You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
' [ + *OREDOH 6LFKHUKHLWVJHVHW]H<br />
XQG ZHOWZHLWH (URVLRQ YRQ *UXQGUHFK<br />
WHQ =53 6 II<br />
(UEHO * 'LH |IIHQWOLFKH 6LFKHUKHLW LP<br />
6FKDWWHQ GHV 7HUURULVPXV 'DV 3DUOD<br />
PHQW 0lU]<br />
*ODH‰QHU * - 6LFKHUKHLW LQ )UHLKHLW<br />
'LH 6FKXW]IXQNWLRQ GHV GHPRNUDWL<br />
VFKHQ 6WDDWHV XQG GLH )UHLKHLW VHLQHU<br />
% UJHU<br />
*XV\ &<br />
• *HPHLQGLHQVWOLFKH $XINOlUXQJ XQG<br />
9HUIDVVXQJVFKXW] LQ .RFK + -<br />
+UVJ 7HUURULVPXV ² 5HFKWVIUDJHQ<br />
GHU lX‰HUHQ XQG LQQHUHQ 6LFKHU<br />
KHLW 6 II<br />
• 'LH 9HUQHW]XQJ LQQHUHU XQG lX‰H<br />
UHU 6LFKHUKHLWVLQVWLWXWLRQHQ LQ GHU<br />
%XQGHVUHSXEOLN 'HXWVFKODQG LQ<br />
:HLGHQIHOG : +UVJ +HUDXVIRU<br />
GHUXQJ 7HUURULVPXV ² 'LH =XNXQIW<br />
GHU 6LFKHUKHLW 6 II<br />
+DVVHPHU : =XP 6SDQQXQJVYHUKlOW<br />
QLV YRQ )UHLKHLW XQG 6LFKHUKHLW 'UHL<br />
7KHVHQ LQ 9RUJlQJH =HLWVFKULIW I U<br />
% UJHUUHFKWH XQG *HVHOOVFKDIWVSROLWLN<br />
1U 6HSWHPEHU<br />
+HW]HU : 7HUURULVPXV XQG *HVHW]JH<br />
EXQJ 3ROL]HL XQG 1DFKULFKWHQGLHQVWH<br />
.RRSHUDWLRQ RGHU .RQIURQWDWLRQ"<br />
7K U9%O 6 II<br />
+LUVFKPDQQ . /HJJHPDQQ & +UVJ<br />
'HU .DPSI JHJHQ GHQ 7HUURULVPXV<br />
6WUDWHJLHQ XQG +DQGOXQJVHUIRUGHUQLVVH<br />
LQ 'HXWVFKODQG<br />
+RFKKXWK 0 0LOLWlULVFKH %XQGHVLQ<br />
WHUYHQWLRQ EHL LQOlQGLVFKHP 7HUURUDNW<br />
9HUIDVVXQJVlQGHUXQJVSOlQH DXV $QODVV<br />
GHU )OXJ]HXJHQWI KUXQJHQ YRP<br />
6HSWHPEHU<br />
II<br />
1=:HKU5<br />
+|FKH 7 1HXH JHVHW]OLFKH 5HJHOXQ<br />
JHQ ]XU %HNlPSIXQJ GHV 7HUURULVPXV<br />
XQG GHU *HOGZlVFKH 'LH %DQN<br />
6 II<br />
+RIIPDQQ 5LHP : )UHLKHLW XQG 6L<br />
FKHUKHLW LP $QJHVLFKW WHUURULVWLVFKHU<br />
$QVFKOlJH =HLWVFKULIW I U 5HFKWVSROLWLN<br />
6 II<br />
������������������Ã<br />
+RUQ + ' 9RUEHXJHQGH 5DVWHUIDKQ<br />
GXQJ XQG LQIRUPDWLRQHOOH 6HOEVWEH<br />
VWLPPXQJ 'g9 6 II<br />
+XPDQLVWLVFKH 8QLRQ +UVJ<br />
6LFKHUKHLW DOV *HIDKU<br />
,QQHUH<br />
-DKQ - 9HUVFKlUIWH )LQDQ]NRQWUROOHQ<br />
QDFK 7HUURUDQVFKOlJHQ =53<br />
II<br />
6<br />
.RFK + - +UVJ 7HUURULVPXV ²<br />
5HFKWVIUDJHQ GHU lX‰HUHQ XQG LQQHUHQ<br />
6LFKHUKHLW<br />
GHUV -RKQ $WRPUHFKWOLFKH )UDJHQ GHU<br />
6LFKHUKHLW XQG 6LFKHUXQJ YRQ .HUQ<br />
NUDIWZHUNHQ QDFK GHQ 7HUURUDQVFKOl<br />
JHQ YRP 6HSWHPEHU LQ GHQ<br />
86$ '9%O 6 II<br />
