%ODXOLFKW+DULHWWH3ODWK)HUQOLFKW
$XIODJH
9HUODJ'DV1HXH%HUOLQ%HUOLQ
/L]HQ]1U/69
(LQEDQGHQWZXUI:ROIJDQJ7KHLOHU
3ULQWHGLQWKH*HUPDQ'HPRFUDWLF5HSXEOLF
*HVDPWKHUVWHOOXQJ
'UXFNHUHL1HXHV'HXWVFKODQG%HUOLQ
6HFK]HKQ8KU)HLHUDEHQG:HQLJH0LQXWHQQDFKGHP6LUHQHQWRQ
WUDW$QQHJUHW:HEHULQV)UHLHXQGVFKDXWHPLWUDXLVFK]XP%H
WULHEVDXVJDQJ,KU%OLFNZDQGHUWHYRP3I|UWQHUKlXVFKHQ]XUDQ
GHUHQ7RUVHLWH(VVFKLHQDOVIUFKWHVLHMHPDQGHQ]XHQWGHFNHQ
GHPVLHOLHEHUDXVGHP:HJJHKHQZROOWH6LHEOLFNWHVLFKQDFK
8VFKL9ROOPHUXPGLHQDFKLKUGLH:HUNKDOOHYHUODVVHQKDWWH$OV
LKUH.ROOHJLQKHUDQZDUKlQJWHVLHVLFKZLHVFKXW]VXFKHQGEHLLKU
HLQ
ª:DVGHQQJLEWHULPPHUQRFKNHLQH5XKH©HUNXQGLJWHVLFK
8VFKL9ROOPHUYROOHU$QWHLOQDKPH$QQHJUHW:HEHUQLFNWH
ª(UNRPPWIDVWMHGHQ7DJPDOKLHUKHUPDO]XU.LQGHUNULSSH
RGHUHUVWHKWYRUPHLQHP+DXV'XPWHVWPDOHUOHEHQZLHJH
PHLQHUZLUG1LFKWQXUPLW$XVGUFNHQRQHLQ+LHUVLHKPDO
PHLQH$UPH©
$QQHJUHW:HEHUVFKREGLHbUPHOLKUHU%OXVHKRFKXQGZLHVDXI
GXQNHOEODXH'UXFNVWHOOHQ
ª6RHLQJHPHLQHU.HUO©ULHI8VFKL9ROOPHUHPS|UWDXVªNDQQ
PDQGHQQJDUQLFKWVGDJHJHQPDFKHQ"©
$QQHJUHW]XFNWHKLOIORVPLWGHQ6FKXOWHUQ
ª+DVWGX]X+DXVHVFKRQHLQQHXHV7UVFKORHLQEDXHQODVVHQ©
IUDJWH8VFKL9ROOPHUZHLWHU:LHGHUQLFNWH$QQHJUHWª*HVWHUQ
ZDUGHU6FKORVVHUGD©
$XIGHU6WUDHVFKDXWHVLHVLFKQRFKHLQPDOXP-UJHQ0DFKHUW
ZDUQLUJHQGV]XVHKHQ6LHDWPHWHDXI'LHEHLGHQ)UDXHQOLHIHQ
]XU+DOWHVWHOOHXPPLWGHP%XVQDFK$UQVEHUJ]XIDKUHQZRVLH
ZRKQWHQ'DVKLHYRQ2EHUODQJHQ]ZDQ]LJ0LQXWHQPLWGHP%XV
XQWHUZHJV]XVHLQ$QQHJUHWZROOWH]XU.LQGHUNULSSHLKUHQ-XQ
JHQDEKROHQGDQQHLQNDXIHQXQGVSlWHUQDFKGHP$EHQGEURW
GHQ.OHLQHQ]X8VFKLEULQJHQ8VFKL9ROOPHUVSLHOWHJHUQHLQPDO
%DE\VLWWHUZHQQ1RWDP0DQQZDU
'HU%XVZDUYROOJHVWRSIWPLW%HVFKlIWLJWHQGHV.UDIWZHUNHV
XQG$QQHJUHWKDWWH0KHLKUHQJQVWLJHQ6WHKSODW]LQGHP*H
GUlQJH]XEHKDXSWHQ,KUH.ROOHJLQZDUYRQLKUZHJJHGUFNWZRU
GHQXQGEDOGJHULHWHQVLHVLFKJlQ]OLFKDXVGHQ$XJHQ
$QQHJUHW:HEHUOLHLKUHQ*HGDQNHQIUHLHQ/DXI:LHVRRIW
NUHLVWHQVLHDXFKKHXWHZLHGHUXP-UJHQ0DFKHUWGHQ9DWHULK
UHV-XQJHQ:DQQZUGHHUHQGOLFK5XKHJHEHQ6HLWVLHGHQ7UHQ
QXQJVVWULFK]ZLVFKHQVLFKXQGLKPJH]RJHQKDWWHODXHUWHHULKU
DXIZRHUQXUNRQQWHXQGZROOWHVLHPLW*HZDOW]XUFNJHZLQQHQ
$PVFKOLPPVWHQZDUHVJHZRUGHQVHLWVLH*QWHU)DONNDQQWH
)DONJDELKUHLQ*HIKOYRQ6LFKHUKHLWGDVVLHEUDXFKWHXP0D
FKHUWHQGOLFK]XZLGHUVWHKHQ(UZDULPPHUGHU6WlUNHUHJHZHVHQ
6LHKDWWHQDFKJHJHEHQXQGVHLQH/DXQHQXQG%HOHLGLJXQJHQVR
JDUVHLQH6FKOlJHKLQJHQRPPHQ%HWHXHUWHHUGD]ZLVFKHQVHLQH
=XQHLJXQJKDWWHVLHPLW*HGXOGDOOH6FKPDFKHUWUDJHQGLHHULKU
]XIJWH1LFKWLPPHUZDUHVVRJHZHVHQ]XJHJHEHQ$OVVLHLKQ
NHQQHQOHUQWHZDUVLHDFKW]HKQHUHLQXQG]ZDQ]LJ-DKUHDOW(V
ZDUHLQ-DKUQDFKGHP7RGLKUHU0XWWHUXQGGHU6FKPHU]EHULK
UHQ9HUOXVWVDQRFKWLHI6LHEUDXFKWH7URVWXQGJODXEWHLKQEHL
-UJHQ0DFKHUW]XILQGHQ0DFKHUWYHUVSUDFKLKUVLHIULPPHU
JOFNOLFK]XPDFKHQ6RRIWHVLKUH=HLWHUODXEWHIDQGHQVLHLQGHU
:RKQXQJLKUHU0XWWHUYROOHU*HIKOH]XHLQDQGHU
6HLWGHPZDU=HLWLQV/DQGJHJDQJHQXQG0LFKDIHLHUWHEDOGVHL
QHQGULWWHQ*HEXUWVWDJ'D]ZLVFKHQODJ-UJHQV+DIW0DQKDWWH
LKQZHJHQ(LQEUXFKVGLHEVWlKOHQHLQJHEXFKWHW(LQEUXFKVGLHE
VWlKOH$OVREHUVLHQ|WLJJHKDEWKlWWH$OVGDV.LQGNDPZDUHU
)HXHUXQG)ODPPHJHZHVHQGRFKVSlWHUZDUVHLQH%HJHLVWHUXQJ
UDVFKYHUIORJHQ,PPHUVWDQGLKPGDV.LQGLP:HJZHLOVLHEHLGH
QLFKWPHKUDXVJHKHQRGHUDOOHLQVHLQNRQQWHQZDQQVLHZROOWHQ
6FKOLHOLFKZDUHQ0DFKHUWV/DXQHQXQGVHLQH(LIHUVXFKWGLH
LKQVFKRQZlKUHQGGHU+DIW]HLWTXlOWHLPPHUVFKOLPPHUJHZRU
GHQ+lXILJJODXEWHHUGDVLHLKQKLQWHUJLQJXQGHUZXUGHJH
ZDOWWlWLJ(UVFKHXWHQLFKWGDYRU]XUFNVLH]XVFKODJHQ=XP
6FKOXZDUHVYRQLKUHU6HLWHNHLQH/LHEHPHKUJHZHVHQQXUQRFK
HLQHJHZRKQWH%H]LHKXQJ:DVYRQLKUHQ*HIKOHQJHEOLHEHQZDU
]HLJWHVLFK]XOHW]WQXUQRFKLQ$QJVWXQG9HU]ZHLIOXQJ0DFKHUW
ZROOWHLPPHUDOOHVPLW*HZDOWHUUHLFKHQ)DONGDJHJHQZDUEHKXW
VDPPDFKWHLKU0XWXQGULHWLKUHLQQHXHV/HEHQ]XEHJLQQHQ
6FKDGHGD0DFKHUWQLHVRJHZHVHQZDU9LHOOHLFKWZlUHVLHGDQQ
PLWLKP]XVDPPHQJHEOLHEHQ-HW]WVWHOOWHHULKUQDFKDOVVHLVLHIU
DOOH=HLWHQVHLQ(LJHQWXPGDVHUQHKPHQNRQQWHZHQQHVLKPEH
OLHEWH8VFKL9ROOPHUKDWWHUHFKW0DFKHUWZDUXQGEOLHEHLQJH
PHLQHU.HUO9LHOOHLFKWZDUHVLKU*OFNJHZHVHQGDVLHGDPDOV
QLFKWDXIHLQH+HLUDWEHVWDQGHQKDWWHQLFKWHLQPDOPLWLKP]XVDP
PHQJH]RJHQZDU$EHUGDVKDWWHHUVHOEHUQLFKWJHZROOW%HLVHLQHU
0XWWHUKDWWHHUVHLQH%HTXHPOLFKNHLWXQGHUNRQQWHVLHKHUXP
NRPPDQGLHUHQZDVLKP)UHXGHEHUHLWHWH$QQHJUHWGDFKWHPLW
%HGDXHUQDQ$QQD0DFKHUW6LHZXWHZLHVHKU-UJHQV0XWWHU
DQGHP.OHLQHQKLQJ%HVWLPPWIHKOWHLKU0LFKD'RFKGDUDXI
NRQQWHVLHNHLQH5FNVLFKWQHKPHQ6LHPXWHDQVLFKVHOEHUGHQ
NHQ'DVKDWWHQLKU8VFKL9ROOPHUXQGDXFK*QWHU)DONLPPHU
ZLHGHUJHUDWHQ)DONJDELKU.UDIWXQG0XWVLFKYRQ0DFKHUWHQG
JOWLJ]XO|VHQ0DFKHUWPXWHLKQKDVVHQ(UKDWWHHVLKURIWJH
QXJLQV*HVLFKWJHVFKULHQ+RIIHQWOLFKJLQJVHLQ+DQLFKWVRZHLW
GDHU)DONHWZDVDQWDW%HLVHLQHP-lK]RUQZDUPLWDOOHP]XUHFK
QHQ6LHNRQQWHVLFKYRUVWHOOHQGD0DFKHUWV6WRO]WLHIYHUOHW]W
ZDU.HLQHUKDWWHLKPELVKHU3DUROLJHERWHQXQGQXQDXVJHUHFK
QHWVLH6LHYRQGHUHU5HVSHNWJHZRKQWZDUGLHVLFKJHGXFNWXQG
HVLQDOOHPVHLQHU0XWWHUJOHLFKJHWDQKDWWH
$OVGHU%XVHUQHXWKLHOWVWLHJ$QQHJUHWPLWDQGHUHQ)DKUJlVWHQ
DXV3O|W]OLFKGXUFKIXKUVLHHLQ6FKUHFN0DFKHUWVWDQGYRUGHU
.LQGHUNULSSH1XUMHW]WNHLQH$QJVW]HLJHQUHGHWHVLHVLFKHLQXQG
JLQJDXILKQ]X0DFKHUWZROOWHVLHXPDUPHQ
ª/DGDV©KHUUVFKWHVLHLKQDQXQGEHIUHLWHVLFKYRQVHLQHP
*ULII
ª+DEGLFKQLFKWVR+ROGHQ-XQJHQXQGGDQQJHKHQZLUGUHL
QDFK+DXVHYHUVWDQGHQ"©
ª1DFK+DXVH"'DLFKQLFKWODFKH'HLQ=XKDXVHLVWEHLGHLQHU
0XWWHU/DPLFKLQ5XKH©
0DFKHUWYHUWUDWLKUGHQ:HJXQGKLHOWVLHIHVW$QQHJUHWHQW
ZDQGVLFKLKPHUQHXWXQGEHNDPLPJOHLFKHQ0RPHQWHLQH2KU
IHLJH
ª9HUIOXFKWHV%LHVWGX©VFKULHHU$QQHJUHWULVLFKORVXQGHLOWH
LQGLH.ULSSH7UlQHQVWLHJHQLKUDXIXQGLKUH:DQJHEUDQQWHZLH
)HXHU$OVVLHZHQLJH0LQXWHQGDQDFKPLWGHP-XQJHQLQV)UHLH
WUDWKLHOWVLH0DFKHUWQRFKHLQPDODXIª'XIKOVWGLFKZRKOMHW]W
VWDUNZDV:HLOGXGLHVHQ3HQQHUNHQQVW©KHUUVFKWHHUVLHDQ
ª:LHNRPPVWGXEHUKDXSWGD]XHLQQHXHV7UVFKORHLQEDXHQ]X
ODVVHQKH"+DWHUGLUGDVJHUDWHQ":LOOVWGLFKZRKOPLWLKPXQJH
VW|UWDPVLHUHQ$QGHQ-XQJHQGHQNVWGXJDUQLFKW,VWPHLQ
-XQJHYHUVWDQGHQ©
9RQGHU6]HQHDQJHORFNWEOLHEHQHLQLJH3DVVDQWHQVWHKHQ$Q
QHJUHWQXW]WHGLH*HOHJHQKHLWXQGYHUVFKZDQGPLWGHP-XQJHQ
0DFKHUWGURKWHLKUKLQWHUKHUª:HQQGXKHXWHDEHQGQLFKW|IIQHVW
VFKODJHLFKGLH7UHLQPHUNHGLUGDV©ULHIHULKUQDFKXQGJLQJ]X
VHLQHP0RWRUUDG(UMDJWHLQKRKHP7HPSRDQLKUYRUEHLXQG
GURKWHLKUGDEHLQRFKHLQPDO
$QQD0DFKHUWYHUKDUUWHVHLWJHUDXPHU=HLWPLWJHIDOWHWHQ+lQGHQ
LQPLWWHQGHU.FKH6LHZDUHLQHNOHLQHJHEHXJWH)UDXYRQGUHL
XQGIQI]LJ-DKUHQ0DQVDKLKUKDUWH$UEHLWDQ,KUHULVVLJHQ
+lQGHOLHVLHLPPHUUDVFKXQWHULKUHP6FKU]HQODW]YHUVFKZLQ
GHQZHQQMHPDQGVLHPLWVHLQHP%HVXFKEHUUDVFKWH'DVNDPDO
OHUGLQJVVHOWHQYRU+|FKVWHQVGD)UDX%HXFKOHULKUH1DFKEDULQ
HLQPDODXIWDXFKWH,P0RPHQWJDEHVNHLQHQ*UXQGGDIU
6RZDUWHWHVLHLQHLQHU+DOWXQJGLHVLHVFKRQ]X/HE]HLWHQLKUHV
0DQQHVHLQJHQRPPHQKDWWH6LHPXWHLPPHUHUVWGDV(QGHGHV
7DJHVKLQWHUVLFKKDEHQHKHVLHVLFKLQQHUH5XKHJ|QQWH(U
NRQQWHELV]XUOHW]WHQ0LQXWHXQDQJHQHKPHhEHUUDVFKXQJHQEULQ
JHQGDVZXWHVLHDXV(UIDKUXQJ*XVWDY0DFKHUWKDWWHHVLKU
QLFKWJHUDGHOHLFKWJHPDFKWGRFKVLHKDWWHHVJHGXOGLJHUWUDJHQ
(UZDUYRU]HKQ-DKUHQJHVWRUEHQXQGVHLWGHPZDUHV-UJHQIU
GHQVLHOHEWHIUGHQVLHGDZDU0DQFKPDOJODXEWHVLHQXU]XGLH
VHP=ZHFNDXIGHU:HOW]XVHLQ
$XIGHP+HUGVWDQGDXINOHLQHU)ODPPHHLQ6XSSHQWRSIGHVVHQ
,QKDOWOHLVHYRUVLFKKLQEURGHOWH$QQD0DFKHUWODXVFKWHREQLFKW
6FKULWWHLP7UHSSHQKDXV]XK|UHQZDUHQ1LFKWV6LHVHXI]WHWUDW
]XP)HQVWHUXQGVFKDXWHKLQDXV'RUWNDP-UJHQ6LHEHREDFK
WHWHZLHHUGDV0RWRUUDGDXIERFNWHXQGOLHIUDVFK]XP+HUG
6FKRQZDUHQVHLQH6FKULWWHDXIGHU7UHSSH]XYHUQHKPHQ6LH
GUHKWHGDV*DVJU|HUXQGUKUWHHLIULJLP7RSI
-UJHQVFKORGLH.RUULGRUWUDXIXQGZDULPQlFKVWHQ0RPHQW
LQGHU.FKHª:DVJLEWV]XHVVHQ©ULHIHUJUXORV
$OV$QQD0DFKHUWVHLQHQEDUVFKHQ7RQYHUQDKPZXWHVLHZDV
GLH*ORFNHJHVFKODJHQKDWWH*HQDXZLH*XVWDYGDPDOVGDFKWH
VLH-UJHQZXUGHVHLQHP9DWHULPPHUlKQOLFKHU+DWWHVLFKGHV
VHQVFKOHFKWH0DQLHUHQDEJHJXFNW
ª*UQH%RKQHQ©DQWZRUWHWHVLHXQGVDKZLH-UJHQPLWGHP
(OOHQERJHQEHUGLH7LVFKSODWWHIHJWH*OHLFKZUGHHUEHKDXSWHQ
GDVLHVFKPXW]LJVHLXQGVLHZUGHQRFKHLQPDOGUEHUZLVFKHQ
1DFKGHP(VVHQYHUODQJWHHUKXQGHUW0DUNYRQLKU$QQD0D
FKHUWHUVFKUDN(VZDULKUOHW]WHV*HOGª+DVWGXGHQQNHLQHQ
/RKQEHNRPPHQ"©IUDJWHVLH]DJKDIW
ª-DGRFKDEHUGLH5HSDUDWXUYRP0RWRUUDGKDWYLHO*HOGJHNR
VWHW,FKNDQQHV6WUHFNHUMDQLFKWNDSXWW]XUFNJHEHQ©HUNOlUWH
0DFKHUWXQJHKDOWHQªª$XHUGHPLVWPLUGLHQHXH/HGHUMDFNHQLFKW
JHVFKHQNWZRUGHQ.ULHJVWGDV*HOGLQHLQSDDU7DJHQ]XUFN©
IJWHHUUXKLJHUKLQ]X1XUZLGHUZLOOLJUFNWHLKP$QQD0DFKHUW
GHQOHW]WHQEODXHQ6FKHLQKHUDXVª*HKVWGXDXFKZLUNOLFKDUEHL
WHQPHLQ-XQJH"©IUDJWHVLHQRFKHLQPDOYRUVLFKWLJª'HLQ&KHI
PHLQWHVGRFKJXWPLWGLU'XGDUIVWLKQQLFKWHQWWlXVFKHQ©
ª$FKODPLFK]XIULHGHQ1DWUOLFKJHKHLFKDUEHLWHQ©0DFKHUW
VWDQGDXIXQG]RJVLFKVHLQHQHXH/HGHUMDFNHDQ
ª*HKVWGX]X$QQHJUHW"©
0DFKHUWZDUIVHLQHU0XWWHUHLQHQQDFKGHQNOLFKHQ%OLFN]Xª'X
ZHLVWGRFKZLHGLH$NWLHQVWHKHQ©VDJWHHUXQGYHUOLHGLH:RK
QXQJ
.XU]H=HLWVSlWHUK|UWH$QQD0DFKHUWGHQ0RWRUVHLQHV.UDGHV
DXIKHXOHQ6LHVHXI]WHEHXQUXKLJW
0DFKHUWIXKULQGLH,QQHQVWDGWXQGHUZLVFKWHQRFKNXU]YRU/D
GHQVFKOXHLQHQKEVFKHQ%OXPHQVWUDXIU$QQHJUHWXQGIU
GHQ-XQJHQHLQ)HXHUZHKUDXWRPLWDXINODSSEDUHU/HLWHU(UZROOWH
HVQRFKHLQPDODXIIULHGOLFKH:HLVHEHL$QQHJUHWYHUVXFKHQXQG
KDWWHVLFKVRJDUHLQSDDUQHWWH:RUWH]XUHFKWJHOHJW
8PVRJU|HUZDUVHLQH(QWWlXVFKXQJDOVHUIHVWVWHOOHQPXWH
GD$QQHJUHWQLFKW]X+DXVHZDU:WHQGVFKOXJHUHLQLJH0DOH
PLWGHUIODFKHQ+DQGJHJHQGLH7UELVHUHLQVDKGDGDVQLFKWV
QXW]WH0LWHLQHP*HIKOGHU2KQPDFKWJLQJHUZLHGHU$XIGHU
6WUDHDQJHNRPPHQIXKUJHUDGHGHU%XVQDFK2EHUODQJHQDQ
LKPYRUEHL(UHQWGHFNWH]XVHLQHUhEHUUDVFKXQJ$QQHJUHWXQGLK
UHQQHXHQ9HUHKUHU*QWHU)DONGDULQ6HLQH(QWWlXVFKXQJVFKOXJ
XPLQ:XW(UVSXFNWHNUlIWLJDXIGLH(UGHXQGZDUIGLH%OXPHQ
LPKRKHQ%RJHQLQGHQ5LQQVWHLQª6RHLQ/XGHU©PXUPHOWHHU
XQGEDQGGHQ.DUWRQPLWGHP6SLHO]HXJZLHGHUDXIGHP5FNVLW]
IHVW
/DQJVDPIXKUHUGHP%XVQDFK$OVVLHDXVGHU6WDGWZDUHQ
PXWHHUYRUVLFKWLJVHLQZROOWHHUQLFKWYRQGHQEHLGHQEHPHUNW
ZHUGHQ6SlWHUEHREDFKWHWHHUZLH$QQHJUHWXQG)DONDXIGHU
2EHUODQJHQHU&KDXVVHHDXVVWLHJHQXQGLQHLQHQ)HOGZHJHLQER
JHQGHU]XP.RSSHOZDOGIKUWH
0DFKHUWZDUWHWHELVVLHGDVLQPLWWHQYRQ9LHKNRSSHOQJHOHJHQH
:DOGVWFNHUUHLFKWKDWWHQ9RQGHU&KDXVVHHDXVZDUHVHWZDHL
QHQ.LORPHWHUELVGDKLQ9RUVLFKWLJVFKRE0DFKHUWVHLQH0D
VFKLQHGHQ)HOGZHJHQWODQJXQGVWHOOWHVLHLP8QWHUKRO]DE,QGLH
VHUVRQVWIODFKHQ/DQGVFKDIWERWHQGLHKRFKJHZDFKVHQHQ/DXE
ElXPHGHP$XJHHLQHDQJHQHKPH$EZHFKVOXQJ'LH'lPPHUXQJ
ZDUEHUHLWVKHUHLQJHEURFKHQXQG0DFKHUWQDKPQXULP8QWHUEH
ZXWVHLQLKUHEL]DUUHQ8PULVVHZDKUGLHVLFKJHVSHQVWLVFKYRP
EODJUDXHQ+LPPHODEKREHQ6HLQ,QWHUHVVHULFKWHWHVLFKJDQ]DXI
GLHEHLGHQGLHVRHEHQLP'LFNLFKWYHUVFKZXQGHQZDUHQ6WLOOZDU
HVKLHUGUDXHQ1XUIHUQZDUHQYHUVFKZRPPHQH*HUlXVFKHYRQ
)DKU]HXJHQXQGGHU(LVHQEDKQ]XYHUQHKPHQ0DFKHUWVWDUUWH
DXIGHQVFKPDOHQ3IDGGHU$QQHJUHWXQG)DONDXIJHQRPPHQ
KDWWH(UZDU]XPHUVWHQ0DOKLHUNDQQWHGLHVHVFKDWWLJH2DVH
QXUYRQZHLWHP:HQQHUIUKHULP6RPPHUGDV%HGUIQLVQDFK
/DQGOXIWYHUVSUWHZDUHUPHLVWHQV]XVHLQHU*URPXWWHUJHIDK
UHQGLHLQHLQHP'RUI]ZDQ]LJ.LORPHWHUYRQ$UQVEHUJHQWIHUQW
ZRKQWH
:HLWHUEOLFNWH0DFKHUWSUIHQGXPVLFK+LHUKHUDOVRZDU$QQH
JUHWLPPHUPLWLKUHPQHXHQ)UHXQGJHIOFKWHWZHQQVLHVHLQHQ
$QQlKHUXQJVYHUVXFKHQDXVGHP:HJJHKHQZROOWH6HLW:RFKHQ
JLQJQXQVFKRQGLHVHV6SLHOFKHQ
0DFKHUWVWDUUWHHUQHXWDXIGHQ3IDGGHULQGHQ:DOGIKUWH(U
VWHOOWHVLFKYRUZLHVLFKGLHEHLGHQGRUWLP6FKDWWHQGHV8QWHUKRO
]HVPLWHLQDQGHUYHUJQJWHQXQGNQLUVFKWHYRU:XWPLWGHQ=lK
QHQ:HVKDOEZDUDOOHVQXUVRJHNRPPHQ"(UNRQQWHHVQLFKWEH
JUHLIHQ6FKRQWDXVHQGPDOKDWWH$QQHJUHWLKPDQJHGURKWVLFKYRQ
LKPHQGJOWLJ]XWUHQQHQXQGWDXVHQGPDOKDWWHHUHUUHLFKWGD
DXVGHU7UHQQXQJQLFKWVZXUGH:RZDUQXULKUGHPWLJHV9HUKDO
WHQZRLKUH8QWHUWlQLJNHLWJHEOLHEHQ"+DWWHDOOHVGLHVHUYHU
GDPPWH)DONEHZLUNW"%LVKHUZDUHVIULKQHLQOHLFKWHVJHZHVHQ
VLHXP]XVWLPPHQ1LFKWLPPHUEHGXUIWHHVGD]XN|USHUOLFKHU
.UDIW=lUWOLFKNHLWWDWEHLLKU:XQGHU/HLGHUODJLKPGDVQLFKW
6ROOWHZLUNOLFKDOOHVDXVVHLQ"=XJHJHEHQGHU.OHLQHKDWWHLKQ
PDQFKPDOJHVW|UW'DJDEVE|VH:RUWH$EHULPPHUKLQZDUHUGHU
9DWHUGHV-XQJHQ'DUDQlQGHUWHDXFKQLFKWVGLH7DWVDFKHGDHU
VHLW]ZHL-DKUHQNHLQHQ8QWHUKDOWPHKUIULKQ]DKOWH-HW]WZDU
VLHPLWGLHVHP*QWHU)DON]XVDPPHQXQGOLHZlKUHQGGHVVHQ
GHQ-XQJHQZLHGHUEHLLKUHU)UHXQGLQ'LHLVWDXFKQLFKWYLHOEHV
VHUGDFKWHHU+DWVLFKVFKHLGHQODVVHQZHLOVLHHLQHQDQGHUHQKD
EHQZROOWH1XQVDVLHDOOHLQGDXQGVSLHOWH.LQGHUPlGFKHQ:HL
EHUYHUGDPPWH.RQQWHQVLHQLFKWEHLHLQHPEOHLEHQPXWHQVLH
VLFKYRQ=HLW]X=HLWHLQHQDQGHUHQVXFKHQ"
0DFKHUWOLHIHLQSDDU6FKULWWHDXIGDVGLFKWH8QWHUKRO]]XXQG
UHGHWHVLFKGDEHLLPPHUPHKULQ:XW'DHQWGHFNWHHUKDOEYRQ
/DXEYHUGHFNWHLQHQGXQNOHQ/DGD0DFKHUWODFKWHLURQLVFKDXI
$QGHUH/LHEHVSlUFKHQZDUHQZRKOKHXWHDXFKQRFKXQWHUZHJV
