ࡱ> &#$%n"3n珸W8309cfFNn믇btLvG2֒D'] S%ڃbȆR1잶,O%2wSxU{TTšDyxo. Je>Dxxeѫ}>z$\ j?ػ4T&66G7nN:'4~m-ҶaqyKge`LM3ZVǫ96:g2<wƵ_=WmFz\lC} D~ݍz'`~ }wdr sh8\6ۿT&iqURQd1 %Ƀe=ߦܯ NFp88vM{]>cﱁE_,~ l'lM^WH6D. m{B?L/CLO ëC;£VAGz0-߸혶TL5nmX'eF^2ǖ#}ʚd`$:+z 7Ia-'t6t~qL^|6d/5۲OMc泟LNaGUp#F.:ޏxwLjweCItxL##,˯\Q)JW>z` l'z(Grn\ G0,KX5ďjS"pNOx :=k(TnFU#̭yk/-a6(5R?X XRkCcI#ݞktZ1_]]dN¦A;]FAMmܼ1g>;':'<&.}tye齛t`C[:DIrh^0P@z=njjZۦڑ zz?*{ 8L{dӆ@ ^†Ƀ30t؅yq6}NAa q} c:ڑ =+hg`GvUtt41 *L0j贱,wʤzo`Z5qG-nKhﯨc iSрz:=;zuN[%=O<ˆ-j[trݸ n:ƺmŧ<8<>=ճ.yѥX548֛ߏ< FaS îFSd.fwrNJMK[S{H\!((EV9m#E/FCAܳv3DMllp=Y͊q9κEK]ĸ\n$X˼. pFQdOM@@p'zEt vsNdV|:Z >sGQM/d'>Ϲb4++[L 3 q\{&]aqK:ai貌&d2DW<1ILNLԛyj9Lj >J|b=ZHFB[,CLA7Lգy04l04&@, ,9- u 1,=ZwglSw}Z?lbuϛS`^.h9j0,afLЌ : 4+oWEnؙ+g'D/:qƾ 6xi`9kj&kX9Иjj&9];C94-caqE\ȫ%֦)(7``I!*"ؾ6(~W7*s E:*0}k߳ouxԘ{fC @nYtNXW'(*ÍhCճ`H1_f,nN{lx^e:QmOuW@S]Q= js=|Q(lA{\͂ʓJz&Rh=@=`z0Eo+4vާ*pUR{y|cr COca`L0M5}"Wek`2x4բIe|$s,$;xiLQ0A:m*5: ;hQ_\Ҁ4*?_f€8 #ا pN93Ӕ&)ׇŋqtiV631PkH[đ:D=}KODaq}#HA,ߍn,ۼB]TI"Br%ɴ slR|]ЊL~B$.έJWjU$U9Y t#[\s"K?.f:-n\YMyp]Fʄf=8MوQFt͇ԟ%KU]Ӣu>Ȳ*҆ԝҳݳl4բ# PU >mb:'W[~_ Vz~ "6*syaqѐmVD9*wm+Q͈UЧ9j0Y޸]-55|_;(4 ᴞS;E@{ZjbQT:6MT|lCĪ'T-W'+b% wt0\Uh/)f/ yfE7,V/sPkH(1Ao_t+% /"R=F*' P.DL.t%臞"' fN>Tv" mn¶0xNU_)`.rVUҡ82DXljv2f&] ?M=I`_T7m*g@"GcA`r>Q8=Ԭ-9yMTAbXn" *{vqft,B D t!끕yc`᭼un^K.UF+#R—x>6{w7re j*h/Jm~Y2#}SI mQj [l1zʅ`V!:>"[=WV2P7*߱7ӲINkajk& c@<nE `|fka]dj<:CGr7U(ŖQ`hoUmUȶ[k*}@h,kř#B1Gұͩ 1?_G0ɍKE&@A=Ibw }Zf":ՇTNϦj4g]4k[.`Uғ9UTb;Fn{F `l{}{CuJ&!̴ \ ~_YT DLjdj}{Wbl@=-1,7޲Jݪ-sRPlwQ0y Pj^࿱(3yzrpV%IPѕS~"Ӑ2&yz+ƍa.ˈQpEvo|T7"hSpvpcdA#MS?xQpKRtX ?FL[*F?|tzޡ[]b* ߡs[;NxdE2LJ"wZ'd\Hm^~۪mbR~p^F]>,h987琲Ϟ<;;0:\tQ ђ{=9V˺Κ,Y"bqKth.ZU_Ц,Ofk*ogNi}utF|DeN[Rtꦯ:cIuv$l]ʐOh AuUf9S^\TdMr74quUp]ϲC^@D!]{ѡwz_GG1nƚ*N㍱qh`jZ!,<ڪ.k q]zsK+X}r}]t'.AGh}QTl&.䗵NR=v|M!*aNC֧r/:NnmQ"*pZEG9PR~4@mBTsM̆DS9\lUԀTQlKR y0ixbg¨rUőW3M>5TbNڴYh5GЛ3x{0L>2SS8I djf@m0o[P:woU 6524?OmC_7 |d4UUQͨR<@'= Ƶtz,ҍ#M&~wuJnיo4=.^&i7}7 L'F6e XQb *oއb{Rl Jܾ9]KzޡwߍI-܃QUb9T6[la AI1N/^,Ӝ`E;MB`LDl<f992㱃I.6<ȖGA9ZQ8a]O!)`z%2f)r @2*r|g !Ip4ӅϥKt5m ַNly-UȤ-*>/{rN=~ng3)K P?IỉZlf'UNN˕Á{xpvyRj&@&l ~"+܃@MogC;G7D=tZGa#DZ)e&Uz2t64mU68#7TQt^!I0# `BB"o{BU0 tx%~6ak0Fs_09\ZUh1 ˕P.C=w*qIüf/%8F15v*g{v )y Oз='09ظ 2!lG;嗁$&>Y*&'{jrf ](_YYJ[eo(Cr`?dbsXe >c{5er}6p=>)^IDAT[э2{}c!8prtvfHm9 ?B3Rn>C04;qLUӐuo(f Z773yeRv{wc̛R8]7ӊx.ڝqM՞kpz\oyqSB~ҝ&;C?&C;C<n#IENDB`FXA%<4RaJFIFKKMSO Palette ȜͣЫӱЦӫ԰ֱ׶ٸԨױ׭ٶ۷ٰܼڷ۶ݸݼ޾߾޶“ȠʦƘ̥ͪϭʜˣΪϩѰȘЪЬҰΣѯӰԴ˙͝ϧЩҬҰ԰ΣϢЩѫҫҮ԰Դֶ͜ФШѩҧҬӰԭԯձմֱֳִ׵׸ѤөӬԯײПӨӫԨլհְֲֵ֬֯ׯײ׵سضظٶڷڻҠԪׯ׳״رٲٶڷں۹ۼܻԦիְ֭ذضٯٲٴٵٸڶܸܽݻݾ֦ת׭װرٲڱڵڶ۴۷۹ܹܻݸݹ޼߼٭ڱڴ۸ܷܹܻܵݷݻ޼޿߽٬ڱ۳۵ݷݸݺݻ޸޼޿߼۰ݴݷݹ޻߹߼߾ݱ޶޸߼C    ' .)10.)-,3:J>36F7,-@WAFLNRSR2>ZaZP`JQROC&&O5-5OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO"+!1AaQ"q2BbA ??5UkJRpHKRځI-3ʱy,o[e嶡x(^%+Ľ~`/$;wʀm74$]G}FgCDIo#dF='{c{:b mtIyƷ*o!ʪa.uN\Y\ʘ^Eݛh+&rD=OK},Oh}eUH?E𰯥-I0`s@ydTVKZN*{ DXsQʊv&V9_,بY;5O|e4K7đG{7ǙRa[X.!G2嶿0*ZHT!zrjDT+q6e>ԙ<-h=WIpA-:uMz; r/\_i_w=?D1j״Qx>&Yd+ Y4śأqLd^PW} GP4z8zx8B<ʉO ZyEr[t+wN7O%Ѩ9% ,^$1&Pu.E{2OO;a7@LM1c >+T[bʉm7B^d/Urw [JnwUK:%cפ!o!bq);qq @[4ɻ*ӖO[by`ܛ9$ץiZcJkR1 P9PZWwzfn]-Rqc}T}r-*PT%n8w{)Q8y츖Th$-GB2@{gyĐ,55yt?Wr)k"P}Ka^F 3?!g>xeUײ׬;Awwww ܥqwwwwN,k5@x3θޟ/{)5kv{6a=!,"JIkkq dtqp|[Oyy->忞:/.OkĕҤp4i]i6WK3z5YSMZhjך14 N =7< ac2gs'T֚lRknJ󺟵[Ez-6iY˻ZmӪnVZnց@3h~6|mϘ1'-ڟH^2]Bu)1n>s]:nNusT':Ν1rE:a:=ҁ/^h?F}^YOC"CtbY7ϺԺ: :C!