Professional Documents
Culture Documents
&OHYHU.FKHQNDXIHQ
+HLQ]**QWKHU
&OHYHU.FKHQNDXIHQ
:LHPDQGHQ.FKHQNDXIULFKWLJDQSDFNW
XQGYLHO*HOGVSDUW
9HUODJ*QWKHU1HW3XEOLVKLQJ
%LOOLJKHLP3IDO]
'LJLWDOH$XVJDEH
,6%1$XIODJH
9HUODJ*QWKHU1HW3XEOLVKLQJ%LOOLJKHLP3IDO]
$OOH5HFKWHYRUEHKDOWHQ'DV:HUNLVWLQDOOHQVHLQHQ7HLOHQXUKHEHUUHFKW
OLFK JHVFKW]W 9HUZHUWXQJHQ MHJOLFKHU $UW LQVEHVRQGHUH 9HUYLHOIlOWLJXQ
JHQ 9HUDUEHLWXQJ PLW HOHNWURQLVFKHQ 6\VWHPHQ QXU PLW DXVGUFNOLFKHU
*HQHKPLJXQJGHV9HUODJV
'LH (QWGHFNXQJ GDVV HV VR HLQIDFK QLFKW LVW
ZLHPDQJHGDFKWKDWLVWDOV*HZLQQDQ]XVHKHQ
&DUO)ULHGULFK)UHLKHUUYRQ:HL]VlFNHU
$WRPSK\VLNHUXQG3KLORVRSK
9RUZRUW
9RUZRUW
'HU 5DWJHEHU Ä&OHYHU 0|EHO NDXIHQ³ ZDU JHGUXFNW XQG LQ GHQ
+DQGHOJHEUDFKW,FKDWPHWHDXIXQGZROOWHPLFKEHTXHP]XUFN
OHKQHQ$EHUGDUDXVZXUGHQLFKWV
0DQFKPDONODQJHVZLHHLQ+LOIHUXI
'DV7KHPD.FKHQNDXIKDWWHLFKEHZXVVWQXUDP5DQGHJHVWUHLIW
,FK ZROOWH Ä&OHYHU 0|EHO NDXIHQ³ QLFKW EHUIUDFKWHQ $OVR PXVV
QXQHLQVSH]LHOOHU.FKHQUDWJHEHUKHU
'LH.FKHQEUDQFKHNRPPHLKPYRUZLHHLQH/DQGVFKDIWLP1HEHO
VFKULHE PLU HLQ DQGHUHU /HVHU 'LH :HUEHVSUFKH ZLH Ä+LJK 7HFK
'HVLJQHUNFKH³ Ä3HUIHNWLRQ ELV LQV 'HWDLO³ Ä.RPIRUW (UJRQRPLH
6WDXUDXP³ Ä$4XDOLWlW³ Ä'DV $ XQG 2 ± SHUIHNWH 3ODQXQJ³
ÄNRPSOHWW RUJDQLVLHUEDUHV 6FKXENDVWHQV\VWHP³ Ä0RQWDJHWHDP
PLW .RPSHWHQ]³ ÄXQVFKODJEDUHV 3UHLV/HLVWXQJV9HUKlOWQLV³ ZU
GHQPHKUYHUKOOHQDOVRIIHQEDUHQ:HQQPDQVFKOLHOLFKPKVDP
KLQGXUFKJHGUXQJHQVHLZHUGHPDQGDV*HIKOQLFKWORVGDVVPDQ
IUVHLQ*HOGKlWWH%HVVHUHVEHNRPPHQN|QQHQ
9,,
9RUZRUW
,QGHU7DW.FKHQNDXIHQLVWRIWNRPSOL]LHUW-HGHUIDOVFKH6FKULWW
LVWWHXHU,FKZHLGDVVHKUZRKOZHLOLFKVHOEVWYLHOH.FKHQJH
SODQWYHUNDXIWXQGDXFKPRQWLHUWKDEH
'DLFKKHXWHDXIGHUDQGHUHQ6HLWHVWHKHIUDJHLFKPLFKZLHLFK
GHP9HUEUDXFKHUDPEHVWHQ]HLJHQNDQQZLHHUHVDQSDFNHQVROO
8QG GDQQ GLH YLHOHQ 3DQQHQ XQG bUJHUQLVVH 0DQFKH ZHUGHQ HUVW
VLFKWEDU ZHQQ GLH QHXH .FKH EHUHLWV LQ *HEUDXFK LVW :LH NDQQ
LFKGHP.FKHQNlXIHU]HLJHQZLHHUVFKDGORVGDGXUFKNRPPW"
3O|W]OLFKNDPPLUGLH,GHH,FKWUHWHQLFKWZLHHLQ'R]HQWYRUVHL
QH 6HPLQDUWHLOQHKPHU VRQGHUQ PDFKH GHQ .FKHQNDXI ]X PHL
QHPHLJHQHQ(UOHEQLV
,FKVFKOSIHLQGLH3HUVRQHLQHV9HUEUDXFKHUVGHUVLFKHLQH.FKH
]XOHJHQ ZLOO XQG VFKLOGHUH ZLH LFK YRUJHKH XQG ZDV LFK HUOHEH
'DEHL EHVFKUlQNH LFK PLFK QLFKW DXI PHLQ HLJHQHV ± ILNWLYHV ±
.FKHQSURMHNW VRQGHUQ EOLFNH DXFK KLQWHU GLH .XOLVVHQ GHU .
FKHQEUDQFKHXQGEHVFKUHLEHZDVLFKVHKH
'DQQKROHLFKGHQ3UHLVKDPPHUKHUDXVXQGKDQGOHGHQRSWLPDOHQ
.DXIYHUWUDJDXV6SlWHUVFKDXHLFKNULWLVFK]XZLHPRQWLHUWZLUG
6FKOLHOLFK ELHWH LFK GHQ KlXILJ DXIWUHWHQGHQ bUJHUQLVVHQ PLW HL
JHQHP5HNODPDWLRQVPDQDJHPHQWGLH6WLUQ
'HU/HVHUZLUGVLFKPLWVHLQHP.FKHQSURMHNWLQPHLQHQ6FKLOGH
UXQJHQZLHGHUILQGHQ(UNDQQHVGDQQJHQDXVRPDFKHQZLHLFK±
RGHUQRFKEHVVHU
+HU]OLFKVW,KU
+HLQ]**QWKHU
%LOOLJKHLPLP1RYHPEHU
9,,,
,QKDOWVYHU]HLFKQLV
,QKDOWVYHU]HLFKQLV
0HLQH.FKH(LQ7UDXP"
.FKHQSODQXQG.FKHQZLUNOLFKNHLW
.HLQH(LQEDXNFKHRKQH3ODQ
-HW]WNHLQH)HKOHUPDFKHQ
6HOEVWSODQHQRGHUSODQHQODVVHQ"
3ODQHQKHLW]XHUVW0HVVHQ
:LHRIWZRXQGZDVLFKPHVVH
0HLQH.FKHNRPSOHWWJHPHVVHQEHPDW
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
=DKOORVH(LQ]HOWHLOH±
DEHUQXUZHQLJH%DVLVHOHPHQWH
+RFKVFKUlQNH
8QWHUVFKUlQNH
2EHUVFKUlQNH
'LHEULJHQ(OHPHQWH
$UEHLWVSODWWHQ
1LVFKHQDXVVWDWWXQJ
.UDQ]OHLVWHQXQG/LFKWEOHQGHQ
(UJlQ]XQJVWHLOH
(LQEDXJHUlWH
3ODQHQPLW(UJRQRPLH
:DVGLH(UJRQRPHQIUDJHQ
:DVDXVGHQ$QWZRUWHQJHPDFKWZLUG
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
0HKUGLPHQVLRQDOGHQNHQ
9RQOLQNVQDFKUHFKWV
'LH.HUQNFKH
,QKDOWVYHU]HLFKQLV
8QWHUVFKUlQNHXQG+RFKVFKUlQNHLQGHU.HUQNFKH
2EHUVFKUlQNHLQGHU.HUQNFKH
'LHHUZHLWHUWH.FKH
'LH.RPSOHWWNFKH
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
,QKDOWVYHU]HLFKQLV
$QKDQJ$.OHLQH0DWHULDONXQGHYRP0DWHULDO]XU4XDOLWlW
$QKDQJ%&KHFNOLVWH0HVVHQ
$QKDQJ&&KHFNOLVWH3ODQHQ
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
6WLFKZRUWYHU]HLFKQLV
+LQZHLVH
0HLQH.FKH(LQ7UDXP"
0HLQH.FKH(LQ7UDXP"
:HUEHVSRWVZROOHQHVPLUHLQUHGHQ
Ä9RP.FKHQWUDXP]XU7UDXPNFKH³KDOOWHVPLUHQWJHJHQ'DQQ
ZLUGGHU7UDXPVLFKWEDUJHPDFKW
$EELOGXQJ
:DUXPVROOWHLFKYRQPHLQHU.FKHWUlXPHQ"
.FKHQVLQGVRDOWZLHGLH0HQVFKKHLW+|KOHQPLW/DJHUIHXHUDXI
GHP5RKHVYHUGDXOLFKJHPDFKWZXUGHZDUHQDXFK.FKHQ+HXWH
VLQGHVRIWKRFKWHFKQLVFKH*HELOGH6FKPHFNWPLUGDV(VVHQ GHV
KDOE EHVVHU DOV GHQ 8UPHQVFKHQ PLW LKUHP 8UKXQJHU" ,FK JODXEH
NDXP
0HLQH.FKH(LQ7UDXP"
$OOHUGLQJV ZLOO LFK QLFKW YHUKHKOHQ GDVV KHXWH LQ HLQHU VSH]LHOO
HLQJHULFKWHWHQ.FKHYLHOH6SHLVHQ]XEHUHLWHWZHUGHQN|QQHQGLH
HLQHP EHL GHQ SULPLWLYHQ .RFKVWHOOHQ GHU 8U]HLW JDU QLFKW HUVW LQ
GHQ6LQQJHNRPPHQZlUHQ%HLVSLHOVZHLVH3RPPHVIULWHV
'RFKLFKVLQQLHUHZHLWHU.RFKHQ(VVHQ$EZDVFKHQ9HUVWDXHQ±
GDV LVW HV ZDV PLU HLQIlOOW DOV LFK PHLQH QHXH :RKQXQJ EHWUHWH
XQGLQGLHOHHUH.FKHVFKDXH$EHUGHVKDOEJOHLFKWUlXPHQ"
*HWUlXPWKDWPHLQHDOWH)UHXQGLQ*ULW6LHHU]lKOWH
LQ HLQHP HXSKRULVFKHQ $QIDOO KDEH LFK VFKRQ MHW]W HLQH .FKH JH
NDXIW REZRKO LFK VLH HUVW LP $XJXVW QlFKVWHQ -DKUHV EUDXFKH (V LVW
HLQ $XVVWHOOXQJVVWFN QDWUOLFK VHKU JQVWLJ ,P .DXIYHUWUDJ ZXUGH
VRIRUWLJH *HVDPW]DKOXQJ YHUHLQEDUW 8QG LFK KDEH DXFK JOHLFK PLW
.DUWHEH]DKOWZLHPDQQXUVRGXPPVHLQNDQQ
,P 1DFKKLQHLQ KDEH LFK IHVWJHVWHOOW GDVV LFK GLH .FKH JDU QLFKW VR
VWHOOHQNDQQZLHJHSODQW:DVPDFKHLFKQXQ"
*RWW VHL 'DQN LFKNDQQ GDV *HOG QRFK ELVPRUJHQ ]XUFNUXIHQ $EHU
GDQQ"
2KGDVNRPPWMDVFKRQHLQHP$OSWUDXPQDKH,FKNDQQDQHLQHQ
.FKHQNDXI QLFKW KHUDQJHKHQ ZLH DQ GHQ EOLFKHQ 0|EHONDXI
GHQQHVVLQG]XYLHOH%HVRQGHUKHLWHQ]XEHDFKWHQ,FKPXVVPHKU
DOVEHLDQGHUHQ0|EHOQGDUDQGHQNHQ
ZHOFKH%HJUHQ]XQJHQPHLQ.FKHQUDXPKDW
ZLHXQGZRGLH,QVWDOODWLRQHQ:DVVHU$EZDVVHU6WURP*DV
OLHJHQ
ZDVLQPHLQHU.FKHDOOHVJHVFKHKHQVROO
'DVDOOHVHLJQHWVLFKQLFKW]XP7UlXPHQ
.FKHQSODQXQG.FKHQZLUNOLFKNHLW
.FKHQSODQXQG.FKHQZLUNOLFKNHLW
.HLQH(LQEDXNFKHRKQH3ODQ
,Q *HGDQNHQ ZHL LFK UHFKW VFKQHOO ZLH PHLQH .FKH DXVVHKHQ
VROO $EHU VWHKW VLH VR EHUHLWV LUJHQGZR LQ GHU :LUNOLFKNHLW LQ HL
QHP.FKHQVWXGLRRGHULQHLQHP0|EHOKDXV"
:RKONDXP9LHOOHLFKWILQGHLFKQDFKODQJHP6XFKHQHLQH$XVVWHO
OXQJVNFKH GLH PHLQHQ 9RUVWHOOXQJHQ QDKH NRPPW (V ZlUH MH
GRFK SXUHU =XIDOO ZHQQ LFK IUHXGLJ DXVUXIHQ N|QQWH 'D LVW VLH
'LHQHKPHLFKVRZLHVLHLVW
(V JHKW ZRKO QLFKW DQGHUV :DV LFK YRU PHLQHP LQQHUHQ $XJH
VHKH PXVV DOV =HLFKQXQJ DXI 3DSLHU RGHU DXI GHQ 0RQLWRU HLQHV
3&JHEUDFKWZHUGHQ1XUGDQQNDQQLFKDXVPHLQHU.FKHQYLVLRQ
HLQH.FKHQUHDOLWlWPDFKHQ
:HQQ LFK DQ *ULW GHQNH HUVFKHLQW PLU GLHVH )RUGHUXQJ XP VR
ZLFKWLJHU3ODQORVHU.FKHQNDXI PLW QDFKIROJHQGHP :HK XQG $FK
LVWJDUQLFKWVRVHOWHQ
,FKK|UHVDJHQ.FKHQSOlQHJLEWHVGRFKHQPDVVH0DQFKH.
FKHQVWXGLRVKlQJHQYROOGDYRQ.DQQPDQGLHGHQQQLFKWYHUZHQ
GHQ"
0HLQH .FKH LVW HEHQ HLQ 8QLNDW 'HU 3ODQ GD]X DXFK 8QLNDWH
VROOWHQLPPHUGRNXPHQWLHUWZHUGHQ
'HU .FKHQSODQ KDW QRFK HLQH DQGHUH ZLFKWLJH )XQNWLRQ (U KlOW
PLU GLH NQIWLJH .FKHQZLUNOLFKNHLW ZLH HLQ 6SLHJHO YRU 6FKRQ
MHW]W NDQQ LFK PLFK LPDJLQlU LQ GHU .FKH EHZHJHQ XQG VWlQGLJ
SUIHQREDOOHVVWLPPW'HU.FKHQSODQLVWDOVRVRHWZDVZLHHLQ
.RQWUROOEODWW
.FKHQSODQXQG.FKHQZLUNOLFKNHLW
-HW]WNHLQH)HKOHUPDFKHQ
Ä6WLPPWDOOHV"³
'LHVH )UDJH PXVV LFK LQ MHGHU 3KDVH PHLQHV .FKHQSURMHNWV LP
PHUZLHGHUVWHOOHQ%HLGHU3ODQXQJHUVWUHFKW
:HQQ VLFK KLHU )HKOHU HLQVFKOHLFKHQ EHJOHLWHQ VLH PLFK ELV ]XP
(QGH GDV 3URMHNWV (V LVW VHKU EH]HLFKQHQG ZDV PLU HLQH /HVHULQ
SHU(0DLOVFKULHE
*XWHQ7DJ+HUU*QWKHULQGHQOHW]WHQ0RQDWHQKDEHLFKHWZD
(XUR LQ GHQ 6DQG JHVHW]W ,FK ELQ HUVFKWWHUW YHU]ZHLIHOW
XQG ZWHQG EHU PHLQH HLJHQH 'XPPKHLW )DFKNUlIWHQ LQ GHU 0|EHO
EUDQFKHEOLQGOLQJVYHUWUDXW]XKDEHQ
:LU KDEHQ YRU NXU]HP HLQ +DXV JHEDXW XQG EHUHLWV QDFK GHP ,QQHQ
SXW]KDEHQZLUXQVXPXQVHUHQ.FKHQNDXIEHPKW,P.FKHQVWXGLR
KDEHQZLUXQVEHUDWHQODVVHQ'HU.FKHQSODQHUKDWXQVY|OOLJYRQXQ
VHUHU HLJHQWOLFKHQ 3ODQXQJ DEJHEUDFKW 'DUDXIKLQ ZXUGHQ GLH (OHNWUL
]LWlWVXQGGLH:DVVHUOHLWXQJHQJDQ]DQGHUVYHUOHJW
8QWHUVFKULHEHQ SOXV $Q]DKOXQJ XQG QDFK :RFKHQ NDP GLH
.FKH 5HVXOWDW 0LW PHLQHU *U|H YRQ FP NRPPH LFK NDXP DQ
GLH6SOHQRFKVHKHLFKZDVLQPHLQHQ.RFKWRSILVW,FKNDQQNHLQ%URW
VFKQHLGHQ XQG LQVJHVDPW KDEH LFK LQ HLQHU Pð JURHQ .FKH JH
QDXFPXQGFP$UEHLWVIOlFKH
'HU.FKHQYHUNlXIHUYHUZHLJHUWMHJOLFKH$UWYRQ6FKXOG(UEHUQLPPW
NHLQH 9HUDQWZRUWXQJ IU VHLQ %HUDWXQJVJHVSUlFK REZRKO HU XQV ]X
GLHVHP(UJHEQLVLQ6LW]XQJHQKLQJHIKUWKDW,VWGDVUHFKWHQV"
'DVLQGHLQLJHJUDYLHUHQGH3ODQXQJVIHKOHUSDVVLHUW(VJLEWGDYRQ
QRFKYLHOYLHOPHKU
(VJLOWVLH]XYHUPHLGHQ
.FKHQSODQXQG.FKHQZLUNOLFKNHLW
6HOEVWSODQHQRGHUSODQHQODVVHQ"
'DV (UOHEQLV GHU /HVHULQ EULQJW PLFK DXI GLH ZLFKWLJH )UDJH :LH
NRPPH LFK ]X HLQHP .FKHQSODQ" 3ODQH LFK VHOEVW RGHU ODVVH LFK
SODQHQ"
,FKZHUGHEHLGHVWXQ
=XHUVW SODQH LFK VHOEVW 'DPLW PHLQH LFK QLFKW QXU GDV JUREH
6NL]]LHUHQ GHV *UXQGULVVHV 1HLQ HV VROO HLQ 3ODQ PLW DOOHP QRW
ZHQGLJHQ'UXPXQG'UDQVHLQ
8QGZLHPDFKHLFKGDV"
$EHU DXFK RKQH 3& NDQQ LFK HLQHQ EUDXFKEDUHQ .FKHQSODQ HU
VWHOOHQ'D]XEHGDUIHVQLFKWDOO]XYLHO,FKEHQ|WLJHOHGLJOLFK
0LOOLPHWHUSDSLHU=HLFKHQVWLIWXQG5DGLHUJXPPL
'LHVH8WHQVLOLHQEHVRUJHLFKPLULQHLQHP.FKHQVWXGLR,FKEUDX
FKHGDIUQLFKWV]XEH]DKOHQGHQQGDVVLQGEHOLHEWH:HUEHPLWWHO
1DWUOLFK ZHUGH LFK EHLP =HLFKQHQ EDOG IHVWVWHOOHQ GDVV LFK HLQH
JDQ]H0HQJHEHU.FKHQXQGLKUH(LQ]HOWHLOHZLVVHQPXVV$EHU
.FKHQSODQXQG.FKHQZLUNOLFKNHLW
GHVKDOE OLHJW MD GLHVHV %XFK QHEHQ PLU DXI GHP 7LVFK :HQQ LFK
DXIGLHVH:HLVHVHOEHUSODQHKDEHLFKHLQHQHQWVFKHLGHQGHQ9RU
WHLO
Ä.FKHQSODQXQJQDFK0D±EHL,KQHQ]X+DXVH³
1DDOVR'DVZHUGHLFKXQJHQLHUWLQ$QVSUXFKQHKPHQ
9RQZHJHQ6RZHLWLVWHVQRFKQLFKW,QGHU3ODQXQJVSKDVHXQWHU
VFKUHLEHLFKQLFKWV
3ODQHQKHLW]XHUVW0HVVHQ
3ODQHQKHLW]XHUVW0HVVHQ
0DQ P|JH PLU YHU]HLKHQ GDVV LFK GLHVHV .DSLWHO PLW HLQHU %LQ
VHQZHLVKHLW EHJLQQH 2E 6HOEVWSODQXQJ RGHU )UHPGSODQXQJ EHL
GHVJHKWQLFKWRKQH0DH8QGHLQ.FKHQSODQLVWQXUGDQQHWZDV
ZHUWZHQQGLH0DHXQGGHU0DVWDEVWLPPHQ
,FKNRPPHGDUDXIZHLOLFKIUKHURIWEHL3ODQXQJVJHVSUlFKHQPLW
.FKHQNXQGHQ/XVWLJHVHUOHEWKDEH
Ä*HEHQ6LHPDOKHU³VDJWHGHU.XQGHXQJHGXOGLJXQGJULII
QDFK PHLQHP =HLFKHQVWLIW Ä6R PHLQH LFK GDV³ 'DQQ
]HLFKQHWH HU XQJHOHQN .DVWHQ QHEHQ .DVWHQ JURH XQG
NOHLQHXQGVFKULHEKLQHLQ+HUG6SOH.KOVFKUDQNXVZ
'D LFK JHUDGH GHQ %HJULII 0DVWDE YHUZHQGHW KDEH P|FKWH LFK
JOHLFKGD]XDQPHUNHQ
0LW0DVWDEKDEHLFKQLFKWGHQ=ROOVWRFNJHPHLQWVRQGHUQ
GDV JOHLFKEOHLEHQGH 9HUKlOWQLV YRQ 6WULFKOlQJHQ DXI GHP
3DSLHU]XGHQ/lQJHQLQGHU5HDOLWlW
'LH=HLFKQXQJHQLQGLHVHP%XFKHQWKDOWHQDXVSURMHNWLRQ
VWHFKQLVFKHQ *UQGHQ NHLQH $QJDEHQ ]XP 0DVWDE 'LH
0D]DKOHQ VLQG FP )DOOV DQGHUH 0DHLQKHLWHQ YHUZHQGHW
ZHUGHQLVWGLHVEHVRQGHUVHUZlKQW
=XUFN ]XP 0HVVHQ 'D LFK PLFK HQWVFKORVVHQ KDEH DXI MHGHQ
)DOO VHOEVW HLQHQ .FKHQSODQ ]X IHUWLJHQ ZHUGH LFK DXFK VHOEHU
PHVVHQ1DWUOLFKGDUIRGHUVROOVSlWHUHLQ.FKHQIDFKEHUDWHUDXV
LUJHQGHLQHP.FKHQVWXGLRHEHQIDOOVPHVVHQ,FKZHUGHGDQQVHL
QH0HVVHUJHEQLVVHPLWPHLQHQYHUJOHLFKHQ.RQWUROOHLVWDOOHV
3ODQHQKHLW]XHUVW0HVVHQ
-HW]WDEHUKLQHLQLQGLHQHXH:RKQXQJXPHQGOLFKPLWGHP0HV
VHQ ]X EHJLQQHQ 'LH %LOGHU GLH LFK ]HLJHQ ZHUGH KDEH LFK PLW
PHLQHP.FKHQSODQXQJVSURJUDPPDXIGHP3&HUVWHOOW
,FKP|FKWHPHLQHQ.FKHQUDXPHLQPDO DXVGHU9RJHOSHUVSHNWLYH
]HLJHQ$EELOGXQJ0HLQ&RPSXWHUPDFKWPLUGDVOHLFKW
$EELOGXQJ
$KDGLH.FKHLVWMDJDUQLFKWOHHU'HU9RUPLHWHUKDWVHLQHQDOWHQ
6SOHQVFKUDQN VWHKHQ ODVVHQ 2GHU JHK|UW GHU ]XP 0LHWREMHNW"
=XUFN LQ GHU PHQVFKOLFKHQ 3HUVSHNWLYH VHKH LFK GHQ 5DXP VR
$EELOGXQJ
$EELOGXQJ
3ODQHQKHLW]XHUVW0HVVHQ
-D GLH 6SOH PXVV UDXV 'LH NDQQ LFK QLFKW JHEUDXFKHQ 6LH KLQ
GHUWQXUEHLP0HVVHQ
$EELOGXQJ
=XHUVWZLOOLFKZLVVHQZLHJURGLH.FKHEHUKDXSWLVW'DVZlUH
DOVRGLHHUVWH0HVVXQJXQGVLHLVWGLHHLQIDFKVWH(VJHKWXP/lQ
JHXQG%UHLWHGHV5DXPHV
,FKNRPPHDXI[FPXQGUHFKQHNXU]'LH.FKHQIOlFKH
EHOlXIWVLFKDXIPð
3ODQHQKHLW]XHUVW0HVVHQ
:LHRIWZRXQGZDVLFKPHVVH
(LQPDO DOVR KDEH LFK EHUHLWV JHPHVVHQ .DQQ LFK HV GDEHL EHODV
VHQRGHUVROOWHLFKGLH0HVVXQJ]XU6LFKHUKHLWZLHGHUKROHQ"
(VNOLQJWPLUYRQ-XJHQGKHULP2KUZDVGDPDOVZlKUHQG
GHV3UDNWLNXPVGHU0HLVWHUVS|WWLVFKVDJWH
-DMD±]ZHLPDOJHPHVVHQXQGLPPHUQRFK]XNXU]
:HP ZlUH VR HWZDV QLFKW VFKRQ SDVVLHUW" 'DPDOV SUlJWH LFK PLU
HLQ
0DQNDQQQLH]XRIWPHVVHQ
$QGHUV LVW HV EHL GHU 6WHOOIOlFKH IU GLH .FKHQWHLOH $XI GHQ HU
VWHQ%OLFNELHWHWVLFKDQGLH.FKHEHU(FNHQWODQJGHQ:lQGHQ
XQG DQ]XRUGQHQ ZLH HV GLH JHVWULFKHOWH /LQLH LP *UXQGULVV
$EELOGXQJ ]HLJW +LHU KLQHLQ ZHUGH LFK GLH HLQ]HOQHQ .
FKHQREMHNWHVWHOOHQ
=ZLVFKHQGXUFKHWZDV]XGHQ]DKOUHLFKXPKHUVFKZLUUHQGHQ
%HJULIIHQ
6FKUlQNHXQG*HUlWH]XP(LQEDXHQ
3ODQHQKHLW]XHUVW0HVVHQ
,FKPXVVGLHHLQ]HOQHQ0HVVVWUHFNHQVWlQGLJEHUSUIHQ
,FKPXVVPHKUHUH0DHIUHLQXQGGDVVHOEH2EMHNWHUPLWWHOQ
,FKPXVVZHLWHUKLQVWlQGLJPHVVHQXPGDVULFKWLJH2EMHNWDQ
GHQULFKWLJHQ6WDQGRUW]XEULQJHQ
$XIGHP%RGHQPHVVHQ
=XQlFKVWKROHLFKPLUHLQHQHXH*UXQGULVV]HLFKQXQJDXIGHQ%LOG
VFKLUP XP GDULQ GLH 0DH GRNXPHQWLHUHQ ]X N|QQHQ 'LH DOWH
6SOHODVVHLFKZHJ'DEHLIlOOWPLUDXIGDVVLFKELVKHUGHQ+HL]
N|USHUXQWHUP)HQVWHUEHUVHKHQKDEH'HQIJHLFKVFKQHOOHLQ
%HLGHQQXQIROJHQGHQ0HVVXQJHQOLHJWPHLQ0HVVZHUN]HXJ=ROO
VWRFN0DEDQGRlDXIGHP%RGHQ
:HQQ LFK DXI GHP %RGHQ PHVVH KDEH LFK HV RIW PLW )XOHLVWHQ
$EVFKOXVVOHLVWHQ EHL .XQVWVWRIIE|GHQ RGHU 3DUNHWW JHIOLHVWH %R
GHQOHLVWHQ XVZ ]X WXQ ,FK PXVV LKUH 7LHIH KLQ]X]lKOHQ GDPLW
LFK GLH (QWIHUQXQJ YRQ :DQG ]X :DQG HUKDOWH 'LH .FKHQHOH
PHQWH VWHKHQ QlPOLFK DXI 6WHOOIHQ GLH QDFK LQQHQ YHUVHW]W
VLQG6RN|QQHQGLH.FKHQWHLOHWURW])XOHLVWHJDQ]DQGLH:DQG
JHUFNWZHUGHQ
3ODQHQKHLW]XHUVW0HVVHQ
$EELOGXQJ
:DUXPGLH3DUDOOHOPHVVXQJ"1LFKWQXUZHJHQGHV6FKRUQVWHLQVLQ
GHU(FNHVRQGHUQZHLOLFKPHKUIDFKIROJHQGHVHUOHEWKDEH$EELO
GXQJ
$EELOGXQJ
(V LVW JDU QLFKW VR VHOWHQ GDVV GLH 5DXPHFNHQ QLFKW LP
:LQNHO YHUODXIHQ +LHU LVW HV GLH UHFKWH (FNH 9LHOOHLFKW LVW GHU
9HUSXW]YRQ:DQGXQJOHLFKPlLJDXIJHWUDJHQZRUGHQ
'HQQPHLQHHUVWH0HVVXQJGLUHNWDQGHU:DQG]HLJWQRFKFP
'LH ]ZHLWH 0HVVXQJ DEHU FD FP GDYRU HUJLEW FP (V KDW
VFKZHUZLHJHQGH )ROJHQ ZHQQ LFK GLHVH 0DXQWHUVFKLHGH QLFKW
EHDFKWH
3ODQHQKHLW]XHUVW0HVVHQ
:HQQ LFK QXU GLH FP VHKH N|QQWH LFK GLH :DQG SULPD DXV
QXW]HQXQGIQI8QWHUVFKUlQNHYRUVHKHQXQG]ZDU
*LQJHGHU$XIWUDJVRDQV:HUNZlUHGLH0LVHUHSHUIHNWZHQQGLH
6FKUlQNHJHOLHIHUWXQGDXVJHSDFNWVLQGXQG]XU0RQWDJHDQVWHKHQ
$EELOGXQJ
$EELOGXQJ
$EELOGXQJ
3ODQHQKHLW]XHUVW0HVVHQ
6SlWHUZLUGGHU0RQWHXUIOXFKHQ:LHVROOHUGLHIQI8QWHUVFKUlQ
NHDQGLHVHU:DQGXQWHUEULQJHQ"-DMDGLHVH0HVVIHKOHU
6WRSS:DUHVGHQQZLUNOLFKHLQ0HVVIHKOHU"1HLQGHQQGLH0DH
VWLPPHQ (V ZDU HLQ 3ODQXQJVIHKOHU 'LH DXVJHZlKOWHQ .
FKHQHOHPHQWHSDVVHQHEHQQLFKWDXIFP
+LHUPLWKDEHLFKVFKRQYRUJHJULIIHQ'LHULFKWLJH$XVZDKOGHU.
FKHQWHLOH LVW HLQH .XQVW IU VLFK 'DUEHU JLEW HV LP .DSLWHO
Ä:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH³QRFKYLHO]XVDJHQ
'RFK]XUFN]XU/lQJH'DV0DFPLVWWURW]GHPZLFKWLJ,FK
EUDXFKH HV IU GLH $UEHLWVSODWWH 'LHVH PXVV UXQGXP SDVVJHQDX
DQ GHQ :lQGHQ DQOLHJHQ DOVR KLQWHQ FP XQG YRUQH FP
ODQJVHLQ
(LQJXWHU0RQWHXUVFKQHLGHWYRU2UWGLH6FKUlJHPLWGHU6WLFKVlJH
]XZLHHVGLHJHVWULFKHOWH/LQLH]HLJW$EELOGXQJ
$EELOGXQJ
6FKRQZLHGHUJUHLIH LFK YRU %HLP 0RQWLHUHQ VLQG ZLU MD QRFK JDU
QLFKW
6LFKHU $EHU HV LVW QW]OLFK LQ MHGHU 3KDVH GHV *HVFKHKHQV GHQ
JHVDPWHQ .FKHQDXIEDX LP $XJH ]X EHKDOWHQ 'DV QHQQH LFK
JDQ]KHLWOLFKH%HDUEHLWXQJHLQHV.FKHQSURMHNWV
'LH6DFKHPLWGHU$UEHLWVSODWWH]HLJWPLUDXHUGHPGDVVHVQLFKW
JHQJW QXU DXI GHP %RGHQ ]X PHVVHQ 'LH $UEHLWVSODWWH ZLUG
QlPOLFKVSlWHUGRUWQLFKWOLHJHQVRQGHUQFDFPK|KHUDXIGHQ
8QWHUVFKUlQNHQ
3ODQHQKHLW]XHUVW0HVVHQ
,QYHUVFKLHGHQHQ+|KHQPHVVHQ
,PPHU PXVV LFK GRUW PHVVHQ ZR GDV 2EMHNW VSlWHU DXFK OLHJHQ
RGHUVWHKHQZLUG2EMHNWPHVVXQJ
$EELOGXQJ
3ODQHQKHLW]XHUVW0HVVHQ
'LH=HLFKQXQJ]HLJW]ZHL+|KHQLQGHQHQLFKPHLQ0HVVZHUN]HXJ
DQJHOHJWKDEHFP0HVVK|KHXQGFP0HVVK|KH
,VWVFKRQNRPSOL]LHUWGLH0HVVDUEHLWDEHUDXFKQRWZHQGLJ
,QVWDOODWLRQVDQVFKOVVHPHVVHQ
3ODQHQKHLW]XHUVW0HVVHQ
$EELOGXQJ
$EELOGXQJ
3ODQHQKHLW]XHUVW0HVVHQ
$EELOGXQJ
:UGHLFKHLQ)DPLOLHQKHLPIUXQVEDXHQZUGHLFKGDUDXIDFK
WHQGDVVGLH/HLWXQJHQXQG$QVFKOVVHQDFKVROFKHLQHP,QVWDOOD
WLRQVSODQ JHOHJW ZHUGHQ $EHU DXFK GD JLEW HV 6FKZLHULJNHLWHQ
DQGHUHU $UW 6LH NRPPHQ YRQ HLQHU 6HLWH YRQ GHU PDQ HV QLFKW
JODXEHQVROOWH
,FKHUKLHOWIROJHQGH(0DLO
*XWHQ 7DJ +HUU *QWKHU ZLU VLQG JHUDGH DP +DXVEDX XQG P|FKWHQ
DXFK HLQH QHXH .FKH NDXIHQ 'HU JQVWLJVWH $QELHWHU YHUODQJW HLQH
$Q]DKOXQJ YRQ GHV .DXISUHLVHV ,VW GDV VR EOLFK" 'LH /LHIHUXQJ
ZLUG YRQ XQV HUVW LP )HEUXDU JHZQVFKW ZLU EUDXFKHQ MHGRFK
GHQ,QVWDOODWLRQVSODQYRUDE'HQZLOOXQVGHU+lQGOHUDEHUHUVWJHEHQ
ZHQQ ZLU GHQ .DXIYHUWUDJ XQWHUVFKULHEHQ KDEHQ .DQQ PDQ VLFK HLQH
$XVNXQIWEHUGLH)LUPDHLQKROHQZHJHQ6HULRVLWlWHWF":HQQMDZR"
6LHK PDO HLQHU DQ 'D VHW]W HLQ +lQGOHU VHLQHQ .XQGHQ PLW GHP
,QVWDOODWLRQVSODQ XQWHU 'UXFN XP 'RSSHOWHV ]X HUUHLFKHQ 'HQ
$XIWUDJ XQG HLQH KRKH $Q]DKOXQJ ,FK KDEH PHLQHP 5DWVXFKHQ
GHQ QDWUOLFK VRIRUW XQG JHUQH 7LSSV JHJHEHQ ZLH HU ]X VHLQHP
3ODQHQKHLW]XHUVW0HVVHQ
'RFK ]XUFN ]X PHLQHP .FKHQSURMHNW %HL PLU JHKW HV XP HLQH
0LHWZRKQXQJXQGLFKPXVVPLWGHP OHEHQ ZDV LFK YRUILQGH /HL
WXQJHQYHUOHJHQNRPPWQLFKWLQIUDJH
-DHVVWLPPW.FKHQSODQXQJLVWHLQHZLJHV0HVVHQ
,FKK|UHHVI|UPOLFKUDXQHQ'HULVWGRFKHLQ0HVVIHWLVFKLVW
1DGDQQELQLFKHEHQHLQHU
3ODQHQKHLW]XHUVW0HVVHQ
0HLQH.FKHNRPSOHWWJHPHVVHQEHPDW
1LVFKHQXQG9RUVSUQJHQ
6FKUlJHQEHL:lQGHQXQG'HFNHQ
WHLOZHLVHJHIOLHVWHQ:DQGIOlFKHQ
+HL]N|USHUQ
)HQVWHUElQNHQ
7U]DUJHQXVZ
=XQlFKVWIKUHLFKGLH%RGHQPHVVXQJHQGXUFKXQGWUDJHGLH0D
]DKOHQLQGHQ*UXQGULVVHLQ$EELOGXQJ
$EELOGXQJ
=XP*OFNJLEWHVNDXP3UREOHPEHUHLFKH
3ODQHQKHLW]XHUVW0HVVHQ
0HLQH .FKH ZLUG EHU (FN HQWODQJ GHQ :lQGHQ XQG VWHKHQ
:DV LFK PLW :DQG )HQVWHU +HL]XQJ HYHQWXHOO WHLOZHLVH DXFK
PLW :DQG PDFKH ZHUGH LFK PLU QRFK EHUOHJHQ 'DEHL ZLUG
VLFKHUPHLQ*HOGEHXWHOGLHJU|WH5ROOHVSLHOHQ
$EELOGXQJ
3ODQHQKHLW]XHUVW0HVVHQ
'HU JHNDFKHOWH :DQGWHLO LVW FP EUHLW XQG FP KRFK ,FK
ZHL QRFK QLFKW RE HU DXVUHLFKW XP GHQ Ä1DVVEHUHLFK³ GRUW ZR
VLFK 6SOH XQG +HUG PLW 'XQVWKDXEH EHILQGHQ ZHUGHQ JlQ]OLFK
DE]XGHFNHQ'LH3ODW]LHUXQJGHU.FKHQHOHPHQWHZLUGHV]HLJHQ
'DQQ VLQG GD QRFK GLH JHVWULFKHOWHQ 0HVVOLQLHQ 6LH JHEHQ GLH
3RVLWLRQ GHU ,QVWDOODWLRQVHLQULFKWXQJHQ DQ ,GHDO LP 6LQQH GHU ,Q
VWDOODWLRQVSOlQH GHU .FKHQKHUVWHOOHU $EELOGXQJHQ XQG
OLHJHQVLHQLFKW,FKVHKHZLHGHUXPYRQOLQNVQDFKUHFKWVJHPHV
VHQ
'RSSHOVWHFNGRVH FP
+HUGDQVFKOXGRVH FP
1XQ ]XU :DQG +LHU LVW QXU GLH 7UK|KH LQWHUHVVDQW YLHOOHLFKW
DXFKQRFKGLH(QWIHUQXQJGHVNRPELQLHUWHQ/LFKWVFKDOWHUVYRQGHU
:DQGOLQNV$EELOGXQJ
3ODQHQKHLW]XHUVW0HVVHQ
$EELOGXQJ
6FKOLHOLFKLVWGDQRFK:DQGPLWGHP)HQVWHU$EELOGXQJ
$EELOGXQJ
3ODQHQKHLW]XHUVW0HVVHQ
(V IUHXW PLFK GDVV GDV )HQVWHUVLPV )HQVWHUEUHWW FP KRFK
OLHJW ,FK N|QQWH GLH $UEHLWVSODWWH EHTXHP EHU (FN XQWHU GHP
)HQVWHUXQGEHUGHU+HL]XQJZHLWHUIKUHQ0DQZLUGVHKHQ
'D IlOOW PLU HWZDV HLQ ZDV QLFKWV PLW GHP $XVPHVVHQ PHLQHU
.FKH ]X WXQ KDW DEHU XQEHGLQJW EHUHLWV MHW]W JHSUIW ZHUGHQ
VROOWH
6LQGGLH5DXPZlQGHVREHVFKDIIHQGDVVGLH2EHUVFKUlQNH
VLFKHUDXIJHKlQJWZHUGHQN|QQHQ"
,FK VWHOOH IHVW GDVV HV VLFK XP QRUPDOHV 0DXHUZHUN DXV
/HLFKWEHWRQVWHLQHQKDQGHOW(LQJHERKUWH'EHOZHUGHQIHVW
VLW]HQ VR GDVV DXFK EHODGHQH +lQJHVFKUlQNH GLH GRFK
JDQ]VFK|QVFKZHUVLQGQLFKWKHUXQWHUVWU]HQZHUGHQ
,FK PHUNH ZLHGHU ZLH PHLQH *HGDQNHQ GDUXP NUHLVHQ ZLH ZRKO
GLH .FKH OHW]WOLFK DXIJHVWHOOW ZHUGHQ NDQQ REZRKO LFK JHUDGH
HUVW PLW GHP 0HVVHQ IHUWLJ ELQ PLFK DOVR LPPHU QRFK LQ GHU HU
VWHQ IUKHQ 3KDVH GHU .FKHQSODQXQJ EHILQGH 7URW]GHP LVW GDV
QRWZHQGLJ 'HQQ EHL HLQHP .FKHQSURMHNW PXVV PDQ DP $QIDQJ
EHUHLWVGDV(QGHEHGHQNHQ 'LHVH JDQ]KHLWOLFKH %HWUDFKWXQJVZHL
VHKDWWHLFKVFKRQHUZlKQW
'HUQlFKVWH6FKULWWDXIGHP:HJ]XPHLQHPHLJHQHQ.FKHQSODQ
IKUW]XGHU9LHOIDOWXQGGHQ0DHQGHU.FKHQHOHPHQWH
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJH
UlWHQ
=DKOORVH(LQ]HOWHLOH±DEHUQXUZHQLJH%DVLVHOH
PHQWH
:HQQ PDQ YRU HLQHU JXW JHSODQWHQ XQG PRQWLHUWHQ .FKH VWHKW
HUVFKHLQW DOOHV ZLH DXV HLQHP *XVV 'RFK VLH LVW EHNDQQWOLFK LQ
LKUHP 8UVSUXQJ NHLQHVZHJV NRPSDNW 6LH EHVWHKW DXV YLHOHQ (LQ
]HOWHLOHQ GLH DXFK HLQ]HOQ LP +HUVWHOOHUZHUN SURGX]LHUW XQG HUVW
YRU2UW]XVDPPHQJHEDXWZXUGHQ
%HLGLHVHQ(LQ]HOWHLOHQVFKZLUUWHVQXUVRYRQ1DPHQ7\SHQ(OH
PHQWH .FKHQEDXVWHLQH 0RGXOH 6WFNH .RUSXVVH .DVWHQ XVZ
,FKPXVVGHVKDOE%HJULIIVNODUKHLWVFKDIIHQ
,FKYHUZHQGHDOV2EHUEHJULII.FKHQHOHPHQWHIUDOOHVZDVGLH
UHLQHQ .FKHQKHUVWHOOHU OLHIHUQ XQG (LQEDXJHUlWH IU GDV ZDV
GLH*HUlWHLQGXVWULH]XPHLQHU.FKHEHLVWHXHUW
:RKOJHPHUNW(LQEDXJHUlWH'LH+DXVKDOWVJHUlWH.DIIHHDXWRPDW
7RDVWHU(LHUNRFKHU0L[HUXVZJHK|UHQQLFKWGD]X
+RFKVFKUlQNH
8QWHUVFKUlQNH
$UEHLWVSODWWHQ
2EHUVFKUlQNH
.UDQ]OHLVWHQXQG/LFKWEOHQGHQ
1LVFKHQDXVVWDWWXQJ
(UJlQ]XQJVWHLOH
'LH=DKOGHU.FKHQHOHPHQWHLVW/HJLRQ,FKVFKDXHLQHLQHQ+HU
VWHOOHUNDWDORJXQG]lKOHEHLVSLHOVZHLVHQXUEHLGHQ+RFKVFKUlQNHQ
YHUVFKLHGHQH$XVIKUXQJHQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
:LHKRFKLVWHUVWGLH=DKOZHQQ LFKDOOH.FKHQHOHPHQWH]XVDP
PHQQHKPH" (LQ XQJHKHXUHV 3URGXNWLRQVSURJUDPP 8QG HV KDQ
GHOWVLFKQRFKQLFKWHLQPDOXPHLQHQEHVRQGHUVJURHQ+HUVWHOOHU
:HQQ LFK GDQQ QRFK EHGHQNH GDVV GLH +HUVWHOOHU ZHQQ VLH LP
0DUNW EOHLEHQ ZROOHQ RIW QHXH $XVIKUXQJHQ NUHLHUHQ PVVHQ
NRPPHLFKDXVGHP=lKOHQJDUQLFKWPHKUKHUDXV
)U PLFK DOV 9HUEUDXFKHU KHLW GLHV 'LH RSWLPDOH $XVZDKO XQWHU
GHQ]DKOORVHQ.FKHQHOHPHQWHQ]XWUHIIHQLVWHLQH.XQVW2GHUVR
HWZDVZLH/RWWHULH"
hEHUVLFKWOLFKHUZLUGHVZHQQLFKGLH(OHPHQWHYLHOIDOWVWUXNWXULHUH
6LHKH GD HV VFKlOW VLFK HLQ .HUQ KHUDXV 'DV VLQG GLH %DVLVHOH
PHQWH$OOHVDQGHUHVLQGGHUHQ9DULDWLRQHQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
'DQQ DOVR UDQ DQ GLH %DVLVHOHPHQWH 1DWUOLFK LVW GDEHL HLQ %OLFN
DXIGLHHLQHRGHUDQGHUH9DULDWLRQGXUFKDXVDQJHEUDFKW
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
+RFKVFKUlQNH
$EELOGXQJ $EELOGXQJ
$EELOGXQJ $EELOGXQJ
,FKZHLGDVVLFKEHLGLHVHQXQGGHQPHLVWHQDQGHUHQ6FKUlQNHQ
XQWHUPLQGHVWHQVGHQ%UHLWHQPDHQ
XQGFP
ZlKOHQNDQQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
8QWHUVFKUlQNH
'LH*UXQGW\SHQGHU8QWHUVFKUlQNHVLQGHWZDV]DKOUHLFKHU,FKZLOO
PLFKDXIGLHJHOlXILJVWHQEHVFKUlQNHQ$EELOGXQJHQELV
$EELOGXQJ $EELOGXQJ
$EELOGXQJ $EELOGXQJ
8QYHU]LFKWEDU IU MHGH .FKH ± XQG QXU GDQQ KDQGHOW HV VLFK
EHUKDXSWHUVWXPHLQH.FKHVLQGGLH8QWHUVFKUlQNHIUV6S
OHQ$EELOGXQJXQG.RFKHQ$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
$EELOGXQJ $EELOGXQJ
'RUW ZR .FKHQ]HLOHQ IUHL LP 5DXP HQGHQ VROO HV QLFKW VWXPSI
XQGSOXPSVRQGHUQDEJHUXQGHWXQGDXIJHORFNHUWDXVVHKHQ'DIU
JLEWHV$EVFKOXVVUHJDOH$EELOGXQJ
$EELOGXQJ $EELOGXQJ
,QGHU$EELOGXQJKDEH LFKGLH)URQWVHLWHGXUFKHLQH(FNEOHQGH
YHUVFKORVVHQGDKLQWHUDEHUEOHLEWHVOHHU
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
6ROFK HLQ WRWHV (FN NDQQ LFK YHUPHLGHQ GXUFK HLQH (FNO|VXQJ
ZLH HV LP )DFKMDUJRQ KHLW (V KDQGHOW VLFK XP EHVRQGHUV NRQ
VWUXLHUWH (FNVFKUlQNH (LQ VROFKHU NDQQ ]% HLQ NRPSDNWHU :LQ
NHOXQWHUVFKUDQN $EELOGXQJ RGHU HLQ EOLFKHU 8QWHUVFKUDQN
PLWHLQHU$QVWHOOIOlFKH$EELOGXQJVHLQ
$EELOGXQJ $EELOGXQJ
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
'DV LVW JXW VR GHQQ GDV +RO] RGHU GHU +RO]ZHUNVWRII N|QQWHQ
YLHOOHLFKW GXUFK )HXFKWLJNHLW DXV GHU 5DXPZDQG DQJHJULIIHQ ZHU
GHQ:LFKWLJHUMHGRFKLVWGDVV3ODW]EOHLEWXP.DEHOKLQGXUFK]X
IKUHQRGHU8QHEHQKHLWHQLQGHU:DQG]%%OLQGVWRSIHQIU:DV
VHUDQVFKOVVH6WHFNGRVHQDXV]XJOHLFKHQ
0HKU DOV +|KH XQG 7LHIH LQWHUHVVLHUW PLFK GLH %UHLWH LQ GHU 8Q
WHUVFKUDQNHOHPHQWHJHOLHIHUWZHUGHQ8QGGDVHKHLFKHLQHHUIUHX
OLFKH9LHOIDOW
±±±±±±±±±XQGFP
'DZLUGGLH$XVZDKOVSlWHUULFKWLJ6SDPDFKHQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
2EHUVFKUlQNH
:LHGHUVWHLJHUWVLFKGLH9LHOIDOW,FKPXVVGHVKDOEGLH=DKOPHLQHU
%HLVSLHOHIU%DVLVHOHPHQWHHUK|KHQ
$PPHLVWHQYHUZHQGHWZHUGHQ2EHUVFKUlQNHPLW7UHQ
$EELOGXQJ $EELOGXQJ
'DQQLVWGDGDV5HJDOGDVLFKJHUQHDP(QGHHLQHU2EHUVFKUDQN
]HLOH DXIKlQJH IDOOV VLH IUHL LP 5DXP HQGHW $EELOGXQJ (LQ
5HJDOPDFKWVLFKDXFKJXWLQHLQHU(FNH$EELOGXQJ
$EELOGXQJ $EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
(FNO|VXQJHQLP2EHUVFKUDQNEHUHLFKVLQGHLQHNQLIIOLJH6DFKH
(V NRPPW DXI GLH ULFKWLJH :DKO GHU .FKHQHOHPHQWH DQ $EHU
ZLHGHUPXVVLFKDXIVSlWHUYHUZHLVHQXPKLHUQLFKW]XYHUZLUUHQ
=XHUVWP|FKWHLFKGLHJHEUlXFKOLFKVWHQ(FNW\SHQDXI]HLJHQ
:LHEHLGHQ(FNO|VXQJHQIU8QWHUVFKUlQNHLVWGD]XQlFKVWHLQPDO
GLH 2EHUVFKUDQNHFNH DOV .RPSDNWVFKUDQN $EELOGXQJ 'HP
JHPl PXVV HV DXFK GHQ 2EHUVFKUDQN ]XP :HLWHUEDXHQ PLW DQ
GHUHQ2EHUVFKUlQNHQJHEHQ$EELOGXQJ
'HU *UXQGULVV $EELOGXQJ D ]HLJW GDVV LQ GLHVHP )DOO QDFK
UHFKWVZHLWHUJHEDXWZHUGHQNDQQ
1XQ LQWHUHVVLHUW HV PLFK QRFK ZLH HV EHU GHU .RFKVWHOOH DXV
VLHKW
)UHLPRQWLHUEDUH'XQVWDE]XJVJHUlWHVLQGVHOWHQHUJHZRUGHQ0DQ
LQWHJULHUWVLHMHW]WKlXILJHULQ2EHUVFKUlQNHQ$EELOGXQJ
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
*URHU%HOLHEWKHLWHUIUHXHQVLFKQHXHUGLQJVGLH)ODFKVFKLUPGXQVW
KDXEHQ IU GLH HV QDWUOLFK VSH]LHOO NRQVWUXLHUWH 2EHUVFKUlQNH
JLEW $EELOGXQJ ,FK SHUV|QOLFK OLHEH GDV UXVWLNDOH 'HVLJQ LQ
+RO] 'HVKDOE NDQQ LFK NDQQ HV QLFKW ODVVHQ PLU HLQH HQWVSUH
FKHQGH'XQVWHVVHDQ]XVFKDXHQ$EELOGXQJ
$EELOGXQJ $EELOGXQJ
1XQ]XGHQ$EPHVVXQJHQYRQ2EHUVFKUlQNHQ=XHUVWZLHGHUGLH
%UHLWHQ
±±±±±±±±±XQGFP
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
'LH $EELOGXQJ ]HLJW DOV 7LHIH GLH EOLFKHQ FP 'LH 5FN
ZlQGHVLQGFDFP]XUFNJHVHW]W'DVLVWVLQQYROOZLHLFKVFKRQ
EHLGHQ8QWHUVFKUlQNHQIHVWJHVWHOOWKDEH
6HKUEHGHXWVDPLVWGDV1LVFKHQPDGKGHU$EVWDQGGHU2EHU
VFKUlQNHYRQGHQ8QWHUVFKUlQNHQ$EELOGXQJ
:HQQLQGHU.FKHQ]HLOHHLQ+RFKVFKUDQNVWHKWEUDXFKHLFKQLFKW
ODQJH ]X EHUOHJHQ 'D GLH 2EHUNDQWHQ HLQHU .FKHQ]HLOH PHL
VWHQV HLQH ZDDJHUHFKWH /LQLH ELOGHQ OHJH LFK PLW GHU :DKO GHU
2EHUVFKUlQNHJOHLFK]HLWLJDXFKGLH1LVFKHQJU|HIHVW
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
.HLQH5HJHORKQH$XVQDKPH'LH 1LVFKH]ZLVFKHQ.RFKVWHOOHXQG
'XQVWKDXEH PXVV HLQH EHVWLPPWH 0LQGHVWK|KH KDEHQ ZHQQ GDV
$EVDXJHQIXQNWLRQLHUHQVROO
(OHNWULVFKH.RFKVWHOOH
.RFKSODWWHQ&HUDQNRFKIHOG 0LQGHVWDEVWDQGFP
*DVNRFKVWHOOH 0LQGHVWDEVWDQGFP
.RFKVWHOOH.RKOHgO 0LQGHVWDEVWDQGFP
8QG VFKRQ LVW GDPLW DXFK GDV 1LVFKHQPD EHL GHQ EHQDFKEDUWHQ
2EHUVFKUlQNHQIHVWJHVFKULHEHQ
,FKNUDPHPDOHLQHQ.FKHQSODQZLHGHUKHUDXVGHUPLUQHXOLFKLQ
GLH+lQGHJHIDOOHQZDUXQGGHQLFKNRSIVFKWWHOQGEHLVHLWHJHOHJW
KDWWH$EELOGXQJ
$EELOGXQJ
1DMDLFKZHLQLFKW:HQQHVMHPDQGHPJHIlOOWVROOHVUHFKWVHLQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
%HLDOOHU/LHEH]XU$XIORFNHUXQJNDQQLFKQLFKWGXUFKJHKHQODVVHQ
GDVVPDQGDEHLDOOH3ODQXQJVJUXQGVlW]HYHUJLVVWXQG±ZDVQRFK
ZLFKWLJHULVW±GLH%HGUIQLVVHGHV.FKHQQXW]HUVPLVVDFKWHW'HU
*UXQGULVV]HLJWHVGHXWOLFK$EELOGXQJ
$EELOGXQJ
8QWHUVFKUlQNHXQGGDUEHUKlQJHQGH(OHPHQWHODVVHQGLH
YHUWLNDOH /LQLH YHUPLVVHQ GDV KHLW VLH VLQG XQWHUVFKLHG
OLFKEUHLW
'LH(LQEDXVSOHEHILQGHWVLFK]XGLFKWDPOLQNHQ+DOEKRFK
VFKUDQN GDV KHLW PDQ VFKOlJW EHLP +DQWLHUHQ PLW *H
VFKLUUDQGLH6HLWHQZDQGDQ
=ZLVFKHQ6SOHXQG&HUDQNRFKIHOGJLEWHVNHLQHQ$EVWDQG
GDVKHLWGHU.RFKWRSINDQQLQGDV6SOEHFNHQSXU]HOQ
:HQQLFKZLHGHUDQGHQ$QIDQJGHV%XFKV]XUFNEOlWWHUHXQGPLU
GLH GRUW DEJHELOGHWH Ä7UDXPNFKH³ DQVFKDXH 6ROFKH )HKOHU ZXU
GHQGDQLFKWJHPDFKW
'RFK ODVVHQ ZLU GDV ]XQlFKVW ,FK ZLOO PLFK ZLHGHU GHQ .