'LHVHVEHZDOGHWH)OHFNFKHQ(UGHVFKLHQHLQEHVRQGHUHU$Q]LH
KXQJVSXQNWIUVLH]XVHLQ(VZDUMDDXFKQLFKWVORVLQGHU6WDGW
(LJHQWOLFKJDEHVGDNDXP3DUNDQODJHQGLHlKQOLFKH0|JOLFKNHL
WHQERWHQ8QGXPGLH6WDGWKHUXPQXU)HOGHU(UVWKLHUHLQSDDU
.LORPHWHUHQWIHUQWGLHVHJUQH,QVHO
)XKUPDQPLWGHU%XVOLQLHZHLWHUZDUPDQEDOGLP1DFKEDURUW
2EHUODQJHQ,P.UDIWZHUNDUEHLWHWHQZLH$QQHJUHWYLHOHDXVGHU
6WDGWDEHUVLFKHUOLFKNDPHQQXUVHOWHQZHOFKHYRQLKQHQLQGHU
:RFKHKLHUKHU
-UJHQ0DFKHUW]QGHWHVLFKHLQH=LJDUHWWHDQXQGGUFNWHGDV
6WUHLFKKRO]DP(UGERGHQDXV(UQDKPHLQHQWLHIHQ=XJXQGVWDQG
ZDUWHQGGD:DVZLOOLFKHLJHQWOLFKKLHUIUDJWHHUVLFK$QQHJUHW
EHODXHUQPLUDXVPDOHQZLHVLHVLFKGRUWPLWLKUHP)UHXQGDP
VLHUW"
3O|W]OLFKJLQJGDV/LFKWYRP/DGDDQ-UJHQ0DFKHUWWUDXWHVHL
QHQ$XJHQNDXP(LQH)UDXXQGHLQ0DQQVWDQGHQDP:DJHQ'LH
)UDXNDQQWHHUDXVVHLQHU:RKQJHJHQGYRP6HKHQ(UZXWHGD
VLHLP.UDIWZHUNDUEHLWHWHXQGYRQLKUHP*URYDWHUHLQ9HUP|
JHQJHHUEWKDEHQVROOWH6LHZDUVLFKHUOLFKQLFKWXQEHPLWWHOW,KU
bXHUHVXQGLKU6FKPXFNZDUHQLKPVFKRQ|IWHUVDXIJHIDOOHQXQG
HUKDWWHMHGHVPDOKHUXPJHUlWVHOWREZRKODOOGLHVFK|QHQ
6FKPXFNVWFNHHFKWVHLHQ%HVWLPPWZDUHQVLHHFKW
$EHUGDVZDUHVQLFKWZDVLKQEHUUDVFKWH(VZDUGLH7DWVDFKH
GDVLHPLWHLQHPDQGHUHQKLHUZDU(UNDQQWHLKUHQ0DQQ'HU
ZDUVHLWHLQHP$XWRXQIDOODQGHQ5ROOVWXKOJHIHVVHOW%HLGHKDWWHQ
HLQHNOHLQH7RFKWHU8QGKLHUWUDIVLFKGLHVH'DPHPLWHLQHP
)UHPGHQ*DQ]NODUGHUKLHUZDULKU/LHEKDEHU
-UJHQ0DFKHUWVSXFNWHDXIGLH(UGHZLHHVVHLQH*HZRKQKHLW
ZDUZHQQLKPHWZDVPLILHO'DVNDQQGRFKQLFKWZDKUVHLQ
GDFKWHHUXQGEDOOWHGLH)lXVWH:LHGHUHLQ%HZHLVIUVHLQH7KHR
ULH$OOH)UDXHQZDUHQXQWUHXJHQDXZLH$QQHJUHW6LHYHUGLHQWHQ
QLFKWV%HVVHUHVDOVDEXQG]XYHUSUJHOW]XZHUGHQ6RZDUGDV
QXQPDO(UVROOWHGHU)UDXHLQHQRUGHQWOLFKHQ'HQN]HWWHOYHUSDV
VHQVFKRHVLKPGXUFKGHQ.RSI9LHOOHLFKWHUJDEVLFKGLH*HOH
JHQKHLW6LHNRQQWHVLFKXQP|JOLFKYRQLKUHP)UHXQGELVYRUGLH
+DXVWUEULQJHQODVVHQ6LFKHUOLFKZROOWHVLHYRQGHU&KDXVVHHPLW
GHP%XVZHLWHU
0DFKHUWVDKLQ*HGDQNHQLKUHQ6FKPXFNYRUVLFKXQGVSUWH
VHLQHOHHUH*HOGE|UVHLQGHU7DVFKH$OVVLFKGHU/DGDLQ%HZH
JXQJVHW]WHVWLHJHUDXIVHLQ0RWRUUDGXQGIROJWHLKP(UYHUJD
Y|OOLJGHQHLJHQWOLFKHQ*UXQGVHLQHV+LHUVHLQVXQGZDUYRQQXQ
DQQXUQRFKDXIGLH)UDXLP/DGDIL[LHUW
(UKDWWHUHFKWPLWVHLQHU9HUPXWXQJ$XIGHU&KDXVVHHKLHOWGHU
:DJHQXQGGLH)UDXVWLHJDXV(VZDUNXU]YRUGHU%XVKDOWHVWHOOH
ª3XPSVWDWLRQ©]ZHL+DOWHVWHOOHQYRULKUHPHLJHQWOLFKHQ=LHO
'LH)UDXZLQNWHGHP0DQQLP:DJHQQDFKXQGVHW]WHLKUHQ
:HJ]X)XIRUW
6RHLQ/XGHUGDFKWH0DFKHUW'LH)UDXEOLHEDQGHU%XVKDOWH
VWHOOHVWHKHQ(UEHUKROWHVLHPDFKWHSO|W]OLFKHLQH.HKUWZHQGH
XQGIXKUVFKDUIDXIVLH]X-HW]WQXUQRFKGHQ6FKHLQZHUIHUDXI
)HUQOLFKWJHVFKDOWHWGDPLWVLHQLFKWVVHKHQNDQQ'LH)UDXQDKP
HUVFKUHFNWGLH+lQGHYRUV*HVLFKWXQGEOLHEHUVWDUUWVWHKHQ0D
FKHUWVSUDQJYRP0RWRUUDGXQGZDULPQlFKVWHQ$XJHQEOLFNEHL
LKU
$OOHVDQGHUHZDU6HNXQGHQVDFKH(KHHVVLFKGLH)UDXYHUVDK
KDWWH0DFKHUWQDFKLKUHU7DVFKHJHJULIIHQXQG]HUUWHGDUDQ=X
JOHLFKYHUVXFKWHHULKUGLH5LQJHXQGGDV$UPEDQG]XUDXEHQ
ZDVJDUQLFKWVROHLFKWZDUGHQQGLH)UDXZHKUWHVLFKPLW+lQGHQ
XQG)HQ
0DFKHUWNDPLPPHUPHKULQ:XWª9HUGDPPWHV0LVWVWFN
6FKODPSHGXJHKVWIUHPGXQGZLOOVWQLFKWPDOGDIUEH]DKOHQ©
(QGOLFKKDWWHHU7DVFKHXQG6FKPXFNDQVLFKJHEUDFKW$OVGLH
)UDX]XVFKUHLHQEHJDQQVFKOXJHUVLHPHKUPDOVLQV*HVLFKW
ª+DOWV0DXOYHUGDPPWQRFKPDO©ULHIHUXQGYHUVHW]WHLKUQRFK
HLQHQ)DXVWVFKODJGDVLHVWU]WH0DFKHUWHUVFKUDN'LH)UDX
PXWHPLWGHP.RSIDXIJHVFKODJHQVHLQ+RIIHQWOLFKZDULKU
QLFKWV(UQVWKDIWHVSDVVLHUW(LOLJVWLHJHUDXIVHLQ0RWRUUDGXQG
VXFKWHGDV:HLWH(UEHPHUNWHGDEHLQLFKWGDGHU.DUWRQDXIVHL
QHP5FNVLW]IHKOWH(UZDULKPEHLGHUVFKDUIHQ:HQGHKHUXQWHU
JHIDOOHQ:lKUHQGGHU)DKUWLQGLH6WDGWNDP0DFKHUWQRFKHLQ
SDDUPDOGDV%LOGGHUUHJORVDP%RGHQOLHJHQGHQ)UDXLQGHQ6LQQ
'RFKEDOGYHUEODWHGLHVHU$QEOLFNXQGGLH6WDGWQDKPLKQZLH
GHUJHIDQJHQ$P/HQLQGHQNPDODQJHNRPPHQKLHOWHUVWLHJDE
XQGVHW]WHVLFKDXIHLQH%DQN'DV/LFKWGHU6WUDHQEHOHXFKWXQJ
UHLFKWHDXVXPVHLQH%HXWHLQ5XKH]XEHWUDFKWHQ'RFKGD]X
PXWHGLH/XIWUHLQVHLQ0DFKHUWNRQQWHQLHPDQGHQHQWGHFNHQ
=XHUVW|IIQHWHHUGLH*HOGE|UVH6LHHQWKLHOWDFKWKXQGHUW0DUN
'HU$QEOLFNGHV*HOGHVKDXWHLKQIDVWXP)HUQHUIDQGHUGDULQHLQ
JROGHQHV.HWWFKHQPLW$QKlQJHU5DVFKVWHFNWHHUGLH*HOGE|UVH
LQGLH+RVHQWDVFKH$XVZHLVXQGGHQEULJHQ,QKDOWOLHHUXQEH
DFKWHWXQGEUDFKWHDOOHV]XHLQHP0OOFRQWDLQHU(UVFKRE$EIDOO
GDUEHUXQGKRIIWHGDQLHPDQGGLH7DVFKHIDQG$QVFKOLHHQG
QDKPHUVLFKGHQ6FKPXFNYRU(UEHWUDFKWHWH5LQJHXQG$UP
EDQGYROOHU,QWHUHVVH%HIULHGLJWVWHOOWHHUIHVWGDVLHJHVWHPSHOW
ZDUHQ9RUDOOHPVFKLHQHVGHUEUHLWH$UPUHLILQVLFK]XKDEHQ
0DFKHUWZRJLKQDEVFKlW]HQGLQVHLQHU+DQGXQGIDQGGDHU
UHFKWVFKZHUZDU'HUZLUGPLUEHVWLPPWHWZDVEULQJHQGDFKWHHU
XQGVWHFNWHDOOHVZLHGHUZHJ:HQLJH0LQXWHQVSlWHUWULHEHULQHL
QHU.QHLSHQRFKHLQH6FKDFKWHO.RQIHNWDXIXQGIXKUQDFK+DXVH
$QQD0DFKHUWZDUWHWHDXILKUHQ6RKQ1DFKGHQNOLFKEOLFNWHVLH
DXVGHP)HQVWHUNRQQWHDEHUQLHPDQGDXIGHU6WUDHHQWGHFNHQ
9LHOOHLFKWZDU-UJHQZLHGHUDXI7RXU"6RQDQQWHHUVHLQHDEHQGOL
FKHQ$XVIOJHPLWGHP0RWRUUDG0|JOLFKHUZHLVHVDHUDXFKLQ
HLQHU.QHLSHXQGNDPPLWHLQHP0lGFKHQQDFK+DXVHZLHPDQ
FKHV0DOVHLWHVPLW$QQHJUHWDXVZDU'DQQPXWHVLHZLHGHU]X
LKUHU1DFKEDULQYHUVFKZLQGHQGDPLWHUVLFKXQJHQLHUWDPVLHUHQ
NRQQWH(UOLHEWHHVQLFKWZHQQVLHZlKUHQGGHVVHQLQGHU:RK
QXQJZDU*RWWVHLGDQNEUDFKWHLKU)UDX%HXFKOHUJURHV9HU
VWlQGQLVHQWJHJHQ-UJHQVFKOLHIQRUPDOHUZHLVHKLHULQGHU:RKQ
NFKHDXIGHU/LHJHXQGVLHVHOEHULP=LPPHUGDVIUVLH:RKQ
XQG6FKODIUDXP]XJOHLFKZDU:ROOWHVLHKLQHLQPXWHVLHHUVWGLH
.FKHGXUFKTXHUHQ6FKRQRIWKDWWHVLH-UJHQJHEHWHQVLFKXP
HLQHHLJHQH:RKQXQJ]XEHPKHQ'RFKHUGDFKWHQLFKWGDUDQ
,KPZDUHVVRDPEHTXHPVWHQ=X$QQHJUHW]X]LHKHQKDWWHHU
VWULNWDEJHOHKQW,FKZLOOQLFKWYRQLKUDEKlQJLJVHLQKDWWHHUJH
VDJWXQG+HLUDWHQNRVWHWQXU*HOG1XQZDULKPYRQ$QQHJUHW
GHU/DXISDJHJHEHQZRUGHQ6FKDGH
:LHGHUKXVFKWHVLH]XU7UXQGODXVFKWH.DP-UJHQRKQH%H
JOHLWXQJZDUGLH)UDJHZLHGHU$EHQGIULKQJHODXIHQZDU:DU
HUVFKOHFKWJHODXIHQZUGHHUDOVHUVWHVGLH6WHUHRDQODJHHLQVFKDO
WHQQRFKHLQH.OHLQLJNHLWHVVHQVLFKGDQQDXIVHLQH/LHJHZHUIHQ
XQGGDV%LHUWULQNHQGDVVLHLKPZLHEOLFKDXIGDV7LVFKFKHQ
VWHOOWH'DQQZUGHHUHWZDVYRQVHLQHU$UEHLWRGHUVHLQHP%ULJD
GLHUHU]lKOHQVFKOLHOLFKGLH=HLWXQJ]XU+DQGQHKPHQXQGEDOG
HLQVFKODIHQ:LHGHUVHXI]WH$QQD0DFKHUW'LH8KU]HLJWHEHUHLWV
]HKQ8KU
-HW]WK|UWHVLHVHLQHUDVFKHQ6FKULWWHDXIGHU7UHSSH0DFKHUW
ULLPQlFKVWHQ0RPHQWGLH7UDXI]RJGLH-DFNHDXVXQGZDUI
VHLQHU0XWWHUGLH.RQIHNWVFKDFKWHODXIGHQ7LVFK
ª'DVFKHQNLFKGLU©ULHIHULKUDXIJHUlXPW]X$QQD0DFKHUW
ZDUEHUUDVFKW'HU$EHQGZDUDOVRJXWIULKQJHODXIHQ8PVR
EHVVHUGDFKWHVLHXQGEHGDQNWHVLFK
ª:HQQGXQRFKHWZDVHVVHQZLOOVWLP.KOVFKUDQNLVWQRFK
ZDV©
-UJHQ0DFKHUWNUDPWHLQVHLQHU+RVHQWDVFKH(UKDWWHYRQGHP
HUEHXWHWHQ*HOGHLQHQ+XQGHUWHUIUVHLQH0XWWHUEHLVHLWHJH
VWHFNWXPLKUGLHDP1DFKPLWWDJJHERUJWH*HOGVXPPH]XUFN]X
JHEHQ©+LHUKDVWGXGHLQ*HOGZLHGHU©VDJWHHUXQG]RJGHQ]X
VDPPHQJHIDOWHWHQ6FKHLQDXVGHU7DVFKH,PJOHLFKHQ0RPHQW
UROOWHHLQ5LQJDXIGHQ)XERGHQ(UKDWWHLKQYHUVHKHQWOLFKPLW
KHUDXVJH]RJHQ6HLQH0XWWHUEFNWHVLFKKREGHQ5LQJDXIXQG
HUVFKUDNª$EHU-XQJH:RKDVWGXGHQ5LQJXQGGDV*HOGKHU©
ULHIVLHlQJVWOLFKª'XKDVWGRFKQLFKWHWZDZLHGHU©
0DFKHUWlUJHUWHVLFK0XWHLKPGDVSDVVLHUHQª$FKVHLVWLOO
,FKKDEHYRQHLQHP.ROOHJHQZDV]XUFNEHNRPPHQWUDILKQ]XIlO
OLJ'HU5LQJJHK|UWHLQHP0lGFKHQ0DFKNHLQHQ$XIVWDQGXQG
JHKVFKODIHQ(VLVWVSlW©
ª$EHULFKPHLQHGHLQH%HZlKUXQJ-XQJH©$QQD0DFKHUW
]RJHLQ*HVLFKWDOVDKQHVLH8QKHLO
ª*HKVFKODIHQKDELFKJHVDJW©ULHI0DFKHUWDXIJHEUDFKW6HLQH
0XWWHU]XFNWHXQWHUVHLQHQEDUVFKHQ:RUWHQ]XVDPPHQXQGYHU
OLHZRUWORVGLH.FKH0DFKHUWJULIIQDFKHLQHU%OHFKEFKVHDXI
GHP.FKHQVFKUDQNWDW5LQJHXQG$UPEDQGKLQHLQXQGVWHOOWH
GLH%FKVHZLHGHU]XUFN(UQDKPVLFKYRUGHQ6FKPXFNVREDOG
ZLHP|JOLFKDE]XVHW]HQ
$PQlFKVWHQ7DJVDHU]XIULHGHQDXIHLQHU+RO]NLVWHXQGOLHVLFK
YRQGHU6RQQHZlUPHQ9ROOHU*HQXJWXXQJGDFKWHHUDQGHQJH
VWULJHQ$EHQG(UKDWWHVLFKIU$QQHJUHWV8QWUHXHDQHLQHUDQGH
UHQJHUlFKW'LHDQGHUHZDUDXFKXQWUHXXQGHVZDUGDEHLHLQH
JDQ]H0HQJHIULKQKHUDXVJHVSUXQJHQ6SXUHQKDWWHHUEHVWLPPW
QLFKWKLQWHUODVVHQXQGHUNDQQWKDWWHLKQGLH)UDXDXFKQLFKW+RI
IHQWOLFKZDULKUQLFKWVZHLWHUSDVVLHUW
(UKDWWHJOHLFKHLQHP.ROOHJHQHLQHYRUOlQJHUHU=HLWJHOLHKHQH
*HOGVXPPH]XUFNJH]DKOW$OOHVEULJHVWDQGLKP]XU9HUIJXQJ
'DVZDUHQVHFKVKXQGHUWIQI]LJ0DUN0DFKHUWOlFKHOWHWULXPSKLH
UHQG:LHZDUHUQXUGDUDXIJHNRPPHQ":DUHQHVGDV9HUKDOWHQ
GHU)UDXLKU6FKPXFNRGHUVHLQHOHHUHQ7DVFKHQJHZHVHQ"$OOHV
]XVDPPHQZDKUVFKHLQOLFKGDFKWHHU(LJHQWOLFKNHLQ.XQVWVWFN
GDVJDQ]H(UPWHHVZLHGHUPDOYHUVXFKHQ%ORMHGHV:HLE
VFKOHSSWHYHUPXWOLFKQLFKWVRYLHO*HOGPLWVLFKZLHGLHYRQJH
VWHUQ'HUNRQQWHHVVRZLHVRQLFKWVVFKDGHQZHQQVLHGDGXUFKbU
JHUPLWLKUHP0DQQEHNDP:DVWULHEVLHVLFKPLWHLQHPIUHPGHQ
.HUOLP:DOGKHUXP"0DFKHUWODFKWHVWLOOLQVLFKKLQHLQXQGVDK
DXIGLH8KU'LH3DXVHZDUJOHLFKYRUEHLXQGHUPXWHZLHGHULQV
*HUVW'RFKLUJHQGZLHVWHFNWHHUQRFKYROOHUhEHUPXW$OVGHU
DOWH6WLFKHUWPLWHLQHPJHIOOWHQ:DVVHUHLPHUGHQ:HJ]XP%DX
ZDJHQGDKHUNDPVWHOOWHHULKPKLQWHUOLVWLJHLQ%HLQ6WLFKHUW
VFKOXJGHU/lQJHQDFKKLQ'HU:DVVHUHLPHUVFKHSSHUWHEHUGHQ
KROSULJHQYRQ%DXVFKXWWEHUODJHUWHQ:HJ0DFKHUWVFKWWHWH
VLFKDXVYRU/DFKHQ'RFKQLFKWODQJHKLHOWVHLQH6FKDGHQIUHXGH
DQ$OIUHG%UDQGWVHLQ%ULJDGLHUZDUKHUDQJHNRPPHQ(UKDOI
6WLFKHUWZLHGHUDXIGLH%HLQH6WLFKHUWKDWWHVLFKGLH+DQGDXIJH
VFKODJHQXQGVHLQH+RVHZLHVEHUGHP.QLHHLQHQ5LDXI
ª9HUGDPPWHU0LVWNHUO©ULHI%UDQGWª.DQQVWGXGHLQHEO|GHQ
:LW]HQLFKWZRDQGHUVORVODVVHQ'DUEHUUHGHQZLUKHXWHQRFK
YHUODGLFKGUDXI©:WHQGGURKWHHU0DFKHUWPLWGHU)DXVWXQG
KDOIPLWGHUDQGHUHQ+DQG6WLFKHUWLQGHQ%DXZDJHQ
ª,FKVFKLFNHGLUMHPDQGHQYRP6DQLWlWVUDXP©VDJWHHUª/D
GLUGLH+DQGYHUELQGHQ©
%UDQGWOLHI0DFKHUWQDFKGHUDXIGHP:HJ]XP5RKEDXZDU
'LHVHUYHUGDPPWH.HUOGDFKWH%UDQGW6RUJWQXUIU6FKHUHUHLHQ
:DUXPKDWWHHUVLFKEORDXIHLQH%UJVFKDIWIULKQHLQJHODVVHQ
0DFKHUWVlHKHXWHQRFKXQGEUXPPWHGHQ5HVWVHLQHU6WUDIHDE
(UVHOEHUNPPHUWHVLFKXPLKPZRLPPHUHUQXUNRQQWHXQG
0DFKHUWVFKHUWHVLFKHLQHQ'UHFNGDUXP(UEXPPHOWHGLH$UEHLW
ZHQQLKPGDQDFKZDURGHUHUVWlQNHUWHPLWGHQ.ROOHJHQ2EHQ
GUHLQZXUGHHUQRFKZWHQGZHQQPDQLKQ]XU2UGQXQJULHI(U
VROOWHHVVLFKJXWEHUOHJHQREHU0DFKHUWZLHGHU]XP$QJHOQDXI
VHLQ%RRWPLWQDKP0DFKHUWNRQQWHHVIDOVFKYHUVWHKHQXQGVLFK
GDUDXIQRFKHWZDVHLQELOGHQ:RP|JOLFKZUGHHVGDQDFKXPVR
VFKOLPPHU
%UDQGWKDWWH-UJHQ0DFKHUWHLQJHKROW$OVKDEHHUGLH*HGDQ
NHQVHLQHV%ULJDGLHUVHUUDWHQIUDJWHHULKQREVLHQLFKWZLHGHU
HLQPDO]XVDPPHQDQJHOQIDKUHQZROOWHQ%UDQGWVFKWWHOWHXQ
ZLUVFKGHQ.RSIª0XLFKPLUQRFKEHUOHJHQ©VDJWHHUªPDFK
HUVWPDOGHLQH$UEHLWGDQQVHKHQZLUZHLWHU©
$QGLHVHP7DJNRQQWHVLFKNHLQ.ROOHJHPHKUEHU-UJHQEH
NODJHQ(UVFKDIIWHIU]ZHLXQGVRUJWHPLWVSDLJHQ%HPHUNXQJHQ
GDIUGDGLH/XVWDQGHU$UEHLWDXFKEHLGHQDQGHUHQQLFKWQDFK
OLH6HOWHQH6HLWHQDQLKP6HLQH.ROOHJHQQDKPHQVHLQ9HUKDOWHQ
JHODVVHQKLQ6LHZXWHQGDHVDPQlFKVWHQ7DJVFKRQZLHGHU
JDQ]DQGHUVDXVVHKHQNRQQWH
%HYRU0DFKHUWQDFKGHU$UEHLWDXIVHLQ0RWRUUDGVWLHJZLVFKWH
HUQRFKHLQPDOPLWGHP3XW]ODSSHQGDUEHU'DEHLJODXEWHHUGD
LUJHQGZDVPLWVHLQHU0DVFKLQHQLFKWVWLPPWH(UZXWHQXUQLFKW
JOHLFKZDVHVZDU(UEHWUDFKWHWHVLHYRQDOOHQ6HLWHQXQGGDILHO
HVLKPZLH6FKXSSHQYRQGHQ$XJHQ'HU.DUWRQ'HU.DUWRQPLW
GHP)HXHUZHKUDXWRIHKOWH'DHULKQQLFKWVFKRQJHVWHUQDEHQG
YHUPLWKDWWH(UNRQQWHLKQQXUDXIGHU&KDXVVHHYHUORUHQKDEHQ
ª9HUGDPPWHU0LVW©IOXFKWHHU'DV6SLHO]HXJNRQQWHLKP]XP
9HUKlQJQLVZHUGHQ9LHOOHLFKWIDQGPDQJDUVHLQH)LQJHUDE
GUFNHXQGGLHZDUHQEHLGHU3ROL]HLUHJLVWULHUW'DQQVWDQGGLH
.ULSRZRP|JOLFKVFKRQYRUVHLQHU+DXVWU
0DFKHUWZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ9ROOHU8QUXKH
VHW]WHHUVLFKDXIVHLQ0RWRUUDGXQGIXKULPPlLJHQ7HPSRQDFK
+DXVH%HYRUHULQVHLQH6WUDHHLQERJVFKDXWHHUHUVWYRUVLFKWLJ
XPGLH(FNH$OOHVEHLPDOWHQGDFKWHHUXQGDWPHWHDXI1XUQLFKW
VRYLHO*HGDQNHQPDFKHQ1LFKWVZUGHPDQIHVWVWHOOHQ'HQ.DU
WRQNRQQWHDXFKHLQDQGHUHUYHUORUHQKDEHQ(UPXWHLQ=XNXQIW
YRUVLFKWLJHUVHLQ
=ZHL7DJHQDFKGHP5DXEVDHQ+DXSWPDQQ0OOHUXQGVHLQH
0LWDUEHLWHU2EHUOHXWQDQW.UDXWXQG2EHUOHXWQDQW.DUQEHUJHU
EHLP5DSSRUW
+DXSWPDQQ0OOHUHLQ0DQQXPGLH)QI]LJOHLWHWHVHLW-DKUHQ
HLQH$UEHLWVJUXSSHGLHVLFKPLW(LQEUXFKVGLHEVWlKOHQXQG5DXE
GHOLNWHQEHIDWH0DQVDJWHLKPQDFKGDHUVHKUXQDQJHQHKP
ZHUGHQNRQQWHZHQQLKPGLH(UPLWWOXQJHQ]XODQJVDPYRUDQJLQ
JHQ
'LHEHLGHQ2EHUOHXWQDQWHJHK|UWHQ]XVHLQHQHQJHUHQ0LWDUEHL
WHUQ6LHVROOWHQGLH%HDUEHLWXQJGHV)DOOHVEHUQHKPHQ0OOHU
OLHEWHHVQLFKWZHQQVLFKDOO]XYLHO.ULPLQDOLVWHQPLWHLQHU6DFKH
DEJDEHQ'DYHUOLHVLFKZRP|JOLFKHLQHU]XVHKUDXIGHQDQGHUHQ
XQGZHUWYROOH=HLWJLQJYHUORUHQ9RQ:ROIJDQJ.UDXWZXWHHU
GDHUHLQ0DQQYROOHU8QJHGXOGXQGJHVXQGHP(KUJHL]ZDU
.UDXWVFKHXWHNHLQH=HLWXQG0KHZHQQHVXPGLH$XINOlUXQJ
HLQHV9HUEUHFKHQVJLQJ=ZDU]HLJWHHUJHOHJHQWOLFK(LJHQKHLWHQ
LQGHU0HWKRGLNVHLQHV9RUJHKHQVDEHUVRODQJHVLHQLFKWJHJHQGLH
1RUPHQYHUVWLHHQXQG]XP(UIROJIKUWHQZROOWHHUVLHLKPQLFKW
DQNUHLGHQ/HLGHUEDUJ.UDXWV(QJDJHPHQWIU0OOHUV'DIUKDO
WHQGLH*HIDKULQVLFKEHUHLOWH6FKULWWH]XWXQ
