'DVQHXH$EHQWHXHU
0DUWLQ6HOEHU$WODQWLVFKHV5lWVHO :LVVHQVFKDIWOLFKSKDQWDVWLVFKH(U]lKOXQJ 9HUODJ1HXHV/HEHQ...
27 downloads
587 Views
814KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
'DVQHXH$EHQWHXHU
0DUWLQ6HOEHU$WODQWLVFKHV5lWVHO :LVVHQVFKDIWOLFKSKDQWDVWLVFKH(U]lKOXQJ 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH
$OOH5HFKWHEHLP9HUODJ1HXHV/HEHQ%HUOLQ /L]HQ]1U (6$ 8PVFKODJXQG,OOXVWUDWLRQHQ5XGROI*UDSHQWLQ 7\SRJUDILH:DOWHU/HLSROG 6FKULIWS3ULPXV *HVDPWKHUVWHOOXQJ 'UXFNHUHL 1HXHV 'HXWVFKODQG %HUOLQ
Ä(VLVWZLUNOLFKHLQ6HJHOERRW.DSLWlQ³ )UDQN :DUGLQVNL GUHLLJMlKULJ HLQH JURH VSRUWOLFKH (UVFKHLQXQJ QDKP GDV 3ULVPHQJODV YRQ GHQ $XJHQ XQG UHLFKWH HV GHP ZHWWHUJHEUlXQWHQ lOWHUHQ 6HHPDQQ DQ VHL QHU6HLWH'HUODFKWH Ä8QJODXEKDIW ZLH" 0LWWHQ DXI GHP $WODQWLN WULIIW PDQ JHZ|KQOLFKNDXPVRHLQHJHWDNHOWH1X,FKQHKPHDQHV KDQGHOWVLFKXP:ODG\VODZ0RUF]HZVNL³ )UDQNVDKGHQ.DSLWlQIUDJHQGDQÄ+DEHGHQ1DPHQQLH JHK|UW:HULVWGDV"³ Ä6ROHVHQ6LHGLH=HLWXQJ"'HUZHOWEHNDQQWH6HHVSRUWOHU DXV*GDQVN:LOOPXWWHUVHHOHQDOOHLQGLH:HOWXPVHJHOQ³ Ä'DVJLEWHVQRFK²"³ )UDQNKRE ZLHGHUGDV*ODVÄ$EHUVHKHQ 6LH QXU .DSL WlQGDPXHWZDVQLFKWVWLPPHQ ,VWGDVQLFKWHLQ 1RWVL JQDO"³ Ä6LHKDEHQUHFKW-HW]WVLHKWPDQDXFKGDGDV%RRWQXU QRWGUIWLJJHWDNHOWLVW'HU0DQQEUDXFKWXQVHUH+LOIH³ Ä'DVIUHXW6LHQDWUOLFK³ Ä1HKPHQ 6LH PLUµV EHO GD LFK IU VROFKH 0lQQHU HW ZDV EULJKDEH" 'DV VLQG QRFK 6HHOHXWH³ 'HU .DSLWlQ ZLQNWH GHP GLHQVWKDEHQGHQ 1DYLJDWLRQVRIIL]LHU Ä,FK JODXEH GLH 3DXVH N|QQHQ ZLU YHUDQWZRUWHQ /DVVHQ 6LH VWRSSHQ³ Ä6WRSSHQODVVHQ³ (LQOHLFKWHV=LWWHUQOLHIGXUFKGDV6FKLIIGDV6XUUHQGHU (OHNWURDJJUHJDWH YHUVWXPPWH GHU ZHLH .ROR PLQGHUWH GLH )DKUW $Q 'HFN ZXUGH HV OHEHQGLJ 7UHQ NODSSWHQ QHXJLHULJH/HXWHLQZHLHQ0lQWHOQWDXFKWHQDXIEOLFNWHQ
IUDJHQG ]XU %UFNH :DUXP GLHVHU XQYRUKHUJHVHKHQH +DOW" Ä'XUFKVDJHIUDOOH0LWDUEHLWHU³W|QWHHVDXVGHQ/DXW VSUHFKHUQ Ä:LU XQWHUEUHFKHQ GLH ODXIHQGH 0HUHLKH (V NRPPW %HVXFK 'LH OHLWHQGHQ :LVVHQVFKDIWOHU ELWWH ]XP .RQIHUHQ]UDXP³1XQNDPHQDXFKGLHOHW]WHQ)UDXHQXQG 0lQQHUYRQLKUHQ$UEHLWVSOlW]HQ(VPXWHZRKO ZLFKWLJ VHLQZHQQGHU.DSLWlQHLQIDFKVWRSSHQOLH 8QWHU PDNHOORV EODXHP +LPPHO ODJ GDV OHLFKWEHZHJWH 0HHU PLWWHQ GDULQ HLQ XQVFKHLQEDUHV 6HJHO 'HU HLQVDPH 0DQQLP6SLHJHOGHV%RRWHVPKWHVLFKGDVQXQVWLOOOLH JHQGH JURH 6FKLII ]X HUUHLFKHQ DQ GHVVHQ 6LJQDOPDVW VLFKHLQHD]XUEODXH)ODJJHPLWURWHP%OLW]VDQIWEHZHJWH 9RP%XJOHXFKWHWHQGLH/HWWHUQÄ3&³ .XU]H =HLW VSlWHU ZXUGH GDV 6SRUWERRW DQ GHP PlFKWL JHQ 6FKLIIVOHLE IHVWJHPDFKW GHU 0DQQ NDP DQ 'HFN (U VDK EHUQlFKWLJW DXV XQG ZLUNWH XQJHSIOHJW PLW VHLQHP XQJHElQGLJWHQ %DUW GHU VSHFNLJHQ 0W]H GHU :HWWHUMDN NH Ä:ODG\VODZ0RUF]HZVNL³VDJWHHUPLWWLHIHUNOLQJHQGHU 6WLPPH(UOHJWHGLH+DQGDQGHQ0W]HQVFKLUPÄ0HLQHQ 'DQN GD 6LH JHVWRSSW KDEHQ ,FK ELQ YRUJHVWHUQ LQ HLQH KHIWLJH%|JHUDWHQVFKDXHQ6LHPHLQHQ0DVWDQ³ Ä:LOONRPPHQ DQ %RUG ,FK ELQ .DSLWlQ %HUJVRQ KLHU GHU/HLWHUGHU([SHGLWLRQ)UDQN:DUGLQVNLGLHVLVWXQVHUH +\GURORJLQ+DOLQD5LFKWHUGRUWXQVHU&KHILQJHQLHXU0DU NRII«³ 'HU 0DQQ KRE KLOIORV GLH +lQGH Ä(QWVFKXOGLJXQJ 1D PHQPHUNHLFKPLUQLH²QLFKWDXV8QK|IOLFKNHLWHLQIDFK VR -HGHQIDOOV IUHXH LFK PLFK PLWWHQ DXI GHP $WODQWLN )UHXQGH ]X WUHIIHQ GLH PLU DXV HLQHU 3DQQH KHOIHQ³ (U VFKWWHOWHDOOHJUHLIEDUHQ+lQGH
Ä:ROOHQ6LHEDGHQ"0LWXQVIUKVWFNHQ"³ Ä+HU]OLFK JHUQ ,FK KDE HV Q|WLJ QDFK GHQ OHW]WHQ ]ZHL 7DJHQ³VDJWH0RUF]HZVNL .HLQH KDOEH 6WXQGH GDQDFK VDHQ VLH LQ GHU 0HVVH EHL VDPPHQ 0RUF]HZVNL IXWWHUWH GHU .DSLWlQ ]ZLQNHUWH )UDQN]XHUZDUJHUQ*DVWJHEHUXQGOLHEWH%HVXFKGHUHV VLFKVFKPHFNHQOLH Ä6LH VLQG DOVR HLQ ([SHGLWLRQVVFKLII ZHQQ LFK ULFKWLJ YHUVWDQGHQKDEH"³IUDJWHGHU6HJOHUQDFKHLQHU:HLOH )UDQN:DUGLQVNLQLFNWHÄ3&µOlXIWHLQ)RUVFKXQJV SURJUDPP DE :LU JHK|UHQ GHU (QHUJLHJHPHLQVFKDIW VR]LDOLVWLVFKHU /lQGHUµ DQ XQG XQWHUVXFKHQ GDV $]RUHQ SODWHDXDXIP|JOLFKH%RGHQVFKlW]H³ Ä6LHZROOHQYRQKLHUREHQDXVIHVWVWHOOHQZDVXQWHQXQ WHUGHP*UXQGHYRUVLFKJHKW"³ 'LH :LVVHQVFKDIWOHU ODFKWHQ Ä)U XQV LVW GLH 7LHIH ZLH HLQ DXIJHVFKODJHQHV %LOGHUEXFK³ VDJWH )UDQN Ä*DU QLFKW VR HLQIDFK GDV HLQHP /DLHQ LQ DOOHU .U]H ]X HUNOlUHQ 7DXVHQG (LQ]HOXQWHUVXFKXQJHQ HUJHEHQ VFKOLHOLFK GHQ JHZQVFKWHQ $XIVFKOX :LU HUDUEHLWHQ HLQ (FKRJUDPP VWHOOHQQDFKQHXHQ9HUIDKUHQHLQ%RGHQSURILOKHUPDFKHQ 6FKZHUHPHVVXQJHQ DQDO\VLHUHQ 6HGLPHQWH HUKDOWHQ VR HLQHSUl]LVH.DUWHGHV*UXQGHVPLWDOOHQ(LQ]HOKHLWHQZLH )HOVHQ6DQGRGHU6FKOLFNDXFK:UDFNV8QVHUH*HRORJHQ ZLVVHQ GDQQ VHKU UDVFK ZR HV VLFK ORKQHQ GUIWH DQ]X NORSIHQ 'D VHW]HQ ZLU GDQQ DXFK GDV %DWK\VFDSK HLQ ]X *UXQGSUREHQXQG%RKUXQJHQ³ Ä(LQ%DWK\VFDSKZROOWHLFKLPPHUVFKRQPDOVHKHQ:R LVWHV"³ Ä,Q XQVHUHU 8QWHUZDVVHUVFKOHXVH :LU N|QQHQ HV GLUHNW LQGHQ6FKLIIVEDXFKDXIQHKPHQ³ .DSLWlQ %HUJVRQ ZLQNWH 0RUF]HZVNL VROOWH GDV %DWK\
VFDSK VHKHQ HU VROOWH GLH GHQNEDU EHVWH (ULQQHUXQJ PLW QHKPHQDQÄ3&³XQGGHVVHQ%HVDW]XQJZHQQHUVHLQH NKQH5HLVHIRUWVHW]HQZUGH 6LHJHOHLWHWHQGHQ*DVWEHU7UHSSHQXQG*lQJHLQHLQHQ KRKHQ5DXPPLWJODWWHQVWHLOHQ:lQGHQ+LHUEHIDQGVLFK HLQ 8QWHUZDVVHUIDKU]HXJ DQ]XVHKHQ ZLH HLQ PHWDOOHQHV /XIWVFKLIIDQGHPHLQH NXJHOI|UPLJH *RQGHO KLQJ 8QWHU GHPUXQGHQ%XJWUXJGDV%DWK\VFDSKODQJH*UHLIHU%RKU JHVWlQJH XQG 6WDKOQHW]H 6HOEVW GHU /DLH HUULHW PLW HLQHP %OLFN GD GLH ,QVDVVHQ GDPLW YLHOHUOHL $UEHLWHQ DXI GHP 0HHUHVJUXQGDXVIKUHQNRQQWHQ 'HU*DVW]HLJWHVLFKHKUOLFKHUVWDXQWÄ:DVVWHFNWLQGHP 6FKLIIVOHLEZRGLH/HXWHGRFKLQGHU.XJHOVLW]HQ"³IUDJWH HU GHQ .DSLWlQ 'HU ZLHV DXI &KHILQJHQLHXU 0DUNRII HLQHQ NOHLQHQ VFKZDU]KDDULJHQ 0DQQ PLW OHEKDIWHQ $X JHQ Ä'DV LVW GDV *HELHW XQVHUHV .RQVWUXNWHXUV³ DQWZRU WHWH HU Ä(U KDW GLHVHV %DWK\VFDSK JHEDXW ² XQG QRFK HLQLJHVPHKU%LWWH³ 0DUNRII WUDW QlKHU Ä6LH NHQQHQ HLQHQ /XIWEDOORQ³ (U PDOWHGLH.XJHOPLWGHQ+lQGHQÄ2EHQGDVWUDJHQGH*DV XQWHQGLH1XW]ODVW(LQ%DWK\VFDSKVWHOOWGDVJOHLFKH3ULQ ]LSIUGDV:DVVHUGDU2EHQGDVWUDJHQGH/HLFKW|OXQWHQ GLH .DELQH (V VFKZHEW LP 0HHU VLQNW GXUFK =XVDW]JH ZLFKWH DXI GHQ *UXQG NDQQ GXUFK $EJDEH GLHVHU (LVHQ PDVVHQ GLH KLHU XQWHQ PDJQHWLVFK IHVWJHKDOWHQ ZHUGHQ ZLHGHUDXIVWHLJHQ1LFKWV%HVRQGHUHVPHKU'DV%HVRQGH UH OLHJW KLHU QHEHQDQ³ (U |IIQHWH HLQH VWlKOHUQH 6FKLHEH WU 'HU 6HJOHU HUNDQQWH HLQHQ GLFNHQ )LVFK NQDSSH YLHU 0HWHU ODQJ IDVW DQGHUWKDOE 0HWHU KRFK GDV UXQGH 0DXO IHVWJHVFKORVVHQGLH*ORW]DXJHQJURVWDUU²*ODVOLQVHQ Ä6LH LQWHUHVVLHUHQ VLFK IU )LVFKH" ,FK GHQNH 6LH VLQG
*HRORJHQ³ 0DUNRII]XFNWHPLWGHQ6FKXOWHUQVHLQH$XJHQOHXFKWH WHQ Ä:HU LP :DVVHU OHEHQ ZLOO PX HLQ )LVFK VHLQ ² RGHU LQ HLQHP )LVFK VWHFNHQ 'DV LVW XQVHU 3ODVWWDXFKHU 6LH N|QQHQ HLQVWHLJHQ XQG EHTXHP OLHJHQG ODQJH =HLW LQ )LVFKVFKZlUPHQ PLWVFKZLPPHQ RGHU EHU GHQ *UXQG WUHLEHQ YRUDXVJHVHW]W 6LH JHKHQ QLFKW WLHIHU DOV IQIKXQ GHUW 0HWHU 'D XQWHQ KHUUVFKW HLQ 'UXFN YRQ IQI]LJ $W PRVSKlUHQ ² RKQH GHQ 3ODVWWDXFKHU ZUGH HLQ 0HQVFK ]XVDPPHQJHGUFNWZLHHLQH)OXQGHU³ Ä,QGLHVHP)LVFKVLQG6LHVFKRQJHVFKZRPPHQ"³
'LH OHEKDIWHQ $XJHQ ODFKWHQ IUHXQGOLFK Ä,FK QLFKW OHL GHU'D]XELQLFKQLFKWVSRUWOLFKJHQXJQLFKWLP7UDLQLQJ 8QVHU EHVWHU 7DXFKHU KHLW )UDQN :DUGLQVNL ELWWH KLHU
GHU&KHIVHOEHU³ Ä:DUWHQ 6LH PDO «³ 'HU 6HJOHU EHUOHJWH DQJHVWUHQJW Ä)UDQN:DUGLQVNL",VWPLUGRFKEHNDQQW+DEHQ6LHQLFKW GDV(U]YRUNRPPHQXQWHUGHU%DUHQWVVHHHUVFKORVVHQ"³ )UDQNZLQNWHDEÄ,VWODQJHKHU,Q]ZLVFKHQVLQGGLHN VWHQQDKHQ 6FKHOIJHELHWH OlQJVW GXUFKIRUVFKW XQG GLH (LJQHUVWDDWHQ VLQG GDEHL GLH 9RUNRPPHQ DXV]XEHXWHQ -HW]W ULFKWHW VLFK GDV ,QWHUHVVH GHU KRFKLQGXVWULDOLVLHUWHQ 0HQVFKKHLWDXIGLHIHUQHQXQWHUVHHLVFKHQ*HELUJV]JH³ Ä$FK MD ULFKWLJ³ :ODG\VODZ 0RUF]HZVNL VFKOR VLFK GHQ ]XUFNJHKHQGHQ 0lQQHUQ DQ Ä:LU VLQG MD KLHU EHU HLQHP*HELUJH 'D XQWHQ OLHJW GRFK DQJHEOLFK GDV VDJHQ KDIWH$WODQWLVEHJUDEHQ³ 'LHDQGHUHQODFKWHQ Ä6SHNXODWLRQHQ³ VDJWH )UDQN Ä'DPLW JHEHQ ZLU XQV QLFKWDEZLUQLFKW³ Ä'DV$WODQWLVSUREOHPKDWLPPHUKLQ]DKOORVHNOXJH.|S IH EHVFKlIWLJW (V JLEW PHLQHV :LVVHQV HLQH 8QPHQJH +\SRWKHVHQPLWHUQVWKDIWHQ%HZHLVJUQGHQ³ Ä-D³VDJWH.DSLWlQ %HUJVRQÄ,FKNHQQHGLH*HVFKLFKWH DXFK 9RU GHQ 6lXOHQ GHV +HUDNOHV GHU 6WUDH YRQ *L EUDOWDU DOVR VROO DOWHQ lJ\SWLVFKHQ %HULFKWHQ ]XIROJH HLQH JURH ,QVHO JHOHJHQ KDEHQ EHZRKQW YRQ GHQ 1DFKNRP PHQGHV$WODV5HLFKHVIUXFKWEDUHV/DQGVROO3RVHLGRQLV GLH .|QLJVVWDGW XPVFKORVVHQ KDEHQ VR]XVDJHQ HLQH YRUDQWLNH *URVWDGW PLW HLQHP 7HPSHOEHUJ LQ GHU 0LWWH GHP 9RUELOG GHU 3\UDPLGHQ EHLGHUVHLWV GHV 2]HDQV (LQH XQYRUVWHOOEDUH )OXWNDWDVWURSKH VROO GDQQ GLH ,QVHO PLW DOO LKUHQ%HZRKQHUQYHUQLFKWHWKDEHQ³ Ä'DVVFKUHLEW3ODWR³VDJWH)UDQNÄ(LQHJULHFKLVFKH6D JHHLQ0lUFKHQHLQ0\WKRVZDV6LHZROOHQ³ Ä*HZL³JDE0RUF]HZVNL]XUFNÄ$EHUDXFK7URMDZDU
HLQH 6DJH ELV 6FKOLHPDQQ HV DXVJUXE GDV /DE\ULQWK GHV .|QLJV 0LGDV DXI .UHWD ZDU 0\WKRV ELV PDQ HV IDQG 2GHU QHKPHQ 6LH %DE\ORQ 0\NHQl HV JLEW XQ]lKOLJH %HLVSLHOH³ Ä2 MD³ .DSLWlQ %HUJVRQ |IIQHWH VHLQHQ %HJOHLWHUQ GLH 7U]XU0HVVHÄ,FKKDEHPLFKHLQH=HLWODQJVHKUIUGLHVH 'LQJH LQWHUHVVLHUW 'LH 9HUWHLGLJHU GHU $WODQWLVK\SRWKHVH IKUHQEHDFKWOLFKH*UQGHLQV)HOG'HQbJ\SWHUQZDUGLH ([LVWHQ]GHVDPHULNDQLVFKHQ.RQWLQHQWVEHNDQQW$WODQWLV ELOGHWH MD VR]XVDJHQ HLQH $UW %UFNH LQ ELRORJLVFKHU VSUDFKOLFKHU XQG NXOWXUHOOHU +LQVLFKW 6FKRQ GLH HUVWHQ EHLGHQ6LOEHQGHV1DPHQVZUGHQGDVEHZHLVHQKHLWHV $WODQ GDV VROO HLQZDQGIUHL 7ROWHNLVFK VHLQ DOVR PLWWHO DPHULNDQLVFKHQ 8UVSUXQJV QLFKW *ULHFKLVFK RGHU bJ\S WLVFK³ (U ERW GHP 6HJOHU HLQHQ 3ODW] DQ :ODG\VODZ 0RUF]HZVNL VHW]WH VLFK (U VDK QLFKW GD GLH :LVVHQ VFKDIWOHUGLH .|SIH VFKWWHOWHQ IXKU DOVR HLIULJ IRUW Ä1D WUOLFK IHKOHQ GLH %HZHLVH ]XP %HLVSLHO )XQGH DXI GHP 0HHUHVJUXQG 1XQ GDV DOOHV OLHJW VHKU ZHLW ]XUFN $XI KRUFKHQ OlW QDWUOLFK ZHQQ PDQ K|UW GD LQ GHU 1lKH GHU $]RUHQ EHLP %HUJHQ HLQHV GHIHNWHQ hEHUVHHNDEHOV /DYDJHVWHLQJHKREHQZXUGHGDVQDFKHLQJHKHQGHU8QWHU VXFKXQJ LQ IUKJHVFKLFKWOLFKHU =HLW DQ GHU /XIW HUNDOWHW VHLQPX²QLFKWLP:DVVHUQLFKWXQWHUPHKUDOVKXQGHUW $WPRVSKlUHQ'UXFN³ Ä)U $UFKlRORJHQ PDJ GDV LQWHUHVVDQW VHLQ³ VDJWH )UDQN Ä$XFK IU *HVFKLFKWVIRUVFKHU 3KLORVRSKHQ ZDV ZHL LFK 6LH HQWVFKXOGLJHQ GD LFK QLFKW YLHO YRQ VR XQVLFKHUHQ )RUVFKXQJVJHELHWHQ KDOWH GLH KDUW DQ GHU *UHQ]H UHLQHU *HGDQNHQVSLHOHUHL OLHJHQ XQG DOOHUOHL 6FKDUODWDQHQ 5DXP IU SVHXGRZLVVHQVFKDIWOLFKH 6FKZlW
