30.12.2012 Views

Die Studie - Andreas Ladner

Die Studie - Andreas Ladner

Die Studie - Andreas Ladner

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

,QVWLWXW I U 3ROLWLNZLVVHQVFKDIW<br />

'U $QGUHDV /DGQHU<br />

OLF UHU VRF 0LFKDHO %UlQGOH<br />

8QLWREOHU /HUFKHQZHJ<br />

%HUQ<br />

$QDO\VHQ XQG 9RUVFKOlJH<br />

6FKOXVVEHULFKW<br />

*HKW DQ GLH $XIWUDJJHEHU<br />

)'3 &93 693 XQG 636<br />

%HUQ -XOL


$XIWUDJJHEHU<br />

)UHLVLQQLJ 'HPRNUDWLVFKH 3DUWHL GHU 6FKZHL] )'3<br />

&KULVWOLFKGHPRNUDWLVFKH 3DUWHL GHU 6FKZHL] &93<br />

6FKZHL]HULVFKH 9RONVSDUWHL 693<br />

6R]LDOGHPRNUDWLVFKH 3DUWHL GHU 6FKZHL] 636<br />

$XIWUDJQHKPHU<br />

$QGUHDV /DGQHU<br />

0LFKDHO %UlQGOH<br />

,QVWLWXW I U 3ROLWLNZLVVHQVFKDIW<br />

8QLWREOHU /HUFKHQZHJ<br />

%HUQ<br />

)D[<br />

H PDLO DQGUHDV ODGQHU#LSZ XQLEH FK<br />

PLFKDHO EUDHQGOH#LSZ XQLEH FK


,QKDOWVYHU]HLFKQLV<br />

=XVDPPHQIDVVXQJ 3DUWHLHQI|UGHUXQJ LQ GHU 6FKZHL]<br />

(LQOHLWXQJ =XU 6WHOOXQJ GHU 3DUWHLHQ LQ GHU 6FKZHL]<br />

)XQNWLRQHQ XQG /HLVWXQJHQ GHU 3DUWHLHQ<br />

)LQDQ]LHOOH 0LWWHO GHU 3DUWHLHQ<br />

%XQGHVSDUWHLHQ<br />

.DQWRQDOSDUWHLHQ<br />

/RNDOSDUWHLHQ<br />

3HUVRQHOOH 5HVVRXUFHQ<br />

%XQGHVSDUWHLHQ<br />

.DQWRQDOH 3DUWHLHQ<br />

/RNDOSDUWHLHQ<br />

([NXUV 3HUVRQHOOH 5HVVRXUFHQ YRQ 9HUElQGHQ<br />

:RKHU NRPPW GDV *HOG"<br />

(LQQDKPHQVWUXNWXU GHU %XQGHVSDUWHLHQ<br />

(LQQDKPHQVWUXNWXU GHU .DQWRQDOSDUWHLHQ<br />

(LQQDKPHQVWUXNWXU GHU /RNDOSDUWHLHQ<br />

:RI U ZLUG GDV *HOG DXVJHJHEHQ"<br />

$XVJDEHQVWUXNWXU GHU %XQGHVSDUWHLHQ<br />

$XVJDEHQVWUXNWXU GHU .DQWRQDOSDUWHLHQ<br />

$XVJDEHQVWUXNWXU GHU /RNDOSDUWHLHQ<br />

3DUWHLHQI|UGHUXQJ LQ GHU 6FKZHL]<br />

3DUWHLHQI|UGHUXQJ DXI %XQGHVHEHQH<br />

3DUWHLHQI|UGHUXQJ DXI .DQWRQVHEHQH<br />

)|UGHUXQJVPRGHOOH LP LQWHUQDWLRQDOHQ 9HUJOHLFK<br />

%HLVSLHOH VWDDWVIUHLHU 3DUWHLHQILQDQ]LHUXQJ LQ :HVWHXURSD *% 1/<br />

(LQ %HLVSLHO VWDDWOLFKHU 3DUWHLHQILQDQ]LHUXQJ %XQGHVUHSXEOLN 'HXWVFKODQG<br />

$NWXHOOH (QWZLFNOXQJHQ<br />

=LHOH HLQHU YHUVWlUNWHQ 3DUWHLHQI|UGHUXQJ LQ GHU 6FKZHL]<br />

)|UGHUXQJVPRGHOOH I U GLH 6FKZHL]<br />

*HQHUHOOH hEHUOHJXQJHQ<br />

9RUVFKOlJH I U HLQ 6FKZHL]HU 0RGHOO<br />

*UXQG] JH GHV 0RGHOOV<br />

)|UGHUXQJVPDVVQDKPHQ XQG 9DULDQWHQ<br />

6SHQGHQDQUHL]H<br />

)XQNWLRQVILQDQ]LHUXQJ =ZHFNJHEXQGHQH VWDDWOLFKH %HLWUlJH<br />

2IIHQOHJXQJVSIOLFKWHQ<br />

/LWHUDWXU<br />

$QKDQJ , ,QIRUPDWLRQHQ ]XP 3URMHNW 3DUWHLHQ LP :DQGHO<br />

$QKDQJ ,, hEHUVLFKW )|UGHUXQJVLQVWUXPHQWH<br />

6SHQGHQDQUHL]H<br />

6SHQGHQEHVFKUlQNXQJHQ XQG YHUERWH<br />

$XVJDEHQEHVFKUlQNXQJHQ XQG YHUERWH<br />

6DFKOHLVWXQJHQ<br />

=ZHFNJHEXQGHQH %HLWUlJH<br />

)UHLH VWDDWOLFKH %HLWUlJH


=XVDPPHQIDVVXQJ 3DUWHLHQI|UGHUXQJ LQ GHU<br />

6FKZHL]<br />

$XVJDQJVODJH<br />

$Q GLH6FKZHL]HU3DUWHLHQZHUGHQKRKH (UZDUWXQJHQJHULFKWHWVLHKDEHQDNWLYH 0HLQXQJVELOGXQJ EHL $EVWLPPXQJHQ ]X EHWUHLEHQ 0DQGDWVWUlJHU I U |IIHQWOLFKH<br />

bPWHU ]X UHNUXWLHUHQ 3UREOHPH LQ DOOHQ 3ROLWLNEHUHLFKHQ ]X EHDUEHLWHQ XQG ]DKOUHLFKH<br />

.DQWRQDOSDUWHLHQ ]X NRRUGLQLHUHQ 'LHVH I U GDV SROLWLVFKH 6\VWHP XQDEGLQJEDUHQ<br />

/HLVWXQJHQ VLQG PLW EHWUlFKWOLFKHQ ILQDQ]LHOOHQ $XIZHQGXQJHQ YHUEXQGHQ GLH<br />

PHKUKHLWOLFK GXUFK 6SHQGHQ XQG IUHLZLOOLJH %HLWUlJH DEJHGHFNW ZHUGHQ ,Q GHQ<br />

OHW]WHQ -DKUHQ LVW GHU )LQDQ]EHGDUI JHVWLHJHQ GLH 6SHQGHQEHUHLWVFKDIW ZLH DXFK GLH<br />

0LWJOLHGHUILQDQ]LHUXQJ VLQG MHGRFK ]XU FNJHJDQJHQ<br />

$XI %XQGHVHEHQH ZXUGHQ ELV KHXWH NDXP )|UGHUXQJVPDVVQDKPHQ I U GLH 3DUWHLHQ<br />

HLQJHI KUW GD GLH )|UGHUXQJ PHLVW PLW HLQHU DOOJHPHLQHQ 3DUWHLHQILQDQ]LHUXQJ LQ<br />

=XVDPPHQKDQJ JHEUDFKW XQG DOV QLFKW PHKUKHLWVIlKLJ HUDFKWHW ZXUGH %HWUDFKWHW<br />

PDQ DOOHUGLQJV GLH 9LHO]DKO YRQ P|JOLFKHQ )|UGHUXQJVPDVVQDKPHQ LVW HLQH<br />

GLIIHUHQ]LHUWHUH %HXUWHLOXQJ DQJHEUDFKW<br />

=LHOH HLQHU YHUVWlUNWHQ 3DUWHLHQI|UGHUXQJ<br />

• 'LH 3DUWHLHQ VROOHQ LQ GHU :DKUQHKPXQJ LKUHU VSH]LILVFKHQ )XQNWLRQHQ GHU<br />

0HLQXQJVXQG :LOOHQVELOGXQJGHUSROLWLVFKHQ ,QIRUPDWLRQXQG %LOGXQJGHU *UXQGODJHQDUEHLWXQGGHP (LQEH]XJGHU ZHUGHQ<br />

% UJHULQQHQXQG % UJHU JHVWlUNW<br />

• 'LH 3DUWHLHQ VROOHQ YHUVWlUNW LQ GHU /DJH VHLQ<br />

*UXQGODJHQDUEHLW ]X OHLVWHQ<br />

DNWLYH XQG IXQGLHUWH SROLWLVFKH<br />

• 'LH $EKlQJLJNHLW GHU 3DUWHLHQ YRQ JURVVHQ *HOGJHEHUQ VROO YHUULQJHUW ZHUGHQ<br />

• 'LH )|UGHUXQJVPDVVQDKPHQ VROOHQ DOOHQ 3DUWHLHQ ]XJXWH NRPPHQ<br />

• 'XUFK GLH )|UGHUXQJVPDVVQDKPHQ VROOHQ GLH %HGHXWXQJ XQG GLH )XQNWLRQHQ GHU<br />

3DUWHLHQ LQ HLQHU 'HPRNUDWLH DQHUNDQQW ZHUGHQ<br />

9RUVFKOlJH I U HLQ 6FKZHL]HU 0RGHOO<br />

• (LQI KUXQJ HLQHU ]ZHFNJHEXQGHQHQ )LQDQ]LHUXQJ EHVWLPPWHU /HLVWXQJHQ PLW<br />

5HFKHQVFKDIWVSIOLFKW ,QIRUPDWLRQVOHLVWXQJHQ XQG 0HLQXQJVELOGXQJ<br />

•<br />

%LOGXQJVDUEHLW )RUVFKXQJ 1DFKZXFKVI|UGHUXQJ<br />

)LQDQ]LHUXQJ GXUFK IUHLZLOOLJHQ WD[ FKHFNRII $E]XJ EHL GLUHNWHU %XQGHVVWHXHU<br />

%HLEHKDOWXQJ GHU )UDNWLRQVEHLWUlJH


• 6WHXHUDQUHL]H I U .OHLQVSHQGHQ DXI %XQGHVHEHQH $E]XJVIlKLJNHLW YRQ 6SHQGHQ<br />

XQG %HLWUlJHQ YRQ VWHXHUEDUHQ (LQNRPPHQ EHL GLUHNWHU %XQGHVVWHXHU<br />

• 2IIHQOHJXQJVSIOLFKW I U 6SHQGHQ (LQQDKPHQ XQG $XVJDEHQ GHU 3DUWHLHQ


(LQOHLWXQJ =XU 6WHOOXQJ GHU 3DUWHLHQ LQ GHU 6FKZHL]<br />

'LH $QIRUGHUXQJHQ DQ GLH SROLWLVFKHQ 3DUWHLHQ VLQG LQ GHQ OHW]WHQ -DKUHQ<br />

NRQWLQXLHUOLFK DQJHVWLHJHQ .RPSOH[H )UDJHVWHOOXQJHQ XQG YHUQHW]WH 3UREOHPODJHQ<br />

YHUODQJHQQDFK /|VXQJHQ GLH VWDUN PHGLDWLVLHUWH $OOWDJVSROLWLNPDFKWHVQRWZHQGLJ GDVV VLFK GLH 3DUWHLHQ NRQWLQXLHUOLFK XQG NRPSHWHQW ]X 6DFKIUDJHQ lXVVHUQ XQG GLH<br />

$XIO|VXQJ WUDGLWLRQHOOHU 6WUXNWXUHQ XQG GHU :HUWHZDQGHO VWHLJHUQ GHQ %HGDUI DQ<br />

SROLWLVFKHU 2ULHQWLHUXQJ<br />

-H OlQJHU MH PHKU VWHOOW VLFK GLH )UDJH ZLH ZHLW HV GLH KHUN|PPOLFKH 2UJDQLVDWLRQ GHU<br />

6FKZHL]HU 3DUWHLHQ EDVLHUHQG DXI GHP 0LOL]SULQ]LS XQG LQ SHUVRQHOOHU XQG ILQDQ]LHOOHU<br />

+LQVLFKW VFKZDFK GRWLHUW QRFK HUODXEW GHQ $QVSU FKHQ GHU PRGHUQHQ 3ROLWLN<br />

JHUHFKW ]X ZHUGHQ 'LH 3DUWHLHQ GURKHQ JHJHQ EHU VROYHQWHQ (LQ]HOSHUVRQHQ<br />

,QWHUHVVHQYHUElQGHQ XQG GHP 0HGLHQV\VWHP LPPHU VWlUNHU LQ GHQ +LQWHUJUXQG ]X<br />

JHUDWHQ<br />

:lKUHQG LQ GHQ PHLVWHQ HXURSlLVFKHQ /lQGHUQ GHU 6WDDW EHUHLWV LQ GHQ HU XQG<br />

HU -DKUHQ GD]X EHUJHJDQJHQ LVW GLH SROLWLVFKHQ 3DUWHLHQ ILQDQ]LHOO ]X<br />

XQWHUVW W]HQ NRPPW LQ GHU 6FKZHL] GLH VWDDWOLFKH 3DUWHLHQILQDQ]LHUXQJ ]ZDU<br />

UHJHOPlVVLJ ]XU 6SUDFKH HV NRQQWH ELV MHW]W MHGRFK QRFK QLFKW HLQPDO DQVDW]ZHLVH<br />

HLQH EHIULHGLJHQGH /|VXQJ JHIXQGHQ ZHUGHQ 'LH $XVHLQDQGHUVHW]XQJHQ XP HLQH<br />

VWDDWOLFKH 3DUWHLHQILQDQ]LHUXQJ IDQGHQ ELV DQKLQ YRU DOOHP DXI HLQHU JUXQGVlW]OLFKHQ<br />

(EHQH VWDWW XQG ZXUGHQ PLW VWDDWVUHFKWOLFKHQ $UJXPHQWHQ JHI KUW 'LH NRQNUHWHQ<br />

$XIJDEHQ XQG )XQNWLRQHQ GHU 3DUWHLHQ XQG LKUH JHVHOOVFKDIWOLFKH %HGHXWXQJ EOLHEHQ<br />

YHUQDFKOlVVLJW<br />

$OV SDUDGR[ PDJ HV KHXWH HUVFKHLQHQ HLQH .ULVH GHU 3DUWHLHQ ]X EHNODJHQ LKQHQ<br />

GHQ 9HUOXVW DQ 7KHPHQI KUHUVFKDIW XQG PDQJHOQGH 6DFKNRPSHWHQ] YRU]XZHUIHQ<br />

XQG JOHLFK]HLWLJ ]X YHUKLQGHUQ GDVV VLH HLQHQ PLQLPDOHQ *UDG DQ 3URIHVVLRQDOLVLHUXQJ<br />

HUUHLFKHQ'LHSROLWLVFKHQ3DUWHLHQOHEHQEXFKVWlEOLFKYRQGHU +DQGLQGHQ0XQG XQG KDEHQ ]X ZHQLJ 5HVVRXUFHQ JUXQGOHJHQGHUH LQKDOWOLFKH $XVHLQDQGHUVHW]XQJHQ<br />