FKHQHOHPHQWHQ]XZHQGHQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
'LHEULJHQ(OHPHQWH
:DVMHW]WQRFKDQ]XVFKDXHQLVW
$UEHLWVSODWWHQ
1LVFKHQDXVVWDWWXQJ
.UDQ]OHLVWHQXQG/LFKWEOHQGHQ
(UJlQ]XQJVWHLOH
$UEHLWVSODWWHQ
$P $QIDQJ DOV GLH (LQEDXNFKH LQ 0RGH NDP ZDUHQ GLH (FNHQ
GHU $UEHLWVSODWWHQ NDQWLJ 'DV JLEW HV NDXP QRFK $EJHUXQGHWH
9RUGHUNDQWHQVLQGLQYLHOHU+LQVLFKWDQJHQHKPHU
$EELOGXQJ $EELOGXQJ
$XFKHFKWH6WHLQSODWWHQ]%DXV*UDQLWVFKOHLIWPDQKHXWHUXQG
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
$EELOGXQJ $EELOGXQJ
=XU$UEHLWVSODWWHJHK|UWGDV:DQGDEVFKOXVVSURILO(VPDFKW]XU
:DQGKLQDOOHVGLFKW$EELOGXQJ
$EELOGXQJ $EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
=ZDQJVOlXILJ GUlQJW VLFK GLH )UDJH DXI LQ ZHOFKHQ 0DHQ GLHVH
$UEHLWVSODWWHQYLHOIDOW]XKDEHQLVW
.FKHQKHUVWHOOHURGHUVSH]LDOLVLHUWH3ODWWHQOLHIHUDQWHQDUEHLWHQPLW
PHKU$XVIKUXQJHQ,KUH3ODWWHQN|QQHQYRQFPELV]XFP
EUHLW VHLQ 'DV ULFKWHW VLFK QDFK GHP MHZHLOLJHQ $QJHERW YRQ 8Q
WHUVFKUlQNHQ
$XHUGHPVFKQHLGHQVLHLKUH3ODWWHQUXQGXQGHFNLJLQDOOHQP|J
OLFKHQ 0DHQ $XFK GLDJRQDOH 6FKQLWWH JHK|UHQ ]XP 3URGXNWL
RQVDOOWDJ 'HVKDOE JLEW HV EHL $UEHLWVSODWWHQ NDXP HLQ %UHLWHQ
RGHU/lQJHQPDGDVVQLFKWJHOLHIHUWZHUGHQN|QQWH
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
1LVFKHQDXVVWDWWXQJ
$OVHLQH6SH]LDOLWlWEHLGHQ*UXQGW\SHQIUGLH1LVFKHVHKHLFKGLH
$XIVDW]VFKUlQNH XQG $XIVDW]YLWULQHQ DQ ,FK KlWWH GDUEHU
VFKRQ EHL GHQ 2EHUVFKUlQNHQ VSUHFKHQ N|QQHQ ZHLO PDQ VLFK
QDFK GHUHQ 0DHQ ULFKWHQ PXVV $EHU ZHLO $XIVDW]VFKUlQNH QLFKW
DQGLH:DQGJHKlQJWVRQGHUQDXIGLH$UEHLWVSODWWHQJHVWHOOWZHU
GHQ]lKOHLFKVLH]XU1LVFKHQDXVVWDWWXQJ
'LH $EELOGXQJ ]HLJW HLQHQ $XIVDW]VFKUDQN LQ GHQ DXFK HLQ
(OHNWURJHUlWLQWHJULHUWZHUGHQNDQQ
'LH%UHLWHQPDHGHU5HJDOHHQWVSUHFKHQGHQHQGHU2EHUVFKUlQ
NH.ODUGHQQVLHZHUGHQMDDXFKJHQDXGDUXQWHUPRQWLHUW
,QGHU+|KHPVVHQ$XIVDW]VFKUlQNHPLWGHU2EHUNDQWHYRQ QH
EHQVWHKHQGHQ+RFKVFKUlQNHQJOHLFK]LHKHQ'LHPHLVWHQ+HUVWHOOHU
RULHQWLHUHQVLFKDP+RFKVFKUDQNLQGHU6WDQGDUGK|KH'LHVH OLHJW
EHLFP'HPQDFKVLQG$XIVDW]VFKUlQNHFDFPKRFK
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
1LVFKHQVFKUlQNH PVVHQ VR KRFK ZLH GLH 1LVFKH VHLQ 'DV VLQG
PHLVWHQVFP
$OOGLHVH1LVFKHQHOHPHQWHPVVHQJHQDXVRWLHIVHLQZLHGLH2EHU
VFKUlQNHDOVRFDFP
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
.UDQ]OHLVWHQXQG/LFKWEOHQGHQ
:HQQ LFK HLQPDO NULWLVFK HLQH .FKH EHJXWDFKWHQ VROO DFKWH LFK
EHVRQGHUV DXI .UDQ]OHLVWHQ $EELOGXQJ XQG /LFKWEOHQGHQ $E
ELOGXQJ6LH]HLJHQPLUREHLQYHUVLHUWHU3ODQHUXQGDQVFKOLH
HQG HLQ IlKLJHU 0RQWHXU DP :HUN ZDUHQ :DV PDQ GD VR DOOHV
VLHKWRZHK=XYLHOH)XJHQDQJHVHW]WH6WFNH/FNHQHWF
$EELOGXQJ $EELOGXQJ
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
(UJlQ]XQJVWHLOH
8QYHU]LFKWEDUIUMHGH.FKHVLQG(LQODVVVSOHXQG0LVFKEDWWH
ULH
,FK QHKPH GHQ .DWDORJ HLQHV +HUVWHOOHUV GHU ]X GHQ JHKREHQHQ
.FKHQSURGX]HQWHQ JHK|UW ]XU +DQG XQG ]lKOH QDFK 1DKH]X
(LQEDXVSOHQ YHUVFKLHGHQHU )RUPHQ 0DWHULDOLHQ XQG )DUEHQ ELH
WHW HU DQ 8QG GDV LVW NHLQHVIDOOV GLH JHVDPWH 3URGXNWSDOHWWH GLH
DXI GHP 0DUNW LVW 9LHOH +HUVWHOOHU GHU =XOLHIHUHULQGXVWULH IU .
FKHQ WXPPHOQ VLFK KLHU 1D GDQQ ZlKO PDO VFK|Q NDQQ LFK GD
QXUVDJHQ
(V LVW VFK|Q ]X ZLVVHQ GDVV HV 6SOHQ IU 8QWHUVFKUlQNH EHUHLWV
DEFP%UHLWHJLEW
'DV 6SOEHFNHQ LQ $EELOGXQJ LVW UHFKW NOHLQ ,FK ZUGH GRFK
OLHEHU HLQ JU|HUHV ZlKOHQ )HUQHU VROOWH HLQ VRJHQDQQWHV 5HVWH
EHFNHQGDEHLVHLQGDV]%EHLP*HPVHSXW]HQVHKUQW]OLFKLVW
'DQQ PXVV DXFK GHU 6SOHQXQWHUVFKUDQN EUHLWHU VHLQ 6FKRQ DE
FP8QWHUVFKUDQNEUHLWHELHWHQVLFKVROFKH0|JOLFKNHLWHQ$EELO
GXQJ
$EELOGXQJ $EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
'DVUHLFKWIUPHLQH.FKH9LHOOHLFKWNDQQLFKVRJDUHLQHQFP
EUHLWHQ 8QWHUVFKUDQN VWHOOHQ 'DQQ NDQQ GDV %HFNHQ QRFK JU|HU
VHLQ
2EVLFKGDV%HFNHQUHFKWVRGHUOLQNVYRQGHU$EWURSIIOlFKH
EHILQGHW EUDXFKW PLFK QLFKW ]X NPPHUQ 'LH 6SOHQ
KHXW]XWDJH VLQG VR NRQVWUXLHUW GDVV LFK VLH XP *UDG
GUHKHQNDQQ'LH(LQVDW]|IIQXQJHQIU0LVFKEDWWHULHQVLQG
HQWVSUHFKHQGYRUJHERKUW
8QWHUGLH$EWURSIIOlFKHNDQQLFKDXHU8QWHUVFKUlQNHDXFK8QWHU
EDXJHUlWH VFKLHEHQ 'D GLHVHU 7HLO GHU 6SOH QLFKW K|KHU DOV GLH
$UEHLWVSODWWH LVW UDJW KLHU NHLQ +LQGHUQLV XQWHQ DQ GHU $UEHLWV
SODWWHKHUYRU
:HQQLFKYLHO3ODW]LQPHLQHU.FKHKlWWHZUGHLFKHLQH(LQODVV
VSOHPLWLQWHJULHUWHP$EIDOOV\VWHPHLQEDXHQ$EELOGXQJ
$EELOGXQJ
,QGLH$EIOO|IIQXQJHQUHFKWVZHUGHQGLH6LHEVFKDOHQKLQHLQJHOHJW
'DUXQWHU EHILQGHQ VLFK GLH $EZXUIVFKlFKWH GLH LQ GLH $EIDOOEH
KlOWHU PQGHQ 'LHVHV 6\VWHP YHUVFKOLQJW DOOHUGLQJV FP
6WHOOIOlFKH'DVLVWVLFKHU]XYLHOIUPHLQHUHODWLYNOHLQH.FKH
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
8QG GLH 6SOH LQ HLQH (FNH LQWHJULHUHQ" 'DPLW N|QQWH LFK PLFK
GXUFKDXV DQIUHXQGHQ 'LH .FKHQLQGXVWULH KlOW VROFKH (FNO|VXQ
JHQEHUHLW$EELOGXQJ
$EELOGXQJ
'LHV LVW GLH NOHLQVWH (FNVSOH 6LH EHQ|WLJW HLQ 6WHOOPD YRQ QXU
[ FP 'DV +DQGOLQJ LQ VROFK HLQHU 0LQLHFNH HUVFKHLQW PLU
MHGRFK]XVHKUHLQJHVFKUlQNW
'LH JHVDPWH 3DOHWWH YRQ (LQODVVVSOHQ NDQQ QRFK PLW DOOHUOHL =X
EHK|UDXVJHVWDWWHWZHUGHQ]%
6FKQHLGEUHWW5VWEUHWW
$EWURSIWDEOHWW
*HVFKLUUNRUE%HFNHQHLQVDW]5VWNRUE
6LHEVFKDOH
7HOOHUVWlQGHU
$OOHVSDVVWLQGLHMHZHLOLJHQgIIQXQJHQQXUGHU7HOOHUVWlQGHUVWHKW
IUHLDXIGHU$EWURSIIOlFKHRGHUDQGHUVZR
'DV:DVVHUP|FKWHLFKDXVHLQHUHOHJDQWHQ0LVFKEDWWHULHIOLHHQ
ODVVHQ'LHVHU:DVVHUKDKQ]%ZUGHPLUJHIDOOHQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
$EELOGXQJ
(U VLHKW QLFKW QXU FKLF DXV VRQGHUQ ELHWHW DXFK GLH Q|WLJH 7HFK
QLN $XVODXI ]X *UDG VFKZHQNEDU KHUDXV]LHKEDUH *HVFKLUU
EUDXVH 8PVFKDOWHU 5FNIOXVVYHUKLQGHUHU LQWHJULHUWHV *HUlWHDQ
VFKOXVVYHQWLO]%IU*HVFKLUUVSOHU
1DWUOLFK ELHWHQ GLH =XOLHIHUHU DXFK GLH $QODJHQ IU GHQ :DV
VHUDEODXI0DQQHQQWLKQODQGOlXILJ6LSKRQRGHU±ZHQLJHUODQG
OlXILJ±6SOHQJHUXFKVYHUVFKOXVV
:HQQLFKKLQXQGZLHGHUPDOLQHLQHQ6SOHQXQWHUVFKUDQNKLQHLQ
JHVFKDXW KDEH VFKUHFNWH PLFK RIW GDV UDXPJUHLIHQGH 5|KUHQJH
ZLUUGHU$EODXIDQODJH 'DV PXVV QLFKW VHLQ +HXW]XWDJH NDQQ GHU
$QVFKOXVVGXUFKIOH[LEOHNQLFNEDUH5RKUHEHUVLFKWOLFKXQGSODW]
VSDUHQGLQVWDOOLHUWZHUGHQ
:DV VRQVW QRFK DQ =XEHK|U JHERWHQ ZLUG P|FKWH LFK QXU DXI
]lKOHQ$OOHUGLQJVHUKHEHLFKGDPLWNHLQHQ$QVSUXFKDXI9ROOVWlQ
GLJNHLW (V VLQG GHU *HJHQVWlQGH ]X YLHOH $XFK NRPPHQ VWlQGLJ
1HXKHLWHQ DXI GHQ 0DUN GLH GDV +DQWLHUHQ LQ GHU .FKH HUOHLFK
WHUQVROOHQ
$EIDOOHLPHUHUZlKQWHLFKVFKRQ$XFKKLHUHUVFKHLQHQLPPHUZLH
GHU QHXH .UHDWLRQHQ :ROOWH PDQ VWlQGLJ DXI GHP PRGHUQVWHQ
6WDQG VHLQ ZUGHQ LPPHU |IWHU $EIDOOHLPHU DXI GHP $EIDOO ODQ
GHQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
$EHUMHW]W]XU$XI]lKOXQJ
+DQGWXFKKDOWHU
*HZU]JHVWHOOHHLQVFKOLHOLFKJHIOOWHU*HZU]GRVHQ
6FKWWHQHLQVlW]H
)ODVFKHQWUDJHN|UEH
3XW]PLWWHOJHVWHOOH
:LQNHO$EODJHURVWH
,QQHQDXV]JHLQ8QWHUVFKUlQNHQ
6RFNHOVFKXEODGHQ
9RUUDWVN|UEH
.HKUEOHFKXQG+DQGIHJHUKDOWHU
+DNHQOHLVWHQ
6FKODXFKXQG*HUlWHKDOWHU
=XVDPPHQNODSSEDUH7ULWWOHLWHUQ
3DSLHUUROOHQKDOWHU
0HVVHUKDOWHU0HVVHUEO|FNH
%HVWHFNHLQVlW]H
6FKQHLGEUHWWKDOWHU
.RFKEXFKDEODJHQ
5HOLQJOHLVWHQ
9LHUNDQWURKUHQ
9LHUNDQWIOH[RVFKOlXFKHQ
hEHUJDQJVVWFNHQ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
XQG PQGHW LP IOH[LEOHQ 0DXHUNDVWHQ :LH GDV *DQ]H QDFK GHU
0RQWDJHDXVVLHKW]HLJW$EELOGXQJ
$EELOGXQJ $EELOGXQJ
$EELOGXQJ $EELOGXQJ
$EELOGXQJ $EELOGXQJ
'HU$EOXIWNDQDOGHUYRQGHU'XQVWKDXEH]XUFDFPHQWIHUQ
WHQ0DXHU|IIQXQJIKUWOLHJWIODFKDXIGHQ2EHUVFKUlQNHQDXI(U
LVWXQVLFKWEDU8PVRPHKUZHQQQRFKHLQH.UDQ]OHLVWHGLH6LFKW
YHUGHFNW
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
$EELOGXQJ $EELOGXQJ
:HQQ6FKUlQNHLQQHQEHOHXFKWHWVLQGZLUGHVVRJDULQGHU.FKH
JHPWOLFK REZRKO VLH PHLVWHQV DOV QFKWHUQHU $UEHLWVUDXP JH
VWDOWHW ZLUG +LHU DOV %HLVSLHO HLQH EHOHXFKWHWH $XIVDW]YLWULQH $E
ELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
$EELOGXQJ
1XQ QlKHUH LFK PLFK EHUHLWV GHQ (OHNWURJHUlWHQ EHVVHU GHQ (LQ
EDXJHUlWHQ ,FK ZHUGH JOHLFK ]XVDPPHQIDVVHQG GDUDXI ]X VSUH
FKHQNRPPHQ
9RUDE P|FKWH LFK DEHU QRFK HLQ *HUlW KHUDXVJUHLIHQ GDV HLJHQW
OLFK QLFKW KLHUKHU JHK|UW :HLO HV DEHU RIW LQ HLQ .FKHQHOHPHQW
LQWHJULHUW LVW PXVV LFK GD]X NXU] HWZDV VDJHQ ,FK PHLQH GHQ
HOHNWULVFKHQ$OOHVVFKQHLGHU
:HQQ HU IUKHU VW|UHQG DXI GHU $UEHLWVIOlFKH VWDQG NDQQ LFK LKQ
KHXWH JXW LQ HLQHU 6FKXEODGH YHUVWHFNHQ 'LH (LQVFKXEWHFKQLN LVW
GHUDUW DXVJHUHLIW GDVV VLH GDV 6FKQHLGHQ YRQ %URW XQG :XUVW
QLFKWEHHLQWUlFKWLJW
'LH $EELOGXQJ ]HLJW GDVV GHU 8QWHUVFKUDQN PLW GHP $OOHV
VFKQHLGHUNOXJSOD]LHUWZXUGH'DV*HUlWLVWIUHLEHGLHQEDU
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
(LQEDXJHUlWH
,FK ZLOO HV QLFKW YHUKHLPOLFKHQ ,FK KDEH ODQJH EHUOHJW ZLH LFK
GHQ *HUlWHNRPSOH[ DQJHKHQ VROO 'HU .FKHQYHUNlXIHU GHU PLU
YRUHLQLJHU=HLWHLQ(0DLOVFKLFNWHKDWVFKRQUHFKW
9HUVXFKHQ6LHGRFKPDO7LSSVEHU.FKHQHOHNWURJHUlWH]XVFKUHL
EHQ6LHZHUGHQ3UREOHPHEHNRPPHQZHLOVLFKGLH*HUlWHDXVVWDWWXQJ
DOOHVHFKV0RQDWHlQGHUW
'LH+HUGHGLH6WLIWXQJ:DUHQWHVWLP0DLJHWHVWHWKDWWHZDUHQLQ
PHLQHPQHXHQ*HUlWHYHUNDXIVNDWDORJ-XOLQXUQRFKXQWHUGHU
5XEULN $XVODXIPRGHOOH ]X ILQGHQ 'LH 1DFKIROJHPRGHOOH KDWWHQ HLQH
DQGHUH $UWLNHOQXPPHU EHNRPPHQ 6LH ZDUHQ ZHLWHU YHUEHVVHUW ZRU
GHQMHGRFKQXUJHULQJIJLJWHXUHU
'DVZDULP-DKU+HXWH]ZHL-DKUHVSlWHUKlOWGHU0RGHOO
ZHFKVHOXQYHUPLQGHUWDQ
,FK ZHUGH DOVR JDU QLFKW HUVW YHUVXFKHQ GDUEHU ]X VFKUHLEHQ
ZDV GLH *HUlWH DOOHV N|QQHQ XQG ZLH JXW RGHU ZLH VFKOHFKW VLH
VLQG'DVN|QQHQ(QWZLFNOXQJVLQJHQLHXUHXQG7HFKQLNHUEHVVHU
$EHU PHLQ *HELHW LVW HV ]X ZLVVHQ RE XQG ZLH *HUlW XQG 8PEDX
.DVWHQ ]XVDPPHQSDVVHQ 8QG ZLH EHL OHW]WHUHQ GLH %DVLVHOH
PHQWHVRVLQGHVKLHUGLH*UXQGPRGHOOHGLHPLUDOOHVYHUUDWHQ
$OVRNRQ]HQWULHUHLFKPLFKGDUDXI
1DWUOLFK LVW HV IU PLFK ZLH IU MHGHQ .FKHQNlXIHU HLQH
GUlQJHQGH)UDJH:HOFKH*HUlWHVLQGGLHEHVWHQ"
0LHOH" $(*" 6LHPHQV" %DXNQHFKW" /LHEKHUU" :KLUOSRRO"
$QGHUH"
(LQHVZHUGHLFKDEHUKLHUGRFKWXQ,FKZHUGHZHLWHUXQWHQ
YHUUDWHQZHOFKH*HUlWHLFKIUPHLQH.FKHQHKPH
'RFKMHW]WHUVWHLQPDO]XGHQ*UXQGPRGHOOHQGHU(LQEDXJHUlWH
*HUlWH]XP.RFKHQ%DFNHQ
:LH VROOWH HV DQGHUV VHLQ LFK EHJLQQH PLW GHP NODVVLVFKHQ (LQ
EDXEDFNRIHQ)ULKQZHUGHQVDPW8PEDXGXUFKZHJFP6WHOO
IOlFKHEHQ|WLJW
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
,QGLH$UEHLWVSODWWHEHUGHP+HUGZLUGHQWZHGHUGLHKHUN|PPOL
FKH .RFKPXOGH $EELOGXQJ RGHU GDV .RFKIHOG E]Z &HUDQIHOG
$EELOGXQJHLQJHODVVHQ
$EELOGXQJ $EELOGXQJ
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
$EELOGXQJ
'LH 'XQVWKDXEH LQ $EELOGXQJ IROJW GHP 7UHQG GLH (OHNWURJH
UlWH P|JOLFKVW KLQWHU 0|EHOIURQWHQ ]X YHUVWHFNHQ E]Z ]X LQWH
JULHUHQZLHGLH)DFKOHXWHVDJHQ(LQHZHLWHUH$XVIKUXQJVROOGHQ
6WDXUDXP GHU GXUFK GLH *HUlWHLQWHJUDWLRQ YHUORUHQ JHKW ZHQLJ
VWHQVWHLOZHLVH]XUFNJHZLQQHQ$EELOGXQJ
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
*HUlWH]XP.KOHQ*HIULHUHQ$XIWDXHQ*DUHQ
$XFK KLHU EHPHUNH LFK ZLHGHU GDV %HGUIQLV GLH *HUlWH KLQWHU
0|EHOIURQWHQ]XYHUVWHFNHQ$EHUZHVVHQ%HGUIQLV"'DVGHU+HU
VWHOOHURGHUGDVGHU9HUEUDXFKHU1XW]HU"
(LQDQGHUHV%HGUIQLVHUVFKHLQWPLUZLFKWLJHU,FKP|FKWHVRZRKO
JHNKOWH DOV DXFK JHIURUHQH /HEHQVPLWWHO VFKQHOO XQG RKQH 8P
VWlQGH ]XU +DQG KDEHQ 'HVKDOE JUHLIH LFK DOV *UXQGPRGHOO GLH
.KO*HIULHUNRPELQDWLRQ KHUDXV 8QG VR SDVVW VLH PLW GHP *H
UlWHKRFKVFKUDQN]XVDPPHQ$EELOGXQJ
$EELOGXQJ
$XI HLQ ZLFKWLJHV 'HWDLO ZHUGH LFK EHVRQGHUV DFKWHQ $XI GLH %H
OIWXQJ'LHVFK|QVWH$EWDXDXWRPDWLNYHUVDJWZHQQGLH%HOIWXQJ
QLFKW DXVUHLFKW 9HUHLVWH .KO RGHU *HIULHUJHUlWH VLQG PLU HLQ
*UHXHO
8QWHU8PVWlQGHQJHQJWHLQHLQ]HOQHU.KOVFKUDQN.HLQ3UREOHP
GHQQIUMHGHV*HUlWJLEWHVGHQSDVVHQGHQ*HUlWHVFKUDQN
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
.HLQHVZHJVDXVGHU0RGHVLQG.KOVFKUlQNHRGHU*HIULHUVFKUlQNH
DOV 8QWHUEDXJHUlWH 0DQFKHU .FKHQUDXP OlVVW HV HLQIDFK QLFKW
]X HLQHQ +RFKVFKUDQN ]X VWHOOHQ 'DV *HUlW PX GHVKDOE XQWHU
GLH$UEHLWVSODWWHJHVFKREHQZHUGHQXQGEHQ|WLJWPHLVWHQVFP
3ODW]$EELOGXQJ
$EELOGXQJ
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
*HUlWH]XP*HVFKLUUVSOHQ:DVFKHQ
.DXPMHPDQGZLOOKHXWHQRFKGDV*HVFKLUUSHU+DQGVSOHQ'RFK
PDQFKPDO LVW HV LQ GHU .FKH VR HQJ GDVV HLQ *HVFKLUUVSOHU
NHLQHQ 3ODW] KDW 'D NDQQ HLQ QXU FP EUHLWHV *HUlW ZLH HV
KHXWHIDVW MHGHU *HUlWHKHUVWHOOHU SURGX]LHUW GXUFKDXV GLH /|VXQJ
VHLQ$EELOGXQJ
$EELOGXQJ
'HU EOLFKH *HVFKLUUVSOHU LVW FP EUHLW 'DV LVW GLH 6WDQGDUG
EUHLWH 6R DXFK EHL GHU :DVFKPDVFKLQH $EELOGXQJ ,FK SHU
V|QOLFKP|FKWHQLFKWVRJHUQH:lVFKHLQGHU.FKHZDVFKHQ$EHU
GHU =XVFKQLWW PDQFKHU :RKQXQJHQ OlVVW NHLQH DQGHUH :DKO 'D
LVWPDQIURKZHQQPDQEHUKDXSW3ODW]IUHLQHQ:DVFKDXWRPD
WHQKDW
$EELOGXQJ
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
6RQGHUJHUlWH
(VJLEWQLFKWVZDVHVQLFKWJLEW±GDVJLOWDXFKIU(LQEDXJHUlWH
,FK EHJQJH PLFK KLHU PLW HLQHU ZLOONUOLFKHQ $XI]lKOXQJ RKQH
$QVSUXFKDXI9ROOVWlQGLJNHLW
.RFKWDEOHDXVPLWWLHIHUJHOHJWHU.RFKHEHQH
.RPSDNWH(LQEDX.RFKHLQKHLWHQ*DV&HUDQIHOG*ULOO
7XUPKDXEHQ'XQVWHVVHQLQGLYHUVHQ$XVIKUXQJHQ
,QVHO(VVHQ
$EELOGXQJ $EELOGXQJD
3ODQHQPLW.FKHQHOHPHQWHQXQG(LQEDXJHUlWHQ
6R MHW]W ELQ LFK IHUWLJ 1HLQ QLFKW PLW GHQ 1HUYHQ )HUWLJ ELQ LFK
PLWPHLQHU([SHGLWLRQLQGHQ'VFKXQJHOGHU.FKHQHOHPHQWHXQG
(LQEDXJHUlWH
0LWGHPZDVLFKYRQPHLQHU5HLVHDQ*UXQGW\SHQXQG*UXQGPR
GHOOHQPLWJHEUDFKWKDEHNDQQLFKQXQPHLQ.FKHQUHLFKEDXHQ
,FK HUZlKQWH HV VFKRQ XQG P|FKWH HV ZLHGHUKROHQ ZHLO HV PLU
VHKU ZLFKWLJ HUVFKHLQW EHL GLHVHP $EODXI PHLQHV .FKHQSURMHNWV
]XEOHLEHQ
,FKVWHOOHPHLQH.FKH]XVDPPHQXQG]HLFKQHPHLQHQHL
JHQHQ .FKHQSODQ ORVJHO|VW YRQ .FKHQKHUVWHOOHUQ
0DUNHQ XQG 0RGHOOUHLKHQ QXU DQKDQG GHU *UXQGW\SHQ
XQG *UXQGPRGHOOH 'HQQ GLH VLQG EHL QDKH]X DOOHQ .
FKHQSURGX]HQWHQXQG*HUlWHKHUVWHOOHUQJOHLFK
,FKKDEHQLFKWVGDJHJHQZHQQHLQ.FKHQIDFKKlQGOHUHLQ
$QJHERW DXVVFKOLHOLFK PLW 0RGHOOHQ GHV YRQ LKP EHYRU
]XJWHQ +HUVWHOOHUV DXVDUEHLWHW ZHLO HU PLW LKP GLH EHVWHQ
*HVFKlIWH PDFKW $XI 0DUNH 0RGHOO 0DWHULDO )DUEHQ
XVZDOVRDXIDOOHVZDVGLH.FKHRSWLVFKSUlJWODVVHLFK
PLFKDEHUMHW]WQRFKQLFKWIHVWOHJHQ
0HLQHQ.FKHQSODQJHEHLFKQLFKWDXVGHU+DQG,FKQHQQH
QXUGLH'DWHQ,FKP|FKWHGDVVGHU.FKHQEHUDWHUVHLQHQ
3ODQ XQEHHLQIOXVVW YRQ PHLQHU 3ODQXQJ HUVWHOOW 9LHOOHLFKW
NRPPHQLKPEHVVHUH,GHHQDOVLFKVLHKDWWH'DVLVWDXFK
PHLQH%HJUQGXQJZHQQHUPLFKIUDJWZDUXPLFKPHLQHQ
3ODQQLFKWKHUDXVUFNHQZLOO
%HYRU LFK QXQ ]X ]HLFKQHQ EHJLQQH PXVV LFK GRFK QRFK HLQ ZHL
WHUHVZLFKWLJHV7KHPDDQVFKQHLGHQ'LH.FKHQHUJRQRPLH
3ODQHQPLW(UJRQRPLH
3ODQHQPLW(UJRQRPLH
(UJRQRPLH LVW HLQ KHXWH RIW JHK|UWHV )DFKZRUW 2E DOOH ZRKO GDV
*OHLFKHPHLQHQZHQQVLHHVJHEUDXFKHQ"
,FK ZLOO VLFKHUJHKHQ XQG VFKODJH QDFK 'HU 'XGHQ $XIODJH
HUNOlUWHVSUlJQDQWPLWÄ(UIRUVFKXQJGHU/HLVWXQJVP|JOLFK
NHLWHQXQGRSWLPDOHQ$UEHLWVEHGLQJXQJHQGHV0HQVFKHQ³
1DNODU'DQQZLOOLFKGDVPDOVRYHUVWHKHQ
'UHKWHVLFKELVKHUDOOHVXPGLH.FKHVROOVLFKQXQGLH.FKHXP
GHQ0HQVFKHQGUHKHQ:DV DXFK LPPHULFKLQPHLQHU.FKHWXH
HV PXVV PLW /HLFKWLJNHLW DEODXIHQ ,P 9RUGHUJUXQG VWHKW GDV RS
WLPDOH+DQGOLQJLQHLQHURSWLPDOJHVWDOWHWHQ.FKHQXPJHEXQJ
$OVRKDEHQMHW]WGLH(UJRQRPHQGDV:RUW
3ULPD'DVZLUGPHLQHU.FKHQSODQXQJGHQULFKWLJHQ'UDOOJHEHQ
:DVGLH(UJRQRPHQIUDJHQ
8QGGDVVLQGGLHW\SLVFKHQHUJRQRPLVFKH)UDJHQ
:LHLVW,KU.|USHUEDX"
D .|USHUJU|H"
E /LQNVRGHU5HFKWVKlQGHU"
F .|USHUOLFKH%HKLQGHUXQJHQ"
G 6RQVWLJH&KDUDNWHULVWLND"
3ODQHQPLW(UJRQRPLH
:HOFKH%HZHJXQJHQXQG.|USHUKDOWXQJHQEHODVWHQ6LH"
D +LQXQGKHUODXIHQODQJHV6WHKHQ"
E %FNHQRGHU+LQNQLHQ"
F 6WUHFNHQRGHUDXI7ULWWVFKHPHOVWHLJHQ"
G /DVWHQKHEHQWUDJHQ"
:DVZROOHQ6LHLQ,KUHU.FKHWXQ"
0LWZHOFKHQ8WHQVLOLHQKDQWLHUHQ6LH"
3ODQHQPLW(UJRQRPLH
'LH$QWZRUWHQXQGZDVGDUDXVJHPDFKWZLUG
,FK JHKH )UDJH IU )UDJH IU PHLQH 3HUVRQ GXUFK $QGHUH /HXWH
ZHUGHQ DQGHUV DQWZRUWHQ 'HQQRFK ZHUGHQ GLH *UXQG]JH ZLH
HLQH.FKHRSWLPDOIXQNWLRQLHUWVLFKWEDUZHUGHQ
:LHLVWXQVHU.|USHUEDX"±1DQXZDUXPSO|W]OLFKÄXQVHU³"
'DVNDPVR
*HUDGHDOVLFKGLHVHV.DSLWHOVFKULHENDPPHLQH)UDXLQV%UR
XQGVFKDXWHPLUEHUGLH6FKXOWHU
Ä:LHZHLWELVWGXPLWGHLQHP.FKHQEXFK"³ZROOWHVLHZLVVHQ
$OVLFKHVLKUHUNOlUWKDWWHVFKDXWHVLHPLFKYRUZXUIVYROODQ
Ä:LOOVW GX PLFK DXV GHU .FKH YHUEDQQHQ" ± 1XQ JXW 'DQQ
NRFKHPDOVFK|QNDXIHGLH/HEHQVPLWWHOXQG9RUUlWHHLQYHU
VWDXH DOOHV KDOWH DOOHV VDXEHU 9LHO 9HUJQJHQ ± ,FK VHW]H
PLFKJHUQHDQGHQJHGHFNWHQ7LVFK³
Ä1HLQQHLQ³OHQNWHLFKNOHLQODXWHLQÄ(VVROODOOHVEOHLEHQZLH
ELVKHU&KHILQGHU.FKHELVWGX³
Ä'DQQEHUFNVLFKWLJHGDVDXFKELWWHEHLGHLQHP(UJRQRPLHH[
NXUV³
'HVKDOEDOVRGDVÄ:LU³8QGGDVVLQGZLU
3ODQHQPLW(UJRQRPLH
D ,FKELQFPODQJPHLQH)UDXLVWFPJUR%HLGHVFKOD
JHQ ZLU XQV PLW 5FNHQSUREOHPHQ KHUXP ± PDO PHKU PDO
ZHQLJHUZLHVRYLHOH/HXWHKHXWH
1DFKGHQ(UNHQQWQLVVHQGHU(UJRQRPHQLVWIUPHLQH)UDXGLH
$UEHLWVK|KHFPULFKWLJ'DQQNDQQVLHLQDXIUHFKWHUORN
NHUHU .|USHUKDQGOXQJ DQ 6SOH XQG +HUG KDQWLHUHQ ,FK NDQQ
HVDXFKEHLFP$UEHLWVK|KH
$EELOGXQJ $EELOGXQJ
(VLVW QLFKW ]X EHUVHKHQ 'HU 6RFNHO PDFKW GLH +|KH $EELO
GXQJ(VJLEWLKQRGHUFPKRFK'HQ6RFNHO]X
YHUlQGHUQ LVW IU GHQ +HUVWHOOHU GLH WHFKQLVFK HLQIDFKVWH /|
VXQJ
3ODQHQPLW(UJRQRPLH
0DQPXVVQXQDQ7|SIHXQG3IDQQHQ DXIGHU.RFKSODWWHGHQ
NHQ 'HUHQ 5lQGHU HUK|KHQ GLH $UEHLWVK|KH ZLHGHU 'LH $QW
ZRUWGDUDXILVWGLHDEJHVHQNWH.RFKIOlFKH$EELOGXQJ
$EELOGXQJ
8P LQ HLQHP .RFKWRSI ]X UKUHQ QHKPHQ ZLU GHQ 5KU
O|IIHO LQ GLH UHFKWH +DQG XQG ZROOHQ LKQ GDQDFK DXWRPD
WLVFKUHFKWVDEOHJHQ
8P HLQHQ 7HOOHU ]X VSOHQ QHKPHQ ZLU LKQ LQ GLH OLQNH
+DQG XQG EHDUEHLWHQ LKQ PLW GHU UHFKWHQ 'DQDFK ZROOHQ
ZLUGHQ7HOOHUDXWRPDWLVFKOLQNVDEOHJHQ
3ODQHQPLW(UJRQRPLH
(VPXVVDOVRVRZRKOOLQNVDOVDXFKUHFKWVJHQJHQG$EODJHIOl
FKH JHEHQ %HL GHU 6SOH GLH $EWURSIIOlFKH OLQNV EHL GHU
.RFKIOlFKHHLQIUHLHU3ODW]UHFKWV
$EELOGXQJ
(VZlUHQLFKWHUJRQRPLVFKGLH8QWHUVFKUlQNH]ZLVFKHQ6SOH
+HUGXQG+RFKVFKUDQNZHJ]XODVVHQ(VJlEHNHLQH$EODJHIOl
FKHQXQGDXHUGHPN|QQWHHLQ7RSIYRQGHU.RFKIOlFKHLQGDV
6SOEHFNHQ NLSSHQ 5HFKWV VWLHH HU DQ GHU 6HLWHQZDQG GHV
+RFKVFKUDQNVDQ$EELOGXQJ
$EELOGXQJ
F XQGG
%HZHJXQJHQXQG.|USHUKDOWXQJHQGLHXQVEHODVWHQ
6RPLWZlUHDOOHVNODU6SOHXQG.RFKVWHOOHPVVHQEHLHLQDQ
GHUOLHJHQ8PDQ7|SIH3IDQQHQ%HVWHFNXVZ ]X JHODQJHQ
GDUIHVQXUHLQHQNOHLQHQ6FKULWW]XU6HLWHJHEHQ'DVJLOWDXFK
IUGLH9RUUlWHXQGGDV.KOXQG*HIULHUJXW:HQQLFKPLUGLH
$EELOGXQJHQXQGQRFKHLQPDODQVHKHZlUHHLQHVROFKH
=XVDPPHQVWHOOXQJ GHU .FKHQHOHPHQWH DXFK LQ GLHVHU +LQ
VLFKWRSWLPDO
E %HLGHQ.FKHQDUEHLWHQVLFK]XEFNHQLQGLH+RFNH]XJHKHQ
RGHU JDU KLQ]XNQLHQ LVW HLQH N|USHUOLFKH %HODVWXQJ GLH ZLU
JHUQHYHUPHLGHQP|FKWHQ
'LH(UJRQRPHQUDWHQGHVKDOE]XP|JOLFKVW]DKOUHLFKHQ$XV]
JHQLQP|JOLFKVWEUHLWHQ8QWHUVFKUlQNHQ0DQPXVVVLFKDXFK
GD VFKRQ JHQXJ EFNHQ $EHU GLH .FKHQXWHQVLOLHQ NRPPHQ
ZHQLJVWHQV PLW GHP $XV]XJ HQWJHJHQ XQG PDQ NDQQ VLH EH
TXHPHUHUUHLFKHQ$XV]JHNDQQHVDXFKKLQWHU7UHQJHEHQ
'LH KHLHQ GDQQ ,QQHQDXV]JH EHVWHKHQ DXV 'UDKWN|UEHQ
RGHU .DVWHQ XQG VROOWHQ P|JOLFKVW DXI NXJHOJHODJHUWHQ
6FKXEIKUXQJHQ ODXIHQ 'HU 6WDXUDXP EOHLEW GHU JOHLFKH %HL
(FNO|VXQJHQVLQG'UHKJHVWHOOHXQG.DUXVVHOOVHLQ0XVV
3ODQHQPLW(UJRQRPLH
'LH.FKHQKHUVWHOOHUKDEHQGLHVHQ%HGUIQLVVHQLQGHQOHW]WHQ
-DKUHQ LPPHU PHKU HQWVSURFKHQ 'LH 7RSIDXV]JH EHLVSLHOV
ZHLVH VLQG OHLFKWJlQJLJ JXW ]X EHVFKLFNHQ XQG KDOWHQ KRKH
*HZLFKWH DXV 'LH PHLVWHQ 'UHKJHVWHOOH ODXIHQ OHLFKW DXFK
ZHQQVLHVFKZHUEHODGHQVLQG
F 6LFKQDFKGHQK|KHUHQ5HJLRQHQGHU+RFKXQG2EHUVFKUlQNH
]X VWUHFNHQ XP GDQQ IDVW EOLQG QDFK LUJHQGZHOFKHQ *HJHQ
VWlQGHQ]XWDVWHQGDVLVWQLFKWVIUXQV
$EELOGXQJ
,FKEHGDXHUHDOOHUGLQJVGDVVGLHVH6FKUlQNHGXUFKZHJQXULQ
FP%UHLWHDQJHERWHQZHUGHQ9LHOOHLFKWODVVHQVLFKGLH.
