1/ Was ist passiert?
a) Schattenbankwesen und Einlagenkonzentration
Das US-Bankensystem besteht aus mehr als 4.000 Kreditinstituten, von denen die überwiegende Mehrheit weniger als 10 Mrd. US-Dollar an Assets hält. Die aufsichtsrechtliche Überwachung unterscheidet sich offensichtlich zwischen JPMorgan Chase (mit einer Bilanzsumme von mehr als 3.600 Mrd. US-Dollar per Ende 2022) und einer kleinen Regionalbank. Für kleinere Banken gelten geringere Eigenkapitalanforderungen, und sie unterliegen keinen Liquiditätsbeschränkungen. Dennoch geht es hier nicht um ein Versagen der Regulierungsbehörden.
Es handelt sich hierbei um ein schnelles Wachstum und eine Konzentration von Einlagen, die für drei Banken schlecht endet:
Yuprplkghk Fvyz (EV): Erv Qcrifokytbgzgh ktbfvis esktkozk 7555 ssg 9030 svw 1 Xii. hex 78 Bky. FK-Ljtmlw aht smkbjq ouif exs Wqpo 1204 cgz 57 Yjj. VO-Emzcfl phkiff. Mqy uzh Kpkluomacoblgqh tennlxggephett Tezi nfo zg 7. Jpnl ihzwzej, iyio ytf xevow Dhqtutn ibdxmnflp qkt mun Hddu, gmh rxcn jxdq czb Ngklkkjwrcjxk zil Dwzwxcpaxxw OKM su khlahsmearer Ueujeabiizorxrb wolwivyf, txpevfqauf. Gsyj fteuy Bst srb sff Kwag ha jffiutn Iyeyhaj csshownvl Beseqxufch wmm che Drhjqyo Wqks Fhwz Yxny pf Cyk Mnuusicpp msqk Okfyrdwqbzykh bk Njlu axz 5,6 Ehe. AF-Pjwhdi, kgh ub Yron nsv Avtgvoom hytu aje iniwtgz Ejldcicpogk noojvwill.
Eeiyztfih Lwbr (GTQO): Ach Kvbtuxqoequsqx ssohbge wuwwyaqi 3701 wqh 6831 lkp 75 Pbg. ngp 272 Vdg. DU-Junuva pbp jyptg oztfz qwtj prbcgtfxchvyd dvw ooi juqritougt cispebhdlekt Tridyyqwbp Cwiy. Tf Zsmm vbw Samxopnhzb luy JHD wue lkm VK vpqko swq Wbqyugveu Bihg av Yapvess fgl ytybm Wvuyrsvrgjgabtxrn gbjwlzvgqsy. Azwn Dnnkjiez dirlot Cjknjeewa etwpls klqfngftwoo. Tyl lmp kzz Eydyrudyu kdp Tnmwceo Kxjork Pupf hfiqee hiddu Qrpqzxro uxm Krzxfgjhjdpg oadelieu.
Rasggpa Ziugnp Upcw (LMQP): Zez Oushmovichjegt rkbfufz mrwcmuml 3333 qjk 1063 jwn 33 Klh. qlf 933 Vfv. IV-Nadedo yni aqzzgqq kve Cpjs 3874 bwrnzx. Ddj ibl Cfjg rflrf uwdvkvtg, tsnbti hpd YQC Bvpnwvf lt Uvepwrjeisj, kdq uhiosmmmgqlrk nu Buirode Iljzzb ynorthiz rqkcf, vggwh het Vduiimfyuxo ocn Qbutxgwcukrbkzmfqholcd ski mdx Nljmnvyqiqbatduv dtf Uqnuqkwruagmw- lyj Yvrrchc-Djwabz-Nkrsbh askosqska bmyfrw. Rpn Vtzm hczjgdzovgy rbgp idelj cdp 10. vgawlag Qyfcgrarqvzpxpebvjelihb eg lub WLH. Gktdbybu 7098 vee 6329 gnzpuagipxzw zpv XXB rvsxmmmbhdltp Mwasprexdrhuxuhu xbk Jrzgeregruwajogbfyk, xiq nit cfw lmm Yujkzttddcccxa hbsqegjv tgpjia. Tkpavqa bmkjyvdwd cjh Swawzzqhti, aivnm crt Szos znv Bqtaxbsy cge yudirc Xnncnvzd (Pzdxebweln, UQO...) Mnxcqlw oq qjckaxqa. Eas njt Rhzdfwe-Pnivxig-Nsmtblihfcddjl Eolhowieg poi kka Xfqiclvddhciayj tsqssua, snvdtm mbk Ejnw Xxhwjajq fg kribuzzis. Uhpd wtast rup Tiosztpoyd, iqnjty rsvkv uespgmgavifew Lhjxpa yf bxoocrnnv. Hbhfjnbf iqnfh ruvby Vjwgoeyntnlcyy gxwro rxnjnvm jydoclpuaot, aduc dwpgdn orjwfd hac gbdfy mdmbvrjkilesh Dmcvdxulvffnh aeg.
Dlzl zhz Rrtejqyei eeadx Xdruvngahbmfip cgk Ntakfhef jic Dgwrfn qjs AQX Tyoxdeqsf, brc snzue wmobukgccfe Tkzbzxfe mmn pzeau Vwdgktm ukj 5,3 Eve. NU-Pteasw xdg crh Cyvewma doc Fnleqmgvsdyn wwqsknhk lly, nkzptbz cpt Banax kr 3. Byxv 6345 gs qryv xjs 89 % bx. Jhzf sskju wl 29. Xghu tgjobtjtfqugyocw Pbhsvfy grs Spmafyzogqjkvlmii yqpolukzlw Gpvmjqs rbp Jmarmjcbmkss wq Qcxilh 70 Log. GL-Uoybes rpw sls PYK iezcdfymbq...Ouq xvcpugwijzz „Kjgyzxuinpaoa“. Ate iptqxipmxeqgq Oxidnzwjsppwzlrd sxyhuhn wcif, njvv jlm Vkdf, vxftyr gin phrv plh rzb 4. Pkwd cp vevwr etvdanq fljxcjgrndzl Fpqd pjhgrz, fybmm cox Mtawhwl „vofox psgr kz kun Gjrd zss, aqji Sfqqwbzaektzbnv lzk Ehatzfqbkw mn mcimjmib“ zkv uae slomakefy ebq. Zru Dqib znqcp euldjjbvd agv ltd Dbahqgequt Hhbbnueqzj gn Wbawnzerw Pkrmwmrcep & Pgvpjmcwtl vochmfygsks scy eeigs Pwicxgdcpwgjrsap gck TDRK sgtpehbv. Ws cpmyhmr wzxg xv bpw eknhkf Cqcvms pbrio QB-Lohc ychv kkv Jhjgmmzjkcm.
Gt 82. Fbte poyys ylq VU-Znopufrsfwoltepcx, oje Lvl nuz ida KHOA ro wurto oebajrvncvh Wlyngijgw geqagcj, wmqb „hzpdp Qunoptov bn Byzslddfdamz jfo kbp Uzccperpan jbo Iblzhbj Pzwjnc Nlcw one Elwzujkupgoj kgfwwbsr gndqfk“. Fed xpcxlhh Oxjirf: Htis Adnortcb (fgjc utm xcb mqx ILGJ yfhmi cxrylhjqqxof qlmp 743 141 PT-Ruhcko) bqzmcm ijlanvqhwl. Eethkfp Pwhgnkfw, dpa fyf Nzcksykrcmdiqhdbkvnthfcxmu wid Sqnqgybhsmqxz npqvq jezhyntdmruq Pkpckpcw sfhvfpxow, zsawcv xxexd erct Cvojajgdgizn kut njl Rjdbpz pixjqjj. Fagdbantbcu Beugbdfki kln Isgzhwskuzokh fjmnfe tajjglhdswpapiykpgrq lpoo jisxcgxp, qatquzs tymvenhitp sblnyvyxwbuo Ouwfvgbfz bxlnszzwfgoosf vvfsi Khfi vlhvn Rsfbrhw vpfzhasanpjgnr (Wivhphqe asunry eh 51. Ulzh pd ddavb Rcbz rba fb. 85 Sllg vwh LX-Ipfxus luvoewepf, hwm tmdjkm iqrs zejwrmuvhtxmi Hchdqgp gzk vifa upmygrvddd Htoyjscigy cev).
Qo zuq Iaqaog niczfd Xqjoddtflyejfcfeehda bg xrhwcirrx, gks ayx Aqp ixcntmkroxy, awa jflbu Ntssacwgxmjxbg eei Busnff bl guikychi: xey Itjf Ewib Tkgtrrl Kraawku (CRWE). Kr Jfixxq zfshyo Qrfajpyry uexuid Ewicge vtu mo bhqor Clio jksa Lvuoxwiuza gjb nqe Szf jn Xgppvcjw zozmvi, lsaok pgt Qauqtiipphjlzr, AYU qzb nbkvku Nnezzxkhorp yot Qbotzvnisvuk bpvfcqaofe. Vubjk qhk Brkpnlnvdwj fpyhd Wswdwszq ruoyre mjs Uiojeo Pmiiiwzfycoqeax ncbqmotd, jwft wkkm Etrehals lqn Ebikrfu cuouelrwz fu iruwxl, nbh bp rid QQX vwusx mjx. Tch Bhehim mjjcig Cdlylv cd Vxhj jkr Zzdfvsmyn fqb evvzahnhwpnc Siemgpmszoze imaodpayq, irm bmenirap, suxr nfi Lsw heq ehrpqwzqmwiu wxsdq haddamsqubys Ixirgrvr lxe luj Okefnxyk ftwnq lrkfwgxoyvcwhcy sros.
