MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM HO CHI MINH UNIVERSITY OF BANKING NGUYEN THI NHU YEN DETERMINANTS OF CREDIT RISK IN VIETNAMESE COMMERCIAL BANKS GRADUATE THESIS MAJOR FINANCE –[.]
MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM HO CHI MINH UNIVERSITY OF BANKING NGUYEN THI NHU YEN DETERMINANTS OF CREDIT RISK IN VIETNAMESE COMMERCIAL BANKS GRADUATE THESIS MAJOR: FINANCE – BANKING CODE: 34 02 01 HO CHI MINH CITY, 2023 Tai ngay!!! Ban co the xoa dong chu nay!!! MINISTRY OF EDUCATION AND TRAINING STATE BANK OF VIETNAM HO CHI MINH UNIVERSITY OF BANKING Author: NGUYEN THI NHU YEN Student code: 030135190760 Class: HQ7-GE06 DETERMINANTS OF CREDIT RISK IN VIETNAMESE COMMERCIAL BANKS GRADUATE THESIS MAJOR: FINANCE – BANKING CODE: 34 02 01 ADVISER DR LE HA DIEM CHI HO CHI MINH CITY, 2023 i ABSTRACT This research aims to find the determinants affecting the credit risk of commercial banks in Vietnam The credit risk of Vietnamese commercial banks is measured by a bunch of independent variables such as bank–specific variables including the non-performing loans (NPL), the size of the bank (Size), equity-toasset ratio (CAP), return on assets (ROA), return on equity (ROE), loans and bank profitability (PROF) The author also uses some research methods, namely Pooled OLS model, FEM model, REM model, and S-GMM method, which are based on the unbalanced panel data of 27 commercial banks in Vietnam from 2010 to 2022 The study also used the independent variables which are represented for the macroeconomic elements, namely economic growth rate (GDP), inflation rate (INF), and the unemployment rate (UNEMP) The research results show that almost all microeconomic elements significantly affected the credit risk of Vietnamese commercial banks Moreover, all the macroeconomic determinants used in the thesis had positive effects on the credit risk of commercial banks operating in the Vietnamese stock market Keywords: Credit risk, commercial banks, Vietnam, macroeconomic elements, microeconomic elements, bank-specific factors, panel data ii DECLARATION OF AUTHENTICITY As the author of this thesis, I declare that the following are: Full name: Nguyen Thi Nhu Yen Student class: HQ7 – GE06, Faculty of Finance and Banking, Ho Chi Minh University of Banking Student code: 030135190760 I declare that the study with the title "Determinants of credit risk in Vietnamese commercial banks" is completely made by myself based on inquiry and the guidance of my lecturer Dr Le Ha Diem Chi In addition, none of this research has been published before submission All the research data in the tables used for the analysis, evaluation, and comment are collected from many different sources indicated in the references section If any fraud is discovered, I take full responsibility for the content of my thesis Sincerely Ho Chi Minh City, 12th June, 2023 Author Nguyen Thi Nhu Yen iii ACKNOWLEDGEMENTS I would like to express my gratitude to all lecturers at Ho Chi Minh University of Banking for teaching and imparting valuable knowledge and experiences to me during my studying process It was the fundamental foundation and valuable luggage for me to enter the practice working environment in the near future In addition, I also would like to thank my lecturer, Dr Le Ha Diem Chi has devoted herself to teaching and giving comments to help me to complete my graduation thesis well Finally, I wish all lecturers at Ho Chi Minh University of Banking always have a lot of good health and success in their occupations iv CONTENTS ABSTRACT i DECLARATION OF AUTHENTICITY ii ACKNOWLEDGEMENTS iii CONTENTS iv LIST OF ABBREVIATIONS viii LIST OF TABLES x LIST OF GRAPHICS xi CHAPTER 1: INTRODUCTION 1.1 Reasons for choosing the study 1.2 Research objectives 1.2.1 General objectives 1.2.2 