BỘ GIÁO DỤC VÀ ĐÀO TẠO NGÂN HÀNG NHÀ NƯỚC VIỆT NAM TRƯỜNG ĐẠI HỌC NGÂN HÀNG THÀNH PHỐ HỒ CHÍ MINH NGUYỄN THỊ KIM NGÂN CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN HIỆU QUẢ TÀI CHÍNH CỦA CÁC NGÂN HÀNG THƯƠNG MẠI VIỆT NAM[.]
BỘ GIÁO DỤC VÀ ĐÀO TẠO NGÂN HÀNG NHÀ NƯỚC VIỆT NAM TRƯỜNG ĐẠI HỌC NGÂN HÀNG THÀNH PHỐ HỒ CHÍ MINH NGUYỄN THỊ KIM NGÂN CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN HIỆU QUẢ TÀI CHÍNH CỦA CÁC NGÂN HÀNG THƯƠNG MẠI VIỆT NAM LUẬN VĂN THẠC SĨ Chuyên ngành: Tài – Ngân hàng Mã số: 34 02 01 TP HỒ CHÍ MINH – NĂM 2023 Tai ngay!!! Ban co the xoa dong chu nay!!! BỘ GIÁO DỤC VÀ ĐÀO TẠO NGÂN HÀNG NHÀ NƯỚC VIỆTNAM TRƯỜNG ĐẠI HỌC NGÂN HÀNG TP.HỒ CHÍ MINH NGUYỄN THỊ KIM NGÂN CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN HIỆU QUẢ TÀI CHÍNH CỦA CÁC NGÂN HÀNG THƯƠNG MẠI VIỆT NAM LUẬN VĂN THẠC SĨ Chuyên ngành: Tài – Ngân hàng Mã số: 34 02 01 Người hướng dẫn khoa học: TS LÊ HÀ DIỄM CHI TP HỒ CHÍ MINH – NĂM 2023 i LỜI CAM ĐOAN Tôi tên Nguyễn Thị Kim Ngân, học viên trường Đại học Ngân hàng Tp.HCM, MSHV: 020123210112 Tôi xin cam đoan đề tài luận văn “Các nhân tố ảnh hưởng đến hoạt động tài ngân hàng thương mại Việt Nam” chun ngành Tài - Ngân hàng cơng trình nghiên cứu riêng tơi Tiến sĩ Lê Hà Diễm Chi trực tiếp hướng dẫn khoa học Dữ liệu kết nghiên cứu luận văn trung thực, khơng có cơng bố trước người khác thực ngoại trừ trích dẫn trích dẫn đầy đủ luận văn Thành phố Hồ Chí Minh, ngày tháng Tác giả NGUYỄN THỊ KIM NGÂN năm 2023 ii LỜI CẢM ƠN Đầu tiên, cho xin gửi lời cảm ơn tới quý thầy cô Trường Đại Học Ngân Hàng Thành phố Hồ Chí Minh – người truyền đạt cho kiến thức quý giá suốt thời gian học Cảm ơn cho tơi có hội gặp gỡ học tập Trường Đại học Ngân hàng Thành phố Hồ Chi Minh Tiếp đến, xin gửi lời cảm ơn chân thành đến cô Lê Hà Diễm Chi giảng viên hướng dẫn suốt q trình tơi thực luận văn thạc sĩ Cảm ơn ln dành thời gian, tâm huyết để hướng dẫn em bước trình thực Bên cạnh lời nhận xét, góp ý quý báu để nghiên cứu em hoàn thiện Cuối cùng, xin gửi lời cảm ơn sâu sắc đến gia đình bạn bè, người giúp đỡ, đồng hành ủng hộ suốt thời gian qua Với điều kiện vốn kiến thức cịn hạn chế, luận văn khơng thể tránh nhiều thiếu sót Vì tơi mong nhận bảo thầy cô để nâng cao kiến thức thân, phục vụ cho q trình cơng tác tơi sau iii TÓM TẮT LUẬN VĂN Tiêu đề Các yếu tố ảnh hưởng đến hoạt động tài ngân hàng thương mại Việt Nam Tóm tắt Luận văn sử dụng liệu từ 28 ngân hàng thương mại mẫu liệu bảng từ năm 2011 đến năm 2021 Các biến phụ thuộc gồm ROA (Tỷ suất sinh lợi tài sản), ROE (tỷ suất lợi nhuận vốn chủ sở hữu), NIM (tỷ lệ thu nhập lãi thuần) Các biến độc lập SIZE (quy mô), FATA (chất lượng tài sản), LLR (dự phòng rủi ro cho vay), CIR (Tỷ lệ chi phí thu nhập), NPL (tỷ lệ nợ khó địi), LOAN (tiền vay) LIQ (tính khoản), GDP (tăng trưởng kinh tế) CPI (chỉ số để tính lạm phát) Khung an tồn CAMEL sử dụng để đánh giá biến phụ thuộc vào hoạt động tài Mục tiêu nghiên cứu tìm định lượng tác động yếu tố chung đến hoạt động tài ngân hàng thương mại Việt Nam Mơ hình hồi quy S-GMM sử dụng nghiên cứu để xem xét nhân tố ảnh hưởng đến hoạt động tài 28 ngân hàng thương mại Việt Nam từ năm 2011 đến năm 2021 Kết cho thấy SIZE, CPI GDP có tác động tích cực đến ROA, FATA, LLR, LOAN có tác động tiêu cực CIR, NPL, LIQ khơng có ý nghĩa với ROA Kết ROE cho thấy GDP có ảnh hưởng tích cực đến ROE, NPL, LIQ có ảnh hưởng tiêu cực SIZE, FATA, LLR, CIR, LOAN, CPI cịn lại khơng có ý nghĩa thống kê so với ROE Cuối cùng, nói đến NIM, kết cho thấy FATA, NPL, LOAN có tác động tiêu cực Mặt khác, SIZE, LLR, CIR, LIQ, GDP, CPI khơng có ý nghĩa thống kê Trên sở đó, tác giả đề xuất giải pháp nhằm nâng cao hiệu hoạt động tài ngân hàng thương mại Việt Nam Từ khóa: Hiệu tài chính, CAMEL, Ngân hàng thương mại cổ phần Việt Nam iv ABSTRACT Title Factors affecting financial performance of commercial bank in Vietnam Summary The essay uses data from 28 commercial banks on a panel data sample from 2011 to 2021 The dependent variables are ROA (Return on Asset), ROE (Return on Equity), NIM (Net interest margin) The independent variables are SIZE (natural log of total asset), FATA (asset quality), LLR (loan loss reserves), CIR (Cost to Income Ratio), NPL(Bad Debt Ratio), LOAN (loan), LIQ (liquidity), GDP (economic growth) and CPI (inflation) The CAMEL safety framework is also used to assess the dependent variables on financial performance The goal of this study was to figure out and quantify the impact of common factors on the financial performance of commercial banks in Vietnam The S-GMM regression model is used in this study to examine the factors affecting the financial performance of 21 commercial banks in Vietnam from 2011 to 2021 The results show that SIZE, CPI and GDP have a positive effect on ROA, whereas FATA, LLR, LOAN have a negative effect ROA was not statistically significant for CIR, NPL, LIQ The results for ROE show that GDP have a positive effect on ROE, but NPL, LIQ have a negative effect The remaining SIZE, FATA, LLR, CIR, LOAN, CPI are statistically insignificant in