.ULQJV * %XUNLF]DN & %HGLQJW DE<br />
ZHKUEHUHLW ² 9HUIDVVXQJV XQG Y|ONHU<br />
UHFKWOLFKH $VSHNWH GHV (LQVDW]HV GHU<br />
%XQGHVZHKU ]XU %HNlPSIXQJ QHXHU<br />
WHUURULVWLVFKHU *HIDKUHQ LP ,Q XQG<br />
$XVODQG 'g9 6 II<br />
/DFTXHXU : .ULHJ GHP :HVWHQ 7HU<br />
URULVPXV LP -DKUKXQGHUW<br />
/LPEDFK - ,VW GLH NROOHNWLYH 6LFKHUKHLW<br />
GHU )HLQG GHU LQGLYLGXHOOHQ )UHLKHLW"<br />
/XW]H & $EZHKU WHUURULVWLVFKHU $Q<br />
JULIIH DOV 9HUWHLGLJXQJVDXIJDEH GHU<br />
%XQGHVZHKU 1=:HKU5 6 II<br />
0 QNOHU + 'LH QHXHQ .ULHJH<br />
1HKP . (LQ -DKU GDQDFK *HGDQNHQ<br />
]XP 6HSWHPEHU 1-:<br />
6 II<br />
1ROWH 0 'LH $QWL 7HUURU 3DNHWH LP<br />
/LFKWH GHV 9HUIDVVXQJVUHFKWV '9%O<br />
6 II<br />
2VVHQE KO ) 7HUURULVWLVFKH $QJULIIH<br />
DXI .HUQNUDIWZHUNH ² DXV UHFKWOLFKHU<br />
6LFKW 19Z= 6 II<br />
3DHIIJHQ + 8 Å9HUQDFKULFKWHQ<br />
GLHQVWOLFKXQJ´ YRQ 6WUDISUR]H‰ XQG<br />
3ROL]HL UHFKW LP -DKU 6WUDIYHUWHL<br />
GLJHU 6 II<br />
3HWUL 7 % ,P 6FKDWWHQ GHV /HYLDWKDQ ²<br />
=XP 9HUKlOWQLV YRQ 6LFKHUKHLW XQG<br />
)UHLKHLW DQKDQG YRQ %HLVSLHOHQ DXV GHU<br />
7. hEHUZDFKXQJ 5'9 6 II<br />
9HUZDOWXQJVULFKWHUWDJ<br />
5XEODFN 6 6FKZHUSXQNW 7HUURULV<br />
PXVEHNlPSIXQJVJHVHW] 1HXH %HIXJ<br />
QLVVH I U GLH 6LFKHUKHLWVEHK|UGHQ 'X'<br />
6 II<br />
6FKPLGW -RUW]LJ ( 9HUIDVVXQJVlQGH<br />
UXQJ I U %XQGHVZHKUHLQVlW]H LP ,Q<br />
QHUQ 'HXWVFKODQGV" 'g9<br />
II<br />
6<br />
6HQGOHU + 1RFKPDOV 7HUURULVWLVFKH<br />
$QJULIIH DXI .HUQNUDIWZHUNH 19Z=<br />
6 II<br />
6WURVVHQ 1 'HU 6FKXW] YRQ QDWLRQDOHU<br />
6LFKHUKHLW XQG LQGLYLGXHOOHU )UHLKHLW ²<br />
HLQH DPHULNDQLVFKH 3HUVSHNWLYH QDFK<br />
GHP 6HSWHPEHU LQ +XPDQLVWLVFKH<br />
8QLRQ +UVJ ,QQHUH 6LFKHUKHLW DOV<br />
*HIDKU 6 II<br />
:HLGHQIHOG : +HUDXVIRUGHUXQJ 7HU<br />
URULVPXV ² 'LH =XNXQIW GHU 6LFKHUKHLW<br />
:LHIHOVS W] ' 6LFKHUKHLW YRU GHQ<br />
*HIDKUHQ GHV LQWHUQDWLRQDOHQ 7HUURULV<br />
PXV GXUFK GHQ (LQVDW] GHU 6WUHLWNUlI<br />
WH" 1=:HKU5 6 II<br />
:LONHVPDQQ 3 7HUURULVWLVFKH $QJULIIH<br />
DXI GLH 6LFKHUKHLW GHV /XIWYHUNHKUV<br />
19Z= 6 II<br />
:ROII + $ 'HU YHUIDVVXQJVUHFKWOLFKH<br />
5DKPHQ I U GHQ (LQVDW] GHU %XQGHV<br />
ZHKU LP ,QQHUQ ]XU 7HUURULVPXVEH<br />
NlPSIXQJ XQG ]XP 6FKXW] ]LYLOHU 2E<br />
MHNWH 7K U9%O 6 II<br />
=LHUFNH - 1HXH 6LFKHUKHLWVDUFKLWHNWXU<br />
I U 'HXWVFKODQG .ULPLQDOLVWLN<br />
II<br />
6