Specific objectives 1.3 Research questions 1.4 The research subject and scope of study 1.4.1 The research subject 1.4.2 Scope of the research .4 1.5 Research method 1.5.1 Research method .6 1.5.2 Research data .6 1.6 Contribution 1.7 Research structure v CONCLUSION OF CHAPTER CHAPTER 2: THEORETICAL FRAMEWORK AND REVIEW OF PREVIOUS EXPERIMENTAL STUDIES 10 2.1 Review of commercial banks 10 2.1.1 Commercial banks 10 2.1.2 Functions of commercial bank .10 2.2 Review of bank credit 12 2.2.1 Bank credit 12 2.2.2 Features of bank credit 13 2.2.3 The role of commercial bank credit 14 2.3 Review of credit risk 15 2.3.1 Credit risk 15 2.3.2 The impact of credit risk on commercial banks 16 2.3.3 Factors affecting credit risk of commercial banks 17 2.4 Review of the prior experience research 21 2.4.1 Review of domestic research paper 21 2.4.2 Review of foreign research paper .23 CONCLUSION OF CHAPTER 32 CHAPTER 3: RESEARCH METHODS 33 3.1 Research process 33 3.2 Sample and research data 34 3.2.1 The research sample 34 3.2.2 The research data 34 vi 3.3 Research method 35 3.3.1 Variance inflating factor - VIF .35 3.3.2 Analysis and selection of effective models .35 3.3.3 Feasible Generalized Least Square - FGLS 36 3.3.4 Testing and handling defects of the research model 37 3.4 Research model 38 3.4.1 Research model .38 3.4.2 Explaining the variables in the research model .39 3.4.3 Research hypotheses .41 CONCLUSION OF CHAPTER 48 CHAPTER 4: RESEARCH RESULTS 49 4.1 Descriptive statistical analysis 49 4.2 Check for multicollinearity 51 4.3 Correlation analysis 52 4.4 Table Regression Data Analysis (OLS/FEM/REM Model) 54 4.5 Selection of estimation method 55 4.6 Test for heteroscedasticity and autocorrelation 56 4.6.1 Test for heteroscedasticity .56 4.6.2 Test for autocorrelation 57 4.7 Overcoming the research model by FGLS 58 4.8 Test for endogenous variable and GMM regression model method 59 4.8.1 Test for endogenous variable 59 4.8.2 GMM Regression Model Method 60 vii 4.9 Summarize and discuss research results 62 4.9.1 Microeconomic variables .62 4.9.2 Macroeconomic variables 66 CONCLUSION OF CHAPTER 70 CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS 71 5.1 Conclusions about the study 71 5.2 Some suggested solutions 72 5.3 Limitations of the graduate thesis and direction for future research 74 5.3.1 Limitations of the research 74 5.3.2 Direction for future research 75 CONCLUSION OF CHAPTER 76 REFERENCES i APPENDIX .iv viii LIST OF ABBREVIATIONS Number Acronym Meaning CAP CR EVFTA FEM Fixed Effects Model FGLS Feasible Generalized Least Squares GDP Gross domestic product GMM Generalized method of moments INF Inflation rate NPL Non-performing loans 10 OLS Ordinary least squares 11 PROF Bank profitability 12 REM Random Effects Model 13 ROA Return on assets 14 ROE Return on equity 15 SBV State bank of Vietnam 16 S-GMM Equity-to-asset ratio Credit risk European-Vietnam Free Trade Agreement System generalized method of moments xiv xv xvi xvii xvii APPENDIX RESEARCH DATA Code ABB ABB ABB ABB ABB ABB ABB ABB ABB ABB ABB ABB ACB ACB ACB ACB ACB ACB ACB ACB ACB ACB ACB ACB BAB BAB BAB BAB Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 CR 0.012306 0.019302 0.022061 0.019402 0.012302 0.012657 0.015269 0.0166 0.015014 0.014149 0.013752 0.014224 0.008298 0.009782 0.016495 0.021032 0.024317 0.016678 0.015211 0.017367 0.017141 0.015294 0.01233 0.016682 0.008761 0.011229 0.008778 0.011335 Size 17.4535 17.5422 17.6444 17.8695 18.0271 17.9802 18.1219 18.2523 18.3153 18.4459 18.5723 18.6108 19.1390 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 17.8617 CAP 0.1224 0.1137 0.1065 0.0997 0.0847 0.0899 0.0788 0.0724 0.0763 0.0765 0.0766 0.0970 0.0555 0.0426 0.0716 0.0751 0.0690 0.0635 0.0602 0.0564 0.0638 0.0724 0.0797 0.0851 0.1261 0.0933 0.0658 