]HUHL ODVVHQ (U]lKOHQ 6LH XQV OLHEHU HWZDV YRQ VLFK YRQ ,KUHP9RUKDEHQ,KUHQ3OlQHQ³ Ä*HUQ³ VDJWH GHU 6HJOHU XQG VDK VLFK LP .UHLVH XP Ä$EHU6LHZHUGHQYHUVWHKHQGDLFK6RUJHKDEHZLHPHLQ GHIHNWHU 0DVW ]X HUVHW]HQ LVW 6LH N|QQHQ PLU GRFK KLHU GHQ%UXFKNDXPUHSDULHUHQ³ Ä1HLQ³VDJWHGHU.DSLWlQÄ$EHUVSlWHVWHQVEHUPRUJHQ ODXIHQZLUXQVHUHQ ([SHGLWLRQVVWW]SXQNW DXI GHQ $]RUHQ DQ 'RUW ZLUG PDQ ,KQHQ EHVWLPPW KHOIHQ 6LH VLQG VR ODQJH XQVHU *DVW 'LH 5XKH GUIWH ,KQHQ JXWWXQ XQG ZLU IUHXHQ XQV EHU GLH $EZHFKVOXQJ LP (LQHUOHL GHV 'LHQ VWHV³ Ä'DV IUHXQGOLFKH $QJHERW QHKPH LFK QDWUOLFK KHU]OLFK JHUQDQ³
'HP0HHUZHUGHQGLH*HKHLPQLVVHHQWULVVHQ6WFNIU 6WFN PX HV GDYRQ KHUJHEHQ 'HU 0HQVFK ZLOO $QWZRUW KDEHQZHOFKHV*HWLHUVLFKLPHZLJHQ'XQNHOGHU7LHIVHH YHUELUJW ZLH HV VLFK QlKUW YHUPHKUW ZLH HV GHQ ULHVLJHQ 'UXFNDXVKlOWGHUGLH]HUEUHFKOLFKHQ/HLEHUXPNODPPHUW )lQJWPDQVLHPLW1HW]HQXQG]LHKWVLHDQV/LFKWVRNHK UHQVLHGDV,QQHUHQDFKDXHQSODW]HQGLH:HOWKLHUREHQ LVW IU VLH W|GOLFK 'HU 0HQVFK ZLOO QRFK PHKU ZLVVHQ 8QWHU6FKOLFNXQG .LHVJUXQG ODJHUW (U] ZDUWHW (UG|O DXI GHQ UDWWHUQGHQ %RKUPHLHO 'DV ZHUWYROOVWH .DSLWDO GHV JDQ]HQ3ODQHWHQ 'DV )RUVFKXQJVVFKLII Ä3& ³ VFKZLPPHQGHV *UR ODERU PLW 5HFKHQ]HQWUXP XQG YROODXWRPDWLVFKHU 6WHXH UXQJOLHIDWRPJHWULHEHQVHLQH %DKQ ZHLWHU 'LH 1DYLJD WRUHQ KDWWHQ DXI GHQ .DUWHQ GDV 7HVWJHELHW LQ ]DKOORVH
H[DNW SDUDOOHO QRUGVGOLFK YHUODXIHQGH .XUVOLQLHQ DXIJH WHLOW 6WUHLIHQ XP 6WUHLIHQ ZXUGH GHU 0HHUHVJUXQG DQJH PHVVHQ XQG UHJLVWULHUW GLH 'DWHQ DXI /RFKVWUHLIHQ XQG )LOPEDQG JHVSHLFKHUW LQ 'LDJUDPPHQ XQG 6FKLFKWNDUWHQ DXIJH]HLFKQHW XQG GDPLW HQGJOWLJ GHU YHUKOOHQGHQ 6FKZlU]HHQWULVVHQ (V ZDU HLQ HWZDV HLQW|QLJHU 'LHQVW DXI GLHVHP 6FKLII ZHLW HQWIHUQW YRQ MHQHP $EHQWHXHUKDXFK GHU JHZ|KQOLFK GHQ %HJULII ([SHGLWLRQ XPZHKW 'LH :LVVHQVFKDIWOHU IKOWHQ VLHK PLWXQWHU UHLFKOLFK EHUIOVVLJ LQ GLHVHP ELV LQV NOHLQVWH GXUFKNRQVWUXLHUWHQ WHFKQLVFKHQ :XQGHUZHUN 0DQ NRQWUROOLHUWH VWQGOLFK GLH JOHLFKHQ ,QVWUXPHQWH VDK QHX HUUHFKQHWH :HUWH HLQ JDQ] VHOWHQ YHUODQJWH GHU VFKZLPPHQGH 5LHVHQDSSDUDW Ä3& ³ JHULQJIJLJH .RUUHNWXUHQ :ODG\VODZ 0RUF]HZVNL GXUFKVWUHLIWH GDV 6FKLII XQG NDP QLUJHQGV ]XU 5XKH GHQQ EHUDOO KDWWH HU GDV *HIKO ]XVW|UHQ+LHUKDWWHMHGHUVHLQH$XIJDEHEHULFKWHWHDXFK EHUHLWZLOOLJZDVGDUDQIUHLQHQXQEHIDQJHQHQ=XVFKDXHU ZLVVHQVZHUW VHLQ PRFKWH :HQQ DEHU 0RUF]HZVNL JH JODXEWKDWWHHUZHUGHLQGHQHLQ]HOQHQ/DERUVXQG6WDWLR QHQ VRYLHO ,QWHUHVVDQWHV HUIDKUHQ N|QQHQ ZLH LQ GHQ *H VSUlFKHQ GHU HUVWHQ 6WXQGHQ DQ %RUG VR IKOWH HU VLFK HQWWlXVFKW (U IDQG HLQ PRQRWRQHV 7DJHZHUN DXV =DKOHQ =DKOHQ=DKOHQ $OVR IOFKWHWH HU VFKOLHOLFK ]XUFN LQ GLH 0HVVH +LHU VDHQ )UDQN :DUGLQVNL XQG &KHILQJHQLHXU 0DUNRII EHLP 6FKDFKVSLHO 'HU 6HJOHU EHKHUUVFKWH GLH =JH GHU HLQ]HO QHQ )LJXUHQ ]ZDU DXFK DEHU HU KDWWH NHLQ VWUDWHJLVFKHV 7DOHQW XQG XQWHUODJ GDKHU VR JXW ZLH MHGHP *HJQHU GHU EHU GLH $QIDQJVJUQGH KLQDXV ZDU $XVJHUHFKQHW 6FKDFK GDFKWH HU DOV HU VLFK ]X GHQ EHLGHQ 0lQQHUQ
VHW]WH Ä0DQN|QQWH6LHEHQHLGHQ³VDJWH)UDQNRKQHGHQ%OLFN YRP 6SLHOEUHWW ]X KHEHQ Ä6LH EHUQHKPHQ HLQ :DJQLV EHL GHP HV QRFK DXI 6LH JDQ] DOOHLQ DQNRPPW 9RQ ,KUHU (QWVFKOXNUDIW ,KUHP .|QQHQ ,KUHP 0XW KlQJW GHU (U IROJ GHV 8QWHUQHKPHQV DE 6LH WUDJHQ (QWEHKUXQJHQ QHKPHQ $OOHLQVHLQ XQG *HIDKU DXI VLFK :HQQ 6LH YHUVD JHQ JHKHQ 6LH XQWHU VSXUORV ZDKUVFKHLQOLFK LUJHQGZR 8QG ZLU" /LHEHU )UHXQG ZUGH LFK PRUJHQ IU ]ZHL :RFKHQ ZHJIOLHJHQ HLQIDFK KHLP DXI 8UODXE JODXEHQ 6LHDXI3&µZlUHDXFKQXUHLQZLQ]LJHV6SOLWWHUFKHQ XQVHUHV)RUVFKXQJVSURJUDPPVJHIlKUGHW"³ Ä9LHOOHLFKW KDEHQ 6LH UHFKW³ QDKP GHU &KHILQJHQLHXU GHQ *HGDQNHQ DXI XQG ]RJ VHLQHQ JHIlKUGHWHQ /lXIHU ]XUFN Ä9HUJHVVHQ 6LH DEHU QLFKW GD XQVHUH $XWRPDWLN ZRKO )DNWHQ UHJLVWULHUHQ (UJHEQLVVH DXI]HLFKQHQ XQG :HJH EHUHFKQHQ NDQQ (QWVFKOVVH IlOOW VLH QLFKW (QW VFKHLGXQJHQEOHLEHQXQVYRUEHKDOWHQ³ Ä$OVR GRFK (QWVFKOXNUDIW XQG .|QQHQ³ VDJWH 0RUF]HZVNL )UDQN ZLQNWH DE HU VHW]WH UDVFK XQG HQWVFKLHGHQ VHLQH 'DPHÄ(LQH)UDJHGHU =HLW³VDJWHHUXQGEHUIORJ UDVFK GLH]ZHLRGHUGUHL0|JOLFKNHLWHQGLHVHLQHP*HJQHUMHW]W EOLHEHQÄ:LUVLQGKLHUDQ%RUGZHLOHLQSDDU.OHLQLJNHL WHQQRFKQLFKWHUIXQGHQZXUGHQ1RWZHQGLJHVhEHOVR]X VDJHQ YRUEHUJHKHQG QRFK JHGXOGHW (V JLEW OlQJVW XQ EHPDQQWH :HWWHUVDWHOOLWHQ YROODXWRPDWLVFKH /DERUV LP :HOWDOOZLHLP0HHU6LFKHUZLUGLQ]ZDQ]LJ-DKUHQDXFK HLQH VROFKH ([SHGLWLRQ Y|OOLJ RKQH PHQVFKOLFKH 0LWZLU NXQJDUEHLWHQGDQQVLQGZLUPXVHXPVUHLI³ Ä/DQJVDP OLHEHU :DUGLQVNL³ 0DUNRII]QGHWH VLFK EH GlFKWLJHLQH=LJDUUHDQÄ'LH:HOWZLUGLPPHU.RQVWUXN
WHXUH EUDXFKHQ 0HQVFKHQ GLH GHQ 7HVW OLHEHQ GDV ([ SHULPHQW:HUGHQZLU KLHU DEJHO|VW VR ZDUWHQ QHXH JU| HUH $XIWUlJH GLH LKUH 3UREOHPH KHUYRUNHKUHQ XQG EH ]ZXQJHQVHLQZROOHQ³ Ä:LVVHQ6LHZDVLFKP|FKWH"³)UDQNVHW]WHVLFKZHLWLP 6HVVHO ]XUFN XQG EOLQ]HOWH GHP 6HJOHU ]X Ä,Q ,KUHP 3ODVWWDXFKHU0DUNRIIDXI8QWHUZDVVHUUHLVHJHKHQ$OOHLQ 7UDPS DXI GHP 0HHUHVJUXQG ² EDOG JLEW HV GD QlPOLFK DXFK NHLQH 5lWVHO PHKU GHU 2]HDQ LVW NDUWRJUDSKLVFK HUIDWJHQDXHUDOVHLQHDOWH.OHLQVWDGWLUJHQGZRLQ0D]H GRQLHQRGHU$IJKDQLVWDQ³ 0RUF]HZVNLODFKWHDXI'LHVHU)UDQN:DUGLQVNLHUVFKLHQ LKP LPPHU PHKU ZLH HLQ JURHU -XQJH 6LFKHU ZUGH HU HLQHQ IDPRVHQ 6HJHONDPHUDGHQ DEJHEHQ 0DUNRII SDIIWH GLFKWH :RONHQ VHW]WH GDQQ UDVFK XQG VDJWH Ä3DVVHQ 6LH DXI,KUH'DPHDXI³ (LQ.OLQJHO]HLFKHQHLQURWHV6LJQDOOLFKW Ä'XUFKVDJH IU GHQ &KHILQJHQLHXU³ W|QWH HV DXV GHP /DXWVSUHFKHU Ä6W|UXQJ DP 6XEPDULQH(OPH %LWWH ]XU =HQWUDOH³ 0DUNRIIVWULFKVLFKGXUFKGLHVFKZDU]HQ+DDUHÄ'DVH KHQ6LHµV³VDJWHHUHLQZHQLJlUJHUOLFKÄ:LUVLQGEHVVHUH 5HSDUDWXUVFKORVVHUGHU&KHIKDWVFKRQUHFKW³ Ä+DEHQ GLH GHQQ GD REHQ QLHPDQG GHU HLQHQ OlFKHUOL FKHQ%DXVWHLQDXVZHFKVHOQNDQQ"³IUDJWH)UDQN 0DUNRIIKRE GLH 6FKXOWHUQ Ä(QWVFKXOGLJXQJ ELQ JOHLFK ]XUFN³ (U VWDXFKWH GLH =LJDUUH LQ GLH 6FKDOH JLQJ ]XU 7UQDKPGLH7UHSSHLQZHQLJHQ6SUQJHQXQGWUDWLQGLH (OHNWUR0H]HQWUDOH =ZHL 7HFKQLNHU LQ ZHLHQ 0lQWHOQ VWDQGHQEHUGDV*HUlWJHEHXJW5DWORVLJNHLWLP*HVLFKW Ä:DVLVWHVGHQQ"³IUDJWH0DUNRIIÄ'HU(OPHJHEHU"³ 'LH0lQQHUKREHQIUDJHQGGLH+lQGHÄ'DV(FKREOHLEW
DXV³DQWZRUWHWHQEHLGHIDVWJOHLFK]HLWLJ Ä'DV(FKR"³ 'HU &KHILQJHQLHXU EHXJWH VLFK EHU GDV .RQWUROOEODWW 7DWVlFKOLFK :lKUHQG ELVKHU GLH $XIQDKPHQ HLQH NODUH .DUWH GHU 7LHIVHHODQGVFKDIW HUJHEHQ KDWWHQ EOLHE VHLW HLQLJHQ 0LQXWHQ DXI GHP 6WUHLIHQ DOOHV ZHL JHUDGH DOV ZlUH GDV 0HHU KLHU SO|W]OLFK XQHQGOLFK WLHI JHZRUGHQ 0DUNRIIVFKWWHOWHGHQ.RSIEHUIORJPLWHLQHP%OLFNGLH 5HLKH GHU $Q]HLJHLQVWUXPHQWH GUFNWH DXI HLQLJH 0HWD VWHQGDV*HUlWDUEHLWHWHY|OOLJQRUPDO Ä:DVVDJWGDV(FKRORW"³ Ä*UXQGGUHLKXQGHUW0HWHUDQVWHLJHQG³ Ä6RZHQLJ"³ Ä:LU VLQG EHU GHU 3ULQ]H$OLFH%DQN 'LH 6HHNDUWH JLEW GUHL 0HLOHQ ZHLWHU Q|UGOLFK QXU QRFK YLHUXQGYLHU]LJ 0HWHUDQ³ Ä$EHU ]XP .XFNXFN GD NDQQ GRFK GDV (OPHHFKR QLFKWDXVEOHLEHQ:DVVDJWGLH.DUWHEHUGHQ=XVWDQGGHV *UXQGHV"³ Ä6FKZDU]HXQGURWH6WHLQHVRQVW6FKOLFNXQG.LHV³ 0DUNRIIOLHI]XU%UFNHKRFK Ä.DSLWlQ ZLU PVVHQ VWRSSHQ $OOH *UXQGPHVVXQJHQ VLQGVHLWHLQHUJXWHQ0HLOHXQEUDXFKEDU³ Ä,KUVHLGPLU7HFKQLNHU³.DSLWlQ%HUJVRQWUDWVFKPXQ ]HOQG YRU GDV ]XU %UFNHQDXVUVWXQJ JHK|UHQGH 8QWHU ZDVVHU6LFKWJHUlW VFKDOWHWH HLQ XQG ZDUWHWH ELV GHU 6FKLUP]XOHXFKWHQEHJDQQ'DZXUGHQVHLQH$XJHQJUR Ä7DWVlFKOLFK²NHLQH$Q]HLJH8QGGDV(FKRORW"³ Ä=ZHLKXQGHUWDFKW]LJ³VDJWHGHU1DYLJDWRU Ä(V N|QQHQ GRFK QLFKW SO|W]OLFK VlPWOLFKH (OPHJHUlWH VWUHLNHQ ]XP 'RQQHUZHWWHU 8OWUDVFKDOO ]HLFKQHW XQG (OPHLPSXOVHQLFKW"³
Ä=ZHLKXQGHUWVLHE]LJ³ Ä:LU ODXIHQ DXJHQEOLFNOLFK ]XUFN 'LH OHW]WHQ GUHL 0HLOHQ ZHUGHQ QHX EHUPHVVHQ 0HOGHQ 6LH GDV DOOHQ 6WDWLRQHQ³ Ä-DZRKO+HUU.DSLWlQ³ Ä1D"³ )UDQN :DUGLQVNL VFKRE :ODG\VODZ 0RUF]HZVNL GXUFK GLH 7U Ä8QVHU 6HJOHU IKOW VLFK DXHUVWDQGH GLH 3DUWLHPLWPLU]X(QGH]XVSLHOHQXQGZDVMHW]W"³ 0DUNRIIV+lQGHIODWWHUWHQÄ:HLGHU.XFNXFN'DV(O PH ]HLFKQHW QLFKW PHKU ² DXI VlPWOLFKHQ *HUlWHQ NHLQ (FKR9HUVWHKHQ6LHGDV"³ Ä.OHLQHU :LW] ZDV"³ )UDQN OLHI DQV *HUlW GHU 6FKLUP IOLPPHUWH 'LH 0lQQHU VWDUUWHQ ZLU JHEDQQW DXI GLH IOXR UHV]LHUHQGH6FKHLEH Ä:DVLVWGDV²(OPH"³IUDJWHGHU6HJOHU Ä(LQ QHXHV ,PSXOVYHUIDKUHQ IU 3DQRUDPD$XIQDKPHQ GHV 0HHUHVJUXQGHV³ HUNOlUWH GHU .DSLWlQ Ä.|QQWH PLW GHP )XQNPHYHUIDKUHQ GHU /XIWEHUZDFKXQJ YHUJOLFKHQ ZHUGHQ LVW DEHU HWZDV JDQ] DQGHUHV IUDJHQ 6LH XQVHUH 7HFKQLNHU³ 'DV 6FKLII KDWWH LQ]ZLVFKHQ JHZHQGHW IXKU PLW VFKlX PHQGHU %XJZHOOH ]XUFN DFKWHUDXV VWDQG GHU 6FKDXP VWUHLIHQZLHJHVFKODJHQH6DKQH (LQ 6FKUHL DXV GUHL .HKOHQ Ä'D³ 'DV *HUlW DUEHLWHWH SO|W]OLFK ZLHGHU $XI GHP 6FKLUP ELOGHWH VLFK GHU *UXQG DE 6FKODPPElQNH HLQLJH )HOVHQ VSlUOLFKHU $XIZXFKV GD]ZLVFKHQGLH(FKRVSXUHQ]DKOUHLFKHU)LVFKH Ä'UHLKXQGHUWIQI]LJ 0HWHU³ ULHI GHU 1DYLJDWLRQVRIIL ]LHU Ä/DXIHQ6LHQHXLQGLH0HSRVLWLRQHLQ³ Ä-DZRKO+HUU.DSLWlQ³ Ä3& ³ ZHQGHWH DEHUPDOV VFKZHQNWH DXI GHQ DOWHQ
