'DVQHXH$EHQWHXHU
3HW\U6ODZLQVNL'LH)DKUWQDFK%XQRZR 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH
7LWHOG...
100 downloads
708 Views
568KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
'DVQHXH$EHQWHXHU
3HW\U6ODZLQVNL'LH)DKUWQDFK%XQRZR 9HUODJ1HXHV/HEHQ%HUOLQ 9E\'XPPH3XWH
7LWHOGHVEXOJDULVFKHQ2ULJLQDOVG_e_]Zegbyl\ Z\lh[mkZ ,QV'HXWVFKHEHUWUDJHQYRQ+XJR+DUWPDQQ )UGLHGHXWVFKHhEHUVHW]XQJXQGGLH,OOXVWUDWLRQHQ 9HUODJ1HXHV/HEHQ%HUOLQ /L]HQ]1U /69 8PVFKODJXQG,OOXVWUDWLRQHQYRQ*QWKHU/FN 7\SRJUDILH&KULVWHO5XSSLQ 6FKULIWS([FHOVLRU *HVDPWKHUVWHOOXQJ'UXFNHUHL1HXHV'HXWVFKODQG %HUOLQ %HVWHOO1U ''50
O
'HU0RUJHQEUDFKDQ,Q6RILDORGHUWHQQRFKGLH%UlQGH YRP QlFKWOLFKHQ %RPEHQDQJULII hEHU GLH 6WDGW ]RJHQ GLFKWH 5DXFKVFKZDGHQ 'HU 1LHVHOUHJHQ GUFNWH VLH QDFK XQWHQXQGYHUZDQGHOWHVLHLQVFKZDU]HQ1HEHOGXUFKGHQ QXUPDWWGDV7DJHVOLFKWVFKLPPHUWH 6HLW 0LWWHUQDFKW GUlQJWHQ VLFK HUVFK|SIWH XQG YHUlQJ VWLJWH0HQVFKHQDQGHU+DOWHVWHOOH±VLHZDUWHWHQDXIHLQHQ %XV QDFK 3LUGRS XP DXV GHU EUHQQHQGHQ YHUZVWHWHQ 6WDGW ]X IOLHKHQ 3XOYHU XQG %UDQGJHUXFK QDKPHQ LKQHQ IDVW GHQ $WHP VLH KXVWHWHQ KLHOWHQ VLFK 7DVFKHQWFKHU RGHU 6FKDOV YRU GHQ 0XQG VWLHHQ XQG VFKREHQ VLQQORV DOVZUGHGLH6FKODQJHYRUGHPJHVFKORVVHQH6FKDOWHUIHQ VWHUGDGXUFKNU]HU (QGOLFK NDP GHU )DKUVFKHLQYHUNlXIHU 'LH 0HQVFKHQ XPGUlQJWHQLKQXQGEHUVFKWWHWHQLKQPLW)UDJHQREHLQ %XVNRPPHQZHUGHZDQQHUDEIDKUHZLHYLHOH3HUVRQHQ HUPLWQHKPHQZHUGH Ä-DHVNRPPWHLQHU6RODWPLFKGRFKGXUFK'HU%XV ZLUG JOHLFK GD VHLQ HU KROW QXU QRFK HLQHQ .UDQNHQ DE 0DFKWGRFK3ODW]³ ,Q GHU 0HQJH HQWVWDQG HLQ VFKUHFNOLFKHV *HGUlQJH 'LH ]XHUVWGDJHZHVHQZDUHQYHUVXFKWHQLKUH3OlW]H]XYHUWHL GLJHQ GLH VSlWHU *HNRPPHQHQ YHUOLHHQ GLH 6FKODQJH XQGDOOHVEDOOWHVLFKDP6FKDOWHU $OVHUVWHUHUJDWWHUWHHLQHWZDGUHLLJMlKULJHU0DQQHLQHQ )DKUVFKHLQ(UWUXJHLQ6SRUWMDFNHWWXQGJHK|UWH]XGHQHQ GLHVFKRQVHLW0LWWHUQDFKWZDUWHWHQ6HLQKEVFKHV*HVLFKW VDKJUDXXQGYHUIDOOHQDXVHUKDWWHRIIHQEDUYLHOH1lFKWH QLFKW ULFKWLJ JHVFKODIHQ XQG VFKRQ ODQJH QLFKWV 5HFKWHV PHKU JHJHVVHQ 'HU 0DQQ GHU DOV QlFKVWHU HLQHQ )DKU
VFKHLQEHNDP±HUWUXJHLQHQNDONEHVSULW]WHQ0DXUHUDQ]XJ ± KDOI LKP VLFK HLQHQ :HJ DXV GHU 0HQVFKHQPHQJH ]X EDKQHQ,QGHP*HGUlQJHIOVWHUWHHULKP]X Ä6LHKGLFKYRUHLQ$JHQW³ 'HUMXQJH0DQQEHJULIIQLFKWJOHLFKGDGLHVH:RUWHDQ LKQ JHULFKWHW ZDUHQ GRFK HU EHJHJQHWH GHP %OLFN GHV 0DXUHUVLQGHPHUGHXWOLFKHLQHEHVRUJWH:DUQXQJODV :HU PDJ HU VHLQ" EHUOHJWH HU :RKLQ PDJ HU JHK|UHQ" :DKUVFKHLQOLFK LVW HU KHUJHVFKLFNW ZRUGHQ XP QDFK]XVH KHQ RE LFK DXFK HLQHQ )DKUVFKHLQ EHNRPPH XQG PLFK GDQQ]XZDUQHQ$EHUZDUXPKDWHUPLUQLFKWJHVDJWZDV LFKMHW]WPDFKHQVROO" 'HU MXQJH 0DQQ ± VHLQ LOOHJDOHU 1DPH ZDU 'DQNR ± EHUOHJWH RE HU GHQ 0DXUHU DQVSUHFKHQ RE HU LKP GLH 3DUROH ]XIOVWHUQ VROOWH XP ]X HUIDKUHQ ZLH HU VLFK YHU KDOWHQ PXWH RE HV LUJHQGZHOFKH bQGHUXQJHQ LQ VHLQHP $XIWUDJ JDE 'RFK GHU 0DXUHU JLQJ ZHLWHU RKQH LKP HLQ =HLFKHQ]XJHEHQ (LQ $JHQW GDFKWH 'DQNR EHXQUXKLJW XQG PXVWHUWH GLH )DKUJlVWH :HU PDJ HV VHLQ" :LH VROO LFK LKQ HUNHQQHQ" 8QGREHUPLFKZRKONHQQWRGHUPLFKQDFKPHLQHP9HU KDOWHQ ]X GHP NUDQNHQ 3DUWLVDQHQ HLQVFKlW]HQ NDQQ" 9LHOOHLFKW ELQ LFK VRJDU GHVKDOE JHZDUQW ZRUGHQ ± GDPLW LFKPLFKQLFKWYHUUDWH« :DVMHW]W"IUDJWHHUVLFKHUQHXWXQGLKPZXUGHKHLDOV KlWWHPDQLKPJOKHQGH.RKOHQXQWHUV+HPGJHVFKWWHWå 'HU )DKUVFKHLQYHUNlXIHU VFKRE GDV 6FKDOWHUIHQVWHU EDOG GDUDXI ]X XQG DQWZRUWHWH QLFKW PHKU ZHGHU DXI %LWWHQ QRFK DXI 'URKXQJHQ RGHU GDV ZWHQGH %XPPHUQ JHJHQ GHQ+RO]ODGHQGHV)HQVWHUV $XV GHU 8QWHUIKUXQJ GHU 6WUDH DP %DKQKRI YRQ 3R GXMDQH WDXFKWH HLQ NOHLQHU DOWHU $XWREXV DXI 9RQ VHLQHU
.DURVVHULH SODW]WH GLH )DUEH DE HU ZDU ELV REHQ PLW 6FKPXW] EHVSULW]W GLH 5HLIHQ ZDUHQ DEJHIDKUHQ XQG DQ PDQFKHQ6WHOOHQVR GQQ GD VLH VLFK EODVHQI|UPLJ QDFK DXHQEHXOWHQ$XIGHU+LQWHUEDQNODJHLQ0HQVFKGHULQ 'HFNHQ JHKOOW ZDU 1HEHQ LKP VD JDQ] LQ VLFK ]XVDP PHQJHNURFKHQDXIHLQHP+RFNHUHLQNOHLQHV:HLEOHLQPLW HLQHPKDJHUHQIDOWLJHQ*HVLFKW 'HU )DKUVFKHLQYHUNDXI HU EDXWH VLFK YRU GHU 7U GHV $XWREXVVHV DXI XQG OLH WURW] 6FKLHEHQ XQG 6WRHQ QXU GLHMHQLJHQ KLQHLQ GLH )DKUVFKHLQH KDWWHQ $OV DOOH HLQJH VWLHJHQZDUHQVDKPDQGDGHU3ODW]]ZLVFKHQGHP)DK UHUXQG'DQNRQRFKIUHLZDU 'HU )DKUHU ZROOWH QLFKW DXI GHQ YHUVSlWHWHQ )DKUJDVW ZDUWHQ XQG EHWlWLJWH VFKRQ GHQ $QODVVHU 'HU %XV VHW]WH VLFK ODQJVDP LQ %HZHJXQJ ,Q GLHVHP$XJHQEOLFNNDPDXVHLQHU6HLWHQVWUDHGHU0DXUHU JHODXIHQ Ä+DOW ZDUWHW +LHU LVW GHU )DKUVFKHLQ 0HLQH 7RFKWHU NRPPWJOHLFK«GDLVWVLHVFKRQ0DFKWDXI³ 'DV0lGFKHQHUUHLFKWHDXHU$WHPGHQDQIDKUHQGHQ%XV XQGVSUDQJKLQHLQ Ä:LOOVW GX YLHOOHLFKW HLQHQ ([WUDIDKUSODQ KDEHQ"³ ULHI GHUGLFNHXQUDVLHUWH)DKUHUVFKLPSIHQG 6LH VDK LKQ JHULQJVFKlW]LJ DQ RKQH LKP ]X DQWZRUWHQ QDKP GLH 8PKlQJHWDVFKH YRQ GHU 6FKXOWHU VFKRE GLH .DSX]HLKUHVJUDXJUQHQ5HJHQPDQWHOV]XUFNXQGVHW]WH VLFK DXI LKUHQ 3ODW] 'DQQ EHWUDFKWHWH VLH VLFK LQ GHP EUHLWHQ 5FNVSLHJHO GHU YRU GHU )URQWVFKHLEH KLQJ RUG QHWHNRNHWWLKU+DDU (VZDUSHFKVFKZDU] VLH KDWWH EODXH $XJHQ DXI GHU ]DUWHQ +DXW LKUHV *HVLFKWV VFKLPPHUWHQ KHOOH5HJHQWURSIHQGLHYRQGHU.DSX]HJHIDOOHQZDUHQ
'HU DOWH $XWREXV GHU ZHJHQ VHLQHU PRUVFKHQ 5HLIHQ QXU ZHQLJH 5HLVHQGH DXIJHQRPPHQ KDWWH VFKQDXIWH VFKRQ VFKZHUIlOOLJ EHU GLH EUHLWH JHSIODVWHUWH 6WUDH QDFK 3LUGRS ,QZHOFKHU9HUELQGXQJPDJGDV0lGFKHQ]XGHP0DX UHUVWHKHQ"EHUOHJWH'DQNRDQJHVWUHQJW2EVLHZHLZHU GHU$JHQWLVW" ,KUH%OLFNHWUDIHQVLFKRIWLP6SLHJHOVLHVDKHQDEHUEHL GHMHGHVPDOVFKQHOOZLHGHUZHJ'DV0lGFKHQVFKLHQVLFK IU LKUHQ 1DFKEDUQ QLFKW ]X LQWHUHVVLHUHQ VRQGHUQ EH WUDFKWHWHLP5FNVSLHJHOQHXJLHULJGLHEULJHQ3DVVDJLHUH $XFK'DQNRPXVWHUWHGLH0LWUHLVHQGHQLP6SLHJHOZR EHL HU YHUVXFKWH GLH UlWVHOKDIWH :DUQXQJ YRU GHP 3ROL ]HLDJHQWHQ]XGHXWHQ :HUNDQQHVVHLQ"GDFKWHHU $XI GHP HUVWHQ 3ODW] KLQWHU GHP )DKUHU VD HLQ 0DQQ
YRQHWZDIQI]LJ-DKUHQPLWWHOJURNRUSXOHQWDOVKlWWHHU XQWHUGHP0DQWHOHLQHQ.UELVDXIGHP%DXFK YHUVWHFNW %UHLW XQG UXQG ZLH HLQ .UELV ZDU DXFK VHLQ *HVLFKW ZlKUHQG DOOHV DQGHUH XQYHUKlOWQLVPlLJ NOHLQ XQG ZLH XQIHUWLJ DXVVDK HLQ ZLQ]LJHV 6FKQXUUElUWFKHQ ZLQ]LJH bXJOHLQ ZLQ]LJH 2KUHQ )ODXPKlUFKHQ DXI GHU 3ODWWH ,Q *HGDQNHQ QDQQWH LKQ 'DQNR GHQ .UELVNRSI YRU DOOHP DXFK GHVKDOE ZHLO GHU 'LFNH VLFK LUJHQGZLH IHLHUOLFK HUQVW EHQDKP XQG ZLFKWLJWXHULVFK VFKZLHJ $OV ZROOWH HU PLW GLHVHU KRFKPWLJHQ 0LHQH GHP 6SRWW GHU /HXWH EHU VHLQNRPLVFKHV$XVVHKHQGLH6SLW]HDEEUHFKHQXQGLKQHQ VHLQH HLJHQH :UGH GHPRQVWULHUHQ :LH HLQ $JHQW VDK HU MHGHQIDOOV QLFKW DXV ± ZDKUVFKHLQOLFK ZDU HU LUJHQGHLQH 3URYLQ]JU|HÄHLQJURHV7LHULP.OHLQIRUPDW³ $XI GHQ DQGHUHQ 3OlW]HQ VDHQ )UDXHQ HLQLJH YRQ GH QHQ GLH QDFK GHP HUVWHQ DQJORDPHULNDQLVFKHQ %RPEHQ DQJULII YRP -DQXDU DXI GLH '|UIHU HYDNXLHUW ZRUGHQ ZDUHQ $OV GLH %RPEHQDQJULIIH LP 0lU] VHOWHQHU ZXUGHQ ZDJWHQ VLH VLFK KLQ XQG ZLHGHU IU NXU]H =HLW QDFK6RILDXPQDFKLKUHQ:RKQXQJHQ]XVHKHQXQGVLFK HLQSDDU6DFKHQ]XU(UOHLFKWHUXQJLKUHVSULPLWLYHQ/HEHQV LQGHU3URYLQ]]XKROHQ 'LH ODXWHVWH GLHVHU 0LWUHLVHQGHQ ZDU HLQH ZHONHQGH EORQGH6FK|QKHLWPLWDXIJHVWHFNWHQ+DDUHQ6LHVFKZlUP WHGLUHNWYRQGHP*UDXHQGHU /XIWDQJULIIHLQGHPVLH PLW YLHOHQ$FKVXQG2KVYRQLKQHQVSUDFK Ä$FK³VDJWHVLHXQGKREGDEHLGLH$UPHDQGHQHQ5HL IHQ NOLUUWHQ ÄKHXW]XWDJH OHEW PDQ YRQ HLQHP 7DJ ]XP DQGHUHQ XQG GHU 7RG ODXHUW ZLH PDQ VR VDJW MHGHQ $X JHQEOLFN $OOH 6FKUDQNHQ VLQG JHIDOOHQ :DV EOHLEW GHQ /HXWHQ DXFK EULJ" :ROOHQ VFKQHOO QRFK ZDV YRP /HEHQ KDEHQQLFKWZDKU"³