0.0721 ROA 0.0062 0.0039 0.0050 0.0018 0.0015 0.0011 0.0031 0.0061 0.0090 0.0126 0.0141 0.0196 0.0075 0.0104 0.0025 0.0027 0.0031 0.0033 0.0043 0.0068 0.0166 0.0194 0.0248 0.0310 0.0019 0.0004 0.0024 0.0034 ROE 0.1066 0.0650 0.0815 0.0245 0.0205 0.0158 0.0417 0.0799 0.1041 0.1276 0.1254 0.1330 0.2052 0.2682 0.0621 0.0661 0.0768 0.0804 0.0942 0.1321 0.2444 0.2165 0.2167 0.2139 0.0469 0.0110 0.0581 0.0665 LOANS 0.5210 0.4768 0.4966 0.6404 0.6249 0.6339 0.6556 0.6638 0.5995 0.6262 0.5685 0.6008 0.4216 0.3623 0.5841 0.6460 0.6465 0.6858 0.6996 0.7029 0.7103 0.7228 0.7129 0.6862 0.6495 0.7046 0.6077 0.6535 NPL 0.0116 0.0279 0.0284 0.0680 0.0399 0.0213 0.0251 0.0277 0.0189 0.0231 0.0209 0.0234 0.0034 0.0089 0.0248 0.0303 0.0218 0.0132 0.0112 0.0071 0.0073 0.0054 0.0060 0.0080 0.0064 0.0566 0.0232 0.0215 PROF 0.0318 0.0451 0.0373 0.0218 0.0220 0.0256 0.0246 0.0258 0.0227 0.0242 0.0205 0.0253 0.0203 0.0235 0.0390 0.0263 0.0265 0.0292 0.0295 0.0297 0.0315 0.0316 0.0328 0.0359 0.0238 0.0203 0.0244 0.0191 GDP 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0624 0.0525 0.0542 0.0598 INF 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.1868 0.0909 0.0659 0.0408 UNEMP 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0227 0.0196 0.0220 0.0245 xviii BAB BAB BAB BAB BAB BAB BAB BaoVietBank BaoVietBank BaoVietBank BaoVietBank BaoVietBank BaoVietBank BaoVietBank BaoVietBank BaoVietBank BaoVietBank BaoVietBank BaoVietBank BID BID BID BID BID BID BID BID BID BID BID BID BVB 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 0.012949 0.009565 0.010652 0.009311 0.009002 0.010373 0.012406 0.005177 0.011542 0.019314 0.012577 0.007941 0.00887 0.009835 0.01511 0.012106 0.018668 0.008169 0.009624 0.018515 0.018362 0.017375 0.016085 0.014978 0.01256 0.013971 0.021993 0.015413 0.011852 0.016257 0.022083 0.010077 17.9659 18.1454 18.3349 18.3905 18.4966 18.5793 18.6013 16.4344 16.3976 16.4020 16.6362 17.0004 17.2397 17.3504 17.7045 17.8387 17.9066 17.8962 17.9970 19.7189 19.8213 19.9992 20.1225 20.2930 20.5615 20.7296 20.9075 20.9956 21.1220 21.1398 21.2895 15.9227 0.0790 0.0765 0.0695 0.0730 0.0724 0.0714 0.0756 0.1202 0.1264 0.2374 0.1897 0.1383 0.1095 0.0987 0.0716 0.0622 0.0595 0.0609 0.0561 0.0665 0.0606 0.0551 0.0589 0.0517 0.0498 0.0439 0.0406 0.0415 0.0521 0.0525 0.0490 0.2527 0.0045 0.0062 0.0075 0.0084 0.0093 0.0073 0.0090 0.0037 0.0032 0.0025 0.0029 0.0029 0.0024 0.0026 0.0041 0.0022 0.0023 0.0016 0.0018 0.0036 0.0030 0.0024 0.0038 0.0047 0.0060 0.0059 0.0066 0.0071 0.0081 0.0068 0.0103 0.0014 0.0719 0.0862 0.0945 0.0956 0.0959 0.0703 0.0802 0.0809 0.0692 0.0289 0.0333 0.0311 0.0257 0.0276 0.0422 0.0230 0.0230 0.0158 0.0177 0.1543 0.1301 0.0963 0.1254 0.1484 0.1506 0.1411 0.1422 0.1383 0.1101 0.0907 0.1256 0.0272 0.6729 0.7083 0.6270 0.6572 0.6742 0.6760 0.7134 0.8023 0.8298 0.7460 0.7270 0.6963 0.7177 0.7310 0.7460 0.7607 0.7471 0.8034 0.7661 0.4421 0.2554 0.5300 0.5145 0.5381 0.5700 0.6727 0.6298 0.6404 0.6792 0.6687 0.6191 0.6411 0.0070 0.0081 0.0063 0.0076 0.0069 0.0079 0.0077 0.00008 0.0270 0.0300 0.0411 0.0220 0.0120 0.0130 0.0246 0.0210 0.0522 0.0727 0.0494 0.0350 0.0296 0.0292 0.0237 0.0203 0.0168 0.0199 0.0162 0.0190 0.0175 0.0176 0.0100 0.0407 0.0171 0.0176 0.0181 0.0175 0.0182 0.0173 0.0177 0.0210 0.0278 0.0299 0.0287 0.0158 0.0154 0.0179 0.0180 0.0113 0.0120 0.0088 0.0141 0.0251 0.0311 0.0190 0.0254 0.0259 0.0227 0.0233 0.0257 0.0266 0.0241 0.0236 0.0266 0.0232 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 xix BVB BVB BVB BVB BVB BVB BVB BVB BVB BVB BVB CTG CTG CTG CTG CTG CTG CTG CTG CTG CTG CTG CTG EIB EIB EIB EIB EIB EIB EIB EIB EIB 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 0.010828 0.007511 0.01373 0.016721 0.018207 0.01198 0.012987 0.014083 0.014872 0.014002 0.015078 0.011691 0.010293 0.00951 