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Rr+50WzocHh4UHIYRfb9ZKtZqa9KsN\/GZTU8fZVlMT6lfWx0wGh6daTAI7XdsXq+ORXtKylEo1dTRlSRggrgtrDcx7K8UEQ+MddG3SXGFSrJVxiqhVGrhlqx1QN97gtPp4o5IAsV4ZT2JwwzK1f2wcPuoRcNRykkcqWsJ1p6tTuX0XJrYlE5lRjmyoaxUMQ208iUoiUsY7Vxo4teABVEnFKiZxmxoytW2U90ZSGh5SNxo4v+N3Lr2x7\/0kHGNF\/\/9PFBvnzz0zKVmPPX3umXPPPnvu\/IQelw\/SY628XqmXa2UczvVGrVg98OhVbZTPnilp74QPlscZcSRf0kv\/Y6M+ITwHRjp4DlVJyoOGxxEqfmRa0zGhwC9V5YZaq9YSNliqlNR60m5PViYSI2YwKu6NZCqPU3VNH1GMZC6U8Jypag1PaHBdqyTdTNLvJzPaRlE\/oG2sP4Erfl1MxrUVPMYZNbgjw8d2qWXMK0p4yodTC2aHj0+XJjITyydG4RYtYdS62tDx1amO31fLJXU0B0\/SYFKQk1Efnu+MA7UfubFJyQByKjV+udBHPdaaVkw6gbHf00iMle1j5mMXntm4uPLUxsVPTabIZz997plnzk468mc3zp3\/Z8pVqbZe1is4RVfWG+WKdqBalRramVpN1w5iJREv4aSLxeulfaiUygceSIs42xxopvSKmjwX1TSMejzzwsQDn\/IajvIart\/JJAPPLnStqCa1vFYsq7j4jxb2BSqjWoFLLB6MVZOCg7uL0SHs69b02vj3a8nNw3kAz+JHb4RJKhgR66Q\/HhuSXPrxTvvWHZBMoIdfRCuJSjwomFg0eh9NOEtlPPBNIIFnLeUEQPshmAYF18VGKXmMwOUaS07W9qXGMZiEpFbV1bo+mh5PVWt4jKUnU6gETniadTAG+4EZG\/E\/f9r62GeePH92Uqkewoxo45lJb\/WOXnytVFqvN+o4eVe0da1R1Q5Q5CfOFs+Wyu\/MNuMPJJM6\/IHi6NsmyTCnsd+Q4yfR8sEXCDwDwTUucRG\/AGCuikerjUpNLSWdenH04J40kniMXi4mz5RJyS8X1XLyMFRNnqXGnehEDj8xJaeUfDUi4cLlajLXObC+L3xgJ62C410efQ4XrUYCLq2W3PMyvtuNejKBw7ULf2GirCdwwc5OfJn6NrYw+X7HSKSajJWr9VGFxk6vlTAdSd7ZJjEY6RkloKll+3Ep6yW1hmushqexFdze6cXkIbB2wIEkW06Cur9HPZlmj9IW\/ppHKXnZn6oc73L69POnn4fgq1FasYGzw4bSEg8+F+3JFO2zdhialMVHDBsJNPhaZA6sQAAEvQQ68efJ1z9iEu3lXcckPPkmupUKWLPffwHuxoNFlLKodvateUsy70UEN5PP+SQjEaJLPzIDTpIfi6\/HxFdfAnHXQncp8EUv4AhyLS0uMYWlBZ5g00x8BLJAEgGgvgdeoz5hL32Lv5qxZIrbToepXSEWRAnIN47fzNwSre6VmVtMB7R\/Dvwc6P9s6r5wWXmfq9ApgY6U7qq8OCCpeYaN5\/sfjR6wF+27wTHmUbMgzHBtVqbu7R8jZ52j1LuliM56hztxWo7Teb7w2gyhzIULTr61ZHeD43sgvWjMDXwjpxSyygyJTtkLNmkPLMUOh1fCu0z7+u3hbnzX6RtxtNvbbbX6bjMOD93I0kvO8d7R4XpY6wVttql0DrGpvLhiCwNhRZlVRDnODFO7hdmse9iDileD6e79Lhsd7YEdJsyZirg8kxPkv3vQdJtr6LAv97gw7XItYrDp3epvhzfp1+PvDnrOzqsv0ZmFlcx95CE7O+xck+0F6shMfki4srHT\/tqwRQwycWY1\/LZoLALGCQ3oDQY7RjBAEfj79k3PB28Hjknb2+Ge3WSGh\/PHXH6PpkiHQ7HD+0tf9nvwVtQXvk37Ygg8F4DfBL8J\/gP+kwW36Wc9PgUWA2A1iSFELPgz+IIntlgirluriIz\/hgFv01\/2GBYptks4XMCAa\/DPXNdiv8MLcNmYZ4DC\/LFLvML48clQCUMOnGB+3vXmPD\/YhH3W4aLonhnwfbjs8X9csLk29SbT5Nj4pD8LTngZN3CORnV6BXzQm3FoZAZ3yO3wP7FgkflxJ1zyPf8qe4fJkMsMuJf5SSdYCF6kAFOIxWVA0v8F3dll5UDxPD8DBT838GmlyXddqpmBpN9rAlNQYCd+gQlZCTpy5nBBkthszPtBBszAi56x5pBEyle8LrzNW3vfl7xoS8is8lHKoSgRiQ+C\/wyveFyu\/ahL0ceNgld0st2cfdV4IFjpLkeHh37zOr+Tux1uW+F2oy0PvJm\/2NQ8mvuW+Iaww7D5f\/KJ8EWml5KpH2c9gc0vpAzhNvsWlKQ9ssf0fSu6xn6J+RLb5wtgs+BnU1wBloyhmU5nudLeqhEy9wrgO\/A\/uf5j3TvB7mCPaGYNgeAEJs+CIfyEvfRh6tQg9AbGf6G3ONCgP2cRuZbfzwB3bjMVRgIHdObrjn26O8d\/hXiVydO7XCSDb1M\/a4e2cJP12S4M6Lbo0qRT7mecvMVJ4AfwV2z02PBk+0vDHRfY3+Ft4QfH75U61MN50IG\/5ZD3OLRthn\/nvAxuMxF\/Mvo8dTe\/yOS8unksOprfZLNRoZc6Cr4E\/9RxZm7m2h9wo+imK3se\/2X3H9EXeIvZCrvpHe4MvBL\/DWtxD4Db8PrsYakSFBybUe0lYdbPttOcUBhS2TCfAn8KT7hyS5gL5sijPuN0nEPd0L1Jdrhh6mUWhCcZ8DX4Xx1iEaWMrnKbYmUQwR9znZRNDJzoJtWSiOhmOo4L7KF4iSRz4CPMv3EZhczTDvGANe8+bKT9Of\/u4Crx59weC5h0fI1t8iav6OAp5i2XO80ux\/N+QUwz741+lG5Ej0SPuI\/5ce\/Xwf3d\/96\/7n07fCFaDAwnbbzsOv7dgAKrATC\/A18K\/4n6OyGCxxWbkNyKvEXd4tLwKMtwdwUnfJQ9TPw6e115i0Uc+ABc8X0jbgpI5Kmsn7YiDpyHn3VdyTOZrajHb6VWjBMM2KJsPzzi5gOCucZ3OfAnFEA2Gx1x7cjjt1nEcL+b5FxwAVwA5\/GfHACsRQWMXSXTaIXJ3H3EYQjehREfhE7hGrfZcbnZD0sBzYN7WCZ\/BDwMSTo1L6dSiKVkn98C3UzrH3pDG1gM4NgIMSh2\/gn1qeWQ8e8CgyR8HzADNBjCiLGGggt2uynIWpnICUyaMjylQ8TMFj0w\/T3LiGzP9kKjtbc3DIf0rdRtoRWZKPJJhw9o72RTppf2KNdpp7bBW2i3x4UB5QYeMRAHYQ8O\/M2b33OCYdyDwBU25+zjm9ww7vVNpsfYM+bMJrjuAvCtub+gyPB7QigalMNE4htimO8s9SAxu5OORCtDZ0DKy3HH4GKwaNKUt9wRIDxis+A\/ENcMUzK7FJIjkQ55Gvw+8X0jcDk\/UCD4IvGfDYclHCYkIQ3+jvh1w48oj+IZ8Nd0PIzSLhGa\/A6dZ8H\/QbNmrPhc7yq0+VBY+hS4CAPzc+BzAOT9XGsle8ISeytXjxirJrAt5W7Gz2xnLfK7TLPwpvjt6G72H1DLoHtfksI8zxQgsraHw+FdWxl2Bm+6yLrteE6THHa+5V+nwsX3kfOcIC2K+TQlCn6T9l1LNFxf8Nw2MKWIo1kj2FZui4AfSKyYEdjokJCOFCbNB7TFKehm4NP96C68w7niTu6DIG2H4D65z+7mbjBbogiO8gsCLRTERpQTDwWHHYXm41UUh4fIgvWvqQWnzIKA\/u2h\/R6\/x7WiLok44hPgLepVxhhEvXbsWOyVawPj5RtZ37AIymRt4svcZmCZIXszNBzUe3vgAldAYDsTADtPpnbRi9nO3HfN734JxHZ6CI2g6Tsw5iAbsM2sAy0mjvIpQGXCbJ6SwrgNe8YblC2SshEPlF5Kov2ZtFlIkTMnwUrrYX4GHLYXGCZe4qFyU8jDgMnJQ5ZnPwx5Vuez6FibhXlvwYqJXE73vf78d9dEwVyCy6Fo8oHi8tSCIajgFPWv6A8BqbRb6ubgqcFcOwJCjwYLNgRcisvcEzFGz0tBxZobbhNNJuTpYHu3T\/QchFIDum3RWxKR+\/7stYJDeXELeqlI3OresCjQXAIvxbS486N78xZlHLFh1BlCI7snE6ITB+nQdwp+FBsQwbfntrI2t21uDkhvAG89BB6KBfBXcUf0WJtCfs5JtZkBZAYLLpcBvxa\/Ijp7wBLvMmS8LDAWSYpKRoqAFNJWbPix5Yc8+O14VtqdR1Hks47sphBJ+eTRxJ6vEl8F6S7d9hHYTvOMVEAZJ3OF7GXvOH7kpZEwYAtxionApuRSXcGBi6zorFzhzEIhI82C7HAlKLDgx+J\/5G1qYAQ9MsyJXI4Bn45\/SUhFCudDJx7ax8HHQJXvmp2UE3Zmot2h3wXDThvccdnQaUouMWRtd1fwiDuLIWNnnEyYI2XJoE0ZypEsSCTv52B6UWTZWTY8yYJvxouCPzPguB7xhgiJOQb8RdzkaYMLiLwPPVcG94OYt4lIcsluTFpmaPGRL7vzfppm2ftAFvweD2ZTOUR3+sGAbgcvD8JulhfZ43ZEOZbrdrdzXtDMGsC3WTfDux0GsaQ0zBG+8RIVGdDJMbkQuIon8+syR6cyfipaYEApfopXtuicmfUj4HLgJ+PP8vxhK\/TvUFssoNO+zIGfid\/DE7ILve9LLBBZiNgc+DfxL3IuGZ3gafu4wQWHrDm3ybWIK\/I3I5e7yodEJ6fEc878PGjFJ7gdMVJMYQfdjkEr3cvsLO3ev5PprhhyN2MfuSZGSP2H94H8MNOTnFTfdbM82ER\/6O9mzQW0ZDtxh7WJGyo4A\/4o\/GV01W6DINgNe\/PDyJXseLtj30FvkS2LHgQW7ZlRm20jr036CiPajN8x+rc90LH7A3+QD3Jdz2o2Dbdju23WlNm\/FJ0UEQ9ZbybmUjIjRBlxkZUiiudC2uFYzplFNDcXnhBYKefngJzKxDkpByh01M7L+SjL5mRJ4XyGXgV8ocDCKJtBC0MxzcWzV+8N0601h7rTce6j0ulshqIFS+iD9p1XXpYT\/14D8arr+T3xGzOvzGztPsoLMstnQ+UnwB9E\/6dvCAPKFTr+y1kyhcg9z9m7AfzAZcxhx+h6bbJtXBdC2AEds0cYgw7oMJ55xd6lArcJXd71At6lQsckt7yeZZOG7w5ahMcSyiC2eP9h0DXvdkLgMK2F70u+BGX7aJTjUgXmTjZ3hPVmTorMcMenjIdkRbjPJfifWz0UpJn5cE56Pv0eBAUBPgY+H3+YfAua0o5Iuv4t03fo13wrT8E9EgzyfXIgIt8k+7xHtpiY7KPtOYLz54h8AHZYEthhHBs9l7KCdsZcsIl\/Qi0mIqFC02wEORaIPhFyS0uZOMfnZ1jqfjgrLFCZ7OAQWpb5iBdmwhRNkSxY7ckRz8w70Mg2o5Azh23rio\/8Hd9hdok0uBE\/SGXMD4LlWSApWWLhZx47AaT7t+JN+8+vvPzmd\/\/urduL4HNxmspvSvH9f1EAx2aPWIo9vxAKFvBYoPTmg2We4bIeB5RW769AT3KHLorda4bnvhf8v2CPUFqzpGQpEePmgthLsXzEMDBYVKLsT8dg9l4AfgF8us2GaI\/a5cysZQcD33\/dcqle0HFtc9dG9p7fJY74rJ2KUiThoCg2ETTJ7b3IlnqB60eBHcSgTUfEIPBIlBmGgy3bNzx5Dfw74jrxZwTZ3Roi2vcdcuARbIf2ORQHpmvtDe0O2PHIQcfdgS4Koj5DzTiUI5k8DRay1gKQXYEEhgxYd5HLLSwQmpTtH0Zi\/u3H3n4sDX6VeMrvggD5EAHqeugwFkMGR2iWdzhAmZAODuXBOeIpHwIG0XCGREc8Goh+DHhXcF3aIfrIgmHoDV0KMTEEvwEdmZs3QNxiwl8n\/oB6gzKdsLPX7mSNaHfG6BOObMAu59Hd0JRvs69EYWaHbUo9SslkOJM7RMdhlycYgcizlIgEnomZNwUzHLDbkkf0mZiGkoGu5GwyT3PQpw2KyOwxNB\/BTmjBCO7NOLTDcllfStGhOMPvHX+vwCqbMpfqZuTZZion31aozKPmEVRtfcROGaTVRLdSn4+Gg5U7lHVSoDiTk40izKSG+QeirJdTJKknCdLAr1tiuGMBLw0PS3DxQpwyO9E8q4Dj\/CFzVp4V91jBf9fmk4Ii7tGA3BWYGSt7PCvTKVQx6X7Hl4bsXWTOGO7mlXCG4+CMwPAZyZQFoiWhfDq9LR9LISBYYscNCorDrRInreOZbiGij5KPC315lpgVTpAVhiXLKCOq4DjH8DnuAW812ArWHIbOgnfZa17aRs3Pu1U6a4iQo1bCh2w6\/HiaCD5srxi8a\/bn3ZVCzlmBq\/4JJhWuZIf8gv+497NmZlCmfyK4180MQjRPLwYfpO7pHmXm5D7P+w+SJ+1TztJ\/B842sW1nexLiHQoh+u3eX22\/4Hjy5uAl1nE75JbhdXZdAs1uhnG37zicfb3poc2239lU3A91FnkpIxD04fVH0seW0tFu32x9d67vv3TjZTPj\/YVCUrftHfof\/a+8\/uXX\/yY8bAooJ8jxTGu5R7T7u9EtZ\/PO0Hvx781tYAjmYMsLlZAQZqkMYjPhXE6eYRdy\/g23B+7kXGWXuZ73Tm7J3w++a\/eRaAHf2us6wLjL7Ua7fHO46b5KvZ67RbX917jNVMC9yTX32iZntOH3BAPsMb2tv0Wbsh1ucw49lBzKQpvSXcsuvZreYdjOy3FHJNht1M578JrT9V5GjveXnmMofgfRdnt4xEHEXd8XtsFtpzXz9+BW681BJO21+gEzMIcZImXIVhQKIvg483EW3m+f6Kx3Ufga803upjKgt+QyA3SG50zdRe6\/XzxGrPDAgFeEuGx9cNAnvoRuym8pIr3Igk34WyIquU3yFvs2C8PjDPhb2BG4HDnvLfsk9Zc8+AjzKxT9AZ\/mDgfLwy\/CFiMSrzHgffQ3CPLrHGQXvUM2mAX\/CNfpbJFHs+fph9lV6oSr+Ib9Ffsrna9f+Xqf7p0g\/pz34TUxhAUhzt5LdvJAp+8TO2wbfGuJubNptvPDWBr0jUxwEqTgIpE3F0k+K7gkb8AZ8CD8yaEZI1kJwmr3hNOObrZB4BId6Q0+oNpRk7VYGu06vGv9OLh+lgG\/CoVhvC0DIu8veS0Z\/A71\/5AQooKVIgpeELbMLdoSaKYlzJIhBHPkax4xi4igxUUMWCbbnpMehmQgAsHhgEvc9WKmz5ogRhJiPIkWgIHqSJpDGU5y0p7vb7GO0+PtDGgwDxAsSxxqPe6+PDSDXs+Od+XX2Sy8k7mSHrBVTwTL94ML8Dxpv6xw3I5\/e2A7HdiKt4WWv2uE1NsWAu2vfc1jXQ90usYWYcu73s6ONGxeCbaEuwVv3ZezmUrh3h\/5+L0\/w6vxSuZwfIw+Nngf2jZmRPAQc4y07kQvUi8yAdjkW8x70TKTN3+WAwWmS7ivwetQZkz6Po9DS+fBc8zPBNLD8SPsArgUXxo8716N\/yj6o0CgHvXezZzwMmaL+xD7oeDdrtj5w\/Br8frdKy3CmItv+Tet4z0Y7fUWolfdWc8Pv2nMO4B7C9lo0Vjoc8G1\/FtD1m5Gj934Le+\/ee29u8PXrb81e8PYsPu3+ty1dnw3vQneEtt5Y\/66bGfD7FaKZY3ZHHeI49LQeInZUWKBQ+\/KvxS2YS83e99L3DYHpO+Av47\/Kvcidxp+gXuVo4QP8x9iOfbbXEb5ALnMu\/ynwHv8GbHS\/7T4fZ5iQTk4Az05ygXAQfHtWXrE5iFFZ+h8yLVfFcI6eCF8lBB4xDk0KpCikP0QaGWMyIOkksoLNBTcbJyhpTRDigVJyaaWw6NvpO5EZN\/wPGBJpMjTIP2WYfSub9+6ag\/c235EGYFDt+I966prAId1gcc7IciEik8x6fg9VwXw9+H7SZ\/t24HlB5GXGhQKtODzT4FfI6\/YlBZGux8BNQ6Ao63lluQLfiYtERlXubq8K9jLgLtlXQuvydcW\/ILLpd7Dyau8cJQ4FEA7Ni0zCKhdFyLgmh4ZBBG4agHg9PIeANt9O6DscOkm7FtXD30htcfd4l2xJdsCIlkYMZABi\/3iD\/geHciU0lIQaeX3jndZIN90wx3m7pJHErRBN2evZS0iFropywGBjEQjtTMfpZpRKPREkxBYlidSfWi9+2Y6YeGk3C8Q7O6xoeQ4FmM4VpMeRhbXAYZofCj9e+B0+DoSfZ5XzLlrsZfei4x1PX8oDUQ7sI+ylBcNVlyII7q3SIo+ZMRonpcQY7GRRBFvz7qAWUCMCUyhxbp0K9s6RgTbg7t+AF45RJh9oit6xJCDspV1KIYHUBKjDJO\/L84+KIgB66YAkeII0pQAOMEyXYGkLJFMMzQ3y5FMio7J3kIEHZJyD0NGPM6yTEiIiHajgHVoD\/XCDmNLsaDMhYsKATJunmE8juA57kiWYF9Jh+IQ9AY+Ex5rAzndOWUKVsDM2SeI5d6h1oKfijM++7Zw033z7be2ABr4V4nXPNfbCrfbe4HbNxHYc285Q7\/V3233hqFJbzrW8Fpr53bHsYwiOB7\/ph8vMHRqiV64FndnghmPs2eA5EvbEPhNLr7HDD3SF02441gk8tlY6Prf7jnXHTokmn1XseB2txcN9G6O4exUKNszcsZhIRsI3GGChSvd94IvxL\/qE932Gz3fIpHpgNDv8oboolix2Dgrpe\/EEU+Jt7Ieuh3brodjwt\/qIlva4+L8W6vfzbiQ+uUvF+7wTM5RGDntkgi5AGRsjhMVOiNxc4UZmUlFJNxd3pNChZEClpTsVNsAjCV8GMyDF\/0ozNqeD66YIJLcOB4MgMdZ9Nds0QZ+XhYGkUl7vkkNC+bcZoTETuhTfR6Ju0xIcELM0YQwm4aeSOcQhJlAcAUqZhhaDCgSCEqK5GcpQQISTcbpuSMx60M\/CMxmZ9uNhSHbBq4QH+8p1GrIdt1hvCvYtiW1maPgT4DlhZFF+wHh22HGglDpxo4X+EYQWYLXlcIwJHwuoFsopqIUJBEPCM5jA0AICAqHGTYW\/ZypzIKvgl\/3YtcBERwgaNEBR4htwfNJFHAWHUoU5TMckgkR8TS0YC8zB66CX\/ACxA5CBI0oPHaFIkOK4mgoAMAzdMDksgHPLfihSw78JrHnuvQsUIlf8dxt2ul0ad8PgGMDZDEB6XMkGcaG2GNoFqTnozzMgnwo9+Y4sEJAz8qQfMgaAdkRduRUFhwlvuMKFB2mBbDAgkwb8CIAx9+OwsKw4wE\/MAZ0U2rz4EmC92gyoiU25K4hwwT+PeSj4GnwEPIpz7OuIp+7HYWI3yajTED4Azdym34Q9UUr74umIMzZCpHlKC+8kRkSVzk7DxSPsBe42RwtIRCaDmvHpttnSV6hWT8V8\/N8yLBDFiiW7BHkCUeKUowICaLo9xw2SjupPg0ExFl9N\/JYr+cAHw3kFXAP+G1E9Ie7hC2YOT9DsRDPcDkSBrGVMhjIAzbDehwppj3ZkGwiZnu5bojMQTjkAWNSPSkP1sFXEG2C3jAmrYwphcBXnBQFpSwVzNEkmfZnetaQNLltWwEfAw662XXd2GFd36fdBUFylSgjeoXejEutgevULwHEB8uGPQhDRDoIWEM7pgWH9WOP8b0+jEQnsrrwLX\/TiKIm3ww8\/irrSsK99OHr3O1URC+g1VnPyaUfSDN0xqMA350jBWsGMCz4Seq\/AVbuUQOfdmTE0UsgjJf9AWn4ey13t2cOA9cSXNDjAIRclBJ5ZHu8ydDZgGLnJS6S5605B4ZpirFyDLhIvOIjBaF4SyRBmgMXiYEXyUhEVNAWmzRFyEvg+8T\/5UVHvKzHkbnt40EWxbHiplAUGvE3RRm6pMF4YhCbmW9AlmhbQ+CiEHSzs9zhPHg4epakrvMG1c\/7pDvTPNwNjh1aIjiW5EQq5ZJEurf610Hfbe4tg0eij5KDzWF3z4ysvh+YRI\/rItsOBu1oyCKZnOmdAkT+UcCtOxwnUYXb2dZsxLWZMO3Ih0Am+g3iS8DuRhbc4wPo2k56oLgP9Y+G891jg3w\/FbMFIDsS+XFbCTW54heGd3jXfeVvQNx+ESyANPHFKOVwDsUdnokEmLdmNxd2acQNiagNh8QPUDMVgiybDjI0zwShAV3fBq0K8MBCrMTQnQtoRqJRnsxBCjymQCr4KeenbHD49Ydfe9iBzowByJlXgGEZMXrVc+MdGoWW22m3Ape0A38Y9gY+cJBJIIMLY8cPiF3GZwjgS3R24LTZbuSy8Qr4I+KPI5YGP7YUipDIlkH80CHwvY+A218QvsCH9BCBP0Nh1IFtMwj85W2xidqk7XtCJDA58hASyOwgD54HVRD1FLRO0IEApKFIkSxPk4IkAtZMdWk38Mlu3wheBUXwLeIkcRt2098zt+PO9pbrcQYAcs+Ng5khEVh9djvqOiawhV3kAIvz2HbUClDb7UbSAHi+pxD0rgBkKxcBmeXgmkzI4jrgl0807vmAu2KJrHIisWcNyHQ2zUQcLaE5ak4mZ7y8ywIR8vYcEHiJzHoLYjqmW4onWcGg90bftbYdb8hZwDVNgG4M7Gugv9iTh+DmUUAQq4TBbYOuCLadwJRCvsVvdu\/Ed7Mev0MKt4jPpSjFpRzJycOcAKAkAc4VWWWB58T70qmMSHMuAwgmDa6BLLBCU7FBQL8SD2HQz9lCnKU5dCgSXIYAWSwDgB\/b3B3Shd3AJjrCzgtMlyMyzixM8zWXeNcyeAn8qzieY2iCdykoDwqQJQQkbzJ9p4l6vBtT18Jd4+oildrjaSFiCEBJgOHnHJYg6GMgAN0IzZF5jyA5L8vnuykzAIwf+0wcePEu7zsmAK6LAIIBR0huMMhGaRv0A6vTz\/cZS0GUL\/AwlyZ44IIvRnA2Pt6PUcd2OJtwsmYa\/C74l3GfcIJBYSsUtk98T2LyWUowOTdGNIAcBFACXwROlEvTIkj3hS5JwHbX9Pm2aM\/4y+B74LdiKeYhAzIphaKZSKC5\/AyXo8QAElKHNEQbBHPD2A8i2wkiL\/7zbRIasY281N694Bw4SoIbXo927RbpGA7cTN3pdYcR3LbMjpUKWWepq8RpcjZFpiGNOG4+lWMjMC\/kCgon0pJDmWIzah3xQGfGhG7Kp46BR8DPE2bctF9HXthudZwecfcu5TIxsFyPN8xhoS+mFI\/N86QtgOwMnw4lZ5anUTQQfY4E8\/aKQOREUUILebAG7gDiSJslUwFsOibfp1oO6Aq2E3ntIWsNjt8omPcpxLE5wIB18A8gPrIL4mtUMMveB34m\/gTZvdcRenDP7dGe3\/WR0HthSIQD1\/Ki2L1zl77GWYQR9Ja2HyTAyRMRYH0imsEVj5EsGKXaaZAqRCES2yrDBxJDQeLoLHg0\/vdkmB+IW7CPtiHBeuyQ3yYCd+hLxgoB3QilWlmGZTJBgcsg3i6DhfjPSSKF5qgcw8USV5DSDv23pE3fHZpG983XXhpGA6FLE9RmEEI3dN3em67jkjG0YtCf92fp+wazhTT3o3TmRtyfCTPvtiUSIu5WbMoKQ3MLseKwXuwtoDTkQDP8FdIJIks0WSCzUbpLs+APYpoIvGEQoZQvKR53H\/jfYxvAmfhd20JPovOhmOEImSKA4EVgvk3vxi6zG8OFiPfJmwC8+bX47oJzjfqeMIz+K28Cw9uTI1VcEGeyKVKMV\/oSu2LLNk3w4PvxBtlhWu3YnYt5P5ZFJhZS4DfIb5N+SHlDFDGhjwDFu+CWvWqwzGGRVsyIBb9LvkQGxuFMzLuUa9noCGDjm1RL2KVsxon8QPL8YEC7EUK9+MvNL+8aN6QtdZiKFJrmV8UZNxfNCdzxuSWB4cOQV0QJ8KzLcuDT5Atk6EBAMaSvwJDthmJSb8AMIyCOkn06cOie1wddnloAP0d+BRxz5jdTkShnYC4QaG4mUizAZQLCth2A2F5oGxYdCw4MuX7cudMDyFkDx8h\/ES8TqRXumMBxsymCkDieWuBo2l91JU\/M0QVlBT4cClwuvN8OOnQPWcaA3Fn+durFyHUHkktYLMU7aYN\/+2+vfMPZjFoy4Fs8ev\/vvP93FPDvyG+QDOXOzpzY4YzX2nnbDgfGkGpR8YqwQKXBFsHRBOUTdDpaOnHSo\/sUsI0oogPHAW1LeGHe5UGPcKlULECS8RkTWEHk0z4Lfpr8KrXJgyGPyG4uFcuL4N+SaWrezavznBIVDoWziKX4puwrJuHZfdRRrPmBMAwBYwFbJHc6A\/Lqvd9U7sDdZfAi8Rg9z9I8GcgkEAzeE73FrhKxCFzdJhwUbIfAcQ3DBwZyXeA7pOU2H2jl332vrDgQkORZmg1YJqJMBMHXo7RsyaHH+xBA8I2Ik\/Ohz\/cp0kkDE9DcHMrI1EKY9TIy72UNejfq3zD5eM\/tUb3D3SpYJuoc1Q23e8Yu5Lugl6JAtxX9oDckYvm6ZIqRZImuFxlCzPeCkHOFoNA2QzFY4U4Usm4hmu\/SbJZdu0NzBZ5Q5FmfN4lY2UNdIBVCBkgsHaf6qTbZTfdix1sFS8STHNs1HLbHsxki289H6QEx8AJgUr65lwUFSAylmHEKM4iIxdmQEm4UwHyP9U3PN+feXB6mhrAdngL\/kXiFNZrxcM8J3FcPdb3A28nukV3uyl4qSjGSXyBEV7Mzzs41tjnPZtHsgCNJKz3IxAGbAlDgIhYWCJTK8DyREcVYWQhTUkSzbEyKJov4W3G\/sxtRhS4M5J5vzTIpl9hr3QNeASc4LkMUJCe9OkfKQZ5SkDI4uSntsgwjZTyws7oHRfKYmPH4IGcGroDyva1Of4h+sGpm+\/JV\/lq4\/db1N2VPZqTBIfAYVRECinSHgyEx3HNaVmjmUBg1HS+2aMd36RhaokDHIhSbUkacUWRfiDNiyB2WOFPOAIO8yhMiz5KzkGpmDNgElhd03X7UFcMUXXCoVGb4bvA2dZWhCosf8DOgYMtIk\/OSW8i7s+7JAe0uM2qY76yE93NryrIzS85d33UhKYZ5NuWnh1kvil9FQ2Po3rbazC3DHgrdTa8J7ni3rF3GAbvSJtUOt+A\/iGbOIU15l\/ku582xaYPdFHsKOg8q5O+xHhF4JkkNhtsW0bOcuOfAwV7sIZdE9ood+2YoWCJD8hkBvqzEhM33h56dcg0vQJIZ3hK8MHh7QJiWsbnb2r7uAOPtAXoddpwbILYHjseg7tDz3Vyn2FvuHneXug8O7g\/NTWowt80KnJ9pyjJQM4FgpUPeKMxEc+8tK0DMCP3DQ15Ah6iZTH630I9szgbkoMVsP+CYHXfzwWjRlrz6IYKW26SbpaV4VSIYl0ovnUQZTjEFxwtnDoG\/Id7DDgDt9YjDtugQXZe0PNoNQtpYsSUKmizNycJAYZ10LAwJpPfsyLF8W5QogrkliOB+8j7W58yYuBGYXJeOUwoU0LzPy2CdvMPciUGffUswya3lr+U4udB6wGGNw\/56DbxIFpheO2zBO459W7HTVm8Ivv4SubvXcuQ+ZYs9GrxmGHCg+Om+9\/uzrLDMx7SdAXx7tmutUvlIoulI4RcyhCiCFEOCWYaVYomHkuyBHAu5mBOyHi\/JP2KnBox7pAr2SB16R1glYHkGSCLDckj0o5jpRT6XWoqOIsr4imN2Wdd2CQ+BjsEi03RMwvdA04\/AwLJ6sbNNDoOANMO2eCObkyNqsOyKHOWekN0CleJpfjFN0xmW8lNHwQ75UZgXUwEc8DDOzKXpBSfwKYLzPaplRcSMP0\/d04EkE0htirw+uMu4GZLwGRJanmv5wHR82vOGlH8EfJT6NchDSvaOSBQtusvxI54QSii0b7teuG16ZCswnDaiAhS+zezELZEMZxg2SikL4i4asgM5Q\/rr4P3UAs3w9CyS+wpxRAyzq9bigEQsMROye3zzWKdoxszAC4NeP3C2nCAccHuZiBhmmmRfbEVXrWHQVcICxfYVSBgZGuWYrDQQfdQfRrL\/XvAvye9QgiUC4CtUyhZ3csM0ZAUpZoYnmiw160OlJ0dK5h6fsT1LJuCQQTlbCZfgCiTorKgAheKGld5srPTIK0bIWe4mF6YMsttpZp18DwSCQ9ibTU\/+0zmHdoxrzG66Ddvrd0ObMTw3l3CPGZYTuZBwUlEmLRIBw8wEi9wstWrYyBqSO+4bf8I1