relation to ROE Finally, when it comes to NIM, the results show that FATA, NPL, LOAN have a negative effect SIZE, LLR, CIR, LIQ, GDP, CPI, on the other hand, have no statistical significance Based on this, the author has proposed solutions to improve financial performance at commercial banks in Vietnam Keywords: Financial performance, CAMEL, Commercial Bank, Vietnam v DANH MỤC TỪ VIẾT TẮT TIẾNG VIỆT Từ viết tắt NHTM Cụm từ tiếng Việt Ngân hàng thương mại vi DANH MỤC TỪ VIẾT TẮT TIẾNG ANH Từ viết tắt Cụm từ tiếng Anh Cụm từ tiếng Việt FEM Fixed Effect Model Mơ hình tác động cố định OLS Ordinary Least Square Bình phương nhỏ thơng thường REM Random Effect Model Mơ hình tác động ngẫu nhiên FIC Finacial Capacity Năng lực tài ROE Return on Equity Tỷ suất sinh lời vốn chủ sở hữu ROA Return on Asset Tỷ lệ thu nhập lãi tài sản NIM Net interest margin Tỷ lệ thu nhập lãi CAR Capital adequacy ratio Hệ số an toàn vốn SIZE Natural log of total assets Qui mô ngân hàng CIR Cost to Income Ratio Tỷ lệ chi phí thu nhập LIQ Liquidity Tính khoản FATA Asset quality chất lượng tài sản ngân hàng NPL Bad Debt Ratio Tỷ lệ nợ xấu GDP Economic Growth Tăng trưởng kinh tế CPI Consumer price index Chỉ số giá tiêu dùng (được dùng để tính số lạm phát nghiên cứu) vii MỤC LỤC LỜI CẢM ƠN ii TÓM TẮT LUẬN VĂN iii ABSTRACT iv DANH MỤC TỪ VIẾT TẮT TIẾNG VIỆT v DANH MỤC TỪ VIẾT TẮT TIẾNG ANH vi CHƯƠNG 1: PHẦN MỞ ĐẦU 1.1 Đặt vấn đề tính cấp thiết đề tài 1.2 Mục tiêu nghiên cứu 1.2.1 Mục tiêu tổng quát 1.2.2 Mục tiêu cụ thể: 1.3 Câu hỏi nghiên cứu 1.4 Đối tượng phạm vi nghiên cứu 1.4.1 Đối tượng nghiên cứu 1.4.2 Phạm vi nghiên cứu 1.5 Phương pháp nghiên cứu 1.6 Ý nghĩa khoa học thực tiễn đề tài 1.7 Bố cục luận văn CHƯƠNG 2: TỔNG QUAN VỀ NGHIÊN CỨU 2.1 Tổng quan tình hình hoạt động tài ngân hàng thương mại 2.1.1 Định nghĩa hoạt động tài 2.1.2 Các tiêu phản ánh tình hình hoạt động tài ngân hàng thương mại viii 2.1.2.1.Nhóm tiêu chí an tồn vốn 2.1.2.2.Tiêu chí chất lượng tài sản tình hình nguồn vốn 2.1.2.3.Nhóm tiêu chí khả sinh lời 10 2.1.2.4.Nhóm tiêu chí tính khoản 11 2.1.3 Các tiêu phản ánh tình hình hoạt động tài ngân hàng thương mại cổ phần theo Khung an toàn CAMEL 11 2.1.3.1.Tỷ lệ đủ vốn (C) 12 2.1.3.2.Chất lượng tài sản (A) 12 2.1.3.3.Chất lượng quản lý (M) 13 2.1.3.4.Khả kiếm tiền (E) 13 2.1.3.5.Thanh lý (L) 14 2.2 Các nhân tố ảnh hưởng đến hoạt động tài ngân hàng thương mại 16 2.2.1 Yếu tố vĩ mô 16 2.2.2 Yếu tố ngân hàng 18 2.3 Tổng quan nghiên cứu thực nghiệm trước 19 2.3.1 Nghiên cứu nước 19 2.3.2 Nghiên cứu nước 22 CHƯƠNG 3: PHƯƠNG PHÁP NGHIÊN CỨU 29 3.1 Thu thập liệu 29 3.2 Mơ hình nghiên cứu 30 3.3 Biến mô tả giả thuyết nghiên cứu 32 3.3.1 Biến phụ thuộc 32 3.3.1.1.ROA (Tỷ suất sinh lời tài sản) 32 3.3.1.2.ROE (Lợi nhuận vốn chủ sở hữu) 32 xxii Phụ lục 29: Kiểm định mơ hình FGLS cho NIM xtgls NIM SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI,panel(h) corr(ar1) Cross-sectional time-series FGLS regression Coefficients: Panels: Correlation: generalized least squares heteroskedastic common AR(1) coefficient for all panels Estimated covariances = Estimated autocorrelations = Estimated coefficients = NIM Coef SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI _cons 0026992 -.036668 1985615 -.0002116 -.1019568 -.1423106 -.0033699 0409759 0462115 1085544 28 10 Std Err .0007648 0562537 1540582 0000919 0258812 0175161 0033297 0251234 0086904 01528 (0.6700) Number of obs Number of groups Obs per group: avg max Wald chi2(9) Prob > chi2 z 3.53 -0.65 1.29 -2.30 -3.94 -8.12 -1.01 1.63 5.32 7.10 P>|z| 0.000 0.515 0.197 0.021 0.000 0.000 0.311 0.103 0.000 0.000 = = 307 28 = = = = = 10 10.96429 11 159.31 0.0000 [95% Conf Interval] 0012003 -.1469232 -.103387 -.0003917 -.1526829 -.1766416 -.009896 -.0082651 0291786 0786061 0041982 0735872 50051 -.0000316 -.0512306 -.1079797 0031561 0902169 0632443 1385026 xxiii Phụ lục 30: Kết hồi quy S – GMM ROA xtabond2 ROA l.ROA SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI, gmm(l5.LLR) iv(CPI) sm two Warning: This version of xtabond2 may be out of date For the latest, type or click on ssc install xtabond2, replace Then restart Stata Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Group variable: NAME Time variable : YEAR Number of instruments = 22 F(10, 27) = 43.57 Prob > F = 0.000 Number of obs Number of groups Obs per group: avg max Std Err t P>|t| = = = = = 279 28 9.96 10 ROA Coef [95% Conf Interval] ROA L1 .2345836 2213735 1.06 0.299 -.2196373 6888045 SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI _cons 0058964 -.3646528 -.4009976 0028528 -.0565121 -.1438041 -.0027647 0565733 0567609 0301231 0018709 1381632 1935843 0085021 11698 0659393 0042228 0145178 0226175 0547901 3.15 -2.64 -2.07 0.34 -0.48 -2.18 -0.65 3.90 2.51 0.55 0.004 0.014 0.048 0.740 0.633 0.038 0.518 0.001 0.018 0.587 0020577 -.6481403 -.7981997 -.0145921 -.2965352 -.2791004 -.0114292 0267853 0103537 -.082297 0097351 -.0811653 -.0037954 0202977 1835111 -.0085078 0058998 0863613 1031682 1425432 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation Standard D.CPI GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/10).L5.LLR Instruments for levels equation Standard CPI _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.L5.LLR Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(11) = 7.07 but not weakened by many instruments.) overid restrictions: chi2(11) = 9.10 weakened by many instruments.) -1.40 0.53 Pr > z = Pr > z = 0.161 0.598 Prob > chi2 = 0.793 Prob > chi2 = 0.613 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(6) = 4.17 Prob > Difference (null H = exogenous): chi2(5) = 4.92 Prob > iv(CPI) Hansen test excluding group: chi2(10) = 7.80 Prob > Difference (null H = exogenous): chi2(1) = 1.30 Prob > chi2 = chi2 = 0.653 0.425 chi2 = chi2 = 0.649 0.254 xxiv Phụ lục 31: Kết hồi quy S – GMM ROE xtabond2 ROE l.ROE SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI, gmm(l5.SIZE) iv(GDP) sm two Warning: This version of xtabond2 may be out of date For the latest, type or click on ssc install xtabond2, replace Then restart Stata Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Group variable: NAME Time variable : YEAR Number of instruments = 22 F(10, 27) = 130.32 Prob > F = 0.000 Number of obs Number of groups Obs per group: avg max ROE Coef Std Err ROE L1 .6149331 1231387 SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI _cons 011009 -1.69692 -2.430581 0236886 -1.326498 1449767 -.2278181 5685928 1663085 -.1327657 0103196 1.375926 2.339036 0226309 4741586 365957 1314639 1803216 1372371 2796031 t = = = = = 279 28 9.96 10 P>|t| [95% Conf Interval] 4.99 0.000 3622734 8675928 1.07 -1.23 -1.04 1.05 -2.80 0.40 -1.73 3.15 1.21 -0.47 0.296 0.228 0.308 0.305 0.009 0.695 0.095 0.004 0.236 0.639 -.0101652 -4.520088 -7.229886 -.0227462 -2.299392 -.605905 -.4975597 1986035 -.1152786 -.7064639 0321831 1.126248 2.368724 0701235 -.3536053 8958585 0419236 9385821 4478957 4409325 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation Standard D.GDP GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/10).L5.SIZE Instruments for levels equation Standard GDP _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.L5.SIZE Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(11) = 3.32 but not weakened by many instruments.) overid restrictions: chi2(11) = 6.10 weakened by many instruments.) -2.04 0.05 Pr > z = Pr > z = 0.041 0.959 Prob > chi2 = 0.986 Prob > chi2 = 0.866 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(6) = 3.38 Prob > Difference (null H = exogenous): chi2(5) = 2.72 Prob > iv(GDP) Hansen test excluding group: chi2(10) = 6.10 Prob > Difference (null H = exogenous): chi2(1) = 0.00 Prob > chi2 = chi2 = 0.760 0.743 chi2 = chi2 = 0.807 0.965 xxv Phụ lục 32: Kết hồi quy S – GMM NIM xtabond2 NIM l.NIM SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI, gmm(l5.FATA) iv(CPI) sm two Warning: This version of xtabond2 may be out of date For the latest, type or click on ssc install xtabond2, replace Then restart Stata Favoring space over speed To switch, type or click on mata: mata set matafavor speed, perm Warning: Two-step estimated covariance matrix of moments is singular Using a generalized inverse to calculate optimal weighting matrix for two-step estimation Difference-in-Sargan/Hansen statistics may be negative Dynamic panel-data estimation, two-step system GMM Group variable: NAME Time variable : YEAR Number of instruments = 22 F(10, 27) = 145.13 Prob > F = 0.000 Number of obs Number of groups Obs per group: avg max Std Err t P>|t| = = = = = 279 28 9.96 10 NIM Coef [95% Conf Interval] NIM L1 .2121595 1324937 1.60 0.121 -.0596951 4840141 SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI _cons -.0013686 -.2511964 2117377 -.0079226 -.2105771 -.1114062 -.0116748 0018144 0091045 1684363 0017587 0897538 3138004 0061109 067267 0451179 0132013 0339248 0329033 0495278 -0.78 -2.80 0.67 -1.30 -3.13 -2.47 -0.88 0.05 0.28 3.40 0.443 0.009 0.506 0.206 0.004 0.020 0.384 0.958 0.784 0.002 -.0049772 -.435356 -.4321275 -.0204611 -.3485976 -.2039806 -.0387616 -.0677935 -.0584076 0668138 00224 -.0670367 855603 004616 -.0725566 -.0188319 015412 0714224 0766166 2700589 Warning: Uncorrected two-step standard errors are unreliable Instruments for first differences equation Standard D.CPI GMM-type (missing=0, separate instruments for each period unless collapsed) L(1/10).L5.FATA Instruments for levels equation Standard CPI _cons GMM-type (missing=0, separate instruments for each period unless collapsed) D.L5.FATA Arellano-Bond test for AR(1) in first differences: z = Arellano-Bond test for AR(2) in first differences: z = Sargan test of (Not robust, Hansen test of (Robust, but overid restrictions: chi2(11) = 8.81 but not weakened by many instruments.) overid restrictions: chi2(11) = 7.19 weakened by many instruments.) -1.47 1.19 Pr > z = Pr > z = 0.143 0.233 Prob > chi2 = 0.639 Prob > chi2 = 0.784 Difference-in-Hansen tests of exogeneity of instrument subsets: GMM instruments for levels Hansen test excluding group: chi2(6) = 5.62 Prob > Difference (null H = exogenous): chi2(5) = 1.57 Prob > iv(CPI) Hansen test excluding group: chi2(10) = 7.19 Prob > Difference (null H = exogenous): chi2(1) = 0.00 Prob > chi2 = chi2 = 0.467 0.905 chi2 = chi2 = 0.708 0.960 i Phụ lục: Tổng hợp liệu thu thập từ 28 NHTM giai đoạn 2011 – 2021 YEAR BANK 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 ABB ABB ABB ABB ABB ABB ABB ABB ABB ABB ABB ACB ACB ACB ACB ACB ACB ACB ACB ACB ACB ACB BAB BAB BAB ROA ROE NIM SIZE FATA LLR CIR NPL LOAN LIQ GDP CPI 0.0074 0.0087 0.0024 0.0017 0.0014 0.0033 0.0058 0.0079 0.0098 0.0096 0.0129 0.0114 0.0044 0.0050 0.0053 0.0051 0.0057 0.0074 0.0156 0.0157 0.0173 0.0182 0.0059 0.0099 0.0038 0.0650 0.0815 0.0245 0.0205 0.0158 0.0417 0.0799 0.1041 0.1274 0.1254 0.1330 0.2682 0.0621 0.0661 0.0768 0.0804 0.0942 0.1321 0.2444 0.2165 0.2167 0.2139 0.0471 0.1063 0.0581 0.0542 0.0464 0.0278 0.0263 0.0276 0.0288 0.0296 0.0249 0.0274 0.0229 0.0270 0.0341 0.0374 0.0290 0.0304 0.0337 0.0340 0.0348 0.0357 0.0357 0.0368 0.0405 0.0321 0.0283 0.0340 17.5422 17.6444 17.8695 18.0271 17.9802 18.1219 18.2523 18.3153 18.4459 18.5723 18.6108 19.4539 18.9877 18.9311 19.0063 19.1211 19.2695 19.4656 19.6126 19.7649 19.9125 20.0842 17.0635 17.3341 17.7337 0.0172 0.0175 0.0150 0.0151 0.0152 0.0112 0.0097 0.0108 0.0093 0.0082 0.0076 0.0100 0.0084 0.0153 0.0156 0.0123 0.0122 0.0106 0.0098 0.0098 0.0085 0.0071 0.0072 0.0056 0.0052 0.0077 0.0090 0.0113 0.0070 0.0060 0.0079 0.0090 0.0072 0.0071 0.0061 0.0067 0.0035 0.0085 0.0093 0.0088 0.0031 0.0077 0.0065 0.0077 0.0066 0.0066 0.0111 0.0057 0.0079 0.0053 0.4713 0.6121 0.6692 0.6558 0.6036 0.5743 0.5923 0.5735 0.5142 0.4923 0.4034 0.4116 0.7319 0.6654 0.6379 0.6462 0.6186 0.5435 0.4783 0.5161 0.4198 0.3493 0.6191 0.7820 0.5231 0.0276 0.0284 0.0763 0.0451 0.0242 0.0256 0.0277 0.0189 0.0231 0.0209 0.0206 0.0085 0.0246 0.0299 0.0218 0.0133 0.0087 0.0070 0.0073 0.0054 0.0059 0.0077 0.0064 0.0566 0.0232 0.8863 0.8935 0.9003 0.9153 0.9101 0.9212 0.9276 0.9237 0.9234 0.9234 0.9030 0.9574 0.9284 0.9249 0.9310 0.9365 0.9398 0.9436 0.9362 0.9276 0.9203 0.9149 0.8739 0.9067 0.9342 0.4874 0.6245 0.6449 0.6685 0.7383 0.6988 0.6852 0.6918 0.6784 0.6231 0.5610 0.5061 0.7103 0.8290 0.8608 0.8683 0.8860 0.8490 0.8198 0.8034 0.0537 0.1031 0.3630 0.8604 0.8430 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 ii 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 BAB BAB BAB BAB BAB BAB BAB BAB BID BID BID BID BID BID BID BID BID BID BID BVB BVB BVB BVB BVB BVB BVB BVB BVB BVB 0.0048 0.0057 0.0066 0.0066 0.0070 0.0069 0.0050 0.0061 0.0079 0.0053 0.0074 0.0077 0.0075 0.0062 0.0058 0.0057 0.0057 0.0048 0.0062 0.0159 0.0100 0.0061 0.0063 0.0018 0.0001 0.0008 0.0020 0.0024 0.0026 0.0665 0.0719 0.0862 0.0945 0.0956 0.0959 0.0703 0.0802 0.1312 0.0971 0.1264 0.1498 0.1557 0.1411 0.1422 0.1383 0.1101 0.0907 0.1256 0.0818 0.0631 0.0320 0.0489 0.0161 0.0008 0.0100 0.0274 0.0338 0.0413 0.0227 0.0197 0.0205 0.0208 0.0189 0.0201 0.0188 0.0186 0.0345 0.0218 0.0287 0.0299 0.0272 0.0263 0.0290 0.0288 0.0266 0.0247 0.0295 0.0369 0.0279 0.0243 0.0241 0.0174 0.0191 0.0200 0.0202 0.0211 0.0215 17.8617 17.9659 18.1454 18.3349 18.3905 18.4966 18.5793 18.6013 19.8213 19.9992 20.1225 20.2930 20.5615 20.7296 20.9075 20.9956 21.1220 21.1398 21.2895 16.6469 16.8442 16.6362 17.0652 17.1835 17.2932 17.5019 17.6561 17.7631 17.9280 0.0042 0.0034 0.0087 0.0071 0.0067 0.0062 0.0062 0.0063 0.0090 0.0087 0.0095 0.0103 0.0100 0.0097 0.0086 0.0081 0.0072 0.0069 0.0061 0.0102 0.0097 0.0240 0.0145 0.0130 0.0104 0.0172 0.0165 0.0230 0.0206 0.0076 0.0076 0.0058 0.0067 0.0061 0.0061 0.0070 0.0088 0.0144 0.0122 0.0112 0.0102 0.0088 0.0100 0.0094 0.0094 0.0098 0.0126 0.0165 0.0028 0.0035 0.0074 0.0054 0.0042 0.0056 0.0062 0.0073 0.0087 0.0110 0.4720 0.4808 0.5051 0.4189 0.4406 0.5034 0.5563 0.5325 0.4316 0.3983 0.3871 0.3937 0.4487 0.4445 0.3974 0.3623 0.3591 0.3536 0.3115 0.5369 0.5278 0.5960 0.8252 0.8634 0.8806 0.8366 0.7416 0.7619 0.6127 0.0218 0.0070 0.0081 0.0063 0.0076 0.0068 0.0079 0.0077 0.0276 0.0270 0.0226 0.0203 0.0168 0.0199 0.0162 0.0190 0.0174 0.0176 0.0098 0.0686 0.0521 0.0306 0.0112 0.0647 0.0345 0.0230 0.0345 0.0251 0.0278 0.9279 0.9210 0.9235 0.9305 0.9270 0.9276 0.9286 0.9244 0.9399 0.9453 0.9416 0.9488 0.9519 0.9561 0.9594 0.9585 0.9479 0.9475 0.9510 0.8055 0.8419 0.8083 0.8715 0.8858 0.8978 0.9162 0.9261 0.9279 0.9363 0.8099 0.8335 0.7790 0.6909 0.7476 0.7059 0.7376 0.7800 0.5927 0.6251 0.6180 0.6773 0.6637 0.7214 0.7153 0.7537 0.7478 0.8088 0.7836 0.3083 0.4982 0.7173 0.5697 0.6418 0.7599 0.6772 0.7195 0.6798 0.6771 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 iii 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 BVB CTG CTG CTG CTG CTG CTG CTG CTG CTG CTG CTG EIB EIB EIB EIB EIB EIB EIB EIB EIB EIB EIB HDB HDB HDB HDB HDB HDB 0.0033 0.0136 0.0123 0.0101 0.0087 0.0073 0.0072 0.0068 0.0047 0.0076 0.0103 0.0093 0.0166 0.0126 0.0039 0.0003 0.0003 0.0024 0.0055 0.0043 0.0052 0.0067 0.0058 0.0095 0.0062 0.0025 0.0048 0.0059 0.0061 0.0536 0.2197 0.1823 0.1070 0.1036 0.1019 0.1137 0.1170 