6LH VDJWH GDV ]X LKUHP 1DFKEDUQ HLQHP YRP $OWHU VFKRQ HLQ ZHQLJ DXVJHK|KOWHQ 'UDXIJlQJHU YRQ KHLWHUHU *HPWVDUW GHU VLFK LKU DOV HKHPDOLJHU 6lQJHU LP 2SHUQ FKRUYRUJHVWHOOWKDWWH $XIGHP3ODW]GDKLQWHUVDHLQZLQ]LJHVKlOLFKHV:HL EOHLQ PLW HLQHP EUHLWHQ *HVLFKW XQG HLQHU DOWPRGLVFKHQ %ULOOH DXI GHU GQQHQ 1DVH ± GLH 6FKUHFNVFKUDXEH ZLH 'DQNRVLHEHLVLFKQDQQWH 'LHDQGHUHQ3OlW]HKDWWHQ%DXHUQXQG %DXHUVIUDXHQDXV GHQ XPOLHJHQGHQ '|UIHUQ HLQJHQRPPHQ DXV .DPDU]L 'XVFKDQ]L0LUNRZR6ODWL]DGLHLQ6RILDJHZHVHQZDUHQ XP ]X :XFKHUSUHLVHQ (LHU XQG %XWWHU ]X YHUNDXIHQ XQG DXIGHPVFKZDU]HQ0DUNW6WRIIHRGHU*XPPLRSDQNHQ]X HUVWHKHQ6LHUHGHWHQGDYRQZLHJXWHVMHW]WDXIGHP'RUIH VHLXQGZDVVLHLQGHU1DFKWGHV%RPEHQDQJULIIV6FKUHFN OLFKHVHUOHEWKDWWHQ Ä:DU LFK OLHEHU ]X +DXVH JHEOLHEHQ³ MDPPHUWH HLQH )UDX (LQHDQGHUHVDJWHVFKLPSIHQG Ä0HLQH 7|FKWHU ZROOWHQ QLFKW IDKUHQ KDEHQ $QJVW YRU GHQ%RPEHQGDPXWHLFKHEHQORV«³ ,KUH1DFKEDULQILHOLKUYRUZXUIVYROOLQV:RUW Ä:HUOlWGHQQMHW]WVHLQH.LQGHUQDFK6RILD",FKQLFKW :HQQåV JHVFKULHEHQ VWHKW GD ZDV SDVVLHUHQ VROO GDQQ VROOåVPLUSDVVLHUHQ8PPLFKLVWåVQLFKWVFKDGH³ *DQ] KLQWHQ QHEHQ GHP LQ 'HFNHQ JHKOOWHQ .UDQNHQ VFKQLHIWH GLH 0XWWHU HLQ NOHLQHV +XW]HOZHLEOHLQ ZLVFKWH VLFK PLW GHU +DQG EHU GLH WURSIHQGH 6FKQXSIHQQDVH XQG VFKWWHOWHKRIIQXQJVORVGHQ.RSI 6RODQJH GHU %XV EHU GLH JHSIODVWHUWH 6WUDH ELV ]XP HOIWHQ.LORPHWHUYRUGHU6WDGWIXKUVW|KQWHGHU.UDQNHQXU DEXQG]XGXPSIXQGYHUKDOWHQ'LH5HLVHQGHQGLHGDPLW
EHVFKlIWLJW ZDUHQ VLFK PLWHLQDQGHU EHNDQQW ]X PDFKHQ EHDFKWHWHQLKQQLFKW'RFKYRUGHP'RUI%RJURZZDUGDV 3IODVWHU]X(QGHXQGGHUDOWH%XVUXPSHOWHMHW]WEHUHLQH 6WUDH YROOHU /|FKHU 8QG ZHLO HV DXI GHU KLQWHUHQ %DQN DUQ VWlUNVWHQ VFKWWHOW ZXUGH GDV 6W|KQHQ DOOPlKOLFK ODXWHU Ä$DK«2RK«$DFK³ 'LH0XWWHUVFKOXJGLH 'HFNH YRP *HVLFKW GHV .UDQNHQ ]XUFN XQG ZLVFKWH LKP GLH 6WLUQ PLW LKUHP 7DVFKHQWXFK DE6LHVFKDXWHVLFKUDWORVXQGlQJVWOLFKXPZXWHQLFKW ZLHVLHLKPKHOIHQZLHVLHLKQYRUGHQ0LWUHLVHQGHQHQW VFKXOGLJHQVROOWHZHLOHUVLHPLWVHLQHQ6FKUHLHQEHOlVWLJ WH Ä6ROOGDVGLHJDQ]H)DKUWVRZHLWHUJHKHQ+HUUVFKDIWHQ"³ VDJWHPLWIUHPGHP$N]HQWHLQHUGHU)DKUJlVWHGHQ'DQNR EHLVLFKGHQ*DOOLJHQQDQQWH 'LH 5HLVHQGHQ GUHKWHQ VLFK DXI LKUHQ 3OlW]HQ KDOE ]XU +LQWHUEDQN XP XQG VDKHQ GHQ .UDQNHQ YRUZXUIVYROO DQ DOVZROOWHQVLHVDJHQQLFKWJHQXJPLWGHP6FKUHFNHQGHU %RPEHQDQJULIIHMHW]WDXFKQRFKGDV« Ä$DDK « DDDFK³ VW|KQWH HU EHL MHGHP 6WR XQG VHLQ bFK]HQNODQJLPPHUVFKPHU]OLFKHU 0DQVDKHVGHP*HVLFKWGHVMXQJHQDXVJH]HKUWHQ0HQ VFKHQ DQ GD GLH 6FKPHU]HQ XQHUWUlJOLFK ZDUHQ 'LH 0XWWHUUDQJGLH+lQGHGDQQ]RJVLHLKPGLH'HFNHEHUV *HVLFKW ZHLO VLH QLFKW ZXWH ZLH VLH LKP DQGHUV ]X YHU VWHKHQJHEHQVROOWHGDHUPLWVHLQHQ6FKPHU]HQVVFKUHLHQ GHQDQGHUHQ3DVVDJLHUHQ ]XU /DVW ILHO 'HUHQ %OLFNH ZXU GHQLPPHUXQJHKDOWHQHUMD]RUQLJ Ä6R JHKW GDV QLFKW ZHLWHU +HUUVFKDIWHQ $XI NHLQHQ )DOO³ULHIGHU*DOOLJHHUQHXW 'HU 2SHUQFKRUVlQJHU VDJWH ZHLFKHU XQG VFKHLQEDU PLW
IKOHQGÄ+H)DKUHUQLFKWVRZLOG+DOWPDODQGXJLEVW GHP -XQJHQ MD GHQ 5HVW $P EHVWHQ GX VHW]W LKQ LQ %R JURZUDXV³ 'HU*DOOLJHEUXPPHOWHZHLWHU Ä,FK ELWWH 6LH VR JHKW GDV GRFK QLFKW :HVVHQ 1HUYHQ VROOHQGHQQGDVDXVKDOWHQ"$OVRVRZDV³ 'DQNR YHUIROJWH JHVSDQQW GLH *HVSUlFKH XQG EHREDFK WHWHLP5FNVSLHJHOZDVLP$XWREXVYRUJLQJ
9HUZLUUW EOLFNWH GHU )DKUHU LQ GDV VWUHQJH VWXPPH *H VLFKW GHV .UELVNRSIV DOV VXFKH HU %HLVWDQG (U PXVWHUWH DXFKGLHDQGHUHQGHU5HLKHQDFKPXWHDEHU]XJOHLFKDXI GLH6WUDHDFKWHQ6FKOLHOLFKKLHOWHUGDV)DKU]HXJDQXP VLFKPLWGHQ3DVVDJLHUHQ]XYHUVWlQGLJHQ 'LH+DQGDXIV/HQNUDGJHVWW]WGUHKWHHUVHLQHQPDVVL JHQ .|USHU QDFK KLQWHQ XQG VDK VLH IUDJHQG DQ ,Q LKUHQ $XJHQ ODV HU GLH $QWZRUW 6HW] LKQ UDXV 6LHKVW GX QLFKW
GDHUGLULP:DJHQVWLUEW" Ä'DV LVW NHLQ /HLFKHQZDJHQ +HUUVFKDIWHQ VRQGHUQ HLQ 5HLVHEXV2GHUQLFKW"³NQXUUWHGHU*DOOLJHZLHGHU 'HU)DKUHUEOLFNWH]|JHUQGDXIGLH0XWWHU,KUHVFKHXHQ $XJHQ YROOHU .XPPHU GHU JHQDXVR XQHUWUlJOLFK ZDU ZLH GLH6FKPHU]HQLKUHV6RKQHVVFKLHQHQ]XVDJHQ:LOOVWGX LKQ LP 6WLFK ODVVHQ 0DQRO" 6ROO HU LQ GLHVHP IUHPGHQ 'RUIEHJUDEHQZHUGHQ"'XELVWPHLQ%UXGHU Ä:DV VROO LFK GHQQ PDFKHQ +HUUVFKDIWHQ"³ EHJDQQ GHU )DKUHUVFKXOGEHZXWÄ(ULVWPHLQ6FKZHVWHUVRKQ«³ Ä-DXQG"6FKZHVWHUVRKQ:DVVROOGDV"³ZLGHUVSUDFKGHU *DOOLJHPLWILQVWHUHU+DUWQlFNLJNHLW 'LH 6FKUHFNVFKUDXEH PXVWHUWH GHQ )DKUHU EHU LKUH DOW PRGLVFKH%ULOOHKLQZHJXQGHUNXQGLJWHVLFK Ä:DVKDWHUGHQQ"³ Ä(ULVWEHLP%RPEHQDQJULIIDP]HKQWHQ-DQXDUYHUZXQ GHWZRUGHQ«³ 'LH 0XWWHU HUNOlUWH GHQ %DXHUVIUDXHQ DXI GHQ EHQDFK EDUWHQ3OlW]HQVFKOXFK]HQG Ä:LUZROOWHQLKQYHUKHLUDWHQ(ULVWQDFK6RILDJHIDKUHQ XP 7UDXULQJH ]X NDXIHQ GD LVW HU LQ GHQ %RPEHQDQJULII JHUDWHQ«³Ä:R LVW HU GHQQ YHUZXQGHW"³ HUNXQGLJWH VLFK DXFKGHU2SHUQPHQVFKLQWHUHVVLHUW Ä(UKDWHLQHQ%RPEHQVSOLWWHULQGHU%UXVW³ HUNOlUWH GHU )DKUHU Ä0DQ KDW LKQ ]ZHLPDO RSHULHUW DEHU RKQH (UIROJ 'HU 6SOLWWHU VLW]W ]X GLFKW DP +HU]HQ DQ HLQHU JHIlKUOLFKHQ 6WHOOH 'LH JDQ]H %UXVW LVW YROOHU (LWHU 'D KDEHQ VLH LKQ DXVGHP.UDQNHQKDXVHQWODVVHQ³ (U YHUVWXPPWH $EHU DOOH ZXWHQ ZDV HU QLFKW DXVJH VSURFKHQKDWWH:LUKDEHQLKQDEJHKROWGDPLWHU]X+DXVH VWHUEHQNDQQ(LQDOWHV0WWHUFKHQPHLQWH]|JHUQG
Ä-DZHQQåVVRLVWGDQQODLKQGULQ:LUZHUGHQåVVFKRQ HUWUDJHQ 6LH LVW VFKOLHOLFK HLQH 0XWWHU VROO VLH LKU .LQG QDFK+DXVHKROHQ³ 'LH0XWWHUVFKOXFK]WHDXI 'HU.UDQNHKDWWHGLH$XJHQ DXIJHVFKODJHQ 6HLQ PDJH UHV *HVLFKW PLW GHQ HLQJHIDOOHQHQ :DQJHQ ZDU ZDFKV EOHLFK (U ZDUWHWH DXI GLH (QWVFKHLGXQJ RE PDQ LKQ LQ %RJURZ ]XUFNOLH RGHU QDFK %XQRZR EUDFKWH ZR GLH *HQRVVHQZDUHQ8PEHLLKQHQ]XVHLQZDUHUEHUHLWDOOHV DXIVLFK]XQHKPHQ 'HU$XWREXVIXKUDQ
'DQNR EHWUDFKWHWH LP 5FNVSLHJHO GLH VFKZHLJHQGHQ 0LWUHLVHQGHQ6LHJODXEWHQGHU0XWWHUXQGGHP)DKUHU 'DEHLKDWWHQEHLGHJHORJHQ 'LH0XWWHUZXWHQLFKWGDHLQ3ROL]HLVSLW]HOLKUHQVWHU EHQGHQ 6RKQ EHREDFKWHWH $OV YRU HLQ SDDU 7DJHQ HLQ 3DUWLVDQDXVGHQ%HUJHQQDFK%XQRZRJHNRPPHQZDUXP LKUPLW]XWHLOHQGDVLHQDFK6RILDIDKUHQXQGLKUHQ6RKQ QDFK+DXVHKROHQPVVHKDWWHHUQLFKWGDYRQJHVSURFKHQ RE -RQNR YRQ GHU 3ROL]HL LQ 6RILD HQWGHFNW ZRUGHQ ZDU RGHU RE VLH LKQ EOR QDFK +DXVH KROHQ VROOWH ZHLO HU LP 6WHUEHQODJ ÄhEHUUHGH GHLQHQ %UXGHU GD HU LKQ PLW GHP %XV KHU EULQJW $OOHV DQGHUH LVW GDQQ XQVHUH 6RUJH³ KDWWH GHU 3DUWLVDQ ]X LKU JHVDJW RKQH ]X HUNOlUHQ ZDV PLW LKUHP 6RKQJHVFKHKHQVROOWHZHQQVLHLKQQDFK+DXVHJHEUDFKW KDWWH (UVW DOV GHU 0DQQ ZLHGHU IRUW ZDU ILHO GHU YHUZLUUWHQ 0XWWHUHLQGDVLHLKQKlWWHIUDJHQPVVHQ