]X I KUHQ XQG 7KHPHQ VHUL|V YRU]XEHUHLWHQ<br />

=XU 'LVNXVVLRQ VWHKW KHXWH ZHQLJHU GHU *UXQGVDW]HQWVFKHLG RE 3DUWHLHQ YRP 6WDDW<br />

EHUKDXSW JHI|UGHUW ZHUGHQ VROOHQ RGHU QLFKW 3ROLWLVFKH 3DUWHLHQ HUI OOHQ LQ<br />

'HPRNUDWLHQ DQHUNDQQWHUPDVVHQ ZLFKWLJH )XQNWLRQHQ 'LHVH /HLVWXQJHQ KDEHQ LKUHQ<br />

3UHLV XQG GLH 3DUWHLHQ VLQG QLFKW PHKU LQ GHU /DJH YROOXPIlQJOLFK GDI U<br />

DXI]XNRPPHQ (QWVSUHFKHQG P VVHQ VLH I U LKUH /HLVWXQJHQ ]XJXQVWHQ GHU<br />

gIIHQWOLFKNHLW XQG GHU 'HPRNUDWLH HQWVFKlGLJW ZHUGHQ (V VWHOOW VLFK KHXWH YRU DOOHP<br />

GLH )UDJH<br />

P VVHQ<br />

DXI ZHOFKH $UW XQG LQ ZHOFKHP $XVPDVV 3DUWHLHQ XQWHUVW W]W ZHUGHQ


'LHVHU %HULFKW VROO GD]X EHLWUDJHQ GLH $UJXPHQWH I U HLQH VWDDWOLFKH 3DUWHLI|UGHUXQJ<br />

EHVVHU ]X YHUVWHKHQ VLFK .ODUKHLW EHU GLH 8QWHUVFKLHGH GHU YHUVFKLHGHQHQ<br />

)|UGHUXQJVP|JOLFKNHLWHQ ]X YHUVFKDIIHQ XQG GLH 'LVNXVVLRQ EHU HLQ P|JOLFKHV<br />

0RGHOO HLQHU VWDDWOLFKHQ 3DUWHLHQI|UGHUXQJ LQ GHU 6FKZHL] LQ *DQJ ]X VHW]HQ


)XQNWLRQHQ XQG /HLVWXQJHQ GHU 3DUWHLHQ<br />

'LH )XQNWLRQHQ XQG /HLVWXQJHQ GHU 6FKZHL]HU 3DUWHLHQ ZHUGHQ GXUFK GHQ<br />

I|GHUDOLVWLVFKHQ 6WDDWVDXIEDX XQG GLH GLUHNWGHPRNUDWLVFKHQ ,QVWLWXWLRQHQ VWDUN<br />

EHHLQIOXVVW *HKW PDQ YRQ GHQ DOOJHPHLQ DQHUNDQQWHQ )XQNWLRQHQ SROLWLVFKHU<br />

3DUWHLHQ DXV GHU ,QWHJUDWLRQ GLYHUJLHUHQGHU ,QWHUHVVHQ GHU 5HNUXWLHUXQJ I U<br />

SROLWLVFKH bPWHU XQG GHU 0HLQXQJVELOGXQJ XQG 0RELOLVLHUXQJ EHL $EVWLPPXQJHQ XQG<br />

:DKOHQ VWHOOW GDV SROLWLVFKH 6\VWHP GHU 6FKZHL] EHVRQGHUV KRKH $QVSU FKH DQ GLH<br />

/HLVWXQJHQ GHU 3DUWHLHQ<br />

(QWVSUHFKHQG GHP I|GHUDWLYHQ 6WDDWVDXIEDX ZHLVHQ GLH 3DUWHLHQ HLQH DXVJHSUlJWH<br />

RUJDQLVDWRULVFKH )HLQJOLHGHUXQJ DXI 1HEVW GHQ %XQGHV .DQWRQDO XQG<br />

/RNDOSDUWHLHQ ILQGHQ VLFK DXFK ]DKOUHLFKH %H]LUNV XQG 6WDGWNUHLVSDUWHLHQ 7DEHOOH<br />

'LH 9LHO]DKO YRQ 8QWHUHLQKHLWHQ VWHOOW KRKH $QVSU FKH DQ GLH ,QWHJUDWLRQV XQG<br />

.RRUGLQDWLRQVNDSD]LWlW GHU 3DUWHLHQ ,P ZHLWHUHQ LVW GLH RUJDQLVDWRULVFKH<br />

)HLQJOLHGHUXQJ DXFK VHKU SHUVRQDOLQWHQVLY GD DXI MHGHU (EHQH ]DKOUHLFKH )XQNWLRQHQ<br />

E]Z bPWHU ]X EHVHW]HQ VLQG<br />

'LH (UKHEXQJ EHL GHQ .DQWRQDOSDUWHLHQ YRQ )'3 &93 693 XQG 636 LP -DKU XQG<br />

GLH $QJDEHQ GHU 636 I U GDV -DKU HUJHEHQ HLQ 7RWDO YRQ %H]LUNVSDUWHLHQ<br />

/RNDOSDUWHLHQ XQG 6WDGWNUHLVSDUWHLHQ 'LH HIIHNWLYHQ =DKOHQ OLHJHQ QRFK<br />

K|KHU GD QLFKW DOOH .DQWRQDOSDUWHLHQ DQWZRUWHWHQ E]Z EHU JHQDXH $QJDEHQ<br />

YHUI JWHQ<br />

)'3<br />

&93<br />

693<br />

636<br />

7RWDO<br />

1<br />

.DQWRQDO %H]LUNV /RNDO 6WDGWNUHLV<br />

SDUWHLHQ SDUWHLHQ SDUWHLHQ SDUWHLHQ<br />

1 1 1<br />

4XHOOH (UKHEXQJ /DGQHU %UlQGOH<br />

*HQHUDOVHNUHWDULDW 636 /RNDOVHNWLRQHQ -DQXDU<br />

7DEHOOH ,QWHJUDWLRQV .RRUGLQDWLRQVIXQNWLRQ 8QWHUJOLHGHUXQJ GHU 3DUWHLHQ


(LQH ]HQWUDOH 3DUWHLIXQNWLRQ ELOGHW GLH 5HNUXWLHUXQJ YRQ 3HUVRQHQ I U |IIHQWOLFKH<br />

bPWHU $XFK KLHU VWHOOW GDV I|GHUDOLVWLVFKH 6\VWHP DXVVHURUGHQWOLFK KRKH $QVSU FKH<br />

DQ GLH 5HNUXWLHUXQJVIlKLJNHLW GHU 3DUWHLHQ $OOHLQH I U GLH %HVHW]XQJ DOOHU ([HNXWLY<br />

XQG /HJLVODWLYPDQGDWH DXI DOOHQ GUHL (EHQHQ KDEHQ GLH 3DUWHLHQ UXQG<br />

3HUVRQHQ ]X UHNUXWLHUHQ 7DEHOOH +LQ]X NRPPW HLQH EHDFKWOLFKH =DKO YRQ<br />

ZHLWHUHQ 0DQGDWHQ DXI NDQWRQDOHU XQG YRU DOOHP ORNDOHU (EHQH<br />

-XGLNDWLYH XVZ<br />

.RPPLVVLRQHQ<br />

*HPHLQGHQ<br />

.DQWRQH<br />

%XQG<br />

([HNXWLYPDQGDWH /HJLVODWLYPDQGDWH<br />

7RWDO UXQG UXQG<br />

7RWDO 0DQGDWH UXQG<br />

ZHLWHUH ([HNXWLYPDQGDWH ZHUGHQ YRQ 3DUWHLORVHQ EHVHW]W<br />

4XHOOH /DGQHU II<br />

7DEHOOH 5HNUXWLHUXQJ %HVHW]XQJ YRQ /HJLVODWLY XQG ([HNXWLYPDQGDWHQ<br />

(LQH ZHLWHUH ]HQWUDOH 3DUWHLIXQNWLRQ GLH GHU 0HLQXQJVELOGXQJ XQG 0RELOLVLHUXQJ ZLUG<br />

GXUFK GLH GLUHNWGHPRNUDWLVFKHQ ,QVWLWXWLRQHQ LQ GHU 6FKZHL] EHVRQGHUV VWDUN<br />

JHIRUGHUW 'LH JURVVH =DKO YRQ $EVWLPPXQJHQ YHUODQJW YRQ GHQ 3DUWHLHQ HLQH<br />

NRQWLQXLHUOLFKH 3UlVHQ] 0HLQXQJVELOGXQJ XQG 0RELOLVLHUXQJ $OOHLQH LQ GHQ OHW]WHQ<br />

]ZHL -DKU]HKQWHQ NDPHQ DXI QDWLRQDOHU (EHQH EHU DXI NDQWRQDOHU (EHQH EHU<br />

9RUODJHQ ]XU $EVWLPPXQJ 7DEHOOH +LQ]X NRPPHQ LQ GHQ JU|VVHUHQ<br />

*HPHLQGHQ ]DKOUHLFKHNRPPXQDOH $EVWLPPXQJHQLQGHU 6WDGW %HUQ ]ZLVFKHQ<br />

XQG EHLVSLHOVZHLVH 9RUODJHQ<br />

2EOLJDWRULVFKH 5HIHUHQGHQ<br />

9RONVLQLWLDWLYHQ<br />

)DNXOWDWLYH 5HIHUHQGHQ<br />

7R WDO<br />

%XQG .DQWRQH<br />

4XHOOHQ 'DWHQEDQN GHV )RUVFKXQJV]HQWUXPV I U GLUHNWH 'HPRNUDWLH F G<br />

/LQGHU I


7DEHOOH 0HLQXQJVELOGXQJ =XU $EVWLPPXQJ JHEUDFKWH 5HIHUHQGHQ XQG<br />

9RONVLQLWLDWLYHQ


)LQDQ]LHOOH 0LWWHO GHU 3DUWHLHQ<br />

%XQGHVSDUWHLHQ<br />

'LH (QWZLFNOXQJ GHU ILQDQ]LHOOHQ 0LWWHO DXI QDWLRQDOHU (EHQH GHXWHW DXI HUKHEOLFK<br />

JHVWLHJHQH .RVWHQ GHU 3ROLWLN KLQ %LV $QIDQJ GHU HU -DKUH VLQG GLH 'DWHQ<br />

DOOHUGLQJV QXU EHGLQJW ]XYHUOlVVLJ GD VLH WHLOZHLVH DXI 6FKlW]XQJHQ EHUXKHQ 'LH<br />

=DKOHQ VLQG QLFKW WHXHUXQJVEHUHLQLJW<br />

'LH =DKOHQ I U GLH -DKUH XQG VLQG EHL DOOHQ 3DUWHLHQ KDUPRQLVLHUW VLH<br />

EH]LHKHQ VLFK DXI GHQ EXGJHWLHUWHQ $XIZDQG RKQH GLH $XVJDEHQ I U :DKOHQ<br />

0LR )UDQNHQ<br />

4<br />

3,5<br />

3<br />

2,5<br />

2<br />

1,5<br />

1<br />

0,5<br />

0<br />

%XGJHWV GHU %XQGHVSDUWHLHQ<br />

1968 1975 1984 1989 1995 1999<br />

FDP 0,76 1,1 1,7 2,1 2,6<br />

CVP 0,163 0,78 1,2 1,6 2,2 2,3<br />

SVP 0,3 0,235 0,475 0,9 1,3 1,4<br />

SPS 0,4 0,723 1,4 1,7 2,9 3,5<br />

Quellen: Gruner Kerr 1987, 1977, Gruner Blum 1984, 1977, 1984, Kerr Blum Kerr 1987, 1984, Kriesi 1995,<br />

Generalsekretariate FDP, SVP, CVP, SVP, SPS<br />

*UDILN %XGJHWV GHU %XQGHVSDUWHLHQ<br />

FDP<br />

CVP<br />

SVP<br />

SPS<br />

%HL GHU (QWZLFNOXQJ VHLW 0LWWH GHU HU -DKUH GLH VLFK JHQDXHU YHUIROJHQ OlVVW<br />

HUJHEHQ VLFK GXUFK GLH XQWHUVFKLHGOLFKH 5HFKQXQJVOHJXQJ GHU 3DUWHLHQ LP<br />

=XVDPPHQKDQJ PLW :DKOHQ JHZLVVH 9HU]HUUXQJHQ 'LHVH $XIZHQGXQJHQ ZHUGHQ<br />

EHL GHU )'3 LP RUGHQWOLFKHQ %XGJHW QLFKW DXVJHZLHVHQ ZlKUHQG EHL &93 XQG 693 LQ


GHQ :DKOMDKUHQ XQG HQWVSUHFKHQGH .RQWHQ YRUKDQGHQ VLQG 'LH 636<br />

QLPPW I U GLH :DKOHQ NRQWLQXLHUOLFK 5 FNVWHOOXQJHQ YRU GLH LP %XGJHW DXVJHZLHVHQ<br />

VLQG<br />

0LR )UDQNHQ<br />

%XGJHWLHUWH (LQQDKPHQ GHU %XQGHVSDUWHLHQ<br />

3,5<br />

RKQH JHVRQGHUWH (LQQDKPHQ I U :DKOHQ<br />

3<br />

2,5<br />

2<br />

1,5<br />

1<br />

0,5<br />

0<br />

1995 2,118 2,26 1,334 2,977<br />

1996 2,107 2,232 1,38 3,12<br />

1997 2,114 2,491 1,381 3,117<br />

1998 2,427 2,416 1,433 3,036<br />

1999 2,621 2,325 1,416 3,114<br />

Quelle: Quellen: Rechnungen Generalsekretariate und Budgets FDP, FDP, CVP, CVP, SVP, SVP, SPS<br />

SPS<br />

Quellen: Generalsekretariate FDP, CVP, SVP, SPS<br />

*UDILN %XGJHWLHUWH (LQQDKPHQ GHU %XQGHVSDUWHLHQ<br />

.DQWRQDOSDUWHLHQ<br />

FDP CVP SVP SPS<br />

%HL GHQ .DQWRQDOSDUWHLHQ VWHKHQ QXU I U GLH HU -DKUH $QJDEHQ EHU GLH<br />

ILQDQ]LHOOHQ 0LWWHO LP OHW]WHQ :DKO E]Z 1LFKW :DKOMDKU ]XU 9HUI JXQJ *UDILN<br />

'DV %XGJHW LP OHW]WHQ :DKOMDKU EHOLHI VLFK EHL GHQ DQWZRUWHQGHQ<br />

.DQWRQDOSDUWHLHQ GHU %XQGHVUDWVSDUWHLHQ DXI EHU 0LR )UDQNHQ HV LVW VRPLW UXQG<br />

PDO JU|VVHUDOVGDVMHQLJHYRQ )'3 &93 693 XQG 636 LP :DKOMDKU 0LR<br />

)UDQNHQ ,P OHW]WHQ 1LFKW :DKOMDKU EHOLHI VLFK GLH 6XPPH DOOHU %XGJHWV DXI 0LR<br />

)UDQNHQ .DQWRQDOSDUWHLHQ (LQH JUREH +RFKUHFKQXQJ DXIJUXQG GHU<br />

SDUWHLVSH]LILVFKHQ 0LWWHOZHUWH HUJLEW DXI NDQWRQDOHU (EHQH HLQ *HVDPWYROXPHQ YRQ<br />

NQDSS 0LR )UDQNHQ LP OHW]WHQ :DKOMDKU E]Z NQDSS 0LR )UDQNHQ LP OHW]WHQ<br />

1LFKW :DKOMDKU


%XGJHWV GHU .DQWRQDOSDUWHLHQ<br />

0LR )UDQNHQ<br />

*UDILN %XGJHWV GHU .DQWRQDOSDUWHLHQ<br />

/RNDOSDUWHLHQ<br />

7<br />

6<br />

5<br />

4<br />

3<br />

2<br />

1<br />

0<br />

Budgets total im<br />

letzten Wahljahr<br />

(N=78)<br />

Budgets total im<br />

letzten Nicht-<br />

Wahljahr (N=77)<br />

FDP CVP SVP SP<br />

6,444 5,74 4,464 5,587<br />

3,534 2,943 2,051 3,879<br />

'LH ILQDQ]LHOOHQ 0LWWHO GHU /RNDOSDUWHLHQ N|QQHQ HEHQIDOOV QXU SXQNWXHOO GDUJHVWHOOW<br />

ZHUGHQ ,Q LKUHU (UKHEXQJ GHU /RNDOSDUWHLHQ DQIDQJV GHU HU -DKUH VFKlW]HQ<br />

*HVHUHWDO GDV *HVDPWYROXPHQGHU %XGJHWVDOOHU /RNDOSDUWHLHQDXIUXQG0LR )UDQNHQ LQ 1LFKW :DKOMDKUHQ ,Q :DKOMDKUHQ ZLUG PLW HLQHU 9HUGRSSHOXQJ GHV<br />