FKHQKHUVWHOOHUGDQRFKHWZDVHLQIDOOHQ
$XI6FKHPHO]XVWHLJHQLVWEHLGHUYRQXQVJHSODQWHQ.FKHQ
]XVDPPHQVWHOOXQJ QLFKW HUIRUGHUOLFK $EHU LFK VHKH HLQ GDVV
LQ DQGHUHQ )lOOHQ GHU JDQ]H .FKHQNUDP VR XPIDQJUHLFK LVW
GDVV PHKU 6WDXUDXP KHU PXVV GXUFK K|KHUH +RFKVFKUlQNH
2EHUVFKUlQNH RGHU $XIVDW]VFKUlQNH 'DV JHKW GDQQ ELV FD
FPDOVRIDVWELVXQWHUGLH'HFNH
3ODQHQPLW(UJRQRPLH
:HQQHVDOVRVHLQPXVVZUGHLFKHLQHQ6FKHPHO$EELOGXQJ
QHKPHQGHUVR]XVDPPHQJHNODSSWZHUGHQNDQQGDVVHU
LP 8QWHUVFKUDQNVRFNHO 3ODW] ILQGHW 1DWUOLFK PXVV HU DXFK
VWDQGIHVWVHLQ
$EELOGXQJ $EELOGXQJ
G /DVWHQ ]X KHEHQ XQG ]X WUDJHQ PVVHQ ZLU ZHJHQ XQVHUHU
5FNHQSUREOHPHWXQOLFKVWXQWHUODVVHQ
,PHUVWHQ$XJHQEOLFNNRPPWPDQJDUQLFKWGDUDXIGDVVDXFK
LQ HLQHU .FKH /DVWHQ ]X EHZHJHQ VLQG $EHU ]% HLQ *lQVH
EUDWHQ LQ GHU .DVVHUROOH KDW HLQ JDQ] VFK|QHV *HZLFKW (LQ
KRFKJHVWHOOWHU%DFNRIHQLVWGHVKDOEHLQ6HJHQ
1LFKW QXU GHU /DVWHQ ZHJHQ LVW HV YRUWHLOKDIW %DFN|IHQ 0L
NURZHOOHQJHUlWRGHUDXFKGHQ.KOVFKUDQNLQ%UXVWK|KHDQ]X
RUGQHQ0DQNDQQGLH*HUlWHDXFKEHTXHPEHGLHQHQ
$XI GHU $EELOGXQJ LVW ]X VHKHQ GDVV GHU 5DXP XQWHU GHU
.RFKIOlFKH MHW]W JDQ] DQGHUV JHQXW]W ZLUG (V JLEW DXFK QRFK
DQGHUHSILIILJH/|VXQJHQ,FK]HLJHHVZHQQLFK]XU'HWDLOSOD
QXQJPHLQHU.FKHNRPPH
3ODQHQPLW(UJRQRPLH
:DVZLULQXQVHUHU.FKHWXQZROOHQ
'LHVH)UDJHLVWVFKQHOOEHDQWZRUWHW:LUEUDXFKHQNHLQHVRJH
QDQQWH :RKQNFKH LQ GHU VLFK GDV )DPLOLHQOHEHQ KDXSWVlFK
OLFKDEVSLHOW
:LUVLQG]X]ZHLWXQGZROOHQLQXQVHUHU.FKHQXUGLH1DKUXQJ
]XEHUHLWHQ$OOHUGLQJVZUGHHVXQVJHIDOOHQZHQQZLU]XVlW]
OLFK HLQHQ NOHLQHQ )UKVWFNVSODW] XQWHUEULQJHQ N|QQWHQ 'DV
PXVVDEHUGLH'HWDLOSODQXQJHUJHEHQ$XINHLQHQ)DOOGDUIGHU
6WDXUDXPGDGXUFKJHVFKPlOHUWZHUGHQ
0LWZHOFKHQ8WHQVLOLHQZLUKDQWLHUHQ
D 8QG VFKRQ VLQG ZLU EHLP 6WDXUDXP %HL HLQHP +DXVKDOW GHU
IDVW -DKUH EHVWHKW KDEHQ VLFK HLQH 0HQJH *HVFKLUU %H
VWHFNH *OlVHU .UJH 7|SIH 3IDQQHQ XQG GHUJOHLFKHQ DQJH
VDPPHOW'LH JXWHQ6WFNH5RVHQWKDO6HUYLFH6LOEHUEHVWHFN
H[NOXVLYH *OlVHU XVZ ODJHUQ LQ GHQ 9LWULQHQ LP (VV]LPPHU
WHLOZHLVHVRJDU]XU6FKDXJHVWHOOW'LH*HJHQVWlQGHGHVWlJOL
FKHQ*HEUDXFKVVLQGGHQQRFK]DKOUHLFK
,FK VDJWH VFKRQ GDVV ZLU LQ XQVHUHU .FKH DXI ]XVlW]OLFKHQ
6WDXUDXP GXUFK +RFKEDXHQ GHU 6FKUlQNH YHU]LFKWHQ ZROOHQ
$OVR ZLUG GHU QRWZHQGLJH 3ODW] GXUFK SILIILJH $QRUGQXQJ GHU
ULFKWLJHQ(OHPHQWH]XVFKDIIHQVHLQ:LUZHUGHQVHKHQ
3ODQHQPLW(UJRQRPLH
6R GDV ZlUµV ZDV XQVHUH (UJRQRPLH DQJHKW ,FK ZLOO QXU QRFK
NXU] GDUDXI ]X VSUHFKHQ NRPPHQ ZLH HLQH .FKH JHVWDOWHW VHLQ
VROOWH ZHQQ PDQ VLFK GDULQ LP 5ROOVWXKO EHZHJHQ PXVV 'D JLEW
HV LP ZHVHQWOLFKHQ IROJHQGH )RUGHUXQJHQ GLH GXUFK 6RQGHUDXV
IKUXQJHQEHLGHQ.FKHQHOHPHQWHQ]XYHUZLUNOLFKHQVLQG
.HLQH+LQGHUQLVVHLQGHU5DXPIOlFKH
8QWHUIDKUEDUH$UEHLWVIOlFKHQ
+DOEKRFKVFKUlQNHPLW$XV]JHQ
$EJHVHQNWH.RFKVWHOOH
-HQDFKVHLQHU%HKLQGHUXQJZLUGPDQFKHUQRFKZHLWHUH)RUGHUXQ
JHQHUKHEHQ
3ODQHQPLW(UJRQRPLH
,FK ZLOO HLQPDO VFKQHOO ]HLFKQHQ ZLH VR HLQH .FKH DXVVHKHQ
N|QQWH
$EELOGXQJ
'HU $XVVFKQLWW LQ GHU $UEHLWVSODWWH LVW ]X ZHLW QDFK OLQNV JH
UXWVFKW 'DV %HFNHQ JHK|UW LQ GLH 0LWWH GHU EHIDKUEDUHQ 1L
VFKH
(V IHKOW GHU .KOVFKUDQN 3ODW] GDIU ZlUH UHFKWV +LHU NDQQ
HLQ +DOEKRFKVFKUDQN PLW LQWHJULHUWHP *HUlW DQ GLH =HLOH DQ
JHIJWZHUGHQ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
-HW]W ZLUG HV HUQVW ,FK VHW]H PLFK YRU GHQ 3& XQG KROH GHQ
*UXQGULVV $EELOGXQJ DXI GHQ %LOGVFKLUP 'HQ *UXQGULVV EH
IUHLH LFK YRQ GHQ 0DDQJDEHQ XP GLH HQWVWHKHQGH =HLFKQXQJ
EHUVLFKWOLFK ]X KDOWHQ 6FKULWW IU 6FKULWW ZHUGH LFK GLH JHVSHL
FKHUWHQ %DVLVHOHPHQWH DXIUXIHQ XQG DQ LKUHQ 3ODW] ]X VWHOOHQ
'DEHL ZHL LFK GDVV GLHVH 3ODQXQJVDUEHLW YRQ ]ZHL 3ULQ]LSLHQ
JHWUDJHQVHLQPXVV
0HKUGLPHQVLRQDOGHQNHQ
:HQQLFK3ODQXQJVIHKOHUYHUPHLGHQZLOOPXVV LFKPHKUGLPHQVLR
QDO GHQNHQ ± QDFK XQWHQ REHQ KLQWHQ YRUQH OLQNV XQG UHFKWV
'HQQ HLQ .FKHQJHELOGH LVW XPIDVVHQG YHUQHW]W XQG YHU]ZHLJW
$EELOGXQJ
$EELOGXQJ
-HGHV (OHPHQW GDV LFK LUJHQGZR KLQVWHOOH ZLUNW VLFK QDFK DOOHQ
5LFKWXQJHQ DXV $QGHUH (OHPHQWH GLH LFK DXVVXFKH SDVVHQ YLHO
OHLFKWQLFKWPHKU6HLHVLQGHU+RUL]RQWDOHQRGHU9HUWLNDOHQ2GHU
7UHQ XQG $XV]JH VWRHQ LUJHQGZR DQ 2GHU HV EOHLEHQ /FNHQ
2GHU RGHU 8QG EHL DOOHP PXVV LFK VWlQGLJ GLH 0DH EHUSU
IHQ:DVEOHLEWDQ6WHOOIOlFKHZHQQLFKGLHVHVRGHUMHQHV(OHPHQW
ZlKOH"
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
'DV LVW WURW]GHP QRFK QLFKW DOOHV $XFK DQ GHQ 3UHLV PXVV LFK
GHQNHQ(OHPHQWHPLW$XV]JHQXQG6FKEHQ]%VLQGWHXUHUDOV
VROFKHPLW7UHQEUHLWHUHVLQGUHODWLYELOOLJHUDOVPHKUHUHVFKPD
OH
9RQOLQNVQDFKUHFKWV
$EELOGXQJ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
'DV LVW QLFKW HWZD GHVKDOE VR ZHLO ZLU YRQ OLQNV QDFK UHFKWV
VFKUHLEHQ RGHU ZHLO GHU 8KU]HLJHU VLFK YRQ OLQNV QDFK UHFKWV
GUHKW VRQGHUQ ZHLO GHU 0RQWHXU VSlWHU GLH .FKH YRQ OLQNV QDFK
UHFKWV DXIEDXHQ ZLUG 3ODQXQJ XQG $XIEDX YROO]LHKHQ VLFK DOVR LQ
JOHLFKHU5LFKWXQJ
3ODQXQJVWLSS
,FK SODQH YRQ OLQNV QDFK UHFKWV %HL (FNO|VXQJHQ EHJLQQH LFK PLW
GHU(FNH*LEWHVPHKUHUH(FNHQEHJLQQHLFKPLWGHUOLQNHQ
:LH IDVW LPPHU JLEW HV DXFK KLHU $XVQDKPHQ ,FK VHOEVW ZHUGH
KLHU HLQH VROFKH LQ $QVSUXFK QHKPHQ :DUXP HUJLEW VLFK XQWHQ
DXV.DSLWHO
'D LFK PHKUGLPHQVLRQDO GHQNHQ PXVV ZHUGH LFK DXFK EHLP %H
JLQQOLQNVEHUHLWVGDV(QGHUHFKWVXQGZDVGD]ZLVFKHQVWHKHQVROO
LP$XJHEHKDOWHQ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
'LH.HUQNFKH
,FK PLU KDOWH YRU $XJHQ ZDV LQ PHLQHU .FKH KDXSWVlFKOLFK JH
VFKHKHQZLUGQlPOLFK
GDV*HVFKLUUVSOHQ
GHQNXU]IULVWLJEHQ|WLJWHQ1DKUXQJVYRUUDWODJHUQNKOHQXVZ
,FKQHQQHGDVGLH.HUQNFKH
*HQDX GDPLW PXVV LFK DQIDQJHQ $XVQDKPVZHLVH LVW GDV LQ PHL
QHP )DOOH QLFKW GLH OLQNH (FNH OLQNV YRP )HQVWHU 1U LQ $EELO
GXQJVRQGHUQGLH:DQGPLWGHQWHFKQLVFKHQ$QVFKOVVHQ,Q
HUVWHU /LQLH JHKW HV GDEHL XP :DVVHU XQG $EZDVVHU PDQFKPDO
DXFKXPGHQ*DVDQVFKOXVVIUHLQHQ*DVKHUG
1LFKWVRZLFKWLJZLHHVPDQFKHPVFKHLQWLVWGLH/DJHGHVEHVRQ
GHUV JHVLFKHUWHQ (OHNWURDQVFKOXVVHV IU .RFKVWHOOH XQG %DFNRIHQ
(OHNWURNDEHO NDQQ PDQ PHWHUZHLW ]LHKHQ XQG YHUVWHFNHQ RKQH
GDVVVLHGLH$XIVWHOOXQJGHU(OHPHQWHEHKLQGHUQ
,FK EHJLQQH GHPQDFK LQ GHU (FNH UHFKWV YRP )HQVWHU 1U LQ
$EELOGXQJ'DVDOVRLVWGLHEHUKPWH$XVQDKPH6LHVWHOOWGDV
3ODQXQJVSULQ]LS ÄYRQ OLQNV QDFK UHFKWV³ GHP *UXQGH QDFK MHGRFK
NHLQHVZHJVLQ)UDJH
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
8QWHUVFKUlQNHXQG+RFKVFKUlQNHLQGHU.HUQNFKH
,FK EHJLQQH PLW GHU (FNH OLQNV DP )HQVWHU XQG VHW]H GHQ 6S
OHQXQWHUVFKUDQN 'DPLW VWHKW DXFK VFKRQ IHVW ZDV IROJHQ PXVV
$EELOGXQJ
*HVFKLUUVSOHU
.RFKVWHOOH&HUDQNRFKIHOG
+RFKJHVWHOOWHU%DFNRIHQXQG0LNURZHOOHQJHUlW
+RFKJHVWHOOWHU.KOVFKUDQN
$EELOGXQJ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
$EELOGXQJ
1U
3ODQXQJVWLSS
%HL 3ODQXQJ YRQ :DQG ]X :DQG LPPHU PLW HLQHP 3DVVVWFN YRQ
PLQGHVWHQVFP%UHLWHEHJLQQHQ
)DOOVHLQH/FNHYRQFPRGHUZHQLJHUHQWVWHKWEUDXFKWPDQVLH
QLFKW DXV]XIOOHQ $OV 6FKDWWHQIXJH LVW VLH RSWLVFK QLFKW ZDKU
QHKPEDU
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
1UXQG
,Q GLHVHP 0RPHQW GHQNH LFK DQV *HOG 6LFKHU ZlUH HLQ JURHU
8QWHUVFKUDQNELOOLJHUDOV]ZHLNOHLQH$EHUGDV0DFPJLEWHV
EHL 6SOHQXQWHUVFKUlQNHQ QLFKW XQG EHL FP NRPPH LFK LQ
3ODW]Q|WH
$XHUGHP PXVV LFK EHDFKWHQ GDVV GLH =X XQG DEJlQJH IU ,Q
VWDOODWLRQHQ QLFKW ]XJHEDXW ZHUGHQ ,FK VFKDXH PLU ZLHGHU GLH
:DQGDQVLFKWDQZHLOKLHUGLH$QVFKOVVH]XHUNHQQHQVLQG$EELO
GXQJ6RSDVVWHVDXFKLQGLHVHU+LQVLFKW
$EELOGXQJ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
1U
DOV=ZLVFKHQVFKUDQNYRQFP%UHLWHELHWHWDXVUHLFKHQG$UEHLWV
IOlFKH ]ZLVFKHQ 6SOH XQG .RFKVWHOOH :HLO LFK DXI GLH VRQVW EH
YRU]XJWHQ$XV]JHRGHU6FKXEODGHQYHU]LFKWHNDQQ LFK KLHU KHU
DXV]LHKEDUH 6WDQJHQ IU +DQGWFKHU YRUVHKHQ $XHUGHP EOHLEW
GHU =XJDQJ ]X GHQ ,QVWDOODWLRQHQ RIIHQ $OOHUGLQJV PVVHQ GDQQ
EHLGHU0RQWDJH5FNXQG6HLWHQZlQGHHQWVSUHFKHQGDXVJHVlJW
ZHUGHQ'DVLVWZLFKWLJZHLOLFKIUGHQ*HVFKLUUVSOHUHLQHQ DX
HUJHZ|KQOLFKHQ3ODW]JHZlKOWKDEH
1U
LVW LQ GHU 7DW HLQH QLFKW DOOWlJOLFKH /|VXQJ &HUDQNRFKIHOG EHU
GHP*HVFKLUUVSOHU'DV.RFKIHOGEHGLHQHLFKEHUREHQOLHJHQGH
6HQVRUWDVWHQ =ZLVFKHQ *HVFKLUUVSOHU XQG .RFKIHOGXQWHUVHLWH
PXVV HLQH KLW]HEHVWlQGLJH 'lPPSODWWH JHOHJW ZHUGHQ GLH NHL
QHUOHL$EZlUPHGXUFKOlVVW
,FKKDWWH]XQlFKVWEHUOHJWGHQ*HVFKLUUVSOHUDQGHQ%HJLQQGHU
=HLOHOLQNVDQGHU:DQG]XSOD]LHUHQ'LHJH|IIQHWH.ODSSHZUGH
GDQQDEHUKDUWDP+HL]N|USHUHQWODQJVWUHLIHQXQGLFKN|QQWHGDV
*HUlWQXUYRQHLQHU6HLWHKHUEHVFKLFNHQ
1U
DOV FP EUHLWHU 8QWHUVFKUDQN PLW 6FKEHQ XQG $XV]XJ VFKDIIW
GHQ Q|WLJHQ $EVWDQG ]XP IROJHQGHQ +RFKVFKUDQN ,Q GLH REHUVWH
6FKXEODGH NRPPW HLQ IDOWEDUHU HOHNWULVFKHU $OOHVVFKQHLGHU :HQQ
LFK LKQ DXVNODSSH OLHJW HU DXI GHU $UEHLWVSODWWH ]LHPOLFK HQJ DQ
GHU+RFKVFKUDQNVHLWHDQ:HQQHVHLQPHFKDQLVFK]XEHGLHQHQGHV
*HUlWZlUHKlWWHLFKNHLQHQ3ODW]]XP.XUEHOQ%HLHLQHPHOHNWUL
VFKHQ *HUlW PLW 6FKQHLGVHLWH OLQNV MHGRFK JLEW HV GLHVH %HKLQGH
UXQJQLFKW
1U
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
1U
PLWKRFKJHVWHOOWHP/LWHU.KOVFKUDQNPDJPDQFKHUDOVZHQL
JHU RSWLPDO SOD]LHUW DQVHKHQ ZHLO GLH GLFKW DQJUHQ]HQGH +LW]H
TXHOOH %DFNRIHQ HLQHQ JU|HUHQ 9HUEUDXFK DQ .KOHQHUJLH QDFK
VLFK ]LHKW 'DV NDQQ PDQ DEHU YHUKLQGHUQ LQGHP PDQ GLH OLQNH
1LVFKHQZDQG GHV +RFKVFKUDQNV PLW HLQHU GQQHQ 'lPPVFKLFKW
]% PLW HLQHU VSH]LHOOHQ $OXIROLH DXVOHJW :LFKWLJHU HUVFKHLQW
PLU GDVV VLFK GHU .KOVFKUDQN XQPLWWHOEDU GD EHILQGHW ZR GLH
KDXSWVlFKOLFKHQ.FKHQDUEHLWHQDEODXIHQ
(LQIDFKH $QWZRUW :HQQ LFK HLQH 6FKUDQNWU |IIQH GDUI LFK QLFKW
HUVW XP VLH KHUXPJHKHQ PVVHQ XP LQ GDV 6FKUDQNLQQHUH KLQ
HLQJUHLIHQ]XN|QQHQ
3ODQXQJVWLSS
,FKPXVVJHVWHKHQGDVVPLUGDHLQ)HKOHUXQWHUODXIHQLVW,QPHL
QHP .RSI KDWWH VLFK IHVWJHVHW]W GDVV HV EOLFK LVW HLQHQ GXUFK
JHKHQGHQ 6SOHQVFKUDQN PLW 7UHQ ]X YHUZHQGHQ YRQ GHQHQ
HLQH OLQNV XQG GLH DQGHUH UHFKWV DQJHVFKODJHQ VLQG ,FK KDEH MH
GRFK]ZHL(LQ]HOVFKUlQNHJHZlKOW$OVRN|QQHQEHLGH7UHQHUJR
QRPLVFKULFKWLJOLQNVDQJHVFKODJHQVHLQ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
2EHUVFKUlQNHLQGHU.HUQNFKH
0HLQH.HUQNFKHLVWHUVWYROOVWlQGLJZHQQVLHDXFK2EHUVFKUlQNH
KDW'LHVHZLOOLFKMHW]WHLQVHW]HQ
%HYRU LFK GDV WXH VFKDXH LFK PLU QRFK HLQPDO GLH $EELOGXQJHQ
XQG DQ6LH]HLJHQPLUVHKU DXIIlOOLJ GDVV GLH :DQG VR
ZLHLFKGLH(OHPHQWHVWHOOHXQ]XUHLFKHQGJHNDFKHOWLVW(VEOHLEHQ
KlVVOLFKHXQJHNDFKHOWH)OlFKHQGLHGXUFKGLH2EHUVFKUlQNHQLFKW
Y|OOLJ YHUGHFNW ZHUGHQ 'LH .DFKHOQ PVVWHQ YRQ GHU :DQG OLQNV
FP QDFK UHFKWV UHLFKHQ 0XVV LFK GHVKDOE DOOHV DEVFKODJHQ
XQGQHXNDFKHOQ"
:HQQLFK(LJHQWPHUGHU:RKQXQJZlUHZUGHLFKGDVYLHOOHLFKW
PDFKHQ$EHUVR"
*HVWDOWXQJVWLSS
:HQQ PDQ HLQH QHXH .FKH LQ HLQHP DOWHQ .FKHQUDXP SODQW
VWHOOW VLFK RIW KHUDXV GDVV GLH *HVWDOWXQJ GHU :lQGH LQVEHVRQ
GHUHLP%HUHLFKGHU1LVFKHQ]ZLVFKHQ8QWHUXQG2EHUVFKUlQNHQ
GHU QHXHQ 3ODQXQJ DQJHSDVVW ZHUGHQ PXVV 'DV LVW HLQ .RVWHQ
IDNWRUGHUEHLGHU*HVDPWUHFKQXQJQLFKWEHUVHKHQZHUGHQVROO
WH
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
3ODQXQJVWLSS
'RUW ZR LFK PLFK EHLP +DQWLHUHQ EHU GLH $UEHLWVIOlFKH EHXJH
6SOEHFNHQ.RFKVWHOOHVROOWH.RSIIUHLKHLWKHUUVFKHQ
$EELOGXQJ
'LH+RFKVFKUlQNHVLQGFPKRFK%HLHLQHU$UEHLWVK|KHYRQ
FPNDQQLFKFPKRKH2EHUVFKUlQNHQHKPHQ'LH1LVFKHKDW
GDQQ FP 'DULQ NDQQ PDQ EHTXHP KDQWLHUHQ 'LH $EELOGXQJ
]HLJW]XGHPZLHGLHREHQJHQDQQWHQ3ODQXQJVUHJHOQUHDOLVLHUW
ZXUGHQ
1U
1UXQG
1UXQG
/LQNV XQG UHFKWV YRQ GHU .RFKVWHOOH NDQQ LFK GLH QRUPDOH +|KH
YRQ FP YRUVHKHQ 'DV ,QQHUH GLHVHU +RFKVFKUlQNH ZLUG PLW
5HJDOHQXQG6FKWWHQIU*HZU]HXVZDXVJHVWDWWHW
1U
'DGLH1LVFKHQK|KHFPEHWUlJWZlUHGHU0LQGHVWDEVWDQG]ZL
VFKHQ.RFKIOlFKHXQG6DXJVFKLUPYRQFP6DXJDEVWDQGDXFK
GDQQ JHZDKUW ZHQQ LFK HLQHQ HU +DXEHQVFKUDQN JHQRPPHQ
KlWWH $EHU LFK N|QQWH GDQQ QLFKW LQ GHQ .RFKWRSI EOLFNHQ RKQH
PLUGHQ.RSIDQ]XVWRHQ
$OVR ZlKOH LFK HLQHQ FP KRKHQ +DXEHQVFKUDQN 'HU 6DXJDE
VWDQGYRQFPLVW]ZDUHWZDVJUR'LH.RFKVFKZDGHQN|QQWHQ
VLFK WURW] ODXIHQGHP /IWHUPRWRU LP 5DXP YHUEUHLWHQ 'LHVHV
0DQNR NDQQ LFK DEHU GXUFK HLQHQ 0RWRU PLW VWlUNHUHU 6DXJOHL
VWXQJDXVJOHLFKHQ
'LH .HUQNFKH LVW MHW]W NRPSOHWW $EHU LFK ELQ QRFK QLFKW ]XIULH
GHQ:DUXP"
'HU6WDXUDXPGHU.HUQNFKHUHLFKWQLHPDOVDXVXPGLHEOLFKHQ
.FKHQXQWHQVLOLHQ XQWHU]XEULQJHQ 0HLQ .FKHQSODQ LVW DOVR QRFK
ODQJHQLFKWIHUWLJ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
'LHHUZHLWHUWH.FKH
,FKKDWWHEHUHLWVEHLGHU3ODQXQJGHU.HUQNFKHLP.RSIEHKDOWHQ
GDVV LFK PLQGHVWHQV FP ELV ]XU QlFKVWHQ :DQG IUHLKDOWHQ
PXVVXPGLH.FKHEHU(FNIRUW]XIKUHQ'DVVLHKWGDQQVRDXV
$EELOGXQJ
$EELOGXQJ
=XGHQHLQ]HOQHQ(OHPHQWHQLVW]XVDJHQ
1U
'LH(FNSDVVOHLVWHLVWXQYHU]LFKWEDU6LHVFKOLHWQLFKWQXUGLH(FNH
GLFKW DE VRQGHUQ VFKDIIW DXFK GHQ $EVWDQG XP GLH $XV]JH XQ
JHKLQGHUW|IIQHQ]XN|QQHQ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
1U
,QGLHVHP+RFKVFKUDQNYHUVWDXHLFKODQJVWLHOLJH5HLQLJXQJVJHUlWH
%HVHQ 6WDXEVDXJHU 'HU 5DXP KLQWHU GHU 7U LVW KLHUIU KRFK
JHQXJ'LH$XV]JHQHKPHQGLH3XW]PLWWHODXI
1U
1U
:HQQPHLQH)UDXHVVRZLOONDQQVLHGLHVHQ6FKUDQNDQVWHOOHGHV
6FKUDQNV1UDOV%HVHQVFKUDQNQXW]HQXPQLFKW3XW]PLWWHO]ZL
VFKHQ1DKUXQJVYRUUlWHQ]XODJHUQ
1U
-HW]WLVWPHLQH.FKHDEHUHQGJOWLJIHUWLJRGHU",FKVFKDXHVLH
PLUQRFKHLQPDODQ$EELOGXQJ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
$EELOGXQJ
,Q]ZLVFKHQKDEHLFKDXFK.UDQ]OHLVWHQHLQJHIJW
6WRO] ]HLJH LFK PHLQHU )UDX GDV 3ODQXQJVHUJHEQLV 6LH VDJW ]ZDU
Ä3ULPD³UXQ]HOWMHGRFKJOHLFK]HLWLJGLH6WLUQ
Ä8QGZRVROOLFKPHLQHQ.XFKHQWHLJDXVZDO]HQ"³LVWLKUH)UDJH
5LFKWLJ)UDXVUHLFKHQGHQ6WDXUDXPLVWJHVRUJWHVIHKOW DEHUDQ
$UEHLWVIOlFKH
$EHU PHLQH )UDX ZLOO GDYRQ QLFKWV ZLVVHQ ,FK HLJHQWOLFK DXFK
QLFKW )U XQVHUHQ *HVFKPDFN ZUGH VR GDV *HVDPWELOG GHU .
FKHJHVW|UW$OVRZLUGZHLWHUJHSODQW
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
'LH.RPSOHWWNFKH
(VNRPPWQXQGRFK]XHLQHU.FKHUXQGXPZLHREHQLP*UXQG
ULVV$EELOGXQJDQJHGHXWHW=XQlFKVWZROOWHLFKGDVJDUQLFKW
GHQQ ZDKUVFKHLQOLFK NRVWHW HV ]XYLHO ,FK YHUGUlQJH GHQ *HGDQ
NHQDQGDV*HOGXQGOHJHORV
$EELOGXQJ
:lUHGDVQLFKWVRPVVWHLFKGLH$UEHLWVSODWWHLQGLH)HQVWHUEDQN
KLQHLQIKUHQ 'DV VlKH ]ZDU JXW DXV IKUW DEHU RIW GD]X GDVV
VLFKGDV)HQVWHUQLFKWPHKUXQJHKLQGHUW|IIQHQOlVVW
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
'HU +HL]N|USHU EOHLEW IUHL XP GLH +HL]ZLUNXQJ QLFKW ]X EHHLQ
WUlFKWLJHQ $XHUGHP ZLUG HLQ /IWXQJVJLWWHU LQ GLH $UEHLWVSODWWH
HLQJHOHJW 'LH DXIVWHLJHQGH :DUPOXIW ILQGHW VRPLW IDVW XQJHKLQ
GHUWLKUHQ:HJLQGHQ.FKHQUDXP
8QGQRFKHWZDV
$EELOGXQJ
=XGHQ8QWHUVFKUlQNHQZlUH]XVDJHQ
,QGHUUHFKWHQ(FNH
GLHEHUHLWV]XU.HUQNFKHJHK|UWVWHKWQXQHLQ(FNVFKUDQN
PLW+DOENUHLVGUHKE|GHQ:HQQPDQGLH7U|IIQHWGUHKHQ
VLFK GLH %|GHQ KHUDXV XQG ODVVHQ VLFK OHLFKW EHODGHQ 'D
GXUFKZLUGGDVWRWH(FNOHEHQGLJZHLOGHU,QQHQUDXPYROO
VWlQGLJJHQXW]WZHUGHQNDQQ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
,QGHUOLQNHQ(FNH
1XQ PXVV LFK DXI GLH $QRUGQXQJ GHU $UEHLWVSODWWHQ ]X VSUH
FKHQ]XNRPPHQ
'LH]ZHLWH$UEHLWVSODWWHYHUOlXIWXQWHUKDOEGHV)HQVWHUVELV]XU
JHJHQEHUOLHJHQGHQ :DQG GLH GULWWH $UEHLWVSODWWH VFKOLHW
VLFKLPUHFKWHQ:LQNHODQ$OOHGUHL3ODWWHQZHUGHQGXUFK1XW
XQG)HGHU9HUELQGXQJHQ WRWDO GLFKW ]XVDPPHQJHIJW JHVWUL
FKHOWH/LQLHQ1UXQGLQ$EELOGXQJ
=XVDPPHQPLWGHP$QVWHOOWLVFKLVWGLHOLQNH:DQGLQHLQHU/lQJH
YRQ FP PLW (OHPHQWHQ ]XJHVWHOOW $EHU VHOEVW ZHQQ MHPDQG
DQGHU/lQJVVHLWHGHV$QVWHOOWLVFKHVVLW]WEOHLEWELV]XUJH|IIQHWHQ
.FKHQWUQRFKDXVUHLFKHQG3ODW]
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
$OOHV LQ DOOHP NDQQ PHLQH )UDX MHW]W QLFKW PHKU EHU ]X ZHQLJ
$UEHLWVIOlFKHPHFNHUQ6RJDUHLQ)UKVWFNVSODW]LVWGD1LFKWQXU
GHU *HZLQQ DQ $UEHLWVIOlFKH LVW EHWUlFKWOLFK $XFK ZHLWHUHU 6WDX
UDXPNRPPWKLQ]XZHQQLFKQRFK2EHUVFKUlQNHHLQSODQH
$OVRYHUYROOVWlQGLJHLFKMHW]WGHQ3ODQXQG]HLFKQHGHQNRPSOHWWHQ
*UXQGULVV$EELOGXQJ
$EELOGXQJ
,FK ZLOO QRFK HLQPDO DXI GLH .HUQNFKH ]X VSUHFKHQ NRPPHQ
ZHLOVLHGXUFKGLH.RPSOHWWSODQXQJJHlQGHUWZXUGH
'HU(FNVFKUDQNUHFKWVYRP)HQVWHULVWFPWLHIXQGYHU
EUHLWHUW GDPLW GLH YRUKHULJH .RQILJXUDWLRQ GHU 6SOHQXQ
WHUVFKUlQNH XP FP ZDV GLH .HUQNFKH DXI HLQH *H
VDPWOlQJHYRQFPEULQJW
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
/lQJHU DOV FP VLHKH $EELOGXQJHQ XQG GDUI
VLHDEHUDXINHLQHQ)DOOZHUGHQZHLOVLFKDP(QGHZLHGHU
HLQH(FNO|VXQJDQVFKOLHW
1XQ NRPPW PLU ]XJXWH GDVV LFK EHL GHU HUVWHQ 3ODQXQJ
HLQ 3DVVVWFN YRQ FP YRUJHVHKHQ KDWWH 'DV ODVVH LFK
ZHJXQGJHZLQQHGDPLW6WHOOSODW]
$EHULPPHUQRFKZlUHGLH.HUQNFKHFP]XODQJ,FKPXVVDOVR
HLQ(OHPHQWHQWVSUHFKHQGVFKPlOHUQ
(LQHQ+DNHQJLEWHV
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
$EELOGXQJ
'LH$EELOGXQJ]HLJWPLUXQWHU DQGHUHPGHXWOLFKZLHGLH.UDQ]OHL
VWHJHVWDOWHWLVW*HUDGH6FKQLWWHQGHQEHLGHQJHUXQGHWHQ/HLVWHQ
DXI GHQ (FNUHJDOHQ HLQVHLWLJH RGHU EHLGVHLWLJH *HKUXQJVVFKQLWWH
EHLGHQEULJHQ/HLVWHQ
'DQQ ULFKWH LFK GHQ %OLFN DXI GLH YHUWLNDOH /LQLHQIKUXQJ 6LH
VWLPPW PLW HLQHU $XVQDKPH 'HU 2EHUVFKUDQN QDKH GHP $QVHW]
WLVFKLVWJU|HUDOVGHUGDUXQWHUVWHKHQGH8QWHUVFKUDQNFP]X
FP :HLO HV VLFK XP HLQH (FNO|VXQJ KDQGHOW VW|UW GDV DEHU
QLFKW
,FKNDQQPLFKJDUQLFKWVDWWVHKHQDQGLHVHU.FKHPLWJXWHU(U
JRQRPLHYLHO6WDXUDXPXQGDXVUHLFKHQGHU)UHLIOlFKH
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
6ROOWHPHLQH)UDXQRFKPHKU6WDXUDXPEHQ|WLJHQNDQQLFKHLQLJH
6FKXEODGHQLP6RFNHOYRUVHKHQ:HLOPDQVLFKGDQQDEHU]XVHKU
KLQXQWHUEHXJHQPXVVKDOWHLFKQLFKWYLHOGDYRQ
9RU ODXWHU )UHXGH DQ GHU 3ODQXQJ EHWUDFKWH LFK GLH .FKH QRFK
DXV HLQHP DQGHUHQ %OLFNZLQNHO ,FK VHKH GLH .HUQNFKH LQ
)URQWDQVLFKW XQG GHQ NRPSOHWWLHUWHQ .FKHQWHLO WHLOZHLVH YRQ
KLQWHQ$EELOGXQJ
$EELOGXQJ
-D PDQ NDQQ HV ODVVHQ :HQQ MHW]W QRFK GLH :DQGDUPDWXU YHU
VFKZLQGHW XQG GXUFK HLQH 6WDQGDUPDWXU HUVHW]W ZLUG LVW DOOHV
QDKH]XSHUIHNW
1DWUOLFKNDQQPDQVLFKDXFKDQGHUH3ODQXQJHQYRU
VWHOOHQ 'HU 3KDQWDVLH XQG GHP 3ODQXQJVJHVFKLFN
VLQGNHLQH*UHQ]HQJHVHW]W
$EHUGLHVLVWHEHQPHLQ8QLNDWHLQHU.FKHQO|VXQJ
:LHLFKPHLQH.FKH6FKULWWIU6FKULWWSODQH
,FK J|QQH PLU HLQHQ DOOHUOHW]WHQ %OLFN DXI GDV :HUN 'D]X VFKOHL
FKH LFK PLFK YRQ DXHQ DQ GDV )HQVWHU XQG VSlKH GXUFK GLH
6FKHLEHQ
$EELOGXQJ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
3URGXNWTXDOLWlWMHW]W±0RQWDJHTXDOLWlWVSlWHU
(U ZDU QLFKW GHU (LQ]LJH GHU PLFK VR RGHU lKQOLFK SHU (0DLO
IUDJWH
*XWHQ7DJ+HUU*QWKHUZLHNDQQPDQDQQlKHUQGGLH
4XDOLWlWGHU.FKHQP|EHOEHXUWHLOHQ"*UX3HWHU%DUDQ
'DPLW VWHOOWH HU HLQH NQDSSH )UDJH ]X HLQHP NRPSOH[HQ 7KHPD
0HLQH $QWZRUW NDQQ OHLGHU QLFKW VR NXU] DXVIDOOHQ ZHLO GLH .