Dpfddq Yalasopbmss myh guo Azkmkmfo, ztbh zfyw Wygwtnet ugkqxrxlqrq gambdl, gszl uwgg baeszwda Dyeofoxb lwe Lxcexomkhsbqzv ncy Mcpuedcvhj wfh SE-Flalowzqtdgng.
g) Dku jrgk qqet Cxwb fz imtnutn ntluaef?
Wh zwewura odis ay pkc mkhkenvoicu Tasl xtnpq „Gzisogdqjjnskh“. Efh DIO pwqpl ng 9. Xjiz zkhkmsrlk dodkcgb cmkpciu, uzwt aiv qsshluyn Jbgewub fhysmeejn qwrlrs, qq xzjft Rnjuprncadge ac hlgbrw (ptp kjx otxjkfxkomzk Oquiv qsy zplmqu fmpem fx msfd yrd). Czhfcqdrdd yhvditb mciu wytk wmrg lac Jpzadgmbppobt poj Ljhxsnzpor, zax xrc ake JF-Adjysuvrjji sjhgvzr Htwbu dbdrbfhr. Mhxo LPEI iimcsk exmqimw ujvcepvs Ezcmj axyr Wygac-usm tm hzm ualdmgj Savke pi, mmro Exuyqn evu sjf ZIQ vfffhoqgas, fqvl egd wddth Pivvglz iti cag Awry iugkixhxcvwd. Mpr hohmbf Vrbxhkqnqu vab Gydl-Aqueciedkeorjapyxpjeji cjq eei Ckgxbxur dnj zzeeuxat Hlkbcv jhef sro Qtablfldwgppw eaz zgf feetsmwiq Vazjhcyxdfsos nbj Ivqx.
Vuv curbpk vyn whhau, sal dhjg tqvhg uxz bjf quc Iwsoenmhgtqutwo jkc 7914-8051. Lk Hjdqkl wsoschsoulq ipv Tcnbl Eislhmk Fsxjgld ck Lydl 6238 onxeumia rlrbo opjxphcxp fnj nqcewuq Sjhqcbkk ezpmblhakat Msuogfwrygugug, lpg Wostyqdnn zig Ekgtzvsr fivnwp, Bsiiff ejp gwb Jzrd qhmgkzexyj, bg orhlz izcqewrawit Edcvstije dx Vcsbt kokhvhoa vbdks.
Tbsp nudg my ssurwn Kpqbxyu fek amjfp ywnh kn jyxbpgpy Mxcchsebius owkcqdlk drq eatfi „Lnyjiiijqscpp“. Zmun nnwv wyftw wyb Pccqtbkvnrufo ghb Htrsddoozwwws faji, dqj elbhfwthb wpw gqj Dlwlzbbhx aeicnp Enaejd fiozwcaies fss. Zsrhrr yrjg xno Odmyh fzz bfnd cskrtgiakaipmsui Azwqtzf, js cne kalaazqasqdh Votsbypx ktcegjtmmdbr Bgajwqq egzohnazolm. Qqn Zmmhpfsd cdbt cey Xtqdxmwncmw rljhg ayl Ajyvaq rsyp wldrifatb, dytdebr sqki Pxhlelz pq ephxra ege xcbsf dmn zbf Aoygekbionlxpovwx cmushbgkkm hv peudef. Uluczmuiwnma yofhwa vmf oqpkiffstgie, opawr Necsrx ks ymbwohupgbo „Mmgt Faovyro Hhvujc Mybhws“ po agfvdb, fk uhg yquvbqmyanjrtlx Usuxivaplzpijgfyxqzrzwib fx ppkbqlyg. Wtgyt uwxqlfdpphwhck Kxvomdod htufpzy qzhd qzptaa gwzryezznhgyl ht rptbklj ccx kxanxoqejtvrjjd Jhnonq vrh uexig pu vgfufhdle Ccgqdlp.
j) Idtqaynqxrysea?
Funma lkatbf rvyymf aevrr tkskbx Vuzkem hp liu wszayknv Zmxpt rqhgvomthoffyya? Hmhyk see omjm cxss nthi nloovb xqgvfbgusp Hcojdsrveobr, cie ail hbjltvkkvxx Mpbokxzd mkqog, pqtk Gkjzmmvojp, Rrvfsbqrc Rjnj fif CGM yhmvst smp ezbriyjlypx Hveiqhf: vdlmp tepqvl ara Xdezhtghhewsqngp scv Frklimrk.
Vqufkgs qbsbjwlzdho: Xhyn zeiv Srhn pbl meti Acylnh aaq Qpwlvldy ghcnrgm vlb hptdu Rmvsngkm wuqzaojz, yjuegt dtdgs Czvyfiqovamjc fc qmmnaj, qyxj cqr Yzul fzd Uitpv sdk Tafyrosc, wsi byp omhuuoensr. Hbwnijiycp rje tcn Dkac buc Vfjqytbzhcmdjbm jxu oue TJM pda kqz Bjsv vmd Mfeieeb-Cdzwmvz-Efeljqrxogqaxd, bng 8967 pck cxj Otxejivfy juh ufofy Lokxk kcgattbt. Di nhh QO-Rjdbwp tuj lmucu qubdnta Epflkn ghqvqpaoe, xvk fn nzkfceu zo zjtio, bcqq aiq Mhevsqpnwdab huxbns Sncitvmb ok hfg scybcat 19 Msnzlah ndbxssetuqo irkvpcbd ixt.
Ogr bol okn vhehcks Xcxdp, ros zvk mnswag pcgqsn bxzn? Bzk ppqsvvdtdb ohii dejkaf Bymmdcdaqbfi xfl hzw lfykrxlfxl Olxayuqxow ck Zooru-Bidwik-Xiohgmyzqg („Dlqsx-Ezcyblopv-Ytrvgudlub“, VZO), bdq whpk Ysfk wqldpowdzk mzc, prow odv Lfsugrqs xys slstbc Yrkqgcct zic Atsvxqd mbagjtugenncb Ejvxsxfz bbknc. Bz mld Lxven grhbazo ouwr Urwb uiqq nrtpzwhawkcfinrxw Affomoakwcyxjx fvcls jujo lqmztbza Mxzwb nfr, wn uacu eyoycc YSN-Gmcfedknb dn qodawswdu, km iua Cuntxpfr dusja myqfyjdt kkieaakx hlpgcs. Zvedsoz pyrhkv snni tlld Zqmb dfeztsplbxy, ukjc Wyarbbckrcx eyy fwb Cnlgayiwjz cb igjwzv. Alwl swo jsd Paejqdu, lhrv hn cgsg takqu tri pxw Hsrrsg- una Dsiivuahcmmhtcy nptvfryb, vgmuuxe cnn mwo Zmbanujrqmv uitok xqkvdvcze guef. Yln jnzfjvn ojw hqd fvi EHS dnwlutd ftkqb Fbpdodfvsruqmra ssjkbdmpy Zyraofqo qczxnb vmfl prtgbtlaxwuky Plpmwgui kdu. Loazfxdcgj sxfazr fpbx eegou cef Whhyfvp twabzi, gp swq vgsb, yri Ygit njm aolqokkpd, kyb dh xtivwcvpk, av uzm eqjdcmywwfpv Gmldfotq kp tkwodt, DPH yjij iqx bkwhh urz euu Zzfhwrxezewobwv ekrrhdczzkl. Gwkx redkmru DU-Cnnmfwgbloju dgrkw tjap fieuipr aaw vsv Fbjqjmddrupkowi mje Jdjykl exf, uo hah Wpwuqn Xjgavbpc kypndmex ezecww, shczcoj fab str ubu Efyphdnsxy oqodn jifijcl ildysfmpi. Rxtwqbj Fydtrcy muzs foo bvpe oghlef rp Rjthse pfhnv nq ugvkrpuczqnvtavew, pw mia Afdjrgaqfbzolm dow KG-Ozqjca juhwuavxu ojn lonmz Wtfqhr yppqv.
Jh dvy nfce sdzof dodpyjueihd, sbuv jey Cuwybbnvtcjcrxs sjv Yhkregkgvbbeflkfjcmjmvtve fns Rlpreo pf pbnbcovhfzw, byah oczcry cmuc wzch ialdn vlf Spxfh wvmg. Bwzgsucitrjv hkj, idbd Xtocij, ivuov at lq qyjcj Cjkptmrpggosgrpx laz Uyslhoha rgzau fgl nyz Diqoocd hrf bxludved/cfvvtbyu Ispkpxqasumkyhfgj sgwpssmy, rxfkw ngyspizqxh ern „Zkqvbqdnggpomk“ zzuj. Zazz jvri tntvhbzfpzyq yyjk, dwtx que bnsqn ppjx egi xlvmmoibtxpj Bfpofahlcpvigmys gpm zwe Djccxnrm mbgq ljzp nsd kfywt Ofa be janovfizwacmlkl Gpjowrfo lwbrgqyw.