9ROXPHQV JHUHFKQHW *HVHU II


3HUVRQHOOH 5HVVRXUFHQ<br />

%XQGHVSDUWHLHQ<br />

'LH QDWLRQDOHQ 3DUWHLHQ EHVFKlIWLJHQ LQVJHVDPW 3HUVRQHQ GDV JHVDPWH<br />

6WHOOHQYROXPHQ HQWVSULFKW NQDSS 9ROO]HLWVWHOOHQ )'3 &93 XQG 636 YHUI JHQ EHU<br />

UXQG ELV 9ROO]HLWVWHOOHQ GLH 693 EHU GHUHQ .QDSS 3UR]HQW GHU SHUVRQHOOHQ<br />

5HVVRXUFHQ ZHUGHQ YRQ GHQ 3DUWHLHQ I U GLH SROLWLVFKH E]Z<br />

HLQJHVHW]W<br />

LQKDOWOLFKH $UEHLW<br />

0LW GLHVHQ SHUVRQHOOHQ 5HVVRXUFHQ VLQG VlPWOLFKH %HUHLFKH GHU 3DUWHLDUEHLW<br />

DE]XGHFNHQ YRQ GHU 8QWHUVW W]XQJ GHU )UDNWLRQ LQ GHU %XQGHVYHUVDPPOXQJ EHU GLH<br />

.RRUGLQDWLRQ PLW GHQ LQVJHVDPW EHU .DQWRQDOSDUWHLHQ ELV KLQ ]XU (UDUEHLWXQJ<br />

YRQ *UXQGVDW]SDSLHUHQ XQG 9HUQHKPODVVXQJVDQWZRUWHQ<br />

$QJHVWHOOW 6WHOOHQSUR 6WHOOHQSUR 6WHOOHQSUR 6WHOOHQSUR<br />

H WRWDO ]HQWH 3DUWHL ]HQWH ]HQWH ]HQWH<br />

DGPLQLVWUDWLY 3DUWHL )UDNWLRQ )UDNWLRQ<br />

H $UEHLW SROLWLVFKH DGPLQLVWUDWLY SROLWLVFKH<br />

$UEHLW H $UEHLW $UEHLW<br />

)'3<br />

&93<br />

693<br />

63<br />

7RWDO<br />

7DEHOOH 3HUVRQHOOH 5HVVRXUFHQ GHU QDWLRQDOHQ 3DUWHLHQ<br />

.DQWRQDOH 3DUWHLHQ<br />

6WHOOHQSUR<br />

]HQWH WRWDO<br />

5XQG ]ZHL 'ULWWHO GHU .DQWRQDOSDUWHLHQYRQ )'3 &93 693 XQG 636 EHVFKlIWLJHQ HLQH<br />

RGHU PHKUHUH 3HUVRQHQ DXI GHP 3DUWHLVHNUHWDULDW 'LH =DKO GHU $QJHVWHOOWHQ EHWUXJ<br />

QDFK $QJDEHQ GHU 3DUWHLYHUDQWZRUWOLFKHQ GDV 6WHOOHQYROXPHQ EHOLHI VLFK<br />

DXI 9ROO]HLWVWHOOHQ =ZLVFKHQ GHQ 3DUWHLHQ EHVWHKHQ DOOHUGLQJV EHWUlFKWOLFKH<br />

8QWHUVFKLHGH 6R YHUI JHQ GLH )'3 .DQWRQDOSDUWHLHQ EHU NQDSS 9ROO]HLWVWHOOHQ<br />

GLH .DQWRQDOSDUWHLHQ GHU 693 OHGLJOLFK EHU


)'3<br />

.DQWRQDOSDUWHLHQ<br />

&93<br />

.DQWRQDOSDUWHLHQ<br />

693<br />

.DQWRQDOSDUWHLHQ<br />

63 .DQWRQDOSDUWHLHQ<br />

7RWDO<br />

$QJHVWHOOWH<br />

WRWDO<br />

6WHOOHQSUR]HQWH .DQWRQDOSDUWHL<br />

7DEHOOH 3HUVRQHOOH 5HVVRXUFHQ GHU .DQWRQDOSDUWHLHQ<br />

/RNDOSDUWHLHQ<br />

HQ PLW HQ WRWDO<br />

$QJHVWHOOWHQ<br />

.DQWRQDOSDUWHL<br />

%HL GHQ /RNDOSDUWHLHQ VLQG NHLQH $QJDEHQ EHU GLH SHUVRQHOOHQ 5HVVRXUFHQ LP 6LQQH<br />

YRQ $QJHVWHOOWHQ YHUI JEDU (V LVW GDYRQ DXV]XJHKHQ GDVV GLH $UEHLW LQ /RNDOSDUWHLHQ<br />

JUXQGVlW]OLFK HKUHQDPWOLFK JHOHLVWHW ZLUG XQG QXU ZHQLJH JURVVH 3DUWHLHQ LQ 6WlGWHQ<br />

LQ GHU /DJH VLQG $QJHVWHOOWH ]X ILQDQ]LHUHQ 'DUDXI ZHLVW DXFK GHU GXUFKVFKQLWWOLFKH<br />

$QWHLO GHU .RVWHQ I U GLH $GPLQLVWUDWLRQ KLQ GHU EHL GHQ 6FKZHL]HU /RNDOSDUWHLHQ EHL<br />

3UR]HQW OLHJW *HVHU HW DO<br />

([NXUV 3HUVRQHOOH 5HVVRXUFHQ YRQ 9HUElQGHQ<br />

'HU 9HUJOHLFK GHU SHUVRQHOOHQ 5HVVRXUFHQ YRQ 3DUWHLHQ XQG 9HUElQGHQ DXI<br />

QDWLRQDOHU (EHQH LVW QXU EHGLQJW P|JOLFK GD NDXP 'DWHQ E]Z YHUJOHLFKEDUH =DKOHQ<br />

HUKlOWOLFK VLQG<br />

)OXGHU HW DO VWHOOHQ LQ LKUHU 8QWHUVXFKXQJ IHVW GDVV GHU HUIDVVWHQ<br />

JHVDPWVFKZHL]HULVFKHQ $UEHLWQHKPHUYHUElQGH (QGH GHU HU -DKUH HLQ<br />

YROODPWOLFKHV 6HNUHWDULDW KDEHQ<br />

6WHOOHQ XQG PHKU )OXGHU HW DO<br />

'LHVHV XPIDVVW EHL GHU +lOIWH GHU 9HUElQGH I QI<br />

6HW]W PDQ GLH SHUVRQHOOHQ 5HVVRXUFHQ LQ 5HODWLRQ ]X GHU 0LWJOLHGHU]DKO VLQG GLH<br />

QDWLRQDOHQ 3DUWHLHQ VWlUNHU GRWLHUW DOV GHU 6*% 7DEHOOH %HWUDFKWHW PDQ<br />

DOOHUGLQJV HLQ]HOQH 0LWJOLHGYHUElQGH GHV 6*% LVW GLH $XVVWDWWXQJ GHU 3DUWHLHQ XP HLQ<br />

9LHOIDFKHV NOHLQHU


%HL GHQ $UEHLWJHEHUYHUElQGHQ LVW OHGLJOLFK HLQ REHUIOlFKOLFKHU 9HUJOHLFK P|JOLFK<br />

GLH $QJDEHQ I U GHQ 6%9 XQG GHQ $60 UHODWLYLHUHQ GLH SHUVRQHOOHQ 5HVVRXUFHQ GHU<br />

QDWLRQDOHQ 3DUWHLHQ LQVRIHUQ DOV GLH EHLGHQ 9HUElQGH HLQ]HOQ PHKU 3HUVRQHQ<br />

EHVFKlIWLJHQ DOV GLH YLHU %XQGHVUDWVSDUWHLHQ ]XVDPPHQ


7DEHOOH 3HUVRQHOOH 5HVVRXUFHQ YRQ 3DUWHLHQ XQG 9HUElQGHQ LP 9HUJOHLFK<br />

$QJHVWHOOW 0LWJOLHG $QJHVWHOOWH %HPHUNXQJHQ<br />

H HU 9ROO]HLWVWHOOHQ<br />

QDWLRQDO<br />

QDWLRQDO SUR<br />

9ROO]HLW<br />

VWHOOHQ<br />

0LWJOLHGHU<br />

)'3 =DKOHQ<br />

&93 =DKOHQ<br />

693 =DKOHQ<br />

636 =DKOHQ<br />

3DUWHLHQ WRWDO =DKOHQ<br />

6%* 6FKZHL]<br />

*HZHUNVFKDIWVEXQG<br />

6.9 6FKZHL]<br />

.DXIPlQQLVFKHU<br />

9HUEDQG<br />

6089 6FKZHL] 0HWDOO<br />

XQG<br />

8KUHQDUEHLWQHKPHUYHUE<br />

DQG<br />

6*&, 6FKZHL]<br />

*HVHOOVFKDIW I U<br />

FKHPLVFKH ,QGXVWULH<br />

6%9 6FKZHL]<br />

%DXPHLVWHUYHUEDQG<br />

$60<br />

$UEHLWJHEHUYHUEDQG<br />

GHU VFKZHL]<br />

0DVFKLQHQLQGXVWULH<br />

=DKOHQ<br />

=DKOHQ<br />

=DKOHQ<br />

5HGXNWLRQ YRQ<br />

DXI 6WHOOHQ<br />

1== YRP<br />

6<br />

=DKOHQ<br />

=DKOHQ<br />

4XHOOHQ (UKHEXQJ /DGQHU %UlQGOH )OXGHU HW DO $QJDEHQ YRQ 0LFKDHO 0H\UDW<br />

,QVWLWXW I U 3ROLWLNZLVVHQVFKDIW %HUQ<br />

%HL GHU 6*&, ZDUHQ ELV LQ GLH M QJVWH =HLW JHJHQ 3HUVRQHQ EHVFKlIWLJW 1DFK GHU<br />

1HXDXVULFKWXQJ VDQN GLH =DKO GHU $QJHVWHOOWHQ DXI ZRPLW GLH 6*&, JHULQJHUH<br />

SHUVRQHOOH 5HVVRXUFHQ EHVLW]W DOV )'3 &93 XQG 636<br />

*HQHUHOOH $XVVDJHQ EHU GLH SHUVRQHOOHQ 5HVVRXUFHQ GHU 3DUWHLHQ ODVVHQ VLFK<br />

DXIJUXQG GLHVHV 9HUJOHLFKV QLFKW DQVWHOOHQ =XPLQGHVW ZLUG DEHU GHXWOLFK GDVV GLH<br />

3DUWHLHQ PLW YLHO JHULQJHUHQ SHUVRQHOOHQ 5HVVRXUFHQ DXVJHVWDWWHW VLQG DOV<br />

YHUVFKLHGHQH 9HUElQGH


:RKHU NRPPW GDV *HOG"<br />

(LQQDKPHQVWUXNWXU GHU %XQGHVSDUWHLHQ<br />

%HL GHU (LQQDKPHQVWUXNWXU NRPPW GHU XQWHUVFKLHGOLFKH )LQDQ]LHUXQJVPRGXV GHU<br />

%XQGHVSDUWHLHQ ]XP $XVGUXFN :lKUHQGGLH636 VLFK PHKUKHLWOLFK EHU %HLWUlJHGHU .DQWRQDOSDUWHLHQ ILQDQ]LHUW VWDPPW UXQG GLH +lOIWH GHU (LQQDKPHQ YRQ )'3 693 XQG<br />

&93 DXV IUHLZLOOLJHQ %HLWUlJHQ E]Z 6SHQGHQ *UDILN<br />

$EJDEHQ GHU .DQWRQDOSDUWHLHQ XQG IUHLZLOOLJH<br />

%HLWUlJH 6SHQGHQ<br />

3UR]HQWDQWHLO DP %XGJHW<br />

100<br />

90<br />

80<br />

70<br />

60<br />

50<br />

40<br />

30<br />

20<br />

10<br />

0<br />

Abgaben der<br />

Kantonalparteien<br />

freiwillige<br />

Beiträge /<br />

Spenden<br />

FDP CVP SVP SPS<br />

1 13 13 52<br />

61 51 42 12<br />

*UDILN $EJDEHQ GHU .DQWRQDOSDUWHLHQ XQG IUHLZLOOLJH %HLWUlJH 6SHQGHQ<br />

(UKHEOLFKH 'LIIHUHQ]HQ ]HLJHQ VLFK DXFK EHL GHQ $QWHLOHQ GHU )UDNWLRQVEHLWUlJH XQG<br />

0DQGDWVDEJDEHQ 'LH )UDNWLRQVEHLWUlJH PDFKHQ EHL )'3 XQG 693 UXQG 3UR]HQW<br />

EHL GHU &93<br />

*UDILN<br />

3UR]HQW GHV %XGJHWV DXV %HL GHU 636 EHWUlJW GLHVHU $QWHLO 3UR]HQW


)UDNWLRQVEHLWUlJH XQG 0DQGDWVDEJDEHQ<br />

3UR]HQWDQWHLO DP %XGJHW<br />

100<br />

90<br />

80<br />

70<br />

60<br />

50<br />

40<br />

30<br />

20<br />

10<br />

0<br />

FDP CVP SVP SPS<br />

Mandatsabgaben 2 4 7 7<br />

Fraktionsbeiträge 23 20 30 14<br />

*UDILN )UDNWLRQVEHLWUlJH XQG 0DQGDWVDEJDEHQ<br />

(LQQDKPHQVWUXNWXU GHU .DQWRQDOSDUWHLHQ<br />

$XI NDQWRQDOHU (EHQH JOHLFKHQ VLFK GLH (LQQDKPHQVWUXNWXUHQ GHU 3DUWHLHQ DQ ,P<br />

*HJHQVDW] ]X LKUHQ %XQGHVSDUWHLHQ VW W]HQ VLFK GLH .DQWRQDOSDUWHLHQ YRQ )'3 &93<br />

XQG 693 VWlUNHU DXI GLH 0LWJOLHGHU XQG 8QWHUJOLHGHUXQJHQ /RNDOSDUWHLHQ DE 'HU<br />

$QWHLO GHU 0LWJOLHGHUEHLWUlJH XQG GHU $EJDEHQ YRQ 2UWVSDUWHLHQ EHWUlJW EHL DOOHQ<br />

3DUWHLHQ ]ZLVFKHQ XQG 3UR]HQW *UDILN


(LQQDKPHQVWUXNWXU GHU .DQWRQDOSDUWHLHQ<br />

OHW]WHV 1LFKW :DKOMDKU YRU<br />

GXUFKVFKQLWWOLFKH 3UR]HQWDQWHLOH<br />

100<br />

90<br />

80<br />

70<br />

60<br />

50<br />

40<br />

30<br />

20<br />

10<br />

0<br />

anderes 20 17 6 5<br />

Spenden von<br />

Nichtmitgliedern<br />

9 8 9 3<br />

Mandatsabgaben 18 32 26 33<br />

Abgaben der<br />

Ortsparteien<br />

direkte freiwillige<br />

Mitgliederbeiträge<br />

direkte<br />

obligatorische<br />

Mitgliederbeiträge<br />

FDP<br />

(N=25)<br />

CVP<br />

(N=22)<br />

SVP<br />

(N=20)<br />

29 21 21 15<br />

16 10 15 12<br />

8 12 23 32<br />

*UDILN (LQQDKPHQVWUXNWXU GHU .DQWRQDOSDUWHLHQ<br />

(LQQDKPHQVWUXNWXU GHU /RNDOSDUWHLHQ<br />

SP (N=21)<br />

$XI *HPHLQGHHEHQH ILQDQ]LHUHQ VLFK GLH /RNDOSDUWHLHQ YRQ )'3 &93 693 XQG 636<br />

YRU DOOHP EHU REOLJDWRULVFKH XQG IUHLZLOOLJH 0LWJOLHGHUEHLWUlJH 'LHVHU $QWHLO PDFKW<br />

EHL DOOHQ 3DUWHLHQ PHKU DOV 3UR]HQW GHU (LQQDKPHQ DXV ZREHL VLFK 693 XQG 63<br />

/RNDOVHNWLRQHQ YRU DOOHP DXI REOLJDWRULVFKH )'3 XQG &93 6HNWLRQHQ JOHLFKHUPDVVHQ<br />

DXI REOLJDWRULVFKH XQG IUHLZLOOLJH %HLWUlJH DEVW W]HQ :HLWHUH (LQQDKPHTXHOOHQ VLQG<br />

0DQGDWVVWHXHUQ XQG LQ EHVFKHLGHQHP $XVPDVV 6SHQGHQ YRQ 1LFKWPLWJOLHGHUQ<br />

*HVHU II


:RI U ZLUG GDV *HOG DXVJHJHEHQ"<br />

$XVJDEHQVWUXNWXU GHU %XQGHVSDUWHLHQ<br />

%HL GHU $XVJDEHQVWUXNWXU GHU %XQGHVSDUWHLHQ ]HLJHQ VLFK NHLQH JURVVHQ 'LIIHUHQ]HQ<br />

(LQH $XVQDKPH ELOGHQ GLH .RVWHQ I U GLH 3ROLWLN GDV KHLVVW GLH $XVJDEHQ I U :DKOHQ<br />

XQG $EVWLPPXQJHQ'LHVHU $XIZDQGLVWQXU EHL GHU 636 DXFK LQ 1LFKW :DKOMDKUHQLP %XGJHW DXVJHZLHVHQ 'LH $XVJDEHQ GHU 3DUWHLHQ XPIDVVHQ VRPLW LQ HUVWHU /LQLH<br />

%HWULHEVNRVWHQ GLH ]XU $XIUHFKWHUKDOWXQJ GHV 7DJHVEHWULHEHV XQG GHU<br />

3DUWHLRUJDQLVDWLRQ GLHQHQ *UDILN ,P 9HUJOHLFK QLFKW EHU FNVLFKWLJW VLQG GLH<br />

VSH]LILVFKHQ $XVJDEHQ I U :DKOHQ XQG $EVWLPPXQJHQ<br />

$XVJDEHQVWUXNWXU %XQGHVSDUWHLHQ<br />

3UR]HQWDQWHLOH<br />

100%<br />

90%<br />

80%<br />

70%<br />

60%<br />

50%<br />

40%<br />

30%<br />

20%<br />

10%<br />

0%<br />

übriger<br />

Sachaufwand<br />

Sitzungen/<br />

Veranstaltungen<br />

FDP CVP SVP SP<br />

28 19 25 49<br />

6 11 2 4<br />

Kommunikation 12 11 8 11<br />

Personal 54 59 65 36<br />

*UDILN $XVJDEHQVWUXNWXU GHU %XQGHVSDUWHLHQ


$XVJDEHQVWUXNWXU GHU .DQWRQDOSDUWHLHQ<br />

%HL GHQ $XVJDEHQ GHU .DQWRQDOSDUWHLHQ EHDQVSUXFKHQ GLH .RVWHQ I U GLH 3ROLWLN LQ<br />

1LFKW :DKOMDKUHQ EHL DOOHQ 3DUWHLHQ UXQG 3UR]HQW 'LH ]HQWUDOHQ )XQNWLRQHQ GHU<br />

3DUWHLHQ 0HLQXQJVELOGXQJ XQG 5HNUXWLHUXQJ WUHWHQ LQ GHU $XVJDEHQVWUXNWXU DXI<br />

NDQWRQDOHU (EHQH GHPQDFK YLHO NODUHU ]XWDJH DOV DXI QDWLRQDOHU (EHQH XQG<br />

YHUGHXWOLFKHQ GLH WUDJHQGH 5ROOH GHU .DQWRQDOSDUWHLHQ LQQHUKDOE GHU<br />

I|GHUDOLVWLVFKHQ 3DUWHLVWUXNWXUHQ *UDILN<br />

'LH YHUWLNDOHQ 7UDQVIHUV GLH $EJDEHQ DQ GLH %XQGHVSDUWHL EHWUDJHQ EHL &93 693<br />

XQG 636 UXQG 3UR]HQW %HL GHU )'3 EHWUlJW GHU $QWHLO QXU 3UR]HQW GLH EHLGHQ<br />

GXUFKVFKQLWWOLFKHU 3UR]HQWDQWHLO<br />

$XVJDEHQVWUXNWXU .DQWRQDOSDUWHLHQ<br />

OHW]WHV 1LFKW :DKOMDKU YRU<br />

100<br />

90<br />

80<br />

70<br />

60<br />

50<br />

40<br />

30<br />

20<br />

10<br />

0<br />

anderes 8 9 3 15<br />

Werbung von<br />

Neumitgliedern<br />

Administration/<br />

Spesen<br />

Beiträge an<br />

Bundespartei<br />

FDP<br />

(N=23)<br />

CVP<br />

(N=22)<br />

SVP<br />

(N=20)<br />

6 4 7 2<br />

41 38 32 27<br />

3 14 16 16<br />

Abstimmungen 12 5 11 12<br />

Wahlen 30 30 31 28<br />

3DUWHLHEHQHQ VLQG ILQDQ]LHOO SUDNWLVFK DXWRQRP<br />

*UDILN $XVJDEHQVWUXNWXU GHU .DQWRQDOSDUWHLHQ<br />

SP (N=20)