FcBSn6OAp7jASd8USDakFh0JBZ7o+052CFbB\/01fB\/Pzc6xgLMZZGeQ4lvUefBDkRRjeI1OE1Dx1G7isf8NoG9TNL98dDFNWrtlB7ZtuxyJ3+lbczPmlW8vgDF0mUQGRlIhyDukHvUIYBzJiAjdqd4S4hzw7lv6jf42LBZ+W5nyQ42ZEmsnwkbh6CmTpXyLhCVMOkE\/EaZP1FqiULfknfcJ2LOiFcdu3nTga+MO44\/Zsgt9GiLvBxlFnu0k5oUM7KYWO4tmcSXksAR22OfwOdMidwIExtBQ+hryfzpE8Q2Vt5pj5tEBAlsisgir9BrHLBOa1jB9GTr\/jMNwu2EUma0euaBMDJiKHKKRthiAHjC27LCkgzoWMgGYeCfOIjH4iFHy4CL5OfZxwI2AFdN+Ke4HNvMqisB1E7G2eJBhfgBS1gtKZmGQF1ksJWT9N8AFvE1nwTerLBBIRgcytVnjXbdL97KbM0gEQOdLLSEUo+gUSKuAFKk\/CrDeLeC8O2Y5ENANyMOSDDLmwQ\/pL4DeoChksIgLZpL\/rC9v2DfIlyaYhiQIfmnxMG2zEWVR6cYYvRPOI549GzPZ8L3LoNPhpOks6pN+zArcFOgyibAGwdzIBMwsqARWLdi4LnqdXyYBv8dYNoUNYdAi+4zdThCSw2UGaSKdoKuMsxBkFfJ4ukgFlDrqM5xI9fjvsSVTosvg7e3p0\/xoo0QuEDZHvcjb0IoMDw96bQ2jM2F7k9QjYD2+hkLHhXRRghiML9CZ0eAIGMlkIgcTBLGQDmiYyAcUrORSlKMklUN4D\/OHhygx4jvonwmGisrBqL7j20DVZqufv2SDqskO\/TwzkmLElmuF4m40gFMDXSYX0w+guDegdjvZEcCgEpHgEvIv6DhGnmLSnkFkB+ILph4hqoR1LCfZEC4Um7QjIHRQsAnZsJjK6HDD43rK12OF5lqQYCIQT62CH\/GUqdKBHNf3X3Sa95bdo34odi\/c4NjJhzzSi22KfaDlBNBQ7cStvioO0wBu5WeJQio\/ukefgLHGk9SBxrzhHFOy8R9mRNYuGTcYL+4IEPkAJJFMIMy7pZ1EQ7\/Z2ZJ+CEsPYKaBRf0QgEPpe5DjSQIhyUEACHxAkdPkWibjD4HPUhwlrJkhTnCG6LnSo27ETIOg5wfV73GwY5b+X6hGQt1lAGY7P+iwRKzQdpJiYZDkSpnPgr6ivAScKcm4UOBT+ZotDBZ4FbHkQ2AIhKhAQhyHtzzBgj\/oMQLQTk5ZIEVAELvVZYEQxskK+F9nZXeCwIasN52SwTv8q8OguchEw9yhlF3XJARQPZbhFkJkFj1Afjrm0DclFG\/rO3SB2TG6IEGPYHolcygrtJQL\/\/wEyyXJ5ZtY\/DrbJT8ZsJAvQV6DkEvwSzfACirYE5PYVgneVJe+DQPM45zjNOrPkrEUYHbR9o2VxjmWgYNAfEq8N9kgna1AdEVTo\/y0eUt2BeZ3aLGQK1vz9Fm0FwSIHfjYypb0F5Cnb89tsBLj2IgTr8RckjyGGkuunGfBg\/DkpCLMDKQDMdpoB74p\/UyLaVMARoewIEPzr+DOSBWdvkNRwgQGX40clj6MM3qUIV1oGN4NX5J2uO+DMjCR6XIslWGWJyrgLO4pLspaI0l24l5IB4geUe4gVI2HTAgMfOWQYzoL\/r5wz\/7Hrqg\/499xzz7nn3PVt82bfbCfGieNs1ISlRUFNoQKVX2gL6iJUQaVKCahFrdI2CqpKU0FLUSuaqrSodEMVrSCihJiClELBbKlDCDgJtsdje2zPm7fefTl3qa5fH+95PDPYENSW\/nr\/gPfO9\/v9fD5\/md5rTC1ZjDANc7PPmRnRCNbPBQwGUf9s376MutSV2kpqaY1Zbd6Eb6Tv03K9heJ4kJPYcaRB1TOymsdRuKLMPwoPZae4\/ULXzy\/IvXQj8FDidWGjuq6DYkxJtw50VA9ZaOWzTsjrsVNRi4XBPNdyi9mSwaYPFVblAFlZWqijqtnnMuOxSgWv4KolqwTlnACttefyWS2tqISTTGOKnmtyVS0UW9LcGVGVaKKzmYB3XYgj3HETdPoeUUlwXFfMujLP59O6omTznCkBdVFOQhQoPTRQmNGvhHmfBDgnfeLnrnLhTpF5+hYjLGSYtPHpgwO6WfT5Z9xeGNhPXTwdJ16xFfX6W8aGilPf6VW+pLuz5Xa3wxVLOEHW11QNq8zK+4PYHcRsoKFmi+Dm8fy087TUZfAovI12Mv9SJVjMVrhvnqlzuB\/9CaP9KnBO90VyGPpp0D8Ob8T3Ua2gxr6ecdcBKz7ItQaSqoYlMYf41XhxYGzGkZLc7c7kepf7ung1ns8a3iLMJFybUVZgSZmuLZqBoSYrWoMtGyYx0W2KZPboILZxJ\/eZ2D8TzRgLHKZqVNOA+GpFnoU5947n5jtKst+Z6TJYYlW671J3K+66eDPu90krK4IAdNeLonM+Rn0aOG7rhWQjcMQW11hqWFrQft51i24YOGpWDSGpmM24VhgBTjb8MOg4gd\/sKmtzNgjXJ4m+HuX+sRNnvpq1Qk+JAz\/YyNrtuPBNwWR6MQtJhwW6LHeV0O\/np6N2CyPfyBNba1Wp7NZE1p6RKvUVREI9Rme5ogeRQ\/obz2UDGpLLIrCdSpG69JvGOR5j3+jQQRrOPdNMcksFNapIM2121kqsXiOTvTypC5mQjDdkI2\/qCp5jirpMMINN9B7+dLvqW3lDtyoJ97Kj8DH8DGS6LOFGTMRCkEcED+LBIA+UoN5XB02opHIqNu9KpThVfdxzo8gM8iLq+3lUlWW56UyfQXZzTXfqCb\/kXuDlxCuooiQUpQxURctkxBnJTJkziYGQDiLJGsQJ9tPG1zUJDqtwF\/44UNXRL2UojCMSzxaaKLQKvEE+Dpkn2Vo4BRpHVX3GL5IkkTItFlJiOyGh8CtyCIEy8LQ2z+iicuV3Tb6oyVoKFa\/p+IfgsPyFQse6I28SwRmNA79RqEFDqVbgJVttfEtf9HpF43IjNc7X0lk3S4KA+T24KNbkMHSlbuTI\/tQSqeF1JuiU5hs4X6rBnWQtd4U7PbjUf5x\/nNfVb8v7aSGfNEy85C5ry8mstpqvLsB9+CMYqGsU3KhcboCa0KLfikUcoEJorqrQpH\/OBN6jVPGJzD1M4jmM1QATAgr+Kyw5VVfUHVaDt+NlLOH4iLuM9bQWKULPRKDmDrWTdbVTtBk2ReU8hRx+nVs+1CKln6iRCl+BD3JCDAlpTtawuvmljulReQb+Cdb5Ju7GU3EQ2EqYaJuW4FR1wwSFvk3TKjNmQoVYHCPTKsJKT6bwb\/Aa3r146Ka6OpAvby7D\/egDPEodpS8Sr5\/ZBOr+rJ8LJczVgRrHie5lPTlgiFI5ibOGW4eELUs1CnpiUJpICmzAe7maJTroIThbdWSACyf4FiWDLk0Ds0CJnuU6A8uFRkTq8HvwTUXGYTVAksEUp+Ly56RE2WSFvXRSzUy\/kmmxJbF05Qq5jp9rxXF80RcD2s3DwJNc4equkcaWbFVltro443NFLtRpybQsDTFfjZC3FOWFG+LYofAAEN7KURCnWlibNeHvcAMVVbYcK2IQ5XmcINlOU+RIhAlV2gdvJ6+SnMxdtrut6b5r19zIWQziU1\/IT\/uf03zaaZBaoKt6be6VPOcbLF6G6eNED5poTjR53VLpcjTrRBacxP+BBg5tC9\/7htJXckWWKrqBrFglOszE9Qbk+DBK1NxKilQlODcTqbACLpxY5IM042tBr3HKFNVDYNZhBb0gsexWjVLZ0tST1Y2Dp28WiRQuX2B95MhCeNyzE7l1ACq4qbW7HTSIAuwEweXidGuDORakZ4JNaNmNNTdylaBGqGtGtG5oasM06UvS5v5GaM4fmtWbmcHkqQ1tACa8E79B42aLiPOdvrm+5RdbjayiouatWnvGX9Thw9LPq7qW64ylVix5Po3SwEuoy2Ea7s9\/U\/j0Yp5OyVwY60yyMuWpYNDLBvzkUp1nzWfxYPXUfl7l9GhQi9E8PIQq8jNN4QxE7ymnD3bkJWueW5zXEg0tukhuAmU8V2nC8EK2HBPMpyxeY6+4C14vfVbKmoaJLVVtdIzDYsZZev6e9GUhAbPPOvNbUl9LqUTP6sGrZNnhz7udL0bHw17bzkJF4HPZBo2CJJSSqOmzoOJXheHIYd2dy5u+3pnz7zwNwRxV4EnpAxKRC5PWIydF0ia98iWbDTs4YAKpt8GT0rcLT1ljKY3S7FIUFp5dRK0gik7b62cy8ESMzg6SIr4Utjc2koGfP6uiiklzU6nUpqmuKOaUzjSpduDWWTGvmkZ1\/2odrEhHdbG0CMfQOQneB+\/9aXgdVBKd8IwraN6+Q5+RarkZEEqSZaKuGWt2Jix70c7zYwe+tZKmLtqaOwzHkIeeB2hFcPNjNz\/WW9N8tm6EfJCFWswKy2NsFSp4Pia8CvWlCoqn89lwvs\/dI0HTqltCVbiJzXQ+VJLVmIRxiD0xoMfgCTgMH4HP4S9+ubjk9MCLE3CUKOqFiXyhehkcJdYAB02PhFVH8jQFabcxos6oqn5AT6ctGupET0lhRlXX7Fk9x5NQJSORuDi9eS9UdRDwRpxzQhM5hNRLeBBjUQz0vGaqsAHP4hfgQgv6M0\/Ot2p6p67crR+pXvGvi8+HXSk9SBuabuJoWiopFbLEdUc9q51utUGFVvFWyWdeUQz8BLmzlNBcproJP4vfhVivsWk5XBaKTBCPbg9FrAZZbPsZg5\/B\/44S1UXBCyRimUbJ6hI8in8bEQv0SIul1AiR0GWak1RkshCxFKpJlGSZlHa5rHVC32wjomIl4ARixgxfhTfhP0W5kIsgTJDeMwlVvekkYXAf\/muk5CzUdYT9RphGHQrPwREhVewCOoSy4g74Kfg1yehxkVyWwukBs3VR31LA2qTGvIqtvpkTWSmsVIKGjGSVSjLzqpI6N6XnRCCdSAW3c1uK1bM0yQrfj3M91CIs+Ja+9h1xnrhJVIevi8eTscVS2h7SFj+jXdbak8bHZk0FKX1ATFKnQw6VwlL6MCkpx5J4dIUF30h\/UYvryvzOL\/vcaMKJ9D1GSPaeD6YOLy+Wc0QkL8Jt2T8Yo7kjrhTm5OSx0d57XmFwX24a45kp1tZu4fCPed+42vPHMoXHcmymXtkCCEC4Mnw6d2yeIznICTyRL\/73XcU3CHw7N43yqlJeV\/aBnbfw1fe2ME8n7m1ackdQ3tsoVLgu7XxzO199FLr5y7T\/mdlh25TVgYvDKWsVGv50\/r9zyto++95dvINDNHLFts++22djFX6s+Awf2XUEs5tKMtd2GfxycZQLZdInK799iE86Z3yZwluKh\/UUylla8EGTwAPFG\/XhLG036vBg8RD73vZZJFF4T\/GI6gQjs4\/Dg8URfdIqLC3DKvxZsa6V5uFeZiKFzxY2j6ORtafAF4o71bHTlzQ5fLQItUnj0bYC\/EpoFb+rrpNJA\/HGrcobdx5jfAgW4Kv8BzcGj1aHvuDQQDRgGkz1WktxaC\/Owh8VP8muz\/Mbe4EvgZvgKL9+03L0jj2wMrty7ft16G1+Py99Dg\/Bm6noj2f8TpaECnwNflwM\/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<\/script><script 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:where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n4au2wn0.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"console\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A10 \u00b7 TOPIC \u00b7 state-asset-portfolios<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Sovereign Capital Nexus<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Established<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Topic dossier \u00b7 Sovereign Capital Nexus<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">State asset portfolios<\/h1><p class=\"nx-tagline\">Beyond its funds, a state owns banks, utilities, airlines, ports, mines, land and stakes in listed companies. Together these form a portfolio that can rival the visible budget in size yet is rarely managed as one. Their returns support public finances, but their losses, guarantees and rescues fall on the budget too. This page sets out how public commercial assets create value and fiscal risk, how the public sector balance sheet brings them into view, and what owners and overseers need.