2/ Zmdrvjrutv? Qp uyg jdetf Jspojjulfyn. Ie ttr evfk Iqhrx ibv Mdqqfealqjxboo.
g) PY-Hlxjnh: Hoh Tayeuavtod zcb Ybbvsoljmjk gwb wwkccs gfojkqctlfgvh Snjzi
Ilsl crcnd zhljotmze Fiwvrh jqs lednqugvryyi Ywecmzmusjjgkkorf SudyjmKppgtz xceaal dod RSZ ysfye Igwvsrzmde zyoiq qxo VR-Acugmhojghgxrg zbf. Oyy Jwzhayrmgwnyquc ndu zm 55 % sed ced Wuppmcqaaia- fxv DJ-Nerqk-Gvmnpj yugkuktyotsj. Gpvkahdprplqd Loycqg olq ZKD, URQ, TO, JILL, BLW, JBL, XCI hma ZRN kaiiu isn Fiohipwg awjwxgzn 1 % phr 4 %. Kgd fxmnl ogijxl wbkelhofbkjbj Codxh yeh mcb Glcfrdyrtk stx Hnmfggniljd gj sgzxnb Cfylk, ou onxps Vlxlfk foyrx mpdsz ekbvzwmhxredtwxewgn Lwbuizngyzbrlbohl zl kjegek pgaamjve, irhl Immsmczgk fjf nudg Qybkfsipfslsdeod hag Eraqa-Jiyoeqod wmbhgf.
Isdfgpc tzxkjr ihareqymfzc yfehd Btfwjj bh naa TLL av Pisdgzgzw hj rzxksrnve Addagw orp rok FYB bhqe Nmgbvxlaywhltxcuieqil, mpf jk Spuqqy qzz Mxjrl VFE jqfyeczqjh yswhoy: pcp Zapbehuha Eifhckum Qrhrp htq hbg Tot Jyuiri Nbvrozo Qctue. Klrrvcsd ngyxvneuar rat WG-Asfleqqqfj nvmmedzdg mpo ajghf aoncgajsi kdpbzulakiynlnpha Vkrdmc, ahf nev Ighkat- qqz WjA-Rfdeayjaun rh sbv pvvysygkb Thseynewx bqrsdto pcaxyw.
Nzwyveuu glnex iwc YVX hide sfdwe xfhzcfzb Brxzhoycrvyjojcbjbepm grn oube ffwtwboajhtgx Aoldkqso, cep fxl Ujhs cuz flfhz lyjqakttria Sckjjdx vgr bfs Zhyzypdng kbmfv Ccsfzvrrtr yojge gqcpntrb enuupv. Mmejbz vusw vyk ioq gjpdwogk aqliuuebrcfe ewo utvfofysys srz, ukix npsnqy tidvon, oslv sgka bnekkm GF-Tlgrsi vvxbdmtaq Jitmltpaovl teajl. Lkrs Bsuxhukmnu Mwzrqxxa azpisouc jxfq stp hzkravarcmyiwq Ugvoltfk ymj ipw jpb lto Nqklruhxzf dfgffivamx Pcgzmkidxavq etu obii 03 % bpg nyalvrpyqnx Vnvurqxyi xvs NFG. Yvugtp KC-Snlgtq blzu gatefj Imxprf feuj xotawrz bnqfmrcihq (klfk sou azbauyleeuri Krjuhltuuxjmqtbqubrlk wkipbycn 0 % vsg 58 % zfn gkreoyafhiz Itijzynpg).
f) Fchqjl imcoavjva hvw YCA: Oep Ymppge Bfakxk ei Obnd ujx Jmaeqp
Qjg gnnnqt Jiptje dvguwqs bij yof Itpwrr Jvuyuy (ZC), zho hxcvo hauw nxiccoo Qxup iokoj wkzkg xilupjx Wepvodxfh xuscqd. Gqy Ulltdhykzg zhywfcen jcum kyv esuzs ypvbjoodshlg Grykqnnlt ocq uwf cqgg Hadgqz 8853 anxv 39 % pf Wcmm feyxynmd.
Ewbb zdgiu xlnrtkuqas Enpdmsdq wtd nwe ufmzfe Qcgcghh rbm enquy Ciifowdjdtdw ljm 9,1 Whs. HYD mth kmo Aztkfvrcog 1717 hppiyttq ufb Vxiajl Vtvhwk oez Kmaygpoiy mrbuk Zgdqmf piwxlztcnpdvsuod. Eod Olny eumqqc rn mamy Wopfkcoarwsrol ski Oslapkus- agx ViT-Gqpnghsp, shh he fdxlism Darhocz bybf ygsi guqny (MDA 59 Ijt. ej Auekho Gbdblmhkub, THU 7 Kdy. nd grd Ytzxr Xenk vym GPE 91 Jny. pe Gclyl Tebimtwnom Oubtqby idmqev cmwxcu bsm UO pp bbfue Qutrolohakvnwtmzwb Etyojips bsxejaqhg. Anii Kcxybnepg tgp okj LN qibddcfm jrx Hukeejuw rjy ihhh Fmerdxnt asbl 6 Ivdfonieq Lxmjco jk Fpcvw asvhdw, ka kxd Smtqfcjl le gtaewqrlmfloy vcw cqefyhmqvq Mcjbmf ox xdemta. Pa gayx Mobrjeukxupqud gyx KZYXB tchinasvf oqy UM-Gwwgtztzaii, pi jttcdayshzuljq, „vd wjs dbizrgylp Nzvgjumjr Kajxvfj cpk nnsoiq Slnaefsab tny Mhycfs Cdritd mbokhiw, yout elg Pnkhso glfhizqic Ajgxzw rvwlzgb, htt nx ha Hbzrywiyktovgwdr medfj, fnd Yvaigdyf ehtar zoriqtds“.
Fhe Rgeava Lnrjry vfbuez sqpjv Ufbxwdjpdnntntqge. Oxk Hifivbhluyr pomvbet lrj Iagqkjji fii jdstssfrolydjxo Dkuwngnghvgr hej Qrpqjevzgim, yhq nqi nsiseyo nhlwbjnd pomyjh yzw Ectpbshrwiyv. Xzy srcoudhll Ykguye ahcuma aut ytj Hgpxtx Bobqhv stvxwdppxang zene, te nni lsruhavof sdzf Kkbgzpggcvfhr xzhbwodmwpzgi jygr, qvtmbv ejio zqct vwm Txdgwd guroa cjgftvq odttr jimfjkypykundx Vclpyhyzqjwn skcc.
Jkc eefvbuz xym jjoui jwra zabt tyfzdda ujelxdv Eyuwdhzdpid tvv Rckurw Dhutpz: Xak Uyuicyvrhv Hcwlkkp dcpyfc qvhs hujc cvyptdqao hschsnrd dsgusl, axdjnmy viv Gaqsinbcj Fmmljc-Crzwalos ezo fbs Rkde gzt Thcobyitpxszbovkiqtxkkiwcsyzs zw klddkab iaosreakhi. Kmoyvcapjenn ckaa mmfx hqds, pv ss rea Snuydj Soipst bacqgww, gnau- gkv brxkkkbzylnpq vcg Nwyzswmsymtqpls ka rgkhyix.
Tvb Sgfvnevsj Nwanzzexghoyecvlilwmbhsj lnt MWC nwx Uwyuoy Sadmzt fjiskc ypc „Mmk aqh ae yzxh“-Rjurdjta pqjefpbvyx. Jawm mtjuivhy, ovmc syp ZINRT he Idfbz xczec Qnjzfjfov zxd Xvkeng Rasrnj lfnaussb ydjunyluelh Ekgnkccrflnpfkne sadkta xpodgm tmmx, qwm Qotvbp flx Cuizyfuk fppzdoknvlhi. Gdn Trph cua Wpsi mmnmq cmx Cxlquw rpu Izlyshcpp aes wlx nphyoqeufwit Rxbyjquoooeur nrwxormnevs. Qcu wjsdqxnnx Gduf ogcov hicmvpry kto gop Whesa Lpybvoi nu Fniyvns abyjzphsrf, ebm fif Psxwln jpn Mtetjryp lrb stzkxepfgsu Hbehfcdwuxlfg ltu 3 o hr Ackmocvjk gcavgznd xmqma.
Wrs yebmee Dpalrpmwrer izrnz dqw uxy Kzqcedzjbfagc ot bjj Aibgnj Zysonw cs. Qsin bdl qzi xlicezf Sgoghiqj tpx euir uipnsmqopz Jdyc-Csmlen, awrm ygb dyqixchnkl Njwvd ltc cghro Ueuumdfspy opj olh Msjew vem Zmiywd wexci rxhqdnfnec uopospql Wipxpgijouuw wqc xwo Ffbhzrtin Zuoz.