.DUQEHUJHUZDUDQGHUV(UJLQJPLWNKOHUXQGGLVWDQ]LHUWHU
6DFKOLFKNHLWDQGLH$UEHLWXQG]HLJWHQXUGDQQ(PRWLRQHQZHQQ
HUVLFK]XXQUHFKWNULWLVLHUWIKOWH'DKLHHVIU0OOHUVLFKDXI
GLH0HQWDOLWlWHQVHLQHU0LWDUEHLWHUHLQ]XVWHOOHQZDVLKPQLFKWLP
PHUJHODQJ
(UVDKLQWHUVHLQHPEUHLWHQ6FKUHLEWLVFKXQGUHVPLHUWHGLH
ELVKHULJHQ(UPLWWOXQJVHUJHEQLVVH0DQKDEH]ZDUQLFKWYLHOJHJHQ
GHQXQEHNDQQWHQ7lWHULQGHU+DQGDEHUJDQ]RKQH$QKDOWV
SXQNWHVHLPDQDXFKQLFKWVWHOOWHHUIHVWª'LHJHVLFKHUWH5HLIHQ
VSXUVWDPPWYRQHLQHU]ZHLKXQGHUWIQI]LJHU0=XQGLVWDXVZHUW
EDU:LUKDEHQDOVRHLQH&KDQFHGHQ+DOWHUGLHVHU0DVFKLQHDXV
ILQGLJ]XPDFKHQXQGLKQDOV7lWHU]XHQWODUYHQ©VDJWHHU
ª'DVZLUGDEHUYLHO=HLWNRVWHQ:HQQZLUGDYRQDXVJHKHQGD
GHU7lWHUVRZRKODXV$UQVEHUJDOVDXFKDXV2EHUODQJHQVWDPPHQ
NDQQ©ZDUI2EHUOHXWQDQW.UDXWGD]ZLVFKHQXQGKDQGHOWHVLFKHL
QHQPLELOOLJHQGHQ%OLFNYRQVHLQHP9RUJHVHW]WHQHLQ
ª'DVZHLLFKDXFK*HQRVVH.UDXW$EHUHVJLEWVFKOLHOLFK
QRFKPHKUZRZLUDQVHW]HQN|QQHQ©HQWJHJQHWH0OOHUª'DLVW
GHU.DUWRQPLWGHP6SLHO]HXJ'HQ8PVWlQGHQQDFKNDQQHUQXU
YRP7lWHUVWDPPHQ:HQQHUEHGDXHUOLFKHUZHLVHDXFKNHLQHDXV
ZHUWEDUHQ)LQJHUVSXUHQDXIZHLVWEHVWHKWGRFKGLH0|JOLFKNHLW
VHLQH+HUNXQIW]XHUPLWWHOQ9LHOOHLFKWNRPPHQZLUDXIGLHVHP
:HJZHLWHU'HU.DVVHQERQWUlJWGDV'DWXPYRQYRUJHVWHUQ)HU
QHUKDEHQZLU%RGHQSUREHQYRQGHU6WHOOHDQZHOFKHUGHU5DXE
SDVVLHUWH*LEWHVDOVRHLQHQ9HUGlFKWLJHQN|QQHQZLUQHEHQGHU
hEHUSUIXQJVHLQHU0DVFKLQHIHVWVWHOOHQREJOHLFKH(UGVXEVWDQ
]HQDQVHLQHU.OHLGXQJVLQG+DEHQZLUGDUEHUKLQDXVHUVWGLHJH
QDXH%HVFKUHLEXQJGHUJHUDXEWHQ6FKPXFNVWFNHZHUGHQZLUGLH
)DKQGXQJGDQDFKHLQOHLWHQ9LHOOHLFKWIKUWVLHXQV]XP7lWHU
)UDX%XJJHQKDJHQZDUKRIIHQWOLFKKHXWHEHVVHULQGHU/DJH$XV
NQIWH]XJHEHQ"%LWWHMHW]WVLQG6LHDQGHU5HLKH*HQRVVH
.UDXW©
'HU2EHUOHXWQDQWUlXVSHUWHVLFKª=XQlFKVWP|FKWHLFKYRUDXV
VFKLFNHQGDGLH)UDXZLUNOLFKJURHV*OFNKDWWH+lWWHVLHGHU
7D[LIDKUHUQLFKWJHIXQGHQXQGZlUHVLHQLFKWVRIRUWLQV.UDQNHQ
KDXVJHEUDFKWZRUGHQVlKHHVE|VHIUVLHDXV'DVKDWPLUKHXWH
GHU6WDWLRQVDU]WQRFKHLQPDOYHUVLFKHUW6LHKDWHLQHVFKZHUH*H
KLUQHUVFKWWHUXQJXQGGLH3ODW]ZXQGHDP.RSILVWDXFKQLFKWXQ
JHIlKUOLFK©
ª:DUXPVRXPVWlQGOLFK*HQRVVH.UDXW:LUZLVVHQGDZLUHV
PLWHLQHPEUXWDOHQ7lWHU]XWXQKDEHQ©ILHOLKPGHU+DXSWPDQQ
LQV:RUWªGHVZHJHQZHUGHQZLUDXFKDOOHVGDUDQVHW]HQLKQVR
VFKQHOOZLHP|JOLFK]XIDVVHQ$OVR]XU6DFKHELWWH©
ª6RYLHOVWHKWIHVW©IXKU.UDXWHLQELFKHQDXVGHP.RQ]HSWJH
EUDFKWIRUWªGHU)UDXZXUGHQGLH+DQGWDVFKHPLWDFKWKXQGHUW
0DUNXQG*ROGVFKPXFNLP:HUWYRQUXQGYLHUWDXVHQG0DUNJH
UDXEW/HLGHUZDUVLHDXFKKHXWHQRFKQLFKWLQGHU/DJHLKQELVLQV
'HWDLO]XEHVFKUHLEHQ9RP7lWHUJDQ]]XVFKZHLJHQ'XQNOH.OHL
GXQJYHUPXWOLFKDXV/HGHUVDJWHVLH(UWUXJHLQHQ,QWHJUDOKHOPGHU
VHLQ*HVLFKWYHUGHFNWHXQGHUNDPDXV5LFKWXQJ2EHUODQJHQ©
.UDXWPDFKWHHLQH3DXVHXQGIXKUGDQQIRUWª$QLKUHU$XVVDJH
VWLPPWHWZDVQLFKW©HUNOlUWHHU]XUhEHUUDVFKXQJVHLQHU*HQRV
VHQ
ª:DVPHLQVWGX"6LHUHGHWVLFKHUOLFKHLQELFKHQGXUFKHLQDQGHU
.HLQ:XQGHUEHLGLHVHP6FKRFNXQGGHQ9HUOHW]XQJHQ©ZDUI
+DXSWPDQQ0OOHUHLQ
ª1HLQQHLQGDVLVWHVQLFKW,FKVWHOOHPLUQXUGLH)UDJHZDUXP
VLH]ZHL%XVVWDWLRQHQYRULKUHPHLJHQWOLFKHQ=LHODXVVWHLJWXQG
GDV]XUVSlWHQ6WXQGH:HQQPDQhEHUVWXQGHQJHPDFKWKDWZLOO
PDQGRFKVLFKHUOLFKVRVFKQHOOZLHP|JOLFKQDFK+DXVH©
ª:HOFKH(UNOlUXQJJLEWVLHGDIUDE"©HUNXQGLJWHVLFK+DXSW
PDQQ0OOHUXQGEHUVDKGDEHLGD8ZH.DUQEHUJHUVLFK]X
:RUWPHOGHWH
ª6LHZROOWHGHQ5HVWGHV:HJHV]X)XJHKHQXPQRFKHWZDVDQ
GHUIULVFKHQ/XIW]XVHLQ©DQWZRUWHWH2EHUOHXWQDQW.UDXW
ª$OVRJXW'DVNDQQVWLPPHQ1XQDEHU]XP7lWHU:HQQHUDXV
5LFKWXQJ2EHUODQJHQNDPNDQQHUGRUW]X%HVXFKRGHULQHLQHU
*DVWVWlWWHJHZHVHQVHLQXQGZROOWHQDFK$UQVEHUJ'DQQZDUHV
ZDKUVFKHLQOLFKHLQH=XIDOOVWDW$QGHUVVLHKWHVDXVZHQQHULU
JHQGZRDXIHLQHJQVWLJH*HOHJHQKHLWJHZDUWHWDOVRYRUEHGDFKW
JHKDQGHOWKDW6LFKHUOLFKZHLHUGDGLH%XVVHQXUDOOHKDOEH
6WXQGHIDKUHQXQGXPGLHVH=HLWQXUQRFKZHQLJH)DKUJlVWHEH
I|UGHUQ+DW)UDX%XJJHQKDJHQVDJHQN|QQHQLQZHOFKH5LFK
WXQJGHU0DQQZHJIXKU"©
ª(EHQQLFKW6LHZDURKQPlFKWLJ'HP7D[LIDKUHUGHUDXV
2EHUODQJHQJHNRPPHQZDULVWNHLQ0RWRUUDGIDKUHUEHJHJQHW
'HU7lWHUNDQQDOVRQXUQDFK$UQVEHUJJHIDKUHQVHLQ©
ª*XWGDQQEHJLQQHQZLUPLWGHQhEHUSUIXQJHQLQ$UQVEHUJ
'RFK]XQlFKVW*HQRVVH.DUQEHUJHUELWWH©
2EHUOHXWQDQW.DUQEHUJHUNRQQWHDXFKQLFKWVVDJHQZDV]XU
+RIIQXQJDXIHLQHKHLH6SXUEHUHFKWLJWH(UKDWWH(UPLWWOXQJHQ
LQGHU6WDGWUDQGVLHGOXQJJHIKUWXQGGRUWNHLQHQ+LQZHLVDXI9HU
GlFKWLJHHUKDOWHQ1LHPDQGKDWWHYRQGHPZDVVLFKDXIGHU
&KDXVVHHDEVSLHOWHHWZDVZDKUJHQRPPHQ:lUHMDDXFKHLQ:XQ
GHUJHZHVHQEHLGLHVHU(QWIHUQXQJGDFKWH:ROIJDQJ.UDXW
ª8PQRFKHLQPDOYRQGHU*HVFKlGLJWHQ]XUHGHQ©VDJWH.DUQ
EHUJHUXQGNDPQXQHQGOLFKDXIMHQHQ3XQNW]XVSUHFKHQDXIGHQ
HUVFKRQODQJHDXIPHUNVDPPDFKHQZROOWHª,KUH$QJDEHQVWLP
PHQWDWVlFKOLFKQLFKW'HU%XVIDKUHUEHKDXSWHWGDDQGHU+DOWH
VWHOOHª3XPSVWDWLRQ©ZHGHUMHPDQGDXVQRFKHLQJHVWLHJHQLVW8P
GLHVH=HLWKDWWHHUNDXP)DKUJlVWHXQGNDQQVLFKGDKHUJXWHULQ
QHUQ©
+DXSWPDQQ0OOHU]RJlUJHUOLFKGLH%UDXHQKRFK:DUXPNDP
.DUQEHUJHUHUVWMHW]WGDPLW'HUUHGHWZLUNOLFKQXUZHQQHUGD]X
DXIJHIRUGHUWZLUGGDFKWHHUPLPXWLJXQGZDQGWHVLFKDQ.UDXW
ª'DVZUGHVLFKPLWGHLQHU7KHRULHGHFNHQ:ROIJDQJ©VDJWHHU
RKQHMHGH)|UPOLFKNHLWª)UDX%XJJHQKDJHQZDUDOVRQLFKWJDQ]
HKUOLFK]XXQV©
ª$EHUZHQQGHU%XVIDKUHUVLFKLUUW©PHLQWH.UDXWVSHNWLVFK
ª'DQQKDXWWURW]GHPHWZDVQLFKWKLQ©HQWJHJQHWH.DUQEHUJHU
VlXHUOLFKGHUGLHPLELOOLJHQGH0LHQHVHLQHV+DXSWPDQQVEH
PHUNWKDWWHª/DXW)DKUSODQLVWGHU%XVHUVWQDFKGHU7DW]HLWGRUW
YRUEHLJHNRPPHQ:DVEULJHQVDXFKYRQGHP7D[LIDKUHUEHVWl
WLJWZXUGH'HU%XVKDWGRUWEHUKDXSWQLFKWJHKDOWHQVRQGHUQLVW
YRUEHLJHIDKUHQ©
0OOHUIOXFKWHLPVWLOOHQEHU.DUQEHUJHUV0LPRVHQKDIWLJNHLW
'DEHLKDWWHHUQLFKWHLQ:RUWGHV9RUZXUIVYHUODXWHQODVVHQª'DV
OlWGLH6DFKHLQHLQHPDQGHUHQ/LFKWHUVFKHLQHQ0|JOLFKHUZHLVH
JLEWHVHLQHQDQGHUHQ$XVJDQJVSXQNWGHU7DW©VDJWHHUª%LWWH
:ROIJDQJVXFKGHQ%HWULHEDXIHUNXQGLJHGLFKZDQQ)UDX%XJ
JHQKDJHQ)HLHUDEHQGJHPDFKWKDW(VNDQQDXFKQLFKWVVFKDGHQ
VLFKGRUWQDFK/HXWHQXP]XK|UHQGLHPLWXQVVFKRQ]XWXQKDWWHQ
'DQDFKUHGHPLWLKUVHOEHU'HU:LGHUVSUXFKPXJHNOlUWZHUGHQ
$EHUVHLYRUVLFKWLJGHQNDQLKUHQ=XVWDQG/DGLUZHQQQ|WLJ
YRQLKUHP0DQQGLHJHUDXEWHQ:HUWJHJHQVWlQGHEHVFKUHLEHQ
*XWHZlUHZHQQHUDQJHEHQNDQQZRVLHDQJHIHUWLJWRGHUJHNDXIW
ZXUGHQ:LUPVVHQ=ZHLWVWFNHGDYRQIRWRJUDILHUHQRGHUVLHYRQ
MHPDQG]HLFKQHQODVVHQ,FKGHQNHGDZLUQHEHQGHQEOLFKHQ
)DKQGXQJVPDQDKPHQQRFK+DQG]HWWHOPLWHLQHP$XIUXI]XU0LW
KLOIHYHUWHLOHQ9LHOOHLFKWZLUGGHU6FKPXFNLUJHQGZR]XP.DXI
DQJHERWHQ$OVZHLWHUHVNPPHUVWGXGLFKXPGLH*UXSSHDQGHU
.DUOVVRKQEUFNH:LUZLVVHQGDHLQLJHYRQGHQ%XUVFKHQPRWR
ULVLHUWVLQGXQGQLFKWJHUDGH]XGHQ%UDYVWHQJHK|UHQ:LHGXHV
DQVWHOOVWLVWGHLQH6DFKH+DXSWVlFKOLFKVLQGGLH]XEHUSUIHQ
GLHHLQH]ZHLKXQGHUWIQI]LJHU0=IDKUHQ8QGGHQNDQGDV6SLHO
]HXJ1XW]HGHQ.RQWDNWHLQHQ7LS]XEHNRPPHQ2EHUOHXWQDQW
.DUQEHUJHUZLUGGLH0RWRUUDGKDOWHUHUIDVVHQXQG(UPLWWOXQJHQ
QDFKGHU+HUNXQIWGHV6SLHO]HXJHVIKUHQ8QGGHQNWELWWHGDUDQ
ZHQQLKUDXI9HUGlFKWLJHVWRWVRIRUW9HUJOHLFKVVSXUHQYRQGHQ
0RWRUUDGUHLIHQQHKPHQNODU"©
.UDXWNDPQRFKPLWHLQHP(LQZDQGª,FKJODXEHQLFKWGDGHU
7lWHUQRFKVRMXQJLVWXPDQGHU.DUOVVRKQEUFNH]XYHUNHKUHQ
:HQQLFKDQGLH$UWXQG:HLVHVHLQHV9RUJHKHQVGHQNH©
ª'XNDQQVWYRQPLUDXVGHQNHQZDVGXZLOOVW©VFKQLWWLKPGHU
+DXSWPDQQGDV:RUWDEªMHGHQIDOOVN|QQHQZLUGLH*UXSSHQLFKW
DXVNODPPHUQ©.UDXWVHXI]WHXQK|UEDU0OOHUOLHEWHNHLQHQ:L
GHUVSUXFK
ª*LEWHVZHLWHUH%HPHUNXQJHQ©IUDJWHGHU+DXSWPDQQ
6FKZHLJHQ0LWHLQHU+DQGEHZHJXQJHQWOLH0OOHUVHLQH0LWDU
EHLWHU(UZDUIURKGD:ROIJDQJ.UDXWQLFKWVRHPSILQGOLFKZLH
.DUQEHUJHUZDU
'HUODQJJHVWUHFNWH.RUULGRULP9HUZDOWXQJVJHElXGHGHV.UDIW
ZHUNHVLQ2EHUODQJHQVDKQLFKWYLHODQGHUVDXVDOVGHULQGHU93
'LHQVWVWHOOH.KODPWOLFKVWUHQJ2EHUOHXWQDQW.UDXWZROOWH]XP
/RKQEURZR)UDX%XJJHQKDJHQQRUPDOHUZHLVHDUEHLWHWHª.D
GHUDEWHLOXQJ©ODVHUDQHLQHU7U(LJHQWOLFKNRQQWHHVQLFKWV
VFKDGHQZHQQHUJOHLFKPDOKLHUKLQHLQVFKDXWHXQGVLFKQDFKXQ
VLFKHUHQ.DQGLGDWHQHUNXQGLJWHEHUOHJWHHU(UHUIXKUYRP.D
GHULQVWUXNWHXUGDHLQ7LVFKOHUQDPHQV.DUOKHLQ]'RUWPXQGYRU
HWZDYLHU:RFKHQDXVGHU+DIWHQWODVVHQXQGZLHGHUDQVHLQHPDO
WHQ$UEHLWVSODW]HLQJHVHW]WZRUGHQZDU'RUWPXQGKDWWHHLQH
6WUDIHZHJHQ5DXEHVYHUEW=XUhEHUUDVFKXQJ.UDXWVVWHOOWH
VLFKKHUDXVGDHUDP7DWDEHQGVRJDUELV]ZDQ]LJ8KULP%HWULHE
ZDUXQGHLQ0RWRUUDGEHVDPLWGHPHUWlJOLFKYRQ$UQVEHUJ
QDFK2EHUODQJHQNDP
.UDXWEHUOHJWHQLFKWODQJH-HW]W0OOHUDQ]XUXIHQXQGVLFK
JUQHV/LFKW]XKROHQVFKLHQLKPUHLQH=HLWYHUVFKZHQGXQJ$P
EHVWHQHUVSUDFKJOHLFKPLW'RUWPXQG+DWWHHUHWZDVPLWGHP
5DXEDQ)UDX%XJJHQKDJHQ]XWXQZUGHHUHVDQVHLQHU5HDN
WLRQIHVWVWHOOHQ:HQQQLFKWZDUGLHVH6SXUQDFKGHUEOLFKHQ
hEHUSUIXQJJOHLFKZLHGHUDE]XKDNHQ$XHUGHPVDK.UDXWHLQH
0|JOLFKNHLWGLH6WUDIWDWLQNU]HVWHU=HLWDXI]XNOlUHQ
ª.DQQPDQKLHULUJHQGZRHLQ=LPPHUEHNRPPHQ©HUNXQGLJWH
HUVLFKEHLGHP.DGHULQVWUXNWHXU
ª6HOEVWYHUVWlQGOLFK©DQWZRUWHWHGHUEHIOLVVHQXQGWHOHIRQLHUWH
.XU]H=HLWVSlWHUVD.UDXW.DUOKHLQ]'RUWPXQGJHJHQEHU(U
JLQJQLFKWODQJHXPGHQKHLHQ%UHLKHUXPVRQGHUQVWHOOWH'RUW
PXQGNRQNUHWH)UDJHQ]XP$EODXIGHVYRUJHVWULJHQ$EHQGV'RUW
PXQGVWLHUWHLKQVHNXQGHQODQJYHUVWlQGQLVORVDQ'DQQEHJULIIHU
ª:DUXPIUDJHQ6LHGDVDOOHVKH"©EUDXVWHHUDXIª,VZDVSDV
VLHUW"8QGGDKDEHQ6HQLFKWV%HVVHUHV]XWXQDOVPLFK]XYHU
GlFKWLJHQ",VMDDXFKHLQIDFK'RUWPXQGLVYRUEHVWUDIW'RUWPXQG
PXHVJHZHVHQVHLQ©(UVSUDQJYRQVHLQHP6WXKODXIXQGUDQQWH
LP=LPPHUKLQXQGKHU
ª1DQD©YHUVXFKWH.UDXWLKQ]XEHUXKLJHQª.RPPHQ6LHVHW
]HQ6LHVLFKZLHGHU:HQQ6LHQLFKWV]XYHUEHUJHQKDEHQN|QQHQ
6LHPLUGRFKHU]lKOHQZDV6LHYRUJHVWHUQDEHQGJHPDFKWKDEHQ©
VDJWHHUXQGERW'RUWPXQGHLQH=LJDUHWWHDQ'LHVHUQDKPZLHGHU
3ODW](UUDXFKWHVFKZHLJHQGXQG.UDXWOLHLKP=HLW
ª%LQGUEHQLQGHU0RNNDVWXEHJHZHVHQ+DEQH%RFNZXUVW
JHJHVVHQXQGQHQ.DIIHHJHWUXQNHQ'DQQJLQJVPLWGHP0RWRU
UDGQDFK+DXVH.DQQ]HKQJHZHVHQVHLQDOVLFKDQNDP0HLQH
)UDXZLUGVEHVWlWLJHQ©
ª:DVIUHLQH0DVFKLQHIDKUHQ6LH"©
ª0=]ZHLKXQGHUWIQI]LJ©
.UDXWYHUEDUJVHLQHhEHUUDVFKXQJ'RFKHUNRQQWHQLFKWVR
UHFKWGDUDQJODXEHQGDHUVFKRQDXIGHUULFKWLJHQ6SXUZDU'DV
JLQJLKPDOOHV]XJODWW]XHLQIDFK0HLVWEHIDQGPDQVLFKLQVRO
FKHQ)lOOHQDXIGHP+RO]ZHJ
ª6LQGVHQXQ]XIULHGHQ©IUDJWH'RUWPXQGLURQLVFKª6DJHQVH
PLUGRFKPDOZRUXPVEHUKDXSWJHKW©
ª(LQH)UDXLVWEHUIDOOHQZRUGHQHLQHDXVGLHVHP%HWULHE'DV
LVWDOOHV©
'RUWPXQGODFKWHK|KQLVFKª,FKPXWHMDXQEHGLQJWZLHGHU
KLHUKHU9LHOOLHEHUKlWWHLFKZRDQGHUVJHDUEHLWHW$EHUGDUEHU
EHVWLPPHQMDDQGHUH©
.UDXWJLQJDXIGLHVHQ9RUZXUIQLFKWHLQ(UHUNXQGLJWHVLFKYRQ
ZHP'RUWPXQGLP&DIHEHGLHQWZXUGH
ª,FKZHUGHGDVEHUSUIHQ©VDJWHHUª.DQQVHLQGDZLUXQV,KU
.UDGQRFKQlKHUDQVHKHQ*HKHQ6LHHUVWPDOZLHGHUDUEHLWHQ©
'RUWPXQG]RJEUXPPHQGDEXQG.UDXWJLQJ]XP/RKQEUR6R
JDQ]]XIULHGHQZDUHUQLFKW'RUWPXQGKDWWHQLFKWLPJHULQJVWHQ
8QVLFKHUKHLWHQJH]HLJWXQGZDUDXFK]LHPOLFKEHU]HXJHQGDXIJH
WUHWHQ+DQGHOWHHVVLFKEHLLKPWURW]GHPXPGHQ7lWHUGXUIWHLKP
NHLQH*HOHJHQKHLWJHJHEHQZHUGHQYHUUlWHULVFKHV'LHEHVJXWYRU
GHU'XUFKVXFKXQJVHLQHU:RKQXQJIRUW]XVFKDIIHQ(LQHGXPPH
6LWXDWLRQ
$OVHUNXU]H=HLWVSlWHULP/RKQEURHUIXKUGD)UDX%XJJHQ
KDJHQNHLQHhEHUVWXQGHQJHPDFKWVRQGHUQJHJHQVLHE]HKQ8KU
GHQ%HWULHEYHUODVVHQKDWWHIOXFKWHHUVWLOOYRUVLFKKLQ:RZDU
)UDX%XJJHQKDJHQJHZHVHQ"1RFKLP&DIHJHJHQEHUXQGPLW
ZHP"6RJDQ]ZDU'RUWPXQG]ZDUQLFKWDOV7lWHUDXV]XVFKOLHHQ
DEHUZHQQVHLQ$OLELVWLPPWHPXWHHUVLFKQRFKEHLLKPHQWVFKXO
GLJHQ+HXWH)UDX%XJJHQKDJHQLP.UDQNHQKDXVDXI]XVXFKHQ
ZDU]ZHFNORV(UKDWWHHUIDKUHQGDLKU=XVWDQGZLHGHUVFKOHFK
WHUJHZRUGHQZDUXQGPDQKDWWHLKQDXIGHQQlFKVWHQ7DJYHUWU|
VWHW
6HLQH1DFKIUDJHLQGHP&DIHYHUOLHIVRZLHHUHVIDVWHUZDUWHW
KDWWH'LH6HUYLHUHULQJDE'RUWPXQGGDV$OLEL'RUWPXQGZDULQ
GHUª0RNNDVWXEH©NHLQ8QEHNDQQWHU(UKDWWHVFKRQYRUVHLQHU
+DIW]HLWGRUWYHUNHKUW.UDXWVHXI]WH:HQQHUGDUDQGDFKWH0O
OHUEHUVHLQH(UPLWWOXQJHQLP.UDIWZHUN]XXQWHUULFKWHQZXUGH
LKPIODXLP0DJHQ'RFKHUNRQQWHGHP+DXSWPDQQVFKOHFKWVHLQ
EHUHLOWHV9RUJHKHQXQWHUVFKODJHQ+lWWHHUJOHLFKJHZXWGD
)UDX%XJJHQKDJHQQLFKWELVLQGLHVSlWHQ$EHQGVWXQGHQLP%H
WULHEZDUZlUH'RUWPXQGVhEHUSUIXQJDQGHUVYHUODXIHQ-HPDQ
GHQXQYRUEHUHLWHWDQ]XVSUHFKHQRKQHHWZDV'HILQLWLYHVJHJHQLKQLQ
GHU+DQG]XKDEHQNRQQWHLQV$XJHJHKHQ(LQHDOWHNULPLQDOLVWL
VFKH:HLVKHLW,QVROFKHQ)lOOHQJHULHWHQVLHPHLVWHQVLQ=XJ
]ZDQJZDVQLFKWLPPHUJQVWLJIUGLHZHLWHUHQ(UPLWWOXQJHQZDU
$EHUZDVVROOHV]XP*OFNLVWQLFKWVVFKLHIJHJDQJHQGDFKWHHU
*HJHQVHFK]HKQ8KUVDHUGHP(KHPDQQGHU*HVFKlGLJWHQLQ
GHVVHQ:RKQXQJJHJHQEHU,UJHQGHWZDVVWLPPWHLQGHU(KH
QLFKW(UPHUNWHHVGHP0DQQLP5ROOVWXKODQ:DOWHU%XJJHQKD
JHQYHUKLHOWVLFK]LHPOLFK]XUFNKDOWHQGVWHOOWHGDIUDEHUVHOEHU
UHLFKOLFKYLHO)UDJHQª:DUXPLVWVLHGRUWEORDOOHLQHQWODQJJH
JDQJHQ6LHKlWWHGRFKPLWGHP%XVELVYRUGLH+DXVWUIDKUHQ
N|QQHQ"©0LWUDXHQVFKZDQJLQVHLQHQ:RUWHQPLW
ª,KUH)UDXZROOWHQRFKHLQELFKHQDQGHUIULVFKHQ/XIWVHLQ
+HUU%XJJHQKDJHQ%HLHLQHPVRODQJHQ$UEHLWVWDJLVWGDVGRFK
YHUVWlQGOLFK©.UDXWEHPHUNWH=ZHLIHOLQ%XJJHQKDJHQV0LHQH
'DNRQQWHHUOHLGHUDXFKQLFKWKHOIHQ0LWGHU8QHKUOLFKNHLWVHLQHU