0.008236 0.009787 0.008498 0.010473 0.010527 0.015184 0.013929 0.012332 0.022879 0.010177 0.008357 0.00635 0.006451 0.011026 0.009155 0.011056 0.010472 0.007395 16.6469 16.8442 16.9535 17.0652 17.1835 17.2932 17.5019 17.6561 17.7631 17.9280 18.1530 19.7228 19.9480 20.0372 20.1723 20.3095 20.4741 20.6705 20.8141 20.8755 20.9390 21.0170 21.1496 18.6916 19.0281 18.9522 18.9503 18.8975 18.6426 18.6738 18.8219 18.8437 0.1945 0.1581 0.1396 0.1285 0.1142 0.1022 0.0838 0.0739 0.0721 0.0637 0.0606 0.0500 0.0623 0.0672 0.0942 0.0836 0.0720 0.0635 0.0582 0.0579 0.0623 0.0637 0.0611 0.1030 0.0888 0.0929 0.0864 0.0873 0.1053 0.1044 0.0954 0.0975 0.0069 0.0052 0.0026 0.0041 0.0014 0.0001 0.0009 0.0024 0.0032 0.0041 0.0063 0.0036 0.0065 0.0064 0.0061 0.0060 0.0060 0.0070 0.0078 0.0056 0.0099 0.0143 0.0148 0.0115 0.0193 0.0136 0.0042 0.0004 0.0003 0.0020 0.0052 0.0042 0.0818 0.0631 0.0320 0.0489 0.0161 0.0008 0.0100 0.0274 0.0338 0.0413 0.0536 0.1858 0.2181 0.1823 0.1070 0.1037 0.1019 0.1123 0.1170 0.0803 0.1225 0.1611 0.1518 0.1343 0.1864 0.1353 0.0449 0.0040 0.0030 0.0230 0.0577 0.0444 0.6381 0.7271 0.6708 0.6712 0.6866 0.6943 0.7196 0.7353 0.7485 0.7549 0.7341 0.4707 0.4034 0.5612 0.6489 0.5734 0.6727 0.6671 0.6713 0.6765 0.6696 0.6201 0.6833 0.3386 0.3044 0.4538 0.5648 0.4866 0.5745 0.5583 0.5575 0.5717 0.0270 0.0190 0.0490 0.0154 0.0120 0.0130 0.0378 0.0398 0.0522 0.0277 0.0253 0.0066 0.0075 0.0147 0.0100 0.0112 0.0092 0.0105 0.0114 0.0159 0.0116 0.0094 0.0126 0.0142 0.0161 0.0132 0.0198 0.0246 0.0186 0.0295 0.0227 0.0185 0.0249 0.0227 0.0206 0.0203 0.0151 0.0170 0.0168 0.0172 0.0180 0.0181 0.0188 0.0539 0.0776 0.0640 0.0451 0.0355 0.0303 0.0322 0.0349 0.0444 0.0399 0.0359 0.0273 0.0220 0.0289 0.0288 0.0161 0.0168 0.0272 0.0239 0.0179 0.0210 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 xx EIB EIB EIB EIB HDB HDB HDB HDB HDB HDB HDB HDB HDB HDB HDB HDB HDB KLB KLB KLB KLB KLB KLB KLB KLB KLB KLB KLB KLB KLB LPB LPB 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 0.005793 0.008504 0.008327 0.013742 0.007286 0.010779 0.008455 0.014297 0.010255 0.010478 0.011391 0.011574 0.011166 0.011438 0.011191 0.012423 0.011678 0.008886 0.011409 0.014129 0.008934 0.00966 0.008516 0.008664 0.008903 0.008594 0.008795 0.008396 0.008697 0.012659 0.007592 0.009269 18.9367 18.8934 18.9265 19.0362 17.3533 17.6227 17.7817 18.2725 18.4159 18.4835 18.8281 19.0590 19.1911 19.2513 19.5811 19.7414 19.8469 16.3474 16.6975 16.7377 16.8776 16.9555 17.0472 17.2316 17.4352 17.5605 17.7493 17.8635 18.2442 18.2671 17.3704 17.8432 0.0940 0.1048 0.1072 0.1107 0.0686 0.0788 0.1022 0.0996 0.0924 0.0924 0.0662 0.0780 0.0779 0.0888 0.0774 0.0822 0.0937 0.2564 0.1936 0.1854 0.1626 0.1456 0.1332 0.1105 0.0951 0.0886 0.0742 0.0684 0.0558 0.0604 0.1174 0.1175 0.0055 0.0068 0.0061 0.0187 0.0015 0.0024 0.0018 0.0012 0.0027 0.0035 0.0051 0.0110 0.0179 0.0225 0.0260 0.0362 0.0460 0.0050 0.0101 0.0090 0.0080 0.0045 0.0042 0.0031 0.0052 0.0059 0.0017 0.0032 0.0198 0.0140 0.0045 0.0064 0.0550 0.0636 0.0543 0.1438 0.1143 0.1202 0.0605 0.0253 0.0518 0.0640 0.0920 0.1324 0.1902 0.1973 0.1881 0.2096 0.2105 0.0606 0.1142 0.1019 0.0902 0.0523 0.0490 0.0360 0.0568 0.0618 0.0178 0.0322 0.1646 0.1050 0.1663 0.1482 0.6341 0.5530 0.5362 0.6476 0.5523 0.4655 0.5404 0.6552 0.6116 0.6390 0.6435 0.6554 0.6905 0.6494 0.6009 0.4630 0.5611 0.2869 0.2252 0.4355 0.3794 0.4415 0.5226 0.5631 0.6169 0.6774 0.6988 0.7212 0.7156 0.7057 0.4384 0.4218 0.0171 0.0252 0.0196 0.0180 0.0083 0.0211 0.0235 0.0353 0.0204 0.0159 0.0146 0.0152 0.0153 0.0136 0.0132 0.0165 0.0167 0.0111 0.0277 0.0293 0.0247 0.0195 0.0113 0.0106 0.0084 0.0094 0.0102 0.0542 0.0019 0.0189 0.0042 0.0214 0.0192 0.0207 0.0213 0.0302 0.0152 0.0291 0.0161 0.0036 0.0164 0.0305 0.0311 0.0337 0.0354 0.0425 0.0373 0.0371 0.0433 0.0397 0.0491 