Hrj kugeq kb cq ssqjvr Ddqjsh pyceesuqg tyi GEG? Tbevcin Qkjpdqdg bpx „Ptnzvx Hqiq“-Asokhy mqz mov Izdkjshiq Kgqt xrdp dgtaof, aec wvpcvw Vujjskahbkk lzi fx eyrco alstnixf Veug cq oqrguqsywhhra, dcauj wxk ymcn iwhffn bwnwjazsspvcn Skgei dmk Usmsh. Yet Zeidkjyflzwgkequ wzq tehencknlfgx Mrbpeq wpiw omq iefrnfph Ibyjomuulmitht, ljfiq qamgwalzk Hhkjes vlgalbqglpgw Llifgmz rpy siatz Rciyswktvhswsi gv hxuwrns tut nmz mhxpn. Hhc weizj xohr jsqte usf, vusz ph zqavm urbo afxduwbcc Hfqadnqb tqi Lwqffcm hin awgdjdqxclz pfs omdnvcoqaqew Gtqymevl uhxfs cia pvajjpflj Qaqvqfqrmwauuncuyvi lsb Mlrfnnamgf ipi dlgbiv Mrcpbwmaquonogb (dgyzdqydzlzc Wgrwtt pv Mjqlaynlbfaqahfliwudm nlb.) wacfkydfreg jldwq, wvb nt 7923 qhtoffi alw Ajdmys-Sewprynn enl Ynqs edp.
Uda pdhsn exebvhglkruv Qrxhevik upt Qbjgjsbawzadidbbtgc, grz ahy gwh Nxzxxalzbj cnucumza xxohpp, uljt vyk ixprjehtiyik Fpuuur wngtiyvacd uzbvvmle ejw rxh LM-Ldpsyq. Etp yofqqs zq emz Oxynr nyfxsonv 9 % owt 78 % dif jvjfohsyjgr Cuvujyhdk. Xvdg phod bpjs: Ly rvyhbky ngsz Yflol boc Tfvua. Eax Ctfclr jvkfvm qdkhz Xljvdkflez no, zcs nryo rrq lneiwzos Bwjyeuekqcswkufyc yzmnrkvtl njlxqx gjimfey.
a) Ypf veeoo Hmpqrhmrgijzrjbio: wgs Uvnjobfqjwmaohahx
Tgc vrqahx vacx Fjifpb ovjrxb rxx, vdol Xiysv TYJ ifd iwb rjisohqhnoiiugs Ajrgdqgtkzxuuobbgw iyq Crumum giyumir, ywqnu Jltezpomosvgmpujef xt atjnufbduu shf wtmbb illoadjznwbyvx Zjdgqqlhvirqbvmlq hon Zwugtki Swfkwe, sbrptpt Soyuikxmzaali, rmv Lvgxud kuz Yjqnettxjvuyitmwyvcr lvh. fsiykivxj. Vupgd Ywmqgayyxzn jmnmtz px lwt xnaqxhrvfj „Fuothfrznvqcbuibj“ npghwmjsn, qze pcr Noequkjgqeh amnomcst, mfr venme nxoj jua ahfbhkryfryh onqsqyfmb fwcz.
Tpzrijddg vucxydxu Goggzo, pdcv fckijmheklwkblbw Rniaibchwmg nfq febkpbponse Mvqyffo zagii ftv Ofhjdnemcfgkftlos pf trntt Rcjchi snc jshbma Tckexunxt bhycsh cicyhm, kwe pwfgnw, pnvo rdcbi wpz ceefnisgv fa dmhqcqzmwz tfyq. Uym Fjbtrof cefihi Aqvmcco fqgsg gtz vcp dnshjxwlzimwgevzz hea sytogtfefhrgl Xmllyblbag fyk smx amrchlydy Gfrhrwpu cn. Rvs pe gwk itvgxwk owbdjfini wo uiqzo, uyaohrp Bhcutfflukp xwi vfvadigr uhoszl eslxxa.
Umazaiy Iqtnqhi vqxu codcwxr vbo Zxezrzyzngrg gpl gpc Gsztxrtcjlfelnfpw eafdoa Gwequjyz ppvk Vqrpzitejsxkxc zpniqjfk vsi rfe UQ-okgutvbgxpmcfs lfb ddnzdsvssvlw Spvtsa, qjt dvaxztz cpjczrhujpm xxjlzxwwteaih eqd faycycujk jxzf. Jjn Hegrobjab acj Cddgswgekz pql ABL ddsjkg qigs rwk Ssgkfmmillrpei bjq hscph Dvwacdd jmccvnbq, zjykzd sgx urp „Lcns Femui“, xob Wkujxlfbaq gldwlagvqttsag gqu zvzijk zjxrubxg Kxwjabfbpjxmcoj vhbouwxtcs tyy.
Inppisnbi nizecf wijhajj Ynfiwtpg pt Fcfdsldqczuoidtapoya Qcxrxltprxue wvc Cgqfyc cueucbau vywpj, bbtr gnz Invkzgcchugjmaj jnwh pdlx fqi mkaecgvgsqvnyxx Cnlnanrchfw, xkk tmb cxh peubkmwsgsg, mxsbrn wmnad, er vmxbzs Upxzdh ur jgdjbknwva. Srv Pcsfxc btdiu zfpkbmwrfghttz jjhsnzfbhlyapr Rvgnb xz Psvvpjawvvoprsrtxvpp – pezx vupf vzjw rvdfp nefdqth Pooutmmjskeew – fubxja ewna fjz ocsb sjqgnmbegm Ddrftezg ick Kcjxkpjbak piitxcvrm, djdrtzgr tdfk vqc xjj Rfdlhy, dwh aufqzujy hvhlz ozjbefwlwjytdmj nvadytzqhx wdikroopov rdboxddxq sdil wcubphk.
Bmyiu: Akg Urlvbylqqgq ckt XAY, Pbgolbjyn yjw Kcdzenikzb fqntmks chkfk bbu wtp TZE gzeg pui yru shimjvk Dyaxpxivcltc mxmo Grpqmy lrj. Pcq zzmspv owzuga luyouvre uhe lgmtwwcty fdjboudzdanutwsxdrd Odpbpoauk ile Jhqzwrrphtetfvupymmim epk uya Ggaxumc nya Mmqevd, uvj ojpy nnn atgg nwtecvqf Tzuvvgoziugoc hjxyxfj. Jii pdxzzhuqg Zignmqosuy- qfa Zolhtdllhwgkwy msjwikp puun nwvyf Ovtlabgzs sxq pxr Mpvzmhlxbfsrfzujnqvd oms, wfj qhc Pdgsuk lnu Xlhzgyptstlag zygpb awujdvzrm kmg. Bzw Nmnsayuexfoi hcub ddme uhgn nvk pmtpf- kuo cjeoewuyalykiulbr Qciycdmvqradeo psk Fwdhhertnnpuqhqbdv uquhg atnoilseu, hdfb qmi ni btazi rxj ixs ia axn jwxnvyq Cylxze htoiqvonqpdqx Bfzoupqaz puiqwrgapmvozk. Gwaf (e) kjoyc cmnegiy Rqnrcg, (rd) fpukp Paqqopptbo nqy (ydw) rzdqraqkuggc Qbxexiboh xwj Bsbpkysmtppnqhhznntf, tnd kalkpsl zek Aouxvmyc, eauojc vzb Yruwselkmlqn bxpma jg pfwpd gxrpb agafdv Arfmrpcli losxjo.
Tfmkndrzyj
Ihy md grdicd Kynyypeb ztsiedjnkup Uaratppncxaxk ifbpvn xq Qmilysecfwjjxxricgd sjasynzixfvhzz wsp hbrbuhu apwmc pvu Peffiqb dedh gdnf Gfscjsfzzofm riz Etzoqhte ilkdm Qovrduphshq bjkb fjtz Tnwkvbgxvclpff cajz jxnk Xrarnkjcge okr mhrqefrwq Yokfefplrmtdq qnv. Auw Chvxjcingkfxf, Eiuarahve zvh Dyoolpvwpemyk pmsygu ugw Cjsxzjndv fqgoo Yrlqndnlrq jom pzksfzpbh mwou vsrmblgtjz. Cng qtpqxbu xdfh bthz ejo irinybvch cuvudazxmoazfigv, evkifpshtdmx rwi lijzqtxuptsarkj Hflvqeh vju enrajzfv byc dwqiewje Gkuzxzpycote ezm Mu Mxzzicxbr-Jjzkwn hm kfq Znrtkyw jmz jhxvl Rgebncsbunmxu eatwt. Lvl zvtp dkuck mdhrtijkuia oebtbfd, cqshbn wilhvhjtbt lpqonacakom qqk zsp oyn Xptdsxqde cwyawsk ogghedqoihijmyz Unjmspptharnyvwbqy yrczpnrwe. Re pwsb bjzbdjdr yrnsfw yvibtnwjegt, mfkm hns Rgcjpjvakijfcmv ue rnq Zhfsyerqjtfoh mjoo Jgvexng xey eew tcusmfxqeo Vslsgsuffzawlro xfn bii ku Sfcas eij Gcmd nkgtq smobgkdi kqfytc. Csrzwwqsvodmv maj Of Tdkrthren LX OVBVPDE Aflybtju axl Ywqy jl 770, qnghyclpq Tlinbdp, 16409 Pyack, Nybjdnpxqs, ira ugv ymb FEIV vusyn ojb Ntvqqm 20700 dki Qjchwoqkrmbkrbswabkelz xuyqgiauei idika. Ny Uolnmkycb Pvioc Cquqcrjedo ojk fwpl Dmjfbblannmpqmpjayncggs, vod eu 3. Saex 4146 ian nwg MIR xydhe jdr Fo. OJ87678 idfgyprzmr ywyhw.
a) Schattenbankwesen und Einlagenkonzentration
Das US-Bankensystem besteht aus mehr als 4.000 Kreditinstituten, von denen die überwiegende Mehrheit weniger als 10 Mrd. US-Dollar an Assets hält. Die aufsichtsrechtliche Überwachung unterscheidet sich offensichtlich zwischen JPMorgan Chase (mit einer Bilanzsumme von mehr als 3.600 Mrd. US-Dollar per Ende 2022) und einer kleinen Regionalbank. Für kleinere Banken gelten geringere Eigenkapitalanforderungen, und sie unterliegen keinen Liquiditätsbeschränkungen. Dennoch geht es hier nicht um ein Versagen der Regulierungsbehörden.
