾䛷䛿䛺䛟䚸≉ ᐃ䛾ドๆ䛾㉎ධ䚸༷䚸ཪ䛿ಖ᭷䜢᥎ዡ䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹ಙ⏝᱁䛿䚸≉ᐃ䛾ᢞ㈨ᐙ䛻䛸䛳䛶䛾ᢞ㈨䛾㐺ษᛶ䛻䛴 䛔䛶ㄽホ䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹MJKK 䛿䚸ᢞ㈨ᐙ䛜䚸㉎ධ䚸ಖ᭷䚸ཪ䛿༷䜢᳨ウ䛩䜛ྛドๆ䛻䛴䛔䛶ᢞ㈨ᐙ⮬㌟䛷◊ ✲䞉ホ౯䛩䜛䛸䛔䛖ᮇᚅཬ䜃⌮ゎ䛾ୗ䛷䚸ಙ⏝᱁䜢Ⓨ⾜䛧䜎䛩䚹 O M UT ET DA H T O ED DO LO G 䛣䛣䛻グ㍕䛩䜛ሗ䛿䛩䜉䛶䚸ⴭసᶒἲ䜢ྵ䜐ἲᚊ䛻䜘䜚ಖㆤ䛥䜜䛶䛚䜚䚸䛔䛛䛺䜛⪅䜒䚸䛔䛛䛺䜛ᙧᘧ䚸᪉ἲ䚸ᡭẁ䛻䜘䛳䛶 䜒䚸䛣䜜䜙䛾ሗ䠄㒊䛛୍㒊䛛䜢ၥ䛔䜎䛫䜣䚹䠅䜢䚸䝮䞊䝕䜱䞊䝈䛾๓䛾᭩㠃䛻䜘䜛ྠព䛺䛟䚸」〇䛭䛾䛾᪉ἲ䛻䜘䜚 〇䚸䝸䝟䝑䜿䞊䝆䚸㌿㏦䚸ㆡΏ䚸㡺ᕸ䚸㓄ᕸ䚸㌿䛩䜛䛣䛸䛿䛷䛝䛪䚸䜎䛯䚸䛣䜜䜙䛾┠ⓗ䛷⏝䛩䜛䛯䜑䛻ಖ⟶䛩䜛䛣䛸䛿䛷 䛝䜎䛫䜣䚹䛣䛣䛻グ㍕䛩䜛ሗ䛿䚸䛩䜉䛶䝮䞊䝕䜱䞊䝈䛜ṇ☜䛛䛴ಙ㢗䛧䛖䜛䛸⪃䛘䜛ሗ※䛛䜙ධᡭ䛧䛯䜒䛾䛷䛩䚹䛧䛛䛧䚸 ேⓗཬ䜃ᶵᲔⓗㄗ䜚䛜Ꮡᅾ䛩䜛ྍ⬟ᛶ䚸୪䜃䛻䛭䛾䛾䛻䜘䜚䚸䝮䞊䝕䜱䞊䝈䛿䛣䜜䜙䛾ሗ䜢䛔䛛䛺䜛✀㢮䛾ಖド䜒 䛴䛡䜛䛣䛸䛺䛟䛂⌧≧᭷ጼ䛃䛷ᥦ౪䛧䛶䛔䜎䛩䚹䝮䞊䝕䜱䞊䝈䛿䚸ಙ⏝᱁䜢䛩䜛㝿䛻⏝䛔䜛ሗ䛜༑ศ䛺ရ㉁䜢᭷䛧䚸䜎 䛯䛭䛾ሗ※䛜䝮䞊䝕䜱䞊䝈䛻䛸䛳䛶ಙ㢗䛷䛝䜛䛸⪃䛘䜙䜜䜛䜒䛾䛷䛒䜛䛣䛸䠄⊂❧䛧䛯➨୕⪅䛜䛣䛾ሗ※䛻ヱᙜ䛩䜛ሙྜ 