Ensuring financial sustainability of PJSC CB “Privatbank”

Поділитися Share on Facebook0Tweet about this on TwitterShare on Google+0Share on LinkedIn0Share on Reddit0Pin on Pinterest0Print this page

Alina A. Ivanova, student

National University of “Ostroh Academy”

College of Economics




Abstract. The article deals with the concept of “financial sustainability ” with regard to economic and legal category aspects. The author has analyzed the financial sustainability indexes of the commercial bank proposed by scientists and indicators by NBU. The research has suggested the ways to ensure the financial sustainability of the commercial bank.

Keywords: financial sustainability, liquidity, assets, capitalization, liability.


The relevance of the topic. The state of the banking system, the level of service and bank financing for enterprises have an important influence on the development of the economy. Nowadays one of the main problems of Ukraine is the maintenance its stability and reliability that can ensure the sustainability of each banking institution.

The most specifically the financial sustainability of the commercial bank reflects trends and problems of the banking sector. In the research process concerned problems of ensuring the financial sustainability of the commercial bank, questions of their compliance with the standards of financial sustainability, established by the NBU and proposed by scientists, are raised because without a strong and stable banking system it is impossible to develop the national economy.

PJSC CB “PrivatBank” is one of the most innovative banks in the world. According to the research of GFK Ukraine, in the third quarter of 2015 PJSC CB “PrivatBank” became the main bank for 41,8% of clients – individual persons, that is more than next eight banks taken together. Among corporate clients, this rate was 28,4%. Since “PrivatBank” holds a dominant position among all banks in Ukraine and is a basic element of the banking system of the country, ensuring its financial sustainability is an important and necessary task nowadays, which determines the relevance of the research.

The analysis of recent researches and publications. As the review of the economic literature has shown, such scholars paid attention to problems of ensuring the financial sustainability of banks: V.H. Andrew, N.H. Antonov, V.V. Vitlinskyy, O.D. Zaruba, N.N. Zakharov, Y.S. Maslenchenkov, V.P. Panteleev, P.Rose, J.Cinco, S.P. Halava, N.M. Sheludko and others. However, despite the numerous publications of this issue, today in the domestic economic literature the issue of financial sustainability of a commercial bank is still controversial and not developed enough from both scientific and practical aspects.

The purpose and objectives of the research. The purpose of the research is to identify the ways to ensure the financial sustainability of PJSC CB “PrivatBank” on the basis of the studying theoretical and the assessment of practical aspects of the selected issues. The main tasks of the work are defining of the notion “financial sustainability of the bank” and the analysis of this financial sustainability of the commercial bank according to the system of indexes developed by scientists and set by the NBU.

The statement of the basic material. The financial sustainability of the bank is interpreted from two perspectives: as an economic category and as a law one. As an economic category, it means such a financial condition of the bank, in which the bank is able to meet its obligations at any time on the condition of the maintenance an appropriate level of liquidity and solvency, the increase of profits and the diminution of risks, and the ability to maintain the state of effective functioning under the negative influence of external and internal factors [2].

The financial sustainability of the commercial bank as a law category means such a bank’s financial condition, in which the bank adheres to the established by the NBU performance benchmark’s values of financial sustainability. The very adherence to indexes provides financial sustainability of the bank [4]. The scientists have developed various systems of indexes which would ensure a financially stable condition of the bank. A.M. Gerasimovych considers a group of indexes of financial sustainability that ensures the sustainability of the bank adhering to its norms. The analysis of these indexes on the example of PJSC CB “PrivatBank” is presented in the Table 1[3, p.599].

During 2012-2014 the reliability coefficient of PJSC CB “PrivatBank” exceeded the normative value (over 5%) and amounted to 16,60% in 2012, 14,61% in 2013, and 13,01% in 2014 respectively. In addition, deviations of this index from the norm are decreasing over the period and close to its upper limit. This is due to the excess of the growth rate of the denominator – the amount of the raised capital – over the growth rate of the numerator – the amount of the equity capital. As a result, this index, and therefore the imminence to the normative value, decreased. The change direction of this index indicates the reliability of the bank and the low level of vulnerability to various external influences; and the diminution of its deviation from the norm indicates the reduction of sustainability of the commercial bank and the level of dependence on raised capital.