0.0803 0.1225 0.1611 0.1518 0.1864 0.1353 0.0449 0.0043 0.0030 0.0230 0.0577 0.0444 0.0550 0.0636 0.0543 0.1202 0.0605 0.0253 0.0537 0.0671 0.0920 0.0223 0.0511 0.0405 0.0389 0.0325 0.0279 0.0273 0.0278 0.0209 0.0289 0.0288 0.0305 0.0375 0.0313 0.0180 0.0177 0.0259 0.0266 0.0208 0.0220 0.0214 0.0214 0.0228 0.0414 0.0224 0.0058 0.0208 0.0363 0.0407 18.1530 19.9480 20.0372 20.1723 20.3095 20.4741 20.6706 20.8141 20.8755 20.9390 21.0170 21.1496 19.0281 18.9522 18.9503 18.8975 18.6426 18.6738 18.8219 18.8437 18.9367 18.8934 18.9265 17.6227 17.7817 18.2725 18.4159 18.4835 18.8281 0.0160 0.0081 0.0105 0.0123 0.0135 0.0111 0.0112 0.0104 0.0095 0.0089 0.0081 0.0069 0.0104 0.0195 0.0254 0.0325 0.0380 0.0261 0.0215 0.0233 0.0206 0.0209 0.0202 0.0073 0.0059 0.0068 0.0053 0.0076 0.0090 0.0093 0.0066 0.0073 0.0057 0.0066 0.0058 0.0072 0.0076 0.0112 0.0104 0.0094 0.0168 0.0034 0.0036 0.0042 0.0063 0.0070 0.0083 0.0071 0.0070 0.0064 0.0080 0.0082 0.0031 0.0037 0.0081 0.0049 0.0066 0.0061 0.6066 0.4057 0.4296 0.4549 0.4672 0.4713 0.4864 0.4620 0.4961 0.3883 0.3549 0.3233 0.3062 0.4264 0.6528 0.6962 0.6066 0.6038 0.5763 0.6517 0.6020 0.5486 0.5339 0.4769 0.5232 0.7004 0.6279 0.5831 0.6048 0.0253 0.0057 0.0147 0.0100 0.0112 0.0092 0.0102 0.0114 0.0158 0.0116 0.0094 0.0126 0.0161 0.0132 0.0198 0.0246 0.0186 0.0295 0.0227 0.0185 0.0171 0.0252 0.0196 0.0211 0.0235 0.0367 0.0227 0.0159 0.0146 0.9394 0.9381 0.9328 0.9058 0.9164 0.9280 0.9364 0.9418 0.9421 0.9377 0.9363 0.9389 0.9112 0.9071 0.9136 0.9186 0.8947 0.8956 0.9046 0.9025 0.9060 0.8952 0.8928 0.9212 0.8978 0.9004 0.9108 0.9118 0.9338 0.5913 0.5586 0.5742 0.6324 0.6416 0.6324 0.6905 0.6876 0.7092 0.7196 0.7383 0.7586 0.2923 0.4141 0.4679 0.6293 0.7884 0.7946 0.7869 0.7775 0.8313 0.8347 0.8284 0.4240 0.6491 0.7235 0.6572 0.7000 0.6873 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 iv 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 HDB HDB HDB HDB HDB KLB KLB KLB KLB KLB KLB KLB KLB KLB KLB KLB LPB LPB LPB LPB LPB LPB LPB LPB LPB LPB LPB MBB MBB 0.0103 0.0148 0.0175 0.0146 0.0172 0.0221 0.0189 0.0147 0.0076 0.0065 0.0040 0.0054 0.0055 0.0013 0.0022 0.0092 0.0174 0.0131 0.0071 0.0046 0.0033 0.0075 0.0084 0.0055 0.0079 0.0077 0.0099 0.0138 0.0132 0.1324 0.1902 0.1973 0.1881 0.2096 0.1142 0.1019 0.0902 0.0523 0.0490 0.0360 0.0568 0.0618 0.0178 0.0322 0.1646 0.1482 0.1175 0.0779 0.0631 0.0460 0.1276 0.1458 0.0941 0.1272 0.1308 0.1710 0.1986 0.1804 0.0404 0.0400 0.0465 0.0463 0.0431 0.0638 0.0647 0.0572 0.0399 0.0387 0.0268 0.0300 0.0275 0.0238 0.0190 0.0290 0.0500 0.0457 0.0360 0.0290 0.0316 0.0352 0.0363 0.0314 0.0340 0.0320 0.0357 0.0463 0.0456 19.0590 19.1911 19.2513 19.5811 19.7414 16.6975 16.7377 16.8776 16.9555 17.0472 17.2316 17.4352 17.5605 17.7492 17.8635 18.2442 17.8432 18.0114 18.1925 18.4287 18.4938 18.7704 18.9119 18.9808 19.1241 19.3059 19.4826 18.7488 18.9838 0.0081 0.0075 0.0039 0.0033 0.0036 0.0243 0.0309 0.0310 0.0415 0.0414 0.0432 0.0375 0.0352 0.0299 0.0258 0.0167 0.0107 0.0113 0.0102 0.0107 0.0109 0.0088 0.0089 0.0084 0.0074 0.0067 0.0055 0.0112 0.0085 0.0061 0.0062 0.0071 0.0061 0.0065 0.0053 0.0076 0.0059 0.0055 0.0054 0.0056 0.0059 0.0060 0.0058 0.0051 0.0044 0.0021 0.0061 0.0075 0.0047 0.0065 0.0068 0.0075 0.0085 0.0085 0.0093 0.0110 0.0079 0.0075 0.5425 0.4705 0.4461 0.4480 0.3809 0.3872 0.5122 0.5525 0.6554 0.6735 0.7367 0.7153 0.7391 0.8660 0.8745 0.5292 0.4472 0.4485 0.5569 0.6394 0.6285 0.5247 0.5513 0.6247 0.6197 0.5977 0.5065 0.3654 0.3451 0.0152 0.0107 0.0136 0.0132 0.0165 0.0277 0.0293 0.0247 0.0195 0.0113 0.0106 0.0083 0.0082 0.0116 0.0542 0.0189 0.0212 0.0266 0.0243 0.0109 0.0087 0.0111 0.0107 0.0141 0.0144 0.0143 0.0133 0.0159 0.0184 0.9220 0.9221 0.9112 0.9226 0.9178 0.8064 0.8146 0.8374 0.8544 0.8668 0.8895 0.9049 0.9114 0.9258 0.9316 0.9442 0.8825 0.8887 0.9086 0.9267 0.9294 0.9413 0.9426 0.9417 0.9377 0.9413 0.9419 0.9305 0.9267 0.6366 0.5927 0.5492 0.5472 0.4893 0.4559 0.5727 0.6225 0.7172 0.7930 0.7517 0.6999 0.6903 0.6443 0.7335 0.6132 0.4571 0.6224 0.6980 0.7720 0.7215 0.7823 0.7849 0.7136 0.6773 0.7202 0.6234 0.6450 0.6705 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 v 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 MBB MBB MBB MBB MBB MBB MBB MBB MBB MSB MSB MSB MSB MSB MSB MSB MSB MSB MSB MSB NAB NAB NAB NAB NAB NAB NAB NAB NAB 0.0127 0.0125 0.0114 0.0113 0.0111 0.0171 0.0196 0.0174 0.0218 0.0070 0.0021 0.0031 0.0002 0.0004 0.0015 0.0011 0.0063 0.0066 0.0114 0.0198 0.0126 0.0113 0.0047 0.0050 0.0055 0.0008 0.0044 0.0079 0.0077 0.1509 0.1511 0.1112 0.1085 0.1179 0.1811 0.2023 0.1718 0.2116 0.0839 0.0249 0.0350 0.0020 0.0031 0.0103 0.0089 0.0628 0.0702 0.1192 0.1831 0.0729 0.0551 0.0414 0.0562 0.0569 0.0096 0.0652 0.1398 0.1475 0.0371 0.0371 0.0372 0.0358 0.0419 0.0458 0.0494 0.0513 0.0541 0.0162 0.0208 0.0182 0.0139 0.0183 0.0271 0.0189 0.0281 0.0248 0.0337 0.0368 0.0311 0.0341 0.0211 0.0230 0.0295 0.0329 0.0267 0.0276 0.0272 19.0104 19.1163 19.2139 19.3617 19.5645 19.7081 19.8353 20.0200 20.2243 18.5550 18.5153 18.4894 18.4634 18.4629 