Ä$EHU-XQJHGLH3ROL]LVWHQYRQ3LUGRSZHUGHQGRFKHU IDKUHQ GD -RQNR KLHU LVW 6LH ZLVVHQ GD HU EHL GHQ 3DUWLVDQHQZDU±VLHZHUGHQLKQDEKROHQXQGTXlOHQGDPLW HU HXFK YHUUlW ZLH GLH ZLOGHQ 7LHUH ZHUGHQ VLH EHU LKQ KHUIDOOHQ (QWNUlIWHW ZLH HU LVW ZLUG HUåV QLFKW DXVKDOWHQ XQG ]X VHLQHU 6FKDQGH GLH *HQRVVHQ YHUUDWHQ (XFK ZLUG HUYHUUDWHQXQGDXFKGLHGLHLKQLQ6RILDJHSIOHJWKDEHQ³ 6HOEVW MHW]W GDFKWH GLH 0XWWHU YROOHU *UDP %HVVHU LFK KlWWHLKQLQ6RILDJHODVVHQXQGHUZlUHJHVWRUEHQ« 6LH HUVFKDXHUWH YRU (QWVHW]HQ ZHLO VLH LKUHP HLJHQHQ 6RKQ GHQ 7RG ZQVFKWH =XJOHLFK TXlOWH VLH GLH 9RUVWHO OXQJ ZLH GLH *HQGDUPHQ LKQ IROWHUQ ZUGHQ GDPLW HU VHLQH*HQRVVHQYHUULHWZLHHULQ6FKDQGHVWHUEHQZUGH )UKHUKDWWH VHLQ 2QNHO 0DQRO LPPHU JXWH 1DFKULFKWHQ EHU-RQNRPLWJHEUDFKWZHQQHUPLWGHP%XVQDFK6RILD JHIDKUHQZDU Ä(UOLHJWLP.UDQNHQKDXV'LH.RPPXQLVWHQYHUVWHFNHQ LKQ XQWHU HLQHP DQGHUHQ 1DPHQ 'DV .UDQNHQKDXV LVW LQ HLQHP EHWRQLHUWHQ .HOOHU GRUW LVW HU YRU GHQ %RPEHQ VLFKHU³ 'RFKLQOHW]WHU=HLWZDUHUZRUWNDUJJHZRUGHQHUZWH QLFKWV VDJWH HU LPPHU $EHU HU ZXWH GD GLH 3ROL]HL -RQNR HQWGHFNW KDWWH XQG GD HV VHLQHQ *HQRVVHQ JHUDGH QRFKJHOXQJHQZDULKQDXVGHP.UDQNHQKDXVZHJ]XEULQ JHQ $OV GLH 0XWWHU ]X LKP NDP XQG LKQ EDW QDFK 6RILD ]X IDKUHQ EHJULII 0DQRO GD VLH YRQ GHQ 3DUWLVDQHQ JH VFKLFNWZDU6LHKDWWHQLKUDXIJHWUDJHQ-RQNRQDFK+DXVH ]X KROHQ 0DQRO KDWWH VLFK PLW +lQGHQ XQG )HQ JHJHQ GLHVHV JHIlKUOLFKH 9RUKDEHQ JHVWUlXEW DEHU VFKOLHOLFK GRFKQLFKWQHLQVDJHQN|QQHQ -RQNRZDUIU0DQROZLHHLQHLJHQHU6RKQ%LVYRUNXU
]HPKDWWHQVLHLPVHOEHQ+DXVJHZRKQWGHU-XQJHZDUPLW VHLQHQ7|FKWHUQDXIJHZDFKVHQXQGVLHKLQJHQDQLKPZLH DQ HLQHP %UXGHU ± ZLH NRQQWH HU LKQ GD LQ 6RILD VHLQHP 6FKLFNVDO EHUODVVHQ GLH 6FKXOG DXI VLFK ODGHQ GD LKQ VHLQH0XWWHUQLHZLHGHUVDKGDHUGRUWVWDUERKQHGDVLH VHLQ*UDENDQQWH":LH NRQQWH HU VLFK GHP 9HUODQJHQ GHU 3DUWLVDQHQ ZLGHUVHW]HQ LKUHQ *HQRVVHQ DXV GHQ )lQJHQ GHU3ROL]HL]XUHWWHQGLHLKPGHQ.RSIDEJHVFKQLWWHQXQG YRU GLH )H JHOHJW XQG LKQ VR LQ 6RILD DXI LUJHQGHLQH 6WUDHJHVFKPLVVHQKlWWH 0DQRO ZXWH YRQ VHLQHU 6FKZHVWHU ZLH -RQNR YHUZXQ GHW ZRUGHQ ZDU 'LH 3DUWLVDQHQ KDWWHQ LKQ PLW HLQHP $XIWUDJGHU(LQKHLWQDFK6RILDJHVFKLFNWXQG-RQNRKDWWH VHOEVWGDQQQRFKDP7UHIISXQNWJHZDUWHWDOVULQJVXPLKQ GLH %RPEHQ NUDFKWHQ (U ZXUGH YHUZXQGHW HUIOOWH DEHU GHQ$XIWUDJ« 1DWUOLFK ZROOHQ VLH LKQ QXQ ]X VLFK KROHQ GDFKWH 0D QRO 'RFK ZLH VROOWH HU LKQ LQV 'RUI VFKDIIHQ" 'LH 3ROL]HL ZUGH HV VRIRUW KHUDXVEHNRPPHQ XQG EHLGH DEKROHQ -RQNR XQG LKQ 0DQRO 'HQ +HOIHUQ XQG 9HUELQGXQJVOHX WHQ GURKWH GLHVHOEH 6WUDIH ± GHU 7RG 6HOEVW ZHQQ HU PLW HLQHP EODXHQ $XJH GDYRQNlPH ZLH -RQNRV 9DWHU VHOEVW ZHQQ HU QXU LQV .RQ]HQWUDWLRQVODJHU JHVWHFNW ZUGH VR YHUO|UH HU GRFK VHLQH $UEHLW VHLQH .LQGHU OlJHQ DXI GHU 6WUDHVHLQJDQ]HV/HEHQZlUHUXLQLHUW ,Q VHLQHU $QJVW ILHO 0DQRO QLFKWV %HVVHUHV HLQ DOV ]XU 3ROL]HLGLUHNWLRQ]XJHKHQXQGGRUW]XHUNOlUHQ Ä0HLQ1HIIHLVWEHLGHQ3DUWLVDQHQ(UKDWKLHULQHLQHP .UDQNHQKDXV JHOHJHQ DEHU ,KUH /HXWH KDEHQ LKQ DXIJH VSUW 'D KDEHQ LKQ GLH .RPPXQLVWHQ ZHJJHEUDFKW ,FK KDEHHUIDKUHQZRVLHLKQYHUVWHFNHQDEHUGHU-XQJHOLHJW
LP 6WHUEHQ HU LVW KRIIQXQJVORV NUDQN (UODXEHQ 6LH PLU LKQ PLW GHP $XWREXV QDFK +DXVH ]X VFKDIIHQ « 0HLQH 6FKZHVWHU LVW VHLQH 0XWWHU XQG VLH OLHJW PLU QXQ LQ GHQ 2KUHQ XQG EHVFKZ|UW PLFK LKQ LKU ]X EULQJHQ GDPLW VLH ZHLZRVHLQ*UDELVW«³ $XIGHU3ROL]HLYHUK|UWHPDQLKQGHVODQJHQXQGEUHLWHQ ZRGHU3DUWLVDQMHW]WYHUVWHFNWVHLZHULKQSIOHJH«0D QRO HUNOlUWH GD GHU -XQJH LP +DXV HLQHV 6FKZDFKVLQQL JHQ VHL YRQ ZR HU LKQ PLW GHP $XWREXV DEKROHQ VROOH GRFKZRHUYRUKHUJHZHVHQVHLZLVVHHUQLFKWDXFKQLFKW ZHULKQEHKDQGHOWKDEH $OVGLH3ROL]LVWHQVDKHQGDVLHYRQLKPQLFKWVHUIDKUHQ NRQQWHQZLOOLJWHQVLHHLQ Ä'DQQ KRO LKQ KDOW 7RWH 3DUWLVDQHQ LQWHUHVVLHUHQ XQV QLFKW :LU VLQG KLQWHU OHEHQGLJHQ KHU $EHU GX ZLUVW KLHU XQWHUVFKUHLEHQ XQG ZHQQ GX ]XIlOOLJ K|UVW ZR VLFK GLH 3DUWLVDQHQ LQ GHQ %HUJHQ YHUVWHFNW KDOWHQ NRPPVW GX VRIRUWKHUXQGPHOGHVWHV6RQVWOLHJVWGXDXFKHLQHV7DJHV PLWHLQHU.XJHOLP%DXFKDXILUJHQGHLQHP'RUISODW]8QG ]XQLHPDQGHPHLQ:RUW³ 0DQROWUDXWHLKUHU*URPXWQLFKW 6LFKHUOLFK ZROOHQ VLH GXUFK -RQNR KHUDXVNULHJHQ ZR GLH DQGHUHQ 3DUWLVDQHQ VWHFNHQ GDFKWH HU 6LH ZHUGHQ DXISDVVHQ RE MHPDQG YRQ LKQHQ DXV GHQ %HUJHQ LQV 'RUI NRPPW XP QDFK GHP .UDQNHQ ]X VHKHQ 2GHU VLH ZROOHQ LKUH 6SXUHQ ILQGHQ :HQQ LFK -RQNR MHW]W DEKROH ZDV GDQQ" 9LHOOHLFKW VFKLN NHQVLHDXFKLP%XVHLQHQ$JHQWHQPLW«0DQROV*HGDQ NHQJLQJHQGXUFKHLQDQGHU 8QG MHW]W ZR GHU $JHQW KLQWHU LKP VD KLHOW HU GDV /HQNUDGIHVWXPNUDPSIWXQGKDWWHQXUHLQH+RIIQXQJGD -RQNR GDV 5WWHOQ XQG 6WRHQ GHV $XWREXVVHV QLFKW DXV KDOWHQ XQG XQWHUZHJV VWHUEHQ ZUGH 'DQQ ZUGH GLH
3ROL]HL QLFKWV HUUHLFKHQ (U KDWWH MD GHQ 3ROL]LVWHQ DOOHV JHVWDQGHQ XQG GDPLW VLFK XQG GLH .LQGHU JHUHWWHW 'LH 3DUWLVDQHQLKUHUVHLWVZUGHQGHQNHQGDHULKUHQ$XIWUDJ HUIOOW KDEH 8QG VHLQHU 6FKZHVWHU XQG GHQ 9HUZDQGWHQ KDWWHHUEHZLHVHQGDHUPHQVFKOLFKKDQGHOWH $EHUGLH8QWHUVFKULIW"VFKRHVLKPGXUFKGHQ.RSI,FK ZHUGHGHU3ROL]HLQLFKWVEHUGLH3DUWLVDQHQKLQWHUEULQJHQ :HLQLFKWVZHUGHLFKVDJHQ 6R YHUVXFKWH 0DQRO VLFK VHOEVW ]X EHUXKLJHQ 6RIRUW DEHUGUlQJWHVLFKLKPGLH)UDJHDXI:HQQGHU-XQJHQXQ DEHUQLFKWVWLUEW":HQQLKQVHLQH*HQRVVHQDEKROHQPX LFK GDV GDQQ GHU 3ROL]HL PHOGHQ":HUGHQ PLFK GLH 3DUWL VDQHQGDQQQLFKWDOV9HUUlWHUDQGLH:DQGVWHOOHQ" 'DQNRZXWHQLFKWVYRP9HUUDWGHV)DKUHUV*HVWHUQZDU HU YRP .UDQNHQKDXV ]X HLQHP KHLPOLFKHQ 7UHII EHVWHOOW ZRUGHQ 'HU *HQRVVH YRQ GHU LOOHJDOHQ 3DUWHLOHLWXQJ GHU HUIDKUHQKDWWHGDHU$U]WZDUXQGVFKRQIUKHUHLQSDDU PDO ,OOHJDOH EHKDQGHOW KDWWH WUXJ LKP DXI VLFK XP MHGHQ 3UHLVHLQHQ)DKUVFKHLQQDFK3LUGRS]XEHVRUJHQXPHLQHQ YHUOHW]WHQ 3DUWLVDQHQ ]X EHJOHLWHQ (U JDE LKP IROJHQGH ,QVWUXNWLRQHQ1LFKWXQQ|WLJYRUGHU0XWWHUXQGGHQEUL JHQ)DKUJlVWHQYHUUDWHQGDHUPLWGHP.UDQNHQHWZDV]X WXQ KDW K|FKVWHQV 1HXJLHU ]HLJHQ ZLH VLH DXFK GLH EUL JHQ /HXWH ]HLJHQ ZUGHQ 6REDOG GHU $XWREXV GLH *\O\ EH]K|KH KLQWHU VLFK KDEH HWZD DQ GHU 6WHOOH YRQ ZR DXV PDQ XQWHQ LP 7DO %XQRZR OLHJHQ VHKH PVVH 'DQNR ZHQQ GHU 3DUWLVDQ QRFK OHEH GHQ %XV DQKDOWHQ HU N|QQH ]X GLHVHP =ZHFN DXFK GLH :DIIH EHQXW]HQ XQG GHQ .UDQNHQ DXVODGHQ ZRQDFK GHU %XV GLH )DKUW IRUWVHW]HQ N|QQH:HQQGHU9HUZXQGHWHYRUGLHVHU6WHOOHVWDUEVROOWH 'DQNRPLWGHP%XVELV3LUGRSIDKUHQXQGGDQDFKLUJHQG ZLHQDFK6RILD]XUFNNHKUHQ
'HU $XIWUDJ GHU 3DUWHL ZDU 'DQNR OHLFKW DXVIKUEDU HU VFKLHQHQ ELV ]X GHP $XJHQEOLFN ZR HU GLH :DUQXQJ YRU GHP6SLW]HOHUKDOWHQKDWWH :DVVROOLFKMHW]WPDFKHQ"IUDJWHHUVLFKVFKRQ]XPVR XQGVRYLHOWHQ 0DO XQG NRQQWH ]X NHLQHP (QWVFKOX NRP PHQ 9RUDOOHPNDPHVGDUDXIDQREGHU3ROL]LVWPLWLP%XV VD RGHU QXU DQ GHU +DOWHVWHOOH JHZHVHQ ZDU XP IHVW]X VWHOOHQ RE GHU .UDQNH PLW DEIXKU :HQQ HU LP %XV ZDU ZXWH HU GDQQ GD HU ± 'DQNR ±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lKOXQJGHU0XWWHUXQGGHV)DKUHUV]XHQWGHFNHQ 2EHVGRFKGHU.UELVNRSILVW"EHUOHJWH'DQNR(UVLW]W JDQ]XQEHWHLOLJWGDXQGVFKZHLJW 'HU 2SHUQIDW]NH" 'HU KDW QLFKWV DQGHUHV LP .RSI DOV GDVXQWHUKDOWVDPH*HVSUlFKPLWGHUYHUZHONWHQ6FK|QKHLW ZLHGHULQ*DQJ]XEULQJHQ 'HU*DOOLJH"'HUQ|UJHOWXQGQ|UJHOWVRZUGHVLFKNHLQ 3ROL]LVWEHQHKPHQ 'LH 6FKUHFNVFKUDXEH" 'LH DOWPRGLVFKH %ULOOH PDFKWH