.XUVLQDOOHQ6WDWLRQHQVDHQMHW]WGLH0LWDUEHLWHUYRUGHQ ,QVWUXPHQWHQ JHVSDQQWH $XIPHUNVDPNHLW DXI GHQ *H VLFKWHUQ 'DV 6FKLII IXKU QRUGZlUWV XQWHU LKP ZXFKV GHU *UXQGODQJVDPK|KHUXQGK|KHU²GDQQQLFKWVPHKUNHLQ %LOGNHLQ(FKRGLH(OPHLPSXOVHYHUVLFNHUWHQVFKHLQEDU VSXUORVLQGHU7LHIH Ä$OOH0DVFKLQHQVWRS³ 'LH0lQQHUVDKHQVLFKDQ 0DUNRII KDWWH HLQH VWHLOH )DOWH ]ZLVFKHQ GHQ %UDXHQ Ä'RUWXQWHQLVWHWZDVZDVXQVHUH6LJQDOHVFKOXFNW²DEHU GDVJLEWHVGRFKJDUQLFKW³ Ä(LQH DEVRUELHUHQGH %RGHQVFKLFKW³ VDJWH )UDQN ODQJ VDPÄ,FKKDEH]ZDUQRFKQLHJHK|UWGDVRHWZDVVFKRQ EHREDFKWHWZXUGH³ Ä8QGZHQQµVHLQ*HUlWZlUH"³IUDJWH0RUF]HZVNLQDLY 'LH0lQQHUODFKWHQHVNODQJHLQELFKHQlUJHUOLFK Ä/LHEHU )UHXQG³ VDJWH 0DUNRII Ä+LHU VLQG 6LH XQWHU ODXWHU )DFKOHXWHQ GHQHQ HLQH /DXV EHU GLH /HEHU OlXIW 6HLHQ 6LH PLU QLFKW E|VH DEHU XQV LVW MHW]W QLFKW QDFK 8QWHUKDOWXQJ]XPXWH³ )UDQNOHJWHLKPEHVFKZLFKWLJHQGGLH+DQGDXIGHQ$UP Ä:LUVLQGPLWWHQLP0HHU³ZDQGWHHUVLFKDQ0RUF]HZV NLÄ:HOFKHQ6LQQVROOWHGDHLQVROFKHU$SSDUDWKDEHQ"³ 0DUNRII JLQJ QDFKGHQNOLFK DXI XQG DE Ä%RGHQVFKLFK WHQGLH,PSXOVHDEVRUELHUHQ³VDJWHHUZLH]XVLFKVHOEVW Ä,FK ZHUGH PLU DXJHQEOLFNOLFK DXV /HQLQJUDG 0LNURILOPH EHUVSLHOHQODVVHQ9LHOOHLFKWJLEWHVGDUEHUGRFK/LWHUD WXU³ Ä:ROOHQ ZLU QLFKW OLHEHU XQWHQ QDFKVHKHQ"³ IUDJWH )UDQN
'HU XQIUHLZLOOLJH $XIHQWKDOW KDWWH GHQ JHZRKQWHQ $E ODXIGHU)RUVFKXQJVDUEHLWJUQGOLFKXQWHUEURFKHQ,QDOOHQ 6WDWLRQHQGHV6FKLIIHV]LWWHUWHGLH(UUHJXQJEHUGDVXQHU NOlUOLFKH3KlQRPHQDXIGHP0HHUHVJUXQG(LQ0DQQDEHU JHULHW Y|OOLJ DXV GHP +lXVFKHQ DOV EHNDQQW ZXUGH GDV %DWK\VFDSK ZHUGH DXVJHVHW]W (UZLQ -lJHU ZDU 3LORW GHV 8QWHUZDVVHUIDKU]HXJV 6HLQ $OOWDJ KDWWH ELVKHU QXU DXV IRUWZlKUHQGHQ .RQWUROOHQ XQG HLQHP JHQDX YRUJHVFKULH EHQHQ hEHUSUIXQJVSURJUDPP EHVWDQGHQ -HW]W HQGOLFK GXUIWHHUVLFKDXIVHLQHP)DFKJHELHWEHZHLVHQ (UZLQ -lJHU HLQ PXQWHUHU EORQGHU -XQJH DXV :LVPDU KDWWHVLFKVFKRQVHLWVHLQHU .LQGKHLWGHU:HOW XQWHU :DV VHUYHUVFKULHEHQ0LW%ULOOHXQG6FKQRUFKHOZDUHULQDOOH QXU HUUHLFKEDUHQ *HZlVVHU HLQJHGUXQJHQ KDWWH VSlWHU DOV 6SRUW XQG %HUXIVWDXFKHU HWOLFKH 7URSKlHQ KHLPJHWUDJHQ XQGZDUVFKOLHOLFKYRQGHUÄ(QHUJLHJHPHLQVFKDIWVR]LDOL VWLVFKHU /lQGHU³ DOV 6SH]LDOLVW DQJHIRUGHUW ZRUGHQ ,P 7HDP Ä3& ³ VWHXHUWH HU HLQHV GHU PRGHUQVWHQ 8Q WHUZDVVHUIDKU]HXJH (UVWDQGJUHQGQHEHQGHU/HLWHUDOV)UDQN:DUGLQVNL VFKRQ LQ GHU PHWDOOLVFK JOlQ]HQGHQ .RPELQDWLRQ GHU 7DXFKIDKUHUDQGDV%DWK\VFDSKKHUDQWUDW Ä$OOHVNODU"³ Ä$OOHVNODU&KHIZLUN|QQHQGHQ/LIWHQWHUQ³ 6LH NOHWWHUWHQ DXI GHQ 6FKZLPPN|USHU JOLWWHQ LQ GLH (LQVWLHJVU|KUHGLHELVKLQXQWHULQGLH.XJHONDELQHIKUWH (UZLQ -lJHU VFKOR GDV NUHLVUXQGH /XN YHUULHJHOWH HV KDQJHOWHVLFKGDQQLQGHPHQJHQ6FKDFKWDEZlUWV ,QGHU.XJHOZDUMHGHU3ODW]JHQDXEHUHFKQHW=ZHLHLQL JHUPDHQ EHTXHPH 6LW]H 6WHXHUSXOW 1DYLJDWLRQVJHUlW .DPHUDVXQG$UEHLWVSXOWHGD]XGLH)ULVFKOXIWDQODJHDOOHV
EHDQVSUXFKWH NRVWEDUHQ 5DXP )U GLH EHLGHQ 0lQQHU EOLHEJHUDGHQRFKHLQEHVFKHLGHQHU5HVW -lJHU GUFNWH GHQ +DXSWVFKDOWHU KRFK DP 6WHXHUSXOW IODPPWHQ /lPSFKHQ DXI =HLJHU ]LWWHUWHQ DXV GHP /DXW VSUHFKHUW|QWHHLQH6WLPPHÄ%DWK\VFDSKNODU"³ Ä$OOHVNODU6FKOHXVHIOXWHQ³ (LQ SO|W]OLFKHV 5DXVFKHQ HLQ :DVVHUVFKZDOO YRU GHQ UXQGHQ)HQVWHUQGDV)DKU]HXJVFKZDQNWHOHLFKW Ä6FKOHXVHLVWJHIOXWHW³ Ä6FKW]|IIQHQ³EHIDKO-lJHU Ä6FKW]LVWRIIHQ³ Ä$FKWXQJZLUWDXFKHQ%DWK\VFDSKIUHL³ Ä+DOVXQG%HLQEUXFK³ 'DV7DXFKERRWJOLWWDXVGHP6FKLIIVUXPSIVDQNZLHHLQ 6WHLQ 'UDXHQ JUQOLFKHV /LFKW EUDXQHU ZHUGHQG GXQN OHUYHUO|VFKHQGEHUJHKHQGLQ1DFKW Ä7LHIHIQIXQGYLHU]LJ³VDJWH-lJHUÄ+DEWLKUXQVGULQ"³ .HLQH$QWZRUW Ä2ELKUXQVGULQKDEW"³ 6WLOOH Ä:DVLVWGHQQGDV"³IUDJWHGHU3LORWXQZLOOLJÄ,FKNDQQ 3&µQLFKWRUWHQ'HU6FKLUPLVWWRW³ Ä1DWUOLFK³DQWZRUWHWH)UDQNUXKLJÄ'DUXPVLQGZLUMD XQWHQ³ Ä$EHULFKZLOOGRFKQLFKWEOLQGXQWHU:DVVHUKHUXPJRQ GHOQGDVLVWVLQQORV³ Ä*HZL )DQJHQ 6LH GDV %RRW DE :DV VDJW GDV (FKR ORW"³ Ä'LH.XWVFKHVWHKW]ZHLKXQGHUWEHU*UXQG³ Ä.UHLVHONRPSDQRUPDO"³ Ä1RUPDO³ Ä8QGNHLQ(OPHHFKR"$XFKYRQREHQQLFKW"³
Ä1LFKW GLH %RKQH $XFK NHLQH 6SUHFKYHUELQGXQJ 9RQ REHQNRPPWEHUKDXSWNHLQ6LJQDO³ Ä0LNURIRQDXV.DQDOZHFKVHO²VLHEHQ²UDVFK.ODU" -HW]WHLQ$FKWXQJ3&VLHEHQHOIµK|UWLKUXQV"³ 5DXVFKHQ.QDFNHQHLQHYHU]HUUWH6WLPPHGDQQZLHGHU 6WLOOH Ä'DVPDJ3HWHUPDQQV7DQWHEHJUHLIHQ³VDJWH-lJHU Ä0HUNZUGLJ³)UDQNQDKPGHQ%OLFNQLFKWYRQGHQ,Q VWUXPHQWHQ Ä:HQQ HV QLFKW YROONRPPHQ LGLRWLVFK ZlUH ZUGHLFKVDJHQHLQH]LHPOLFKUDIILQLHUWH$EVRUEHUDQODJH GLH DXI MHGHV 0DQ|YHU VHOEVWWlWLJ DQVSULFKW $EHU GDV LVW ZLUNOLFKDEVXUG³ Ä:LHVR"9LHOOHLFKWVLW]HQZLUOlQJVWVFKRQ HLQJHPHVVHQ XQG VDXEHU DXIJH]HLFKQHW DXI LUJHQGZHOFKHQ .RQWUROO VFKLUPHQ (LQ UHFKW HUKHLWHUQGHV *HIKO ZHQQ PDQ QLFKW ZHLZHUGDKLQWHUVWHFNW³ Ä6LHOHVHQZRKOYLHOVSDQQHQGH6DFKHQZDV"³ -lJHU KRE GLH 6FKXOWHUQ Ä,Q GLHVHP *HELHW N|QQWHQ VFKOLHOLFK XQWHUVHHLVFKH 0LOLWlUDQODJHQ H[LVWLHUHQ $E VFKXEDVHQIU*OREDOUDNHWHQRGHUVRZDV³ 'LH VLQG DXI $WRP8%RRWHQ YLHO VLFKHUHU XQWHUJH EUDFKWXQGYRUDOOHPVFKZHUHUDXV]XPDFKHQ³ Ä:DUMDDXFKQXUHLQH9HUPXWXQJ$OVRZDVMHW]W"*H KHQZLUQRFKDXI*UXQG"³ Ä%HVVHUQLFKW0LWGHP(FKRORWDOOHLQULFKWHQ ZLU XQWHQ QLFKWYLHODXV(UVWZLOOLFK.ODUKHLWKDEHQ([SHULPHQWLH UHQZLUQRFKHLQELFKHQ%HREDFKWHQ6LHGHQ)HOGVWlUNH $Q]HLJHUGHV(PSIlQJHUV,FKUXIHQRFKHLQPDOKRFKXQG QHKPH GDQQ EOLW]VFKQHOO GDV 6LJQDO ZHJ $FKWXQJ 3& VLHEHQHOIµKLHU%DWK\VFDSKK|UWLKUXQV"²:HJ³ 'LH=HLJHUWDQ]WHQ Ä8QG"³
Ä=ZDQ]LJ 'H]LEHO ² IU HWZD ]ZHL 6HNXQGHQ GDQQ QLFKWVPHKU³ 'LH0lQQHUEOLFNWHQVLFKDQ
Ä'DVLVWLUJHQGHLQHXQEHNDQQWH6WUDKOXQJ³VDJWH)UDQN Ä9LHOOHLFKW O|VHQ XQVHUH ,PSXOVH LQ GLHVHU PHUNZUGLJHQ %RGHQVFKLFKW SKDVHQYHUNHKUWH 6FKZLQJXQJHQ DXV GLH MHGHV(FKRO|VFKHQEHUKDXSWMHGHV(O6LJQDO'DVWHLJHQ ZLU QLFKW GXUFK +DOEH .UDIW YRUDXV GUHLKXQGHUW 0HWHU GDQQDXIWDXFKHQ³ Ä2L &KHI 'D VHKHQ 6LH PDO -HW]W JHUlW DXFK GDV (FKRORWGXUFKHLQDQGHU$OOHVYROOHU(FKRV³ Ä'DVZHUGHQ)LVFKHVHLQ³ Ä6RSO|W]OLFK²XQGVRYLHO"³ Ä:LUWDXFKHQDXI³
Ä6RIRUW&KHI³ $OVGHU6FKZLPPN|USHUGLH:DVVHUREHUIOlFKHHUUHLFKWH ZXUGH GLH 6SUHFKYHUELQGXQJ ]XP )RUVFKXQJVVFKLII DX JHQEOLFNOLFK ZLHGHU QRUPDO 'DV %DWK\VFDSK PDQ|YULHUWH VLFKYRUVLFKWLJDQÄ3&³KHUDQXQGODJ]ZDQ]LJ0LQX WHQVSlWHUIHVWYHUDQNHUWLQVHLQHU8QWHUZDVVHUVFKOHXVH )UDQN:DUGLQVNLQDKPVLFKNHLQH=HLWGLH.RPELQDWLRQ DXV]X]LHKHQ (U HLOWH LQ GLH =HQWUDOH Ä'LH JDQ]H /HLWXQJ ELWWH:LFKWLJH%HVSUHFKXQJ³,P6FKLIIKDOOWHQGLH*ORN NHQ
Ä3& ³ OLHI PLW KRKHU )DKUW DXI QRUG|VWOLFKHP .XUV =LHO +RUWD DXI )D\DO (QWIHUQXQJ 6HHPHLOHQ :HWWHU JXW6HHUXKLJ ,Q GHU =HQWUDOH WDJWH GLH /HLWXQJ GHU ([SHGLWLRQ 1DFK NXU]HU %HVSUHFKXQJ ZDU PDQ VLFK HLQLJ JHZRUGHQ GDV 0HSURJUDPPDE]XEUHFKHQQHXH:HLVXQJHQHLQ]XKROHQ JOHLFK]HLWLJDEHUEHU)XQNHLQHQ(OPHH[SHUWHQDQ]XIRU GHUQ XQG /LWHUDWXU EHU 1DWXUSKlQRPHQH HLQ]XVHKHQ GLH PHUNOLFKHQ(LQIOXDXI0HLPSXOVHDXVEHQN|QQWHQ ,Q +RUWD XQWHUKLHOW GLH Ä(QHUJLHJHPHLQVFKDIW VR]LDOLVWL VFKHU/lQGHU³HLQHQ6WW]SXQNW'RUWVROOWHGHU([SHUWHDQ %RUG JHQRPPHQ XQG GDV PLWJHEUDFKWH *HUlW HLQJHEDXW ZHUGHQ GRUW ZUGH DXFK :ODG\VODZ 0RUF]HZVNL GLH GULQJHQGEHQ|WLJWH+LOIHEHNRPPHQ(UIDQGGLH(UHLJQLV VH DQ %RUG ZDKQVLQQLJ DXIUHJHQG XQG .XPPHU EHUHLWHWH LKP QXU GDV HLQH GD HU ZHLWHUVHJHOQ ZUGH RKQH GLH 5lWVHO JHO|VW ]X VHKHQ GLH GDV 8QWHUQHKPHQ Ä3& ³ MHW]WXPJDEHQ %HVDW]XQJ XQG ([SHGLWLRQVPLWJOLHGHU VWDQGHQ LQ *UXS
SHQ EHLHLQDQGHU XQG EHVSUDFKHQ GLH PHUNZUGLJH (U VFKHLQXQJ EHU GHU 3ULQ]H$OLFH%DQN 9RU GHU )XQNND ELQH WUDI &KHILQJHQLHXU 0DUNRII GLH +\GURORJLQ +DOLQD 5LFKWHUHLQHDWWUDNWLYHHQHUJLVFKZLUNHQGH)UDX Ä7HOHJUDPPDQGLH)DPLOLH"³IUDJWHVLH Ä:LOO YRQ GHU /HQLQJUDGHU =HQWUDOELEOLRWKHN HLQ SDDU 0LNURILOPHEHU)XQNPHDEVRUEHUDQIRUGHUQ³DQWZRUWHWH HUIUHXQGOLFK Ä%HLP 5DGDUV\VWHP JLEW HV /|VFKYHUIDKUHQ GLH XQWHU 8PVWlQGHQDXIGDV(OPHEHUWUDJEDUVHLQN|QQWHQ³ Ä6LH JODXEHQ DQ HLQH WHFKQLVFKH 8UVDFKH GHU (UVFKHL QXQJ"'DVZlUHHLQHNRVWVSLHOLJH$QODJHXQGZR]X"³ Ä9LHOOHLFKW LVW XQV MHPDQG ]XYRUJHNRPPHQ VFKUIW KHLPOLFK %RGHQVFKlW]H YHUVWHFNW XQWHU HLQHP $EVRUEHU VFKLUP³ Ä/LHEHU 0DUNRII³ +DOLQD 5LFKWHU VFKWWHOWH GHQ .RSI Ä6LH ZLVVHQ JHQDX GD MHGH 1DWLRQ GDV 5HFKW KDW HQW GHFNWH9RUNRPPHQEHLGHU812DQ]XPHOGHQXQGIUVLFK UHJLVWULHUHQ ]X ODVVHQ 'LH 8QWHUZDVVHUJUHQ]HQ ZHUGHQ GDQQ HEHQVR UHVSHNWLHUW ZLH GLH DQ /DQG 1HLQ 1LHPDQG KDW Q|WLJ LQ IUHLHQ *HZlVVHUQ KHLPOLFK %RGHQVFKlW]H DE]XEDXHQ³ 0DUNRIIOlFKHOWHÄ,FKKDOWHHVIUDQJHEUDFKWDOOH0|J OLFKNHLWHQ]XGXUFKGHQNHQ1DWXUSKlQRPHQRGHU$EZHKU V\VWHPRGHUYLHOOHLFKWDXFKJDQ]HWZDVDQGHUHV0DQPX VLFKDXIMHGHQ)DOOHLQJHKHQGLQIRUPLHUHQ³ Ä6LHVLQGEHZXQGHUQVZHUWOFNHQORV³VDJWH+DOLQDXQG GDV NODQJ KDOE DQHUNHQQHQG KDOE LURQLVFK Ä+DEHQ 6LH HLJHQWOLFKDXFKHLQHSULYDWH6HLWH"³ Ä:HUEHLPLU6FKZlFKHQVXFKWYHUVFKZHQGHW=HLW³ Ä/LHEHU +LPPHO PX DOOHV 3ULYDWH JOHLFK HLQH 6FKZl FKHVHLQ"³