( TP jBm?Ah mtd.YCsJG@YCA+rAV+[Y _JJq.pf1bu︫Z=ׂ w'&}^<+9yfGI(uPӻ}c'CqMU\l"[1JX#<7Wx7K{37C_x7M{S7E&-o^D=I8MCN`﯁U 3YkL ?Fʾa 2:!_{h]P `*̆V[\A85pkDzH=O̫^kxտ*@mUt\Ys4j"W(I;km-~l;FkԒhK$䳶RH(` ՕlS`0Ct!Mu{#obrLJI%卫']whWPR5n6B3p37 0͔0͒0͖0͑0͕n,re[ +B 5nwKd3lsKe[.{ V!*rܭArέn\q*v~nԆꜳ2-1ٲĴ'7۱#ѳ&<:D.r'x'}[J3=C Utalvl vKkGTvKnv{ m߶zl{m~¡ Vxb)zMu^{otd͍9t3qt) gKqĜ9G>b/L~¢7%zϲ9{'7{)g{"[?ew_vzwew[y7w 杗r;)r;*[~+?])O.,M _u"<|<-Dd䚔䜴䟌䡬䣜|BPVjA]4_ z鿺 ~}NW.k@ۊKiXcNӱx:]nu[DZk/n~#]&"޷Tʲ+*Im%[r#?C*ˤItoIo ?h?NL?.s2W~w_9z_mz?zƿggzv ?@f;~ݯivoo^vf۟chk]?l 6ӿb;6lWh!~}?_͏~6?'NnרּĊ7* ;VYu;ZMW)x?U0Vk9Z_)9No*/LO1f$H>eycG/*RfS j{lJ  S,FGΫ䦝!:& GhsV_*B,[MM?rq׻R>Q{_ǰٺewxw;#P!H?Ǽ¯xѥ°ܳҚx饡ѥ{*ոl75ׂk:5Ԑ΍7͋҅/켷ǵn+u׋1դoQ]/:tspS{~tp[_B^ Z$rr/w&)}V{U'˽0j$YŔy^ԁZU_y_uJEX;?>U _* K4~ɍoྲrotej49w;N\<֋O#k =|l±g)>"4"-h:ޢ$-β8:B^Z"]agKk-nԺˠ,lraˣǬzڊY+筴^z*u7ޱ^Ck>Ԛsk/:;~g_lzp?V}Lְ4 G4T#+ Tk4N4Nј>8G4?u߂?4+x|,ql?cw>կKJ I-RYt?-d~fȎ傼/~1 ~`_̯n9:/VFɚGki:+j/=>G60o#6dl]vfYgm~ev̖a[ign[o;lmmVd,f;dsb ;nSXeq:ΰ984]ٮZREvӚ Y5bI鱷۳n#7Տ݉ճىuνsxtS貹1d$`$ׁձ)ڷA贳`%-հ՛X\!ֱXʭe*١[Y.-ΰ-ٵ*eR~*RY܇pNamT$JdIT%$ ,G2YWZH*k(ɭ$K|+M[ZVbz c)IXFs SֿU}.P=°޺ʵ|A-=zO7_i"tvj1dƖX̤df!kA6lRK+~*Gq9M圶K"״ٸ!@G&gW{$>Q]"Vbψ$5s8+ߢÿ>!IQ 2KvI%_pNEn nIC3Id ;g }qT̝]b>,/=]]R}lrZ*2)-ӹWK-9" % -LI3;#I6i.q)4SRz&<6n-b%`1R-X,Mn<5ZrðAm_yz@W`+|pJkgW]qU8)K`E%,^;ҳI4$-3%JIĿ]ܠQ9c89%7;cHSɊkW]g*sjxf]H=\rk+]9Ip9)+<}C3GH9p堛*>7P%( z^o>89m61:Բܳĵ풑k;ܓѡ٦Pʺ"((N(;^K<;pE8g4ݰ6I[*GƞzЙ&7qSu+\~-@6^JB^ !&Ć~ 濾Ԑ2:2:WF&WV7 *m6y>4tuk{7ɧ!7:=&qs`;_"_S!Ä%D"aQQ*00 _c0)4Xfz2KfJ6`9ڼ ScѥrxV%':J%5-JJ K:Kj ċJG']i0 K][PXM /_ƃ 8 g pp ̜ް;?G)F[xDbjVM=+!iR,>9֟Z5-xԲX%d5yЗ5'ܰf4u#粒ҧ)ҫ͡°ڠCԼ7KQ_!ʰ79<=;FvSJ~.0Q~`)FάD t8t.ӯ]NtSQOn tN/RЧtWϵ=t`oiH]I28q MU=Q_,$Dʷmv d̐r@oەPj@o BkWBooýnwMY;sx}qw;N{'Eﴻyg_9;>zK.좻..2;.s]QЕq\%tO]}5q\+up]7qPyŗoBh@KGe*(ėߩSNQ8JrH"~j*;vHtJzeU#OS,fY$ e>,iT2'P鏓4A0's 0MqƕaL9ޫ( M BMP!5iČh) Bՙ;U/f2QEq4 , yVj)dle/~Rʳb; {E u*[pyt| >;x/9u]qE(g$Qd@3Ldu6z DpZ;KTP?Oq pN9YG6HOVʊd;uN[ZpHcz]c Un;h>#n) (B?s[fNJ$MENJ[J|ꍄd2*=ґa2i/eEKT0٨8J2SzK55x]S#}4Y"&g|)%賊W|_ ӱ>RZiyɬU$֐4t*)ohcdN#wg@g˧Vp~]GoeBe$7;f'6p K/EpK<%]zR$ӗh孤ҏHiz5ͨ5FCsiͫ &"FKi-ˈChbhQ i=-F\-ьJk;FheB]ko=Hk0K樧cN`m3=G|4U.UڒђЊ\КFwmKh(v t Kt Kt DŽkB!2C!D_ ^H!҇Cm!|"Z[]k c-w?-1UeuK֬D)>eد2EBdȗW]hNdF~Y2sL j:Μ!{&0CSYSdMq)q%֑ҋnXN7.]A:aa!Bki?I'[b͵4J me;ZDhAV:b-D6^-6}-ӏX5*W#};DQ9m(g֚r~ r8wc攭xFh /^/jBtrR}J}wnz#MJeָ{g{Q#Ax F/B~7t?ѱON>0JK@;-^S~ v+&EvtM),O5>:֢RjRzՓ2JYBYkh/孓TchT0H*SWRFXM0BX"lհNFa'p Ɲpuzw D7g kA >c1D X{Y7uX d0T,SDEb<ۊE72] &SL*Lޚ,O/)cx@qGgP̠ʙIE7d6u9jNA dl YKZS.KUV*2*dUPFbV?"e`؉J$aD~S{FaU2k%-ԥ 53*T$o)c,ٸ&ٸ~܀Yka*.Եk`م|;[&Nӭ4k8jUXˑt)UR}-fEo.DJ SC}2 Ax(d.O퀧eV3.f/m|mK8K T'VËBe(eP=BP9!+^ ҡ$B,!2a +TWޯ;BSЇzKt wy^_8G-;OÌ:@+3vCdv}[nb~"ݖb D$~EF;m&xjEt:K](]: Ttnav::aӡ={WEz^{e {g}>': W{!D AHBJ !d:i>, QغjQ(P+*o=lmX ,b1LClV?Xl0Z*v)Ϟ*DRֆ筴y 7gxVs7&6Ԋ@X}i=hxފx/;[#ov'vCE2Vn[ӱҕe+%x[:\ u&hniŌ!lU%#vxWcִDx +-lv [Zq."S VטL[+ G Aa(fa%ϱX;VzO+<#?#VE;[i$A2CtDL2F,2GL|IJbg?iRKGDnFIFKf*Hv-Bn+Av-C|DddѕdP2ֈW1U[VY8ka̖̖͂ܙ}ӓ GJȕl\=97.,6/&8u֒ԌԈ36ZK>sUG&*ʢݽCoN^g_/5pgϹc89:d欧8O;Uv}$GKe*  Qp^_ ]o"LSpˉkCjML ?87wz*:.mGKjW%<'dG{@}:__PｰyHn .@tl/:WQ(\dl.26ْn n35#rTٸٜl,[j(7\.zÕn-n5fCn)g G>:Eu{{Sujou>3Y?|I/2uwpgkZwk6iD]ۀ}Sr3Yߓ??>ba)`q_4;g 9KΔ%㌉9kdž!