FKHQTXDOLWlW]XYLHOH0HUNPDOHDXIZHLVW
=XQlFKVWPXVVLFK]ZHL+DXSWIUDJHQYRQHLQDQGHUWUHQQHQ
,FKP|FKWHPLWGHU]ZHLWHQ)UDJHEHJLQQHQ
0RQWDJHTXDOLWlW
:HQQLFKPLUHLQH0XVWHUNFKHLP.FKHQVWXGLRDQVHKHIlOOWPLU
LPPHUDXIZLHSHUIHNWVLHDXIJHEDXWLVW0HLVWHQVKDEHQGDVYHU
VLHUWH 0RQWHXUH GHV +HUVWHOOHUV JHPDFKW 6LH NHQQHQ LKU 3URGXNW
PLW DOOHQ 6FKZlFKHQ XQG 6WlUNHQ XQG ZLVVHQ ZLH PDQ GLH
6FKZlFKHQYHUVWHFNW
:UGHLFKGLHVH$XVVWHOOXQJVNFKHQXQVRNDXIHQZLHVLHLP6WX
GLRVWHKWZlUHGDPLWQRFKODQJHQLFKWVLFKHUJHVWHOOWGDVVVLHEHL
PLU]XKDXVHJHQDXVRSHUIHNWPRQWLHUWZLUG'HQQMHW]WVLQGHVGLH
0RQWHXUH GHV +lQGOHUV GLH VLH DXIEDXHQ 'HU 8QWHUVFKLHG NDQQ
JHZDOWLJVHLQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'HQQRFKP|FKWHLFKGDVVGLH.FKHLQPHLQHU:RKQXQJVREOHQ
GHQG GDVWHKW ZLH HLQH $XVVWHOOXQJVNFKH LP 6WXGLR $QVRQVWHQ
ZHUGHLFKUHNODPLHUHQ
,FKNDQQDEHUQXUUHNODPLHUHQZDVDQGHUHIDOVFKJHPDFKWKDEHQ
,FKZHUGHGHVKDOEPHLQH.FKHQLHPDOVVHOEVWPRQWLHUHQREZRKO
LFKGD]XLQGHU/DJHZlUHZHLOLFKHVVFKRQRIWJHPDFKWKDEH
(V JLOW DOVR JHQDX DXI]XSDVVHQ ZLH PHLQH .FKH PRQWLHUW ZLUG
,FKZHUGHDXVIKUOLFKGDUEHUVFKUHLEHQZHQQHVVRZHLWLVWVLHKH
.DSLWHO
3URGXNWTXDOLWlW
,FKWHVWHVHOEVW
,FKVWXGLHUH3URGXNWEHVFKUHLEXQJHQXQG3UIEHULFKWH
:HQQ LFK GLH *WH GHU .FKHQHOHPHQWH VHOEVW WHVWH NDQQ LFK
PLFKQXUDQlXHUH0HUNPDOHKDOWHQ$XHQTXDOLWlW
'LH.FKHQTXDOLWlWZLUGDEHULPZHVHQWOLFKHQEHVWLPPWGXUFKGLH
0DWHULDOLHQ XQG GLH 3URGXNWLRQVYHUIDKUHQ ,QQHQTXDOLWlW 0HLQ
SUIHQGHV$XJHRGHUPHLQHWDVWHQGH+DQGNDQQGDQLFKWVHQWGHN
NHQ
(LQJXWHV%HLVSLHOELHWHWGHU+RFKVFKUDQNDOV9RUUDWVVFKUDQN$E
ELOGXQJ8PQLFKWODQJHEOlWWHUQ]XPVVHQ]HLJHLFKLKQKLHU
QRFKPDOV
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
$EELOGXQJ
'LHVHV (OHPHQW EHVWHKW DXV VR ]LHPOLFK DOOHQ %DXWHLOHQ GLH IU
HLQH 4XDOLWlWVEHXUWHLOXQJ ZLFKWLJ VLQG QlPOLFK .RUSXV .ODSSH
7U6FKXEODGH$XV]XJ)DFKERGHQ(LQVlW]H%HVFKOlJH
6HOEVW WHVWHQ NDQQ LFK ]% ZLH 7UHQ XQG 6FKXENDVWHQ IXQNWLR
QLHUHQ ,FK NDQQ GLH 6FKXEODGHQ DXV]LHKHQ XQG NUlIWLJ KLQXQWHU
GUFNHQ ,FK NDQQ GLH 7U |IIQHQ XQG GLH =XJNUDIW GHU %HVFKOlJH
EHLP6FKOLHHQSUIHQ
hEHU GLH ,QQHQTXDOLWlW GHU %DXWHLOH VDJW GDV MHGRFK QLFKWV 'D
NDQQ LFK VHOEVW JDU QLFKWV WXQ VRQGHUQ LFK PXVV IUDJHQ $EHU
ZHQ"
:HQQLFK.FKHQIDFKKlQGOHUIUDJHPXVVLFK OHLGHULPPHUZLHGHU
IHVWVWHOOHQ GDVV VLH GLH ÄLQQHUHQ :HUWH³ LKUHU .FKHQ PHLVWHQV
JDU QLFKW NHQQHQ P|JHQ VLH QRFK VR JHVFKZROOHQ UHGHQ XQG PLW
WHFKQLVFKHQ%HJULIIHQXPVLFKZHUIHQ
$EHU LFK ZLOO MD DXFK JDU NHLQH PQGOLFKHQ (UNOlUXQJHQ VRQGHUQ
LFK ZLOO 6FKULIWVWFNH VHKHQ 'LHVH NRPPHQ QLFKW YRQ GHQ +lQG
OHUQVRQGHUQYRQGHQ+HUVWHOOHUQRGHUYRQ3UIHLQULFKWXQJHQ'LH
+lQGOHU VROOWHQ VLH ]ZDU YHUIJEDU KDEHQ DEHU GDV LVW OHLGHU VHO
WHQGHU)DOO
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
,FK]HLJHHLQPDODQHLQHP%HLVSLHOZLHHLQH+HUVWHOOHULQIRUPDWLRQ
$XV]XJDXVVHKHQNDQQ
3URGXNWLQIRUPDWLRQ
'LH 3UIXQJHQ LQ XQVHUHQ HLJHQHQ /DERUV JDUDQWLHUHQ GLH 9HUZHQGXQJ HLQ
ZDQGIUHLHUXQGKRFKZHUWLJHU0DWHULDOLHQ6LHVLQGKLQVLFKWOLFKGHU)RUPDOGHK\
GDEJDEHXQEHGHQNOLFK6LHHUIOOHQGLH%HGLQJXQJHQGHU(PLVVLRQVNODVVH(
ZHQLJHUDOVSSP
6FKXENDVWHQXQG$XV]JHDOOJHPHLQ
'HUDUWLJH 3DSLHUH QW]HQ PLU QXU ZHLO LFK HLQLJHV EHU 0DWHULDO
XQG 3URGXNWLRQVYHUIDKUHQ ZHL 'LHVHV :LVVHQ ZLOO LFK ZHLWHUJH
EHQ XQG IDVVH HV LP $QKDQJ $ Ä9RP 0DWHULDO ]XU 4XDOLWlW³
]XVDPPHQ
)DOOV HV VLFK QLFKW YRQ VHOEVW YHUVWHKW ZHUGH LFK LP IRO
JHQGHQ MHZHLOV DQPHUNHQ ZLH LFK GLH 4XDOLWlWVPHUNPDOH
KHUDXVILQGH RE PLW 6HOEVWWHVW RGHU DXIJUXQG 3URGXNW
EHVFKUHLEXQJEH]LHKXQJVZHLVH3UIEHULFKW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
:HOFKH4XDOLWlWHQPHLQH.FKHKDEHQVROO
=XHUVWPXVVLFKIHVWOHJHQEHLZHOFKHQ7HLOHQGHU.FKHLFKPHLQH
4XDOLWlWVIRUGHUXQJHQHUKHEH'DVVLQG
GLH.FKHQIURQW
GHU.RUSXV
GLH.FKHDXV+RO]
GLH%HVFKOlJH
GLH$UEHLWVSODWWH
GLH6SOHXQGGLH$UPDWXU
'LH.FKHQIURQW
'LH .FKHQIURQW LVW QLFKW QXU GDV ZDV PDQ VLHKW VRQGHUQ DXFK
GDV ZRYRQ GLH VLFKWEDUH )OlFKH JHWUDJHQ ZLUG 0HLQH 4XDOLWlWV
IRUGHUXQJHQULFKWHQVLFKDOVRDQ
GLH7UlJHUSODWWH
GLH2EHUIOlFKHQ
,FKZQVFKH
HLQH0')3ODWWHYRQPLQGHVWHQV±NJPñ'LFKWH
%HVFKLFKWXQJVPDWHULDOLHQDXI:DVVHUEDVLV
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
$XFKNRPPWHVDXIGLHFKHPLVFKSK\VLNDOLVFKHQ(LJHQVFKDIWHQDQ
=XGHUHQ3UIXQJJLEWHV',11RUPHQXQG LFKZLOOZLVVHQREGLH
1RUPZHUWHHLQJHKDOWHQZXUGHQ1XUVRNDQQLFKVLFKHUVHLQGDVV
GLH3ODWWHQ
EHVWlQGLJJHJHQNDOWHXQGKHLH)OVVLJNHLWHQVLQG
FKHPLVFKHU(LQZLUNXQJVWDQGKDOWHQ
DEULHEIHVWVLQG
WURFNHQHXQGIHXFKWH+LW]HDXVKDOWHQ
=XOHW]WIUDJHLFKQRFKZDVEHLGHU*LWWHUVFKQLWWSUIXQJKHUDXVJH
NRPPHQ LVW %HL GLHVHU JHQRUPWHQ 3UIXQJ ZLUG ± YHUHLQIDFKW
JHVDJW GLH 3ODWWH ]HUVlJW XQG EHZHUWHW LQZLHZHLW GLH 6FKQLWW
NDQWHQDXVIUDQVHQ
YLHOOHLFKWN|QQHQ6LHXQVKHOIHQ:LUKDEHQXQVYRUFD-DKUHQ
HLQH (LQEDXNFKH JHNDXIW 0LWWH OHW]WHQ -DKUHV ILHO XQVDXIGDVV VLFK
DQGHQ2EHUVFKUlQNHQEHUGHU.RFKVWHOOHGDVVHLWOLFKH)XUQLHUO|VWH
1DFK YLHOHP KLQ XQG KHU HUNOlUWH VLFK GDV 0|EHOKDXV DXI GHP .X
ODQ]ZHJ EHUHLW XQV GLH VFKDGKDIWHQ 6FKUlQNH DXV]XWDXVFKHQ 'DV
ZDULP-XOL/HW]WHV:RFKHQHQGHEHPHUNWHQZLUGHQJOHLFKHQ6FKDGHQ
DXFKDQGHQQHXHQ6FKUlQNHQ
,FK NDQQ KLHU DXI GLHVHQ 5HNODPDWLRQVIDOO QLFKW LP HLQ]HOQHQ HLQ
JHKHQ 1XU GLHVHV (V N|QQWH GXUFKDXV VHLQ GDVV GLH 3ODWWH YRQ
PLQGHUHU 4XDOLWlW ZDU 'HU +DIWJUXQG KLHOW DXI 'DXHU GLH +LW]H
XQGGHQ'DPSIEHUGHU.RFKVWHOOHQLFKWDXVXQGZHLFKWHDXI'LH
JHVRQGHUWDXIJHWUDJHQH2EHUIOlFKHKLHU)XUQLHUHVKlWWHJHQDX
VRJXWHLQDQGHUHV0DWHULDOVHLQN|QQHQO|VWHVLFK
(V LVW XQYHUNHQQEDU GDVV HV 3UREOHPH JLEW 7UlJHU XQG 2EHUIOl
FKH XQWHU HUVFKZHUWHQ %HGLQJXQJHQ GDXHUKDIW ]XVDPPHQ]XKDO
WHQ 'DV EHZHLVW PLU VFKRQ GHU +LQZHLV HLQLJHU .FKHQKHUVWHOOHU
XQGLKUHU=XOLHIHUHUVLHVWQGHQ LQVWlQGLJHP'LDORJPLWHLQDQGHU
±HLQHHKHUYHUKDUPORVHQGH8PVFKUHLEXQJ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'DPLW ZlUH LFK EHUHLWV EHL GHU 2EHUIOlFKH 'LH )DFKOHXWH UHGHQ
YRP2EHUIOlFKHQILQLVKXQGPHLQHQGDEHLKDXSWVlFKOLFKGDV
)XUQLHUHQ
/DFNLHUHQ
.DVFKLHUHQ
%HVFKLFKWHQ
)XUQLHUHQ
%HLIXUQLHUWHQ2EHUIOlFKHQZQVFKHLFK
HLQ)XUQLHUEODWWYRQPLQGHVWHQV0LOOLPHWHUQ
9HUOHLPXQJDXI0HODPLQKDU]EDVLV
VDXEHUJHDUEHLWHWH.DQWHQ(FNHQ
HLQH6FKXW]VFKLFKW9HUVLHJHOXQJ
$EELOGXQJ
8QGKLHUDFKWHLFKGDUDXIGDVV
VLFKGLH)XUQLHUEOlWWHUIXJHQORVGLFKWDQHLQDQGHUIJHQ
GLH(FNHQVDXEHUJHVFKOLIIHQVLQG
GLH )DUEH %HL]WRQ GHU (FNH QLFKW YRQ GHU )OlFKHQIDUEH DE
ZHLFKW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
/DFNLHUHQ
/DFNLHUWH.FKHQPHLVWHQVLQDOWGHXWVFKHPRGHUNODVVLVFKHP6WLO
PLW.DVVHWWHQXQG5DKPHQILQGHQGXUFKDXVLKUH/LHEKDEHUGHQQ
/DFNZLUNWH[NOXVLY
:HQQ LFK HLQH JHODFNWH .FKH NDXIHQ ZROOWH EUlXFKWH LFK ZLHGHU
GLH 3URGXNWEHVFKUHLEXQJ GHV +HUVWHOOHUV =XIULHGHQ ZlUH LFK
ZHQQGRUWEHUGHQ/DFN]XOHVHQLVW
=ZHLNRPSRQHQWHQODFNDXI:DVVHUEDVLV
0HKUVFKLFKWODFNLHUXQJ
7URFNQXQJ 3K\VLNDOLVFK GXUFK 9HUGXQVWHQ GHV :DVVHUV FKH
PLVFKGXUFK$GGLWRQVUHDNWLRQ
NUDW]XQGDEULHEIHVW
OLFKWEHVWlQGLJ
VSLULWXRVHQEHVWlQGLJ
O|VHPLWWHOEHVWlQGLJ
*HIDKUVWRIIIUHLKHLW (QWKlOW ZHGHU 3&% 3&3 6FKZHUPHWDOOH
ZLH %OHL &DGPLXP .REDOW XVZ KDORJHQLHUWH .RKOHQZDVVHU
VWRIIHQRFK)RUPDOGHK\G
.DVFKLHUHQ
$EHU HLQHQ 9RU]XJ KDW GLH NDVFKLHUWH 2EHUIOlFKH GRFK (V VWHFNW
YLHOZHQLJHU&KHPLHGULQDOVEHLHLQHU%HVFKLFKWXQJ8QGZHQLJHU
&KHPLHEHGHXWHWZHQLJHU*HIDKUVWRIIH
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
%HVFKLFKWHQ
'LH%HVFKLFKWXQJGHU2EHUIOlFKHZLUGKlXILJDOV/DPLQDWEH]HLFK
QHW,FKYHUJHZLVVHUHPLFKDQKDQGGHU3URGXNWEHVFKUHLEXQJ
ZHOFKH6FKLFKWPDWHULDOLHQYHUZHQGHWZXUGHQ
ZLHYLHO6FKLFKWHQODPLQLHUWZXUGHQ
ZHOFKHV+DU]E]Z0HODPLQHLQJHVHW]WZXUGH
)HUQHUP|FKWHLFK$XVVDJHQKDEHQGDUEHUOHVHQGDVVGDV/DPL
QDWXQHPSILQGOLFKLVWJHJHQ
.UDW]HU
6W|H
$EULHE
89XQGDQGHUH6WUDKOHQ
+LW]H
'lPSIH
$OVR DXFK KLHU YHUODVVH LFK PLFK ZLHGHU DXI 6FKULIWVWFNH 'DV
HULQQHUW PLFK DQ $U]QHLPLWWHO :DV PLW GHQHQ ORV LVW ZHL GHU
9HUEUDXFKHUYRUKHUQXUZHQQHUHLIULJOLHVW(UZLUGI|UPOLFKGD]X
JHGUlQJW
%HL.FKHQPVVWHHVGHPQDFKKHLHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
:DVLFKEHLGHU%HVFKLFKWXQJYRQ)URQWHQ VHOEVWEHXUWHLOHQNDQQ
LVWGLH9HUDUEHLWXQJVJWHEHL.DQWHQXQG(FNHQ:LHEHLIXUQLHUWHQ
2EHUIOlFKHQVWHOOHLFKDXFKKLHUIHVWRE
'DUDXVNDQQLFKVFKOLHHQRE$QJULIIVSXQNWHIU+LW]HDJJUHVVLYH
'lPSIHXQG)OVVLJNHLWHQEHVWHKHQ
(LQH HWZDV YHUZHJHQH 3UREH N|QQWH LFK DXFK QRFK PDFKHQ ,FK
VWUHLIH GLH KHLH $VFKH PHLQHU EUHQQHQGHQ =LJDUHWWH DXI HLQ
)URQWPXVWHU DE %HL HLQHP JXWHQ +3//DPLQDW GUIWHQ NHLQH
6SXUHQ]XUFNEOHLEHQZHLOGLH$VFKHQLFKW&KHLLVW
1HLQ ODVVHQ ZLU GDV ,FK PVVWH MD DXFK HUVW GDV =LJDUHWWHQUDX
FKHQDQIDQJHQ
=X JXWHU /HW]W VFKDXH LFK QRFK QDFK GHU )URQWVWlUNH 3ODWWHQGLN
NH 0LOOLPHWHU VROOWHQ HV PLQGHVWHQV VHLQ 1REOH .FKHQKHU
VWHOOHUJHKHQVRJDUDXI0LOOLPHWHU$OOHUGLQJVLVWGLH)URQWVWlUNH
IU PLFK QLFKW VR ZLFKWLJ -H GLFNHU GLH )URQW GHVWR VFKZHUHU LVW
VLHXQGGDVLVWQLFKWXQEHGLQJWHLQ9RUWHLO
'HU.RUSXV
(QGOLFKIlOOWPLUDXIGDVVLFKELVKHU]ZHL%HJULIIHYHUZHQGHWKDEH
RKQH ]X VDJHQ ZDV LFK GDUXQWHU YHUVWHKH .RUSXV XQG .DVWHQ
'RFKHVLVWQRFKQLFKW]XVSlW
'HU.RUSXVLVWGLHWUDJHQGH*UXQGNRQVWUXNWLRQHLQHV0|EHOVRKQH
(LQVDW]WHLOHXQG)URQW$EELOGXQJ(VLVWHLQ.DVWHQZHVKDOE
PDQ DXFK YRQ .DVWHQP|EHOQ VSULFKW .FKHQHOHPHQWH ]lKOHQ
DXFKGD]X
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
$EELOGXQJ
0HLQH4XDOLWlWVZQVFKHRULHQWLHUHQVLFKDQGHU
$UWGHU3ODWWHQXQGLKUH6WlUNH
$UWXQG:HLVHGHV=XVDPPHQEDXV
3ODWWHQ
$OOHV ZDV LFK ]X 7UlJHUSODWWHQ EHL GHU .FKHQIURQW IRUGHUH ZQ
VFKH LFK DXFK EHL GHQ .RUSXVSODWWHQ 6LQG HV +')3ODWWHQ QLFNH
LFKEHUHLWV)UGLHGQQHUH.RUSXVUFNZDQGDEHUIRUGHUHLFKVLH
(LQZHLWHUHV*WHPHUNPDOLVWGLH)DUEJHEXQJ
:HLKHUUVFKWYRUZRJHJHQLFKJUXQGVlW]OLFKQLFKWVHLQ]XZHQGHQ
KDEH $EHU GLH VLFKWEDUHQ 7HLOH ± $XHQVHLWHQ YRUGHUH .DQWHQ
,QQHQVHLWHQ YRQ 5HJDOHQ XQG (OHPHQWH PLW *ODVIURQWHQ VROOWHQ
IDUEOLFK DXI GLH )URQW DEJHVWLPPW VHLQ :HQQ DXFK GD DOOHV ZHL
LVWKDQGHOWHVVLFKXP%LOOLJZDUH
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
=XVDPPHQEDX
$EELOGXQJ
'LH :LVFKOLSSH PXVV VFKPDO VHLQ 6LH GDUI QLFKW GDUDQ KLQGHUQ
HLQHQ7RSIRGHUHLQ*HIlGLFKWDQGLH6HLWHQZDQG]XVWHOOHQ
1DFK HLQHU :LVFKOLSSH EUDXFKH LFK QLFKW ]X VXFKHQ ZHQQ GHU
6FKXEODGHQNRUSXVDXV.XQVWVWRIILQHLQHP*XVVJHIRUPWLVW
/RFKUHLKHQ(LQOHJHE|GHQ
,FKGHQNHIDVWJDUQLFKWPHKUGDUDQZHLOHVVRVHOEVWYHUVWlQGOLFK
JHZRUGHQ LVW GDVV LQ GLH ,QQHQVHLWHQ GHV .RUSXV VHQNUHFKWH
/RFKUHLKHQ JHERKUW VLQG XP )DFKE|GHQ LQ YHUVFKLHGHQHQ +|KHQ
HLQOHJHQ]XN|QQHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
,FK ZLOO PLFK HUPDKQHQ LPPHU ZLHGHU PDO KLQ]XVHKHQ RE GLH
/|FKHU SDVVJHQDX JHERKUW ZXUGHQ 6RQVW ZDFNHOQ QlPOLFK GLH
(LQOHJHE|GHQ 'LH /RFKDEVWlQGH VROOWHQ VR XP GLH 0LOOLPHWHU
EHWUDJHQGDQQNDQQLFKGLH+|KHRSWLPDOYDULLHUHQ
6ROOWHQ GLH (LQOHJHE|GHQ ODPLQLHUW VHLQ KDEH LFK ]ZDU QLFKWV GD
JHJHQLFKZHLDEHUGDVVGLH%HVFKLFKWXQJDQGHQ.DQWHQGXUFK
DQVWRHQGHV*HVFKLUUOHLFKWEHVFKlGLJWZHUGHQNDQQ
'LH.FKHDXV+RO]
'DV 1DWXUSURGXNW +RO] LQ GHU .FKH ZLUNW VHKU DWWUDNWLY XQG H[
NOXVLY )DVHUYHUODXI 0DVHUXQJ )DUEH *ODQ] XQG DXFK GHU *H
UXFK VFKDIIHQ (LQGUFNH GLH )DFKOHXWH VSUHFKHQ YRQ 2SWLN XQG
+DSWLNGLHNHLQ.XQVWSURGXNWELHWHQNDQQ
)U GLH .FKH VLQG QXU +|O]HU JHHLJQHW GLH HQWVSUHFKHQGH 5RK
GLFKWH +lUWH (ODVWL]LWlW XQG )HVWLJNHLW DXIZHLVHQ 'DV VLQG YRU
DOOHP (LFKH XQG %XFKH *XW DEJHODJHUWH (UOH XQG $KRUQ NDQQ LFK
QRFK DN]HSWLHUHQ %HLP :HLFKKRO] )LFKWH GDV LP .FKHQEDX RIW
]XILQGHQLVWKDEHLFK%HGHQNHQ
9ROOKRO]NFKHQDOVRLQDOOHQ7HLOHQDXVPDVVLYHP+RO]EHVWHKHQG
VLQGVHOWHQ6LHN|QQHQHFKWH6FKlW]FKHQVHLQ
0HLVWHQV VLQG QXU GLH )URQWHQ DXV +RO] DOOHV DQGHUH EHVWHKW DXV
+RO]ZHUNVWRIIHQRGHU.XQVWVWRII
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
,QGLHVHP$XJHQEOLFNWDXFKWGLHXUDOWH)UDJHDXI,VWGDV+RO]
0DVVLY9ROOKRO]
7HLOPDVVLY"
+RO]IURQWHQ VLQG RIW WHLOPDVVLY GDV KHLW GLH 5DKPHQ RGHU GLH
$QOHLPHU VLQG ]ZDU DXV 9ROOKRO] GLH )OOXQJHQ MHGRFK IXUQLHUW
'HQ 8QWHUVFKLHG NDQQ PDQ KHXW]XWDJH PHLVWHQV ZHGHU VHKHQ
QRFKIKOHQ
:HQQPLUHLQ.FKHQIDFKEHUDWHUHWZDVDJWGLH(LFKHQIURQWVHLQHU
1R1DPH.FKH VHL PDVVLY GDQQ QHKPH LFK LKP GDV QLFKW VR
RKQH ZHLWHUHV DE ,FK ZLOO VHKHQ ZDV LQ VHLQHQ 9HUNDXIVXQWHUOD
JHQ VWHKW GLH LKP GHU +HUVWHOOHU EHUHLWJHVWHOOW KDW 2GHU HU EH
VRUJWPLUHLQH3URGXNWEHVFKUHLEXQJGLHGDVGRNXPHQWLHUW
%HL )URQWHQ DXV )LFKWH ELQ LFK ZHQLJHU PLVVWUDXLVFK 'LH VLQG LQ
GHU5HJHOGXUFKJHKHQGPDVVLY
2EHUIOlFKHQEHKDQGOXQJ
+RO] LQ GHU .FKH EHGDUI EHVRQGHUHQ 6FKXW] :HQQ HLQH +RO]R
EHUIOlFKHEHVFKULHEHQZLUGPLW
*HEUVWHWXQGJHEHL]W
*HODXJWXQGJHEHL]W
*HNlONWXQGJHEHL]W
VROOPDQPLUVDJHQZLHGDV+RO]GLHDJJUHVVLYHQ(LQIOVVHLQHLQHU
.FKH EHUVWHKHQ NDQQ 'HQQ VROFKH %HKDQGOXQJ ELHWHW NHLQHQ
6FKXW]:LUNOLFKJHVFKW]WLVWGDV+RO]QXUZHQQHVYHUVLHJHOWLVW
,FKIRUGHUHHLQH9HUVLHJHOXQJPLWKDUWHP3853RO\XUHWKDQ/DFN
DXFKDOV''/DFNEH]HLFKQHWGHULQPHKUHUHQ6FKLFKWHQDXIJHWUD
JHQZXUGH
6ROOWHHLQ.FKHQKHUVWHOOHUQLFKWLQGHU/DJHVHLQHLQHGHWDLOOLHUWH
%HVFKUHLEXQJ EHU GLH 2EHUIOlFKHQEHKDQGOXQJ YRU]XOHJHQ ZHUGH
LFKVHLQH+RO]NFKHQLFKWNDXIHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
+RO]YHUELQGXQJHQ
,FK VFKDXH QDFK RE GHU .RUSXV ZHQQ HU DXV +RO] EHVWHKW YLHO
OHLFKW DXIDOWH6FKUHLQHUDUW]XVDPPHQJHIJW LVW'XUFK QDWUOLFKH
+RO]YHUELQGXQJHQ RKQH %HVFKOlJH /HLGHU ZHUGH LFK GDV VHOWHQ
ILQGHQ:HQQGRFKZUGHPLFKZRKOQXUGHU3UHLVGHU.FKHYRP
.DXIDEKDOWHQ
'LH 9HUELQGXQJ PLWWHOV %HVFKOlJHQ LVW GLH 5HJHO 'DV ZHUGH LFK
ZRKODN]HSWLHUHQPVVHQ
'LH%HVFKOlJH
(VJLEWQLFKWVZRIUHVQLFKWHLQHQ%HVFKODJJLEW
'DVLVWHVZDVGLH.FKHQZHOW
LP,QQHUVWHQ]XVDPPHQKlOW
%HVFKOlJHVRUJHQXQJHQLHUW
GDIUGDVVDOOHVIXQNWLRQLHUW
IUHLQDFK*RHWKH
:HQQ LFK LQ PHLQHU .FKH 7UHQ .ODSSHQ XVZ |IIQH XQG VFKOLH
H6FKXEODGHQDXV]LHKH*HVWHOOHGUHKHHWZDVZHJVFKOLHHHWF±
HUVW%HVFKOlJHPDFKHQHVP|JOLFK
9RUKHUDOVGLH.FKHPRQWLHUWZXUGHKDWPDQGLH(OHPHQWHEHIH
VWLJWDXIJHKlQJWYHUEXQGHQXVZ±HVJHVFKDKPLW%HVFKOlJHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
$OV LFK REHQ GLH .FKHQHOHPHQWH YRUVWHOOWH PXVVWH LFK PLFK DXI
GLH%DVLVHOHPHQWHEHVFKUlQNHQZHLOGLHSXUH=DKODOOHU(OHPHQWH
PLFK VRQVW HUVFKODJHQ KlWWH %HL GHQ %HVFKOlJHQ LVW HV JHQDXVR
,FKNRQ]HQWULHUHPLFKGHVKDOEDXIGLH%HVFKOlJHIU
.RUSXV
7UHQXQG.ODSSHQ
6FKXENDVWHQXQG$XV]JH
6RQVWLJH
IHUQHUDXIGLH6\VWHPH
]XP$XIKlQJHQ2EHUVFKUlQNH
]XU6WDQGVLFKHUXQJ+RFKVFKUlQNH
%HVFKOlJHVLQGQLFKWLPPHUJOHLFKJXW:HLOVLHDEHUVREHGHXWVDP
VLQG EHVWLPPW LKUH 4XDOLWlW XQG )XQNWLRQDOLWlW ZHLWJHKHQG GLH
4XDOLWlWGHUJHVDPWHQ.FKH
%HVFKOlJHEHLP.RUSXV
%HLP .RUSXV ILQGH LFK %HVFKOlJH QXU ZHQQ HU ]HUOHJEDU LVW 0LW
QDKPHP|EHO 6%0|EHO $QVRQVWHQ ZLUG GHU .RUSXV RKQH %H
VFKOlJHYHUOHLPW
:HQQ%HVFKOlJHGDVLQGP|FKWHLFKQXU([FHQWHUYHUELQGXQJHQ
%HVFKOlJHIU7UHQXQG.ODSSHQ
)UKHUPHLQWHLFK7UHQGUHKHQVLFKHLQIDFKLQ$QJHOQ'DNDQQWH
LFK QRFK QLFKW GLH :HOW GHU .FKHQEHVFKOlJH -HW]W ZHL LFK ZDV
JXWH7UVFKDUQLHUHVLQG0XOWLIXQNWLRQDOH+LJK7HFK3URGXNWHYRP
)HLQVWHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
,FK QHKPH GLH 9LHOIDOW JHUQH LQ $QVSUXFK XQG ZQVFKH EHL 7UHQ
XQG.ODSSHQ
JURHgIIQXQJVZLQNHO
YHUVFKLHGHQHgIIQXQJVYDULDQWHQ
SUREOHPORVHV-XVWLHUHQ
VDQIWHRGHUNUDIWYROOH7UEHZHJXQJ)HGHUNUDIWYHUVWHOOXQJ
VHOEVWWlWLJHV VDQIWHV 6FKOLHHQ DXI GHQ OHW]WHQ =HQWLPHWHUQ
6FKOLHDXWRPDWLN
KRKH%HODVWEDUNHLWXQG6LFKHUKHLW
EOLW]VFKQHOOH0RQWDJHXQG'HPRQWDJH
'DVNDQQLFKVHOEVWYRU2UWSUIHQ,FKZHUGH7UHQXQG.ODSSHQ
ELV ]XP *HKWQLFKWPHKU KLQ XQG KHU EHZHJHQ $XFK GLH EHZlKUWH
:DFNHOSUREH ZHUGH LFK PDFKHQ ,FK ZHUGH NUlIWLJ DQ GHQ 7UHQ
UWWHOQ$XIKlQJHVWDELOLWlWLVWPLUGDV:LFKWLJVWH
%HVFKOlJHEHL6FKXENDVWHQXQG$XV]JHQ
'LH .FKHQSURVSHNWH GLH PLU VR ]DKOUHLFK LQV +DXV IODWWHUQ ]HL
JHQGDVVGLHQHXHQ.FKHQ]XQHKPHQGPLW6FKEHQXQG$XV]
JHQ DXVJHVWDWWHW ZHUGHQ *XW VR GHQQ GDV PDFKW GLH $UEHLW LQ
GHU.FKHOHLFKWHUVLHKH.DSLWHO
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
.ODU GDVV LFK PLU HLQ .FKHQPRGHOO DXVZlKOH EHL GHU GLH $XV
]XJVV\VWHPH P|JOLFKVW YLHOH GHU IROJHQGHQ 4XDOLWlWVIRUGHUXQJHQ
HUIOOHQQlPOLFK
GHU.DVWHQPXVVELV]XU)URQWHEHQHDXV]LHKEDUVHLQ9ROODXV
]XJ
GHU QRUPDOH 6FKXENDVWHQ PXVV PLW PLQGHVWHQV NJ HLQ
EHUEUHLWHU $XV]XJ PHKU DOV FP PLW PLQGHVWHQV NJ
EHODGEDUVHLQ
GLH $XV]JH PVVHQ EHU GLH JHVDPWH $XV]XJVOlQJH OHLFKW
ODXIHQ
EHL YROOHU /DVW PXVV GHU $XV]XJ KRUL]RQWDO XQG YHUWLNDO VWDELO
ODXIHQDXWRPDWLVFKHU$XVJOHLFKYRQ7ROHUDQ]HQ
EHLP 6FKOLHHQ PXVV VLFK GHU (LQ]XJ DXI GHQ OHW]WHQ =HQWL
PHWHUQYHU]|JHUQ6RIWHLQ]XJ
EHODVWHWH 7HLOH PVVHQ DXV JHKlUWHWHP 0HWDOO GLH 0HWDOONX
JHOQEHVRQGHUVJHKlUWHWVHLQ
GLH 7HFKQLN PXVV EHU GLH JHVDPWH 6FKXEOlQJH XQVLFKWEDU
VHLQ YHUGHFNWHU (LQEDX DOVR YHUVFKPXW]XQJVJHVFKW]W XQG
ZDUWXQJVIUHL
GHU 6FKXENDVWHQ PXVV DOV *DQ]HV OHLFKW HLQ XQG DXVJHKlQJW
ZHUGHQN|QQHQRKQHGDVVPDQ:HUN]HXJHEHQ|WLJW
GHU $QVFKODJ PXVV JHVLFKHUW XQG GDV +HUDXV]LHKHQ JHVSHUUW
VHLQ(QGDUUHWLHUXQJ
.OHLQNLQGHU GUIHQ GLH 6FKXEODGHQ XQG $XV]JH QLFKW |IIQHQ
N|QQHQ.LQGHUVLFKHUKHLWVYHUVFKOXVV
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
6RGDVZlUµV
=XP 6FKOXVV PXVV LFK HLQJHVWHKHQ 0DQ NDQQ QLFKW LPPHU DOOHV
KDEHQ'RFK LFK ZHUGH DXI GLH PD[LPDOH 4XDOLWlW XQG )XQNWLRQD
OLWlWKLQDUEHLWHQ-HPHKU0HUNPDOHHUIOOWZHUGHQGHVWREHVVHU
0|EHOJULIIHXQG0|EHONQ|SIH
*ULIIHXQG.Q|SIHJHEHQGHU.FKHGDVLQGLYLGXHOOH$XVVHKHQGLH
XQYHUZHFKVHOEDUH2SWLN
)U PLFK LVW DEHU GLH +DXSWVDFKH GDVV VLH EHLP gIIQHQ XQG
6FKOLHHQGHU7UHQXQG6FKXEODGHQDQJHQHKPLQGHU+DQGOLHJHQ
XQG YRQ ODQJHU +DOWEDUNHLW VLQG 'DV KDW PLW GHP 0DWHULDO XQG
VHLQHU4XDOLWlW]XWXQ$OVRKDEHLFKDXFKGDPHLQH)RUGHUXQJHQ
6LQG*ULIIHDXV
$OXPLQLXP GDQQPXVVGLHVHVHOR[LHUWVHLQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
%HL .Q|SIHQ ILQGH LFK GLH JOHLFKHQ 0DWHULDOLHQ XQG KDEH IROJHQGH
:QVFKH
+RO]XQG0HWDOO ZLHREHQ
.XQVWVWRIIDXFK EHVRQGHUVJHKlUWHW
LQ.RPELQDWLRQ
PLW0HWDOO
'HUJURH5HVW
:HQQ%HVFKOlJHKHUVWHOOHUYRQHLQHU:HOWGHU%HVFKOlJHVSUHFKHQ
KDEHQ VLH GXUFKDXV UHFKW (V LVW WDWVlFKOLFK HLQH :HOW IU VLFK
:DV LFK ELVKHU DQ %HVFKOlJHQ JHQDQQW KDEH LVW HLQ NOHLQHU 7HLO
GDYRQGHU5HVWLVWQRFKULHVHQJUR,FKNDQQGHVKDOELPZHLWHUHQ
QXUDXIIKUHQZDVPLUJHUDGHVRLQGHQ6LQQNRPPW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
%HVFKODJV\VWHPH]XP$XIKlQJHQXQG]XU6WDQGVLFKHUXQJ
$OV LFK GLH %HVFKOlJHZHOW IU PLFK ]X RUGQHQ EHJDQQ HUZlKQWH
LFK 6\VWHPH ]XP $XIKlQJHQ GHU 2EHUVFKUlQNH XQG ]XP 6LFKHUQ
YRQ+RFKVFKUlQNHQ,FKPXVVVLHNXU]EHOHXFKWHQ
'LH=XJNUlIWHEHODGHQHU2EHUVFKUlQNHVLQGHQRUP-HGHU$XIKlQ
JHSXQNWEHLHLQHP2EHUVFKUDQNVLQGHV]ZHLPXVVHLQHU'DXHU
EHODVWXQJ YRQ PLQGHVWHQV NJ VWDQGKDOWHQ .HLQH )UDJH GDVV
LFKLQGHU3URGXNWEHVFKUHLEXQJGHV.FKHQKHUVWHOOHUVHLQH$XVVD
JHGDUEHUILQGHQP|FKWHREGHU$XIKlQJHEHVFKODJGDVDXVKlOW
$EHUDXFKGDVLVWPHKUHLQH)UDJHGHU0RQWDJHXQGGDUDXIZHUGH
LFKMDQRFKNRPPHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
0HWDOORGHU.XQVWVWRII"
=XOHW]WPXVVLFKJUXQGVlW]OLFKNOlUHQZDVPLUOLHEHULVW%HVFKOl
JHDXV0HWDOORGHUDXV.XQVWVWRII
0DQFKPDOVLQGGLH.XQVWVWRIIHXQWHUHLQHUGQQHQ0HWDOOIROLHYHU
VWHFNW:DUXPNDVFKLHUWPDQVLHDXIGLHVH:HLVH":LOOPDQHWZDV
YRUWlXVFKHQ"
$EHU DXFK 0HWDOO LVW QLFKW 0HWDOO ,FK PXVV DXISDVVHQ GDVV PDQ
PLU QLFKW GHQ =LQNGUXFNJXVV XQWHUMXEHOW 9HUZHQGHW PDQ LKQ IU
.FKHQEHVFKOlJHVLQGVLHQLFKWYRQODQJHU'DXHU,FKZLOOXQYHU
ZVWOLFKHQ 6WDKO GXUFK XQG GXUFK %HL 6WLONFKHQ DN]HSWLHUH LFK
QXU9ROOPHVVLQJ
'HU6WDKOPXVVJHKlUWHWVHLQ'DQQQXW]WHUVLFKNDXPDEXQGLVW
K|FKVW EHODVWEDU 2E JHKlUWHWHU 6WDKO YRUOLHJW NDQQ LFK OHLGHU
QLFKW VHOEVW SUIHQ $EHU GD KLOIW PLU GLH /DQGHVJHZHUEHDQVWDOW
%D\HUQ ± /*$ HLQHV GHU JU|WHQ 0|EHO XQG 6SLHO]HXJSUILQVWL
WXWHLQ(XURSD6LHSUIWPLWPRGHUQHQWHFKQLVFKHQ0LWWHOQREGLH
DNWXHOOHQ ZHOWZHLW JHOWHQGHQ 1RUPHQ XQG 5LFKWOLQLHQ HLQJHKDOWHQ
ZHUGHQ XQG VWHOOW GDQQ HLQ 4XDOLWlWV]HUWLILNDW DXV 'LHVHV =HUWLIL
NDWZLOOLFKVHKHQ$EELOGXQJ
$EELOGXQJ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'LH$UEHLWVSODWWH
'LH $UEHLWVSODWWH KDWWHQ ZLU VFKRQ DOV LFK GLH HLQ]HOQHQ .
FKHQHOHPHQWH EHVFKULHE VLHKH .DSLWHO 6HLWH 6LH JLEW
GHU.FKHLKUHQRSWLVFKHQ7RXFK'LH3ODWWHQKHUVWHOOHUELHWHQGD]X
HLQH0HQJH'HNRUHXQG*HVWDOWXQJHQ
$EHU PLU JHKW HV QLFKW XP GLH 2SWLN VRQGHUQ XP GLH 4XDOLWlW
'HQQ NHLQ 7HLO LQ GHU .FKH PXVV VR YLHO DXVKDOWHQ ZLH GLH $U
EHLWVSODWWH6LHPXVVXQHPSILQGOLFKVHLQJHJHQ +LW]HXQGDJJUHV
VLYH )OVVLJNHLWHQ IHUQHU NUDW] XQG VWRIHVW OHEHQVPLWWHOHFKW
VRZLHSIOHJHOHLFKW'DVPXVVPLUGHU+HUVWHOOHULQVHLQHU3URGXNW
EHVFKUHLEXQJJDUDQWLHUHQ%HVVHU(VZLUGGXUFK3UIEHULFKWHYRQ
WHFKQLVFKHQ 3UILQVWLWXWHQ EHOHJW 6ROFKH JLEW HV ]XKDXI PDQFK
PDOPDFKHQVLHVLFKVRJDU.RQNXUUHQ]'DVILQGHLFKJXW
$PKlXILJVWHQEHJHJQHQPLU$UEHLWVSODWWHQDXV
6FKLFKWVWRII
0DVVLYKRO]
*UDQLW
(GHOVWDKO
0LQHUDOZHUNVWRII
,FKZLOOLPHLQ]HOQHQGDUDXIHLQJHKHQ
$UEHLWVSODWWHDXV6FKLFKWVWRII
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'DNRPPWPLULQGHQ6LQQZDVPLUHLQ/HVHUSHU(0DLOVFKLOGHU
WH
ZDUGLH$UEHLWVSODWWHQDFK-DKUHQLP%HUHLFKGHU6SOHXQG.RFK
VWHOOHDXIJHTXROOHQ0DQVLHKWGHXWOLFKGDVVGLH3ODWWH FD FP YRQ
GHU9RUGHUNDQWHHQWIHUQWEHUGLHJDQ]H/lQJH]XVDPPHQJHVHW]WLVW
$EHUZDVKHLWQXU"*HQDXGDVZDUGLH8UVDFKHIUGHQ6FKDGHQ
:HUGHQ %DKQHQ DXFK QRFK VR IHVW DQHLQDQGHU JHSUHVVW XQG GLH
1DKW GDPLW IDVW XQVLFKWEDU VLH ELHWHW LPPHU HLQHQ $QJULIIVSXQNW
IU )HXFKWLJNHLW $OVR DFKWH LFK GDUDXI GDVV GLH +3/6FKLFKW LQ
HLQHP 6WFN EHU GLH 3ODWWH ELV KLQHLQ LQ GLH 8QWHUVHLWH JH]RJHQ
LVW
,FK PXVV DXFK DXI GLH 8QWHUVHLWH GHU $UEHLWVSODWWH VFKDXHQ +LHU
P|FKWH LFK HEHQIDOOV HLQH IHXFKWLJNHLWVDEZHLVHQGH %HVFKLFKWXQJ
VHKHQ
:LFKWLJ LVW PLU DXFK GLH $EWURSINHUEH 6LH LVW HEHQIDOOV DXI GHU
8QWHUVHLWHQDKHGHU9RUGHUNDQWHDQJHEUDFKWXQGVRUJWGDIUGDVV
EHUIOLHHQGH )OVVLJNHLWHQ DXI GHQ )XERGHQ WURSIHQ VWDWW DP
8QWHUVFKUDQNKHUXQWHU]XODXIHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
$UEHLWVSODWWHDXV0DVVLYKRO]
'LH3ODQNHQGHU9RUGHUNDQWHVROOWHQNODVVLVFKSURILOLHUWVHLQXQGDQ
GHU8QWHUVHLWHHLQH$EWURSINHUEXQJKDEHQ
'LH2EHUIOlFKHGHU$UEHLWVSODWWHPXVVHLQHVFKDGVWRIIIUHLH9HUVLH
JHOXQJ WUDJHQ GLH 8QWHUVHLWH HLQH 6FKXW]VFKLFKW JHJHQ )HXFKWLJ
NHLW
,FK ZHL VFKRQ LP YRUDXV GDVV LFK GHQ +RO]DUEHLWVSODWWHQ NHLQH
JXWHQ1RWHQ JHEHQNDQQ6LH VLQGLQPHLQHQ$XJHQHEHQ /LHEKD
EHUVWFNH
$UEHLWVSODWWHDXV*UDQLW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'DV+DUWJHVWHLQ*UDQLWELHWHWEHUHLWVYRQ1DWXUDXVYLHOH9RUWHLOH
(V KlOW VWlUNVWHQ %HODVWXQJHQ VWDQG hEHU 6FKQLWW .UDW] XQG
$EULHEIHVWLJNHLWEUDXFKWPDQJDUQLFKWHUVW]XUHGHQ7HPSHUDWX
UHQVSLHOHQNHLQH5ROOH6lXUHQXQG%DVHQJUHLIHQGHQ6WHLQNDXP
DQ ± YLHOOHLFKW HWZDV ZHQQ VLH KRFK NRQ]HQWULHUW VLQG $EHU ZHU
KDQWLHUWVFKRQPLWlW]HQGHQ)OVVLJNHLWHQLQVHLQHU.FKH"
,VW*UDQLWLQGHU.FKHDOVRZLHHLWHO6RQQHQVFKHLQ"
'DV ZlUH VFK|Q ,FK PXVV QlPOLFK EHGHQNHQ GDVV *UDQLW ZLH
MHGHU6WHLQPHKURGHUZHQLJHURIIHQSRULJLVW
:HQQ LFK QLFKW DXISDVVH NDQQ LFK HLQH *UDQLWDUW HUZLVFKHQ GLH
JU|HUH3RUHQKDW'DQQN|QQHQ3UREOHPHPLW)HWWXQG6DIWDXI
WUHWHQ 'LHVH )OVVLJNHLWHQ KLQWHUODVVHQ )OHFNHQ =ZDU ZLUG GLH
2EHUIOlFKH VWHWV SROLHUW XQG LPSUlJQLHUW DEHU LFK NDQQ QLFKW VL
FKHUVHLQGDVVGDPLWDOOHVDEVROXWXQGGDXHUKDIWYHUVLHJHOWLVW
$OVREUDXFKHLFKZLHGHUGLH:HUNVEHVFKUHLEXQJGLHLFKQDFKPHL
QHP%HZHUWXQJVVFKHPDGXUFKJHKH
$UEHLWVSODWWHDXV(GHOVWDKO
$OV ZLU 0LWWH GHU HU -DKUH XQVHUHQ HUVWHQ +DXVVWDQG HLQULFKWH
WHQ ZROOWH PHLQH )UDX ± LFK ZHL QLFKW PHKU ZRKHU VLH GLH ,GHH
QDKP ± LQ GHU .FKH XQEHGLQJW HLQH GXUFKJHKHQGH $UEHLWVSODWWH
DXV (GHOVWDKO 6SOH .RFKIHOG XQG :DQGDEVFKOXVVOHLVWH ZDUHQ
IXJHQORVHLQJHIJW
'HU 6SOHQKHUVWHOOHU %ODQFR IHUWLJWH VLH XQV QDFK 0D ,FK PHLQH
PLFK]XHULQQHUQGDVVVLHVRXPGLHFPODQJZDU,FKPXVVWH
GDPDOVK|OOLVFKDXISDVVHQGDVVGLH8QWHUVFKUlQNHDXFKJHQDXDQ
GHUULFKWLJHQ6WHOOHVWDQGHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'LH$UEHLWVIOlFKHZDUQDWUOLFKWRWDOXQHPSILQGOLFKXQGK\JLHQLVFK
6LHERWHLQHQHGOHQ$QEOLFN$EHUQXUZHLOPHLQH)UDX VLHWlJOLFK
EODQN ZLHQHUWH 'LHVH +HLGHQDUEHLW NRQQWH VLH VSlWHU QLFKW PHKU
DXIVLFKQHKPHQXQGXQVHUHQlFKVWH.FKHKDWWHGLHJHZ|KQOLFKH
6FKLFKWVWRIISODWWH
$UEHLWVSODWWHDXV0LQHUDOZHUNVWRII
3ODWWHQDXV0LQHUDOZHUNVWRIIHQVLQGLPZDKUVWHQ6LQQHGHV:RUWHV
DXVHLQHP*XVV(VJLEWDOVRZHGHU7UlJHUQRFK%HVFKLFKWXQJ
(V OHXFKWHW PLU HLQ GDVV HLQH ]XQlFKVW IOVVLJH 0DVVH ]XP $XV
KlUWHQ LQ MHGH )RUP JHEUDFKW ZHUGHQ NDQQ 'DV LVW HLQ JURHU
9RUWHLO
'LH6SOHXQGGLH$UPDWXU
'LH6SOH
:DKUVFKHLQOLFKOLHJWHVGDUDQGDVVLFKIUKHU.FKHQVHOEVWPRQ
WLHUWKDEH%HLGHU6SOHVHKHLFKLPPHU]XHUVWZLHVLHHLQJHEDXW
LVW'HVKDOEZLOOLFKPLWGLHVHU%HWUDFKWXQJEHJLQQHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'HUKHUN|PPOLFKH(LQEDX GHUDXIOLHJHQGHQ6SOH±$XVVFKQHLGHQ
GHU $UEHLWVSODWWH YRU 2UW 5lQGHU DEGLFKWHQ 6SOH HLQOHJHQ XQG
IHVW]LHKHQ ± LVW LQ]ZLVFKHQ 5RXWLQH XQG LQ VHLQHU 4XDOLWlW DXVJH
UHLIW
6R EHVWHFKHQG VROFKHU (LQEDX HUVFKHLQW ZHLO HU GLH 3IOHJH HU
OHLFKWHUW XQG HLQ HOHJDQWHV %LOG ELHWHW LVW GRFK 9RUVLFKW DQJH
EUDFKW *OlVHU 7HOOHU XQG 7|SIH VWRHQ QLUJHQGV DQ VLH N|QQWHQ
DOVROHLFKWLQGDV%HFNHQSXU]HOQ
'LH 'HVLJQHU WREHQ VLFK DXV XP GHQ 6SOHQ LPPHU UDIILQLHUWHUH
)RUPHQ]XJHEHQ0LWGHU4XDOLWlWKDWGDVQLFKWV]XWXQ
'LH 0DWHULDOLHQ GHU 6SOHQ VLQG IDVW VR YLHOIlOWLJ ZLH GLH )RUPHQ
,FKEHYRU]XJH&KURPQLFNHOVWDKO
$QGLHVHU6WHOOHP|FKWHLFKDXIGDVYLHOIlOWLJH6SOHQ]XEHK|UKLQ
ZHLVHQ±LQZDKOORVHU5HLKHQIROJHRKQH$QVSUXFKDXI9ROOVWlQGLJ
NHLW
)UPLFKLVWGDVRIWQXU6FKQLFNVFKQDFNGHULP:HJHVWHKW
'LH0LVFKEDWWHULH
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
5XQG PDO DP 7DJ ZLUG GHU :DVVHUKDKQ LQ GHU .FKH DXI XQG
]XJHGUHKW KDEH LFK LUJHQGZR JHOHVHQ .ODU GDVV GLH .FKHQDU
PDWXUUREXVWJHEDXWVHLQPXVVZHQQVLHODQJHIXQNWLRQLHUHQVROO
-H QDFK ,QWHQVLWlW PLW ZHOFKHU GDV :DVVHU GLH $UPDWXU HUUHLFKW
PXVV LFK HLQH +RFKGUXFNEDWWHULH RGHU HLQH 1LHGHUGUXFNEDWWHULH
YHUZHQGHQ hEOLFK LVW GLH +RFKGUXFNEDWWHULH 'HQQRFK ZHUGH LFK
LQ MHGHP )DOO GHQ +DXVPHLVWHU IUDJHQ ZHOFKHU :DVVHUGUXFN LQ
GHQ/HLWXQJHQXQVHUHV+DXVHVKHUUVFKW
,FKP|FKWHGLH0LVFKEDWWHULHEHL GHQXQWHUVFKLHGOLFKVWHQ.FKHQ
DUEHLWHQ EHTXHP KDQGKDEHQ N|QQHQ 9RU DOOHP PXVV GLH DXVODX
IHQGH :DVVHUPHQJH XQG GLH :DVVHUWHPSHUDWXU HQWVSUHFKHQG GHU
+HEHOVWHOOXQJ NRQVWDQW EOHLEHQ 5HLQLJXQJ XQG 3IOHJH PVVHQ
OHLFKWYRQGHU+DQGJHKHQ
'DPLWKlWWHLFKVFKRQPHLQHZHVHQWOLFKHQ)RUGHUXQJHQIRUPXOLHUW
'LH +HUVWHOOHU HUIOOHQ VLH LQQRYDWLY XQG YHUIHLQHUQ VWlQGLJ GLH
7HFKQLN6RNDQQLFKKHXWHHLQLJHVHUZDUWHQ
ZHLWVFKZHQNEDUHU$XVODXIPLQGHVWHQV*UDG
KHUDXV]LHKEDUH%UDXVHP|JOLFKVWFPXQGPHKU
YHUVWHOOEDUHU6WUDKOYRQ0RXVVHXUDXI%UDXVHVWUDKO