18.3439 18.5361 18.7411 18.8716 18.9900 19.1320 16.7619 16.5886 17.1753 17.4343 17.3842 17.5733 17.8126 18.1338 18.3658 0.0102 0.0096 0.0087 0.0096 0.0083 0.0074 0.0068 0.0087 0.0077 0.0063 0.0082 0.0079 0.0073 0.0079 0.0070 0.0051 0.0024 0.0021 0.0017 0.0015 0.0435 0.0519 0.0326 0.0248 0.0237 0.0192 0.0153 0.0110 0.0093 0.0107 0.0123 0.0089 0.0080 0.0068 0.0089 0.0078 0.0088 0.0144 0.0032 0.0068 0.0068 0.0052 0.0058 0.0049 0.0038 0.0072 0.0056 0.0048 0.0083 0.0053 0.0043 0.0027 0.0040 0.0055 0.0091 0.0155 0.0103 0.0084 0.3585 0.3749 0.3932 0.4236 0.4326 0.4470 0.3945 0.3858 0.3351 0.5206 0.7083 0.6991 0.5755 0.7254 0.4986 0.6361 0.6199 0.5307 0.4993 0.3713 0.4092 0.4946 0.6157 0.5916 0.5426 0.5971 0.5117 0.6427 0.6300 0.0245 0.0273 0.0161 0.0132 0.0120 0.0133 0.0116 0.0217 0.0247 0.0225 0.0258 0.0271 0.0516 0.0341 0.0214 0.0214 0.0204 0.0139 0.0196 0.0174 0.0305 0.0340 0.0148 0.0116 0.0084 0.0207 0.0194 0.0154 0.0197 0.9160 0.9174 0.8978 0.8962 0.9057 0.9057 0.9031 0.8988 0.8971 0.9169 0.9173 0.9121 0.9095 0.8695 0.8531 0.8777 0.8997 0.9053 0.9045 0.8918 0.8266 0.7953 0.8868 0.9107 0.9037 0.9199 0.9326 0.9436 0.9476 0.7546 0.8360 0.8214 0.7602 0.7015 0.6623 0.6627 0.6282 0.6336 0.5447 0.5421 0.6114 0.6057 0.6003 0.6218 0.5065 0.4611 0.5152 0.4953 0.4646 0.3386 0.5452 0.4753 0.5449 0.6870 0.7953 0.7322 0.7219 0.7474 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 vi 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 NAB NAB NVB NVB NVB NVB NVB NVB NVB NVB NVB NVB NVB OCB OCB OCB OCB OCB OCB OCB OCB OCB OCB OCB PGB PGB PGB PGB PGB 0.0060 0.0094 0.0074 0.0001 0.0006 0.0002 0.0001 0.0002 0.0003 0.0005 0.0005 0.0000 0.0000 0.0119 0.0084 0.0074 0.0056 0.0042 0.0061 0.0097 0.0176 0.0219 0.0232 0.0239 0.0254 0.0125 0.0015 0.0051 0.0017 0.1212 0.1787 0.0517 0.0008 0.0058 0.0025 0.0020 0.0034 0.0068 0.0112 0.0100 0.0003 0.0003 0.0807 0.0602 0.0609 0.0549 0.0496 0.0820 0.1330 0.2002 0.2244 0.2027 0.2020 0.1722 0.0751 0.0119 0.0392 0.0121 0.0243 0.0315 0.0413 0.0413 0.0299 0.0230 0.0226 0.0199 0.0192 0.0165 0.0184 0.0215 0.0205 0.0457 0.0522 0.0470 0.0337 0.0330 0.0316 0.0345 0.0391 0.0394 0.0388 0.0365 0.0715 0.0572 0.0259 0.0274 0.0276 18.7157 18.8475 16.9288 16.8875 17.1854 17.4220 17.6915 18.0498 18.0900 18.0980 18.2025 18.3109 18.1166 17.0514 17.1269 17.3058 17.4815 17.7164 17.9715 18.2499 18.4203 18.5875 18.8429 19.0331 16.6824 16.7731 17.0294 17.0651 17.0216 0.0075 0.0064 0.0062 0.0076 0.0359 0.0312 0.0242 0.0171 0.0191 0.0085 0.0073 0.0063 0.0096 0.0150 0.0147 0.0140 0.0113 0.0044 0.0064 0.0063 0.0053 0.0050 0.0036 0.0030 0.0152 0.0135 0.0084 0.0077 0.0076 0.0063 0.0084 0.0071 0.0087 0.0072 0.0053 0.0043 0.0042 0.0050 0.0054 0.0053 0.0051 0.0094 0.0069 0.0114 0.0063 0.0078 0.0049 0.0052 0.0048 0.0057 0.0061 0.0061 0.0060 0.0105 0.0165 0.0075 0.0067 0.0072 0.5105 0.4648 0.5750 0.8765 0.9274 0.9109 0.8547 0.7813 0.7832 0.8169 0.6947 0.4850 0.5585 0.4702 0.4787 0.4962 0.5280 0.5578 0.5627 0.5309 0.3728 0.3704 0.2908 0.2694 0.3876 0.4807 0.6994 0.6384 0.6488 0.0083 0.0157 0.0340 0.0267 0.0607 0.0437 0.0184 0.0194 0.0121 0.0167 0.0193 0.0151 0.0300 0.0301 0.0275 0.0287 0.0296 0.0192 0.0167 0.0179 0.0229 0.0184 0.0169 0.0132 0.0206 0.0844 0.0298 0.0248 0.0275 0.9509 0.9476 0.8570 0.8524 0.8898 0.9128 0.9333 0.9532 0.9552 0.9554 0.9464 0.9524 0.9422 0.8525 0.8607 0.8791 0.8972 0.9145 0.9261 0.9272 0.9120 0.9026 0.8857 0.8818 0.8526 0.8341 0.8710 0.8705 0.8634 0.7315 0.7526 0.6589 0.5686 0.6321 0.6635 0.7056 0.6056 0.6364 0.6510 0.7351 0.8045 0.8745 0.3851 0.5569 0.5829 0.6113 0.5967 0.6748 0.6311 0.6038 0.5852 0.5715 0.5356 0.6214 0.6406 0.5572 0.6984 0.6833 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 vii 2016 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 PGB PGB PGB PGB PGB PGB SCB SCB SCB SCB SCB SCB SCB SCB SCB SCB SSB SSB SSB SSB SSB SSB SSB SSB SSB SSB SSB SGB SGB 0.0049 0.0022 0.0042 0.0024 0.0047 0.0064 0.0004 0.0002 0.0004 0.0003 0.0002 0.0003 0.0003 0.0003 0.0001 0.0016 0.0012 0.0007 0.0019 0.0011 0.0011 0.0011 0.0024 0.0035 0.0070 0.0075 0.0123 0.0198 0.0200 0.0351 0.0181 0.0344 0.0230 0.0431 0.0618 0.0056 0.0032 0.0069 0.0052 0.0055 0.0080 0.0116 0.0115 0.0040 0.0506 0.0228 0.0094 0.0265 0.0153 0.0159 0.0199 0.0494 0.0594 0.1005 0.0995 0.1397 0.0920 0.0840 0.0298 0.0308 0.0306 0.0297 0.0283 0.0202 0.0337 0.0174 0.0129 0.0201 0.0106 0.0057 0.0076 0.0098 0.0080 0.0195 0.0117 0.0143 0.0125 0.0100 0.0152 0.0212 0.0185 0.0188 0.0207 0.0191 0.0277 0.0595 0.0718 17.0273 17.1930 17.2134 17.2693 17.4033 17.5173 18.8208 19.0141 19.3054 19.5570 19.7063 19.9114 20.0479 20.1574 20.2672 20.3711 18.4315 18.1339 18.1958 18.1998 18.2553 18.4538 18.6439 18.7606 18.8743 19.0096 19.1705 16.5476 16.5137 0.0067 0.0063 0.0059 0.0054 0.0052 0.0073 0.0174 0.0164 0.0131 0.0127 0.0113 0.0090 0.0076 0.0068 0.0060 0.0053 0.0032 0.0041 0.0036 0.0036 0.0041 0.0034 0.0030 0.0055 0.0049 0.0048 0.0042 0.0526 0.0593 0.0071 0.0078 0.0075 0.0081 0.0063 0.0060 0.0066 0.0036 0.0030 0.0040 0.0058 0.0053 0.0053 0.0052 0.0053 0.0101 0.0032 0.0062 