^£]yA]WSdBPLIJԏtǸ:mIԳNن[jչܱܰ[K<]f 7CW)&n,n( 5/ny54g|z#`ݪ_}ʳ_-őBȗ9s#o.΁9G6Γse|9g&ΛsgFPjC WPWX'?aݜ}2_FMi#%$Gdȗ9!oBs'bs؜76c#7_qO}Goߣ1L^#[žrl@ȵ#/Ȼ cϹp=Ĺk|9h-Ӽ+\Is+l44)8qP3FrB^^p 0c1sJZZ˵ԚPVZٵh Qٍ=Yrs0{,n4'LM树-u+`U'n-V!27s`ZMf 7Fp 04CsCMط-طa&i'7MwOÚ| #b sNc0ro92۝ɬ3Mq3yF5AύӾǍ!=;t^+ZhwT+z;U,9ە;bǹjxP%<uٷ8c"Y FA(E(~ aL-ա*+ZʰfIWր=qVա kUb.?zay>7sa#X+k._b3 ,ZX3`9N~ԉọy6+ߺa,LBio=9y>+>6} .] ]˟ykZ]z1 2Sd*r_;*DJ谊+U.b.{%50&@d^-&TcJZ9$W?ˇ]ƾrckٱlDV|# lc.$7~C-ߔr]Y>푩-Q FyuJM)߯bZX$׿ ;8?𩙌sϺx6RĮ*kiu_H~B/{$UWWd2ȥ{;nK*;]UYH'J:5ABV !8 $"\kp=x/xz-|`O"lm~,Th\Im?J%.%tQ~)Dp`T|Fg 峞OGt7~}^w;!ouZWK])/t<ӅT y塎:ZBE,Ԟ5_֎rQ9m)kS9?q'GjO+-?rlI :- ?k> ܲBs2.K4,L2_lM-ӃeTib e~/4 82@cI_)4tרY#KF>fKo8/oB&~~3 k+*T]Z}R_.>vNtQ }Yq KpY8'crm{B[KO#7KiMxyF37\! r="o]smk)]S?xRKDI% #$RL"K!*$$đOJI%IM,){I;YIv$V "١;`2ޕ72UGH_5 9ySZ-Jnvru\r%\?9i7LNQr܍$9r͗hWR?GQvm%>نh}$ znf^ֽϲ!YʷZQKy+e%:*&£0,Z JzH #IgE9yn4 dYb36Viy w?=蘒ż8/d"2Mf5[R\x/L*V_};߆%®{`BX NpZYNs_r^~U.r=ÜSH~ECX>o;nA o-2l+q.BO9 L)l2Qy/zrƮ:׊u[r΀F j,WSאDI*6^fibAm/}|HY '4P]kU9VZVv?c_D6C5Q0,Ռ@\M%4Q0L$xHO$_&ҕY J;"- ѱR(Y*Ad-eA?ni*sǂťPNG  IHDRJ<7_PLTE@ ` @ @@@`@@@@@` `@``````` @` @` @` @`@ @@@`@@@@@ @ @@ @` @ @ @ @ @@@ @@@@@`@@@@@@@@@@`@ `@@`@``@`@`@`@`@@ @@@`@@@@@@ @@@`@@@@@@ @@@`@@@@@@ @@@`@@@@@ @` @ ` @ @@@`@@@@@` `@``````` @` @`ࠀ @` @` @` @ ` @ @@@`@@@@@` `@``````` @` @` @`𠠤X4DbKGDH cmPPJCmp0712HsIDATx^\r#CG<}`E<)+@}tYjPX2_\j15n=dI]~7.Y\Y)õ\b!a̲pd\.Y* z-^ZrZݾvK|];E?}RN1h$уC.Qg]o`sa_(Ѥfi z3X[u$rpr' (WX vMbZ zٹF(ĤU ]SՓ^p'|ݯ Mxq5cJYj# ($hߡ||Xm!(Y%5=MŊs}Oi&zYw։r3Q) JETW:uns0߱ f A莶_dc@.( 'TB^E ^$49̨I0J*UШn ),كz=N0~v($d Lp3QHAb80J~ t 눱HWdMNSO+k2⥵ k7̼ELc[ 6IeHFۨ[c/;J>wCKpFԼlЭ}4.I^!/QXZ`k= C㦻WA!"֣zlQRJʔJCIƔV9%R0B1&+ YԻRVD jfpꡗO&D ^>=)lTf9hВ0X },ׇBnZɂڦVAנzR! 6HvguTxbBT@oDc󡄵(2(ӟG2 ,V7AŖKSsQ@ j\{Gw\\5n)=nҹPP K)Ja"Kk R44*=^'aՃ! LJ^m]ʀ̋2$:X8jT Zw-e$s]3x}V"6QRY3Y+S|1U" .IpILfh1z:eXAzI |وQ\ M`rݬ+$Wee,%.-(唼b ~2 184e#;$H*Vč"t?j}JLS(*ARQكm hn$JK>D݊.7쥞,`.m xP\\S'Ha#" (6bns_PwPn|4ŒvBPZkIQg<A\1zTg _֐c`]»*JdWUQ6x5kYY9d,RRbQܧ8bhZtM tDN/D#[jŲ֍G&Wk,Eҙkc yvI̤ bo6!PNk(YQ> GH_q4YWe;FP7C)oJ+ڏhG4q[QCD@DnQI쑈)GDN_{$  JT,j7U4 B($Nhø3lWp`tˮsM`if8)Pi moZ}>r{ 눙uQ>Rl7d#:%UBS@Z(&9L&vŋ-0_rLd-B$::/1,;FsV@ CRCx,kr 3>dDlZʴctV-ԝ"h-CxkD N+It;pyo]|(M|e@YuQmZ#Ԭ i{m~b} 6ø-KAX7iҩ%=]u qKd1.zݥaݪ,2F!{.ap/µt3ɉrxf%d%L'q3@8Mo|O6RZ|K:d~W6nk/n\`+\\TZkbo,hvw$E6|,IPzgy~_ /XGgP2~k4BN|xW" -&@/!p͗ 3EAuQWݣ{~uwf]ٯTayn.P:60*no ;- A5WBY+M;L3@x'_/l=t|ī޻ߚi4vٖȝN0#ƿ~&sxt\C+Lܛh $äυ~bh JOuODG_ PP1- , ~!$VۘvMkku%,ʠsl.1:hwč`E6=_/_/eH N+_)8drbfe~՚íE%\ WᶍՕ=7yW~-c{|@C23Xs5a].z*X+ T,CfكTte6% I}7F8zZq3tg' Ct:X5S| .X*'luɎNa/i@(Nյ_ ٛ<S;"a{O{z&M8p=ZQrq׽8rNv9 {_8Zb}zi})L^E5ȗE“eX7GwZI1,73O=gu=M2(*~{"QpΜuMVuYv9_78 O+}ٻiAt9yX5Eǔ 8wF56%qD7nR mOl o}'ram ¯MHg]G'o^9l罵[7Z+(P-oe2?);N2qиP>xl5+NO(I& Bcj&[PvO-cca?b910>,@VPLTE@ ` @ @@@`@@@@@` `@``````` @` @` @` @`@ @@@`@@@@@ @ @@ @` @ @ @ @ @@@ @@@@@`@@@@@@@@@@`@ `@@`@``@`@`@`@`@@ @@@`@@@@@@ @@@`@@@@@@ @@@`@@@@@@ @@@`@@@@@ @` @ ` @ @@@`@@@@@` `@``````` @` @`ࠀ @` @` @` @ ` @ @@@`@@@@@` `@``````` @` @` @`𠠤X4DbKGDH cmPPJCmp0712Hs"IDAThCYˎ*%[^˫X[`#ɜKfgQt710Ʈ)$ Ni~Fܒ洳}Za8xN|6])̾}ʤrt0vK',y[|;?aަQӁPS Uo7dt:"6)N*}a9 RcpZ>ك,p0v-e wE^9\c26:-'ez#z0X/1I* )}NN欝 =;Gbz&Cƍ@ XZ ^QV?NJhY9W)\Bۗ:J)IPRM{ԌImKZfEnzjDܕIRYP&@jYD0,v2m"V&ȧl)3(ny¤ 46&9NQ"aN@*Fjvxr) W?QQ2# 59 ^)zf{*PdՉNvL&,Nxx­Jf/ͦ޹>քe~ug?