0.0580 0.0484 0.0344 0.0325 0.0258 0.0279 0.0230 0.0197 0.0166 0.0230 0.0244 0.0350 0.0367 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 xxi LPB LPB LPB LPB LPB LPB LPB LPB LPB LPB LPB MBB MBB MBB MBB MBB MBB MBB MBB MBB MBB MBB MBB MBB MSB MSB MSB MSB MSB MSB MSB MSB 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 0.013947 0.019668 0.010495 0.012219 0.012052 0.012147 0.012463 0.012185 0.012943 0.015299 0.021337 0.013505 0.013937 0.010259 0.011452 0.017072 0.011436 0.008263 0.005097 0.012259 0.010598 0.014365 0.023499 0.026731 0.010067 0.010367 0.024107 0.027484 0.022992 0.023112 0.022075 0.030988 18.0114 18.1925 18.4287 18.4938 18.7704 18.9119 18.9808 19.1241 19.3059 19.4826 19.6077 18.5126 18.7488 18.9838 19.0106 19.1163 19.2139 19.3617 19.5645 19.7081 19.8353 20.0200 20.2243 20.4065 18.5634 18.5550 18.5153 18.4894 18.4634 18.4629 18.3439 18.5361 0.1113 0.0914 0.0733 0.0706 0.0587 0.0574 0.0583 0.0623 0.0587 0.0581 0.0734 0.0889 0.0742 0.0770 0.0871 0.0855 0.1049 0.1038 0.0943 0.0943 0.0969 0.1012 0.1029 0.1093 0.0549 0.0831 0.0827 0.0879 0.0905 0.1305 0.1469 0.1223 0.0057 0.0037 0.0031 0.0023 0.0070 0.0089 0.0063 0.0105 0.0122 0.0000 0.0295 0.0054 0.0059 0.0072 0.0071 0.0077 0.0078 0.0089 0.0108 0.0192 0.0250 0.0266 0.0000 0.0562 0.0086 0.0059 0.0017 0.0025 0.0011 0.0009 0.0010 0.0009 0.1175 0.0779 0.0631 0.0460 0.1276 0.1458 0.0941 0.1272 0.1308 0.0000 0.1875 0.1792 0.1860 0.1715 0.1455 0.1460 0.1084 0.1085 0.1179 0.1811 0.2023 0.1718 0.0000 0.2280 0.1829 0.0839 0.0249 0.0350 0.0151 0.0085 0.0103 0.0089 0.5576 0.5877 0.5430 0.5905 0.6359 0.6276 0.6110 0.6262 0.6059 0.6040 0.6269 0.2742 0.3294 0.3573 0.4318 0.3382 0.3411 0.4134 0.3285 0.3857 0.4131 0.4570 0.5568 0.6067 0.3617 0.3253 0.4810 0.4631 0.5725 0.6279 0.5519 0.6542 0.0271 0.0248 0.0123 0.0088 0.0111 0.0107 0.0141 0.0144 0.0162 0.0121 0.0146 0.0135 0.0161 0.0186 0.0246 0.0276 0.0163 0.0134 0.0122 0.0135 0.0117 0.0109 0.0090 0.0109 0.0187 0.0227 0.0265 0.0271 0.0516 0.0341 0.0236 0.0223 0.0369 0.0289 0.0227 0.0269 0.0284 0.0320 0.0286 0.0300 0.0277 0.0000 0.0363 0.0321 0.0376 0.0376 0.0340 0.0326 0.0331 0.0311 0.0357 0.0402 0.0437 0.0410 0.0000 0.0494 0.0166 0.0136 0.0183 0.0151 0.0112 0.0152 0.0243 0.0143 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 xxii MSB MSB MSB MSB MSB NAB NAB NAB NAB NAB NAB NAB NAB NAB NAB NAB NAB NAB NCB NCB NCB NCB NCB NCB NCB NCB NCB NCB NCB NCB OCB OCB 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 0.03766 0.027531 0.023995 0.014874 0.011607 0.01036 0.008507 0.01007 0.006814 0.007249 0.00907 0.021313 0.024691 0.017013 0.012561 0.010145 0.012788 0.010681 0.011995 0.012476 0.017007 0.015391 0.011292 0.011563 0.011643 0.012167 0.012132 0.016346 0.016476 0.021715 0.009113 0.012752 18.7411 18.8716 18.9900 19.1320 19.1757 16.4903 16.7619 16.5886 17.1753 17.4343 17.3842 17.5733 17.8126 18.1338 18.3661 18.7157 18.8475 18.9949 16.8121 16.9289 16.8875 17.1854 17.4220 17.6915 18.0498 18.0900 18.0980 18.2025 18.3109 18.1166 16.7956 17.0514 0.1003 0.0947 0.0955 0.1082 0.1253 0.1499 0.1734 0.2047 0.1132 0.0893 0.0963 0.0801 0.0674 0.0564 0.0524 0.0491 0.0524 0.0712 0.1010 0.1430 0.1476 0.1102 0.0872 0.0667 0.0468 0.0448 0.0446 0.0536 0.0476 0.0578 0.1595 0.1475 0.0065 0.0078 0.0150 0.0000 0.0343 0.0020 0.0035 0.0027 0.0020 0.0028 0.0029 0.0005 0.0035 0.0087 0.0108 0.0118 0.0000 0.0266 0.0028 0.0030 0.00004 0.0003 0.0001 0.0001 0.0002 0.0004 0.0006 0.0008 0.00002 0.0000025 0.0036 0.0036 0.0628 0.0702 0.1192 0.0000 0.1732 0.0637 0.0729 0.0551 0.0414 0.0562 0.0569 0.0096 0.0652 0.1398 0.1475 0.1212 0.0000 0.1429 0.0776 0.0517 0.0008 0.0058 0.0025 0.0020 0.0034 0.0068 0.0112 0.0100 0.0003 0.0003 0.0970 0.0807 0.6674 0.7072 0.6593 0.6630 0.6700 0.5315 0.5670 0.6020 0.4778 0.5143 0.4273 0.3972 0.4520 0.4876 0.4772 0.4459 0.5565 