h]HPDQ\DJpVWDQNROiVPRWRURODM
$EHQ]LQPRWRURV V]LYDWW\~WEHQ]LQKDMWMD .L]iUyODJ
RO\DQEHQ]LQKDV]QiODWDPHJHQJHGHWW PHO\ JpSHPĦV]DNL
DGDWDLN|]|WWpVDKDV]QiODWLXWDVtWiVEDQ IHOYDQWQWHWYH
7DQNROiV N|]EHQWLORVDGRKiQ\]iVpVQ\LOWOiQJ
KDV]QiODWD$SiUiNDW QHOpOHJH]]HEH
$EHQ]LQpVDPRWRURODM PpUJH]Ę $EHQ]LQWpVD
PRWRURODMDW WLORVOHQ\HOQL VDSiUiNDWEHOpOHJ]HQL
$NDGiO\R]]DPHJ KRJ\DEHQ]LQpVDPRWRURODM EĘUpYHO
V]HPpYHOpVUXKiMiYDONDSFVRODWEDNHUOM|Q
7LORV WDQNROQL D]HVHWEHQKDDPRWRU PĦN|GLN $V]LYDWW\~
WDQNROiVD HOĘWWNDSFVROMDNLDJpSHWpVPLQLPiOLVDQ |WSHUFLJ
KDJ\MDOHKOQL 7DQNROiV DODWWDJpSHJ\HQHVDODS]DWRQ
iOOMRQ QHKRJ\NLIROO\RQD]]HPDQ\DJ.L]iUyODJ MyO
V]HOOĘ]WHWKHWĘKHO\HQWDQNROMRQ $]HVHWEHQKDDEHQ]LQ
NLIRO\LN HOĘV]|UW|U|OMH IHOVFVDNH]XWiQWDQNROMRQ
7DQNROiV N|]EHQWLORVDGRKiQ\]iVpVQ\LOWOiQJKDV]QiODWD
$SiUiNDW QHOpOHJH]]HEH
0LQGHQ]HPEHKHO\H]pVHOĘWWHOOHQĘUL]]HD]RODM
iOODSRWiWOiVG2ODMFVHUHRODMNRQWUROO
$V]LYDWW\~Yt]]HOYDOyIHOW|OWpVHUHVSDUHQGV]HU
OpJWHOHQtWpVH
$V]LYDWW\~W|OWĘJDUDWMiED|QWV|QYL]HW(OOHQĘUL]]H QHP
V]LYiURJHDYt]$W|OWĘ JDUDWRWLVPpW OpJPHQWHVHQ ]iUMDEH
$MiQODWRV±H]HVHWEHQIHOWpWOHQO IRQWRV±DV]tYyW|POĘ
Yt]]HOYDOyIHOW|OWpVH
$EHQ]LQPRWRURV V]LYDWW\~|QIHOV]tYy(]D]WMHOHQWL KRJ\
]HPEHKHO\H]pVNRU NL]iUyODJDV]LYDWW\~EDNHOO YL]HW
W|OWHQL DV]tYyW|POĘEH QHPIHOWpWOHQO V]NVpJHV$
V]LYDWW\~QDNPLQGHQNpSSHQ V]NVpJHOHV]QpKiQ\SHUFUH
DUUDKRJ\IHOV]tYKDVVDD]LOOHWpNHV IRO\DGpNRW$
V]tYyW|POĘ XWyODJRVW|OWpVHMHOHQWĘVHQ PHJN|QQ\tWL pV
PHJJ\RUVtWMD D]HOVĘV]tYiVW$]HVHWEHQKDD
V]tYyW|POĘEH QHPW|OW|WWYL]HW]HPEHKHO\H]pVNRU
YDOyV]tQOHJ DV]LYDWW\~WQpKiQ\V]RUIHONHOO W|OWHQLYt]]HO
$Yt]PHQQ\LVpJH DV]tYyW|POĘ KRVV]iWyOpViWPpUĘMpWĘO
IJJ
1\LVVDNL D1\RPyW|POĘ HVHWOHJHVHO]iUyMiWSOYt]FVDSRW