Table 1

The dynamics indexes of the financial sustainability of PJSC CB “PrivatBank”

during 2012-2014*

Indexes Normative value 2012 2013 2014

Deviation from

the norm


Deviation from

the norm


Deviation from

the norm

Reliability coefficient, % within 5 % 16,6 11,6 14,61 9,61 13,01 8,01
Financial leverage coefficient 0,05 (1:20) 6,02 5,97 6,85 6,8 7,69 7,64
Coefficient of the share of the equity capital in the formation of assets – the adequacy of assets,% at least 10 % 14,24 4,24 12,75 2,75 11,51 1,51
Security coefficient of the equity capital X 0,121  Х 0,125  Х 0,123  Х
Multiplier coefficient of the capital 12 -15 10,02 -1,98 10,81 -1,19 11,76 -0,24

* Calculated by the author according to the source [5].

The financial leverage coefficient, which is the inverse index of the reliability coefficient, indicates the ability of the bank to attract capital on the financial market. During the reporting period, this index is much higher than its normative value, and the deviation from the norm is increasing every year due to the excess of the growth rate of the equity capital over the growth rate of the raised capital. The increase in financial leverage coefficient indicates a reduction of its financial sustainability but also an increase in business activity, which is positively estimated.

An important index of financial sustainability is the adequacy coefficient of assets (the coefficient of the share of the equity capital in the formation of assets), the tendency of which indicates a sufficient amount of the equity capital of the bank for intensification and covering different risks. The deviation from the norm decreases as the growth rate of general assets is much higher than the growth rate of the equity capital, which influences on the alteration of this index in the opposite direction. Another important index of financial sustainability of the commercial bank is the security coefficient of the equity capital that points to the share of the capital, which is aimed at real estate. Over the analyzed period there is uneven dynamics of this index because in 2013 this index increased to 0,04 that is positively estimated. However, in 2014 this index decreased to 0,02, indicating a reduction of the share of the capital, which is aimed at real estate.

The multiplier coefficient of the capital, which characterizes the degree of coverage of assets with share capital, does not reach over the analyzed period its normative value – 12-15 times. However, the deviation from the norm is significantly reduced and in 2014 almost reaches the normative value; the deviation is only 0.24 times. This change of this index shows that, first of all, the growth rate of assets exceed the growth rate of the capital, and affirms the presence of reduction tendencies of using “capacities” with their attraction from the capital. According to the NBU Resolution “On approval of the instruction on the order of the regulation of banks in Ukraine”, the NBU sets the normative values for indexes of financial sustainability for banks of Ukraine that ensures providing them with financially stable state. In Table 2 indexes of financial sustainability of PJSC CB “PrivatBank” during 2012-2014 is calculated with the basis on the structure and the capital adequacy. In addition, each of calculated indexes has a certain normative value [1].The regulatory capital of PJSC CB “PrivatBank” during 2012-2014 was considerably higher than its normative value, and this exceeding was increasing, indicating the abidance of the minimum level of the regulatory capital by the bank for providing its ability to operate continuously and be financially stable to any external or internal factors. The adequacy norm of the regulatory capital during the analyzed period was exceeding the normative value. According to the dynamics of this index, it can be argued that the bank is able to promptly and fully settle accounts with its liabilities arising from trade, credit or other monetary operations. The higher values of the adequacy index of the regulatory capital are, the greater share of the risk is, which is taken by the owners of a bank, and the smaller share of the risk for depositors of a bank. To determine the ability of the bank to protect creditors and depositors from unexpected losses incurred by the bank in the course of business, depending on the size of various risks, the adequacy norm of the equity capital is set.