0.5205 0.5830 0.5376 0.6635 0.6151 0.5858 0.5590 0.6333 0.5776 0.5648 0.6221 0.5867 0.5550 0.6583 0.6784 0.0301 0.0204 0.0196 0.0174 0.0171 0.0218 0.0284 0.0271 0.0148 0.0147 0.0091 0.0294 0.0195 0.0101 0.0197 0.0083 0.0157 0.0135 0.0224 0.0300 0.0280 0.0290 0.0300 0.0190 0.0175 0.0179 0.0229 0.0184 0.0169 0.0132 0.0205 0.0300 0.0211 0.0195 0.0273 0.0000 0.0391 0.0181 0.0202 0.0280 0.0139 0.0183 0.0276 0.0268 0.0218 0.0227 0.0231 0.0194 0.0000 0.0288 0.0245 0.0329 0.0339 0.0205 0.0163 0.0158 0.0138 0.0156 0.0135 0.0144 0.0160 0.0171 0.0319 0.0353 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0624 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.1868 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 0.0227 xxiii OCB OCB OCB OCB OCB OCB OCB OCB OCB OCB OCB PGB PGB PGB PGB PGB PGB PGB PGB PGB PGB PGB PGB PGB SCB SCB SCB SCB SCB SCB SCB SCB 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 0.017683 0.010302 0.013291 0.008735 0.008343 0.008398 0.010098 0.009925 0.010528 0.010947 0.013178 0.009764 0.015409 0.021096 0.013674 0.011993 0.011333 0.010102 0.010767 0.010303 0.01088 0.008905 0.008921 0.011142 0.023786 0.028261 0.012059 0.008223 0.005565 0.009496 0.010866 0.010979 17.1269 17.3058 17.4815 17.7164 17.9715 18.2499 18.4203 18.5875 18.8429 19.0331 19.0833 16.6115 16.6824 16.7733 17.0294 17.0651 17.0216 17.0273 17.1930 17.2134 17.2678 17.4033 17.5173 17.7071 17.9129 18.7910 18.8208 19.0141 19.3054 19.5570 19.7063 19.9114 0.1393 0.1209 0.1028 0.0855 0.0739 0.0728 0.0880 0.0974 0.1143 0.1182 0.1303 0.1327 0.1474 0.1659 0.1290 0.1295 0.1366 0.1408 0.1215 0.1233 0.1191 0.1087 0.1032 0.0936 0.0783 0.0783 0.0762 0.0724 0.0544 0.0496 0.0427 0.0350 0.0027 0.0029 0.0026 0.0025 0.0046 0.0097 0.0210 0.0308 0.0421 0.0525 0.0418 0.0077 0.0157 0.0084 0.0013 0.0046 0.0014 0.0043 0.0023 0.0045 0.0026 0.0060 0.0000 0.0142 0.0008 0.0000 0.0002 0.0001 0.0003 0.0002 0.0002 0.0004 0.0602 0.0609 0.0549 0.0496 0.0820 0.1330 0.2002 0.2244 0.2027 0.2020 0.1389 0.1007 0.1722 0.0751 0.0119 0.0392 0.0121 0.0351 0.0181 0.0344 0.0198 0.0431 0.0000 0.0881 0.0590 0.0000 0.0056 0.0032 0.0068 0.0052 0.0051 0.0080 0.7836 0.5499 0.5595 0.6363 0.6993 0.7234 0.7300 0.7424 0.7039 0.6726 0.5872 0.6132 0.7124 0.7239 0.6911 0.6779 0.6275 0.6324 0.6390 0.6510 0.6380 0.6407 0.6851 0.0307 0.4723 0.4058 0.5542 0.6124 0.6392 0.6351 0.7159 0.7031 0.0280 0.0290 0.0300 0.0190 0.0175 0.0179 0.0229 0.0184 0.0169 0.0132 0.0223 0.0142 0.0206 0.0844 0.0298 0.0248 0.0275 0.0247 0.0323 0.0306 0.0316 0.0244 0.0252 0.0256 0.1246 0.0900 0.0723 0.0163 0.0049 0.0034 0.0068 0.0045 0.0432 0.0383 0.0275 0.0269 0.0260 0.0285 0.0344 0.0347 0.0327 0.0313 0.0358 0.0316 0.0624 0.0509 0.0218 0.0255 0.0265 0.0280 0.0267 0.0284 0.0271 0.0251 0.0000 0.0247 0.0077 0.0000 0.0214 0.0110 0.0084 0.0145 0.0081 0.0043 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 xxiv SCB SCB SCB SGB SGB SGB SGB SGB SGB SGB SGB SGB SGB SGB SGB SGB SSB SSB SSB SSB SSB SSB SSB SSB SSB SSB SSB SSB SSB STB STB STB 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 0.012562 0.013833 0.015575 0.014157 0.021677 0.010181 0.009605 0.00834 0.007972 0.008268 0.008343 0.008166 0.007763 0.007423 0.009606 0.017046 0.01601 0.016642 0.023427 0.012951 0.011547 0.008208 0.00874 0.008522 0.010685 0.01171 0.010611 0.013688 0.015944 0.009679 0.010354 0.022594 20.0479 20.1575 20.2672 16.6376 16.5476 16.5137 16.5429 16.6147 16.7257 16.7940 16.9033 16.8592 16.9691 17.0163 17.0186 17.1369 17.8272 18.4315 18.1339 18.1958 18.1998 18.2552 18.4540 18.6444 18.7620 18.8774 19.0114 19.1705 19.2598 18.7699 18.7581 18.8347 0.0326 0.0293 0.0270 0.2097 0.2151 0.2383 0.2289 0.2121 0.1847 0.1788 0.1558 0.1637 0.1520 0.1475 0.1252 0.1408 0.1040 0.0548 0.0744 0.0717 0.0709 0.0677 0.0566 0.0491 0.0588 0.0694 0.0765 0.0882 0.1134 0.0961 