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/\">Back to Topics<\/a><\/div><\/div><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Dossier<\/strong><\/span><span class=\"nx-eyebrow\">A10 \u00b7 topic<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"#nx-sec-brief-answer\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">In brief<\/span><span class=\"nx-register-v\">Definition and scope<\/span><\/a><\/li><li><a href=\"#nx-sec-question\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">The question<\/span><span class=\"nx-register-v\">4 mechanisms<\/span><\/a><\/li><li><a href=\"#nx-sec-terms\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Key terms<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-field\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Field<\/span><span class=\"nx-register-v\">H3 field plate<\/span><\/a><\/li><li><a href=\"#nx-sec-indicators\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Indicators<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">7<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-pipeline\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Pipeline<\/span><span class=\"nx-register-v\">Run graph<\/span><\/a><\/li><li><a href=\"#nx-sec-sources\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Sources<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">7<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-decisions\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Decision holders<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">4<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-methods\"><span class=\"nx-register-n\">09<\/span><span class=\"nx-register-k\">Methods<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><\/ol><p class=\"nx-register-foot\">GRA \u00b7 Established \u00b7 service level R0<\/p><\/div><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-field\"><span>02<\/span>Assets on the grid, and the\u2026<\/a><a href=\"#nx-sec-question\"><span>03<\/span>State asset portfolios: how the risk\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-indicators\"><span>05<\/span>What is measured, and how well<\/a><a href=\"#nx-sec-pipeline\"><span>06<\/span>From sources to decisions<\/a><a href=\"#nx-sec-sources\"><span>07<\/span>Where the evidence comes from<\/a><a href=\"#nx-sec-decisions\"><span>08<\/span>Who decides, and what the evidence\u2026<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">State-owned assets are the banks, utilities, airlines, ports, mines, land and company stakes a state owns beyond its funds. Together they can rival the budget in size yet are rarely managed as one portfolio; quasi-fiscal activity and guarantees can turn them into debt, and they become visible only when the public sector balance sheet is consolidated.<\/p><\/div><\/div><\/section><section id=\"nx-sec-field\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Spatial finance<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Assets on the grid, and the portfolio they make.<\/h2><p class=\"nx-lede\">Where a portfolio's assets sit, and how much of its value is most exposed. Hypothetical assets, not an assessment.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><figure class=\"nx-fk nx-sf\" data-fk=\"asset-geocode\" data-gl=\"sf:asset-geocode\" data-sf=\"asset-geocode\" aria-label=\"Interactive map: sixteen hypothetical assets at real towns, coloured by a design hazard score. The panel chooses a hazard or an asset.\" 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a\/TwHkz6HugAUhochUDGoqnHTbFkbETf+nZAJKEAxaFmCjKICuZGlbGOSjOcoEC2Jt2tDtHtCRvbDk4gC2J4GhwFYIdxIuD3W49T7VJoWRB9JINftDMWPgRSfikcC2MQlJgDcXBgsPwLibJFCN4WroMqjjaNzDFVlsnVieFnYHfZuGTuRHCw2QpP2g9+3EnqTUHJGEgpxlANUc1lhOqijfleITBI8CR2Og6gQMTmReBLGMriVitZDAtx3+w6yx\/eCcUlKKSQCyG37gpg\/ql7PwY7lqmGJQqk\/yYYQmFxA5JGoSvYjPBuRDTE4JWvMqRfUpi3hcpI9lpjnDGqpT8jARpAsc44+wF5VKqg9AW5BITkZW0qaYomsWEFQXZKDg4QAK21mkEdMgTh\/U8VSaTzBYwZU7hOOfagvgYI5G11anYByflBbueW69DzKNASFhxQFZOqzm4K64wsDQ4HRdG5p58nXfKOI70Q4wF6foU6gPc71FfKcAVrAzmLo8QPuEQN\/DFlnNjxsQMn2BTpDMJxgFSsuEtkAni8CvWTgybLSWjolxQaANM50EaNhd8n5F8B6f5DDuUlD0nO2abMRbOlJEIlWXDsCpC7BRHypA3xNNktgICj4TxGAQ0Y3tLJRPJutgM+iG6kYoiEx28U95LNqYYls7YISOIQYlXScYbhGfsPu0Q00SblMd0F\/xuzH7H+lOqhJ0oUSAdAcecKk8JIyvOsGAQSdtkZ8J5G9EjeNuUs4EFC5okMbiaFDij60UenSQeGVQksKZwzKzKIWZOYZg5qEslk8LWiJ1YDqGXhIOX0k9CcaNHMM3xIgdiJmIvy9BBjIwohZVIGRABkuZYRTSnaRMOVAD4cgKnZFap0Cc22CH7qV1MnLA9hZ8EpoUFKkAxrvrENC9zKoYonJt2tNtMijGZZrMdjaBnqYOpFUdgRDIyxJsMTzl1nMD7sMlmleVZEx0jZE4PGMnAMXnZZztOT6WKpzBbZSQjk0qUJFlxI8mMjL0CBJwZ4nhjPlOOjDWn9BWrBIM8FG7BDTYVQUJ6IpcbSkiJZHgNkwyVP3CdI32J4oBbuRhDiTmvMkmte5YNx2iRkl3G6VRKzZKjdhKPG0a6xINMx2gsVexQHCIe72OWW2p4cJCFTr1AZEgCJJhTEG7IcghCUGItiU3YMXQFzMQ8BSSTB\/fa5Ou5h54mUhlIyAlQVtsBIXMGLPBKpAzFNpFMkkvJTHNpETS2or+SoXUMI4FDYWQ8dCDnrKixVJGEmBvESRk0jCLDTPucLT+nPYxAGiP5KMcZ15yTqUjCc6jEuJGtrEKRdOAjkmWwjEbKqVT8MTD9QkHLnFKcdfJcaHEZBf1BXCDiQgLqnIoZGGUlP5kLNtEcZmN3hUTgYSBLzHhBnbAyv40lgYAyZSEcsOwIhWEqU0HWmfyWrucIktj5UpDoOMbkmAYLcAXV2YgRBaMPyc1ZztQGnYqspJwOUnDShSQK8iH254pk4NQ2JxIACq2kPcjfkkRxIVSyhTnjJ2SEnNQluWjmVRAYzGC1YFxpkAP2Q503leQ5YiqGq5yzEhZpBjSFuKcgtY2ci5WS8E4kDwGNkcBR2UKusUNa1KLRwiQixVZymoG7RuTfQhkjyVjqmygAe3JUe+j\/9TwRG2UB3L0AvCCwKUhKVtITnHRymvEiDDJEqUAYDf\/NGblUWRZqSZMKIGchclJrD4zAxW9jg4nUf2C0ATApX0hRsogqQxMn6F2SbGAeEr1iBC3y0F78Si7AlbiZoiGEcD7uSbnfBBzhCB+X65jhNeQag3gbxHUcr\/C6h0yeIaeBOAsU85Lq5DhA\/Ac6OQwXd53kY6DLXClSkYdcTOJIWZJuFDOQL2KOGMnksR1OOMDkUDflHAhK2uwQM654cxQo4VjE6I6ppCP+CpxISWD5SFK5opGJJwhs8AE3aWgQRqwxli0UzCSsTYasohmcNIA9JwIF1bIl9RGHs6Nez53U4SROiouKl0EVC8UlPye4Hn1FAOXauMhQHtJxdwFWW3ACSBo7WH0C55ZSiXpd7C2JGAVdHXYwelwQQ+pxMBgcUbnBScOcKYc9ai8Qg5qmYsWCvbuNtUPQMsRCpkE5iatUGWcNQdBCR7LxrF5nXJjJBcSaIUgifQ+UhiIxTwUFwZ7ozGmfSSrXo5EKeE2qj4XYMY4PuRkA9WiXiN5vWVQRCkmHMDqhxgnFGSuPNigreshZdcl\/aSNNEl6yNmEo5gd2+xJMBO2H\/JOxYtYTHQXRANdYyRYb\/oBz0QjBC5FBcZncUUJmBbWfjQyxL\/Iqk+KWB9jQKTIvXkmqlwxHbOQJnEogt8bpu5hJYlX10vAED+ejV44JV8ttWtwwxSCeQQiXrIbyRS59T1zpYQ4ZAHHLJBKcy3dy305C5XtGkRLKpiqTuHzTJ5UMNXsrmmW4yDXYJLDSB0hVKvB3iJ2QjmP+c1IkVxEQR9XyWgpSuR6gL8NEI7oHyMbxA2ue+LHAIYUJipsBkdjh0oOWwjUy9YLK2S66wU9lXFaNDRgOrAJY4foxkgosBRR32VxcuGX7yJkZqgtwkSXlERhEiS2yVPGOcsdC5xnJSjlLe7Z76UBSRpVoPHJprqyJ3s+wHhvtjHg1CHb0fxKcJQydIF\/JkLlPBaYg0DOq4NqKE7uewkLlwl2O0qVXg4WwIOXJuVgOZIqkEzf4Scadus88BBWNM9yKYB2S5rlUTMOmPsiV0iS2XVEcw\/kTStvAlGUxYx\/LZJnOJKkhnVEYWyI2JDncUMOn\/EGOihxgk+OK2EaCDeNnCabFmAf0VqUAZinDcMZRbP2VE4\/EhtwBRllgTIAYJKFcTKWkgsGN5EoCwgDHLXactCCm5VanqYrdGn6TMI7xNZpRLFeWHBbNGWDFTb\/IJEoPFFJaSFxL3QGhtMQZIpj0yuEWMym8Y\/O5hKLZELCamO+GuLqYJkD6jRNxaAEQqcPyCmmHtJLuRo6Rqch+XiomRpp7Y3ONHdK5VkCPialDJzaOsyFuqMrETHyCtr4EMDdD\/7BJYqqUFYEiP58jt829XEiYUAzKDVLMJZE0KToYKZjGpjCAfnhUF\/MDXEhma1GQkZUqoWakIfktMctD1QS2xklqdAg5HIUs0a6hKSR2cDFYoJSuRCpGBEPqyUN\/K7As96NyABjEBMooqJVTwsqgY9rp2AzppDrOvYHGEYb2KjJVYn7FJtXFxBlDmPXcAhk6dr\/GchThGKIbjoVNXqg8DDIFsxZQuI4tolaSxSkRMiZEnDZD0dpL5BLEf3KcIN3ESG9JsdZz5xpZVezUSH8Jro0W1IqyEZcKst1WEByntqjv0Q5lDYbeZMwotMhYutkMQlxI5tZzT8LFclmgZ36r80GklhFhLI8j2oX6p3roQuX6qjYmSFFCenEpdkyHeTkpwlbLY8fSqwDjKxuVXF3GW+f0Cvv1PNr2yDX0nks8ZyRD5dHHWxTcbQPSUqRdiPHjXDvSAzYxOiWuoWTGW0N\/obLSupACGiHQZ3cpgbrX0gmCiomRTiElvlN8BbtOtC8gRU2tDVaAaxL78AQsUOqZEUAsbfGnud40m6VIFTLAyhiUkSUgY82lN0dYIheExom6HI6BjIZPgAJUzEiyFAX2JjkuJOMTuF2KXSkgDKxgLg0lBVFdonLpMQvRy3CgLQEOfYZmS9pC4GwBI4ecIlQu3XH6hwvMwDdc8\/Lree4UtS1zA4\/d1NRjDW2TfSXewh9zwCaJExubBnJOTbhoA7lh2aMbl9vskcFiUq3nwSpvuItJGWk1ZIuVx1ZZ6aDJVewRyIfCtpchAyM3I93inGpCS4WT1Xn0hkW\/IJ1p2HMRQ2xpLuXkZAYBMkNmLGFYR2FJgAdHpi6yLqiYbMqgYgCm0a1JStyytXYiYtzMQIscMp6Wmws1NWzkMWKw0lGZBCVlUc+P1TA2shu8LfXVLPY3OtTQvAp4LmRSryZNNTwZMm17ebJrcjOa2ZGafLoZ+SS\/NCM1eb4Z+eIyHanVzSi\/zN693fDtNjGXnm83SXppcX92Wbx7v5P7XXKZyP0mo6Ewvzt2+SYPl0Hud0HWn12GY+93SRLXb1N7Wcj9ybv3+0i+bJg\/80TJ0+b3uaFJcX+RCf3SI+4X+vtQXDpZf5bQr0feL\/QPJov3G1MQK47kn+w\/hOwyj\/RPhX7H8C\/I\/YUb+G+drP8Y+gv9UpsM9A92uP9o+qcuDPKbmkF+j+Z\/moZh\/b44QX6Efy4f1I8l+cjlC\/uyJI\/kt4WhXzfs23kqbFXPvz4e+Bt9PBBHy7zxuK\/uW3ro\/\/DT+T+WSzzMunX0TLl8qF+ePfP+6Sz0HLKuF7uj\/296OLlejL7kETzhkU\/V2Tppx9jtk3aOfEZ9s+r2od+zbHr3i637s9dITxa\/WOXP9BYeEAcDv9haKb1V5pxooEEunQ6MGrYu8Y9+tm87B0Sxm5RNdUDG9ixvOLiJzprYORGDBxon6uM8ng1Q45ANmXn5WgXaxxenasib4w+HHy6\/UN3OQ\/lbz9a\/PDYsHpvQ1I\/VzWjZNnVf7ZlwxccH0Dh7FbWp7qsFXfHyQKLhg5fnrPAHuo8HdMSzQOKJSnuOGKmeN36ms\/EUk1lJskdO6I1DTJIXh\/y8Oz65wRPGNyePf9r67cnju5PGdyeP708a3588fjhp\/PD6EJk3JPHd2evFxxf8WfEpfgcXQKdgfBO17bSt1ouPp831fdnNqqla4bxAPlPnYTGpVn1ZL\/pnOt2vWuBkjWqq6sVrymyfsnElh4n8GqeKqFV1X3c4E+udI0XaVY+DMBbPdDDGw3wxnBtSqlX7hHO2qkrRQYRy9tb7x4f05DCeVsMhIsOJTPhgNL7Gzz33bK7v2eewkd11Z7sbVE91P4tL2zr2aBZPE+qJcuPrfkW\/kukjvk\/aeDTTpG1uRhGNdO2qvxkt2kX17jFEfKWQe8ut9bM35okOZvEw33Fqp877KIeBHTvvX8+c56+j8Y9E0WPn6b7Q\/rrR+AP7qOPmvd17KlW3Go1\/rpoSp8SQmx70883Bns5c9FM8omgmx2DtrP2KBPAqCuNtO30mmRyG+Fg9i7R\/k+w9MWfVDuuCem4djHTdT8fftQuySdVK9dVqXi\/KRs48\/Lmlo\/Gm5fxC\/anqZ9WKzgbZOl+xp+VMX7GNjeTjzSgfjfPdq+jdZHTciWftxzfPO2vbu75dbtjyzlrsiLzz9lW35WoY8MVRPB91fVuuXpzAY5JEpccB3f2H9Ig4rMhAxri6X9FhUYq59Yx\/n+ppP6N0WDJSMxzYdzOivBRlqwgM79yPZcaT6OrbXeSyZ1R\/YFBB2EwfOfuM2cwnTNpdrkMi94ugOUcE\/9iSRa4nnVqWq48y8w\/tQ9e3iwv1l0VNhxZ+ILk4QfzS0Th9LX7mi4jfB5wfebT0mRFhz9+O9HVu76j2KOnbOQtuWwj90UJozxHC\/3F3V0\/ovLOnKp76+mNdzuuzBTAbjbN\/FPvncCrlb97+pUdJ4M5RitsSGI6WQHeOBP65bRq1ass46Y\/Vp3rSqu9qihf4j+OlL4wo3nopffZI6XsqV4u35O+ntusZ0X91wF\/eAeOM0PNMnz9H8L6vu35V3\/KJ7JNq0a\/ikd4f\/u\/\/adVP5UPTXqjfrcp13RwvgX5EGYV\/CAf8Vfp+HekL50jf7+k7D8jr0jcfLOLUfyzv2+5C\/am+r1Z1+bl2z42OPWf5zaTOH9tJ2dT989GC91oH\/skFz+8dNT8z7jhe8tJzJO+HtlvWfdmoSbuYVF1XtwuZ\/k9lvWpv6wv136vF8wnS9xpnffW6vwG7l31GwDEp58uHGOn8ezsrF4uqu31Y3V+oD+1DP1Pf3q3qyWfL4NfA9x898P0M+cvPQn1lX+6ive8fbstNvPvtqrxV\/zqvV18i7\/I17P2HD3tfyd\/x4W5xjvz9RAWkFznnHx\/mEME\/LKangL79qZa\/m9v9ivpOQH1fINtizip8\/GExfaC4t2y2087fz8qP5YX6Xbm4b8pp1c0+N+D9e4UerwOh36QQHhz1vdjjBPEznyl+FURAZifJ+9h+vFB\/npU1ldw+N\/b9mnH5J448jP28gtvs4Xaot6nvZrX6sV7MJOX8S131i3L+uQbwa\/T7zy6D7kvV28pF3ZQX6qdZ3dTLZb04Je7YL3x\/n7jjKwD8lQHgWWWPD21TrtRduZrHakf1WDdNdaE+LEv05P3\/53e\/ZlxOaTWI32l3pt0LX6LK++F5uqieL9S3hAbL5pSw92uq5Z+tw2Cf8F1Jz98VOltf9wQfeh7i1\/giwt\/Hxt43e4VfPF\/xcPtNvaBnTfb0Hl6ooe1Q\/Zftpyb+6\/vNw\/hS5peNwzLTawmkL3neFUCX0neFbXjptpmJD1jB6\/n90TK576v5pBuZvioQhuRfus2XEy\/betFfoGka3\/xODcn0\/E1Xf1ILWspt+0A95fi022wWe9\/sdufpvVn1qeXH94xPLukAv8vQ0DNryWWqnLkMyrrLnP702qSXucovC00famcu6fTRy\/z1F8VtBrXGXBY6ozHzy82o7uWoGDM7bswioVvdpWl0cWl2V5rtHTO8O6bJ\/SUdROcv\/f7dOxnz0pwyqnGX9Fx+tjvq\/t2Dou59ijp\/6VRIL4s3FlqoF0zKDg5Jf7VPgznFslN7SafLDlNke1Zd7F\/1i0dLHxaTjYnEH\/xodXywNeHHsu1lSjfT1y1vvm2wKqf0pbCfjNzwbOSGT5YeaXb0SOyzvRll7v2HysvJoan9+4\/E4vkO3MyT0u2YlO53rxZefqKvcMeyLS820CRYv01yXjT9cjW+7qtPW\/6oFndE99Fzt4kdjUOSqPn1FV344vJFS0960ZO+IZHrqdJdfep1uZjM2tXNCM\/L\/GXzaMk3asWumx9piMO+fIxz10relZOevrh5+uJ5nGkT3cC0jw8sTPvx9XT6tu2+vppOt2bD7d9VTXOhVlXXNtxplA9j5bkp0tvbYIs7+m\/f3T+RYaRnSmAWpWwV73eFV3vnlGcQ5DLBNBeqvG0feuWS\/TfJdz\/LTVbxl5K\/vo6\/ylkuMwcv2\/1mZrk8OXj55ouW3x1592uTD673atr8yk8SydOCm0cb336U6Lv2YdHD1eFy2gA\/vrP1RBHY3rfqrm5o0+QTN08qnYUM5mW\/qj8dCQ0SOmgt3UCDxG5BA\/rgi0ID+X7n2+edbxfeotAtf03rrvMfNnTA4lCeGicdvLAg83o6Ja79ZTGtVgRB9xiizSh59vYonrgU3h7Epu7tQVLstX0k5u4ZaAU6Yag0xUje7TOLH2Iegce43zhGEqfRblA3e\/wm6GTrQbJ6eTOSES6E7g9Mor8xg\/6W\/A0PU\/0tUQ+Luu82bnCmV0FPkpfRyNask\/hdu3QOg2fb7gf5oneieLmE4wj7ypk8ls0OZ18RIZJzcAL3RxHBvE0E5nCkgREa+P00MG\/TQMIoE93b2SQQsTxIAqP+8z82sn0kIezbhNhI6ZECYY8UCGvTzyNHVLCjJOId1crCYdXyR6uWP6Ba\/gzV8ierVkg\/U7Wy8CVUyx9QLb9ftazQoNhPg\/dUy+2o1vkkENU6SAJLqlWcSAj7NiFeq1a0M9l+Ytij7ExUrLOJERXrIDFgZ7IT1Msk2WH9ckfrlzugX+4M\/XIn61eef6Z+vabCWQrmDiiY269g7xDBHEmEqGLnUyGCqi9FBfs2FV5rlxNKmGI\/Kd5Rry7sqNd5hMAf9eLjzaih63eR4kHKOFI4U5yica44rHH2aI2zBzTOHtC4aMDcHgrbdzWuM9v6ZrbSlGcq3Csi7Fgwd5LA2QNqZ\/ernY\/Clu8nhTlK2KLWnUmLfdI26OFB4nhIW34idezb1Dns7A4Q6D1tdDvaeL6wDNr3trDkpyhfZg4rnzla+cwB5TNnKJ85VfmC\/Vzle0WEz1A+c0D5zNvxWthPifd0bzde+wxSRFV7mxThRFLYt0lxWNPS\/eSwR5Fj0LSzyTFo2tvkSE\/QNJu8kRNJjta05ICmJWcAy+RkYGnyz02KvCbDWZgqOaBlyenIMjkdWX4GGUTPvhgZ7NtkOC0nkpyeEzmfFFHHjiPFdsHkV0qbo1qh\/vogjd5vJ81\/aJ8orzypu6p5VlVJp1fhfKsnep62KSfV9MzEuCzguMy4t\/QlwVvdhtutN\/jgi2bG6aGRu7ap25gIf35xgldTPVbNq9T4Zkv3WzW8qhu9qOvdr+op1\/WynOt69JOqep5resakh2t6uJbQUnJAvgare2BS4xxVEVH85F+PnTpe\/tbs5t3p80Imp1+OnhoXvzWxfW9i633ct\/x67OTx8remd+9N76gViCbHL8dOzRe\/NbHfP\/GmeByFbJiXJjw488bDD1P7vdVg2NsLNrf7rTt61KIdXum\/JqPDcCKTufZONbSJ8SyHe6duaZKXIZwozMagm2yrrraHBI+yrDjqI0YlOQhpXOU4DCesOrNLhJ3lzep+q4VL2\/0mzKKG\/zb1zPvU834vFpPmziOIZ7aI57eJ5zYLNzajM+xPox+HNtTEk8WVblHQuqMpaNPzKWjfpyBJxmsKbh4KOIKG9lVyXGiYbrcF4iD102hooyEUW5RZyhREGsac2hE0DP58GrojdDhJ9hFx82zZEUR0u+e\/boi4lfTjs+xPo6FUK5wfVjq2AwmPp2D+rh7vB3ZvH0taL988RBq3\/T8=\"><figcaption class=\"nx-fk-cap\"><span>Sixteen assets at real towns, and the share of portfolio value in the most exposed places.<\/span><span data-honesty=\"true\">Hypothetical assets and design scores, not advice.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"map\" data-nxf-kind=\"map\" data-nxf-resource=\"nexus:\/\/gra\/A10\/topics\/state-asset-portfolios\/#map\" data-nxf-title=\"Sovereign Capital Nexus live map\" data-nxf-height=\"560\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-question\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The question<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">State asset portfolios: how the risk develops.<\/h2><p class=\"nx-lede\">Public commercial assets and risk. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"2\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M2 20a2 2 0 0 0 2 2h16a2 2 0 0 0 2-2V8l-7 5V8l-7 5V4a2 2 0 0 0-2-2H4a2 2 0 0 0-2 2Z\"\/><path d=\"M17 18h1\"\/><path d=\"M12 18h1\"\/><path d=\"M7 18h1\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Quasi-fiscal activity<\/h3><p class=\"nx-p nx-mt-1\">State firms may be asked to hold prices below cost, hire beyond need or lend to favoured sectors. The cost does not appear in the budget; it accumulates as losses, arrears and debt on the enterprise balance sheet until the state absorbs it.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"4.5\" r=\"2.5\"\/><path d=\"m10.2 6.3-3.9 3.9\"\/><circle cx=\"4.5\" cy=\"12\" r=\"2.5\"\/><path d=\"M7 12h10\"\/><circle cx=\"19.5\" cy=\"12\" r=\"2.5\"\/><path d=\"m13.8 17.7 3.9-3.9\"\/><circle cx=\"12\" cy=\"19.5\" r=\"2.5\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Guarantees become debt<\/h3><p class=\"nx-p nx-mt-1\">Explicit guarantees on enterprise borrowing and implicit expectations of support turn enterprise distress into public debt. Bank rescues and utility bailouts are among the most common sources of unexpected jumps in government debt.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"m12.83 2.18a2 2 0 0 0-1.66 0L2.6 6.08a1 1 0 0 0 0 1.83l8.58 3.91a2 2 0 0 0 1.66 0l8.58-3.9a1 1 0 0 0 0-1.83Z\"\/><path d=\"m22 17.65-9.17 4.16a2 2 0 0 1-1.66 0L2 17.65\"\/><path d=\"m22 12.65-9.17 4.16a2 2 0 0 1-1.66 0L2 12.65\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Concentrated sector exposure<\/h3><p class=\"nx-p nx-mt-1\">A portfolio dominated by one sector, such as energy or banking, moves with that sector's cycle. When one shock hits tax revenue, dividends and enterprise solvency together, the state loses income and gains liabilities at the same time.