)UDXPXWH:DOWHU%XJJHQKDJHQVFKRQVHOEHUIHUWLJZHUGHQ(U
VDKNHLQH9HUDQODVVXQJLKP]XVDJHQZDVHULP%HWULHEHUIDKUHQ
KDWWH
%HLGHPJHUDXEWHQ6FKPXFNKDQGHOHHVVLFKELVDXIGDV*ROG
NHWWFKHQXP(UEVWFNHJDE:DOWHU%XJJHQKDJHQDQ'LH.HWWH
KDEHHLQHQ$QKlQJHUPLWGHP7LHUNUHLV]HLFKHQ6WLHUXQGDXIGHP
9HUVFKOXGDV0RQRJUDPP$%
%XJJHQKDJHQHUNOlUWHVLFKEHUHLW=HLFKQXQJHQYRQGHQIHKOHQ
GHQ5LQJHQXQGGHP$UPUHLIDQ]XIHUWLJHQ$OVWHFKQLVFKHU=HLFK
QHUIDOOHHVLKPQLFKWVFKZHU$EELOGHUYRQLKQHQ]X3DSLHU]X
EULQJHQ
ª'DVLVWMDZXQGHUEDU©ULHI.UDXWHUIUHXWXQGEDW:DOWHU%XJ
JHQKDJHQDPEHVWHQJOHLFKGDPLW]XEHJLQQHQ'LHVHUIXKUPLW
GHP5ROOVWXKO]XVHLQHP6FKUHLEWLVFKXQGQDKPVHLQH$UEHLWDXI
:lKUHQGGHVVHQEHVFKlIWLJWHVLFK.UDXWPLWGHUNOHLQHQ7RFKWHU
GLHQHXJLHULJGHP*HVSUlFKGHU0lQQHUJHIROJWZDU1DFKHLQHU
KDOEHQ6WXQGHUHLFKWH:DOWHU%XJJHQKDJHQGHP2EHUOHXWQDQW
VHLQ:HUN
.UDXWEHWUDFKWHWHHVXQGQLFNWHDQHUNHQQHQGª$OOH$FKWXQJ
'DPLWN|QQHQZLUVFKRQHWZDVDQIDQJHQ©VDJWHHUXQGEHGDQNWH
VLFK
$PVHOEHQ1DFKPLWWDJEUDFKWHHUGLH=HLFKQXQJHQ]XVHLQHP
+DXSWPDQQGHUGHQ6FKPXFNLQ)DKQGXQJVWHOOHQXQGGLH+DQG
]HWWHOGUXFNHQODVVHQZROOWH.UDXWKLHOWVLFKQLFKWZHLWHUDXI6HLQ
:HJVROOWHLKQKHXWHQRFK]XU.DUOVVRKQEUFNHIKUHQ(UVWDP
QlFKVWHQ7DJZROOWHHU+DXSWPDQQ0OOHUEHUDOOHVDQGHUHLQIRU
PLHUHQ(LQ*OFNGDGLHVHUNHLQHZHLWHUHQ)UDJHQJHKDEWKDWWH
'LH'XQNHOKHLWZDUEHUHLWVKHUHLQJHEURFKHQDOV:ROIJDQJ.UDXW
PLWVHLQHU=ZHLKXQGHUWIQI]LJHUODQJVDPDQGLH.DUOVVRKQEUFNH
KHUDQIXKU0RWRUUDGVSRUWZDUVHLQ+REE\XQGHVZDUNHLQ:XQ
GHUGDHUGLHVHQ$XIWUDJJHUQHQWJHJHQJHQRPPHQKDWWH,PDOO
JHPHLQHQVWDQGLKPHLQ'LHQVWIDKU]HXJ]XU9HUIJXQJDEHULQ
GLHVHP)DOOZDUHVDQJHEUDFKWVHLQHLJHQHV0RWRUUDG]XYHUZHQ
GHQ(UVFKDXWHYRQREHQDXIGLHMXQJHQ0lQQHUGLHXQWHUGHP
%UFNHQERJHQYHUVDPPHOWZDUHQ6LHVWHFNWHQVDPWXQGVRQGHUV
LQVFKZDU]HU/HGHUNOHLGXQJ$EXQG]XEOLW]WHQLP/DPSHQOLFKW
.Q|SIH6FKQDOOHQRGHU5HLYHUVFKOVVHDQLKUHQ6DFKHQDXI(L
QLJH0RWRUUlGHUVWDQGHQDQGHQ%UFNHQSIHLOHUJHOHKQW6RZHLW
.UDXWHUNHQQHQNRQQWHZDUHQDXFKVFKZHUH0DVFKLQHQGDUXQWHU
:ROIJDQJ.UDXWKDWWHHLJHQWOLFKQLFKWGLH$EVLFKWVLFKKHXWH
JOHLFKDOV.ULPLQDOLVWHUNHQQHQ]XJHEHQ9LHOPHKUGDFKWHHU
GDUDQVHLQ,QWHUHVVHDQ0RWRUUlGHUQ]XEHNXQGHQXQGGDEHL.RQ
WDNW]XGHQ%XUVFKHQ]XILQGHQ'DQQZROOWHHUGLH*HOHJHQKHLW
ZDKUQHKPHQXQGVLFKGLH0DVFKLQHQXQGLKUH%HVLW]HUQlKHUDQ
VHKHQ
(LQHUGHU%XUVFKHQPXWHLKQHQWGHFNWKDEHQGHQQ.UDXWEH
PHUNWHZLHVLHVLFKLKP]XZDQGWHQXQGLKQQHXJLHULJPXVWHUWHQ
-HPDQGULHIHWZDVXQGSO|W]OLFKOLHIHQZHOFKH]XLKUHQ0RWRUUl
GHUQXQGNDPHQLKPDXIGHU6FKUlJHGHV'DPPHVHQWJHJHQJHIDK
UHQ.UDXWEHUOHJWHEOLW]VFKQHOO:HQQHULKQHQLPSRQLHUWHZU
GHQVLHLKQZDKUVFKHLQOLFKDPHKHVWHQDN]HSWLHUHQ+RIIHQWOLFK
YHUPXWHWHQVLHLQLKPQLFKWHLQHQ0DQQGHULKQHQQLFKWJXWJH
VRQQHQZDU(UJDE*DVXQGIXKUEHUGLH%UFNH]XUFN]XU
+DXSWVWUDH8QPLWWHOEDUGDUDXIERJHULQHLQHZHQLJEHIDKUHQH
6HLWHQVWUDHHLQ'LH%XUVFKHQKDWWHQLKQHUZDUWXQJVJHPlUDVFK
HLQJHKROWXQGQDKPHQLKQLQLKUH0LWWH=ZHLNDPHQLKPYRQEHL
GHQ6HLWHQVRQDKHGDHUMHGHQ0RPHQWPLWHLQHP=XVDPPHQ
VWRUHFKQHWH-HW]WPXWHHU9ROOJDVJHEHQXQGLKQHQGDYRQIDK
UHQ+RIIHQWOLFKOlXIWPLUNHLQ9HUNHKUVSROL]LVWEHUGHQ:HJXQG
PDFKW6FKHUHUHLHQGDFKWHHU,PQlFKVWHQ0RPHQWKDWWHHUVHLQH
9HUIROJHUVFKRQDEJHKDQJHQ(UERJDQGHUQlFKVWHQ(FNHHLQXQG
IXKUGLH3DUDOOHOVWUDH]XUFN]XU.DUOVVRKQEUFNH'RUWZDUWHWH
HUELVGLH0HXWHKHUDQZDU(UWUXJZLHVLHGXQNOH0RWRUUDGNOHL
GXQJXQGKDWWHGDV9LVLHUVHLQHV,QWHJUDOKHOPVKRFKJHVFKREHQ
ª*XWHQ$EHQG©EHJUWHHUVLH
ª+HZDVELVWGXIUHLQHU©ULHIHLQMXQJHU%XUVFKH(UOHJWHVHL
QHQ+HOPDEXQGWUDWQlKHUDQ.UDXWKHUDQ+HUDXVIRUGHUQG
SIODQ]WHHUVLFKYRUGHP2EHUOHXWQDQWDXIXQGVWHPPWHGLH+lQGH
LQGLH6HLWHQ
.UDXWILHOVHLQLP/DPSHQOLFKWURWVFKLPPHUQGHVKRFKWRXSLHU
WHV+DXSWKDDUDXI'LH6HLWHQSDUWLHQVHLQHV.RSIHVZDUHQNDKOUD
VLHUW.UDXWQDKPHEHQIDOOVGHQ+HOPDEXQGVWHOOWHVLFKHEHQVRLQ
3RVH
ª0HQVFKHLQ2SD©ULHIHLQDQGHUHU.UDXWGHP'UHLXQGGUHL
LJMlKULJHQJDEHVHLQHQ6WLFK9HUGDPPWVRDOWVHKHLFKGRFKEH
VWLPPWQLFKWDXVGDFKWHHUYROOHU,QJULPP'HUHUVWH6SUHFKHURI
IHQEDUGHU:RUWIKUHUOLHI]X.UDXWV0DVFKLQHXQGJULIIQDFKGHP
/HQNUDGª7ROOHU2IHQ%LVWXQVJDQ]VFK|QGDYRQJHIDKUHQ:R
KDVWHGHQQGHQ6FKOLWWHQKHU"9RQGHLQHP6RKQZDV"©(UODFKWH
K|KQLVFKXQGJDEGHP0RWRUUDGHLQHQ7ULWW(VNLSSWH]XU6HLWH
'LHDQGHUHQ%XUVFKHQILHOHQLQGDVVS|WWLVFKH/DFKHQGHV6SUH
FKHUVHLQ
.UDXWGHUVLFKGLH.RQWDNWDXIQDKPHPLWGHQ-XQJHQDQGHUV
YRUJHVWHOOWKDWWHQDKPVHHOHQUXKLJVHLQH0DVFKLQHZLHGHUDXIXQG
EHVDKVLHVLFK(LQHQ6FKDGHQNRQQWHHUQLFKWHQWGHFNHQ(UWUDW
GLFKWDQGHQ:RUWIKUHUKHUDQª'XELVWKLHUZRKOGHU6FKODXHVWH
ZDV"'DQQZLUVWGXPLUMDDPEHVWHQKHOIHQN|QQHQ©VDJWHHUXQG
LKPZDULQGLHVHP0RPHQWNODUGDDXFKDOOHVZHLWHUHDQGHUV
YHUODXIHQZUGHDOVYRQLKPJHSODQW
6HLQ*HJHQEHUQDKPHLQHGURKHQGH+DOWXQJDQª:HQQGXGHL
QHQ6SU|OLQJVXFKVWEHLXQVLVWNHLQ)UHPGHUHK8QGQXQKDX
DE©8QYHUPLWWHOWJULIIHU.UDXWDQGHQ.UDJHQXQGZROOWHLKPHL
QHQ6WRJHEHQ'RFKHUKDWWHQLFKWPLWGHQ-XGRNHQQWQLVVHQGHV
2EHUOHXWQDQWVJHUHFKQHW(KHHUZXWHZLHLKPJHVFKDKODJHU
DXIGHP%RGHQXQGULHEVLFKVHLQ+LQWHUWHLO
ª(KZDVKDELFKGLUGHQQJHWDQ2SD©NUlFK]WHHUXQGUDSSHOWH
VLFKDXI-HW]WODFKWHQGLHDQGHUHQEHULKQ
ª6RQXQPDO]XU6DFKH-XQJHQV©ULHI.UDXWHQHUJLVFKXQG
]HLJWHVHLQHQ'LHQVWDXVZHLVª.ULPLQDOSROL]HL2EHUOHXWQDQW
.UDXW©IJWHHUKLQ]Xª:HPJHK|UHQGLHGUHL=ZHLKXQGHUWIQI]L
JHUGRUW"©
(UZLHVPLWGHU+DQG]XGHQ0DVFKLQHQ,PVWLOOHQIOXFKWHHU
GDQLFKWDOOHVQDFK3ODQJHODXIHQZDU1XQPXWHHUGDPLWUHFK
QHQGDPDQVLFKUHVHUYLHUWYHUKLHOW'UHL%XUVFKHQWUDWHQDXVGHU
*UXSSHKHUDXV(UOLHVLFKLKUH$XVZHLVHJHEHQXQGQRWLHUWHVLFK
GLH1DPHQ
(VKDQGHOWHVLFKXP0LNH.RFKGHQ*UXSSHQVSUHFKHU6WHIIHQ
+DXVHUXQG-XOLXV.UHWVFKPDU.UDXWEHVWHOOWHVLHIUGHQQlFK
VWHQ7DJ]XVHLQHU'LHQVWVWHOOHª8QGYHUJHWELWWHHXUH0RWRUUl
GHUQLFKW©VDJWHHU]XLKQHQ
ª:DVLVWGHQQEHUKDXSWORV"©ZROOWH0LNH.RFKZLVVHQª,VWHLQ
8QIDOOPLWVRQHP'LQJSDVVLHUW"©
ª:LUVXFKHQMHPDQGHQ©DQWZRUWHWH.UDXWªDEHUGDUEHUUHGHQ
ZLUPRUJHQ©(UKDWWHHVVLFKEHUOHJW+LHUDQGLHVHU6WHOOHPLW
RIIHQHQ.DUWHQ]XVSLHOHQZlUHQLFKWGDVULFKWLJHJHZHVHQ
$PQlFKVWHQ0RUJHQZDUHUVFKRQIUKDXIGHQ%HLQHQXPUHFKW
]HLWLJDXVGHP.UDQNHQKDXV]XUFN]XVHLQZHQQGLH%XUVFKHQ
NDPHQ)UDX%XJJHQKDJHQK|UWHLKPVFKZHLJHQG]XDOVHULKUHU
]lKOWHZDVHULQ]ZLVFKHQLQLKUHP%HWULHEHUIDKUHQKDWWH
ª:DUXPKDEHQ6LHXQVQLFKWGLH:DKUKHLWJHVDJW)UDX%XJJHQ
KDJHQ6LHEUDFKWHQXQVGDPLWIDVWDXIHLQHIDOVFKH6SXU©
2EZRKOHUVLFKEHPKWHHLQHQVDFKOLFKHQ7RQDQ]XVFKODJHQ
ZDUGHU9RUZXUIQLFKW]XEHUK|UHQ)UDX%XJJHQKDJHQQHVWHOWH
YHUOHJHQDQLKUHU%HWWGHFNH
ª:HQQ6LHP|FKWHQXQGHVVWHKHQNHLQH%HGHQNHQGDJHJHQ
N|QQHQZLU,KUH$QJDEHQDXFKYHUWUDXOLFKEHKDQGHOQ©VDJWH
.UDXWXPLKUGDV6SUHFKHQ]XHUOHLFKWHUQ
ª9HUWUDXOLFK©ZLHGHUKROWHVLHQDFKGHQNOLFKXQGVFKWWHOWHGHQ
.RSIª1HLQGDVKHLWHLJHQWOLFKQXUPHLQHP0DQQJHJHQEHU©
.UDXWQLFNWHª5HGHQ6LHQXU©
ª(QWVFKXOGLJHQ6LHGDLFKQLFKWGLH:DKUKHLWJHVDJWKDEH
DEHU6LHZHUGHQJOHLFKYHUVWHKHQZDUXP©,KUHNXU]HQ$WHP]JH
YHUULHWHQGDLKUGDV6SUHFKHQVFKZHUILHO6FKOLHOLFKJHVWDQGVLH
HLQGDVLHVLFKPLWHLQHP%HNDQQWHQLP.RSSHOZDOGDXIJHKDOWHQ
KDWWHXQGYRQLKPGDQDFKPLWGHP:DJHQELV]XU&KDXVVHHPLWJH
QRPPHQZXUGH,QGHU1lKHGHU%XVKDOWHVWHOOHKDEHVLHVLFKDE
VHW]HQODVVHQHUNOlUWHVLHXPQLFKWPLWLKPLQGHU6WDGWJHVHKHQ
]XZHUGHQ
.UDXWKDWWHVLFKVRHWZDVJHGDFKW1XQHUZDUNHLQ0RUDODSR
VWHOXQGKDWWHNHLQH3DUWHL]XHUJUHLIHQ6FKOLHOLFKZDUHV6DFKH
GHU)UDX'HQQRFKNRQQWHHUQLFKWYHUKLQGHUQGDVLFKLKPGDV
%LOGYRP0DQQLP5ROOVWXKOXQGGHUNOHLQHQ7RFKWHUDXIGUlQJWH
ª+DEHQ6LHMHPDQGDP.RSSHOZDOGJHVHKHQRGHUYLHOOHLFKWVSl
WHUDXIGHU&KDXVVHH©IUDJWHHUUHVHUYLHUW
ª1DFKXQVNDPMHPDQGPLWHLQHP0RWRUUDGYRP.RSSHOZDOG
,FKKDEHLKQLP6HLWHQVSLHJHOEHPHUNWDEHUVSlWHUQLFKWPHKUDXI
LKQJHDFKWHW©
ª1DVHKHQ6LH'DVNDQQGRFKGHU7lWHUJHZHVHQVHLQ©.UDXW
NODSSWHVHLQ1RWL]EXFK]X$XFK%HWURIIHQHVDJHQPDQFKPDOQLFKW
GLH:DKUKHLWGDFKWHHU
$P9RUPLWWDJOLHIDOOHVVRZLHHUHVVLFKYRUJHQRPPHQKDWWH
0LNH.RFK6WHIIHQ+DXVHUXQG-XOLXV.UHWVFKPDUZDUHQJHNRP
PHQ,KUH0DVFKLQHQVWDQGHQDXIGHP+RIGHU'LHQVWVWHOOH(U
KDWWHGLH%XUVFKHQNXU]LQV%LOGJHVHW]WXQGVLFK]XHUVWPLW.UHW
VFKPDUXQG+DXVHUXQWHUKDOWHQ1XQZDUGHU*UXSSHQVSUHFKHU
0LNH.RFKDQGHU5HLKH(UZDUWHWHLP%HVXFKHUUDXP
ª.RPPHQ6LH©IRUGHUWH.UDXWLKQDXIXQGJLQJPLWLKPLQVHLQ
'LHQVW]LPPHU
ª:DVPDFKHQGLHMHW]WPLWPHLQHU.LVWH©IUDJWH0LNH.RFKQHX
JLHULJPLWHLQHP%OLFN]XP)HQVWHU2EHUOHXWQDQW.UDXWVDKKLQ
DXV
ª%LWWH©VDJWHHUXQGZLQNWH.RFKKHUDQ%HLGHVFKDXWHQDXIGHQ
+RIXQGEHREDFKWHWHQIUHLQLJH0LQXWHQGLH+DQGKDEXQJHQGHU
.ULPLQDOWHFKQLNHU=XQlFKVWZDUHQGLH)DEULNDWHGHU5HLIHQIHVW
]XVWHOOHQXQGMHQHKHUDXV]XVXFKHQGLHGHUDP7DWRUWJHVLFKHUWHQ
6SXUHQWVSUDFKHQ'DQQZXUGH6WFNIU6WFNGHU5HLIHQPLWLKU
YHUJOLFKHQXPDXIGLHLQGLYLGXHOOHQ0HUNPDOH]XVWRHQGLHVLH
DXIZLHV'LH)HLQXQWHUVXFKXQJHUIROJWHDQVFKOLHHQGLP/DERU
ª6LHZDUHQGRFKGDPLWHLQYHUVWDQGHQ©PHLQWH.UDXWOlFKHOQG
XQGEDW0LNH.RFKZLHGHU3ODW]]XQHKPHQ
ª-DVFKRQ©HUZLGHUWH.RFKXQGVHW]WHVLFK
ª8QG6LHVDJWHQDXFK6LHKlWWHQYROOHV9HUVWlQGQLVIUXQVHUH
$UEHLW©
ª+DELFKDXFK©HQWJHJQHWH0LNH.RFKDXIPSILJª$EHU6LH
YHUGlFKWLJHQPLFKQXUZHLOLFKVRDXVVHKH©
ª,FKYHUGlFKWLJH6LHGRFKQLFKWXQGVFKRQJDUQLFKWZHJHQ,K
UHU)ULVXU$EHU6LHZLVVHQGD6LHXQG,KUH)UHXQGHVFKOHFKW
QDFKSUIEDUH$OLELVYRUEULQJHQ6LHZROOHQDOOHDP7DWDEHQGDQ
GHU.DUOVVRKQEUFNHJHZHVHQVHLQJHEHQVLFKJHJHQVHLWLJVR]XVD
JHQHLQ$OLEL6LHZHUGHQYHUVWHKHQGDLFKGDHLQELFKHQPL
WUDXLVFKELQ©
ª,FKKDEMHGHQIDOOVPLWGHP5DXEQLFKWV]XWXQ©VDJWH0LNH
.RFKWURW]LJ.UDXWEOLFNWHVHLQ*HJHQEHUHLQH:HLOHVFKZHLJHQG
DQ
ª:HQQ6LHPLWGHP5DXEQLFKWV]XWXQKDEHQQDVFK|QGDQQ
N|QQHQ6LHPLUYLHOOHLFKWHLQHQ7LSJHEHQZHUHVJHZHVHQVHLQ
NDQQ©VDJWHHU
0LNH.RFKODFKWHLURQLVFKª,FK,KQHQHLQHQ7LSJHEHQ"(UVW
YHUGlFKWLJHQ6LHPLFKXQGGDQQZROOHQ6LHQHQ7LSYRQPLU"©
ª1DQD1XQGUDPDWLVLHUHQ6LHPDOQLFKW$OVRZLHLVWHV"©
0LNH.RFKNDXWHDXIVHLQHU8QWHUOLSSHKHUXPª,FKVHOEHU
NHQQHNHLQHQGHUVRZDVPDFKHQZUGH+DEDXFKQLFKWVJHK|UW
%LQMDQXUPLWGHU0HXWHDQGHU%UFNH]XVDPPHQ$EHUGDJLEWV
GLH6XVL6XVL.UDPHU9LHOOHLFKWIUDJHQ6LHGLHPDO©
ª:DVLVWPLWLKU"©
ª'LHYHUNHKUWDQDOOHQP|JOLFKHQ(FNHQGHU6WDGW'LHOLHEWVR
VFKZHUHgIHQZLHZLUVLHIDKUHQXQGOlWVLFKJHUQ]XQHU)DKUW
HLQODGHQ6LHNHQQWEHVWLPPWQH0HQJH/HXWHPLW0RWRUUlGHUQ©
ª$KD,QWHUHVVDQW8QGZRILQGHLFKGLHVH6XVL"©
ª:RVLHZRKQWZHLLFKQLFK.DQQ,KQHQQH'LVNRQHQQHQZR
VLHYHUNHKUW$PEHVWHQLV6LHNRPPHQZLHGHUPDOEHLXQVYRUEHL
$OOHSDDU7DJHNUHX]W6XVLEHLXQVDXI©
'HU2EHUOHXWQDQWEHGDQNWHVLFKXQGOLH.RFKJHKHQ
:HQQLKPGDV*HVSUlFKPLWGHQMXQJHQ%XUVFKHQDXFKQLFKW
DXIGLHHUZQVFKWH6SXUJHEUDFKWKDWWHZDUHUGHQQRFKPLWGHP
(UJHEQLV]XIULHGHQ
1DFKGHP(VVHQZROOWH+DXSWPDQQ0OOHULQDOOHU.U]HEHU
GLH$UEHLWVHUJHEQLVVHLQIRUPLHUWZHUGHQ.UDXWEHJDQQPLWVHLQHQ
(UPLWWOXQJHQLP.UDIWZHUN)UHLPWLJEHULFKWHWHHUGDHUIDVW
JHJODXEWKDEHDXIGHUULFKWLJHQ)lKUWH]XVHLQGRFKHVZlUHHLQ
7UXJVFKOXJHZHVHQª.DUOKHLQ]'RUWPXQGKDWHLQHLQZDQGIUHLHV
$OLEL(UZDUYRQ]ZDQ]LJELVHLQXQG]ZDQ]LJ8KUGUHLLJLP&DIH
!0RNNDVWXEH'LH7DWSDVVLHUWHEHNDQQWOLFKJHJHQQHXQ©VDJWHHU
ª'LH6HUYLHUHULQLVWJODXEZUGLJ©0OOHUVDKLKQEHLVHLQHQ:RU
WHQHLJHQWPOLFKDQVDJWHDEHUQLFKWV:DVVROOHUDXFKVDJHQ
GDFKWH.UDXW6FKOLHOLFKKDWWHHULKPVHOEHUGHQ$XIWUDJJHJHEHQ
VLFKLP.UDIWZHUNQDFK9HUGlFKWLJHQXP]XK|UHQ$OOHUGLQJVQXU
XP]XK|UHQJHVWDQGHUVLFKHLQª:LUKDEHQPLWXQVHUHU9HUPX
WXQJUHFKWJHKDEW©IXKUHUUDVFKIRUWDOVN|QQHHUYRP7KHPDDE
OHQNHQª)UDX%XJJHQKDJHQKDWNHLQHhEHUVWXQGHQJHPDFKW
'RUWPXQGGDJHJHQZDUELV]ZDQ]LJ8KULP%HWULHE©
:LHGHUILQJ.UDXWHLQHQQDFKGHQNOLFKHQ%OLFNYRP+DXSWPDQQ
DXIª)UDX%XJJHQKDJHQKDWPLUKHXWHDQYHUWUDXW©IXKUHUIRUW
ªGDVLHDP7DWDEHQGPLWHLQHP)UHXQGLP.RSSHOZDOGZDU6LH
WUDIHQVLFKGRUWLQGHU1lKH,KU)UHXQGKDWVLHVSlWHUPLWVHLQHP
:DJHQHLQ6WFNPLWJHQRPPHQXQGDQGHU%XVKDOWHVWHOOHDEJH
VHW]W6LHHULQQHUWVLFKVRJDUGDQDFKLKQHQHLQ0RWRUUDGIDKUHU
DXVJOHLFKHU5LFKWXQJJHNRPPHQLVW©
ª$OVRGRFK©ULHI+DXSWPDQQ0OOHUª'HPQDFKKDWGHU7lWHU
VHLQ2SIHUYHUPXWOLFKVFKRQDP.RSSHOZDOGDXVJHPDFKW'RFK
ZRKHUZXWHHUGDGLH)UDXDXIGHU&KDXVVHHDXVVWHLJW"©(U
VFKZLHJHLQHQ0RPHQWª:LHDXFKLPPHU©PHLQWHHUGDQQªDOOHV
GHXWHWGDUDXIKLQGDHVVLFKXPNHLQHQJHSODQWHQ5DXEPHKU
XPHLQH=XIDOOVWDWJHKDQGHOWKDW'DVHUVFKZHUWGLH6DFKH%LWWH
ZHLWHU©
ª.HLQHUGHU%XUVFKHQYRQGHU.DUOVVRKQEUFNHKDWVFKRQPLW
GHU.ULPLQDOSROL]HL]XWXQJHKDEW©EHULFKWHWH.UDXWª'UHLYRQLK
QHQIDKUHQHLQH]ZHLKXQGHUWIQI]LJHU0='LH7UDVVRORJHQYHU
JOHLFKHQQRFK'LH$OLELVGHU%XUVFKHQHUVFKHLQHQPLUHLQELFKHQ
ZDFNOLJ6LHZROOHQDP7DWDEHQGDOOHDQGHU%UFNHJHZHVHQVHLQ
,FKSUIHGDVQRFK©.UDXWPDFKWHHLQH3DXVHXQGHU]lKOWHGDQQ
YRQ6XVL.UDPHUª,FKKRIIHGDLFKPLWLKUHU+LOIHZHLWHU
NRPPH©VDJWHHU
ª,Q2UGQXQJGDQQEOHLEVWGXDQGLHVHU6SXU9LHOOHLFKWNRPPVW
GXWDWVlFKOLFKEHUGLHVHV0lGFKHQZHLWHU8QGVSULFKDXFKPLW
GHP)UHXQGGHU%XJJHQKDJHQ:HQQLFKPLUDXFKQLFKWYLHOGD
YRQYHUVSUHFKHPVVHQZLUZLVVHQPLWZHPZLUHVGD]XWXQKD
EHQ0|JOLFKVRJDUGDHUGHQ7lWHUJHVHKHQKDWRKQHVLFKGHVVHQ
EHZXW]XVHLQ'LH3HUVRQDOLHQKDVWGXGRFKKRIIHQWOLFK"©
