'LHJURH5HYROXWLRQ
M 1U
'LHJURH5HYROXWLRQ
YRQ+DQV.QHLIHO
$WODQ
$XI7HUUDGHQ:HOWHQGHV6RODUHQ,PSHULXPVXQGGHQ6WW]SXQNWHQGHU8QLWHG 6WDUV2UJDQLVDWLRQVFKUHLEWPDQ(QGH-XOLGHV-DKUHV 'LHVHV -DKUKXQGHUW LVW HLQH =HLW LQ GHU GLH VRODUH 0HQVFKKHLW RGHU GLH 0HQVFKKHLW YRQ GHQ :HOWHQ GHU HUVWHQ 6LHGOXQJVZHOOH ZLHGHU QDFK GHQ 6WHUQHQ JUHLIW XQG VLFK ZHLWHU LP $OO DXVEUHLWHW (V LVW HLQH =HLW GHU JURHQ (UIROJH XQG JURHQ /HLVWXQJHQ²HVLVWDEHUDXFKHLQH=HLWGHU*HIDKUHQXQGHLQH=HLWLQGHU5FNVFKOlJH QLFKWDXIVLFKZDUWHQODVVHQ (LQVROFKHU5FNVFKODJIUGLHVRODUH0HQVFKKHLWWUDWHLQDOV1DWKDQGLHOXQDUH %LRSRVLWURQLNVDERWLHUWZXUGHXQGIDOVFKH3URJUDPPHXQG'DWHQ]XOLHIHUQEHJDQQ ,Q]ZLVFKHQ NRQQWHQ GLH 6DERWHXUH JHVWHOOW XQG 1DWKDQV )HKOOHLVWXQJHQ ZLHGHU NRPSHQVLHUWZHUGHQ 'HU 8UKHEHU GHU IROJHQVFKZHUHQ 6DERWDJHDNWH OHEW MHGRFK XQHUNDQQW DXI GHU +DXSWZHOW GHU (UWUXVHU 5RQDOG 7HNHQHU XQG 6LQFODLU 0 .HQQRQ GLH EHLGHQ $VVH GHU 862GLHLKU0LOOLDUGHQVSLHOEHJDQQHQXPDQGDVHLJHQWOLFKH+DXSWGHU9HUVFKZ|UXQJ JHJHQGDV6RODUH,PSHULXPKHUDQ]XNRPPHQVHKHQMHW]WHLQHQHXH&KDQFH 'LHVH&KDQFHELHWHWVLFKLKQHQGXUFK',(*5266(5(92/87,21 'LH+DXSWSHUVRQHQGHV5RPDQV 5RQDOG 7HNDQHU XQG 6LQFODLU 0 .HQQRQ²GLH 862$JHQWHQ IHLOVFKHQ XP 3UR]HQWH $WODQ²'HU/RUGDGPLUDOVFKLFNWHLQHQ%RWHQ 'DPLDQ2WRN²(LQMaQQPLWHLQHP9RJHO´ +RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
JODXEWH DQ HLQHP 6WFN 6WHUQPDWHULH ]X ]HUUHQ DQ GHP 0DWHULDO HLQHV ]XVDPPHQJHEURFKHQHQ :HLHQ =ZHUJHV 'LH 2EHUIOlFKHQ6FKZHUHEHVFKOHXQLJXQJ GLHVHV 3ODQHWHQ J LQVJHVDPW KLHOW GLH 0XVFKHO XQEDUPKHU]LJ IHVW (QGOLFK DOV 7HNHQHU VHLQ .|USHUJHZLFKW YHUODJHUWH O|VWH VLFK GDV NDONLJH (WZDV PLW HLQHP OHLVHQ 3ORSDXVGHPIHXFKWHQ6DQG ³6RNRPPHQ6LHGRFK´IDXFKWHGHU2IIL]LHU 7HNHQHU XQG .HQQRQEUDXFKWHQ LKUH5ROOHQ QLFKW PHKU ]XVSLHOHQ 6LH EHVDHQ NHLQH5ROOHQPHKUVLHZDUHQ%HVWDQGWHLOHRGHU3DUWQHULQHLQHPW|GOLFKHQ6SLHOHLQHU $XVHLQDQGHUVHW]XQJMHQHU3UDJPDWLNHUGHU0DFKWGLHKLHUDXIGHQ.UHLW3ODQHWHQWREWH /DQJVDP JULII 7HNHQHU GHVVHQ .