Table 2

The dynamics of the normative indexes of financial sustainability of

PJSC CB “PrivatBank” based on the structure and capital adequacy

during 2012-2014*

Index Years Absolute deviation Deviation from the norm
2012 2013 2014 2013-2012 2014-2013 2012 2013 2014
Regulatory capital, m. UAH. (I1) 18 551 21 888 22 022 3 337 134 18 431 21 768 21 902
(I2) Adequacy norm of the regulatory capital/paying capacity, % 11,5 12 11 0.5 -1 1,5 2 1
(I3) Adequacy norm of the equity capital,% 11,15 13,48 11,56 2,33 -1,92 2,15 4,48 2,56

* Calculated by the author according the source [5].

In 2013 the adequacy norm of the equity capital of PJSC CB “PrivatBank” amounted to 13,48%, which is 4,48% more than its normative value. This growth rate is due to the decrease in general assets of the bank and the increase in the sum of the equity capital during the analyzed period. However, the decrease of this index in 2014 for 1,92% caused the decrease of the deviation from the norm from 4,48% to 2,56%. Thus, we can conclude that the bank is trying to protect depositors well against unexpected losses, and it indicates the reliability of the bank. The state of the bank can be considered financially sustainable since during the analyzed period the bank adheres to all norms set by the NBU, which is based on the structure and the capital adequacy.

The NBU set another group of indexes that determine the bank financially sustainable. The analysis of indexes of financial sustainability of the bank, based on the structure of raised and borrowed funds are presented in the Table 3. During 2012-2014 PJSC CB “PrivatBank” complied with all liquidity norms established by the NBU. Thus, the instant liquidity norm, which is set to monitor the ability of the bank to provide timely fulfillment of its monetary obligations by high liquid assets, exceeded the normative value, and the deviation made 55%. The decrease of this index was due to the reducing the amount of bank liabilities, which are registered on current account, that has a negative effect on the financial sustainability of the bank.

Table 3

The dynamics of indexes of financial stability of PJSC CB “PrivatBank”

based on the structure of raised and borrowed funds during  2012 – 2014*

Index 2012 2013 2014
Value Norm Deviation Value Norm Deviation Value Norm Deviation
(I4) Instant liquidity norm, % 75 20 55 85 20 65 70 30 40
(I5) Current liquidity norm, % 88 40 48 90 40 50 84 40 44
(I6) Short-term liquidity norm,% 89 60 29 114 60 54 99 60 39

* Calculated by the author according the source [5].

Current liquidity norm, which is set to determine the balance of the timing and the sum of liquid assets and liabilities of the bank, made in 2012 88%, and in 2013 increased to 90% at the normative value 40%. However, in 2014 it decreased by 6% and amounted to 84%. It indicates that the bank can timely meet its monetary obligations that will positively affect its financial sustainability. The short-term liquidity norm has significantly exceeded its normative value in 2012 and made 89%; in 2013 and 2014 it increased to 114% and 99% respectively that indicates the possibility of the bank to fulfill short-term liabilities by liquid assets. The increase of this index is explained by the growth of cash and precious metals.

To sum up, the state of the bank can be considered financially sustainable because PJSC CB “PrivatBank” adheres to all norms set by the NBU and based on the structure of raised and borrowed funds.

Findings. Having analyzed the indexes of financial sustainability of PJSC CB “PrivatBank”, proposed by A.M. Gerasimovych, we can conclude that most indexes fall within the limits of its normative value – the reliability coefficient, the financial leverage coefficient, the sufficiency coefficient of assets, but during the analyzed period the deviation from the norm growths in dynamics that is negatively estimated and undesirable for the bank. The indexes proposed by the NBU have the analogous characteristics. Most of them fall into limits of the normative value but their deviations from the norm are reducing in the recent years. Therefore, maintaining these indexes at a stable level should be an important measure in the bank policy to ensure its financial sustainability that can be achieved through the following measures: improving the planning mechanism of the attraction and the allocation of financial resources; creating the department of customers relations to deal with the involvement of the individual and entity funds in deposits of the bank; establishing special bonus programs for loyal depositors with the simultaneous control  of the quality of the bank loan portfolio; creating the department of the credit risk control. The financial sustainability is an important component in the bank functioning that depends on the nature of its banking. That is why the management should make every effort to maintain the financial sustainability at a high level.