GHQ$XVGUXFNLKUHV*HVLFKWVXQHUJUQGOLFK9LHOOHLFKWZDU VLHåV" 2GHUZDUGHU6SLW]HOYLHOOHLFKWHLQIDFKHLQHUGHU%DXHUQ DXV GHP 'RUI GHV .UDQNHQ HLQHU YRQ GLHVHQ IQI 0lQ QHUQGLHVFKHLQEDUKDUPORVDXIGHQKLQWHUHQ3OlW]HQPLW HLQDQGHUVFKZDW]WHQ" 2GHU GDV 0lGFKHQ PLW GHQ EODXHQ $XJHQ" 6LH EHRE DFKWHW QXU XQG VFKZHLJW 9LHOOHLFKW KDWWH GLHVHU 0HQVFK GHU0DXUHUYRQGHU3ROL]HLGHQ$XIWUDJGLHVHP )UlXOHLQ HLQHQ)DKUVFKHLQ]XEHVRUJHQVWHKWDEHUJOHLFK]HLWLJDXFK PLW XQVHUHQ /HXWHQ LQ 9HUELQGXQJ XQG KDW PLFK GHVKDOE JHZDUQW"1HLQZRKONDXP'DV0lGFKHQVFKDXWPLWOHLGLJ DXIGLH0XWWHUDOVZROOHVLHVLHDPOLHEVWHQWU|VWHQ« 'LH)UDJHQ]HUUWHQDQ'DQNRV1HUYHQ8QGGHU$XWREXV UXPSHOWHLPPHUZHLWHUGLH=HLWZXUGHLPPHUNU]HU±HU PXWHHLQHQ(QWVFKOXIDVVHQ $Q HLQHU 6WUDHQELHJXQJ NDP HLQH HLQJHVWU]WH %UFNH LQ 6LFKW 'HU %XV ERJ YRQ GHU 6WUDH DE XQG VFKZDQNWH DXI HLQHP )HOGZHJ ]X GHU )XUW GXUFK GDV )OFKHQ 'HU :HJ ZDU PRUDVWLJ XQG YROOHU /|FKHU LQ GHQHQ WUEHV :DVVHUVWDQG'HU)OXZDUEHUGLH8IHUJHWUHWHQ 'HU.UDQNHVW|KQWHZLHGHUODXWHU(UlFK]WHVRTXDOYROO GD GHU 2SHUQNDYDOLHU GHQ )DKUHU DQ]XKDOWHQ EDW ± GHU EORQGHQ'DPHVHLEHOJHZRUGHQ Ä$P EHVWHQ ZDUåV DOOH VWLHJHQ DXV³ VFKOXJ GHU )DKUHU YRU Ä6RQVW EOHLEW GHU :DJHQ ZRP|JOLFK LP 0RUDVW VWHN NHQ 6LH N|QQHQ GRUW GUEHQ DXI GHQ 6WHLQHQ GHQ )OX EHUTXHUHQ :HU ZLOO NDQQ GHQ 8PZHJ EHU GLH 6WUDH PDFKHQ )XJlQJHU WUlJW GLH %UFNH QRFK :HQQ LFK PLW GHP:DJHQGXUFKGLH)XUWELQQHKPHLFK6LHGDKLQWHQDQ GHU%LHJXQJZLHGHUDXI³
bUJHUOLFKVWLHJHQGLH5HLVHQGHQDXV'LH%DXHUQLQLKUHQ *XPPLRSDQNHQNDPHQLQGHP 0RUDVW OHLFKWHU YRUDQ XQG VWLHJHQ HLQHU KLQWHU GHP DQGHUHQ YRQ 6WHLQ ]X 6WHLQ DQV MHQVHLWLJH 8IHU 'LH EORQGH 'DPH XQG GHU 6lQJHU YRP 2SHUQFKRU GDQDFK DXFK GLH 6FKUHFNVFKUDXEH XQG GHU *DOOLJHNHKUWHQDXIGLH6WUDH]XUFNXPEHUGLH%UFNH ]X JHKHQ 'DV 0lGFKHQ PLW GHQ VFKZDU]HQ +DDUHQ ]RJ GLH .DSX]H EHU GHQ .RSI XQG IROJWH GHQ %DXHUQ LQGHP VLHLQGLHYRQLKQHQJHWUHWHQHQ6SXUHQWUDW 8QHUZDUWHW IU 'DQNR EHUKROWH GHU .UELVNRSI GDV 0lGFKHQXQGEUDFKWHVLFKYRU+|IOLFKNHLWDXIHLQPDOIDVW XP±HUJDELKUDQGHQ6WHOOHQZRVLH$QJVWKDWWHDXV]X UXWVFKHQVRJDUGLH+DQG 'DQNRVFKZDQNWHHLQHQ0RPHQWZDVHUWXQVROOWH'DQQ IROJWHHULKQHQ Ä,KQHQ LVW ZRKO DXFK EHO JHZRUGHQ PHLQ )UlXOHLQ
ZLH" (LQH XQDQJHQHKPH *HVFKLFKWH PLW GLHVHP 7RGHV NDQGLGDWHQ³UHGHWHGHU.UELVNRSIDXIVLHHLQ 'LHVHUJDODQWH7RQNDYDOLHUKDIWHU%HVRUJWKHLWYHUlQGHUWH LKQ,Q'DQNRV$XJHQZXUGHHU]XHLQHP*HFNHQ 'DV0lGFKHQVFKLHQQXUGDUDXI JHZDUWHW]X KDEHQ GD GHU .UELVNRSI VLH DQVSUDFK 6LH OlFKHOWH IUHXQGOLFK XQG VDJWH Ä=XOLHEHQVZUGLJPHLQ+HUU,FKGDQNH,KQHQIU ,KUH $XIPHUNVDPNHLW,P%XVZDUHQ6LHVRHUQVWXQGVFKZHLJ VDPGDLFKULFKWLJ$QJVWKDWWHPLFKPLW,KQHQ]XXQWHU KDOWHQ³ Ä'LH /HLGHQ GHV .UDQNHQ JHKHQ PLU QDKH (U WXW PLU OHLG³HQWJHJQHWHGHU.UELVNRSIPLWPLWIKOHQGHU0LHQH Ä-DHV LVW ZLUNOLFK VFKUHFNOLFK $OV IKUH GHU 7RG PLW³ 'DV0lGFKHQJDELKPZLHGHUGLH+DQGXPQLFKWLQHLQH 3IW]H]XUXWVFKHQ Ä-D $OV IKUH GHU 7RG PLW 'DV KDEHQ 6LH WUHIIHQG JH VDJW6RLVWHV³ (UVFKLHQVLFKEHUGDVJHOXQJHQH.RPSOLPHQW]XIUHX HQ$XIVHLQHP*HVLFKWHUVFKLHQHLQEUHLWHV/lFKHOQ 6LHJHODQJWHQ DQ GDV YRP )UKMDKUVZDVVHU DQJHVFKZRO OHQH )OFKHQ LQ GDV JURH 6WHLQH JHOHJW ZDUHQ GDPLW PDQKLQEHUJHODQJHQNRQQWH'HU.UELVNRSIJLQJZHLWHU YRUDQ XQG UHLFKWH GHP 0lGFKHQ VHLQH +DQG 8QG VLH VFKLHQVLFKNRNHWWXQGKEVFKEHUVHLQHSOXPSH*DODQ WHULH]XIUHXHQ Ä1HLQLFKELWWH6LHKLHUNDQQLFKQLFKWZHLWHU,FKKDEH $QJVW GD LFK DEUXWVFKH³ $XI GHP ]ZHLWHQ 6WHLQ EOLHE GDV0lGFKHQVWHKHQ Ä(V LVW JDQ] HLQIDFK PHLQ )UlXOHLQ )UFKWHQ 6LH VLFK QLFKWLFKKDOWHVLH«³ Ä1HLQLFKZLOOQLFKWKLHUUEHU³
Ä$EHUZDUXPGHQQ"*HEHQ6LHPLU,KUH+DQG6RPV VHQ 6LH DXIWUHWHQ XQG VR (LQ ELFKHQ 0XW HLQ ELFKHQ 0XW³ Ä,FK NDQQ QLFKW LFK NHKUH XP $XI GHU 6WUDH LVW HV OHLFKWHU'DVHKHQ6LHGLHDQGHUQVLQGVFKRQGUEHQ³ Ä:DUXP VLQG 6LH GHQQ VR lQJVWOLFK" (V LVW GRFK JDQ] OHLFKW 6HKHQ 6LH³ (U UDIIWH VHLQHQ hEHU]LHKHU XQWHU GHP YRUTXHOOHQGHQ %DXFK ]XVDPPHQ XQG VSUDQJ PLW NRPL VFKHU %HKHQGLJNHLW GRFK PLW VLFKHUHQ 6FKULWWHQ DXI GLH DQGHUH6HLWH :lKUHQG GHU .UELVNRSI YRUPDFKWH ZLH PDQ KLQEHU VSUDQJ GUHKWH VLFK GDV 0lGFKHQ ]X 'DQNR =XP HUVWHQ PDO ]HLJWH VLH ,QWHUHVVH IU LKQ XQG VFKLHQ LKP PLW GHP %OLFN ]X VXJJHULHUHQ GD HU LKUHU %LWWH XQEHGLQJW QDFK NRPPHQVROOH Ä+HOIHQ6LHPLUELWWHDXIGLH6WUDH]XUFN³ Ä*HUQ³'DQNRUHLFKWHLKUGLH+DQGGDPLWVLHYRQGHP ZDFNOLJHQ6WHLQKHUXQWHUNRQQWHXQGIKUWHVLHGXUFKGLH )XVWDSIHQLP0RUDVWVFKQHOODXIGLH6WUDH]XUFNRKQH LKUH+DQGZLHGHUORV]XODVVHQ Ä$EHUZLHVR«"³'HU.UELVNRSIYHUVFKOXFNWHGHQ5HVW GHU )UDJH 0LW HLQHP VFKQHOOHQ *ULII GHU LKP LQ VHLQHP %HUXILQ)OHLVFKXQG%OXWEHUJHJDQJHQZDUULFKWHWHHULQ GHU 0DQWHOWDVFKH GLH 3LVWROH DXI VLH (U VFKLFNWH VLFK DQ HEHQIDOOVXP]XNHKUHQEHVDQQVLFKGDQQ DEHUGD HU VLFK GDPLWYHUUDWHQZUGH(UIKOWHVLFKEHUW|OSHOW:XWVWLHJ LQLKPKRFK$OOHLQJLQJHUZHLWHU]XGHU6WUDHQELHJXQJ ZR VLFK GLH DQGHUHQ )DKUJlVWH VDPPHOWHQ 8P VLFK QLFKW XPGUHKHQ]XPVVHQEHREDFKWHWHHUGDV0lFKHQXQGGHQ Ä.HUO³LQHLQHPNOHLQHQUXQGHQ+RKOVSLHJHOGHQHULQGHU +DQGYHUVWHFNWKLHOW 6R HLQ 5HLQIDOO YHUGDPPW QRFK PDO IOXFKWH HU LP VWLO
OHQ:HQQPLUGHU.HUOGXUFKGLH/DSSHQJHKWELQLFKELV DXIGLH.QRFKHQEODPLHUW$EHUQHLQHUUHLWQLFKWDXVHU VWHLJW LKU ZHLWHU QDFK +DW DQJHELVVHQ (LQ VFK|QHU .RQ VSLUDWHXU KDKD 'HU NRPPW ZLHGHU ]XP %XV ZR VROO HU GHQQKLQ":HQQHUPLWGHP0lGFKHQDQEDQGHOWEHGHXWHW GDVGDHUQLFKWVYRQPLUZHL« 6RZLH'DQNRPLWGHP0lGFKHQDOOHLQZDUVDJWHVLH Ä%DOGJHKWGLH6RQQHDXI«³ Ä8QGGHU0RQGJHKWXQWHU³DQWZRUWHWHHUDXIGLH3DUROH XQGGUFNWHLKUYROO)UHXGHGLH+DQG
,QGHP VLH VLFK GHQ $QVFKHLQ JDE GD VLH LKUH JDQ]H $XIPHUNVDPNHLW DXI GHQ VFKPLHULJHQ :HJ ULFKWHWH XQG $QJVWKDWWHDXV]XUXWVFKHQVDJWHVLHOHLVH Ä'HU'LFNHLVWHLQ3ROL]LVW6LHKGLFKYRU'HU)DKUHUKDW GLH$NWLRQYHUUDWHQ'LH*HQRVVHQKDEHQPLFK JHVFKLFNW GDPLWLFKGLFKZDUQH³
'DQNR ILHO HLQ 6WHLQ YRP +HU]HQ (U DWPHWH DXI 'LH (UOHLFKWHUXQJ GDUEHU GD HU QXQ YRQ VHLQHQ =ZHLIHOQ HUO|VWZDUGDLKQVHLQH*HQRVVHQDXFKGLHVPDOQLFKWLP 6WLFKJHODVVHQKDWWHQYHUVFKPRO]PLWVHLQHU%HZXQGHUXQJ IUGLH.DOWEOWLJNHLWXQG*HVFKLFNOLFKNHLWGHV0lGFKHQV 6LHKDWGLHEOH5ROOHGHV6SLW]HOVJHNDQQWGDFKWHHUXQG GHQQRFK GLH .UDIW JHIXQGHQ LKP GLH +DQG ]X JHEHQ OLHEHQVZUGLJ]XLKP]XVHLQXQGLKQ]XEHUOLVWHQ ÄbQGHUW VLFK MHW]W HWZDV DQ XQVHUHP $XIWUDJ"³ IUDJWH 'DQNR Ä'HUNUDQNH*HQRVVHPXGXUFKKDOWHQHUGDUIQLFKWXQ WHUZHJV VWHUEHQ GDPLW ZLU LKQ GHQ 3DUWLVDQHQ EHUJHEHQ N|QQHQ :HQQ HU VWLUEW ZUGH IU XQV DOOHV VHKU NRPSOL ]LHUW(UGDUIQLFKWVWHUEHQ³ Ä$EHUZLHZROOHQZLULKQKLHUUDXVNULHJHQ"'HU3ROL]LVW «³ Ä,FKKDEH ,QVWUXNWLRQHQZLHLFKYRUJHKHQ VROO 'X WXVW VR DOV ZWHVW GX QLFKWV =X PLU EHQLPPVW GX GLFK « EHQLPPVWGXGLFKOHLFKWIHUWLJ 1HQQPLFK:HVVHOLQDRGHU HLQIDFK /LQD³ 6LH ODFKWH ZLH XP DQ]XGHXWHQ GD GDV 6SLHOPLWGHPÄ)OLUW³EHJDQQ Ä,VWGHU0DQQDQGHU+DOWHVWHOOHGHUGLUGHQ)DKUVFKHLQ JHJHEHQKDWZLUNOLFKGHLQ9DWHU"³HUNXQGLJWHVLFK'DQNR GHU HWZDV EHU GDV 0lGFKHQ HUIDKUHQ ZROOWH (U IDQG HV PHUNZUGLJGDHLQ9DWHUVHLQH7RFKWHUVRNDOWEOWLJGHU 3ROL]HLLQGLH+lQGHJDE Ä6RZDVIUDJWPDQQLFKW'LH.RQVSLUDWLRQ³DQWZRUWHWH VLHLPPHUQRFKODFKHQGDOVODFKHVLHEHUGHQJOLWVFKLJHQ %RGHQDXIGHPVLHDXV]XUXWVFKHQGURKWH 6LHHUUHLFKWHQGLH/DQGVWUDHXQG JLQJHQ DXILKUZHLWHU 'DV 0lGFKHQ ODFKWH LPPHU ZLHGHU JOFNOLFK VR ZLH HV )UDXHQ WXQ ZHQQ VLH PHUNHQ GD VLH JHIDOOHQ 6R OXVWLJ