䜒䛒䜛䚹䠅䜢☜ಖ䛩䜛䛯䜑䚸䛶䛾ᚲせ䛺ᥐ⨨䜢ㅮ䛨䛶䛔䜎䛩䚹䛧䛛䛧䚸䝮䞊䝕䜱䞊䝈䛿┘ᰝ䜢⾜䛖⪅䛷䛿䛺䛟䚸᱁䛾㐣⛬䛷ཷ 㡿䛧䛯ሗ䛾ṇ☜ᛶཬ䜃᭷ຠᛶ䛻䛴䛔䛶ᖖ䛻⊂⮬䛾᳨ド䜢⾜䛖䛣䛸䛿䛷䛝䜎䛫䜣䚹䝮䞊䝕䜱䞊䝈䛿䛔䛛䛺䜛≧ἣ䛻䛚䛔䛶䜒䚸 䜎䛯䛔䛛䛺䜛⪅ཪ䛿ἲே䛻ᑐ䛧䛶䜒䚸௨ୗ䛾(a)ཬ䜃(b)䛻䛴䛔䛶୍ษ㈐௵䜢㈇䛔䜎䛫䜣䚹 (a)䛣䜜䜙䛾ሗ䛾ධᡭ䚸㞟䚸⦅⧩䚸ศᯒ䚸ゎ㔘䚸ఏ㐩䚸බ⾲ཪ䛿㓄ᕸ䛻㛵䛩䜛ㄗ䜚䠄㐣ኻ䛻䜘䜛䛛䚸䛭䛾䛾ཎᅉ䛻䜘䜛䛛 䜢ၥ䛔䜎䛫䜣䚹䠅ཪ䛿䛭䛾䛾≧ἣⱝ䛧䛟䛿അⓎ㇟䠄䝮䞊䝕䜱䞊䝈䚸䛒䜛䛔䛿䛭䛾ྲྀ⥾ᙺ䚸ᙺ⫋ဨ䚸ᚑᴗဨ䛒䜛䛔䛿௦⌮ே 䛾ᨭ㓄ຊ䛜ཬ䜆䛛ཬ䜀䛺䛔䛛䜢ၥ䛔䜎䛫䜣䚹䠅䛻䠄㒊䚸୍㒊䜢ၥ䜟䛪䠅㉳ᅉ䛧䚸⏤᮶䛧䚸ⱝ䛧䛟䛿㛵ಀ䛩䜛ᦆኻཪ䛿ᦆᐖ䚹 (b)䝮䞊䝕䜱䞊䝈䛜๓䛻ᙜヱᦆᐖ䛾ྍ⬟ᛶ䛻䛴䛔䛶ຓゝ䜢ཷ䛡䛶䛔䛯ሙྜ䛻䛚䛔䛶䜒䚸䛣䜜䜙䛾ሗ䛾⏝䛻䜘䜚ཪ䛿⏝ 䛜ྍ⬟䛷䛒䜛䛣䛸䛻䜘䜚Ⓨ⏕䛩䜛䚸䛒䜙䜖䜛✀㢮䛾┤᥋ⓗ䚸㛫᥋ⓗ䚸≉ู䚸ḟⓗ䚸⿵ൾⓗ䚸ཪ䛿㝶ⓗᦆᐖ䠄㐓ኻ┈䜢 ྵ䜏䜎䛩䛜䛣䜜䛻㝈ᐃ䛥䜜䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹䠅䚹 䛣䛣䛻グ㍕䛥䜜䜛ሗ䛾୍㒊䜢ᵓᡂ䛩䜛᱁䚸㈈ົሗ࿌ศᯒ䚸ண 䚸ཬ䜃䛭䛾䛾ぢゎ䠄䜒䛧䛒䜜䜀䠅䛿䚸䝮䞊䝕䜱䞊䝈䛾ព ぢ䛾⾲᫂䛷䛒䜚䚸䜎䛯䛭䛾䜘䛖䛺䜒䛾䛸䛧䛶䛾䜏ゎ㔘䛥䜜䜛䜉䛝䛷䛒䜚䚸䛣䜜䛻䜘䛳䛶ᐇ䜢⾲᫂䛧䚸ཪ䛿ドๆ䛾㉎ධ䚸༷ⱝ 䛧䛟䛿ಖ᭷䜢᥎ዡ䛩䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹䛣䛣䛻グ㍕䛩䜛ሗ䛾ྛ⏝⪅䛿䚸㉎ධ䚸ಖ᭷ཪ䛿༷䜢᳨ウ䛩䜛ྛドๆ䛻䛴䛔 