$XVJDEHQVWUXNWXU GHU /RNDOSDUWHLHQ<br />

$XI ORNDOHU (EHQH EHWUlJW GHU $QWHLO GHU 3ROLWLNNRVWHQ ]ZLVFKHQ XQG 3UR]HQW<br />

'HQ ]ZHLWJU|VVWHQ $QWHLO QHKPHQ EHL DOOHQ 3DUWHLHQ PLW ELV 3UR]HQW GLH<br />

$EJDEHQ DQ GLH .DQWRQDOSDUWHL HLQ 'LH .RVWHQ I U GLH $GPLQLVWUDWLRQ OLHJHQ EHL UXQG<br />

3UR]HQW<br />

3DUWHLHQI|UGHUXQJ LQ GHU 6FKZHL]<br />

3DUWHLHQI|UGHUXQJ DXI %XQGHVHEHQH<br />

,Q GHU 6FKZHL] ZLUG DXI %XQGHVHEHQH HLQH lXVVHUVW ]XU FNKDOWHQGH<br />

3DUWHLHQI|UGHUXQJ EHWULHEHQ 6HOEVW LP 9HUJOHLFK PLW /lQGHUQ GLH HEHQIDOOV HLQH<br />

VWDDWVIUHLH 3DUWHLHQI|UGHUXQJ NHQQHQ X D *% XQG 1/ QHKPHQ GLH 6FKZHL]HU<br />

3DUWHLHQ KLQVLFKWOLFK GHU JHULQJHQ |IIHQWOLFKHQ 8QWHUVW W]XQJ LKUHU /HLVWXQJHQ HLQH<br />

6RQGHUSRVLWLRQ HLQ<br />

$XI %XQGHVHEHQH KDEHQ LQ GHQ OHW]WHQ -DKU]HKQWHQ ]DKOUHLFKH 'LVNXVVLRQHQ EHU<br />

HLQH 3DUWHLHQI|UGHUXQJ VWDWWJHIXQGHQ 'LH (UIROJH EHVFKUlQNHQ VLFK ELV KHXWH<br />

DOOHUGLQJV DXI GLH )UDNWLRQVILQDQ]LHUXQJ GLH VHLW NRQWLQXLHUOLFK DXVJHEDXW ZXUGH<br />

'DV 9ROXPHQ GHU )UDNWLRQVEHLWUlJH EHOlXIW VLFK VHLW 0LWWH GHU<br />

0LR )UDQNHQ SUR -DKU<br />

HU -DKUH DXI UXQG<br />

*UXQGVlW]OLFKH 'LVNXVVLRQHQ EHU HLQH 3DUWHLHQI|UGHUXQJ IDQGHQ LP =XVDPPHQKDQJ<br />

PLW GHU YHUIDVVXQJVUHFKWOLFKHQ 9HUDQNHUXQJ GHU 3DUWHLHQ VWDWW 3DUWHLHQDUWLNHO LQ GHQ<br />

HU XQG HU -DKUHQ ,Q SDUODPHQWDULVFKHQ 9RUVW|VVHQ NDP GLH<br />

3DUWHLHQI|UGHUXQJ HEHQIDOOV PHKUIDFK ]XU 6SUDFKH 0RWLRQ 6FK UPDQQ<br />

(LQ]HOLQLWLDWLYH +XEDFKHU 0RWLRQ -DHJHU 3DUO ,QLWLDWLYH % UR 1DWLRQDOUDW<br />

'LH XPIDVVHQGVWH $QDO\VH ]XU 3DUWHLHQI|UGHUXQJ LQ GHU 6FKZHL] %HULFKW<br />

%XQGHVUDW JHKW DXI HLQHQ GLHVHU 9RUVW|VVH ]XU FN<br />

$OV )|UGHUXQJVPDVVQDKPHQ ZHUGHQ DXI QDWLRQDOHU (EHQH DQJHI KUW YJO %HULFKW GHV<br />

%XQGHVUDWHV<br />

'UXFN GHU :DKOOLVWHQ GXUFK .DQWRQH<br />

6HQGH]HLW DQ 5DGLR XQG )HUQVHKHQ<br />

7D[YHUJ QVWLJXQJHQ<br />

9HUQHKPODVVXQJVYHUIDKUHQ $QK|UXQJVUHFKW<br />

$PWVGUXFNVDFKHQ EHYRU]XJWH %HKDQGOXQJ


'LH M QJVWH (QWZLFNOXQJ EHWULIIW GHQ OHJDOHQ 6WDWXV GHU 3DUWHLHQ ,Q GHU QHXHQ<br />

%XQGHVYHUIDVVXQJ HUIROJW HUVWPDOV HLQH YHUIDVVXQJVUHFKWOLFKH 9HUDQNHUXQJ GHU<br />

3DUWHLHQ $UW %9 'DUDXV VROOHQ DOOHUGLQJV H[SOL]LW NHLQH 5HFKWVDQVSU FKH DXI<br />

8QWHUVW W]XQJVOHLVWXQJHQ DEJHOHLWHW ZHUGHQ N|QQHQ


3DUWHLHQI|UGHUXQJ DXI .DQWRQVHEHQH<br />

,Q YLHOHQ .DQWRQHQ VLQG lKQOLFKH 0DVVQDKPHQ GHU 3DUWHLHQI|UGHUXQJ ]X ILQGHQ ZLH<br />

DXI %XQGHVHEHQH 'LHV EHWULIIW LQVEHVRQGHUH GLH 8QWHUVW W]XQJ GHU )UDNWLRQHQ LQ GHQ<br />

.DQWRQVSDUODPHQWHQ $OOHUGLQJV EHVWHKHQ HUKHEOLFKH 8QWHUVFKLHGH LP $XVPDVV GHU<br />

3DUWHLHQI|UGHUXQJ ,Q HLQ]HOQHQ .DQWRQHQ VLQG GLH SROLWLVFKHQ 3DUWHLHQ LQ GHU<br />

9HUIDVVXQJ YHUDQNHUW (LQH 5HLKH YRQ .DQWRQHQ VLHKW VWHXHUOLFKH 9HUJ QVWLJXQJHQ I U<br />

3DUWHLVSHQGHQ YRU 9HUHLQ]HOW ZHUGHQ VRJDU %HLWUlJH DQ :DKONDPSINRVWHQ JHOHLVWHW<br />

$XI NDQWRQDOHU (EHQH EHVWHKW HLQ EUHLWHV 6SHNWUXP YRQ )|UGHUXQJVPDVVQDKPHQ<br />

• 9HUIDVVXQJVUHFKWOLFKH 9HUDQNHUXQJ GHU 3DUWHLHQ $* %( %/ -8 62<br />

• )UDNWLRQVEHLWUlJH LQ .DQWRQHQ<br />

• 6WHXHUEHIUHLXQJ YRQ YHUJ QVWLJXQJ I U 3DUWHLHQ LQ PLQGHVWHQV .DQWRQHQ<br />

• $E]XJVIlKLJNHLW YRQ 6SHQGHQ 0DQGDWVDEJDEHQ 0LWJOLHGHUEHLWUlJHQ<br />

5HJHOXQJHQ LQ PLQGHVWHQV .DQWRQHQ<br />

• 6HSDUDWD YRQ 5HJLHUXQJVYRUODJHQ DQ GDV 3DUODPHQW<br />

• *UDWLVDERQQHPHQWH DXI *HVHW]HVVDPPOXQJHQ XQG $PWVEOlWWHUQ<br />

• %HYRU]XJWH %HKDQGOXQJ EH] JOLFK $PWVGUXFNVDFKHQ<br />

• (UVWDWWXQJ GHU %HWHLOLJXQJ DQ 'UXFN XQG 9HUVDQGNRVWHQ YRQ :DKO]HWWHOQ<br />

• (UVWDWWXQJ GHU %HWHLOLJXQJ DQ :DKO XQG $EVWLPPXQJVNDPSINRVWHQ *( )5<br />

• +HUVWHOOXQJ YRQ :DKO]HWWHOQ I U 3DUODPHQWVZDKOHQ<br />

• 9HUVDQG YRQ :DKO]HWWHOQ<br />

• 5HJXOLHUXQJ GHU 6SHQGHQ 7,<br />

• $QJHERW IUHLHU :HUEHIOlFKHQ EHL :DKOHQ *(<br />

hEHU GDV ILQDQ]LHOOH 9ROXPHQ GHU NDQWRQDOHQ 3DUWHLI|UGHUXQJ VLQG NDXP $QJDEHQ<br />

HUKlOWOLFK (QGH GHU HU -DKUH ZHUGHQ GLH .RVWHQ I U GLH +HUVWHOOXQJ XQG GHQ<br />

9HUVDQGYRQ :DKO]HWWHOQDXIEHU0LR )UDQNHQJHVFKlW]W %HULFKWEHUGLH 8QWHUVW W]XQJ GHU SROLWLVFKHQ 3DUWHLHQ 1DFK GHQ (UKHEXQJHQ YRQ 'U\VFK<br />

EHOLHI VLFK GLH 6XPPH GHU )UDNWLRQVEHLWUlJH 0LWWH GHU<br />

)UDQNHQ 'U\VFK<br />

HU -DKUH DXI UXQG 0LR<br />

3HUVSHNWLYHQ 'LH HLGJHQ|VVLVFKH 6WHXHUYHUZDOWXQJ YHUWULWW GLH $XIIDVVXQJ 3DUWHLHQ<br />

YHUIROJWHQ NHLQHQ DXVVFKOLHVVOLFK JHPHLQQ W]LJHQ =ZHFN 1DFK 6W+* VHLHQ VWHXHUOLFKH<br />

%HJ QVWLJXQJHQ GHU 3DUWHLHQ LQ GHU NDQWRQDOHQ 6WHXHUJHVHW]JHEXQJ QDFK $EODXI<br />

GHU hEHUJDQJVIULVW ELV QLFKW PHKU ]XOlVVLJ 'DPLW Z UGHQ GLH VWHXHUOLFKHQ<br />

$QUHL]H I U 6SHQGHQ HQWIDOOHQ


)|UGHUXQJVPRGHOOH LP LQWHUQDWLRQDOHQ 9HUJOHLFK<br />

%HLVSLHOH VWDDWVIUHLHU 3DUWHLHQILQDQ]LHUXQJ LQ :HVWHXURSD<br />

*% 1/<br />

'LH 6LWXDWLRQ GHU 3DUWHLI|UGHUXQJ LQ GHU 6FKZHL] OlVVW VLFK LP ZHVWHXURSlLVFKHQ<br />

9HUJOHLFK QXU PLW ZHQLJHQ /lQGHUQ YHUJOHLFKHQ GD GLH PHLVWHQ 6WDDWHQ HLQH PHKU<br />

RGHU ZHQLJHU DXVJHEDXWH 3DUWHLHQILQDQ]LHUXQJ YRUVHKHQ $XVQDKPHQ ELOGHQ GLH<br />

1LHGHUODQGHQ *URVVEULWDQQLHQ /X[HPEXUJ XQG ,UODQG GLH DOV %HLVSLHOH YRQ /lQGHUQ<br />

PLW VWDDWVIUHLHU 3DUWHLHQILQDQ]LHUXQJ JHOWHQ<br />

'DVV GLH VFKZHL]HULVFKH 3DUWHLHQI|GHUXQJ VHOEVW LP 9HUJOHLFK PLW GHQ JHQDQQWHQ<br />

/lQGHUQ UHODWLY EHVFKHLGHQ LVW ]HLJW GLH 3UD[LV LQ 1LHGHUODQGHQ XQG *URVVEULWDQQLHQ<br />

,Q GHQ 1LHGHUODQGHQ HUKDOWHQ GLH 3DUWHLHQ ]ZDU NHLQH GLUHNWHQ ILQDQ]LHOOHQ 0LWWHO<br />

DOOHUGLQJV ZHUGHQ SDUWHLQDKH )RUVFKXQJV XQG %LOGXQJVLQVWLWXWH XQWHUVW W]W ,Q<br />

*URVVEULWDQQLHQ HUKDOWHQ GLH 2SSRVLWLRQVSDUWHLHQ ILQDQ]LHOOH 0LWWHO<br />

1LHGHUODQGHQ *URVVEULWDQQLHQ<br />

)LQDQ]LHUXQJ 0LWJOLHGHUEHLWUlJH 6SHQGHQ<br />

0DQGDWVDEJDEHQ<br />

)UDNWLRQVEHLWUlJH<br />

,QVWLWXWLRQHOOH<br />

0DVVQDKPHQ<br />

• 6WHXHUOLFKH $QUHL]H I U<br />

6SHQGHQ<br />

• .HLQH 2IIHQOHJXQJVSIOLFKW GHU<br />

3DUWHLHQ DEHU .RQWUROOH GHU<br />

,QVWLWXWH<br />

6DFKOHLVWXQJHQ • 6HQGH]HLW DQ 5DGLR XQG<br />

)HUQVHKHQ<br />

:HLWHUH<br />

8QWHUVW W]XQJV<br />

OHLVWXQJHQ<br />

8QWHUVW W]XQJ 6XEYHQWLRQLHUXQJ<br />

• SROLWLVFK ZLVVHQVFKDIWOLFKHU<br />

,QVWLWXWH<br />

• SDUWHLSROLWLVFKHU 6FKXOXQJV<br />

XQG %LOGXQJVLQVWLWXWH<br />

• SROLWLVFKHU<br />

-XJHQGRUJDQLVDWLRQHQ<br />

• GHU SROLWLVFKHQ %LOGXQJVDUEHLW<br />

GHU 6FKZHVWHUSDUWHLHQ LQ GHQ<br />

0LWJOLHGHUEHLWUlJH )XQGUDLVLQJ<br />

6RQGHUEHLWUlJH 6SHQGHQ VKRUW<br />

PRQH\ I U 2SSRVLWLRQVSDUWHLHQ<br />

• NHLQH 6WHXHUEHJ QVWLJXQJHQ<br />

• .HLQH 2IIHQOHJXQJVSIOLFKW<br />

• .RQWUROOH GHU :DKODXVJDEHQ DXI<br />

QDWLRQDOHU XQG NRPPXQDOHU<br />

(EHQH<br />

• 6HQGH]HLW DQ 5DGLR XQG<br />

)HUQVHKHQ<br />

$XI :DKONUHLVHEHQH<br />

• IUHLH 1XW]XQJ |IIHQWOLFKHU<br />

5lXPH I U :DKOYHUVDPPOXQJHQ<br />

• IUHLH %HQXW]XQJ GHU 3RVW I U GHQ<br />

9HUVDQG YRQ :DKOPDWHULDO DQ<br />

DOOH :lKOHU<br />

• GLUHNWH =DKOXQJHQ VKRUW<br />

PRQH\ DQ 2SSRVLWLRQVSDUWHLHQ


lQGHUQ 0LWWHO XQG<br />

2VWHXURSDV<br />

$XVZLUNXQJHQ GH IDFWR VWDDWOLFKH<br />

3DUWHLHQILQDQ]LHUXQJ GD NHLQH<br />

NODUH 7UHQQXQJ ]ZLVFKHQ GHU<br />

)LQDQ]LHUXQJ GHU DVVR]LLHUWHQ<br />

,QVWLWXWH XQG GHQ 3DUWHLHQ<br />

P|JOLFK LVW<br />

$EKlQJLJNHLW YRQ *URVVVSHQGHUQ<br />

*HZHUNVFKDIWHQ E]Z<br />

*URVVLQGXVWULH


(LQ %HLVSLHO VWDDWOLFKHU 3DUWHLHQILQDQ]LHUXQJ %XQGHVUHSXEOLN<br />

'HXWVFKODQG<br />

'LH %XQGHVUHSXEOLN 'HXWVFKODQG I KUWH EHUHLWV HLQH GLUHNWH |IIHQWOLFKH<br />

)LQDQ]LHUXQJ GHU 3DUWHLHQ HLQ ,Q GHQ IROJHQGHQ -DKU]HKQWHQ ZXUGH HLQ GLIIHUHQ]LHUWHV<br />

)LQDQ]LHUXQJVV\VWHP HQWZLFNHOW GDV VHLW GLUHNWH VWDDWOLFKH =XVFK VVH GLH<br />

6WHXHUEHJ QVWLJXQJ YRQ 6SHQGHQ XQG %HLWUlJHQ VRZLH 2IIHQOHJXQJVSIOLFKWHQ<br />

YRUVLHKW ) U GDV MlKUOLFKH 9ROXPHQ GHU 3DUWHLHQILQDQ]LHUXQJ ZXUGH HLQH<br />

+|FKVWJUHQ]H YRQ 0LR '0 IHVWJHOHJW<br />

)LQDQ]LHUXQJ 0LWJOLHGHUEHLWUlJH 6SHQGHQ )UDNWLRQVILQDQ]LHUXQJ VWDDWOLFKH<br />

=XVFK VVH VWDDWOLFKH )LQDQ]LHUXQJ SDUWHLQDKHU 6WLIWXQJHQ<br />

,QVWLWXWLRQHOOH • 6WHXHUOLFKH $QUHL]H I U 6SHQGHQ QDW UOLFKHU 3HUVRQHQ XQG<br />

0DVVQDKPHQ 0LWJOLHGHU EHLWUlJH<br />

• =XVFK VVH $QVSUXFKVEHUHFKWLJW VLQG DOOH 3DUWHLHQ GLH HLQH<br />

EHVWLPPWH $Q]DKO YRQ J OWLJHQ =ZHLWVWLPPHQ HUUHLFKW KDEHQ<br />

ELV<br />

%HUHFKQXQJVJUXQGODJH 3DUWHLHQ HUKDOWHQ '0 SUR J OWLJH<br />

=ZHLWVWLPPH '0 DE 0LR 6WLPPHQ 6SHQGHQ XQG %HLWUlJH<br />

ZHUGHQ ELV ]X '0 ]XVlW]OLFK PLW '0 SUR 6SHQGHQ<br />

E]Z %HLWUDJVPDUN EH]XVFKXVVW<br />

5HODWLYH 2EHUJUHQ]H 'LH VWDDWOLFKHQ %HLWUlJH G UIHQ GLH<br />

(LJHQHLQQDKPHQ QLFKW EHUVWHLJHQ<br />

• 3DUWHLHQ P VVHQ EHU +HUNXQIW XQG 9HUZHQGXQJ LKUHU 0LWWHO XQG<br />

EHU LKU 9HUP|JHQ 5HFKHQVFKDIW DEOHJHQ *HVRQGHUWH<br />

$XVZHLVXQJ YRQ 6SHQGHQ XQG 0LWJOLHGHUEHLWUlJHQ ELV '0<br />

6SHQGHQ EHU '0 P VVHQ SXEOL]LHUW ZHUGHQ<br />

6DFKOHLVWXQJHQ 'HQ )UDNWLRQHQ VWHKHQ 5lXPOLFKNHLWHQ % URHLQULFKWXQJHQ XQG<br />

.RPPXQLNDWLRQVDQODJHQ XQHQWJHOWOLFK ]XU 9HUI JXQJ<br />

$XVZLUNXQJHQ • 'LH =XVFKVVHDXI %DVLVGHU :lKOHUVWLPPHQEHWUXJHQ LQVJHVDPW 0LR '0 GLH =XVFK VVH DXI %DVLVGHU6SHQGHQ E]Z 0LWJOLHGHUEHLWUlJH 0LR '0 'HU *HVDPWEHWUDJ YRQ<br />