-vhxj:&A^ ,2/ꬬ<y^b{Zis8"&$j,30E<.D"wto' cט۞t2%Wpa]#Wydr+ɳxy%U|IfFG5$-$xZHjɦz:9u,SqOfA+ L>#iϧ2& 2d6$x-ƟG9}k2\ǏWp/3^dFЛT $Ε28ai1-!+qɎUrM&cD(S'5UcTK_6~v}Iߥ=ٙT(~qt?ZY vQ dk!}?IMDv#VnqۜvZ+yf?߀Soĵ7bL0_ݧ%mO.n5n+vy%rm|v#lV +RaK*-+HDzbG0gz#z0,1Ny\G 9 2`~,]8SAtC8ë؊kO|nswO +t"D/;-Ղr.o0\knL^( G,s;8vx> ؅IsUlNveŮ 5"ŒR ѾVGxԆZXK$gp/}*$*ǂف̌!$쫖:M;<{ } 0AA f3f33@3T+\ g4HdHdv -a0ppp@ g49d9dw -a0p@ pp<4BdBd8))0lO\FlO ʚ;ʚ;<4!d!d8)08<4dddd8)08j0___PPT10 pp*___PPT9 / 0!'04?D-NOVEMBER 2006 JGARSONO =   GUARANTEE SYSTEMS IN AFRICA SETTING UP EFFECTIVE DEVELOPMENT FINANCE INSTRUMENTS J. Garsonb ,<6   /#  & Definition    4( ,A lost cause ?  All GFs did fail in Africa Levitsky: GFs are bound to fail Anyway: Moral hazard Free rider Logic JEZ Z+( (($Z      : -Yet.... GFs worked well in Europe and in many DCs No other answer to the issue of collateral Cultural divide ? Donors self interest ?,ZJ( (*(4 #  V . Revisiting the issue Clarify the objective of GSs Designing GSs is a science, not a (political) art Managing GSs is a science, not... Setting up/Rehabilitating GSs: a not too easyzZ ( (( ((((((((t     .  0   7) Objectives of GSs&   2% 0!Guarantee Funds  4( 4'Mutual Guarantee Associations   4( 1"MGAs  More than 120 years Self-managed  club RF = members (+ Govt + Donors) Cottage enterprises, SMEs, dentists, housing Levitsky ???Z(@\     5&The replenishment issueFGuarantee funds Rely on Budget One-year barrier Transparency Problem?*66                 :MGA Membership fees Self-blocking mechanism Transparency *66              8* 'Objective of GSs What is a good design?(`FF( 3$Key Parameters  |Percentage of coverage First-demand guarantee Speedy bilateral procedures Check additionnality Maintain separate assessmentsl}((( ((( (( (&P   6(Know Who You Are  GSs only clients: banks GSs only asset: credibility vis--vis banks GSs only obsession: keep that credibility as high as possibleV (((('( (,(N   )  ; ?1Know How You Impact Banks  DDonors mistake:  they want it A loss is a loss, even with a GS GSs additionnality: just tilt the balance for  grey area cases Help convince Banking Commissions Z(@@    Q 9+ QObjective of the GSs ? What is a good GS design ? What is a good GS management ? (Q`FF`FFR>:,Know Your Strength  nNegotiate with Banking Commission Keep them competing for your guarantee Do use counterguarantees as sanctionsoo(&P   ;. YObjective of GSs What is a good GS design ? What is a good GS management ? Setting up GSsZ`FFZ, F>0Setting up/Rehabilitating GFs&   CContinental GF: FSA Sub-Regional GFs GARI Fagace National GFs FODEXj%Z  Z Z Z%( $ (  $Z!        <- =/Setting up MGAs&    Governments (Turkey, Spain& ) Donors (Philppines) Members themselves (France, Germany) Banks (West Africa, Cameroon)uu(&&   E @2  THANK YOU ! jose.garson@bred.fr,`FF hFF! i  0` @ ff3Ιd332z` @ ff3Ιd332z` 999MMM` fffPP3f` f3@ Ιd332z` f3@ Ιd333fz` f3@ Ιd33z>?" dd@,?4dd@  p " `@ P`p n?" dd@   @@``@n?" dd@  @@``PV    @ ` `p>>  k(  T   "`  0PP`  S 0AminispirlB  <g   H̪ 1Ȝ?" p  i1Cliquez pour modifier le style du titre du masque22 @  c $୓ "p  vCliquez pour modifier les styles du texte du masque Deuxime niveau Troisime niveau Quatrime niveau Cinquime niveau4w   c $ܴ "p    h* 2     c $칓 "p    j*( 2     c $@ "   j*( 2  r   C <A$Logo BRED Gestion"cZ  B޽h))?? f3@ Ιd33z4,___PPT9RpRR blocnote[1] 0  C(   TT    "   XA StationeryPP`   S 0Aminispir  <ܲx  ?"