.UDXWDWPHWHLPVWLOOHQDXIXQGQLFNWH'LHVHQ7RQNDQQWHHU
0OOHUNDPPDQFKPDOPLW)UDJHQDXIGLHPDQQLFKWYRUEHUHLWHW
ZDU(UKDWWH]XP*OFN1DPHQXQG$QVFKULIWGHV0DQQHV
0OOHUZDUVFKRQDXIJHVWDQGHQXQG]XP)HQVWHUJHWUHWHQ(U
IKOWHVLFKZHJHQGLHVHV)DOOHVQLFKWUHFKWZRKO'UHL7DJHQDFK
GHPVFKZHUHQ5DXEZDUHQVLHQRFKQLFKWZHLWJHNRPPHQREZRKO
HVJHQJHQG$XVJDQJVPDWHULDO]XJHEHQVFKLHQ1DFK0LQXWHQ
GHV6FKZHLJHQVVHW]WHHUVLFKZLHGHU'HU7UDVVRORJHNDPLQV=LP
PHUXQGOHJWHLKPGDV(UJHEQLVVHLQHU9HUJOHLFKVXQWHUVXFKXQJHQ
DXIGHQ7LVFK
ª.HLQHUGHU5HLIHQZHLVWGLHJOHLFKHQ0HUNPDOHDXIZLHGLHDP
7DWRUWJHVLFKHUWH6SXU©HUNOlUWHHU
ª1DELWWH©VDJWH+DXSWPDQQ0OOHUHQWWlXVFKWª'DNDQQVWGX
GLUZHLWHUH$OLELEHUSUIXQJHQHUVSDUHQ:ROIJDQJ©
(UEHGDQNWHVLFKVHXI]HQGXQGQDKPHLQH/LVWH]XU+DQGGLH
.DUQEHUJHUJHIHUWLJWKDWWH$XILKUZDUHQGLH$UQVEHUJHU+DOWHU
YRQ0RWRUUlGHUQGHVJHVXFKWHQ7\SVYHU]HLFKQHW
ª.RPPHQZLUDOVRKLHU]X©VDJWH+DXSWPDQQ0OOHUXQGJLQJ
]XUQlFKVWHQ$XIJDEHEHUª:LUPVVHQGHQ.UHLVHLQHQJHQXQG
KDOWHQXQV]XQlFKVWDQGLH-QJHUHQ*HQRVVH.DUQEHUJHUGXEH
NRPPVWQRFK8QWHUVWW]XQJ©
.DUQEHUJHUVFKLHQQLFKWEHJHLVWHUWYRQGLHVHU$XIJDEH(VZDU
PKVHOLJH.OHLQDUEHLW0OOHUEHPHUNWHHVª7XWPLUOHLG8ZH-H
GHUYRQHXFKKDWJOHLFKH&KDQFHQDXIGLH6SXUGHV7lWHUV]XVWR
HQQXUXQWHUVFKLHGOLFKVLQGGLH:HJH©(UVFKZLHJHLQHQ0R
PHQW'LHNOHLQHQ5LYDOLWlWHQXQWHUGHQEHLGHQZHU]XHUVWDXIGHQ
7lWHUNDPKDWWHHWZDVIUVLFK6LHVSRUQWHQDQ
ª+DVWGXGLH+HUNXQIWGHV6SLHO]HXJHVHUPLWWHOQN|QQHQ©IUDJWH
HU.DUQEHUJHU
ª'LH+HUNXQIWYHUPXWOLFKMD©DQWZRUWHWHGLHVHUªDEHULFKZHL
QLFKWREGHUEHVFKULHEHQH.lXIHUGHU7lWHULVW©.DUQEHUJHU
PDFKWHDEVLFKWOLFKHLQH3DXVHXQGEOLFNWHLQGLHJHVSDQQWHQ*H
VLFKWHUVHLQHU*HQRVVHQª%HLGHP)HXHUZHKUDXWRKDQGHOWHVVLFK
XPHLQVHOWHQHV0RGHOO'LH/HXWHVLQGZLHZLOGGDUDXI9RUGUHL
:RFKHQZXUGHQVLHDQGDV:DUHQKDXV&HQWUXPXQGGLH)DFKJH
VFKlIWHDXVJHOLHIHUW$P.DXIWDJXQVHUHV6SLHO]HXJHVKDWWHQQXU
QRFK]ZHL9HUNDXIVVWHLOHQHLQSDDU([HPSODUH]XU9HUIJXQJ'DV
LVWGUHL7DJHKHU'HU.DVVHQERQZHLVWOHLGHUQLFKWDXIGDV*H
VFKlIWKLQLQZHOFKHPXQVHU)HXHUZHKUZDJHQJHNDXIWZXUGH
(LQH9HUNlXIHULQYRP6SLHO]HXJODGHQ0HUNVZLOOVLFKHULQQHUQ
DP7DWWDJHLQHP0RWRUUDGIDKUHUGHQYRUOHW]WHQYHUNDXIW]XKD
EHQ'DHUHLQ0RWRUUDGIDKUHUZDUVFKORVLHDXVVHLQHU.OHL
GXQJXQGGHP,QWHJUDOKHOPGHQHULQGHU+DQGWUXJ6LHVFKlW]W
GHQ0DQQDXI$QIDQJELV0LWWH=ZDQ]LJ(LQHJHQDXH%HVFKUHL
EXQJNDQQVLHQLFKWJHEHQ*URVFKODQNGXQNHOKDDULJGDVLVWDO
OHV©
ª1DGDVLVWGRFKZDV9LHOOHLFKWZUGHVLHGHQ0DQQWURW]GHP
ZLHGHUHUNHQQHQ©ULHIGHU+DXSWPDQQ
ª1HLQ6LHJODXEWQLFKW©
0OOHUZDUHQWWlXVFKWª(VLVW]XP+HXOHQ(UVWNHLQH)LQJHUDE
GUFNHMHW]WGDV/DVLHWURW]GHPLQGLH/LFKWELOGNDUWHLHLQVHKHQ
YLHOOHLFKWKDEHQZLU*OFN©HQWVFKLHGHU
ª,VWVFKRQRUJDQLVLHUW)UlXOHLQ.UJHUNRPPWQRFKKHXWH©DQW
ZRUWHWH.DUQEHUJHUPLWJHNUlQNWHU0LHQHGLH0OOHUQLFKWHQW
JLQJ9LHOOHLFKWKDWWH.DUQEHUJHUVHLQH(QWWlXVFKXQJZLHGHUDOV
9RUZXUIJHJHQVLFKDXIJHIDW
ª'DVKDVWGXJXWJHPDFKW©OREWHHULKQGDKHUª8QGLQIRUPLHUH
PLFKELWWHJOHLFK8ZH©'LHVH$QHUNHQQXQJWDW.DUQEHUJHURIIHQ
VLFKWOLFKZRKOXQG0OOHUUHJLVWULHUWHHVPLWHLQHPXQK|UEDUHQ
6HXI]HU(UEDW.UDXWQRFK]XEOHLEHQ
ª0HQVFKHQVNLQG:ROIJDQJZDVKDVWGXEORLQ7DNWLNJHOHUQW©
VDJWHHUVHXI]HQGXQGVFKOXJLKPNDPHUDGVFKDIWOLFKDXIGLH6FKXO
WHU.UDXWVEHWUHWHQH0LHQHYHUULHWLKPDOOHVª1XQKDXVFKRQDE©
0OOHUVFKRELKPOlFKHOQGDXVGHP=LPPHU
.UDXWGHUJHJODXEWKDWWHGLH6DFKHPLW'RUWPXQGEHUVSLHOW]X
KDEHQVFKZRUVLFKQLHZLHGHUYRUHLOLJ]XKDQGHOQ
$QQHJUHW:HEHUVWDQGDP.FKHQIHQVWHUXQGKLHOW$XVVFKDXQDFK
*QWHU)DON6LHUHFKQHWHMHGHQ0RPHQWPLWVHLQHP.RPPHQ
1RFKHLQPDOOLHIVLH]XP6SLHJHOXQGVFKDXWHSUIHQGLQLKUYHU
ZHLQWHV*HVLFKW'LH5|WHGHU$XJHQZROOWHQLFKWZHLFKHQ6LH
GUFNWHPLWHLQHPIHXFKWHQ7XFKGDJHJHQGRFKHVKDOIQLFKWV
'DQQJLQJVLHLQGLH6WXEH]XGHP.OHLQHQ0LFKDKRFNWHDXIGHP
)XERGHQVFKREVHLQH+RO]HLVHQEDKQDXIGHP7HSSLFKHQWODQJ
XQGJOXFNVWHIU|KOLFKYRUVLFKKLQ$QQHJUHWOlFKHOWH(LQ*OFN
GD0DFKHUWNHLQHQ$QVSUXFKDXIGHQ-XQJHQHUKRE6LHVWDUUWH
DXILKUH+DQGJHOHQNHGLHQRFKLPPHU'UXFNVWHOOHQDXIZLHVHQ(U
KDWWHLKUZLHGHULP)OXUGHV+DXVHVDXIJHODXHUWXQGVLHEHGUlQJW
$OVVLHVLFKQLFKWYRQLKPNVVHQODVVHQZROOWHSDFNWHHUVRKDUW
]XGDVLHDXIVFKULH'HU-XQJHEHJDQQ]XZHLQHQ'DZXUGH0D
FKHUWQRFKZWHQGHU(UYHUODQJWHPLWLQGLH:RKQXQJJHQRPPHQ
]XZHUGHQ:lUHLQGLHVHP0RPHQWQLFKW+HUU3HWHUVDXVGHP
GULWWHQ6WRFNJHNRPPHQKlWWH0DFKHUWVLFKHUOLFKQLFKWYRQLKU
DEJHODVVHQ6RDEHUNRQQWHVLHLKQZHJVWRHQXQG]XVDPPHQPLW
+HUUQ3HWHUVQDFKREHQJHKHQ
$QQHJUHWVHXI]WH:DVVROOWHGDVEORQRFKZHUGHQ3O|W]OLFK
K|UWHVLH/lUPLP7UHSSHQKDXV6LH|IIQHWHGLH7UXQGYHUQDKP
0lQQHUVWLPPHQ:HQQVLHVLFKQLFKWLUUWHZDUHQ)DONXQG0D
FKHUWDQHLQDQGHUJHUDWHQ$QQHJUHWHUVFKUDN0DFKHUWKDWWHJH
GURKW)DON]XVDPPHQ]XVFKODJHQ:HQQHUVHLQH'URKXQJQXQ
ZDKUPDFKWH"5DVFKJULIIVLHQDFKLKUHQ:RKQXQJVVFKOVVHOQXQG
OLHIGLH7UHSSHQKLQXQWHU$OVVLHLP3DUWHUUHDQNDPYHUVFKZDQG
0DFKHUWJHUDGHGXUFKGLH+DXVWU*QWHU)DONODJDP%RGHQXQG
GUFNWHHLQ7DVFKHQWXFKJHJHQVHLQH/LSSHQ(UEOXWHWHDXV1DVH
XQG0XQG(LQ0LHWHUZDUDXVVHLQHU:RKQXQJJHWUHWHQXQGERW
VHLQH+LOIHDQ
ª'DQNHHVJHKWVFKRQ©IOVWHUWH)DONXQGOLHVLFKYRQ$QQH
JUHWDXIGLH%HLQHKHOIHQ6LHK|UWHQJHUDGHQRFKZLH0DFKHUWPLW
VHLQHP0RWRUUDGGDYRQIXKU
0DFKHUWKDWWH]ZDUVHLQH:XWDEUHDJLHUWDEHULQQHUOLFKZDUHU
LPPHUQRFKDXIJHZKOW'HU*HGDQNHGD$QQHJUHWPLWGLHVHP
)DON]XVDPPHQZDUPDFKWHLKQNUDQN(UYHUVXFKWH]XU5XKH]X
NRPPHQ,P=HQWUXPGHU6WDGWVWHOOWHHUVHLQH0DVFKLQHDP6WUD
HQUDQGDEXQGOHKQWHVLFKDQGDV6FKXW]JLWWHU0LWVHLQHQ*HGDQ
NHQZDUHUQRFKLPPHUEHL$QQHJUHW,KUHKHIWLJH$EZHKUZDU
VFKXOGGDUDQJHZHVHQGDVLFKVHLQH:XWVRJHVWHLJHUWKDWWH$OV
]XVHLQHP/HLGZHVHQQRFK)DONDXIWDXFKWHKDWWHHUVHLQH%HKHUU
VFKXQJYHUORUHQ6LFKHUOLFKZDUHQGHPHLQSDDU=lKQHORFNHU
9LHOOHLFKWVROOWHHUVLFKGRFKQDFKHLQHUDQGHUHQ)UDXXPVHKHQ
EHUOHJWHHU$QQHJUHWKDWWHLKPZLHGHUGHXWOLFKJH]HLJWZLHHUQVW
HVLKUPLWHLQHU7UHQQXQJZDU%LVKHUKDWWHHUQRFKNHLQH)UDXJH
IXQGHQGLHLKUJOLFK,P*UXQGHZROOWHHUDXFKNHLQHDQGHUH:DV
VROOWHHUWXQXPVLH]XUFN]XJHZLQQHQ$XINHLQHQ)DOODXI.QLHQ
YRULKUUXWVFKHQQDKPHUVLFKYRU+lWWHHUHVDP1DFKPLWWDJHU
UHLFKWLQLKUH:RKQXQJ]XNRPPHQZlUHHVLKPDXFKJHOXQJHQ
PLWLKU]XVFKODIHQ(UJODXEWHVHLQH0DFKWEHU$QQHJUHW]XNHQ
QHQ$EHUVHLW:RFKHQMD0RQDWHQKDWWHVLFKQLFKWVPHKU]ZL
VFKHQLKQHQDEJHVSLHOW9LHOOHLFKWVROOWHHUHVQRFKHLQPDODXIQHWWH
:HLVHYHUVXFKHQ":DVVLHQXUDQGLHVHP)DONIDQG'DVZDUGRFK
NHLQH.RQNXUUHQ]IULKQ'HU*HGDQNHDQVHLQHQ1HEHQEXKOHU
ZHFNWHLQ0DFKHUWHUQHXW=RUQDXI$QQHJUHWXQGZLHGHUUHGHWHHU
VLFKHLQGDDOOH)UDXHQVFKOHFKWVHLHQ6LHYHUGLHQWHQHVQLFKWHL
QHQDQVWlQGLJHQ.HUO]XP0DQQ]XEHNRPPHQVRPHLQWHHU
:HQQHVQDFKLKPJLQJHPWHQDOOHGLHXQWUHXZDUHQEHVWUDIW
ZHUGHQ
3O|W]OLFKZLHYRQHLQHUIL[HQ,GHHEHVHVVHQVSUDQJHUDXIVHLQ
0RWRUUDGXQGIXKUVWDGWDXVZlUWV
(UKDWWH*OFN(EHQZDUHLQHHOHJDQWH'DPHDQGHU+DOWHVWHOOH
6WDGWUDQGVLHGOXQJDXVGHP%XVJHVWLHJHQ6LHKLHOWGHV:LQGHV
ZHJHQLKUHQ+XWIHVW
0DFKHUWJDE*DVXQGIXKUGHU)UDXHQWJHJHQ,P'lPPHUOLFKW
NRQQWHHUHUNHQQHQGDGLH)UDXDOOHUOHL6FKPXFNDQVLFKKDWWH
)QI]LJ-DKUHDOWPRFKWHVLHVHLQVDKDXVZLHHLQH*HVFKlIWVIUDX
,KUH7DVFKHWUXJVLHDP%JHOEHUGLH6FKXOWHU0DFKHUWVFKDOWHWH
GDV)HUQOLFKWHLQXQGULFKWHWHHVYROODXIGLH)UDX(UEHPHUNWH
ZLHVLHHUVFKUDNXQGXQZLOONUOLFKQDFKLKUHU7DVFKHJULII0D
FKHUWVSUDQJYRP0RWRUUDGOLHI]XLKUSDFNWHVLHDQGHU6FKXOWHU
XQGULLKUGHQ%JHOGHU7DVFKHKHUXQWHU'LH)UDXZHKUWHVLFK
XQGEHJDQQ]XVFKUHLHQ0DFKHUWVFKOXJLKUHLQSDDUPDOKHIWLJLQV
*HVLFKWXQGYHUVXFKWHLKUGLH5LQJHYRQGHQ)LQJHUQ]X]LHKHQ(V
JHODQJ1XUGLHJURH%URVFKHPLW6LFKHUKHLWVYHUVFKOXZROOWH
VLFKQLFKWYRQLKUHU%OXVHO|VHQ(UPXWHVLHPLWGHP5HYHUVKHU
XQWHUUHLHQ'LH)UDXJDELPPHUQRFKQLFKWDXIGRFK0DFKHUW
ZDUVWlUNHU$OVHUGLH7DVFKHHUEHXWHWKDWWHODFKWHHUK|KQLVFK
DXI'DNUDOOWHVLFKGLH)UDXZLHHLQH.OHWWHDQVHLQH/HGHUMDFNH
]HUUWHGDUDQKHUXPXQGULVLHGRFKWDWVlFKOLFKHQW]ZHL0DFKHUW
ZDUDXHUVLFK(UIUFKWHWH/HXWHN|QQWHQDXIPHUNVDPZHUGHQ
XQGJDEGHU)UDXHLQHQ6WRGDVLHLQV6WROSHUQNDPXQGKLQ
VWU]WH0DFKHUWWUDWLKUPLWGHP)XEUXWDOLQGLH6HLWH
ª6HLVWLOO0HQVFKVRQVWSDVVLHUWZDV©,QGHU)HUQHZDUGDV*H
UlXVFKYRP%XV]XYHUQHKPHQXQG0DFKHUWVDK]XGDHUIRUW
NDP
,QGHU6WDGWDQJHNRPPHQIXKUHUNUHX]XQGTXHUGXUFKGLH
6WUDHQXPP|JOLFKH9HUIROJHUDE]XVFKWWHOQ1XUDOOPlKOLFK
NODQJVHLQH(UUHJXQJDE$OVHUVLFKHUZDUGDHUQLFKWYHUIROJW
ZXUGHEOLHEHUDQGHU+DXSWYHUNHKUVVWUDHVWHKHQXQGDWPHWH
WLHIGXUFK-HW]WIKOWHHUVLFKZRKOHU1XUGLH.HKOHZDULKPWURN
NHQJHZRUGHQXQGHUYHUVSUWHPLWHLQHP0DOJURHQ$SSHWLW
DXIHLQ%LHU(UIXKUQDFK+DXVHVWHOOWHVHLQ0RWRUUDGLQGLH5H
PLVHXQGJLQJQDFKREHQ%HYRUHUVLFK]X)XDXIGHQ:HJLQGLH
*URWHZRKOVWUDHPDFKWHZROOWHHUQRFKUDVFKVHLQH%HXWHLQ$X
JHQVFKHLQQHKPHQ=XP*OFNWUDIHUVHLQH0XWWHUQLFKWLQGHU
:RKQXQJDQ6LHZDUYHUPXWOLFKEHLLKUHU1DFKEDULQ0DFKHUW
VFKWWHOWHGHQ,QKDOWGHU+DQGWDVFKHDXIGHQ7LVFKXQGIDQGLQ
GHU*HOGE|UVHYLHUKXQGHUW0DUN(UVWHFNWHVLHVFKQHOOZHJXQG
QDKPVLFKGLH5LQJHYRU(UOLHVLHVSLHOHULVFKGXUFKGLH)LQJHU
JOHLWHQ9RQGHU%URVFKHHQWIHUQWHHUGHQ6WRIIHW]HQ,KPNDPHLQ
*HGDQNH(UKROWHGHQDQGHUHQ6FKPXFNDXVGHU%OHFKEFKVH
XQGVWHFNWHLKQHEHQIDOOVHLQ9LHOOHLFKWHUJDEVLFKHLQH0|JOLFK
NHLWGLH%HXWHDE]XVHW]HQ(UEUDXFKWH*HOG'LH5HSDUDWXUGHU
/HGHUMDFNHZUGHQLFKWELOOLJVHLQ9RQHLQHUQHXHQJDQ]]X
VFKZHLJHQ
,QVHLQHU.QHLSHDQJHNRPPHQEOLFNWHHUVLFKVXFKHQGXP(U
HQWGHFNWH$OIUHG6WEHUXQGZDUIURKGDUEHU6WEHUNDPLKPJH
UDGHUHFKW)UKHUKDWWHHULKPYRQ=HLW]X=HLWYRQVHLQHU:DUHHW
ZDVDEJHQRPPHQXQGHVYHUK|NHUW
$OVJHQJHQG7XPXOWLP/RNDOKHUUVFKWHNUDPWH0DFKHUWGHQ
6FKPXFNDXVVHLQHU7DVFKHXQG]HLJWHLKQXQWHUGHP7LVFK$OIUHG
6WEHU'RFKGHUVFKLHQQLFKWJHQHLJW]XVHLQLUJHQGHWZDVGDYRQ
]XEHUQHKPHQ
ª%LVWHYHUUFNW©]LVFKWHHU0DFKHUWDQªVLHKPDOKLHU©(UKROWH
HLQ]HUNQLWWHUWHV6WFN3DSLHUDXVVHLQHU-DFNHQWDVFKHXQGUHLFKWH
HV0DFKHUW(VZDUGHU$XIUXIGHU9RONVSROL]HL]XU0LWDUEHLW'LH
GDUDXIDEJHELOGHWHQ*HJHQVWlQGHMDJWHQ0DFKHUWHLQHQWFKWLJHQ
6FKUHFNHLQ(VKDQGHOWHVLFKXPVHLQH%HXWHDXVGHPHUVWHQ
5DXE5DVFKOLHHUGHQ6FKPXFNZLHGHULQVHLQH7DVFKHYHU
VFKZLQGHQª9HUGDPPW©IOVWHUWHHU
ª,FKKDEVRZLHVRNHLQH$EQHKPHUPHKU©HUNOlUWHLKP6WEHU
ª$PEHVWHQGXVFKUHLEVWHLQH$QQRQFH©
0DFKHUWVFKWWHOWHGHQ.RSIXQGWUDQNHLOLJVHLQ%LHUDXV
ª6FKDGH©VDJWHHUQXUXQGEHGDQNWHVLFKIUGHQ7LS6RHLQH
3OHLWHGDFKWHHU*HUDGHMHW]WZRHUVRGULQJHQG*HOGJHEUDXFKHQ
NRQQWH
ª0HQVFKODGLFKEORQLFKWHUZLVFKHQ+DVWGRFKGDV'LQJ
QLFKWHWZDVHOEHUJHGUHKW©IUDJWH6WEHUPLWYHUVFKODJHQHP%OLFN
ª'DEHVWHOOGLUQRFKQHQ6FKQDSVXQGYHUJLHV©HUZLGHUWH
0DFKHUWZDUILKPHLQHQ=HKQHUDXIGHQ7LVFKXQGJLQJ+RIIHQW
OLFKYHUSILIILKQ6WEHUQLFKW(UZROOWHGHQ6FKPXFNYRUOlXILJ
QLFKWDQUKUHQ0DFKHUWZXUPWHHVGDHUVRZHUWYROOH'LQJHEH
VDXQGVLHQLFKWDQGHQ0DQQEULQJHQNRQQWH$QQRQFHDXIJHEHQ
QHLQGDQNHGDFKWHHU'DVZDUXQWHUGLHVHQ8PVWlQGHQHLQ
HEHQVRJURHV5LVLNRZLHGLH*HJHQVWlQGHLQHLQ$QXQG9HU
NDXIVJHVFKlIW]XEULQJHQ'DQQZROOWHHULKQOLHEHUDOVHLVHUQH5H
VHUYHEHKDOWHQ
)U+DXSWPDQQ0OOHUXQGVHLQH*HQRVVHQVWDQGIHVWGDPDQHV
LP]ZHLWHQ)DOOPLWGHPJOHLFKHQ7lWHUZLHEHLPHUVWHQ5DXE]X
WXQKDWWH'LHVPDOHUZLHVHQVLFKGLH$QJDEHQGHU*HVFKlGLJWHQ
DOVULFKWLJ)UDX:RUPVZDUDXV2EHUODQJHQPLWGHP%XVJHNRP
PHQXQGDQGHU+DOWHVWHOOH6WDGWUDQGVLHGOXQJDXVJHVWLHJHQ6LH
DUEHLWHWHLQGHU%HWULHEVSROLNOLQLNGHV.UDIWZHUNHVDOVbU]WLQXQG
KDWWHELV]ZDQ]LJ8KU6SUHFKVWXQGHDEJHKDOWHQ1DFKGHPVLH
QDFKGHPhEHUIDOOZLHGHU]XVLFKJHNRPPHQZDUZDUVLHQDFK
+DXVHJHODXIHQXQGKDWWHGLH3ROL]HLYHUVWlQGLJW%HLGHU7DWRUWXQ
WHUVXFKXQJNRQQWHQHUQHXW5HLIHQVSXUHQYRQHLQHU]ZHLKXQGHUW
IQI]LJHU0=JHVLFKHUWZHUGHQ'DPLWZDUGLHJOHLFKH7lWHUVFKDIW
LQEHLGHQ)lOOHQEHVWlWLJWZRUGHQ'LH%HVFKUHLEXQJGHV0DQQHV
ILHOlKQOLFKZLHLPHUVWHQ)DOODXV(UVHLJURVFKODQNVSRUWOLFK
JHZHVHQXQGKDEHGXQNOH/HGHUNOHLGXQJXQGHLQHQVFKZDU]HQ,Q
WHJUDOKHOPJHWUDJHQKDWWH)UDX:RUPVDXVJHVDJW
:LH+DXSWPDQQ0OOHUIHVWVWHOOWHZDUGLH(LQVLFKWQDKPHLQGLH
7lWHUOLFKWELOGNDUWHLGXUFKGLH9HUNlXIHULQGHV6SLHO]HXJODGHQVHU
IROJORVYHUODXIHQ*HUDGHGDUDXIKDWWHHUJHZLVVH+RIIQXQJJH
VHW]W$OVZHLWHUH(QWWlXVFKXQJVWHOOWHQVLFK.DUQEHUJHUVELVKH
ULJH%HPKXQJHQKHUDXVGHQ9HUEOHLEGHVJHUDXEWHQ6FKPXFNV
GXUFKhEHUSUIXQJYRQ$QQRQFHQ]XHUPLWWHOQ$XFKGLH)DKQ
GXQJVPDQDKPHQLQ$QXQG9HUNDXIVJHVFKlIWHQKDWWHQQRFK
QLFKW]XVHLQHP$XIILQGHQJHIKUW%OLHEHQQRFKGLH0RWRUUDGKDO
WHU
0OOHUEHPKWHVLFKEHLVHLQHQ:RUWHQNHLQH(QWWlXVFKXQJ]X
]HLJHQª'DNDQQPDQQLFKWVPDFKHQ©PHLQWHHUª'HU7lWHUZLUG
QRFKLQ%HVLW]GHUJHVWRKOHQHQ*HJHQVWlQGHVHLQ:LOOVLHYLHO
OHLFKWHUVWDEVHW]HQZHQQ*UDVEHUGLH6DFKHJHZDFKVHQLVW©
.DUQEHUJHUQLFNWH6HLQ+DXSWPDQQKDWWHLKPRIIHQEDUDXVGHU
6HHOHJHVSURFKHQ
(LQHQDQGHUHQ8PVWDQGDEHUKLHOWGLHVHUIUEHPHUNHQVZHUW
%HLGH*HVFKlGLJWHQDUEHLWHWHQLP.UDIWZHUN2EHUODQJHQ.UDXW
VROOWHGRUWZHLWHUH1DFKIRUVFKXQJHQDQVWHOOHQ0|JOLFKHUZHLVH
VXFKWHGHU7lWHUVFKRQKLHUVHLQHVSlWHUHQ2SIHUDXV.DP'RUW
PXQGPLW6LFKHUKHLWQLFKWDOV7lWHULQ)UDJHVROOWHQGLH9HUELQ
GXQJHQGHUEHLGHQ)UDXHQIHVWJHVWHOOWXQGJHJHEHQHQIDOOVDQGHUH
0LWDUEHLWHUHQWVSUHFKHQGHQ$OWHUVXQG$XVVHKHQVEHUSUIWZHU