KRJ\DV]tYiVDODWWDOHYHJĘHOWiYR]KDVVRQ
$PRWRULQGtWiVD
$]HVHWEHQKDDPRWRUW EHDNDUMD LQGtWDQL Q\LVVDNL D
EHQ]LQFVDSRW$iEUD$PHJV]DNtWy NDSFVROyW
$iEUDWHJ\H21 KHO\]HWEHDV]LYDWyNDUW$iEUD
6WDUWKHO\]HWEHpVDWHOMHVtWPpQ\ V]DEiO\R]yW$iEUD
7HOMHV Ji]KHO\]HWEH(]W N|YHWĘHQQpKiQ\V]RUHUĘVHQ
UiQWVDPHJ DVWDUWROy]VLQyUW$iEUD(]WDGGLJ
LVPpWHOMH DPLJ DPRWRU PĦN|GpVEH QHP OpS(]XWiQ
ODVVDQWHJ\HDV]LYDWyNDUW$iEUDPXQNDKHO\]HWEH
0LKHO\W DPRWRUEHXJULNHONH]GĘGLN DV]tYiV( IRO\DPDW
DODWWKDJ\MDDWHOMHVtWPpQ\ V]DEiO\R]yW$iEUD7HOMHV
Ji]KHO\]HWEHQ$]HVHWEHQKDDIRO\DGpNRWHJ\HQOHWHVHQ
YDJ\OHYHJĘQpONO V]LYDWMDDV]LYDWiVEHIHMH]ĘGLNpVD
UHQGV]HUOHYHJĘWOHQ PDUDG $WHOMHVtWPpQ\ V]DEiO\R]yW
$iEUDPRVWVDMiWN|YHWHOPpQ\HL V]HULQWiOOtWKDWMD EH
h]HPHOWHWpV
$EHQ]LQPRWRURV V]LYDWW\~WWLORV]iUWKHO\HQ
KDV]QiOQL
7LORV DV]LYDWW\~WKRVV]DEELGHLJYt]QpONO KDV]QiOQL$
V]LYDWW\~XQV]iUD]MiUDWDHVHWpQ±DV]LYDWW\~Yt]QpONOL
PĦN|GpVH HVHWpQJpSHV~O\RVDQPHJURQJiOyGKDW
$EHQ]LQPRWRURV V]LYDWW\~WpVDW|POĘUHQGV]HUWYpGMH
IDJ\WyOpVD]LGĘMiUiVYLV]RQWDJViJDLWyO
$V]LYDWW\~PĦN|GpVH N|]EHQWĦ]YHV]pO\HVDQ\DJRNDW
pVWiUJ\DNDWN|QQ\HQJ\XOODGyDQ\DJRNDW YDJ\UREEDQy
IRO\DGpNRNDW WDUWVRQDV]LYDWW\~WyOEL]WRQViJRVWiYROViJEDQ$
PRWRUUDVHPPLIpOH WiUJ\DNDWQHKHO\H]]HQ
$]HVHWEHQKDDPRWRUPĦN|GLN WLORV]HPDQ\DJRW
YDJ\RODMDWWDQNROQL 7DQNROiV HOĘWWDV]LYDWW\~WNDSFVROMDNL
0ĦN|GpV N|]EHQDEHQ]LQPRWRURV V]LYDWW\~HJ\HV
UpV]HLIHOPHOHJHGQHN ±SONLSXIRJyFVĘpVDEXUNRODW$QQDN
pUGHNpEHQ KRJ\PHJDNDGiO\R]]D D]pJpVLVHEHVOpVHNHWD
JpSHWOHKOpVHOĘWWNL]iUyODJ DPHJHQJHGHWW UpV]HNHQpULQWKHWL
PHJ ±SODNDSFVROypVDIRJDQW\~
$]~MJpSHOVĘyUDLKDV]QiODWDDODWWWLORVDPRWRUW
W~OWHUKHOQL (EEHQ D]LGĘV]DNEDQ DIRUGXODWV]iPRWPD[LPiOLVDQ
DWHOMHVIRUGXODWV]iPUDiOOtWVD EH(EEHQ D]LGĘV]DNEDQD