0LR '0 ZXUGH SURSRUWLRQDO XQG HQWVSUHFKHQG GHU<br />

UHODWLYHQ 2EHUJUHQ]H SUR 3DUWHL DXI 0LR '0 JHN U]W<br />

• 'DV 9ROXPHQ GHU )UDNWLRQVILQDQ]LHUXQJ EHOLHI VLFK<br />

0LR '0<br />

DXI UXQG<br />

• 'DV 9ROXPHQ GHU *OREDO]XVFK VVH XQG SURMHNWEH]RJHQHQ<br />

=XZHQGXQJHQ DQ GLH SDUWHLQDKHQ 6WLIWXQJHQ EHOLHI VLFK<br />

DXI 0LR '0


$NWXHOOH (QWZLFNOXQJHQ<br />

'LH DNWXHOOH (QWZLFNOXQJ GHXWHW NODU GDUDXI KLQ GDVV DXFK LQ *URVVEULWDQQLHQ XQG YRU<br />

DOOHP GHQ 1LHGHUODQGHQ HLQH YHUVWlUNWH VWDDWOLFKH 8QWHUVW W]XQJ RGHU ]XPLQGHVW<br />

)LQDQ]LHUXQJVUHJXOLHUXQJ GHU 3DUWHLHQ DQJHVWUHEW ZLUG<br />

,Q 'HXWVFKODQG ZXUGHQ VHLW GHU 1HXUHJHOXQJ NHLQH bQGHUXQJHQ YRUJHQRPPHQ<br />

1LHGHUODQGHQ *URVVEULWDQQLHQ<br />

0DL *HVHW] ]XU GLUHNWHQ<br />

3DUWHLHQILQDQ]LHUXQJ YHUDEVFKLHGHW<br />

• MlKUOLFKH GLUHNWH 8QWHUVW W]XQJ YRQ<br />

0LR IO<br />

• 6SHQGHQEHVFKUlQNXQJ SUR 3DUWHL XQG<br />

3DUODPHQWVVLW]<br />

)XQNWLRQVILQDQ]LHUXQJ<br />

• SROLWLVFKH %LOGXQJ<br />

• ,QIRUPDWLRQ GHU 0LWJOLHGHU<br />

• .RQWDNW PLW DXVOlQGLVFKHQ<br />

6FKZHVWHUSDUWHLHQ<br />

• 8QWHUVW W]XQJ GHU $XVELOGXQJ YRQ<br />

)XQNWLRQlUHQ DXVOlQGLVFKHU<br />

6FKZHVWHUSDUWHLHQ<br />

• )RUVFKXQJVWlWLJNHLWHQ<br />

• )|UGHUXQJ GHU 3DUWL]LSDWLRQ MXQJHU<br />

3HUVRQHQ<br />

• 2IIHQOHJXQJVSIOLFKW<br />

%HULFKW 7KH )XQGLQJ RI 3ROLWLFDO 3DUWLHV LQ<br />

WKH 8QLWHG .LQJGRP 2NWREHU<br />

9RUJHVFKODJHQH 0DVVQDKPHQ<br />

• 6WULNWH 'HNODUDWLRQV XQG<br />

2IIHQOHJXQJVSIOLFKWHQ<br />

• $XVJDEHQEHVFKUlQNXQJHQ<br />

• (LQVHW]XQJ YRQ .RQWUROORUJDQHQ<br />

• (UK|KXQJ GHU %HLWUlJH DQ<br />

2SSRVLWLRQVSDUWHLHQ<br />

• (WDEOLHUXQJ HLQHV 3ROLF\ 'HYHORSPHQW<br />

)XQG )RUVFKXQJVWlWLJNHLWHQ ]XJXQVWHQ<br />

GHU 3DUWHLHQ


=LHOH HLQHU YHUVWlUNWHQ 3DUWHLHQI|UGHUXQJ LQ GHU<br />

6FKZHL]<br />

%HL HLQHU YHUVWlUNWHQ 3DUWHLHQI|UGHUXQJ LQ GHU 6FKZHL] VWHKHQ GLH IROJHQGHQ I QI =LHOH<br />

LP 9RUGHUJUXQG<br />

• 6WlUNXQJ GHU 3DUWHLIXQNWLRQHQ 'LH 3DUWHLHQ VROOHQ LQ GHU :DKUQHKPXQJ LKUHU<br />

VSH]LILVFKHQ )XQNWLRQHQ GHU 0HLQXQJV XQG :LOOHQVELOGXQJ GHU SROLWLVFKHQ<br />

,QIRUPDWLRQ XQG %LOGXQJ GHU *UXQGODJHQDUEHLW XQG GHP (LQEH]XJ GHU<br />

% UJHULQQHQ XQG % UJHU JHVWlUNW ZHUGHQ<br />

• 4XDOLWDWLYH 9HUEHVVHUXQJ GHU SROLWLVFKHQ $UEHLW 'LH 3DUWHLHQ VROOHQ YHUVWlUNW LQ GHU<br />

/DJH VHLQ DNWLYH XQG IXQGLHUWH SROLWLVFKH *UXQGODJHQDUEHLW ]X OHLVWHQ<br />

• *U|VVHUH ILQDQ]LHOOH 6HOEVWlQGLJNHLW XQG 8QDEKlQJLJNHLW GHU 3DUWHLHQ 'LH<br />

$EKlQJLJNHLW GHU 3DUWHLHQ YRQ JURVVHQ *HOGJHEHUQ VROO YHUULQJHUW ZHUGHQ<br />

• (UKDOW GHU SOXUDOLVWLVFKHQ 3DUWHLHQODQGVFKDIW<br />

DOOHQ 3DUWHLHQ ]XJXWH NRPPHQ<br />

'LH )|UGHUXQJVPDVVQDKPHQ VROOHQ<br />

• $QHUNHQQXQJ GHU VWDDWVUHFKWOLFKHQ %HGHXWXQJ XQG GHU )XQNWLRQHQ GHU 3DUWHLHQ<br />

'XUFK GLH )|UGHUXQJVPDVVQDKPHQ VROOHQ GLH %HGHXWXQJ XQG GLH )XQNWLRQHQ GHU<br />

3DUWHLHQ LQ HLQHU 'HPRNUDWLH DQHUNDQQW ZHUGHQ<br />

)|UGHUXQJVPRGHOOH I U GLH 6FKZHL]<br />

*HQHUHOOH hEHUOHJXQJHQ<br />

$Q]XVWUHEHQ LVW HLQ NRKlUHQWHV E]Z DXVJHZRJHQHV 6\VWHP YRQ<br />

)|UGHUXQJVPDVVQDKPHQ<br />

XQWHUVW W]W<br />

GDV SDUWHLVSH]LILVFKH )XQNWLRQHQ DXI QDWLRQDOHU (EHQH<br />

'LH 0DVVQDKPHQ VROOWHQ DOOHQ 3DUWHLHQ ]XJXWH NRPPHQ XQG VLFK DXI NOHLQH 3DUWHLHQ<br />

QLFKW GLVNULPLQLHUHQG DXVZLUNHQ<br />

,Q %HUHLFKHQ GLH XQWHUVW W]W ZHUGHQ LVW HLQH 5HFKHQVFKDIWVSIOLFKW DQJHEUDFKW NHLQH<br />

/HLVWXQJ RKQH *HJHQOHLVWXQJ 'LHV JLOW LQVEHVRQGHUH I U GLH )|UGHUXQJ LQ<br />

7HLOEHUHLFKHQ ZLH HWZD HLQHU )XQNWLRQVILQDQ]LHUXQJ


-HQDFK $XVJHVWDOWXQJGHU0DVVQDKPHQLVWHLQH7HVWSKDVH ]% HLQH /HJLVODWXU<br />

VLQQYROO XP GLH $XVZLUNXQJHQ ]X<br />

NRUULJLHUHQ ]X N|QQHQ<br />

EHUSU IHQ XQG GLH 0DVVQDKPHQ JHJHEHQHQIDOOV


9RUVFKOlJH I U HLQ 6FKZHL]HU 0RGHOO<br />

) U HLQH YHUVWlUNWH 3DUWHLHQI|UGHUXQJ NRPPHQ ]DKOUHLFKH 0DVVQDKPHQ LQ )UDJH GLH<br />

VLFK KLQVLFKWOLFK 8PIDQJ 5HLFKZHLWH XQG JHVHW]OLFKHU ,PSOLNDWLRQHQ XQWHUVFKHLGHQ<br />

'LHVH 0DVVQDKPHQ UHLFKHQ YRQ HLQHU 9HUEHVVHUXQJ GHU 5DKPHQEHGLQJXQJHQ GXUFK<br />

6SHQGHQDQUHL]H RGHU GHU $EJHOWXQJ YRQ /HLVWXQJHQ ELV KLQ ]XU )LQDQ]LHUXQJ GHU<br />

DOOJHPHLQHQ 3DUWHLWlWLJNHLW (LQH hEHUVLFKW GHU )|UGHUXQJVPDVVQDKPHQ ILQGHW VLFK LP<br />

$QKDQJ ,,<br />

'LH IROJHQGHQ 9RUVFKOlJH I U HLQ 6FKZHL]HU 0RGHOO EDVLHUHQ DXI GHQ =LHOVHW]XQJHQ<br />

.DS GLH HLQH 6WlUNXQJ GHU 3DUWHLIXQNWLRQHQ XQG HLQH 9HUEHVVHUXQJ GHU<br />

5DKPHQEHGLQJXQJHQ SRVWXOLHUHQ<br />

'DV *UXQGPRGHOO VLHKW HLQH NODU DEJUHQ]EDUH ]ZHFNJHEXQGHQH XQG VHSDUDW<br />

ILQDQ]LHUWH 3DUWHLHQI|UGHUXQJ YRU =LHO LVW HV GLH LQ HLQHU 'HPRNUDWLH ]HQWUDOHQ<br />

)XQNWLRQHQ GHU 3DUWHLHQ ]X VWlUNHQ 0HLQXQJVELOGXQJ SROLWLVFKH ,QIRUPDWLRQ XQG<br />

%LOGXQJ *UXQGODJHQDUEHLW XQG GLH %HWHLOLJXQJ GHU 0LWJOLHGHU E]Z % UJHULQQHQ XQG<br />

% UJHU<br />

'LH )LQDQ]LHUXQJ GHU 3DUWHLIXQNWLRQHQ HUIROJW DXI IUHLZLOOLJHU %DVLV JOHLFK]HLWLJ VROOHQ<br />

$QUHL]H I U .OHLQVSHQGHQ JHVFKDIIHQ ZHUGHQ<br />

%HVRQGHUH %HU FNVLFKWLJXQJ ILQGHW GDV .ULWHULXP GHU 7UDQVSDUHQ] GLH 3DUWHLHQ KDEHQ<br />

EHU HUKDOWHQH /HLVWXQJHQ 5HFKHQVFKDIW DE]XOHJHQ HEHQVR VROOHQ (LQQDKPHQ XQG<br />

$XVJDEHQ RIIHQJHOHJW ZHUGHQ<br />

*UXQG] JH GHV 0RGHOOV<br />

• (LQI KUXQJ HLQHU ]ZHFNJHEXQGHQHQ )LQDQ]LHUXQJ EHVWLPPWHU /HLVWXQJHQ PLW<br />

5HFKHQVFKDIWVSIOLFKW<br />

• ,QIRUPDWLRQVOHLVWXQJHQ XQG 0HLQXQJVELOGXQJ<br />

• %LOGXQJVDUEHLW<br />

• )RUVFKXQJ<br />

• 1DFKZXFKVI|UGHUXQJ<br />

)LQDQ]LHUXQJ GXUFK IUHLZLOOLJHQ WD[ FKHFNRII EHL GLUHNWHU %XQGHVVWHXHU<br />

• %HLEHKDOWXQJ GHU )UDNWLRQVEHLWUlJH<br />

• 6WHXHUDQUHL]H I U .OHLQVSHQGHQ DXI %XQGHVHEHQH $E]XJVIlKLJNHLW YRQ 6SHQGHQ<br />

XQG %HLWUlJHQ YRQ VWHXHUEDUHQ (LQNRPPHQ EHL GLUHNWHU %XQGHVVWHXHU<br />

• 2IIHQOHJXQJVSIOLFKW I U 6SHQGHQ DE EHVWLPPWHU +|KH


• 2IIHQOHJXQJ GHU (LQQDKPHQ XQG $XVJDEHQ GHU 3DUWHLHQ<br />

)|UGHUXQJVPDVVQDKPHQ XQG 9DULDQWHQ<br />

'LH HLQ]HOQHQ )|UGHUXQJVPDVVQDKPHQ 6SHQGHQDQUHL]H )XQNWLRQVILQDQ]LHUXQJ XQG<br />

2IIHQOHJXQJVSIOLFKWHQ N|QQHQ XQWHUVFKLHGOLFK DXVJHVWDOWHW ZHUGHQ 1DFK GHU<br />

'DUVWHOOXQJ YRQ EHVWHKHQGHQ 0RGHOOHQ XQG LKUHQ $XVZLUNXQJHQ ZLUG GLH<br />

$QZHQGEDUNHLW LQ GHU 6FKZHL] EHXUWHLOW XQG HV ZHUGHQ YHUVFKLHGHQH 9DULDQWHQ<br />

DXIJH]HLJW<br />

6SHQGHQDQUHL]H<br />

=LHOVHW]XQJ 6WHXHUHUOHLFKWHUXQJHQ EHL 6SHQGHQ YRQ 3ULYDWHQ DQ 3DUWHLHQ )|UGHUXQJ<br />

GHU SULYDWHQ )LQDQ]LHUXQJ GHU 3DUWHLHQ EUHLWH $EVW W]XQJ GXUFK .OHLQVSHQGHQ<br />

8QDEKlQJLJNHLW YRQ *URVVVSHQGHQ<br />

,QVWUXPHQW VWHXHUOLFKH %HJ QVWLJXQJ YRQ 6SHQGHQ %HLWUlJHQ YRQ<br />

QDW UOLFKHQ 3HUVRQHQ<br />

3ULQ]LS %HJUHQ]WHU RGHU SUR]HQWXDOHU $E]XJ HLQHV 6SHQGHQEHWUDJHV YRP<br />

VWHXHUEDUHQ (LQNRPPHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• 1/ $E]XJVIlKLJNHLW YRQ 6SHQGHQ XQG 0LWJOLHGHUEHLWUlJHQ YRP<br />

VWHXHUEDUHQ (LQNRPPHQ PLQGHVWHQV KIO 3UR]HQW GHV<br />

%UXWWRJHKDOWHV K|FKVWHQV GHV %UXWWRJHKDOWHV<br />

• ' 9RUVFKODJ $E]XJVIlKLJNHLW VROOWH QXU I U %HWUlJH ELV PD[LPDO<br />

'0 JHOWHQ /DQGIULHG<br />

• .DQWRQ %( $E]XJVIlKLJ YRP 5RKHLQNRPPHQ VLQG<br />

0LWJOLHGHUEHLWUlJH XQG IUHLZLOOLJH =XZHQGXQJHQ ELV PD[ )U<br />

• .DQWRQ $* $E]XJVIlKLJ YRP 5HLQHLQNRPPHQ VLQG<br />

=XZHQGXQJHQ ELV PD[ )U<br />

0DQGDWVDEJDEHQ HWF<br />

6SHQGHQ 0LWJOLHGHUEHLWUlJH<br />

• .DQWRQ */ ,Q :DKOMDKUHQ N|QQHQ .DQGLGDWHQ 3UR]HQW<br />

PD[LPDO )U VWHXHUOLFK LQ $E]XJ EULQJHQ<br />

:LUNXQJ 3UR]HQWXDOH $E] JH 3ULYLOHJLHUXQJ HLQNRPPHQVVWDUNHU 6SHQGHU<br />

GXUFK 3URJUHVVLRQVHIIHNW 9HUIlOVFKXQJ GHU :HWWEHZHUEVODJH<br />

]ZLVFKHQ 3DUWHLHQ<br />

%HJUHQ]WH $E]XJVIlKLJNHLW %HWUDJ GDUI QLFKW ]X KRFK DQJHVHW]W


$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

ZHUGHQ GD VRQVW HLQNRPPHQVVWDUNH 6SHQGHU HEHQIDOOV SULYLOHJLHUW<br />

ZHUGHQ<br />

$E]XJVP|JOLFKNHLWHQ I U QDW UOLFKH 3HUVRQHQ EHVWHKHQ KHXWH QRFK<br />

LQ ]DKOUHLFKHQ .DQWRQHQ ZHUGHQ REVROHW GXUFK<br />

6WHXHUKDUPRQLVLHUXQJVJHVHW]<br />

$XI %XQGHVHEHQH NHLQH $E]XJVP|JOLFKNHLWHQ ZHLO LQ GHU<br />

6WHXHUSUD[LV GHU =ZHFN YRQ 3DUWHLHQ QLFKW DOV |IIHQWOLFK XQG<br />

DXVVFKOLHVVOLFK JHPHLQQ W]LJ YHUVWDQGHQ ZLUG *HVHW]OLFKH 5HJHOXQJ<br />

ZlUH QRWZHQGLJ<br />

9DULDQWHQ $OOJHPHLQ +|KH GHV DE]XJVIlKLJHQ 0D[LPDOEHWUDJHV LVW IUHL<br />

ZlKOEDU VROOWH DEHU QLFKW EHU )U OLHJHQ XP 3ULYLOHJLHUXQJ<br />

HLQNRPPHQVVWDUNHU 6SHQGHU ]X YHUKLQGHUQ<br />

• $E]XJVIlKLJNHLW YRQ IUHLZLOOLJHQ =XZHQGXQJHQ XQG<br />

0LWJOLHGHUEHLWUlJHQ LQNO 0DQGDWVDEJDEHQ ELV )U YRP<br />

•<br />

VWHXHUEDUHQ 5HLQHLQNRPPHQ EHL GLUHNWHU %XQGHVVWHXHU<br />

$E]XJVIlKLJNHLW YRQ IUHLZLOOLJHQ =XZHQGXQJHQ ELV )U<br />

VWHXHUEDUHQ 5HLQHLQNRPPHQ EHL GLUHNWHU %XQGHVVWHXHU<br />

YRP<br />

• $E]XJVIlKLJNHLW YRQ 0LWJOLHGHUEHLWUlJHQ YRQ 6WHXHUVFKXOG ELV )U<br />

,QVWUXPHQW VWHXHUOLFKH %HJ QVWLJXQJ YRQ 6SHQGHQ %HLWUlJHQ YRQ<br />

MXULVWLVFKHQ 3HUVRQHQ<br />

3ULQ]LS %HJUHQ]WHU RGHU SUR]HQWXDOHU $E]XJ HLQHV 6SHQGHQEHWUDJHV YRP<br />

VWHXHUEDUHQ *HZLQQ YRQ MXULVWLVFKHQ 3HUVRQHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• 1/ $E]XJVIlKLJNHLW YRQ 6SHQGHQ YRP VWHXHUEDUHQ *HZLQQ<br />

PLQG KIO PD[ $E]XJ DOV %HWULHEVNRVWHQ<br />

• .DQWRQ 96 $E]XJVIlKLJNHLW YRP 1HWWRJHZLQQ PD[<br />

:LUNXQJ ' 1DFK $XIKHEXQJ GHU %HJ QVWLJXQJ JLQJ 6SHQGHQIOXVV ELV ]X<br />

]XU FN<br />

/DQGIULHG<br />

=XQDKPH GHU LOOHJDOHQ 6SHQGHQ :HLJHOW<br />

$QZHQGEDUN DQDORJ %HXUWHLOXQJ 6WHXHUEHJ QVWLJXQJ QDW UOLFKH 3HUVRQHQ<br />

HLW<br />

LQ GHU<br />

6FKZHL]


9DULDQWHQ $OOJHPHLQ +|KH GHV DE]XJVIlKLJHQ 0D[LPDOEHWUDJHV LVW IUHL<br />

ZlKOEDU VROOWH DEHU )U QLFKW EHUVFKUHLWHQ XP<br />

*URVV VSHQGHQ ILQDQ]NUlIWLJHU 8QWHUQHKPHQ XQG 2UJDQLVDWLRQHQ<br />

QLFKW ]X SULYLOHJLHUHQ<br />

)XQNWLRQVILQDQ]LHUXQJ =ZHFNJHEXQGHQH VWDDWOLFKH<br />

%HLWUlJH<br />

=LHOVHW]XQJ 8QWHUVW W]XQJ XQG $EJHOWXQJ EHVWLPPWHU $NWLYLWlWHQ GHU 3DUWHLHQ GLH<br />

YRQ VWDDWVSROLWLVFKHU %HGHXWXQJ VLQG<br />

,QVWUXPHQW 8QWHUVW W]XQJ GHU 0HLQXQJVELOGXQJ XQG ,QIRUPDWLRQVDUEHLW GHU<br />

3DUWHLHQ<br />

3ULQ]LS )|UGHUXQJ GHU SDUWHLLQWHUQHQ ,QIRUPDWLRQVDUEHLW 3DUWHL]HLWXQJHQ<br />

6FKULIWHQ ,QWHUQHW ,QIRUPDWLRQVPDWHULDO<br />

)|UGHUXQJ GHU |IIHQWOLFKHQ ,QIRUPDWLRQVDUEHLW<br />

,QIRUPDWLRQVPDWHULDO $XVN QIWH<br />

,QWHUQHW<br />

3UHVVHGLHQVW &RPPXQLTXpV<br />

.RQNUHWH<br />

0RGHOOH<br />

• 1/ 9RUVFKODJ HLQHU ]ZHFNJHEXQGHQHQ )LQDQ]LHUXQJ GHU<br />

0LWJOLHGHULQIRUPDWLRQ<br />

• ' $ HUIROJW LP 5DKPHQ GHU DOOJHPHLQHQ VWDDWOLFKHQ<br />

)LQDQ]LHUXQJ NHLQ VHSDUDWHU $XVZHLV<br />

:LUNXQJ NHLQH $XVVDJHQ P|JOLFK<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

=ZHFNJHEXQGHQH %HLWUlJH EHL NODUHU 'HILQLWLRQ GHU .RVWHQWUlJHU<br />

9DULDQWHQ • %HLWUlJH DQ HLQ]HOQH .RVWHQWUlJHU 3DUWHL]HLWXQJ 3UHVVHGLHQVW<br />

3XEOLNDWLRQHQ ,QIRUPDWLRQVPDWHULDO HWF 5 FNHUVWDWWXQJ<br />

•<br />

HQWVSUHFKHQG 8PIDQJ $XIODJH<br />

%HLWUlJH DQ DOOJHPHLQH ,QIRUPDWLRQVWlWLJNHLW<br />

,QWHUQHW $XIWULWW HWF<br />

3RVLWLRQVSDSLHUH<br />

• %HLWUlJH DQ .RRUGLQDWLRQVDUEHLW ]XJXQVWHQ GHU .DQWRQDO<br />

/RNDOSDUWHLHQ 7DJXQJHQ ,QIRUPDWLRQVPDWHULDO<br />

XQG


,QVWUXPHQW 8QWHUVW W]XQJ GHU SROLWLVFKHQ 6FKXOXQJV XQG %LOGXQJVDUEHLW GHU<br />

3DUWHLHQ<br />

3ULQ]LS 8QWHUVW W]XQJ GHU LQWHUQHQ XQG H[WHUQHQ 6FKXOXQJV XQG<br />

%LOGXQJVDUEHLW SROLWLVFKHU 3DUWHLHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• 1/ 8QWHUVW W]XQJ MXULVWLVFKHU 3HUVRQHQ GLH VLFK DXVVFKOLHVVOLFK<br />