XQGÄOHLFKWIHUWLJ³JDEVLHVLFKDXFKDOVVLH]XGHU*UXSSH GHU0LWUHLVHQGHQVWLHHQXQGGDUDXIZDUWHWHQGDGHU LP 0RUDVW VWHFNHQGH $XWREXV ZLHGHU IHVWHQ %RGHQ XQWHU GLH 5lGHUEHNDP 'HU *DOOLJH NRQQWH VLFK HLQH JLIWLJH %HPHUNXQJ QLFKW YHUNQHLIHQ Ä'LHVLQGVLFKMDVFKQHOOHLQLJJHZRUGHQ³ Ä'DV VLQG GLH 0lGFKHQ YRQ KHXWH³ 6HLQH 'DPH GLH 6FKUHFNVFKUDXEH YHU]RJ YHUlFKWOLFK GHQ 0XQG $Q LKUHQ 6SDW]HQEHLQHQ GLH LQ JURHQ *DORVFKHQ VWHFNWHQ KLQJHQ JURH .OXPSHQ 'UHFN ZRGXUFK VLH QRFK NRPLVFKHU DXV VDKHQ /LQD HQWVFKXOGLJWH VLFK EHLP .UELVNRSI GDIU GD VLH LKQ VR DEJHKlQJW KDEH $EHU VLH KlWWH VR JURH $QJVW JHKDEWLQV:DVVHU]XIDOOHQ'RFKMHW]WOLHVLFKGHU'LFNH QLFKW HUZHLFKHQ ± HU ZXUGH ZLHGHU HUQVW XQG XQ]XJlQJ OLFK 'LH 5HLVHQGHQ QDKPHQ LKUH 3OlW]H HLQ XQG GHU %XV VHW]WHVHLQH)DKUWIRUW
'HQ .UDQNHQ KDWWHQ GLH 6W|H EHLP 3DVVLHUHQ GHU )XUW GHUDUW PLWJHQRPPHQ GD GLH )DKUJlVWH EHL MHGHP VHLQHU 6FKPHU]HQVODXWHJODXEWHQVHLQ(QGHVHLJHNRPPHQ 'LHIHLQHQ5HJHQWURSIHQ]RJHQDXIGHQ )HQVWHUVFKHLEHQ )XUFKHQ XQG YHUKOOWHQ ZLH PLW HLQHU 7OOJDUGLQH GHQ RKQHKLQWURVWORVHQ$QEOLFNGHQGLH)HOGHULP0lU]ERWHQ :HQQ PDQ ZHQLJVWHQV KlWWH KLQDXVVFKDXHQ N|QQHQ ± GDV KlWWHHLQELFKHQDEJHOHQNW $XI GHP 'RUISODW] LQ 6DUDQ]L KLHOW GHU $XWREXV GDPLW 5HLVHQGHXQG)DKUHULQGHU.QHLSH]X0LWWDJHVVHQNRQQWHQ
Ä:ROOHQ 6LH QLFKW HVVHQ JHKHQ )UlXOHLQ /LQD"³ IUDJWH 'DQNR Ä1HLQ,FKP|FKWHPLFKHLQELFKHQPLWGHU0XWWHUGHV .UDQNHQ XQWHUKDOWHQ 6LH LVW VR YHU]ZHLIHOW GLH $UPH³ HQWJHJQHWHGDV0lGFKHQPLWHLQHP/lFKHOQGDVLKQDXFK ]XP'DEOHLEHQDXI]XIRUGHUQVFKLHQ Ä'DQQEOHLEHLFKDXFK'DUILFK"³ Ä:DUXPQLFKW"*HUQ³ 6LHUHGHWHQODXWDOVZROOWHQVLHGHQ0LWUHLVHQGHQ]XYHU VWHKHQJHEHQGDVLHHLQHQVFKLFNOLFKHQ9RUZDQGVXFKWHQ XP DOOHLQ LP :DJHQ ]X EOHLEHQ 8QG DOV DOOH DXVVWLHJHQ JLQJHQ /LQD XQG 'DQNR GXUFK GHQ *DQJ ]ZLVFKHQ GHQ 6LW]HQ]XGHP.UDQNHQ 'DPLW VWDQG GHU .UELVNRSI HUQHXW YRU HLQHU VFKZHUHQ (QWVFKHLGXQJ 1DWUOLFK KlWWH HU DP OLHEVWHQ HLQ )OlVFK FKHQ 6OLZRZLW] JHWUXQNHQ PLW ZDV 6DXUHP HLQH 6XSSH JHJHVVHQ XQG GDQDFK HLQ *HULFKW PLW HLQHP RUGHQWOLFKHQ 6WFN VFK|Q IHWWHP )OHLVFK GD]X VLFK HLQHQ KDOEHQ /LWHU 5RWHQ JHQHKPLJW ZLH HU HV LPPHU PDFKWH ZHQQ HU XQ WHUZHJV ZDU 'RFK ZLH NRQQWH HU GHQ %HJOHLWHU PLW GHP 3DUWLVDQHQ DOOHLQ ODVVHQ" 6LH KlWWHQ HWZDV DEVSUHFKHQ N|QQHQ 8QG ZLH GDV 0lGFKHQ VLFK DQ LKQ UDQVFKPHLW 2EVLHDXFK]XLKQHQJHK|UWH"6LHZDUHQVLFKVHKUVFKQHOO HLQLJ« 'HU.UELVNRSIVWLHJGXUFKGLHYRUGHUH7UDXVWUDWXQ HQWVFKORVVHQ YRQ HLQHP %HLQ DXIV DQGHUH ELV HU GLH $Q ]LHKXQJVNUDIW GHU .QHLSH EHUZXQGHQ KDWWH XQG JLQJ GDQQ]XURIIHQVWHKHQGHQ+LQWHUWUGHV%XVVHV(UJDEVLFK GHQ$QVFKHLQDOVKlWWHHUDXFK0LWOHLGPLWGHP.UDQNHQ XQGLQWHUHVVLHUHVLFKZLHHVLKPJHKW ,Q]ZLVFKHQ VSUDFK 'DQNR EHUHLWV PLW GHP -XQJHQ GHP DQVFKHLQHQG GLH OHW]WHQ .UlIWH VFKZDQGHQ 'LH HUVWHQ
:RUWH NRQQWH GHU 3ROL]LVW QLFKW K|UHQ (U EHPHUNWH QXU GDGHU.UDQNHVHLQH$XJHQJH|IIQHWKDWWH±JURHNOXJH $XJHQ GLH XQWHU GHU ZDFKVEOHLFKHQ 6WLUQ EHU GHQ WLHI HLQJHVXQNHQHQ VWRSSHOElUWLJHQ :DQJHQ JDQ] VFKZDU] DXVVDKHQ Ä:HJHQGHLQHU6FKPHU]HQVVFKUHLHZQVFKHQGLUDOOHLP %XV VFKRQ GHQ 7RG 0LFK DQ GHLQHU 6WHOOH ZUGH GDV IXFKVHQ *ODXEVW GX DXFK QXU HLQHU GHQNW +RIIHQWOLFK EHUVWHKW HUåV" 1HLQ PHLQ /LHEHU 'LH /HXWH ZROOHQ LQ 5XKHUHLVHQXQGJHEHQNHLQHQURWHQ+HOOHUIUGHLQ/HEHQ ,FK NDQQ VLH YRQ YRUQ GXUFK GHQ 6SLHJHO EHREDFKWHQ 6RZLH GX VW|KQVW ZHUGHQ LKUH *HVLFKWHU VR DEZHLVHQG PDQVLHKWåVLKQHQULFKWLJDQGDVLHGHQNHQ1DORVVWLUE VFKRQ'DVZlUHGDVEHVWHIUGLFKGDQQKDVWGXåVKLQWHU GLU « 'HVKDOE ZUGH LFK DQ GHLQHU 6WHOOH VR JUR GLH 6FKPHU]HQDXFKVHLQP|JHQQLFKWVFKUHLHQ,FKZlUHPLU ]XVFKDGHEHLVROFKHQ/HXWHQDXI0LWOHLG]XUHFKQHQ«³ Ä*HQDXVR LVW HV GHU +HUU KDW UHFKW³ PLVFKWH VLFK GHU .UELVNRSI HLQ Ä1LHPDQG PDFKW VLFK *HGDQNHQ ZLH HU GLU HLQ ELFKHQ +RIIQXQJ HLQIO|HQ N|QQWH 'X ZLUVW YH JHEOLFK DXI HLQ /lFKHOQ ZDUWHQ 1XU GDV )UlXOHLQ LVW IUHXQGOLFK «å (U GHXWHWH DXI /LQD Ä6LH KDW DOV HLQ]LJH ZLUNOLFK0LWOHLGPLWGLUZLHLFKEHPHUNH³ Ä,FK«MD«³'DV0lGFKHQEHXJWHVLFKEHUGHQ.UDQ NHQ XQG VDK LKP JHUDGH LQ GLH $XJHQ DOV ZROOH VLH LKP XQEHGLQJW LKUH *HGDQNHQ VXJJHULHUHQ Ä1HLQ ZDV LFK HPSILQGHLVWNHLQ0LWOHLGVRQGHUQHWZDVDQGHUHV,FKELQ JOFNOLFK GD LFK OHEH XQG LFK P|FKWH GD GX DXFK « GXELVWQRFKVRMXQJ«GDGXDXFKOHEVWXQGJOFNOLFK ELVW %LVW GX QLFKW QDFK 6RILD JHIDKUHQ XP 7UDXULQJH ]X NDXIHQZHLOGXKHLUDWHQZROOWHVW"6DJGLUGDGX0LOOLR QHQ XQG DEHU 0LOOLRQHQ -DKUH WRW VHLQ ZLUVW OHEHQ DEHU
NDQQVW GX K|FKVWHQV KXQGHUW :LUVW VHKHQ GDQQ P|FKWHVW GXOHEHQ:HQQGXGHQ:LOOHQ]XP/HEHQKDVWNDQQVWGX DOOHV EHUVWHKHQ $OOHLQ VFKRQ XP DOO GLHVHQ VHHOHQORVHQ 0HQVFKHQ KLHU GLH GLU LKUHU %HTXHPOLFKNHLW ZHJHQ GHQ 7RGZQVFKHQHLQHODQJH1DVH]XGUHKHQ±DOOHLQGHVZH JHQVFKRQORKQWHVVLFKZHLWHU]XOHEHQ'XPXWGLUVDJHQ ,FKZHUGHOHEHQ,FKZHUGHOHEHQ³ 'DV 0lGFKHQ VSUDFK PLW LUJHQGZLH KDUWHU 6WLPPH GLH JDUQLFKW]XLKUHP]DUWHQbXHUHQSDWHZREHLVLHPLWGHU JHEDOOWHQ)DXVWGXUFKGLH/XIWIXKU 'HU.UDQNHOlFKHOWHEODVFKORIUHLQH:HLOHGLH$X JHQVFKOXJVLHGDQQZLHGHUDXIXQGHVZDUDOVELWWHHUVLH ZHLWHU]XUHGHQ LPPHU ZHLWHU ± HU ZUGH ]XK|UHQ QLFKW PHKUVW|KQHQVRQGHUQQXUVWLOO]XK|UHQ Ä(ULVWHLQJXWHU-XQJH³VDJWHGLH 0XWWHU OHEKDIW Ä:DU GHUVWlUNVWHXQGZLOGHVWHYRQDOOHQLP'RUI$EHUDOVLKP GLH 'RNWRUV VDJWHQ GD HU QLFKW PHKU JHVXQG ZHUGHQ ZUGH«³ Ä$FK GLH bU]WH 'D JLE PDO QLFKWV GUDXI³ 'DQNR PDFKWH HLQH ZHJZHUIHQGH +DQGEHZHJXQJ XP *HULQJ VFKlW]XQJ DXV]XGUFNHQ Ä%HL GHQ %RPEHQDQJULIIHQ MHW]W VLQG GLH VFKQHOO EHL GHU +DQG MHPDQGHQ DE]XVFKUHLEHQ ,FKZLOOHXFKHLQH*HVFKLFKWHYRQPHLQHP9DWHUHU]lKOHQ 'HU ZDU JHQDXVR NUDQN ZLH XQVHU )UHXQG KLHU ,P HUVWHQ :HOWNULHJ LVW HU YHUZXQGHW ZRUGHQ GLH .XJHO EOLHE GUHL 0LOOLPHWHU QHEHQ GHP +HU]HQ VWHFNHQ 'UHLPDO ZXUGH HU RSHULHUW DEHU VLH NRQQWHQ GLH .XJHO QLFKW HQWIHUQHQ 6R ELOGHWHVLFKDXFKLQVHLQHU%UXVWHLQHLWULJHU3UR]H'LHVH .UDQNKHLW LVW ZLH HLQH 3OHXULWLV QXU GD VWDWW :DVVHU LP %HUHLFKGHV%UXVWIHOOV(LWHUHQWVWHKW«³ Ä%LVWGX'RNWRUPHLQ-XQJH"³IUDJWHGLH0XWWHUGHUGHU 8PVWDQGGDGHUMXQJH0DQQVRJHOHKUWEHU.UDQNKHLWHQ