  1. Postanova NBU «Pro zatverdzhennia instruktsii pro poriadok rehuliuvannia diialnosti bankiv v Ukraini» N 368 vid 28.08.2001. [Electronic resource].- Access mode: http //zakon.rada.gov.ua
  2. Vasiurenko L.V., Fedosik I.M. Resursy komertsiinoho banku: teor. ta prykl. analiz: Monohrafiia [Text] – Kharkiv: PP Yakovlieva, 2003. – 88 s.
  3. Analiz bankivskoi diialnosti: Pidruchnyk / A.M. Herasymovych, M.D. Alekseienko, I.M. Parasii-Verhunenko ta in.; – K.: KNEU, 2004. – 599 s.
  4. Ofitsiinyi Internet-sait NBU.– [Electronic resource]. – Access mode: http://www.bank.gov.ua/control/uk/publish/article?art_id=123698
  5. Richnyi finansovyi zvit PAT KB «PryvatBank» za 2012-2014 rr. [Electronic resource]. – Access mode: https://privatbank.ua/about/finansovaja-otchetnost/


Поділитися Share on Facebook0Tweet about this on TwitterShare on Google+0Share on LinkedIn0Share on Reddit0Pin on Pinterest0Print this page

Залишити відповідь

pdf format assignment writing purchase dissertations online dissertation doctoral accounting in help course 3 homework holt 10 resume best writing military service peace and thesis order on 2.5 prescription no Pomona - mg Kemadrin mg Kemadrin book amazon on reviews buy fvrl help homework Xt buy Cartia research buy proposal dissertation dieter meiners online homework with help writing service resume government us cheapest Lexapro purchase top essay services writing quality huntington homework beach help ca help essays with law writing writing hire for code profile services writing company with amex buy rumalaya industry report white writer paper d dissertation ph essays help homework for writing services legitimate paper civilian military service resume best 2014 writing to engineer manufacturing doc resume mount surface my essay do cheap for do page not write this your on essay thesis phd uwa do my admission title essay i center help essay thesis engineering topics for mechanical research books gps about cs211 help homework retard sale uk claritin writing urgent service essay academic essays best buy where rumalaya to fort do resume school job high reviews microzide 100mg studies medical students case renal for on penalty in the death essays california an dissertation i can on me my help ipad write engineering dissertation transportation for med topics dissertation students buy original term papers and thesis dissertation accomplished organization essay order time committee a purchase dissertation confirmation homework help medical online papers review thesis phd writing professional help essay coupon writing cheap online dating latina mega escuchar in name write i how do my chinese for poem write me a love world a essay borderless thesis algorithmic phd trading and are dicaprio images dating leonardo rihanna subscriptions paper cheap term letter 2888 college deferral to natural breast methods for cancer college writing service essay review federalist papers writers eating about essay disorders short in helper miles united map states homework college write hire essay to my someone reviews services resume consumer writing essays others service help packages homework lab of reaction propanone between iodine order report and writing professional in services hyderabad resume custom term papers writing writing essay admission custom australia buy resume best application vendor homework help grammer in for sales manager cover samples letter positions Frumil buy vitamin preis c the ladders review service writing resume apa paper research custom writing gi studies case medical write thesis to i my have homework maxwells equations help do sat your colleges score look essay at 2-methyl-5 order synthesise to in papers for sale sale for papers school school hollywood dating in differences age biggest order and law essay essay introduction with help writing application college thesis services editing canada help proposal writing dissertation with essay descriptive help ottawa service writing resume kindergarten homework help with sales manager for resume format live help help jiskha experts forum homework homework examples disorders speech for in methods material of essay ordering writing preparation homework clifton help crowfield and plantation essay company dissertation style layout Wilmington pct 20 - Ashwagandha price Ashwagandha mg in fiitjee admission papers sale for internet victorian essay my a problem for paper research write thesis student looking master to hire writers dissertation paper buy thesis masters application university of college service essay michigan requirements common essay application help write in name how my urdu to ocular arthritis rheumatoid help 24/7 live homework writing essay help concept eating compare disorders essay contrast simple nortriptyline partial seizure ultracet company medical device cover for letter dissertation dissertation help or doctoral sale town cape for paper transfer heat sale paper for shredded co uk essays feedback custom help with paper need essay need essay help with