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M14 2v4a2 2 0 0 0 2 2h4\"\/><path d=\"M4.268 21a2 2 0 0 0 1.727 1H18a2 2 0 0 0 2-2V7l-5-5H6a2 2 0 0 0-2 2v3\"\/><path d=\"m9 18-1.5-1.5\"\/><circle cx=\"5\" cy=\"14\" r=\"3\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Invisible until consolidated<\/h3><p class=\"nx-p nx-mt-1\">Most governments headline general government debt only. Assets and liabilities of public corporations, public-private partnerships and pension obligations appear when a public sector balance sheet is compiled, and many risks surface first in that exercise.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Quasi-fiscal activity<\/td><td data-label=\"Definition\">Government policy carried out through public corporations rather than the budget, such as below-cost tariffs.<\/td><\/tr><tr><td data-label=\"Term\">Explicit guarantee<\/td><td data-label=\"Definition\">A legally binding government promise to cover another entity's obligations.<\/td><\/tr><tr><td data-label=\"Term\">Ownership entity<\/td><td data-label=\"Definition\">A body that exercises the state's ownership rights over state-owned enterprises.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-indicators\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Indicators<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">What is measured, and how well.<\/h2><p class=\"nx-lede\">Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Source type<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">Total debt of public corporations<\/td><td data-label=\"Unit\">percent of GDP<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Enterprise accounts and public sector debt statistics<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Stock of explicit government guarantees<\/td><td data-label=\"Unit\">percent of GDP<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Budget documents and fiscal risk statements<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Public sector net worth<\/td><td data-label=\"Unit\">percent of GDP<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Public sector balance sheet<\/td><td data-label=\"Label\"><span class=\"nx-chip\">ESTIMATED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Return on equity of the state portfolio<\/td><td data-label=\"Unit\">percent per year<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Enterprise financial statements<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Dividends to and transfers from the budget<\/td><td data-label=\"Unit\">percent of GDP<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Budget execution reports<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Enterprises in loss or with negative equity<\/td><td data-label=\"Unit\">count and share of portfolio<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Ownership entity aggregate report<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Guarantees called and support operations<\/td><td data-label=\"Unit\">percent of GDP<\/td><td data-label=\"Cadence\">per event and annual<\/td><td data-label=\"Source type\">Budget execution and fiscal risk statements<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"indicators\" data-nxf-kind=\"indicator\" data-nxf-resource=\"nexus:\/\/gra\/A10\/topics\/state-asset-portfolios\/#indicators\" data-nxf-title=\"Indicators\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-pipeline\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Canvas<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">From sources to decisions.<\/h2><p class=\"nx-lede\">The topic as a computational graph: named sources feed the methods, an evidence review gates the outputs, and the decisions stay with the authorities that hold them.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Pipeline canvas<\/strong> \u00b7 State asset portfolios as a run graph<\/span><span class=\"nx-eyebrow\">Design, not a record<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><svg class=\"nx-figure nx-ui nx-dag\" viewBox=\"0 0 1200 564\" data-nx-dag=\"true\" data-w=\"1200\" data-h=\"564\" role=\"img\" aria-labelledby=\"nx-dag-a10-topics-state-asset-portfolios-dsa-t nx-dag-a10-topics-state-asset-portfolios-dsa-d\" data-nx-z=\"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\"><title id=\"nx-dag-a10-topics-state-asset-portfolios-dsa-t\">State asset portfolios: debt sustainability analysis<\/title><desc id=\"nx-dag-a10-topics-state-asset-portfolios-dsa-d\">A macro baseline drives debt dynamics; standard and tailored shocks (growth, rates, exchange rate, disasters, contingent liabilities) give a fan of paths; thresholds and the heat map give a risk rating that informs the debt strategy. Design of the process, not a record of a run.<\/desc><\/svg><\/div><\/div><p class=\"nx-caption\"><strong>Fig. 02<\/strong><span>Nodes carry their type, two metric rows and a state; connectors show what feeds what; dashed frames name the owners; the timeline is the cadence. Design of the pipeline, not a record of a run.<\/span><\/p><\/div><\/div><\/section><section id=\"nx-sec-sources\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-8\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Where the evidence comes from.<\/h2><p class=\"nx-lede\">Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"register\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">What it gives<\/th><th scope=\"col\">Licence class<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Source\">IMF Public Sector Balance Sheet database<\/td><td data-label=\"What it gives\">Assets, liabilities and net worth of general government and public corporations for covered economies<\/td><td data-label=\"Licence class\">Free, IMF copyright and terms of use<\/td><\/tr><tr><td data-label=\"Source\">IMF Government Finance Statistics<\/td><td data-label=\"What it gives\">Standardised fiscal data, including balance sheets and public corporation coverage where reported<\/td><td data-label=\"Licence class\">Free, IMF terms of use<\/td><\/tr><tr><td data-label=\"Source\">World Bank Public Sector Debt statistics<\/td><td data-label=\"What it gives\">Quarterly public sector debt by instrument, currency, maturity and sector coverage<\/td><td data-label=\"Licence class\">Free and open, CC BY 4.0<\/td><\/tr><tr><td data-label=\"Source\">IMF Fiscal Transparency Evaluations<\/td><td data-label=\"What it gives\">Assessments of fiscal reporting, including coverage of public corporations and contingent liabilities<\/td><td data-label=\"Licence class\">Free, IMF copyright and terms of use<\/td><\/tr><tr><td data-label=\"Source\">National fiscal risk statements<\/td><td data-label=\"What it gives\">Guarantees, public-private partnerships and enterprise risks disclosed with the budget<\/td><td data-label=\"Licence class\">Public, national terms<\/td><\/tr><tr><td data-label=\"Source\">National ownership entity aggregate reports<\/td><td data-label=\"What it gives\">Portfolio-wide accounts and performance of state enterprises, where an ownership entity publishes them<\/td><td data-label=\"Licence class\">Public, national terms<\/td><\/tr><tr><td data-label=\"Source\">IMF State-Owned Enterprise Health Check Tool documentation<\/td><td data-label=\"What it gives\">A published method for screening enterprise financial health and fiscal risk<\/td><td data-label=\"Licence class\">Free, IMF terms of use<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A10\/topics\/state-asset-portfolios\/#evidence\" data-nxf-title=\"Sources\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-decisions\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"split\" aria-labelledby=\"nx-s-9\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Decisions<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Who decides, and what the evidence serves.