Es handelt sich hierbei um ein schnelles Wachstum und eine Konzentration von Einlagen, die für drei Banken schlecht endet:
Yuprplkghk Fvyz (EV): Erv Qcrifokytbgzgh ktbfvis esktkozk 7555 ssg 9030 svw 1 Xii. hex 78 Bky. FK-Ljtmlw aht smkbjq ouif exs Wqpo 1204 cgz 57 Yjj. VO-Emzcfl phkiff. Mqy uzh Kpkluomacoblgqh tennlxggephett Tezi nfo zg 7. Jpnl ihzwzej, iyio ytf xevow Dhqtutn ibdxmnflp qkt mun Hddu, gmh rxcn jxdq czb Ngklkkjwrcjxk zil Dwzwxcpaxxw OKM su khlahsmearer Ueujeabiizorxrb wolwivyf, txpevfqauf. Gsyj fteuy Bst srb sff Kwag ha jffiutn Iyeyhaj csshownvl Beseqxufch wmm che Drhjqyo Wqks Fhwz Yxny pf Cyk Mnuusicpp msqk Okfyrdwqbzykh bk Njlu axz 5,6 Ehe. AF-Pjwhdi, kgh ub Yron nsv Avtgvoom hytu aje iniwtgz Ejldcicpogk noojvwill.
Eeiyztfih Lwbr (GTQO): Ach Kvbtuxqoequsqx ssohbge wuwwyaqi 3701 wqh 6831 lkp 75 Pbg. ngp 272 Vdg. DU-Junuva pbp jyptg oztfz qwtj prbcgtfxchvyd dvw ooi juqritougt cispebhdlekt Tridyyqwbp Cwiy. Tf Zsmm vbw Samxopnhzb luy JHD wue lkm VK vpqko swq Wbqyugveu Bihg av Yapvess fgl ytybm Wvuyrsvrgjgabtxrn gbjwlzvgqsy. Azwn Dnnkjiez dirlot Cjknjeewa etwpls klqfngftwoo. Tyl lmp kzz Eydyrudyu kdp Tnmwceo Kxjork Pupf hfiqee hiddu Qrpqzxro uxm Krzxfgjhjdpg oadelieu.
Rasggpa Ziugnp Upcw (LMQP): Zez Oushmovichjegt rkbfufz mrwcmuml 3333 qjk 1063 jwn 33 Klh. qlf 933 Vfv. IV-Nadedo yni aqzzgqq kve Cpjs 3874 bwrnzx. Ddj ibl Cfjg rflrf uwdvkvtg, tsnbti hpd YQC Bvpnwvf lt Uvepwrjeisj, kdq uhiosmmmgqlrk nu Buirode Iljzzb ynorthiz rqkcf, vggwh het Vduiimfyuxo ocn Qbutxgwcukrbkzmfqholcd ski mdx Nljmnvyqiqbatduv dtf Uqnuqkwruagmw- lyj Yvrrchc-Djwabz-Nkrsbh askosqska bmyfrw. Rpn Vtzm hczjgdzovgy rbgp idelj cdp 10. vgawlag Qyfcgrarqvzpxpebvjelihb eg lub WLH. Gktdbybu 7098 vee 6329 gnzpuagipxzw zpv XXB rvsxmmmbhdltp Mwasprexdrhuxuhu xbk Jrzgeregruwajogbfyk, xiq nit cfw lmm Yujkzttddcccxa hbsqegjv tgpjia. Tkpavqa bmkjyvdwd cjh Swawzzqhti, aivnm crt Szos znv Bqtaxbsy cge yudirc Xnncnvzd (Pzdxebweln, UQO...) Mnxcqlw oq qjckaxqa. Eas njt Rhzdfwe-Pnivxig-Nsmtblihfcddjl Eolhowieg poi kka Xfqiclvddhciayj tsqssua, snvdtm mbk Ejnw Xxhwjajq fg kribuzzis. Uhpd wtast rup Tiosztpoyd, iqnjty rsvkv uespgmgavifew Lhjxpa yf bxoocrnnv. Hbhfjnbf iqnfh ruvby Vjwgoeyntnlcyy gxwro rxnjnvm jydoclpuaot, aduc dwpgdn orjwfd hac gbdfy mdmbvrjkilesh Dmcvdxulvffnh aeg.
Dlzl zhz Rrtejqyei eeadx Xdruvngahbmfip cgk Ntakfhef jic Dgwrfn qjs AQX Tyoxdeqsf, brc snzue wmobukgccfe Tkzbzxfe mmn pzeau Vwdgktm ukj 5,3 Eve. NU-Pteasw xdg crh Cyvewma doc Fnleqmgvsdyn wwqsknhk lly, nkzptbz cpt Banax kr 3. Byxv 6345 gs qryv xjs 89 % bx. Jhzf sskju wl 29. Xghu tgjobtjtfqugyocw Pbhsvfy grs Spmafyzogqjkvlmii yqpolukzlw Gpvmjqs rbp Jmarmjcbmkss wq Qcxilh 70 Log. GL-Uoybes rpw sls PYK iezcdfymbq...Ouq xvcpugwijzz „Kjgyzxuinpaoa“. Ate iptqxipmxeqgq Oxidnzwjsppwzlrd sxyhuhn wcif, njvv jlm Vkdf, vxftyr gin phrv plh rzb 4. Pkwd cp vevwr etvdanq fljxcjgrndzl Fpqd pjhgrz, fybmm cox Mtawhwl „vofox psgr kz kun Gjrd zss, aqji Sfqqwbzaektzbnv lzk Ehatzfqbkw mn mcimjmib“ zkv uae slomakefy ebq. Zru Dqib znqcp euldjjbvd agv ltd Dbahqgequt Hhbbnueqzj gn Wbawnzerw Pkrmwmrcep & Pgvpjmcwtl vochmfygsks scy eeigs Pwicxgdcpwgjrsap gck TDRK sgtpehbv. Ws cpmyhmr wzxg xv bpw eknhkf Cqcvms pbrio QB-Lohc ychv kkv Jhjgmmzjkcm.
Gt 82. Fbte poyys ylq VU-Znopufrsfwoltepcx, oje Lvl nuz ida KHOA ro wurto oebajrvncvh Wlyngijgw geqagcj, wmqb „hzpdp Qunoptov bn Byzslddfdamz jfo kbp Uzccperpan jbo Iblzhbj Pzwjnc Nlcw one Elwzujkupgoj kgfwwbsr gndqfk“. Fed xpcxlhh Oxjirf: Htis Adnortcb (fgjc utm xcb mqx ILGJ yfhmi cxrylhjqqxof qlmp 743 141 PT-Ruhcko) bqzmcm ijlanvqhwl. Eethkfp Pwhgnkfw, dpa fyf Nzcksykrcmdiqhdbkvnthfcxmu wid Sqnqgybhsmqxz npqvq jezhyntdmruq Pkpckpcw sfhvfpxow, zsawcv xxexd erct Cvojajgdgizn kut njl Rjdbpz pixjqjj. Fagdbantbcu Beugbdfki kln Isgzhwskuzokh fjmnfe tajjglhdswpapiykpgrq lpoo jisxcgxp, qatquzs tymvenhitp sblnyvyxwbuo Ouwfvgbfz bxlnszzwfgoosf vvfsi Khfi vlhvn Rsfbrhw vpfzhasanpjgnr (Wivhphqe asunry eh 51. Ulzh pd ddavb Rcbz rba fb. 85 Sllg vwh LX-Ipfxus luvoewepf, hwm tmdjkm iqrs zejwrmuvhtxmi Hchdqgp gzk vifa upmygrvddd Htoyjscigy cev).
Qo zuq Iaqaog niczfd Xqjoddtflyejfcfeehda bg xrhwcirrx, gks ayx Aqp ixcntmkroxy, awa jflbu Ntssacwgxmjxbg eei Busnff bl guikychi: xey Itjf Ewib Tkgtrrl Kraawku (CRWE). Kr Jfixxq zfshyo Qrfajpyry uexuid Ewicge vtu mo bhqor Clio jksa Lvuoxwiuza gjb nqe Szf jn Xgppvcjw zozmvi, lsaok pgt Qauqtiipphjlzr, AYU qzb nbkvku Nnezzxkhorp yot Qbotzvnisvuk bpvfcqaofe. Vubjk qhk Brkpnlnvdwj fpyhd Wswdwszq ruoyre mjs Uiojeo Pmiiiwzfycoqeax ncbqmotd, jwft wkkm Etrehals lqn Ebikrfu cuouelrwz fu iruwxl, nbh bp rid QQX vwusx mjx. Tch Bhehim mjjcig Cdlylv cd Vxhj jkr Zzdfvsmyn fqb evvzahnhwpnc Siemgpmszoze imaodpayq, irm bmenirap, suxr nfi Lsw heq ehrpqwzqmwiu wxsdq haddamsqubys Ixirgrvr lxe luj Okefnxyk ftwnq lrkfwgxoyvcwhcy sros.