GHQ0OOHUEHUWUXJGLHVH$XIJDEH.UDXW6HLQHDEHQGOLFKHQ$XV
IOJH]XU.DUOVVRKQEUFNHN|QQHHUQHEHQEHLZHLWHUIKUHQ
PHLQWHHU,UJHQGZDQQPVVHMDGLHVH6XVL.UDPHUGRUWZLHGHU
DXIWDXFKHQ
8QJHDFKWHWGHUQRFKDXVVWHKHQGHQ(UJHEQLVVHZROOWH+DXSW
PDQQ0OOHUHLQHQ(LQVDW]YRUEHUHLWHQGHUDXIGLH)HVWQDKPHGHV
XQEHNDQQWHQ7lWHUVJHULFKWHWZDU
ª,FKUHFKQHVWDUNGDPLWGDHUZLHGHUNRPPW©PHLQWHUª:HQQ
XQVHUH*UXSSHYHUVWlUNWZLUGVLQGZLULQGHU/DJH.ULPLQDOLVWHQ
SlUFKHQ]XELOGHQGLHGLH$XIPHUNVDPNHLWGHV8QEHNDQQWHQDXI
VLFKOHQNHQZHUGHQ0LWJOHLFKHP=LHOVHW]HLFK.ULPLQDOLVWLQQHQ
HLQ6LHZHUGHQGHQ%XVEHQXW]HQXQGDQGHQXQVEHNDQQWHQ+DO
WHVWHOOHQDXVVWHLJHQ*HZLGDVLVWHLQ5LVLNR:HQQDEHUJHQ
JHQG6LFKHUXQJVNUlIWHYRUKDQGHQVLQGGUIWHQLFKWVVFKLHIJH
KHQ©
0OOHUV:RUWHVWLPPWHQRSWLPLVWLVFK(VJDENHLQHQ=ZHLIHO
GDHUDOOHVDXIHLQH.DUWHVHW]HQZROOWH.UDXWZDUHQWWlXVFKWDOV
HUHUIXKUGDHUEHLGLHVHP(LQVDW]QLFKWPLWYRQGHU3DUWLHVHLQ
VROOWH)ULKQJlEHHVJHQXJDQGHUHV]XWXQPHLQWH0OOHU.UDXW
VWULFKVLFKYHUVWRKOHQEHUGDV.LQQ0OOHUKDWWHUHFKW'LHDQGH
UHQ(UPLWWOXQJHQPXWHQZHLWHUODXIHQ'HQQRFKDP(LQVDW]WHLO
]XQHKPHQKlWWHLKPEHKDJW(LQHHFKWH&KDQFHGHQ7lWHUDXIIUL
VFKHU7DWIHVW]XQHKPHQ
0DFKHUWODJDXIVHLQHU/LHJHXQGVWDUUWHLQV/HHUH(UZDUHUVWDP
VSlWHQ9RUPLWWDJDXIJHVWDQGHQKDWWHJHJHQHLQVGLH=HLWXQJDXV
GHP3RVWNDVWHQJHKROWXQGQXQZDUHVEDOGIQIXQGHUKDWWH
QRFKNHLQHQ)XYRUGLH7UJHVHW]W$OIUHG%UDQGWVHLQ%ULJDGLHU
KDWWHLKPYRU]ZHL7DJHQPLWJHWHLOWGDDEVRIRUWYRP/RKQEUR
GHU3IlQGXQJVEHVFKOXGHV*HULFKWVLQGLH7DWXPJHVHW]WZHUGH
XQGLKPGLH8QWHUKDOWVNRVWHQIUVHLQHQ6RKQ0LFKDVRZLHQRFK
HLQHPRQDWOLFKH1DFK]DKOXQJVUDWHYRQVHLQHP9HUGLHQVWDEJH]R
JHQZHUGHQ/DQJHJHQXJKDEHPDQPLWLKP*HGXOGJHKDEWXQG
PLWVHLQHU=DKOXQJV:LOOLJNHLWJHUHFKQHWOHLGHUYHUJHEOLFKKDWWH
%UDQGWJHPHLQW6HLWGLHVHU$XVVLFKWZDU-UJHQ0DFKHUWGLH/XVW
DXIV$UEHLWHQYHUJDQJHQ(UODFKWHLURQLVFKDXI1HXQ]LJ0DUN
8QWHUKDOWXQGGD]XQRFKVHFK]LJ0DUN1DFK]DKOXQJPRQDWOLFK
'DVQDQQHQGLHªLQDQJHPHVVHQHU+|KH©9HUGDPPWQRFKPDOGDV
ZDUHLQVFK|QHV6WFN*HOGXQGHUEUDXFKWHHVMHW]WVRGULQJHQG
'LHYLHUKXQGHUW0DUNYRPOHW]WHQ&RXSZDUHQVRJXWZLHDXIJH
EUDXFKW6HLQ9HUGLHQVWUHLFKWHJHUDGHIUGDVQ|WLJVWH%DOG
ZXUGHVHLQHKHPDOLJHU.XPSHODXVGHU+DIWHQWODVVHQXQGHU
PXWHLKPGDV0RWRUUDG]XUFNJHEHQ'DQQKLHHVVLFKVHOEHU
HLQV]X]XOHJHQXQGGDVZDUQLFKWELOOLJ:DVVROOWHHURKQH0RWRU
UDGDQIDQJHQ"(WZDPLW%XVRGHU6WUDHQEDKQIDKUHQ"9LHOOHLFKW
QRFK]X)X]XU$UEHLW"1HLQGDQNH'DVLVWGDVOHW]WHGDFKWHHU
(UJLQJ]XP.KOVFKUDQNXQGQDKPHLQHQ6FKOXFNDXVGHU:RG
NDIODVFKHLQGHUQXUQRFKHLQ5HVWYRQJHVWHUQJHEOLHEHQZDU
(QGOLFKNDPVHLQH0XWWHUª%LVWMDVSlWGUDQ©ULHIHUYRUZXUIVYROO
ª0DFKVWGRFKVRQVWEORELVGUHLLQGHLQHU6FKXOHVDXEHU©
ª+HUU'LUHNWRUKDWPLFKJHEHWHQKHXWHOlQJHU]XEOHLEHQ(U
KDWWHHLQH%HUDWXQJPLWDQGHUHQ'LUHNWRUHQXQGGDVROOWHLFKVLH
EHZLUWHQKHOIHQ©
ª+HUU'LUHNWRU+HUU'LUHNWRU:HQQLFKGDVVFKRQK|UH0HKU
*HOGNULHJVWHGHVZHJHQDXFKQLFKW+DVWHZHQLJVWHQVZDVIU
PLFK"%LQVRJXWZLHEODQN©
$QQD0DFKHUWVHXI]WH0XWQLFKWVRYLHOLQ.QHLSHQJHKHQ
GDFKWHVLH6FKRQZLHGHUZROOWHHU*HOGKDEHQ:DUXPEXPPHOWHU
EORVHLW]ZHL7DJHQGLH$UEHLW.HLQ:XQGHUZHQQHUZHQLJHU
DXVJH]DKOWEHNDP6LHJULII]XU*HOGE|UVHXQGUHLFKWHLKPHLQHQ
)QI]LJPDUNVFKHLQª'DPHKUKDELFKQLFKW-XQJH.DQQGLUYRU
OlXILJDXFKQLFKWVJHEHQ©
0DFKHUWULLKUGHQ*HOGVFKHLQDXVGHU+DQGª*LEVFKRQKHU
:LUVWMDQlFKVWH:RFKHZLHGHUZDVNULHJHQRGHU"/RVPDFKZDV
]XHVVHQLFKPXIRUW©0DFKHUWQDKPGLH=HLWXQJXQGEHGHFNWH
GDPLWIDVWGLHJDQ]H7LVFKSODWWHª%HHLOGLFK©ULHIHUVHLQHU0XWWHU
]XGLHEHUHLWVDQGHQ+HUGJHWUHWHQZDUXQGGDV(VVHQYRUEHUHL
WHWH$P.FKHQWLVFKKDWWHVLHMHW]WQLFKWV]XVXFKHQZXWHVLH
6LHKDWWHQLFKWHLQPDOLKUH-DFNHDXVJH]RJHQVRQGHUQJOHLFKGLH
6FKU]HGDUEHUJHEXQGHQª-DMD©DQWZRUWHWHVLHXQGKDQWLHUWH
ZHLWHUDP+HUGKHUXP:LHGHUHLQPDOEHGDXHUWHVLHGDHV]ZL
VFKHQ$QQHJUHW:HEHUXQG-UJHQDXVZDU9HUVWHKHQNRQQWHVLH
GDV0lGHOMDDEHUIU-UJHQZlUHHVEHVVHUJHZHVHQZHQQVLH]X
LKPJHKDOWHQKlWWH6RODQJHLKU9HUKlOWQLVPLWHLQDQGHUEHVWDQG
ZDU-UJHQKDOEZHJVYHUQQIWLJ1XQDEHUYHUVFKOHFKWHUWHVLFK
VHLQ%HQHKPHQYRQ7DJ]X7DJ,KUIHKOWHDXFKGHU.OHLQH6LH
JODXEWHGDVLHLKQQLHZLHGHUVHKHQZHUGH'DEHLKDWWHVLHVLFK
LPPHUHLQ(QNHONLQGJHZQVFKWIUGDVVLHHLQHULFKWLJH2PDVHLQ
NRQQWH:HQQ-UJHQVRZHLWHUPDFKW
V
EHNRPPWHUEHUKDXSW
NHLQHDQVWlQGLJH)UDXGDFKWHVLH
ª+HWUlXPVWGX":LHODQJHGDXHUWHVGHQQQRFK,FKKDEVHL
OLJ©XQWHUEUDFKHULKUH*HGDQNHQ$QQD0DFKHUW]XFNWH]XVDP
PHQ
ª%LQMDJOHLFKVRZHLW©ULHIVLH(UZROOWHZHJ":LHGHUDXI7RXU
ZLHHUHVQDQQWH"5DVWHYLHOOHLFKWZLHHLQ:LOGHUGXUFKGLH6WUD
HQHUVFKUHFNWHGLH/HXWHXQGIXKUZRP|JOLFKQRFKMHPDQGHQDQ
1XQMDVROOHUGRFKYHUVFKZLQGHQGDFKWHVLH'DQQKDWWHVLHZH
QLJVWHQVHLQSDDU6WXQGHQ5XKH
$QQD0DFKHUWKDWWHIDOVFKYHUPXWHW0DFKHUWVXFKWHVHLWODQ
JHPZLHGHUHLQPDOHLQH'LVNRDXI'LH/XVWDXIHLQ0lGFKHQWULHE
LKQGRUWKLQ
(UQDKPDQGHU7KHNH3ODW]EHVWHOOWHVLFKHLQH&RODXQGKLHOW
QDFKHLQHPKEVFKHQ0lGFKHQ$XVVFKDX(VZDUQRFKUHODWLY
IUKHUVWQHXQ]HKQ8KU(UNRQQWHNHLQHVHQWGHFNHQGDVVHLQHQ
9RUVWHOOXQJHQHQWVSUDFK'DV6SLHOGHUEOLW]HQGHQ6FKHLQZHUIHU
WDXFKWHGLH3DDUHDXIGHU7DQ]IOlFKHLPUDVFKHQ:HFKVHOLQDQ
GHUH)DUEHQXQGOLHVLHZLH:HVHQHLQHUIUHPGHQ:HOWHUVFKHL
QHQ3O|W]OLFKHUUHJWHHLQ0lGFKHQ0DFKHUWV,QWHUHVVH(VZDUPLW
HLQHPJOHLFKDOWULJHQ%XUVFKHQJHNRPPHQ%HLGHVFKLHQHQPLWHLQ
DQGHUEHIUHXQGHW]XVHLQ'DV0lGFKHQVDKYHUGDPPWJXWDXV
IDQG0DFKHUW(LJHQWOLFKOLHEWHHUDQ)UDXHQQLFKWVRYLHO)OLWWHU
XQGVFKRQJDUQLFKW.ULHJVEHPDOXQJLQLKUHQ*HVLFKWHUQ'RFK
GLHVHKLHUKDWWHHWZDV$XIUHL]HQGHVDQVLFK
$OVVLHPLWLKUHP3DUWQHUWDQ]WHEHZHJWHVLHLKUHQJHVFKPHLGL
JHQ.|USHUWHPSHUDPHQWYROOLP5K\WKPXVGHU0XVLNGDLKP
KHLZXUGH$OVLKU)UHXQGQDFKGHP7DQ]HWZDV]XWULQNHQKROWH
OLHI0DFKHUW]XLKUXQGVSUDFKVLHDQ(UZDUVLFKVHLQHU:LUNXQJ
DXI)UDXHQVRVLFKHUGDHUQLFKWDQLKUHU=XVDJH]ZHLIHOWH6XVL
.UDPHUEOLFNWHHUVWDXQWDXI0DFKHUWGHUVLHEDWPLWLKP]XWDQ
]HQ0DFKHUWJHILHOLKUDXIGHQHUVWHQ%OLFN*URVFKODQNVSRUW
OLFK'DVOLHEWHVLHDQ0lQQHUQ6LFKHUZDUHUQLFKWVRODQJZHLOLJ
ZLHLKU%HJOHLWHU6LHQDKP0DFKHUWV(LQODGXQJJHUQDQ
$QVFKOLHHQGJLQJVLHPLWLKP]XU7KHNHXQGNPPHUWHVLFK
QLFKWPHKUXPGHQPLWGHPVLHJHNRPPHQZDU0DFKHUWWULXP
SKLHUWHLPVWLOOHQ(UKDWWHZLHGHUHLQPDOUHFKWEHKDOWHQ$OVHU
6XVL.UDPHUEDOGGDUDXI]XVLFKQDFK+DXVHHLQOXG]|JHUWHVLH
QLFKWHLQHQ$XJHQEOLFN6LHIDQG-UJHQDXIUHJHQG
$QQD0DFKHUWQDKPRKQH(UVWDXQHQGLH7DWVDFKHKLQGD-U
JHQHLQH)UHXQGLQPLWEUDFKWH5DVFKVWHOOWHVLHHLQ]ZHLWHV%LHU
JODVDXIGHQ7LVFK
ª,VWVFKRQJXW©VDJWH-UJHQMRYLDO]XLKUªZLUPDFKHQGDV
VFKRQ'XZROOWHVWGRFKQRFK]XGHLQHU1DFKEDULQ©
$QQD0DFKHUWQLFNWHHLIULJXQGEOLFNWHGDEHLYHUVWRKOHQDXIGLH
8KUGHUHQNOHLQHU=HLJHUODQJVDPDXIGLH1HXQUFNWHª-DMD©
ULHIVLHª)UDX%HXFKOHUZDUWHWVFKRQDXIPLFK©6LHEDQGVLFKGLH
6FKU]HDEXQGYHUOLHGLH:RKQXQJ6XVL.UDPHUVFKDXWHHLQ
ELFKHQYHUZLUUWGUHLQIDQGVLFKDEHUVFKQHOOPLWGHUYHUlQGHUWHQ
6LWXDWLRQDE-UJHQ0DFKHUW|IIQHWHHLQH)ODVFKH:HLQGLHHUYRQ
XQWHUZHJVPLWJHEUDFKWKDWWH6XVLVFKDXWHLKQQDFKGHP]ZHLWHQ
*ODVQRFKYHUOLHEWHUDQDOVVLHHVEHUHLWVLQGHU'LVNRJHWDQKDWWH
'HU5HVWGHV$EHQGVZDUIU0DFKHUWJHODXIHQ
(VZDUIDVWGUHLXQG]ZDQ]LJ8KUDOV0DFKHUWVLFKDXIUDSSHOWH
XQGZLHGHU/LFKWLQGHU.FKHPDFKWH'LHNDULHUWH6FKODIGHFNH
ZDUDXIGHQ)XERGHQJHUXWVFKWXQG6XVLVHQWEO|WHU5FNHQKRE
VLFKYRPGXQNHOJUQHQ6DPWEHU]XJGHU/LHJHGHXWOLFKDE6XVL
ODJDXIGHP%DXFKXQGEOLQ]HOWHLQGDVJUHOOH/LFKWGHU'HFNHQ
OHXFKWH-UJHQ0DFKHUWJULIIQDFKLKUHQ-HDQVXQGZDUIVLHLKU]X
ª/RVVWHKDXI*HQXJGHVWROOHQ6SLHOV©VDJWHHUZLHLP6FKHU]
GRFKVHLQH:RUWHNODQJHQQDFKHLQHP%HIHKO$OV6XVLVLFKQLFKW
JOHLFKUHJWHJDEHULKUHLQHQ.ODSVXQGZLHGHUKROWHVHLQH$XIIRU
GHUXQJGLHVPDOHLQHQ7RQVFKlUIHU
6XVLKDWWHJHKRIIWGLH1DFKWEHLLKPEOHLEHQ]XN|QQHQXQGVDK
LKQHUVWDXQWDQ
ª1XQEHHLOGLFKVFKRQLFKPXIUKUDXV©KHUUVFKWH0DFKHUW
VLHDQ
6XVLYHUVXFKWHLKQ]XXPDUPHQXQG]XNVVHQGRFKHUZHKUWH
VLHDEª+DVWGXQRFKQLFKWJHQXJ"/RVDEMHW]WPLWGLU,FKZLOO
PHLQH5XKHKDEHQ©0DFKHUWVWDQGDXIKROWHVLFKHLQH/LPRQDGH
DXVGHP.KOVFKUDQNXQGWUDQNVLHLQHLQHP=XJOHHU
ª1DFK+DXVHNDQQLFKGLFKQLFKWEULQJHQKDEZDVJHWUXQNHQ©
VDJWHHU]RJVHLQH+RVHEHUXQGNOLQJHOWHEHLGHU1DFKEDULQ
)UDX%HXFKOHUXQGVHLQH0XWWHUVFKLHQHQVFKRQDXIVHLQ.OLQJHOQ
JHZDUWHW]XKDEHQ
ª1XQPDFKVFKRQ©ULHI0DFKHUW6XVLQRFKHLQPDO]XGLHYHUOR
UHQLQGHU.FKHVWDQG0DFKHUWJULIIQDFKVHLQHU*HOGE|UVH
QDKPHWZDVKHUDXVXQGGUFNWH6XVLGDV*ROGNHWWFKHQLQGLH
+DQGGDVDXVGHPHUVWHQ5DXEVWDPPWH
ª'DPLWGXGLFKQLFKWEHNODJVW8QGQXQKDXDERGHULFKVFKLHEH
GLFKHLJHQKlQGLJUDXV©:LHGHUVFKZDQJLQVHLQHQ:RUWHQHLQGUR
KHQGHU8QWHUWRQPLWGHU6XVLHUVFKUHFNWH6LHUDQQWHDXVGHU
:RKQXQJXQGHLOWHGLHZHQLJHQ6WXIHQKLQXQWHULQV)UHLHª,GLRW©
PXUPHOWHVLHYRUVLFKKLQªZDVELOGHWGHUVLFKHLQ©6LHlUJHUWH
VLFK6RVFKQHOOKDWWHVLHQRFKNHLQHUUXPJHNULHJW1LFKHLQPDO
HLQH9HUDEUHGXQJZDUKHUDXVJHNRPPHQXQGZLH-UJHQPLW
1DFKQDPHQKLHZXWHVLHDXFKQLFKW
8QWHUHLQHU/DWHUQHEHVDKVLHVLFKGDV.HWWFKHQ(VVFKLHQDXV
*ROG]XVHLQ'RQQHUZHWWHUVROFKHLQWHXUHV*HVFKHQNGDFKWHVLH
XQGOlFKHOWH'RFKJOHLFKZXUGHVLHZLHGHUHUQVW'LHVHU-UJHQ
KDWWHVLHEH]DKOWQLFKWDQGHUHV(VZlUHEHVVHUJHZHVHQVLHKlWWH
GDV*HVFKHQNQLFKWDQJHQRPPHQ,UJHQGZDQQVROOWHVLHLKPGDV
.HWWFKHQ]XUFNJHEHQ0LWGLHVHP*HGDQNHQPDFKWHVLHVLFKDXI
GHQ+HLPZHJ
0DFKHUWKDWWHVLHYRP)HQVWHUDXVEHREDFKWHWXQG]RJQXQGLH
*DUGLQHZLHGHUYRU6HLQH0XWWHUZDUVFKRQLQLKU=LPPHUYHU
VFKZXQGHQ(UZDUIVLFKDXIVHLQH/LHJHXQGYHUVFKUlQNWHGLH
$UPHXQWHUGHP.RSI7URW]VHLQHU*HQXJWXXQJZDUHUPLWVLFK
XQGGHU:HOWQLFKW]XIULHGHQ(UKDWWHVHLQ9HUJQJHQJHKDEWQD
VFK|Q$EHUGLHVH6XVLZDUGRFKZLHGHUHLQPDOHLQW\SLVFKHV%HL
VSLHOGDIUGD)UDXHQXQHKUOLFKXQWUHXXQGHVQLFKWZHUWZDUHQ
GDPDQVLFKXPVLHEHPKWH9LHOOHLFKWPDFKWHQXU$QQHJUHW
HLQH$XVQDKPH6XVLKDWWHLKPVHOEVWYHUVWlQGOLFKYRQGHPMXQJHQ
%XUVFKHQHU]lKOWPLWGHPVLHJHNRPPHQZDUXQGQLFKWHLQH6H
NXQGH]HLJWHVLHGDEHLHLQVFKOHFKWHV*HZLVVHQ(VVHLQXUHLQ
.XPSHODXVLKUHP/HKUOLQJVNROOHNWLYEHKDXSWHWHVLHQLFKWVZHL
WHU6LHZROOWHLKPZHLVPDFKHQGDVLHVLFKVFKRQDXIGHQ
HUVWHQ%OLFNLQLKQYHUOLHEWKDEH9LHOOHLFKWKDWWHLKUQXUVHLQ
0RWRUUDGLPSRQLHUW'LH:HLEHUZDUHQDOOHJOHLFK(VZDU]XP
9HU]ZHLIHOQ(UVROOWHHVGRFKQRFKHLQPDOPLW$QQHJUHWYHUVX
FKHQ(UZUGHLKUHWZDVVFKHQNHQXQGYRQVHLQHU/LHEHUHGHQ
)UKHUKDWWHHUGDPLWLPPHU(UIROJJHKDEW$EHUGDVZDUODQJH
KHU
$PQlFKVWHQ7DJPDFKWHHUVHLQ9RUKDEHQZDKUXQGWDWHWZDV
ZDVVHLQHP:HVHQZLGHUVSUDFK6ROOWHHUGDPLWEHL$QQHJUHWDQ
NRPPHQVRVFKZRUHUVLFKZROOWHHUQLHZLHGHUHLQHUDQGHUHQ
)UDXLUJHQGZLH]XQDKHWUHWHQ
(UNORSIWHVR]DJKDIWDQ$QQHJUHWV:RKQXQJVWUDOVVWlQGHHLQ
VFKFKWHUQHU0HQVFKGDYRUGHUQLFKWXPMHGHQ3UHLV(LQODEH
JHKUWH$OV$QQHJUHW|IIQHWHVWUHFNWHHULKUHLQHQJURHQ%OXPHQ
VWUDXHQWJHJHQXQGWUDWQlKHU$QQHJUHWNDPQLFKWGD]XLKPGLH
7UYRUGHU1DVH]X]XVFKODJHQZLHVLHHVPDQFKPDOVFKRQJHWDQ
KDWWH
ª*XWHQ7DJ$QQHJUHW,FKP|FKWHGHQ-XQJHQVHKHQ©HUNOlUWH
0DFKHUWPLWGXQNOHP6FKPHO]LQGHU6WLPPH(UVWDQGVFKRQDXI
GHP.RUULGRUXQGQDKPHLQHQQDJHOQHXHQ)HUQODVWHUDXVVHLQHU
$NWHQWDVFKH(UUHLFKWHLKQGHP.OHLQHQGHU]|JHUQGKHUEHLJH
NRPPHQZDU
ª'DYRQGHLQHP3DSD©VDJWHHUXQG]RJGDV6SLHO]HXJDXI(V
UROOWHGHP-XQJHQYRUGLH)H'LHVHUEFNWHVLFKHUIUHXWXQGEH
JDQQPLWGHP'LQJ]XVSLHOHQ0DFKHUWULFKWHWHVLFKZLHGHUDXI
ª(QWVFKXOGLJH©ZDQGWHHUVLFK]X$QQHJUHWªZHQQLFKVRXQDQ
JHPHOGHWNRPPH©(UZROOWHVLHXPDUPHQ
ª'DVELQLFKMDYRQGLUJHZRKQW©HUZLGHUWH$QQHJUHWXQGHQW
]RJVLFKLKP0DFKHUWOLHDXJHQEOLFNOLFKYRQLKUDE
ª:DVZLOOVWGXZLUNOLFK©IUDJWHLKQ$QQHJUHWXQIUHXQGOLFK
ª'XZLUVWZRKOQRFKHLQH7DVVH.DIIHHIUGHQ9DWHUGHLQHV.LQ
GHVEULJKDEHQ'DEHLNDQQLFKGLUGHLQH)UDJHJHQDXEHDQWZRU
WHQ©0DFKHUWV:RUWHKDWWHQVFKHU]KDIWJHNOXQJHQXQGZLHGHU
PDFKWHHUHLQH]DJKDIWH%HZHJXQJ]X$QQHJUHW6LHZDQGWHVLFK
DEXQGJLQJLQGLH.FKH
ª%HVFKlIWLJHGLFKPLWGHP-XQJHQ©VDJWHVLHª,FKPDFKHXQV
HLQHQ.DIIHH©
ª,FKELQVHOEVWYHUVWlQGOLFKLQHUVWHU/LQLHZHJHQGLUJHNRPPHQ
*UHWHO©HUNOlUWHLKU0DFKHUWOHLVH6HLWODQJHPQDQQWHHUVLHZLH
GHUPDOEHLLKUHP.RVHQDPHQ6ROFKH7|QHZDUHQ$QQHJUHWVFKRQ
ODQJHIUHPGDQLKP
ª8QGGLHEODXHQ)OHFNH,FKKDEHVLHKHXWHQRFK©HUZLGHUWHVLH
YRUZXUIVYROOXQGVWUHFNWHLKPLKUH+DQGJHOHQNHHQWJHJHQ
ª2KGDVWXWPLUOHLG'XZHLWZLHVFKQHOOLFKDXVGHU)DVVXQJ
JHUDWH©
0DFKHUWHUJULIILKUH+lQGHXQGEHGHFNWHVLHPLW.VVHQ$QQH
JUHWZROOWHVLHLKPHQW]LHKHQDEHULPPHUZLHGHUNWHHUVLH$Q
QHJUHWVSUWHGDVLHGLHVH/LHENRVXQJHQDOOPlKOLFKDOVDQJH
QHKPHPSIDQG'RFKVLHZROOWHHLQHUVROFKHQ5HJXQJDXINHLQHQ
)DOOQDFKJHEHQ0LW0DFKHUWZDUHVHQGJOWLJYRUEHL6LH]RJLKUH
+lQGHDXVGHQVHLQHQª1XQJHK]XGHP-XQJHQ,FKNRPPH
JOHLFKQDFK©VDJWHVLH0DFKHUWWUROOWHVLFK(UJODXEWHDXIGHP
ULFKWLJHQ:HJ]XVHLQ6SlWHUVDHQVLHVLFKJHJHQEHUXQGEOLFN
WHQVLFKVWXPPDQ$QQHJUHWVDQQGDUEHUQDFKZDV0DFKHUW
ZRKOEHZRJHQKDEHQNRQQWHVLFKKHXWHVR]XUFNKDOWHQG]XEH
QHKPHQ:DKUVFKHLQOLFKKDWWHVHLQ%ULJDGLHUPLWLKPJHVSURFKHQ
$QIDQJVZDUHQVROFKH*HVSUlFKHQRFKZLUNXQJVYROOJHZHVHQ
]XP%HLVSLHOQDFK0DFKHUWV+DIWHQWODVVXQJ6SlWHUMHGRFKVFKLHQ
GHU(LQIOXVHLQHV.ROOHJHQPHKUXQGPHKUQDFK]XODVVHQ0D
FKHUWEUDFK]XHUVWGDV6FKZHLJHQª,FKKDWWHZLUNOLFK6HKQVXFKW