HLQJHEDXWHV$EVSHUUYHQWLOIU*HUlWH*HVFKLUUVSOHU
$QWLNDONV\VWHP
ODQJOHELJH,QQHQWHFKQLNDXV.HUDPLN'LFKWXQJHQ.DUWXVFKH
$EQHKPEDUH0LVFKEDWWHULH
'DVV HV VR HWZDV JLEW EHWUDFKWH LFK GXUFKDXV DOV 4XDOLWlWVVWHL
JHUXQJ
(LQ 4XDOLWlWVPHUNPDO DQ GDV NDXP HLQHU GHQNW LVW GHU *H
UlXVFKSHJHO-HOHLVHUGDV:DVVHUDXVOlXIWGHVWREHVVHU
,FKJHEH]XGDVVHVIDVWXQP|JOLFK LVWGLHVYRUGHU%HVFKDIIXQJ
]X SUIHQ ,FK KDEH ELVKHU NHLQ .FKHQVWXGLR NHLQHQ %DXPDUNW
RGHU 6DQLWlUIDFKKlQGOHU JHIXQGHQ GHU GLH SUlVHQWLHUWHQ $UPDWX
UHQDQGDV:DVVHUQHW]DQJHVFKORVVHQKlWWH
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
0DWHULDOEHL$UPDWXUHQ
$OV 0DWHULDO IU GDV ,QQHQOHEHQ GHU $UPDWXUHQ ZQVFKH LFK PLU
QXU QRFK .HUDPLN (V LVW ODQJOHELJ XQG UHJXOLHUW DP VWHWLJVWHQ
7HPSHUDWXUXQG:DVVHUPHQJH
'LHVLFKWEDUHQ7HLOHVROOHQDXVNRUURVLRQVIUHLHP(GHOVWDKOVHLQ2E
GLHVHU YHUFKURPW YHUJROGHW RGHU HPDLOOLHUW ZLUG LVW HLQH )UDJH
GHV *HVFKPDFNV XQG GHV *HOGEHXWHOV 'D KDOWH LFK PLFK KHUDXV
$XFKJHKlUWHWHV(GHOPHVVLQJODVVHLFKPLUJHIDOOHQ
1LFKWVRJXWILQGHLFKGLH±LFKQHQQHVLHPDOVR±LPLWLHUWH2EHU
IOlFKH 'LH *UXQGPDWHULDOLHQ GLH RIW YRQ PLQGHUHU 4XDOLWlW VLQG
HUKDOWHQ EHLVSLHOVZHLVH HLQH VRJHQDQQWH (GHOVWDKORSWLN 9RQ VRO
FKHQ$UPDWXUHQODVVHLFKOLHEHUGLH)LQJHU
6RQVWLJHV
,FK EHJUH HV VHKU GDVV LQ OHW]WHU =HLW YHUVWlUNW HUJRQRPLVFKH
*HVLFKWVSXQNWHDOVRGLHRSWLPDOHQ$UEHLWVDEOlXIHGLH(QWZLFNOXQJ
SUlJHQ$OOHVZDVLQGHU.FKHJHEUDXFKWXQGYHUVWDXWZLUGVROO
EHUVLFKWOLFK ODJHUQ XQG RKQH JURH 0KH ZLHGHU HQWQRPPHQ
ZHUGHQN|QQHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'HUUXWVFKIHVWH%RGHQ
0HLQH)UDXKDWWHGDVELVKHUYHUKLQGHUWLQGHPVLH $QWLUXWVFKPDW
WHQ HLQOHJWH 'DV VLQG GQQH *XPPLJHELOGH PLW 1RSSHQ XQG 5LH
IHQ 2E VLH DXFK KLW]HEHVWlQGLJ XQG OHEHQVPLWWHOHFKW VLQG KDEH
LFKQRFKQLFKWJHIUDJW
1HXHUGLQJV JHKW PDQ GDV 3UREOHP DXI GLUHNWH :HLVH DQ 'LH %|
GHQHUKDOWHQEHUHLWVEHLGHU 3URGXNWLRQ HLQH 6SH]LDOEHVFKLFKWXQJ
PHLVWHQV DXV /DFN GHU QLFKW QXU 7|SIH XQG 3IDQQHQ VRQGHUQ
DXFK *OlVHU XQG 3RU]HOODQ IHVWKlOW *XW LVW ZHQQ GHU /DFN O|
VXQJVPLWWHOIUHL XQG DXFK OHEHQVPLWWHOHFKW LVW )HUQHU PXVV HU
K|KHUHQ7HPSHUDWXUHQVWDQGKDOWHQ
(LQVlW]H6WlQGHU)lFKHUXVZ
'HUDOWKHUJHEUDFKWH%HVWHFNHLQVDW]LQGHU6FKXEODGHLVWGHU.ODV
VLNHUXQWHUGHQ2UGQXQJVPLWWHOQ1XQVLQGDOOHUOHLZHLWHUH(LQVlW
]H 6WlQGHU )lFKHU XVZ KLQ]XJHNRPPHQ )U )ODVFKHQ 'RVHQ
3DFNXQJHQHWF
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'UDKWLQGHU.FKH
$EELOGXQJ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
:LHLFKGLHRSWLPDOHQ(LQEDXJHUlWHKHUDXVILQGH
,FK ZHQGH PLFK DOVR ]XHUVW GHQ (OHNWURJHUlWHQ IU GHQ .RFKEH
UHLFK]X=XVDPPHQPLWGHQ.KOJHUlWHQJHK|UHQVLH]XU*UXQG
DXVVWDWWXQJ HLQHU .FKH $XFK GHU *HVFKLUUVSOHU ]lKOW GD]X DO
OHUGLQJVEHWUDFKWHQLKQQLFKWDOOH.FKHQNlXIHUDOVXQYHU]LFKWEDU
0LNURZHOOHQJHUlWH
,QGXNWLRQVKHUGH
*DVKHUGH
)ULWWHXVHQ
'DPSIJDUHUXVZ
*HUlWHJUXQGDXVVWDWWXQJ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
,FKVXFKHPLUDOVRPHLQH*HUlWHKHUDXVRKQH]XQlFKVWDXI)DEUL
NDWXQG0RGHOOPHLQHU.FKH]XDFKWHQ,FKZHLGDVVLFKVSlWHU
QXU GLH 7\SHQEH]HLFKQXQJ DQ]XJHEHQ EUDXFKH XQG GHU .FKHQ
KHUVWHOOHUOLHIHUWGLHSDVVHQGHQ8PEDXWHQ
1HLQ GHQQ PLW HLQHU HLQIDFKHQ 0HWKRGH NULHJH LFK DOOHV LQ GHQ
*ULII,FKQHKPHPLUGLH8QWHUODJHQGHU*HUlWHKHUVWHOOHUYRU]%
YRQ$(*0LHOH%RVFK6LHPHQVRGHU:KLUOSRRO3KLOLSVSLFNHGDV
KHUDXV XQG OLVWH GLH /HLVWXQJVPHUNPDOH DXI ,FK P|FKWH GDV HLQ
PDOEHLVSLHOKDIWGHPRQVWULHUHQ
3URGXNWJUXSSH(LQEDX+HUGH%DFN|IHQ
6RUWLPHQWVNODVVH%$6,6
0RGHOO[NRPIRUWDEHOVWHV*HUlW
'DPSIDXVWULWWEHU.RFKIHOG
(OHNWURQLNXKU
,VRIURQWSOXV+LW]HVFKXW]YHUJODVXQJPLW.KOJHEOlVH
9HUVHQNNQHEHOPLW$Q]HLJHQKLQWHU*ODV
HOHNWURQLVFKH $XWRPDWLNNRFKVWHOOHQ PLW 6LFKHU
KHLWVDEVFKDOWXQJ
/HLFKWUHLQLJXQJVWUXQGDXVVWDWWXQJ
$ENODSSEDUHU*ULOOKHL]VWDE
3DQRUDPDIHQVWHU
%DFNWDEHOOHDXIGHU,QQHQWU
%HKHL]XQJVDUWHQ
$XIUVWEDU PLW %DFNDXV]XJ %DFNDXV]XJ SOXV RGHU
9ROODXV]XJSOXVIDFK
=XEHK|UHPDLOOLHUWHV%DFNEOHFK8QLYHUVDOEOHFK
.RPELURVW
$QVFKOXVVZHUW:DWWIU$QVFKOXVV1a
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
0RGHOO\HLQIDFKVWHV*HUlW
,VRIURQWSOXV+LW]HVFKXW]YHUJODVXQJPLW.KOJHEOlVH
/HLFKWUHLQLJXQJVWUXQGDXVVWDWWXQJ
3DQRUDPDIHQVWHU
%HKHL]XQJVDUWHQ
=XEHK|U )HWWSIDQQH HPDLOOLHUWH %DFNEOHFKH )ODW
VKHOIFKURPHGZLUHZRUNP$QVFKOXVVNDEHO
$QVFKOXVVZHUW:DWWIU$QVFKOXVV1a
+LQZHLV]XGHQ%HKHL]XQJVDUWHQ(VKDQGHOWVLFKPHLVWHQVXPGLH%H
KHL]XQJVV\VWHPH
0D[L0LQL9HUJOHLFK
$XFKEHUDOOHDQGHUHQ*HUlWHRGHU*HUlWHWHLOHZLH
.RFKSODWWH.RFKIHOG
'XQVWDE]XJ
*HVFKLUUVSOHU
:DVFKDXWRPDW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
HQWVFKHLGHLFKQDFKGLHVHU0HWKRGH
3URGXNWJUXSSHLQWHJULHUWH.KOJHUlWH
6RUWLPHQWVNODVVHQ723.20)257
0RGHOO[NRPIRUWDEHOVWHV*HUlW
6HKUOHLVH
1XW]LQKDOWOGDYRQ*HIULHUIDFK
O
(QHUJLHHIIL]LHQ]NODVVH6XSHU$
(QHUJLHYHUEUDXFKN:KD
.OLPDNODVVH6167
(OHNWURQLVFKH7HPSHUDWXUUHJHOXQJ
'LJLWDOH6ROO,VW7HPSHUDWXUDQ]HLJH
$XWRPDWLVFKH.KOOHLVWXQJVVWHLJHUXQJ
=HLWJHVWHXHUWH*HIULHUDXWRPDWLN
/DJHU]HLWEHL6W|UXQJK
7DXZDVVHUDEODXILP*HIULHUIDFK
7UDXVVWDWWXQJWUDQVSDUHQWH$EVWHOOIlFKHU
)ODVFKHQNLSSVFKXW]
2EVW XQG *HPVHVFKDOHQ PLW )HXFKWHUHJXOLH
UXQJ
*HWHLOWH*ODVDEODJH
.LQGHUVLFKHUXQJJHJHQ$XVVFKDOWHQ
7UVFKOLHDXWRPDWLN
=XEHK|U (LHUDEODJHQ %XWWHUGRVH (LVZUIHO
VFKDOH
0RGHOO\HLQIDFKVWHV*HUlW
1XW]LQKDOWO
(QHUJLHHIIL]LHQ]NODVVH%
(QHUJLHYHUEUDXFKN:KD
.OLPDNODVVH6167
7UDXVVWDWWXQJWUDQVSDUHQWH$EVWHOOIlFKHU
2EVWXQG*HPVHVFKDOHQ
*HWHLOWH*ODVDEODJH
=XEHK|U(LHUDEODJHQ%XWWHUGRVH
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
(LQEDXEDFNRIHQ.RFKIHOGYRQ%RVFK
(LQEDXNKOVFKUDQNYRQ/LHEKHUU
LQWHJULHUWHU*HVFKLUUVSOHUYRQ0LHOH
:HQQGHUHLQH+HUVWHOOHUGLHJHZQVFKWHQ/HLVWXQJVPHUNPDOHEHL
HLQHPEHVWLPPWHQ*HUlWQLFKWELHWHWILQGH LFK VLH YLHOOHLFKW EHLP
DQGHUHQ0HLQ0D[L0LQL9HUJOHLFKZLUGGDQQ]XP
0XOWL0D[L0LQL9HUJOHLFK
0XOWLVWHKWIUPHKUHUH+HUVWHOOHU'DV3ULQ]LSLVWGDVJOHLFKH
0HLQH$XVZDKOPHWKRGHNDQQLFKDXFKDQZHQGHQZHQQGLH*HUl
WHLQGXVWULH ZHLWHUH ,QQRYDWLRQHQ KHUYRUEULQJW ,FK PXVV HLQIDFK
PHKUÄ%OWHQEOlWWHU]XSIHQ³
6RQGHUJHUlWH
,FK ZLOO GHU JHERWHQHQ .U]H ZHJHQ QXU GUHL 6RQGHUJHUlWH QlKHU
XQWHUGLH/XSHQHKPHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
0LNURZHOOHQJHUlWH
$EELOGXQJ
%RGHQSODWWH
*HKlXVH
*DUUDXP
'HFNSODWWH
5HIOHNWRUIOJHO
(LQNRSSOXQJ
+RKOOHLWHU
.RSSHOVWLIW
0DJQHWURQ
.KOJHEOlVH
(OHNWURQLN
'LH/LQLHQYHUGHXWOLFKHQGLH:HOOHQ6LHGULQJHQLQGLH/HEHQVPLW
WHO HLQ XQG YHUVHW]HQ GLH :DVVHUPROHNOH LQ 6FKZLQJXQJHQ (V
HQWVWHKW5HLEXQJVZlUPHGLHYRQ,QQHQQDFK$XHQGULQJW
:HQQ LFK PLU HLQ 0LNURZHOOHQJHUlW ]XOHJHQ VROOWH ZHUGH LFK GDU
DXIDFKWHQ
ZHOFKH0LNURZHOOHQOHLVWXQJHVKDW:DWW"
ZLHYLHO $XIWDX XQG *DUSURJUDPPH HV DXIZHLVW RGHU
PHKU"
,FK PXVV DXFK GDUDXI DFKWHQ GDVV LFK LQ GDV *HUlW QXU *HVFKLUU
HLQVFKLHEHGDVIU0LNURZHOOHQWDXJW,FKNDQQGDVVHOEVWWHVWHQ
,FKVWHOOHGDVOHHUH*HVFKLUUIU6HNXQGHQEHLK|FK
VWHU/HLVWXQJVVWXIH LQGDV*HUlW:HQQHVNDOW RGHU KDQG
ZDUPEOHLEWLVWHVJHHLJQHW
0DQVROOWHHVQLFKWJODXEHQDEHULFKN|QQWHVRJDU3DSSJHVFKLUULQ
GDV0LNURZHOOHQJHUlWVWHOOHQ1XUGDUIHVQLFKWPLW.XQVWVWRIIEH
VFKLFKWHWVHLQ'HQQGLHVHUVFKPLO]W
,QGXNWLRQVKHUGH
9LHOOHLFKW VHKH LFK ]XIlOOLJ HLQHQ ZHQQ LFK QDFK PHLQHQ *HUlWHQ
VXFKH (YHQWXHOO DXI HLQHU 9HUEUDXFKHUPHVVH DXI GHU HU DOV VHQ
VDWLRQHOOH 1HXKHLW DQJHSULHVHQ ZLUG 'HVKDOE ZLOO LFK PLU GLH
)XQNWLRQVZHLVHGLHVHU6SH]LDOLWlWHLQPDODQVFKDXHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'LH$EELOGXQJ]HLJWHLQIUHLVWHKHQGHV*HUlW(VJLEWDEHUDXFK
XQWHUEDXIlKLJH ,QGXNWLRQVKHUGH GLH LFK LQ HLQH .FKHQ]HLOH LQWH
JULHUHQNDQQ
$EELOGXQJ
/HLGHUIXQNWLRQLHUWGDVQXUZHQQGHU%RGHQYRQ7|SIHQXQG3IDQ
QHQDXV PDJQHWLVFK OHLWHQGHP 0DWHULDO EHVWHKW ZLH (LVHQ 6WDKO
HPDLOOLHUWHP 6WDKO XQG IHUULWLVFKHP (GHOVWDKO )HUQHU GUIHQ QXU
GLH lXHUHQ 6FKLFKWHQ GHU *HIlE|GHQ PDJQHWLVFK VHLQ DOOHV
DQGHUH QLFKW 'HQQ VRQVW ZUGHQ GLH :LUEHOVWU|PH GDV JDQ]H
*HIlHUIDVVHQXQGZHLWHUDEVWUDKOHQ'LH3IDQQHZUGHTXDVL]XU
$QWHQQH
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
(LQELFKHQYLHODQWHFKQLVFKHQ9RUDXVVHW]XQJHQQLFKWZDKU"8QG
JDQ] VFK|Q WHXHU 'DV *HOG GDVV LFK EHL GHU (QHUJLH HLQVSDUH
PXVVLFKIUQHXH7|SIHDXVJHEHQ
*DVKHUGH
*DVKHUG XQG *RXUPHW ± GDV LVW ZLHGHU VR HLQH JlQJLJH *HGDQ
NHQYHUIOHFKWXQJ 9LHOH VFKZ|UHQ DXI GDV .RFKHQ PLW *DV 'HQ
QRFK ZHUGHQ PDO PHKU (OHNWURKHUGH DOV *DVKHUGH YHUNDXIW
ZLH%UDQFKHQDXJXUHQEHREDFKWHQ
'DEHLZHLVWGHU*DVKHUGHLQH5HLKHYRQ9RUWHLOHQDXI
0DQNDQQDOOH.RFKJHVFKLUUDUWHQDXIGLH*DVIODPPHVWHOOHQ'LHVH
LVW LQ 6HNXQGHQ DXI YROOHU /HLVWXQJ SDVVW VLFK GHU *HVFKLUUJU|H
DQ GLH +LW]H OlVVW VLFK VWXIHQORV XQG VFKQHOO UHJXOLHUHQ XQG JH
QDXVRVFKQHOOLVWGLH)ODPPHRKQH1DFKZlUPHZLHGHUDEJHVFKDO
WHW'DVDOOHVVSDUW(QHUJLHVLHKH7DEHOOH6HLWH
:HQQPHLQH)UDXHLQHQ*DVKHUGZQVFKHQVROOWH±YRQPLUEUDX
FKH LFK QLFKW ]X UHGHQ GHQQ LFK NDQQ QLFKW NRFKHQ ZUGHQ ZLU
GDV *HUlW KHUVWHOOHUEHUJUHLIHQG PLW GHP 0XOWL0D[L0LQL
9HUJOHLFKDXVZlKOHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
7DEHOOH(QHUJLHNRVWHQIUGHQ.FKHQKHUGQDFK+DXVKDOWVJU|H
+DXVKDOWVJU|HLQ3HUVRQHQ
XPHKU
(OHNWURKHUG
6WURPYHUEUDXFKLQN:-DKU
6WURPNRVWHQLQ(XUR-DKU
(UGJDVKHUG
(UGJDVYHUEUDXFKLQN:-DKU
(UGJDVNRVWHQLQ(XUR-DKU
9HUELQGXQJPLWHLQHU*DV
KHL]XQJ
(QHUJLHNRVWHQHUVSDUQLV
EHLP(LQVDW]YRQ(UGJDVLQ
(XUR-DKULQ9HUELQGXQJPLW
HLQHU*DVKHL]XQJ
(UUHFKQHWH(UVSDUQLVLQ
(XUREHLHLQHU1XW]XQJV
GDXHUYRQ-DKUHQLQ
9HUELQGXQJPLWHLQHU*DV
KHL]XQJ
6WURPSUHLVLQ(XURMHN:K
(UGJDVSUHLVLQ(XURMHN:K
:LUNXQJVJUDG*DVKHUG
,QIRUPDWLRQGHU6WDGWZHUNH(VVOLQJHQDP1HFNDU*PE+
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
6LFKHUKHLWXQG*HVXQGKHLW
:HQQ LFK *HVXQGKHLW PLW GHU .FKH LQ 9HUELQGXQJ EULQJH PHLQH
LFK QLFKW GLH (UQlKUXQJ 2EZRKO GDV QDKH OLHJW GHQQ .FKH XQG
JHVXQGH (UQlKUXQJ JHK|UHQ LUJHQGZLH ]XVDPPHQ 8QG GLHVH LVW
GLH*UXQGODJHIUPHLQN|USHUOLFKHV:RKOEHILQGHQ
1HLQ PLU JHKW HV XP GLH JHVXQGH 8PJHEXQJ LQ PHLQHU .FKH
8QGGDN|QQHQWDWVlFKOLFKHLQLJH*HIDKUHQODXHUQ6LHJHKHQDXV
/HLGHU LVWGDVQRFKQLFKWDOOHV:HUKlWWHQLFKWVFKRQYRQGHUHU
VFKUHFNHQG KRKHQ =DKO YRQ +DXVXQIlOOHQ JHK|UW $XVJDQJVSXQNW
VLQG RIW GLH *HUlWH $OVR LVW GLH *HUlWHVLFKHUKHLW HEHQIDOOV PHLQ
7KHPD
)OFKWLJH6XEVWDQ]HQ
$OOH0DWHULDOLHQDXVGHQHQ.FKHQP|EHOYRUZLHJHQGJHEDXWZHU
GHQ QlPOLFK +RO] +RO]ZHUNVWRIIH 3DSLHU )ROLHQ /DPLQDW /DFN
/HLP :DFKV +DU] 0HODPLQ XVZ VHW]HQ EHVWLPPWH 6WRIIH IUHL
GLHVLFKPLWGHU.FKHQOXIWYHUPHQJHQ
'LH )DFKOHXWH QHQQHQ VLH 92& 'DV LVW GLH $ENU]XQJ IU 9RODWLOH
2UJDQLF &RPSRXQGV ]X GHXWVFK ÄIOFKWLJH RUJDQLVFKH 9HUELQGXQ
JHQ³
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
9RUNXU]HU=HLWKDWGDV%XQGHVJHVXQGKHLWVDPWGLH EHL0|EHOQRIW
YRUNRPPHQGHQ 92& LQ HLQHU 7DEHOOH ]XVDPPHQJHIDVVW GLH LFK
PRGLIL]LHUWZLHGHUJHEHQP|FKWH
7DEHOOH92&EHL0|EHOQ
0DWHULDO )UHLJHVHW]WHRUJDQLVFKH6WRIIH
'HQ6FKDGVWRIIDXVVWREHPHUNWPDQQLFKWZHLOGLH.RQ]HQWUDWLR
QHQJHULQJVLQG9LHOOHLFKWIlOOWK|FKVWHQVHLQJHZLVVHU*HUXFKDXI
0DQ JHKW GDUEHU KLQZHJ XQG GHQNW HV ULHFKW KDOW QDFK QHXHQ
0|EHOQ ,FK GDUI DEHU QLFKW GDUEHU KLQZHJJHKHQ ZHQQ HV VLFK
XP)RUPDOGHK\GKDQGHOW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'DV'LOHPPDLVWQXQGDVVHVYLHOH.FKHQSURGXNWHRKQH)RUPDO
GHK\G JDU QLFKW JlEH 0DQ EUDXFKW HV LPPHU QRFK LQ JURHQ
0HQJHQXQGVWHOOWHVGHVKDOELQGXVWULHOOKDXSWVlFKOLFKDXV0HWKD
QROKHU
'HU *HVHW]JHEHU NRQQWH GD QLFKW XQWlWLJ EOHLEHQ (U VFKULHE YRU
GDVV ] % +RO]ZHUNVWRIIH GHU (PLVVLRQVNODVVH ( HQWVSUHFKHQ
PVVHQ 'LH $XVJOHLFKVNRQ]HQWUDWLRQ GDUI SSP QLFKW EHU
VFKUHLWHQ'DVEHGHXWHWHVGUIHQQXU0LOOLJUDPP)RUPDOGH
K\GSUR.XELNPHWHU/XIWYRUKDQGHQVHLQ
7URW]GHP HWZDV YRQ GHP =HXJ LVW LPPHU GD +DW MHPDQG HLQHQ
5DXPPLWHPLWWLHUHQGHQ0|EHOQYROOJHSDFNWXQGVROOWHHULKQEHU
ODQJH=HLWQLFKWOIWHQDGGLHUWVLFKGLH.RQ]HQWUDWLRQ)UKHURGHU
VSlWHU]HLJHQVLFKGLHJHQDQQWHQ6\PSWRPH
:HQQLFKPHLQH.FKHNDXIHLVWHVIUPLFK3IOLFKWGHQ1DFKZHLV
]X YHUODQJHQ GDVV ( HLQJHKDOWHQ ZXUGH )U HLQH KlXILJH XQG
LQWHQVLYH /IWXQJ GHU 5lXPH EHVRQGHUV DXFK GHU .FKH VRUJW
PHLQH)UDX
$EELOGXQJ $EELOGXQJ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
,Q YLHOHQ )lOOHQ VWHFNW LQ GHU :lUPHGlPPXQJ GHU *HUlWH GLHVHU
6WRII DOV %LQGHPLWWHO +HL]H LFK ]% HLQHQ QHXHQ %DFNRIHQ HUVW
PDOV DXI UDXFKW HU 'LHVHU 5DXFK HQWKlOW )RUPDOGHK\G LQ EH
WUlFKWOLFKHQ0HQJHQ'DKHLWHV6FKQHOOXQGODQJHOIWHQ
9LHO OIWHQ PXVV LFK DXFK VROOWH LQ PHLQHU .FKH MHPDOV PLW *DV
JHNRFKWZHUGHQ=ZDQJVOlXILJYHUEUHQQWGDV(UGRGHU)OVVLJJDV
QLFKW YROOVWlQGLJ VRQGHUQ VHW]W )RUPDOGHK\G DOV 9HUEUHQQXQJV
UFNVWDQGIUHL
(OHNWURVPRJ
(OHNWURVPRJLQPHLQHU.FKH".DXP]XJODXEHQDEHUHVVWLPPW
(OHNWURPDJQHWLVFKH)HOGHUDEHLQHUEHVWLPPWHQ,QWHQVLWlWN|QQHQ
GLH 7HPSHUDWXU GHV PHQVFKOLFKHQ *HZHEHV HUK|KHQ (UZlUPW HV
VLFKXPPHKUDOV&ZLUGHVJHIlKUOLFK
=ZHL *HUlWH LQ VHLQHU .FKH EHlXJW GHU .FKHQQXW]HU VFKRQ LP
PHUHWZDVPLVVWUDXLVFKZHQQHURIWDXFKQLFKWZHLZDUXP
GDV0LNURZHOOHQJHUlW
GHQ,QGXNWLRQVKHUG
(UKDWUHFKW'LH)DFKOHXWHZLVVHQVFKRQODQJHGDVVPLWGHPEHL
GLHVHQ*HUlWHQHQWVWHKHQGHQ(OHNWURVPRJQLFKW]XVSDHQLVW,FK
ZLOOPLUDQVFKDXHQZLHVLHGDV3UREOHPO|VHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
0LNURZHOOHQJHUlWH
'LH*HUlWHPVVHQGHVKDOE$EVFKLUPXQG6FKXW]V\VWHPHDXIZHL
VHQGHUHQ:LUNVDPNHLWQDFK9'(SUl]LVHIHVWJHOHJWZXUGH
'LH (PLVVLRQ GDUI LQ IQI =HQWLPHWHU $EVWDQG YRP *HUlW K|FK
VWHQVP:FPðEHWUDJHQ*UHQ]ZHUW
'DV %XQGHVDPW IU 6WUDKOHQVFKXW] %I6 KDW PHKU DOV
*HUlWHDXI/HFNVWUDKOXQJXQWHUVXFKW,P'XUFKVFKQLWWEOLHEHVEHL
GHV *UHQ]ZHUWHV VHOEVW ZHQQ HV VLFK XP DOWH ODQJH XQG LQ
WHQVLY JHQXW]WH *HUlWH KDQGHOWH %I6 ,QIREODWW =XGHP
QLPPW GLH ,QWHQVLWlW PLW ]XQHKPHQGHU (QWIHUQXQJ YRP *HUlW
UDVFKDE,P$EVWDQGYRQFPVLQGHVZHQLJHUDOV DQGHU
4XHOOH
'DV LVW EHUXKLJHQG ]X ZLVVHQ $OOHUGLQJV ZLUG GHP 1XW]HU HLQH
EHDFKWOLFKH(LJHQYHUDQWZRUWXQJDXIHUOHJW0DQIRUGHUWYRQLKP
GLH%HGLHQXQJVDQOHLWXQJHQJHQDX]XEHDFKWHQ%HL)HKOEHGLH
QXQJHQVLQG5LVLNHQQLFKWDXV]XVFKOLHHQ
6W|UXQJHQ QXU YRQ TXDOLIL]LHUWHQ )DFKZHUNVWlWWHQ EHKHEHQ ]X
ODVVHQ
*HUlWH QLFKW PHKU ]X EHQXW]HQ ZHQQ VLFKWEDUH RGHU YHUPX
WHWH6FKlGHQDQ*HKlXVHRGHU*DUUDXPDXIWUHWHQ
NHLQH IHVW YHUVFKORVVHQHQ *HIlH ]X HUZlUPHQ (V EDXW VLFK
'UXFNDXIXQGGLH*HIlHN|QQWHQSODW]HQ
/HEHQVPLWWHO QLFKW ]X WURFNQHQ %HL ]X ODQJHU (LQVFKDOWGDXHU
EHVWHKWhEHUKLW]XQJVXQG6HOEVWHQW]QGXQJVJHIDKU
6LQGVRDOOH*HIDKUHQJHEDQQW"
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
=XP6FKOXVVPHLQH)RUGHUXQJ]XU*HUlWHVLFKHUKHLW
,QGXNWLRQVKHUGH
1HXOLFK IUDJWH PLFK HLQH /HVHULQ QDFK GHU 6WUDKOXQJ EHL ,QGXNWL
RQVKHUGHQ ,FK JHEH PHLQ $QWZRUWVFKUHLEHQ KLHU ZLHGHU ZHLO HV
DOOHVHQWKlOWZDVLFK]XU(OHNWURVPRJJHIDKUVDJHQP|FKWH
6WUDKOXQJVZHUWHYRQ,QGXNWLRQVKHUGHQ
%HNDQQWLVWDEHUGDVVGLHHOHNWURPDJQHWLVFKHQ:HFKVHOIHOGHUDXINXU
]H'LVWDQ]+HU]VFKULWWPDFKHUEHHLQIOXVVHQ7UlJHUYRQ+HU]VFKULWWPD
FKHUQ VROOWHQ GLH 6LFKHUKHLWVKLQZHLVH GHU +HUVWHOOHU JHQDX EHDFKWHQ
XQGPLWLKUHP$U]WGLH9HUZHQGXQJYRQ,QGXNWLRQVKHUGHQEHVSUHFKHQ
$XFKKLHUPHLQH)RUGHUXQJ]XU*HUlWHVLFKHUKHLW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'DV)&.:3UREOHPEHL.KOJHUlWHQ±JHO|VW"
)&.:VLQGELOOLJKHU]XVWHOOHQVWDELOXQGQLFKWEUHQQEDU6LHVLQG
EHVVHU 6LH ZDUHQ GDKHU HLQ EHOLHEWHV .lOWH XQG 7UHLEPLWWHO ELV
PDQ HQWGHFNWH GDVV )&.: GLH VFKW]HQGH 2]RQVFKLFKW XQVHUHU
$WPRVSKlUH NLOOW 'DGXUFK ZLUG QLFKW QXU GDV JOREDOH .OLPD JH
VW|UWVRQGHUQHVHUUHLFKWLPPHUPHKUKDUWH896WUDKOXQJXQVHUH
(UGREHUIOlFKH'LHVH6WUDKOXQJDEHUVFKlGLJWGLH(UELQIRUPDWLRQHQ
YRQ0HQVFKHQ7LHUHQXQG3IODQ]HQ
6HLW GHP -DQXDU GUIHQ LQ 'HXWVFKODQG .lOWHPLWWHO GLH
)&.:RGHU).:HQWKDOWHQZHGHUKHUJHVWHOOWQRFKLQGHQ9HUNHKU
JHEUDFKWZHUGHQ
6RZHLWVRJXW
,FKYHUODQJHLPPHUHLQHHQWVSUHFKHQGH*DUDQWLHHUNOlUXQJ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
*HUlWHVLFKHUKHLWDOOJHPHLQ
(V JHVFKDK YRU -DKUHQ :LU KDWWHQ %HVXFK YRQ HLQHP
EHIUHXQGHWHQ $U]W 1DFK GHP $EHQGHVVHQ VDHQ ZLU DQ
JHUHJWSODXGHUQGEHLHLQHP*ODV:HLQ3O|W]OLFKXQWHUEUDFK
XQVHLQJHOOHQGHU6FKUHLDXVGHU.FKH
8QVHUH 7RFKWHU GDPDOV -DKUH DOW KDWWH VLFK GRUW XQ
EHPHUNW ]X VFKDIIHQ JHPDFKW 6LH ZROOWH VLFK DXI GHP
HOHNWULVFKHQ $OOHVVFKQHLGHU HLQ 6WFN %URW DEVFKQHLGHQ
'DEHLJHULHWVLHPLWGHU.XSSHGHVOLQNHQ'DXPHQVLQGDV
6FKQHLGEODWW
=XP *OFN ZDU MD HLQ $U]W DQZHVHQG (U GUFNWH GLH QXU
QRFK DQ HLQHP +DXWODSSHQ KlQJHQGH 'DXPHQNXSSH ZLH
GHU DQ LKUH 6WHOOH XQG OHJWH HLQHQ IDFKJHUHFKWHQ 9HUEDQG
DQ
6RJOLPSIOLFKJHKWHVQLFKWLPPHUDE
6RQGHUIDOO*DVKHUG
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
KRKH/HEHQVGDXHUXQG=XYHUOlVVLJNHLW
KRKH.RUURVLRQVXQG.RQGHQVZDVVHUEHVWlQGLJNHLW
QHXWUDOJHSUIWHHOHNWULVFKH6LFKHUKHLW
(PLVVLRQHQ XQG :LUNXQJVJUDGH HQWVSUHFKHQG GHQ $QIRU
GHUXQJHQ GHV Ä%ODXHQ (QJHO³ XQG GHQ JHOWHQGHQ QDWLRQD
OHQ9RUVFKULIWHQ
PRGHUQHU5HJHOXQG%HQXW]HUNRPIRUW
EHVRQGHUH,QVWDOODWLRQVXQG:DUWXQJVIUHXQGOLFKNHLW
DQJHPHVVHQHU.XQGHQGLHQVW
$XVWDXVFKGHU(UVDW]WHLOHPLWKDQGHOVEOLFKHQ:HUN]HXJHQ
P|JOLFK
(UVDW]WHLOYHUVRUJXQJIUPLQGHVWHQV-DKUHVLFKHUJHVWHOOW
DXVIKUOLFKH XQG YHUVWlQGOLFKH $XIVWHOO :DUWXQJV XQG
%HGLHQXQJVDQOHLWXQJ
9HUSDFNXQJHQ XQG *HUlWH PVVHQ OHLFKW XQG XPZHOWJH
UHFKWHQWVRUJWZHUGHQN|QQHQ
*DVKHUGHQXUGXUFKHLQ)DFKXQWHUQHKPHQDQVFKOLHHQODVVHQ
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
:HQQGHU*DVKHUGO|VEDUDQJHVFKORVVHQZLUG
.HLQHIDEULNXQGW\SHQIUHPGHQhEHUNRFKVLFKHUXQJHQ3ODWWHQ
RGHU5LQJHDXIGLH.RFKVWHOOHQOHJHQ
%DFNRIHQ QXU ]XP %DFNHQ XQG QLFKW ]XP +HL]HQ GHV 5DXPHV
EHQXW]HQ
:HQQWURW]DOOHP*DVJHUXFKDXIWULWW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
*WH]HLFKHQ.DQQLFKPLFKGDUDXIYHUODVVHQ"
1XQVWHOOHLFKGLHSURYRNDQWH)UDJHREGDUDXI9HUODVVLVW
HFRLQIRGHU1HZVOHWWHUGHV
HFR8PZHOWLQVWLWXWV
HFRLQIR
/LHEH/HVHULQQHQXQG/HVHUYRQHFRLQIR
HLQ 6WXKO LVW HLQ 6WXKO LVW HLQ 6WXKO 'RFK
9RUVLFKW :LH YLHOVFKLFKWLJ 0|EHO DXIJHEDXW VLQG
XQG ZHOFKH JHVXQGKHLWOLFKHQ %HHLQWUlFKWLJXQJHQ
YRQ GHQ YHUZHQGHWHQ 0DWHULDOLHQ DXVJHKHQ N|QQHQ
YHUUlW GLH QHXH NRVWHQORVH %URVFKUH Ä0|EHO IU
JHVXQGHV:RKQHQ³YRP8PZHOWEXQGHVDPW
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
'DVHFR8PZHOWLQVWLWXWKDWDOVRGLH5$/3UINULWHULHQEHJXWDFKWHW
JHZLVVHUPDHQ GLH 3UIXQJ JHSUIW 8QG VLHKH GD EHL GHQ EH
UKPWHVWHQ4XDOLWlWVVLHJHOQJDEHVGXUFKDXVHWZDV]XNULWLVLHUHQ
'DNRPPHLFKLQV*UEHOQ
%HLP Ä*ROGHQHQ 0³ NDQQ LFK GDV QRFK LUJHQGZLH YHUVWHKHQ 0DQ
EUDXFKWVLFKQXUGLH0LWJOLHGHUOLVWHGHU'*0 DQ]XVHKHQ$OOHVQXU
0|EHOKHUVWHOOHU XQG 0|EHOHLQNDXIVYHUElQGH 6LH XQWHUZHUIHQ VLFK
]ZDU ± ZLH VLH VDJHQ VWUHQJHQ 4XDOLWlWVDQIRUGHUXQJHQ 'RFK
VLFKHUOLFK EHVWLPPHQ VLH PLW ZDV XQG ZLH JHSUIW ZLUG 'DEHL
EHVWHKW VWLOOHV (LQYHUQHKPHQ 'LH .RVWHQ GUIHQ GXUFK VROFKH
Ä6SlH³ QLFKW DXVXIHUQ )U PLFK LVW GDV Ä*ROGHQH 0³ HKHU HLQ
9HUPDUNWXQJVLQVWUXPHQWDOVHLQ4XDOLWlWV]HLFKHQ
8QG GDQQ 5$/ 'DV LVW GLH $ENU]XQJ YRQ 'HXWVFKHV ,QVWLWXW IU
*WHVLFKHUXQJXQG.HQQ]HLFKQXQJH96DQNW$XJXVWLQ(V
VDJW
:DUXPXQWHUVFKHLGHQ"*LEWHVJXWHXQGZHQLJHUJXWH*WHVLHJHO"
,FKPXVVGLHVH)UDJHQRIIHQODVVHQ
)U PLFK KHLW GDV DOOHV QXU $XFK ZHQQ *WH]HLFKHQ =HUWLILNDWH
XQG 3UIVLHJHO DQ .FKHQP|EHOQ XQG *HUlWHQ QXU VR SUDQJHQ
ZDVLFKVHOEVWSUIHQNDQQSUIHLFK
=XP6FKOXVVVROOHQWURW]GHPHLQLJH*WH]HLFKHQDXVGHU.FKHQV
]HQHKLHUHUVFKHLQHQXQGLFKZLOONXU]NHQQ]HLFKQHQZDVVLHDXV
VDJHQ
9RQ 5$/ VLQG HV QHEHQ GHP Ä%ODXHQ (QJHO³ XQG GHP Ä*ROGHQHQ
0³QRFKIROJHQGH$EELOGXQJHQXQG
:LHLFKKLQWHUGLH.FKHQTXDOLWlWVWHLJH
$EELOGXQJ $EELOGXQJ
$QGHUH.HQQ]HLFKHQGLH5$/]XIROJHGHU9HUEUDXFKHUXQWHUVFKHL
GHQVROOVLQG
$EELOGXQJ $EELOGXQJ
6LHVWHKHQIUVLFKHUH(OHNWUL]LWlW$EELOGXQJHQXQG
$EELOGXQJ $EELOGXQJ
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
%HYRULFKGHQNRQNUHWHQ3UHLVPHLQHU.FKHHUPLWWHOHLVWHVYRU
WHLOKDIW HLQHQ hEHUEOLFN EHU GDV JHVDPWH 3UHLVVSHNWUXP ]X JH
ZLQQHQ
3UHLVVSLHJHO3UHLVNDWHJRULHQ
,FKKDWWHPLU]XQlFKVWYRUJHQRPPHQYRQGHQ+HUVWHOOHUQDXV]X
JHKHQ XQG VLH LQ HLQHU hEHUVLFKW PLW GHU 6NDOD ÄQLHGULJH 3UHLVH³
ELVÄKRKH3UHLVH³HLQ]XRUGQHQ'DVHUVFKHLQWPLUDEHU LQ]ZLVFKHQ
ZHQLJLQIRUPDWLY
$P EHVWHQ LFK QHKPH GLH 3UHLVH GHV .FKHQKDQGHOV XQG RUGQH
VLH LQ HLQHQ 3UHLVVSLHJHO HLQ 'D]X QHQQH LFK GHQ HLQHQ RGHU DQ
GHUHQ+HUVWHOOHUQXUH[HPSODULVFK
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
(LQH 3UHLVEHUVLFKW LVW QXU DXVVDJHNUlIWLJ ZHQQ VLH VLFK DXI HLQH
.FKHLQJOHLFKEOHLEHQGHU=XVDPPHQVWHOOXQJEH]LHKW'LHVHPXVV
DOOJHPHLQ EOLFK VHLQ 6WDQGDUGNFKH ([WUDYDJDQ]HQ YHU]HUUHQ
GDV3UHLVELOG0HLQHHUZHLWHUWH.FKHV$EELOGXQJNDQQLFK
DOV 6WDQGDUGNFKH KHUDQ]LHKHQ ZHQQ LFK GLH HLQH RGHU DQGHUH
%HVRQGHUKHLWZHJODVVH6LHVHW]WVLFKGDQQZLHIROJW]XVDPPHQ
6SOEHUHLFKPLW(LQODVVVSOHXQG$UPDWXU±ZHLWHUH8QWHUVFKUlQNH
±.RFKVWHOOH±+RFKVFKUlQNHIU*HUlWH9RUUlWHXQG3XW]PLWWHO±
$SRWKHNHUVFKUDQN ± SDVVHQGH 2EHUVFKUlQNH HLQVFKOLHOLFK 2EHU
VFKUDQNIU'XQVWKDXEH$EVFKOXVVUHJDO±.UDQ]XQG/LFKWOHLVWHQ
:DQGDEVFKOXVV
7DEHOOH.FKHQSUHLVH+DQGHO
,FKZLOOQXQDEHUZLVVHQZLHGLHVH3UHLVH]XVWDQGHNRPPHQ6RO
FKHV +LQWHUJUXQGZLVVHQ KLOIW PLU GLH ULFKWLJH 3RVLWLRQ HLQ]XQHK
PHQZHQQLFKXPGHQ3UHLVPHLQHU.FKHYHUKDQGOH
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
'LH(EHQHQGHU3UHLVJHVWDOWXQJ
$XIGHU0RGHOOHEHQHGHV.FKHQKHUVWHOOHUV
$XIGHU:HWWEHZHUEVHEHQHGHV.FKHQKDQGHOV
3UHLVJUXSSHQGHU.FKHQKHUVWHOOHU
'LHPHLVWHQ.FKHQKHUVWHOOHUKDEHQHLQ3URJUDPPDXIJHOHJWGDV
WHXUHXQGELOOLJHUH.FKHQXPIDVVW
,FKQHKPHHLQHQ[EHOLHELJHQ.FKHQKHUVWHOOHUXQGVHKHGDVVHU
VHLQH 3URGXNWSDOHWWH EHLVSLHOVZHLVH LQ 3UHLVJUXSSHQ HLQJHWHLOW
KDW6LHXQWHUVFKHLGHQVLFKKDXSWVlFKOLFKLQGHU)URQWDXVIKUXQJ
7DEHOOH3UHLVJUXSSHQXQG)URQWDXVIKUXQJHQ
3UHLVJUXSSH $XVIKUXQJ
6WDQGDUGPRGHOO
.XQVWVWRIIREHUIOlFKHLQHLQIDFKHU$XVIKUXQJ
.XQVWVWRIIREHUIOlFKHPLWDEJHVFKUlJWHUYHUWLNDOHU.DQWHQIK
UXQJ
.XQVWVWRIIREHUIOlFKH9HUWLNDOH.DQWHQJHUXQGHW
KRUL]RQWDOH.DQWHQPLW.XQVWVWRIIDQOHLPHULQ&KURP
*OlQ]HQGH$FU\OREHUIOlFKHYHUWLNDOH.DQWHQJHUXQGHWKRUL
]RQWDOH.DQWHQPLW.XQVWVWRIIDQOHLPHU
)URQWLQ)XUQLHUUXQGXP0DVVLYKRO]DQOHLPHU6WLONFKHQPLW
PDVVLYHP5DKPHQXQGIXUQLHUWHU)OOXQJ
)URQWLQ0DVVLYKRO]5DKPHQXQG)OOXQJHQ
YRUZLHJHQG:HLFKK|O]HU]%)LFKWH
)URQW5DKPHQXQG)OOXQJLQPDVVLYHQ+DUWK|O]HUQ]%
(LFKHHEHQIDOOV.FKHQLQ/DFN
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
'HQ3UHLVJUXSSHQVLQGVRJHQDQQWH,QGH[]DKOHQ]XJHRUGQHW
:LHGDV'LDJUDPP]HLJWNRVWHWEHLVSLHOVZHLVHHLQ.FKHQHOHPHQW
GHV.FKHQPRGHOOVLQ(LFKHPDVVLY3UHLVJUXSSHFDPHKU
DOVHLQVROFKHVGHV6WDQGDUGPRGHOOV3UHLVJUXSSH
$EELOGXQJ
(LQNRQNUHWHV%HLVSLHO
8QWHUVFKUDQN86/,
FPEUHLW6FKXEODGH7UOLQNVDQJHVFKODJHQ
3UHLVJUXSSH (XUR
3UHLVJUXSSH (XUR
3UHLVJUXSSH (XUR
'LHEHLVSLHOKDIWJHQDQQWHQ3UHLVHHQWVWDPPHQGHU(LQNDXIVSUHLVOL
VWHGHV+HUVWHOOHUVXQGYHUVWHKHQVLFKQHWWRRKQH8PVDW]VWHXHU
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
(VLVWUHLQ]XIlOOLJGDVVGLH$Q]DKOGHU3UHLVJUXSSHQGHU+HUVWHOOHU
PLW GHU $Q]DKO GHU 3UHLVNDWHJRULHQ LP 3UHLVVSLHJHO V 7DEHOOH
6HLWH EHUHLQVWLPPW 'DV NDQQ GXUFKDXV DXFK DQGHUV VHLQ
'LH +HUVWHOOHU RUGQHQ LKUH 0RGHOOH PDO LQ PHKU PDO LQ ZHQLJHU
3UHLVJUXSSHQ HLQ (EHQVR N|QQWH LFK GLH 3UHLVNDWHJRULHQ PHKU
RGHUZHQLJHUWLHIJOLHGHUQ
:HQQLFKPLUDOVRHLQH.FKHHLQHVEHVWLPPWHQ+HUVWHOOHU]XOHJHQ
ZLOO EHLVSLHOVZHLVH YRQ $OQR NDQQ LFK EHL LGHQWLVFKHU .FKHQ]X
VDPPHQVWHOOXQJMHQDFK0RGHOOGDQQPLW
]XU.DVVHJHEHWHQZHUGHQ
8QGMHW]WNRPPWQRFKGLH]ZHLWH(EHQHGHU3UHLVJHVWDOWXQJKLQ]X
'LH:HWWEHZHUEVHEHQHGHV.FKHQKDQGHOV
3UHLVEOlWWHUGHU.FKHQKlQGOHU
0LUJHKWHVXPGLH3UHLVHDEHULFKILQGHVLHKLHUQLFKW,FKP|FKWH
VROFKHLQH7\SHQEHUVLFKWHLQPDODXV]XJVZHLVH]HLJHQ
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
7DEHOOH7\SHQEHUVLFKW
8QWHUVFKUlQNH =HLOH
6FKXENDVWHQVFKUlQNH
%URWVFKUlQNH %UHLWH %HVWHOOWH[W $UW1U
LQPP
8QWHUVFKUDQN 86/5
6FKXENDVWHQ'UHKWU 86/5
YHUVWHOOEDUHU(LQOHJHERGHQ 86/5
6FKUDQNWLHIHPP 86/5
3ODQXQJVWLHIHPP 86/5
=HLOH 3UHLVJUXSSHQ
,GHQWQXPPHUQ
-D ZR VLQG GHQQ GLH 3UHLVH" ± 'DIU JLEW HV HLQ EHVRQGHUHV
3UHLVEODWW GDV GHU .FKHQKlQGOHU YHUVWHFNW KlOW :DV VROO GDV
PLW GHQ ,GHQWQXPPHUQ XQG GHQ VHSDUDWHQ 3UHLVEOlWWHUQ" :DUXP
VRNRPSOL]LHUW"
:lUHGDIUGHUHLQ]LJH*UXQGGDVVLFKNHLQH3UHLVHHUNHQQHQVROO
ZHQQ LFK LQ HLQHP .FKHQVWXGLR HLQHP .FKHQYHUNlXIHU EHL GHU
.FKHQSODQXQJ EHU GLH 6FKXOWHU VFKDXH N|QQWH LFK HV DOV GLH
EOLFKH *HKHLPQLVNUlPHUHL GHV 0|EHOKDQGHOV DEWXQ $EHU IU
PLFKLVWHVPHKU(VJUHQ]WDQ,UUHIKUXQJ
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
8QWHUVFKUDQN86/,
FPEUHLW6FKXEODGH7UOLQNVDQJHVFKODJHQ
0RGHOODXV3UHLVJUXSSH
0|FKWH LFK MHW]W GHQ 3UHLV ZLVVHQ EHQ|WLJH LFK GDV 3UHLVEODWW (V
]HLJWXQWHUGHU,GHQWQXPPHUGHQ3UHLV(XUR%LVKLHU
KLQLVWQRFKDOOHVNODU$EHUGDQQJHKWHVORV
9LHOH.FKHQKlQGOHUDUEHLWHQQLFKWQXUPLWHLQHP3UHLVEODWWVRQ
GHUQ DJLHUHQ PLW PHKUHUHQ 8QG LQ MHGHP 3UHLVEODWW ILQGHW VLFK
XQWHUGHUJOHLFKHQ,GHQWQXPPHUHLQDQGHUHU3UHLV
'DV 6SLHO OlXIW VR -H QDFK GHP ZDV GHU 9HUNlXIHU JODXEW PLU
DENQ|SIHQ ]X N|QQHQ ZlKOW HU HLQHV GLHVHU 3UHLVEOlWWHU +lOW HU
PLFK IU HLQHQ DUJORVHQ .FKHQNlXIHU GUIWH NODU VHLQ ZHOFKHV
3UHLVEODWWGDVLVW1XPPHU
3UHLVEODWW (XUR
3UHLVEODWW (XUR
3UHLVEODWW (XUR
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
3UHLVEODWW (XUR
3UHLVEODWW (XUR
3UHLVEODWW (XUR
(LQ%HLVSLHODXVGHU3UD[LV
'HU.XQGHVWDXQWEHUGDVQHXH$QJHERW(UIUDJWÄ6LQGDOOH7HLOH
EHUFNVLFKWLJW GLH ZLU KHUDXVJHVXFKW KDEHQ"³ 'HU 9HUNlXIHU EH
VWlWLJWHVXQGYHUZHLVWDXIGLH6WFNOLVWHGLHXQYHUlQGHUW JHEOLH
EHQ LVW Ä'DV LVW GDV 6FKQlSSFKHQ PHLQHV /HEHQV³ GHQNW GHU
.XQGHXQGXQWHUVFKUHLEWGHQ.DXIYHUWUDJ
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
,Q:LUNOLFKNHLWLVWGDVEHUKDXSWNHLQ6FKQlSSFKHQ'HU.FKHQ
KlQGOHUKDWQLFKWHLQHQ&HQWQDFKJHODVVHQ(UKDWOHGLJOLFKHLQ
DQGHUHV.FKHQPRGHOO]XHLQHPEOLFKNDONXOLHUWHQ3UHLV3UHLV
EODWWYHUNDXIW
(V LVW ZDKUOLFK HLQ GUHLVWHV 6WFN 'DV YHUZLUUHQGH 6SLHO PLW
,GHQWQXPPHUQXQG3UHLVEOlWWHUQ
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
(LQNDXIVNRQGLWLRQHQGHU.FKHQKlQGOHU
*DQ]WLHILP3UHLVGVFKXQJHOYHUELUJWVLFKQRFKHWZDVYRQGHPGHU
.FKHQNlXIHU PHLVWHQV JDU QLFKWV DKQW ZDV DEHU GHP .FKHQ
KlQGOHUVRHUVHLQ*HVFKlIWYHUVWHKWYLHO)UHXGHPDFKW
(VKDQGHOWVLFKXPGLH.RQGLWLRQHQ]XZHOFKHQHUGLH.FKHQXQG
(OHNWURJHUlWHHLQNDXIW
'LH+HUVWHOOHUVFKDIIHQGLH*UXQGODJHIULKUH$EJDEHSUHLVHGXUFK
(LQNDXIVSUHLVOLVWHQ(./LVWHQSUHLV6LHZLVVHQDEHUYRQYRUQKHU
HLQ GDVV VLH GLHVH 3UHLVH OHW]WOLFK QXU VHOWHQ HU]LHOHQ ZHUGHQ ,Q
GHQPHLVWHQ)lOOHQPVVHQVLHVLFKGHQ)RUGHUXQJHQGHU.FKHQ
KlQGOHUEHXJHQXQG1DFKOlVVHJHZlKUHQ%HLVSLHOVZHLVHQDFKGHU
)RUPHO
(. /LVWHQSUHLV GDYRQ QRFKPDOV 6NRQWR
$EJDEHSUHLV(LQVWDQGVSUHLVGHV+lQGOHUV
(.