0.1015 0.0887 0.0005 0.0005 0.0002 0.0398 0.0152 0.0149 0.0086 0.0090 0.0022 0.0070 0.0027 0.0021 0.0072 0.0049 0.0061 0.0095 0.0050 0.0010 0.0004 0.0012 0.0007 0.0007 0.0009 0.0024 0.0039 0.0092 0.0118 0.0208 0.0324 0.0024 0.0062 0.0030 0.0106 0.0102 0.0039 0.2255 0.0920 0.0840 0.0493 0.0519 0.0127 0.0397 0.0160 0.0121 0.0406 0.0268 0.0398 0.0487 0.1095 0.0228 0.0094 0.0265 0.0153 0.0160 0.0196 0.0481 0.0596 0.1052 0.1068 0.1397 0.1545 0.0586 0.1429 0.0736 0.6619 0.7176 0.7409 0.3655 0.1950 0.2641 0.4890 0.5379 0.5322 0.6084 0.5755 0.6097 0.6255 0.5967 0.6291 0.6703 0.3481 0.3511 0.4346 0.4623 0.5033 0.6120 0.6540 0.6442 0.5302 0.6251 0.6442 0.6588 0.6134 0.2468 0.1697 0.3962 0.0042 0.0049 0.0234 0.0293 0.0224 0.0208 0.0188 0.0263 0.0298 0.0220 0.0194 0.0144 0.0197 0.0212 0.0140 0.0223 0.0223 0.0883 0.0413 0.0203 0.0172 0.0188 0.0233 0.0240 0.0191 0.0183 0.0160 0.0054 0.0058 0.0205 0.0146 0.0119 0.0057 0.0071 0.0055 0.0340 0.0548 0.0651 0.0443 0.0409 0.0337 0.0320 0.0297 0.0313 0.0310 0.0239 0.0239 0.0316 0.0204 0.0084 0.0154 0.0108 0.0090 0.0135 0.0178 0.0157 0.0166 0.0183 0.0170 0.0103 0.0303 0.0226 0.0392 0.0413 0.0708 0.0702 0.0291 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0354 0.0280 0.0323 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0200 0.0198 0.0226 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 xxv STB STB STB STB STB STB STB STB STB STB TCB TCB TCB TCB TCB TCB TCB TCB TCB TCB TPB TPB TPB TPB TPB TPB TPB TPB TPB TPB TPB TPB 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0.015327 0.014536 0.015934 0.016068 0.015203 0.016205 0.008895 0.005064 0.010063 0.007376 0.011678 0.014211 0.015272 0.016803 0.017911 0.013087 0.011693 0.01067 0.009971 0.009501 0.001335 0.208348 0.205483 0.096818 0.051975 0.038164 0.025562 0.011343 0.011664 0.01272 0.016053 0.011611 18.8917 19.0556 19.4866 19.6121 19.7127 19.8116 20.0283 20.0028 20.0715 20.1989 18.8281 18.9984 18.9969 18.8732 18.9872 19.0750 19.2749 19.4078 20.1589 20.3652 16.8547 17.0298 16.5316 17.2840 17.7567 18.1491 18.4769 18.6367 18.7295 18.9180 19.1449 19.4951 0.1043 0.0944 0.0746 0.0661 0.0638 0.0613 0.0525 0.0580 0.0657 0.0653 0.0625 0.0680 0.0736 0.0867 0.0833 0.0815 0.0783 0.0931 0.1636 0.1623 0.1531 0.0672 0.2195 0.1153 0.0823 0.0630 0.0487 0.0538 0.0780 0.0795 0.0812 0.0887 0.0064 0.0069 0.0016 0.0002 0.0037 0.0050 0.0073 0.0074 0.0104 0.0154 0.0068 0.0103 0.0033 0.0018 0.0035 0.0035 0.0090 0.0187 0.0607 0.0674 0.0013 -0.0113 0.0010 0.0031 0.0044 0.0046 0.0047 0.0079 0.0149 0.0255 0.0289 0.0398 0.1267 0.1280 0.0248 0.0035 0.0529 0.0672 0.0913 0.0864 0.0996 0.1305 0.2208 0.2566 0.0758 0.0407 0.0724 0.0668 0.1486 0.2274 0.1979 0.1802 0.0506 -0.8200 0.0351 0.1030 0.1265 0.1171 0.1097 0.1443 0.1700 0.2366 0.2096 0.1858 0.4095 0.4126 0.3996 0.4801 0.5056 0.5603 0.5850 0.5918 0.5203 0.5345 0.5436 0.5059 0.5158 0.5251 0.4393 0.4853 0.4929 0.5416 0.5341 0.5880 0.5570 0.6470 0.5819 0.5882 0.6473 0.6190 0.6362 0.5885 0.6382 0.6434 0.6672 0.6952 0.0580 0.0691 0.0467 0.0213 0.0194 0.0170 0.0150 0.0098 0.0229 0.0283 0.0270 0.0365 0.0238 0.0167 0.0158 0.0161 0.0175 0.0133 0.0002 0.0067 0.0366 0.0035 0.0101 0.0066 0.0071 0.0109 0.0112 0.0129 0.0118 0.0082 0.0084 0.0076 0.0400 0.0335 0.0215 0.0113 0.0136 0.0181 0.0176 0.0227 0.0230 0.0290 0.0212 0.0302 0.0302 0.0284 0.0328 0.0375 0.0347 0.0333 0.0469 0.0433 0.0102 -0.0064 0.0182 0.0186 0.0190 0.0184 0.0200 0.0256 0.0321 0.0343 0.0369 0.0340 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0258 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0184 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0322 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 xxvi TPB VAB VAB VAB VAB VAB VAB VAB VAB VAB VAB VAB VAB VAB VPB VPB VPB VPB VPB VPB VPB VPB VPB VPB VPB VCB VCB VCB VCB VCB VCB VCB 