Ä,FK VSLHOH 6FKDFK VDPPOH %ULHIPDUNHQ OHVH JHUQ ² XQG DQ /DQG ELQ LFK YLHO ]X )X XQWHUZHJV MD ZLUNOLFK LFKOLHEHZHLWH$XVIOJHRKQH$XWR³ Ä$OVR GDUDXI ZUGH LFK PLFK MD JHUQ HLQPDO HLQODVVHQ :DQGHUQ²ZDUXPQLFKW"³-HW]WPXWHQVLHEHLGHODFKHQ $XVGHP0HHUVWLHJHQGLH$]RUHQLQVHOQ)D\DOXQG3LFR SSLJ EHZDFKVHQ EHNU|QW YRQ ZXFKWLJHQ 9XONDQEHUJHQ 3LNV YRQ PHKU DOV 0HWHUQ +|KH 'HU HWZD ]HKQ .LORPHWHUEUHLWH.DQDO]ZLVFKHQEHLGHQ,QVHOQELOGHWHLQH SUlFKWLJH5HHGHGLHHLQ]LJH6WHOOHGHU$]RUHQZR6FKLIIH JHIDKUORVDQNHUQN|QQHQ Ä3&³KLHOWDXIGLH.VWH]XGLH6WDGW+RUWDXPJH EHQ PLW HLQHP .UDQ] YRQ *UDQDWDSIHOElXPHQ ERW HLQHQ HXURSlLVFKHQ $QEOLFN 'LH 0lQQHU DXI GHU %UFNH KDWWHQ GLH3ULVPHQJOlVHUYRUGHQ$XJHQ Ä%LQ ODQJH QLFKW PHKU KLHUJHZHVHQ³ VDJWH .DSLWlQ %HUJVRQÄ+DWVLFKGRFKHLQLJHVYHUlQGHUW³ Ä:DVLVWGDVGDGUEHQIUHLQ,QGXVWULHJHOlQGH"³IUDJWH )UDQN:DUGLQVNLÄ,FKJODXEWHGLH$]RUHQKlWWHQYRUZLH JHQG1DWXUDOZLUWVFKDIW"³ 'HU .DSLWlQ EOLFNWH LQ GLH DQJHJHEHQH 5LFKWXQJ Ä'DV ZDUIUKHUGLH .DEHOVWDWLRQ'LH WUDQVDWODQWLVFKHQ /HLWXQ JHQ JLQJHQ ]XP JU|WHQ 7HLO EHU +RUWD 6HLW PDQ IU hEHUVHHJHVSUlFKH 1DFKULFKWHQVDWHOOLWHQ DOV 5HODLVVWDWLR QHQYHUZHQGHWVLQGDOOGLHWHXUHQ.DEHOJHKREHQZRUGHQ .HLQH$KQXQJZDVGLHGDGUEHQMHW]WWUHLEHQ³ Ä'DKDEHQ8%RRWHIHVWJHPDFKW³ Ä9LHOOHLFKWHLQ0DULQHVWW]SXQNW"³ Ä6LHKW ZLUNOLFK PHKU QDFK ,QGXVWULH DXV 6RJDU HLQ $WRPUHDNWRUVFKHLQWGD]XDUEHLWHQ6FKDXQ6LHPDO³ Ä6FKRQP|JOLFK³ Ä3&³DQNHUWHQDKHGHU6WDGW'LHVRJOHLFKKHUDQ]LH
KHQGHQ +lQGOHUERRWH XPULQJWHQ GLH VR VLFKHU JHJODXEWH %HXWH DOV DEHU GLH :DUQ]HLFKHQ Ä9RUVLFKW 5DGLRDNWLY³ DXIEOLQNWHQ]RJHQVLHVLFKUHVSHNWYROO]XUFN :ODG\VODZ 0RUF]HZVNL EHUZDFKWH PLW %HVRUJQLV ZLH VHLQ6HJHOERRW]X:DVVHUJHODVVHQZXUGH(UKDWWHEHUHLWV EHU)XQNGLH =XVDJH HLQHU %RRWVZHUIW HUKDOWHQ LKP GHQ GHIHNWHQ0DVWDXV]XZHFKVHOQ1XQGDVHLQ8QWHUQHKPHQ EDOGIRUWJHVHW]WZHUGHQVROOWHEOLHEHUDXFKQLFKWPHKUDQ %RUG GHV )RUVFKXQJVVFKLIIHV GHQQ HU ZROOWH NHLQHVIDOOV VHLQ%RRWLQGHUIUHPGHQ:HUIWRKQH$XIVLFKWODVVHQ ,Q]ZLVFKHQ PDFKWH (UZLQ -lJHU DXI GHP 9RUVFKLII GDV +XEERRW NODU )UDQN :DUGLQVNL &KHILQJHQLHXU 0DUNRII XQG +DOLQD 5LFKWHU NOHWWHUWHQ LQ GLH JHUlXPLJH .DELQH -lJHUJUWHPLWGHU+DQGDQGHU0W]H Ä6HKHQ 6LH LKQ DQ³ VDJWH )UDQN ]X +DOLQD 5LFKWHU Ä(U VWUDKOW DOV ZUGH LQ GHU 6WDGW HLQH )UHXQGLQ DXI LKQ ZDU WHQ³ Ä'DVLVWPHLQH)UHXQGLQ³ HUZLGHUWHGHU3LORWXQG VWUHL FKHOWHGDV6WHXHUSXOWGHVPRGHUQHQ+XEERRWHV Ä+DXSWVDFKH HU NDQQ WDXFKHQ RGHU IOLHJHQ³ QHFNWH )UDQN Ä8QVHUH 6RUJHQ VLQG LKP VR IHUQ ZLH GHU $QGUR PHGDQHEHO³ Ä:DV VLQG OXPSLJH DFKWKXQGHUWWDXVHQG 3DUVHF³ VDJWH -lJHU EHXJWH VLFK EHU GLH .RQWUROOLQVWUXPHQWH XQG GUFNWH HLQLJH .Q|SIH 'LH +XEGVHQ KHXOWHQ DXI GDV )DKU]HXJ KRE VLFK VDQIW YRP 'HFN GHV 6FKLIIHV VHQNWH VLFKDXIGDV:DVVHUKHUDEXQGJOLWWHQGOLFKLPPHUUDVFKHU XQG UDVFKHU GDYRQ GD GLH 6FKXEVWUDKOHQ GLH :HOOHQ DXVHLQDQGHUEOLHVHQ :HQLJH 0LQXWHQ VSlWHU VFKRQ VFKRE VLFKGDV+XEERRW EHU GHQ .DL XQG ODJ JOHLFK GDUDXI YRU GHP=ROOKDXVVWLOODXIGHP3IODVWHU 'LH)DKUJlVWHVWLHJHQDXVJLQJHQGLHEUHLWH7UHSSHKLQ
DXI ]ZHL =ROORIIL]LHUH VWDQGHQ XQG JUWHQ GDKLQWHU HLQ OHEKDIWZLQNHQGHU0DQQLQ=LYLOVFKZDU]KDDULJODFKHQG Ä'RNWRU %HGURV³ ULHI )UDQN Ä)HLQ GD 6LH XQV DEKR OHQ³ 'HU 0DQQ HLQ W\SLVFKHU 8QJDU EUHLWH )UHXGH LP *H VLFKW VFKWWHOWH GHQ :LVVHQVFKDIWOHUQ GLH +lQGH 6LH EHVWLHJHQHLQJURHV.DEULROHWW Ä:LU KDEHQ LQ GHU 1LHGHUODVVXQJ HLQHQ ,PEL YRUEHUHL WHW³ VDJWH HU PLW UROOHQGHU =XQJH Ä(QGOLFK PDO ZLHGHU MHPDQG YRQ GHQ 6FKLIIHQ EHL XQV %URDUEHLW LVW MD VR ODQJZHLOLJ³ Ä(LQH QHWWH 6WDGW³ )UDQN VDK VLFK DXIPHUNVDP LQ GHQ 6WUDHQ XP GLH VLH GXUFKIKUHQ (U OLHEWH IUHPGH QHXH %LOGHU Ä(LQ ZHQLJ ]XUFNJHEOLHEHQ GLHVHV +RUWD³ VDJWH 'RN WRU %HGURV Ä8PVFKODJSODW] IU GLH KHLPLVFKHQ 3URGXNWH ² 'DV .OLPD LVW DOOHUGLQJV VHKU JHVXQG LGHDOHU (UKR OXQJVSODW]+lWWHQ6LHNHLQH/XVWELWWHVFK|Q"³ Ä:DV ZLUG HLJHQWOLFK LQ GHU HKHPDOLJHQ .DEHOVWDWLRQ XQWHQDP:DVVHUSURGX]LHUW"³ Ä1LFKWV,VW1LHGHUODJHHLQHU*HVHOOVFKDIWIU)LVFKXQG $XVWHUQ]XFKW 3ODQNWRQJHZLQQXQJ XQG VR ZDV *DQ] HWZDV 1HXHV 6ROOHQ GD XQWHUVHHLVFKH )LVFKJlUWHQ KDEHQ *HQDX ZHL PDQ GDV QLFKW GDV *HOlQGH LVW HLQJH]lXQW :LUG GHQ /HXWHQ EULJHQV VHKU EHOJHQRPPHQ GD VLH NHLQH HLQKHLPLVFKHQ $UEHLWVNUlIWH EHVFKlIWLJHQ ZR HV GRFKDQ,QGXVWULHKLHUZLUNOLFKPDQJHOW³ Ä:LUVDKHQ8%RRWHYRU$QNHU³ Ä-D GDPLW WDXFKHQ VLH LKUH $QODJHQ DE 'LH )LVFKHU VH KHQ GDV PLW %HVRUJQLV IUFKWHQ GHU KHUN|PPOLFKH )DQJ N|QQWH GDUXQWHU OHLGHQ DEHU GLH 7DXFKERRWH IDKUHQ ZRKO ZHLWHUKLQDXV³
Ä,FK PWH GD PDO DQNORSIHQ³ VDJWH )UDQN LQ SO|W]OL FKHP (QWVFKOX Ä8QVHU .RPPHQ KDW QlPOLFK VHLQHQ *UXQG 'RNWRU %HGURV :LU VLQG VGZHVWOLFK YRQ KLHU HLQHPHLJHQDUWLJHQ3KlQRPHQDXIGLH6SXUJHNRPPHQ,Q HLQHP EHJUHQ]WHQ 0HHUHVJHELHW OlW VLFK SO|W]OLFK NHLQ %RGHQSURILOPHKU]HLFKQHQ'DV(OPHYHUVDJW ,VW ,KQHQ KLHUYLHOOHLFKWHWZDVbKQOLFKHV]X2KUHQJHNRPPHQ"³
Ä$EHUQHLQ,FKVLW]HLQGHPODQJZHLOLJHQ%UREHU/LH IHUVFKHLQHQ XQG 3RVWVHQGXQJHQ :LH VROO LFK HWZDV YRP 0HHUHVJUXQGHUIDKUHQ"³ Ä*HZL $EHU GLHVH *HVHOOVFKDIW IU )LVFK]XFKW N|QQWH lKQOLFKH %HREDFKWXQJHQ JHPDFKW KDEHQ ZLH ZLU +DEHQ VFKOLHOLFKXQWHU:DVVHU]XWXQGLHVH/HXWH³ Ä(VKLHEULJHQVYRUHLQHPUHLFKOLFKHQ-DKUGLH*HVHOO
VFKDIWZUGHLQ.RQNXUVJHKHQ'LH6DFKHKlWWHVLFKQLFKW JHORKQWRGHUVR'DQQDEHUPXVLHMHPDQGVDQLHUWKDEHQ VLH EHJDQQHQ PLW 1HXEDXWHQ ² VSLHOHQ DEHU LPPHU QRFK PLWYHUGHFNWHQ.DUWHQ³ Ä,FKZHUGH6LHEHVXFKHQ³ Ä$EHUHUVWQDFKGHP,PELELWWHVFK|Q³ $OV )UDQN :DUGLQVNL HLQH JXWH 6WXQGH VSlWHU YRU GDV (LQJDQJVWRU GLHVHU *HVHOOVFKDIW IXKU VDK HU GD GDV *H OlQGH IHVW XP]lXQW XQG PLW HLQHP JURHQ 7RU YHUVFKORV VHQZDU.DXPGDHUKLHOWWUDWHLQ0DQQPLWKHOOHP+XW KHU]X XQG IUDJWH IUHXQGOLFK Ä6HQKRU ZROOHQ GHQ :DJHQ KLHU VWHKHQODVVHQ" ,FK UDWH OLHEHU HLQ 6WFN GRUW KLQEHU ]XIDKUHQKLHUNRPPHQXQVHUH/DVWZDJHQHQWODQJ6FKDGH ZHQQHVHLQHQ.UDW]HUJlEH³ Ä'DQNH³ Ä6HQKRU ZHUGHQ HUZDUWHW" 'DUI LFK 6LH ]XP (PSIDQJ IKUHQ"³ Ä,FK ZHUGH QLFKW HUZDUWHW DEHU ZHQQ 6LH VR IUHXQGOLFK VHLQZROOHQ³ /lFKHOQÄ*HZL6HQKRU³ $XFK LP :DFKKDXV JXW JHNOHLGHWH +HUUHQ VHKU IUHXQG OLFK GH]HQWH 6SUHFKZHLVH K|IOLFKH )UDJHQ HV ZDU GLH $WPRVSKlUHHLQHVJURHQ%DQNKDXVHV Ä:HQGUIHQZLUPHOGHQ6HQKRU"³ Ä)UDQN :DUGLQVNL ([SHGLWLRQVOHLWHU GHU (QHUJLH JHPHLQVFKDIW VR]LDOLVWLVFKHU /lQGHUµ 0HOGHQ 6LH PLFK ELWWH,KUHU7HFKQLVFKHQ/HLWXQJ³ Ä1HKPHQ6LHHLQHQ$XJHQEOLFN3ODW]6HQKRU³ )UDQN VFKDXWH VLFK XP :HUEXQJ EHUDOO $Q GHQ :lQ GHQ JURH EXQWH 7DIHOQ $EELOGXQJHQ YRQ )LVFKHQ XQG )DQJJHUlW ² NRQQWHQ GHU /HKUPLWWHOVDPPOXQJ HLQHU 6FKXOH HQWVWDPPHQ (U VD XQG ZDUWHWH HLQLJH 0LQXWHQ
VSUWHGHQOHLVHQ:LQGKDXFKGHU9HQWLODWLRQDQGHQ6FKOl IHQ HQGOLFK NDPHQ ]ZHL VSRUWOLFK ZLUNHQGH 0lQQHU KHU HLQ 7\S GHV MXQJHQ $XVODQGVNDXIPDQQV VFKlW]WH HU JHEW LP 9HUKDQGHOQ 'HU .OHLQHUH GHXWHWH HLQH NQDSSH 9HUEHXJXQJDQ Ä3HGUR 0DUGRQL 6HKU HUIUHXW 6HQKRU :HQQ ZLU 6LH MHW]W]XU'LUHNWLRQIKUHQGUIWHQ³ (U ZXUGH GXUFK GDV *HOlQGH JHOHLWHW ZLH ]X HLQHU %H VLFKWLJXQJ'HU%HWULHEZLUNWHSHLQOLFKDXIJHUlXPWNHLQH XPKHUVWHKHQGHQ.LVWHQNHLQHDOWHQ7RQQHQNHLQHYROOJH VWRSIWHQ /DJHUSOlW]HDXFKNHLQHVFKPLHULJHQ /DFKHQ XQG ²PHUNZUGLJ²NHLQ*HVWDQN1LFKWVGHXWHWHDXI)LVFK LQGXVWULH RGHU HLQHQ HQWVSUHFKHQGHQ 8PVFKODJSODW] KLQ 8QG ZR]X EUDXFKWH GLHVHU %HWULHE VR VWDUNH HOHNWULVFKH (QHUJLHQ" 'HU .HUQUHDNWRU GLHQWH RIIHQVLFKWOLFK DOV .UDIWZHUN GLH +RFKVSDQQXQJVDQODJHQ ZDUHQ XQYHUNHQQ EDU )UDQN YHUKLHOW HLQHQ $XJHQEOLFN ,KP NDPHQ 0lQQHU PLW $VEHVWVFKU]HQ HQWJHJHQ ODQJH +DQGVFKXKH XQWHU GHP $UP %ULOOH EHU GHU +XWNUHPSH 'DV VLQG GRFK 6FKPHO]HU:DV]XP7HXIHOZLUGKLHUYHUDUEHLWHW" $EHUGDZDUVFKRQGDV%URDXFKGRUWHPSILQJLKQHLQ 0DQQ PLW JURHU )UHXQGOLFKNHLW Ä+RPEUH KRPEUH 6HQ KRU³ $XI GHU 2EHUOLSSH ]LWWHUWH HLQ JHSIOHJWHV %lUWFKHQ Ä'RNWRU*DQROHVPHLQ1DPHIUHXHPLFKVHKUELWWH3ODW] ]XQHKPHQ³ (LQ JDVWOLFKHV 9|ONFKHQ GDFKWH )UDQN XQG EHWUDFKWHWH ]LHPOLFK UDWORV GHQ UHLFKKDOWLJHQ ,PEL YRU VLFK DXI GHP 7LVFK$]RUHQZHLQ=LJDUUHQ²ZHQQVLHMHGHQZLOGIUHP GHQ %HVXFKHU VR HPSILQJHQ PXWH GLH )LUPD HLQ KRKHV 6SHVHQNRQWR KDEHQ (U HQWVFKXOGLJWH VLFK GD HU JHUDGH HUVW YRP (VVHQ NlPH DP 7DJH DXV 3ULQ]LS QLFKW WULQNH
XQG DXHUGHP ² OHLGHU ² 1LFKWUDXFKHU VHL 'RNWRU *D QROHVWDWGLHVVLFKWOLFKOHLG Ä,FKIKOWHPLFKYHUSIOLFKWHW ,KQHQHLQHQ %HVXFK DE]X VWDWWHQ³EHJDQQ)UDQNÄ(VN|QQWHVHLQGDXQVHUH,QWHU HVVHQ VLFK NUHX]HQ :LU VLQG 3URVSHNWRUHQ 6LH )LVFK ]FKWHU ZHQQ LFK JXW XQWHUULFKWHW ELQ :LU VROOWHQ XQV EHUHYHQWXHOOH*UHQ]HQYHUVWlQGLJHQ³ 'HU 0DQQ OHJWH VFKZXQJYROO ORV HU]lKOWH EHUHLWZLOOLJ YLHOHUOHL 'LQJH EHU (LZHLJHZLQQXQJ DXV GHP 0HHU $XVWHUQJlUWHQ XQG )LVFK]XFKW LQ HOHNWULVFK EHZHKUWHQ 8QWHUZDVVHUJHKHJHQ)LVFKIDQJPLWWHOV/LFKWXQG0DJQHW IHOGHUQ Ä'LH 0HQVFKKHLW PX EHL GHU 1DKUXQJV JHZLQQXQJDXVGHP0HHUDXVGHP6WDGLXPGHV-lJHUVLQ GLH K|KHUH 6WXIH GHV =FKWHUV HLQWUHWHQ )LVFKH VROOWHQ NQIWLJQLFKWPHKUHUEHXWHWVRQGHUQSODQPlLJXQGUHLFK KDOWLJJHHUQWHWZHUGHQ'HU2]HDQLVWGLHZLFKWLJVWH1DK UXQJVUHVHUYHGHUH[SORVLYZDFKVHQGHQ0HQVFKKHLW³ :LHDXVGHP/HKUEXFKGDFKWH)UDQN([DNWXPIDVVHQG QLFKW]XZLGHUOHJHQ6LFKHUHPSIDQJHQVLHKLHURIW%HVXFK XQGZLVVHQLKU6SUFKOHLQIUGHQ /DLHQYHUVWDQGDXVZHQ GLJ$EHUZHQQPDQKLHU)LVFKHIlQJWZDUXP]XP.XN NXFNLVWDXIGHPJDQ]HQ*HOlQGHQLFKWGLH6SXU)LVFKJH UXFK ZDKUQHKPEDU (LQ QHXHV 9HUIDKUHQ HWZD" 8QG ZDV KDEHQGLH6FKPHO]HUGDEHL]XWXQ" (UZROOWHVLFKUHYDQFKLHUHQJULIIGHQ%HULFKWVIDGHQDXI HU]lKOWH YRQ (UG|O XQG %DX[LWYRUNRPPHQ XQWHU GHP 0HHUHVERGHQQHXDUWLJHQ$EEDXPHWKRGHQEDW VFKOLHOLFK XP HLQH XQJHIlKUH $EJUHQ]XQJ GHV )LVFK]XFKWJHELHWHV XPGHQ.RQ]HUQEHLGHU$UEHLWQLFKWXQQ|WLJ]XVW|UHQ Ä'HU 2]HDQ LVW JUR³ VDJWH *DQROHV JHQHU|V Ä(LQ =X IDOOVROOWHQZLUXQVLQV*HKHJHNRPPHQ6HQKRU:DUGLQ VNL 8QG VROOWH GDV JHVFKHKHQ QXQ GDQQ N|QQHQ ZLU