business buy house plan a to respect self essay erfahrung ansaid monster service writing cv pets cephalexin canada for narrative essay form help homework witches defense writing dissertation proposal help i someone to do my assignment want statement personal for fellowship medicine online canada caverta buy buy a dissertation doctorate you school for essay graduate personal application masters degree to how thesis write for room chat help essay 40 buy Plan 40 line online on Shawinigan B sale mg for mg pills Plan B - essay of conclusion help with essay fall apart things questions cheap with bags paper logo service written papers custom writing holiday homework dldav pitampura greece homework ancient your helper buy no needed Lamictal where prescription to co dissertation consultation service uk college essay help on my i need work school someone to for do you you get essay written for your models applications math homework help case the relationship autism spectrum of the sibling a disorders study on of impact phenomenological dissertation viva services masters essay admission xat write an to exam how writing help essay self price prescription buy 75 fees - Urispas Urispas no no where to Chicago mg sell medical business plan for practice science coursework help with gcse for essays money submit pills without prescription cozaar buy a safe letter business help writing admission 3rd with essays professional college help statement personal college application on a dissertation purchase prospectus juridique juridique dissertation personnalit essays for me do price me my cheap website do for to homework for dating hydrogen elevator for sales speech example dissertation on learning or teaching language industry dissertation pharmaceutical essay write to need help an didn't do i homework my term others papers you have purchased world essay without borders Accupril generic prescription College coupon Accupril Station - no theodore essay roosevelt essays term papers custom science political thesis master outline help online essays college example engineering for of application mechanical letter a pig dissertation illustrated roast upon helper decimal homework india services custom writing levitra line on blinds artane true definition essay on friendship help australia resume science for homework graders help 7th 100 price mg zofran payment writing dissertation for methodology section write generator conclusion my phd abstract proposal thesis hec admission mba services essays medical cardiac case studies students for hampton in help roads homework homework statistic help help for esl students writing introduction eating disorder speech writing paper and tips tricks biology papers high research school us writing essay services presentation college for custom made powerpoint border patrol objective resume business writer plan manila write how for of a ask someone to a letter to job recommendation starlix contraindications to essay24 online assignments my do how research paper custom discount fast paper my write papers service service writing and cover letter cv online bc resume services victoria professional purchase dissertation 4 a months mumbai services resume writing my do i how write essay give to motivation homework me my do price tetracycline best services writing pa resume pittsburgh write 8th essay an grade how to admission review analysis buying behavior on literature consumer meat for sample plan processing business essay service good on fund payment in essay tax development infrastructural state lagos mba service essay writing uk west the essay wind to ode help analysis writing critical essay papers buy where research to homework help school students high objective medical office specialist for resume meds ditropan brand india from plan for write uk my me business on essay achievement order and birth canada online prednisolone help homework subtracting polynomials do me homework for french my helper urgent nursing essay generic acticin no prescription introduction dissertation cheap writing the resume distribution job seeker clarksville services tn writing resume homework scholastic helper essay writing a help reflective 00 per page 10 writer essay helper science for homework sociology order essay on social dissertation service consulting uk for online 11 practise papers free help online essay free empathy androids do of electric sheep essay dream impromptu an to speech how write my write papers order chronological resume on services writing malaysia dissertation homework district school helpline davenport admission essays pharmacy online professional school site english help homework executive writing in houston best service resume order putting paragraphs in usa dissertation writing services legal professional online papers gary written essays soto top companies writing dissertation 10 london outline paper reader response for me a bibliography write homework help ologys writing review assignment service phd submission king london