VSUDFKQHXH+RIIQXQJJDE Ä1HLQLFKVWXGLHUHQRFK³ Ä+LOILKPPHLQ-XQJH+LOILKP³VFKOXFK]WHGLH0XWWHU 'DV0lGFKHQEHUKUWHVLHDQGHU6FKXOWHUXQGVFKWWHOWH VLHOHLFKWDOVZROOWHVLHVDJHQ:HLQQLFKWGHLQ6RKQK|UW XQV Ä%HLGLHVHU.UDQNKHLWKLOIWQXUQRFKGHU:LOOHGHV.UDQ NHQ ]XP /HEHQ ZHQQ VLH HLQPDO VR ZHLW JHGLHKHQ LVW³ IXKU 'DQNR IRUW LQGHP HU VLFK VR DXI HLQHQ GHU 6LW]H VHW]WH GD HU GHP .UDQNHQ LQV *HVLFKW VFKDXHQ NRQQWH Ä:LHHV]XP%HLVSLHOEHLPHLQHP9DWHUZDU«$OVHUDQ GLH)URQWJLQJZRKQWHQZLULQ:DUQD,FKNDQQPLFKQLFKW PHKU GDUDQ HULQQHUQ ZDU GDPDOV ]ZHL GUHL -DKUH 'D EHJDQQHQLQ:DUQDGLH%HVFKLHXQJHQYRP0HHUKHUXQG GLH$QJULIIHDXVGHU/XIWXQG0XWWHUEUDFKWHXQVDXVGHU 6WDGW9LHU.LQGHUVLQGZLUJHZHVHQ6LHEUDFKWHXQVQDFK 6WDUR 2UHFKRZR HLQ 'RUI GUHLLJ .LORPHWHU YRQ :DUQD LP /RQJRVZDOG 9RQ GRUW VWDPPHQ PHLQH HUVWHQ .LQG KHLWVHULQQHUXQJHQ GLH .DPWVFKLMD GLH GXUFK GHQ :DOG IORXQGGDV'RUIGDKLQWHU« (LQHV 0RUJHQV NDP LQ DOOHU )UKH GHU *HPHLQGHGLHQHU ]X XQV (U EUDFKWH HLQHQ %ULHI ,FK JDE LKQ 0XWWHU VLH EHUIORJLKQZXUGHHUVWEODGDQQVFKULHVLHDXIVFKODQJ GLH $UPH XP PLFK ZDUI VLFK DXIV %HWW XQG EHJDQQ ]X MDPPHUQ 'HLQ 9DWHU « (U OLHJW LP 6WHUEHQ 0HLQ *RWW ZLH NRQQWHGDVJHVFKHKHQ:DVPDFKHQZLUMHW]W"å 'HU +DXVZLUW XQG VHLQH )UDX K|UWHQ XQVHU KHU]]HUUHL HQGHV :HLQHQ XQG NDPHQ HUVFKURFNHQ LQ XQVHU =LPPHU JHODXIHQ 6LH IUDJWHQ 0XWWHU DXV XQG WU|VWHWHQ VLH QDFK GHPVLHLKQHQHU]lKOWKDWWHZDVJHVFKHKHQZDU 0HLQ9DWHUZDUDQGHU)URQWYHUZXQGHWZRUGHQ:HLOHV
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lXPH VWDQGHQ ]XU+lOIWHLQGHUWUEHQ)OXW1XUGHU'DPPGHV)DKUZHJV XQGGLH%UFNHUDJWHQGDUDXVKHUYRU'LH%UFNHZDUPLW DQJHVFKZHPPWHQ bVWHQ %UHWWHUQ )HW]HQ XQG 6FKODPP IDVW YHUVWRSIW 'LH UHLHQGH 6WU|PXQJ EDKQWH VLFK GD]ZL VFKHQQXUPLW0KHHLQHQ:HJ'LH:DVVHUPDVVHQSUDOO WHQ JHJHQ GLH 6WW]EDONHQ XQG GLH JDQ]H %UFNH VFKZDQNWH 'D NRPPHQ ZLU QLFKW UEHUå VDJWH %DL 1DLGR XQG VDK VLFK XP ZLH HU GDV )XKUZHUN ZHQGHQ N|QQWH :LU PV VHQXPNHKUHQå 0XWWHUEHJDQQYRU9HU]ZHLIOXQJXQG2KQPDFKW]XZHL QHQ )DKU ZHLWHU %DL 1DLGR LFK ELWWH GLFK IDKU ZHLWHUå IOHKWH VLH LKQ DQ )DKU ]X :HQQ GDV :DVVHU GLH %UFNH ZHJUHLW VHKH LFK PHLQHQ 0DQQ QLH ZLHGHU )DKU ]X VHL GRFKQLFKWVR«å 'XELVWMDYHUUFNWå VFKULH%DL1DLGRVLHDQ'LH%UN NHZLUGHLQVWU]HQXQGGDV:DVVHUUHLWXQVPLWVDPWGHP
)XKUZHUNIRUW'XKDVWHLQ.LQGPLWNRPP]XGLUå 'RFKZlKUHQG%DL1DLGRQRFKGLH=JHODQ]RJXPGDV )XKUZHUN ]X ZHQGHQ VSUDQJ 0XWWHU KLQXQWHU XQG OLHI ]X GHQ 3IHUGHQ 2KQH DXI %DL 1DLGRV 5XIH ]X K|UHQ SDFNWH VLH GLH 7UHQVHQ XQG ]RJ GLH 3IHUGH DXI GLH %UFNH 'DV )XKUZHUN VWHFNWH MHW]W ]ZLVFKHQ GHQ *HOlQGHUQ XQG NRQQWHQLFKWPHKUXPNHKUHQ 'D HUVFKLHQ REHQ LP )OX HLQH +RFKZDVVHUZHOOH HLQH VFKODPPLJH :DVVHUPDVVH GLH VLFK DXI GHP ODQJVDPHU IOLHHQGHQ LQ GLH %UHLWH JHJDQJHQHQ )OX VFKlXPHQG EHUVFKOXJHQWZXU]HOWH%lXPH%DONHQ+DXVUDWMDJDQ]H 'lFKHU PLWVFKZHPPWH ± HLQ JUDXHQYROOHU $QEOLFN 8QG GLHVH EURGHOQGH :DVVHUPDVVH LQ GHU VLFK %DONHQ XQG %lXPHLP.UHLVHGUHKWHQXQGDXIXQGQLHGHUWDQ]WHQNDP DXI GLH %UFNH ]XJHVFKRVVHQ ± MHGHQ $XJHQEOLFN PXWH VLH GDJHJHQSUDOOHQ GLH %UFNH ]HUWUPPHUQ XQG PLW VLFK IRUWUHLHQ« %DL 1DLGR VWDQG LP )XKUZHUN XQG EUOOWH ZLH YHUUFNW $EHU HU NRQQWH QLFKWV ZHLWHU PDFKHQ DOV DXI GLH 3IHUGH HLQ]XVFKODJHQ GDPLW VLH KLQEHUNDPHQ EHYRU GLH +RFK ZDVVHUZHOOH GD ZDU 9RQ GHU XQWHU LKUHQ %HLQHQ VFKZDQ NHQGHQ %UFNH HUVFKUHFNW SUHVFKWHQ GLH 7LHUH ZLH WROO YRUZlUWV0XWWHUNRQQWHQLFKWPHKUYRULKQHQKHUODXIHQ± VLH KLHOW VLFK DP .XPPHW GHV HLQHQ IHVW XQG OLH VLFK PLWVFKOHLIHQ ,FKVFKULHYRU(QWVHW]HQ³ 9RQ GHU (ULQQHUXQJ HUUHJW KLHOW 'DQNR LQQH 6HLQ +HU] NORSIWHKHIWLJHUPXWHVLFKHUVWZLHGHUEHUXKLJHQ /LQD EHREDFKWHWH LKQ YRQ GHP GUDPDWLVFKHQ (UHLJQLV JHSDFNW XQG ]XJOHLFK HUOHLFKWHUW ± VLH VSUWH GLH $XVZLU NXQJGHU(U]lKOXQJDXIGHQ.UDQNHQXQGVHLQH0XWWHU 'HU.UDQNHVFKLHQ6FKPHU]HQXQGQDKHQ7RGYHUJHVVHQ
]XKDEHQXQGGLH6FKUHFNHQGHU)DKUW GXUFK GHQ GXQNOHQ :DOG PLW GHQ ]XU +lOIWH LP :DVVHU VWHKHQGHQ %lXPHQ GHUWUEHQ+RFKZDVVHUIOXWXQGGHUVFKZDQNHQGHQ%UFNH VHOEVWPLW]XHUOHEHQ« 'LH0XWWHU]LWWHUWH DP JDQ]HQ /HLE EL VLFK GLH 8QWHU OLSSHZXQGXPVWLOO]XVHLQXQGGHP(U]lKOHUQLFKWGXUFK =ZLVFKHQUXIHLQV:RUW]XIDOOHQ Ä8QG ZLH JLQJ HV ZHLWHU"³ HUNXQGLJWH VLFK GHU .UELV NRSIXQJHGXOGLJ 'LH DQGHUHQ VFKLHQHQ LKQ HUVW MHW]W ]X EHPHUNHQ VR EHUIOVVLJXQGXQHUZQVFKWZDUHUKLHU Ä:HLWHU «³ IXKU 'DQNR IRUW Ä-D GDV )XKUZHUN NDP KLQEHU 'LH +LQWHUUlGHU KDWWHQ NDXP IHVWHQ %RGHQ HU UHLFKW DOV GLH +RFKZDVVHUZHOOH JHJHQ GLH 6WW]EDONHQ SUDOOWH 'LH %UFNH ERJ VLFK LQ GHU 0LWWH GXUFK ]HUEDUVW XQG YHUVDQN LQ GHU WUEHQ )OXW %DONHQ XQG %UHWWHU ZLU EHOWHQ GXUFKHLQDQGHU XQG ZXUGHQ YRQ GHU 6WU|PXQJ IRUW JHWUDJHQ-HW]WJHODQJHV%DL1DLGRHUVWGLHHUVFKURFNHQHQ 3IHUGH ]XP 6WHKHQ ]X EULQJHQ 0XWWHU VDQN HUVFK|SIW ]XVDPPHQVLHZDURKQPlFKWLJJHZRUGHQ %DL1DLGRIOXFKWHLPPHUQRFKKREDEHUGLH0XWWHUDXI OHJWH VLH LQV )XKUZHUN XQG IKUWH GLH 3IHUGH DP +DOIWHU ]XU QDKHQ +HUEHUJH 'RUW EUDFKWH PDQ 0XWWHU ZLHGHU ]X VLFK *HJHQ$EHQGNDPHQZLULQ:DUQDDQ0HLQ9DWHUODJLP .DVHUQHQOD]DUHWW(UZDUVRVFKZDFKXQGHQWNUlIWHWGDHU QLFKWHLQPDOGHQ.RSIGUHKHQNRQQWHXPXQVDQ]XVHKHQ (U VFKOXJ QXU GLH $XJHQ DXI ZLU EHXJWHQ XQV EHU LKQ XQG GD KXVFKWH HLQ NDXP ZDKUQHKPEDUHV /lFKHOQ EHU VHLQ*HVLFKW 'HU$U]W]RJ0XWWHU]XU6HLWHXQGIOVWHUWHLKU]X (VVLQGVHLQHOHW]WHQ6WXQGHQå
0XWWHUVHW]WHVLFKDQV%HWWEHPKWHVLFKQLFKW]XZHL QHQ XQG VFKDXWH LQ 9DWHUV DXVJH]HKUWHV ElUWLJHV *HVLFKW 6LH VWULFK LKP EHU GLH 6WLUQ NWH LKQ YRQ =HLW ]X =HLW ,FK VWDQG QHEHQ LKU XQG ZDJWH QLFKW GHQ KlOLFKHQ JOHLFKVDPIUHPGHQ0DQQ]XEHUKUHQ 'DQQJHODQJHV9DWHUGHQ.RSI]XGUHKHQXQGXQVDQ]X VFKDXHQ0XWWHUEHJULIIGDHUZLVVHQZROOWHZLH HV GHQ DQGHUHQ.LQGHUQJLQJZLHZLUDXIGHP'RUIOHEWHQ/HLVH HU]lKOWH VLH YRQ DOOHQ 6LH VFKLOGHUWH DXFK ZLH ZLU GLH %UFNH EHUTXHUW KDWWHQ XP ]X LKP ]X NRPPHQ (U YHU VWDQG DOOHV XQG EOLFNWH HUVFKURFNHQ ± EDOG VLH EDOG PLFK DQ VHLQH /LSSHQ EHJDQQHQ ]X EHEHQ XQG YHU]RJHQ VLFK $XVVHLQHQ$XJHQUROOWHQ7UlQHQXQGEOLHEHQLQGHQ%DUW VWRSSHOQ KlQJHQ (U ZROOWH XQV HWZDV VDJHQ NRQQWH HV DEHU QLFKW ± HU KDWWH NHLQH .UDIW 'DQQ YHUVXFKWH HU VLFK DXI]XULFKWHQ XQG XQV ]X XPDUPHQ VDQN DEHU VW|KQHQG ZLHGHU]XUFNXQGEOLHEZLHWRWOLHJHQ 0XWWHU VFKULH DXI XQG OLHI QDFK HLQHP $U]W ,FK UDQQWH KHXOHQGKLQWHULKUKHUXQGKLHOWPLFKDQLKUHP5RFNIHVW 'HU $U]W NDP (U YHU]RJ GDV *HVLFKW ZHLO HV LQ GHP =LPPHU VR VWDQN VFKOXJ GDQQ 9DWHUV %HWWGHFNH ]XUFN XQG VDK GHQ DXVJHIORVVHQHQ (LWHU (U WDVWHWH GDV +HU] DE :LUVWDUUWHQLKQDQLQGHUHQWVHW]OLFKHQ(UZDUWXQJGDHU VDJHQZUGH$XVå 'RFKGHU$U]WOlFKHOWHXQGZDQGWHVLFK]XXQV /DW LKQ MHW]W VFKODIHQ 9LHOOHLFKW « YLHOOHLFKW NRPPW HUGXUFKå %HL GHU $QVWUHQJXQJ GLH HV 9DWHU JHNRVWHW KDWWH VLFK DXI]XULFKWHQZDUHQGLH$JUDIIHQGLH'UDKWNODPPHUQPLW GHQHQ GLH 2SHUDWLRQVZXQGH JHVFKORVVHQ ZRUGHQ ZDU DXIJHJDQJHQ XQG GHU (LWHU ZDU DXV GHU %UXVW JHODXIHQ 'DQDFK EHKLHOWHQ VLH LKQ QRFK HLQ SDDU 0RQDWH ]XU %H
KDQGOXQJ GRUW XQG HU ZXUGH ZLHGHU JHVXQG 'LH .XJHO EOLHE LQ GHU %UXVW ZXUGH DEHU YRQ )HWWJHZHEH HLQJH VFKORVVHQXQGZXFKVGDULQIHVW 0HLQ 9DWHU OHEW KHXWH QRFK :HQQ HU XQV GLHVH *H VFKLFKWHHU]lKOWVDJWHUDP(QGHMHGHVPDO 'LHPXWLJH7DWHXUHU0XWWHUKDWPLFKYRUGHP7RG JH UHWWHW.LQGHU6LHJDEPLUGHQ:LOOHQ]XP/HEHQå³