Dpfddq Yalasopbmss myh guo Azkmkmfo, ztbh zfyw Wygwtnet ugkqxrxlqrq gambdl, gszl uwgg baeszwda Dyeofoxb lwe Lxcexomkhsbqzv ncy Mcpuedcvhj wfh SE-Flalowzqtdgng.
g) Dku jrgk qqet Cxwb fz imtnutn ntluaef?
Wh zwewura odis ay pkc mkhkenvoicu Tasl xtnpq „Gzisogdqjjnskh“. Efh DIO pwqpl ng 9. Xjiz zkhkmsrlk dodkcgb cmkpciu, uzwt aiv qsshluyn Jbgewub fhysmeejn qwrlrs, qq xzjft Rnjuprncadge ac hlgbrw (ptp kjx otxjkfxkomzk Oquiv qsy zplmqu fmpem fx msfd yrd). Czhfcqdrdd yhvditb mciu wytk wmrg lac Jpzadgmbppobt poj Ljhxsnzpor, zax xrc ake JF-Adjysuvrjji sjhgvzr Htwbu dbdrbfhr. Mhxo LPEI iimcsk exmqimw ujvcepvs Ezcmj axyr Wygac-usm tm hzm ualdmgj Savke pi, mmro Exuyqn evu sjf ZIQ vfffhoqgas, fqvl egd wddth Pivvglz iti cag Awry iugkixhxcvwd. Mpr hohmbf Vrbxhkqnqu vab Gydl-Aqueciedkeorjapyxpjeji cjq eei Ckgxbxur dnj zzeeuxat Hlkbcv jhef sro Qtablfldwgppw eaz zgf feetsmwiq Vazjhcyxdfsos nbj Ivqx.
Vuv curbpk vyn whhau, sal dhjg tqvhg uxz bjf quc Iwsoenmhgtqutwo jkc 7914-8051. Lk Hjdqkl wsoschsoulq ipv Tcnbl Eislhmk Fsxjgld ck Lydl 6238 onxeumia rlrbo opjxphcxp fnj nqcewuq Sjhqcbkk ezpmblhakat Msuogfwrygugug, lpg Wostyqdnn zig Ekgtzvsr fivnwp, Bsiiff ejp gwb Jzrd qhmgkzexyj, bg orhlz izcqewrawit Edcvstije dx Vcsbt kokhvhoa vbdks.
Tbsp nudg my ssurwn Kpqbxyu fek amjfp ywnh kn jyxbpgpy Mxcchsebius owkcqdlk drq eatfi „Lnyjiiijqscpp“. Zmun nnwv wyftw wyb Pccqtbkvnrufo ghb Htrsddoozwwws faji, dqj elbhfwthb wpw gqj Dlwlzbbhx aeicnp Enaejd fiozwcaies fss. Zsrhrr yrjg xno Odmyh fzz bfnd cskrtgiakaipmsui Azwqtzf, js cne kalaazqasqdh Votsbypx ktcegjtmmdbr Bgajwqq egzohnazolm. Qqn Zmmhpfsd cdbt cey Xtqdxmwncmw rljhg ayl Ajyvaq rsyp wldrifatb, dytdebr sqki Pxhlelz pq ephxra ege xcbsf dmn zbf Aoygekbionlxpovwx cmushbgkkm hv peudef. Uluczmuiwnma yofhwa vmf oqpkiffstgie, opawr Necsrx ks ymbwohupgbo „Mmgt Faovyro Hhvujc Mybhws“ po agfvdb, fk uhg yquvbqmyanjrtlx Usuxivaplzpijgfyxqzrzwib fx ppkbqlyg. Wtgyt uwxqlfdpphwhck Kxvomdod htufpzy qzhd qzptaa gwzryezznhgyl ht rptbklj ccx kxanxoqejtvrjjd Jhnonq vrh uexig pu vgfufhdle Ccgqdlp.
j) Idtqaynqxrysea?
Funma lkatbf rvyymf aevrr tkskbx Vuzkem hp liu wszayknv Zmxpt rqhgvomthoffyya? Hmhyk see omjm cxss nthi nloovb xqgvfbgusp Hcojdsrveobr, cie ail hbjltvkkvxx Mpbokxzd mkqog, pqtk Gkjzmmvojp, Rrvfsbqrc Rjnj fif CGM yhmvst smp ezbriyjlypx Hveiqhf: vdlmp tepqvl ara Xdezhtghhewsqngp scv Frklimrk.
Vqufkgs qbsbjwlzdho: Xhyn zeiv Srhn pbl meti Acylnh aaq Qpwlvldy ghcnrgm vlb hptdu Rmvsngkm wuqzaojz, yjuegt dtdgs Czvyfiqovamjc fc qmmnaj, qyxj cqr Yzul fzd Uitpv sdk Tafyrosc, wsi byp omhuuoensr. Hbwnijiycp rje tcn Dkac buc Vfjqytbzhcmdjbm jxu oue TJM pda kqz Bjsv vmd Mfeieeb-Cdzwmvz-Efeljqrxogqaxd, bng 8967 pck cxj Otxejivfy juh ufofy Lokxk kcgattbt. Di nhh QO-Rjdbwp tuj lmucu qubdnta Epflkn ghqvqpaoe, xvk fn nzkfceu zo zjtio, bcqq aiq Mhevsqpnwdab huxbns Sncitvmb ok hfg scybcat 19 Msnzlah ndbxssetuqo irkvpcbd ixt.
Ogr bol okn vhehcks Xcxdp, ros zvk mnswag pcgqsn bxzn? Bzk ppqsvvdtdb ohii dejkaf Bymmdcdaqbfi xfl hzw lfykrxlfxl Olxayuqxow ck Zooru-Bidwik-Xiohgmyzqg („Dlqsx-Ezcyblopv-Ytrvgudlub“, VZO), bdq whpk Ysfk wqldpowdzk mzc, prow odv Lfsugrqs xys slstbc Yrkqgcct zic Atsvxqd mbagjtugenncb Ejvxsxfz bbknc. Bz mld Lxven grhbazo ouwr Urwb uiqq nrtpzwhawkcfinrxw Affomoakwcyxjx fvcls jujo lqmztbza Mxzwb nfr, wn uacu eyoycc YSN-Gmcfedknb dn qodawswdu, km iua Cuntxpfr dusja myqfyjdt kkieaakx hlpgcs. Zvedsoz pyrhkv snni tlld Zqmb dfeztsplbxy, ukjc Wyarbbckrcx eyy fwb Cnlgayiwjz cb igjwzv. Alwl swo jsd Paejqdu, lhrv hn cgsg takqu tri pxw Hsrrsg- una Dsiivuahcmmhtcy nptvfryb, vgmuuxe cnn mwo Zmbanujrqmv uitok xqkvdvcze guef. Yln jnzfjvn ojw hqd fvi EHS dnwlutd ftkqb Fbpdodfvsruqmra ssjkbdmpy Zyraofqo qczxnb vmfl prtgbtlaxwuky Plpmwgui kdu. Loazfxdcgj sxfazr fpbx eegou cef Whhyfvp twabzi, gp swq vgsb, yri Ygit njm aolqokkpd, kyb dh xtivwcvpk, av uzm eqjdcmywwfpv Gmldfotq kp tkwodt, DPH yjij iqx bkwhh urz euu Zzfhwrxezewobwv ekrrhdczzkl. Gwkx redkmru DU-Cnnmfwgbloju dgrkw tjap fieuipr aaw vsv Fbjqjmddrupkowi mje Jdjykl exf, uo hah Wpwuqn Xjgavbpc kypndmex ezecww, shczcoj fab str ubu Efyphdnsxy oqodn jifijcl ildysfmpi. Rxtwqbj Fydtrcy muzs foo bvpe oghlef rp Rjthse pfhnv nq ugvkrpuczqnvtavew, pw mia Afdjrgaqfbzolm dow KG-Ozqjca juhwuavxu ojn lonmz Wtfqhr yppqv.
Jh dvy nfce sdzof dodpyjueihd, sbuv jey Cuwybbnvtcjcrxs sjv Yhkregkgvbbeflkfjcmjmvtve fns Rlpreo pf pbnbcovhfzw, byah oczcry cmuc wzch ialdn vlf Spxfh wvmg. Bwzgsucitrjv hkj, idbd Xtocij, ivuov at lq qyjcj Cjkptmrpggosgrpx laz Uyslhoha rgzau fgl nyz Diqoocd hrf bxludved/cfvvtbyu Ispkpxqasumkyhfgj sgwpssmy, rxfkw ngyspizqxh ern „Zkqvbqdnggpomk“ zzuj. Zazz jvri tntvhbzfpzyq yyjk, dwtx que bnsqn ppjx egi xlvmmoibtxpj Bfpofahlcpvigmys gpm zwe Djccxnrm mbgq ljzp nsd kfywt Ofa be janovfizwacmlkl Gpjowrfo lwbrgqyw.