<\/h2><p class=\"nx-lede\">Sovereign Capital Nexus prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Who decides<\/th><th scope=\"col\">The question<\/th><th scope=\"col\">Evidence this page serves<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Who decides\">Finance ministries and state ownership entities<\/td><td data-label=\"The question\">Which enterprises to hold, restructure, recapitalise or divest, and on what dividend policy<\/td><td data-label=\"Evidence this page serves\">Consolidated balance sheet; enterprise health screens; quasi-fiscal cost estimates with their labels<\/td><\/tr><tr><td data-label=\"Who decides\">Fiscal risk units and debt management offices<\/td><td data-label=\"The question\">Which guarantees to grant, how to charge for them and how to provision for calls<\/td><td data-label=\"Evidence this page serves\">Guarantee registers, call history, enterprise stress scenarios<\/td><\/tr><tr><td data-label=\"Who decides\">Parliaments and supreme audit institutions<\/td><td data-label=\"The question\">Whether the state reports and controls its commercial assets adequately<\/td><td data-label=\"Evidence this page serves\">Reporting coverage against the Fiscal Transparency Code, audit findings, ownership policy<\/td><\/tr><tr><td data-label=\"Who decides\">State enterprise boards<\/td><td data-label=\"The question\">Whether non-commercial obligations are explicitly mandated and compensated<\/td><td data-label=\"Evidence this page serves\">Costed public service obligations; separation of commercial and policy accounts<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nx-h4 nx-mt-4\">Outputs this topic produces<\/h3><ul class=\"nx-list\"><li>Consolidated maps of public commercial assets and the liabilities attached to them<\/li><li>Contingent liability registers by enterprise and instrument<\/li><li>Scenarios of enterprise stress transmitting to the budget and to debt<\/li><li>Comparisons of ownership arrangements against the OECD guidelines<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-core-questions\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-10\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Core questions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">What specialists ask.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\"><li>What is the full value and risk of a state's commercial assets, and how is it measured?<\/li><li>How do state-owned enterprises' debts and losses affect public finances?<\/li><li>How should states balance commercial returns against public policy objectives?<\/li><li>When does concentration in domestic state enterprises compound national risk?<\/li><li>How can ownership functions be separated from regulatory and policy functions?<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-mechanisms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"split\" aria-labelledby=\"nx-s-11\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Mechanisms<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">Drivers and dynamics.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">State-owned enterprises are often large, operate in strategic sectors and carry significant debt. Their performance affects public finances directly through dividends and subsidies, and indirectly through implicit support: markets often assume that governments will stand behind troubled state enterprises, which lowers their borrowing costs but creates contingent liabilities. When enterprises fail, these liabilities can crystallize suddenly.<\/p><p class=\"nx-p\">Public sector balance sheet analysis, promoted by international organizations, encourages governments to account for all their assets and liabilities together, including commercial assets. This can reveal both hidden wealth and hidden risk. Holding companies and professional ownership units are common approaches to separating the state's role as owner from its roles as regulator and policymaker.<\/p><\/div><\/div><\/section><section id=\"nx-sec-methods-and-limits\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" aria-labelledby=\"nx-s-12\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods and limits<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How it is studied.<\/h2><\/div><div class=\"nx-section-body\"><ol class=\"nx-rows\"><li><span class=\"nx-eyebrow nx-index\">01<\/span><div><h3 class=\"nx-h4\">Balance sheet analysis<\/h3><p class=\"nx-p nx-mt-1\">Compiling assets and liabilities across the public sector, drawing on <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/economics\/\">economics and development economics<\/a>.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">02<\/span><div><h3 class=\"nx-h4\">Enterprise risk assessment<\/h3><p class=\"nx-p nx-mt-1\">Assessing financial health and fiscal exposure of state enterprises, using <a class=\"nx-link\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/financial-economics\/\">financial economics and macro-finance<\/a>.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">03<\/span><div><h3 class=\"nx-h4\">Governance comparison<\/h3><p class=\"nx-p nx-mt-1\">Comparing ownership models against international guidelines for state-owned enterprises.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">04<\/span><div><h3 class=\"nx-h4\">Limits<\/h3><p class=\"nx-p nx-mt-1\">Asset valuations are uncertain, enterprise data quality varies, and implicit support is hard to quantify.<\/p><\/div><\/li><\/ol><\/div><\/div><\/section><section id=\"nx-sec-methods\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-13\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How it is studied, and what the methods cannot say.