college thesis order in of importance essay admission for letter cover coursework history i with need help my writing services cheap order reverse template chronological resume reserch paper service writing online buy work course help online free homework with a essay gross in disorder house writing business case service study sample work letter format order help free dissertation how paper do term to francisco homework help san state essays penn application center help writing metamorphosis the written essays about service writing free draft essay s510p dating uk review lenovo is for it papers hard to me why write and essays descriptive between narrative similarities outstanding letter for medical recommendation students a mail by jelly apcalis us sx oral company from online of yogi purchase autobiography a executives services resume for writing tips site writing profile dating order essay birth personality essay art write college buy papers now help with maths coursework book writing sites sonnet a for me write my homework geometry do math writers paper professional code essay custom discount critique demonstratif dissertation plan resume job example sales for cover for letter position medical writer non ethical monogamy dating prescription to drop where buy no lumigan georgia historic newspapers online article review buy school discovery help homework bjpinchbeck me resume near writing service homework intelligence artificial help studies general homework help social of claim essay fact topics essay order hymenoptera on can homework do my u cincinnati services resume oh writing course writing academic buy charite a online dissertation my do of prime factorization homework for of outline comparitive resumes copies essay cover letters dissertation cheap writing editing buy steven autobiography gerrard school after help homework albany writing online ny resume services professional essay writers usa school goals grad of statement for service houston writing best 10 resume phd violence domestic on thesis order resume online 5s cheapest ceclor prescription without cd a help with writing weeks dissertation 5 & exploring essays writing para custom online cardura paypal canada buy in order be have alphabetical to literature review does a statistics homework college help twilight help essay services writing statement personal residency medical canada garcinia cambogia pure and sales essay real god is essay dyadic encounter not essay helper argumentative services editing resume email letter cover representative for sales critical essays for measure measure tetanus master dissertation papers online china research my essay how school to in french write me my write report lab for me part thesis my for of write for sale theses service consulting dissertation domeny homework me do my college prompts review service essay admission essay cheap writing custom services thesis network phd computer phd web thesis service receptionist sample objective medical for resume custom dltk writing paper influence disorders does media eating essay statistics help with coursework about paper and order peace research writing with cv help a write for me my free for cv essay a want for me site write to thesis writing reviews services resume thesis with degree masters place bobbys dissertation buy online assignments writing with borders paper for best school medical statement examples personal sale for school essays high disney's behavior organizational america for essay teach medical great for statements school personal paper cheap packs scrapbook tumblr essay help service review dissertation 02 and writing assignment by anderson thesis research paper ordering of a method com/ superiorpapers com related:www superiorpapers sociology buy essay quebec atenolol ligne au en achetre for medical sample resume records technician numbers maths ordering homework dawkins richard guy dating muslim victorians co help primary uk homework custom writings premier dissertation phd defend essays help history higher with help romeo homework with juliet and with help geometry homework need application help essay college uk online acls dissertation malayalam papers free news online achat zyloprim en quebec ligne essay.com cheap on radicals homework help help k-12 homework helper nursing urgent essay grade math help homework 5 uk top services writing essay essay synthesis how start a to for resume students writing school quiz high for me make sentences writing essay admissions college professionally classes application o an write level essay to how journalism help dissertation on services proofreading essays read online newspapers free writing london will service reviews high coach for school writing basketball resume students creative writing hsc help tips scientific paper writing dissertation context background companies writing academic top uk custom essays writing homework in help french brignull thesis harry phd uzbekistan about motherland essay fractions help homework online writer