Téma zvyšovania úrokových sadzieb v eurozóne už nejaký čas zaznieva v médiách, takže logicky sa nad ňou zamýšľajú aj naši klienti a pýtajú sa, čo to bude pre nich znamenať. A hoci sme sa už tejto téme venovali, skúsime opäť a trochu inak.
Prečo sú úrokové sadzby také nízke?
Na začiatok treba povedať, že sme niekoľko posledných rokov žili v období historicky najnižších úrokových sadzieb. Základná sadzba ECB je od septembra 2014 prakticky nulová. Termínované vklady sú vo väčšine bánk úročené len desatinami percenta, a to aj pri dvoj- alebo trojročnej viazanosti.
Veľmi nízke sú aj výnosy štátnych dlhopisov. Napríklad 10-ročný slovenský štátny dlhopis má výnos len okolo 1,00 % p.a. Zaujímavé je, že Slováci držia najviac peňazí v bankách, na bežných účtoch a termínovaných vkladoch, celkovo viac ako 30 miliárd eur ku koncu roka 2017. Problémom je, že drvivá väčšina týchto peňazí reálne nezarába. Ak je inflácia v intervale 1,0 – 1,5 % p.a. a priemerné úročenie bankových vkladov dosahuje len niekoľko desatín percenta, tak tieto peniaze reálne strácajú na hodnote. Pozrime sa na konkrétne čísla, aby sme si to lepšie uvedomili:
![](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAloAAACXCAYAAADNsvWpAAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsMAAA7DAcdvqGQAANcsSURBVHhe7P0FgFxHmueL/pIzK4uZSQUqMbPMzIxtt9t2w3TPzO7c3Z19e/fevXt39+27tDA7d6CnGcwMIksWM5WqVCpVlYqZOZneFyezpJJUctvudrfh/N3Vyjx5Ik5EfPT/IuKcY4gI0KFDhw4dOnTo0PEHhzH2rw4dOnTo0KFDh44/MHSipUOHDh06dOjQ8QXh4tJhMBjE6/VhMGjHdejQoUOHDh06dHwGKEZlsZix2WyxI7OIVm3tWX7y058TFxen/aBDhw4dOnTo0KHj08PldrN+3VqefuqJ2JFZROv06Wr+x9/+nU60dOjQoUOHDh06PgcU0bpu8yZeeP652JFZRKu6+gx/9/f/qBMtHTp06NChQ4eOzwFFtDZt3MB3nns2dkTfDK9Dhw4dOnTo0PGFQSdaOnTo0KFDhw4dXxB0oqVDhw4dOnTo0PEF4U9GtMKhEOHo9rDfC9eq57PWH4mECYXDsW86dHydECEUDGqPcFF/ofCMXRiUoeDzeglePHY5wiE5P/RHtAuxQ9XGazRHxzUQETnOyFcbv08YQO1c8Y9f9iFW7fw0uqd8/SWd/uwIB/14fX50738FYrao/YkcPvMIa+4lgN8f1L78bnnG/JHIIvQ1s/9PTbQMooZ+rweXyyV/bvzBz6+WEanNHufEZjZqz5z4vLhWPZ+5fjnJZLbhsFml5NdMwjq+wRDHFQnh9QaIS80iPz+f/LwcEiyRaGAJ+jCmlfDgU0+xLMtG4AonqNlRfBIJTvU8mD+CXYgdGsQOE5OSxHZ1S/y0UONksTtJy8giT2Scl5OJlSC+YEhTgdlQ9z5ZHPEkJTgxSckv5xirgBvEYHOSkpKISdo8Zzu108LYnImkJNq1vn1WhAJ+spbexNMP3ESqwU9QV7oYZCCMVhKSk0UGySTGWfC7PZ9hfCIEfUEyytZx23WLsEa8mOzxJMQ71B14sXMuR0T8kSmtlHvvv418h/Gayd9XEZ+OaClmi4N5S9dw8803c+stN1CeaWPaJQP/GbNdxWr9hjiuf/RpbluUS1CCwOcZzmvV89nrjwiBDJK76FaeuH8t9ojva8emdXxDEQniwcbSDXfwzJP3s37datbffA/PP/sIq8tSCHh84EimaslisuPNl80KaHYk4frGZ/6aP79/GeaQ5w9uF4oDhNRsgmS8quqg34OzcBl/8f/5azbkWvEHhCjo+GQIkfaEzCy+49v81QsPc92GVdx492M898SNIlOrEInL/XPA52XBHc/wL773CBlGL1f8/OWA6K3X6OSmR5/lwQ0VGP1z+3AVmA3OQh577jk2VqZ/Ln1Rs2Hx2aUsqSolzqBWQWI/fMOhCKitYBV/9W//Hf/f//Qf+Pd//QPuvq4Kp1r5+ZSENhSAlJxK1qwsIezzsODOp/jht+4g3usTPnE1IkKulT9asGIZuXYT4a/RCtOnI1oyYj57Brc99AxPPfkojz76EE99+3n+8oX7KUgwffbZLZVVJSaSHGfHKA79c2N2PaIAF3Gt49dAOGzE7kgkKysRg0GG5FMqkg4dX15EJKiGKVxyG0/dXcmx91/iV79+mV/94ufs6UvhmWefpCJDslSf2LYEX784Vu+s2WqD0SQ0K8DJLb/klT0NhIx2TMKMFDFyyzlqZlsRJEWX1NxTwOvFF5C6vNHffCroieP0uNV3NwFhaZdPrkRwuX3kLruDb921lJBrUq5mxjvQyKu/+CVnBgNYzeJsxfdErxebRb+8kqthUP1WM++zrqtedyF+xuvxahm5+h4JqbZFM3St/TIGPjUG0l631z9nYP8yw+5MwtN5kpd/+TN++us38ZXcxTO3L8YkBNkt/VbyVeMRMphpO7yFX7+5k7GwDYvm7mRsYnJyC/kOR0SmMkZhNR4+PwG/L/qbjItEw4srGzPy1/AJ466Wpmeu7xNmN7NUN1OvS11Tq0mSXo+L6ekAefM3UuEcZPvOgwwrfYxeRUNU39xM+S0suG4VxrbjbN19jrBc71K7faLbXqlfZCzsyXBF+5R+anWq8y8uHRpjeuHCf5W+frOgZgdtqWlYxtt55xf/yM8+OMfye77FQ9eXE1KJkWbbUX9xURe08VcJkxp3+U3sS71tRk3GmK12Wg9u5bUPD+G22STuzy4f8zlqxJW++EUWX7MQbPr3AvWhv7+fEydOYrFYtB8ug3Q+lJDNmoW5nHz5b/n7lz/kdNs4C6+/jw2FJs7W1OMJmwiIgqs1WDXRqwhLOOSXQY5gMpmixiEDqE2AmexUrliOufMcp1sHiRgjs867GhG1ziuGYZTfjeIYFNv2q2lxs0Orx9bXRG1rP4EYQYrE6o8eHxTnIi2S30JiRAEpZzSZMSrDk/YoJQj6Q6QWLmR+jo9Tp5rwyHdpzmXtDkeMmIzfZNPT8VWCmpEK29K5+7F7mT7xPh8c7SAuIQEbPrraeinYfDP5rjbODZpYsbyCqe5e0heuYFF5IeGJIUanhGyYJAGJTybB5GNsSpyhL4gzvYSNm1Yzv3weiZEJ+kcm5DwHhVWVpItd5S5YyfIFZVi9Q/T7k9h0wwaq5uXhH+1h3Cs2HrOhUDBAWvFS7rjzDtbOzxBblqTIM8nodJjklESCrgkmhYjZEnNZu2ktCyuKMLnGGJv0YpB2zY0wPjcULF7FuhULKS/NJzDazYgriDUhnaoF8zBMjDElQdWenM2ixeWER4eYDJkpnD+fTGscJctXszDHRt/gqAToaOD4ckP8U8RM8aI1FBm6ONnQjcsfwJG3nFUpoxy5MEJJWRmJtlRWrV9BimGKAbeR1DgTk5OTQiiC4usSWX7dBpbNL6cw3cZgfy+ekIGUgnmUZsQTl1rCutWLyY8P0tLnoWLFOlYtriAhMsnA2LT4ZMMnjnt5eREJ1uj1k0RnXHHZlGUmXKy3MN3KQM8QAfHb81esIdvqZaCrhdOnzuFPLGHVohzGhkYJKHlIf0MGi+jbQnKsAdobzlFzQfR5+UoyjV5Gxl0kFc6jJCOFlJxyVq0owTc2QP9wkOIlq7X2VZSXYA+M0T3q1pZPU+ctY3EmnDp8lMm4HNatX0+8v5/h6aDWt28i1ExfXEEVi1M8bH3nPU7Wt2ApXsGqeU7O7DuJJzGTVes2sKSqnLJ5JcQbXAwMT6EmodJLF7F+1VIqSospKioiyTZOtcTVoD2JZIeBiZFRwnFprFwfLT+vJB+Da5ihSQ/WlHxWLimi+/RpejxB8Refbi7oy4SAJJyFhQUsX7Y0duSzbIYX4qEyH78nmtmMtVXz8hv7SC5fRmV+HEFnHvc+8hBPP/sizz31CJXpULz6Nu67cRlGv0dYahwb7nyIm5ZnC2kKCrkJUrb5bl74znN853s/4LGbl2IWAnXl/JMiVRlLbuKZh24h1eTHI9fOWXELTz94kziN6Ka5cFCyUWcRT77wXe7bWCY9jS5FqEzFnFHEfU88z7eeeoJnv/Mizz98A6lGyWx8Jpbd+hg/evEZnn/+Oe7dPE/aFNDIYvmGO7j/inbfqLVbX8rQ8dWAmna3x+VRkhWmq29csgaVQIlVGM1iVBN09QbJyk7BLDZldKSy7rq1xAcmseet5Ns/eIxyJ0wHDCy65Sm+dXMVBv8EtpzlfPvp+8mP8zMUiOfWh57m+spEXAEjS255kh9892kqkiWDTangqRd/wAtP3ECK30Xa4hv51iO3kW4OCHmJtk+FTLXR3uv14PGI/cZmOIzppTzy7DMszzDhNyVzxyMPUpkKo8EEVi5bKIRBmj9XuiuJlD8YoWz9PTxz90pCbiGAWUv51uP3kOfwEEws4u6H7mae04RPrunIruDBJx+kRBy/J2Rk6S1P8MPvP0tVRoRpt5q5idX7VYE2M+NjekqCnTmBiqIUuts78IkOPPid7/O9R67DKcRoatpLzspbefaRW0ljGrcxjTsefoKbFqYzOO6heN39PHXbEvF9UyRVbOQH33+RO5alMxW0suG+b/PnP3yCpRkWQo5cHnzmWVYIKZ32hK457v54Oe/bl64/7fKSVhmrd3mGlIUNdz3G/ZvLcU0HyF9yC0/dtxqDd5xhd5jFtz7BwxvKMErflNjVTUsBSRdW3nUfN1Rm4h4exWtycsOjT7K5Igv/9DTJUv8P/+x73LUyF79rUoinkapN92ntC3sn8UQyue/bT7NhXqroXEAbu1DAS9iewp1P/xl3LsvWxvLKWPTNRES7scImxCgnLQHvxAguQxwb73uGe1bn45kcIZy5gBe+/ThVmRaCCUU8/ORTLMoQrmBMZfHKUuKCQfxi27mrbubRu9Zh9ZtYffcjbCqNp7+zE2P+Sh574GYyLMILvqaD/hnpokGbVVIzPRarHX9/FwNYSEtIxGhNYLlkySWWNna8v4OmQR+ZReXML8nGIA41GLJQUD6fkux4EZwQFqMTi3GCYzu3cKhhmhUbN1Ei5MwfuNLDRXBNhpm/dg1lOXG4fXGsXLOGguQwE5Ihq/X8gCGTux+4lyJzP4drOwjHZsYiEQN2a4jW6iN88PbbbDvcRunSVRSmWXEULOaOjQtpO7WLLTtPMG60EK9my6RtqfnzqJyj3fpdiTq+SjAarZgJERC9jahpfTmmZmjUjHMgEMZiMYk9G+ScCE2n97F9x27eeOsDRk1lrF6aQSgY0pYBPCoBCdpZf8tmHBO1/PqVD9n9/psc7jMIQdtIYkhIUhDGO06wbesOdn74EWOS8Rq6zvLeB9t57+0D2CU7Lsx0yHlRG1KzyoOt9dS1ieMeaefAnv1cGJzCYAKfRwK0XNviSKeiohjDWBf7trzB6x+fwi2tnWtmORwOYnEWcMftizi7613e/uAjPnjjbUaFHG5cUExE6vSouyvFZWhLh3K+WkpUiZqqTUyd6Z4TvPv2Fg6caSUgvuOrNJmhZggTxafdfte9PPbU0xSMHeHdQw3iG60qxabh9Ee8sWU/9d2jmNTePbXU6wuTN38Va+cbeetXr7J7xxbe3XWa/A23UZEYlZVnaogDu7exVXz6qf4AOXEePv5wC++/9xFtrgQWVuVgFDJ37XGXZPiy64+J/EyxerezbduHbDs7yLwlS8jwj3Py6GEC2QsoTbFjc2azcJ6ZIwermfSpFYVoX6NLh9J+aZ+2yiFy8ms6E47KVsJLwD3I3o/eF99+nEkKeeiBpZzb/QEfbN/Lti1vse+Cg3vvWEW8RexD9NuenMMDz79A4cRx/v6ffkPjCFiuOXP6zUBYbNCRls+Gm+/hue//gA0Zbnbt2AN5q7llYRwfv/82W3YdZNsbL3PSl8mq8iJKShaQ5q3jt2/tYNuHb/P2tjqCNovIKLqkq5brbekVbFxSKMTahdFmJzDlJqd0PoUZwik+457vrwo+vyapgQu5cEs2o5Rb/sfUcDf7th+kY3xCI0xqRsl3ce1WjEOtmytjkMuazV7q9x6gtqOXtppzTJjtpKakREnYLCiHPN5Vw5lBC4tK80jOzRdCZqbu+BncBqMEAslu7nlUlGCAf/rpO/RNBC5O95qtFsaFMV/o7seelIxVMvZJXwSjJYHcfMmSRk+zv6aT3o469u89j8dslpap7OZa7dah46sBZZPBoGTzIRsJNitGRbbkeESyU7MkFZmZTiYnPYRCJtHvCbo6R7BIwmR1TTI0MkVSdpbKVLQyKnJFwomkJsWTkjefp7/3Z/zzHz3LwgwzLrF/caNyQS/jw6P4ceCwmghOTzAwMokhzonJ4xa782ltuoQIJosVm0b2LDjiHFhVYNMuqOxesuPJJl5+/WMy1z3KX//Lv+SGqkxC19g/pbYGWK3pJCXHMW/t7fzwL/+c7z15C3EBDwHpo1kurXoT212gnT/zWdm50eijv6sXX8SK06HuPv5qQbVXu5U+GGTswhF+/tK7tI+GtPENeCfo7hrF6ojHLt+j/Rb/HLKSnJBKQmIKNzzyDP/8L3/I/RtK8LslACIJtTGMa2qMSZcBZ5wNY9DD6OAwLpOVOMJMTU+htqnbLNced4v44iuvbzDE6p2Wep123FKPzx/GZjMy2NFEnzuRlcuLya1aTY63m+rGbiLWK2Wi5DcjwFmylLOEezE2MsjwaIA4pwNnag5JoUm6hsexxScSbwoz2NaJJStXdNWqxSljcr6QugJ66w7T5TJq46ZDRlb5jbCfrvP7+fE//JTjbW6caamYfVNMegI4ZTwthqCMtZc48R/p6WmE3aOiFxbi7KJ7nss3vmt26kzB4YxnyXX38L3vfZdHbpyPa6ifCbcP02U+4uuDz0m0hHz4ZVCS8skQBzU4OkxEtDscckuWJMZlVsYklcv/KUGp51lFtGedzGarkkmLkluE3JgtZskelMO9WrmVcw6LoZ4/20lW5UIWlZUTF+ribPtEtIzBw/T4OIaUQuZlOTHMYsRBX4D4olV874cvcPtN17F5/VJSHGL4YQM2R5yc68dgFNKn6pmVvn5yu3Xo+PJD7ZH0uXtp7jFQWZmHOSLJgmTuauO7RTLKec5xas+34o1YJOmxYberO9J8BGw24uPi8E6Oq0piwU3+3xAQewgz1tvAh++8xwdbP+K1n/0j//T6Xlx2G2Y5x2iMzi5o5eTPKLalfY39ezEWzoIqYxAip/Y1XLYkKO1XTrft6Pv85//jv7K30cPtj99PRbJN2+SsNtnOzEbNIBwJQMjHhZP7efedD9i65UN+8t/+hi2STBnj7FilnyajWsYISvssqO2oswN0dHZkdo1fHRjNFqZ7G9m/+2P2HDjOoMcsZMEYHXPpk0n5ZO3MWTCECIpvC3hGOLR9C+99uJ0P33qV//bff02DK6j5V6VHM75RS6hFltoYyZ/2r1zg2uPeJeMuBGmO68+uV+mJVpHRhmGqncNnO8hdeAv3rC1ipKuRnkmEhGunXoTJpOQpPl5IUjBoxiokbTZUnSYh7uraAfcEPkscCaKnQXXTg+hZXGoakakJAkJMTTY7U22neO2dQyx++DuszxP9FxLxTYdRZOYd6+P4/t3s2X+Ypj4XFvEPQRlPv0UIrM0iPsMr8reSkihJ19S0JG/TGOOTsIqvUONsS0wUUj7L9pU8piQBnOjhzb/7j/zwz/8n/sVf/1v+t//xCh1TorMqI/oa4jMSrbB2V4hLlNCRVMLtD18PQxdobp/UliEuM0r5m/QGSUxKwOL3EsrIoSg7A7MQl7loSzTDvCiOS5A6rQY/HU1nGU2uZOPKKsbP1zEwrWaujFjE2s7veYcdDSEefvwBMhyh2B0jEfnXQuWiteQZmvnlP/wtv3hrP2NeIVnGAKOS8VjSi0m3hJlWm3nLC0mW66u2TczRbou0e47W6dDxpYS6a9Dom2Df9m2Ei2/k4TtWkZOVQfGSjTzz+B1MndnDwQtDkuyYcSSmsumm21g6L49Vm64jP26AEzV92haBaGUmSUYmOV7dSFL2ApaVZWr1ly5ezcrKHG2Zz2p3aLMVGnMRm7U7HNrSi2bTBrN8t2tLP7MdrrrjeHJ0DEdBBVWlJSQ7JHKKS1JlTRK8bdnzue/BOyhPdGrLXS5/9G6y7JV3869+9CxlqQa8secTKJLkdnVw7Ow4q1YtJytZ6ohPZfW6dRRnOpkYHGDUHcfaG1ZQXLaMG2/aRHZStEGqTZbZ7f+KQbVY3dXldMZpM4Nx8mdRt4iqX0ROmizEL2s9k/4ZLTYc0l+bNUx7Wx3dk6lct6ZSkl4DiXnlbFq1GLtJxtVslfNsIpHojJFFCIldgqv6orZlWNV3uxX3dPuc416UZhUfbLjG9WfqVTObsWcYygmKHLWeqCGQv5DV8y2cPHgOvyTjM+FXEadIwENXxzgVa1dTVlbGhhtupSozSSP5qr7Z9Ss9dU+0cPi8h1tuvZUFpXmUr76ZO1fGs2/XUcZ8EemHg6QEB437P+DjZiNPf/8ZFqll7q/pMtang4ydmrl0OokT+cVJ8qXNPst4uvrPUd1n4/7772N+aQ6b7n6EhdYhTtSfp727mUDyCu69fimV62+SfytJUDKT/4wWqU/8gG+qjfMDVm6//VaKc1LJLKjkxhvXkWoIEhJfo3zF141vfeq7DgP2DDZuWEem00h68Vq+/f2HSBir4/XXttI1KU4xvYj1q8roPnGCLrdkCWI10yE7199wM9lZyZQvWkZ5diIDLdWcanexbPNGnP2NVF/ow5Jcwo3XV9Bec4qWIY9kKldkJ+I0ptRGzZW3sH6BlV1vv0fzSBCjNY5FG9aT2F/D+7tOU3rTw6zN9lJd30vlhk3E99ZxqifI8k2rSLfFs0zaX5GXzIXaI9S2DzFv2S1srEwmed4yNlRmE57u5ejp84wGnSL4y9s92HqGM21j2mydDh1fBaiM1D3cQV3bFGVLFlNaVERxXhYDZ3bw9u4z+I02LVgavKNcaJ6idMUSCpNDHNzyIWc6p1RkpXjROkqMnRyr72CwvZ2OcROLVyxiXlExGcZxTtY14wmCQ5zjVF8b7YOT2kNH5Su9rS0MTHoxWyQgW3x0tnZo+yqje6wMmI1hhiThCduyKC3JIzTaR/+EJHGWCD2tzfSKzacUCLFbXEFOaohDW7ZT1zspZK+Y4hQTrReaGPOIE5P6VJJninhormkkkFbE0oXllBTm4Ru4QG3bCAYhna39UxSUVVCSl0Jn/XHaesfpbZc2BQ1aAJhpvyInEhu+QhAyY5cAJrJu7hkjIsFKa7+QDk0WxhDdMp7D7pCWCJttcdpdXq0dfbgmhzhf30/WkiUa2S3KtNNy/izdox5sDqecN0JLWzfeiEmCrh3XcDdt3cNEjBb5bmG8v4u+oRHazqpxL75s3M+0DAqJsuMwzX39aL2SSNvjiEwP0dY5QFB01uMaI65ESJTvHK99fIaQUd0lHhOI/GsiQHdXN8bkIirLiwkPn6e2tYeRnm56R11YnfGX6heSb4l4pU/NIHqxsKKUopxEIVXvsbOmX4t3Frm+wTNKR3sL9Rd6cKbnkhAeobl3QiN+30goji7k3eobp6WjV5OTMltlZ4agm7bWbuxZpZSVFAonCHNo65vU9AVEjv3IsFFSNo/8JKg/eZqWgWG6ewYxSAw2uEdpF7/Q1N5HXM48yqV8UX42Rs8AF5p6CQjpdRiDdLW0M6724H21DFHDXHcdGiQD0BKN6uoz/N3f/6PGXK9CJEzIHEdRcQkZyWoTexi/e5yG+kZGfUbiLOLo7EkU5qUy1tnJuGSZSj3V0ltG8UIto/QO9zAwLcdDU/SOeMgpLsIyOUj38CQmewolJemM9nQxMh2IOeLLoZ4ArG43zokL0NrSiieipqRNZEmHVD2dfcM488WJpppoa+4gPr8Y21QfbcMBSirmk5vmJDDRx5AL3GP9DI5NE59VIhlOLpbgFO1dw2JwRgb7BvCGIKtk0eXtDk/RP+y6OGOnQ8dXBerZV36xSTUboGal1Z2HVgkwmi6rO/98fu2RCWLmEpvD2t4pqyHEqMfInd//V6yb2sv/eOMwIXG8qq5gUAK4qkrNNks9yl7Vs5VCkgHb1XqOJGZqac9kFSIngTMSDsj3oDYjonIozeHMQJ3r82nkwGK1SiYblnP9mMThWo0R/PKbWiLUZj7M0i6pPxxQG/QjGrm4sj7tzmjfpQdcGlRfpYzyR0G191I93kXarfoeDoXF5qPZ82Xtj7rErwyUKNQzotS+GIeacbrUe+U4Nfmq5TGr9FndFBH2e/GJj7NJ39XjDUJqb5dfDsSCmslsEbmaCM0+TxJnv9dLSEqoWSypBZ/IOGJUY2bU9tZePe4WDL/r+nLJoN+nPTjVZrdhUG0xJvHoX/wFCWfe5FcfncXocGh9vAxavdE7BtWslXQCQ2zP3+x2q1ktBfW4E/V8puhoqZku6aPSCyl/2fmiqx6pV82yaW8W0Up/EyGyCvoQs9XkcuVIqEcuqWdnKeKlfIZRbNNmUTPSaluRF3WDvhpbpVIRKW23WcVuffhjchahx8rHJCv2b1N6pfmjAGaRxVd1VsvldrNp4wa+89yzsSPSvU9FtAQGteYqTk/4TuyAAZvNJo5OTQvKiIjiqw3kZjmmzVprUBvJY4Ou7X+QYsoARYGVA42YogYdNRopq/ZsafXNASmr1te1/VVitMrw1X8BMWJVjzIwdYdU9HcrIak/LA7DJtUrh6DarS2nSDkVSNSyhjJw7cF1oixmZVRyYeXslROZq90W5dV16PiaQz200RCXytI167nthiWceu0n7KgdFud3aQlHh44vAkEJxgnzbuXfvLiSt//hbznS7hfyqPtdHV8d/F5ES4cOHd8MqOzfEJdCVVW5Nitc19yOPyJZrdpEo0PHFwile9bUAkqSDXR2duAOqVmn2I86dHwFMBfR0lMFHTp0XAY1e4tnjDOHD3K4TidZOv54ULrnH+mgtqFVSJZ6/lLsBx06vsLQiZYOHTqugJAqtWdC3W1kt+okS8cfERFRPQt2tS9I1zsdXxPoREuHDh06dOjQoeMLgk60dOjQoUOHDh06viBc3Ax/6tRp/vvf/C1xcU7tBx06dOjQoUOHDh2fHi63i+uv28x3X3w+dmQW0RoZGeVc/XnMZvUsDB06dOjQoUOHDh2fBcFgkOzsTCrKy2NHZhGtQCDIlHqbtn6bhw4dOnTo0KFDx2dGOKxekG7FOetRWReJlnqS8+jYuE60dOjQoUOHDh06PgcU0VLvG01OSood0TfD69ChQ4cOHTp0fGHQiZYOHTp06NChQ8cXBJ1o6dChQ4cOHTp0fEH4PYlWRGowYXc4rngZ9LWO/y7MlIu+ufvTl4tCvdzaardjM5vky2ctrUPHNxnqTfvRt+1fE5/44wyucY5W97XLR6/96eq/6qxY2auKXzx+jd91/E65zGBmDK/GpxzbT3OOjq8kPkl/rq033yz8XkRLvZcq4hri5OHDdE4GMcc20l/r+O/CTLnTR08z4A1j+iwb80WYZgK0VJ+kvmcco+ULeEyFwYjF8uV4/5ZBCKlF+vhlaIuOrzaMJjNmc9QVqM9Wq/kqMmM0W7Q7aSyx866Csj+xjUvnzCQ6BkxS1mJSx9Q5Vsza54h2hrqe0uMZh/xJPlnpvFXqn90+k9kc8xOx62hJlvpqENu45OSj9qK/O+8SriWXKyA+Tz3yRw2jQfk/qyU63pLIfhq9UdDOk7pn/p2Buv6c19Tx5YGSv+iGTeSuiT12WEGTuc0mcpff5V/N9mKI6oqy1djftWKVKJbyG+ocVf7iKdp1Y7r2NYDp3wvUh2AwhMfrveiYPg2MZjvhoQZeeeV9LBVrqUy3EQyLAV7j+O9CtNx5Xnt9D4lLV1IYbyb0KcopaE444mbvG6/TbC1geWU2kUAw9uvvD1W/LTLN3vfeoNGXxrz8VAyRcOzXLxIRubYVh91KJBwkLJc0iIOyBgfY+s4HDBpzKM2O/9TjpEPHbChn6Rq6wEfvfcCJs3UcPXCaMVIoLk7DEFL6bRCHaWOk6QA//adX6AimU1WeFfstBuVUTSbGe+t5+9e/pMGTSkVxrmRxIXGWZiYH6/ng1S2crDlN9fk2kgqryHAoEiTJkOjxng+2sP/wKU7XN+AypzMvJ1n0+XLbMpqs4Onl3V/8mO1105RVlZJsN9JWe4BtWz6mtr6WI4ebcRYUkZfpYKj5DNve/UjqrKf+3DlqTh/jwMFzxJfOJyfBInb0zbaXT5JLKLYaYDCYMIanOLbzQ3YfPEn1aUliWzwUVBUSL+WnB2fpzf5TjEWSKS5JxxC8JDujBGlX7xneeWMrx6obMWUXk5dkwySBe/jsPj441kVheSkOQ/iyIK7jTw31zkkbDjG7/ubDvP7OYazZJeQlW7VYYxQSZHCPsvudn/Pzl9/n9IV+0ooWkhOPWL0i5waaD7/Hj3/5Ch8fPIEvqYyynESpdracheyL3MeGeujuG8YXtuCMkwtiwm4NcXzL25weNFJemn25v/mSQz3IQSV1drs9dkTsIPbv78SV2YeWIapsRv6dvUQYPU/I2hXHL2OuKoNVx2agHLUYpGK9KkOdWTrUMqDZLFcJUM65nORKvYp4SL0mcfZXLh1q7Yyx6tmMW11TZWpGY5Sxq2trWZucHz13dhvVkqSFtjP7aHQls7S8AFMoELtENDOc6Zdqm6rDLG1R7VfXvoypa7g0FlcyfS0TUO2JZY5agHH3cuToacb9FiFcUs4QoGbvbpo9ySyYl0FIObZYBjC7LjWWV2aM0RkAY6zNsYwhVtZ6RfnZ7Zw9Hp+lf5eP4+Uwym/RMZi5rgzojFxmf1djFP0Wa79cX8pckue1x1PHJ0Pp/OjQMImSED36+GPctjqdQ2+8zPFOl4xlVMZ4ezmwez/n23vpEYcYEf25NMRiG2Ksnae28JOXt3Chs5P2vnEiEqRNZhvhsRbe+NW7BMo38MzTj1Fq7uDNNz+SoGzHGpZk4aXXaDXP44FHH+GR++5ixbx0AsErEyQhe7YwDYc/5lh9J91tXXjCohEBD0OTARbdcC9PPPEgC+L7eOu1bfS6TaTlVXLbgw9w3z338NDDD7CqyCZtn8ImCcs3HYZPkosEu5lZBIPYuGdsGFdcNrc/8BiP3r+Z6TNbeHfPeSJCvseHo3rziOjNnetzOPruGxzvmNb0JlYB5sg4R/ccw7HwRm5eGCefjzJpSsA43ca2j08QnyuE2RIRchctMoPL/ZRVfMLlfmw2NB+v+cxPPk/Hp4daXQq7+/no1d/w0lsfcvx8O5OesLY6ZTCKjvhH2PrKTzjSKUSocj7x7g5+/fMfc34YnHYTDXtf5tWPG0jLL6coPZ79b/y/fHiyC5PIacZ3mG0WxluP8dbrWzh27CCviC+oGwiQ6LTRdXI7exrclC+YhzkUinKIrzA+hVbKsAgLHR/ql4EOiGNWAy1Zj8/F4NC4ZiAXB04G0T3aQ9/IpDjaWVWLIdiMEQa7W2lovECXOGKJktFyIlArfno7W2hsaWcqoLJj+UWu4x4fYnhsirAYnIJBCMbo4AguX0gLEMKrsVmMTA730NjQSN+ETyM7M1DZlCnspqv5Ao1y3Z5Rt7a0IT0gEvQyMTFNUP7taW2kuWcEo82B0TdOs9TVI31QM0eKJip26hrqpNcTz/LlyxC9kaPqFwkyNrP0uY+mxkZaO/sJiHMJuqe0sfJND9HS2ETP8HRsKVMNloyFzcBoT4e0Sa7bNUTYLA5COTcZJ6OMRV/7BRqaOpkOyOkRL+1n9/PGG+9zrLaZvsEJAuEQzqxK7rxtE6mSgSqur+QxPDgoWYHqnXYZXONjjEy4NZkpqDOnxybwiuKO97XLeMs1gmacliC9rc20dPbJ1cWIYhXMtLNB2tk9NCF9UG/UB7/r0/XvsnLqtxgiEQmcEvACE0M0qzHo6JHrRpculFzGRsekjTK6UldEguno0Che6aR8Y3p8Ak/Qx1BXKy09w9IjIeZzjKci+Dp+N0LBAIULN3Lz2oVCQpKZv3AxmSmT9PZHZ7ctNhNtJw/Ra6nizhsW4ZARj+UwF6HqsGVW8MS3vsOda2eehixlJYB2NtbQFyrg1g0LsCdmsWHzTVgHqmkY9NBde4j66Swee/g2ivMyyc5KJ17s6crJJqMEdX//OY6c97D5rlvIdxoIhsPiF+JYu/k2lpVmSCKUxbrNS4hIcBgY9Etf7CQkJ5KUnEKiI0JzXSuF6zdQmmwn9BXKjv/w+AS59FdztmfyYnIWFjuzp5dy+43Xk53qJDO3isVVDvr6RvD6whQu2shNaxYIsYqnavlKinMDtLWMSnyI+X7x7cbJIfG7QbKKCikozBGCNYnHO8G+t3cQqbqVO9YVyXUuJ9aX+al+8VONrYxMBSSpEx8zW/nks1Fs3RiYor2liaamNjnPL3FIJdqxc3R8Lijb9031EUpbLET6AcqT7DKk6j+V1BrpP3+cUz02Hv3en/PnP/oRf/UX36Yk3MWeU22EXD3sO9jE/Due4a/+2Y/4y7/6cx5ckcKhfccY9YofV75ZJdAGP+1NLThKb+D7f/GcJEoTNLSM4Rqo4YPdLay97wEWZzgIfg3s9XcuHapswYaXXS//Lbv6E1i9cB5Oa5j63S/z8pEpVlSkUFfXSP7qm0gcOMrPfvUbXGkrqUz2cupMA5mL1jIvCc4c2cWxs2Iwo50c3HEUV1Iu5QXp2EIujn30Bu8caRPB9lNfW0//qIHFm9cROreFn79fQ8mSVWTFW3B3H+Hvf/kRqZUrKUoREiTCGq7fw8/fPcDo1CRtTfU0Nw+SNn8JC0syMbi62fru+5ys68Pt6ebQwbMQl0VRcRah/nph4L/mTO8oU309wqgPSyY+SX97CxfaLnB0/0EiWQsozUmkv+k4Hx84iVuMt+PUYao7QlQuKiZeGMlQ40Feev8gw+NTdJ2vY8CSg7PvMD9/fTsDU0J+Ohr5eH81pBdTlpkkhMpP7ZHtvL+9Bl9gnJrqk7QPmCUryJdx9nN69wfsP9PKeG8XLS4z+ckG6k4eprnfJREtjMGaSGFhErUfvcU5dzoL5+WIY7QQHjzHT376K6azlrMwNwlraIg3f/EzGvyFrKpIF0IspFBI2943f867x5uYnpigufYIRxt6cQ/0cK69k7OHdtLiTmR+eSFOk5eaIzt4f4e00z1M9cljTMSVML8wg+6j7/Gztz6as38mo4+zc5Sbl5UgfF0ZjHL0JiZ7qnnlValDiHTX+aPUDVuoqKjEPHSG3/xmB/b5iylKS2JCMp5f/fJDEpevpTQuwO7Xfs7bx84y1DPKhMFJZVEKDce28+62y8ezrCJXsunoPiAdnwRJGIS4q+UAiynMhRN7ON5r46Yb15EumWVgsoUPt5xk/i13kTh0jq5gOiuXlmAUfzEztqKVJKTlUiA22VR9iC4KWLuoREiZm4YTe7lAEdcvL8cYCWEPT1NTdwZz/gqMXTV0e4QUu1o5fqKWViFI2XlZ2A2RS2RLbNxmDnBk2/tMZK5lY3GY6voRFq5ZTooVbfZLtd0sZKy/7iCnukOs2biOZEtAHHQ0EI+17OeDg/2sv/MuIVpG7fg3FjKeaka86eQccjlbjSFrpfiPuFhwk1ggNqRIrZrhcPec5cNDEkDX3cSCPCehgBpj+c1kJTjWLsG1mpzlNzA/y36xvMkW4EL1WSIZ80n3tdM0aSPec56TffE89tDtJEpblDTCMQKlrSjM8lNTklh1Np9h38cNJFeVk5Vgu7jsaxDZBid62bdvF02dg5Iw17LvQCtZCyrJcCjC/g2W8++JSERS2LhMKqrKSAgPcOhIMwVLVlCc5hCpBmg+vV/iTz53rK8k7POAJDNdZ84zFEqnKneSXSdGWLNpMzmOoLCHMJ7RXmrOjLFg4xKxW6HSIhqzBQab62idjGfJPCfVx86TkJ9Nw57tRBbeyyPXzSPs98u5X61l5c+1dKgFR1sCi5ctZqrpPIPeIBHfBPVnuylcUEGCI1pFd+1B3vlgHyW3vsi9a4sxhHwXkw/lyOPzqnjw6e/yvRf/gofXJ3Ni72HGjHZGLhxl24kx7n7yOb777SdZWZKAa1pEI4NbuGglyZ5+mjqGsMRZaKtpwJiSL9lvvBi/kbC7i/c+OEzOqrv54Z/JdTdXSUbrkrLCuq1BTm7/kOqhZJ784Qs89+0XeXiZna1bt9ExYcBmiuBxDWJKXcyjL/6AJzYXcnrnAajYxPd+9D2uKzVxYP9xpgPCvJ1p4qSf4oVnn+N737qR8fr9nO31Ygr088Fbe0hacgvf+953ePrpB1iUk0AwMM3Y5DRFy+7kOz/4ITcWBTmy7wQep50x6e9725tZ//i3+PZzL/DDRzbTc+pD9pyfwODp5OO9NeSsf5g/++cvcMP8TMk2C7nxhg2kSyC7+aEnuee6Kmw+P163G4/agybEOBz048wrpyovmVYhvaE4O+OdLfSMGKhalE9YMkMN4mTDASGWwQQ23/cs33v2bsLnDlE7lcqjz7/AM/etou3EftomjUJqz7B9fyc3P/cDvvuDH/H4dcUc2/ohnS4JakYv43P0z+2IY6q9+upyW6ScWwxXiKlypAbfCDve3UXiynv5y7/4Hj98/iHcZ3ZyuGlQ5GYiJMHzYg4jeqDeHRX9rto/wrCQwVsf/zbfunM1ky2HeXvb1eO5u2700hKGjmtCJSvGsJ+avW/zy5/9lFf3NTFv5SbK0x2YhHjVH/iYsZRFbFiaR8AfnXm4cq5QfQ8FfHhjv2sQvTSI3nndHkzicNQS/QxCYcmW/cOMD4/S292P15RKUWEK7Ye28ubWE/gkcYieHcFksQvZPsGxtjCbbl5HXEQ5Xq36i1BkyuTt5uNDF8ioWE5RYoSApvJCKoweag/XYMxbwMLSFIL+r/4yxO+La8tFfOIVybZapRg4f4jXfvMzfvbaFtxpS9iwIFdOlnFUA2kw4bCJ/hw+zKC1nJWSVaukXYMQuJA5g43XL6Vr3xu8f3yaimIjp+rGWbwwl72v/Bf+9jdv09Dvm7UNQCA6GQmOMjhtYcNdT/LDHzzHosQutu+uI2CIzqprEN+gSH7J8lt5/nvf4y/+4kUqLa3sO9ZMSNqtT2r/vjAQ8nvxa/KMDabohlFk756exuh0yBgr/RE5hG04JUYT9OKanCIgvtdms2hxPBySz/Y4SaA8uKWspl5y3B+0MH/5SuKnavinv38FX9587P2n6XEs4sYlaVyoPUtz7zDBiPior7gsL1nZNRHBHzJSOH8xuZZROoZ9uPsb6IrksmZJGZZwEIN/lF1vvMRk8e08cN1SzCGPDE5sZJQ12pIozUnh7O5X+c0rb3LsQn/0yoYQo6MDhOPyKEoyMukxUbVsJQWZNny+gBQrYFGxleraC0yP91DbOkrlynVkmAKagfk8Qwx6nMzLTycwNUVqwSKWVmWriR9MwXGaO0fIr1hIhtnP6Lif3KULiXeN0NU3JkHEIOQth6qqYjnXTcQaT1p+IfOL0gh4/aTm5mH3B0QZIuQUzCPYfpBfvfQaHwgR8kiX1PKXZ6yLvkASC0skCE2PE7KnMq8gTdLsiJSvpKwwAbc7QFZWlmSRYUKSvfV1tBJKLWVBTjzjo5OYc4spy46j9Xwr5sRSblpXyOG3/4F//MUufJYERJe11yOFhaz6vB4tmEVUEBMHqe6qio5xiIAxiWWL5+Ef7mJCxq6zqQFz8RoWZkvmqWWX6jy17OOgZL6MSVxA+mEhISWTyqoSHAEv1vRs0qxqo7CXob5uxkbdtJ74iFdef4ujDUP4x0YZljaEw6ar+ycSCZkDDPfOUW58lBFP1IErx+5199DZ7WKqu5Y333idt3fX4J7yMDQ6InVIkFVkLNpizemqMtHvYrSROKqWLiczIYLXNy3j2TbneLY3tYuOfQr1/oZDZa5hozi8tbdx/yNP8OK37mTqyBu8eaANV08dBxrcrL9hPQn4rtpH87ug9nKpJbywX+nvTGGlA+ISLDapz0hO2VJuvOk61m+8nXs35dF49hhd4yY0jmwwY/YNs3fvSTKWXc/8dCM+sa3ZUDMtNrOH3a/9lvZQBfcL+TaF/BqZMsg1/P3NnGobkv6tI036cOXur28iri0XSUCtVtGJS2McDAZIn7eSu+57mGde+A7LzQ38/NfbGQ1G91DZHFbaj3/I+/sGuPXh+8lLMM668SkixFb854LNfOuFZ3nqkdWM1jWRUbUCV0s1xsrb2JzvEflKQhueRYyUTobjWLB0BZnxIVwhB2VLSnD19eGWRH/G74VDQeLSi8k2DvPeq78Vf/MRnRNe9YtGxnX8vph7RUCFdiV7nyT8yn8o3TGoWWj5pPZgWU0mgoEggUBsq5H8ps6LSEJkk3Iz6hUO+DFnVPHYM0/z9PPf4+ayCLUdBjavzBJ7/rUQ5hMi15f4uK5PEnC1jeeri08ViSJibObUAspy7bRKAGttbMacVUJxmhm/kBHsWdz8wJ2EG/dypL4Pk02MJjaYagYj4unmzZ/8hBM9ASEtBWQkOS8ai8qoNQKgCURNKSoGLCITaQRN8SxeuZJI52kOHjlOlzuRhZVZhIPRqURVVt35F82spD4RqLYxXKCciUnt+REGrX5TxERlcppaiCJET5JrSN+UUaqZO+VggpIKq+rU+4q0aWx7iBMf/JbXdtaRkF1IbmYKdrVTX6DqMWjLLnJurP3qT36R+kLRzE7qVM5M66dyZmpz8Uw7FImQf5XDUB8ilng2P/w9/vLpO7CMVvOLX35Atzus7ZlS43OJcFwNtc8hs7yKxNAIjULamjvHKFpYTrzpSqejZsACUWco7VYjqc0gae2UVml9kOvJf+ou0LSMDDJSEskQZ/vsd5+kIsGsLQtc1b9Y2z6pXECV085RMJGYnEZGRjrJaXnc8cxz3LE0n4DLK+MZkr7K2Eqdar+FiPUyRGS8QhL11X6Ba46nOq7jd0LbL2dzkJCYSHxcPIULllCZk0xLbR09I724/H7q97/Hz376Eidb+ulpPML2Q/UEhARdJPoaZnQ/CrWDMSxONyk9jcjIGD6xU5PIxOdz4/UYSEoS/UiLE9/iwhP04/EExNbi0G6MiDkPg5wfmOhnaNLNSFs1v/nJz/hgfw2jw63s2LGX3mkDCQ4LNdt/y0ct8PCLj1MiiYlfMUJpi80UokmI26C1gg1VWZptf+Oh7PWacjGRkmyTsTNr72qL3utkwZmQQEJ8PKmZBaxYs5TxurN0uzzYRF8mmw/z0lv7WfjIs9w4P4OAJHmXQ3xqyEBiQjwNRz6mN34+Ny9NZ9Qbprh0AZXFxYS9A5cRqCiURUeTSXVU+Szl09UXtZlfvbDXISRvqGE/P//520xY08nPyyZJu2tNIP1Ue0Od0g+15ewKF6LjUyIa0y5+uWTXmZkYevsYFzGZhUBZAi76R8cwJqSQnJVJ4vQkw5MukZVFiJeByaFeph3JJIt9zybyIfHdVmcKDlcLH2w9w9K776PQLzbvWMizf/5d7qhy0tzYgTustgrFCn0FoeLSp0CYQMTJspVL8J7bztazbqqWLsSJBDgJzl6Pl/wVd3DXilQ+/OVvOTvgwSJkJCiMVm2KD0tW2tw+SfHyG7hlbSXWiA+XsOGgZEXZOUU4fB3UdIxjCo9zbN8eWno9IjxVPkxW+QLmJUjG8tYRkiQTKkq2ansGFDGyO3MpTfdzRoiF32CivfYgR850iUBEGYwpLCzNoOXcCZpHAsQZpzm5/zjh3OgSm08IomrfDAlRxCEgLHxGBaJEQozV6Ke7rR3SFnPHzWspSDIzPi3ZvZCGuJRiylI8nDzbhBcrnv4WTtZ3EZJAoUjI5XUJww+ZKSwuxzLZyOHzvdjtRnqqj3NuwsaalZW4+y5w9FQ7WUs3cMumRUSG+hh1BzHH2YlMTTMx7bp4x5fagDx7k6AiF/a0ElbNS+TYtne5ECxgWWUOESWD2DkKl5dTxDKgLRlEv0aX6QIBE9nZBTjtPgKJRVx3/Q2sXVAgAcwjpEeRVzlnrv4Fr11OGq61W8nNEZdNUY6F4aCDZWs2ct2aZSTYA3gk+3U6nUJeR2luGcYYGKPm2FF6xiISDKLXutR+5cDNFBSXzTmeq5aViXPWA+snwyB25uPC6SM0dk9rd3pN9rTR3D9OXlkxBQtv5i//4gc8dM9dPPDQvSzKSyG9aBnXryrHHImS80tQn8XuRDc0Ii7/BUIm8gpLsY43cKJtFLvJR+2JY/jFlhbmJ5JfVoi7q5mmLhfW4AgHTzSQWrCQ/JTo0l8kKHaWVMJT3/tnvPDYvdz74APcuLpCAn8um69bL7ZopOng2/z64AC3PfEdlmeZ8Phiy5tGIWlTnRw53ETpijVkx0uCcHnG8Q2F8k3XkEv6YpYWp+Cf6GT3nsP0uYJM9dRx8ky7EGsLIc8EDbX1OMsryUtKwNd9mp+//B6Ja57ioY0lhNRs91VDrPZkGuk48QF7zpu44/6bSbVbJDB76R/spW+wj4gpGZtN3eoSg8QMkynAhTNHRBd9RNx9VFf3kFcxTyNS4+2n2bLrAEM+A56Rdnqmk9lw442sLEvH5XKL/imSZWWyo1o7b9CFfnPM54Qy8egEhHq0UNTGlf7ki/7Eexr5+FADIYvaYrCLc2MWli+fJ/49T5K1AAc+PkSf38hEazUfHWmmYuViUhymWD1RqMkMhGhv/3AbxoqbuFGtSClZeScYHZlkTJhcUnKCtn/0q4xP/xwtyXwdiQkM1u6jzbyAB25dil3ODbpHaWnvJ7NiOeuWV4jjPMPhzghLihLp7Bwgs3IpJTkZJBgnOX3osBhtE26Lg8TkbCrKS8hMzyLDPs7u3Yc439SKI6WAOIeT/KoyMmzCn21JOKbb+bhulNseeICKdDN+NWslpMBgTaKsIEHbLH7s5BmmSSQzJYm43CLm5aSSk5dPZLyF/ftOUn/uFO3hfB667w7NQfumpN2dQ+TMX0phip3pkW46B0PMX7aQZLuB8b4OBtxOFiycT26mlc7Txzl0upbeMSFtqWkUlZaRm5ZOSV68dv0T1WdpbBwguaKS1MAQ3dNWFi6eT4I5woTU1e+Po6qqiJTELHJSfRwWJTxfX8PptglW3fII181PJeidovbwTnYfPs6p+mEWbL6V1RUZOOwJMNbO/qPVTIackgmmMdjcRCCtjAXFGdqsmmYCJjtOi5vqo6dJXnYrNy/OxO+Pkg1ttkeCY29bM0Ept7A0C3wTtDb3kFa+iJLMePzuYdraJchWVlGSn0dOZpjjW/dw+mw1x+pasabmMy8vDddAKz0u+zX7l5cduapcaU6yaqEYrcjNHM+8qhy6ZdwOHT7BidqzDPidzC/OwZmURrrNzZGDh2ho6cQYn4nNYqd40QKybBG6Wi5o7Vf9ViQyLiWHvDnGc3NlkhBGnWh9MgyYLEKuxBFu2XuMpsZzHD8sZGf5ddxz6wps4hPUjKHVahfnKcS4oxWvs4AVi4oubYYXH2A1hrVHn7y1/SA9Iy58rhFa6tuJJGZQVlFBfnqQE3sOUX2qhv5gJnc9cQfCs4nLziPRPyCyO0yN2Od06hLuu/N6UozBi8uUSm8VAVTP8nLEOQhO9tM5FGHpuhUkRUbYu3Ubnb544jx9nDp9ktOnmyE1mwLRt+m2k+xrgZtvvYEcpwQInWhpiMjgOsVu8rPCnLxCLoUJcUyc38nfvnmUstU3UGruZ+fOPZyqO0/NidMMRXK4/5m7KXIaOH9wOwcaJ0h1RLhQd4rjx6Uel5XCshwsGtlWgdRMRALpnr2nKNp4F6vFXweMFknS3ZzYu5P6cSvrNt9ESbpVS141eUf8NNfWMGq242lr5JBc15e6gofvXkWiuuOtbjdvHbxA6YLVVAq58nXLOcdO0tDUjzE5iczsUjmey0jtTt480My8RavITZy9pKnjd0HZfWCije3vbdFuYnMJNxjrb6Whe4zUrCLy8nIlefFx6OARWi6c53hdP0tueZRblmQI2Y6jtCSd5upjnKlvpPbUGUL5m3nynjU4JAbN2LbyP+oO2Pp9H3F2NI2HH7uZhLAPc3wCrp4z7N57kuFwopDo68mOC2sE+quAuTbDG+Sg1nq1D2h0bFxbp78WlBGEw2p/lFEyBPmsFZXgqRRYBXKTCRNB3JJVqucnRWGQn4yovY6e6Wl8ISPx8XHakp/iqKpO9TgHj0v9ZiBeyJwxpJa21G+SidicdB/4Lb865eW57z9PvtmDP0Zu1dKRuk7I72LaHcDmTMAhDtwvAVab8hRlkTyMqWkXASnjUL9Ls6Kb+2Ltjs0QKeoe/Rrrv3xXvdMM3yK98rhxewNY45za0qE2q6LaPnN9j19bMot32ggp9i9lL06FX6xLvksZq9mIV/rrFhJkVss2cTZtZkkGEEkLJSvza/tL4uPtktWrWTY1hR7WsrWIOCm7ZIQiCFVjtM5ZUN9DoaDm4Iyqj7HjM7i0ph4tF5Wd+q59U02NfZd2Sr99qp1qOcBsI0FtGAtH7/JSp12zf9copy6lnS5/6rk36jlIky4vYSnjkHFVjwAJhNVzmURX3G7U5ER8QjwG0Qd116Sq/sr2X3M81VJD7Ho6PglCtpRtyngHxOjUM3KcCU5MIq8rA9PMlP9VOid/wYAPj4y/eq6aSWzOpz7b7ELSoksHHteUNmNpd8bjsBq0jfVKR82mCK6pabFpA05xsFbJXFU7rglpw4ydqvaobQai8bGN+Ep/RR/s0adUq5lXpVtmsfGZtuuIIWY3l8tFfKHRz9HXf85RTznfeTp6V6Df59F8n5K0XXyocj9q9l8jRjLmAb9f89cK6rlX6lllEliiBxTEZlXOY7MJ6Qopgq5mrAyajwiq5FCctpp9ViW07RphF1t+8Xf0ltzDUzdUEHD7sMc7sRjULLZcKKYDSg9NKrBITHJPe4hoS4rW6Ex21FlEzxNduVxjdXwqiA/wCC+IiEWrxxiFlJxFdopAqD1aatXKJ3HRK47aZI3TNsOrLSzKVyv7U48HcYl/j5isOCUGyJGo/K5AUOpVy7yKMoTUKpK2JcfPtJQ12+NEL+XaojdfFahVPrX0npyUFDsiOvhZiJZCdC+OKPBFJxzdRKntcVLfxIC1pTsZT6Xg6oN2pij+TGCecXoXnd8cvykjUQ89tJsneOVv/o7BvDv5iydX4xejuxIX9wfNlJUrXqp6VlCWg5eWOy5vd7QNqrkXC4pKyXft/Oi5GuS7dsbMv4KZ6yvM7HO6dl0Ks+oTXGyDIDp+0c/aBsKLVcSOywFVj/ouX+TrTMkZxOqOnXclriyn2q4cYfSrKqu+zvTtGu38Pfo3G5f3dVZftPqjP2jH1MdYm+bu96e7no5rYNZ4K8zWu9nQ5CUjey29mlWFhkv1zJKPHLis/OxrX/nbXNDOv6R7s21vBhevG6tb14dr4XK5qCQuMtHEO1urWXTzfSzKsuAVBnXZ3tBZMppL5teSoeZnZsshJhuFy/yfEC1beJq3/+H/pqP4QX708DpMQvRUcnex3ivkeqUfufjvFefp+KyYpR+zcHE8Y+M7gyv9xmW2KT9cy7aj8pPfZ+KJ4JJMLz/+VcAfhGj9USEZr8U7yIEjp0mqvI6leXb8czBiHTp06NDx+0MFUTULqGa7/hQPdlUB1hTxUX/8IOPJC1izIA9DKHhZANeh48uMrx7REjarZrUc6lbkgBdfQK3hx37SoUOHDh1/YMws0f/pmI3aEqIeP6Ge76aWpXSnr+OrhLmIllqH+RJDjD6i7mp0axvgdXvToUOHji8SVy7L//Ghlqf92jMDY3utdOj4iuPijJbH42VEPQfjSzWjpUOHDh06dOjQ8dWAmtFyOuNISVZ32kdxkWip5yApsnXlHUU6dOjQoUOHDh06fjcUpbJYzHM/3kE94X3a5dKJlg4dOnTo0KFDx+eAuvvSZou+vWAGl22G15cOdejQoUOHDh06Ph9mNsPPuXT45bzrUIcOHTp06NCh46uBr+Bdhzp06NChQ4cOHV9d6ERLhw4dOnTo0KHjC8KXn2gZjNoLGk1/5BVN9c4us0nnoZ8bIjezxYy+Eq1Dhw4dOr7J+HLv0VJ3QAa9jE+4sCWkEGc1/FFexaAemDc9MUbQ7CQp3q5uI4j98oeC1GdQt3/aCPs9+ILq3YWxn/5UkD4arTZsJvD51AuBLQTVO8YMFhx2q4jBrb3M+1M186LcPDiSkrSXcH/WIVRqabE5sJoieD1e1OtrdXwxMJhExg6bZF3qQZHq4cAxYck/RotV01NTJCQ+wqP9drWuxvTZYcciyUnQ78Xr88vR6InXql/phFl0Tr0k3RhW9XuvUX8U6iXUdqlH1ImA34fXr14cbsQq17VZRHFjzVb2G/B58agXV6vKlG5bbJoeBzyuL4e9fRkgyZDd4cAiPj+gZKa9mHsOXOM8JV+rzY7daiYcCmh2qkR7raGd/c5ZTVQxudjMKv4ofdHxp8CMHTrU28JnhKBeKD1LnpoNay+TjtrWNXVFQeRsVb5bbNIgdu3xeAiEojan2bDUYzYZrvITV2L2ExBiNEVrq1W1g6DoTEC71pcNc+3RMv17gfoQDMqAiKP74h/vYMBsEceqXiI5I9RrwGixExqs51e/fJ1w8UrK0mzay0W/SGhvj4942P3Kjzk2mc7yqgIJAsFrOgGjyawpzWd68aXRgi00wfEjhxgzZ5GdZL3mCzf/WDCazYy2nOVM2xRZOVbOnThDOLmAOHcn+/cfJZRSQHqc6XfKTCEqt3P89rc7sC9YQkG85TPLzSwBvu/cYY41DJKel4/dqL8Y9ouAkntwoou923dxsr4VW3oxGfHqbfkRzEKwvEMt7Nm2jaPNQ6Rk5ZPmFCJ1pSxFn62BcY4e2M2+w6eYNCaTl5UqHif0ifVbHRYmuuv5eMsuTrRL/ZnXqF9gFEdvCA5zZPtODpxpwG1OoyQrUX7wceHYQfYdPEF9w3nq6+upa2xl2phAfnqCZpcmqxXPcBsH9h7Cn1hARoIQgz+xvf2pocbTHHFxevd2dp88h9uSLuOZQPCK9xte+7yIJGVhOuuOsnXXATqGvWTlFxFnDM7pI4wmCbpC1lX1ZrMixUouNjyDFzha20VaVpaWVOk2/seGAYtkLsPtdezZfZBasZ9zZ2s53zVKcmYeiTaDJOAOQmLD+3dt5cjJJnyONHIzhESEQlfJyyDx0C560XRqD7v2Hedsaz/xadmkOoVNm4UgeQY5vOcjDhyrZsKQTH52upCxq+OrisNGQ1jTR7W6FOUL6tVMZjrOHOVcr4+c3DSJzV8+jdEmCYTjzH6O1h+caKnys/8uh3rbd5Cx4WE8YWHIksrMMFX125XllNDCU72crG4ic/Fa5qVeg2jNKnet1l+qO3ZAcPE6M79pX9RLTQM0VR9jIrGc5RW50Zeazpwzc55Azf55p8YYnQ4QJ1m1egO5wpX1Xg5RFhs0HHyfd46OsHLNclLtQtRmOf5PLn/p+Fy/Kcwcv3ie9m0WZo7P+k0RRoNvgD279nH6ZDX9fifLVywmMnieHTsPkVi5miIhhGr8L5aVvyuhjinnHBG5nartJG/5cvLiJLB+QrmZ77N/U0Sr8+RHHG6epmr5EuJjDnzmnJnzdHx+mKx2XF3neP/d1zh6tp22hhrOtE9SUlFFdrID19A53vzF6xxpaqW75QKNPW5KFswnyXpJX5VDNATcHN3+MtsO19He1kzduQuQOo+FJZlMdpyds/6clDhGGw/y81feo8dnxifnHanpJUvqz3RcQYRMVsyubt555bccaBnH4hnhxP7jBDJKqSx1UvPRVj4+XENXfx993e2cqj5LOH0RG6qyhbRJBmz0cPjtn/PLLSfIWnQdC3IcVxGKbxQMkhwaJ9n/5it8eKCazq4Ozp1vJy6vjOLMBCIzY/MJ55Xlp9N6dAvv7tjNueZOms/X0uVOYlFloYy3eo1PtAoFRXQnO87w7rvvc/TYSdpdVsrnlRDHCDtfe4N2SxErqnIlaM6RTM2y9+hf7PiVuOI8HZ8SarbSFKJ29+v84oPjjI0O0yk23DNtoGrRcnJTrYy3neA3v3yN4w1tdHd1Un+ugVBiMZVFSYSUgc1A/L41MMSWl15i+9EztLWLzbf1k5BfTnlRNqHxVt777a/ZfVrq7+7iXN05JixpLCrJJSJJ2QzULLpf4s57b3/AseoaTtX3kFk6j6wEp/irE7z89mFSF61gXoZTyl2lMX9y/BGIlrBOGTA1dSYsCZMQkUtESqAy32A/b/7qV1wIFrCsNDUWgE3SMKMILahlSorBWkxSVo6Hp/o5fbaV3CXrKEwwiOOMvlleDbCq2iQZs7aUEIgGYrMYtVqiuOyyQiKMhAlIH41G+WyUZFvYsVZWm8IMyK9Sr01NnUYwCtG6cOYEk0kVQrRykPxLCImUD4gySGG190hVbzWHqfv4ZV4/NsGyJZXY1KyLjJ9JzXJJ34PBgNaH2e1VBMIc8tDZN8WCDTextDAe/2XTp7F2zVFe/WaW3yJC/NRUrHYdk/RM+20G1+iXyESddq3xCkl2YkvJJj/VyMiohU1330aO1UfEmc26zZvJi1djL+fPdX3lmLVxkeuEAoSQMfYOcUYRrWXLyI2zaAF5znKK2M7R30AgQEbZcjasWoA94icUie7VU9mPX8lR6lDLVJquXRw7HZ8FytT9rgAp85bwwGOPc/OqPKq37SWQV8XS+YkceOVlmm1L+df/y1/x4KYyGg7tpDNSzMp5qReJihr5oNiFOSmPW+55kIcevIlwwwlOd4RZsbEKJjwkz1H/kvJUjn3wFr0Ja/lX/+IFbllWSN3RnZLcLGNxgfMyImS2WRlqOMyOk9M89y//BY/dtgHz4FEOddlZvqCK0oXLuPn2W7nltru4YUUhwx39VG68iaIUi/h+G501uzguhD0zK530woWU58SJvl+q/5sGi8NKf81u3j4wzNN//W944ZHbSBw9xY5aLyuXVWKVZFh5lE88b2m5yN7Ckk238egjD1CV4mLPlhoKN6wkyy6+fMYnaYHcS/XOXQxlb+bB9ekcOdZA2bIl9B99j0NDaTz10K048YmNR4vMhrLzGd8gVi++wSxHL/fvSgmVHobELyhfqMqI+7v8HB1zQ5yAxRCipeYIwfkP8u/+1Y+487YbuW7NElIcEsMjE2x79WXa7Sv463/9z3jwnptJHKzm4zN9VK5eSZLoyownsEsCdn7/2+w4b+U7f/3XfOv+O7jlxvUUpsdLbIC6Ha9xQOT9I/ntsfvupMzSwbu7qsmpWk1+UjS+qHpstggNBz+iNTifp5/eROehj+i3VrE8d4o3fvsOcase4L41JRLfvpzLzb8X0ZqdLVz+F/tdCEzY18/+97ZxtLaemuN72Vc3TvmCchK0pV+jZCw+avZ/yIEzbYyPjdDfN016aTFZ8UHOHNjBli0HaWiu4di5QXJyC0hNshOc6Kda6nMF/bSeOsTHh04z7cihLDdJri3ZtBC37W+8y6ETki3XVdM8aKRynpAjQ9QYjZIN+8Za2fHOOxw+eY4LPdNkVUibJlt45+1tdIwOiYM/xP69Jxj0J1Bcli1k0EvTmeNCtMpZWVWAZ6CFg3s+4vCpMxzbf5KhSDIV5bn01+5jx77j9A2PM9A1gDmzkCzjAO++sZW2sUHqjxxk92XtFUoT6GPrm1toG5xmoKWa3kgmpTkzyyxWwqMtwuS3X10+L1kGMUxf0yl27d5Ldc1pDh9qIq6wmJwkW9TBzJR/Z/tV/SqZlylu8VrjlYfd5qP2450cPtuL1eHi0N6TWHKrKDD38uZrH+DLqqQw2Upv40l2Xnn95Oj+jZ6aj/nNu3s433SBnr4RRkZ8FK9cps1odUu5K9udl55IcPjCnP2tKs6k5+RW3jnYQv78KlLtEQY7q3n31W2cra/lTH0rjtz5ZMfPcuo6PhMiQq6tiUmkJyWJbQqhkYB49vAZbBUrWZbrZ/+e42SuuIOVeU7CdgcTzedoGzezbPk8TOIvZkZdLQulpGeS6HRiCo1zfP8xKFjKmooszHFO0q6sv2wJi8uyGG2uprZpmLwFSzH0neFE4yiVq9ZRkBydAZ2B8i0h95D4lFMYcheRZ5vi5LFTWAtXsXRemrYPxCBEX20xOX/gfU5PFXDPLcsl8ZGMytPNh+/tI2/NjdjHWiBzCZW532CiJT7IagzQdHwPPfZF3LJ2viQ6RgyeEc6c7qB05WJSbSotNXziecUrFlGUlUFiQiJxYpttp4/QOJXApo1LcRpnbQuRAKHqaamtxZ21lE1lFqrr+slI8rF3XwurH3xISJoR7+yZEYGSpyXi4fjurWzddZD6C/VUHzzI8XYv5YtKiZMWqhLqPLP465O73mb70Tou1J1m/6EabPnzRY+++K0mX3mIfCxinB3nTtA46aQo3YE7aCQ9JVFjqsbgMAf2n8Zetolbl2bhC1pJNg2zX5LoksoV5CZFl/qVjRp8w+x6fzdZN97HitQA7d1D4EgmNd4Bwg127TqEpfQ6bl2WTSAYwZkYpnrveRLK5lOemxidHRP9tJhCtNfVMGwt5eYNRTQcOUUko4iR09toNCzhWw+sxeT3zEnMvwyYi2h9ytvq1IxHUMjY1X9qr4V2RjiI0ZrBpvsf4enHbyfVP0XIkUhinEUzOvVY+rDJztKNN1CRl868lbfy6IPXkxtv4vy+D3jvyCCbHnmS5559kmXCdH/zxnZGAjaskpoEXAMMuRzc9Njz3L00kX3vb6HDBTbDBB+9/DqNFPLYc9/muUduwlezldf2N2Ew26VzokQWH4e3vEeLcT4/+LNvs7YqHfeED1PYy4Wz+zjRGuLmx5/nidvmUb31LTHkaayWS8OieOToyKAowyZe/O53eeSWUs5s/5Da7imKFq9n/ZJSUguW8PATD7CkMJWIe4qWcwc412PmlsdfuKy9dqOXfe+8RZuljKeef46Hb1pIzfY3OdXlil5TlIygZ+7yU2EsYQ8Dk35W3PwY3//+c6xIH2Pr+/uYiFijd2VKeYOUn7NfnV4cxslrjFcDwUg889fdxOPPPMJ8MYCxqRCpWSngnqSrvZ1xnzI6D/1XXX8/U5Y4vF2nefXDk5RtfoDnHrsDp7uLrgEPFrUfI+Ceu90GmzjJa/TXFSY4NUR7Vz8hs0MIWSNvv72PtPX38MMffo+12S7ee2srQ37JXoXk6fgcECeryFZA7NgkjqH37HEJqhksqijENDbBpN+H0aaWi5Wd20mMt4ooJ3CJVcwecaPIeLK3ke3vvMKP/8c/0hjK445bV2MOBSR/mKP+snwi014W3/Eo1xeG+PX/8+/4by99zLybn2ZTaUJ05ngWQj4fKWWrePiejdS+9bf8h//rb+lPXy/2s0T0x6clGSqRC0x3c/x4F0VLFpFiV7MfYc4f/Jje+EXcuCxfMuBP2MD7DYJRZOKamhLyrDLgsAQ4A/a4ROyhCcb8Qlpjwv2k8yYkUIb9Y5zY+S6//MmPeXN/h/j+e8h3XpH4SLmAKZ7KJcWMn3yfn7x8lIScJOqPHiVlxc2syYtn2hfCZLoyFBm04DTSeo4eXzq3PvYMT967jqG6fRwTomZWbVKQoKbEmlO5nqfEpz3/7UcosI5KEtmpJQA6fjciQlbjhDB3HHiD//jv/g3/8f/6G17ffoRRdwSTM5Py7Dhaag5R1+eSBGuE883d+P1KSS6RYzXpEgi6cPuC9FTv4r//p/+N//V//4/8l7/7DTVd46JLAdyBIM6kRCKSpKkVlIjRQaIxhNvrIzSjdEpfIjbmzZ/HVMsBfvp3v6LLlk+Gv57j3XHcdd8N2PzT+CNCsK/SmS8vfmdL1TRscLKTHW+/wSuvvs7rr78R+3udl3/7GjuPNOK3WqIVSeedSfGMnj/OWVcG99+xAQd+IVozhqeIj1WbClZLaOouBivjVJ9pIXv+apYUJYvokll10yoYbKFJBGQxiQt1ZLNm43oyEx0UlleRbfIwLA7BO9rKmbYAGzauId1pxplRzsb1hVw4Xce4N6ztoYpEzGRlpTHYfJgPD1wgq6iSSjFur5R3JBWy6fpNZDnM5FUto6wAWpsGtCxpBkFRiHnLrmNpjpG6s42a8llM00JEAlofFJHQNgCqu6GE7ai+2pMKWLdpw2XtHRJn4pvqoOb8ODmZcfS2NtDvteN0DXO+rZuw1aoFL8WG5yo/4PYIs0xm/cbrSPB2UVsnZYScBbwTTAdETjE9Vdefq1/tzYN4x9uuPV6eCLaEBOxCkPad7mbN7fdSnmLCHxaZSdtMIpmILWnO6/vkmn1dLUyZi4XI5mCNz+a6W26S7MiMT7zgtcpN+6XBhrn7O+j2SwC3YLUK2baG6W4+T++4Tfrk4WxDu2RKKXjaG4SAujV90vH5YbI4iIyc480dZ6ncfDuLsm34AuJEld2qvxmIMzSqTaqxrzNQy9pmezw5BaXMX7CIZEMfhw6cYpqoX7i6frvoVYTpkX4GJgwsXL6KyoJkGk8fo23Mc5UDVfYY9E7S3TVKZvEiViwtZ7qjgVONnag1CSV9k9jhQP0JWkJprFw0D7OQw6ne8xxtcnPjHTeTmSQZt7rRxe7QlqYv69c3EdJ/NQSzLccgxERL2GbjGudpEjKYSc3OZ968RVQUOag5tE/k57+KNAUk+KZXbOTuOzeyasN6KiyT9JvKKLZe4Fc//gd+/otfcLBxTGLDlcRIzaslsnjDSgpTnKQUL2ZtgZOB4TECajVDztBmD+Kc5Oam0N/YIL60X34zCyn0RqvQ8ckQYuMNGinf8AD/9t/+z/zP/8v/yj97YhVn33uJD481im9PZM2d97Aofoh3X36J37z0Gkcb+zBK4mSaFSc1KDIuHCAldz6P/tm/5P/4d/+SVc4OfvrGHqY9IYJhSbrCl+4fNxotWOyiS+K/Z+uX0pfUeet49MEbqVi8ntvX51F3poclG5fRuu0X/OQXv+bHP3+J051T2KxfDTJ9xUhdjXAoiDmhgFvue4hHH32Yhx9+KPb3MI898Qg3rS3Hqu0FksosdgKjTby37QQVN9zNwgwz/sDlDi2i9grFPqvtNZGQXwYfrGqHuJCasAjLIMHVHApLphLQmLJBwnwk7NdIjzIsgxAckxwPBYQJqw14YvjhoAhZpGWx2YlIBhzS9u5ItiPMe8WdT/P8PasYrN3Bf/ub33B2wC1GbRRFsWiCUmv7IanDapT2+sRAZ9i1XNliNdB6ZAe//OXLHK9rpKm1E0/QFN1DJm2J7hFS/bq0b2Du9ioSFJDsPMBARzNna88K6eogd8V1rCpNuyzbnqu8WWVnoSn2vfELXv7gY841NtHWOybBQ92RESsYg1LgK/sVkDEJS/YfUuRljvFSSahVzbh9+A7j6Wu4dW0hYW/g4vKQWqa91vXVMm04ovavidEoY5O6TSIXi1XUSxnj72j3tcbrEtTdJ0EC05O0NtRTV1PNhWED6266nry4ue9S0/HpoG6vN4d6ePPXbxMquoEHrp+v6UNEHKlZ5BkMBESERpGVJDYiG0dKGgny74wNK4jIcablsnDpUjbd8SiPbSjk9LE9tA2HownIlfWLXpojE+x570PcxZt54vHHePaZp8l21bJ1b70QcSFFsbqlheIbDDQf2cbRfjv3PPU0Tz71HHcstLBz6x4GJUHQdC0yzonjjWRWrKA0Q6UFJnrPn6FlcIKO6p28/MoWWvqGqN2/i5qOUYySHH5ToWYwLOJvwz5/1L+KIYZC4gMSUkmVcdH2Scq/2vLdnOelkGo2yxgmULpwCSs33MDTD99LpGs/++tGorPYs6F8gsFKycI1LMz2caJxnOuvW8DYhTEqb3ucuxalc+bkGaZE364Km8q3hJRvjfpan/L5yk8ovZAE0Kw2/3h7ePfXv2broTM0NzXRN+bWkl+lQyYtGVZhTvcR10JEkunEjFwqF8ynoryClWtvZeNiB909kpwL6XFkVvHtP/+XfP+5x3jk6Rd5ZFMVcWLXzvjolpXohIPyEcpvG8koqWTJogVULFnKqjULsfb0MWJzkCaxxjU0KjFIkSuxUe8oA14DTkccJtGRi7FGrNcXNpIzbwnrF+VRf/AIKatvZ4m1n5rRRB7+zjOsTh7nyMlGPFivin9fRvxOoqVBGZ4MkpqBUuuOM38Ohx2rOMXoOWKUEqjP7PqYyZz1PHjDIo0caMlj9Iwo1KxPQC1FGHA4ZZCsqRSkx9HR0iSGFkdagpW++vNMJaRRmJmibWBXy45iZ1HIB42syTFHSh4Zxgnq23u1vSbxoWnOn28jpbSURLtZCwaGkEsUZpyK6x7hf/qrb5Pv6+DUuV6MdhtB35B2V4RRyprGB+ga9pBbkKMxQGXY6hk9ZpObE3v3MJm+mb968WkeuG6piFYIk2qPJuAIAW9QsqpLmfJc7ZX/l7FKIiHBQsbCTTz77ed48blnueuOteSnxWMIXrrFda7yynEEJ1vYtbeRBXc8z3effYI15RkyPupZQrFzBWofWGiOfmUXZGFPzCXDMMd4zSshOd5Of91BjrTbuP+RO8hyCoG62B8hPyLL4GTznNcPhkwkJ6VicPfT7zGSFG+gpb6W7gGPED7r72z3XP2NfdF+C4VNJCUkYo1PYNltD/P889/hO089xIb180lWpFEnWp8LGnkO9LP112/Sn7iKH/7Z/eSKTaqZWRKztbt6LpytwWONx+rtpK5+iJS8PNF/pc8xSACOBKfobOtmOmDAbgwyOjEtBC6OOLuViH/g6vqFxBlDHiYnXWKHcTjUjLgzmRS7AffkJCExrIu+Uz4ox6uO+4WcO8XvmGxOEpPEZqYncEuWZpbrjLXVc67fz7J1S3EIOfT7/WQvu0X05B7Kc3MpLMojXoJDSlYuqRIgLunYNwxiX0GjnQLxkZ72s7SMB0h2+GiqriMQn0uayCfoHqOzq5fJkI2iefPmOC+f9AQDA92d9I94sEtC5RFZuIJWEqW88hdXQtM1Vzdb3tyJc+ltrCyxMj7twupIJSXZqT3ywSzFLispZUymMS7UN4huOSVf6xTyHiQvNxuLf4peuf6ED9zDzdS0B7jtsRd5+ukHqcwU3y7JnmgmEwNd9I5Ma+RRxxwQ+w2L/XZ39uEWP263GxnqqKe2xU1mZio2s9jeuNik1UFGeiY2Vwvv72kge/4KihJEl8JBRvq66RmYwByfRn5mkNpjZxjxC/nyjXG+5gLW4gLSkrIoSrfTXV9Nl8dCkiTIF06cZFrIfUlehsYJZkPFMbPBw+Gtr3I+WM5dmxdJAugX4uwkJSOdBIcTm/JTFx3Flxuf4a7DaMC98m8G6k5B39A5Xv3tDnxJKbj7mzhb3yVsOI9UhwRDdaqcb7Q7YLiTg8fPMDwZIjm3QFs2aD1/nBPVrfQ0n2B/o5vNt9/LyuIkPKPdclwy1UXrmCeELDDezcmaDvKXL6NYsuvMZB/79h6ho72LM6cO0hKaxxP3bSbVppRAsh5TgNrd29l54gx1NbUM+DO5/pa1pAWHOVVdw+DUNIMtzRw8egqTEMS7b6rCJkGg4dRR7fEOK6uKsQbHaBQH09ynbkltpNdlpHzxMu1uClvYTc2xYzR2jeJIz5ZMTzLrkw3Xbm96mMO7D9DU1EJtbTXVrYNk5RaS4jRrziA82XuN/opipzjxDKiA10hXiwSW9m785kyWr1xEggS4iFHqcA1QLf28sl933lCB3RxPdop/jvG6kWzHBNtefp2zQxGc0ofaE7W47OlkWKc5efo8WYvWUpGTKNfvuOL66SxZvoiCtFTC4w3sPHSOvq4L9PaPM+YyU7Z6KQXiSOdq94o1y3CK8zx6+ur+Fq1eg72/jjO9YZasWC5kPEXIaBd7dhylu6uFYydP0zVlprQgW8i86GJUDXV8ahgkyJnpPr2L196uJmNRPmONZzl1uppet5ncnAKyEg0c37+NuvZ+6g4eZdK5kHvvXYVD3VkcG3D1KA+jkKl3f/NrDjX2M9h4hC0nh9lw54NsXJRG+7GPePWq+i3kFxaTZBzl8I49tI6OUbd/O9UjFm696y4KkySpuEie1eyZmaTUOFoP7uJkSy/d50+x6+hZym94kA3lmfKrm5M736LJsIQHb1yMMRzQEjGzPUGCRTY5efkUZNhorD1H2tLbWTMvAb9k6l8VJ/2HRiRiIDElndHm/ew81shASy3H68Pc/uSdlGYkMnl2G//1tYMULtrA/II0Bpv2XXHe3ZRlWTgjQfDVndVMDbSwbdcRrBW38PCNlZi0GafZEF2zBji14x1OTWSLv7keh8XIdPdZDouvbBQfWLJmDQsyE0XuUQKsAq0JP6114nc72mnvFb+2fye+og3cf/N6zAOn+fGP/4nJzA2sLkuS5PwMJxuaaWtqpKGlnfiipaIbyWz/1f/Jzp4U1i4pEyJ3aYZeRxTao3g8vbzzy19wvGWE/o4aPnxrC5P51/PUXWtJFeLcsP99th0/TUdjPdu27mI6fTVPP7yROJGrPTLKqz/5MUeHkti8tpKMZBtndmynpmuQllP7OdZi5YFn7xFS5iQrM4G2miMcPNvOYPNxth0bYPO9j4g9Jmt3Ll+CWkmCC4e2sfX0NPc9+wjFceLjzSE66o5ysvoCrT2TLNh8I/PSxFeop6p+iaB40ZWb4f9gT4aPzqRM0j8wIoTNh0+ySoMpjrziIpLtimjFBkNlKaFp2to7cfnVnpwCkuPsBCcHaGrtxSd2lpJbSml2omSl4jADboZHJnGkZERnqfwu+e7CmZ6GQ7Igm2RTI91tdAqjjkgWXTivnAzhcp7Ypk7tbkjPEC1tvXhDFrKKSijIEiLYdoyfvryTqnuepDg0wqQxgXnlxSRIWqU2+U8MD+G3JpKeHI9FyFqfGG+fpE+pWTkkOtRD3OKJt1uEdYcY7O8URu8lq7iEzPgIg4Pj126vw8JkVxutfaOSWUp7CuZRkGrT9oxpe8MCLobm6m9amna9kG+Cjgsdkm3aJVhlYAhFiE9KwmJQS24yjr2n+elLH13dL1MYf0gMwzbXeBnw+T0MDw4xOe2Wz35CQlJT84rISTQxPDSGXdqTFGed8/pOub5NPaJBMqOmljamJbMtnVdKWLJcQ0Ki9GPucvHJKViCQgjn6G98RgYmzyijbkhLT9WWI2zmIF3iTAddXrAnUVZajNOilhV19/l5MPMcuMHBUdyazMWZSaBzpOZSlJOmPdl5sl90ZXCCsMFJUUUJyVa16fXy2SCjGNr0WC9dfWMEJYjHp+ZRWpgGoSDuyTGGrqo/R+qX7NgidtXaztCkW0sSUnNLJHmJw39Fdquio1l8yPRAH529wwTEl9hTcpgnJFs9805tuB8d7CHgyCBLSP3sZ/JEoWbIAowOj2JypokeS0Iy44++kZCE12wjND1IR1cv0z4T6flF5IvPVUs4J9/6MbtHCnjxhftINojfmLr8vILsBLFnsTvvKJ3dfbi8IUz2FLH5AuLEz1xtj2pvX4CB7gGMCZmS7FkJhExEpHxrRxchc4b4qBzMIreLYULtpwtP8eEvfsNUxSZWFdtxSwKQLz42Vfkrj/iN4RFsyTlkJNjwTAzQ0tFHyJZCdpoT9VgPdbfb2FAPblMyWakJEuy+obOYnwhlGxEmhjrpHZ4mHDZgdjjJKyol1a6270gsHZ+xOwMmWzKlZYXEKzkbrQR7TvCPv9zF4ke+yy0VKZIUhRgb6KGnX+IbFtJzC0WvEgh4ApitFvwS55s7BoRQi59Iy6VEiHwktvXoEpS+hBnp6cFrTiYvL1niQhCTSXzAcJeQrBHi0vIozhP7D/uk7JcrY1JL3Fc+Gf4P+woeIVFWa/T9dhL25f9EGMrBXml3YkQ2YXziiQn4ostw6llKltjeDPU6B7/GcOUHqVMdDweijlqVVZsmQ0Lk1Fd1HcUetQ200pVg0B993L+6jga17GXRnr+iHiiqntWlXisT7DnJ3/30fZY/+6+4qypZI3Xq2U3aXZRSWK3tqyfCq6VLrQ02tRdJtU05A4MMptQjAzqzV0BdXvVVBZpPaq/qknqAn3oGlPqijvtDs1RFLcFeo7y6I13dnKDGWC2nRKfH1WxkdNlR7ZG7Zr+0i19rvJSaq+tGjyuVUCQ1KG1QBjHTHhVfr3V9VYNyjkquynDVNQ1SV1iN9zXLSYZ5LflKuyNSRhJfqWtmWVXtGVFykNKiW2p5KCYuHZ8Hauxm5CIyV2OsZrSj9qfIjrppJXqThzpZ0+9rDLi2F0bTaSWaoMgm+py2i3Kfs/5LdqUqvWT3c0AKX7IbdY1QVK9jzVHXV68J8ou+zdlArS/ic+Qa+p4+BfFcJhlPsTVlr2ovbiAsn8cb+NXbB1h261OsKoomgCbz5ef55ZgIdJZfVdWFL/MzVyM6/oaI8qnKW8TKi+0jclNxQB2dQZRoTfLeP/2UiaUP8vydiwlLghVQ/kr5D/W71Kf2nSqVUXe1WiUZkwZqOqHphzgetX/ok/VCh8KMnWu+X75fiqOz9UQwI2eJczazn4PvvkKTcRnfemA1Br9XO34xvlymL+qbyMkck5NWVdRPzKkxctAkxEzoOAF1Tkx0M35GyVf5/2hrv1z44onWVwQqmwsOneet9w9QfvsTrMl3iCHONvOvJr6u/dKhQ8cXD7UqEfZOMeKFjJQEFTHmDoJ/DEhb7BE3hw8dJpy7ko2VqfhUwNbx5YCwa0M4wOjIONbkdO1VPTOPevqmQydal0FNTwpf/1M6ky8EX9d+6dCh4wuHmlE3GbVZ6i+D/1A34aglP/2Gly8jDNqbQggH9VniWZiLaEXn4b+RiGjTpF8/fF37pUOHji8camnoS0KyNKiEUQ/iX1KorSf6UvynwTeYaImaCCH5WlKtr2m/dOjQ8c2C7st0fB1wcenQ4/EyMjr2DVo61KFDhw4dOnTo+MNBLR06nXGkJCfHjswiWpeeo6Ud16FDhw4dOnTo0PEZoCiVuvPSrt52E8NFoqUeAzA1Pa3dfq1Dhw4dOnTo0KHjs0G9zcQmJCve6YwdmUW01F2H+tKhDh06dOjQoUPH58PMXYdzLh1+8x7voEOHDh06dOjQ8YeD/ngHHTp06NChQ4eOPyJ0ovWFwKDvddOhQ4cOHTp0fPWJ1ux3rH1ZoC2/Rv7wz3/R3htnUe8L/NNCez/el6AdOnTo0KFDx5cdX+E9Wuqt4yEmhofwWxNJT3IKufnTv9dPvZxzsOYjtjaGuO/BO0g1qBdNx378PaBmyHxTo4yrN+hnJGEKfwoiJycYhYjabJYYow7j83h/ryf5qveh+aZGGPNAWkYaFqnzD9C9z4kIBqO6jdZCwOchIOLXyd/vA6UwZhx2OyZDRHsptJqYDfh80ZdAXzFLazRZorolx9ULYpUPUS8Qt0p59eLYmGsRGRmJhPx4PNE37RvlGja7NfZy8JBWTr2s+vLqjVKPLZZERaQN3sve26lqttoc2C1GvB639puyEZPYn017ebloe9CP1/flfPHslwEGkYNd5BCVXwifV3yDknns99m4erwjnyjnS2Mun0zW6HVE+n65hl/JWopovskcjT26jL5EEB9vE9kaQj6xH/WWAGVXVhwOqya3GShZuz3KvmYgMclgEv/hELtVr6OWqsS+1TM6tRdUi4iNZqULNu1F317RBfXi72tCCijd1OqNxTvVFqvNhjEc0F54rv38JcPX6l2H0be7u/jgZ39DV8E9vHDvSox+rxYc5oLRbMEsWqIFjC8EBixWqzieEDt/8//SYFvDiw+vI6I5+t8fFlGuCx+9xPutTp7/swdIUkEt9tvcEOMwGxnvbuD4iXNMR5SxZLPh1rVk2gxaYPs8sNjstOz6Ja/Uwnd++Bx5JjGWPxG/NYjRGqZ6OHTsHDnLN1GWapF+SRstFhVlP9mIdVwFNVMZmR7g+PFj9I6HUS/ZDwUNFC9by7KybPVFTdRqMMnYByba2LevmnFvkMSccjZtXkWScYpzR49S3zGCwSJRVNxJREhQfFYJa9YtJ8VqwO/q4fCu4wz5AoTj0lm3bh2FqVLfRSKlHH2QcwcPavVEJMAv2nALVVn2mP2KrdmMdJzez7FmD8s2bqQsO17T9+HWsxw50oDbGCanah3rF5cKU/T+QWzw6wTlD8Pefo7sPEq/ECNHeiEbN20i1TyXPV853pupKrBQf+gw566Scylr1y8jgQDKxRiEjIcmOziw7yTjJLH6+usoShTKJQmSp/scx9q9rFiznERjUDtfx58OavgtVhvmoIvaY4eZTp3Piso8LMaQ2FUdBw7W4bXOJO3gzKviptULsJlUUialhbhb/KMcP3aU5t4pSaSEWNvTxS9sojTNRkR0bqr7PPv2HmHYlsuN119PabpZCNNcftqIyRjBJwkWRomrFpMQGCH34j8unD7KkLWAdQvyted/ftnwR9oMb9AyG0XYLqdsM8eNWuZ5LajfrjxHfY7+XV2vOnbluar87PPUZ/dYP519Y/LFJOdEj1+sd872XlHXFT/O/Kb+lW+iVEEGe3sYGOrH4Cxk5fL5mFVg+oR+X/492parELuOYvYGaUeU4V/CTDuuPi7X809Td64eQ3oZq1dW4m0+xMuv72HSJBlF7DwNqu7Y3+xxuFj3Ff3X2nHxPPWbXEv7rCDf5+hvtP7YFwXt+2UHoufEvilcLBM7V/2p62oQOVoiLk7s/pC6QSMp8Q4hATNy6GRw0odp1pJytGysL7FjCjP1zvyu/r0c8tvF/sQOfU2hZgfDU30c2nsYb0oJSxYtoKqqkpwUp2SU4YskSyO44y289tIbdJtyWbWsgoFTH/DWrhr8BjvpeUXMX1BF5fwqli0tZ7rlNEequzCJjBhp4tWX3qbHlMPSpYtZUFZEggTxiy8NFl2yWiKc/egN3j7eR/nyVeSZ+3n71TdoGQerZMomCQb+gQY+eOdN3v1wLy1DbuyOOCZEv3/5+m6MhQtZUZbGyW0vsat2QJyzEAEdlyCByywk672XXqHOk8TalYvwXPiYVz88isdgE18SOy+Gq8fbJfZgIS13Ljl3KiFFo7aEF4skYqf37abPkE22oZ9de0/iMTuxGUb4eMs2uqctOCV4Xpkgz9ik+pvbLmdBnXfRRr/mRvoFwiy25xpu5PVf/Ixf/uotqtuGxdYtksAY8EwO0Fh7lrPnznG+4TwnD+1k57Em/Jgv6ova2hKa7OPAzu0crq6jvu4stY2tTHrCYoN2pntreONXb3DkfDMXTuzlNy+/S+tkZI6tP0LsLQbO73+XX/36JX72s59yoGkMp9OJu6uabTurCTkTrtLTLzP+sERLlNwsWWXI78XtCUjtseCkZp/keFDYqdvjJaQMUBjqlVCCUjMRaqpRTUaYZCQ1+zOYJLs2aMtDarrQZFHLFVoRzbBmbMskSmGISHm3B5+wZKNkWka5tlmypYaDb/Pztw