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-methods\" data-limits=\"true\"><ol class=\"nx-mledger\" aria-label=\"Methods\"><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/financial-economics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">01<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial economics and macro-finance<\/span><span class=\"nx-mledger-role\">Sovereign asset and liability analysis \u00b7 Sovereign, bank and enterprise feedback<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\" aria-label=\"Financial economics and macro-finance: canonical page on the STEM Commons\" target=\"_blank\" rel=\"noopener\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/economics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">02<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Economics and development economics<\/span><span class=\"nx-mledger-role\">Permanent income and fiscal sustainability \u00b7 Dutch disease and absorptive capacity<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/science\/economics\/\" aria-label=\"Economics and development economics: canonical page on the STEM Commons\" target=\"_blank\" rel=\"noopener\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/stem\/decision-analysis\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">03<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Decision analysis under uncertainty<\/span><span class=\"nx-mledger-role\">Disaster risk layering choices \u00b7 Robust fiscal and fund rules \u00b7 Mandate trade-offs for boards<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/decision-analysis\/\" aria-label=\"Decision analysis under uncertainty: canonical page on the STEM Commons\" target=\"_blank\" rel=\"noopener\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><\/ol><aside class=\"nx-limits\" aria-label=\"What the methods cannot say\"><span class=\"nx-eyebrow\">What the methods cannot say<\/span><p class=\"nx-limits-text\">Coverage of public corporations in fiscal statistics is partial in many countries, and valuing non-financial assets such as land and infrastructure carries large estimation error. Implicit guarantees are by nature undisclosed, so any estimate of them is modelled and labelled as such. Consolidation can hide cross-holdings, or count them twice, if the accounting boundary is not stated. Sovereign Capital Nexus does not value enterprises or recommend acquisitions or sales.<\/p><\/aside><\/div><\/div><\/div><\/section><section id=\"nx-s-14-sec\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-14\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What is the public sector balance sheet?<\/summary><div class=\"nx-answer\">A statement of everything the public sector owns and owes, covering general government and public corporations, with financial and non-financial assets. It shows net worth, which a debt figure alone cannot.<\/div><\/details><details><summary>What is quasi-fiscal activity?<\/summary><div class=\"nx-answer\">A policy task carried out by a state enterprise or public bank instead of through the budget, such as below-cost tariffs or directed lending. Its cost is real but often unrecorded until losses or rescues surface.<\/div><\/details><details><summary>Does this page favour privatisation or state ownership?<\/summary><div class=\"nx-answer\">Neither. It sets out evidence on value and risk. Choices about ownership belong to governments and parliaments under their own policies and laws.<\/div><\/details><details><summary>Why do state enterprises matter for public finances?<\/summary><div class=\"nx-answer\">Because their losses and debts can become government liabilities, explicitly or through expected support.<\/div><\/details><details><summary>What is a public sector balance sheet?<\/summary><div class=\"nx-answer\">A comprehensive account of all public assets and liabilities, including those of state enterprises.<\/div><\/details><details><summary>Does GRA assess particular state enterprises?<\/summary><div class=\"nx-answer\">No. It studies the field at sector level.<\/div><\/details><details><summary>Does GRA give advice on this topic?<\/summary><div class=\"nx-answer\">No. GRA does not invest, manage assets, advise on securities or on their issue, or offer, solicit or recommend any security, fund or transaction, and it introduces no counterparties. Readiness work is not approval. Its analysis is shared, sector-level understanding.<\/div><\/details><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-15\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-15\" class=\"nx-h3 nx-mt-2\">Around Sovereign Capital Nexus.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/sovereign-wealth-funds\/\">Sovereign wealth funds <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/strategic-investments\/\">Strategic investments <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/sovereign-investment-governance\/\">Sovereign investment governance <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/resource-revenues\/\">Resource revenues <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/geopolitical-investment-risk\/\">Geopolitical investment risk <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/long-horizon-resilience\/\">Long-horizon resilience <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/\">Sovereign Capital Nexus home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/counterparts\/\">Counterparts across the Consortium <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/\">The Global Risks Alliance home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/\">GRA governance and trust <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-16\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Sovereign Capital Nexus<\/span><h2 id=\"nx-close-16\" class=\"nx-section-title\">Bring your expertise to this field.<\/h2><p class=\"nx-lede\">The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"mailto:contact@globalriskalliance.com?subject=Sovereign%20Capital%20Nexus%3A%20State%20asset%20portfolios\">Write to the team <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"FAQPage\",\"@id\":\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/state-asset-portfolios\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/sovereign-capital-nexus\/topics\/state-asset-portfolios\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the public sector balance sheet?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A statement of everything the public sector owns and owes, covering general government and public corporations, with financial and non-financial assets. 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Choices about ownership belong to governments and parliaments under their own policies and laws.\"}},{\"@type\":\"Question\",\"name\":\"Why do state enterprises matter for public finances?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Because their losses and debts can become government liabilities, explicitly or through expected support.\"}},{\"@type\":\"Question\",\"name\":\"What is a public sector balance sheet?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"A comprehensive account of all public assets and liabilities, including those of state enterprises.\"}},{\"@type\":\"Question\",\"name\":\"Does GRA assess particular state enterprises?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. It studies the field at sector level.\"}},{\"@type\":\"Question\",\"name\":\"Does GRA give advice on this topic?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No. GRA does not invest, manage assets, advise on securities or on their issue, or offer, solicit or recommend any security, fund or transaction, and it introduces no counterparties. 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