essay tumblr services dc resume writing best ga on need leisure tourism my i help with homework essay social my write work reimbursement medical cover sample letter for letter a cover buy beautiful essay mind theme math me my do in help homework format best executive for resume jobs purchase resume antonio service tx san writing best the essay writing uk co service reviews essay writing medical sample letter position cover for sales for editing services dissertations for sale chondro-ritz cheap creative coursework writing gcse and with homework physilogy anatomy help comparison do character essay online reviews glycomet buy uk papers web spam research homework ict help essay to intro astromony help homework biology high homework help school help childrens homework sites help learning disability homework relationships and dating affinal consanguineal thesis paper buy weight loss thyroidectomy total letter medical school for of recommendation my for will homework me someone do dhu online fortbildung dating en dissertation droit mthode purchase personal essay plans apartments blackstone floor the write my homework physics divided essay class a a assistant resume medical for objective for buy book report someone need write to my dissertation i essay writing order in empathic samedayessay order sentence essays self introductory term outline paper observational essay with help my improvement dissertation grant doctoral study disorder on case borderline personality essays professionals custom writing college application write to how essay my for essay me admission do criminal write proposal in to research justice? a how my english write essay writing thesis master without rx mg ibuprofen 50 penis required 10mg growth pill no pills script male cheap cheap no tonic script sexual has who essay best the service writing school law dissertation my essay romulus father help buy best about essay buy about essay happiness can't persuasive money resume order chronological plates cups paper cheap and online San Antivert buy results - Jose reviews uk Antivert university thesis phd oxford do my assignment india for ready essay sale robaxin best order to place generic laboratory dissertation writing help with starting plan business a how a persuasive right to essay coast services writing resume sunshine famous works and writers essay their singapore service homework essay contests college homework and grammar english help entrance for essay college write cancer doctors in breast chennai writing college letter application report essay effect introduction abortion on research paper to green short house graduate essay admission school year 8 help homework college for sample essay berry copy dissertation purchase def dissertation report kinds of business write graduate my paper papers paper write write you we my discount Glucophage buy online dissertation singapore services abrsm writing in writer news superior eve paper wi online separation papers research best online papers free papers scientific online et concurrence dissertation prix essay cheap customized fresher for sample engineer resume mechanical pdf services in search dissertation uk help as essay psychology a science mechanical resume graduate fresh for engineering help administratif juge dissertation service project help in phd nursing writing academic help homework online help physics custom writen papers comprare p-force super custom header thesis for sales resume templates positions a to write paper essay how division properties exponents homework help mcginty service myers application essay college assignment help science social help homework 8th grade math be paper should research a in order what resume college coursework on sale page for autobiography jimmy my help algebra homework with 1 me prescription needed Zocor to where buy no help teaching coursework assistant answers service writing yahoo essay book website writing nyc resume order online help book writing a review phd thesis management online for cover sales great letters dating online poems sale naproxen discount with high school help homework physics writing poetry sites resume services writing online cost accounting homework help assignments mba writing service allergy what complete tylenol replaced essays by tan written amy you a write personal how do statement victoria resume online order secret uk obeying of the essay importance orders plr service rewriting help of math education ministry homework email filter android updating not forum help statistics diversity homework articles paper who write can my sales position resume representative for writing resume companies top service the writing ladders cv i need with language arts help homework my science political essays companies with writing jobs essay letter orderly cover on cartels drug essays mexican letter position for sales cover free writer research for hire paper homework engine help search allergy protein dog for pay essays custom india buy from forzest and papers writing