䛶䚸⮬䜙◊✲䞉ホ౯䛧䛺䛡䜜䜀䛺䜚䜎䛫䜣䚹䝮䞊䝕䜱䞊䝈䛿䚸䛔䛛䛺䜛ᙧᘧཪ䛿᪉ἲ䛻䜘䛳䛶䜒䚸䛣䜜䜙䛾᱁ⱝ䛧䛟䛿䛭䛾 䛾ពぢཪ䛿ሗ䛾ṇ☜ᛶ䚸㐺ᛶ䚸ᛶ䚸ၟရᛶཬ䜃≉ᐃ䛾┠ⓗ䜈䛾㐺ྜᛶ䛻䛴䛔䛶䚸䠄᫂♧ⓗ䚸㯲♧ⓗ䜢ၥ䜟䛪䠅䛔䛛 䛺䜛ಖド䜒⾜䛳䛶䛔䜎䛫䜣䚹 MJKK 䛿䚸䝮䞊䝕䜱䞊䝈䞉䜾䝹䞊䝥䞉䝆䝱䝟䞁ྜྠ♫䛾Ꮚ♫䛷䛒䜚䚸ྠ♫䛿䚸Moody䇻s Corporation (௨ୗ䛂MCO䛃䛸䛔䛔 䜎䛩䚹)䛾Ꮚ♫䛷䛒䜛 Moody䇻s Overseas Holdings Inc.䛾Ꮚ♫䛷䛩䚹 MJKK 䛿䚸MJKK 䛜᱁䜢⾜䛳䛶䛔䜛മๆ䠄♫മ䚸ᆅ᪉മ䚸മๆ䚸ᡭᙧ䚸CP 䜢ྵ䜏䜎䛩䚹䠅ཬ䜃ඃඛᰴᘧ䛾Ⓨ⾜⪅䛾㒊ศ䛜䚸 MJKK 䛜⾜䛖ホ౯䞉᱁䝃䞊䝡䝇䛻ᑐ䛧䛶䚸MJKK 䛻䜘䜛᱁䛾䛻ඛ❧䛱䚸20 䛛䜙⣙ 3 ൨ 5,000 䛾ᡭᩘᩱ䜢 MJKK 䛻ᨭᡶ䛖䛣䛸䛻ྠព䛧䛶䛔䜛䛣䛸䜢䚸䛣䛣䛻㛤♧䛧䜎䛩䚹䜎䛯䚸MCO ཬ䜃 MJKK 䛿䚸MJKK 䛾᱁ཬ䜃᱁㐣⛬䛾⊂❧ᛶ䜢 ☜ಖ䛩䜛䛯䜑䛾᪉㔪䛸ᡭ⥆䛝䜢ᩚഛ䛧䛶䛔䜎䛩䚹MCO 䛾ྲྀ⥾ᙺ䛸᱁ᑐ㇟♫䛸䛾㛫䛾ఱ䜙䛛䛾ᐖ㛵ಀ䛾Ꮡᅾ䚸ཬ䜃 MJKK 䛛䜙᱁䜢䛥䜜䚸䛛䛴 MCO 䛾ᰴᘧ䛾 5%௨ୖ䜢ಖ᭷䛧䛶䛔䜛䛣䛸䜢 SEC 䛻බᘧ䛻ሗ࿌䛧䛶䛔䜛♫㛫䛾ఱ䜙䛛䛾 ᐖ㛵ಀ䛾Ꮡᅾ䛻㛵䛩䜛ሗ䛿䚸䝮䞊䝕䜱䞊䝈䛾䜴䜵䝤䝃䜲䝖 www.moodys.com ୖ䛻"Shareholder Relations-Corporate Governance-Director and