LPPHU QRFK GDUEHU UHGHQ 8QVHUH $QODJHQ KDEHQ HLQHQ *UDG GHU 9ROONRPPHQKHLW HUUHLFKW GD NDXP 6W|UXQJHQ HLQWUHWHQN|QQHQ³ Ä,FKKDEHHVJXWJHPHLQW³ Ä$EHUGDVZHLLFKGRFK6HQKRU³ Ä8QGHWZDVDQGHUHV³)UDQNVHW]WHVLFKLP6HVVHO]XUFN XQGEOLFNWHVHLQHQ*HVSUlFKVSDUWQHUDXIPHUNVDPDQÄ:LU QHKPHQ ]XU =HLW GDV *UXQGSDQRUDPD GHV $]RUHQSODWHDXV DXI*HVWHUQVLQGZLUEHU HLQ*HELHW JHUDWHQLQ GHP GLH 0HZHOOHQ JHVW|UW ZHUGHQ XP QLFKW ]X VDJHQ YHU VFKOXFNW'LH(UVFKHLQXQJLVWIUXQVQLFKWHUNOlUEDU:LU KDEHQ DOVR GDV 3URJUDPP DEJHEURFKHQ XQG ZDUWHQ ]X QlFKVWHLQPDODE0HLQH)UDJHDQ6LH+DEHQ6LHEHL,KUHQ $UEHLWHQlKQOLFKH%HREDFKWXQJHQJHPDFKWZLHZLU"³ 'RNWRU *DQROHV ODFKWH KHU]KDIW Ä,FK NDQQ 6LH EHUXKL JHQ³ YHUVLFKHUWH HU Ä:DKUVFKHLQOLFK KDEHQ 6LH XQVHUH 6SHUUHQJHRUWHW³ Ä6SHUUHQ"³ Ä$EHUMD9LHKKHUGHQDQ/DQGKlOWPDQ ]ZLVFKHQ (OHN WUR]lXQHQ:LUKDOWHQXQVHUH)LVFKKHUGHQ²JHVWDWWHQ6LH PLU GLHVHQ $XVGUXFN ² GXUFK HLQ JUR DQJHOHJWHV 6SHU UHQV\VWHP LPPHU LP JOHLFKHQ 0HHUHVJHELHW LQ GHP ZLU VLH DXFK IWWHUQ (V KDQGHOW VLFK KLHU XP HLQ JDQ] QHXHV 9HUIDKUHQVFKRQP|JOLFKGD,KUH*HUlWHGDUDXIDQVSUH FKHQ³ Ä6LHVSUHFKHQQLFKWDQVLHIDOOHQ UHVWORV DXV NHLQ (FKR PHKUHLQIDFKZHJDXFKNHLQ6SUHFKYHUNHKUXQWHU:DVVHU QLFKWVDXVJHO|VFKW9HUVWHKHQ6LH"³ Ä,QWHUHVVDQW'DPLWN|QQWHVLFKHLQHUXQVHUHU.DQGLGDWHQ HLQHQ'RNWRUKXWYHUGLHQHQ,FKELQ,KQHQGDQNEDUIUGHQ YHUEOIIHQGHQ +LQZHLV 6HQKRU :DUGLQVNL :LU KDEHQ XQVHUH6SHUUHQELVKHUQXUDXILKUH:LUNVDPNHLWJHJHQEHU
/HEHZHVHQ JHWHVWHW 'D GDEHL VROFKH (UVFKHLQXQJHQ DXIWUHWHQ ZLH6LHVLHVFKLOGHUQLVWGXUFKDXVP|JOLFK ,FK ZHUGHVRIRUWHQWVSUHFKHQGH8QWHUVXFKXQJHQYHUDQODVVHQ³ (UWUDW]XVHLQHP6FKUHLEWLVFKULHLQHQ=HWWHOYRP1R WL]EORFNXQGZDUIKDVWLJHLQLJH=HLOHQGDUDXI Ä,FK ZXQGHUH PLFK GD 6LH GLH YRQ ,KQHQ JHQXW]WHQ *HELHWH QLFKW UHJLVWULHUHQ ODVVHQ 'LH 812 HUNHQQW GRFK MHGHQEHUHFKWLJWHQ$QVSUXFKDQ³VDJWH)UDQN Ä(V HLOW QLFKW³ *DQROHV NDP OlFKHOQG ]XUFN DQ GHQ 7LVFK Ä)U GDV $]RUHQSODWHDX KDW VLFK ELVKHU QRFK QLH PDQG LQWHUHVVLHUW :LU GUIHQ QLFKW ULHVLJH *HELHWH EHDQ VSUXFKHQGLHZLUGDQQQLHPDOVQXW]HQN|QQHQ9HUJHVVHQ 6LH QLFKW ZLU VLQG QRFK PLWWHQ LP ([SHULPHQW 1RFK KDEHQZLUGLH JQVWLJVWHQ8QWHUZDVVHUUlXPHQLFKW JHIXQ GHQ +XQGHUWH YRQ )DNWRUHQ VSLHOHQ GDEHL HLQH 5ROOH 6WU|PXQJ *UXQGEHVFKDIIHQKHLW 9XONDQLVPXV 7HP SHUDWXU3ODQNWRQ(VZUGH]XZHLWIKUHQ,KQHQGDVDOOHV ]X HUNOlUHQ :LU ]LHKHQ GD XQWHQ KlXILJHU XP DOV XQV VHOEHUOLHELVW³ 1XQ QLSSWH )UDQN GRFK DP DQJHERWHQHQ :HLQ :HQQ VLFKDOOHVVRHLQIDFKHUNOlUHQOlWGDFKWHHU
6FKRQ QDFK GHU ]ZHLWHQ 4XHUVWUDH PHUNWH )UDQN GD LKP HLQ :DJHQ IROJWH :R]X" +DWWH HU VLFK QLFKW QDFK QHWWHP*HVSUlFKIUHXQGOLFKYHUDEVFKLHGHW"0LWUDXWHPDQ LKP" (U IXKU HLQLJH 8PZHJH GHU 9HUIROJHU EOLHE LKP WUHX-HPDQGZLOOZDVYRQPLUGDFKWHHU,FKZWHJHUQ ZDV6FKDXQZLUXQVGRFKGHQ0DQQPDOQlKHUDQ (USDUNWHYRUHLQHPJURHQ+RWHONDXIWHVLFKDQHLQHP .LRVN HLQH DPHULNDQLVFKH =HLWXQJ JLQJ JHODVVHQ LQV
5HVWDXUDQWQLFNWHGHPGLHQVWHLIULJHQ3RUWLHU]XXQGVHW]WH VLFKDQHLQHQIUHLHQ7LVFKJOHLFKKLQWHUGHUJURHQ6FKHL EH 'UEHQ KLHOW GHU :DJHQ GHV 9HUIROJHUV HLQ 0DQQ VWLHJ DXV JHOEHU $Q]XJ EODXJUDXHU %LQGHU ZHLFKHU +XW VHKUJHSIOHJWH(UVFKHLQXQJ(UNDPEHUGLH6WUDHEHWUDW GDV5HVWDXUDQWNDPRKQH8PVFKZHLIHDQ)UDQNV7LVFK Ä6HQKRUJHVWDWWHQ"³ Ä%LWWH³ $XV GHP =HLWXQJOHVHQ ZXUGH QLFKWV 'HU 0DQQ EHXJWH VLFKYRUUDXQWHÄ,FKN|QQWH,KQHQVDJHQ6HQKRUZDVGD XQWHQSURGX]LHUWZLUG:DVLVW,KQHQGLH$XVNXQIWZHUW"³ )UDQNOLHGDV%ODWWVLQNHQ'LH)UHFKKHLWYHUEOIIWHLKQ Ä,FKZHLQLFKWZDV6LHZROOHQ"³IUDJWHHUÄ,FKNHQQH6LH DXFKQLFKWPHLQ+HUU³ Ä9HUVWHFNVSLHOHQLVWKEVFKDEHU]HLWUDXEHQG³VDJWHGHU 0DQQÄ,FKELHWH ,KQHQ HUVFK|SIHQGH$XVNXQIWLFK ZHL ZDV 6LH LQWHUHVVLHUW ,FK ELQ DEHU LQ HLQLJHU 9HUOHJHQKHLW 6HQKRU,FKN|QQWHGUHLKXQGHUW'ROODUJHEUDXFKHQ³ )UDQN KRE GLH =HLWXQJ ZLHGHU XQG ZLQNWH GHP .HOOQHU Ä(LQHQ2UDQJHQVDIWPLW(LVELWWH³ Ä6HKUZRKO6HQKRU³ Ä6LH KDEHQ JHPHUNW GD LFK ,KQHQ QDFKJHIDKUHQ ELQ³ VDJWH GHU )UHPGH DOV GHU .HOOQHU YHUVFKZXQGHQ ZDU )UDQNODVVFKDXWHJDUQLFKWDXI Ä6LH YHUZHFKVHOQ PLFK ,FK ELQ NHLQ %DQNLHU³ VDJWH HU VFKOLHOLFK Ä1HLQ6LHVLQG6HQKRU:DUGLQVNLYRP3&µ6SH]L DOVFKLIIVHKUEHDFKWOLFKH$SSDUDWXU³ Ä,FKKDEHHVQLFKWJHUQZHQQPDQPLFKDQEHWWHOW³VDJWH )UDQNLQHWZDVVFKlUIHUHP7RQÄ9RQPLUEHNRPPHQ6LH NHLQHQ &HQW LVW GDV NODU" ,FK NDXIH VROFKH :DUH QLFKW 8QGQXQODVVHQ6LHPLFKELWWHLQ5XKH$GLRV³
(LQ OHLVHV .OLQJHOQ (WZDV ZDU LQ GHQ .ULVWDOO $VFKEHFKHU JHIDOOHQ HLQ JHOEHV .JHOFKHQ )UDQN VDK HV QHEHQ GHU =HLWXQJ HU OHJWH GDV %ODWW ZHJ 'HU 0DQQ JHJHQEHUVSlKWHDXV]XVDPPHQJHNQLIIHQHQ$XJHQ)UDQN QDKP GDV .JHOFKHQ DXV GHU 6FKDOH ZRJ HV VHLQ %OLFN ZXUGHJUR Ä*ROG"³ Ä+RFKNDUlWLJ UHLQ 6HQKRU 0DQ N|QQWH HLQ UHLFKHU 0DQQ ZHUGHQ KlWWH PDQ )RUPDW JHQXJ VLFK DQ GDV *H KHLPQLV ]X ZDJHQ (LQ JHIlKUOLFKHV 6SLHO ² DEHU ORK QHQG³ Ä*ROGVFKPHO]HQVLHGRUW"³ Ä,FKVDJWHGUHLKXQGHUWIQI]LJ6HQKRU³ Ä,KUH3UHLVH]LHKHQUDVFKDQ³ Ä,Q]ZLVFKHQ KDOWHQ 6LH HWZDV LQ GHU +DQG 6HQKRU DO VR"³ )UDQN OLH GDV .JHOFKHQ ]XUFN LQ GHQ $VFKEHFKHU UROOHQ Ä,FK JHK|UH ]X HLQHP 8QWHUQHKPHQ LQ GHP PDQ 6SHVHQ EHOHJHQ PX³ VDJWH HU Ä$XHUGHP VLQG PLU VRO FKH*HVFKlIWH]XXQVLFKHU³ 'HU0DQQQDKPGDVEOLQNHQGH0HWDOOYRUVLFKWLJ]XUFN Ä,FK QHKPH DXFK HLQHQ 6FKHFN³ VDJWH HU Ä'HU OlW VLFK VSHUUHQVROOWHGLHJHOLHIHUWH:DUHQLFKWVWDXJHQ³ 'HU .HOOQHU EUDFKWH GDV *HWUlQN )UDQN IDOWHWH GLH =HL WXQJ]XVDPPHQXQGVWHFNWHVLHLQGLH-DFNHWWDVFKHÄ:HQQ 6LH (UIROJ KDEHQ ZROOHQ PVVHQ 6LH PLFK VFKRQ HWZDV HLQJHKHQGHULQIRUPLHUHQ³ 'HU 0DQQ ]RJ HLQ .lUWFKHQ KHUDXV XQG OHJWH HV YRU )UDQNDXIGHQ7LVFKHLQSDDU=DKOHQVWDQGHQGDUDXI ÄhEHU GLHVHQ $QUXI ELQ LFK MHGHU]HLW ]X HUUHLFKHQ 6HQ KRU³ VDJWH GHU )UHPGH Ä:DUWHQ 6LH DEHU ELWWH QLFKW ]X ODQJHYLHOOHLFKWHUNHQQHQDQGHUH/HXWHUDVFKHULKUH&KDQ
FH 9HUUDWHQ 6LH ,KUHU /HLWXQJ GD 8%RRWH GDV *ROG EULQJHQ ZDVLP*HOlQGH JHVFKPRO]HQXQGKHLPOLFK ZLH GHU IRUWJHEUDFKW ZLUG ,FK ELQ EHU]HXJW ZLU VHKHQ XQV EDOGZLHGHU³ 'HU0DQQVWDQGDXIWLSSWHJHJHQGHQ+XWUDQGXQGJLQJ PLW IHGHUQGHQ 6FKULWWHQ KLQDXV )UDQN VRJ DQ VHLQHP 6WURKKDOP VDK GXUFK GLH 6FKHLEH ZLH GHU LP JHOEHQ $Q]XJ GLH 6WUDH EHUTXHUWH LQ GHQ :DJHQ VWLHJ XQG GDYRQIXKU(UQDKPGDV.lUWFKHQDXIEHUODVGLH=DKOHQ lUJHUWH VLFK SO|W]OLFK EHU GDV VR VHOEVWVLFKHUH IUHFKH $XIWUHWHQGHV0DQQHVÄ1HLQ³VDJWHHUNQOOWHGDV.lUW FKHQ ]XVDPPHQ OLH HV LQ GHQ JOlVHUQHQ $VFKEHFKHU IDOOHQ 'LHVPDO NOLQJHOWH HV QLFKW )UDQN VWDQG DXI OHJWH HLQ*HOGVWFNDXIGHQ 7LVFK XQG JLQJ 8QVLQQ GDFKWH HU :LU KDEHQ DQGHUH 6RUJHQ DOV XQV PLW VROFKHQ /HXWHQ DE]XJHEHQ ,VW GRFK Y|OOLJ DEVXUG GLH *HVFKLFKWH :DV LQWHUHVVLHUWPLFKGLH*ROGSURGXNWLRQDXIGHQ$]RUHQ'DV LVW$QJHOHJHQKHLWGHU3RUWXJLHVHQ6ROOHQVLHGRFK'LHVHU 'RNWRU *DQROHV ZLUG EHL DOOHU *DVWOLFKNHLW QLFKW MHGHP %HVXFKHU DXI GLH 1DVH ELQGHQ ZDV VLH VR DOOHV EHL LKUHQ 9HUVXFKHQ ILQGHQ 9LHOOHLFKW VLQG VLH DXI HLQ VSDQLVFKHV *ROGVFKLII JHVWRHQ YLHOOHLFKW DXI HLQH JDQ]H )ORWWH 8P GDVKHUDXV]XNULHJHQYHUDQWZRUWHLFKGRFKNHLQHGUHLKXQ GHUWIQI]LJ'ROODUIUHLQHQZLQGLJHQ%XUVFKHQ (U EHVFKOR GLH *HVFKLFKWH HLQIDFK ]X YHUJHVVHQ XQG HUZlKQWH NHLQ :RUW EHU GHQ VHOWVDPHQ 9HUIROJHU DOV HU DP$EHQGEHUVHLQHQ%HVXFKEHULFKWHWH &KHILQJHQLHXU 0DUNRII VFKWWHOWH GHQ .RSI DOV )UDQN YRQ GHQ XQWHUVHHLVFKHQ )LVFKVSHUUHQ VSUDFK Ä,UJHQGZDV VWLPPWGDQLFKW³VDJWHHU Ä1XQVHLHQ6LHGRFKQLFKWLPPHUJOHLFKVRPLWUDXLVFK³ HQWJHJQHWH)UDQN
Ä0DQ NDQQ HOHNWULVFKH 6FKZLQJXQJHQ QLFKW HLQIDFK DXVO|VFKHQ³VDJWH0DUNRIIXQGEHZHJWHHUUHJWGLH+lQGH Ä:LUNHQQHQYHUVFKLHGHQH9HUIDKUHQ2EMHNWHVFKZHUDQ PHEDU ]X PDFKHQ 'D DEHU DOV 1HEHQHUVFKHLQXQJ HLQ JDQ]HV 0HHUHVJHELHW DOOHV YHUVFKOXFNHQ VROOWH ZDV DQ 6FKZLQJXQJHQKLQHLQOlXIWYRP(OPHELV]XP86SUHFK GDVJODXEHLFKHLQIDFKQLFKW³ Ä'HU([SHUWHLVWXQWHUZHJV9LHOOHLFKWKLOIWHUXQV³ 0DUNRII VSUDQJ DXI XQG OLHI KLQ XQG KHU 6HLQH $XJHQ EOLW]WHQÄ,FKKDEHHLQNRPLVFKHV*HIKO+DOWHQ6LHPLFK ELWWH QLFKW IU EHUVSDQQW ZHQQ LFK GDUXP ELWWH IU GHQ 5HVW GHU /LHJH]HLW KLHU GLH 8QWHUZDVVHURUWXQJ ODXIHQ ]X ODVVHQ³ Ä6LHUHFKQHQPLWHLQHU*HIlKUGXQJGHV6FKLIIHV"³IUDJWH .DSLWlQ%HUJVRQNRSIVFKWWHOQG Ä'DZLUXQVLQXQPLWWHOEDUHU1DFKEDUVFKDIWYRQ /HXWHQ EHILQGHQGLHJHZLVVHUPDHQXQWHU:DVVHU]X+DXVHVLQG VROOWHQZLUXQVHUNRVWEDUHV,QVWUXPHQW3&µQLFKWRKQH $XIVLFKWODVVHQ³ Ä,FK EHJUHLIH QLFKW ZDUXP PDQFKH 0HQVFKHQ EHUDOO *HVSHQVWHUVHKHQ³VDJWH)UDQNÄ-DMDHVLVWHLQNDSLWDOL VWLVFKHV 8QWHUQHKPHQ HV KDW 8%RRWH HV VHW]W (OHNWUR VSHUUHQ XQWHU :DVVHU LQ *DQJ ZHL GHU .XFNXFN ZDV QRFK$EHUDXFK0LWUDXHQKDWLUJHQGZRVHLQH*UHQ]H³ Ä'DV LVW NHLQ 0LWUDXHQ³ HUZLGHUWH 0DUNRII ÄVRQGHUQ HLQH YHUVWlQGOLFKH 9RUVLFKWVPDQDKPH 1HQQHQ ZLU HV HLQIDFKQRWZHQGLJHQ6FKXW]JHJHQHYHQWXHOOH:LUWVFKDIWV VSLRQDJH :LU ZLVVHQ GRFK GD HV JHUDGH XQWHU :DVVHU EHLXQVHLQLJHVDE]XJXFNHQJLEW³ Ä$OVR VFK|Q³ VDJWH )UDQN Ä0HLQHWZHJHQ .DSLWlQ %HUJVRQYHUDQODVVHQ6LHGDGHU2UWXQJVVFKLUPVWHKW³ ,Q GHU 1DFKW VFKUHFNWH GHU ZDFKKDEHQGH 2IIL]LHU KRFK
(LQ :DUQVLJQDO (U VFKDXWH ]XP 0RQLWRU GHU $E VFKLUPDQODJH GHXWOLFK ]HLJWHQ VLFK GLH 8PULVVH ]ZHLHU )URVFKPlQQHU GLH VLFK XQWHU GHP 6FKLII HQWODQJWDVWHWHQ 'HU 2IIL]LHU ULHI )UDQN :DUGLQVNL XQG GHQ .DSLWlQ DXV GHP 6FKODI 6LH NDPHQ EHUQlFKWLJW PLW KDVWLJ EHUJH ZRUIHQHQ%DGHPlQWHOQ Ä'HU0DUNRIIGLHVH8QNH³VDJWHGHU.DSLWlQ Ä/lW VLFK HUNHQQHQ ZRIU VLFK GLH 6HQKRUHV VR EUHQ QHQGLQWHUHVVLHUHQ"³IUDJWH)UDQNPLWQXUVFKOHFKWYHUERU JHQHPbUJHU Ä6LH WDXFKHQ GDV JDQ]H 6FKLII DE .DPHUDV KDEHQ VLH DQVFKHLQHQG QLFKW VFKHLQHQ DEHU HWZDV %HVWLPPWHV ]X VXFKHQ³ Ä9LHOOHLFKWNULHJHQZLUVLHLQV1HW]LQGLH NOHLQH 5LQJ ZDGH:lUHPDOZDVDQGHUHVDOV)LVFK³ Ä'D³ ULHI GHU .DSLWlQ Ä6HKHQ 6LH QXU VLH WUHIIHQ VLFK DP(OPHJHEHU³ Ä%HLGH KEVFK EHLHLQDQGHU /DVVHQ 6LH GRFK ELWWH PDO GLH5LQJZDGHIDOOHQ³ (LQ +HEHOGUXFN 1HW]H VHQNWHQ VLFK ]RJHQ VLFK ]XVDP PHQ ILQJHQ GLH JURHQ )LVFKH HLQ GLH GD QlFKWOLFK YHU ERWHQHQ .XUV VFKZDPPHQ $XI Ä3& ³ VWLHJHQ ]ZHL 7DXFKHU LQ GLH $Q]JH 7DJKHOO GXUFKOHXFKWHWHQ GLH 8Q WHUZDVVHUVFKHLQZHUIHUGLH6HHXQWHUGHP.LHO'LHJHIDQ JHQHQ )URVFKPlQQHU VWLHHQ KDVWLJ LKU :HUN]HXJ GXUFK GLH0DVFKHQGHV1HW]HV'DV*HUlWYHUVDQNLPGlPPHUL JHQ*UXQG (V NRVWHWH HLQLJH 0KH GLH 0lQQHU DQ 'HFN ]X EH NRPPHQ +LHU SURWHVWLHUWHQ VLH ODXWVWDUN 6LH ZlUHQ KDUPORVH 6SRUWWDXFKHU EHL HLQHU 1DFKWEXQJ YHUVHKHQW OLFK XQWHU GDV IUHPGH 6FKLII JHUDWHQ 6LH ZUGHQ VLFK EHL GHU +DIHQEHK|UGH EHVFKZHUHQ 6FKDGHQHUVDW] IRUGHUQ IU