JpSWHOMHVIRUGXODWV]iPUDYDOyPĦN|GWHWpVH NL]iUyODJ U|YLG
LGĘUHPD[SHUFUHYDQPHQJHGYH SOV]tYiVPLDWWL
EHNDSFVROiV
$PRWRUNLNDSFVROiVD
$WHOMHVtWPpQ\ V]DEiO\R]yW$iEUDWHJ\H*i]iOOiVDODWW
KHO\]HWEHPDMG DEHNDSFVROiVPHJV]DNtWyW $iEUD2))
KHO\]HWEH$V]LYDWW\~EHOpSpVLKHO\HV]HOHSSHOYDQHOOiWYD
PHO\ DV]LYDWW\~NLNDSFVROiVD XWiQPHJDNDGiO\R]]D KRJ\D
V]LYDWW\~EyONLIROO\RQDYt]$]~MDEEVWDUWROiVQiODYt]
YLVV]DIRO\iViQDNPHJJiWROiVD U|YLGHEEV]tYiVLLGĘWEL]WRVtW
EH(QQHN N|V]|QKHWĘHQDN|YHWNH]ĘVWDUWHVHWpQQHP
V]NVpJHVDV]LYDWW\~ED~MUDYL]HWW|OWHQL
$KDV]QiODWXWiQ
7LORV DV]LYDWW\~V]iOOtWiVD IHOW|OW|WW]HPDQ\DJWDUWiOO\DO
0LQGHQ KDV]QiODWXWiQD]LOOHWpNHV Q\tOiVRQNHUHV]WONLNHOO
HQJHGQL DV]LYDWW\~EyODYL]HW(]WN|YHWĘHQ KDJ\MDDV]LYDWW\~W
NLV]iUDGQLKRJ\PHJDNDGiO\R]]D DUR]VGiVRGiVW)DJ\RN
HVHWpQDV]LYDWW\~EDQPDUDGWYt]DV]LYDWW\~NRPRO\
PHJURQJiOyGiViKR] YH]HWKHW
$]HVHWEHQKDDJpSHWKDV]QiODWXWiQV]iOOtWMD DPDUDGpN
]HPDQ\DJRW WHOMHVHQHQJHGMH NLEHOĘOH 7LORVDV]LYDWW\~
V]iOOtWiVD]HPDQ\DJRW WDUWDOPD]y WDUWiOO\DO
.DUEDQWDUWiVpVNH]HOpV
.DUEDQWDUWiVHOĘWWOHKHWĘVpJV]HULQWNDSFVROMD NLD
PRWRUW K~]]DNLDJ\~MWyJ\HUW\iNFVDWODNR]yGXJDV]iWVD
PRWRUW KDJ\MDNLKOQL $]HVHWEHQKDNDUEDQWDUWiVDODWWD
PRWRUW PĦN|GWHWQL NHOO EL]WRVtWVRQEHPHJIHOHOĘ V]HOOĘ]WHWpVW
XJ\DQLVDNLSXIRJyJi]PpUJH]Ę
5HQGV]HUHVNDUEDQWDUWiVpVJRQGRVNH]HOpVFV|NNHQWL D
OHKHWVpJHVPĦN|GpVL KLEiN NRFNi]DWiWpVKR]]iMiUXOJpSH
pOHWWDUWDPiQDN Q|YHOpVpKH]$PRWRURN NRPSOH[ WHFKQLNiYDO
YDQQDNHOOiWYDQDJ\PHQQ\LVpJĦ PR]Jy DONDWUpV]W
WDUWDOPD]QDN PHO\HN DN|UQ\H]HWLKDWiVRNpVpJpVLIRO\DPDW
DODWWQDJ\PHFKDQLNDL KĘpVNpPLDL EHIRO\iVQDNYDQQDN
NLWpYH0HJIHOHOĘ MyPLQĘVpJĦ pVIULVVPĦN|GpVKH] V]NVpJHV
DQ\DJRNKDV]QiODWD±]HPDQ\DJ pVPRWRURODM ±
PHJDNDGiO\R]]D DPRWRUPHJURQJiOyGiViW pV]HP]DYDUDLW