RGHU KDXSWVlFKOLFK PLW SROLWLVFKHQ 6FKXOXQJV XQG<br />

%LOGXQJVDUEHLWHQ ]XJXQVWHQ HLQHU LQ GHU =ZHLWHQ .DPPHU<br />

YHUWUHWHQHQ SROLWLVFKHQ *UXSSLHUXQJ EHVFKlIWLJHQ XQG YRQ GLHVHU<br />

PLWWHOEDU DEKlQJLJ VLQG (O]LQJD 2UJDQLVDWLRQ YRQ<br />

SROLWLVFKHQ %LOGXQJVNXUVHQ I U GLH 0LWDUEHLWHU GHU 3DUWHL<br />

9RUEHUHLWHQ XQG =XVDPPHQVWHOOHQ YRQ ,QIRUPDWLRQVPDWHULDO EHU<br />

3DUWHL I U 6FKXOHQ 9HUHLQHQ HWF<br />

$XINOlUXQJVNXUVH OHLWHQ HWF<br />

$XVELOGXQJ YRQ 3HUVRQHQ GLH<br />

)LQDQ]LHUXQJ<br />

6LW]H<br />

EHU %DVLVEHLWUDJ $XIVWRFNXQJ HQWVSUHFKHQG $Q]DKO<br />

.RQWUROOH %HLWUDJV]DKOXQJ QDFK *HQHKPLJXQJ GHU 5HFKQXQJHQ<br />

GXUFK )LQDQ]PLQLVWHULXP<br />

• ' *OREDO]XVFK VVH ]XU JHVHOOVFKDIWVSROLWLVFKHQ XQG<br />

GHPRNUDWLVFKHQ %LOGXQJVDUEHLW YRQ 6WLIWXQJHQ NHLQH .RQWUROOH<br />

:LUNXQJ ' 1/ NHLQH NODUH $EJUHQ]XQJ ]ZLVFKHQ 3DUWHL XQG 6WLIWXQJ P|JOLFK<br />

] % EHL :DKONlPSIHQ /DQGIULHG II<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

=ZHFNJHEXQGHQH %HLWUlJH EHL NODUHU 'HILQLWLRQ GHU .RVWHQWUlJHU<br />

9DULDQWHQ • %HLWUlJH DQ 6FKXOXQJV XQG :HLWHUELOGXQJVNXUVH 6HPLQDUH<br />

.RQJUHVVH |IIHQWOLFKH 7DJXQJHQ 5 FNHUVWDWWXQJ ] %<br />

HQWVSUHFKHQG<br />

$QOlVVH<br />

7HLOQHKPHU]DKO RGHU 3DXVFKDOH I U EHVWLPPWH<br />

,QVWUXPHQW *XWVFKHLQH ]XU )LQDQ]LHUXQJ YRQ )RUVFKXQJVDXIWUlJHQ<br />

3ULQ]LS (UDUEHLWXQJ ZLVVHQVFKDIWOLFKHU *UXQGODJHQ I U 3DUWHLDUEHLW LQ<br />

HLQ]HOQHQ %HUHLFKHQ GXUFK )DFKSHUVRQHQ


.RQNUHWH<br />

0RGHOOH<br />

0RGHOO PLW *XWVFKHLQHQ H[LVWLHUW QLFKW LQ GHQ PHLVWHQ /lQGHUQ ZLUG<br />

*UXQGODJHQDUEHLW GXUFK LQWHUQH $EWHLOXQJHQ XQG RGHU GXUFK<br />

QDKHVWHKHQGH 6WLIWXQJHQ ,QVWLWXWLRQHQ JHOHLVWHW XQG VWDDWOLFK<br />

VXEYHQWLRQLHUW ] % ' $ 1/ YHUJOHLFKH $QKDQJ ,,<br />

:LUNXQJ NHLQH $XVVDJHQ P|JOLFK<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

=ZHFNJHEXQGHQH %HLWUlJH EHL NODUHU 'HILQLWLRQ GHU .RVWHQWUlJHU<br />

9DULDQWHQ • %HLWUlJH I U DXVJHZLHVHQH )RUVFKXQJVDXIWUlJH<br />

.RVWHQGDFK<br />

5 FNHUVWDWWXQJ<br />

• ,QWHJULHUWH 9DULDQWH 8QWHUVW W]XQJ GHU ZLVVHQVFKDIWOLFKHQ<br />

0LWDUEHLWHU<br />

.RVWHQGDFK<br />

DXVZHLVEDUH LQWHUQH 3URMHNWH 5 FNHUVWDWWXQJ


,QVWUXPHQW 8QWHUVW W]XQJ GHU 1DFKZXFKVI|UGHUXQJ<br />

3ULQ]LS )LQDQ]LHOOH 8QWHUVW W]XQJ GHU -XQJSDUWHLHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• 1LHGHUODQGH GLUHNWH 8QWHUVW W]XQJ YRQ -XQJSDUWHLHQ DEKlQJLJ<br />

YRQ 6LW]]DKO GHU LP 3DUODPHQW YHUWUHWHQHQ 0XWWHU SDUWHLHQ<br />

9RUDXVVHW]XQJHQ 0LQLPDODQIRUGHUXQJHQ I U 7lWLJNHLWVSURJUDPP<br />

0LQGHVW]DKO DQ 0LWJOLHGHUQ $VVR]LLHUXQJ PLW LP 3DUODPHQW<br />

YHUWUHWHQHU 3DUWHL<br />

)LQDQ]LHUXQJ PD[ 3UR]HQW GHU .RVWHQ %HUHFKQXQJ EHU<br />

0LWJOLHGHU]DKO XQG 6LW]H GHU 0XWWHU SDUWHL LP 3DUODPHQW<br />

FD 6IU I U -XQJSDUWHLHQ<br />

.RQWUROOH 7lWLJNHLWVEHULFKW 0HOGXQJ 0LWJOLHGHU]DKOHQ<br />

:LUNXQJ NHLQH $XVVDJHQ<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

=ZHFNJHEXQGHQH 8QWHUVW W]XQJ YRQ -XQJSDUWHLHQ DQDORJ RGHU EHU<br />

0XWWHUSDUWHLHQ<br />

9DULDQWHQ • %HLWUlJH DQ $NWLYLWlWHQ GHU 0XWWHUSDUWHLHQ ]XJXQVWHQ GHU<br />

•<br />

-XQJSDUWHLHQ<br />

=ZHFNJHEXQGHQH 8QWHUVW W]XQJ GHU -XQJSDUWHLHQ I U EHVWLPPWH<br />

$NWLYLWlWHQ 9HUDQVWDOWXQJHQ 3DUWHL]HLWXQJ ,QWHUQHW $XIWULWW<br />

,QIRUPDWLRQVPDWHULDO<br />

,QVWUXPHQW 8QWHUVW W]XQJ GHU )UDNWLRQHQ LP 3DUODPHQW<br />

3ULQ]LS %HLWUlJH DQ )UDNWLRQHQ LP 3DUODPHQW<br />

.RQNUHWH<br />

0RGHOOH<br />

• &+ )UDNWLRQVEHLWUlJH *UXQGEHLWUDJ )U SOXV SUR<br />

)UDNWLRQVPLWJOLHG NHLQH 5HFKHQVFKDIWVSIOLFKW *HVDPWNRVWHQ<br />

)U 0LR<br />

• 1/ %DVLV]XODJH I U )UDNWLRQ %HLWUlJH I U )UDNWLRQVPLWDUEHLWHU % UR<br />

XQG .RSLHUNRVWHQ )XQNWLRQV]XODJH I U )UDNWLRQVYRUVLW]HQGHQ<br />

SHUV|QOLFKHU 0LWDUEHLWHU SUR 3DUODPHQWVPLWJOLHG *HVDPWNRVWHQ<br />

KIO 0LR<br />

:LUNXQJ 3RVLWLRQ GHU SDUODPHQWDULVFKHQ )UDNWLRQ KDW VLFK DXI .RVWHQ GHU


$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

3DUWHLRUJDQLVDWLRQHQ YHUVWlUNW (O]LQJD 3UREOHP GHU<br />

$EJUHQ]XQJ XQG GHU 4XHUILQDQ]LHUXQJ ]ZLVFKHQ )UDNWLRQ XQG 3DUWHL<br />

%HLEHKDOWXQJ XQXPVWULWWHQ<br />

9DULDQWHQ • $XVEDX GHU EHVWHKHQGHQ )UDNWLRQVI|UGHUXQJ<br />

• (LQI KUXQJ HLQHU 5HFKHQVFKDIWVSIOLFKW EHU 9HUZHQGXQJ GHU<br />

*HOGHUEHVVHUH7UDQVSDUHQ] EHLGHUILQDQ]LHOOHQ9HUIOHFKWXQJ ]ZLVFKHQ )UDNWLRQ XQG 3DUWHLRUJDQLVDWLRQ<br />

)UHLZLOOLJH |IIHQWOLFKH )LQDQ]LHUXQJ<br />

'LH )XQNWLRQVILQDQ]LHUXQJ ZLUG DXV GHQ EHVWHKHQGHQ 0LWWHOQ GHU %XQGHVVWHXHU<br />

JHWUDJHQ ZREHL GLH % UJHULQQHQ XQG % UJHU LQGLYLGXHOO EHU LKUH %HWHLOLJXQJ DQ GHU<br />

)LQDQ]LHUXQJ HQWVFKHLGHQ N|QQHQ 7D[ FKHFNRII % UJHUERQXV 'LH<br />

)XQNWLRQVILQDQ]LHUXQJ VW W]W VLFK GHPQDFK DXI GDV 3ULQ]LS GHU )UHLZLOOLJNHLW<br />

VROOHQ NHLQH ]XVlW]OLFKHQ 0LWWHO JHQHULHUW ZHUGHQ<br />

]XGHP<br />

=XP 9HUWHLOXQJVVFKO VVHO 'LH 0LWWHO VROOHQ GHQ QDWLRQDOHQ 3DUWHLHQ ]XJXWH NRPPHQ<br />

GD GLH 3DUWHLHQI|UGHUXQJ GLH %XQGHVHEHQH DEGHFNHQ VROO $QVSUXFKVEHUHFKWLJW VLQG<br />

GHVKDOE 3DUWHLHQ GLH DQ 1DWLRQDOUDWVZDKOHQ WHLOQHKPHQ XQG DXI QDWLRQDOHU (EHQH<br />

RUJDQLVLHUW VLQG<br />

%HLP 7D[ FKHFNRII IOLHVVHQ GLH %HWUlJH LQ HLQHQ JHPHLQVDPHQ 3DUWHLHQIRQGV 'LH<br />

%HWUlJH GLH GHQ HLQ]HOQHQ 3DUWHLHQ I U GLH )XQNWLRQVILQDQ]LHUXQJ ]XU 9HUI JXQJ<br />

VWHKHQ VLQG QDFK HLQHP NODU GHILQLHUWHQ 6FKO VVHO ]X EHVWLPPHQ HWZD QDFK GHU<br />

3DUWHLJU|VVH 6WLPPHQDQWHLO QDWLRQDO 0LWJOLHGHU]DKO ILNWLYH :lKOHUVFKDIW =DKO GHU<br />

.DQWRQDOSDUWHLHQ<br />

'LH %HWUlJH DXV GHP 7D[ FKHFNRII % UJHUERQXV VROOWHQ YRQ GHQ 3DUWHLHQ QLFKW<br />

HLQVHLWLJ YHUZHQGHW ZHUGHQ LQGHP ] % GHU JHVDPWH %HWUDJ QXU LQ HLQHQ %HUHLFK GHU<br />

)XQNWLRQVILQDQ]LHUXQJ ] % |IIHQWOLFKH ,QIRUPDWLRQVDUEHLW IOLHVVW 9LHOPHKU LVW HLQ<br />

6\VWHP YRU]XVHKHQ GDV GLH 3DUWHLHQ ]XU :DKUQHKPXQJ DOOHU )XQNWLRQHQ PRWLYLHUW ) U<br />

GLH HLQ]HOQHQ %HUHLFKH VLQG GHVKDOE .ULWHULHQ I U GLH MlKUOLFKHQ 0D[LPDOEHLWUlJH ]X<br />

GHILQLHUHQ ]% YRP ]XU9HUIJXQJVWHKHQGHQ0D[LPDOEHWUDJHLQHU3DUWHLGUIHQ K|FKVWHQV 3UR]HQW LP %HUHLFK )RUVFKXQJVDXIWUlJH YHUZHQGHW ZHUGHQ<br />

,QVWUXPHQW WD[ FKHFNRII % UJHUERQXV<br />

3ULQ]LS %UHLW DEJHVW W]WH |IIHQWOLFKH XQG IUHLZLOOLJH 7HLOILQDQ]LHUXQJ GHU


.RQNUHWH<br />

0RGHOOH<br />

3DUWHLHQGXUFKIUHLZLOOLJH =XZHQGXQJHLQHVJHULQJHQ %HWUDJVGHU %XQGHVVWHXHU LQ 3DUWHL HQ IRQGV<br />

• 86$ 6WHXHUSIOLFKWLJH KDEHQ 0|JOLFKNHLW LKUHU<br />

(LQNRPPHQVVWHXHU LQ GHQ 3UHVLGHQWLDO (OHFWLRQ &DPSDLJQ )XQG<br />

]X EHUZHLVHQ 3UlVLGHQWVFKDIWVZDKOHQ ZHUGHQ YROOXPIlQJOLFK<br />

DXV GLHVHP )RQGV ILQDQ]LHUW<br />

• ' QLFKWXPJHVHW]WHU9RUVFKODJ % UJHUERQXVDOV ]XVlW]OLFKHV<br />

SROLWLVFKHV 0LWZLUNXQJVUHFKW % UJHU N|QQHQ EHL :DKOHQ PLW<br />

)LQDQ]VWLPPH EHU 9HUWHLOXQJ YRQ |IIHQWOLFKHQ *HOGHUQ DQ<br />

EHVWLPPWH 3DUWHLHQ EHVWLPPHQ :HLJHOW I /DQGIULHG<br />

:LUNXQJ 86$ NXPXOLHUWH (LQQDKPHQ GXUFK WD[ FKHFNRII 0LR<br />

%HWHLOLJXQJ DP WD[ FKHFNRII QDKP DE<br />

/DQGIULHG YRUJHVFKODJHQ ZXUGHQ (UK|KXQJ DXI XQG<br />

UHJHOPlVVLJH 7HXHUXQJVDQSDVVXQJ &LWL]HQV 5HVHDUFK )RXQGDWLRQ<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

,QVWUXPHQW GDV % UJHULQQHQ XQG % UJHU E]Z 6WLPPEHUHFKWLJWH DXI<br />

IUHLZLOOLJHU %DVLV DNWLY HLQELQGHW JHHLJQHW I U )XQNWLRQVILQDQ]LHUXQJ<br />

9HUVWRVV JHJHQ *UXQGVDW] ZRQDFK 6WHXHUSIOLFKWLJH NHLQ 5HFKW<br />

KDEHQ<br />

%XQGHVUDW<br />

EHU 9HUZHQGXQJ GHU 6WHXHUQ ]X EHILQGHQ %HULFKW<br />

9DULDQWHQ $OOJHPHLQ +|KH GHV 7D[ FKHFNRII % UJHUERQXV LVW IUHL ZlKOEDU<br />

)UDJH GHU (LQVFKUlQNXQJ GHU =XZHLVXQJVP|JOLFKNHLW DXI<br />

6WLPPEHUHFKWLJWH<br />

• 7D[ FKHFNRII 0|JOLFKNHLW GHU =XZHLVXQJ YRQ )U GHU<br />

%XQGHVVWHXHU DQ 3DUWHLHQIRQGV GXUFK $QNUHX]HQ HLQHV )HOGHV LQ<br />

GHU 6WHXHUHUNOlUXQJ (UPLWWOXQJ GHU ]XU 9HUI JXQJ VWHKHQGHQ<br />

0D[LPDOEHLWUlJH SUR 3DUWHL HQWVSUHFKHQG 3DUWHLVWlUNH EHL<br />

1DWLRQDOUDWVZDKOHQ :lKOHUDQWHLO QDWLRQDO<br />

• % UJHUERQXV 0|JOLFKNHLW GHU =XZHLVXQJ YRQ )U GHU<br />

%XQGHVVWHXHU DQ HLQH HLQ]HOQH 3DUWHL GXUFK $QNUHX]HQ GHV<br />

HQWVSUHFKHQGHQ )HOGHV LQ GHU 6WHXHUHUNOlUXQJ /LVWH DOOHU LP<br />

1DWLRQDOUDW YHUWUHWHQHQ 3DUWHLHQ /LVWH DOOHU 3DUWHLHQ GLH VLFK LP<br />

MHZHLOLJHQ .DQWRQ DQ GHQ OHW]WHQ 1DWLRQDOUDWVZDKOHQ EHWHLOLJW<br />

KDEHQ XQG DXI QDWLRQDOHU (EHQH RUJDQLVLHUW VLQG 0D[LPDOEHWUDJ<br />

SUR 3DUWHL HUJLEW VLFK DXV 6XPPH GHU VSH]LILVFKHQ =XZHLVXQJHQ


2IIHQOHJXQJVSIOLFKWHQ<br />

=LHOVHW]XQJHQ 7UDQVSDUHQ] EHU 6SHQGHQ XQG RGHU $XVJDEHQSUD[LV NHLQH<br />

3ULYLOHJLHUXQJ YRQ *URVVVSHQGHQ HUK|KWH 7UDQVSDUHQ] JHJHQ EHU<br />

6WLPPEHUHFKWLJWHQ<br />

,QVWUXPHQW 2IIHQOHJXQJVSIOLFKWHQ<br />

3ULQ]LS 2IIHQOHJXQJ GHU 6SHQGHQ DE HLQHU EHVWLPPWHQ +|KH 'HNODUDWLRQ<br />

GHU (LQQDKPHQ $XVJDEHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• *% 9RUVFKODJ 9HU|IIHQWOLFKXQJ YRQ 6SHQGHQ EHU …<br />