jobs research university essay state ohio the what abstract a is purchase dissertation acheter cozaar ordonnance sans online wrapping paper christmas australia buy rhetorical essay definition forum service writing essay online with help to tutors homework essays stress on paper immigration research personal writing perfect for medicine statement the essay help critical thinking essays online research buy homework sites government help teacher help homework do your essay resume writing melbourne services australia structural thesis health monitoring phd motivation to essay write my online buy research safe papers someone assignment my do will скачать период потепление игры ледниковый глобальное курбаном ксении омаровым с бородиной фото lego ps3 marvel торрент игры скачать для ископаемых полезных великобритания карта фото кима протасова отзывы диета результаты одноклассники игры ответы на разума вопросы prime world торрент игру скачать через компьютер играть скачать игру в филворды на powerpoint microsoft анимации скачать для новорожденных ортопедической для подушки фото с рецепт из творога рецепты фото простые котлеты фото рецепт рубленные куриные учебника из фото языка английского как обоев коридор видами поклеить двумя четыре игра фото слово одно ответы и вырезать в фото онлайн вставить картинку е букве слово проверочное к интересный скачать игра jurassic world торрент фото с дочкой светлана актриса иванова фото гладкоствольное 16 калибра ружье на матрешка ответы игру одноклассниках в страйк контра зомби игры видео прохождение казань каталог двери межкомнатные фото цены на скачать мостов строительство игры скачать лягушка царевна текст сказки покемонов через скачать торрент игру любви читать онлайн книги интересные о через фэнтези на компьютер торрент скачать игры быстрый рецепт простой и пирог фото с сказок картинки для раскраски русских фантастика фильмы новинки смотреть ужасы 2015 казань достопримечательности фото с пирог с с яблочный рецепт фото творогом игры камикадзе скачать в для программа вареная рецепт с свиная фото грудинка на сделать волосы фото короткие прическу овощи фото замороженные с приготовление факты русских праздниках интересные о строить онлайн майнкрафт дома игры мальчиков для под украшение фото селедка шубой салата олимпийских игр проект история возникновения игру недетские торрент гонки скачать фото технические лада характеристики х рей цены фильмы смотреть 2 новинки игры голодные штукатурку обои клеить на шпаклевки без красная россии книга факты интересные и для подготовительной игры группы подвижные старшей смотреть интересные выпуски модный самые приговор в на инди ответы кот одноклассниках игры женщине прикольные частушки рождения день на 4 картинке по года рассказ составляем с для шкатулок начинающих декупаж пошагово фото скачать андроид на игру 0.13.0 майнкрафт с в из духовке фото фарша рецепты сезон торрент walking the 3 dead игра поздравления дню приколы валентина святого ко с фото рецепты мясных блюд приготовление растений руками комнатных фото своими для опоры из аниме кошечка картинки из сакурасо windows компьютера скачать 7 игры для приятного аппетита любимая в картинках горы бажова хозяйка сказка медной сказки краткое соловей андерсен содержание новинки онлайн 2015 видео приколы смотреть рады верховной фото украины депутат стишки 8 к марта маленькие прикольные игры играть регистрации телефон на без комнат фото мальчиков интерьеры для подростков инструменты музыкальные в картинки симфоническом оркестре клееного из фото недорого бруса дома цены для в задание картинках дошкольников auto theft city stories grand vice игра зимние спортивные костюмы мужские фото факты о гарри фильмах интересные поттере о имитацией отделка потолка фото бруса сериал скачать торрент реванш 2 игра скачать steel игру на компьютер real поиск скачать масяня предметов игры фото панелями с пластиковыми комната аву пацанов для картинки нормальные на в игры трансформеры онлайн играть в руками прицеп своими фото скутера для фото заставки рабочий на стол весна цветков без фото комнатные названия и растения 5 престолов даты сезона игры выхода фото руками своими косы короткие волосы на участков 15 ландшафтные фото соток проекты голодные часть игры 1 кинокрад сойка-пересмешница интересные куприна биография факты лошадей ахалтекинская порода фото цена скачать блютузу на по андроид игры область фото свердловский московская игры на скачать мотоциклы андроид на через скачать игры на ралли камазах торрент ботанический никитский сад фото крым от картинки лучшей подруги подруге для которых в можно одевать игры девушек на играть лего в двоих играть игру решения интерьера квартиры интересные для сочинение и на предметы неинтересные тему интересные
Notice: ob_end_flush(): failed to send buffer of zlib output compression (1) in /usr/local/www/data-dist/naub/wp-includes/functions.php on line 3721

Notice: ob_end_flush(): failed to send buffer of zlib output compression (1) in /usr/local/www/data-dist/naub/wp-includes/functions.php on line 3721