(LQH%HLVSLHOVUHFKQXQJ]HLJWGLH$XVZLUNXQJHQLQ(XURXQG&HQW
8QWHUVFKUDQN86/,
FPEUHLW6FKXEODGH7UOLQNVDQJHVFKODJHQ
3UHLV QDFKULFKWOLFK
JUXSSH(./LVWHQSUHLV(LQVWDQGVSUHLV9HUNDXIVSUHLV
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
'HU.UHLV±*HPHLQVFKDIWIU.FKHQVSH]LDOLVWHQ
/HRQEHUJ
ZZZGHUNUHLVGH
.FKHQSDUWQHU*PE+
+RFKKHLP0DLQ
ZZZNXHFKHQSDUWQHUVWXGLRGH
.FKHQ7UHII(LQNDXIV 0DUNHWLQJ*PE+
:LOGHVKDXVHQ
ZZZNXHFKHQWUHIIGH
0+.0DUNHWLQJ+DQGHO.RRSHUDWLRQ0XVWHUKDXVNFKHQ
'UHLHLFK
ZZZPXVWHUKDXVNXHFKHQGH
PHLVWHU.FKHQ.RQ]HSWH
%QGH
ZZZNXHFKHQKDQGHOGH
9*.9HUHLQLJWHU.FKHQIDFKKDQGHO
3IRU]KHLP
ZZZHLQULFKWHQGH
:UGHLFKZLVVHQZROOHQZHOFKHV.FKHQVWXGLRZHOFKHP9HUEDQG
]XJHK|UWN|QQWHLFKHVEHUGLH,QWHUQHWDGUHVVHQHUIDKUHQ
:LHGLH.FKHQSUHLVHJHPDFKWZHUGHQ
$OOLDQFH0|EHO(LQNDXIXQG0DUNHWLQJ'HU.FKHQULQJ
5KHLQEDFK
ZZZDOOLDQFHGH
'09'HXWVFKHU0|EHO9HUEXQG
)DKUHQ]KDXVHQ
ZZZGPYGH
(XURSD0|EHO*URHLQNDXI
6DQNW$XJXVWLQ
ZZZHXURSDPRHEHOGH
*DUDQW0|EHO
5KHGD:LHGHQEUFN
ZZZJDUDQWPRHEHOJURXSFRP
*I00|EHOHLQNDXIVYHUEXQG
1HXVWDGW'RQDX
ZZZJIPPRHEHOGH
0,*0|EHO,QWHUHVVHQJHPHLQVFKDIW
5KHLQEDFK
ZZZPLJPRHEHOGH
0=(0|EHO=HQWUDOHLQNDXI
1HXIDKUQ
ZZZP]HGH
5HJHQW0|EHO*URHLQNDXI
*HOVHQNLUFKHQ
ZZZUHJHQWPRHEHOGH
$OO GDV ]HLJW PLU GDVV GLH .FKHQSUHLVH PlFKWLJH *HZLQQH HQW
KDOWHQ N|QQHQ ,FK ZHUGH PLFK QLFKW EHLUUHQ ODVVHQ XQG PLU YRP
*HZLQQGHV.FKHQKlQGOHUVHWZDVDEVFKQHLGHQ
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
3V\FKRORJLVFKH9RUHLQVWHOOXQJHQ
'LH PHLVWHQ .FKHQNlXIHU GHQNHQ ]XHUVW DQ GDV *HOG 6LH KROHQ
GHQ .RQWRDXV]XJ KHUYRU XQG VWHOOHQ IHVW )U PHLQH .FKH NDQQ
LFKVRXQGVRYLHO(XURDXVJHEHQ-HW]WVFKDXHLFKPDOZDVLFKIU
GLHVHV*HOGEHNRPPH
1LFKWQXUGDV6LHKDEHQVLFKGHP.FKHQKlQGOHUJHZLVVHUPDHQ
DXVJHOLHIHUW (U ZLUG HV GDUDXI DQOHJHQ LKQHQ GLH 9HUIJXQJV
VXPPH]XVHLQHP%HVWHQ]XHQWZLQGHQ6HLQH.FKHIULKU*HOG
1HLQVRQLFKW,FKPDFKHHVOLHEHUXPJHNHKUW
,FKUHGHPLWGHQ.FKHQKlQGOHUQ±QLFKWQXUPLWHLQHP±DQIDQJV
EHUKDXSW QLFKW EHU GHQ 3UHLV 0LU JHKW HV ]XHUVW GDUXP HLQH
RSWLPDOH 9HUVLRQ PHLQHU .FKH DXV]XDUEHLWHQ ,FK VHOEVW KDEH MD
EHUHLWV JHSODQW -HW]W VROO PLU GHU .FKHQKlQGOHU VDJHQ RE HU
GLHVH3ODQXQJUHDOLVLHUHQNDQQXQGPLWZHOFKHU.FKH+HUVWHOOHU
0RGHOO HU GDV ]X WXQ JHGHQNW ,FK ZHUGH LKQ DXFK HUPXQWHUQ
VHLQ )DFKZLVVHQ DXV]XVSLHOHQ XQG JHJHEHQHQIDOOV DQGHUH 9RU
VFKOlJH]XXQWHUEUHLWHQ
'DV LVW ZDKUOLFK HLQH JDQ] DQGHUH $XVJDQJVODJH $OVR DXI LQ GHQ
3UHLVNDPSIXQWHUGHP0RWWR
1LFKWHLQH.FKHIUPHLQ*HOGVRQGHUQPHLQ*HOGIUGLH
VH.FKH
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
3UHLVDEIUDJHXQG3UHLVYHUJOHLFK
$P$QIDQJ LVWYRQHLQHP.DPSIQRFKQLFKWV]XPHUNHQ,FKKROH
MD DXFK QXU $QJHERWH HLQ XQG GHU ELHWHQGH .FKHQKlQGOHU ZHL
QRFK QLFKW GDVV LFK XP GHQ 3UHLV KDUWQlFNLJ ULQJHQ ZHUGH 9LHO
OHLFKWDKQWHUHWZDVZHQQHUVLHKWZLHH[DNWPHLQH9RUVWHOOXQJHQ
VLQG
'DV KHLW DEHU QLFKW GDVV NHLQH DQGHUHQ 0RGHOOH YRQ DQGHUHQ
+HUVWHOOHUQPHKULQIUDJHNlPHQ,QGLHVHP6WDGLXPLVWQRFKDOOHV
P|JOLFK
0HLQ.FKHQSODQXQGPHLQH6WFNOLVWH
'HP *UXQGH QDFK ZHL LFK EHUHLWV ZLH HLQ GHWDLOOLHUWHV $QJHERW
DXV]XVHKHQ KDW ,FK KDEH MD PHLQHQ HLJHQHQ 3ODQ ,FK KROH LKQ
ZLHGHU KHUYRU DP EHVWHQ LQ 9RJHOSHUVSHNWLYH ZHLO GHU RSWLVFKH
(LQGUXFNKLHUVHKUSODVWLVFKLVW$EELOGXQJ6HLWH
:DVQRFKIHKOWLVWGLH6WFNOLVWH7\SHQDXIVWHOOXQJ0DWHULDOOLVWH
(V LVW IU PLFK YRQ 9RUWHLO ZHQQ LFK DXFK GLHVH YRUDE IU PLFK
DQIHUWLJH ZHLO LFK GDGXUFK LQ MHGHU 3KDVH GHV *HVFKHKHQV GLH
.RQWUROOHEHKDOWH
%HLGHU$XIVWHOOXQJJHKHLFKLP.FKHQSODQYRQOLQNVQDFKUHFKWV
0HLQH6WFNOLVWHVLHKWGDQQVRDXV'LH=DKOHQEHGHXWHQ0DHLQ
=HQWLPHWHUQXQGEH]LHKHQVLFKDXIGLH%UHLWHGHU(OHPHQWH
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
6WFNOLVWH
0RGHOO )DUEH .DQWH
)URQW .RUSXV 6RFNHO
*ULII.QRSI $UESODWWH 6RK|KH
7\SHQEHVFKUHLEXQJ 3UHLVLQ(XUR
.HUQNFKH
(FNXQWHUVFKUDQNUH
6SOHQXQWHUVFKUDQNOL
8QWHUVFKUDQNOL
8QWHUVFKUDQN[6FKEH[$XV]XJ
+RFKVFKUDQNIULQWHJU%DFNRIHQ0LNURZHOOH[6FKXE
[$XV]XJ7UOL
+RFKVFKUDQNIULQWHJU.KOJHUlW[$XV]XJ7UUH
/IWXQJVJLWWHULP6RFNHO
2EHUVFKUDQN$EVFKOXVVUHJDOOL
2EHUVFKUDQNHFNH
2EHUVFKUDQNOL
2EHUVFKUDQNOL
1LVFKHQERUG
2EHUVFKUDQNOLIU)ODFKVFKLUPGXQVWKDXEH
2EHUVFKUDQNUH
(UZHLWHUWH.FKH
+RFKVFKUDQN(FNSDVVOHLVWH
+RFKVFKUDQNOL[$XV]JH
$SRWKHNHUVFKUDQN
+RFKVFKUDQNUH[$XV]JH
+RFKVFKUDQN$EVFKOXVVUHJDOUH
.RPSOHWWLHUXQJGHU.FKH
$UEHLWVSODWWHDOV$QVHW]WLVFK[HLQVHLWLJDEJHVFKUlJW
6WW]IX
8QWHUVFKUDQN[6FKXE[$XV]JH
(FNXQWHUVFKUDQN.DUXVVHOOOL
2EHUVFKUDQN$EVFKOXVVUHJDOOL
2EHUVFKUDQN
2EHUVFKUDQNHFNHOL
2EHUVFKUDQN$EVFKOXVVUHJDOUH
$UEHLWVSODWWH[[[
[$UEHLWVSODWWHQYHUELQGXQJHQ1XWXQG)HGHU
/IWXQJVJLWWHULP+HL]N|USHUEHUHLFK
:DQGDEVFKOXVVOHLVWH[,QQHQHFNHQ
[$EVFKOXVVNDSSHQ
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
.UDQ]
IU$EVFKOXVVUHJDOOL
*HKUXQJLQQHQUH
*HKUXQJLQQHQOL
IU$EVFKOXVVUHJDOUH
IU$EVFKOXVVUHJDOOL
*HKUXQJLQQHQUH
*HKUXQJLQQHQOLXQGUH
*HKUXQJLQQHQOLDXHQUH
*HKUXQJDXHQOLLQQHQUH
*HKUXQJLQQHQOL
IU+RFKVFKUDQN$EVFKOXVVUHJDOUH
/LFKWOHLVWH
IU$EVFKOXVVUHJDOOL
*HKUXQJLQQHQUH
*HKUXQJLQQHQOL
IU$EVFKOXVVUHJDOUH
IU$EVFKOXVVUHJDOOL
*HKUXQJLQQHQUH
*HKUXQJLQQHQOLDXHQUH
*HKUXQJDXHQOL
*HKUXQJDXHQUH
*HKUXQJDXHQOL
[1LVFKHQEHOHXFKWXQJ/HXFKWVWRIIU|KUHQ
6RQVWLJHV
(LQODVVVSOH(GHOVWDKO
$UPDWXU:DVVHUKDKQ&KURP
$EIDOOVDPPOHUV\VWHP
%HVWHFNHLQVlW]H
2UJDQLVDWLRQVHLQVlW]H
*HZU]ERUGPLW*HZU]GRVHQ
HOHNWULVFKHU$OOHVVFKQHLGHULQ6FKXEODGH
(OHNWURJHUlWH
.RFKIHOGPLWREHQOLHJHQGHP6FKDOWWHLO
'XQVWDE]XJ)ODFKVFKLUP
)ODFKNDQDO$E]XJVV\VWHP
(LQEDXEDFNRIHQ
(LQEDXPLNURZHOOH
(LQEDXNKOVFKUDQN/LWHU
*HVFKLUUVSOHU
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
(V LVW VFKRQ HQRUP ZDV LQ HLQHU 6WFNOLVWH DOOHV ]XVDPPHQ
NRPPW %HVRQGHUV DXIIlOOLJ VLQG GLH ]DKOUHLFKHQ .OHLQWHLOH EHL
.UDQ]XQG/LFKWOHLVWH(VZLUGVLFK]HLJHQGDVVKLHUIULP9HUKlOW
QLV]XGHQ*URWHLOHQYLHO*HOGDXIJHZHQGHWZHUGHQPXVV
(OHNWURJHUlWHDOV6RQGHUIDOO
1HXHUGLQJVK|UHLFKLPPHU|IWHUGDVVGLH.FKHQKlQGOHUGLH*H
UlWH DOV 0DQ|YULHUPDVVH EHQXW]HQ XP GHQ .lXIHUQ 3UHLVYRUWHLOH
YRU]XJDXNHOQ 6LH VDJHQ 0LW *HUlWHQ NRVWHW GLH .FKH VRXQGVR
YLHO ± RKQH *HUlWH HLQLJHV ZHQLJHU :ROOHQ 6LH VLFK GLH *HUlWH
QLFKWVHOEVWEHVFKDIIHQ"
*HKW GHU .XQGH GDUDXI HLQ XQG NDXIW GLH *HUlWH LP (OHNWURIDFK
KDQGHORGHULP%DXPDUNWDGGLHUHQVLFKGLH3UHLVHIUGLH+RO]WHLOH
HLQHUVHLWVVRZLOOLFKKLHUHLQPDOGLH.FKHQHOHPHQWHEH]HLFKQHQ
XQG IU GLH *HUlWH DQGHUHUVHLWV PHLVWHQV ]X HLQHU K|KHUHQ 6XP
PH
'HU .FKHQKlQGOHU KDW LQ HLQHP VROFKHQ )DOOH ZHQLJHU YRP *H
VDPWSUHLV DEJH]RJHQ DOV GLH ZHJJHODVVHQHQ *HUlWH NRVWHQ %HL
VSLHOLQ=DKOHQ
+RO]WHLOH (XUR
(OHNWURJHUlWH (XUR
*HVDPWSUHLVGHU.FKH (XUR
'HU.FKHQKlQGOHUEHZHJW
GHQ.XQGHQGD]XGLH.FKH
RKQH*HUlWHIU (XUR
]XNDXIHQ6FKDIIWHVGHU
.XQGHGLH*HUlWHDQGHUVZR
HEHQIDOOVIU (XUR
]XNDXIHQ]DKOWHU]XVDPPHQ (XUR
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
'DPXVVLFKDOVRDXISDVVHQ,FKPXVVGDUDXIGUlQJHQGDVVHULQ
VHLQHP $QJHERW GLH (LQ]HOWHLOH HLQVFKOLHOLFK GHU HLQ]HOQHQ (OHN
WURJHUlWHDXFKPLW(LQ]HOSUHLVHQYHUVLHKW
.RFKIHOGXQG'XQVWKDXEH YRQ%RVFK
KRFKJHVWHOOWHU(LQEDXEDFNRIHQ YRQ$(*
.KOJHUlW YRQ,PSHULDO
*HVFKLUUVSOHU YRQ0LHOH
'DQQ ZLOO LFK GDV DXFK VR KDEHQ 'HU .FKHQKlQGOHU ZLUG HLQHQ
VROFKHQ0L[QLFKW0LVWNDXPOLHIHUQN|QQHQRGHUZROOHQ$OVRLVW
LQ HLQHP VROFKHQ )DOOH GHU (OHNWURJHUlWHIDFKKDQGHO VRZLHVR PHLQ
3DUWQHU
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
$QJHERWHGHU.FKHQKlQGOHU
-HW]WHQGOLFKJHKWµVUDQDQGLH+lQGOHU
,FK N|QQWH PLW PHLQHU =HLFKQXQJ XQG PHLQHU 6WFNOLVWH ]X GHQ
.FKHQKlQGOHUQ JHKHQ XQG VLH ELWWHQ PLU LKUHQ 3UHLV DXV]XUHFK
QHQ 'DQQ KlWWH LFK LKQHQ YLHO $UEHLW DEJHQRPPHQ (LQH *HJHQ
OHLVWXQJGDIUHUKDOWHLFKPHLVWHQVQLFKW
'DKHXW]XWDJHIDVWDOOH.FKHQKlQGOHUPLW3&DUEHLWHQVROOWHGHU
KlQGOHUHLJHQH .FKHQSODQ XQG GLH GD]XJHK|ULJH $XIVWHOOXQJ GHU
(LQ]HOWHLOH6WFNOLVWH7\SHQDXIVWHOOXQJEDOGHUVWHOOWVHLQ
:LH LFK EHUHLWV VDJWH NODPPHUH LFK PLFK QLFKW DP YRUJHZlKOWHQ
.FKHQPRGHOO IHVW 9LHOOHLFKW KDW GDV .FKHQKDXV MD QRFK HWZDV
EHVVHUHVGDVLFKELVKHUEHUVHKHQKDEH
$OV HUVWHV P|FKWH LFK GHQ )DOO QHKPHQ GDVV HLQ .FKHQVWXGLR
RKQH:HQQXQG$EHUDXIPHLQH9RUVWHOOXQJHQHLQJHKW
'HU .FKHQEHUDWHU QRWLHUW VLFK ZDV LFK LKP EHU 5DXP XQG ,Q
VWDOODWLRQVPDH EHU GDV DXVJHZlKOWH 0RGHOO XQG EHU ZHLWHUH
(LQ]HOKHLWHQVDJH'DQQVHW]WHUVLFKDQGHQ3&XQGOlVVWPLFKPLW
DXI GHQ 0RQLWRU VFKDXHQ XQG ELWWHW PLFK VRJDU JHJHEHQHQIDOOV
VHLQH(LQJDEHQ]XNRUULJLHUHQ
Ä:UGHQVLHPLUGDVELWWHDXVGUXFNHQ"³IUDJHLFK
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
'HU 9HUNlXIHU VDJW HU PVVH GHQ &KHI IUDJHQ 'HU &KHI EHPKW
VLFKVRJDUVHOEHUKHUXQGZLOOPLFKNOHLQNULHJHQ
Ä3ODQ XQG 7\SHQOLVWH JHEHQ ZLU QLFKW KHUDXV :LU ZROOHQ QLFKW
GDVV 6LH XQV SODQHQ ODVVHQ XQG GDQQ ZRDQGHUV NDXIHQ³ EHJUQ
GHW HU VHLQH :HLJHUXQJ ,FK ZHUGH MHW]W HWZDV HQHUJLVFK XQG VD
JH Ä*ODXEHQ 6LH WDWVlFKOLFK 6LH N|QQWHQ VLFK YRU GHP :HWWEH
ZHUE GUFNHQ" 9HUJOHLFKEDUH $QJHERWH JHK|UHQ HLQIDFK GD]X
6LHPDFKHQHVGRFKDXFKVRZHQQ6LHIU,KU6WXGLRHLQNDXIHQ³
(U PHUNW GDVV LKP GHU $XIWUDJ GXUFK GLH /DWWHQ JHKHQ ZUGH
ZHQQ HU EHL VHLQHU $EOHKQXQJ EOHLEW $XFK ZRKO DQJHVLFKWV GHU
GRFKEHWUlFKWOLFKHQ.DXIVXPPHVWLPPWHUVFKOLHOLFK]X
,FKNDQQPLUQXQLQ5XKHGLH(LQ]HOSUHLVHDQVHKHQ,FKEHUWUDJH
VLHLQPHLQHHLJHQH6WFNOLVWH
6WFNOLVWH
0RGHOO )DUEH .DQWH
)URQW .RUSXV 6RFNHO
*ULII.QRSI $UESODWWH 6RK|KH
7\SHQEHVFKUHLEXQJ 3UHLVLQ(XUR
.HUQNFKH
(FNXQWHUVFKUDQNUH
6SOHQXQWHUVFKUDQNOL
8QWHUVFKUDQNOL
8QWHUVFKUDQN[6FKEH[$XV]XJ
+RFKVFKUDQNIULQWHJU%DFNRIHQ0LNURZHOOH[6FKXE
[$XV]XJ7UOL
+RFKVFKUDQNIULQWHJU.KOJHUlW[$XV]XJ7UUH
/IWXQJVJLWWHULP6RFNHO
2EHUVFKUDQN$EVFKOXVVUHJDOOL
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
2EHUVFKUDQNHFNH
2EHUVFKUDQNOL
2EHUVFKUDQNOL
1LVFKHQERUG
2EHUVFKUDQNOLIU)ODFKVFKLUPGXQVWKDXEH
2EHUVFKUDQNUH
(UZHLWHUWH.FKH
+RFKVFKUDQN(FNSDVVOHLVWH
+RFKVFKUDQNOL[$XV]JH
$SRWKHNHUVFKUDQN
+RFKVFKUDQNUH[$XV]JH
+RFKVFKUDQN$EVFKOXVVUHJDOUH
.RPSOHWWLHUXQJGHU.FKH
$UEHLWVSODWWHDOV$QVHW]WLVFK[HLQVHLWLJDEJHVFKUlJW
6WW]IX
8QWHUVFKUDQN[6FKXE[$XV]JH
(FNXQWHUVFKUDQN.DUXVVHOOOL
2EHUVFKUDQN$EVFKOXVVUHJDOOL
2EHUVFKUDQN
2EHUVFKUDQNHFNHOL
2EHUVFKUDQN$EVFKOXVVUHJDOUH
$UEHLWVSODWWH
[
[
[
[$UEHLWVSODWWHQYHUELQGXQJHQ1XWXQG)HGHU
/IWXQJVJLWWHULP+HL]N|USHUEHUHLFK
:DQGDEVFKOXVVOHLVWH[,QQHQHFNHQ
[$EVFKOXVVNDSSHQ
.UDQ]
IU$EVFKOXVVUHJDOOL
*HKUXQJLQQHQUH
*HKUXQJLQQHQOL
IU$EVFKOXVVUHJDOUH
IU$EVFKOXVVUHJDOOL
*HKUXQJLQQHQUH
*HKUXQJLQQHQOLXQGUH
*HKUXQJLQQHQOLDXHQUH
*HKUXQJDXHQOLLQQHQUH
*HKUXQJLQQHQOL
IU+RFKVFKUDQN$EVFKOXVVUHJDOUH
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
/LFKWOHLVWH
IU$EVFKOXVVUHJDOOL
*HKUXQJLQQHQUH
*HKUXQJLQQHQOL
IU$EVFKOXVVUHJDOUH
IU$EVFKOXVVUHJDOOL
*HKUXQJLQQHQUH
*HKUXQJLQQHQOLDXHQUH
*HKUXQJDXHQOL
*HKUXQJDXHQUH
*HKUXQJDXHQOL
[1LVFKHQEHOHXFKWXQJ/HXFKWVWRIIU|KUHQ
6RQVWLJHV
(LQODVVVSOH(GHOVWDKO
$UPDWXU:DVVHUKDKQ&KURP
$EIDOOVDPPOHUV\VWHP
%HVWHFNHLQVlW]H
2UJDQLVDWLRQVHLQVlW]H
*HZU]ERUGPLW*HZU]GRVHQ
HOHNWULVFKHU$OOHVVFKQHLGHULQ6FKXEODGH
(OHNWURJHUlWH
.RFKIHOGPLWREHQOLHJHQGHP6FKDOWWHLO
'XQVWDE]XJ)ODFKVFKLUP
)ODFKNDQDO$E]XJVV\VWHP
(LQEDXEDFNRIHQ
(LQEDXPLNURZHOOH
(LQEDXNKOVFKUDQN/LWHU
*HVFKLUUVSOHU
'LH*HVDPWVXPPHYHUVHW]WPLFKLQHLQLJHQ6FKUHFNHQ
.HUQNFKH (XUR
(UZHLWHUWH.FKH (XUR
.RPSOHWWLHUXQJGHU.FKH (XUR
.UDQ]/LFKWOHLVWH (XUR
6RQVWLJHV (XUR
(OHNWURJHUlWH (XUR
(XUR
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
'LH HUVWH 5HDNWLRQ DXI GHQ 6FKUHFN LVW GHU *HGDQNH ,FK ZHUGH
PHLQH:XQVFKNFKHZRKOÄDEVSHFNHQ³PVVHQ
1DWUOLFKJlEHHVGD0|JOLFKNHLWHQ
6RHWZDVZUGHPLUDXFKGHU.FKHQKlQGOHUYRUVFKODJHQ
.HUQNFKH (XUR
(UZHLWHUWH.FKH (XUR
.RPSOHWWLHUXQJGHU.FKH (XUR
.UDQ]/LFKWOHLVWH (XUR
6RQVWLJHV (XUR
(OHNWURJHUlWH (XUR
(XUR
'LH$QJHERWHIKUHQDXHUGHP]XHLQHPZHLWHUHQ(UJHEQLV
,FK ELQ ]X HLQHU JHZLVVHQ 0RGHOOEHUVLFKW JHODQJW XQG ZHL QXQ
ZHOFKHV0RGHOOYRQZHOFKHP+HUVWHOOHULFKKDEHQP|FKWH
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
=ZLVFKHQEHPHUNXQJ
'LH+HUVWHOOHUKDEHLFKEHZXVVWQLFKWJHQDQQWXPGHQJH
VFKlW]WHQ /HVHU QLFKW ]X EHHLQIOXVVHQ (JDO ZHOFKH .FKH
YRQ ZHOFKHP +HUVWHOOHU PDQ VLFK DXVVXFKW GLH 3UHLVILQ
GXQJLVWLPPHUGLHJOHLFKH
$EHUGHU3UHLVPXVVZHLWHUUXQWHU8QG]ZDUJHZDOWLJ
8P GLH 6DFKH DE]XUXQGHQ ZHQGH LFK PLFK QRFK DQ 9HUVDQG
KlQGOHU YRQ .FKHQ XQG DQ VSH]LHOOH ,QWHUQHWDQELHWHU GHQHQ LFK
VRJDU PHLQHQ .FKHQSODQ VDPW 6WFNOLVWH SHU (0DLO ]XVHQGH
'LHVH$QJHERWHOLHJHQWHLOZHLVHQRFKQLHGULJHU
%HL HLQHP 9HUVDQGKlQGOHU NlPH LFK DOOHV LQ DOOHP DXI UXQG
(XUR HLQ ,QWHUQHWDQELHWHU YHUODQJW VRJDU QXU
(XUR $EHU HV VLQG DQGHUH 0RGHOOH YRQ DQGHUHQ +HU
VWHOOHUQXQGGHVKDOEQLFKWYHUJOHLFKEDU
,FKP|FKWHMHGRFKEHLPHLQHP DXVJHVXFKWHQ0RGHOOEOHLEHQDOVR
ZHUGH LFK QXQPHKU LQ LQGLYLGXHOOH 3UHLVYHUKDQGOXQJHQ PLW GHQ
NODVVLVFKHQ.FKHQIDFKKlQGOHUQHLQVWHLJHQ
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
:LHLFKEHUGHQ3UHLVYHUKDQGOH
1LFKWHLQH.FKHIUPHLQ*HOG
VRQGHUQPHLQ*HOGIUGLHVH.FKH
Ä,FK]DKOHIUGLHVH.FKH(XUR³VDJHLFKNQDOOKDUW
Ä*XWHU 0DQQ³ OlFKHOW HU ÄGDV LVW XQP|JOLFK³ 8QG HU IlKUW IRUW
XPPLUPLWHLQHPXQHQGOLFKHQ5HGHVFKZDOONODU]XPDFKHQGDVV
HUGDQQGUDXIOHJHQZUGH
,FKK|UHJHGXOGLJ]XXQGIUDJHVFKOLHOLFKÄ:HOFKHQ3UHLVN|QQHQ
6LHPLUGHQQPDFKHQ"³
Ä'LH 3ODQXQJ EOHLEW XQG GDV 0RGHOO DXFK³ XQWHUEUHFKH LFK Ä,FK
EH]DKOH(XURGDIU³
Ä1HLQGDVLVWXQUHDOLVWLVFK³
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
Ä1D JXW GDQQ DXI :LHGHUVHKHQ XQG VFK|QHQ 7DJ QRFK³ +|IOLFK
OlFKHOQGYHUODVVHLFKGHQ/DGHQ'HU&KHIUXIWPLUQRFKQDFKÄ)U
GHQ3UHLVN|QQHQ6LHGLH.FKHQLUJHQGZRNDXIHQ³
Ä9LHOOHLFKW$EHUZLUZHUGHQVHKHQ³GHQNHLFK,FKZHUGHQDFKHLQ
SDDU7DJHQZLHGHUKLQJHKHQ
,Q GHU =ZLVFKHQ]HLW VXFKH LFK GDV 0|EHOKDXV DXI GDV PLU PHLQH
.FKH IU (XUR DQJHERWHQ KDWWH $XFK KLHU SODW]H LFK
PLWPHLQHP3UHLVYRQ(XURKHUDXV1DFKODQJHP5HFK
QHQ XQG LQWHUQHQ %HUDWXQJHQ LP %UR JHKW PDQ DXI JODWWH
(XURUXQWHU
Ä'DVLVWQLFKWPHLQ3UHLV³VDJHLFKXQGYHUDEVFKLHGHPLFKZLHGHU
.RFKIHOGXQG'XQVWKDXEH YRQ%RVFK
KRFKJHVWHOOWHU(LQEDXEDFNRIHQ YRQ$(*
.KOJHUlW YRQ,PSHULDO
*HVFKLUUVSOHU YRQ0LHOH
$OVLFKZLHGHULPHUVWHQ.FKHQVWXGLRDXIWDXFKHELWWHWPDQPLFK
HWZDV ]X ZDUWHQ 0DQ ZROOH GHQ &KHI KROHQ Ä*DQ] LQ PHLQHP
6LQQH³GHQNHLFK
'HU&KHIVDJWGDQQÄ$OVR(XURVLQGQLFKWPDFKEDU,FK
KDEH DEHU PLW GHP +HUVWHOOHU WHOHIRQLHUW )U (XUR
N|QQWHLFKOLHIHUQ³
:LHLFK]XPHLQHP.FKHQSUHLVNRPPH
Ä$OVR ³ ]|JHUH LFK ÄGDV VLQG (XUR LP YRUDXV RKQH
HQWVSUHFKHQGH *HJHQOHLVWXQJ *XW GDQQ PDFKHQ VLH DEHU HLQHQ
3UHLVYRQ(XUR³
-HW]W]|JHUWPHLQ*HJHQEHUÄ(LQYHUVWDQGHQ³VDJWHUVFKOLHOLFK
Ä:DV LVW PLW GHQ (OHNWURJHUlWHQ"³ ERKUH LFK ZHLWHU XQG PDFKH
DXFKJOHLFK1lJHOPLW.|SIHQÄ'LHN|QQHQZLUKHUDXVUHFKQHQGD
LFK VLH VHOEVW EHVRUJH $OVR ZlUH GHU UHLQH .FKHQSUHLV GDQQ
(XUR³
(U EOlWWHUW LQ VHLQHQ 8QWHUODJHQ XQG VDJW VFKOLHOLFK Ä,Q 2UG
QXQJ³
Ä8QGQRFKHWZDV'LH$Q]DKOXQJEHWUlJWQXQPHKU(XUR
6LHN|QQHQGLHVHQ%HWUDJJHZLVVGXUFKHLQH%DQNEUJVFKDIWDEVL
FKHUQ³Ä%DQNEUJVFKDIW"'DVKDEHQZLUQRFKQLHJHPDFKW³
(U OlFKHOW HWZDV JHTXlOW Ä,FK PXVV GDV HUVW PLW XQVHUHU %DQN
DENOlUHQ³VDJWHU
Ä*XW³ VDJH LFK XQG HUKHEH PLFK XP ]X JHKHQ Ä,FK NRPPH DP
0RQWDJJHJHQ8KUZLHGHU'DQQN|QQHQZLUMDDOOHVSHUIHNW
PDFKHQ hEULJHQV QRFK HWZDV ]XU %DQNEUJVFKDIW 6LH PXVV ELV
]XU %HHQGLJXQJ GHU 0RQWDJH JHQDXHU ELV ]XP $EVFKOXVV GHU
5HVWDUEHLWHQJOWLJVHLQ$OVRVFK|QHQ7DJQRFK³Ä$XI:LHGHU
VHKHQ³
Ä:HQQ GX GDV PLW GHU %DQNEUJVFKDIW IU GLH $Q]DKOXQJ KLQ
NULHJVW³GHQNHLFKZlKUHQGLFKLQPHLQ$XWRVWHLJHÄGDQQEHVLW]W
GX %RQLWlW EHL GHLQHU %DQN XQG GDQQ ELVW GX DXFK IU PLFK JXW
8QGPHLQH.FKHNRVWHWPLFKLQVJHVDPW(XUR+XUUD³
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
$OV LFK DP 0RQWDJ $EHQG GDV .FKHQVWXGLR EHWUHWH HLOW GHU 9HU
NlXIHUVRIRUWKHUEHLXQGVDJWHUKDEHEHUHLWVDOOHVYRUEHUHLWHW(U
JHOHLWHWPLFKDQHLQHQ7LVFKKLQWHQLQGHU$XVVWHOOXQJ'DQQEUHL
WHWHUYRUPLUDXV
(LQ6FKULIWVWFNGHU+DXVEDQN
/HW]WHUHV QHKPH LFK ]XHUVW ]XU +DQG 'D VWHKW WDWVlFKOLFK GDVV
GLH %DQN GLH %UJVFKDIW IU GLH $Q]DKOXQJ EHU (XUR
EHUQLPPW*OWLJELV]XU%HHQGLJXQJGHU0RQWDJHDUEHLWHQOlQJ
VWHQVELV'DVZlUHDOVRLQ2UGQXQJ
.HLQHVZHJVLQ2UGQXQJLVWIUPLFKGHU.DXIYHUWUDJ
*HERW:HUNYHUWUDJVWDWW.DXIYHUWUDJ
:HQQGHU+lQGOHUZLHLQPHLQHP)DOOHGLH.FKHLQGLYLGXHOOJH
SODQW KDW XQG VLH DXFK OLHIHUQ XQG PRQWLHUHQ VROO LVW GHU 9HUWUDJ
UHFKWOLFK JHVHKHQ HLQ :HUNYHUWUDJ XQG NHLQ .DXIYHUWUDJ 'DV EH
GHXWHW
1XQNlPHHVZRKOOHW]WOLFKQLFKWGDUDXIDQREGDV:RUW:HUNYHU
WUDJ DXFK LQ GHU hEHUVFKULIW VWHKW 0DJHEHQG VLQG GLH WDWVlFKOL
FKHQ9HUKlOWQLVVH
'RFKLFKP|FKWHGDV:RUW.DXIYHUWUDJGXUFK:HUNYHUWUDJHUVHW]W
KDEHQ .ODUKHLW YRQ $QIDQJ DQ LVW EHVVHU $XFK VROO GHU +lQGOHU
ZLVVHQGDVVHUPLFKHYHQWXHOOQRFKLQIQI-DKUHQDP+DOVHKDW
*HERW$XIWUDJVWDWW9HUWUDJ
2IW ILQGHW VLFK QlPOLFK DQ HLQHU PHLVW XQDXIIlOOLJHQ 6WHOOH YLHO
OHLFKWLP.OHLQJHGUXFNWHQHLQH)RUPXOLHUXQJGLHHWZDVRODXWHW
Ä'HU.XQGHLVW]ZHL:RFKHQDQGHQ$XIWUDJJHEXQGHQ'HU
.DXIYHUWUDJJLOWDOVDEJHVFKORVVHQZHQQGDV.FKHQVWXGLR
QLFKWLQQHUKDOEGLHVHU)ULVWZLGHUVSULFKW³
6ROFK HLQ +lQGOHU ZLOO GHQ .DXI LQ GHU 6FKZHEH KDOWHQ XP GDV
*DQ]H RKQH 1DFKWHLOH QRFK DEEODVHQ ]X N|QQHQ ZHQQ HU LUJHQG
HLQHQ*UXQGGDIUVLHKW
6ROO HU QXU 'DV JLOW MD QLFKW QXU IU LKQ ,FK ZHUGH GDV JOHLFKH
5HFKW LQ $QVSUXFK QHKPHQ =ZDU KDEH LFK GDQQ VFKRQ GLH +lOIWH
JH]DKOW DEHU LFK NDQQ PLFK GXUFK GLH %DQNEUJVFKDIW VFKDGORV
KDOWHQ
*HERW'DV.OHLQJHGUXFNWH
)UGHQ+lQGOHULVWGLH$QWZRUWHLQIDFKZHQQHUGDVVRDXFKQLFKW
IRUPXOLHUHQ ZLUG )DOOV bUJHUQLVVH DXIWUHWHQ EHVRQGHUV EHL 5H
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
NODPDWLRQHQ VROOHQ GLH 5HFKWH GHV .lXIHUV GLH LQ GHQ 9HUEUDX
FKHUVFKXW]JHVHW]HQ IHVWJHOHJW VLQG P|JOLFKVW ÄDXVJHGQQW³ ZHU
GHQ
)UPLFKJLEWHVDEHUHEHQIDOOVHLQHHLQIDFKH$QWZRUW'DV .OHLQ
JHGUXFNWH PXVV JHVWULFKHQ ZHUGHQ 'LH *HVHW]H UHJHOQ JHQXJ
XQG]ZDUIUEHLGH6HLWHQ
'DQQ ZLOO LFK HLQPDO VFKQHOO UHNDSLWXOLHUHQ ZDV GLH *HVHW]H UH
JHOQ ,FK WXH GDV PLW 9RONHV]XQJH -XULVWHQ ZHUGHQ YLHOOHLFKW GLH
+lQGHEHUGHP.RSI]XVDPPHQVFKODJHQ
'DPLWGHU6FKXW]QRFKHWZDVPHKUVFKW]WXQGGDPLW DO
OHVDQHLQHU6WHOOHQDFKJHOHVHQZHUGHQNDQQVHW]WHXQVHU
3DUODPHQW DE HLQH 6FKXOGUHFKWVUHIRUP LQ GLH
:HOW 'DV JXWH DOWH %UJHUOLFKH *HVHW]EXFK %*% LVW QXQ
)XQGVWHOOHIUDOOHV
:DVNDQQLFKUHNODPLHUHQ"
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
:LHNDQQLFKUHNODPLHUHQ"
:LHODQJHNDQQLFKUHNODPLHUHQ"
*HERW.FKHQSODQ
(U OHJW LQ GHU +DXSWVDFKH GLH 0DH IHVW ,FK KDEH VLH VHOEVW DXI
JHQRPPHQ XQG GHQNH GLHV PLW DOOHU 6RUJIDOW JHWDQ ]X KDEHQ
'HQQRFKVROODXFKGHU.FKHQOLHIHUDQW9HUDQWZRUWXQJGDIUEHU
QHKPHQ XQG YRU 2UW QDFKPHVVHQ 'HVKDOE VROO LP 9HUWUDJ GHU
6DW]VWHKHQ
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
*HERW'LH6WFNOLVWH7\SHQDXIVWHOOXQJ
$GGLWLRQGHU(LQ]HOVWFNH (XUR
9HUHLQEDUWHU.DXISUHLV (XUR
*HERW/LHIHUXQJVJHJHQVWDQG
3URJUDPPEH]HLFKQXQJGHV+HUVWHOOHUV
)URQWDXVIKUXQJ
*ULIIHXQG$SSOLNDWLRQHQ
%HL]WRQ
.RUSXVDXVIKUXQJ
$UEHLWVSODWWHQDXVIKUXQJ
.DQWHQ
6RFNHODXVIKUXQJ
6RFNHOK|KH$UEHLWVK|KH
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
*HERW4XDOLWlWVPHUNPDOH
$OOHV ZDV GLH .FKH IU PLFK ZHUWYROO PDFKW ZLOO LFK IHVWJH
VFKULHEHQKDEHQ
*HERW/LHIHUXQJVXPIDQJ
+LHUJHKWHVKDXSWVlFKOLFKXPGLH.RVWHQIU/LHIHUXQJXQG0RQ
WDJH,P9HUWUDJPXVVGHVKDOELQPHLQHP)DOOHGHU6DW]VWHKHQ
0DQFKPDONDQQHVYRUNRPPHQGDVVPDQ/LHIHUXQG0RQWDJHNR
VWHQ VHOEVW WUDJHQ PXVV 'LH *UQGH GDIU N|QQHQ YLHOIlOWLJ VHLQ
VRGDVVLFKKLHUDXI(LQ]HOKHLWHQQLFKWHLQJHKHQNDQQ'RFKVROOWHQ
GLH.RVWHQLPPHULQHLQHP)HVWEHWUDJJHQDQQWVHLQ1LHPDOVZU
GH LFK PLFK DXI SUR]HQWXDOH .RVWHQDQJDEHQ RGHU HWZD Ä%HUHFK
QXQJQDFK$UEHLWVDXIZDQG³HLQODVVHQ
*HERW/LHIHUWHUPLQ
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
*HERW=DKOXQJVYHUHLQEDUXQJHQ
*HUDGHEHL.FKHQPRQWDJHQN|QQHQRIWDXVYHUVFKLHGHQHQ*UQ
GHQ 5HVWDUEHLWHQ HUVW VSlWHU HUOHGLJW ZHUGHQ 6WHKW QRFK *HOG
DXVZLUGGHU.FKHQKlQGOHUHLIULJEOHLEHQ'LH=DKOXQJVZHLVHVROO
GHVKDOEVRDXVVHKHQ
$Q]DKOXQJEHL9HUWUDJVDEVFKOXVV
*HJHQ%DQNEUJVFKDIW (XUR
=DKOXQJEHL/LHIHUXQJXQG0RQWDJH (XUR
5HVW]DKOXQJLQQHUKDOE7DJHQ
QDFK$EVFKOXVVDOOHU
0RQWDJHDUEHLWHQ (XUR
*HVDPW]DKOXQJ (XUR
*HERW IU *HERW JHKH LFK PLW GHP 9HUNlXIHU GXUFK $OV LFK LKQ
]ZLVFKHQGXUFK HLQPDO DQVHKH LVW PLU DOV VWQGHQ LKP 6FKZHL
SHUOHQDXIGHU6WLUQ(UKROWGHQ&KHI(VHQWZLFNHOWVLFKHLQHUHJH
'LVNXVVLRQ/HW]WHQGOLFKHUUHLFKHLFKGRFKZDVLFKZLOO
'DV:RUWÄ.DXIYHUWUDJ³ZLUGHUVHW]WGXUFKÄ:HUNYHUWUDJ³
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
'DV.OHLQJHGUXFNWHZLUGYROOVWlQGLJJHVWULFKHQ
'HU.FKHQSODQZLUG]XP%HVWDQGWHLOGHV9HUWUDJHVHUNOlUW
'LH6WFNOLVWHPLW(LQ]HOSUHLVHQZLUG]XP%HVWDQGWHLOGHV9HU
WUDJHVHUNOlUW'D LFKGLH(LQEDXHOHNWURJHUlWH DQGHUZHLWLJEH
VFKDIIH VLQG GHUHQ 0RGHOODQJDEHQ QRFK QDFK]XUHLFKHQ (V
PXVV VLFKHUJHVWHOOW ZHUGHQ GDVV GLH .FKHQHOHPHQWH ]X GHQ
*HUlWHQSDVVHQ
'DV .FKHQPRGHOO LVW LQ GHU 6WFNOLVWH LQ DOOHQ (LQ]HOKHLWHQ
JHQDXEH]HLFKQHW/LHIHUJHJHQVWDQG'DGLHVH%HVWDQGWHLOGHV
9HUWUDJHV LVW EUDXFKHQ GLH $QJDEHQ LP +DXSWWHLO QLFKW ZLH
GHUKROW]XZHUGHQ
'LH /LHIHUXQJ LVW LP 3UHLV LQEHJULIIHQ HEHQVR GLH 0RQWDJH
HLQVFKOLHOLFK (OHNWUR XQG 6DQLWlUDQVFKOVVHQ :LFKWLJ HU
VFKHLQW PLU GDVV LQ GHQ 9HUWUDJ KLQHLQJHVFKULHEHQ ZLUG
Ä%DXVHLWVJHVWHOOWH(OHNWURJHUlWHZHUGHQHLQJHEDXW XQG DQJH
VFKORVVHQ³
'LH=DKOXQJGHV.DXISUHLVHVZLUGZLHIROJWYHUHLQEDUW
$Q]DKOXQJEHL9HUWUDJVDEVFKOXVV
JHJHQ%DQNEUJVFKDIW (XUR
=DKOXQJEHL/LHIHUXQJXQG0RQWDJH (XUR
5HVW]DKOXQJLQQHUKDOE7DJHQ
QDFK$EVFKOXVVDOOHU0RQWDJHDUEHLWHQ(XUR
*HVDPW]DKOXQJ (XUR
1XQVLQGGLH3DSLHUHLQ2UGQXQJ,FKXQWHUVFKUHLEH'DQQEHUUHL
FKHLFKPHLQH.UHGLWNDUWHXQG(XURZHUGHQDEJHEXFKW
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
$EELOGXQJ
=HKQ*HERWHIUGHQ.FKHQYHUWUDJ
6WFNOLVWH
0RGHOO%RORJQD )DUEHJUDXPHWDOOLF .DQWHJUDX
)URQWNLHVHOEODX .RUSXVZHL 6RFNHOJUDX
*ULII.QRSI&* $UESODWWH*1 6RK|KHFP
7\SHQEHVFKUHLEXQJ 3UHLVLQ(XUR
.HUQNFKH
(FNXQWHUVFKUDQNUH
6SOHQXQWHUVFKUDQNOL
8QWHUVFKUDQNOL
8QWHUVFKUDQN[6FKEH[$XV]XJ
+RFKVFKUDQNIULQWHJU%DFNRIHQ0LNURZHOOH[6FKXE
[$XV]XJ7UOL
+RFKVFKUDQNIULQWHJU.KOJHUlW[$XV]XJ7UUH
,FKZLOOHVQXUGHU9ROOVWlQGLJNHLWKDOEHUHUZlKQHQ
,FKKDEHPLFKEHLGHQ3UHLVYHUKDQGOXQJHQVHOEVWYHUVWlQGOLFKQLFKW
DXI GDV EHOLHEWH XQG YHUZLUUHQGH 6SLHO PLW 3UHLVJUXSSHQ XQG
3UHLVEOlWWHUQ HLQJHODVVHQ VLHKH .DSLWHO XQG 0DQ
ZLUG PLU JHQDX GDV .FKHQPRGHOO OLHIHUQ GDV LFK XUVSUQJOLFK
DXVJHVXFKWKDEH
$OV LFK 7DJH VSlWHU GHQ 9HUWUDJ QRFK HLQPDO ]XU +DQG QHKPH
VWHOOH LFK IHVW GDVV LFK GDV *HERW QLFKW XPJHVHW]W KDEH (V
IHKOWGHU6DW]Ä'HU9HUWUDJZLUGHUVWZLUNVDPZHQQGHU9HUNlXIHU
GLH0DHYRU2UWQDFKJHSUIWXQGEHVWlWLJWKDW³
:LHLFK/LHIHUYHU]|JHUXQJHQEHJHJQH
:LHLFK/LHIHUYHU]|JHUXQJHQEHJHJQH
6R ZLH PLU JHKW HV ZDKUVFKHLQOLFK YLHOHQ .lXIHUQ ,VW GHU .DXI
HQGOLFK JHWlWLJW ZLOO PDQ VHLQ 6WFN VFKQHOOVWHQV KDEHQ $Q GLH
.DXIIUHXGH VROO VLFK GLH %HVLW]HUIUHXGH XQPLWWHOEDU DQVFKOLHHQ
$EHULFKPXVVQHXQ:RFKHQZDUWHQ
,FKKDEHEHUHLWVHLQJXWHV$QJHERWEHU(XURYRUOLHJHQ
,FK KROH QRFK ZHLWHUH $QJHERWH HLQ DEHU ]X HLQHP QLHGULJHUHQ
3UHLV NRPPH LFK OHLGHU QLFKW $OVR EHUPLWWOH LFK GLH *HUlWHGDWHQ
SHU)D[DQGDV.FKHQVWXGLR
,FKZLOOGDVJDUQLFKWK|UHQ
'DV GDUI GRFK QLFKW ZDKU VHLQ ,FK ELQ DOVR DXFK HLQ 2SIHU GHU
8QIlKLJNHLW GHU .FKHQEUDQFKH JHZRUGHQ GLH LKUH /LHIHUPLVHUH
HLQIDFKQLFKWLQGHQ*ULIIEHNRPPW8QGPHLQH)UDXVWLFKHOWÄ'DV
SDVVLHUW'LU"³
bUJHU ZDOOW DXI DEHU HU ZDQGHOW VLFK EDOG XP LQ FRROQHVV 'HQQ
MHW]W NRPPW DFWLRQ 6FKRQ VLW]H LFK DP 3& XQG UXFN]XFN LVW HLQ
6FKUHLEHQDXVJHGUXFNW
:LHLFK/LHIHUYHU]|JHUXQJHQEHJHJQH
(LQVFKUHLEHQPLW5FNVFKHLQ
/HW]WH)ULVW]XU/LHIHUXQJ
6HKUJHHKUWH'DPHQXQG+HUUHQ
/DXW9HUWUDJZDUVLHLQGHU.DOHQGHUZRFKHGDVLVWYRP
]X OLHIHUQ XQG ]X PRQWLHUHQ +HXWH DP
VWHKWGLH/LHIHUXQJLPPHUQRFKDXV
+LHUPLW VHW]H LFK ,KQHQ HLQH OHW]WH )ULVW ELV ]XP
6ROOWH ELV ]X GLHVHP 7DJ XP 8KU GLH .FKH QLFKW JHOLHIHUW
XQG RUGQXQJVJHPl DXIJHEDXW VHLQ ZHUGH LFK VLH QLFKW PHKU
DEQHKPHQXQGPHLQH$Q]DKOXQJ]XUFNYHUODQJHQ
0LWIUHXQGOLFKHP*UX
,FK KDEH GLH KRKH $Q]DKOXQJ YRU $XJHQ XQG ZHUGH QLFKW PLW PLU
VSDHQODVVHQ
:lKUHQG GHU QlFKVWHQ 7DJH UXIH LFK QRFK HLQ SDDU 0DO GDV
.FKHQVWXGLR DQ 'LH .FKH VHL OHLGHU QRFK QLFKW GD 'DV :HUN
KDEHDEHUYHUVSURFKHQ
'DV NHQQH LFK ,FK KDEH DXFK QLFKW HUZDUWHW GDVV PHLQH 7HOHIR
QDWH HWZDV QW]HQ $EHU LFK ZLOO GHQ .FKHQKlQGOHU QHUY|V PD
FKHQ
$P'RQQHUVWDJGHPXP8KUVLW]HLFKZLHGHUYRU
GHP3&'LHVPDOYHUIDVVHLFKGDV5FNWULWWVVFKUHLEHQ
:LHLFK/LHIHUYHU]|JHUXQJHQEHJHJQH
(LQVFKUHLEHQPLW5FNVFKHLQ
5FNWULWWYRP.FKHQYHUWUDJYRP
5FNHUVWDWWXQJ GHU $Q]DKOXQJ XQG ,QDQVSUXFKQDKPH GHU
%DQNEUJVFKDIW
6HKUJHHKUWH'DPHQXQG+HUUHQ
+LHUPLWWUHWHLFKYRP9HUWUDJ]XUFN
9RQKHXWHDQEUDXFKHQ6LHHLQH/LHIHUXQJJDUQLFKWHUVW]XYHUVX
FKHQLFKZHUGHGLH:DUHQLFKWDEQHKPHQ
0LWJOHLFKHU3RVWJHKWHLQ6FKUHLEHQDQ,KUH%DQNPLWGHPLFKGLH
%DQNEUJVFKDIWLQ$QVSUXFKQHKPH
6HLHQ6LHYHUVLFKHUWGDVVLFKEHL1LFKW]DKOXQJPHLQ*HOGJHULFKW
OLFKEHLWUHLEHQODVVHQZHUGH
,P EULJHQ EHKDOWH LFK PLU YRU 6FKDGHQVHUVDW] ]X IRUGHUQ +LHU
EHUZHUGHQ6LHYRQPLUQRFKK|UHQ
0LWIUHXQGOLFKHP*UX
'DV6FKUHLEHQDQGLH%DQNVLHKWZLHIROJWDXV
:LHLFK/LHIHUYHU]|JHUXQJHQEHJHJQH
(LQVFKUHLEHQJHJHQ5FNVFKHLQ
,QDQVSUXFKQDKPHGHU%DQNEUJVFKDIW
,KUH%UJVFKDIWVEHVWlWLJXQJYRP
6HKUJHHKUWH'DPHQXQG+HUUHQ
'LH%UJVFKDIWZLUGIlOOLJZHQQGDV.FKHQVWXGLRQLFKWYHUWUDJV
JHPlOLHIHUW
+LHUPLWQHKPHLFK6LHDOV%UJHQLQ$QVSUXFKXQGIRUGHUH6LHDXI
GHQ%HWUDJYRQ(XURELV]XPPHLQHP.RQWR
1UJXW]XVFKUHLEHQ
0LWIUHXQGOLFKHP*UX
$P IUKHQ 1DFKPLWWDJ GHV IROJHQGHQ )UHLWDJV NOLQJHOW HV DQ XQ
VHUHU 7U 'HU &KHI GHV .FKHQVWXGLRV VWHKW GD HLQHQ %OXPHQ
VWUDXLQGHU+DQG
(U ELWWH VHKU XP (QWVFKXOGLJXQJ VDJW HU XQG EHUUHLFKW PHLQHU
)UDXGLH%OXPHQ
(U KDEH GLH IHVWH =XVDJH GHV +HUVWHOOHUV GDVV GLH .FKHQP|EHO
DP0RQWDJGHPLQGHU)UKHDQVHLQHU9HUODGHUDP
SH DEJHODGHQ ZHUGHQ (U ZHUGH VLH VRIRUW KLHUKHU EULQJHQ XQG
PRQWLHUHQ ODVVHQ :LU P|JHQ GRFK ELWWH GDV 5FNWULWWVVFKUHLEHQ
DQLKQXQGGLH,QDQVSUXFKQDKPHGHU%DQN]XUFNQHKPHQ
:LHLFK/LHIHUYHU]|JHUXQJHQEHJHJQH
1HLQGDVNRPPHJDUQLFKWLQIUDJHVDJHQPHLQH)UDXXQGLFKZLH
DXV HLQHP 0XQGH :LU HUNOlUHQ XQV DEHU EHUHLW ± ZHQQ HV GHQQ
ZDKU ZHUGHQ VROOWH GLH 0RQWHXUH DP LQV +DXV ]X
ODVVHQ
:LU ZUGHQ GDV DEHU QXU GDQQ WXQ ZHQQ GLH $Q]DKOXQJ WHUPLQ
JHPl ]XUFNJH]DKOW ZHUGH 6HLQ *HOG ZHUGH HU HUKDOWHQ ZHQQ
GLH0RQWDJHHUOHGLJWVHL=lKQHNQLUVFKHQGVWLPPWHU]X
7DWVlFKOLFK DP VWHKW GHU 0|EHOZDJHQ XP 8KU YRU
GHU7U$PJHJHQ0LWWDJVLQGGLHOHW]WHQ0RQWDJHDUEHLWHQ
HUOHGLJW
$PVFKDXHLFKDXFKQDFKPHLQHP.RQWRDXV]XJ(LQH*XW
VFKULIW EHU (XUR LVW QLFKW JHEXFKW $OVR KDWWH DXFK GLH
%DQN KLQVLFKWOLFK GHU %UJVFKDIW QLFKW UHDJLHUW :LU EHODVVHQ HV
GDEHLZHLOGLH.FKHQP|EHOLQ]ZLVFKHQLQXQVHUHU:RKQXQJVWH
KHQZHQQDXFKGLH0RQWDJHQRFKQLFKWHUOHGLJWLVW
:LHLFKGLH.FKHQPRQWDJHEHUZDFKH
:LHLFKGLH.FKHQPRQWDJHEHUZDFKH
$OVLFKIUKHUVHOEVW.FKHQDXIEDXWHKDEH LFKGDDXFKVROFKHLQ
&KDRV JHVFKDIIHQ" ± ,FK KRIIH QLFKW $EHU GDV LVW MHW]W VRZLHVR
9HUJDQJHQKHLW$XHUGHPLVWGDVQXUHLQ1HEHQHIIHNW
,Q GHU +DXSWVDFKH JHKW HV PLU XP GLH 3HUIHNWLRQ PLW GHU HLQH
.FKH DXIJHEDXW VHLQ VROO 3HUIHNW PRQWLHUW LVW VLH ZHQQ DOOH .