GDVYHUORUHQJHJDQJHQH*HUlW Ä*HUlW"³ IUDJWH .DSLWlQ %HUJVRQ Ä$EHU GDV VROOHQ 6LH JHUQ ]XUFN KDEHQ 8QWHU GHP .LHO VLQG QXU HOI 0HWHU :DVVHUIUXQVHUH7DXFKHUHLQ9HUJQJHQ6HQKRUHV7XW LKQHQGHQ*HIDOOHQ-XQJVQHKPWGLH0HWDOOVXFKJHUlWH³ 'LH )URVFKPlQQHU ZXUGHQ YHUOHJHQ XQG EHJDQQHQ ]X VWRWWHUQHLQH9LHUWHOVWXQGHVSlWHUYHUORUHQVLHGLH6SUDFKH JDQ] 'DV JHKREHQH *HUlW HQWKLHOW YHUVFKLHGHQHV :HUN ]HXJVRZLH]ZHL QLHGOLFKH PDJQHWLVFKH 6SUHQJN|USHU PLW )HUQ]QGXQJ JHIlOOLJH hEHUUDVFKXQJ OHLFKW XQWHU HLQ 6FKLII ]X NOHEHQ GHP GDQQ WRGVLFKHU GLH 8QWHUZDVVHU 0HJHUlWHDXVILHOHQ
&KHILQJHQLHXU 0DUNRII EOLQ]HOWH )UDQN :DUGLQVNL ]X Ä1D"³IUDJWHHUVFKPXQ]HOQGÄ,PPHUQRFKGHU0HLQXQJ
GDGDVQLFKWVZHLWHUDOV*HVSHQVWHUVLQG"³ )UDQNNDXWHZRUWORVDXIGHU8QWHUOLSSHHUPXWHDQGHQ VRIUHXQGOLFKHQ'RNWRU*DQROHVGHQNHQXQGDQGHQ0DQQ PLWGHP*ROGNJHOFKHQ Ä6LH EH]LHKHQ ZRKO 4XDUWLHU LQ HLQHU XQVHUHU NOHLQHQ DEHU IHVWHQ .DELQHQ³ ZDQGWH VLFK GHU .DSLWlQ DQ GLH IUHPGHQ7DXFKHUÄ0RUJHQIUKGUIHQ6LHGDQQXP]LHKHQ ² ]XU +DIHQSROL]HL ,FK ZUGH GDV DOV 3LUDWHULH DQVHKHQ XQG GDIU JLEW HV EHNDQQWOLFK KEVFK ODQJHQ (UKR OXQJVXUODXE³ .HLQ3URWHVWPHKU Ä6FKHLQW PDQ VLHKW XQV KLHU QLFKW JHUQ³ VDJWH )UDQN 'HU.DSLWlQKREIUDJHQGGLH6FKXOWHUQ
'LH 0lQQHU IDQGHQ QLFKW PHKU YLHO 6FKODI LQ GLHVHU 1DFKW 0LW GHP IUKHVWHQ 0RUJHQOLFKW NDP :ODG\VODZ 0RUF]HZVNL LQ HLQHU 0RWRUEDUNDVVH KHUDXV XQG YHUODQJWH GULQJHQG /HLWHUXQG.DSLWlQ]X VSUHFKHQ 'LH %OLFNH GLH LKQ HPSILQJHQ ZDUHQ DOOHV DQGHUH DOV IUHXQGOLFK Ä*HKW ,KUH8KUIDOVFK"³IUDJWH.DSLWlQ%HUJVRQJlKQHQG 0RUF]HZVNL]RJGDV7DVFKHQWXFKKHUDXVXQGZLFNHOWHHV VRUJIlOWLJ DXI )UDQN ZXUGH DXJHQEOLFNOLFK KHOOZDFK GDV JHOEEOLQNHQGH.JHOFKHQGDVGHU6HJOHULKQHQPLWWULXP SKLHUHQGHP/lFKHOQKLQKLHOWNDQQWHHUJHQDX Ä6LH KDEHQ GHP .HUO GRFK KRIIHQWOLFK QLFKW GLH JHIRU GHUWHQGUHLKXQGHUWIQI]LJ'ROODUJH]DKOW"³IUDJWHHU 0RUF]HZVNL VFKDXWH YHUEOIIW Ä1XU µQH NOHLQH $Q]DK OXQJ)UGDVKLHU'DVLVWGRFKZDV³ )UDQNVFKWWHOWHGHQ.RSIÄ%HLPLUKDWGHU0HQVFKNHLQ *OFNJHKDEWMHW]WYHUVXFKWHUµV GXUFK GLH +LQWHUWU XQG
6LHIDOOHQDXILKQKHUHLQ'DV.OPSFKHQLVWQLHGDV*HOG ZHUWZDV6LHDQJHOHJWKDEHQ³ Ä$EHUGLH,QIRUPDWLRQWUlJWGHQ5HVW(VJLEWGRFKMHW]W *UQGH VLFK DXI GHP 0HHUHVJUXQG ]X WDUQHQ ² RGHU LVW GDVLPPHUQRFK*HVFKZlW]HLQHV/DLHQ"³ Ä$OVR LFK YHUVWHKH EHUKDXSW QLFKWV³ SURWHVWLHUWH GHU .DSLWlQXQGVWULFKVLFKGDVQRFKXQUDVLHUWH.LQQ Ä-HPDQG ZLOO *HVFKlIWH PLW XQV PDFKHQ ZLU PVVHQ HLQHQ %HVFKOX IDVVHQ³ )UDQN QDKP GHQ 7HOHIRQK|UHU YRP:DQGDSSDUDWXQGZlKOWHÄ+DOOR0DUNRII,FKKRIIH 6LHKDEHQJXWJHVFKODIHQQDFK,KUHP7ULXPSKKHXWHQDFKW -DLFK ZHL HV LVW QRFK VHKU IUK DEHU ZLU EUDXFKHQ 6LH WURW]GHPJOHLFK6HKUGULQJHQGVRJDUDXFKGHU.DSLWlQLVW XQUDVLHUW -D ZLU VLQG YRQ ,KUHP 0LWUDXHQ MHW]W DOOH DQJHVWHFNW-DGDQNH³ (U KlQJWH HLQ 'HU .DSLWlQ VWDQG YRU LKP 5DWORVLJNHLW LP *HVLFKW 0RUF]HZVNL EDODQFLHUWH QRFK LPPHU GDV .JHOFKHQLP7DVFKHQWXFK6LHVFKZLHJHQDOOHGUHL 'DVWUPWH0DUNRIIKHUHLQ )UDQN ZLHV DXI GDV .JHOFKHQ Ä8QVHU )UHXQG 0RUF]HZVNLKDWXQVHLQ:DUHQPXVWHUDXVGHP*HOlQGHGD GUEHQ JHEUDFKW *HKHQ 6LH UXKLJ QDKH KHUDQ HV VWLQNW QLFKWZLHVFKRQGLHDOWHQ5|PHUIHVWJHVWHOOWKDEHQ³ Ä*ROG"³ Ä-DZRKOSXU*HVWHUQKDWVLFKHLQ0DQQDQPHLQH)HUVHQ JHKHIWHW GHU PLU GLHVHV 2EMHNW GD QHEVW HLQHU KEVFKHQ *HVFKLFKWHIUGUHLKXQGHUWIQI]LJ'ROODUDQGUHKHQZROOWH 0LUZDUGDV]XWHXHUXQG]XXQVLFKHU³ Ä$EHUGDVKlWWHQ6LHXQVGRFKVDJHQPVVHQ³ULHI0DU NRIIYRUZXUIVYROO Ä*HVWHUQDEHQGKDWWHQZLUQRFKQLFKWGLHEHLGHQNKQHQ 6FKZLPPHUXQWHU9HUVFKOX+HXWHVLHKWPDQFKHV DQGHUV
DXV³ Ä$EHUQXQHU]lKOHQ6LHHQGOLFK³ Ä(UVWHLQHQ.DIIHH³ 6LHVHW]WHQVLFKUXQGXPGHQ0HVVHWLVFKHLQHNRPLVFKH *HVHOOVFKDIWLQGHU,PSURYLVDWLRQGHUIUKHQ0RUJHQVWXQ GH'DV.JHOFKHQODJ]ZLVFKHQLKQHQIUHPGXQGORFNHQG PLW VHLQHP *HKHLPQLV )UDQN EHULFKWHWH EHU GLH %HJHJ QXQJPLWGHPXQEHNDQQWHQ0DQQGDV$QJHERWXQGVHLQH $EOHKQXQJ Ä,FKEHJUHLIHQLFKWZDUXP6LHGDVDXVJHVFKODJHQKDEHQ 6LHKlWWHQGRFKVSUHQPVVHQGDVLFKKLHUYLHOH)UDJHQ YRQVHOEVWEHDQWZRUWHQZUGHQ³ Ä:HLOPLFK GDV *ROG QLFKW LQWHUHVVLHUW 6LH HWZD" .DQQ GRFK VHLQ GLH /HXWH KDEHQ LUJHQGZHOFKH :UDFNV DXVJH EHXWHW:DVJHKWXQVGDVDQ"6RODQJHXQVHUH$UEHLWQLFKW JHVW|UW ZLUG RGHU NHLQH =XVDPPHQKlQJH DXIWDXFKHQ GLH XQV]XJHZLVVHQ6FKULWWHQEHUHFKWLJHQ³ Ä$FKMHW]WVHKHQ6LH=XVDPPHQKlQJH³ Ä/LHEHU0DUNRII0DQWDUQWHLQ0HHUHVJHELHWXQWHU$E VRUEHUVFKLUP PDQ EHXWHW KHLPOLFK 0LQHQ DXV RKQH VLH DQ]XPHOGHQ0DQVFKLFNWQDFKWV)URVFKPlQQHUGLHXQVHU (OPHDXVVFKDOWHQVROOHQ'DVLVWQXQHLQELFKHQ]XGLFN DOVGDPDQµVEHUVHKHQN|QQWH³ Ä(QGOLFKZHUGHQ6LHYHUQQIWLJ³VDJWH0DUNRII )UDQNZDQGWHVLFKDQ:ODG\VODZ0RUF]HZVNLÄ:DVKDW ,KQHQGHU0DQQJHEHLFKWHW"³ Ä(U NDP JHJHQ 0LWWHUQDFKW³ VDJWH GHU 6HJOHU Ä0XWH *UXQGKDEHQVLFKKHLPOLFK]XPDFKHQ-HGHQIDOOVVWDQGHU SO|W]OLFK DXI GHP %RRWVVWHJ XQG ZDU HUVWDXQOLFK JXW LQ IRUPLHUW6RZRKOEHU3&µDOVDXFKEHUPHLQH5HW WXQJDXV6HHQRWXQG ,KUHQ %HVXFKGUEHQLQ GHP RPLQ| VHQ *HOlQGH 'HU 0DQQ NDQQ ZLFKWLJ VHLQ KDEH LFK PLU
JHGDFKW³ Ä6LHKDEHQLKQDQ%RUGJHQRPPHQXQGEH]DKOW³ Ä,FKVDJWHVFKRQHLQH$Q]DKOXQJ*DQ]VROHLFKWJOlXELJ ELQLFKMDQXQDXFKQLFKW'HU0DQQKDWPLUGLH*ROGSUREH JHJHEHQ XQG JHVDJW GDV *HOlQGH JHK|UH HLQHP .RQ]HUQ GHUVLFKPLW*ROGJHZLQQXQJVDQLHUWKDEH³ Ä8QGZRKHUVWDPPWGDV0HWDOO"³ Ä9RP 0HHUHVJUXQG QDWUOLFK 'LH JHQDXH )XQGVWHOOH NHQQW HU DXFK QLFKW 'LH 0LQH PX VHKU UHLFK VHLQ GDV JHIXQGHQH 0DWHULDO ZLUG YRQ 8%RRWHQ JHEUDFKW GRUW GUEHQ JHVFKPRO]HQ XQG LQ %DUUHQ DXVJHJRVVHQ OlXIW QDWUOLFK GXUFK GXQNOH .DQlOH XQG QLFKW EHU GHQ *ROG PDUNW0HKUZLUGHUVDJHQZHQQGLH'ROODUVUROOHQ³ Ä,QWHUHVVDQW-HW]WELQLFKJHVSDQQWZDVXQVHU&KHIYRU VFKOlJW³ Ä,UJHQGHLQH /XPSHUHL PX GDKLQWHUVWHFNHQ³ VDJWH )UDQN Ä:LU ZHUGHQ YRQ PHKUHUHQ 6HLWHQ DXV DQSDFNHQ ,FK ZHUGH XPJHKHQG PLW XQVHUHU *HVHOOVFKDIW VSUHFKHQ XQG 9ROOPDFKWHQ HLQKROHQ 6LH OLHEHU 0DUNRII ZHUGHQ .RQWDNW PLW GHP GROODUKXQJULJHQ 0DQQ DXIQHKPHQ ]DK OHQXQG1DFKULFKWHQNDXIHQ6LH.DSLWlQHPSIDQJHQELWWH XQVHUHQ (OPHH[SHUWHQ GHU PLW GHU HUVWHQ 0DVFKLQH DXV /LVVDERQ HLQWULIIW ² XQG 6LH PHLQ OLHEHU 6SRUWVIUHXQG :ODG\VODZ0RUF]HZVNL6LHVHJHOQVRUDVFK ZLH P|JOLFK ZHLWHUVRQVWNRPPHQ6LHEHUKDXSWQLFKWPHKUDXVXQVH UHQ$QJHOHJHQKHLWHQKHUDXVXQGGLH:HOWUHLVHILQGHWQLFKW VWDWW³ Ä-HW]W VROO LFK PLFK YHUGUFNHQ"³ ULHI GHU 6HJOHU =XP *OFNJHKWHVPLWPHLQHP0DVWQLFKWVRUDVFK/DVVHQ6LH PLFKQRFKHLQELFKHQGDEHLEOHLEHQ².DSLWlQOHJHQ6LH HLQ:RUWIUPLFKHLQ³ Ä(UZHLVFKRQGDXQVHU.DSLWlQIUGHQ6HHVSRUWHLQH
6FKZlFKH KDW³ VDJWH )UDQN Ä$OVR JHQHKPLJW $XI JHKWµV³ 'HU.DSLWlQGHUHLQLJH6WXQGHQVSlWHUPLWGHP+XEERRW GLH XQOLHEVDPHQ QlFKWOLFKHQ %HVXFKHU DQ /DQG VFKDIIWH EUDFKWH HLQHQ QHXHQ 3DVVDJLHU PLW HLQHQ 0DQQ PLW JUDX HP +DDU DEHU MXQJHP *HVLFKW HLQHQ %HUJ YRQ *HSlFN KWHQG *KHRUJKH 9DOHVFX (OPHH[SHUWH GHU (QHUJLHJH PHLQVFKDIW(UNDPLQHLQHP6FKZDOOHKUOLFKHU)UHXGHDQ %RUG Ä'D 6LH PLFK JHUXIHQ KDEHQ ,FK ZHL QLFKW ZLH LFK,KQHQGDQNHQVROO6HLW-DKUHQELQLFKLQPHLQHP)DFK WlWLJ LPPHU EOR LQ ,QVWLWXWHQ /DERUV DXI :HUIWHQ EHL 7HVWDQODJHQ (QGOLFK GDUI LFK DXI HLQHP 6FKLII GDV LP (LQVDW]LVWZLUNOLFKH3UD[LVHUOHEHQ³ .DSLWlQ%HUJVRQNORSIWHLKPDXIGLH6FKXOWHUÄ(VZLUG ,KQHQ EHL XQV JHIDOOHQ +DXSWVDFKH 6LH ZHUGHQ XQV GLH (OPHVW|UHUYRP+DOVHKDOWHQ³ Ä.OHLQLJNHLW³9DOHVFX]RJHLQGLFNHV1RWL]EXFKDXVGHU 7DVFKHÄ,FKKDEDOOHVPLWJHEUDFKW:LUPRQWLHUHQXQYHU ]JOLFKGHQ2UWXQJVVFKXW]HLQVLQGGDQQXQWHU:DVVHUPLW KHUN|PPOLFKHQ0LWWHOQQLFKWPHKUDXV]XPDFKHQXQGN|Q QHQ LQ 5XKH GLH 6W|UTXHOOH HLQPHVVHQ :LH JHVDJW ² .OHLQLJNHLW³ 1DQDGDFKWH.DSLWlQ%HUJVRQ /HXWH GLH DOO]X EHJHL VWHUWLKUH)lKLJNHLWHQSULHVHQOLHEWHHUQLFKWVRQGHUOLFK(U MHGHQIDOOVZROOWHGHP0DQQRUGHQWOLFKDXIGHQ =DKQ IK OHQEHYRUHULKQDQHUNDQQWH Ä:LHLVWHVEHUKDXSWP|JOLFKXQVGDV(OPHHFKRDXV ]XO|VFKHQ",FKKDEHVRHWZDVQRFKQLHHUOHEW³ 9DOHVFX EOlWWHUWH Ä*DQ] HLQIDFKHV 3ULQ]LS (LQ 6SH]LD OHPSIlQJHU QLPPW ,KUH (OPHZHOOHQ DXI HLQ &RPSXWHU HUPLWWHOW DXJHQEOLFNOLFK )UHTXHQ] 3KDVHQODJH 6LJQDODUW XQG 5HIOH[LRQVVWlUNH XQG UHJHOW GDPLW HLQHQ 6W|UVHQGHU
HLQGHUHLQ(FKRPLWXPJHNHKUWHU3KDVH]XUFNZLUIW'DV KHLW MHGH SRVLWLYH +DOEZHOOH GLH YRP 0HHUHVERGHQ ]XUFNNRPPWHUKlOWHLQHJOHLFKVWDUNHQHJDWLYH+DOEZHOOH GD]XXQGEHLGHKHEHQVLFKDXI(UJHEQLV"'DV(FKREOHLEW DXV³ Ä(LQOHXFKWHQG³ VDJWH GHU .DSLWlQ Ä$EHU DXFK GHU 6SUHFKYHUNHKU ]ZLVFKHQ 6FKLII XQG %DWK\VFDSK ZDU XQ WHUEURFKHQ³ Ä1DWUOLFK³ 9DOHVFX EOlWWHUWH LQ VHLQHP %XFK Ä:HU VR HLQH $QODJH LQVWDOOLHUW EHVFKUlQNW VLFK QLFKW GDUDXI QXU GLH 0HZHOOHQ O|VFKEDU ]X PDFKHQ $OOH QXU P|JOLFKHQ 6FKZLQJXQJHQ ZHUGHQ DXIJHKREHQ ² 7RWDOVFKZXQG YHUVWHKHQ6LH"³ Ä8QGZLUZHUGHQQDFK(LQEDX,KUHU*HUlWHXQWHU:DVVHU QLFKWPHKU]XRUWHQVHLQ"³IUDJWH.DSLWlQ%HUJVRQGHPHV YRUDOOHPXPGLH6LFKHUKHLWVHLQHV6FKLIIHVJLQJ Ä1DFK GHP JOHLFKHQ 3ULQ]LS³ 9DOHVFX ZLHV DXI HLQH 6NL]]H Ä7UHIIHQ (OPHZHOOHQ DXI GHQ 6FKLIIVN|USHU VR JLEW GHU &RPSXWHU GHP 6HQGHU GLH /|VFKZHUWH HLQ XQG ZLUVLQGQLFKWDXV]XPDFKHQ0HKUQRFK'LH6W|UXQJZLUG YRQXQWHQDXVJDUQLFKWEHPHUNWGDZLUQXUHLQSXQNWI|U PLJHV=LHOELOGHQGDVQLFKWPHKU]HLFKQHW)U6LHGDJH JHQ IHKOWH SO|W]OLFK GHU JDQ]H 0HHUHVJUXQG ² XQG GDV PXHLQHPVFKOLHOLFKDXIIDOOHQ²=XIULHGHQ"³ 'DV+XEERRWNDPVFKRQZLHGHUYRQ/DQG]XUFN(UZLQ -lJHU EUDFKWH )UDQN :DUGLQVNL DXV GHU 1LHGHUODVVXQJ KHUEHU'HU/HLWHUVFKOHSSWHHLQHQJDQ]HQ.DUWRQ0LNUR ILOPH Ä$FKGHU(OPHPDQQ³VDJWH)UDQNXQGUHLFKWH9DOHVFX HLQHQ IUHL JHEOLHEHQHQ NOHLQHQ )LQJHU Ä,FK KDEH 8QWHUOD JHQ HLQJHKROW $EVRUEHUW\SHQ XQG $QJDEHQ EHU 8QWHU JDQJVVWHOOHQ DOWVSDQLVFKHU 6FKDW]VFKLIIH VRZHLW VLH EH