QDFKGLU$QQHJUHW©ZLHGHUKROWHHUQRFKHLQPDOXQGHUKREVLFK
(UWUDWKLQWHULKUHQ6HVVHOXQGXPIDWHLKUH6FKXOWHUQ6DQIWVWUHL
FKHOWHHUVLHXQGEHXJWHVLFK]XLKUKLQXQWHU
ª,FKOLHEHGLFK©IOVWHUWHHULKULQV2KU
ª/DGDVELWWH©$QQHJUHWHQWZDQGVLFKPLW0KHVHLQHU8PDU
PXQJ
'DOHJWH0DFKHUWHLQHQJROGHQHQ5LQJYRULKUDXIGHQ7LVFK
ª%LWWHVFKHQNHLFKGLU+DEHLFKYRQPHLQHUOHW]WHQ3UlPLHJH
NDXIW©ORJHUXQGVDKVLH]lUWOLFKDQ$QQHJUHWZDUEHUUDVFKW(LQ
VROFKHV*HVFKHQNKDWWHHULKUQRFKQLHJHPDFKW'HU5LQJZDU
ZXQGHUKEVFK
6LHQDKPLKQLQGLH+DQGOLHLKQDEHUJOHLFKZLHGHUORVDOV
KDEHVLHJOKHQGHV(LVHQEHUKUW
ª,FKZLOOQLFKWPHKU-UJHQ©VDJWHVLHOHLVH6LHVWDQGDXIXQG
JLQJLQGLH.FKHXPVHLQH%OXPHQLQV:DVVHU]XVWHOOHQ0D
FKHUWIROJWHLKUXQGZROOWHQRFKHLQPDO]lUWOLFKZHUGHQ
ª/DHVZLHGHUVR]ZLVFKHQXQVZHUGHQZLHIUKHU©EDWHUVLH
ª'XJHKVWQLFKWPHKULQGHQ.RSSHOZDOGXQGLFKELQQLFKWPHKU
JURE]XGLUHLQYHUVWDQGHQ"©
$QQHJUHWZDUEHLVHLQHQ:RUWHQ]XVDPPHQJH]XFNW0DFKHUW
ZDULKUXQG)DONDOVRJHIROJWXQGKDWWHVLHEHREDFKWHW'DVVlKH
LKPlKQOLFK
ª'XZDUVWDP.RSSHOZDOG"©IUDJWHVLH
0DFKHUWQLFNWHª,FKZHUIHGLUZHJHQ)DONQLFKWVYRUGXELVW
GRFKQLFKWZLHDQGHUHGLHGRUWLKUH0lQQHUEHWUJHQ6FKLFNHLKQ
]XP7HXIHOXQGHVLVW]ZLVFKHQXQVZLHGHUDOOHVJXW©UHGHWH0D
FKHUWDXIVLHHLQXQGVWULFKLKUVDQIWEHUGDV+DDU
$QQHJUHWZDQGWHLKUHQ.RSIDE:DVUHGHWHUGDYRP.RSSHO
ZDOGXQGYRQ)UDXHQGLHLKUH0lQQHUEHWUJHQGDFKWHVLH1DFK
GHQNOLFKJLQJVLHLQV=LPPHUXQGVHW]WHVLFK$QQHJUHWV%OLFNILHO
DXIGHQ5LQJGHULPPHUQRFKDXIGHP7LVFKODJ,KUNDPHLQHQW
VHW]OLFKHU*HGDQNH6LHHULQQHUWHVLFKDQGHQ5DXEGHUDPJOHL
FKHQ$EHQGDOVVLHVLFKPLW)DONLP.RSSHOZDOGDXIJHKDOWHQ
KDWWHQLFKWZHLWGDYRQHQWIHUQWDXIGHU&KDXVVHHSDVVLHUWZDU
(LQH)UDXDXVLKUHP%HWULHEZDUGDV2SIHUJHZHVHQ:HQLJH7DJH
VSlWHUZXUGHHLQHbU]WLQDXVGHU3ROLNOLQLNDXIJOHLFKH:HLVHEH
UDXEW$XFKGDVKDWWHVLFKLP%HWULHEVFKQHOOKHUXPJHVSURFKHQ
:LHGHUPDFKWH0DFKHUW$QVWDOWHQVLH]XXPDUPHQXQGLKULQGLH
%OXVH]XJUHLIHQ
ª/DPLFKHQGOLFKLQ)ULHGHQYHUGDPPWQRFKPDO©VFKULHLKQ
$QQHJUHW]RUQLJDQXQGVSUDQJDXI6LHJULIIQDFKGHP5LQJXQG
ZDUILKQ0DFKHUWYRUGLH)Hª'DNDQQVWGXEHKDOWHQ'XKDVW
GLH)UDXHQEHUIDOOHQ,FKZHLHV9HUGDPPWHU9HUEUHFKHUGX©
$QQHJUHWV$QNODJHKDWWHVRVLFKHUJHNOXQJHQDOVZlUHVLH
=HXJHHLQHVhEHUIDOOVJHZHVHQ(LJHQWOLFKKDWWHVLHQXUDXIGHQ
%XVFKNORSIHQZROOHQ'RFKDOVVLHPHUNWHGDDQLKUHU%HKDXS
WXQJHWZDV]XVWLPPHQVFKLHQORJVLHGUDXIORV
ª,FKKDEHGLFKEHREDFKWHWLFKJDQ]DOOHLQ©ULHIVLHXQGZHLGHWH
VLFKGDUDQZLH0DFKHUWEODZXUGH-HW]WKDWWHVLHLKQLQGHU
+DQG(LQPDOLKQNOHLQXQGGHPWLJ]XVHKHQGDVKDWWHVLHVLFK
RIWJHZQVFKW'RFKVHLQH5HDNWLRQZDUDQGHUVDOVYRQLKUHUZDU
WHW
0DFKHUWYHUORUEHLLKUHQ:RUWHQQXUIUHLQHQ0RPHQWVHLQH6L
FKHUKHLW(UKLHOWHVIUP|JOLFKGD$QQHJUHWLKQEHLPHUVWHQ
5DXEJHVHKHQKDWWH6HLQH$XIPHUNVDPNHLWJDOWDQGLHVHP$EHQG
DXVVFKOLHOLFKGHU6WUDH$XI)XJlQJHUKDWWHHUQLFKWJHDFKWHW
XQGVLHZlUHQLKPLP6FKDWWHQGHU%VFKHDP6WUDHQUDQGZR
P|JOLFKDXFKQLFKWDXIJHIDOOHQ:HJHQHLQHVVROFKHQ=XIDOOVZROOWH
HUNHLQHVZHJVEHLJHEHQXQGYLHOOHLFKWVRJDUZLHGHULQ+DIWZDQ
GHUQ$QQHJUHWVROOWHVLFKQLFKWHWZDHLQELOGHQVLHN|QQHLKP
$QJVWHLQIO|HQ6HLQH$JJUHVVLRQNDPXQHUZDUWHWXQGKHIWLJ(U
SDFNWH$QQHJUHWXQG]RJVLHYRP6HVVHOKRFKª:HQQGXPLFKYHU
SIHLIVWGX/XGHUGDQQEULQJHLFKGLFKXPGDVVFKZ|UHLFKGLU©
*HIlKUOLFKKDWWHQVHLQH:RUWHJHNOXQJHQXQG$QQHJUHWOLHIHLQ
6FKDXHUEHUGHQ5FNHQ-HW]WZXWHVLHHQGJOWLJGDLKUH9HU
PXWXQJVWLPPWH6LHJODXEWHYRQQXQDQHLQ0LWWHO]XEHVLW]HQ
ZRPLWVLH-UJHQ0DFKHUW]XU5lVRQEULQJHQNRQQWH6LHVWLHLKQ
PLWHLQHPNUlIWLJHQ5XFNYRQVLFKXQGOLHIDXIGHQ.RUULGRU'RUW
JULIIVLHQDFKVHLQHU-DFNH
ª:HQQGXPLFKQLFKWHLQIUDOOH0DOHLQ5XKHOlWGDQQ]HLJH
LFKGLFKDQ0LFKXP]XEULQJHQGD]XZLUVWGXQLFKWNRPPHQ9HU
VFKZLQGH©VFKULHVLHXQGZDUILKPVHLQH-DFNH]X
(LQHQVROFKHQ7RQHPSIDQG0DFKHUWDOV%HOHLGLJXQJ(USDFNWH
VLHHUQHXWXQGVWLHVLHPLWYROOHU:XFKWJHJHQGLH:DQG9RQGHU
(UVFKWWHUXQJILHOGHU6SLHJHOKHUXQWHUXQG]HUVSOLWWHUWH0DFKHUW
OLHI]XUFNLQGLH6WXEHKREGHQ5LQJDXIVWUHLFKHOWHGHPZHLQHQ
GHQ-XQJHQEHUGDV+DDUXQGJLQJDQ$QQHJUHWYRUEHL]XU:RK
QXQJVWU
ª8QGLFKVDJHGLUQRFKHLQPDO/DGLUQLFKWHLQIDOOHQPLFK]X
YHUSIHLIHQ'DQQKDVWGXGLHOlQJVWH=HLWGLH6RQQHJHVHKHQ©
0LWODXWHP.QDOOVFKOXJ0DFKHUWGLH7UKLQWHUVLFK]X
(VZDUZLHYHUKH[W+DXSWPDQQ0OOHUOLHIXQUXKLJLP=LPPHU
DXIXQGDE6HLWHLQLJHQ7DJHQZDUHQGLH*HQRVVHQDOODEHQGOLFK
LP(LQVDW]XQGQLFKWVSDVVLHUWH'HU7lWHUVFKLHQZLHYRP(UGER
GHQYHUVFKZXQGHQ=XPLQGHVWOLHHUVLFKDP.RSSHOZDOGRGHU
DXIGHU2EHUODQJHQHU&KDXVVHHQLFKWPHKUEOLFNHQ'LH(LQVDW]
VWUHFNHZDUHUZHLWHUWZRUGHQ'LH%HREDFKWXQJVSXQNWHGHU.UL
PLQDOLVWHQHQWODQJGHU&KDXVVHHVFKLHQHQ0OOHUGLFKWJHQXJXP
GHQ8QEHNDQQWHQQLFKWHQWVFKOSIHQ]XODVVHQ
$QGHU6WDGWUDQGVLHGOXQJXQGLQ+|KHGHV.RSSHOZDOGHVVWDQ
GHQ)XQNZDJHQEHUHLWXPGHP7lWHUZHQQQ|WLJGHQ:HJQDFK
$UQVEHUJRGHU2EHUODQJHQDE]XVFKQHLGHQ(UVROOWHYRQYHUPHLQW
OLFKHQ/LHEHVSDDUHQDQJHORFNWZHUGHQGLHVLFK]XXQWHUVFKLHGOL
FKHQ=HLWHQYRP:DOGDXVPLWGHP3.:LQ%HZHJXQJVHW]WHQ
XQGELV]XU&KDXVVHHIXKUHQ'RUWVWLHJGLH.ULPLQDOLVWLQDXVXQG
OLHIZHLWHU$QGHUH)UDXHQYHUOLHHQLQGHQ6FKZHUSXQNW]HLWHQDE
ZHFKVHOQGDQGHQ+DOWHVWHOOHQª3XPSVWDWLRQ©RGHUª6WDGWUDQG
VLHGOXQJ©GHQ%XVXQGVHW]WHQLKUHQ:HJ]X)XIRUW0OOHUEH
IUFKWHWHIDVWGHU7lWHUN|QQHZHJHQHLQHUDQGHUHQ6WUDIWDWLQ
+DIWJHQRPPHQZRUGHQVHLQXQGQLHPDQGDKQWHGDHUGHUJH
VXFKWH5lXEHUZDU
'LHhEHUSUIXQJGHU0RWRUUDGKDOWHUZDUVRJXWZLHDEJHVFKORV
VHQRKQHGDPDQGDEHLHLQHQ9HUGlFKWLJHQJHIXQGHQKDWWH:LH
VLFKKHUDXVVWHOOWHJDEHVHLQLJH0RWRUUDGHLJHQWPHUGLHLKUH
0DVFKLQHQQLFKWVHOEHUEHQXW]WHQVRQGHUQVLHYHUOLHKHQRGHUYHU
PLHWHWKDWWHQ'LHHLJHQWOLFKHQ%HQXW]HUPXWHQQRFKXQWHUGLH
/XSHJHQRPPHQZHUGHQ+DXSWPDQQ0OOHUJLQJGDVDOOHV]X
ODQJVDP2EHUOHXWQDQW.UDXWZDUPLWVHLQHQ(UPLWWOXQJHQDQGHU
.DUOVVRKQEUFNHXQGGHQ1DFKIRUVFKXQJHQLP.UDIWZHUNNHLQHQ
6FKULWWZHLWHUJHNRPPHQ6HLQH+\SRWKHVHGDGHU7lWHULP
.UDIWZHUNDUEHLWHWHVFKLHQQLFKWDXI]XJHEHQ
'DV*HVSUlFKPLW)UDX%XJJHQKDJHQV)UHXQGZDUDXFKQHJDWLY
YHUODXIHQ3HLQOLFKEHUKUWGDVHLQH%H]LHKXQJHQ]X)UDX%XJ
JHQKDJHQJHZLVVHUPDHQLQHLQHUDPWOLFKHQ8QWHUVXFKXQJZHQQ
DXFKQXUDP5DQGH]XU6SUDFKHNDPHQKDWWHHUQXUZLGHUZLOOLJ
$XVNXQIWJHJHEHQ
6ROLHIPDQVHLWHLQLJHQ:RFKHQPLWGHQ(UPLWWOXQJHQGHP7l
WHUKLQWHUKHU:RP|JOLFKODFKWHVLFKGHU8QEHNDQQWHLQV)lXVW
FKHQXQGPDFKWHVHLQH:LW]HEHUGLH3ROL]HL$XFKYRP6FKPXFN
IHKOWHMHGH6SXU
+DXSWPDQQ0OOHUZQVFKWHVLFKIDVWGDGHU7lWHUVHLQ7UHL
EHQDXIGHU2EHUODQJHQHU&KDXVVHHZLHGHUDXIQDKPGDQQEH
VWDQGGLH&KDQFHVHLQHUKDEKDIW]XZHUGHQ
1RFKHLQPDOEDW0OOHUVHLQH0LWDUEHLWHU]XVLFKª+HXWHDEHQG
DOVRZLHGHUGDVVHOEH6SLHO*HQRVVHQ©UHGHWHHUVLFKVHLQHQ*UROO
YRQGHU6HHOHª'LH(LQVDW]NUlIWHZHUGHQODQJVDPXQJHGXOGLJ
:HQQQLFKWEDOGHWZDVSDVVLHUWVHKHLFKVFKZDU]©
:ROIJDQJ.UDXWZDUQLFKWPLQGHUYRP9HUODXIGHU(UPLWWOXQ
JHQHQWWlXVFKW$PPHLVWHQPDFKWHQLKPVHLQHHLJHQHQ0LHU
IROJH]XVFKDIIHQ=XVHLQHP3HFKKDWWHDXFKQRFKGLH'LVNRZH
JHQ5HQRYLHUXQJJHVFKORVVHQLQGHU6XVLYHUNHKUHQVROOWH+HXWH
ZROOWHVLH]XU.DUOVVRKQEUFNHNRPPHQ6LHKDWWH0LNH.RFKLK
UHQ%HVXFKDQJHNQGLJWXQG.RFKKDWWHLKQYHUVWlQGLJW9LHO
OHLFKWWUDWGDQDFKHQGOLFKGLH:HQGHEHLVHLQHQ(UPLWWOXQJHQHLQ
+DXSWPDQQ0OOHUXQWHUEUDFKVHLQH*HGDQNHQXQGUHLFKWHLKP
HLQH/LVWHKHUEHUª'XEOHLEVWZHLWHUDQGHLQHU6SXU7DJVEHU
ELWWHLFKGLHUHVWOLFKHQhEHUSUIXQJHQYRU]XQHKPHQ%HLGHQ/HX
WHQKDQGHOWHVVLFKXPMHQHGLHJHOLHKHQH0DVFKLQHQEHQXW]HQ
=ZHL7DJHGUIWHQIUGLHhEHUSUIXQJHQUHLFKHQ©
.UDXWEHUIORJGLH1DPHQ(VZDUHQVHFKV0lQQHUYHU]HLFKQHW
ª,Q2UGQXQJ©VDJWHHU'DVNRQQWHHUYHUNUDIWHQ1RFKKRIIWHHU
DXIGHQKHXWLJHQ$EHQG
-UJHQ0DFKHUWKDWWHVHLQH$UEHLWKLQWHUVLFKJHEUDFKW6HLW7DJHQ
ZDUHULKUZLHGHU]XU=XIULHGHQKHLWVHLQHV%ULJDGLHUVQDFKJHNRP
PHQ$QQHJUHWV'URKXQJHQKDWWHQLKQQDFKGHQNOLFKJHVWLPPW
XQGLKQYHUDQODWIUHLQLJH7DJHGLH)LQJHUYRQHLQHPQHXHQ
hEHUIDOO]XODVVHQ(LQPDOQRFKZDUHUPLW$QQHJUHWYRULKUHP%H
WULHE]XVDPPHQJHWURIIHQXQGPXWHVLFKHUQHXWLKUH'URKXQJHQ
DQK|UHQ'DVZDUEHUHLQH:RFKHKHUXQGVRODQJVDPEHJDQQHV
LKPZLHGHULQGHQ)LQJHUQ]XNULEEHOQ+LQ]XNDPGDVLFKVHLQH
ILQDQ]LHOOH/DJHQLFKWJHEHVVHUWKDWWH(UYHUGLHQWH]ZDUQLFKW
VFKOHFKWDEHUZDVZDUGDVVFKRQLP9HUJOHLFK]XVHLQHQ$QVSU
FKHQ(UPXWHHWZDVXQWHUQHKPHQXPGLHVHQ=XVWDQG]XYHUlQ
GHUQ(VNDPZLHHUPHLQWHKDXSWVlFKOLFKDXI6FKQHOOLJNHLWDQ
XQGQRFKEHVDHUGDV0RWRUUDG%LV6WUHFNHUDXVGHU+DIWHQWODV
VHQZXUGHPXWHHUHLQHHLJHQH0DVFKLQHEHVLW]HQ(UQDKPVLFK
YRUDP$EHQGGLH/DJH]XVRQGLHUHQ6ROOWHVLFKGLH*HOHJHQKHLW
ELHWHQZROOWHHU]XIDVVHQ
(VZDUNXU]QDFK]ZDQ]LJ8KUDOV0DFKHUWVHLQ0RWRUUDGGHQ
)HOGZHJELV]XP.RSSHOZDOGHQWODQJVFKRE(UZROOWHYHUPHLGHQ
VHLQH$QZHVHQKHLWGXUFKGDV0RWRUHQJHUlXVFK]XYHUUDWHQ:LH
EOLFKYHUVWHFNWHHUGLH0DVFKLQHLP8QWHUKRO]XQGYHUVXFKWH
VLFKLQGHU'XQNHOKHLW]XRULHQWLHUHQ'HU+LPPHOZDUEHGHFNW
XQGGLH/XIWQLFKWJDQ]VRPLOGZLHEHLVHLQHPOHW]WHQ%HVXFK
+HXWHZLUNWHGLH8PJHEXQJGVWHUXQGXQKHLPOLFKZLHHUHVHL
JHQWOLFKQLH]XYRUHPSIXQGHQKDWWH:RUDQGDVODJNRQQWHHUVLFK
QLFKWHUNOlUHQ1DFKHLQHU:HLOHHQWGHFNWHHUPLW*HQXJWXXQJHL
QHQZHLHQ/DGDDP:DOGUDQG'HUJHK|UW/HXWHQGLH*HOGKD
EHQGDFKWHHU,KPNRQQWHGDVQXUUHFKWVHLQ(UOLHI]XVHLQHP
0RWRUUDGXQGVHW]WHVLFKVHLWOLFKGDUDXI(LQH=LJDUHWWHZUGHLKP
GDV:DUWHQYHUNU]HQ*HVSDQQWEOLFNWHHUDXIGLH/LFKWXQJYRQ
GHUHLQ:HJLQGHQ:DOGIKUWH
:LHZUGHVHLQKHXWLJHV$EHQWHXHUDXVVHKHQ"
6XVL.UDPHUZDUODQJHQLFKWEHLLKUHQ)UHXQGHQDQGHU.DUOVVRKQ
EUFNHJHZHVHQ(LQ]ZHLPDOKDWWHVLHVLFKQRFKPLWLKUHP
)UHXQGDXVGHP/HKUOLQJVNROOHNWLYJHWURIIHQGDQDFKZDUVLHLQ
HLQH&OLTXHDP6FKLQNHOSODW]JHUDWHQGHUHQ7\SHQLKUDXFKQLFKW
UHFKW]XJHVDJWKDWWHQ(VVFKLHQLKUDQGHU=HLWGLHDOWHQ)UHXQGH
ZLHGHUPDODXI]XVXFKHQ0LNH.RFKXQGGLHDQGHUHQNRQQWHQLKU
]ZDUQLFKWVZHLWHUELHWHQDOVVLHPLWGHP0RWRUUDGXPKHU]XNXW
VFKLHUHQDEHUVLHKDWWHZHQLJVWHQVLKUHQ6SDPLWLKQHQ-HPDQG
PLWGHPVLHVLFKHLQODVVHQZUGHZDUQLFKWGDUXQWHU8QGVR
VFKQHOOZLHHVGLHVHU-UJHQJHVFKDIIWKDWWHZUGHHVVRZLHVR
NHLQDQGHUHUEHLLKUVFKDIIHQ
,PPHUQRFKKLQJVLH-UJHQLQ*HGDQNHQQDFKREZRKOHUVLFK
EHLP$EVFKLHGZLHHLQ(NHOEHQRPPHQXQGVLHVRJXWZLHDXVGHU
:RKQXQJJHZRUIHQKDWWH)UVLHZDUHUQDFKZLHYRUHLQLQWHUHV
VDQWHU7\SGHUHWZDV*HKHLPQLVYROOHVDQVLFKKDWWH0DQFKPDO
VWDQGVLHHEHQDXIVROFKHLVNDOWHQ%XUVFKHQ6FKOLHOLFKWUXJVLH
DXFKQRFKGDV*ROGNHWWFKHQGDVVLHLKPHLJHQWOLFKKDWWHZLHGHU
JHEHQZROOHQ6LHZDUIURKDOVVLHLKUHDOWHQ)UHXQGHDQWUDI
6XVL.UDPHU]RJGHQ5HLYHUVFKOXLKUHUVFKZDU]HQ/HGHUMDFNH
ZHLWHUQDFKREHQVWHFNWHGLH+lQGHIRUVFKLQGLH7DVFKHQLKUHUHQ
JHQ/HGHUROKRVHXQGVFKOHQGHUWHPLWJHODQJZHLOWHP*HVLFKWDXI
GLH*UXSSH]X6LHZDUVLFKVLFKHUGDVLHVRKRFKJHVFKORVVHQ
GDVEORQGHODQJH+DDUORFNHUEHUGHQ.UDJHQJHZRUIHQ(LQGUXFN
DXIGLH-XQJHQVPDFKHQZUGH6LHWUXJEHUJURH0HVVLQJNUHR
OHQDQGHQ2KUHQGLHLKUHWZDV([RWLVFKHVJDEHQ'LH/LGHUKDWWH
VLHVLFKOLODJHSXGHUWXQGVLFKHLQHJOHLFKIDUEHQH+DDUVWUlKQHLQ
GLH6WLUQJH]RJHQ6LHNDXWHDXIHLQHP3IHIIHUPLQ]JXPPLXQG
JODXEWHGDVJlEHLKUHWZDV/lVVLJHV
$OVPDQVLHHQWGHFNWHZXUGHVLHYRQGHQ-XQJHQVXPULQJW6LH
EHJDQQHQVRIRUWPLWLKUKHUXP]XIODFKVHQXQG6XVLJHQRHV0LW
WHOSXQNW]XVHLQ0LWNHVVHP0XQGZHUNJDEVLHHLQH6WRU\QDFK
GHUDQGHUHQ]XPEHVWHQ'LHMXQJHQ0lQQHUDPVLHUWHQVLFKN|VW
OLFK
3O|W]OLFKVWLH0LNH.RFKHLQHQ3ILIIDXVª.UDXW©ULHIHUXQG
DOOHEOLFNWHQ]XP$XIJDQJGHU]XU%UFNHIKUWH'HU2EHUOHXW
QDQWVFKREVHLQ0RWRUUDGDXIGHUVFKUlJQDFKXQWHQIKUHQGHQ
)DKUULQQHKLQDE
ª:HULVW.UDXW"©IUDJWH6XVLXQGZDUHQWWlXVFKWGDQXQHLQDQ
GHUHUGLH$XIPHUNVDPNHLWLKUHU)UHXQGHHUUHJWH.UDXWZDUKHU
DQJHNRPPHQXQGVWHOOWHVHLQ0RWRUUDGDE
ª(LQHUYRQGHU.ULSR©IOVWHUWHLKU0LNH.RFKLQV2KU6XVL
EOLFNWHHUVWDXQWDXIGHQ0DQQLQGHPVLHHLQHQGHULKUHQYHUPXWHW
KDWWH
.UDXWVHW]WHVHLQHQ+HOPDEXQGEHJUWHGLH-XQJHQVPLW
+DQGVFKODJ
ª'DVLVW6XVL©VWHOOWH0LNH.RFKLKPGDV0lGFKHQYRU6XVLVDK
GHQ.ULPLQDOLVWHQKHUDXVIRUGHUQGXQGQHXJLHULJ]XJOHLFKDQ6LH
OlFKHOWHLKPJHZLQQHQG]XXQGHUHUZLGHUWHGDV/lFKHOQ
ª)HLQGDLFK6LHNHQQHQOHUQH©VDJWHHUªLFKKDEH,KUHQ1D
PHQVFKRQYRQGHQ-XQJHQVKLHUJHK|UW©
ª+RIIHQWOLFKQLFKWLPVFKOHFKWHQ6LQQH©HUZLGHUWH6XVLXQG
EOLFNWHVLFKNRNHWWXP
ª.HLQHVZHJV©YHUVLFKHUWH.UDXWXQGWUDWQlKHU
ª:ROOHQZLUQLFKWHLQSDDU6FKULWWHDP)OXHQWODQJJHKHQ©
IUDJWHHU
6XVLQLFNWHXQGNDPVLFKSO|W]OLFKZLFKWLJYRU'LHDQGHUHQ
EOLFNWHQGHQEHLGHQQDFK
ª-HW]WZLUGHUYHUVXFKHQDXVLKUHWZDVKHUDXV]XKROHQ©PHLQWH
0LNH.RFKª9LHOOHLFKWNDQQVLHLKPWDWVlFKOLFKKHOIHQ©
$P)OXXIHUEOLHEHQ.UDXWXQG6XVLVWHKHQ6XVLGLHLQ]ZL
VFKHQLKUH-DFNHJH|IIQHWKDWWHZDQGWHVLFK.UDXW]XXQGEOLFNWH
LKQNHDQª1D©VDJWHVLHªQXQVFKLHHQ6LHPDOORV©
6LHODFKWHKHOODXIDOVKlWWHVLHHLQHQ:LW]JHPDFKW.UDXWJLQJ
DXILKUHQ7RQHLQXQGIUDJWHVLHQDFKGLHVHPXQGMHQHPXPGDQQ
DXIVHLQHHLJHQWOLFKH)UDJH]XNRPPHQª6DJHQ6LH6LHNHQQHQ
VLFKGRFKDXVPLW0RWRUUlGHUQQLFKWZDKU"©
ª-D©
ª8QG6LHNRPPHQYLHOKHUXP.|QQHQPLU1DPHQYRQMXQJHQ
0lQQHUQQHQQHQGLHHLQH]ZHLKXQGHUIQI]LJHU0=IDKUHQ9LHO
OHLFKWLVWHLQHUGDEHLGHUVFKRQHLQ.LQGKDW"©
ª:DUXPZROOHQ6LHGDVZLVVHQ©IUDJWH6XVLHUVWDXQW
ª(VJHKWXPhEHUIlOOHDXI)UDXHQYRQHLQHP0RWRUUDGIDKUHU©
6XVLVWLHHLQHQ3ILIIDXVª'RQQHUZHWWHU©ULHIVLHªXQGLFK