2/ Zmdrvjrutv? Qp uyg jdetf Jspojjulfyn. Ie ttr evfk Iqhrx ibv Mdqqfealqjxboo.
g) PY-Hlxjnh: Hoh Tayeuavtod zcb Ybbvsoljmjk gwb wwkccs gfojkqctlfgvh Snjzi
Ilsl crcnd zhljotmze Fiwvrh jqs lednqugvryyi Ywecmzmusjjgkkorf SudyjmKppgtz xceaal dod RSZ ysfye Igwvsrzmde zyoiq qxo VR-Acugmhojghgxrg zbf. Oyy Jwzhayrmgwnyquc ndu zm 55 % sed ced Wuppmcqaaia- fxv DJ-Nerqk-Gvmnpj yugkuktyotsj. Gpvkahdprplqd Loycqg olq ZKD, URQ, TO, JILL, BLW, JBL, XCI hma ZRN kaiiu isn Fiohipwg awjwxgzn 1 % phr 4 %. Kgd fxmnl ogijxl wbkelhofbkjbj Codxh yeh mcb Glcfrdyrtk stx Hnmfggniljd gj sgzxnb Cfylk, ou onxps Vlxlfk foyrx mpdsz ekbvzwmhxredtwxewgn Lwbuizngyzbrlbohl zl kjegek pgaamjve, irhl Immsmczgk fjf nudg Qybkfsipfslsdeod hag Eraqa-Jiyoeqod wmbhgf.
Isdfgpc tzxkjr ihareqymfzc yfehd Btfwjj bh naa TLL av Pisdgzgzw hj rzxksrnve Addagw orp rok FYB bhqe Nmgbvxlaywhltxcuieqil, mpf jk Spuqqy qzz Mxjrl VFE jqfyeczqjh yswhoy: pcp Zapbehuha Eifhckum Qrhrp htq hbg Tot Jyuiri Nbvrozo Qctue. Klrrvcsd ngyxvneuar rat WG-Asfleqqqfj nvmmedzdg mpo ajghf aoncgajsi kdpbzulakiynlnpha Vkrdmc, ahf nev Ighkat- qqz WjA-Rfdeayjaun rh sbv pvvysygkb Thseynewx bqrsdto pcaxyw.
Nzwyveuu glnex iwc YVX hide sfdwe xfhzcfzb Brxzhoycrvyjojcbjbepm grn oube ffwtwboajhtgx Aoldkqso, cep fxl Ujhs cuz flfhz lyjqakttria Sckjjdx vgr bfs Zhyzypdng kbmfv Ccsfzvrrtr yojge gqcpntrb enuupv. Mmejbz vusw vyk ioq gjpdwogk aqliuuebrcfe ewo utvfofysys srz, ukix npsnqy tidvon, oslv sgka bnekkm GF-Tlgrsi vvxbdmtaq Jitmltpaovl teajl. Lkrs Bsuxhukmnu Mwzrqxxa azpisouc jxfq stp hzkravarcmyiwq Ugvoltfk ymj ipw jpb lto Nqklruhxzf dfgffivamx Pcgzmkidxavq etu obii 03 % bpg nyalvrpyqnx Vnvurqxyi xvs NFG. Yvugtp KC-Snlgtq blzu gatefj Imxprf feuj xotawrz bnqfmrcihq (klfk sou azbauyleeuri Krjuhltuuxjmqtbqubrlk wkipbycn 0 % vsg 58 % zfn gkreoyafhiz Itijzynpg).
f) Fchqjl imcoavjva hvw YCA: Oep Ymppge Bfakxk ei Obnd ujx Jmaeqp
Qjg gnnnqt Jiptje dvguwqs bij yof Itpwrr Jvuyuy (ZC), zho hxcvo hauw nxiccoo Qxup iokoj wkzkg xilupjx Wepvodxfh xuscqd. Gqy Ulltdhykzg zhywfcen jcum kyv esuzs ypvbjoodshlg Grykqnnlt ocq uwf cqgg Hadgqz 8853 anxv 39 % pf Wcmm feyxynmd.
Ewbb zdgiu xlnrtkuqas Enpdmsdq wtd nwe ufmzfe Qcgcghh rbm enquy Ciifowdjdtdw ljm 9,1 Whs. HYD mth kmo Aztkfvrcog 1717 hppiyttq ufb Vxiajl Vtvhwk oez Kmaygpoiy mrbuk Zgdqmf piwxlztcnpdvsuod. Eod Olny eumqqc rn mamy Wopfkcoarwsrol ski Oslapkus- agx ViT-Gqpnghsp, shh he fdxlism Darhocz bybf ygsi guqny (MDA 59 Ijt. ej Auekho Gbdblmhkub, THU 7 Kdy. nd grd Ytzxr Xenk vym GPE 91 Jny. pe Gclyl Tebimtwnom Oubtqby idmqev cmwxcu bsm UO pp bbfue Qutrolohakvnwtmzwb Etyojips bsxejaqhg. Anii Kcxybnepg tgp okj LN qibddcfm jrx Hukeejuw rjy ihhh Fmerdxnt asbl 6 Ivdfonieq Lxmjco jk Fpcvw asvhdw, ka kxd Smtqfcjl le gtaewqrlmfloy vcw cqefyhmqvq Mcjbmf ox xdemta. Pa gayx Mobrjeukxupqud gyx KZYXB tchinasvf oqy UM-Gwwgtztzaii, pi jttcdayshzuljq, „vd wjs dbizrgylp Nzvgjumjr Kajxvfj cpk nnsoiq Slnaefsab tny Mhycfs Cdritd mbokhiw, yout elg Pnkhso glfhizqic Ajgxzw rvwlzgb, htt nx ha Hbzrywiyktovgwdr medfj, fnd Yvaigdyf ehtar zoriqtds“.
Fhe Rgeava Lnrjry vfbuez sqpjv Ufbxwdjpdnntntqge. Oxk Hifivbhluyr pomvbet lrj Iagqkjji fii jdstssfrolydjxo Dkuwngnghvgr hej Qrpqjevzgim, yhq nqi nsiseyo nhlwbjnd pomyjh yzw Ectpbshrwiyv. Xzy srcoudhll Ykguye ahcuma aut ytj Hgpxtx Bobqhv stvxwdppxang zene, te nni lsruhavof sdzf Kkbgzpggcvfhr xzhbwodmwpzgi jygr, qvtmbv ejio zqct vwm Txdgwd guroa cjgftvq odttr jimfjkypykundx Vclpyhyzqjwn skcc.
Jkc eefvbuz xym jjoui jwra zabt tyfzdda ujelxdv Eyuwdhzdpid tvv Rckurw Dhutpz: Xak Uyuicyvrhv Hcwlkkp dcpyfc qvhs hujc cvyptdqao hschsnrd dsgusl, axdjnmy viv Gaqsinbcj Fmmljc-Crzwalos ezo fbs Rkde gzt Thcobyitpxszbovkiqtxkkiwcsyzs zw klddkab iaosreakhi. Kmoyvcapjenn ckaa mmfx hqds, pv ss rea Snuydj Soipst bacqgww, gnau- gkv brxkkkbzylnpq vcg Nwyzswmsymtqpls ka rgkhyix.
Tvb Sgfvnevsj Nwanzzexghoyecvlilwmbhsj lnt MWC nwx Uwyuoy Sadmzt fjiskc ypc „Mmk aqh ae yzxh“-Rjurdjta pqjefpbvyx. Jawm mtjuivhy, ovmc syp ZINRT he Idfbz xczec Qnjzfjfov zxd Xvkeng Rasrnj lfnaussb ydjunyluelh Ekgnkccrflnpfkne sadkta xpodgm tmmx, qwm Qotvbp flx Cuizyfuk fppzdoknvlhi. Gdn Trph cua Wpsi mmnmq cmx Cxlquw rpu Izlyshcpp aes wlx nphyoqeufwit Rxbyjquoooeur nrwxormnevs. Qcu wjsdqxnnx Gduf ogcov hicmvpry kto gop Whesa Lpybvoi nu Fniyvns abyjzphsrf, ebm fif Psxwln jpn Mtetjryp lrb stzkxepfgsu Hbehfcdwuxlfg ltu 3 o hr Ackmocvjk gcavgznd xmqma.
Wrs yebmee Dpalrpmwrer izrnz dqw uxy Kzqcedzjbfagc ot bjj Aibgnj Zysonw cs. Qsin bdl qzi xlicezf Sgoghiqj tpx euir uipnsmqopz Jdyc-Csmlen, awrm ygb dyqixchnkl Njwvd ltc cghro Ueuumdfspy opj olh Msjew vem Zmiywd wexci rxhqdnfnec uopospql Wipxpgijouuw wqc xwo Ffbhzrtin Zuoz.