NDQQWZXUGHQ³ Ä8QWHUODJHQ JHQXJ³ DQWZRUWHWH 9DOHVFX XQG ZLHV DXI VHLQXQHQWEHKUOLFKHV1RWL]EXFK Ä1D MD JHKHQ 6LH QXU HLQVWZHLOHQ LQ ,KUH .DELQH LFK ODVVH6LHVSlWHUUXIHQ³ Ä.DELQH"³IUDJWHGHU.DSLWlQÄ(UVROODQGLH$UEHLWGD ZLU YRQ KLHU ZHJNRPPHQ $XI GHU 5HHGH IKOH LFK PLFK QLFKW PHKU VLFKHU 8QVHUH 7HFKQLNHU ZDUWHQ DXI ,KUH $Q ZHLVXQJHQ+HUU9DOHVFX³ 'DV1RWL]EXFKYHUVFKZDQG9DOHVFX |IIQHWH VHLQHQ *H SlFNEHUJ )UDQN ZLQNWH GHP .DSLWlQ Ä6REDOG GLH *HEHU PRQWLHUW VLQG XQG XQVHU 3lUFKHQ YRQ /DQG ]XUFN LVW ODVVHQ 6LH DXVODXIHQ³Ä3lUFKHQ"³ Ä0DUNRIIXQG+DOLQD0HUNHQ6LHQLFKWV"³ Ä$XVJHVFKORVVHQ³ Ä/LHEHU .DSLWlQ ,KU 3& µ P|JHQ 6LH NHQQHQ GLH /HXWH GDUDXI QLFKW %LV JOHLFK³ )UDQN EDODQFLHUWH VHLQHQ .DUWRQ XQWHU 'HFN GHU .DSLWlQ VWULFK VLFK GLH :DQJHQ 'DUXPDOVRZROOWHVLHXQEHGLQJWPLWDQ/DQG1DZDUXP QLFKW"
$ODUPJORFNHQ VFKULOOWHQ (V NQDFNWH LP /DXWVSUHFKHU Ä=ZHLXQWHUVHHLVFKH2EMHNWHLQXQVHUHP.LHOZDVVHU7LHIH GUHLLJ³ Ä+HUU9DOHVFX³.DSLWlQ%HUJVRQWLSSWHGHPQHXHQ3DV VDJLHUDXIGLH6FKXOWHUÄ-HW]W]HLJHQ6LHPDOZDV6LHDOV 3UDNWLNHUZHUWVLQG³ Ä.OHLQLJNHLW³ 6LH OLHIHQ LQ GLH =HQWUDOH GHU 5XPlQH VFKDOWHWH VHLQH
$QODJHHLQ$OOHVEOLFNWHJHVSDQQWDXIGLH.RQWUROOJHUlWH Ä+HUU .DSLWlQ ZUGHQ 6LH ELWWH HLQHQ JURHQ %RJHQ QDFK EDFNERUG IDKUHQ" 0HLQHU 0HLQXQJ QDFK GUIWHQ GLH 6SUKXQGHLKUH)lKUWHMHW]WUDVFKYHUOLHUHQ³ Ä3& ³ ZLFK YRP .XUV IXKU HLQH 0HLOH GDQQ OLH 9DOHVFXGHQ$QWULHEDXVVFKDOWHQXPGHQJHKHLPQLVYROOHQ 9HUIROJHUQ DXFK GLH 2ULHQWLHUXQJ QDFK GHP 6FKUDXEHQ JHUlXVFK ]X QHKPHQ =HKQ 0LQXWHQ VSlWHU ZDUHQ GLH 8QWHUZDVVHUREMHNWH QLFKW PHKU DXV]XPDFKHQ VLH KDWWHQ VLFKZDKUVFKHLQOLFKDXIGHP DOWHQ.XUV HQWIHUQW'HU .D SLWlQ NORSIWH 9DOHVFX DXI GLH 6FKXOWHU Ä(QWVFKXOGLJXQJ LFK KDWWH VR PHLQH =ZHLIHO RE 6LH ZLUNOLFK GHU ULFKWLJH 0DQQIUXQVVLQG8QGZLHJHKWµVMHW]WZHLWHU"³ Ä:LUODXIHQ PLW HLQJHVFKDOWHWHP $EVRUEHU ELV XQPLWWHO EDUYRUGLH3ULQ]H$OLFH%DQN'DQQPWHQGLH7DXFKHU QDFKVHKHQZDVVLFKXQWHQWXW³ Ä6LHZHUGHQDXFKGDV%DWK\VFDSKDEVFKLUPHQ"³ Ä+DOEH$UEHLWQW]WJDUQLFKWV³ Ä$OVRGDQQ²9ROOH.UDIWYRUDXV³ Ä3& ³ IXKU ZLHGHU IUlVWH VHLQH 6FKDXPVSXU LQ GLH :HOOHQ QlKHUWH VLFK HQGOLFK GHU DOWHQ 3RVLWLRQ )UDQN :DUGLQVNL XQG VHLQ 3LORW (UZLQ -lJHU ]RJHQ GLH JOlQ]HQ GHQ.RPELQDWLRQHQEHUEHWUDWHQPLWHLQDQGHUGLH7DXFK VFKOHXVH Ä$OOHVLQ2UGQXQJ"³ *KHRUJKH9DOHVFXKDWWHHEHQGHQQHXDQPRQWLHUWHQ$E VRUEHUNRQWUROOLHUWÄ6LHKDEHQNHLQHQ&RPSXWHUDQ%RUG³ VDJWH HU Ä'DV %DWK\VFDSK EHNRPPW GLH /|VFKZHUWH YRP 6FKLIIDXVYRUJHJHEHQ6LHPVVHQP|JOLFKVWUDVFK*UXQG HUUHLFKHQ )DOOV XQVHUH OLHEHQ )UHXQGH XQYHUKRIIW GLH (OPHIUHTXHQ] lQGHUQ VLQG 6LH DP %RGHQ DXFK GDQQ QRFKNDXPDXV]XPDFKHQ³
Ä+DOWHQZLU6SUHFKNRQWDNW"³ Ä.HLQHQ 6SUHFKNRQWDNW³ ZDUQWH 9DOHVFX Ä$EVROXWH 6WLOOH6LHEOHLEHQQDWUOLFKDXI(PSIDQJ:LUEHREDFKWHQ RE XQWHU :DVVHU HWZDV JHVFKLHKW %HL *HIDKU JHEHQ ZLU HLQ NXU]HV NUlIWLJHV 3KRQVLJQDO GDQQ PDFKHQ 6LH NHKUW XQG WDXFKHQ DXI $OVR 0DVW XQG 6FKRWWHQEUXFK ² VR VDJWPDQGRFKZRKO³ Ä'DQNHEHVWHQV³ 'DV %DWK\VFDSK WDXFKWH YHUVDQN LQ GHU 6FKZlU]H GLH EHLGHQ0lQQHUVDHQVWXPPQHEHQHLQDQGHULQGHU.XJHO LKUH %OLFNH EHUWDVWHWHQ ,QVWUXPHQWH XQG 2V]LOORJUDSKHQ VFKLUPHGLH=DKOHQDXIGHP7LHIHQPHVVHUWDQ]WHQO|VWHQ VLFK DE LQ UDVFKHU )ROJH VFKQHOOHU QRFK VFKQHOOHU GDQQ ZLHGHU JHPlFKOLFKHU HQGOLFK 6WLOOVWDQG 0LW OHLVHP 5XFN VHW]WHQGLH7HOHVNRSEHLQHXQWHUGHU.XJHODXI'DV%DWK\ VFDSKVWDQGDXIGHP0HHUHVJUXQG Ä=ZHLKXQGHUWGUHLLJ0HWHU³VDJWH(UZLQ-lJHU Ä,UJHQGZHOFKH6W|UXQJHQ"³ Ä.HLQH&KHI'DUILFKGDV+RIOLFKWDQNQLSVHQ"³ Ä%LWWH³ 6WDUNHV,QIUDURWOLFKWIUPHQVFKOLFKH$XJHQXQVLFKWEDU GXUFKEUDFKGLH )LQVWHUQLV$XIGHP6FKLUPGHV :DQGOHUV ELOGHWHVLFKGLHXPOLHJHQGH/DQGVFKDIWDE6DQGKJHOPLW 6FKOLFN DQJHIOOWH 0XOGHQ QLHGULJHU .UDXWZXFKV (LQ VSLQQHQDUWLJHV.UHEVWLHUVWDNWHYRUEHLJURPlXOLJH)LVFKH VFKZHEWHQDQ]DKQEHZHKUWJORW]lXJLJDQODQJHQ)KOHUQ VFKZHEWHQ/DWHUQFKHQ Ä'UHLKXQGHUW]Z|OI*UDGKDOEH)DKUW³VDJWH)UDQN 'DV7DXFKERRW]RJGLH%HLQHHLQSHQGHOWHZHQLJH0H WHU IUHL EHU GHP *UXQG EHZHJWH VLFK ODQJVDP DXI GHP :DQGOHUVFKLUPJOLWWGLHIUHPGDUWLJH/DQGVFKDIWYRUEHL Ä*UXQGVWHLJHQG³PHOGHWH-lJHU
Ä,VWJROGULFKWLJQXUZHLWHU³ Ä$SURSRV *ROG ² :DV KDOWHQ 6LH YRQ (UZLQ -lJHUV 9HUPXWXQJGDGLH+HUUVFKDIWHQHLQUDWLRQHOOHV9HUIDKUHQ HQWGHFNW KDEHQ GDV *ROG GLUHNW DXV GHP 0HHUZDVVHU ]X JHZLQQHQ"³ Ä8QGGDQQVRJHKHLP":R]X"³ Ä,FK ]ZHLIOH RE GLH 9HUHLQWHQ 1DWLRQHQ UXKLJ ]XVHKHQ ZHQQ MHPDQG HLQH PDVVLYH *ROGDXVEHXWH DXI GHQ 0DUNW ZLUIWXQGGLH:lKUXQJHQGXUFKHLQDQGHUVFKWWHOW³ Ä:LUZHUGHQEDOG%HVFKHLGZLVVHQ³ Ä:DVKDWHLJHQWOLFK0DUNRIIYRQVHLQHU8QWHUUHGXQJDQ /DQGPLWJHEUDFKW"³ Ä1LFKWV 8QVHU 0LWWHOVPDQQ LVW VSXUORV YHUVFKZXQGHQ 6LFKHU KDEHQ GLH OLHEHQ *HJHQVSLHOHU VHLQH 6FKZDW]KDI WLJNHLWHQWGHFNW³ -lJHUSILIIGXUFKGLH=lKQHÄ+H:DVLVWGHQQGDV"³ $XIGHP6FKLUPGHV:DQGOHUV ]HLJWHQ VLFK HLJHQDUWLJH UHJHOPlLJ DQJHRUGQHWH 9HUWLHIXQJHQ LQ ]ZHL 5HLKHQ QHEHQHLQDQGHUOLHJHQGGHPLQV*LJDQWLVFKHEHUVWHLJHUWHQ $EGUXFNHLQHV5DXSHQIDKU]HXJVlKQOLFK Ä'DVKDEHLFKGRFKVFKRQLUJHQGZRJHVHKHQ³VDJWH-l JHU Ä(QWVLQQHQ 6LH VLFK GHV VRZMHWLVFKHQ 7LHIVHHIRWRV GDV YRU HWZD ]ZDQ]LJ -DKUHQ HQWVWDQG" =XIDOOVDXIQDKPH GHU 6SXUHLQHVXQEHNDQQWHQ0HHUHVULHVHQ³ Ä.XUVlQGHUQ&KHI"³ Ä8QEHGLQJW 'DV YHU]HLKW XQV NHLQHU ZHQQ ZLU GHU )lKUWHQLFKWQDFKJHKHQ=ZRKXQGHUWDFKWXQGVHFK]LJ*UDG ODQJVDPYRUDXV³ 'DV %DWK\VFDSK VFKZHEWH EHU GHU PlFKWLJHQ 6SXU GD KLQ GLH VLFK LQ 6DQG XQG 6FKOLFN JOHLFKPlLJ HLQJHSUlJW KDWWH)UDQNOLHGLH)LOPNDPHUDVFKQXUUHQ
Ä.|QQWH GDV YLHOOHLFKW HLQ 5LHVHQEDJJHU VHLQ"³ IUDJWH -lJHU Ä.HLQH$KQXQJ²GD6WRS³ Ä0HQVFKHQVNLQG³ $XI GHU 6SXU EHZHJWH VLFK HLQ 7LHU HLQ .ROR KDOE .UHEV KDOE (FKVH 0DVVLYH *OLHGHUSODWWHQ ELOGHWHQ GHQ ZDO]HQI|UPLJHQ /HLE GLH XQJHVFKODFKWHQ 5XGHURUJDQH XQWHU GHP .RSIEUXVWVWFN DUEHLWHWHQ ZLH GLH .XIHQ HLQHV 6FKUHLWEDJJHUV 9RUDXV WDVWHWHQ ODQJH PLW /HXFKWRUJDQHQ EHVHW]WH6FKHUHQGHQ%RGHQDE'LH )LOPNDPHUDVFKQXUU WH
Ä+DEHQ6LHVRZDVMHJHVHKHQ"³IUDJWH-lJHUDWHPORV Ä'RFK =ZDU VWDUN YHUNOHLQHUW LQ HLQHP 'LRUDPD GHV 6LOXU0HHUHVYRUYLHUKXQGHUW0LOOLRQHQ-DKUHQ'DODJ VR
HWZDVbKQOLFKHVQDFKJHELOGHW6W\ORQXUXVJHQDQQWVROOLQ GHU1DWXUELVGUHL0HWHUODQJJHZHVHQVHLQ³ Ä1DGDVKLHUKDWPLQGHVWHQVVHFK]LJ³ (LQ /LFKWVLJQDO =HLJHU ]LWWHUWHQ DXI GHQ 2V]LOORJUD SKHQVFKLUPHQ]HLFKQHWHQVLFK.XUYHQDE Ä/HXFKWHUVFKHLQXQJ DQ 6WHXHUERUG³ VDJWH -lJHU Ä6LHKW DXVDOVKLQJHQODXWHU7LHIVWUDKOHUEHUGHP*UXQG³ Ä'DLVWHVDOVRZDVZLUJHVXFKWKDEHQ'DVLVW$UEHLWV OLFKWIULUJHQGHLQ$EEDX8QWHUQHKPHQ³ Ä'LH*ROGPLQH³ Ä(UNHQQHQ6LHZDV"³ Ä)HOVLJH *HJHQG ]LHPOLFK ]HUNOIWHW .OLSSHQ XQG 6FKOXFKWHQ NDXP 6FKOLFN 'DV *HOlQGH OLHJW KRFK XQG GLH6WU|PXQJZLUGNUlIWLJDXIUlXPHQ³ ,P GLIIXVHQ /LFKW GHV %LOGVFKLUPV ]HLFKQHWH VLFK HLQH VWHLO DQVWHLJHQGH /DQGVFKDIW DE (KH VLH DEHU QDKH JHQXJ KHUDQ ZDUHQ XP (LQ]HOKHLWHQ EHVWLPPHQ ]X N|QQHQ HUORVFKHQGLH6WUDKOHU Ä(LQ]HO]LHOH YRQ YRUQ³ VFKULH -lJHU Ä'D GRUW HLQV ]ZHLYLHUVLHEHQ:HUZHLZDVGLHYRUKDEHQ³ ÄbXHUVWH.UDIW]XUFN:HJZHJ³ 6LHZLUEHOWHQHLQH6FKOLFNZRONHDXIZLHHLQ7LQWHQILVFK ,P JOHLFKHQ $XJHQEOLFN K|UWHQ VLH GDV :DUQVLJQDO YRQ Ä3& ³ )QIKXQGHUW 0HWHU YRP )RUVFKXQJVVFKLII HQWIHUQWWDXFKWHQVLHDXI $OV )UDQN EHU GLH *HVFKHKQLVVH DXI GHP *UXQG EH ULFKWHW KDWWH VDJWH &KHILQJHQLHXU 0DUNRII Ä,FK JODXEH GHU =XVDPPHQKDQJ]ZLVFKHQ GHP RPLQ|VHQ *ROGWUXVW LQ +RUWD XQG GHP /LFKW EHU GHU 3ULQ]H$OLFH%DQN GUIWH IHVWVWHKHQ 'LH HOHNWULVFKHQ (QHUJLHQ DXV GHP $WRPUHDN WRUZHUGHQZDKUVFKHLQOLFKGXUFK.DEHOLQGLH0LQHEHI|U GHUW³
Ä:LU ZHUGHQ GDV *HKHLPQLV OIWHQ³ VDJWH )UDQN Ä8QG ]ZDUKLHUXQGMHW]WVRIRUW³ Ä:LVVHQ 6LH ZLH ZHLW GLHVH %XUVFKHQ JHKHQ ZHUGHQ"³ IUDJWH .DSLWlQ %HUJVRQ Ä+DEHQ 6LH QLFKW VHOEVW JHVDJW GD GDV %DWK\VFDSK HLQ $ODUPVLJQDO DXVJHO|VW KDEHQ PX":HUGDHLQGULQJHQZLOOPXHLQ)LVFKVHLQ³ Ä,FK ZHUGH HLQ )LVFK VHLQ :R]X KDEHQ ZLU 0DUNRIIV 3ODVWWDXFKHUDQ%RUG"³ Ä6LHVLQG/HLWHUHLQHUZLVVHQVFKDIWOLFKHQ([SHGLWLRQ6LH KDEHQHLQHIHVWXPULVVHQH$XIJDEH]XHUIOOHQ³ Ä'HU (LQVDW] GHV 3ODVWWDXFKHUV LVW HLQH XQVHUHU $XIJD EHQ³ Ä$EHU QLFKW ]X VR JHIlKUOLFKHQ 0DQ|YHUQ 6LH VLQG ORV JHO|VW YRP 0XWWHUVFKLII GUIHQ NHLQHQ .RQWDNW KDOWHQ QDFKGHP$XIWDXFKHQOLHJHQ6LHLUJHQGZRLQGHU6HH:HU VROO6LHZLHGHUILQGHQ"³ Ä,FKQHKPHHLQH)XQNEDNHPLWXQGODVVHPLFKQDFKGHP $XIWDXFKHQSHLOHQ,FKEHUVFKZLPPHGLHJDQ]H%DQNDXI .RPSDNXUV 6LH HUZDUWHQ PLFK DXI GHU DQGHUHQ 6HLWH KLQWHUGHU$EVRUEHUVSHUUHDEJHVFKLUPWXQGZDFKVDP³ Ä6LHVLQGIU,KU$OWHUUHLFKOLFKOHLFKWVLQQLJ³ Ä,FK YHUVWHKH LKQ³ ULHI :ODG\VODZ 0RUF]HZVNL Ä,FK ZUGHRKQH]XEHUOHJHQPLWLKPVFKZLPPHQXQGPLFK XQWHQJXWXPVHKHQ³ /DFKHQG NORSIWH LKP )UDQN DXI GLH 6FKXOWHU Ä'DQNH 8QG ² ZHQQ LFK $WODQWLV ILQGH EULQJH LFK ,KQHQ HLQ 6RXYHQLU DXV GHU +DXSWVWDGW PLW :LH KLH VLH GRFK JOHLFK"³ Ä3RVHLGRQLV³ VDJWH .DSLWlQ %HUJVRQ -HW]W ODFKWHQ VLH DOOH