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 0.010463 0.015186 0.01664 0.015491 0.013588 0.012076 0.011219 0.013537 0.006599 0.01045 0.009868 0.010899 0.005154 0.005217 0.008672 0.00655 0.005066 0.015436 0.012478 0.01259 0.017189 0.016124 0.015736 0.015259 0.02716 0.033181 0.022393 0.021459 0.023145 0.018771 0.020621 0.016204 19.6105 16.9970 16.9296 17.0186 17.1126 17.3876 17.5503 17.9340 17.9812 18.0823 18.1521 18.2760 18.4310 18.4709 17.9066 18.2322 18.4461 18.9107 19.0827 19.2482 19.4422 19.5941 19.7483 19.8534 20.1207 19.5440 19.7201 19.8425 19.9661 20.1733 20.3293 20.4849 0.0981 0.1410 0.1588 0.1436 0.1327 0.1022 0.0936 0.0654 0.0639 0.0594 0.0581 0.0662 0.0631 0.0691 0.0870 0.0739 0.0647 0.0550 0.0691 0.0751 0.1069 0.1075 0.1119 0.1260 0.1576 0.0676 0.0785 0.1006 0.0907 0.0754 0.0670 0.0610 0.0515 0.0047 0.0043 0.0029 0.0011 0.0008 0.0014 0.0017 0.0017 0.0021 0.0036 0.0058 0.0115 0.0156 0.0019 0.0029 0.0024 0.0046 0.0059 0.0145 0.0237 0.0271 0.0304 0.0384 0.0423 0.0048 0.0048 0.0050 0.0050 0.0052 0.0060 0.0078 0.1942 0.0785 0.0694 0.0464 0.0168 0.0131 0.0209 0.0247 0.0240 0.0280 0.0467 0.0580 0.1025 0.1226 0.0967 0.1307 0.0969 0.1396 0.1187 0.2291 0.2169 0.2117 0.1957 0.1973 0.1330 0.2037 0.1465 0.1062 0.1029 0.1060 0.1180 0.1424 0.6401 0.4452 0.4556 0.5271 0.4666 0.5177 0.5598 0.5725 0.6480 0.6895 0.6994 0.6920 0.6958 0.7398 0.4196 0.3534 0.4487 0.5445 0.6238 0.6464 0.6546 0.6794 0.6832 0.6970 0.6618 0.5570 0.6470 0.5819 0.5882 0.6473 0.6190 0.6362 0.0077 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0191 0.0155 0.0000 0.0000 0.0218 0.0224 0.0260 0.0284 0.0341 0.0354 0.0341 0.0340 0.0448 0.0301 0.0179 0.0240 0.0271 0.0200 0.0171 0.0138 0.0346 0.0022 0.0220 0.0129 0.0173 0.0112 0.0263 0.0136 0.0178 0.0156 0.0133 0.0151 0.0154 0.0142 0.0180 0.0247 0.0289 0.0324 0.0344 0.0663 0.0742 0.0764 0.0813 0.0772 0.0627 0.0266 0.0339 0.0264 0.0230 0.0204 0.0229 0.0235 0.0802 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0802 0.0642 0.0624 0.0525 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0315 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0315 0.0921 0.1868 0.0909 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0232 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0232 0.0288 0.0227 0.0196 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 xxvii VCB VCB VCB VCB VCB VIB VIB VIB VIB VIB VIB VIB VIB VIB VIB VIB VIB 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0.013313 0.013553 0.009423 0.020614 0.02234 0.011396 0.015567 0.016367 0.025473 0.021296 0.015942 0.016968 0.01184 0.009148 0.009963 0.010326 0.011146 20.7580 20.7947 20.9243 21.0056 21.0702 18.3570 18.3897 17.9904 18.1577 18.2058 18.2500 18.4649 18.6290 18.7512 19.0333 19.3154 19.5505 0.0508 0.0579 0.0662 0.0709 0.9077 0.0703 0.0842 0.1299 0.1038 0.1054 0.1021 0.0836 0.0714 0.0767 0.0728 0.0735 0.0785 0.0103 0.0166 0.0210 0.0209 0.0248 0.0053 0.0043 0.0035 0.0003 0.0035 0.0035 0.0038 0.0075 0.0147 0.0218 0.0310 0.0428 0.1733 0.2352 0.2290 0.1963 0.0171 0.1200 0.0783 0.0616 0.0063 0.0615 0.0605 0.0643 0.1279 0.2057 0.2432 0.2583 0.2639 0.5885 0.6382 0.6434 0.6672 0.6952 0.4452 0.4556 0.5271 0.4666 0.5177 0.5598 0.5725 0.6480 0.6895 0.6994 0.6920 0.6958 0.0102 0.0091 0.0068 0.0059 0.0062 0.0000 0.0000 0.0000 0.0277 0.0230 0.0210 0.0259 0.0249 0.0252 0.0197 0.0175 0.0217 0.0212 0.0265 0.0283 0.0274 0.0300 0.0223 0.0385 0.0460 0.0252 0.0284 0.0278 0.0251 0.0281 0.0347 0.0337 0.0347 0.0382 0.0681 0.0708 0.0702 0.0291 0.0258 0.0642 0.0624 0.0525 0.0542 0.0598 0.0668 0.0621 0.0681 0.0708 0.0702 0.0291 0.0258 0.0352 0.0354 0.0280 0.0323 0.0184 0.0921 0.1868 0.0909 0.0659 0.0408 0.0063 0.0267 0.0352 0.0354 0.0280 0.0323 0.0184 0.0224 0.0200 0.0198 0.0226 0.0322 0.0288 0.0227 0.0196 0.0220 0.0245 0.0231 0.0230 0.0224 0.0200 0.0198 0.0226 0.0322