NN SPSB 120806 Property Downcycle Risk

7/31/2019 NN SPSB 120806 Property Downcycle Risk

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a` Aycraec fb`ygftgb` ratgè tb VZVO Bycrahh( uc layc a VCHH b` VZVO




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1?

_atgè vtrsftsrc

Tlc ratgè vtrsftsrc fb`vgvtv bi tub nag` chcnc`tv= iagr yahsc a`d fb`ygftgb` ratgè. Tlc iagr yahsc rcihcftv tlc vcfsrgtw

g`trg`vgf yahsc a`d gv dcrgycd oavcd b` is`danc`tah aàhwvgv. Tlc fb`ygftgb` ratgè rcihcftv s`fcrtag`tw avvbfgatcd ugtl tlc

vcfsrgtw iagr yahsc a`d gv dcrgycd oavcd b` orbad iaftbrv vsfl av s`dcrhwgè osvg`cvv rgvmv( fb`tgèc`t cyc`tv a`d btlcr

yargaohcv. Obtl tlc iagr yahsc a`d fb`ygftgb` ratgè arc tlc` svcd tb ibrn a ygcu bi tlc vcfsrgtw zbtc`tgah tbtah rctsr`. A

Osw fahh gnzhgcv a zbtc`tgah tbtah rctsr` bi 1:# br nbrc( a Vchh fahh gnzhgcv a zbtc`tgah tbtah hbvv bi 1:# br nbrc ulghc ahh

btlcr fgrfsnvta`fcv rcvsht g` a @cstrah fahh.

Dgvfhagncr

Tlgv rczbrt gv ibr gìbrnatgb` zsrzbvcv b`hw a`d gv zrczarcd irbn data a`d vbsrfcv ochgcycd tb oc fbrrcft a`d rchgaohc at

tlc tgnc bi gvvsc. Tlc data a`d vbsrfcv layc `bt occ` g`dczc`dc`thw ycrgigcd a`d av vsfl( `b rczrcvc`tatgb`( c|zrcvv br

gnzhgcd( gv nadc ugtl rcvzcft tb tlc affsrafw( fbnzhctc`cvv br rchgaoghgtw bi tlc gìbrnatgb` br bzg`gb`v g` tlgv rczbrt. Tlc

gìbrnatgb` a`d bzg`gb`v g` tlgv rczbrt arc `bt a`d vlbshd `bt oc fb`vtrscd av a` biicr( rcfbnnc`datgb` br vbhgfgtatgb` tb

osw br vchh a`w vcfsrgtgcv rcicrrcd tb lcrcg`. G`ycvtbrv arc adygvcd tb namc tlcgr bu` g`dczc`dc`t cyahsatgb` bi tlc

gìbrnatgb` fb`tag`cd g` tlgv rcvcarfl rczbrt( fb`vgdcr tlcgr bu` g`dgygdsah g`ycvtnc`t bokcftgycv( igà`fgah vgtsatgb` a`d

zartgfshar `ccdv a`d fb`vsht tlcgr bu` zrbicvvgbàh a`d igà`fgah adygvcrv av tb tlc hceah( osvg̀ cvv( igà`fgah( ta| a`d btlcr

avzcftv ocibrc zartgfgzatgè g` a`w tra`vaftgb`.

Date post:	05-Apr-2018
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