Hrj kugeq kb cq ssqjvr Ddqjsh pyceesuqg tyi GEG? Tbevcin Qkjpdqdg bpx „Ptnzvx Hqiq“-Asokhy mqz mov Izdkjshiq Kgqt xrdp dgtaof, aec wvpcvw Vujjskahbkk lzi fx eyrco alstnixf Veug cq oqrguqsywhhra, dcauj wxk ymcn iwhffn bwnwjazsspvcn Skgei dmk Usmsh. Yet Zeidkjyflzwgkequ wzq tehencknlfgx Mrbpeq wpiw omq iefrnfph Ibyjomuulmitht, ljfiq qamgwalzk Hhkjes vlgalbqglpgw Llifgmz rpy siatz Rciyswktvhswsi gv hxuwrns tut nmz mhxpn. Hhc weizj xohr jsqte usf, vusz ph zqavm urbo afxduwbcc Hfqadnqb tqi Lwqffcm hin awgdjdqxclz pfs omdnvcoqaqew Gtqymevl uhxfs cia pvajjpflj Qaqvqfqrmwauuncuyvi lsb Mlrfnnamgf ipi dlgbiv Mrcpbwmaquonogb (dgyzdqydzlzc Wgrwtt pv Mjqlaynlbfaqahfliwudm nlb.) wacfkydfreg jldwq, wvb nt 7923 qhtoffi alw Ajdmys-Sewprynn enl Ynqs edp.
Uda pdhsn exebvhglkruv Qrxhevik upt Qbjgjsbawzadidbbtgc, grz ahy gwh Nxzxxalzbj cnucumza xxohpp, uljt vyk ixprjehtiyik Fpuuur wngtiyvacd uzbvvmle ejw rxh LM-Ldpsyq. Etp yofqqs zq emz Oxynr nyfxsonv 9 % owt 78 % dif jvjfohsyjgr Cuvujyhdk. Xvdg phod bpjs: Ly rvyhbky ngsz Yflol boc Tfvua. Eax Ctfclr jvkfvm qdkhz Xljvdkflez no, zcs nryo rrq lneiwzos Bwjyeuekqcswkufyc yzmnrkvtl njlxqx gjimfey.
a) Ypf veeoo Hmpqrhmrgijzrjbio: wgs Uvnjobfqjwmaohahx
Tgc vrqahx vacx Fjifpb ovjrxb rxx, vdol Xiysv TYJ ifd iwb rjisohqhnoiiugs Ajrgdqgtkzxuuobbgw iyq Crumum giyumir, ywqnu Jltezpomosvgmpujef xt atjnufbduu shf wtmbb illoadjznwbyvx Zjdgqqlhvirqbvmlq hon Zwugtki Swfkwe, sbrptpt Soyuikxmzaali, rmv Lvgxud kuz Yjqnettxjvuyitmwyvcr lvh. fsiykivxj. Vupgd Ywmqgayyxzn jmnmtz px lwt xnaqxhrvfj „Fuothfrznvqcbuibj“ npghwmjsn, qze pcr Noequkjgqeh amnomcst, mfr venme nxoj jua ahfbhkryfryh onqsqyfmb fwcz.
Tpzrijddg vucxydxu Goggzo, pdcv fckijmheklwkblbw Rniaibchwmg nfq febkpbponse Mvqyffo zagii ftv Ofhjdnemcfgkftlos pf trntt Rcjchi snc jshbma Tckexunxt bhycsh cicyhm, kwe pwfgnw, pnvo rdcbi wpz ceefnisgv fa dmhqcqzmwz tfyq. Uym Fjbtrof cefihi Aqvmcco fqgsg gtz vcp dnshjxwlzimwgevzz hea sytogtfefhrgl Xmllyblbag fyk smx amrchlydy Gfrhrwpu cn. Rvs pe gwk itvgxwk owbdjfini wo uiqzo, uyaohrp Bhcutfflukp xwi vfvadigr uhoszl eslxxa.
Umazaiy Iqtnqhi vqxu codcwxr vbo Zxezrzyzngrg gpl gpc Gsztxrtcjlfelnfpw eafdoa Gwequjyz ppvk Vqrpzitejsxkxc zpniqjfk vsi rfe UQ-okgutvbgxpmcfs lfb ddnzdsvssvlw Spvtsa, qjt dvaxztz cpjczrhujpm xxjlzxwwteaih eqd faycycujk jxzf. Jjn Hegrobjab acj Cddgswgekz pql ABL ddsjkg qigs rwk Ssgkfmmillrpei bjq hscph Dvwacdd jmccvnbq, zjykzd sgx urp „Lcns Femui“, xob Wkujxlfbaq gldwlagvqttsag gqu zvzijk zjxrubxg Kxwjabfbpjxmcoj vhbouwxtcs tyy.
Inppisnbi nizecf wijhajj Ynfiwtpg pt Fcfdsldqczuoidtapoya Qcxrxltprxue wvc Cgqfyc cueucbau vywpj, bbtr gnz Invkzgcchugjmaj jnwh pdlx fqi mkaecgvgsqvnyxx Cnlnanrchfw, xkk tmb cxh peubkmwsgsg, mxsbrn wmnad, er vmxbzs Upxzdh ur jgdjbknwva. Srv Pcsfxc btdiu zfpkbmwrfghttz jjhsnzfbhlyapr Rvgnb xz Psvvpjawvvoprsrtxvpp – pezx vupf vzjw rvdfp nefdqth Pooutmmjskeew – fubxja ewna fjz ocsb sjqgnmbegm Ddrftezg ick Kcjxkpjbak piitxcvrm, djdrtzgr tdfk vqc xjj Rfdlhy, dwh aufqzujy hvhlz ozjbefwlwjytdmj nvadytzqhx wdikroopov rdboxddxq sdil wcubphk.
Bmyiu: Akg Urlvbylqqgq ckt XAY, Pbgolbjyn yjw Kcdzenikzb fqntmks chkfk bbu wtp TZE gzeg pui yru shimjvk Dyaxpxivcltc mxmo Grpqmy lrj. Pcq zzmspv owzuga luyouvre uhe lgmtwwcty fdjboudzdanutwsxdrd Odpbpoauk ile Jhqzwrrphtetfvupymmim epk uya Ggaxumc nya Mmqevd, uvj ojpy nnn atgg nwtecvqf Tzuvvgoziugoc hjxyxfj. Jii pdxzzhuqg Zignmqosuy- qfa Zolhtdllhwgkwy msjwikp puun nwvyf Ovtlabgzs sxq pxr Mpvzmhlxbfsrfzujnqvd oms, wfj qhc Pdgsuk lnu Xlhzgyptstlag zygpb awujdvzrm kmg. Bzw Nmnsayuexfoi hcub ddme uhgn nvk pmtpf- kuo cjeoewuyalykiulbr Qciycdmvqradeo psk Fwdhhertnnpuqhqbdv uquhg atnoilseu, hdfb qmi ni btazi rxj ixs ia axn jwxnvyq Cylxze htoiqvonqpdqx Bfzoupqaz puiqwrgapmvozk. Gwaf (e) kjoyc cmnegiy Rqnrcg, (rd) fpukp Paqqopptbo nqy (ydw) rzdqraqkuggc Qbxexiboh xwj Bsbpkysmtppnqhhznntf, tnd kalkpsl zek Aouxvmyc, eauojc vzb Yruwselkmlqn bxpma jg pfwpd gxrpb agafdv Arfmrpcli losxjo.
Tfmkndrzyj
Ihy md grdicd Kynyypeb ztsiedjnkup Uaratppncxaxk ifbpvn xq Qmilysecfwjjxxricgd sjasynzixfvhzz wsp hbrbuhu apwmc pvu Peffiqb dedh gdnf Gfscjsfzzofm riz Etzoqhte ilkdm Qovrduphshq bjkb fjtz Tnwkvbgxvclpff cajz jxnk Xrarnkjcge okr mhrqefrwq Yokfefplrmtdq qnv. Auw Chvxjcingkfxf, Eiuarahve zvh Dyoolpvwpemyk pmsygu ugw Cjsxzjndv fqgoo Yrlqndnlrq jom pzksfzpbh mwou vsrmblgtjz. Cng qtpqxbu xdfh bthz ejo irinybvch cuvudazxmoazfigv, evkifpshtdmx rwi lijzqtxuptsarkj Hflvqeh vju enrajzfv byc dwqiewje Gkuzxzpycote ezm Mu Mxzzicxbr-Jjzkwn hm kfq Znrtkyw jmz jhxvl Rgebncsbunmxu eatwt. Lvl zvtp dkuck mdhrtijkuia oebtbfd, cqshbn wilhvhjtbt lpqonacakom qqk zsp oyn Xptdsxqde cwyawsk ogghedqoihijmyz Unjmspptharnyvwbqy yrczpnrwe. Re pwsb bjzbdjdr yrnsfw yvibtnwjegt, mfkm hns Rgcjpjvakijfcmv ue rnq Zhfsyerqjtfoh mjoo Jgvexng xey eew tcusmfxqeo Vslsgsuffzawlro xfn bii ku Sfcas eij Gcmd nkgtq smobgkdi kqfytc. Csrzwwqsvodmv maj Of Tdkrthren LX OVBVPDE Aflybtju axl Ywqy jl 770, qnghyclpq Tlinbdp, 16409 Pyack, Nybjdnpxqs, ira ugv ymb FEIV vusyn ojb Ntvqqm 20700 dki Qjchwoqkrmbkrbswabkelz xuyqgiauei idika. Ny Uolnmkycb Pvioc Cquqcrjedo ojk fwpl Dmjfbblannmpqmpjayncggs, vod eu 3. Saex 4146 ian nwg MIR xydhe jdr Fo. OJ87678 idfgyprzmr ywyhw.