8yIUK/GDBm6vXK+YGIlI8uOUTJuSiYMHKvx4PHG9AyM7Nqj/rtynaq6/r62frKT3nv+ASb7r6XZflOyQwNn6rfUVzhaQRqat8iEvJJ+7ySLZrlOpcIlVJGC4QC0f6q31W2Efs5EgkRlKC37uYHuP36lZTPX8MD961goruBroEAFjGei4j1KTrN60NNLKg+zdX/KKIOUP1rVtls2K8tR2qzjHP1VwZNBVKjGPIMtPISvGegHvKmxlaROA2aXNWShhy8on1hIVRqycI7NUYkbaH062ZynTIUEdE3JYdXf8nW450aOVDF59SL2GUUEVZvoI8EfdJPv9YHTe+kMZf1x+tTSjFrDL6OUAIw4IhPpWLxclatWsXKVUvJS427JCtFhMxhLtQeod1bwH13XMeS1eu4efMi2o4dp386QlZhGYuWLGbxsuXMS3fgjVhYecMmspnm8O7tjCWs5KnH7mDFihWsWlROol3GOBZp1ZgHpjrZd7CdZTfeyrrVi7n+zocoCXZwpPYCYXHYdhW89x/GXH4D1y/O0ZyYyezh5P4TGLOWcuctq1iy8U5ump9OzeGDjIRFbl9nsX1GWGwGehpPcb7HwV1iOwuWreWu225k6tw+6gdd4hNn+Sglb+OV4x0iFDKSll96lZxXXL+eVLE1bZ5BbNY42Utjh4sy0ZH1qyoI9HUzJQ6mZquQrMQlPHD70lhCejkus0uxeRVDzCogX3Zi1EbFRPGLj1T2q2KOSXy6js8IkbMl7KH93HmCeUtZu7RAYo/yg2H8nhA5C2/mX/9f/z/+83/4j/L3b7hzZRVLq8pwxpkkBl4SSiAYwJG8iB/+7/+Z//rf/yv/z7/+HguzHQQkKT6+42MmcjbyH/7v/85/+09/SUGwib0nOkXOV8REiTXGqXZOnh1l+f3PiB0n0SiELRIa4aMdB8hadwfXlWUQCHz5ZrOuBdO/F6gPl17BM5eSxjKGWPCb/XcJUZLVUbOXD7fvoa62if6Qg+KCHJwmNyf3bmPb9qM0t58Vh9lLZnYBaUmSQceEZDRZ8Qw3sf2d9zhec56mrgkyKspJmmjmzTc+oGVkiPMnj3Ng3zF63XGUVuZiC3lpqj7OZFI5K6sKcPU2sX/PTil/luP7j9EfSKRifh6DZ/fz0f6TDIxOMtQzhCWrkCxTH2+98h7NI4M0njjCnoMnGbdmUZGfKgTDRNjXzZbX3uV4dT219adp7AlTMS8Xu9WKe2hWO7unySzOouPoVvbXdDIxMcrggIu00iIy4vyc2HN1vzPS4gkMNvDWm7sxl1aQm5zAdGc1r736EY7KhWQ7xMFIG2yBEXZvfYutB2ppbe9goKcflzmVpSsqSRTn0td2XPqwg6a2Ro6cqsNrSKc4P1kUciYoSjYofyHlyAxmJjtqONHmYumataTbxFnK0JulP72ndvHOnqN0tDZwvK6XrKIy0iwDvP/KO1f0P0/b/zLaWsO5IQPrNm9gsvo9fvXWLmwFqynLCHJ899bL+5tbTFZCgJ0v/SNHx5NZLHU4bBHaTnzIq3t6qVpYTpzdhq/3LL/97ev4cpZQKoHdapxkx+uvUO/KImPiDG/sOhxrXx+ZBYX4uk6yY98pxlxjVB+sxZBbQmGSgTN7t3CwNiqHgQEPmRUlmMba2bf7o8v0Yl6ZyDLk4vB7b7LvQhc9TWc5dPAgNT1ByiuLcIi+m40eTu3dzraPjnHh/EnO9XnJK55HvBCNWb7lawNFpsOTPRw8fByPJYnQeL+2JzBZ9FNbNhQbVzplkf53nD3KBW8eN68pExImxz0jnKupJ33JanIcEvjECZpMYc4f/oBDLfHcdf91xPuG2CcySyotwzLdTXNrL36zk+R4m+Qt4jSlbkWK3d2n2HVukrUbN5MleqoSrbEOIQaudNYsrcLdeZhthwfZdMd6hiXDjpu3ggVp03y85zhxFRtZXRgviYkEDncHh5sGKV+0RvRdX5rSIAHVJoln04m9NIQKuXV1hYx9kDiDj7NnTxHOkrEUAQY1HyLJp9XBZOcJdhyZNd6lS6jISSDoD2jnzZbznfdsJFG+a0tJci2zYZqzp+qJL1tJbqgDcQlk2Xv5+OQoDz77bUoTwpL8xJYZteYJsYt4Ofz+m+xv7qZX7PLI4UOckqCbv6iUBEs02VVQiWjYN0XtkZ3sPXyamlPHOXV+gqKF80gQ//h1tNEvDhGCkqimFlSyZmE+HdWHJSEqZ3lFDobYlgEt+ZQ4PdV6iHcO9bHxzjspSpByMcOKbj3o41R1A+I0MHiCxKeliC8Xybp7OXC4mszlt7E020bQZmei+RytY2aJZ2WYxP4viktildk/zOkz7RSu3UzKZBOtUw4sQzVUj+XyyEMbsAei+wm/jFDjpL2Cx26PHRF+E/v3kxEJ4VMzG3P8+fzRPU/RacMW3nv/ENkbHuef/eAhipMVkQpyft8HbDk1wc1PPcvzzz3L+sR+XnpzK4N+qzZjo5phsfg4vPUD2qwL+NGfv8gNK/LwT/kxRPy0Nx6lrsfMHU9/l2fvWUj9znc52jolDv9S88X8mJycIHPxLfzghz/k6bsXcm7XVmo6JylaupGNy+aRWriMx771MMuK0gi7XXReOEbLqDiHp3/Ag2szOPLhVtokI7cwxvaXXqfDXsFTLz7Pd5+4E0PjTl7d14TZEeHI7HYuz8brghXX3cL8/DTKV9/BEw/fQG68ibrd78/d74Bdyx4G+wdxi7aoWbeQ30W/EClJHiTeqPGAs/s+ZH+7mceee5FHb17ERE8nLq9aR7fi6jnDK68Ku990N8+98DxPXVfMkQ9e4Ui7S1vPnoG2BU8cks0wyZHj53FklVGYYry4D0PN6oW9g5w8fgLyNvCdp++jOHGS93/16hz9Py/MzKbioRYQu059xNs7TzJv84OsLLVzdtd7V/f39S2MGlIozE0UolzDqF/6G/Rw7vgZwilpxAmpDImjT8jMxhGepOZMMzgcePraOdfQRbIQ9bCn/2L7nnvqHgrig/S7jKy/80m++8KzrMmZ5qMP9jBiSGT19Zfk8OQjN5BlNWh7D6/Ui7o+jzYrNjV8ntN1PZRf9zgvPHEzk7Ufc+BsH7Z4B63HtvPROQ93v/B9/uIHzxDfd5QP9p4lIsJRQeHrhkgogDExjxtuvYnUwBDNjTW89fN/YMeZbhG4NdpnyXBDWMkpKCXcc4xTLcMScKckuehnZGIalzhXLQkTnY64Bzl1pIH8tesoSLLi9Y8yPjBOS8M5Wtq6aWs6xss/f4vzkphY1MyoQJX1T0wRkO82q/gPLaqqmQsjbl8Ac3iCgzsPkrj0epbk2sX/iMHIbwaXB1fAjy0uLqrzUkYtJfkDAXw+8SNKaXVoUIHTNTWFMT5OG1dtfGV41G0tbvesZFsCnjUyxcFdV4z3LFwtZ7VPMuZcxPeHHFmsXFbAuS0v88buHorK4jl5tInylYtp//hn/PSt3QyILasl4SiiCfzUyHkOnWyhdOPDfP/5B0noP8K7H58jbLZfsj3xk/7pUfxJZTz+7e/zZy88hEN0cteRFiLiIz9dcNNxEaILaoUi6PXOkZRExK7UZIqH2qNnIL2c8jwngVkb+pTd2exOTOEeXvub/5v//J//C//4+ja6JkPYAj5cfp+2mhAWPhEO2Uhwiq64J3Ermcfq0BD2S2woYlmZhX0v/4KPal3kJo1JAj3CjbddT5xnKhY3vzoS/p0tVQQqONXFxx+8wxtvvs3bb78T+3ub1199iz3HL+AXh6iIjsGaSlmumUMfvcuemlHKK+eTap+kuqad3KqVVOXGEQg5WXrdSozDHTR3jYuDjRp6OGIhvzCXkaZ9vLrtNHHpxZTlxWtEzp5YyIbN60k1R8gsX0RZoYn2pv6Yk4hCGXfpkg1UJLo5evgkHUMuybTcTLqCWh/UcpAiMGo6WhFsTSmk3jXrV5PqMJFTXE621ceYZOLe0VbOdkVYt24FEh+wphTL52LaztQx5jFSVJx3WTvn5SVEMzJxEAaTSa5hxRwZo/bstfo9pgUWxXqjK1HK0Qm5urj0p2YPJ2loHZZ2LaIo2YQzZyE3Xbccuzks/QnR2VjHhLWYzUuLCfogd9FyKrLC1J5p1dpwEVKvw2Gg9qM3ON6RyB33Xk88osgXDSlCSHxnTtkq1q8qR3gP7pGWa/T/HBPCBNXdRuPNh/nFb7ZQcvdf8OC6MizBQarn7G8b9V1uFq9aR154kM6JAN6RZlqn09i0egH2iE/8sWS0cTlsWFaBVwjWtCFC1wUhddmrWFWShN8fvtg+m7Q9Yk1mzZo1GEfqOXz0PFPSARXs3UHlCNQevBk5CIG9ll64hRBI3zHEsWDVJubnxeFIKaQqy8nYlEeuMU19bRtmyeinu+o4cq4Xq5DS7qZGJkXvvo5OPBIOCMlNZ8Mt9/HoIw/z9He+w91rs9j/2od0uEPRpRtBQAhP1sIbeUDI/ckdr/Krl97lbKeb1KwcEuKid6Gpu/9GGo5yzpPGmmXlWMM+kYUPj99IxaqbeOTxJ3nu6aeYb2tky756/LP2BhmVDNWyr/xFDynbRXtJa+/Zo7QGc7n9phXEyXnK2VolO7bG7n4MC4nQTo5B2b1KZD7FPbrfIBjEBmRM1CyiRkqjUOOnlg2jRFXdQW2ip+4IrYE5xluS3LnkbBEZX6oxQsBvZv7GO7nvzo1cf+t6LN1NRLIXYek/S3s4nWRPA9t2V+OdvTdMu3s8jiXrbhC7jMeSkMcK8T9DbSrRFP8XO1HdVerMqWLDgjza6o5zpr5PstAg09Mu8cdyziU10PEpoe3FjH2+Emq/VnCohVNNw1SuXk2yIToTOYOIyCMUn8+jL/4r/tN/+o/8u3/9HPYL23jz41p8kpwZ1C2Ls2xTfVa2frUvjUhMM7Hohge455Y13HLzGvySmCUtWM3Yqdf46S9+xa9ffZe22J7NrwJ+Z7xQjssshOT2hx7jqScf5/HHH4v9Pc7TzzzBrRsqsaqpX8mGkezl/m//GQ+sSNcc8N//5iNGFeMVwzBr+4nUlLI4T4tVWG9YyFH0DqKoQUZYetuTfP/hG/C1H+Rv/8evOdMzLeRD7ZlRz21SG2alvBi6WtoLSqZ6SWgGJIGhcf8HEvzfor6zj97+IXzh6B4s5Uy0JUrVW/k8oxsiZumf2l8kyiV/am1Y3XIelr6EhZxZ5FpqGU6tjKj2RyRj9nkjLJurnaIwql7VJM1PSTanpjav2W/5TZ2nsXIppAjgTG+iiO1ZUhWqfkvzVLYR3cwdrcOosjbVH6k7Ig7SIgFFG5eLMEiGEUf3iQ94ffcFbnjmaZZnSlZ61W1Fcn3VV8k0pKnazMbc/Zfj0vBwMExSdhlV85LobjjPeEBGUpW9Rn/VLd2O7BIKMyO0NvfT29hIMKOEspz4aEYk9Yfk35z5okveftqb+2ht7SNn0QJSbVp1F9snrl0y8nF2vfwz3tx5jI7eXgZGXMInYwRarifNiMkhIvojenHgGnqhQcY/EhBiKHWHJfAoHZBrGZBsXC7smRyls72D1gvNwmaXcPsNy7Fq4/A1hAQnpV8Bv4fpqSkJagayCouFDLvwBNVM1cx5on8RI0tv+RZ/9uJzfPu5J1k/PwWf0UlmnE1kL0lDeIKjJ86RWLKUqpw4bSbEYk0nLcUqCYYBj2SlvpCVrCwh0j4hYUpoAjWDZU1PJ04SLI8cN8Ye7+D1hki2h2ioPUXP2CRHtrzKb9/YQffYKKf3bef4YJAMpxPv5JTogtiIyFDdSW022STRENv8Wgrsc0DGNyxGkZSWBhNTIkf1WAyj5k+CfgPx8WJwatuC3YE97KLu9El6x68Y7wM7OdGikkUblsjlcvZf6VvEZoMRG/MkETSPnuXceCq3rClkYMzFwrW3c+PySlwjrUxJAndp/6mCUdumoLy10gk1g675H2lv9LEiVvH5FqZ66njpn37CvtoWevt6GXdJQiC+WOmMWgpX5ym/oOP3hdoXG6Gl9iQjllLWLMgkFLvjT/lemzaDKL7XHEd2fiHFRYWUL1rK5pXzGevrx6sewyMxJSA2qWKe0RDCIzHZkZJOotJJraZLiETE39iSWbB4Mb6eanqspVxXYqZ7NIPHv/ssZYYxTjd2SEL81Vhd+J1EK4poBjTnX0yLlbH6JvroHLVw84PP8oMnNzJxrpp2Vxxl2Qm0XzjPGHZSE8x01tThSsqkKCslenumGJgh5KKjbZD8tffwoz9/hqJQLzUN/RjtNoLeQZovdGOIT4LRXjqHPOQV52gERAVT7W4zk4fqQ4dwZ27mz599lDvXzZcgH2PcWhOFzLkCmB3RbEw5HEVQZs/sqLq0WzOTC8g2T1Db0iXZVBJxgQnO1rWRXl5BksUnJGDginb2YXAoRxDUCKPdKdm1JZXiTOc1+x0RZQv4RhkaDZJgD9PZ3MDwpCJeqi2KLMSTk2ZnaKAHjyUBa3CQUyfP4RaiF1ZLN7kFhIaaaRrxkJKSiK+rRT77KasoipJGgSI9E82H+c3WapY/8kPuFwenMtboptKLHdc+q35rh2RMHCnX6n8ZieL8ggHJWuOzuV+It7FuG6/tOEM4IZvSrPi5+5uZIEYVz8qlVYw37GPP+TFKKheQNOuWbkXo47MqWJrn4Pj+HTS50lhSmY8xqJzrpfapmargZCv7Drey8PZv89wTD7O0OFlbItLaL7INX5SDE5vZS/XBOfQiZtlRmV8ai+h1FOmKIyMlDmNyHrc++iTPffsZHrxzAyWF6dil8KUSXx+Iv2R6ZIDhMT9xScnEmaY5f6KOQG4p+U6bjFms1zJmKgFQz9aJT0rB6evj8LHzZC5cSXa8VCJJw1R3HWfbXSxZs5p4yXzVPg6LI5m8DBPNDZ2E7YkYPAOiY9OUlOZjN8uYS/VKd+NS8skKD1PT3I1F6vePtXC2I0Sp6N+Gux/n+QdvZL7YYtX8EuJtNnHsReRk5VCYYqP9/DnGzIkkmaeprm0nvahK2iTEUCdaFxGMmMnKzSPUU0/jeJD0ZDvtDbWMmwpZUJxE0DNOa0sb/dMG1tzzLC8+dPl4ZxWUkJtiFzmbmOq6XM6zTOkiVII42rCXdz7uYcODd1OYqLZK+IVIe/B4XeLPbEKkoomqBoklRqNXfGIT4z4b8SbxuQ1dJObnE++w4hnrpamlE5+cN3zhKKd7EnjshRd44oEbyYyXREHsUy1p+sb75LwOXGqPvE62fifU+KsZSqczTrvBwKg+xznkswyejGfYM8Tx440UrF5FXpz4YRG2ivsh1wjNarYxZMA73kt33wQmSfD9wx2cPNtGUmYqttQ85mU4aaw5zbTZidnVRm3dIGkiU4sW766E2q9pZqTxANuOjbPxrltIYZxJXxC7TeJhnCRsanXqK+KJP+Vm+N8No3Q6MtXPnq0fcljd/nmqmZTyVaxbWk5xTjJdTack82mSf49zuC3ETXfeyxIJqupuOWVYVlOQc/t28NHRk9ScrmEkksdNt60h2T/E6TN1jLhc9DU2cODYGRxFm7n7+gqsIQ9N1Se0zfArKotxGKe4cKqG813tnG9oYdhnpWzhEvLT4pErUXfiKHVtwzjSc0izTHGquomsRWsoTY8jMNFL9dlu8pYtFYedKiQnzKF9h2hpbqP61CG6zQt44t5NpDv81OzZfnk7b1xBWoJTSGCPBJxT9At5ShFWP78ona7Gq/u9ONdGxJ6AebqbvQdP09vTTt/gJJMeE5VrlpHtUBmmmfzsJDrPH+OQtLO7o5PpKT/+uEyWLCsjMzENS7CLj3fL9boa2HfiPBlL7uLedUWoza0qapqCI+x4+eccHohjXlKIczUnOH26hbCUzZQxUUFNKfNYey3nBg0sW7VU6F0AgzWJ/IzIHP3fSKrDwHBrDWf7gqy+8XaWZvn58P2dQqgquXVVkTjsk3PK2RtAgrKD1j1vc9JdxqP3rSNB2zQbUyAxGIMtnrjIELvf34V5wW3cs75QTQxe1r4EQ1DIt4PIeA81QuTamiRY9AwStmWydFkVSXaLFOiNySFAWlERGSKzppNnLtOLisXLKE420HD6mOhPBcsr8zAH3aJPNfgyyyXgZJOblUx/6xkO76vmwoU6jtY2Y0rMpiA9/hLp+BrBbLMw2VrN+1t20djRwekTh2keSePRx24lO9GizfApqAdN+kc72b9rK0erz3P66Ammc1bw4E0rcRpDWIwBavdtoXq6hEfuWolVslM1E6H292XlJ3Fh30Fqm5qpO30Ud/4m7t+8RKi5OkcqF7ZlEv3LyzZQLTJsOn+BMycayFh3EzetKMdhiyMtLZ2MrGzSEyOcO9lA3pobWS62ph7kO9hVz6nTjZw/dYoxZzF33n0jqeJbZgi9DpXUQGJqpvjLAQ4dqKH1/FnOtbtZ/+B9LMlJZappF//nL3aQXbWWKkksksQfZmTOHu+bWFmaIsmxdw45xy4SgzbTLD582/tbcSy6g9uW5klYFVI11s3hgweo751i3tLrWVCYSETtYZBYYIoEaK2rpnV8konOHvFZh2mZkMTuwevISbTTeeR1/uatYxQt2khFno3++jpqL7TQrPzBuIfU3EqWLiim7/Ar/Pe3jlKyeD35SZfubNUxFwxYjWG6zh1hy8dHaG7tZHh0jN6hCRLSsskU391f/zE7znq55e67hGip5xQqk3YwXb+d//b6ESrX3oCxdRe/fXUXnYP9HJE42WZcwLfu30ySwyYx0sKZw9slgerh7KHjeFOXce89KySOR5Os2VAb6/F28e7rO0hafie3iN5AiJ76Yxw8cYHhgI31160W24586WxbW0mxXL4Z/g/6wFI1w+USstE9MIVBMtbCojwcBhlEkwQ/zyhtHf14wwZSsgvJT3dqm1RnoAwy4hujs3sAb8hCZl4B2ekJuNuO89OXd7LwvmcoM44zZYynSNUrShESAU1PjBEUhpwULyxcsuLhrm7tGUrJGVkk2KUvJoc4Z7UMFmZ0uI/+IS9pefmkxUk8HpvClpBCnE0MP+BhfMKDIykJm2RXNquJiYFuuocmRZsc5BUVk2wN4wsJ1fdf3s7MJAt+fwQzXrp7enFLFpZTlE2iw07YPTJHv9XtyhYsYTddXT1MBYVU5YsD8kxhcibiMEfvrDFLQAtMDdLaNYAlIZNCCfyT027iE52Y1EZVo5+eji5GJWWzJaZTUpAtzi/6dG41S6ie3Ds+PIJXiJfXq/ZlRYRcmUjNEaKZKGRFiJYi1n73BFPSpKTkJOmDmjEzStYwR/9t0v9ghIA63yvOOiUFpznM4GAfHkMiBdkphCW7uZac1dLA5Ggf02q2LlUcqwq+syFOlqCXoZFhrb9pcRLc5bB2vVnt0/agBV30tMvYhdTsXjoGcaJqBkstd5oinktyKM4V8gWDnV2X64X0ST2/Z2p8Rn8c2iMgpscnhLTFkyAZk5qxMfrGaWuVumSsHMk5lEjSEFRE9msJGTsh2oP93YwKqcckxKiwiCynSZKwS0v1alku5Jmkr68Pd0AyT8kwi0sLsUUkERCvp+YmpsdHcJviyUhUm9OjclY6bRUi7BI77O4bJSLjXFhcLOQsIHYlctXOUpQ7qn/j/V2a/lniRLdLczAGLi0xSivkRD8To1OY45OIt0tAN1uJaPbWi19Sq7xSpbPROyB1zIYMovgfm/iP7vYORt1hUrIKyM+KFxFHqP/w57zdmsiLLz5Ghin6uJerxtth1vbRzSXny6D8kNj0yJiLJCHIduW3DWr530OfJI8eWyrF+VnaLLPiQWomSj2Iessv/p6+ktu4c0Ea42K36XmF4mfFH4osA+5x8Xkh8QepxDvNuEYG6ekbweBIISsjjlDQRHxCnLiI0eh5QhRFPTT903FtGEX2kyP99I26scfFSaLuwxU2k5MjPjTOjHt8mEkZ21QZT7N4ZmWxNpuRY6//Iwen5vHCC3cT5xpjoL+fSW8Qg8VBtsTHNEnOPf6QtsLiEX7QIzYdNsaRV1JAglniyVzTzUpvAtMMDEu8zs7Q9Eb5Bc/EAF39kyRl5JOtZK1uzphxHF8SaKti///23jM6rutKE/0qJ6CqABRyjkQgQBJgzkkiRSVayZZt2d3t9rjt7nnT/eatfmvNe2vW/HgTeno83e5u25KVLVGkKFFMYs4EwYBMZCJnEDlVjm/vWwUQJAsiJVMSaN/Pgll169xzzz07nG+f+HXvDM9j6f6hKa/QIM1E/jwhnbd/EGYYeYgNB8Z354KNjLsD2di5V8YjVcLdV45/e/Mwlv3o77ErhydGu+7K179HkicwBCmDXCknEsJRm787kp/lT+qfJ8ZF43lMTEa4S9vHE7G5CvheHnaivGfSy+h3nhvEFurmdIFn3lvO2R3I2UnQdWbebqc/iuYeo3nfW0jvn0/A490SKtyd5/vB9SbM/6IwlCf8s3w4rb+IvDqR5yaRUvLv99w7+87sI2eu0Gf/+99JyNEDdxW7XXP3s/mC959Nz3OVpFDSM7jriY9B+cL3JTB5kVH9zNv4Bd7JR/fOrF4KVj5BBpROQnrm4YomWczWyxw5uEgO7BB4j7F79YJv473JBP3haJrfmb/z/Lq5shaewyrN7zhPuf9YwPVPdScMYdM789Ygs6vI5kKQE09A9w+5C7rgrzIBwkkMpB3B6ovrWNhMlu7z8ATaINkLsgjon7AnHMnx/mSs335dudvPUENOhb9Xz0Xcg1n/wfZAdezl1Ztt+GjvOaRvfRkbsoywU73fwd31zTUr+Pt55HwH/vt40cuMONiuhHmpgu++47f4OhOtw2/8Et0pu/GLl9ZCQUEw2/6Mn+WgnI948fsk9uMBfSIfSG0cgdse9qcUzAbSiWrwcPC3N2xz/u9sR66AHfHcOG6uZvywhFegjzXg90euoeiJV7E0XkEBE+/vSHKlFKRW9/kPPlFCGIokv/FA+xR8EbUWLGdKxvnN8Iv5OMRCwDdCtB4lOEJ1jzTjyIlrSNv2Iori1MHZrwgRIkSI+MNADZvPYcGEzYOwMAMFHIHA5RsE95bKvXZcO3YAg9Fr8PSaLEiJjItEaQGCA3yHFVMuCcJCtQLBEPEYEi0BZPwzDFY0NhEiRIj4GhHwt7y33bfpbnnOr5QaLF4RLmIBg/WFR1l4nlXg0p86ghEtHiBY2BCGhjwiyRIhQoSIrxuBKR/ftrvloUyPSLIWPlhfRJL1QNzVo8WrDGa2axAhQoQIESJEiBDx8OAAgbfFCDMaA1fmEC2eZG62WISJ1SJEiBAhQoQIESK+HHh1P2+Uq9NqA1fmEC3uLrba7CLREiFChAgRIkSI+AoQTrdQyIPvo2UjkjU6Nr7wJsOLECFChAgRIkQ8BuDJ8Ly7ftChwwW76lCECBEiRIgQIeIxwOO56lCECBEiRIgQIeIxhUi0RIgQIUKECBEiviY89kSLTw//qgdhfy3w+YQd7TVqpXAMwYIA1c83tchhwclDhAgRIkSI+Bbx2BMtr9ctjIkuFDDJsnTX4Pj5Ukz7/Ofrfeug+rlv8z/igHzuoEajEf5USj537A8nhgtNHiK+IgT9UJFuqP1nk82nGkHScVI+61A9o1sKPndyDoiMK9Vqv+6pVcL5o/dmLxfy9N/v10+FELiwin6h3gq/q6BWKYVzGEV8Aah6+NxAXh3FsvvC2grU6/xyVgtn5Pmv3gOJDCp1QNZz/CGfYeqXq4iFAZId26ZKRTIOXCKwRPmMQrY3wa6CyZgwow9B09HHGbtVs80GLn8pcNmUSmGvz+AlWLiQ/RcCf+BDOG12+2PTGyEcPuqzo/jA+yidMCA3IxbSLzibi9+LJ/o/Ai4xL7g3R6lSoPbCAZQNarGmMBOyb3nXXDkpZs+NEzh8YwCZSzOhDpRHRso+PdCO2vpGdHXfhl2iRUSEDj4+7Pkr6MCXlYeIBQwSGuuHZagbze23IVGHQKuW3W87QdJpKB2TJNdEH25W16Gjpw82aQgiDXwWGh/0q4RK7kT7zRo0tXeiZ3AS6hAjQlQz+ZOdUsZjg5241dyG7u5u+uvBqNkNfVgYNEoZpubTW9JBtVYNM/3eMTABTagRSqn/8GMRd4PrREmNnsQ+gdaWNrhUJAPlPE3oPHJWzMq5Fp09w5CGRCBMp7w7qCOSJfOacau2Bu0DUwg1maAmmVCLDNhG0dY7ArXeIMppAUAqV0MldaC7owsuRSi0Cr8+qKgNsY50o76pDRM2H8IiTJD5XPTb3e2EigiaY2IADQ3NGJuTzuujdlGjEvSniWx6zKlEVHgonzgdXObU/ijVWoGE86HSXg8/S0oEy43ezi44pVqEqOVfa1v+h4DXF/KB+3O3d3h8iRaRGrnPidqScxjUpKMoOx4Sz/xHR/h8Xu7Y+Vrfz+ejRsIziqryZsQt24icGO1dJ5d/G5DJ5RhuKkN1vw9LV+ZAzafaU3TiHGvDsZMXYPaoYJ9ox/kjZVCmZyKRGi3vVyjzl5WHiIULCUWeMvsAPv3d/8abh28iZnEhFsXr4b3nQPdg6fKSI2DtrsRHB89g2K6B1t6DcyUV8IWnIy1GD4VjFGdPHETprWlolW5MOYHI6BgYNORQSVlmCPvF/a/j5C0bTEY1LFNT8Mp1iE2Mh2+sBZ8H01uTHhKHGTXXTuDD9z/E5aYx5K1Yj0iV/+R/EXMhgVwmw2DzdXyy/2McPHYBuqwNyI3TBPVXQeWcYoK9pxIffnYSI64QeIcacKW8EeEZixGtkVKdc6VLQFwMt0qO41LtMCz9t9BhC0F2ehw0KgdufPYRivuUWJafSr5DDMq+TUhJH+xT3Tizdw/2nbiB8MWrkB6uFAKjwYZL+GjPhzhw/ALKb9bBEZKMRYkmISCakRkHVwP1l7D/4704dOQMbhD5toekULpIImBSTHRVYs9v38LBMxdwvaYDqvBEpCebBLI1F9yOSL0O3Lx8BKculaJlYBJR8WkIC6Fy1J7H3hN1SFlWQHbNOha4aYEhGNF65EOHwvwkrVZY3qgkNuqnnWTY3O1M1zUa+k2tCrqNhIS7mPl3SqdWKfxDAhylatRQkrGr+TcdMV0F5+u/RyZXCIegCiAhKVRqaOemo2drdSr0lB3BO4fLINUa6Dqlp2fNzZe3zFdyf+ms8Hh4gxoK4V2oPBTR+UE8/t5yShUUDVpwev/bOFZtx67v/wgbFoXD4fQEf+857yUXvlKeFOFpqAzCd+ExxOGpbNzdrlT689BSVDC329TfFesvB88JuyNMdnBqYWdaoUtfIYecZDFT4z4iQBJlODY/8zJeeuk7+MEPf4j1mTZcuEjG4VVgRjQcsXA+anq+MDxA78oQhhtm3omu+4cM/JgrD7mKhwuUUHD5qeyCYQrvHnjXr7mHUcRXgYTsw4db1y8RYc5AUWYU2WEw4h08nYz0rOn6FfQ7Y/Hdn76Kl3/0Z1hhtOL6tRqAGuCmkmMo6wrFi3/+I7z40kt4+amNiDfI4XTPVQTWEyXSl63H7pdexsuvvIhta/Kg8djgDaa3l2rhkqjhGG5GZYcVhStXIFyvhE8cwg4O8j1y+wiq6poRllyAnLQo4by64AgmZ/LnEguKz5zDuHYxXvvRK/jBX34PCe4+nC+uI2IW8JVk51JLPypqBpC3g+S4owDDDXWY8KnRX3YR10e0eHrXOoTAfddZtoLfoUZKrVRCyf78Pv92N+b3gyIeCkSmlNM9OHXqAnqcWkSGa0gCfoH4vB5YvaHY/Mpf4Z9+9Uv8bFcuKo+eQIfVc9dxfT4iyjaLDEXP/hj/81f/C3+2JRU3jp9Gr4PUwDmMY/uOQbP6u/jHf/tX/P3udNKdU2gb9UJ1z9waPkx8urMaV+umkLd8CcZay9EwYCV97cDJizUo2PIMFoWr7vEXCx+PtEdLRizOPNCI08eP43p5CxzaMMREGYmMSDDQXIETR8+huuEmGvqdSE2Mo0r2zRoYN94S9wRunP4c50uq0DvuRVxGIhSTPSi5Uo0JxzgqL5zFlRtNcOkiEU/RscztQHN1KaYMmSjkHhTbBGpvnMXZK6WoKqd0IVFIjA/D7borOHb6Am71DGOkfwTSsBhEKiZQcrkS4/YxyvcMLld3QB4eh9gwtdDVqaKIq/r8aZy7fAOV9fUY8xiQQXn56DfMKWffBBCXFIbm4qM4WXwTAyMTsJi9CE+KQ0SoAgO3yu97byZnHnqv4stVkERTOp0GtqE2XDxfBkV8EoxKmaBwo82VuNHUj6nhW7h09gJqui2ISU5ACLMxwmBzKU6du4zy8pvoGZcgMSMGcmpbVPR/LRUXcfh0MZp7RuGcGsMIGVBBYZbQo+UlI5Iq1Agl8uN0kiWQ4xyhiKPZHIFVSzKgkLgpdynkcKDh2lU0j43g1tViVA44kZGaBKm9B2cPnkBpdSXKm3qgi0hEjFEFH8mjheVhXIQ1BWnounYI52tvwznag8qmXkQlpUBLZffa+nDm5HX4jHGI1lNdiCeGLxhI5SrSzRYcO1GLnC2b4O1tgyZlMbJiQ+GZ06MVPF0+shPDMN5Rg2stw0hZlA+jowcXikuhSlmJFUlKnDtxHmFLNyM/Vo6x0Sl4qdGXkc/xCd1Z9B8FSzzc0FhWjAFZLNJjQmC3OQV78HkpQFBogurtyvxUqEJNWLFyFSIdHbjaOo38whWIULnFHq17QYTYI9MgI38VihLlKK+ohpbkkxt7f49WUDmnLkVupBXnzpUiYvFWykMJm08LW28DWkdADWQ2VHwwtUQOhXOE8m+GafFKJKAfN9vtSI514dTn5Vj+8k+wKkkNq91JPkkQvyB/9jv1V0vQNmFBT+1VnL9Uhu4xCZIyY8m/sfcKgPSGF/kE9YP0HqLYHxY+eMhIojILsTpLj7qqBphyVyI1TAmXyw1jdAK1o/GIigyDbaAJVa12FK0vRBjF3TOum4OasPhkJEZFQm8MI/mPoqa0A6mb1sI4UYMzlRPY/Nxu5MSEItQoR8OVSsgSspAVd7df4UBtsu0maqYi8eKLazFWVwNXWCxGK86jQ7cEL2zLA8j2F7Jsv3qPltCD4598etef9s5kVCZKPksfjhw4CVfMMjyxOhVjQ7dhd0sxVH8JHx6+AeOiImzeWARpWzF+f/AyrDIVuM+JTUyh8KLs1CGUD2qwbesq6DCBvhEnlK4JFJ/4EJ+eb0bKik1YHG3Dsff2oWbYcXdPCjns3pab6HdRxLt1I7JMNhzfdxgtow6YEtKQnhQNgykJhSuWIsGkh888jJKTe3DkSgfSlm9GiqIfn+w/jkGHFGq5E6Wff4KTjWYsXbseawtiUHN0H45X90MTIkfF6Tvl1PrG0TPsQmpWDuJMBsSk5mJpfhoMRKZu11wI+t42hQ5S6xAqrlXgtt0r9Pg4J/pw/fJ1er5PiBR4UqFloB6fffx71IzosXrdckw1XsDBMzchpejNPtKBm10TyC1aj3VFCWg6exQXqXyqEA36K0/j4/MNSC3cgLxoDypuVMPslN7dixg4dZ1747y2YVQ13EYCkTgtyUEwHnJgcokPnTWn8P6+k/DG5mPV4nRIzW345MMD6JHFYePmDVgUMoED7+9D05iH5CG4SkFXuko/xyenrkEZlYlYvQ3XLhSjbdgu6MxY0w1crGiER60TdEfEQoEESjnpy8XzcCQtx9pF4XDaXIHf5mK+dD64nS5kbHgBT+VKsOcf/hv+n//vnzGWuAWvPrUMLsswxidc6Ku/gsOfHcCn+z8k3bqIMbpVPhPZkj54yd/EpmdAMtSAYwf3461/+y1OVbYRKVND+gV6yw7O43JStDtf74yIufBSPfIZt/PHOfPImXs4NWEwaYHezlY45HqEKgGHzYypiVGY7Twflm7nhTH6KGQkaNFw8SzOX+9CeEo4bhaXQJe3Cqbxm7hYeotolULoyRcQ8DtdNafx3t6jcEbkY8PKJDSfPIDPr7VDolJRqfyQyhSwBfWDfZDxSEMgnYgHgOTp0xgQZQwFXI67AhMeyve6pnGr4hpOHf0EB043oej5Z5BGAbL7ngjG63HDScTM67Khs7ERrsQMpIRqYBsegUOtgobIh91uh09qRITGibHJabgo/7nwkjIaUpNhnG7EoU8uoNdF8h6uQlmfGi8+9yTC1FJhhObOuM7jgQcSLalMDs9UF058shcf7vkIe/funf374L2PcKqkCU5San9U6oZjehidt8cRkrQEuzauQLhqEiUXy6BJXoEdmwqQmEzXdxViuLkSTb0WKHkYjyCRkAO1TaNvcAAWeTS2btuMnCg17C4f1IZorNiwDUuzMrB+21YkRYyjvmGYynan+G63CykUKe/cUAgjpc/OXQSdtx/dgxaEmuIQG6EnEhKB9Kw0RIQoSSn8+a7a9ASWLM7B2jUrEWbuR4/VDddkOy5eH8Dq7U+iMC8Di5dtwpblelwvrsSUkxoC+5xybt2EbIq69ZGxMOrUMEQmITMtAaGKaVy7VD7/eyt5yHLO0CHV88zQoQC6xqpkSi7A5k1rkJ1XhI35CZjo7caoxwUdEZhdO3cgNS4C8Um5FPm70Nk9Ap/MioqKJhhTVmHr8kXIX7UV29fmkCsjh3qvR+XhU7UTNz4/iA7kYMuaTEjdTn60AP5XRhFtVuFWbF2/DBlJYeitL0XTaBiefWYTksiQNj25DQmqPhSXd0JG76BQStB4bj8+OlWHDa/9PZ5bkYiYtCXIDXOgrrkHPjlFqw19SC1YiwyTFE6xu2HBQKpQwdxTg+oeHzY9sZFsl+yLWkwOBDiomZHUF6cjxww7tbohSFlMEW5MIlwDnegbs5IDt2Jy1AxD2nK88oO/xE9/9DxU3efx2YUGeEjPOA7guZQunwKFO36I//Dzn+C1136M3VuTcXXvPpR2TtIzZOQr5tdbUZu+DL64tuaXs5x8hwFrt21HyOAlvP67d/H+nsNoG/VAG6qnhpCHfjkHkqVLh9U7n0ZulBeqmGwkePrQ741HvK8P50orcfPGCZy+SiSa5E9NiIAZv5NBfnfdijzyvxuweV0EmmpaYXUwifMn9BIp0AT1g0Pk7VhPhGQiHgaBACaoRvg8MBOBHhmxwqf0YHzgNiaIcAeb/qMgIjzVegPHq0execdmmNT+0TJeIHFnRhcF/YKt3/80Jmvq8GxqV5dB4nIhPzcTA+3DiM/PRPOZd/Cb19/B2coOCrru6MvjgDtMZR7wGK1UHY7cpUVYsXw5ioqKZv9WrCpCTlo0ZG4vPNT4S0JS8eqPv4fo6Sr82//8J+w5U0sK74TF6UWoMQxSpwN2hwMyYzi0bjemzRYiS1xbPoqsFFj3/A+xY5EUh97/Nf7360fQL/TukPDkIQg3quG02+BUqqHXaGGZmBCinxkIXY7dDTjw7m8oSv4Eh09fxahdJszTYuFxlzi/i4siuJmhKqmUl55zTySxbAmvjNBQhUjgsk7AodDCoFXDZbPBTulDw03wTo7DbJVg/fOv3SnnG1xOrzA/hYkMr5BwUn34nBZM0/Vg7202m6noXPYZp8H/8v5TQrHmgJezqqkOXHDY6X6Ff74Vp/XYJ3HlwLt48/d78MnBY6jrsQhDkvQ2sLshLNHlLlaHSwJjuBHyWQY3Ayk1Vkq0XPoERysm8cyrL1D0QcQnyFwZg15HdeeCm/KzTE9DbqD3IGLsoOjEpdJQPelgGR/3y4OHCyROWD2AThsCCTeAqgjkFyShvboGHbdq0djvpAg01z+8EHiSiG8ZpP8qnxml506jy6nFdGcFLpZUYZR0taOxBm23zZCT3n1huqZ69IwM49qhT1A+HoYXXvsL/OJvf4Zl2h7s3XMAI14TIkxGxMVEkj66odLEIDtDj8GhMbg8cyNbDto8ZLNkt24JUpasRpLKid7bQ/AKXfIP0lsRfxjIH1HQpIZlXn3gKQmRi9bgtT//d3hy3RIsX70SSTEG6AxhMMh8s70i7Dd86mhs+86rWLfIjapGKzaszUNfTy8Kdv4Er27IRHfLTUwSN7+z15/f74SHhZJfdcFG/lRHvtM7PSn0VgoTpkkXeQL3/H6QQPkJftX/TcRXAAc+EoUBS7c8hRdf/RH+3Uvb0HtjP843jAtBlV8W/hqWUVvgm7qFvR+dhanwWWxaHAWPg3gByYnHhoUOBUonAdk2txshOmEo+C5QGpdXgsT8zXjt+zshGW6EJK4AaZIxdFkisWZpPOpKStAx7fD7o8cEDyZaXDnKECSkpiE9PQ1paXf+MjPTER9lgDQwbu52WKCILcTP/+P/i5+9mIf6M2fQPK1CjEGNkdsDVLlahPJ8pP5emIlAmIx6Imj+ivZ57LBLjdj5g7/Ff/6770HZW4HLld2QaVQUuUxibNwOZUgolLYpDE+aYYwy0U0zQuKlxlZcPvQp2qQF+Ju//QV++CxFYGoWmj8Nd5N7vUQueHL47MY9bNB+j8D/+j9T5BUaiRD3NAbGp+hzKHRSLwZ7+6CMioZa5oGNorm55Syu7CEyKoeHnYBMAY1aAanKgIgQRdD3DjcaqOhe4kHTsDtl0GlksE6Pw2oTfMNd8JfrzmeBfNGzeqtP4miZGc/9+b/HX//FK8hP0PmHTHxqhKqlsJin4dPooJE70dPdT0SW5Dgnc4VSiaH6C/jkQjM2/fjn2LY4hmqRjSaQYBZEHlm+9GwvkShjeARcowMYowYwJDQEcir3bZJHREw0JaUI1uFGxuaXsXuZHkfe+QBtVh85RBWyCpYj1tWIwyeuwqrPwKJYnUB+RSwUULBDMk1ath4b86IxTno7QvrvJLJjNU/B4uAG7kHpzLBNjaK9bxj6zMVIDVVBoY1CTmY8HJZJ+BQRiNY70N03QvYSSvpmQ9+ADVFR4VAqKJqe0XOvGy4iTrzEW6dTwz7UgwFqeKMjjNBI5RgMprdcNvqNF20I+/RI/dMdHtX+cH9s4OXywkTzwAIbOfklYcFKQMZuFxEc8hlJyzYE1weK5rhajbGpyF9CAXekE609k4hLz4CaSPKdGveTHWt/Hfbvv4rkbTuxOFouBIPcUMvIX3LDy/5l1juRokkkDoyPTsJDwTC5UYwO3IaCgl0NyZMDZ5fLAzn7wapTwf0gQQiseShL+Cbii+DXB41/MQHJS8GfheFXbqeobbb7e4z1YRHUpvhgF/wB/UqycJIseOqQ19aJg+8cAXJ24Gff34RQ7kSh/7SxyTDYxtA9OA6tIRSOsXb0TCkQFREGyV264ocwFYme21x8HOfbVHhy5zJ4RkegisnCisLF0JM+2Eiu97aVCxkPORne39je+8ckyRtwYjxZ1TnShlPHLqDXOomuxhaYJVEU6SxDut6Na2U30DvqgmukAccvNSJp5Q5syY8WDIaHsBQSC24cP4mKntsYGehCe48TeetWIVE5jRs3rqJjyAyf046aG8XodSRh11MrYZTaUXv1Ekb0WVi1OAnTfa1o65ygaNmO+vIbqOq2IqdoFVKjtHBPDqD0Wh0sRBZCuGfJM4SSa7WIKliLzCgdXGPdVMY2JBQtR3pEOFTuXpy62gCf24mO2mJcagWefu4pZIY5cOXo8bvLuaoQKUQcRhrrUHFrgByAGiHhUUgyeHC9rPT+986LoShBgqGOGpTeGoHCMYSK66VoHZSiYNMKxGrk3EWH0eZSVPR6ULh6OcKVwGBTOWqHZChamw+VZQRNNR1wqWX03EpcutmG0MQ8LM1JR7TSgrLKcvRPezDRVYuya/WY1iVh1ZpsqFhBFUReB2vx29++hdv6QqxJVqKt5RZ6BszQmsKgYSJKesDbNdRfv0z1uwgrcuLhc3lhJHI10lOFq/VDUHvGUHLxEm5r8/HyjiJofDbUXruIodBcvPTsBoyUn8DR6jHk5mYgMlKP6fZKfH6hG2t278by1DBy5jzpXsRCgZecrSk+HXk5i5CdsxhZyVrcvFKDzCdewpbccNhsfnnNm277i9iyNBWS6UE01tdg1AmMdVTifHkPEhevx+plCdApbCg7V4Epjws91RdRMR2NZ5/cAJPGJ/Q0C1MVLL04c/CkELVODjbhzIkyhKatxvZtBZD0VuPXQfRWR4GXwnIb1bUNaG2sQXXbMBEuNfk1L/QRBsgCfkoEQSKF3GNBy616NDc1orKmkYJHHaQOB7SRUZAO3MA/v3cSuqR8FBbkYFFW1n36sI189+32Btysa0R3RyuuXriMqfhV2L0hj+raT8L8j5KRHzHjwsGPMKBfhZeeLISSNGi0tQ61bd3o7euAIrIQhdmxpFikX1Q2GdxorytFZVsPXHYphrrKUVwxhXVPb0d2nAHdV/bil/uKEZ+7CrHqCTRU3+sH87GiIB0DJXvwv/ZeRlz2CiQYpHDfO3VChB8BfWglfWior0d1fSvcSi0RVTmiozQoP/oRDl3rpDZzDKeOn0CfcjFe2rUCJqUHlSffx8c1TqwpSsa1D97AyXonVm7OxhTpREtXP9wKPWKiY+AZrMSh4joo5VZcOngJ0tSV2Lo+EzLn/aMaUiLTtoGb2HewBLnbX8GqjDBMD95CdU07+nv7MSIPxboluYIeLUSJctDwte2jxZkrdQZqpKfR2z0Mry4BW5/aiDiNBEpTMvKSwjB2+zbGrS6kLNuMJ1dkkF0RS/bfTSXRIkwvxXB/PyasShRs3IKVOXFwDnWh+tYQctesh2aiD1ZtIrbv2oIkvYwiFx9UoUbEJyYiXKejaCoZeoqS+4emYUovwNqVeYgh1qySyWAwxSEyXIbxEStCyZlEGEOInUchMSGOnD+VgMheaEQU4mMioaAoKz4jG3EqJwYGR2CXGrBu+04sSdDC7lHeV84VWSY47XIkJMdDDgvMZglMcZGIjE9DbqLx/vd22eCVhSI9LZGo+RjGrFIsWbsVBVnxFN1T1EaRAPd4yVRaRMYmIj7KSM6LmjeKMkyxcYgy8JywOCSSEYwODMKtjcfaTUQoY6Kg1yrp/ZKQHq3FQG8fhSDJ2LKd6isuQnhnbnDIrmC1WqEKiUZarB7mKYpQLVaqT4oy4qOhk1M8Qek4rvDXbxJMoSqAohefJhy52WmQmkcxODYJZXQ2nn5iAyJUHlCQAzWlj4uPQ5gxElkZRM6o3MYwEwwhYdA6elE17MP2J58kB0lRqRhqLiiw5QsRqpMCAydPKvdBZzQhLi4KWgVvKOq31vnTRUJNthadmkMNmxd9/cMwk94nF27BjjWL4LO7YExMQ4KRGk/SW4cmCtt2PoV0sktnQBlY6xTKEKiIkA0OjsJMZMuUuwbPbS+CFi5MWSzB9TYxFir7KJqp8Xaqo5GXlURKPgWv0oiYuDDIyJ5EBCA0rDZ0d7ahn3xV+qI8mFQOmG0y8qGJsDRcxqU2B/mUNTBIHLA5nPfIORohaiWmh7rR1TeIyWk7jGlF2LV5ObQ+BxGawHMIEvqfh6dRePQoWrkERjnZPTWRsQkxcI3ehi8yD1vWFkAndQqT8v2rTp1orqqEIms1silIH5z0UQD6BFZlR8LtIB9EbZTOGI2k2GhExSUgPlJ9nx80sr+icmgpXUpCLDh2FXnWPAjoQxfpw7BdicycbIT6rLBJdUiIjoUpTAOPw4zxKWozTFnYRe1vooFojnMa106dgiO+iNrqKPg8CmrzTGR31AaSnVrJ3nXh0YgwENlKTkOkwo6RMQfCU5dhx84V0Ps8QVcE8/z4qbFRyEy5WLMkAR67h4KlaCh94xiz6bB63WrEGBSzo2ELDcGIloQuCq9qtzswNj4xO976VcANM3dHq4TVgDyHxwEXETg2DN5PSq0ibaenMcGyO3i31zmgYvDkSx5f5yK4XQ44iVG7+yvw+jvHsPS1/wtP54UJc6x4bpDQPUwKwkd5yDyUHzFj/9ABHxHBxNEfVfEqJBcLhKSnUWsgl/ngsNmokffPUfI4KC/6nSej87PdPO+ILFLYK0utgpwzo4zclM7BHiRIOe3cjU7/4z3EeK8sUERnt9kFhyPnPaiCvjc9Q8bplUKeTpdLmGcmPJ8ScPeplCJyFSkdvy8rpEz47qO8HUKvgpLelfcq46EWXp7LEaGDIwSqbwWl5SEUr9slvB+/hoO7f5lIU968aSnv0TV30zme9Mjlnp1fwfKcW78BEi7so8XDDNzk0jPtVDdCbz39Pje9RK6Cll6Ayy9VylC6/3coHk/Ez372HNR2IptCbiIWLMi+1KQjHifZIilzQPz34650/jk0vP8a+wFWpbl6z5v6zugtKa4w79J1j7ed60eEezwuobHnOZD+c0SD6K2V9FaqEOxptpysnmT/wrDHvIX/UwTVnbCgQA0FObHZeqQ6ck+346O3PoFm6W48vz4FLpLbLO6RMw83qpUUpUp8gp9h/xLUpvk+Ffla9ulE1viJLEfOS8K+kvwD+0qWkLBhrdeCz9/+F/QkP4dfvLwOSjf5aHrmjJ/luaoapZR8lY3uu6NP9/pB3sJGSEc6NpO/iGAIrg9sd1Zqw3mLj9k9FOlX9udeiQLDDSfx0YVBvPij15AUQu2DnPelZLuezYH0h9pNl4eaXz/xkJGu8J5bc9uZe8G3895oaoUENm7ruL3i9pnul0upraTn83Dl/A7p2wWP9vE+okaDIXCFivooidajBhuKu78Kb394Enkv/xxbUnWC0EQ8ZqAGUO3qxbu/+xDqoh/i+xsSqOEMtm2ACBEivi1wAOWZvo2m7kmkZmchROqlxnCe1vBrwgzROvH+b9GTuBM/fmoZpE5q2L/ZYoh4AHge13h/G0YkEchNCBPb5Tl47IiWwFg9TpjNNih0oVDLiU+LBvf4geTIqw+nLFYodUaSI0c1gd9EiBCxQEBGyb3VSjlcjrv3U/omwb0mNsu0sKmqTuPv8Rex0OATtuCQ8+pzca7tXXj8iBaDGmk+l4vnhIhRzeMMiTA0yt36C3RoXYQIEQsEvChCwnN4RKcv4jFDMKLFk6kWNogH8nwr0d4ed/jgITmKJEuECBEPAgfWIskS8ceC2R4tnnQ2OjYmjL2KECFChAgRIkSI+HLwej3Q6bQIMxoDV+YQLZfLBbPFiq+6vYMIESJEiBAhQsSfMnhLI5VSCa1WG7gyh2jx8JzVahOJlggRIkSIECFCxFcAUyqFkk+ICbKPls1mx+jY+MKbDC9ChAgRIkSIEPEYgCfDzzt0uGBXHYoQIUKECBEiRDwGeDxXHYoQIUKECBEiRDymEImWCBEiRIgQIULE14RvjGhJpFJIg0y0n+/6g/BV7/tjAJ8l980N8UqELT8eXNUPm06ECBEiRIj408E3NkfL43YJB1fKZXdzu/muPwi8+aVPSvd9I4TDR8ROAaVSBve3eDTFDHweD9xUBrlcRvTma4bPCzcfFCxXQPZFD3vYdCIWNkivZEoVVHw4LIEPhHbwgdD3MugHpWP9VPEhtT66zmfV+a/zodIKlQrKwGHtTqddOFT6rtzpXolcLiyRZvPmQ2id5J9m7U448F1JeiYRDhJ2sE16OV8+XJj9CCf05+j1uOh3J1256wkiGEHqcUZOs3iQnAX4D/eXgw+IDnKwNPlpNclcSr+wLsxsWiyRkU+VA07Oz39JxALBrJ2S3L0uB+zOIMfsUMCvUqsE/ZkFtQOsR24SsoT0S0m/80HVLqdDOA/xLrV5EDh/pQIelxMu7+NjwcHmaMn+C4E/cCNps9upIh7t6wiHhPrsuLT/bdyYMGJxZhykXo9gfMGuP8jg/PlZcenjvah3m5CbFgkflf3rhESmBBwTuNXQCp8+HDpy5t+WY5BT49Nz/RgOXR9AVmEWNES6vq6y8KntnpEm7PngANzxBUgNo+9Bdmt+2HTzgnRO2CjXz/lFfIuQUTAx0X0LFdW1aGvvhRVamKL0AJ9nNsc3fGE6qRwarRrjXY241TMGrSECKpmPmlkJ1Do5RlrrUV5Zh67bo9CEx8Gg8sFNje9M7lIKIDzmEdRUlKOptRO3R50IjzWR3VMiylspt6O5vAI3m5oxYvHRc2OgltvQ01iHm3VN6OzpQWdnF3p6+zFh9SDUaIRC4hMb81lQTXDgeF89RkHuY9Izv5wt0CByrj5QYyiTutHTdBOtg3bow/RCwzoDbmylnknUlZeTLkxAT8/QEPlmOfrMg2jqHILWGAYlXRPlszDgI0qsITsdbmtCTd0tTEGH6PBQIcCfAY+q+NxTaK1pQGt3D/r6etHX24ue4UmotHqEEIGXyz3obqhGbWsvPGojog0qgWfM9SMCKC8lB0kKBRRk+/wcLoNM6kB7cyscshAYtPLH5nQY7rtS0Luo52zv8OW6kb4i+JBQu3kSZrvrrkqe7/qDIBw6ap6GxXG38/9awEogsaHqzEEcK22HT+GPsr8tMBF22y2YNtvu72V41OD8PS5MT07C7ib3O9/jHjbdfCCCzb0O33ZP4Z86mDDbR9pw+tIVjBNBsU+147PX30dJ8xCkKsUcIjR/OplGDZlrCtdO78O//upXePuTExh2UlQrk5AjlaKn6jTe++wypsnkb9edw54DJzHkoMg54ImEhtltxfXi02joniRna8b1w/vxyfFyOFRaqMntXzzyMT6/3k4NuA1lJz/EoSvN8DHZdzuEbWrsNu6ZsaPq1AHsP3oDdu4Z82cvgiFRQOWbDlKPLUI9ztjvXDmPWfxyPvjGByhpGYZMpRT0gXs9xltK8MY//xKvf3QOo27JnFEG+qz0oenqGVxtGMBAw1WcutoIj1IDrdqBG8c/w8WbtyFTyAPpRXzrIOGrZB60XD+OX//mdbz91pv4l1+/ibPVfVCRD5iBREbEx9GPkx++h9ff+B3eevsdvP273+Cf3t6PlhEvQnVu3DxzAG/85g28+eYb+Lff7UNtn1nYX2pu8+An4jaUnvyI0r2JPUfOYdjBm32qMFhzCQdOlMIqlz/29vvoyk8sTqpQQaPmLmKKTrh3giNbdrz0FBaMTDBA7pLUQC0YKt0ze50rXUqCUNFvarpPM9tdzZDwqfLEEPmPuxN52Ey4jbulKS07cn4mR2Pcjc33zu0gkcmVs/cr+XDjGcxTbjV9V1JZuByO6QEMOsPxzHeeQbpBSan8wyJqcuCcRq2m9yEGf4eAkYMhQqamdxfehbvn6Ue+T8Fpub9ceBaVS3i2X4G5LoR7hHKq/A6LE3G9CPlwftRokWOSCUOt/Bt3//ujAZVQb/e8XyBauFN3ckHR+T2lXCfcgNJn/s5DBDPfZ0GGJ2NFn3m3e/KbfVYgHTN5Ls/DlkNGTtc7UoO33/kY3RYV9Fqqi8A7/0HlFvGlwcNsUk0Unnjuu3juuafx0kvfxYqUcVy5fgtOH9lrQAe+KJ0bZC8j7WgalGD9hrWINKjh83pJnDJ47YM4c+Qa4lbtwEvf3Y3vvfoytN1lKKnrgiTggHlXZbdPjvw1u/DSK9/Bjl0v4Ye789BadQN90zJMdFbjStkYtr36Cp5/8bt4YVshWi4dR+OQF5mF67Dr2afx1DPPYuf6AhiNochZuQKRErcw1C7CD7lKjpG2yiD1eAIt407yO/5mYa6cnyc5v/zKq9iU50ZxcS3sXvIJMgWR6kGUlDQgdtl6ZBpks8OCAqQKSM19qKofQt4Tu/GdJwow1tSISdKl7uvnUTEVhmefXgOd7+6zbNmHs7+b37/OBfkd8rXsc2bTBX4R8eXBMrWP1ePAgQoseeFv8C+v/wY/WWPAlbOn0W2mdijg0r1uFwVVafjxf/rP+If//l/xP/7hH/F//vgp5CfGIT4xAgN113CsuAfP/sf/ijd+9d+wM2kMh05XCHoz40cY3Hs91VGF0hYnVmxaA1t3DZoGLKQ3rThZ3Iii7c8iK0wJ52NuwI9MJ+VkEL3lJ/Hx55co5vQ3/LB24eD+o2gZckLFcyeo8WQi0VryKfYcOoMxl0ogYQzBEdsmUH7hEN7/4H289caHuNpEETI1oFKZEgr7AE58Rqz37Xfx2flKTLmIUJExOkdacWjfPjSOuKlhp0Ze4UDZmSM4XdZNRsqEhkmPAhM9N/HpB2/jnbf3oaSpnxiPv+Ger9xHD53C+ZOf4/CJCzBrMrGbGoUsTQ/2fnQEHUPTuHX5NC6UV+HyyU/x9ptv48DxStjo+TxBX6WWoq/xKvb87j38/sN38fuj12B2EYmSOnD18Ac4Xd1DPojIg1qGoeYSfHz4GlxSFdzTnTj6+w/w/rvv4KNDpzFgVwjlUUtdaLx6DG+8+Q4+OHAcbUMOYU4bD2n6pnpw9tgplN4sw5G97+L1d/ajsnuS7mMiKqf6sFK08Bl+//Z7eJvyPlXWKUQV/DfUQMZwjspNn3k+TFfZWRw9Q8YwTw+AMOYu9+f3PuX3/gd7UNFNUQqVUcIOTy7BEDnwz6ieH6YcSo0OztF2nD1zDq1tt3B8/4c4eqkRbnaYj7DcIh4SRHJkSh1MYUZQmAKP3QGrGwgJ0UImmdsSzp+O2BSUcUvwFz9+DctTDXAHuimlZN/WoVb0uI3ISY2Fc2IMUMcgO1mNjs4+2D2kQ4IDpvSU1mikvN1WTE2TrgvBBemfx4H+rja4o7OQFirH6IQZ0YmZMClH0NY/LcwfsliscLlsaCq/QmRPhyWLE7/2qQWPFcgHy+FEX2fwemztMweCOALLWRWCsFAt7NZpWO2ARqckGXvpPw5oZeiuuoouTxI2rcqg6y7/fXMg8XkC83UEGk2+WAVLTxk+L+7Clhd/iLxonmbgZakLEIJtOHDz/Ml5/GsgIYPylMCLntrL2Pfh7/Hu2+/gs5NV5AeIAAaSiPhyYDnZxkbgCY/F0sV5CA8NReGmtdBZx9F9e5KI1kzNksQkCoSGhSMiMhoxRgmab3XDlLUc6eEOdLY0Q568DEtSExAaGYvc/Gy4e9owZHVSm3/HS7NaOKcm4dbFoaAwD4kGLRyWIRSfOA9XygZsWhIJlzDiFbjhMcXDtUtC74IKqnv+hF4fprhsJZRGp3Si9EoJ2m5bBEI10lCKq/XtkOp0QhqeONd25SAOXqpFeHIuwlUetlkBXPl9HQ0YVyZi1zNPoTBVirOfHKEIywOtxIwLh/ajalyP7TufgMndjeq6PsEodSSYkfZaXK/ugozPFhrvRcnlEkzKNMKkbO4l8pp7cPjAacjS1mH39sWwTY7CbPX4J/7PU+7r9R3Qx4SgpuQq2gYt5OhluF17A9caqMGnBqWv4Tz2UJ7ShNXYuSUXvZcO4+jVFshDdBioPos9x24iYfkG7Nq5EfqBUrz/6QU4lXpILX04e7EC0x6qU4r/64vPonmKeJ/rNj77+AjGInKw+9mdiLY34eODF2CVqQUi+OmVDuRv3IGVqSrUVtbA7JQSsaHGyTGBsguf4FT5bSzeuAuLjeM49MlxImlEauU2lFC9Xej0Ye0TT+KJ1RloObUfR8q7odBoYe5tQXVDF1wUVcjl5HDb61FV107f/ST0LpBFKIjwlZ34FJd6pNi86xmsz9TizIGPUT/oJn0g903R6632UWSve+qhynG4tA3qiETkL85GWJgJBavWoygvEWrP9KMrt4gvBSk50pHOWly+eBYHPt6DGslivLRtGZREoOb2OsyfziFMBnU6HRSFzp3TIYFzbIwaQQo4iBD75/BxwyuDxWq7b06fx0O+wUe6o3Cj9mYjJPo4JOrJvEfGIA3VCQGN0LvJTlvqg8XsEO7j1cgS5wSqr1XCuHQtOX0KYGacjAgBUrcLU+PjX1iPsyCyxbLgng6P5TYqGgaRmJqIEI0M7rEOnC1pRv7WrUhQ+4hQBe6ZgdcNb2gUslP0qDt7HCevdMGUFoaq4usIK1gJbV8JThbXwuqlAGqmJaLyMKnva7x4v38taeFGZNbGhd6X0S40USC/gnzjkxuz0XXlOM5XUiDLPdyBdCK+HBRaPSTT/WjrHaQvCowPDmHK5iS75vlVgUQCKMjiRWl0bbi9GjUdTuQVZUNtdWBqcoL0K0Qg2g67jwh6OLSecYw6XAK5moGX7N6QnoZwcwP2f3iKAjENMFSJquFQvPD0FoTIuTOE/frd/uFxwwOJFhMV91QXju3/CB98uAd79nwU+NuD9979ECeKm+AipfZRhUfmrMXKKBnae4eI7NpQ3ziAjCXrkBZBjyE+VndqL/aeb8G2P/u/8XRRPNXynYncbpcLacu2YPuKRWT8asQnJUGLIQxMOOEwd6H8lgNr168lo03E2q1PoSgzAk4HhVghiVhVkIyBljpMkGPua22Ay5CPtXnRZPh+y+euaIlzHLfauuExpOOJdctgUJEzJyGzogQrd+ri1VhVVIhFRidqial7pTbUNfb73ydMAhfUyF6+GauXpiM9ZyU2rItCa10nNS7TKLtWA33aCmxZlQVT1CI88VQRJtqqUNPvxaqNmxFNZKvXTO812YWWYR22bF6G8ZYy+qzBqmXpkKgNyMzKxHRjNTrNg6ipbUdE6gqsy09G5rKNeGL9YiJpLqFB49EyjSEOazZtQ05GCopWLEeEfQh9NjccE+24UjGCNdu2Ijc9ARl5q7FlZQQqSqowRVXH8yv8Q25URzNDcGpl0CE4blgdU524WjaA3KUFMOlVVKbFMPHQQHMXvHIpOTcTVlE5cjMfrhzlVypg9ukQHW2CSqlGZFwC4qOMcIy2oPgRlVvElwP7QK/HDbvNBml4PBLlE6hvaoedGsO5DvJh092FWfHck4Dldp/oJFDpVOitOoWzFQ6s37EVJrlLmDQf7AE8aYDBw8rTnZWoHNRgRVEONGwnoloExxfU413g6QlKO64c+gw9igJsXZMJpceJxvKrsEcXkm0mCivP/NM7eBXajDi9cLm0WPHkMyhM0SEiLR+x9h4My5MR7ezC5dpWtN08h5Mlt+CW3ZkbxjdL5cH8axtsxANnVsbzajhNzCLs2r4ZkaFyhBiTkBTpRm//CEldNr8eipgXPCSoSyjAlmVRKPn4bbz57vvY9/kVTLgpKJrTEzUL7oSR2EkXyuCMWYK82FCh3fV5fGR3/qkdQjLWjyDaxT5EZczCth1roNeoUJiXjv6OMSQtTkPt52/g1799EydKW+GRztGPxxAPJFrMYmWaSBSuWY+NGzZgw4b1gb8N2Lx5I5blxENOZMVDkY9UbUR2TiQGOvsw2dOFjgkfcpYugtJFkQ3k0GmJtBHD5aEknrdxp9IpilFShNxahX1v/xb7Dh3FyYtlGLNLoaJQx0tRsluihFImFZaJ+uiz3sgnY1O05QbSCpZAMtKO2rom1JLxmvKXIkYrE9gyzzOQ6JLx6p+/hlRvM97851/h/c/L4SAC6Y/mgpc7q4CcicyAvCUp6Kq5idbGGtwacCF3WTaUpIxeKGDQh5BTICLh8UKrN8JrtsBln4bF5YVObyBy54LT5SRmbxRWB05NTsGQkI74cAfaOyYw1tqIaWMK8tIMsNK9ttHbKDlzHIcOHMD5mwNIzs6BkSJ6O72jQqEEnE7KT4JQQ6gwTDcDiUQFucxDP/uXsSvUauHd3LYpOBUahJLzc9sdcJDSaw1h8E5Pw8kVJ9wb2PuK/p0dMggKCRFTK5xWG26VX8Thgwdx5FQJEJ2JtCgt3NQCSr9kOXzTZiKmToqYmTCSrFiPSGaPttwivgw8ZO+R6Uvx5M5n8MKLL2D9Ii3O7j+JbqvrLkf7sOlmwPJVhodB7aYIl2x4Zr6mh75rtBqS4d1eVKHWwtx5A3v2nUPmrpeweZEJNnIYvILQR7bCTpzvF/71SqDT8Qof7nV1orq0CpK4RchPCYc72LL0P3F45fIH1qOMAivBvqiJUKsVaDi7DyfrHdj9g91IClXBMdSEs8U1cEk9qDh3BldvtmN6agAVFTUYtcE/v5Tg85KvVIRjw9MvoDDRjMpmJzauyUFf3wCWPPljvLx+Efrb64QAin2FH9xAB/GvFrJ/0he2fS4fz+9xm0dwdt9beHffARw9cQaN/VaolQohF3868hPCNxEPA2GOpEeFFc/9BH/zs+9h8/pNeH7XZvLx4QgJ0Qj+mYPuGVlJiVw7xztRVjOBgjVLYFTS/aw/JBsvyUpIR39CbxjJMExBbT+r3AzoC2/dEJe9Fi9/ZzPsfXVQJC1Dim8Ut70p2L4uC603rqGdFCQo0XtM8OCSU0VIqNGLiotHQkI84uPv/CUkxiMyPAQSDhlJQE6PAplEcnTTHbhUWgm7NhlZMTqB4bLDS93wAl5YEYnP33kfzdM+MoiZCetSKORWFB85hB71cvzd3/4crz27AWEqioiYSSv00EqtGDNTBBOqh8s8iK6uURIyC9ONkNg8rE6R4MrpY6geCcXiRUmQs4EHBOq2T8Eblouf/of/hL/53jK0XL6I5lESnBB6BS/3ohgtESYpEa4ixHmacOh4Cexhi+h9iFTwKnNi8aNDI3BLtdCTXQ/39kMZGQG1LgKRIQoM9vfCqdLCQMpp7u7CNH2OMurglEcQOU3BYHMprjXdRmzqIkTIqWFRqqE0xmD7yz/CX//ir/Czn/4Er353K+JVOmhVICc2CZ8mBBqZDR3t3dRYkVzuckyBT/RBiCLovVT6aOg9U+gZmaDPeoRI3Ojr6oE6NhZaJRE3ivumLVNEXDlfO4aHJkhWbBj+vO4C5SmX6YR9URatewY/+8Uv8LO//Cl+8tOXKVo1wSfshfPly6Ejp8j7JLmJnPICA96rTK2PenTlFvHQYHVyOWyw2pgoMyhaJbJMrpECi4BgCV+YjuTN+yNptFpouNeRbFRNn3lxiiY8FmHWEbQNjFIUGwY4htHc7UBqcixUMves7nCvlGesHZ98+jn0617Fj55eTvZPP8hUMEVFw9Xdin4HEE72NNzXjjFHONLidPBJFXANN6O8ZRjZRWsRqXCJk+DvBVWyhwJVU/Q89RivE4JTGwVUvL+ZUqVEf/UZfHa1Bzt+8gtszo70z8tThWPzU08jzyTH9DQFYOSHfdSYuii4nPG7fkiEURFLbzX2f1qGzB27kBslg8PFw5WSgA/z+4pZ86VrkmD+1RRFOiWHx+Ug3bNTcC5HX/VpnKx24sWf/h3+5ievIC9OK5AxhtftTyeuZv5y4F4mD5SIT8/CoowY3K5vhNeUguRoNflp7sW2wu7y17Gc/HV75Q0MhySgaFEitQMOuGVqxCYlwd7TgiG7D0adD/1tzbCqoxGhUQbI/d2QSjxounQUxd167Ni5FO6xEchNycjPzUSIUhIg2IHEjyEeeh8t7oHioap7/4TGNABOo42IgLn+DA5c6MOyJ5/Bioxwqnwr6m9cImHk4DvPbMB0zVkcKhtB/uJk9FVdoeuZWEmf7cNdaG0ZpAhmCnXlZagjL5BduAJZcVHQuXpw9kYjLOYJtNZXo75pGOG5S5GfGsGeGRrpFM4ePAdlzhbs3pYDSWATPClFb66RDpw8ehZtE0NoqW2BU5OIlSuzoZNywxC83MvTDHDZndQg6GHruoljF7ux/jvfQWEqRYJOO9rrynCTJ/FOudHTdgPXap3Y/MxWpITrYQrxopKUr713GpbBWpy82o6stU9hY44J5IeI2CtQf2wvSsYSsPs7G4loSaEPDcXkSCOulXfASVFafW0Vvb8ZiQlpSDJSfhWlaB+2YrSzHjVVrbDoErBqXT6UI50oLq1HdMEaZEbp4BrrxvXydsQXFiE9PAI6DOJ08U3YLRa0Vhfjao8Gzz/3BBL0ciI1btRVlKNzcAqTfU1U5luwhSRh1ZpsqHifHGowvZO9KKH8o/LXIDfWBJ18BOev3MT0xAS625two7YNIdEpMPkGcfla3ZcuR6KBWKbUibaySjQNTRHhJEIal4AwySBOfcVyi371q0BCRFeByZYSHDxeimGzGd2NNbhaegvZu57DCiLT5IGpbr843aq0aDhHKcKtrMGt+hrUtg8RDZPC7vQgKiEJRskQrlS2wDo9hdqrJZiOycfOTYXQ+PwNtLBPnncapz/4VxxsVWJDQSqGuxrQeKsPbrURKQmRmB5sQDnZv2O4E9fLmpC0aRfWZEZDKXWg5sJhXO4Kw0svbkSIlOd5idpwL7xeKcIogJkabkTFPfW4PjsBto7L+OU7JxGWtRyJzkb8y6/fwrB+KZZGe9HY0IDOngmExCchMyMTGRkZyM7LgcHVj4pmF579/m7EqT0UvPqJE8tT7p3E2c/2YtS0Di9szRcI+URnI6oam9HZ2wNd/AosXRTDzIhvICLnCu5fn92GzBg9uq/swT/uvYyEvNVICLGguboFk14nEYIKXG3ogiExH8vz09B/5QP840eULmcVEgxSCpBFXXgQuIfKbb2Ny8fOooPIzs0LJ1DcPI3Nz72AjAg1FJZefPDe2+iUZaIwzQSvtQuHPj0B3eKnsH1JFBxOHr2SwaAPRUfVSRTfGoV7qAFnzvdj5e6dWBQTIvR0zQUvVjP3VmLf4TIs3fkKilL1sIy0oarqFjo7ejGpDce6JTlE/eaGewsXzIl4gRivlp/BI96wlImLEoaIcESlpKMoNx0aYqpunwQhYVFEGuJgCA1DRmYS1BSZ6A0mxMTGIj4xHkaNBrGpKQhXeTE6YUdsViHWr16MGCI6PGwWl5qJKI0bo2NEPhavw6Z1SxBpCoNeTYrhlSNMBTS130LcyqexKkEndDcLJaKXVuqM0GtcGL5NDXl4KrY8uQ6xFCLPrIgKVm61jIgkReeQhULn6MXNMQm2bt+OGDUJ2+NEc2UlFNnrURApxYRNiaLNW1GYHgGHzQFNZAryUyJhnRiH2SVD5vJN2LIsRdjhlsmpVKVHmCkcybmLkRcfLkSQXpUBeYuJ/DmmMGq2wquJxIqlBcJmjqqIJGTFGzA+MgJleBq2PrEZqQkmhIVoyDAUiIhNRCKRUQ1xFp9UiYiYOMRFhUNORhObvgjJoRKMjU9RniZs2P4EcmM0sDqIROpjkZkcAQuVUx6Rhk1bNiAtKQoReh2kQgNFfzKKfjn/2EgoibTGZuQiTS8hOUzCRi4zPXcZsmOpvkkGQrovWQ4blUNO0XEqNdBuqxUyqoeI6AgkpmUh6SuXW8RXAa8kCzWaoJI5MTVtgcstJd3dig1FKRS43Nnx+4vSScnRuqxEwvsHKaJIxFKyJYXbCqnGiIgokivpQZzWg5HRCWiic7D9idUIk7r9c68IPJPD7aZnKYzIzUymRtpO0bOLrkkE+zSaopG9iPK0jpOdeJCybAM2FqUCdgfZkQceiQopBUuRHqkj258psYi7QPXiJdKak5MB5V31mAIF2U9/9SVc7wU2bl4NpceGEPI/mQlhwnw8F7UTPgnPpzRRWrcwTcDJO8rLNIiJT0BUeChPx50Fy9PjtMEuN6FoeR70Uhec1GTGks+Xkp4oYvOxaVUutRMkczJdYbjPN79/5RVoEoUappgEJESZyMfEIynOAMvoOCSGZGzYvAapMZHCNjEyuYp+T6Tfo0DNDelDoFAivhA83OpxmDExZYNUG4n1Tz2DJUkh8PiksA404tK1VmRv3IxkowIOiw3KsFjkF+QiRM5tJmVAhFmqNSEzLQka2GFx6bBky1asyosLjHzcDSkvwpiahjZuMVbkRpOMPQiNiEWI0garz4DVa1YiKlQuTDF5HBCMaEnoovDej+wIHsqO90ZSKyRwEHHj7mfu8+OtGKQUdTDjlciV0Cpl5BsdZDQqyLwu4Tr3TKk1/smUwmoGNlLefp8rmIcgKA/eL4vnaXnIIKUkUCcPOWnUGK07i7c+qcXz/8fPkauXUkR1RyicDz/ff+yHV5hEz0OSdPkOgpSbSadKI8XVj97AVXMq/uqnz0BNjkXuteDoW79CT/Lz+OtX1kLpcpDDcdD7+Dde5QrlZcwzez/xsnP+7Y6C8dJoDdEUN5HbmeEXgoT3BAscaSCs1nAE6s8/tMjDL0zKnNQq8bCnk+/lvbdUSrj5neideb8ynqPgou9uQbR8TALXG7+7j+rODgfdz+XiX4V8SRY8CZJ7g2Wk9EK+AuGmFCyTmfyF7j8uOx+hwu7UBze/N8v0EZSDh5LdJG8HH+NB8v3q5Rbx1eCj+vPbmTCsTvDwkSv31ev86YiDkakq/cOGs/fwohOy8XvkykPGjqBDO1IoyaZ5h3G/e+KhJLJbsgceQuDVZv59lXiO153yzeiFgoI7OxFDf5+KiPngn7x+px6dPB3B1Yt9734Gw/IX8MyqBMG2eIK7f49BuofrmedNUUB5J071722nUkpJFrxZbOD6DFjm5Bs85Cv8xy3RH++Fx/mSD7eTv51xx/4ezfn9K2ctI6I146fdpHAz/oiHLoXgWSCA1NjPTRfIX8TD4I79se2yj3dQBaopsLp46PdokS7Ha7tXQkIE2idhHVIJZHqmF1MA6YRM8NH+NjC4H/GD9UrYC43IsHCEE12Y2TdTLmO/bqd2nhQxyL0LEdyZcu8RPI+eaH3TICPWKDwo/fw9XBhbhF/8YOt9S9G/MqTk0J29eP+dfdAUfR/fXRtL0bVPcASnPvwdehOexA93LKUo/hE9T4QIESK+JTDJ8ZiH0dpvRnJGqjAa8U37tRmiJfrXBQYiOTKPA129/dBFpSBaR4H+/RGSCMIfJ9EicITksFnhlWugUfIE+0elABRJe12wUN0oNSGz56Xx85hleyhyF3Z5f2TPEyFChIhvC+THpLy5sAwup38o79uA6F8XJri/SsmLlzwuYUToMelg+sbxR0u0GLwCkXcJvnfjwz8cvNRZKnRLz82al7hKfF/H80SIECHiTxuifxXxuCIY0eJF038U4H06vh6j9AV2qQ58DUCYeCs6AREiRIh45BD9q4g/Jsz2aPGp96Nj449tj5YIESJEiBAhQsS3Ce7R0um0CDMaA1fmEC2Xy4Vps5WIlnBdhAgRIkSIECFCxJcAn0jDq2x1fPZyALNES4QIESJEiBAhQsSjhdh/JUKECBEiRIgQ8TVBJFoiRIgQIUKECBFfC4D/H/z+Wr+rCYJyAAAAAElFTkSuQmCC)
Ako vidíme, úroky, ktoré ako-tak pokrývajú infláciu, sa dajú nájsť len pri termínovaných vkladoch so splatnosťou nad 2 roky. Na druhej strane, termínované vklady poskytujú vyšší výnos ako štátne dlhopisy, takže pre konzervatívneho investora, ktorý nechce „ani počuť“ o iných alternatívach, sú stále dobrou voľbou.
A prečo teda sú tie úroky také nízke? Žijeme v eurozóne, ktorá je zoskupením veľmi rôznorodých štátov – od Nemecka, ktorému sa momentálne výborne darí až po Taliansko a Grécko, ktoré zápasia s vysokým štátnym dlhom a slabým rastom ekonomiky. Nastavenie úrokových sadzieb je také, aby „nezabíjalo“ najslabších členov eurozóny. Samozrejme, nízke úroky boli hlavne odpoveďou na jednu z najväčších finančných kríz za posledných 100 rokov.
Ako pomáhajú nízke úroky v boji s krízou a nízkym hospodárskym rastom? Niekoľkými spôsobmi:
> úvery pre firmy sú lacnejšie, takže im pomáhajú zvýšiť zisk alebo prežiť ťažké krízové obdobie;
> úvery pre obyvateľstvo (najmä hypotéky) sú lacnejšie, takže sa zvyšuje dopyt po bytoch, domoch, čo zase pomáha sektoru stavebníctva;
> pri nižších úrokových sadzbách (podľa ekonomickej teórie, pravda býva často iná) nie sú sporiace produkty také atraktívne, ľudia preto viac míňajú, čo opäť pomáha firmám zvyšovať tržby.
A zdá sa, že aj nízke úrokové sadzby pomohli naštartovať ekonomiku eurozóny, ktorá už nejakú dobu celkom slušne rastie. Vidno to aj na Slovensku, naša ekonomika je úzko naviazaná na nemeckú, máme vysoký hospodársky rast aj nízku nezamestnanosť.
Prečo by sa mali úrokové sadzby zvýšiť?
Ako sme si pred chvíľou uviedli, ekonomika eurozóny sa naštartovala, aj keď sú pomerne výrazné rozdiely medzi jednotlivými krajinami. Nemecko, Slovensko, Česká republika rastú rýchlo, ale napríklad Taliansko a Francúzsko oveľa pomalšie. Dlh eurozóny sa stabilizoval, v pomere k HDP už nerastie, v podstate stagnuje. Takže všetko nasvedčuje tomu, že už nepotrebujeme také nízke úrokové sadzby.
Niekto si môže povedať, že nízke úroky majú svoje pozitíva (vymenované vyššie), tak prečo by nemohli zotrvať večne? Ale je zrejmé, že nízke úroky prinášajú aj viacero negatív:
> znehodnotenie úspor konzervatívnych investorov, sporiteľov (ak sú úrokové sadzby nižšie ako inflácia);
> riziko vzniku bublín, napríklad na realitnom trhu (lacné hypotéky ženú ceny bytov vyššie, plus sa byty stávajú investičnou alternatívou ku vkladom v bankách, takže sa zvyšujú aj špekulatívne nákupy);
> zvýhodnenie dlžníkov pred sporiteľmi: naozaj, čím nižšie úrokové sadzby, tým lepšie pre dlžníkov a horšie pre tých, ktorí majú naakumulované úspory;
> pri ultranízkych úrokových sadzbách môžu prežiť aj firmy alebo štáty, ktoré by pri normálnych úrokových sadzbách skrachovali: kapitalizmus bol vždy založený na prirodzenom výbere, kde prežijú tí lepší a najslabší musia trh opustiť – pomocou veľmi nízkych sadzieb prirodzený výber deformujeme.
Zhrnuté a podčiarknuté, začínajú prevažovať dôvody na postupný rast úrokových sadzieb aj v eurozóne.
Rast úrokových sadzieb bude pravdepodobne postupný a pomalý
Najprv si pripomeňme, že okrem nízkych úrokových sadzieb bojovala ECB proti kríze, slabému hospodárskemu rastu a nízkej inflácii aj inými zbraňami, konkrétne vykupovaním dlhopisov na trhu (tieto operácie dostali vznešený názov „kvantitatívne uvoľňovanie“). Efekty takéhoto masívneho výkupu (aktuálne 30 miliárd eur mesačne) sú minimálne dva:
> zvyšujú ceny dlhopisov, teda znižujú ich výnos, čím sa znižujú dlhodobé úrokové sadzby (základná sadzba ECB vo výške 0,00 % p.a. ovplyvňuje hlavne krátkodobé úrokové sadzby);
> keď nejaká inštitúcia (banka) predá dlhopisy, má voľnú likviditu, voľný cash, ktorý v ideálnom prípade investuje do úverov, čím zase napomáha podnikateľskej aktivite.
Teraz si už môžeme zhrnúť dôvody, prečo bude s najväčšou pravdepodobnosťou rast úrokových sadzieb v eurozóne pomalý a postupný:
> najprv musí skončiť vykupovanie dlhopisov zo strany ECB, ktoré bude trvať minimálne do septembra 2018;
> hospodársky rast v krajinách eurozóny je nerovnomerný, v niektorých je slabučký a neprimerané zvýšenie úrokov by ho mohlo „zabiť“;
> verejný dlh viacerých krajín eurozóny je vyšší ako pred krízou (Taliansko, Grécko,...) a každé zvýšenie úrokov bude bolieť, pretože bude znamenať vyššie úrokové náklady; toto nebezpečenstvo sa týka aj bánk a firiem, ktoré nie sú v najlepšej kondícii;
> rast na akciových trhoch, aj rast hospodárstva USA už trvá nadpriemerne dlho – zvyšuje sa pravdepodobnosť, že sa tento rast spomalí alebo dokonca zastaví; vzhľadom na globalizovanú ekonomiku je málo pravdepodobné, žeby sa v eurozóne dvíhali sadzby, ak už budú príznaky stagnácie, nebodaj recesie;
> demografia vo vyspelých krajinách sa zhoršuje (áno, neradi si to pripustíme, ale keby nebolo migrantov, vymierame), čo tiež znižuje hospodársky rast;
> obvyklý pohyb sadzieb na jednom zasadnutí ECB je 0,25 percenta, nie viac (väčšie pohyby sú výnimočné, v prípadoch, žeby sa ekonomika zjavne prehrievala).
Summa summarum, je veľmi málo pravdepodobné, že do troch (ale trúfam si povedať aj piatich) rokov budú sadzby v eurozóne povedzme na úrovni okolo 4 percent.
Nabudúce si povieme niečo o tom, čo má robiť investor v časoch pomalého rastu úrokových sadzieb.
Autor: Mgr. Michal Staňo, riaditeľ Odboru treasury