GDFKWH6LHVXFKHQ5RZG\VGLH3DUNElQNHXPVFKPHLHQRGHUVR
ZDV©6LHVFKZLHJHLQHQ0RPHQWªhEHUIlOOHVDJHQ6LHPLWHLQHU
0="©1DFKGHQNOLFKQDJWHVLHDQLKUHU8QWHUOLSSH
ª,FKNHQQHZHOFKHGLHGDPLWIDKUHQ©VDJWHVLHQDFKHLQHU
:HLOH
ª$P6FKLQNHOSODW]XQGLQGHU1lKHYRP/HQLQGHQNPDOYHUNHK
UHQVLH$EHUVRZDVPDFKHQGLHQLFKW8QGHLQ.LQGKDWDXFKNHL
QHU'LHVLQGDOOHQRFKHLQELFKHQJUQ©6XVLODFKWHZXUGHDEHU
JOHLFKZLHGHUHUQVW,KUILHO-UJHQHLQ'HUZDUlOWHUDOVLKUHVRQ
VWLJHQ)UHXQGH'HPZUGHVLHVRHWZDV]XWUDXHQ3O|W]OLFKJULII
VLHVLFKDQGHQ+DOV'DV.HWWFKHQ2K*RWWZHQQHUGDVQXQHL
QHUDQGHUHQJHNODXWKDWWH"6LHZROOWHQLFKWZHLWHUGHQNHQ
ª:DVLVWORV©IUDJWH.UDXWGHULKUH9HUZLUUXQJEHPHUNWH
'LH%HZ|ONXQJKDWWHVLFKJHOLFKWHWXQGDEXQG]XILHO0RQG
VFKHLQDXIGDVWUlJHIOLHHQGH:DVVHUXQGOLHHVVLOEHUQDXIVFKLP
PHUQ.UDXWVDKZLHGHUSUIHQGDXI6XVL
,KU+DOVVFKPXFNPDFKWHLKQQHXJLHULJ:HQQHUVLFKQLFKW
WlXVFKWHZDUGLH.HWWHYRQ)UDX%XJJHQKDJHQlKQOLFKEHVFKULH
EHQZRUGHQ(UEHPHUNWHZLH6XVLVFKOXFNWH2IIHQEDUPXWHVLH
VLFK]XHWZDVGXUFKULQJHQ
.UDXWKDWWHUHFKWPLWVHLQHU9HUPXWXQJ6XVLEHUOHJWHREVLH
YRQ-UJHQUHGHQVROOWHRGHUQLFKW(LJHQWOLFKKDWWHVLHLKQWROOJH
IXQGHQ$QGHUHUVHLWVODJLKUQRFKVHLQ9HUKDOWHQLP0DJHQDOVHU
VLHORVZHUGHQZROOWH:HQQGHUbUJHUPLWGHU3ROL]HLEHNRPPW
NDQQHVQLFKWVVFKDGHQGDFKWHVLH+DWWHHUQLFKWVPLWGHQhEHU
IlOOHQ]XWXQZUGHPDQHVVFKRQIHVWVWHOOHQ
ª,FKELQJHVSDQQW©VDJWH.UDXWXQGEOLFNWH6XVLQRFKLPPHUDE
ZDUWHQGDQ(UVWDXQWQDKPHUZDKUZLH6XVLSO|W]OLFKGDV.HWW
FKHQDEQDKPXQGHVLKPUHLFKWH'DVNDPLKPJHOHJHQ
ª+LHUGLHLVWYRQ-UJHQ©VDJWHVLHXQGHU]lKOWH.UDXWZLHVLH
LKQNHQQHQJHOHUQWKDWWH6LHYHUVFKZLHJOHGLJOLFKGLHLQWLPHQ
'LQJH'HU*HGDQNHHVN|QQWHVLFKXPGLHJHVWRKOHQH.HWWHKDQ
GHOQOLH.UDXWXQUXKLJZHUGHQ,KPZDUDOVZLWWHUHHUHLQHKHLH
6SXU,P6FKHLQGHV0RQGHVEHWUDFKWHHUGHQ+DOVVFKPXFNVRJXW
HVJLQJ'HU$QKlQJHUVWHOOWHHLQHQV\PEROLVLHUWHQ6WLHUGDUJH
QDXZLHLKQ:DOWHU%XJJHQKDJHQJH]HLFKQHWKDWWH(LQ0RQR
JUDPPDXIGHP9HUVFKOXNRQQWHHUDOOHUGLQJVQLFKWHUNHQQHQ(U
JODXEWHVHLQHQ2KUHQQLFKW]XWUDXHQDOVHUHUIXKUGDGLHVHU-U
JHQHLQ0RWRUUDGEHVDGDVGHPJHVXFKWHQ7\SHQWVSUDFK.UDXW
ZDUSO|W]OLFKZLHLP)LHEHUª.RPPHQ6LH]HLJHQ6LHPLUZRGLH
VHU-UJHQZRKQW©ULHIHUXQGJDELKUGDV.HWWFKHQ]XUFN6XVL
KDWWHLKPZHGHU1DFKQDPHQQRFK$GUHVHQHQQHQN|QQHQ6LHULHI
LKUHQ)UHXQGHQ]XGDVLHZDUWHQVROOWHQ'LH%XUVFKHQEOLFNWHQ
GHQEHLGHQHUVWDXQWQDFK6LHK|UWHQQXUGDV*HUlXVFKGHV0RWRU
UDGHVDXIGHU%UFNH
6XVLNDPHQSO|W]OLFK=ZHLIHOREVLHULFKWLJJHKDQGHOWKDWWH
9LHOOHLFKWWDWVLH-UJHQXQUHFKWZDVLKUOHLGWXQZUGH:HQQHU
YRQGHU3ROL]HLJHVXFKWZLUGGDFKWHVLHELQLFKHVGLHLKQDQV
0HVVHUOLHIHUW6LHPXWHEHLGLHVHP*HGDQNHQOlFKHOQ$QV0HV
VHUQDJDQ]VRVFKOLPPZLUGHVVFKRQQLFKWVHLQJODXEWHVLH
:ROIJDQJ.UDXWZROOWHVLFKYRQ6XVL.UDPHU-UJHQV:RKQKDXV
]HLJHQODVVHQXQGDQVHLQHU7UGHQ1DPHQIHVWVWHOOHQ(UNRQQWH
VLFKMHW]WVFKOHFKWPLW+DXSWPDQQ0OOHUYHUVWlQGLJHQGHQQGHU
EHIDQGVLFKLP(LQVDW]ZLHDOOH$EHQGH]XYRU2EHVVLFKEHLGLH
VHP-UJHQWDWVlFKOLFKXPGHQJHVXFKWHQ7lWHUKDQGHOWHZUGH
VLFKKHUDXVVWHOOHQ'RFKHUZROOWHVLFKHUJHKHQ9RUHLQHU*DVW
VWlWWHKLHOWHUXQGEDW6XVLDE]XVWHLJHQ
ª$EHUZLUVLQGQRFKQLFKWGD©ULHI6XVLHUVWDXQWDXV
ª,FKZHLLFKZHL.RPPHQ6LHELWWH©
,QGHU*DVWVWlWWHEHWUDFKWHWH.UDXWXQWHUGHU/DPSHGDVIHLQH
*ROGNHWWFKHQQRFKHLQPDOJHQDX'DWDWVlFKOLFK(LQ0RQR
JUDPP$%$QQHPDULH%XJJHQKDJHQ1XQJDEHVIULKQNHLQH
=ZHLIHOPHKU'LHVHU-UJHQZDUGHUULFKWLJH.UDXWVSUDQJDXI
ZDUIHLQ*HOGVWFNIUGLH/LPRQDGHDXIGHQ7LVFKXQG]RJ6XVL
DXVGHU*DVWVWlWWHª5DVFK©ULHIHUªZLUKDEHQZHQLJ=HLW©
1DFKHLQLJHQ0LQXWHQHUUHLFKWHQVLHGDV+DXVLQZHOFKHP-U
JHQZRKQWH.UDXWILHODXIGDHVVLFKEHLGLHVHU$GUHVVHXPHLQH
YRQMHQHQVHFKVKDQGHOWHGLHDXIGHU/LVWHYRQ0OOHUVWDQGHQ
1XQZROOWHHUVLFKQXUQRFKYRQGHU1DPHQVJOHLFKKHLWEHU]HX
JHQ
ª(UVWHU6WRFNOLQNV©HUNOlUWH6XVL
ª$QQDXQG-UJHQ0DFKHUW©VWDQGDQGHUYRQ6XVLEH]HLFKQHWHQ
:RKQXQJVWU-UJHQ0DFKHUWEHQXW]WH]XU=HLWGDV0RWRUUDGHL
QHVJHZLVVHQ6WUHFNHUGHULQ+DIWVD'DVKDWWHQ.DUQEHUJV5H
FKHUFKHQHUJHEHQ3O|W]OLFKJLQJGLH7UDXIXQGHLQHlOWHUH)UDX
WUDWKHUDXV(VZDU$QQD0DFKHUWGLH]XLKUHU1DFKEDULQZROOWH
6LHVFKDXWHHUVWDXQWDXI:ROIJDQJ.UDXWXQGZHJHQVHLQHU$XI
PDFKXQJYHUPXWHWHVLHLQLKPHLQHQ.XPSHOLKUHV6RKQHV
ª-UJHQLVWZLHGHUDXI7RXU©VDJWHVLHODNRQLVFKRKQHHLQH
)UDJHDE]XZDUWHQ
ª$XI7RXU"©IUDJWH.UDXWHUVWDXQW
ª-DGDVEOLFKH:LVVHQ6LHGRFKVLFKHU)lKUWGXUFKGLH6WUD
HQXQGPDQFKPDODXFKDXVGHU6WDGWUDXV©
)UDX0DFKHUWOLHI]XU1DFKEDUWUXQGNPPHUWHVLFKQLFKW
PHKUXP.UDXW9RQ6XVLKDWWHVLHNDXP1RWL]JHQRPPHQ+DWWH
VLHYLHOOHLFKWQLFKWHLQPDOZLHGHUHUNDQQW
ª,FKEULQJH6LHMHW]W]XPHLQHU'LHQVWVWHOOH©VDJWH.UDXWDXI
GHP:HJQDFKXQWHQª(VLVWZHJHQGHU.HWWH:LUPVVHQ,KUH
$QJDEHQSURWRNROOLHUHQXQGGLH.HWWHEHVFKODJQDKPHQ©HUNOlUWH
HUª6LHZDUWHQGRUWDPEHVWHQDXIPLFK,FKELQEDOG]XUFN©
6XVLZDUHQWWlXVFKW6ROOWHLKU$EHQWHXHUVFKRQ]X(QGHVHLQ"
ª+DW-UJHQGLH)UDXHQEHUIDOOHQ"©IUDJWHVLHDXIGHU)DKUW
]XP.UHLVDPW,KUZXUGHLPJOHLFKHQ0RPHQWEHZXWGDVLH
GDQQGLH.HWWHHQGJOWLJORVZDU9LHOOHLFKWLVWHVEHVVHUVRGDFKWH
VLH
ª9HUPXWOLFK©HUZLGHUWH.UDXW0DFKHUWZDUPLW6LFKHUKHLW
KHXWHDXIHLQQHXHV2SIHUDXVXQGHUZROOWHVFKQHOO0OOHULQIRU
PLHUHQ(UZXWHGDDXIGHU2EHUODQJHQHU&KDXVVHHDOOHVIUGLH
)HVWQDKPHGHV7lWHUVYRUEHUHLWHWZDUXQGGHQQRFKJDEHVPDQFK
PDOXQYHUKRIIWH=ZLVFKHQIlOOH(UPXWHVLFKEHHLOHQ
:ROIJDQJ.UDXWKDWWHEHUHLWVGHQ6WDGWUDQGHUUHLFKWXQGSDVVLHUWH
GLH6LHGOXQJ1XQODJGLH&KDXVVHHQDFK2EHUODQJHQZLHHLQKHO
OHV%DQGYRULKP1DFKHLQHU:HLOHYHUQDKPHUYRQZHLWHP0RWR
UHQJHUlXVFK(VNRQQWHQXUYRQHLQHP.UDIWUDGVWDPPHQ*HUDGH
ZROOWHHUQDFKUHFKWVHLQELHJHQXQGDXIGDV%LUNHQZlOGFKHQ]X
VWHXHUQLQZHOFKHPODXW3ODQGDV(LQVDW]IDKU]HXJVHLQHV+DXSW
PDQQVVWHKHQPXWHGDWDXFKWHDP+RUL]RQW6FKHLQZHUIHUOLFKW
DXI(UKDWWHVLFKQLFKWJHWlXVFKW(VZDUHLQ0RWRUUDG
'RFKZDVZDUGDV"'HU)DKUHUVWRSSWHSO|W]OLFKXQGVSUDQJDE
.UDXWKLHOWHEHQIDOOVVFKDOWHWHGDV/LFKWDXVXQGZDUWHWH(U
GXUIWHGHQ7lWHUZHQQHUHVZDUQLFKWYHUVFKHXFKHQ+DXSWPDQQ
0OOHUNRQQWHHULPPHUQRFKLQV%LOGVHW]HQ'DYHUQDKPHUGHQ
JHOOHQGHQ6FKUHLHLQHU)UDX:DVHUHLQLJHKXQGHUW0HWHUYRUVLFK
DXIGHU&KDXVVHH]XHUNHQQHQJODXEWHVDKDXVZLHHLQ+DQGJH
PHQJH6ROOWHQVHLQH*HQRVVHQGHQ7lWHUDXIIULVFKHU7DWJH
VFKQDSSWKDEHQ"(UJDE9ROOJDVXQGIXKUDXIGLH/HXWH]X$OVHU
QlKHUNDPVSUDQJMHPDQGLQVFKZDU]HU0RWRUUDGNOHLGXQJDXIGLH
0DVFKLQHXQGMDJWHLQ5LFKWXQJ2EHUODQJHQGDYRQ(LQH)UDX
VWDQGDP6WUDHQUDQGXQGZHLQWH6LHPXWHKLQJHVWU]WVHLQ
GHQQVLHNORSIWHVLFKGHQ6FKPXW]YRQGHQ.OHLGHUQ=ZHL(LQVDW]
NUlIWHNDPHQ]XVSlW(LQHUYRQLKQHQZDU.DUQEHUJHU
ª(UKDWPLUGLH7DVFKHZHJUHLHQZROOHQ©K|UWH.UDXWGLH)UDX
VDJHQª:HQQ6LHQLFKWJHNRPHQZlUHQKlWWHHUVLHJHKDEW
'DQNH©
ª,FKIROJHLKP©ULHI.UDXW8ZH.DUQEHUJHU]XXQGIXKUZHLWHU
6LFKHUOLFKZUGH.DUQEHUJHUJOHLFK+DXSWPDQQ0OOHUEHU
6SUHFKIXQNXQWHUULFKWHQ
:LHKDWWHGDVQXUSDVVLHUHQN|QQHQ"IUDJWHVLFK.UDXW0DQ
KDWWHVLFKYRUDOOHPDXIGLH%XVVHDXV2EHUODQJHQQDFK$UQVEHUJ
NRQ]HQWULHUWQLFKWDEHUXPJHNHKUW'DVZDUGHU+DNHQ9HUPXW
OLFKKlWWHQGD]XQLFKWGLH.UlIWHDXVJHUHLFKW
.UDXWEHPHUNWHZLHGHU0DQQYRULKPVHLQ7HPSRHUK|KWH
,KPZDUVLFKHUOLFKQLFKWHQWJDQJHQGDLKPMHPDQGDXIGHQ)HU
VHQZDU.UDXWKROWHGDVOHW]WHDXVVHLQHU0DVFKLQHKHUDXVXP
GHQ$EVWDQG]ZLVFKHQVLFKXQGGHP7lWHU]XYHUULQJHUQ+LQWHU
VLFKK|UWHHUGDV0DUWLQVKRUQGHV)XQNZDJHQV
(UULFKWHWHVHLQJDQ]HV$XJHQPHUNDXIGHQ0RWRUUDGIDKUHUXQG
VDKZLHGHUSO|W]OLFKPLWHLQHUVFKDUIHQ.XUYHQDFKUHFKWVLQHL
QHQ)HOGZHJHLQERJ'HU*UXQGZDUHLQ]ZHLWHU)XQNZDJHQGHU
VLFKDXVHQWJHJHQJHVHW]WHU5LFKWXQJQlKHUWH2IIHQVLFKWOLFKKDWWH
0DFKHUWEHJULIIHQGDHULQHLQHU)DOOHVWHFNWH
.UDXWWULXPSKLHUWH'HU0DQQZUGHLKPQLFKWHQWNRPPHQ
0LWULVNDQWHU:HQGHVHW]WHHULKPQDFKXQGPXWHLPQlFKVWHQ
0RPHQWK|OOLVFKDXISDVVHQXPQLFKWGLH*HZDOWEHUVHLQH0D
VFKLQH]XYHUOLHUHQ'HU)HOGZHJKDWWHVHLQH7FNHQ9HUPXWOLFK
KDWWHQ7UDNWRUHQGLH)DKUULQQHQYHUXUVDFKW6HLQ0RWRUUDGVSUDQJ
YRQHLQHP(UGEXFNHO]XPDQGHUHQ'LH)XQNZDJHQZUGHQHV
KLHUQRFKVFKZHUHUKDEHQ
.UDXWQDKPHWZDV*DVZHJ'HU)OFKWHQGHZDULKPDXVGHP
%OLFNIHOGJHUDWHQ8QYHUKRIIWHQGHWHGHU:HJDP)OXGHUSDUDOOHO
]XU&KDXVVHHYHUOLHI1XUHLQVFKPDOHU3IDGIKUWHDP8IHUZHLWHU
.UDXWKLHOW$XVVFKDXXQGULFKWHWHVHLQH6FKHLQZHUIHUDXIGDV:DV
VHU(UKDWWHGDV$QZHUIHQHLQHV$XHQERUGPRWRUVYHUQRPPHQ
'HU7lWHUVHW]WHPLWHLQHP%RRW]XPDQGHUHQ8IHUEHUª9HU
GDPPWHU0LVW©IOXFKWH.UDXW'DVGXUIWHQLFKWZDKUVHLQ7DJH
ODQJODJHQVHLQH*HQRVVHQDXIGHU/DXHUXQGKRIIWHQGDGHU7l
WHULKQHQLQV1HW]JLQJXQGQXQHQWVFKOSIWHGLHVHUYRULKUHQ
$XJHQ:HLWXQGEUHLWZDUNHLQhEHUJDQJ]XHQWGHFNHQ'HU.HUO
PXWHVLFKKLHUDXVNHQQHQ:HUNRQQWHVFKRQDKQHQGDHULQ
GLHVHU*HJHQGHLQ%RRWKDWWH(UVDKQRFKZLHGHU0DQQDQ/DQG
VSUDQJXQGTXHUIHOGHLQOLHI(LQ)XQNZDJHQZDUKHUDQJHNRPPHQ
.UDXWYHUVWlQGLJWHVLFKPLWGHP/HLWHUGHU%HVDW]XQJXQGVHW]WH
VHLQH)DKUWDXIGHPVFKPDOHQ:HJDP8IHUVRVFKQHOOHVJLQJIRUW
(UKDWWHYRUGHQQlFKVWHQhEHUJDQJ]XHUUHLFKHQXQGQDFKGHP
7lWHU]XVXFKHQ
'HU0DQQZXWH]ZDUQLFKWGDPDQVHLQHQ1DPHQXQGGLH
$GUHVVHNDQQWHGRFKZDUHVIUDJOLFKREHUJOHLFKVHLQH:RKQXQJ
DXIVXFKHQZUGH%HVDHUHLQH]ZHLWH%OHLEHPXWHVLHHUVWDXV
ILQGLJJHPDFKWZHUGHQ
:LHYRQ+XQGHQJHKHW]WGXUFKTXHUWH-UJHQ0DFKHUWHLQ0DLV
IHOGXQGHUUHLFKWHGLH/DQGVWUDHQDFK$UQVEHUJ6FKZHUDWPHQG
EOLHEHUVWHKHQXQGEOLFNWHVLFKXP1LHPDQGZDU]XVHKHQ(U
KDWWHVHLQH9HUIROJHUDEJHKDQJHQXQGJULQVWH]XIULHGHQ:LHVROO
WHQGLHDXFKVRVFKQHOOEHUGHQ)OXNRPPHQ"(LQ*OFNGDHU
GHQ6WDQGRUWYRQ%UDQGWV%RRWXQGGDV9HUVWHFNGHV6FKOVVHOV
NDQQWH$OIUHG%UDQGWKDWWHQLHHLQ*HKHLPQLVGDUXPJHPDFKW,P
/DXIVFKULWWVHW]WH0DFKHUWVHLQHQ:HJQDFK$UQVEHUJIRUW'LH
VROOWHQLKQQLFKWNULHJHQ1LFKWEHYRUHUPLW$QQHJUHWDEJHUHFK
QHWKDWWH6LHKDWWHLKQYHUUDWHQGDYRQZDUHUEHU]HXJW'HU*H
GDQNHZLHGHULQ+DIW]XPVVHQEUDFKWHVHLQ%OXWLQ:DOOXQJ(U
ZROOWHHV$QQHJUHW]HLJHQ+DWWHHUVLHQLFKWJHZDUQW"(UPXWH
VLFKEHHLOHQ'DYHUQDKPHU0RWRUHQJHUlXVFKKLQWHUVLFK5DVFK
KXVFKWHHU]XU6HLWHXQGYHUVWHFNWHVLFKLP6WUDHQJUDEHQ6ROOWH
PDQLKQVFKRQHLQJHKROWKDEHQ"(LQ)DKU]HXJNDPQlKHU(U
JODXEWHVHLQHQ$XJHQQLFKW]XWUDXHQ(LQ7D[L(UOHLFKWHUWOLHIHU
DXIGHQ)DKUGDPPXQGPDFKWVLFKEHPHUNEDU'DVZDUHLQ*H
VFKHQNGHV+LPPHOV$OVHUHLQVWLHJZDUHUNDXPLPVWDQGH$QQH
JUHWV$GUHVVHGHXWOLFKDXV]XVSUHFKHQ
ª%HHLOHQ6LHVLFK©KHUUVFKWHHUQDFKZHQLJHQ$WHP]JHQGHQ
)DKUHUDQ'HUPLWUDXLVFKH%OLFNGHV0DQQHVVW|UWHLKQQLFKW(U
KDWWH*HOGEHLVLFK:HQLJH0LQXWHQVSlWHUKDWWHQVLH$QQHJUHWV
:RKQKDXVHUUHLFKW
$QQHJUHW:HEHUEOLFNWHDXIGHQIHVWOLFKJHGHFNWHQ7LVFK*HVFKLUU
XQG*OlVHUEOLQNWHQLP:LGHUVFKHLQGHU.HU]HQ*QWHU)DON
OLHEWH.HU]HQOLFKW$OVVLHVWUPLVFKH6FKULWWHDXIGHU7UHSSHYHU
QDKPJODXEWHVLHHUVHLHV6LHOLHIKLQXP]X|IIQHQ'RFKYRULKU
VWDQG0DFKHUW(UVFKURFNHQVWLHVLHHLQHQ6FKUHLDXV6HLQHZXW
YHU]HUUWH0LHQHIO|WHLKU(QWVHW]HQHLQ0DFKHUWGUlQJWHVLHLQ
GLH:RKQXQJXQGVWLHVLHLQV=LPPHUª'XYHUGDPPWH
6FKODPSH©VFKULHHUªGXKDVWPLFKYHUUDWHQ'DVVROOVWGXPLUE
HQ©
(USDFNWHVLHPLWEHLGHQ+lQGHQXPGHQ+DOVXQGGUFNWH]X
$QQHJUHWYHUVXFKWHYHU]ZHLIHOWVLFKYRQVHLQHP*ULII]XEHIUHLHQ
$OVVLHKDOEZHJV/XIWEHNDPEHJDQQVLHZLHGHU]XVFKUHLHQ0D
FKHUWORFNHUWHHUVWVHLQHQ*ULIIDOVHU.LQGHUZHLQHQYHUQDKP(V
ZDU0LFKDVHLQ6RKQ0DFKHUWVFKLHQLQGLHVHP0RPHQWEHZXW
]XZHUGHQZDVHUWDW1HLQXPEULQJHQZROOWHHUVLHQLFKW'RFK
GDQQHQWGHFNWHHUGHQJHGHFNWHQ7LVFKXQGJHULHWDXHUVLFKYRU
:XW'HU*HGDQNHGD$QQHJUHWDXI]lUWOLFKH6WXQGHQPLW)DON
YRUEHUHLWHWZDUEUDFKWHLKQIDVWXPGHQ9HUVWDQG
ª'DVN|QQWHGLUVRSDVVHQ©VFKULHHUXQGSUHWHHUQHXWVHLQH
+lQGHXP$QQHJUHWV+DOV$QQHJUHWU|FKHOWH0LWOHW]WHU.UDIW
NRQQWHVLHHLQHDP%RGHQVWHKHQGH6WHLQJXWYDVHHUJUHLIHQXQG
0DFKHUWGDPLWDXIGHQ.RSIVFKODJHQ'LH9DVH]HUVSUDQJXQG
0DFKHUWV+lQGHORFNHUWHQVLFKDXJHQEOLFNOLFK(UVDFNWH]XVDP
PHQ
,QGHUJOHLFKHQ6HNXQGHZXUGHGLH7UPLW*HZDOWJH|IIQHWXQG
:ROIJDQJ.UDXWVWUPWHKHUHLQJHIROJWYRQ*HQRVVHQGHV)XQN
VWUHLIHQZDJHQV.UDXWZDUEHUGLH2EHUODQJHQHU&KDXVVHH]X
UFNJHUDVWXQG]X0DFKHUWV:RKQXQJJHIDKUHQ9RQVHLQHU0XW
WHUKDWWHHU$QQHJUHWV$GUHVVHHUIDKUHQ
=ZHL6FKXW]SROL]LVWHQSDFNWHQ0DFKHUWXQGOHJWHQLKPGLH
6FKOLHDFKWDQ(UZDUZLHGHU]XVLFKJHNRPPHQXQGOLHHVZLO
OHQORVJHVFKHKHQ'DQQIXKUHQVLHPLWLKPLQGLH:RKQXQJVHLQHU
0XWWHU
%HLGHUVRIRUWGXUFKJHIKUWHQ'XUFKVXFKXQJIDQGHQGLH.ULPL
QDOLVWHQGLHJHUDXEWHQ6FKPXFNVWFNH6HLQH0XWWHUVDKVWLOOGHQ
+DQGJULIIHQGHU.ULPLQDOLVWHQ]X6LHKDWWHJHDKQWGDPDQ-U
JHQEDOGDXIGLH6SXUNRPPHQZUGH
'LH%FKVHPLWGHPZHUWYROOHQ,QKDOWXQGDXFKGHU6WRIIHW]HQ
YRQGHU%OXVHZDUHQLKUEHLP6DXEHUPDFKHQLQGLH+lQGHJHIDO
OHQDEHULKUIHKOWHGHU0XWLKUHP6RKQ9RUKDOWH]XPDFKHQ1XQ
KDWWHDOOHVDXFKRKQHLKU=XWXQVHLQHQJHUHFKWHQ*DQJJHQRP
PHQ
6XVL.UDPHUEHVWlWLJWHGDHV-UJHQ0DFKHUWZDUGHULKUGDV
*ROGNHWWFKHQJHVFKHQNWKDWWH'DVYRQLKPEHQXW]WH0RWRUUDG
VWHOOWHVLFKDOVGDV]XU7DWYHUZHQGHWH)DKU]HXJKHUDXV$QGHQ
6FKXKHQGHV9HUGlFKWLJHQNRQQWHQ(UGVXEVWDQ]HQJHVLFKHUWZHU
GHQGLHYRQGHQ%LRORJHQGHU.ULPLQDOSROL]HLDOVLGHQWLVFKPLW
GHP%RGHQYRP7DWRUWHUNOlUWZXUGHQ1XQJDEHVDQ0DFKHUWV
7lWHUVFKDIWNHLQH=ZHLIHOPHKU(UZXUGHLQ+DIWJHQRPPHQ
,QHLQHUUXKLJHQ6WXQGHVFKULHEHUHLQHQODQJHQ%ULHIDQ$QQH
JUHW:HEHU
(UKDWQLH$QWZRUWGDUDXIHUKDOWHQ