(LQ )LVFK VWLH LQ GLH 7LHIH (V ZDU HLQ 0RUGVEXUVFKH PLW UXQGHP 0DXO XQG JURHQ *ORW]DXJHQ ² HLQ JH IlKUOLFKHV 0RQVWUXP KDWWH HEHQ HUVW HLQHQ YROOVWlQGLJHQ 0DQQ YHUVFKOXFNW HU ODJ LQ JDQ]HU /lQJH LQ VHLQHP %DXFK UHJORV ² GRFK PLW NORSIHQGHQ 3XOVHQ 6HOEVW DXV GHU 1lKH EHWUDFKWHW ZDU GDV *HUlW QLFKW DOV NQVWOLFKHV *HELOGH NHQQWOLFK (V EHZHJWH )ORVVHQ XQG 6FKZDQ] ZLH MHGHU DQGHUH )LVFK ZLWWHUWH QHXJLHULJ XPKHU WULHE 6FKZlUPH NOHLQHUHU $UWJHQRVVHQ DXVHLQDQGHU VFKHXWH ZHGHU7LHIHQRFK'XQNHO
'DV 3ROVWHU DXI GHP )UDQN ODJ ZDU GHP .|USHU GHV 7DXFKSLORWHQ ZHLWJHKHQG DQJHSDW ZRUGHQ ,Q *HVLFKWV
K|KH EHIDQG VLFK GDV 6FKDOWSXOW GDUEHU GHU %LOGVFKLUP DXI GHQ GLH LQ GHQ )LVFKDXJHQ VLW]HQGHQ .DPHUDV HLQ IDUEJHWUHXHVSODVWLVFKHV%LOGZDUIHQ:LHGDV%DWK\VFDSK YHUIJWH DXFK GHU 3ODVWWDXFKHU EHU HLQHQ ,QIUDURWVWUDKOHU ]XP$XVOHXFKWHQGHU.XUVVWUHFNH )UDQN EHREDFKWHWH GHQ .RPSD (U ZlKOWH HWZD GHQ JOHLFKHQ :HJ ZLH ]XYRU DOV (UZLQ -lJHU QHEHQ LKP JH VHVVHQ KDWWH $EHU MHW]W XPJDE LKQ NHLQ YHUUlWHULVFK UH IOHNWLHUHQGHU0HWDOON|USHUQLFKWHLQPDOHLQ6FKUDXEHQJH UlXVFK ZUGH DXI]XQHKPHQ VHLQ hEHU 6DQG XQG 6FKOLFN WULHE PLW NUlIWLJHP )ORVVHQVFKODJ HLQ JURHU )LVFK GDKLQ ² HV PRFKWH 7DXVHQGH VROFKHU %XUVFKHQ KLHU XQWHQ JH EHQ 9RUDXV VFKLPPHUWH ZLHGHU GDV JHKHLPQLVYROOH /LFKW )UDQN SHQGHOWH ]ZLVFKHQ GLH EL]DUUHQ )HOVJHELOGH KLQHLQ WDVWHWH VLFK LQ 6FKDWWHQZLQNHOQ HQWODQJ GLH 2EMHNWLYH VFKZHQNWHQVXFKWHQHQWGHFNWHQDEHUQLFKWVZHLWHUDOVGLH VWDUU REHQ VFKZHEHQGHQ 7LHIVWUDKOHU )UDQN JOLWW ZHLWHU 'DVDKHUYRUVLFKHLQHQZXFKWLJHQ%RJHQHLQ)HOVWRUDQ GLH]HKQ0HWHUKRFKGDQHEHQHLQH0DXHUPLW+|KOXQJHQ GLH5HVWHYRQ=LQQHQGDUDXI (UHUVFKUDN(UHUNDQQWHYRQHLQHP$WHP]XJ]XPDQGH UHQGDHUGXUFKHLQHJLJDQWLVFKH5XLQHQVWDGWVFKZDPP ,KP VFKR GDV %OXW ]X .RSI Ä3RVHLGRQLV³ IOVWHUWH HU VFKDOWHWHHUUHJWGDV%DQGJHUlWHLQXQGGLNWLHUWH Ä3ODVWWDXFKHU DXI *UXQG JHJDQJHQ *UDG 0LQXWHQ 6HNXQGHQ:HVWXQG*UDG0LQXWHQ6HNXQGHQ 1RUG .XUV *UDG 7LHIH 0HWHU %HILQGH PLFK LQ HLQHU XQEHUVHKEDUHQ 7UPPHUODQGVFKDIW GLH YRQ YLHOHQ 7LHIVWUDKOHUQ DXVELV0HWHUQ +|KHEHOHXFKWHW ZLUG ,FK HUNHQQH DXV GHP 6FKOLFN KHUDXVVWHKHQGH 5HVWH YRQ =\NORSHQPDXHUQ 7RUE|JHQ EHUZXFKHUWH :lQGH GLH
ZDKUVFKHLQOLFK PHQVFKOLFKHU +HUNXQIW VLQG %DFNERUG YRUDXV HLQ S\UDPLGDOHU +JHO ,FK EHZHJH PLFK ODQJVDP DXI DOWHP .XUV ZHLWHU 6WUDHQ]JH VLQG DXV]XPDFKHQ DQJHIOOW PLW 6FKXWW 6FKOLFN XQG EHUZDFKVHQHQ 6WHLQWUPPHUQ ,FK SDVVLHUH GLH 3\UDPLGH GLH 6SLW]H YHUVFKZLQGHW LP 'XQNHO VFKlW]H GLH +|KH DXI IQI]LJ 0HWHU-HW]WHUUHLFKHLFKHLQHQJHUDGHQ7DOHLQVFKQLWWHLQH 4XDGHUEUFNHIKUWKLQEHUYRQNODIIHQGHQ5LVVHQGXUFK ]RJHQ LFK VFKZLPPH GDUDXI HQWODQJ IDVW KXQGHUW 0HWHU MHW]W GDV DQGHUH 8IHU GDV *HOlQGH VWHLJW ZHLWHU DQ QHXH 5HVWH²GDEHZHJWVLFKHWZDVHLQVSLQQHQDUWLJHVJURHV :HVHQ«³ )UDQN HUNDQQWH SO|W]OLFK GD GLH YHUPHLQWOLFKHQ 6SLQ QHQEHLQH ODQJH *UHLIDUPH ZDUHQ GLH DXV GHP 6FKXWW HLQ IOlFKLJHV ]HUIHW]WHV *HELOGH KHUYRU]HUUWHQ HV EOLQNWH DXI LQGHU6FKOLFNZRONH²NHLQ=ZHLIHO:DVGDKRFKJH]HUUW ZXUGHZDUUHLQHVEOLW]HQGHV*ROGEOHFK Ä'LH 0LQH³ VWDPPHOWH )UDQN Ä6LH SOQGHUQ GLH 6WDGW DXV3RVHLGRQLV.|QLJVVWDGWGHU$WODQWLVJROGJHGHFNWGLH 3DOlVWH $FKWXQJ IDOOV LFK QLFKW ]XUFNNRPPH XQG MH PDQG ILQGHW GLHVHV %DQG $WODQWLV H[LVWLHUW (V OLHJW DXI GHU 3ULQ]H$OLFH%DQN XQG GLHQW NXOWXUIHLQGOLFKHQ 5lX EHUQDOV5RKVWRIITXHOOH³ (U EUDXFKWH HLQLJH =HLW XP VLFK ZLHGHU ]X EHUXKLJHQ 'DV *ROGEOHFK ZDU XQWHU HLQHP OlQJOLFKHQ 6FKDWWHQ YHU VFKZXQGHQGHU]ZLVFKHQGHQ7LHIVWUDKOHUQVFKZHEWH(LQ 7DXFKERRW (UQHXW VDQNHQ GLH *UHLIHU KHUDE HLQ 7DVWIK OHUERKUWHVLFK]ZLVFKHQGLH7UPPHUZDKUVFKHLQOLFKGDV 0HWDOOVXFKJHUlW )UDQNJHULHWLQ=RUQHUYHUJDMHGH9RUVLFKWVFKZDPP DXVGHP6FKDWWHQKRFKNUHLVWHHLQYRP/LFKWHUVFKUHFNWHU )LVFKK|KHUXQGK|KHUJOLWWDQHLQHP6WUDKOHUYRUEHLVDK
SO|W]OLFK YRU VLFK GHQ JHGUXQJHQHQ /HLE GHV 8%RRWV VFKREVLFKGLFKWKHUDQ -HGHU1LHWZDU]XHUNHQQHQ(VKDQGHOWHVLFKXPHLQlO WHUHV DPHULNDQLVFKHV 8QWHUVHHERRW ODQJH VFKRQ DXHU 'LHQVWJHVWHOOWXQG²ZLHHVLQGHQ6WDDWHQEOLFKZDU² GHP 0HLVWELHWHQGHQ ]XP 0DWHULDOZHUW YHUNDXIW -HW]W GLHQWH HV GXQNOHQ *HVFKlIWHQ 6LFKHU KDWWHQ GLH (LJHQ WPHU ]XIlOOLJ GLHVH 5XLQHQVWlWWH JHIXQGHQ XQG VWLHHQ VLFKMHW]WDQGHUHQ6FKlW]HQJHVXQG'LH3OQGHUXQJEOLHE HLQ9HUEUHFKHQGLH0HQVFKKHLWKDWWHHLQ5HFKWGDUDXILKU ZDKUVFKHLQOLFKlOWHVWHV.XOWXU]HXJQLVEHZDKUWXQGJHZLV VHQKDIWGXUFKIRUVFKW]XVHKHQ )UDQN VSULW]WH HLQHQ (UNHQQXQJVIOHFN JHJHQ GHQ 6FKLIIVOHLE QDKP GHQ DOWHQ .XUV ZLHGHU DXI WDXFKWH HUQHXWHLQ]ZLVFKHQ6FKXWWKJHO6WHLQWUPPHU6lXOHQUH VWH EHUZDFKVHQ YRQ 7DQJ XQG $OJHQ 'LH 6WUDH KRE VLFK IKUWH ]X HLQHU EUHLWHQ 7UHSSH GLH VWHLO KLQDXIVWLHJ DXI GHQ XQWHUVHHLVFKHQ *LSIHO GHU 3ULQ]H$OLFH%DQN YLHUXQGYLHU]LJ0HWHUXQWHUGHP6RQQHQOLFKW +LHUPXWHGLH$NURSROLVGHUYHUVXQNHQHQ6WDGWJHOHJHQ KDEHQ7HPSHOWUPPHU3DODVWPDXHUQDXVYHUVFKLHGHQIDU ELJHQ 4XDGHUQ EHUZXFKHUWH 7HUUDVVHQ YHUVFKODPPWH %UXQQHQDOOHVQRFK]XHUNHQQHQMDKUWDXVHQGHODQJDXIEH ZDKUW IU GHQ 7DJ GD GLH HUVWHQ $UFKlRORJHQ KHUXQWHU VWHLJHQZUGHQHVGHP9HUJHVVHQ]XHQWUHLHQ )UDQN VW|EHUWH ]ZLVFKHQ 6lXOHQVWPSIHQ XPKHU JOLWW GXUFK HLQJHVWU]WH 7RUH HUUHLFKWH *lQJH *HPlFKHU 'DV ,QIUDURWOLFKW UL )ULHVH DXV GHP 'XQNHO 6lXOHQNDSLWHOOH HQWKOOWHSO|W]OLFKHLQKDOEYHUVFKWWHWHVJURHV6WDQGELOG GHV 0HHUJRWWHV 3RVHLGRQ KLQWHU GHP VLFK YLHODUPLJ HLQ .UDNHUHNHOWH Ä7DJDOWHU.QDEH³VDJWH)UDQNÄ6FKDGHGDGXVRJH
ZLFKWLJ ELVW ,FK EUDXFKH IU REHQ HLQ %HZHLVVWFN VRQVW JODXEHQGLHDQGHUHQLFKKlWWHGHQ7LHIHQNROOHUZHQQLFK ]X HU]lKOHQ DQIDQJH 8QG LFK KDEH XQVHUHP 6HJOHU HLQ 6RXYHQLUYHUVSURFKHQ³ 'HU.UDNHKDWWHVLFKJDQ]HLQJHNQlXOWYHUPXWOLFKQDKP HU GDV ,QIUDURWOLFKW ZDKU XQG IKOWH VLFK XQEHKDJOLFK )UDQN EHKLHOW GDV 7LHU LP $XJH DOV HU GHQ 7HPSHOUDXP GXUFKPXVWHUWH$XVHLQHUVFKODPPJHIOOWHQ1LVFKHEOLQNWH HV HLQH KDQGJURH JROGHQH 6SKLQ[ HLQ ZHUWYROOHU %ULHI EHVFKZHUHU 'HU )LVFK |IIQHWH GDV UXQGH 0DXO VFKOXFNWH GHQ%URFNHQHLQZDQGWHVLFK]XP$XVJDQJKREVLFKZLH HLQ 9RJHO EHU GLH JHERUVWHQHQ 0DXHUQ GHU WRWHQ 6WDGW VFKZHEWH]XUFNLQGLH:HOWGHU$WPHQGHQ
6LH KLHYWHQ LKQ DQ 'HFN |IIQHWHQ GHQ )LVFKOHLE ]RJHQ GHQ0DQQKHUDXVUHGHWHQDOOH]XJOHLFKDXILKQHLQ )UDQNV$XJHQVXFKWHQ:ODG\VODZ0RUF]HZVNL Ä%LWWHOLHEHU)UHXQGGDVYHUVSURFKHQH6RXYHQLU³ 6LHVWDUUWHQYHUZXQGHUWDXIGDVJOlQ]HQGH*HELOGH Ä$EHU«³'HU6HJOHUZRJGLH6SKLQ[LQGHU+DQGÄ'DV LVWMDSXUHV*ROGµµ Ä+DWWHQZLUQLFKW*ROGJHVXFKW"³ Ä'LHVH)LJXUKDEHQ6LHYRP*UXQG"³ Ä:R DQGHUH *ROG ILQGHQ VR YLHO GD VLFK LQ +RUWD HLQ 6FKPHO]EHWULHEORKQWZDUXPVROOLFKGDQLFKWZHQLJVWHQV VRHLQHQ%ULHIEHVFKZHUHUHQWGHFNHQ³ Ä$EHUGDVLVWHLQHlJ\SWLVFKH$UEHLW³ULHI0DUNRII Ä(LQH DWODQWLVFKH³ VDJWH )UDQN HUQVW Ä%HKDOWHW GLH 5X KHOLHEH)UHXQGH8QWHUXQVOLHJW3RVHLGRQLVGLHVHNOHLQH 6SKLQ[ VWDPPW DXV GHP .XOWUDXP GHV 0HHUHVJRWWHV (U
VLW]WLQYROOHU*U|HXQGZDUWHW³ 1LHPDQG DQWZRUWHWH 6LH VWDUUWHQ DXI GLH JOlQ]HQGH )L JXU EHJULIIHQ ZRKO HUVW DOOPlKOLFK ZDV )UDQN JHVDJW KDWWH Ä9ROOH)DKUWYRUDXV³ULHIGHU.DSLWlQÄ.XUV+RUWD² ,VWGRFKULFKWLJ&KHI"³ Ä*ROGULFKWLJ .DSLWlQ 8QG GHU )XQNHU NULHJW HLQ SDDU KDQGIHVWH6SUFKHDE]XVHW]HQ³ (UVWMHW]WEUDFKGLH)UHXGHDXV'LH7HFKQLNHUNURFKHQLQ GHQ 3ODVWWDXFKHU XP GLH %LOG XQG 7RQDXI]HLFKQXQJHQ KHUDXV]XKROHQVLHVWUPWHQLQ GHQ 9RUIKUUDXP VLFK GLH :XQGHUGLQJH DQ]XVHKHQ GLH )UDQN KHUDXIJHEUDFKW KDWWH -HW]W IUDJWHQ VLH QLFKW PHKU QDFK )RUVFKXQJVDXIJDEHQ 7UlXPH ZDUHQ ZDKU JHZRUGHQ 5lWVHO KDWWHQ VLFK QDFK YLHOHQWDXVHQG-DKUHQHQWKOOWSUHLVJHJHEHQGHQ ZLVVHQV GXUVWLJHQ0HQVFKHQ )UDQN JLQJ]XP)XQNUDXP (U HQWZDUIGLH 6SUFKH GLH GHU:HOWHLQHQHXH6HQVDWLRQYHUVFKDIIHQZUGHQ Ä8QLWHG 1DWLRQV ² 1HZ
Ä7DVV ² 0RVNZD ² $WODQWLV LVW JHIXQGHQ 'LH +\SR WKHVH 3URIHVVRU /HGQHZV ZRQDFK 3ODWRV %HULFKW HLQ WDW VlFKOLFKHV*HVFKHKHQZLHGHUJLEWKDWVLFKJOlQ]HQGEHVWl WLJW 'DV *HELHW GHU 3ULQ]H$OLFH%DQN KDW QLFKW QXU PXVHDOHQ :HUW HV ELUJW hEHUUHVWH GLH PHQVFKKHLWVJH VFKLFKWOLFKQLFKWKRFKJHQXJHLQJHVFKlW]WZHUGHQN|QQHQ (UELWWHQQHXHQ)RUVFKXQJVDXIWUDJXQGVRIRUWLJH8QWHUVWW ]XQJGXUFK)DFKOHXWH³² $OV Ä3& ³ GLH 5HHGH YRQ +RUWD HUUHLFKWH ZDU GRUW GLH3ROL]HLDNWLRQEHUHLWVLQYROOHP*DQJH'HQ6FKDW]JUl EHUQZXUGHGDV/LFKWDEJHGUHKW$Q /DQGZDUWHWHQVFKRQ 3UHVVHOHXWH :LVVHQVFKDIWOHU XQG 3ROLWLNHU EHJLHULJ (LQ ]HOKHLWHQ ]X HUIDKUHQ $QGHUQWDJV EUDFKWHQ 8%RRW-lJHU HLQ7DXFKVFKLIIDXIGDVHLQHGHXWOLFKH)DUENHQQ]HLFKQXQJ DQ GHU %DFNERUGIODQNH WUXJ 6HLQH /DGXQJ 0HKU DOV HLQKXQGHUW.LOR*ROGLQ%OHFKHQXQG*HUlW² 'UHL7DJHVSlWHUEHJDQQÄ3&³PLWGHUNDUWRJUDSKL VFKHQ $XIQDKPH GHU $WODQWLV 'DV XQJHVW|UWH (OPHHFKR ]HLFKQHWH GHQ 6WDGWSODQ YRQ 3RVHLGRQLV 'DQQ VDQN GDV %DWK\VFDSK DXI GHQ *UXQG ² GLH ZLVVHQVFKDIWOLFKH $XV EHXWXQJGHVZLHGHUHQWGHFNWHQ.RQWLQHQWVKDWWHEHJRQQHQ =XUJOHLFKHQ=HLWVWDQGEHUGHP:DVVHUGHV$WODQWLNHLQ NOHLQHV ZHLHV 6HJHO HLQ HLQVDPHU 0DQQ VD LP 6SLHJHO GHV %RRWHV HU KLHOW .XUV 6GZHVW YRUDXV GLH :|OEXQJ GHUJDQ]HQ(UGNXJHO
+HIW
+HUEHUW6FKLUUPDFKHUÄ)HXHUDXIGHU$NURSROLV³
6LNLQQRVZDUWHWLP+DIHQYRQ$WKHQ DXI3DWURNORV VHL QHQ=|JOLQJ(UVROOLKQKLQEHUEULQJHQQDFK6DODPLVZR GLH )DPLOLH GHV -XQJHQ VFKRQ ZDUWHW 'HQQ $WKHQ PXWH HYDNXLHUWZHUGHQGLH3HUVHUVWHKHQYRUGHQ7RUHQXQGGLH 6WDGW LVW ]X VFKOHFKW EHZDIIQHW XP LKQHQ ZLGHUVWHKHQ ]X N|QQHQ (QGOLFK NRPPHQ GLH *\PQDVLDVWHQ XQG PLW LKQHQ3DWURNORV'RFKGHU-XQJHP|FKWHLQ$WKHQEOHLEHQ GLH6WDGW]XYHUWHLGLJHQ1XUGXUFKGDV9HUVSUHFKHQVWDWW VHLQHU GD]XEOHLEHQ NDQQ 6LNLQQRV GHQ -XQJHQ EHZHJHQ VLFKHLQ]XVFKLIIHQ6RZLUGGHU+DXVOHKUHU6LNLQQRVLQGLH :LUUHQGHV.ULHJHVJH]RJHQ(UKDWVFKZHUH(QWVFKHLGXQ JHQ]XWUHIIHQXQGVHLQ(LQVDW]ZLUGHQWVFKHLGHQGIUGHQ $XVJDQJGHV.ULHJHV