0.0063 0.0062 0.0043 0.0052 0.0048 0.0064 0.0072 0.0062 0.0084 0.0154 0.0074 0.5403 0.4685 0.4340 0.4691 0.5705 0.5699 0.7108 0.7073 0.5409 0.5228 0.6038 0.7603 0.6340 0.6494 0.6290 0.6000 0.7237 0.8124 0.7454 0.7147 0.8217 0.5850 0.5777 0.5807 0.3816 0.4750 0.3595 0.3462 0.3643 0.0247 0.0323 0.0306 0.0280 0.0244 0.0224 0.0714 0.0163 0.0049 0.0034 0.0067 0.0045 0.0042 0.0049 0.0234 0.0110 0.0270 0.0290 0.0277 0.0282 0.0159 0.0230 0.0248 0.0151 0.0231 0.0186 0.0165 0.0470 0.0293 0.8592 0.8785 0.8767 0.8975 0.8913 0.8968 0.9238 0.9276 0.9459 0.9511 0.9605 0.9650 0.9700 0.9732 0.9738 0.9680 0.9452 0.9256 0.9283 0.9291 0.9319 0.9431 0.9506 0.9409 0.9306 0.9241 0.9118 0.7849 0.7617 0.7371 0.7809 0.7808 0.8029 0.7949 0.6928 0.5308 0.8126 0.8195 0.8217 0.8161 0.7801 0.7563 0.7718 0.7380 0.7286 0.3398 0.4189 0.4531 0.5616 0.6727 0.6978 0.6403 0.6004 0.6082 0.6286 0.5187 0.5811 0.7037 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 viii 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 SGB SGB SGB SGB SGB SGB SGB SGB SGB SHB SHB SHB SHB SHB SHB SHB SHB SHB SHB SHB STB STB STB STB STB STB STB STB STB 0.0118 0.0114 0.0024 0.0073 0.0026 0.0020 0.0063 0.0041 0.0050 0.0106 0.0145 0.0059 0.0047 0.0039 0.0039 0.0054 0.0052 0.0066 0.0063 0.0099 0.0141 0.0066 0.0138 0.0116 0.0039 0.0003 0.0032 0.0044 0.0054 0.0494 0.0519 0.0127 0.0397 0.0160 0.0121 0.0406 0.0268 0.0331 0.1291 0.1775 0.0821 0.0755 0.0706 0.0690 0.1048 0.1024 0.1292 0.1085 0.1409 0.1372 0.0732 0.1306 0.1222 0.0519 0.0040 0.0508 0.0727 0.0918 0.0523 0.0500 0.0417 0.0382 0.0358 0.0347 0.0370 0.0274 0.0262 0.0351 0.0229 0.0185 0.0198 0.0223 0.0212 0.0206 0.0202 0.0251 0.0282 0.0371 0.0473 0.0530 0.0489 0.0423 0.0330 0.0159 0.0183 0.0236 0.0249 16.5023 16.5770 16.6918 16.7625 16.8751 16.8297 16.9428 16.9912 17.0186 18.0780 18.5737 18.7827 18.9456 19.1371 19.2706 19.4715 19.5940 19.7172 19.8382 20.0432 18.7676 18.8402 18.8993 19.0615 19.4924 19.6207 19.7249 19.8220 19.9327 0.0580 0.0602 0.0534 0.0504 0.0507 0.0556 0.0523 0.0482 0.0472 0.0318 0.0354 0.0289 0.0243 0.0198 0.0169 0.0138 0.0148 0.0132 0.0118 0.0098 0.0262 0.0343 0.0329 0.0274 0.0273 0.0239 0.0220 0.0203 0.0183 0.0069 0.0059 0.0052 0.0054 0.0055 0.0055 0.0050 0.0049 0.0066 0.0050 0.0107 0.0083 0.0062 0.0069 0.0077 0.0100 0.0093 0.0087 0.0083 0.0092 0.0057 0.0095 0.0084 0.0072 0.0078 0.0073 0.0075 0.0087 0.0088 0.4976 0.4021 0.5388 0.5780 0.5328 0.5313 0.5624 0.6259 0.6494 0.5052 0.5712 0.7858 0.4987 0.5279 0.5050 0.4490 0.4780 0.4209 0.3522 0.2427 0.5313 0.6062 0.5533 0.5407 0.5744 0.8696 0.7330 0.6712 0.6331 0.0224 0.0208 0.0188 0.0174 0.0234 0.0307 0.0194 0.0144 0.0135 0.0223 0.0881 0.0566 0.0202 0.0172 0.0193 0.0233 0.0240 0.0183 0.0172 0.0143 0.0058 0.0205 0.0146 0.0119 0.0580 0.0535 0.0416 0.0213 0.0194 0.7616 0.7797 0.8089 0.8155 0.8397 0.8314 0.8439 0.8488 0.8493 0.9179 0.9184 0.9279 0.9380 0.9450 0.9435 0.9486 0.9495 0.9488 0.9418 0.9299 0.8972 0.9099 0.8943 0.9048 0.9244 0.9332 0.9369 0.9393 0.9410 0.7357 0.7485 0.7404 0.7439 0.6965 0.7205 0.6868 0.7611 0.7357 0.4900 0.6659 0.6319 0.7290 0.7270 0.7120 0.6814 0.6967 0.7093 0.7356 0.6459 0.5308 0.7064 0.8158 0.8591 0.8937 0.8784 0.8681 0.8605 0.8837 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 ix 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 STB STB TCB TCB TCB TCB TCB TCB TCB TCB TCB TCB TCB TPB TPB TPB TPB TPB TPB TPB TPB TPB TPB TPB VAB VAB VAB VAB VAB 0.0054 0.0065 0.0175 0.0043 0.0041 0.0062 0.0080 0.0134 0.0239 0.0264 0.0267 0.0286 0.0324 -0.0551 0.0077 0.0119 0.0104 0.0074 0.0053 0.0078 0.0133 0.0188 0.0170 0.0165 0.0110 0.0067 0.0022 0.0013 0.0020 0.0926 0.0996 0.2520 0.0576 0.0473 0.0722 0.0929 0.1608 0.2393 0.1636 0.1647 0.1686 0.1979 -0.8200 0.0351 0.1030 0.1265 0.1171 0.0995 0.1443 0.1700 0.2366 0.2096 0.1858 0.0694 0.0464 0.0168 0.0131 0.0209 0.0277 0.0263 0.0363 0.0330 0.0299 0.0392 0.0435 0.0414 0.0379 0.0405 0.0437 0.0492 0.0575 -0.0089 0.0160 0.0270 0.0245 0.0232 0.0246 0.0289 0.0364 0.0415 0.0452 0.0436 0.0273 0.0182 0.0233 0.0153 0.0333 20.0150 20.0715 19.0114 19.0081 18.8838 18.9854 19.0730 19.2766 19.4117 19.5869 19.7654 19.9014 20.1589 17.0298 16.5316 17.2840 17.7567 18.1491 18.4769 18.6367 18.7295 18.9190 19.1449 19.4951 16.9296 17.0186 17.1126 17.3876 17.5503 0.0178 0.0157 0.0066 0.0064 0.0065 0.0059 0.0046 0.0067 0.0056 0.0054 0.0084 0.0105 0.0127 0.0029 0.0046 0.0021 0.0015 0.0018 0.0014 0.0020 0.0022 0.0035 0.0034 0.0027 0.0151 0.0137 0.0083 0.0064 0.0067 0.0110 0.6500 0.0170 0.9412 0.8690 0.0410 0.0323 0.0133 0.6500 0.0147 0.9343 0.8201 0.0710 0.0184 0.0049 0.3151 0.0283 0.9307 0.4910 0.0589 0.1868 0.0063 0.5717 0.0270 0.9261 0.6195 0.0524 0.0909 0.0075 0.5942 0.0365 0.9124 0.7551 0.0542 0.0659 0.0055 0.4828 0.0238 0.9148 0.7487 0.0598 0.0409 0.0061 0.3941 0.0167 0.9143 0.7409 0.0668 0.0063 0.0064 0.3503 0.0158 0.9168 0.7369 0.0623 0.0266 0.0070 0.2875 0.0161 0.9000 0.6347 0.0681 0.0353 0.0074 0.3184 0.0175 0.8387 0.6275 0.0708 0.0354 0.0076 0.3471 0.0133 0.8382 0.6028 0.0702 0.0279 0.0050 0.3192 0.0047 0.8303 0.6312 