^~ x  i1Cliquez pour modifier le style du titre du masque22   c $lnx  "3   x  p8Cliquez pour modifier le style des sous-titres du masque99   c $|x  "^# x  h* 2f    c $x  "^~#  x  j*( 2f    c $`x  "~# x  j*( 2f  Z  B޽h))?? f3@ Ιd33z]  0` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> ogPZ(    6x   `} x  _'Cliquez pour modifier le style du titre(( >  0`x   ` x  vCliquez pour modifier les styles du texte du masque Deuxime niveau Troisime niveau Quatrime niveau Cinquime niveau4w   0Px  ^ ` x  `*    0}  ^  x  b*    00 }  ^ ` }  b*  H  0޽h ? 33D<___PPT10.. B 0Conception personnalise:0 J(    0E}  P   }  V*     0I}     }  X*   d  c $ ?  } >  0M}   @ }  vCliquez pour modifier les styles du texte du masque Deuxime niveau Troisime niveau Quatrime niveau Cinquime niveau4w   6R}  `P  }  V*     6V}  `  }  X*   H  0޽h ? ̙3380___PPT10.%F 0(`J(    0df}  P   }  `*     0dk}     }  b*     6Po}  _P  }  `*     6$t}  _  }  b*   H  0޽h ? 3380___PPT10. m 0 0X6(  X X s *$BS" p B R X s * B X s *޽h ? @ Ιd332z___PPT10i.%+D=' B= @B + 0 @ |(   ^b   6HFf"= f   c >A3Logo BRED BP p   c HA$3Logo BRED Gestion @  H   0޽h ? f3@ Ιd33z___PPT10i. +D=' B= @B + 0 -%@ (  r  S hB p  B    6B3 "<  d B 2  63>  _ Guarantor       <Da 3Ԕ w  QB A N K  R  C *Aj0149481S  XB  0D)  XB  0D) XB  0Do c   < a % T E  G(1)    <d a   G(2)    <XN % G(3)  H  0޽h ? f3@ Ιd33z___PPT10i.0B+D=' B= @B + 0 ^N0  (   x   c $a  p  a      0a 3 S" p<$ 0 a  H   0޽h ? f3@ Ιd33z___PPT10l.0B+2D' a = @B D' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<* %(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<* D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<* =%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* =D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<* =D' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<* =E%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* =ED' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<* =ED' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<* ER%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* ERD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<* ERD' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<* R]%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* R]D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<* R]D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<* ]d%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<* ]dD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<* ]d+8+0+ 0 + 0 (  x  c $Ta  p  a     0 Xa 3 S" p<$ 0 a  H  0޽h ? f3@ Ιd33z___PPT10v.0B+2D' Ya = @B D' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<**%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<**D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<**D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<**U%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<**UD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<**UD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*Ug%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*UgD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*UgD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*g%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*gD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*g+8+0+0 +  0 ^N0 ((  x  c $ja  p  a     0ka 3 S" p<$ 0 a  H  0޽h ? f3@ Ιd33z___PPT10v.0B+2D' la = @B D' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*O%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*OD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*OD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*Oq%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*OqD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*OqD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*q%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*qD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*q+8+0+0 + 0 `k@V(  @r @ S @ XB  (@ 0D3>] XB  ( 0D3> F  ( Ba 3Ԕ YGUARANTEE SYSTEMS   ( Ba 3>    YGUARANTEE FUNDS   ( B~a 3Ԕ J  cMUTUAL GUARANTEE ASSOCIATIONS   ( <D}a ffmJ  ^GOVERNMENTS WANT TO HELP    ( <La ffC  o'ECONOMIC ACTORS WANT TO HELP THEMSELVES(( (   ( <a ff@) ^GOVERNMENTS WANT TO HELP  RB  ( s *D3>@ ( <  IG F    <0a 3Ԕ w  QB A N K  R  C *Aj0149481S  XB  0D)  XB  0D) XB   0Do c    <ܾa % T E  G(1)     <xa   G(2)     <a  % G(3)  H  0޽h ? f3@ Ιd33z___PPT10i.0B+D=' } = @B +U  0 ld08(  8x 8 c $a  p  a   8  0a 3 S" p a  2 8 6 a 3>C   HRF   8 < a 3Ԕ   QB A N K  R 8 C *Aj0149481@pXB 8 0D)    8 <a   G(1)    8 <a   G(2)    8 <a Cc  G(3)  R  8 C *Aj0149481m#CR 8 C *Aj0149481 )P ^2 8 63>P&) R 8 C *Aj0149481 = XB 8@ 0D)S XB 8 0D)S  H 8 0޽h ? f3@ Ιd33z___PPT10i.0B+D=' } = @B +w 0 P(  x  c $@a  p  a     0,a 3 S" p<$ 0 a  H  0޽h ? f3@ Ιd33z!___PPT10.0B+2D' a = @B DP' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*(%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*(D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*(D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*(G%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*(GD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*(GD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*Gt%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*GtD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*GtD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*t%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*tD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*t+8+0+0 +s 0 pp0(  0r 0 S a  p  a   0  6a 3> S" p  a   0  6ػa 3> S" 0  a  H 0 0޽h ? f3@ Ιd33z___PPT10i.`[.?+D=' } = @B + 0 @[Db(  Dx D c $ x  p  x   D  0x S" p x  H D 0޽h ? f3@ Ιd33z___PPT10i.X+D=' } = @B + 0 ^N0 $(  $x $ c $x  p  x   $  0x 3 S" p<$ 0 x  H $ 0޽h ? f3@ Ιd33z!___PPT10.0B+2D' x = @B DP' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*$%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*$D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*$D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*$.