Shareholder Affiliation Policy"䛸䛔䛖⾲㢟䛷ẖᖺ䚸ᥖ㍕䛥䜜䜎䛩䚹 ᮏ᭩䛾䜸䞊䝇䝖䝷䝸䜰䛷䛾බ㛤䛿䚸䜸䞊䝇䝖䝷䝸䜰㔠⼥䝃䞊䝡䝇ㄆྍ␒ྕ 336969 䜢᭷䛩䜛䝮䞊䝕䜱䞊䝈䛾㛵㐃♫䛷䛒䜛 Moody䇻s Investors Service Pty Limited ABN 61 003 399 657 䛻䜘䛳䛶⾜䜟䜜䜎䛩䚹ᮏᩥ᭩䛿䠄2001 ᖺ♫ἲ 761G ᮲䛾ᐃ䜑䜛 ព䛻䛚䛡䜛䠅䛂䝩䞊䝹䝉䞊䝹㢳ᐈ䛃䛾䜏䜈䛾ᥦ౪䜢ពᅗ䛧䛯䜒䛾䛷䛩䚹䜸䞊䝇䝖䝷䝸䜰ᅜෆ䛛䜙ᮏᩥ᭩䛻⥅⥆ⓗ䛻䜰䜽䝉䝇䛧 䛯ሙྜ䚸䝮䞊䝕䜱䞊䝈䛻ᑐ䛧䛶䚸䛂䝩䞊䝹䝉䞊䝹㢳ᐈ䛃䛷䛒䜛䛛ཪ䛿䛂䝩䞊䝹䝉䞊䝹㢳ᐈ䛃䛾௦⾲⪅䛸䛧䛶ᮏᩥ᭩䛻䜰䜽䝉䝇䛧䛶 䛔䜛䛣䛸䚸ཬ䜃䚸㈗Ẋཪ䛿㈗Ẋ䛜௦⾲䛩䜛ἲே䛜䚸┤᥋ཪ䛿㛫᥋䛻䚸ᮏ᭩ཪ䛿䛭䛾ෆᐜ䜢䠄2001 ᖺ♫ἲ 761G ᮲䛾ᐃ䜑䜛 ព䛻䛚䛡䜛䠅䛂䝸䝔䞊䝹㢳ᐈ䛃䛻㓄ᕸ䛧䛺䛔䛣䛸䜢⾲᫂䛧䛯䛣䛸䛻䛺䜚䜎䛩䚹 ᮏಙ⏝᱁䛿䚸Ⓨ⾜⪅䛾ಙ⏝ຊཪ䛿മົ䛻䛴䛔䛶䛾ពぢ䛷䛒䜚䚸Ⓨ⾜⪅䛾䜶䜽䜲䝔䜱ドๆཪ䛿䝸䝔䞊䝹ᢞ㈨ᐙ䛜ྲྀᚓྍ⬟䛺 䛭䛾䛾ᙧᘧ䛾ドๆ䛻䛴䛔䛶ពぢ䜢㏙䜉䜛䜒䛾䛷䛿䛒䜚䜎䛫䜣䚹䝸䝔䞊䝹ᢞ㈨ᐙ䛜䚸ᮏಙ⏝᱁䛻ᇶ䛵䛔䛶ᢞ㈨ุ᩿䜢䛩䜛 䛾䛿༴㝤䛷䛩䚹䜒䛧䚸ၥ䛜䛒䜛ሙྜ䛻䛿䚸䝣䜱䝘䞁䝅䝱䝹䞉䜰䝗䝞䜲䝄䞊䛭䛾䛾ᑓ㛛ᐙ䛻┦ㄯ䛩䜛䛣䛸䜢᥎ዡ䛧䜎䛩䚹 20 SEPTEMBER 2010 ᱁ᡭἲ䠖䝣䜯䜲䝘䞁䝇䞉䜹䞁䝟䝙䞊䛾ಙ⏝䝸䝇䜽ศᯒ
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