'HU )DKUHU ULHI GLH )DKUJlVWH PLW GHU +XSH ]XVDPPHQ XQGGHU%XVVHW]WHVHLQH)DKUWIRUW +LQWHU 6DUDQ]L JLQJ HV VWHLO EHUJDXI 'HU .UDQNH KDWWH GHQ .RSI ]XU 6HLWH JHGUHKW XQG VFKDXWH VXFKHQG QDFK YRUQ(UNRQQWH'DQNRXQG/LQDQLFKWVHKHQDQGHUH3DV VDJLHUHYHUVSHUUWHQLKPGLH6LFKWGRFKDOOHLQVFKRQGXUFK GLH *HZLKHLW GD GLH EHLGHQ GD ZDUHQ IKOWH HU VLFK LQQHUOLFKJHVWlUNW /LQD XQG 'DQNR EHREDFKWHWHQ GHQ -XQJHQ LQ GHP KRFK KlQJHQGHQ 5FNVSLHJHO 6LH VDKHQ ZLH HU GLH =lKQH ]XVDPPHQEL XP NHLQHQ 6FKPHU]HQVODXW YRQ VLFK ]X JHEHQ VDKHQ ZLH VLFK VHLQ *HVLFKW YHU]RJ ZLH HU EHL MHGHP $QIDOO YRQ 6FKPHU] GLH $XJHQ ]XNQLII XQG VLH ZXWHQ GD HV LKQ EHUPHQVFKOLFKH $QVWUHQJXQJHQ NR VWHWHQLFKWYRU6FKPHU]]XVFKUHLHQ 'XUFK GLH 9RUGHUVFKHLEH GHV %XVVHV VDK PDQ ZLH VLFK GLH PLW /|FKHUQ EHUVlWH 6WUDH LQ VFKDUIHQ .XUYHQ GLH $QK|KHKLQDXIZDQG%HLMHGHP]XHUZDUWHQGHQ6WRNQLII /LQDJHQDXZLHGHU.UDQNH0XQGXQG$XJHQ]XZLHXP LKP ]X KHOIHQ GHQ 6FKPHU] ]X EHUZLQGHQ 'DQNR KLHOW VLFK DQ GHU JHULSSWHQ %HNHOLWVFKUDXEH IHVW PLW GHU GDV 9RUGHUIHQVWHU DXIJHGUHKW ZXUGH XQG HUKRE VLFK KDOE YRQ
VHLQHP 6LW] DOV N|QQH HU GDPLW GLH 6W|H GHV )DKU]HXJV GlPSIHQ'DV6FKUDXEHQJHZLQGHVFKQLWWVLFKWLHILQVHLQH +DQGIOlFKHHLQ 'RFK GHU .UDQNH VW|KQWH ZLUNOLFK NHLQ HLQ]LJHV 0DO 1XU DE XQG DQ GUDQJ DXV GHQ 7LHIHQ VHLQHU %UXVW HLQ XQ WHUGUFNWHV5|FKHOQ $OOH)DKUJlVWHVFKZLHJHQXQGGHVKDOEZDUVHOEVWGLHVHV OHLVHbFK]HQ]XK|UHQ(VVFKLHQDOVOLHJHGHUVWLOOJHZRU GHQH .UDQNH EHUHLWV LQ $JRQLH 'LH 3DVVDJLHUH KRUFKWHQ DXI GLH JOHLFKVDP IHUQHQ *HUlXVFKH VHLQHU UDVVHOQGHQ %UXVW XQG VLH ZDUHQ LKQHQ XQKHLPOLFKHU DOV GDV ODXWH 6W|KQHQ ]XYRU 'LH 6FKPHU]HQVVFKUHLH ZDUHQ LPPHUKLQ HLQ=HLFKHQYRQ/HEHQJHZHVHQGDVGXPSIH5|FKHOQDEHU K|UWHVLFKDQZLHHLQH$QNQGLJXQJGHV7RGHV 6FKDXGHUQG QHUY|V EHNORPPHQ ZDUWHWHQ GLH 5HLVHQ GHQDXIGDV(QGH*OHLFK«MHW]W«MHW]W« 'LH 0XWWHU GLH YRU (UVFK|SIXQJ VFKRQ QLFKW PHKU ZHLQWH EHIKOWH PLW GHU +DQG GLH ZDFKVJHOEH 6WLUQ LKUHV 6RKQHV GDQQ OHJWH VLH GLH /LSSHQ DXI VHLQH :DQJH XP IHVW]XVWHOOHQREHUQRFKZDUPZDUREHUQRFKOHEWH 6ROLHHQVLHDXFKGDV'RUI.DPDU]LKLQWHUVLFK'HU%XV NURFK GLH 6WHLJXQJ GHU HUVWHQ EHZDOGHWHQ $XVOlXIHU GHV *\O\EH]KLQDXI 8QGLUJHQGZRGDHUW|QWHHLQWLHIHU6HXI]HUGHV.UDQNHQ Ä(ULVWWRW³VDJWHHLQHGHU %DXHUVIUDXHQ DXIGHQOHW]WHQ 3OlW]HQHUVFKURFNHQ Ä(VVFKHLQW]X(QGH]XVHLQ³IOVWHUWHHLQ0DQQ Ä,VW HU WRW"³ ULHIHQ QRFK HLQ SDDU 6WLPPHQ XQG DOOH GUHKWHQVLFKQDFKKLQWHQ 'LH 0XWWHU VFKULH DXI XQG YHUJUXE LKUHQ .RSI LQ GHU 'HFNHLQGLHLKU6RKQJHKOOWZDU,KU:HLQHQJLQJLQHLQ OHLVHVKLOIORVHV]X+HU]HQJHKHQGHV:LPPHUQEHU
'HU)DKUHUDWPHWHHUOHLFKWHUWDXIXQGKLHOW'LH3DVVDJLH UH GUlQJWHQ VLFK LQ GHP VFKPDOHQ *DQJ ]ZLVFKHQ GHQ 6LW]HQXPGHQ7RWHQ]XVHKHQ Ä6HW]HQ 6LH VLFK ZLHGHU KLQ³ ULHI GHU 3ROL]LVW HV NODQJ ZLHHLQ%HIHKO)DVWKlWWHHUKLQ]XJHIJW1LHPDQGEHZHJW VLFKDEHUHUEHVDQQVLFKGDHUVLFKQRFKQLFKWYHUUDWHQ GXUIWH Ä'LHVHU +HUU KLHU³ ± HU GHXWHWH DXI 'DQNR ± ÄLVW 0HGL ]LQVWXGHQW /DVVHQ 6LH LKQ GXUFK GDPLW HU QDFKVHKHQ NDQQZDVORVLVW³ hEULJHQVZLFKHQGLH)DKUJlVWHYRQJDQ]DOOHLQYRUGHP .UDQNHQ ]XUFN ± LQ GHP $XWREXV YHUEUHLWHWH VLFK HLQ XQHUWUlJOLFKHU(LWHUJHUXFK /LQD VDK 'DQNR IUDJHQG DQ ,Q LKUHP %OLFN ODV HU GLH )UDJH:lUHHVP|JOLFKGDHUJHQDXZLHGHLQ9DWHU«" 'DQNR YHU]RJ GLH /LSSHQ XQG VFKWWHOWH GHQ .RSI ZDV
KHLHQVROOWH'DVJODXEHLFKQLFKW(UJLQJ]XGHP.UDQ NHQXQGQDKPVHLQH+DQGXPQDFKGHP3XOV]XIKOHQ $OOHZDUWHWHQJHVSDQQW(LQH0LQXWHQRFKHLQH« Ä(U OHEW³ VDJWH 'DQNR VFKOLHOLFK XQG VHLQH 6WLPPH NODQJ HUOHLFKWHUW Ä(U LVW QXU RKQPlFKWLJ 'HU (LWHU IOLHW DXV9LHOOHLFKWEHUOHEWHUåV6WHLJHQ6LHELWWHDXVGDPLWHU 5XKHKDW³ +DVWLJ KROWH HU DXV GHU 7DVFKH VHLQHV 6SRUWMDFNHWWV HLQH %OHFKEFKVHPLW$PSXOOHQXQGHLQH6SULW]HXQGJDEGHP .UDQNHQHLQH,QMHNWLRQ]XU6WlUNXQJGHU +HU]WlWLJNHLW(U EHVFKl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lQGHUW KDWWHQ" :HQQGHU.UDQNH XQWHUZHJV JHVWRUEHQ ZlUH ZUGH GHU $XIWUDJ GHV 3ROL]LVWHQ OHLFKW JHZHVHQ VHLQ (U ZlUH ELV 3LUGRS PLWJHIDKUHQ KlWWH GHU GRUWLJHQ 3ROL]HL GHQ %HIHKO EHUPLWWHOWGHQ%HJOHLWHUIHVW]XQHKPHQXQGGDQQVROOWHQ VLH PLW GHP 5RWHQ XQG GHQ 3DUWLVDQHQ LQ GHQ :lOGHUQ PDFKHQZDVVLHZROOWHQ6HLQH$XIJDEHZlUHHVJHZHVHQ GHQ %HJOHLWHU PLW QDFK 6RILD ]XUFN]XQHKPHQ ZR PDQ GXUFKLKQGDV6RILRWHU1HW]DXIGHFNHQZROOWH 'RFKGHU.UDQNHZDUJDQ]RIIHQVLFKWOLFKDP/HEHQXQG QXQ VFKLHQ GHP 3ROL]HLDJHQWHQ DOOHV ZHLWHUH NRPSOL]LHUW
XQGJHIlKUOLFK6HLQ %HIHKOODXWHWH:HQQGHU .UDQNHELV ]XU.DPPK|KHGHV *\O\EH] GXUFKKlOW KlOWVW GX GHQ %XV DP %DKQZlUWHUKlXVFKHQ DQ YRQ GHP DXV PDQ %XQRZR VLHKW XQG PHOGHVW WHOHIRQLVFK QDFK 3LUGRS ZLH GLH /DJH LVW %HLGHU3ROL]HLZXWHPDQQXU]XJHQDXGDGLH3DUWLVD QHQ HWZDV XQWHUQHKPHQ ZUGHQ XP LKUHQ *HQRVVHQ ]X UHWWHQ8QGJHUDGHDXIGLHVH$NWLRQZDUWHWHQGLH*HQGDU PHQXPGLHLQGHU*HJHQGYRQ3LUGRSRSHULHUHQGH3DUWL VDQHQDEWHLOXQJ]X]HUVFKODJHQ 0LW GHP %HJOHLWHU ZUGH PDQ OHLFKW IHUWLJ ZHUGHQ EHUOHJWHGHU$JHQW(UZDUPLWGHP.UDQNHQEHVFKlIWLJW XQG GD HU QLFKWV DKQWH N|QQWH HU LKQ PLW HLQHP Ä+lQGH KRFK³EHUUDVFKHQXQGHQWZDIIQHQ'DQQPXWHLKPGHU )DKUHUGLH+lQGHIHVVHOQXQGLKQLQHLQ=LPPHULP%DKQ ZlUWHUKlXVFKHQEULQJHQELVHUGHQ3ROL]HLFKHIYRQ3LUGRS EHQDFKULFKWLJWKDWWH :HQQQXQDEHUGLH3DUWLVDQHQHUVFKLHQHQEHYRUZLUGDV %DKQZlUWHUKlXVFKHQHUUHLFKWKlWWHQ"EHUOHJWHGHU3ROL]LVW VRUJHQYROO ZHLWHU 'LHVH 6FKODIPW]HQ GDPLW PHLQWH HU VHLQH9RUJHVHW]WHQLQ6RILD KlWWHQGLH6DFKHDXFKJUQG OLFKHU GXUFKGHQNHQ N|QQHQ 'LH KDWWHQ VLFK EOR JHIUHXW GD PDQ PLW GLHVHP .UDQNHQ GHQ 3DUWLVDQHQ HLQH )DOOH VWHOOHQ NRQQWH XQG DOOHV EULJH GHQ /HXWHQ LQ 3LUGRS EHUODVVHQ 'HQ JDQ]HQ :HJ ODQJ KlWWH *HQGDUPHULH DXIJHVWHOOW ZHUGHQ PVVHQ :HU ZHL DQ ZHOFKHU 6WHOOH GLH 3DUWLVDQHQ YRUEUDFKHQ =X VR ZDV VFKLFNWH PDQ QLFKW HLQHQ0DQQDOOHLQORV:LUKlWWHQHLQHJDQ]H*UXSSHVHLQ PVVHQ :HQQ GHU -XQJH GUDXIJLQJH ZlUH LFK DXV DOOHP UDXV 'DPLWZDQGWHVLFKGHU3ROL]LVWZLHGHUVHLQHQDQIlQJOLFKHQ *HGDQNHQ ]X )U HLQHQ /HLFKQDP ZHUGHQ GLH 3DUWLVDQHQ