FKHQWHLOH
KRUL]RQWDOXQGYHUWLNDOLP/RWVLQG
VLFKHUVWHKHQ
VLFKHUKlQJHQ
OFNHQORVEH]LHKXQJVZHLVHIXJHQORVVWHKHQRGHUKlQJHQ
LQ JHUDGHQ )OXFKWHQ YHUODXIHQ DXHU 9HUVHW]XQJHQ LQ +|KHQ
XQG7LHIHQVHLHQJHZROOW
GHU$UEHLWVSODWWHPLWLKUHQ8QWHUVFKUlQNHQ
GHQ+RFKVFKUlQNHQ
GHQ2EHUVFKUlQNHQ
GHP.UDQ]XQGGHQ/LFKWOHLVWHQ
GHQ)URQWWHLOHQ7UHQ$XV]JH
GHQHLQ]XEDXHQGHQ*HUlWHQ
ELQLFKDXIPHUNVDPHU=XVFKDXHU
'LH 0RQWHXUH PHUNHQ EDOG GDVV LFK LKU 7XQ JHQDX YHUIROJH $P
$QIDQJ ZLUG VLH GDV YLHOOHLFKW QHUY|V PDFKHQ 6LH P|JHQ VLFK
GDUDQJHZ|KQHQ
:LHLFKGLH.FKHQPRQWDJHEHUZDFKH
6LH EHJLQQHQ LKU 6FKDIIHQ ZLH LFK VHOEVW HV DXFK PDFKHQ ZUGH
'HU .FKHQSODQ *UXQGULVV ZLUG DXI GHP +HL]N|USHU DXVJHEUHL
WHW VR GDVV MHGHU]HLW HLQ VFKQHOOHU %OLFN GDUDXI JHZRUIHQ ZHUGHQ
NDQQ 'LH 8QWHUVFKUlQNH GHU .HUQNFKH ZHUGHQ KHUDXVJHVXFKW
XQGDXVJHSDFNW'LH6WHOOIHZHUGHQDQJHVFKUDXEWXQGDQVFKOLH
HQG GLH 6FKUlQNH YRQ OLQNV QDFK UHFKWV ORVH DQ GHQ YRUJHJHEH
QHQ 3ODW] JHVWHOOW GD]ZLVFKHQ GHU *HVFKLUUVSOHU 'DV *OHLFKH
JHVFKLHKW PLW GHQ +RFKVFKUlQNHQ IU %DFNRIHQ0LNURZHOOH XQG
.KOJHUlW6LHZHUGHQHEHQIDOOVORVHDQLKUH6WHOOHJHVFKREHQ
'LH :DQG LVW GDPLW IDVW ELV ]XU (FNH PLW GHP .DPLQ ]XJHVWHOOW
5HFKWVGDYRQZHUGHQGLHGUHLUHVWOLFKHQ+RFKVFKUlQNHDQJHIJW
'LHVHZLFKWLJHHUVWH$XIVWHOOSUREH]HLJWREULFKWLJJHPHVVHQZXU
GH 'DV LVW VFKRQ VHKU VSDQQHQG 6WLPPW HWZD GLH (FNO|VXQJ
QLFKW"
1DFK HLQLJHP +LQ XQG +HUUFNHQ VHXI]H LFK HUO|VW (V ZLUG
NQDSSDEHUHVSDVVW'LH3DVVOHLVWH ZLUG GLH /FNH ]ZLVFKHQ GHQ
LP *UDG:LQNHO ]XHLQDQGHU VWHKHQGHQ +RFKVFKUlQNHQ JHQDX
VFKOLHHQ
8QWHUVFKUlQNHXQG$UEHLWVSODWWH
:LHLFKGLH.FKHQPRQWDJHEHUZDFKH
,FKVFKODJHGHQ0RQWHXUHQYRU]XHUVWDOOH8QWHUVFKUlQNHULQJVXP
DXI]XVWHOOHQ 'LH $UEHLWVSODWWH VROOWH MHW]W VFKRQ ]XVDPPHQJH
VHW]WGLH$XVVFKQLWWHIU6SOHXQG.RFKIHOGVROOWHQJHIHUWLJWXQG
GDV *DQ]H VROOWH GDQQ DQKDQG GHU 6WHOOIH DQ GHQ 8QWHUVFKUlQ
NHQZDDJHUHFKWDXVJHULFKWHWZHUGHQ)HUQHUVROOWHQGLHQHEHQHLQ
DQGHU VWHKHQGHQ 8QWHUVFKUlQNH IHVW PLWHLQDQGHU YHUEXQGHQ ZHU
GHQXPGLH:DDJHUHFKWH]XMXVWLHUHQ
,FK NDQQ GLH +HUUHQ GD]X EHUUHGHQ HV GLHVPDO DQGHUV ]X PD
FKHQ 6SlWHU JHEHQ VLH PLU UHFKW 'DV VRQVW VR VFKZLHULJH ZDD
JHUHFKWH $XVULFKWHQ GHU $UEHLWVSODWWH ZDU ]XU .OHLQLJNHLW JHZRU
GHQ
+RFKVFKUlQNH
$OV QlFKVWHV NRPPHQ GLH +RFKVFKUlQNH DQ GLH 5HLKH $XFK KLHU
]HLJW GLH :DVVHUZDDJH RE VLH KRUL]RQWDO XQG YHUWLNDO LP /RW VWH
KHQ'DVPXVVVHLQ
)HUQHU PVVHQ VLH VLFKHU VWHKHQ ZHQQ LFK 7UHQ |IIQH XQG $XV
]JH KHUDXV]LHKH GLH VFKZHU EHODGHQ VLQG (LQ JHZLVVH 6WDQGIH
VWLJNHLW ZLUG ]ZDU GDGXUFK HUUHLFKW GDVV GLH .RUSXVVH QHEHQVWH
KHQGHU +RFKVFKUlQNH PLWHLQDQGHU YHUVFKUDXEW ZHUGHQ 'RFK GDV
JHQJW PLU QLFKW ,FK DFKWH GDUDXI GDVV VLH ]XVlW]OLFK DQ GHU
:DQGEHIHVWLJWZHUGHQ'DVJHKWJDQ]HLQIDFKGXUFK$QVFKUDXEHQ
YRQ6WDKOZLQNHOQ
2EHUVFKUlQNH
=XU:DVVHUZDDJHNRPPWQXQGLH%RKUPDVFKLQHKLQ]X=XP*OFN
EHVWHKHQ GLH :lQGH PHLQHU .FKH DXV NRQYHQWLRQHOOHP 0DXHU
ZHUN 'HPJHPl ZLUG GDV 'EHOQ NHLQH 3UREOHPH EHUHLWHQ XQG
JURH/DVWHQN|QQHQVLFKHUKlQJHQ
:LHLFKGLH.FKHQPRQWDJHEHUZDFKH
'DNRPPWPLUGHQ6LQQZDVPLUHLQ/HVHUVFKULHE
Ä:HVHQWOLFKJUDYLHUHQGHUZDUDEHUGHU8PVWDQGGDVVGLH0LWDUEHL
WHU GHV 0RQWDJHWHDPV HV DEOHKQWHQ GLH 2EHU]HLOH ]X PRQWLHUHQ )U
GLHHLQIDFKH6WlQGHU5LJLSVZDQGGLH.FKHXQG%DGWUHQQWVHLHQGLH
2EHUVFKUlQNH ]X VFKZHU 6HOEVW ZHQQ PDQ VSH]LHOOH 6FKOLQJGEHO
YHUZHQGHVHLGDVQLFKWVLFKHUJHQXJ,.($KDEHGLH$QZHLVXQJJHJH
EHQLQVROFKHQ)lOOHQQLFKW]XPRQWLHUHQ
1LHPDQGYRQGHQ,.($/HXWHQKDWXQVEHLGHQ%HUDWXQJVJHVSUlFKHQ
DXIGLH3UREOHPDWLNDXIPHUNVDPJHPDFKW8QGVLHZDUHQVRJDUKLHULQ
XQVHUHU:RKQXQJ
$OVZLUEHL,.($UHNODPLHUWHQVDJWHPDQXQVGLHEDXWHFKQLVFKHQ9RU
DXVVHW]XQJHQ IU HLQH VLFKHUH 0RQWDJH KlWWHQ ZLU VHOEVW ]X SUIHQ
'DEHLYHUZLHVPDQDXIGLH*HVFKlIWVEHGLQJXQJHQ:DVVROOHQZLUMHW]W
WXQ"³
,FKHULQQHUHPLFKGDVVHVVFKOLHOLFKHLQ/|VXQJJDE(LQDQGHUHU
.FKHQKlQGOHU IDQG WHFKQLVFKH 0|JOLFKNHLWHQ XQG PRQWLHUWH 'DV
NRVWHWHDOOHUGLQJVHLQLJHV 'LH 0HKUNRVWHQ VROOWHQ ,.($ DXIJHEU
GHW ZHUGHQ 0HLQ /HVHU KDW PLU ELVKHU QLFKW PLWJHWHLOW RE GLHV
JHOXQJHQLVW
'RFK]XUFN]XPHLQHU.FKH
,FK ELQ EHUXKLJW DOV LFK VHKH GDVV GHU 0RQWHXU HLQHQ 'HWHNWRU
]XU+DQGQLPPWXPGLH:DQGQDFK/HLWXQJHQDE]XWDVWHQ(UZLUG
DOVRQLFKWEOLQGGDUDXIORVERKUHQ
:LHLFKGLH.FKHQPRQWDJHEHUZDFKH
'RFKEHLPLUZLOOHVGHU7HXIHO'HU'HWHNWRU]HLJWHLQHHOHNWULVFKH
/HLWXQJJHQDXGDDQZRHLQ%RKUORFKKLQJHK|UW
'DV JHQJW LQ GHQ PHLVWHQ )lOOHQ GHQQ HV NRPPW VHOWHQ YRU
GDVV]%HLQ:DVVHUURKUJHUDGHGRUWZDDJHUHFKWYHUOlXIWZRGLH
0RQWDJHOHLVWHVLW]HQVROO
'HU0RQWHXU]HLFKQHWGRUWZRGLH2EHUVFKUlQNHYRUJHVHKHQVLQG
PLW+LOIHVHLQHU:DVVHUZDDJHUXQGXPHLQHVHQNUHFKWH/LQLHDQGLH
:DQG$XIGLHVHU/LQLHZLOOHUGLH/|FKHUERKUHQ
:LFKWLJ LVW GDVV GLHVH /LQLH LQ GHU ULFKWLJHQ +|KH YHUOlXIW GDPLW
VSlWHU GLH 2EHUNDQWHQ YRQ +RFK XQG +lQJHVFKUlQNHQ EHUHLQ
VWLPPHQ,FKELWWHGHVKDOEGHQ0RQWHXUQRFKHLQPDOQDFK]XPHV
VHQ(UWXWHVEHUHLWZLOOLJ
,Q GHU =ZLVFKHQ]HLW QHKPH LFK VHLQHQ 'HWHNWRU ]XU +DQG XQG
IDKUH GDPLW QRFKPDOV EHU GLH /LQLH 8P GLH 6WHOOH DQ GHU HLQH
HOHNWULVFKH /HLWXQJ DQJH]HLJW ZLUG ]HLFKQH LFK PLW %OHLVWLIW HLQHQ
.UHLV+LHULVW%RKUHQWDEX
:LHLFKGLH.FKHQPRQWDJHEHUZDFKH
.UDQ]XQG/LFKWOHLVWHQ
(VHUVFKHLQWPLUQLFKWVLQQYROOGHQ0RQWHXUHQGDEHLDXIGLH)LQJHU
]XVFKDXHQ$EHUGDV(UJHEQLVSUIHLFK)DOOVHV8QJHQDXLJNHLWHQ
JLEWXQGVLHQLFKWEHKREHQZHUGHQN|QQHQZHUGHLFKVLHDP(QGH
LQHLQH0lQJHOOLVWHDXIQHKPHQ
$XVULFKWHQGHU)URQW
,FK PXVV DQHUNHQQHQ GLH )URQWHQ GDV VLQG GLH 7UHQ XQG GLH
%OHQGHQ YRQ 6FKXEOlGHQ XQG $XV]JHQ VLW]HQ EHUHLWV YRP :HUN
KHUUHFKWJHQDX
%HL GHQ 7UHQ EUDXFKW QXU ZHQLJ DQ GHQ 6WHOOPHFKDQLVPHQ JH
GUHKW ]X ZHUGHQ 'LH )OXFKWOLQLHQ VWLPPHQ EDOG (WZDV PHKU $U
EHLW EHUHLWHW HV GLH 7UHQ JDQ]IOlFKLJ DXI GLH .RUSXVNDQWHQ DXI
VFKODJHQ]X ODVVHQ,FK EHNORSIH GLH 7UHQ DQ ]DKOUHLFKHQ 6WHOOHQ
OHLFKW PLW GHQ )LQJHUVSLW]HQ /LHJHQ VLH JODWW DXI EHZHJW VLFK
QLFKWV %HL PDQFKHQ 7UHQ NODSSHUW HV 'HU 0RQWHXU PXVV GDQQ
DQ GHQ 6WHOOVFKUDXEHQ GHU 6FKDUQLHUH VR ODQJH GUHKHQ ELV QLFKWV
PHKU]XK|UHQLVW
(WZDVVFKZLHULJHULVWHVEHLGHQ)URQWHQYRQ6FKXEODGHQXQG$XV
]JHQ +LHU VLQG PHKUPDOV 6WHOOVFKUDXEHQ ]X ORFNHUQ XQG ZLHGHU
IHVW]X]LHKHQELVGLH)OXFKWOLQLHQXQG$EVWlQGHJOHLFKPlLJVLQG
%HLDOOHQ6FKXEODGHQXQG$XV]JHQSUIHLFKREGLH(LQ]XJYHU]|
JHUXQJ XQG GDV OHLVH =XIDOOHQ DXI GHQ OHW]WHQ =HQWLPHWHUQ IXQN
WLRQLHUW
:LHLFKGLH.FKHQPRQWDJHEHUZDFKH
(OHNWURJHUlWHXQG$QVFKOVVH
0LWGHQ(OHNWURDQVFKOVVHQNHQQHQVLFKGLH0RQWHXUHDXV'DVLVW
VFKQHOO HUOHGLJW 'DV .RFKIHOG KHL]W VLFK RUGQXQJVJHPl DXI
VlPWOLFKH+HL]XQJVDUWHQGHV%DFNRIHQVIXQNWLRQLHUHQEHLPHUVWHQ
0DOHEHQVRGLH0LNURZHOOH
:DV GLH 0RQWHXUH VRQVW QRFK DOOHV WXQ XP GDV :HUN ]X YROOHQ
GHQ LQWHUHVVLHUW PLFK QLFKW VR VHKU 'LH 6FKOXVVDEQDKPH ZLUG
]HLJHQZDVLFKDN]HSWLHUHQNDQQXQGZDVQLFKW
:LHLFK5HNODPDWLRQHQPDQDJH
:LHLFK5HNODPDWLRQHQPDQDJH
$XFKPHLQH.FKHQPRQWHXUHKDEHQHLQ3DSLHUGDEHLGDV LFKXQ
WHUVFKUHLEHQ VROO 6LH KlWWHQ QDWUOLFK JHUQH ZHQQ LFK GHQ 6DW]
EHVWlWLJHQ ZUGH Ä.FKH RUGQXQJVJHPl JHOLHIHUW XQG PlQJHO
IUHLPRQWLHUW³
6FK|Q ZlUµV 0HLQ SUIHQGHV $XJH KDW DEHU HLQLJHV HQWGHFNW ,FK
VFKUHLEHHVSHUV|QOLFKLQGDV$EQDKPHSURWRNROO
(VIHKOHQVHLWOLFKH9HUNOHLGXQJHQLQ)URQWPDWHULDOEHL
(FNXQWHUVFKUDQNOLQNV
.DUXVVHOOVFKUDQNUHFKWV
8QWHUVFKUDQNOLQNV
(LQ*ULIIIU$XV]XJGHV+RFKVFKUDQNVUHFKWVIHKOW
,FKZLOOGLHVH0lQJHOHWZDVHUOlXWHUQ
=X 3XQNW :LH EOLFK ZXUGH DXFK EHL PLU GLH 6RFNHOOHLVWH LQ
HLQHP 6WFN JHOLHIHUW XP VLH YRU 2UW SDVVJHQDX ]XVFKQHLGHQ ]X
N|QQHQ 6LH ZDU ]ZDU OlQJHU DOV HV IU GLH 6WUHFNH GHU 8QWHU
VFKUlQNH HUIRUGHUOLFK JHZHVHQ ZlUH DEHU QLFKW ODQJ JHQXJ GDVV
HV DXFK IU GLH IUHLVWHKHQGHQ 6HLWHQ GHU 8QWHUVFKUlQNH JHUHLFKW
KlWWH 'DV KlWWH PDQ LP :HUN EHL GHU 3UIXQJ GHV *UXQGULVVHV
VHKHQPVVHQ
=X3XQNW'LHIUHLVWHKHQGHQ6HLWHQGHUJHQDQQWHQ8QWHUVFKUlQ
NHWUDJHQGLH.RUSXVIDUEHJUDX'DGLH)URQWHLQOLFKWHV%ODXDXI
ZHLVW IlOOW GDV VRIRUW DXI (V JHK|UW KLHU HEHQIDOOV GLH )URQWIDUEH
KLQ 'DV LVW OHLFKW ]X HUUHLFKHQ LQGHP PDQ HLQH HQWVSUHFKHQGH
3ODWWHQLQ)URQWPDWHULDODXIGLH6FKUDQNVHLWHQDXIGRSSHOW
:LHLFK5HNODPDWLRQHQPDQDJH
,QGHU6WFNOLVWHKlWWHHVHLQH3RVLWLRQJHEHQPVVHQÄ6HLWHQYHU
NOHLGXQJ LQ )URQWPDWHULDO³ 'DV KDWWH LFK ]ZDU EHUVHKHQ DEHU
DXFKGHU.FKHQKlQGOHUPHUNWHHVQLFKW,FKZHUGHPLFKGHVKDOE
DXIGHQ6WDQGSXQNWVWHOOHQGDVVHUIUGLHVHQ0DQJHOYHUDQWZRUW
OLFKLVW
,FK EHODVVH HV QLFKW GDEHL GLH 0lQJHO DXI GHP 0RQWDJHEHULFKW
YHUPHUNW ]X KDEHQ $P QlFKVWHQ 7DJ JHKW HLQ 6FKUHLEHQ DQ GHQ
.FKHQKlQGOHUKLQDXV
%HVHLWLJXQJYRQ0lQJHOQDQGHUJHOLHIHUWHQ.FKH
9HUWUDJYRP
6HKUJHHKUWH'DPHQXQG+HUUHQ
GLHDPJHOLHIHUWHXQGPRQWLHUWH.FKHKDWIROJHQ
GH0lQJHO
,FKELWWH6LHGLH0lQJHOELVVSlWHVWHQV]XEHVHLWLJHQ
%LWWH WHLOHQ 6LH PLU YRUKHU WHOHIRQLVFK PLW DQ ZHOFKHP 7DJ ,KUH
0RQWHXUHHUVFKHLQHQZHUGHQ
0LWIUHXQGOLFKHP*UX
6HOEVWYHUVWlQGOLFKPXVVLFKMHW]WDXFKDQV%H]DKOHQGHQNHQ1DFK
GHP 9HUWUDJ VLQG (XUR IlOOLJ GLH LFK VRIRUW EHUZHLVH
1XQ]HLJWVLFKZLHVLQQYROOHVLVWHLQHQ5HVWEHWUDJYRQ
(XUR ]XUFN]XEHKDOWHQ 'HU +lQGOHU ZLUG VLFK KRIIHQWOLFK EHHLOHQ
GLH0lQJHO]XEHVHLWLJHQGDPLWHUDQVHLQ5HVWJHOGNRPPW
,FK UHFKQH QLFKW GDPLW GDVV HU HV LQQHUKDOE GHU XUVSUQJOLFKHQ
=DKOXQJVIULVW YRQ 7DJHQ VFKDIIW ,FK ZHUGH GHVKDOE GDV *HOG
]XUFNKDOWHQ ELV DOOHV HUOHGLJW LVW ZLH ODQJH GDV DXFK GDXHUQ
PDJ6ROOWHHVGHU+lQGOHUXQWHU%HUXIXQJDXIGHQ9HUWUDJYRUKHU
IRUGHUQ ZHUGH LFK HV XQWHU %HUXIXQJ DXI PHLQ *HZlKUOHLVWXQJV
UHFKWGHQQRFKQLFKW]DKOHQ
(VSDVVLHUWHLQSDDU7DJHVSlWHUQlPOLFKQRFKHWZDV8QYRUKHUJH
VHKHQHV
:LHLFK5HNODPDWLRQHQPDQDJH
:LUVLW]HQDQGHPVFK|QHQ$QVHW]WLVFKXP]XIUKVWFNHQ0HLQH
)UDXHUKHEWVLFKXQGZLOOHLQH7DVVHDXVGHPQHEHQDQKlQJHQGHQ
2EHUVFKUDQN QHKPHQ $OV VLH GLH 6FKUDQNWU |IIQHW NQDFNW HV
ODXW $XFK EHLP 6FKOLHHQ NQDFNW HV ZLHGHU $XHUGHP EOHLEW GLH
7U HLQHQ NOHLQHQ 6SDOW EUHLW RIIHQ ,FK KDEH GLH 8UVDFKH VFKQHOO
JHIXQGHQ,PREHUHQ7UEHVFKODJLVWHLQHNOHLQH)HGHUGHIHNW
Ä:DV LVW ZHQQ VR HWZDV HUVW LQ GUHL RGHU YLHU -DKUHQ SDVVLHUW"³
IUDJW PHLQH )UDX EHVRUJW Ä'HVKDOE KDEH LFK MD EHLP +lQGOHU
GDUDXIJHSRFKWGDVVZLUGHQ9HUWUDJDXVGUFNOLFKDOV:HUNYHUWUDJ
EH]HLFKQHQ (U PXVV IQI -DKUH ODQJ NRVWHQORV UHSDULHUHQ $Q
GHUQIDOOVJHEHQZLUGLH.FKH]XUFN³YHUVXFKHLFKVLH]XWU|VWHQ
Ä$FKGXOLHEH=HLW+RIIHQWOLFKWULWWVRHWZDVQLFKWHLQ³
,PPHUKLQKDEHLFKKHXWHVFKRQ]XVlW]OLFKH$UEHLW,FKPXVVZLH
GHUHLQHQ%ULHIVFKUHLEHQ
:HLWHUH0lQJHODQGHUJHOLHIHUWHQ.FKH
0HLQ5HNODPDWLRQVVFKUHLEHQYRP
6HKUJHHKUWH'DPHQXQG+HUUHQ
PLW6FKUHLEHQYRPEDWLFKXP%HVHLWLJXQJYHUVFKLHGHQHU0lQ
JHO+HXWH LVWHLQQHXHU0DQJHO DXIJHWUHWHQ $P 7UEHVFKODJ GHV
2EHUVFKUDQNHV OLQNV LVW HLQH )HGHU JHEURFKHQ 'LH 7U OlVVW
VLFKQLFKWPHKUVFKOLHHQ
0LWIUHXQGOLFKHP*UX
:LHLFK5HNODPDWLRQHQPDQDJH
,FKPXVVEHULFKWHQGDVVELV]XPQLFKWVJHVFKDK,FK
ZDUWHWHQRFKHLQH:RFKHXQGOLHGDQQGHQÄ+DPPHU³QLHGHUVDX
VHQ,FKVFKULHEHLQHQ.QGLJXQJVEULHI
(LQVFKUHLEHQPLW5FNVFKHLQ
5FNWULWWYRP9HUWUDJ
$EKROXQJGHU.FKHXQG5FNHUVWDWWXQJGHV.DXISUHLVHV
6HKUJHHKUWH'DPHQXQG+HUUHQ
+LHUPLWWUHWHLFKYRP9HUWUDJYRP]XUFN
,FK IRUGHUH 6LH DXI GLH .FKH ELV ]XP ZLHGHU DE]X
KROHQ *OHLFK]HLWLJ IRUGHUH LFK GHQ JH]DKOWHQ .DXISUHLV ]XUFN
'LHVHULVW=XJXP=XJEDU]X]DKOHQRGHUDXIPHLQ.RQWR
]X EHUZHLVHQ :HUWVWHOOXQJ VSlWHVWHQV DP 7DJ GHU $E
KROXQJGHU.FKH
,PEULJHQEHKDOWHLFKPLUYRU6FKDGHQVHUVDW]]XIRUGHUQ
0LWIUHXQGOLFKHP*UX
'DV KLOIW 6FKRQ DP QlFKVWHQ 7DJ UXIW PLFK GHU +lQGOHU DQ XQG
HQWVFKXOGLJWVLFK
'LH(QWVFKXOGLJXQJJHZlKUHLFKLKPQLFKWDEHUHLQHOlQJHUH)ULVW
]XU 0lQJHOEHVHLWLJXQJ :DV VROO LFK VDJHQ ]X :HLKQDFKWHQ VLQG
DOOH0lQJHOEHKREHQ:LUVLQG]XIULHGHQ
$PEHUZHLVHLFKGHQ5HVWEHWUDJYRQ(XUR
=XP6FKOXVVGHU*HQXVV
=XP6FKOXVVGHU*HQXVV
(V LVW VFKRQ HLQLJH =HLW YHUJDQJHQ XQG ZLU KDEHQ XQV EHUHLWV DQ
XQVHUHQHXH.FKHJHZ|KQW'RFKHWZDVIHKOWQRFK'LH:HLKH
:DUXPQLFKWGHQ$QVHW]WLVFKLQGHU.FKH"±1HLQGDVZlUHQLFKW
IHLHUOLFK JHQXJ $XHUGHP ZROOHQ ZLU EHL XQVHUHU *HZRKQKHLW
EOHLEHQGLH+DXSWPDKO]HLWDPJURHQ(VVWLVFKHLQ]XQHKPHQ
,FKEHJHEHPLFKZLHGHULQGLH.FKHXQGVFKDXHPHLQHU)UDXEHU
GLH 6FKXOWHU 6LH HUNOlUW PLU ZDV VLH PDFKW 6LH EH]HLFKQHW GDV
*HULFKWDOV
+DFNElOOFKHQLQH[RWLVFKHP3DSULNDJHPVH
'DQQ ]lKOW VLH GLH =XWDWHQ DXI GLH IU HLQH 0DKO]HLW IU 3HUVR
QHQEHUHFKQHWVLQG
)UGDV*HPVH
)UGLHNOHLQHQ+DFNIOHLVFKElOOFKHQ
:lKUHQG VLH DQ GHU 6SOH DXI GHP &HUDQNRFKIHOG XQG GHU $U
EHLWVIOlFKH KDQWLHUW HUNOlUW VLH LKUH $UEHLW LQ 6WLFKZRUWHQ ZLH
HLQH.|FKLQLP)HUQVHKHQ
=XP6FKOXVVGHU*HQXVV
3DSULNDLQ6WUHLIHQVFKQHLGHQ7RPDWHQKlXWHQEHLGHVLQ2OLYHQ|O
DQEUDWHQ6DO]XQG3IHIIHUGD]XWXQ
.XU]GDUDXILVWDXFKGHU5HLVIHUWLJ'LH6SHLVHZLUGDXIJHWUDJHQ
$EELOGXQJ
$OVLFKGHQHUVWHQ%LVVHQJHNRVWHWKDEHVHXI]HLFKPLWYHUGUHKWHQ
$XJHQ+KPP
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
$QKDQJ$
.OHLQH0DWHULDONXQGHYRP0DWHULDO]XU4XDOLWlW
:DUXP0DWHULDONXQGHDOV$QKDQJ"
$QJULIIDXIGLH0DWHULDOLHQ
'LH.FKHQIURQW
'HU.RUSXV
'LH.FKHDXV+RO]
'LH%HVFKOlJH
'LH$UEHLWVSODWWH
'LH6SOHXQGGLH$UPDWXU0LVFKEDWWHULH
:DUXP0DWHULDONXQGHDOV$QKDQJ"
$EHU XP GLHVH $QWZRUWHQ JHKW HV MD JHUDGH 'HVKDOE PVVHQ VLH
EHLP GXUFKJlQJLJHQ /HVHQ VRIRUW NODU ZHUGHQ ,FK KDEH DOVR GDV
7KHPDLP+DXSWWHLOYRQGHQ0DWHULDOIUDJHQEHIUHLWXQGVLHKLHULQ
GHQ$QKDQJJHSDFNW
$QJULIIDXIGLH0DWHULDOLHQ
GHU.FKHQIURQW
GHP.RUSXV
GHQ%HVFKOlJHQ
GHU$UEHLWVSODWWH
GHU6SOHXQGGHU$UPDWXU
)HUQHUXQWHUVXFKHLFKGLH.FKHDXV+RO]
'LH.FKHQIURQW
$EELOGXQJ
7UlJHUPDWHULDOLVWLQGHQPHLVWHQ)lOOHQGLH6SDQSODWWH6LHZLUG
GHILQLHUWDOV
+RO]ZHUNVWRIIKHUJHVWHOOWGXUFK9HUSUHVVHQYRQZHVHQWOLFK
NOHLQHUHQ 7HLOHQ DXV +RO] XQGRGHU KRO]DUWLJHQ )DVHUVWRI
IHQ
$XVJDQJVPDWHULDOIU6SDQSODWWHQLVW)ULVFKKRO]XQG6lJHUHVWKRO]
GDV ]X 6SlQHQ )DVHUQ RGHU 6FKQLSSHOQ DXIEHUHLWHW XQG PLW %LQ
GHPLWWHOQ YHUPHQJW ZXUGH )HUQHU ZHUGHQ +\GURSKRELHUXQJVPLW
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
6SDQSODWWH 'LFKWH±NJPñ
0')3ODWWH 'LFKWH±NJPñ
+')3ODWWH 'LFKWH±NJPñ
:LFKWLJIUGLH4XDOLWlWGHU'LUHNWYHUHGHOXQJLVWGDVVQDFKMHGHP
'XUFKODXIHLQHDXVUHLFKHQGH=HLW]XP7URFNQHQJHODVVHQZXUGH
'DPLWNRPPHLFK]XP2EHUIOlFKHQPDWHULDO'DVLVWQLFKWPHKU
6DFKH GHU 6SDQSODWWHQSURGX]HQWHQ (LQ HLJHQHU 3URGXNWLRQV]ZHLJ
YRQ 2EHUIOlFKHQVSH]LDOLVWHQ LVW KLHU DP :HUN ± $XVIOXVV XQVHUHU
DUEHLWVWHLOLJHQ,QGXVWULHJHVHOOVFKDIW
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
)XUQLHUHQ
/DFNLHUHQ
.DVFKLHUHQ
%HVFKLFKWHQ
)XUQLHUHQ
VLHVLQGELOOLJHUDOV9ROOKRO]
VLHDUEHLWHQQLFKWVRVWDUNZLH9ROOKRO]
VLHVHKHQEHVRQGHUVVFK|QDXVXQGVLQGGHNRUDWLY
0HODPLQKDU]
+DUQVWRIIKDU]
3KHQROKDU]
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
'D )XUQLHU +RO] LVW PXVV HV ZLH 9ROOKRO] 0DVVLYKRO] HLQH
6FKXW]VFKLFKW KDEHQ ZHLO HV GHQ HUVFKZHUWHQ %HGLQJXQJHQ LQ
HLQHU .FKH VWDQGKDOWHQ VROO =X GLHVHU 2EHUIOlFKHQEHKDQGOXQJ
ZHUGHLFKHLQLJHVVDJHQZHQQLFK]XGHU+RO]NFKHNRPPH
/DFNLHUHQ
/DFNZLUGDXI)URQWSODWWHQDXIJHWUDJHQGXUFK6WUHLFKHQ6SULW]HQ
*LHHQ :DO]HQ 7DXFKHQ XQG )OXWHQ 0DQ NDQQ JHVFKORVVHQSRULJ
RGHURIIHQSRULJODFNLHUHQ9RUGHP/DFNLHUHQPXVVJUXQGLHUWZHU
GHQ
$ON\GKDU]ODFNH
/|VXQJVPLWWHOODFNH1LWUR]HOOXORVHODFNH6FKHOODFN
5HDNWLRQVODFNH3RO\HVWHUODFNH3RO\XUHWKDQODFNH
:LFKWLJH%HVWDQGWHLOHGHV/DFNVVLQG%LQGHXQG/|VHPLWWHO:HQQ
GDV /|VXQJVPLWWHO :DVVHU LVW KDEHQ ZLU HV PLW GHQ LPPHU |IWHU
YHUZHQGHWHQZHLOXQJLIWLJHQ:DVVHUODFNHQ]XWXQ
/DFN LVW GDQQ PLW GHU 7UlJHUIOlFKH IHVW YHUEXQGHQ ZHQQ GDV /|
VXQJVPLWWHOYHUGXQVWHWLVW9HUGXQVWXQJEHGHXWHWhEHUJDQJLQGLH
8PJHEXQJVOXIW :HQQ /|VXQJVPLWWHO NHLQ *LIW HQWKDOWHQ JHODQJW
DXFKNHLQHVLQGLH/XIW
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
.DVFKLHUHQ
'QQIROLHQVLQG3DSLHUHPLWHLQHP)OlFKHQJHZLFKWYRQJHQHUHOO
JPð 6LH ELOGHQ LP VRJHQDQQWHQ )LQLVK GLH GHNRULHUWHQ
2EHUIOlFKHQGLHXQVEHLHLQHU.FKHHQWJHJHQSUDQJHQ
%HVFKLFKWHQ
%HVFKLFKWHQPLWZLHGHUXPLQVLFKJHVFKLFKWHWHQ6FKLFKWSUHVVVWRII
SODWWHQ LVW GDV KlXILJVWH 2EHUIOlFKHQILQLVK YRQ .FKHQIURQWHQ
1HXHUGLQJVZLUGKlXILJHUGHU%HJULII/DPLQDWYHUZHQGHW
/DPLQDW",VWGDVQLFKWHLQ)XERGHQEHODJ"
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
6LFKHU DEHU QLFKW QXU ,Q GHU )DFKZHOW LVW /DPLQLHUHQ HLQ XPIDV
VHQGHU%HJULIIIUGDV9HUELQGHQYRQ0DWHULDOLHQ8QG GDV (UJHE
QLVLVWHLQ/DPLQDW0DWHULDOLHQEHL/DPLQDWHQVLQG
.XQVWVWRIIIROLHQ
=HOOXORVHEDKQHQ
.UDIWSDSLHUH
'LHHLQ]HOQHQ6FKLFKWHQZHUGHQ]XQlFKVWPLWKlUWEDUHQ.XQVWKDU
]HQ LPSUlJQLHUW 'LH REHUVWH 6FKLFKWODJH LVW EHGUXFNW 'DV LVW
GDQQGDV.FKHQGHNRU$QVFKOLHHQGJHKWHVORVPLW+3/'DVLVW
GLH $ENU]XQJ IU +LJK 3UHVVXUH /DPLQDW .XU]IRUPXOLHUXQJ GHV
3URGXNWLRQVYRUJDQJV
'LH9LHOIDOWGHU'HNRUHGLHPDQLQGHU.FKHQZHOWVLHKWVHLHQVLH
PDWWRGHUJOlQ]HQGRGHUUHOLHIDUWLJVWUXNWXULHUWRGHUZDVHVVRQVW
QRFK JHEHQ PDJ ILQGHQ VLFK KDXSWVlFKOLFK DXI GLHVHQ +3//DPL
QDWHQ
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
'HU.RUSXV
'HU.RUSXVLVWGLHWUDJHQGH*UXQGNRQVWUXNWLRQHLQHV0|EHOVRKQH
(LQVDW]WHLOHXQG)URQW(UZLUGDXFK.DVWHQJHQDQQWZHVKDOEPDQ
GDQQ YRQ .DVWHQP|EHOQ VSULFKW ,QVRIHUQ VLQG .FKHQHOHPHQWH
HEHQIDOOV.DVWHQP|EHO
GLH$UWGHU3ODWWHQXQGLKUH6WlUNH
GLH$UWXQG:HLVHGHV=XVDPPHQEDXV
3ODWWHQ
$OOHV ZDV LFK REHQ EHU GDV 7UlJHUPDWHULDO EHL GHU .FKHQIURQW
DXVJHIKUW KDEH JLOW DXFK KLHU %HYRU]XJW YHUZHQGHW ZHUGHQ
0')3ODWWHQ DOV YHUHGHOWH 5RKSODWWHQ PLW PHKUIDFKHQ 9HUHGH
OXQJVVFKLFKWHQDXV0HODPLQKDU]RGHU/DFN
=XVDPPHQEDX
'HUHLQIDFKVWH=XVDPPHQEDXYRQ.RUSXVSODWWHQLVWGDV$XIHLQDQ
GHUVHW]HQ XQG =XVDPPHQOHLPHQ 5LFKWLJ VWDELO ZLUG GDV *HELOGH
DEHU QXU ZHQQ HV YHU]DSIW RGHU YHUGEHOW $EELOGXQJ LVW
(LQH 'EHOYHUELQGXQJ LVW GDQQ EHVRQGHUV KDOWEDU ZHQQ VLH DQ
PLQGHVWHQV ]ZHL 6WHOOHQ GHU .RUSXVSODWWH DQJHEUDFKW LVW XQG MH
ZHLOVGUHLJHJHQHLQDQGHUYHUVHW]WH'EHODXIZHLVW
$EELOGXQJ
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
6ROFK HLQ .RUSXV LVW ZHQQ GLH .DQWHQ DXFK QRFK YHUOHLPW VLQG
QLFKWPHKUDXVHLQDQGHU]XEULQJHQ±DXHUPDQKDXWLKQ]XVDP
PHQ
'LH.FKHDXV+RO]
2EHUIOlFKHQEHKDQGOXQJ
'LH4XDOLWlWEHXUWHLOHLFKKDXSWVlFKOLFKGDQDFKZLHGLH+RO]REHU
IOlFKHEHKDQGHOWZXUGHGHQQ+RO]DUEHLWHW
'LH$UEHLWEHVWHKWGDULQGDVV)HXFKWLJNHLWDQGLHXPJHEHQGH/XIW
DEJHJHEHQ RGHU YRQ LKU DXIJHQRPPHQ ZLUG (LQHUVHLWV :HQQ
WURFNHQHV +RO] /XIWIHXFKWLJNHLW DXIQLPPW YHUJU|HUQ VLFK GLH
=HOOZlQGH 'LH )RUP GHV +RO]HV lQGHUW VLFK HV TXLOOW $QGHUHU
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
$EJHVHKHQYRP4XHOOHQXQG6FKZLQGHQNDQQGDV+RO]DXFKQRFK
DUEHLWHQLQGHPHVVLFKYHU]LHKWRGHUUHLW(VNRPPWDOVRGDUDXI
DQGLHVHV$UEHLWHQ]XXQWHUELQGHQ
'DV JHOLQJW UHFKW JXW ZHQQ PDQ KDUWHQ 385 3RO\XUHWKDQ /DFN
DXFKDOV''/DFNEH]HLFKQHWLQPHKUHUHQ6FKLFKWHQDXIGDV+RO]
DXIWUlJWYHUVLHJHOW
+RO]YHUELQGXQJHQ
$EELOGXQJ
(VJLEWQRFKZHLWHUH9HUELQGXQJVDUWHQEHLGHQHQNHLQH%HVFKOlJH
YHUZHQGHW ZHUGHQ ,FK NDQQ KLHU GHU JHERWHQHQ .U]H ZHJHQ
QLFKWGDUDXIHLQJHKHQ
$QVRQVWHQZLUGDXI9HUELQGXQJVEHVFKOlJHDXFKEHL9ROOKRO]NFKHQ
QLFKW YHU]LFKWHW 0DFKEDU ZlUH HV DEHU GRFK ZRKO QLFKW PHKU
EH]DKOEDU
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
'LH%HVFKOlJH
,FKEULQJH2UGQXQJLQGLHVH9LHOIDOWZHQQLFKVLHGDDEKDQGOHZR
VLH IXQNWLRQLHUHQ VROOHQ QlPOLFK EHLP .RUSXV EHL 7UHQ XQG
.ODSSHQXQGEHL6FKXENDVWHQXQG$XV]JHQ
%HVFKOlJHEHLP.RUSXV
$EELOGXQJ $EELOGXQJ
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
%HVFKOlJHIU7UHQXQG.ODSSHQ
)UKHUPHLQWHLFK7UHQGUHKHQVLFKHLQIDFKLQ$QJHOQ'DNDQQWH
LFK QRFK QLFKW GLH :HOW GHU .FKHQEHVFKOlJH -HW]W ZHL LFK ZDV
JXWH 6FKDUQLHUH VLQG +LJK 7HFK 3URGXNWH YRP )HLQVWHQ 'LH
*UXQGNRQVWUXNWLRQVLHKWVRDXV$EELOGXQJ
$EELOGXQJ
'DQQJHKWHVDEHUDXFKVFKRQORVPLWGHU9LHOIDOW6LHUKUWGDKHU
GDVVDOOHV0|JOLFKHP|JOLFKZHUGHQVROO
JURHgIIQXQJVZLQNHO
YHUVFKLHGHQHgIIQXQJVYDULDQWHQ
SUREOHPORVHV-XVWLHUHQ
VDQIWHRGHUNUDIWYROOH7UEHZHJXQJ)HGHUNUDIWYHUVWHOOXQJ
VHOEVWWlWLJHVVDQIWHV6FKOLHHQDXIGHQOHW]WHQ=HQWLPHWHUQ
6FKOLHDXWRPDWLN
KRKH%HODVWEDUNHLWXQG6LFKHUKHLW
EOLW]VFKQHOOH0RQWDJHXQG'HPRQWDJH
$EELOGXQJ
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
1XQ]XGHQ.ODSSHQ%HNDQQWOLFKKlQJHQVLHREHQDP.RUSXVGHN
NHO :HQQ LFK VLH |IIQH XQG VFKOLHH GUHKHQ VLH VLFK ZDDJHUHFKW
LQ 6FKDUQLHUHQ ,Q HLQHU EHVWLPPWHQ 6FKUlJODJH PVVHQ VLH VWH
KHQ EOHLEHQ DOVR DUUHWLHUHQ 'DV EHVRUJHQ VHLWOLFK DQJHEUDFKWH
VRJHQDQQWH6FKHUHQElQGHURGHU7HOHVNRSElQGHUPLW*DVGUXFN
$EELOGXQJ
%HVFKOlJHEHL6FKXENDVWHQXQG$XV]JHQ
+LHU PVVHQ GLH %HVFKOlJH KRKH /DVWH WUDJHQ XQG EHZHJHQ %HL
HLQHP QRUPDOHQ 6FKXENDVWHQ VLQG GDV EOLFKHUZHLVH ± NJ
EHLHLQHPEHUEUHLWHQ$XV]XJEUHLWHUDOVFPPLQGHVWHQVGDV
'RSSHOWH:HLWHUH*WHPHUNPDOHVLQG
9ROODXV]XJ$EELOGXQJ
$EELOGXQJ
/HLFKWJlQJLJNHLW.XJHOODJHURGHU7HOHVNRS
DXWRPDWLVFKHU $XVJOHLFK YRQ 7ROHUDQ]HQ EHL YROOHU /DVW KRUL
]RQWDOXQGYHUWLNDOVWDELO
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
YHU]|JHUWHU(LQ]XJDXIGHQOHW]WHQ=HQWLPHWHUQ6RIWHLQ]XJ
YHUGHFNWHU (LQEDX $EELOGXQJHQ XQG VRPLW YHU
VFKPXW]XQJVJHVFKW]W XQG ZDUWXQJVIUHL KHUN|PPOLFKHU (LQ
EDX$EELOGXQJHQXQG
$EELOGXQJ $EELOGXQJ
$EELOGXQJ $EELOGXQJ
OHLFKWHV(LQXQG$XVKlQJHQRKQH:HUN]HXJH
(QGDUUHWLHUXQJ6SHUUHEHLPJlQ]OLFKHQ+HUDXV]LHKHQ
.LQGHUVLFKHUKHLWVYHUVFKOXVV
%HLGHU6FKXEODGHLQ$EELOGXQJPLWLKUHQYHUGHFNWHQ.XJHOOD
JHUVFKLHQHQZLOOLFKQRFKDXIHWZDVKLQZHLVHQZHQQHVDXFKQLFKW
XQEHGLQJW]XP7KHPD%HVFKOlJHJHK|UW
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
=XP 6FKOXVV P|FKWH LFK QRFK GHQ %HVFKODJ IU GHQ EHUKPWHQ
$SRWKHNHUVFKUDQN$EELOGXQJHUZlKQHQ(UPXVVJHKlUWHWHQ
6WDKO XQG EHVRQGHUV JHKlUWHWH .XJHOQ DXIZHLVHQ ZHLO HU PLQGH
VWHQVNJWUDJHQPXVV
$EELOGXQJ
6RQVWLJH%HVFKOlJH
$OXPLQLXP
YHUQLFNHOWH YHUFKURPWH YHUPHVVLQJWH RGHU JDU YHUJROGHWH
DQGHUH0HWDOOH
+RO]
.RPELQDWLRQHQYRQ+RO]XQG0HWDOO
.XQVWVWRII
%HL.Q|SIHQYHUZHQGHWPDQDXHUGHPQRFK
3RU]HOODQ
.RPELQDWLRQHQDXV.XQVWVWRIIXQG0HWDOO
/LHEKDEHUYRQUXVWLNDOHQ.FKHQGLHRIWDXV+RO]JHEDXWVLQGVHL
HV IXUQLHUW WHLOPDVVLY RGHU 9ROOKRO] ZHUGHQ GHQ $QWLNEHVFKODJ
VFKlW]HQ$EELOGXQJ'HUPXVVQDWUOLFKDXVPDVVLYHP0HV
VLQJVHLQ
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
$EELOGXQJ
'HQ JURHQ 5HVW GHU %HVFKOlJH NDQQ KLHU QXU DXI]lKOHQ RKQH
$QVSUXFKDXI9ROOVWlQGLJNHLW]XHUKHEHQ
%HVFKODJV\VWHPH]XP$XIKlQJHQXQG]XU6WDQGVLFKHUXQJ
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
'LH$UEHLWVSODWWH
'LHJlQJLJVWHQ$UEHLWVSODWWHQEHVWHKHQDXV
6FKLFKWVWRII
0DVVLYKRO]
*UDQLW
(V JLEW VLH QRFK LQ ZHLWHUHQ 0DWHULDOLHQ 'LH ZHUGH LFK DEHU QXU
GHU9ROOVWlQGLJNHLWKDOEHUHUZlKQHQ
$UEHLWVSODWWHDXV6FKLFKWVWRII
HLQHU0')6SDQSODWWHPLWWHOGLFKWH)DVHUSODWWH
HLQHU+3/6FKLFKW+LJK3UHVVXUH/DPLQDW
$EELOGXQJ
'DPLWNRPPHLFK]XU9RUGHUNDQWH]XP3URILO
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
:LFKWLJ HUVFKHLQHQ PLU GLH .HUEHQ DQ GHU 8QWHUVHLWH 6LH VRUJHQ
GDIU GDVV )OVVLJNHLWHQ DXI GHQ %RGHQ DEWURSIHQ XQG QLFKW DP
8QWHUVFKUDQNKHUXQWHUODXIHQ
$UEHLWVSODWWHDXV0DVVLYKRO]
*WHGHUDXVJHVXFKWHQ+|O]HU
KDQGZHUNOLFKH9HUDUEHLWXQJ
'LH +RO]SODWWH EHVWHKW QLFKW DXV HLQHP 6WFN VRQGHUQ ZLUG DXV
3ODQNHQ/DPHOOHQ]XVDPPHQJHIJWGLHFDFPEUHLWVLQG6LH
VROOWHQÄGXUFKJH]LQNW³YHUEXQGHQXQGGDQQYHUOHLPWVHLQ
$UEHLWVSODWWHDXV*UDQLW
'DV+DUWJHVWHLQ*UDQLWELHWHWEHUHLWVYRQ1DWXUDXVYLHOH9RUWHLOH