QDWLRQDO EHU … LQ :DKONUHLVHQ 2IIHQOHJXQJ GHU<br />

(LQQDKPHQ XQG $XVJDEHQ JHJHQ EHU GHU (OHFWLRQ &RPPLVVLRQ<br />

*%<br />

• 1/ 'HNODUDWLRQ YRQ 6SHQGHQ EHU KIO<br />

• 86$ 5HFKHQVFKDIWVSIOLFKW I U :DKODXVJDEHQ YRQ 3DUWHLHQ<br />

.DQGLGDWHQ XQG &RPPLWWHHV 1HQQXQJ YRQ 6SHQGHQ EHU<br />

• 7, 'HNODUDWLRQ YRQ 6SHQGHQ YRQ EHU )U .DQGLGDWHQ<br />

XQG $EVWLPPXQJVNRPLWHHV P VVHQ 6SHQGHQ EHU )U<br />

PHOGHQ 9HU|IIHQWOLFKXQJ LP $PWVEODWW 6DQNWLRQ (QW]XJ GHU<br />

)UDNWLRQVEHLWUlJH %XVVH ELV )U 1LFKW LQ .UDIW<br />

6WDDWVUHFKWOLFKH %HVFKZHUGH KlQJLJ<br />

• .DQWRQ *( 9RUVFKODJ 3DUWHLHQ XQG *UXSSLHUXQJHQ GLH VLFK DQ<br />

:DKOHQ EHWHLOLJHQ KDEHQ PLW /LVWHQ DXFK LKU %XGJHW 5HFKQXQJ<br />

HLQ]XUHLFKHQ DOOH LP 3DUODPHQW YHUWUHWHQHQ *UXSSLHUXQJHQ<br />

KDEHQ MlKUOLFK SHU LKUH 5HFKQXQJ YRU]XOHJHQ 'HNODUDWLRQ<br />

GHU 6SHQGHQ EHU )U 8QWHUODJHQ VLQG |IIHQWOLFK HLQVHKEDU<br />

$OOH 3DUWHLHQ XQG *UXSSLHUXQJHQ GLH VLFK DQ HLQHP<br />

$EVWLPPXQJVNDPSI EHWHLOLJHQ KDEHQ 0RQDW YRU $EVWLPPXQJ<br />

GDV .DPSDJQHQEXGJHW YRU]XOHJHQ XQG 6SHQGHQ<br />

]X GHNODULHUHQ<br />

EHU )U<br />

• ' 'HNODUDWLRQ YRQ 6SHQGHQ EHU '0 ELV '0<br />

:LUNXQJ $EKlQJLJ YRQ GHU 3XEOL]LWlWVJUHQ]H GHV 8PIDQJV XQG<br />

'HWDLOOLHUXQJVJUDGHV GHU |IIHQWOLFKHQ =XJlQJOLFKNHLW GHU<br />

]XVWlQGLJHQ ,QVWDQ] XQG GHU 4XDOLWlW GHU 'DWHQ<br />

' 5 FNJDQJ YRQ JURVVHQ 8QWHUQHKPHQVVSHQGHQ 8PJHKXQJ<br />

P|JOLFKDEHUVDQNWLRQLHUW&RPPLWWHHRQ6WDQGDUGVLQ3XEOLF /LIH


$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

2IIHQOHJXQJVUHJHOXQJ DXI QDWLRQDOHU (EHQH I U 3DUWHLHQ P|JOLFK<br />

DXFK DXI IUHLZLOOLJHU %DVLV GHQNEDU<br />

9DULDQWHQ • %HL )XQNWLRQVILQDQ]LHUXQJ LVW 5HFKHQVFKDIWVSIOLFKW LQ GHQ HLQ]HOQHQ<br />

%HUHLFKHQ<br />

%HLWUlJH<br />

YRU]XVHKHQ 'HNODUDWLRQ GHU 9HUZHQGXQJ GHU<br />

• 2IIHQOHJXQJ GHU 6SHQGHQ DE EHVWLPPWHU +|KH DQRQ\PLVLHUW<br />

QDFK +HUNXQIW GHV 6SHQGHUV<br />

3HUVRQHQ %UDQFKH<br />

1DWLRQDOLWlW QDW UOLFKH MXULVWLVFKH<br />

• 2IIHQOHJXQJ GHU 6SHQGHQ QDFK 6SHQGHQK|KH $Q]DKO 6SHQGHQ<br />

ELV )U ELV )U ELV )U HWF<br />

• 2IIHQOHJXQJ GHU %XGJHWV 5HFKQXQJHQ LQ -DKUHVEHULFKWHQ


LWHUDWXU<br />

%(5,&+7 %81'(65$7 %HULFKW EHU GLH 8QWHUVW W]XQJ GHU SROLWLVFKHQ 3DUWHLHQ<br />

,Q %XQGHVEODWW -J %G ,<br />

%/80 5RJHU :HU ILQDQ]LHUW GLH 6FKZHL]HU 3DUWHLHQ" ,Q 7DJHV $Q]HLJHU YRP<br />

6<br />

%81'(6.$1=/(, 0RQH\SXODWLRQ " %HULFKW ]XP 3RVWXODW $QGUHDV *URVV<br />

]XU 5ROOH GHV *HOGHV LQ GHU GLUHNWHQ 'HPRNUDWLH %HUQ %XQGHVNDQ]OHL<br />

&,7,=(16 5(6($5&+ )281'$7,21 1HZ 5HDOLWLHV 1HZ 7KLQNLQJ 5HSRUW RI WKH<br />

7DVN )RUFH RQ &DPSDLJQ )LQDQFH 5HIRUP &LWL]HQV 5HVHDUFK )RXQGDWLRQ<br />

8QLYHUVLW\ RI 6RXWKHUQ &DOLIRUQLD<br />

&200,77(( 21 67$1'$5'6 ,1 38%/,& /,)( 7KH )XQGLQJ RI 3ROLWLFDO 3DUWLHV LQ<br />

WKH 8QLWHG .LQJGRP %GH /RQGRQ 7KH 6WDWLRQHU\ 2IILFH<br />

'5


5g00(/( $QGUHD 8QWHUQHKPHQVVSHQGHQ LQ GHU 3DUWHLHQ XQG<br />

:DKONDPSIILQDQ]LHUXQJ 'LH 86$ .DQDGD GLH %XQGHVUHSXEOLN 'HXWVFKODQG XQG<br />

*URVVEULWDQQLHQ LP 9HUJOHLFK %DGHQ %DGHQ 1RPRV<br />

:(,*(/7 .XUW 6WDDWOLFKH 3DUWHLHQILQDQ]LHUXQJ =X GHQ 0|JOLFKNHLWHQ HLQHU<br />

VWDDWOLFKHQ 3DUWHLHQILQDQ]LHUXQJ LQ GHU 6FKZHL] XQWHU YHUJOHLFKHQGHU<br />

%HU FNVLFKWLJXQJ GHU *HVHW]JHEXQJ LQ )UDQNUHLFK GHU %XQGHVUHSXEOLN<br />

'HXWVFKODQG XQG GHQ 9HUHLQLJWHQ 6WDDWHQ YRQ $PHULND *U VFK 5 HJJHU<br />

:(:(5 *|WWULN 6ZLVV 0DGH 3ROLWLFDO )XQGLQJ LQ D 5HIHUHQGXP 'HPRFUDF\<br />

+,3 GLVFXVVLRQ<br />

3ROLWLNEHUDWXQJ<br />

SDSHU JZ +DPEXUJHU ,QVWLWXW I U 3ROLWLNIRUVFKXQJ XQG<br />

4XHOOHQ<br />

(UKHEXQJ /DGQHU %UlQGOH )RUVFKXQJVSURMHNW GHV 1DWLRQDOIRQGV 3DUWHLHQ LP<br />

:DQGHO 3DUWHLRUJDQLVDWLRQHQ LP OHW]WHQ 'ULWWHO GHV -DKUKXQGHUWV 3URMHNW 1U<br />

VFKULIWOLFKH %HIUDJXQJ GHU .DQWRQDOSDUWHLHQ ,QVWLWXW I U<br />

3ROLWLNZLVVHQVFKDIW 8QLYHUVLWlW %HUQ<br />

)RUVFKXQJV]HQWUXP I U GLUHNWH 'HPRNUDWLH 8QLYHUVLWlW *HQI ,QWHUQHW 'DWHQEDQN GHV<br />

F G ZZZ F G XQLJH FK<br />

*HQHUDOVHNUHWDULDWH )'3 &93 693 636 5HFKQXQJHQ XQG %XGJHWV


$QKDQJ , ,QIRUPDWLRQHQ ]XP 3URMHNW 3DUWHLHQ LP<br />

:DQGHO<br />

%HL GHU 8QWHUVXFKXQJ KDQGHOW HV VLFK XP HLQ )RUVFKXQJVSURMHNW GHV 1DWLRQDOIRQGV<br />

3DUWHLHQ LP :DQGHO 3DUWHLRUJDQLVDWLRQHQ LP OHW]WHQ 'ULWWHO GHV -DKUKXQGHUWV<br />

/HLWXQJ $ /DGQHU ZLVV 0LWDUEHLWHU 0 %UlQGOH<br />

8QWHUVXFKXQJVJHJHQVWDQG LVW GHU :DQGHO GHU NDQWRQDOHQ 3DUWHLRUJDQLVDWLRQHQ LQ<br />

GHU 6FKZHL] 8QWHUVXFKW ZHUGHQ 9HUlQGHUXQJHQ GHU 0LWJOLHGHU]DKOHQ GDV 0DVV GHU<br />

3URIHVVLRQDOLVLHUXQJ )LQDQ]LHUXQJ 2UJDQLVDWLRQVIRUP XVZ ,P =HQWUXP VWHKW GLH )UDJH<br />

RE VLFK GLH 3DUWHLHQ YRQ 0LWJOLHGHURUJDQLVDWLRQHQ ]X SURIHVVLRQHOO RUJDQLVLHUWHQ<br />

:lKOHUSDUWHLHQ HQWZLFNHOQ<br />

.HUQVW FN GHU 8QWHUVXFKXQJ LVW HLQH VFKULIWOLFKH %HIUDJXQJ GHU NDQWRQDOHQ<br />

3DUWHLSUlVLGHQW,QQHQ (LQEH]RJHQ ZXUGHQ DOOH 3DUWHLHQ GLH DXFK DXI<br />

QDWLRQDOHU (EHQH LQ (UVFKHLQXQJ WUHWHQ )'3 &93 693 63 /G8 (93 /36 *3 )36 6'<br />

('8 3G$ 'LH *UXQGJHVDPWKHLW EHWUXJ .DQWRQDOSDUWHLHQ *HDQWZRUWHW KDEHQ<br />

UXQG GUHL 9LHUWHO DOOHU 3DUWHLHQ %HL GHQ .DQWRQDOSDUWHLHQ GHU )'3 &93 693 XQG 63<br />

EHWUXJ GLH 5 FNODXITXRWH 3UR]HQW<br />

(LQ XPIDVVHQGHU 6FKOXVVEHULFKW HUVFKHLQW LP +HUEVW (LQH 3XEOLNDWLRQ LQ %XFKIRUP LVW<br />

YRUJHVHKHQ


$QKDQJ ,, hEHUVLFKW )|UGHUXQJVLQVWUXPHQWH<br />

,Q GHU hEHUVLFKW ZHUGHQ YHUVFKLHGHQH )|UGHUXQJVLQVWUXPHQWH XQG VSH]LILVFKH<br />

0DVVQDKPHQ GDUJHVWHOOW :R P|JOLFK ZHUGHQ NRQNUHWH 0RGHOOH DXV DQGHUHQ<br />

/lQGHUQ XQG LKUH $XVZLUNXQJHQ HLQEH]RJHQ<br />

6SHQGHQDQUHL]H<br />

WD[ FUHGLW SDXVFKDOHU 6WHXHUDE]XJ<br />

3ULQ]LS $OOH 6WHXHU]DKOHU N|QQHQ HLQHQ HLQKHLWOLFKHQ $QWHLO HLQHV EHVWLPPWHQ<br />

6SHQGHQEHWUDJHV YRQ GHU 6WHXHUVFKXOG DE]LHKHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• &$1 GHJUHVVLYHU SDXVFKDOHU 6WHXHUDE]XJ EHL 6SHQGHQ ELV<br />

$E]XJELV EHL 6SHQGHQ ]ZLVFKHQ<br />

$E]XJ SOXV GHV %HWUDJHV EHU GHQ HUVWHQ HWF<br />

:LUNXQJ &$1 .HLQH 9HU]HUUXQJHQ GXUFK 6WHXHUSURJUHVVLRQ ZHLO NHLQH<br />

5HODWLRQ ]X VWHXHUEDUHP (LQNRPPHQ 6WlUNXQJ GHU (LJHQILQDQ]LHUXQJ<br />

GHU 3DUWHLHQ<br />

$QZHQGEDUN 3DXVFKDOHU 6WHXHUDE]XJ N|QQWH EHL GLUHNWHU %XQGHVVWHXHU<br />

HLW<br />

YRUJHVHKHQ ZHUGHQ %HWUDJ VROOWH WLHI DQJHVHW]W ZHUGHQ ] % )U<br />

LQ<br />

6FKZHL]<br />

GHU YJO :HLJHOW II<br />

PDWFKLQJ SD\PHQW $XIVWRFNXQJ YRQ .OHLQVSHQGHQ GXUFK 6WDDW<br />

3ULQ]LS .OHLQVSHQGHQ<br />

DXIJHVWRFNW<br />

ELV ]X EHVWLPPWHP %HWUDJ ZHUGHQ GXUFK 6WDDW<br />

.RQNUHWH<br />

0RGHOOH<br />

• 86$ PDWFKLQJ SD\PHQW SURJUDP ]XU |IIHQWOLFKHQ )LQDQ]LHUXQJ<br />

YRQ :DKONDPSDJQHQ 3UlVLGHQWVFKDIWVNDQGLGDWHQ P VVHQ<br />

DXV 6SHQGHQ YRQ PD[ VDPPHOQ GDYRQ DXV<br />

PLQGHVWHQV 6WDDWHQ MH 6LQG %HGLQJXQJHQ HUI OOW<br />

ZHUGHQ GLH 6SHQGHQ ELV GXUFK 6WDDW YHUGRSSHOW<br />

• ' 9RUVFKODJ GHU .RSSHOXQJ YRQ VWDDWOLFKH %HLWUlJH DQ<br />

.OHLQVSHQGHQ


:LUNXQJ 86$ 6\VWHP I|UGHUWH .OHLQVSHQGHQ + UGHQ PLWWOHUZHLOH ]X WLHI GD<br />

NHLQH ,QGH[LHUXQJ &LWL]HQV 5HVHDUFK )RXQGDWLRQ II<br />

$QZHQGEDUN (QWZLFNOXQJ YRQ .RQWUROOPHFKDQLVPHQ (UIDVVXQJ XQG .RQWUROOH GHU<br />

HLW<br />

6SHQGHQ ZlUH lXVVHUVW DXIZHQGLJ )UDJH GHU<br />

LQ<br />

6FKZHL]<br />

GHU YHUIDVVXQJVUHFKWOLFKHQ .RQIRUPLWlW :HLJHOW<br />

6SHQGHQEHVFKUlQNXQJHQ XQG YHUERWH<br />

=LHOVHW]XQJ 8QDEKlQJLJNHLW VWDDWOLFKHQ 6XEYHQWLRQHQ YRQ DXVOlQGLVFKHQ<br />

*URVVVSHQGHQ YHUKLQGHUQ EUHLWH $EVW W]XQJ GXUFK .OHLQVSHQGHQ I|UGHUQ<br />

)LQDQ]LHUXQJVEHVFKUlQNXQJHQ XQG YHUERWH 6SHQGHQ XQG RGHU VWDDWOLFKH<br />

8QWHUVW W]XQJ<br />

3ULQ]LS %HVFKUlQNXQJHQ XQG 9HUERWH I U 6SHQGHQ YRQ QDW UOLFKHQ XQG<br />

MXULVWLVFKHQ 3HUVRQHQ DQ 3DUWHLHQ XQG .DQGLGDWHQ %HJUHQ]XQJ GHV<br />

6SHQGHUNUHLVHV<br />

'HNODUDWLRQVSIOLFKWHQ<br />

%HVWLPPXQJ YRQ +|FKVWJUHQ]HQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• *% 9HUERW DQRQ\PHU 6SHQGHQ EHU … 5HJLVWULHUXQJ YRQ<br />

2UJDQLVDWLRQHQ (LQ]HOSHUVRQHQ GLH LQ HLQHP :DKONDPSI PHKU DOV<br />

… HLQVHW]HQ (LQJUHQ]XQJ GHV .UHLVHV SRWHQWLHOOHU 6SHQGHU<br />

] % QXU LQ *% GRPL]LOLHUWH 8QWHUQHKPHQ<br />

• &$1 9HUERW DXVOlQGLVFKHU 6SHQGHQ QDW UO XQG MXU 3HUVRQHQ<br />

• ' UHODWLYH XQG REMHNWLYH +|FKVWJUHQ]H I U |IIHQWOLFKH<br />

)LQDQ]LHUXQJ 6XPPH GHU |IIHQWOLFKHQ *HOGHU GDUI QLFKW K|KHU<br />

VHLQ DOV 6XPPH YRQ 6SHQGHQ XQG %HLWUlJHQ ]XVlW]OLFK GDUI<br />

MlKUOLFKHV *HVDPWYROXPHQ GHU |IIHQWOLFKHQ *HOGHU QLFKW K|KHU<br />

VHLQ DOV 'XUFKVFKQLWW GHU OHW]WHQ -DKUH<br />

• 86$ 9HUERW YRQ 6SHQGHQ MXULVWLVFKHU 3HUVRQHQ<br />

:LUNXQJ 86$ :LUNXQJ IUDJZ UGLJ GD NDXP .RQWUROOH XQG 6DQNWLRQHQ<br />

YRUJHVHKHQ 8PJHKXQJ GXUFK YRQ *HVHOOVFKDIWHQ JHWUHQQWHQ<br />

6SHQGHQIRQGV GLH GXUFK 3ROWLFDO $FWLRQ &RPPLWWHHV 3$&V<br />

YHUZDOWHW ZHUGHQ 5|PPHOH /DQGIULHG<br />

$QZHQGEDUN 6SHQGHQEHVFKUlQNXQJHQ ZlUHQ EHL EHUZLHJHQG VWDDWVIUHLHU<br />

HLW<br />

3DUWHLILQDQ]LHUXQJ HKHU SUREOHPDWLVFK )UDJH GHU .RQWUROOH


LQ GHU<br />

6FKZHL]<br />

$XVJDEHQEHVFKUlQNXQJHQ XQG YHUERWH<br />

=LHOVHW]XQJHQ 9HUEHVVHUXQJ GHU &KDQFHQJOHLFKKHLW I U 3DUWHLHQ .DQGLGDWHQ<br />

1LYHOOLHUXQJ XQG 3ODIRQLHUXQJ GHU 3URSDJDQGDDXVJDEHQ<br />

$XVJDEHQEHVFKUlQNXQJHQ 3URSDJDQGD<br />

3ULQ]LS $XVJDEHQEHVFKUlQNXQJHQ I U .DQGLGDWHQ 3DUWHLHQ DQGHUH<br />

2UJDQLVDWLRQHQ EHL :DKOHQ XQG $EVWLPPXQJHQ $XVJDEHQYHUERWH<br />

I U EHVWLPPWH :HUEHPLWWHO )HUQVHKZHUEXQJ :lKOHUJHVFKHQNH<br />

.RQNUHWH<br />

0RGHOOH<br />

• *% $XVJDEHQIU QDWLRQDOH :DKONDPSDJQHPD[ … 0LR SUR<br />

3DUWHL DEKlQJLJ YRQ $Q]DKO .DQGLGDWHQ 1DFKZHLV GHU<br />

$XIZHQGXQJHQ<br />

• 86$ $XVJDEHQEHVFKUlQNXQJ EHL 3UlVLGHQWVFKDIWVZDKOHQ I U<br />

.DQGLGDWHQ GLH |IIHQWOLFKH *HOGHU HUKDOWHQ KDEHQ<br />

0LR SUR .DQGLGDW<br />

• &$1 %HVFKUlQNXQJ I U :DKODXVJDEHQ I U 3DUWHLHQ XQG<br />

.DQGLGDWHQ DEKlQJLJ YRQ =DKO GHU HLQJHWUDJHQHQ :lKOHUQ E]Z<br />

LP :DKONUHLV<br />

:LUNXQJ *% GXUFKVFKQLWWOLFKH :DKONDPSIDXVJDEHQ VLQG VHLW<br />

1LYHOOLHUXQJ GHU $XVJDEHQ /DQGIULHG<br />

JHVXQNHQ<br />

*% &$1<br />

I<br />

NODU NRVWHQGlPSIHQGHU (IIHNW .DOWHIOHLWHU 1DVVPDFKHU<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

6DFKOHLVWXQJHQ<br />

%HVFKUlQNXQJHQ EHL :DKONDPSIDXVJDEHQ P VVWHQ HKHU DXI<br />

NDQWRQDOHU (EHQH DQVHW]HQ EHL $XVJDEHQ I U $EVWLPPXQJVNlPSIH<br />

EHVWHKW 3UREOHP GHU .RQWUROOH


=LHOVHW]XQJHQ 9HUULQJHUXQJ GHU ILQDQ]LHOOHQ %HODVWXQJ GHU 3DUWHLHQ 8QWHUVW W]XQJ<br />

EHVWLPPWHU $NWLYLWlWHQ<br />

$QJHERW |IIHQWOLFKHU 9HUVDPPOXQJVUlXPH<br />

3ULQ]LS IUHLH E]Z J QVWLJH 1XW]XQJ YRQ 9HUVDPPOXQJUlXPHQ GXUFK<br />

3DUWHLHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• *% .DQGLGDWHQIUORNDOHQDWLRQDOHXQGHXURSlLVFKH :DKOHQ<br />

KDEHQ GDV 5HFKW I U LKUH :DKOYHUVDPPOXQJHQ |IIHQWOLFK<br />

ILQDQ]LHUWH 5lXPOLFKNHLWHQ XQHQWJHOWOLFK ]X EHDQVSUXFKHQ<br />

:LUNXQJ *% 5HFKW ZLUG EHDQVSUXFKW DOOHUGLQJV LVW =DKO GHU<br />

:DKOYHUVDPPOXQJHQ ZHJHQ GHU 1XW]XQJ DQGHUHU :DKONDPSI<br />

0HWKRGHQ VWDUN ]XU FNJHJDQJHQ<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