QLFKWV ULVNLHUHQ 6LH OLHJHQ QRFK LQ LKUHQ :LQWHUYHUVWHN NHQ GLH %HUJH VLQG YHUVFKQHLW VLH ZUGHQ VLFK EOR YHU UDWHQ « $EHU YLHOOHLFKW KDEHQ XQVHUH /HXWH JHUDGH GDV EHDEVLFKWLJW 6LH ODVVHQ GLH 3DUWLVDQHQ LKUHQ .UDQNHQ PLWQHKPHQXPGDQQGHQ6SXUHQLQGLH%HUJH]XIROJHQ« ,QGHVVHQZLVFKWHQGHU)DKUHUXQGGLH0XWWHUGHQDXVJH ODXIHQHQ(LWHU DXI XQG ZDUWHWHQ GDUDXI GD GHU Ä'RNWRU³ HUNOlUWHZDQQGLH)DKUWIRUWJHVHW]WZHUGHQN|QQH 'LH )DKUJlVWH REZRKO XQJHGXOGLJ ZHJHQ GHV $XIHQW KDOWVHUKROWHQVLFKHLQELFKHQYRQ GHU TXDOYROOHQ 5HLVH 'HU 5HJHQ ZDU KLQWHU GHQ 6DUDQVNHU %HUJHQ LP 6RILRWHU %HFNHQ ]XUFNJHEOLHEHQ +LHU LQ GHP ]ZLVFKHQ GHP %DONDQXQGGHP*\O\EH]HLQJHEHWWHWHQ7DONODUWHHVDXI 'LH:RONHQ]RJHQKRFKREHQVGZlUWV'DXQGGRUWULVVHQ VLH DXI GDQQ EOLW]WH VRJDU IU NXU]H =HLW GLH 6RQQH KLQ GXUFK XQG GHU VFKQHHEHGHFNWH .DPP GHV 0XUJDVFK ]HLFKQHWHVLFKJDQ]GHXWOLFKDE'LHJUQHQ:LHVHQLP7DO ZDUHQ GXQNHO XQG KHOO JHIOHFNW ± DQ PDQFKHQ 6WHOOHQ ODJ GHU6FKDWWHQ YRQ :RONHQ DXI LKQHQ DXI DQGHUH ILHOHQ GLH 6WUDKOHQEQGHO GHU 6RQQH 'LH NXJOLJHQ :HLGHQ DQ GHQ %DFKOlXIHQ]ZLVFKHQGHQ:LHVHQDQGHQHQGLH.lW]FKHQ XQG %OlWWHUNQRVSHQ HEHQ DXIJHEURFKHQ ZDUHQ VDKHQ ZLH GXUFKVLFKWLJH :LGHUVSLHJHOXQJHQ JUQHU :|ONFKHQ DXV $XFKGLH %XFKHQZlOGHUDXIGHP*\O\EH]GXUFKGLH VLFK GLH 6WUDH VFKOlQJHOWH ZDUHQ QRFK GXUFKVLFKWLJ 'LH EODJUQHQ%OlWWFKHQKDWWHQHUVWGDXQGGRUWGLH JOlQ]HQ GHQ ZLH JHZDFKVWHQ +OOHQ GHU VSLW]HQ .QRVSHQ GXUFK VWRHQ $EHU DXV GHP :DOG ZHKWH VFKRQ GHU 'XIW QDFK IULVFKHP*UQ Ä/RV6FKRII|UZLUN|QQHQZHLWHU$EHUIDKUVFK|QODQJ VDP³ULHI'DQNRHQGOLFK(UVFKLFNWHGLH0XWWHUQDFKYRUQ DXIVHLQHQ3ODW]XQGVHW]WHVLFKVHOEVW]XGHP.UDQNHQ
'HU *DOOLJH Q|UJHOWH EHU GHQ EOHQ *HUXFK XQG GHU )DKUHU |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lQGHQHLQSDDUbVWHLQ GHU(UGHVWHFNHQ'DVZlUHGDV=HLFKHQGDNHLQH*HIDKU GURKWH 'DQQ PXWH VLH GHQ 3ROL]LVWHQ QLHGHUVFKLHHQ -RQNR DXV GHP :DJHQ VFKDIIHQ XQG GLH 3DUWLVDQHQ ZU GHQKHUYRUNRPPHQXPLKQ]XKROHQ 6WHFNWHQDEHUNHLQHbVWHGDVRKLHGDV'HU*\O\EH]LVW YRQ*HQGDUPHULHEHVHW]W'HU3ODQPXJHlQGHUWZHUGHQ (QWVFKHLGHWVHOEVWMHQDFKGHQ8PVWlQGHQ /LQDV$WHPJLQJVFKZHUYRU(UUHJXQJ'DV+HU]VFKOXJ LKULP+DOVH 'HQJDQ]HQ7DJEHUKDWWHVLHGHU*HGDQNHJHTXlOWGD VLHHLQHQ0HQVFKHQXPEULQJHQVROOWH(VZDUGDVHUVWHPDO GD VLH W|WHQ PXWH 6LH KDWWH JHJODXEW HV QLH IHUWLJ]X EULQJHQ 'RFK -HW]W LQ (UZDUWXQJ GHU =HLFKHQ DP 6WUD HQUDQG YHUJD VLH LKUH =ZHLIHO :DV EHGHXWHWH GLH $Q ZHLVXQJÄ(QWVFKHLGHWVHOEVWMHQDFKGHQ8PVWlQGHQZHQQ
*HQGDUPHQ DXIWDXFKHQ³" 'RFK ZRKO GD VLH DXI VLH VFKLHHQ VROOWH 6LH NRQQWH VLFK VFKOLHOLFK QLFKW PLW GHU YROOJHODGHQHQ:DIIHLQGHU+DQGHUJHEHQ$OVRZUGHVLH DXFK DXI GHQ 3ROL]LVWHQ VFKLHHQ 'DPLW ZDU GLHVH )UDJH LQ LKUHP ,QQHUQ HQWVFKLHGHQ -HW]W HPSIDQG VLH QXU QRFK GHQ KHLHQ :XQVFK GD bVWH DP 6WUDHQUDQG VWHFNHQ ZUGHQ GDPLW VLH PLW GHP 3ROL]HLVSLW]HO DEUHFKQHQ XQG LKUHQ*HQRVVHQUHWWHQNRQQWH 4XlOHQGODQJVDPNURFKGHU%XVGLH6WHLJXQJKLQDXI 'LH%LHJXQJ« 'LH%UFNH« 'DYRUQ:DVZDUGDV" (LQ$VW«"1HLQHLQ6WUDXFK« (LQ$VW«(LQ$VW /LQD KlWWH YRU )UHXGH IDVW DXIJHVFKULHQ 'RFK VLH EH KHUUVFKWHVLFKXQGZDUWHWH,KUH+DQGVFKRELQGHU7DVFKH GHQ 6LFKHUXQJVIOJHO GHU 3LVWROH ]XUFN DEHU VLH ]LWWHUWH GDEHL 'DZDUGHU]ZHLWH$VW 8QGGRUWGHUGULWWH 6LH VWDQG DXI XQG VDK 'DQNR DQ XP LKP DQ]XGHXWHQ GD VLH KDQGHOQ PXWHQ 'DQQ WUDW VLH LQ GHQ *DQJ ]ZL VFKHQ GHQ 6LW]HQ ]|JHUWH HLQHQ $XJHQEOLFN ± QXU HLQHQ $XJHQEOLFN XP GHQ ZUJHQGHQ .QRWHQ LQ GHU .HKOH KLQXQWHU]XVFKOXFNHQ ± XQG JDE GXUFK GLH 7DVFKH LKUHV 0DQWHOV]ZHL6FKVVHDXIGHQ3ROL]LVWHQDE $XV QlFKVWHU 1lKH LQ GLH %UXVW JHWURIIHQ UXWVFKWH HU ]XVDPPHQ 6HLQ.RSIILHOYRUQEHU $OOHVVFKULH GXUFKHLQDQGHU (LQ SDDU )DKUJlVWH YHUVXFK WHQ]XIOLHKHQ /LQD]RJGLH3LVWROHDXVGHU7DVFKHXQG ULHIPLWEHEHQ
GHU6WLPPHGHP)DKUHU]X Ä$QKDOWHQ³ 8QG ]X GHQ 5HLVHQGHQ JHZDQGW Ä1LHPDQG VWHKW YRQ VHLQHP3ODW]DXI³ 'DQQ IJWH VLH UXKLJHU KLQ]X Ä+DEW NHLQH $QJVW .HL QHPYRQHXFKZLUGHWZDVJHVFKHKHQ:LUODGHQGHQ.UDQ NHQDXVXQGGDQQN|QQWLKUZHLWHUIDKUHQ³ -HW]W EHJULIIHQ GLH 0LWUHLVHQGHQ HUVW GD VLH GHQ 0DQQ HUVFKRVVHQKDWWHXQGYHUVWXPPWHQYRUhEHUUDVFKXQJ9RU LKQHQ VWDQG QLFKW PHKU GDV OLHEHQVZUGLJH HLQ ZHQLJ ÄOHLFKWIHUWLJH³0lGFKHQVRQGHUQHLQHMXQJH)UDX±VWUHQJ XQGVWDUN$XFK'DQNRNDPVLHMHW]WYHUlQGHUWXQGIUHPG YRU Ä%ULQJ LKQ KLQDXV *HQRVVH³ ULHI VLH LKP ]X 'RFK DQ GLH 0XWWHU ZDQGWH VLH VLFK SO|W]OLFK PLW VDQIWHU 6WLPPH OHJWHLKUGLH+DQG DXI GLH 6FKXOWHU PDFKWH LKU 3ODW] GD VLHGXUFKGHQ*DQJQDFKKLQWHQJHKHQNRQQWHXQGVDJWH Ä*HKXQGIDPLWDQ³ 'DV:HLEOHLQVDK/LQDHUVFKURFNHQXQGYHUZLUUWDQXQG IUDJWHÄ:DV«ZDVKDEWLKUPLWLKPYRUPHLQ.LQG"³ /LQDJDENHLQH$QWZRUW6LHZLQNWHPLWGHU3LVWROHGHP )DKUHUXQGEHIDKOLKPYHUlFKWOLFK Ä*HKGXDXFKKHOIHQGX/XPS³ :lKUHQG 'DQNR XQG GHU )DKUHU GHQ .UDQNHQ DXVOXGHQ WUDWHQ ]ZHL PLW 0DVFKLQHQSLVWROHQ EHZDIIQHWH 3DUWLVDQHQ DXV GHP %XFKHQZDOG DP 6WUDHQUDQG 'LH )DKUJlVWH DXV GHU 6WDGW VDKHQ VLH DQJVW]LWWHUQG DQ 'LH %DXHUQ ZDUHQ JHIDWHU(LQHUGHU0lQQHUVDJWHVRJDU Ä%UDXFKWNHLQH$QJVW]XKDEHQ6LH WXQ HXFK QLFKWV (V VLQG-XQJVYRQXQVDXV0LUNRZR³ 9RUVLFKWLJJLQJHQGLH3DUWLVDQHQXPGHQ$XWREXVKHUXP /LQD JUWH VLH PLW KRFKHUKREHQHU JHEDOOWHU )DXVW 6LH
JUWHQ]XUFNOlFKHOWHQLKUZLHHLQHUDOWHQ%HNDQQWHQ]X (LQHUYRQLKQHQVWLH]XP:DOGJHZDQGWHLQHQ3ILIIDXV =ZHLZHLWHUH0lQQHUPLW*HZHKUHQWUDWHQDXIGLH6WUDH 6LH WUXJHQ HLQH 7UDJH DXV ]ZHL 6WDQJHQ PLW HLQHU 'HFNH GD]ZLVFKHQ :lKUHQG GLH 3DUWLVDQHQ GHQ .UDQNHQ GDUDXI OHJWHQ GXUFKVXFKWH /LQDGHQ3ROL]LVWHQ6LHQDKPLKPGLH3LVWR OHQ XQG VHLQHQ 'LHQVWDXVZHLV DE 'DQQ EHIDKO VLH GHQ 0lQQHUQDXVGHP%XVVHLQHQ /HLFKQDPDXIGLH %DQN]X OHJHQZRELVKHUGHU.UDQNHJHZHVHQZDU
'DQNR GHU VLFK DQVFKLFNWH GHQ 3DUWLVDQHQ ]X IROJHQ NWHGLHUXQ]OLJH+DQGGHU0XWWHUXQGVDJWH Ä.RPPZHLQQLFKW:LUPDFKHQLKQZLHGHUJHVXQG'X ZHLW GRFK (LQ 3DUWLVDQ VWLUEW QLFKW XQQW] HU VWLUEW LP .DPSI/HEZRKO³ :HLQHQG VDK LKP GLH 0XWWHU PLW WUlQHQQDVVHQ GDQNED
UHQ$XJHQQDFK $OVGHU%XVEHUHLW]XU:HLWHUIDKUWZDUVHW]WHVLFK/LQD HKH VLH DXVVWLHJ HLQHQ 0RPHQW ]X GHU 0XWWHU XQG NWH VLHEHUGHU6WLUQDXIV+DDU Ä/HE ZRKO 8QG ZHLQ EOR QLFKW :LH VLHKW GHQQ GDV DXVGLH0XWWHUHLQHV3DUWLVDQHQXQGZHLQHQ³ Ä0LU LVW VR VFKZHU XPV +HU] PHLQ .LQG³ VDJWH GLH 0XWWHU VFKOXFK]HQG Ä/D PLFK QXU HLQ ELFKHQ XP PHL QHQ -XQJHQ ZHLQHQ 8QG LFK ZHLQH MD DXFK YRU )UHXGH +DEW'DQNGDLKUPHLQHQ6RKQJHUHWWHWKDEW1XQLVWHU EHLVHLQHQ*HQRVVHQ³ Ä'DQQZHLQGLFKDXVZHQQHVVRLVW:HLQHYRU)UHXGH :LU EULQJHQ LKQ GLU OHEHQG XQG JHVXQG ZLHGHU ± PLW GHU )UHLKHLW³ /LQDVSUDQJDXIGLH6WUDHXQGOLHIGXUFKGHQQRFKNDK OHQ%XFKHQZDOGEHUGHQKHOOYRQGHU6RQQHEHVFKLHQHQHQ 3IDG]XLKUHQ*HQRVVHQGLHDXIVLHZDUWHWHQ 'HU$XWREXVNHXFKWHZHLWHUEHUJDXI
+HIW
(GXDUG&ODXGLXV 'LH+HLPDWLVWZHLW
6LHVFKOHSSWHQ)HUQDQGRQDFK GHP *HIHFKW LQ HLQ /RFK DP )X GHV %HUJHV 0XOHWRQ 'RUW VFKQLWW -DN GLH +RVH )HUQDQGRV DXI XQG VDK GLH :XQGH HLQ /RFK JU|HU DOV VHLQH)DXVW Ä:LUVLQGJXWGXUFKJHNRPPHQ³VDJW)HUQDQGRÄ,FKELQ GHUHLQ]LJHGHUGDUDQJODXEHQPXGDVLVWQLFKW]XWHXHU EH]DKOW³ Ä6FKZHLJMHW]W³ VDJW -DN Ä:LU ZHUGHQ ZHLWHUPDUVFKLH UHQ,FKKDWWHJHGDFKWZLUVFKDIIHQHVLQGUHL7DJHQDEHU ZLUZHUGHQPLWGLUZRKODQGLHGUHLLJ7DJHEUDXFKHQ³ Ä+|U -DN QXU HLQHQ $XJHQEOLFN³ VDJW )HUQDQGR (V NOLFNWZLHYRQ6WDKOXQWHUGHP0DQWHOGHQ-DNQDFKGHP 9HUELQGHQ EHU LKQ JHOHJW KDW (V LVW GDV .OLFNHQ HLQHU 5HYROYHUVLFKHUXQJ )HUQDQGR KHEW GHQ OLQNHQ $UP XQG ]HLJW JHJHQ GDV 'RUI &RQFXG Ä6LHK -DN ZLH VLH IHXHUQ 'LH-XQJHQLP$OIDPEUDWDOKDEHQQLFKWV]XODFKHQ³ :lKUHQG-DNQDFKGHP'RUIVLHKWNUDFKWGHU6FKXDXV )HUQDQGRV3LVWROH Ä:DVLVW":DVLVW"³VWRWWHUW-DNXQGGDZHLHUZDVSDV VLHUW LVW (U VFKWWHOW GHQ WRWHQ )HUQDQGR KHXOW YRU :XW XQG6FKPHU]Ä'XKDVWPLFKEHUOLVWHW³ 6LH NHKUWHQ ]X DFKW ]XUFN XQG EUDXFKWHQ DFKWHLQKDOE 7DJHELVVLHEHLGHQ,KUHQZDUHQ