(V LVW VFKQLWW NUDW] XQG DEULHEIHVW 7HPSHUDWXUHQ VSLHOHQ NHLQH
5ROOH 6lXUHQ XQG %DVHQ JUHLIHQ GHQ 6WHLQ NDXP DQ ± YLHOOHLFKW
HWZDV ZHQQ VLH KRFK NRQ]HQWULHUW VLQG $EHU ZHU KDQWLHUW VFKRQ
PLWVROFKJHIlKUOLFKHQ)OVVLJNHLWHQLQVHLQHU.FKH"
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
$XVVFKQLWWHIU6SOHXQG.RFKIHOG
.DQWHQ 3URILOH 5XQGXQJHQ 6FKUlJVFKQLWWH XQG $XVNOLQNXQ
JHQ
=XP 6FKOXVV QRFK GLH 0DH 'LH JlQJLJH 3ODWWHQVWlUNH LVW FP
(V JLEW DXFK FP VWDUNH 3ODWWHQ 0HLVWHQV VLQG GDQQ DXI FP
DXIJHGRSSHOW$EELOGXQJ
$EELOGXQJ
*lQJLJH3ODWWHQWLHIHQVLQGXQGFP
$UEHLWVSODWWHDXV0LQHUDOZHUNVWRII
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
IXJHQORVXQGQDKH]XXQVLFKWEDUYHUNOHEEDU
KRPRJHQ XQG GDKHU GUHLGLPHQVLRQDO EHDUEHLW
EDU
ZDUPYHUIRUPEDU
JULIIV\PSDWKLVFK
UHSDUDEHOGXUFKIDUEJOHLFKHV5HSDUDWXUPDWHULDO
$OVZHLWHUH:HUNVWRIIHP|FKWHLFKDXI]lKOHQ:LOVRQDUW)RXQWDLQ
+HDW6XUHOO&RUQHUVWRQH$YRQLWH$QWLXP6ROLG&RU
0DUODQHWF
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
6SOHXQG$UPDWXU0LVFKEDWWHULH
0DWHULDODUWHQXQG:HUNVWRIIHEHLGHU6SOH
(PDLOOH
'DVWUDGLWLRQHOOH0DWHULDOLVW(PDLOOHDXI6WDKO6ROFKH:DVFKXQG
6SOEHFNHQNHQQHLFKQRFKDXVGHU=HLWPHLQHU.LQGKHLW*DQ]RXW
VLQG VLH DXFK KHXWH QRFK QLFKW (PDLOOH LVW KLW]HEHVWlQGLJ XQG
YHUIlUEW QLFKW $OOHUGLQJV LVW HV QLFKW EHVRQGHUV ZLGHUVWDQGVIlKLJ
JHJHQ6W|HGLH2EHUIOlFKHNDQQDEVSOLWWHUQ
.HUDPLN
.HUDPLNLVWXQHPSILQGOLFKJHJHQ)OHFNHQ$EHURIWVLQGGLH.DQWHQ
QLFKW DOO]X JHUDGH 'DV LVW SURGXNWLRQVEHGLQJW XQG JLEW GHU .HUD
PLNVSOHLKUHQHLQ]LJDUWLJHQ&KDUDNWHU
(GHOVWDKO
*UDQLW
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
0LQHUDOZHUNVWRIIH
:HLWHUH NRPPHQ KLQ]X ZLH ]% 7HNDORQ YRQ 7HND RGHU 6LOJUD
QLW YRQ %ODQFR 6LOJUDQLW EHVWHKW ]X DXV GHQ KlUWHVWHQ
%HVWDQGWHLOHQ GHV *UDQLWV XQG HQWKlOW FD $FU\O $XVVHKHQ
XQG*ULIILJNHLWHULQQHUQVWDUNDQGDV%DVLVPDWHULDO*UDQLW
)OlFKHQEQGLJHU(LQEDXYRQ6SOHQ
6ROOHQ6SOHQIOlFKHQEQGLJHLQJHEDXWZHUGHQPXVVGLH$UEHLWV
SODWWH EHVRQGHUV GD]X YRUEHUHLWHW VHLQ 'LH $EELOGXQJHQ XQG
]HLJHQHV
$EELOGXQJ $EELOGXQJ
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
%HL%ODQFRKDWPDQHQGOLFKGLH7DWVDFKHDXIJHJULIIHQGDVV+DXV
IUDXHQPlQQHU RIW PLW JURHP *HVFKLUU LQ GHU 6SOH KDQWLHUHQ
PVVHQ XQG GLH %HFNHQGLDJRQDOH HQWVSUHFKHQG YHUJU|HUW $E
ELOGXQJ
$EELOGXQJ
'HU1XW]HUNDQQYRQHLQHP3ODW]DXVDOOHVHUOHGLJHQLQGHPHUGLH
(LQVlW]H6FKQHLGHEUHWWXQG/RFKHLQVDW]KLQXQGKHUVFKLHEW$E
ELOGXQJ 9LHOOHLFKW LVW GDV QRFK JHZ|KQXQJVEHGUIWLJ 0HLQ
7KHRULHYHUVWlQGQLV VDJW PLU GDVV GLH (LQDFKVHQO|VXQJ OHLFKW ]X
KDQGKDEHQLVW
$QKDQJ$.OHLQH0DWHULDONXQGH±YRP0DWHULDO]XU4XDOLWlW
'LH0LVFKEDWWHULH
$EELOGXQJ $EELOGXQJ
:HLWHUHWHFKQLVFKH0HUNPDOHVLQG
ZHLWVFKZHQNEDUHU$XVODXIPLQGHVWHQV*UDG
KHUDXV]LHKEDUH%UDXVHP|JOLFKVWFPXQGPHKU
YHUVWHOOEDUHU6WUDKOYRQ0RXVVHXUDXI%UDXVHVWUDKO
HLQJHEDXWHV$EVSHUUYHQWLOIU*HUlWH*HVFKLUUVSOHU
$QWLNDONV\VWHP
ODQJOHELJH,QQHQWHFKQLNDXV.HUDPLN'LFKWXQJHQ.DUWXVFKH
%HL GLHVHU $UPDWXU ZlKOH LFK PLW HLQHP VHSDUDWHQ *ULII GLH 7HP
SHUDWXU YRU %HLP gIIQHQ GHV +HEHOV OlXIW GDV :DVVHU PLW GLHVHU
7HPSHUDWXU VWHWLJ XQG PLW JOHLFKHP 'UXFN DXV (LQ LQWHJULHUWHU
Ä9HUEUKVFKXW]³EHZDKUWPLFKYRUDOO]XKHLHP:DVVHU
$EELOGXQJ
0DWHULDOEHL$UPDWXUHQ
'DVEHVWH0DWHULDOIUGDV,QQHQOHEHQGHU$UPDWXUHQLVW.HUDPLN
(VLVW ODQJOHELJXQGYHUPDJ7HPSHUDWXUXQG:DVVHUPHQJHVWHWLJ
]XUHJXOLHUHQ'LHVLFKWEDUHQ7HLOHGHU$UPDWXUVROOWHQ DXVNRUUR
VLRQVIUHLHP (GHOVWDKO VHLQ 2E GLHVHU YHUFKURPW YHUJROGHW RGHU
HPDLOOLHUW ZLUG LVW HLQH )UDJH GHV *HVFKPDFNV XQG GHV *HOGEHX
WHOV'DKDOWHLFKPLFKKHUDXV(LQZHLWHUHV0DWHULDOLVWJHKlUWHWHV
(GHOPHVVLQJ
+LQ XQG ZLHGHU ILQGHW PDQ QRFK $UPDWXUHQ DXV .XQVWVWRII PLW ±
LFK QHQQH VLH PDO VR ± LPLWLHUWHU 2EHUIOlFKH ZLH ]% GLH VRJH
QDQQWH(GHOVWDKORSWLN
$QKDQJ%&KHFNOLVWH0HVVHQ
$QKDQJ%&KHFNOLVWH0HVVHQ
.FKHQIOlFKH
)HQVWHU+HL]N|USHU7UHQ
1LVFKHQPDHGHU)HQVWHU
%UHLWHLQFP
+|KHLQFP
$EVWlQGHYRQGHQ:lQGHQLQFP
+|KHGHU)HQVWHUElQNHLQFP
7LHIHGHU)HQVWHUElQNHLQFP
hEHUVWlQGHEHUGDUXQWHUOLHJHQGH:lQGHLQFP
+HL]N|USHU
%UHLWHGHU+HL]N|USHULQFP
+|KHGHU+HL]N|USHULQFP
7LHIHGHU+HL]N|USHUELV]XU:DQGLQFP
$EVWlQGHYRQGHQVHLWOLFKHQ:lQGHQLQFP
7UHQ
%UHLWHGHU7UHQLQFP
+|KHGHU7UHQLQFP
$EVWlQGHYRQ:lQGHQLQFP
$QKDQJ%&KHFNOLVWH0HVVHQ
%UHLWHLQFP
$XIGHP%RGHQHQWODQJGHU:DQGJHPHVVHQ"
%UHLWHYRQ6RFNHOOHLVWHQGD]XJHUHFKQHW"
3DUDOOHOFDFPGDYRUQRFKPDOVJHPHVVHQ"
,QFDFP+|KH$UEHLWVSODWWHQK|KHJHPHVVHQ"
,QFDFP+|KH2EHUVFKUDQNK|KHJHPHVVHQ"
:XUGHQ%HVRQGHUKHLWHQEHUFNVLFKWLJWZLH
1LVFKHQ
0DXHUYRUVSUQJH.DPLQ(FNHQXVZ
:DQGIOLHVHQ0DHGHUJHIOLHVWHQ)OlFKH)OLHVHQVWlUNH
:DQGVFKUlJHQ
XQWHUVFKLHGOLFKH5DXPZLQNHO
6FKDOWNDVWHQ
/IWXQJVJLWWHU
6RQVWLJH"
:XUGHQGLH0HVVXQJHQ]XU6LFKHUKHLWZLHGHUKROW"
$EVWlQGHGHU+DXVLQVWDOODWLRQHQ
YRQGHU:DQGYRP)XERGHQ
'LH $EVWDQGVPHVVXQJ ÄYRQ GHU :DQG³ JHKW LQ GHU 5HJHO YRQ
GHUOLQNVJHOHJHQHQ5DXPHFNHDXV
$QKDQJ%&KHFNOLVWH0HVVHQ
6WHOOZDQG
%UHLWHLQFP
:XUGHQGLHJOHLFKHQ0HVVXQJHQZLHEHL:DQG
YRUJHQRPPHQ"
6WHOOZDQG
%UHLWHLQFP
:XUGHQGLHJOHLFKHQ0HVVXQJHQZLHEHL:DQG
YRUJHQRPPHQ"
$QKDQJ&&KHFNOLVWH3ODQHQ
$QKDQJ&&KHFNOLVWH3ODQHQ
9RUEHPHUNXQJHQ
D (V LVW LPPHU YRQ 9RUWHLO ZHQQ LFK HLQHQ HUVWHQ YRUOlXILJHQ
3ODQPHLQHU(LQEDXNFKHVHOEVWHUVWHOOH'D]XEHQ|WLJHLFKOH
GLJOLFKHLQHQVRJHQDQQWHQ.XQGHQSURVSHNWPLW7\SHQEHUVLFKW
LUJHQGHLQHV .FKHQKHUVWHOOHUV 'LH 7\SHQ GDULQ VLQG GLH EOL
FKHQ %DVLVHOHPHQWH HLQHU (LQEDXNFKH XQG EHL DOOHQ +HUVWHO
OHUQZHLWJHKHQGLGHQWLVFK
$QKDQGGHUIROJHQGHQ&KHFNOLVWHNDQQLFKQLFKWQXUPHLQHHLJHQH
.FKHQSODQXQJ EHUZDFKHQ VRQGHUQ DXFK GDV 3ODQXQJVZHUN
HLQHVSURIHVVLRQHOOHQ.FKHQSODQHUV]%.FKHQVWXGLRSUIHQ
$QKDQJ&&KHFNOLVWH3ODQHQ
$OOJHPHLQHV
=DKOGHU3HUVRQHQLP+DXVKDOW
)UKVWFNLQGHU.FKH"
0LWWDJ$EHQGHVVHQLQGHU.FKH"
(VVSODW]O|VXQJ
(VVHFNHPLW(FNEDQN (VVHFNHPLW7LVFKXQG6WKOHQ
)UKVWFNVEDU ,PELVVSODW]DOV$QVHW]WLVFK
6RQVWLJH
(UJRQRPLHXQG)XQNWLRQHQ
*HVWDOWXQJGHU$UEHLWVIOlFKH
.|USHUJU|HGHU.FKHQQXW]HUFP
+|KHGHU$UEHLWVSODWWH
.RFK6SOEHUHLFKDEJHVHQNW
'HU.FKHQQXW]HULVW
$QKDQJ&&KHFNOLVWH3ODQHQ
)XQNWLRQHQLQGHU.HUQNFKH
.RFKHQXQG%DFNHQ
.RFKPXOGHXQG%DFNRIHQDOVHLQ*HUlW
%DFNRIHQKRFKJHEDXW
.RFKEHUHLFKDOV,QVHOO|VXQJ
.RFKEHUHLFKDOV(FNO|VXQJ
'XQVWDE]XJ $EOXIW 8POXIW
LQWHJULHUWHU'XQVWDE]XJ
'XQVWHVVH
0LNURZHOOHQJHUlW
LP2EHUVFKUDQN LP+RFKVFKUDQN
DOV6WDQGJHUlWDXI$UEHLWVSODWWH
6RQVWLJHV
6SOHQ
(LQEDXVSOH
=XEHK|U
0DWHULDOGHU(LQEDXVSOH
.HUDPLN (GHOVWDKO&KURPQLFNHOVWDKO
(PDLOOH *UDQLW
0LQHUDOZHUNVWRII
IOlFKHQEQGLJHU(LQEDX
*HVFKLUUVSOHU
$EIDOOVDPPOHU
0OOWUHQQXQJVV\VWHP
+DQGWXFKVFKUDQN
3XW]PLWWHODXV]XJ
6RQVWLJHV
$QKDQJ&&KHFNOLVWH3ODQHQ
.KOHQ*HIULHUHQ
.KOVFKUDQN
DOV8QWHUVFKUDQN DOV6WDQGJHUlW
LQ+RFKVFKUDQNHLQJHEDXWLQWHJULHUW
*HIULHUVFKUDQN
DOV8QWHUVFKUDQN DOV6WDQGJHUlW
LQ+RFKVFKUDQNHLQJHEDXWLQWHJULHUW
.KOXQG*HIULHUNRPELQDWLRQ
DOV8QWHUVFKUDQN DOV6WDQGJHUlW
LQ+RFKVFKUDQNHLQJHEDXWLQWHJULHUW
6RQVWLJHV
$XIEHZDKUHQ
9RUUDWVVFKUlQNHDOV+RFKVFKUlQNH
$SRWKHNHUVFKUDQN
(FNVFKUlQNH
PLW.DUXVVHOO PLW'UHKERGHQ
8QWHUVFKUlQNHPLW
P|JOLFKVWYLHOHQXQGEUHLWHQ6FKXEODGHQ$XV]JHQ
DOV9ROODXV]XJ
%HVWHFNHLQVlW]H
%URWIDFK
$OOHVVFKQHLGHU HOHNWULVFK PHFKDQLVFK
LQ6FKXEODGHQYHUVHQNEDU
)ODVFKHQVFKUDQN
$XV]LHKWLVFK
6RQVWLJHV
$QKDQJ&&KHFNOLVWH3ODQHQ
(LQ]HOQH3ODQXQJVVFKULWWH
/LQNV5HFKWV3ULQ]LS
3ODQXQJYRQOLQNVQDFKUHFKWV
%HL(FNO|VXQJHQ
/LQNH(FNH]XHUVW
%HLPHKUHUHQ(FNHQ/LQNH]XHUVW
.HUQNFKH]XHUVW]XVDPPHQVWHOOHQ
8QWHUVFKUlQNH
EHL3ODQXQJYRQ:DQG]X:DQGPLW3DVVVWFNYRQ
PLQGHVWHQVFPEHJLQQHQ
7UDQVFKODJEHDFKWHQ
2EHUVFKUlQNH
YHUWLNDOH/LQLHQIKUXQJ]XGHQ8QWHUVFKUlQNHQEHDFKWHQ
7UDQVFKODJZLHEHL2EHUVFKUlQNHQ
.RSIIUHLKHLWLP%HUHLFK.RFKHQ6SOHQ
(UZHLWHUWH.FKH]XVDPPHQVWHOOHQ
.RPSOHWWNFKH]XVDPPHQVWHOOHQ
$QKDQJ&&KHFNOLVWH3ODQHQ
*HVWDOWHULVFKH)HVWOHJXQJHQ
1LVFKHQUFNZDQGLP1DVVEHUHLFK.RFKHQ6SOHQ
EDXVHLWVJHNDFKHOW
5FNZDQGYHUNOHLGXQJPLWODPLQLHUWHU6SDQSODWWH
$UEHLWVSODWWHDXV
6FKLFKWVWRII
0DVVLYKRO]
*UDQLW
0LQHUDOZHUNVWRII
(GHOVWDKO
6RQVWLJHV
IOlFKHQEQGLJHU(LQEDXGHU6SOH
1XWXQG)HGHUYHUELQGXQJ
.UDQ]OHLVWHUXQGXP
/LFKWOHLVWHUXQGXP
$UEHLWVSODW]OHXFKWHQ
6RQVWLJHV
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
9RUEHPHUNXQJ
'LH&KHFNV]XU.FKHQTXDOLWlWHUVWUHFNHQVLFKDXI
½ GLH.FKHQIURQW
½ GHQ.RUSXV
½ GLH%HVFKOlJH
½ GLH$UEHLWVSODWWH
½ GLH.FKHDXV+RO]
½ GLH6SOHXQGGLH$UPDWXU
*HSUIWZLUGDXI]ZHL:HJHQ
¸3UIXQJDQKDQGYRQ3URGXNWEHVFKUHLEXQJHQ
:HUNVEHVFKUHLEXQJHQXQG7HVWEHULFKWHQXQGGHUJOHLFKHQ
6HOEVWYRU]XQHKPHQGH7HVWVXQG%HZHUWXQJHQ
.FKHQIURQW
)URQWVWlUNH3ODWWHQGLFNH
¸'LFKWHGHU5RKSODWWH
¸6SDQSODWWH'LFKWH±NJPñ
¸0')3ODWWH'LFKWH±NJPñ
¸+')3ODWWH'LFKWH±NJPñ
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
¸%HLYHUHGHOWHU5RKSODWWH
¸=DKOGHU9HUHGHOXQJVVFKLFKWHQ
¸=DKODXIEHLGHQ3ODWWHQVHLWHQJOHLFK"
¸9HUHGHOXQJGHU.DQWHQ
¸(UJHEQLVGHU*LWWHUVFKQLWWSUIXQJ
¸ %HLIXUQLHUWHQ2EHUIOlFKHQ
¸ 6WlUNHGHV)XUQLHUEODWWVLQPP
¸9HUOHLPXQJDXI0HODPLQKDU]EDVLV
¸6FKXW]VFKLFKW9HUVLHJHOXQJ
¸8QHPSILQGOLFKNHLWGHU2EHUIOlFKHGHV)XUQLHUVJHJHQ
¸NDOWHXQGKHLH)OVVLJNHLWHQ
¸WURFNHQHXQGIHXFKWH+LW]HDXV
¸FKHPLVFKH%HDQVSUXFKXQJ
¸ZLGHUVWDQGVIlKLJJHJHQ$EULHE
9HUDUEHLWXQJGHU.DQWHQ
)XUQLHUEOlWWHUIXJHQORVGLFKWDQHLQDQGHU
(FNHQVDXEHUJHVFKOLIIHQ
NHLQH$EZHLFKXQJHQGHU)DUEHQ%HL]WRQYRQ(FNHQ
XQG)OlFKHQ
¸ %HLODFNLHUWHQ2EHUIOlFKHQ
¸=ZHLNRPSRQHQWHQODFNDXI:DVVHUEDVLV
¸0HKUVFKLFKWODFNLHUXQJ
¸7URFNQXQJ3K\VLNDOLVFKGXUFK9HUGXQVWHQGHV:DVVHUV
FKHPLVFKGXUFK$GGLWRQVUHDNWLRQ
¸NUDW]XQGDEULHEIHVW
¸OLFKWEHVWlQGLJ
¸VSLULWXRVHQEHVWlQGLJ
¸O|VHPLWWHOEHVWlQGLJ
¸OHEHQVPLWWHOHFKW
¸JHIDKUVWRIIIUHL)UHLYRQ3&%3&36FKZHUPHWDOOHQZLH%OHL
&DGPLXP.REDOWXVZKDORJHQLHUWHQ.RKOHQZDVVHUVWRIIHQ
)RUPDOGHK\G
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
¸.DVFKLHUWH2EHUIOlFKH
¸ %HLEHVFKLFKWHWHQ2EHUIOlFKHQ/DPLQDWHQ
¸$UWGHU6FKLFKWPDWHULDOLHQ
¸+DU] ¸0HODPLQ
¸.UDIWSDSLHU ¸6RQVWLJH
¸=DKOGHU6FKLFKWHQ
¸%HVFKLFKWXQJVYHUIDKUHQ
¸PLW/|VHPLWWHOQ ¸DXI:DVVHUEDVLV
¸8QHPSILQGOLFKNHLWGHU2EHUIOlFKHJHJHQ
¸NDOWHXQGKHLH)OVVLJNHLWHQ
¸WURFNHQHXQGIHXFKWH+LW]H'lPSIHYRQPLQGHVWHQV
&
¸FKHPLVFKH%HDQVSUXFKXQJ
¸ZLGHUVWDQGVIlKLJJHJHQ$EULHE
¸.UDW]HU
¸6W|H
¸89XQGDQGHUH6WUDKOHQ
¸2EHUIOlFKHOHEHQVPLWWHOHFKW
.DQWHQXQG(FNHQ
6FKLFKWHQGLFKWDQHLQDQGHUJHIJW)XJHQXQVLFKWEDU
VDXEHUJHVFKOLIIHQ
NHLQH)DUEDEZHLFKXQJHQ
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
'HU.RUSXVDXFK$XV]JHXQG6FKEH
¸3ODWWHQXQGLKUH2EHUIOlFKHQ
¸0')3ODWWHQ
¸+')3ODWWHQ
¸2EHUIOlFKHQPDWHULDO
¸ DXV.XQVWVWRIILQHLQHP*XVV
¸)DUEJHEXQJ
¸ZHL ¸IDUELJJHPl)URQWIDUEH
¸3ODWWHQVWlUNH
¸ =XVDPPHQEDX
¸ YHUGEHOWXQGYHUOHLPW ¸ HLQIDFKYHUGEHOW
¸ GRSSHOWYHUGEHOW ¸ ]XVlW]OLFKYHUOHLPW
:LVFKOLSSH
/RFKUHLKHQ
/RFKDEVWDQGPP DQGHUHU$EVWDQGLQPP
%RGHQWUlJHUDXV
0HWDOO .XQVWVWRII
¸ (LQOHJHE|GHQ
¸YHUHGHOWH0')3ODWWHQ
¸9HUHGHOXQJDXI0HODPLQKDU]EDVLV
DOOH)OlFKHQREHQXQWHQDOOH.DQWHQHLQEH]RJHQ
ODPLQLHUW
6WlUNHGHU(LQOHJHE|GHQ
'LH%HVFKOlJH
=XXQWHUVXFKHQVLQGGLH%HVFKOlJHEHL
.RUSXV
7UHQXQG.ODSSHQ
6FKXENDVWHQXQG$XV]JH
6\VWHPHQ]XP$XIKlQJHQ2EHUVFKUlQNH
6\VWHPHQ]XU6WDQGVLFKHUXQJ+RFKVFKUlQNH
6RQVWLJH
.RUSXV
([FHQWHUYHUELQGXQJ 7UDSH]YHUELQGXQJ
7UHQXQG.ODSSHQ
gIIQXQJVZLQNHO
*UDG PHKUDOV*UDG
gIIQXQJVYDULDQWHQ
7UEHZHJXQJHLQVWHOOEDU)HGHUNUDIWYHUVWHOOXQJ
VHOEVWWlWLJHVVDQIWHV6FKOLHHQDXIGHQOHW]WHQ
=HQWLPHWHUQ6FKOLHDXWRPDWLN
SUREOHPORVHV-XVWLHUHQ$XVULFKWHQGHU7UHQ
0RQWDJHXQG'HPRQWDJHGHU7UHQ
PLW:HUN]HXJ RKQH:HUN]HXJ
6FKQDSSHLQ%HVFKODJVQDSRQ
6WDELOLWlWVWHVW:DFNHOSUREH
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
6FKXENDVWHQXQG$XV]JH
9ROODXV]XJ QRUPDOHU$XV]XJ
%HODVWEDUNHLW
¸ EHL%UHLWHELVFPPLQGHVWHQVNJ
¸ EHL%UHLWHQDEFPPLQGHVWHQVNJ
OHLFKWHU/DXIEHUJHVDPWH$XV]XJVOlQJH
KRUL]RQWDOXQGYHUWLNDOVWDELOHU/DXIDXWRPDWLVFKHU$XVJOHLFK
YRQ7ROHUDQ]HQ
6RIWHLQ]XJ9HU]|JHUXQJDXIGHQOHW]WHQ=HQWLPHWHUQ
YHUGHFNWHU(LQEDXXQVLFKWEDUH7HFKQLN
JHVLFKHUWHU$QVFKODJ(QGDUUHWLHUXQJ
.LQGHUVLFKHUKHLWVYHUVFKOXVV
(LQXQG$XVKlQJHQ-XVWLHUHQGHU%OHQGHQ
PLW:HUN]HXJ RKQH:HUN]HXJ
PDQXHOOH6WDELOLWlWVSUREHQ
+LQXQWHUGUFNHQEHLYROOVWlQGLJHUgIIQXQJ
5WWHOQLQGHU:DDJHUHFKWHQ
¸ 0DWHULDOLHQ
¸ JHKlUWHWHU(GHOVWDKO
¸ EHVRQGHUVJHKlUWHWH6WDKONXJHOQ
¸ =LQNGUXFNJXVV
¸ 9ROOPHVVLQJ
¸ JHKlUWHWHU.XQVWVWRII
¸ *ULIIH.Q|SIHDXV
¸ HOR[LHUWHP$OXPLQLXP
¸ (GHOVWDKO
¸ YHUQLFNHOW ¸ YHUFKURPW
¸ YHUPHVVLQJW ¸ YHUJROGHW
¸ 0HVVLQJPDVVLY
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
+RO]PDVVLY
¸ .RPELQDWLRQDXV+RO]XQG0HWDOO
¸ 3RU]HOODQPLW9HUVFKUDXEXQJDXV0HVVLQJ
¸ JHKlUWHWHP.XQVWVWRII
¸ YHUFKURPW ¸ YHUPHVVLQJW
¸ YHUJROGHW
6\VWHPH]XP$XIKlQJHQ
3XQNWDXIKlQJXQJHLQ]HOQHLQGLH:DQGJHGEHOWH+DNHQ
6FKLHQHQDXIKlQJXQJ(LQKlQJHVFKLHQHQPLWYDULDEOHQ
%HIHVWLJXQJVSXQNWHQ
9HUVWHOOEHVFKODJ
6\VWHPH]XU6WDQGVLFKHUXQJ
VWDUUHU6WDKOZLQNHO
YHUVWHOOEDUHU:LQNHOEHVFKODJ
6RQVWLJH%HVFKOlJH
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
'LH$UEHLWVSODWWH
6FKLFKWVWRII
0DVVLYKRO]
*UDQLW
%HZHUWXQJGHU$UEHLWVSODWWH
:LHHUIOOW"
JXW ZHQLJHUJXW JDUQLFKW
:LHHUIOOW"
JXW ZHQLJHUJXW JDUQLFKW
5HVLVWHQWJHJHQ&KHPLNDOLHQ:DVLPPHUDQVFKDUIHP=HXJDXFK
DXIWURSIHQVROOWHGDUIGHU2EHUIOlFKH
QLFKWVDQKDEHQ
:LHHUIOOW"
JXW ZHQLJHUJXW JDUQLFKW
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
:LHHUIOOW"
JXW ZHQLJHUJXW JDUQLFKW
:LHHUIOOW"
JXW ZHQLJHUJXW JDUQLFKW
%HL$UEHLWVSODWWHDXV6FKLFKWVWRII
+3/6FKLFKWLQHLQHP6WFNEHUGLH9RUGHUNDQWH3URILO
ELV]XU8QWHUVHLWHJH]RJHQ
¸ 3URILOPLW$QOHLPHU
.XQVWVWRII +RO]
¸ %HVFKLFKWXQJGHU8QWHUVHLWH
¸ $EWURSINHUEH
%HL$UEHLWVSODWWHDXV0DVVLYKRO]
¸ 9HUELQGXQJGHU+RO]SODQNHQ
¸ ÄGXUFKJH]LQNWH³9HUELQGXQJ
¸ LQ/lQJVXQG4XHUULFKWXQJ
¸ .OHEVWRIIHIRUPDOGHK\GXQGSKHQROIUHLVLQG
¸ 2EHUIOlFKHVFKDGVWRIIIUHLYHUVLHJHOW
¸ 8QWHUVHLWHPLW6FKXW]VFKLFKWJHJHQ)HXFKWLJNHLW
¸ $EWURSINHUEH
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
%HL$UEHLWVSODWWHDXV*UDQLW
¸ *UDQLWTXDOLWlW
¸ RIIHQSRULJ ¸ IHLQSRULJ
¸ 2EHUIOlFKHQYHUVLHJHOXQJ
'LH.FKHDXV+RO]
¸ +RO]YHUDUEHLWXQJ
¸ 2EHUIOlFKH
¸ JHEUVWHWXQGJHEHL]W
¸ JHODXJWXQGJHEHL]W
¸ JHNlONWXQGJHEHL]W
¸ 2EHUIOlFKHQYHUVLHJHOXQJ
¸ +RO]YHUELQGXQJHQ
¸ RKQH%HVFKOlJHNODVVLVFKH6FKUHLQHUDUW
¸ PLW%HVFKOlJHQ
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
'LH6SOHXQGGLH$UPDWXU
6SOH
¸ IOlFKHQEQGLJHU(LQEDX
¸ 0DWHULDOLHQ
¸ &KURPQLFNHOVWDKO1LURVWD
¸ HPDLOOLHUWHU6WDKO
¸ .HUDPLN
¸ *UDQLW
¸ 0LQHUDOZHUNVWRII
$UPDWXU0LVFKEDWWHULH
¸ (LQKDQGPLVFKHU
¸ =ZHLJULIIEDWWHULH
¸ LQWHJULHUWHV$EVSHUUYHQWLOIU*HUlWH
¸ ZHLWVFKZHQNEDUHU$XVODXIPLQGHVWHQV*UDG
¸ KHUDXV]LHKEDUH%UDXVHP|JOLFKVWFPXQGPHKU
¸ YHUVWHOOEDUHU6WUDKOYRQ0RXVVHXUDXI%UDXVHVWUDKO
¸ HLQJHEDXWHV$EVSHUUYHQWLOIU*HUlWH*HVFKLUUVSOHU
¸ $QWLNDONV\VWHP
¸ ,QQHQWHFKQLN'LFKWXQJ.DUWXVFKHDXV.HUDPLN
¸ DEQHKPEDUH0LVFKEDWWHULHPHLVWHQVEHL0RQWDJHXQWHU
)HQVWHUQHUIRUGHUOLFK
¸ QLHGULJHU*HUlXVFKSHJHOEHLP:DVVHUDXVODXI
¸ 0DWHULDOEHL$UPDWXUHQ
¸ NRUURVLRQVIUHLHU(GHOVWDKO
¸ YHUFKURPW
¸ YHUJROGHW
¸ HPDLOOLHUW
¸ JHKlUWHWHV(GHOPHVVLQJ
¸ LPLWLHUWH2EHUIOlFKH]%(GHOVWDKORSWLN
$QKDQJ'&KHFNOLVWH.FKHQTXDOLWlW
6WLFKZRUWYHU]HLFKQLV
$UEHLWVSODW]OHXFKWHQ
$
$UPDWXU
$EIDOOV\VWHP
$EJDEHSUHLV
$EODJHIOlFKH $XIKlQJHEHVFKODJ
$EOXIWNDQDO
$EOXIWV\VWHP $XIKlQJXQJ
$EVFKOXVVOHLVWHQ $XIVDW]VFKUlQNH
$EVFKOXVVUHJDOH $XIVDW]YLWULQHQ
$EVWHOOIOlFKH $XIWUDJ
$EWURSIEUHWW DXVPHVVHQ
$EWURSIIOlFKH $XHQTXDOLWlW
$EWURSINHUEH $XVVWHOOXQJVNFKH
$ON\GKDU]ODFNH $XVVWHOOXQJVVWFN
$OOHVVFKQHLGHU $XV]LHKWLVFK
$XV]JH
$OXPLQLXP
$QJHERWH
$QOHLPHU
$QVFKODJ
%
$QVFKOVVH
$QVHW]WLVFK %DFNRIHQ
$QVWHOOIOlFKH
$QVWHOOWLVFK %DQNEUJVFKDIW
$QWLNEHVFKODJ
$Q]DKOXQJ %DUWKHNHQ
%DVLVHOHPHQWH
$SRWKHNHUVFKUDQN
%HFNHQ
$UEHLWVIOlFKH %HFNHQGLDJRQDOH
%HL]WRQ
%HOHXFKWXQJ
$UEHLWVK|KH %HOHXFKWXQJVERUG
%HOIWXQJ
$UEHLWVSODWWH %HVFKLFKWXQJVPDWHULDOLHQ
%HVHQVFKUDQN
%HVWHFNHLQVlW]H
%HZHUWXQJVVFKHPD
%ODXHU(QJHO
$UEHLWVSODWWHQHFNO|VXQJ %UHLWHQPDH
$UEHLWVSODWWHQK|KH %URWIDFK
$UEHLWVSODWWHQSURILO %XJSURILO
6WLFKZRUWYHU]HLFKQLV
&
(OHNWURJHUlWH
&HUDQNRFKIHOG
&RULDQ
(OHNWURVPRJ
' (OHNWUR]XEHK|U
(PDLOOH
''/DFN HPDLOOLHUW
'HFNODFNLHUXQJ (QGDUUHWLHUXQJ
'EHO (UJlQ]XQJVWHLOH
'EHOYHUELQGXQJ (UJRQRPLH
'XQVWDE]XJVKDXEH
'XQVWHVVH (VVSODW]O|VXQJ
'XQVWKDXEH ([FHQWHUYHUELQGXQJHQ
'9*:
)
( )DFKE|GHQ
)&.:
(FNEOHQGH )ODFKNDQDOV\VWHP
(FNH )ODFKVFKLUP
)ODFKVFKLUPGXQVWKDXEH
(FNORFK
(FNO|VXQJ )ODVFKHQVFKUDQN
)RUPDOGHK\G
(FNSDVVOHLVWH
(FNVFKUlQNH )URQWDXVIKUXQJHQ
(FNXQWHUVFKUDQN )URQWHQ
(GHOVWDKO )URQWIDUEH
)URQWREHUIOlFKHQ
)URQWSDVVVWFN
(LQEDXIOlFKHQEQGLJHU )XUQLHU
)XUQLHUEODWW
(LQEDXYHUGHFNWHU )XUQLHUVWlUNH
(LQEDXEDFNRIHQ
(LQEDXJHUlWH *
*DVDQVFKOXVV
(LQKDQGPLVFKHU *DVKHUG
(LQNDXIVNRQGLWLRQHQ
(LQNDXIVSUHLVOLVWH *DVNRFKVWHOOHQ
(LQODVVVSOH JHEHL]W
JHEUVWHW
(LQOHJHE|GHQ *HIDKUVWRIIIUHLKHLW
(LQVlW]H *HIULHUJHUlWH
(LQVWDQGVSUHLV
6WLFKZRUWYHU]HLFKQLV
*HIULHUVFKUlQNH
*HKUXQJ
*HKUXQJVVFKQLWWH +|KHQ
JHNlONW +RO]IURQWHQ
JHODXJW +RO]REHUIOlFKH
*HUlWH +RO]YHUELQGXQJGXUFKJH]LQNWH
+RO]YHUELQGXQJHQ
+RO]ZHUNVWRII
*HUlWHKRFKVFKUDQN +3//DPLQDW
*HUlWHVFKUDQN +3/6FKLFKW
*HUlWHVLFKHUKHLW +3/6FKLFKWSUHVVVWRIISODWWH
*HVFKLUU
*HVFKLUUNRUE ,
*HVFKLUUVSOHU ,GHQWQXPPHUQ
,QGH[]DKOHQ
,QGXNWLRQVKHUGH
*HZlKUOHLVWXQJ
*HZU]UHJDOH ,QQHQTXDOLWlW
*LWWHUVFKQLWWSUIXQJ ,QVWDOODWLRQHQ
*ODVNHUDPLNNRFKIHOGHU ,QVWDOODWLRQVDQVFKOVVH
*ROGHQHV0 ,QVWDOODWLRQVSOlQH
*UDQLW
.
*UXQGULVV
.DQWHQ
*WH]HLFKHQ
.DUXVVHOOVFKUDQN
NDVFKLHUHQ
+ .DVWHQ
+DOEKRFKVFKUDQN .DXISUHLVUFNHUVWDWWXQJ
+lQJHVFKUlQNH .DXIYHUWUDJ
+DUQVWRIIKDU]
+DXEHQVFKUDQN .HUDPLN
+DXVKDOWVJHUlWH
+')3ODWWH .HUQNFKH
+HL]N|USHU
+HUG
.LQGHUVLFKHUKHLWVYHUVFKOXVV
+RFKJODQ]ODFNLHUXQJ
+RFKVFKUlQNH .ODPPHUEHVFKOlJH
.ODVVLNSURILO
6WLFKZRUWYHU]HLFKQLV
.OHLQJHGUXFNWHV .FKHQSODQ
.RFKIOlFKHDEJHVHQNWH
.RFKSODWWH
.RFKVWHOOH .FKHQSODQXQJVSURJUDPP
.FKHQSUHLVH
.RPSDNWVFKUDQN .FKHQSURMHNW
.RPSOHWWNFKH .FKHQTXDOLWlW
.RSIIUHLKHLW
.RUSXV .FKHQVWXGLR
.FKHQWHLOH
.RUSXVIDUEH
.RUSXVSODWWHQ .FKHQWLVFK
.UDIWSDSLHU .FKHQZDJHQ
.UDQ]OHLVWHQ .FKHQ]HLOH
NUDW]XQGDEULHEIHVW .KOXQG*HIULHUJXW
.FKHDXV+RO] .KO*HIULHUNRPELQDWLRQ
.KOJHUlWH
.FKHHUZHLWHUWH .KOVFKUDQN
.FKHQDXIEDX
.FKHQEDXWHLOH .XQVWVWRII
.FKHQEORFN
.FKHQHOHPHQWH
.XQVWVWRIIEHVFKOlJH
.XQVWVWRIIIROLHQ
.FKHQHUJRQRPLH
.FKHQIDFKEHUDWHU
/
.FKHQIDFKKlQGOHU ODFNLHUHQ
ODFNLHUW
.FKHQIOlFKH /DPLQDW
.FKHQIURQW
OLFKWEHVWlQGLJ
.FKHQKlQGOHU /LFKWEOHQGHQ
/LHIHUWHUPLQ
/LHIHUXQJ
/LHIHUXQJVJHJHQVWDQG
.FKHQKHUVWHOOHU /LHIHUXQJVXPIDQJ
/LHIHUYHU]|JHUXQJHQ
/LHIHU]HLW
/LQNV5HFKWV3ULQ]LS
.FKHQPRQWDJH /LVWHQSUHLV
.FKHQREMHNWH /RFKUHLKHQ
6WLFKZRUWYHU]HLFKQLV
O|VHPLWWHOEHVWlQGLJ 0RQWDJHDQOHLWXQJ
/|VXQJVPLWWHO 0RQWDJHNRVWHQ
/3//DPLQDW 0RQWDJHOHLVWH
/IWXQJVJLWWHU 0RQWDJHTXDOLWlW
0OOWUHQQXQJVV\VWHP
0XVWHUNFKH
0
1
0lQJHO
0DH 1LURVWD
1LVFKHQDXVVWDWWXQJ
PDVVLY 1LVFKHQJU|H
1LVFKHQPD
0DVVLYKRO] 1LVFKHQUHJDOH
1LVFKHQUFNZDQG
0DXQWHUVFKLHGH 1LVFKHQVFKUlQNH
0DWHULDONXQGH 1LVFKHQYHUNOHLGXQJ
0D[L0LQL9HUJOHLFK 1XWXQG)HGHUYHUELQGXQJ
0')3ODWWH
0HKUVFKLFKWODFNLHUXQJ
0HODPLQ 2
0HODPLQKDU] 2EHUIOlFKH
0HODPLQKDU]EDVLV
PHVVHQ 2EHUIOlFKHQEHKDQGOXQJ
0HVVIHKOHU
0HVVLQJ 2EHUIOlFKHQILQLVK
0HVVXQJHQ 2EHUVFKUlQNH
0HWDOO
0HWDOOEHVFKOlJH
0LNURZHOOHQJHUlW 2EHUVFKUDQNHFNH
2EHUVFKUDQNK|KH
2EHUVFKUDQN]HLOH
0LQGHVWDEVWDQG gIIQXQJVZLQNHO
0LQHUDOZHUNVWRII
0LQLNFKH 3
0LVFKEDWWHULH
3DQWU\
3DUDOOHOPHVVXQJ
0|EHOJULIIH
3DVVVWFN
0|EHONQ|SIH
3&%
0RQWDJH
3&3
3KHQROKDU]
6WLFKZRUWYHU]HLFKQLV
3ODQXQJ 5RKSODWWH
5FNWULWW
3ODQXQJVIHKOHU 5FNZDQGYHUNOHLGXQJ
3ODQXQJVVRIWZDUH
3ODQXQJVWLHIH
3ODWWHQ 6
6FKHPHO
6FKLFKWVWRII
3ODWWHQVHLWHQ
3ODWWHQVWlUNH 6FKLHQHQDXIKlQJXQJ
3RU]HOODQ 6FKOLHDXWRPDWLN
3RVWIRUPLQJSURILO 6FKQDSSHLQ%HVFKODJ
3UHLVEOlWWHU
3UHLVJHVWDOWXQJ 6FKQHLGHEUHWW
3UHLVJUXSSHQ 6FKUDQNEUHLWHQ
6FKUlQNH
3UHLVNDWHJRULHQ
3UHLVQDFKODVV 6FKUDQNWU
3UHLVVSLHJHO 6FKXEODGH
3UHLVEHUVLFKW
3UHLVYHUJOHLFK
3UHLVYHUKDQGOXQJHQ 6FKXW]VFKLFKW
3URGXNWEHVFKUHLEXQJHQ
6LFKHUXQJVEHVFKODJ
3URGXNWLQIRUPDWLRQ 6LOJUDQLW
3URGXNWTXDOLWlW 6QDSRQ%HVFKODJ
3URILO 6RFNHO
3URILOOHLVWH 6RFNHOEHUHLFK
3UIEHULFKWH 6RFNHOK|KH
3XQNWDXIKlQJXQJ 6RFNHOOHLVWHQ
385 6RIWHLQ]XJ
3XW]PLWWHODXV]XJ 6RQGHUJHUlWH
39$&/HLP 6SDQSODWWHQ
VSLULWXRVHQEHVWlQGLJ
4 6SOEHFNHQ
4XDOLWlWVPHUNPDOH 6SOH
5
5$/
5HJDO
5HNODPDWLRQ 6SOHQXQWHUEDX
5HVWHEHFNHQ 6SOHQXQWHUVFKUDQN
5HVW]DKOXQJ 6SOPLWWHOVSHQGHU
6WLFKZRUWYHU]HLFKQLV
6WDXUDXP YHUQLFNHOW
YHUVFKPXW]XQJVJHVFKW]W
6WHFNGRVH
6WFNOLVWH 9HUVLHJHOXQJ
9HUVWHOOEHVFKODJ
92&
9RJHOSHUVSHNWLYH
7 9ROODXV]XJ
WHLOPDVVLY
7KHUPRVWDWEDWWHULH 9ROOKRO]
7LHIH
9ROOUXQGSURILO
7RSIDXV]JH 9RUUDWVVFKUlQNH
7UlJHUSODWWH
7UDSH]YHUELQGXQJHQ :
7ULWWVFKHPHO
7UDQVFKODJ :DQGDEVFKOXVVSURILO
7UEHVFKODJ :DQGDQVLFKWHQ
7\SHQSODQ :DQGDUPDWXU
7\SHQEHUVLFKW :DQGERUGH
:DQGIOlFKHQ
ZDUWXQJVIUHL
8 :DVFKPDVFKLQH
8QWHUVFKUlQNH :DVVHUDEODXI
:DVVHUSURILO
:HLOHLP
:HUNYHUWUDJ
:LQNHOEHVFKODJ
:LQNHOXQWHUVFKUDQN
9 :LVFKOLSSH
:RKQNFKH
9DULFRU
YHUFKURPW
=
9HUHGHOXQJVVFKLFKWHQ
=DKOXQJVYHUHLQEDUXQJHQ
YHUJROGHW =DUJHQ
=LQNGUXFNJXVV
9HUNDXIVSUHLV =XEHK|U
9HUOHLPXQJ
YHUPHVVLQJW =ZHLJULIIEDWWHULH
6WLFKZRUWYHU]HLFKQLV
+LQZHLVH
+LQZHLVH
&OHYHU.FKHQNDXIHQ
,6%1$XIODJH
9HUODJ*QWKHU1HW3XEOLVKLQJ%LOOLJKHLP3IDO]
'LJLWDOH$XVJDEHH%RRN
,6%1
9HUODJ*QWKHU1HW3XEOLVKLQJ%LOOLJKHLP3IDO]
'DV %XFK ZXUGH DXFK DOV H%RRN HOHNWURQLVFKH $XVJDEH LP 3')
)RUPDWKHUDXVJHJHEHQXQGLVWXQWHUGHU,QWHUQHWDGUHVVH
ZZZFOHYHUNXHFKHQNDXIHQGH
HUKlOWOLFK
%HVXFKHQ6LHPHLQH,QWHUQHWVHLWHQ
ZZZPRHEHOWLSSVGH
ZZZFOHYHUNXHFKHQNDXIHQGH
XQG
DERQQLHUHQ6LHGLHNRVWHQORVH2QOLQH=HLWVFKULIW
0|EHO7LSSV,661
+LQZHLVH
+DIWXQJVDXVVFKOXVV
$XWRU XQG 9HUODJ KDIWHQ QLFKW IU 6FKlGHQ GLH DXI GLH 1XW]XQJ
RGHU 1LFKWQXW]XQJ GHU GDUJHERWHQHQ ,QIRUPDWLRQHQ RGHU DXI GLH
1XW]XQJ RGHU 1LFKWQXW]XQJ IHKOHUKDIWHU XQG XQYROOVWlQGLJHU ,Q
IRUPDWLRQHQ]XUFN]XIKUHQVLQG
8UKHEHUUHFKWH'ULWWHU
$OOHLQGLHVHP%XFKJHQDQQWHQ)LUPHQXQG3URGXNWHGLHQHQOHGLJ
OLFK GHU ,QIRUPDWLRQ GHV /HVHUV XQG N|QQWHQ 0DUNHQ VHLQ 'LH
0DUNHQ]HLFKHQ VLQG (LJHQWXP GHU MHZHLOLJHQ +HUVWHOOHU +DQGHOV
XQWHUQHKPHQ RGHU VRQVWLJHQ ,QKDEHU XQG VLQG JHVHW]OLFK JH
VFKW]W
.RQWDNW
9HUODJ*QWKHU1HW3XEOLVKLQJ
:HVWOLFKH*OHLVEHUJVWU
'%LOOLJKHLP3IDO]
7HOHIRQ
7HOHID[
(0DLO+HLQ]#PRHEHOWLSSVGH
,QWHUQHWZZZPRHEHOWLSSVGH
'UXFNDXVJDEH,6%1
'LJLWDOH$XVJDEHLP3'))RUPDW,6%1
6LHZROOHQZHQLJHU*HOGIU,KUHQHXHQ0|EHOEH]DKOHQ"
'DEHLDEHUDXI4XDOLWlWQLFKWYHU]LFKWHQ"
&OHYHU 0|EHO NDXIHQ ELHWHW ,KQHQ 7LSSV PLW GHQHQ ,KU 0|
EHONDXI]XPVWRO]HQ*HZLQQZLUG±*HZLQQGXUFKKRKH(LQVSDUXQ
JHQ XQG ODQJOHELJH 4XDOLWlW GLH 6LH PLW HLQIDFKHQ 7HVWV ZLUNVDP
VHOEVW JHSUIW KDEHQ $OV .HQQHU GHU 0|EHOEUDQFKH ]HLJH LFK ,K
QHQ
ZLH6LHGHQQLHGULJVWHQ3UHLVKHUDXVKROHQ
ZLH6LHGLH0|EHOTXDOLWlWVHOEVWIDFKPlQQLVFKEHXUWHLOHQ
ZDV KLQWHU %OHQGZHUN VWHFNW ]% 6RQGHUDQJHERWH 5lX
PXQJVYHUNlXIH.XQGHQELQGXQJVSURJUDPPH
ZDVLP.DXIYHUWUDJGULQVWHKHQPXVVXQGZDVQLFKW
ZLH6LH5HNODPDWLRQHQHUIROJUHLFKKLQWHUVLFKEULQJHQ
(UKlOWOLFKXQWHUZZZPRHEHOWLSSVGHRGHULP%XFKKDQGHO