%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*$.D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*$.D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*$.J%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*$.JD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*$.JD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*$J_%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*$J_D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*$J_D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*$_}%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*$_}D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*$_}+8+0+$0 + 0 ^N0 @<(  <x < c $ !x  p  x   <  0$"x 3 S" p<$ 0 x  H < 0޽h ? f3@ Ιd33z___PPT10.0B+2D' #x = @B DJ' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*<%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*<D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*<D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*<D%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*<DD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*<DD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*<D%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*<DD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*<D+8+0+<0 + 0 0K`(  `x ` c $t,x  p  x   `  0t-x 3 S" p<$ 0 x  H ` 0޽h ? f3@ Ιd33z___PPT10v.0B+2D' .x = @B D' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*`D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*`D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`@%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*`@D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*`@D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`@%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*`@D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*`@D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*`%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*`D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*`+8+0+`0 + 0  Hb(  Hx H c $x  p  x   H  0<.BS" p x  H H 0޽h ? f3@ Ιd33z___PPT10i.X+D=' } = @B +q 0  iL(  Lx L c $Ex  p  x   L  0Fx 3 S" p<$ 0 x  H L 0޽h ? f3@ Ιd33z___PPT10.0B+2D' Gx = @B DJ' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*L"%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*L"D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*L"D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*L"I%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*L"ID' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*L"ID{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*LIo%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*LIoD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*LIo+8+0+L0 + 0^N0 @Tb(  Tx T c $Ox  p  x   T  0Rx S" p x  H T 0޽h ? f3@ Ιd33z___PPT10i.X+D=' } = @B + 0^N0  \(  \x \ c $Xx  p  x   \  0pYx 3 S" p<$ 0 x  H \ 0޽h ? f3@ Ιd33z___PPT10l.0B+2D' Zx = @B D' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*\%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*\D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*\D! ' =%(D ' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*\%%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*\%D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*\%D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*\%*%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*\%*D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*\%*D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*\*1%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*\*1D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*\*1DN' =%(D' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*\1>%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*\1>D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*\1>D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*\>D%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*\>DD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*\>D+8+0+\0 +  0  P&(  PXB P 0D3> ~ XB P 0D3>@ XB P 0D3> F  P BDux 3Ԕ YGUARANTEE SYSTEMS   P Byx 3Ԕ   cMUTUAL GUARANTEE ASSOCIATIONS    P <|x ffC  o'ECONOMIC ACTORS WANT TO HELP THEMSELVES(( (   P <hx ff@) ^GOVERNMENTS WANT TO HELP  RB  P s *D3>@  P <x   J2a    P <@x  J2b   P <px ffg  i!BANKS WANT TO DEVELOP MLT LENDING"" "  P <Аx  I  J2c  H P 0޽h ? f3@ Ιd33z___PPT10i. F+D=' } = @B +  0^N0 X(  Xx X c $$x  p  x   X  0x 3 S" p<$ 0 x  H X 0޽h ? f3@ Ιd33z___PPT10v.0B+2D' ex = @B D' = @BA?%,( < +O%,( < +D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*X%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*XD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*XD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*X2%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*X2D' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*X2D{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*X2W%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*X2WD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*X2WD{' =%(D#' =%(D' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*XWu%(D' =+4 8?dCB0-#ppt_w/2BCB#ppt_xB*Y3>B ppt_x<*XWuD' =+4 8?\CB#ppt_yBCB#ppt_yB*Y3>B ppt_y<*XWu+8+0+X0 +  0 &d(  dx d c $Lx  p  x   d  08x S" p<$D 0 x  H d 0޽h ? f3@ Ιd33zt l ___PPT10L .X+|aD ' } = @B D ' = @BA?%,( < +O%,( < +D' =%(D' =%(D>' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*d%(D' =-m6Bbox(in)*<3<*dD' =%(D' =%(D>' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*d %(D' =-m6Bbox(in)*<3<*d D' =%(D' =%(D>' =A@BBBB0B%(D' =1:Bvisible*o3>+#.<*d !%(D' =-m6Bbox(in)*<3<*d !+8+0+d0 +r@N(5AG +R&W*pM<_|TֵqѨ),:>^gA}@1Oh+'0 `ht  PPSJEFAdministrator44Microsoft PowerPoint@zE@@%@\=o՜.+,0|    On-screen Showfamilles Times New RomanMonotype SortsArial blocnote[1]Conception personnaliseSlide 1Slide 2 DefinitionA lost cause ?Yet....Revisiting the issueSlide 7Slide 8Guarantee FundsMutual Guarantee AssociationsMGAsThe replenishment issue Slide 13Key ParametersKnow Who You AreKnow How You Impact Banks Slide 17Know Your Strength Slide 19Setting up/Rehabilitating GFs Slide 21Setting up MGAs Slide 23  Fonts UsedDesign Template Slide Titles%_ AdministratorAdministrator  !"#$%&'()*+,-./0123456789:;<=>?@ABCDFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~     !"'Root EntrydO)Pictures7Current UserSummaryInformation( PowerPoint Document(E<DocumentSummaryInformation8