PECM Issue 22 2016 | Page 72
,H[SHFW\RX·UHWLUHGRIKHDULQJWKHZRUG¶%UH[LW·LQHYHU\QHZVVWRU\WKDW\RXKDYHEHHQUHDGLQJRYHU
WKHSDVWPRQWKRUVREHOLHYHPH,DPWRR7KHRQO\SUREOHPRIFRXUVHLVWKDWEXVLQHVVHVKDYHWR
UHDFWWRWKHVHH[WHUQDOIRUFHVWKDW%UH[LWKDVEHHQLQÁXHQFLQJDQGXQIRUWXQDWHO\EHLQJVXIIRFDWHG
E\WKHVKHHUDPRXQWRIDUWLFOHVRXWWKHUHRQWKHVXEMHFWDFWXDOO\KHOSVEXVLQHVVHVVWD\LQIRUPHGRI
IXUWKHUFKDQJHVWKDWFRXOGKDYHDQLPSDFW
,W VHHPV WKDW WKH ELJJHVW SUREOHP IRU EXVLQHVVHV ORFDWHG DQG WUDGLQJ LQ WKH 8. LV WKH YDOXH RI
WKHSRXQGDVLWVWDQGVWRGD\DQGEXVLQHVVHVDUHKDYLQJWRDGMXVWWKHLUSULFLQJDURXQGLW3HXJHRW
KDVUDLVHGSULFHVWR´FRXQWHUWKHZHDNHUSRXQGµ5HXWHUVDQGWKH0LQLVWU\RI'HIHQFHZKR
SXUFKDVHPLOLWDU\HTXLSPHQWLQ86GROODUVDUHIDFLQJ´H[WUDFRVWVRIXSWR
PD\HDUIROORZLQJWKH
8.·V%UH[LWYRWHµ%%&1HZV,WORRNVOLNHWKLVKDVUHVXOWHGLQFXVWRPHUVZKRKDYHWRDFFHSW
DULVHLQSULFHVRUEXVLQHVVHVZKRKDYHWRWDNHWKHKLWDVWKH\GRQ·WZDQWWRORVHWKHLUFXVWRPHUVWKDW
WKH\KDYHZRUNHGVRKDUGWRREWDLQDQGZKHQEXVLQHVVHVORVHSURÀWUHGXQGDQFLHVDQGSD\FXWV
DUHJHQHUDOO\DERXQG
2QH WKLQJ \RX PD\ EH QRWLFLQJ LV WKDW IRU EXVLQHVVHV RXWVLGH WKH 8. WKH IDOO LQ WKH SRXQG LV
EHQHÀWLQJ WKHP ´$ ZHDN 3RXQG PDNHV %ULWLVK H[SRUWV FKHDSHUµ (FRQRPLFV +HOS ZKLFK
PDNHVLWHDVLHUIRURYHUVHDVEX\HUVWRSXUFKDVHPRUH8.SURGXFWVIRUDEHWWHUSULFH)XUWKHUPRUH
DFTXLVLWLRQVDUHWKRXJKWWRLQFUHDVHDVWKH´%UH[LWEDWWHUHGSRXQGJLYHVSURVSHFWLYHEX\HUVDUHDVRQ
WRDFWQRZµ0DUNHW:DWFKDQGZHVDZWKLVZLWKWKHUHFHQWWDNHRYHURI$50+ROGLQJVDODUJH
8.EXVLQHVVE\D-DSDQHVHFRPSDQ\FDOOHG6RIW%DQN
(VVHQWLDOO\%UH[LWLVFDXVLQJKDYRFIRU8.EXVLQHVVHVDQGWKLVEULQJVPHRQWRP\PDLQSRLQWRIWKLV
DUWLFOHZKLFKLVWKDW\RXDVDQHQJLQHHUSXUFKDVLQJPDQDJHURUGLUHFWRUVKRXOGFRQVLGHUORRNLQJ
WRZDUGVRWKHUVXSSOLHUVWKDWPD\EHDEOHWRRIIHUEHWWHUSULFHVIRUWKHSURGXFWV\RXDOUHDG\EX\:LWK
WKDWVDLGOHWPHWHOO\RXDELWDERXW:DWWELWV
SURGXFWVLQGXVWULDO RIÀFHHTXLSPHQWDQGPXFKPRUH:HZRUNZLWKIDQWDVWLFVXSSOLHUVDQG
PDQXIDFWXUHUVPRVWRIZKLFKDUHEDVHGLQWKH8.DQGZH·UHFRQVWDQWO\ORRNLQJIRUQHZVXSSOLHUV
WREHDEOHWRSURYLGHPRUHSURGXFWVWRRXUFXVWRPHUV:DWWELWVFDQKHOS\RXÀQGWKHSURGXFWV\RX
QHHG DW D FRPSHWLWLYH SULFH ZKHWKHU LW EH IXVHV WUDQVIRUPHUV (6' RIÀFH FKDLUV FDSDFLWRUV
VHPLFRQGXFWRUVD[LDO ÀOWHUIDQVWUDQVGXFHUVHQHUJ\PHWHUVXQGHU RYHUYROWDJHSURWHFWLRQRU
DOPRVWDQ\WKLQJHOVHZHFDQKHOS
6LPSO\YLVLWRXUZHEVLWHDW
IRUPRUHLQIRUPDWLRQ
7KDQN\RXIRUUHDGLQJ
-DNH6LPPRQGV
'LUHFWRURI:DWWELWV
72
PECM Issue 22
WREURZVHRXUH[WHQVLYHSURGXFWUDQJHRUFDOOXVRQ