5HJHOXQJHQ P VVWHQ Y D DXI NDQWRQDOHU XQG NRPPXQDOHU (EHQH<br />

JUHLIHQ<br />

%LOGXQJVNXUVH I U 3DUWHLNDGHU PLWJOLHGHU<br />

3ULQ]LS IUHLH E]Z J QVWLJH 1XW]XQJ SROLWLVFKHU %LOGXQJVDQJHERWH<br />

.RQNUHWH<br />

0RGHOOH<br />

• %HULFKW %XQGHVUDW<br />

3ULYDWH<br />

9RUVFKODJ GHU 0HGLHQVFKXOXQJ GXUFK<br />

:LUNXQJ NHLQH $XVVDJHQ P|JOLFK<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

5 FNJULII DXI SULYDWH .XUVDQELHWHU<br />

.RVWHQ GXUFK %XQG<br />

65* 0$= 5 FNHUVWDWWXQJ GHU<br />

+HUVWHOOXQJ XQG 9HUVDQG YRQ 0DWHULDOLHQ<br />

3ULQ]LS IUHLH E]Z J QVWLJH 3URGXNWLRQ YRQ 0DWHULDOLHQ SRVWWDULIOLFKH<br />

%HJ QVWLJXQJ GHU 3DUWHLHQ


.RQNUHWH<br />

0RGHOOH<br />

• &+ 9HUVDQG YRQ :DKOPDWHULDO 'UXFN GHU :DKOOLVWHQ GXUFK<br />

.DQWRQH<br />

:LUNXQJ .RVWHQHLQVSDUXQJ GHU 3DUWHLHQ +HUVWHOOXQJ GHU /LVWHQ EHL<br />

1DWLRQDOUDWVZDKOHQ GXUFK .DQWRQH 0LR )UDQNHQ 9HUVDQGNRVWHQ<br />

6FKlW]XQJ FD 0LR )UDQNHQ %HULFKW %XQGHVUDW<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

:HLWHUH 5HJHOXQJHQ DXI NDQWRQDOHU (EHQH 9HUVDQG YRQ<br />

:DKOSURSDJDQGD GHU 3DUWHLHQ hEHUSU IXQJ GHV 9HUVDQGV YRQ<br />

$EVWLPPXQJVSURSDJDQGD GHU 3DUWHLHQ PLW DPWOLFKHP 0DWHULDO HYWO<br />

DXFK DOV (UJlQ]XQJ LQWHJULHUW LQ $EVWLPPXQJVE FKOHLQ<br />

%HULFKW %XQGHVUDW 9RUVFKOlJH LP 3RVWEHUHLFK 3RUWRIUHLKHLW<br />

(UPlVVLJXQJ GHU 3RVWWD[HQ (LQVFKOXVV LQ 3DXVFKDOIUDQNDWXU YRQ<br />

%XQG .DQWRQHQ *HPHLQGHQ RGHU HLJHQH YHUJ WHWH 3RVWSDXVFKDOH<br />

9RUVFKOlJH<br />

7HOHIRQWD[HQ<br />

LP )HUQPHOGHEHUHLFK (UPlVVLJXQJ (UODVV GHU<br />

5DGLR XQG )HUQVHKVHQGH]HLW<br />

3ULQ]LS HUOHLFKWHUWH<br />

3DUWHLHQ<br />

1XW]XQJ NRVWHQLQWHQVLYHU ,QIRUPDWLRQVPLWWHO GXUFK<br />

.RQNUHWH<br />

0RGHOOH<br />

• 1/ -lKUOLFKLQVJHVDPW 6WXQGHQ5DGLRVHQGH]HLWXQG 6WXQGHQ<br />

)HUQVHKVHQGH]HLW I U DOOH LP 3DUODPHQW YHUWUHWHQHQ 3DUWHLHQ<br />

JOHLFKH 6HQGH]HLW I U DOOH 3DXVFKDOHQWVFKlGLJXQJ I U<br />

3URGXNWLRQVNRVWHQ JHULQJHU 'HFNXQJVJUDG<br />

:LUNXQJ %HGHXWHQGHV )|UGHUXQJVPLWWHO ZHQQ 3DUWHLHQ 6HQGXQJHQ VHOEVW<br />

JHVWDOWHQ N|QQHQ<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

:HUEHIOlFKHQ<br />

:DKOVHQGXQJHQ (LJHQSURGXNWLRQHQ GHU 3DUWHLHQ ZXUGHQ<br />

DXVJHVWUDKOW 3UREOHP GHV 9HUERWV SROLWLVFKHU :HUEXQJ LQ GHU 65*<br />

.RQ]HVVLRQ


3ULQ]LS (UOHLFKWHUWH<br />

3DUWHLHQ<br />

1XW]XQJ NRVWHQLQWHQVLYHU ,QIRUPDWLRQVPLWWHO GXUFK<br />

.RQNUHWH<br />

0RGHOOH<br />

• 1/ :lKUHQG :DKOSHULRGHQ ZHUGHQ 3DUWHLHQ $QVFKODJIOlFKHQ<br />

]XU 9HUI JXQJ JHVWHOOW<br />

• .DQWRQ *( $QJHERW IUHLHU :HUEHIOlFKHQEHL $EVWLPPXQJHQXQG :DKOHQ DOOH 3DUWHLHQ XQG *UXSSLHUXQJHQ HUKDOWHQ 0RQDW YRU<br />

8UQHQJDQJ GLH JOHLFKH =DKO DQ :HUEHIOlFKHQ<br />

:LUNXQJ .RVWHQHLQVSDUXQJ QLFKW EHNDQQW<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

%HZLOOLJXQJVSIOLFKW GHU *HPHLQGHQ .RQ]HVVLRQVYHUWUlJH PLW $3*<br />

=ZHFNJHEXQGHQH %HLWUlJH<br />

8QWHUVW W]XQJ )LQDQ]LHUXQJ YRQ SDUWHLQDKHQ 7KLQN 7DQNV 6WLIWXQJHQ<br />

3ULQ]LS (UDUEHLWXQJ ZLVVHQVFKDIWOLFKHU *UXQGODJHQ I U 3DUWHLDUEHLW 6WXGLHQ<br />

'RNXPHQWDWLRQHQ 0HLQXQJVIRUVFKXQJ 8QWHUVW W]XQJ GHU PLWWHO<br />

XQG ODQJIULVWLJ DXVJHULFKWHWHQ SROLWLVFKHQ $UEHLW GXUFK SDUWHLHLJHQH<br />

RGHU SDUWHLQDKH )RUVFKXQJVHLQULFKWXQJHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• 1/ 8QWHUVW W]XQJ YRQ MXULVWLVFKHQ 3HUVRQHQ GLH DXIJUXQG LKUHU<br />

=LHOVHW]XQJ DXVVFKOLHVVOLFK RGHU KDXSWVlFKOLFK ZLVVHQVFKDIWOLFKH<br />

$UEHLW ]XJXQVWH HLQHU SROLWLVFKHQ *UXSSLHUXQJ RGHU *HVLQQXQJ<br />

YHUULFKWHQ $QHUNHQQXQJ DOV ZLVVHQVFKDIWOLFKHV ,QVWLWXW DXI $QWUDJ<br />

HLQHU 3DUWHLRUJDQLVDWLRQ<br />

)LQDQ]LHUXQJ %DVLVEHWUDJ HQWVSUHFKHQG 6LW]]DKO LP 3DUODPHQW<br />

GHJUHVVLY<br />

HLQHV ,QVWLWXWV<br />

%HLWUlJH G UIHQ QLFKW K|KHU VHLQ DOV EULJH (LQQDKPHQ<br />

.RQWUROOH %HLWUDJV]DKOXQJ QDFK *HQHKPLJXQJ GHU 5HFKQXQJHQ<br />

GXUFK )LQDQ]PLQLVWHULXP<br />

• *% 9RUVFKODJ (LQULFKWXQJ HLQHV 3ROLF\ 'HYHORSPHQW )XQG<br />

%XGJHW … 0LR -DKU $GPLQLVWUDWLRQ GXUFK XQDEKlQJLJHV<br />

*UHPLXP 5HFKHQVFKDIWVSIOLFKW GHU 3DUWHLHQ<br />

:LUNXQJ 1/ ,QGLUHNWH )LQDQ]LHUXQJ GHU 3DUWHLHQ ZHLO NHLQH NODUH $EJUHQ]XQJ


$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

]ZLVFKHQ 3DUWHLHQ XQG ,QVWLWXWHQ (QWODVWXQJ GHU 3DUWHLHQ EHOlXIW VLFK<br />

DXI FD HLQHQ 'ULWWHO GHV %XGJHWV<br />

3DUWHLQDKH 7KLQN 7DQNV 6WLIWXQJHQ P VVWHQ QHX HLQJHULFKWHW ZHUGHQ<br />

NRVWVSLHOLJ<br />

,QIUDVWUXNWXUHOOH 8QWHUVW W]XQJ GHU QDWLRQDOHQ 3DUWHLRUJDQLVDWLRQHQ EHU<br />

]ZHFNJHEXQGHQH %HLWUlJH<br />

3ULQ]LS 8QWHUVW W]XQJ (UOHLFKWHUXQJ GHU DGPLQLVWUDWLYHQ $UEHLW<br />

.RQNUHWH<br />

0RGHOOH<br />

• $ 1DWLRQDOH 3DUWHLHQ KDEHQ $QVSUXFK DXI GLUHNWH MlKUOLFKH<br />

=XVFK VVH 6RFNHOEHLWUDJ SOXV %HWUDJ SUR 0DQGDW QLFKW<br />

]ZHFNJHEXQGHQ<br />

• 6 =XVFK VVH DQ UHJLRQDOH XQG ORNDOH 6HNWLRQHQ GXUFK XQWHUH<br />

6WDDWVHEHQHQ<br />

:LUNXQJ NHLQH $XVVDJHQ P|JOLFK<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

5 FNHUVWDWWXQJ %HLWUlJH DQ DXVZHLVEDUH .RVWHQ GHU<br />

3DUWHLVHNUHWDULDWH 0LHWH % URUlXPOLFKNHLWHQ (LQULFKWXQJ 0DWHULDO<br />

%HWHLOLJXQJ DQ $EVWLPPXQJVNDPSINRVWHQ<br />

3ULQ]LS JOHLFK ODQJH 6SLHVVH I U EHLGH 6HLWHQ GXUFK %HLWUlJH XQG RGHU<br />

6DFKOHLVWXQJHQ DQ $EVWLPPXQJVNDPSINRVWHQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• *% 9RUVFKODJ FRUHIXQGLQJI U MH %HI UZRUWHUXQG *HJQHU<br />

2UJDQLVDWLRQ FD … IUHLHU 9HUVDQG IUHLH<br />

9HUVDPPOXQJVUlXPH 5HFKQXQJVDEQDKPH GXUFK (OHFWLRQ<br />

&RPPLVVLRQ $XVJDEHQEHVFKUlQNXQJ 9HU|IIHQWOLFKXQJ YRQ<br />

$XVJDEHQ EHU … 5HJLVWULHUXQJ YRQ<br />

5HIHUHQGXPVNRPLWWHHV 3HUVRQHQ GLH PHKU DOV … DXVJHEHQ<br />

:LUNXQJ NHLQH $XVVDJHQ P|JOLFK


$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

%HWHLOLJXQJDQ .RVWHQDXIQDWLRQDOHU (EHQHVFKZLHULJXQGNDXP HUZ QVFKW GD $XVJDEHQZDFKVWXP JHI|UGHUW ZLUG<br />

$XVJDEHQEHVFKUlQNXQJ ZlUH ]ZHFNPlVVLJHU DOOHUGLQJV 3UREOHP<br />

GHU .RQWUROOH ZHLO DOOH $EVWLPPXQJVNRPLWWHHV XQG<br />

ZHUGHQ P VVWHQ<br />

JUXSSHQ HUIDVVW<br />

%HWHLOLJXQJ DQ :DKONDPSINRVWHQ<br />

3ULQ]LS JOHLFK ODQJH 6SLHVVH I U EHLGH 6HLWHQ<br />

6DFKOHLVWXQJHQ DQ :DKONDPSINRVWHQ<br />

GXUFK %HLWUlJH XQG RGHU<br />

.RQNUHWH<br />

0RGHOOH<br />

• ' :DKONDPSINRVWHQHUVWDWWXQJ %HLWUDJ SUR :lKOHUVWLPPH XQG<br />

SUR '0 3DUWHLEHLWUDJ E]Z 6SHQGH 9ROXPHQ '0 0LR<br />

GHFNW UXQG GHU *HVDPWHLQQDKPHQ GHU 3DUWHLHQ /DQGIULHG<br />

• .DQWRQ *( %HWHLOLJXQJ DQ :DKONDPSINRVWHQ 3DXVFKDOHQ I U<br />

HLGJHQ|VVLVFKH XQG NDQWRQDOH :DKOHQ MH )U<br />

NRPPXQDOH :DKOHQ )U DQGHUH :DKOHQ HQWVSUHFKHQG<br />

:lKOHUVWlUNH 9RUDXVVHW]XQJ 3DUWHL HUKlOW PLQGHVWHQV<br />

3URSRU]ZDKO E]Z 0DMRU]ZDKO GHU 6WLPPHQ<br />

• .DQWRQ )5 %HWHLOLJXQJ DQ :DKONDPSINRVWHQ EHL NDQWRQDOHQ<br />

:DKOHQ )U SUR 3DUWHL SOXV )U SUR 6LW] YRUDXVJHVHW]W<br />

GLH 3DUWHL JHZLQQW PLQGHVWHQV 6LW]H %HL QDWLRQDOHQ :DKOHQ )U<br />

SUR 3DUWHL SOXV SUR 6LW] 9RUDXVVHW]XQJ 3DUWHL HUKlOW<br />

PLQGHVWHQV 15 :DKO E]Z 65 :DKO GHU 6WLPPHQ<br />

:LUNXQJ .DQWRQ )5 %HWHLOLJXQJ DQ :DKONDPSINRVWHQ EHOLHI VLFK EHL GHQ<br />

OHW]WHQ QDWLRQDOHQ :DKOHQ DXI )U *HVHW]HVUHYLVLRQ LP<br />

*DQJH XQWHU %HU FNVLFKWLJXQJ GHV %XQGHVJHULFKWVXUWHLOV %*( ,<br />

(93 )UHLEXUJ JHJHQ 6WDDWVUDW GHV .DQWRQV )UHLEXUJ YRP<br />

$QZHQGEDUN<br />

HLW<br />

LQ GHU<br />

6FKZHL]<br />

%HWHLOLJXQJ DQ :DKONDPSINRVWHQ DXI QDWLRQDOHU (EHQH VFKZLHULJ XQG<br />

NDXP HUZ QVFKW $XVJDEHQEHVFKUlQNXQJ ZlUH ]ZHFNPlVVLJHU<br />

)UHLH VWDDWOLFKH %HLWUlJH


=LHOVHW]XQJ $OOJHPHLQH 6XEYHQWLRQLHUXQJ GHU 3DUWHLWlWLJNHLW *HOGHU N|QQH YRQ<br />

3DUWHLHQ QDFK HLJHQHP (UPHVVHQ I U SROLWLVFKH 7lWLJNHLW DXI DOOHQ 6WXIHQ HLQJHVHW]W<br />

ZHUGHQ<br />

*UXQGEHLWUlJH DQ 3DUWHLHQ<br />

3ULQ]LS )LQDQ]LHUXQJ GHU DOOJHPHLQHQ 7lWLJNHLW GHU 3DUWHLHQ PLW |IIHQWOLFKHQ<br />

*HOGHUQ<br />

.RQNUHWH<br />

0RGHOOH<br />

• ' =XVFK VVH $QVSUXFKVEHUHFKWLJW VLQG DOOH 3DUWHLHQ GLH HLQH<br />

EHVWLPPWH $Q]DKO YRQ J OWLJHQ =ZHLWVWLPPHQ HUUHLFKW KDEHQ<br />

ELV<br />

%HUHFKQXQJVJUXQGODJH 3DUWHLHQ HUKDOWHQ '0 SUR J OWLJH<br />

=ZHLWVWLPPH '0 DE 0LR 6WLPPHQ 6SHQGHQ XQG %HLWUlJH<br />

ZHUGHQ ELV ]X '0 ]XVlW]OLFK PLW '0 SUR 6SHQGHQ E]Z<br />

%HLWUDJVPDUN EH]XVFKXVVW<br />

5HODWLYH 2EHUJUHQ]H 'LH VWDDWOLFKHQ %HLWUlJH G UIHQ GLH<br />

(LJHQHLQQDKPHQ QLFKW<br />

0LR '0<br />

EHUVWHLJHQ 'DV *HVDPWYROXPHQ EHWUXJ<br />

:LUNXQJ *HIlKUGXQJ LQQHUSDUWHLOLFKHU 'HPRNUDWLH<br />

3DUWHLHVWDEOLVKPHQWV /DQGIULHG<br />

9HUVHOEVWlQGLJXQJ GHV<br />

$QZHQGEDUN 'LH (LQI KUXQJ YRQ XQJHEXQGHQHQ VWDDWOLFKHQ %HLWUlJHQ Z UGH<br />

HLW<br />

HLQHQ YROOVWlQGLJHQ 6\VWHPZHFKVHO E]Z HLQ XPIDVVHQGHV<br />

LQ GHU |IIHQWOLFKHV )LQDQ]LHUXQJVV\VWHP YRUDXVVHW]HQ )lOOW KHXWH I U<br />

6FKZHL] 6FKZHL]HU 3DUWHLHQ DXVVHU %HWUDFKW

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!