0.0410 0.0323 0.0066 0.3014 0.0066 0.8364 0.5534 0.0710 0.0184 0.0024 86.3020 0.0629 0.9328 0.2508 0.0589 0.1868 0.0061 0.6328 0.0524 0.7805 0.6131 0.0524 0.0909 0.0036 0.4758 0.0195 0.8847 0.4466 0.0542 0.0659 0.0039 0.5564 0.0122 0.9177 0.4201 0.0598 0.0409 0.0034 0.5110 0.0081 0.9370 0.5183 0.0668 0.0063 0.0039 0.5763 0.0075 0.9463 0.5207 0.0623 0.0266 0.0054 0.5379 0.0110 0.9462 0.5664 0.0681 0.0353 0.0065 0.5059 0.0112 0.9220 0.5591 0.0708 0.0354 0.0073 0.4041 0.0129 0.9206 0.5616 0.0702 0.0279 0.0092 0.4048 0.0118 0.9188 0.5618 0.0410 0.0323 0.0060 0.3381 0.0082 0.9113 0.4766 0.0710 0.0184 0.0084 0.5054 0.0256 0.8412 0.3219 0.0589 0.1868 0.0080 0.5930 0.0465 0.8564 0.6095 0.0524 0.0909 0.0071 0.7636 0.0284 0.8673 0.6963 0.0542 0.0659 0.0053 0.7242 0.0262 0.8978 0.5558 0.0598 0.0409 0.0054 0.5014 0.0182 0.9064 0.5836 0.0668 0.0063 x 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 VAB VAB VAB VAB VAB VAB BVH BVH BVH BVH BVH BVH BVH BVH BVH BVH BVH VCB VCB VCB VCB VCB VCB VCB VCB VCB VCB VCB VIB 0.0016 0.0015 0.0017 0.0027 0.0038 0.0065 0.0087 0.0069 0.0063 0.0043 0.0028 0.0027 0.0024 0.0014 0.0014 0.0010 0.0010 0.0115 0.0107 0.0093 0.0080 0.0079 0.0116 0.0066 0.0136 0.0152 0.0139 0.0155 0.0066 0.0247 0.0240 0.0280 0.0467 0.0580 0.1025 0.0692 0.0289 0.0333 0.0311 0.0257 0.0276 0.0336 0.0234 0.0238 0.0158 0.0177 0.1473 0.1066 0.1033 0.1061 0.1180 0.1892 0.1304 0.2352 0.2290 0.1963 0.2011 0.0783 0.0181 0.0200 0.0176 0.0149 0.0177 0.0188 0.0284 0.0310 0.0331 0.0192 0.0179 0.0197 0.0221 0.0126 0.0130 0.0093 0.0159 0.0387 0.0294 0.0259 0.0235 0.0258 0.0264 0.0249 0.0279 0.0313 0.0295 0.0322 0.0416 17.9340 17.9812 18.0823 18.1525 18.2760 18.4310 16.3976 16.4020 16.6362 17.0004 17.2397 17.3504 17.7045 17.8387 17.9069 17.8962 17.9970 19.7201 19.8426 19.9661 20.1733 20.3293 20.4849 20.7580 20.7947 20.9243 21.0056 21.0702 18.3897 0.0040 0.0034 0.0027 0.0026 0.0024 0.0021 0.0064 0.0051 0.0026 0.0019 0.0014 0.0011 0.0007 0.0012 0.0015 0.0022 0.0018 0.0071 0.0088 0.0087 0.0077 0.0075 0.0072 0.0060 0.0061 0.0055 0.0064 0.0061 0.0030 0.0067 0.0051 0.0055 0.0061 0.0066 0.0060 0.0060 0.0103 0.0059 0.0033 0.0037 0.0043 0.0067 0.0055 0.0076 0.0032 0.0037 0.0145 0.0128 0.0138 0.0122 0.0128 0.0103 0.0078 0.0096 0.0085 0.0145 0.0184 0.0071 0.5084 0.5651 0.4784 0.4840 0.3461 0.3351 0.5495 0.5817 0.5179 0.5952 0.5998 0.5441 0.4761 0.5643 0.5851 0.6840 0.4520 0.3833 0.3982 0.4027 0.3958 0.3918 0.3999 0.4035 0.3465 0.3459 0.3269 0.3098 0.4820 0.0151 0.0154 0.0104 0.0108 0.0230 0.0186 0.0000 0.0000 0.0000 0.0000 0.0133 0.0186 0.0378 0.0398 0.0522 0.0727 0.0494 0.0203 0.0240 0.0273 0.0231 0.0184 0.0148 0.0114 0.0098 0.0078 0.0062 0.0064 0.0269 0.9346 0.9361 0.9406 0.9419 0.9338 0.9369 0.8736 0.7626 0.8103 0.8617 0.8905 0.9013 0.9284 0.9388 0.9404 0.9391 0.9439 0.9219 0.8998 0.9096 0.9247 0.9330 0.9389 0.9492 0.9421 0.9338 0.9291 0.9229 0.9158 0.5237 0.5339 0.5803 0.6202 0.6850 0.6700 0.5316 0.4717 0.5124 0.5136 0.4927 0.6007 0.4925 0.4839 0.4888 0.5701 0.5664 0.6190 0.6862 0.7084 0.7317 0.7422 0.7494 0.6844 0.7467 0.7593 0.7782 0.8025 0.4554 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 xi 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 VIB VIB VIB VIB VIB VIB VIB VIB VIB VIB VPB VPB VPB VPB VPB VPB VPB VPB VPB VPB VPB 0.0080 0.0007 0.0065 0.0062 0.0054 0.0091 0.0158 0.0177 0.0190 0.0207 0.0097 0.0063 0.0084 0.0077 0.0124 0.0172 0.0232 0.0228 0.0219 0.0249 0.0210 0.0622 0.0063 0.0615 0.0605 0.0643 0.1279 0.2057 0.2432 0.2583 0.2639 0.1334 0.0959 0.1317 0.1396 0.1789 0.2291 0.2169 0.2117 0.1957 0.1973 0.1330 0.0401 0.0319 0.0330 0.0302 0.0288 0.0314 0.0379 0.0395 0.0407 0.0442 0.0330 0.0367 0.0427 0.0423 0.0630 0.0768 0.0874 0.0882 0.0945 0.0879 0.0776 17.9903 18.1577 18.2058 18.2500 18.4649 18.6290 18.7512 19.0333 19.3154 19.5505 18.2322 18.4471 18.6135 18.9107 19.0827 19.2482 19.4422 19.5941 19.7483 19.8534 20.1207 0.0062 0.0047 0.0045 0.0047 0.0036 0.0030 0.0025 0.0020 0.0017 0.0020 0.0045 0.0042 0.0035 0.0037 0.0026 0.0027 0.0029 0.0061 0.0051 0.0044 0.0034 0.0088 0.0120 0.0110 0.0089 0.0097 0.0077 0.0063 0.0070 0.0071 0.0078 0.0038 0.0037 0.0050 0.0069 0.0090 0.0091 0.0113 0.0110 0.0108 0.0107 0.0181 0.5570 0.6212 0.4794 0.6026 0.6153 0.5708 0.4420 0.4216 0.3981 0.3547 0.5178 0.6002 0.5577 0.5873 0.4718 0.3928 0.3554 0.3421 0.3395 0.2919 0.2420 0.0262 0.0282 0.0251 0.0207 0.0258 0.0249 0.0252 0.0171 0.0174 0.0232 0.0182 0.0272 0.0281 0.0254 0.0269 0.0291 0.0339 0.0350 0.0342 0.0341 0.0447 0.8713 0.8962 0.8946 0.8979 0.9164 0.9286 0.9233 0.9272 0.9265 0.9215 0.9276 0.9347 0.9363 0.9450 0.9309 0.9249 0.8931 0.8925 0.8881 0.8740 0.8424 0.6007 0.5625 0.6081 0.6322 0.5670 0.5552 0.6098 0.6631 0.6145 0.5608 0.3551 0.5796 0.6914 0.6638 0.6719 0.5411 0.4808 0.5285 0.5672 0.5571 0.4418 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0589 0.0524 0.0542 0.0598 0.0668 0.0623 0.0681 0.0708 0.0702 0.0410 0.0710 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184 0.1868 0.0909 0.0659 0.0409 0.0063 0.0266 0.0353 0.0354 0.0279 0.0323 0.0184