|USHU GXUFK HLQHQ $QWLJUDYLWDWRU YRU GHQ YHUKHHUHQGHQ)ROJHQGHUKRKHQ$Q]LHKXQJJHVFKW]WZXUGHDXIGLH/XNHGHV*OHLWHUV ]X 'HU .LHO XQG GLH $XIODJHIOlFKHQ GHU 0DVFKLQHQ KDWWHQ VLFK NQLHWLHI LQ GHQ 6DQG JHERKUW ³:LUKDEHQHVHLOLJ0DQQ´VDJWH.HQQRQXQGZLQNWH'DQQHQWHUWHHUGLH/HLWHU KRFK ³6RHLOLJQXQDXFKZLHGHUQLFKW´DQWZRUWHWHVHLQ)UHXQGXQGKXVWHWH'LH'LFKWH GHU/XIWKOOH]XVDPPHQPLWGHPVSUKHQGHQ6DO]ZDVVHUQHEHOGHV2]HDQVUHL]WHQGLH 6FKOHLPKlXWH $OV HU GLH ]ZHLWH 6SURVVH EHVWLHJ VDK HU DEHUPDOV KLQDXV DXI GDV :DVVHU ODQJVDP YHUVDQN GHU 7XUP GHV NOHLQHQ 8QWHUVHHERRWV LQ GHQ :HOOHQ XQG ZXUGHYRQGHP*LVFKWEHUIOXWHW'HU:LQGZHKWH7URSIHQXQGZHLHQ6FKDXPVFKUlJ GDYRQLQGLH/XIWZRVLHVLFKDXIO|VWHQ ³:R VLQG ZLU HLJHQWOLFK"´ HUNXQGLJWH VLFK 7HNHQHU DOV VLFK GDV 6FKRWW ]LVFKHQG KLQWHULKPXQGGHPEUHLWVFKXOWULJHQ2IIL]LHUVFKOR7HNHQHUKDWWHDQGHU8QLIRUPVFKRQ OlQJVW HUNDQQW GD HU KLHU HLQHP 0LWJOLHG GHU (% JHJHQEHUVWDQG GHU (UWUXVLVFKHQ %RGHQDEZHKU 'DV NRQQWH ZHQLJ EHGHXWHQ YHUPXWOLFK VWHOOWH HV GRFK HLQH VHKU ZLFKWLJH(LQ]HOKHLWLQPLWWHQGLHVHVJLJDQWLVFKHQ3X]]OHVSLHOHVGHU0DFKWGDU ³/HLGHUGDUILFK,KQHQGDVQLFKWVDJHQ´HUZLGHUWHGHU2IIL]LHU³'XNDQQVWVWDUWHQ 6SDG\´ ³9HUVWDQGHQ´ VDJWH GHU DQGHUH 2IIL]LHU GHU LQ HLQHP ZXFKWLJHQ KRFKOHKQLJHQ 6HVVHO YRU GHU 6WHXHUXQJ VD HLQHQ .RSIK|UHU EHU GHQ 6LFKHONDPP VHLQHV NDKOHQ .RSIHVJHVWOSWXQGGDVZLQ]LJH0LNURSKRQDP6WDKOEJHOYRUGHP.LQQKDWWH .HQQRQXQG7HNHQHUVDQNHQLQGLHULHVLJHQ6HVVHO 6LHVFKQDOOWHQVLFKPLW*XUWHQDQGLHIU(UWUXVHUHQWZLFNHOWZRUGHQZDUHQEUHLW ZLH+DQGWFKHUXQGGLFNZLH6DXULHUKDXW$XJHQEOLFNOLFKVWLHGHU/XIWJOHLWHUQDFKYRUQ XQG VFKZHEWH KRFK 'LH %HVFKOHXQLJXQJ OLH VLFK PLW +LOIH GHU $QWLJUDYLWDWRUHQ HUWUDJHQDEHUVLHKlWWH]XPLQGHVW7HNHQHUXPJHEUDFKWKlWWHVLFKVHLQ.|USHUQLFKWLP 6FKXW] HLQHV )HOGHV EHIXQGHQ GDV HWZD ³WHUUDQLVFKH´ 6FKZHUNUDIWYHUKlOWQLVVH VLPXOLHUWH (U EHWUDFKWHWH QDFKGHQNOLFK GLH 0XVFKHOVFKDOH XQG EOLFNWH DXV HLQHU 6LFKWOXNH ³'DV 0HHU´ VDJWH HU SKLORVRSKLVFK ³(V LVW HZLJ XQG XQHQGOLFK 8QG GLH 0HQVFKHQ VLQG VWHUEOLFK :R]X EHL GHU :HLWH GHV :HOWUDXPV NlPSIHQ VLH HLJHQWOLFK ZLHGLH%HVHVVHQHQXP0DFKWXQG$QVHKHQ".|QQHQ6LHPLUGDVVDJHQ.ROOHJH"´ 'HUDQJHUHGHWH2IIL]LHUZDQGWHVLFKXPXQGVDKGDV*ULQVHQDXIGHQ*HVLFKWHUQ .HQQRQVXQG7HNHQHUV ³1HLQ´HQWJHJQHWHHUXQGNUDW]WHVLFKLP1DFNHQ ³,FK KDEH VFKRQ LPPHU HWZDV IU NODUH $QWZRUWHQ EULJJHKDEW 6LH VLQG VR
'LHJURH5HYROXWLRQ
M
$WODQ
SRVLWLY7HN´PXUPHOWH.HQQRQ 'HU *OHLWHU UDVWH LP ERGHQQDKHQ %HUHLFK GLH ODQJH JHVFKZXQJHQH .VWH HQWODQJ 1DFK HLQLJHQ 0LQXWHQ VDKHQ VLH GD VLH VLFK DXI HLQHU NOHLQHQ NDXP EHZDFKVHQHQ,QVHOEHIXQGHQKDWWHQ+LHUOHJWHGDV8QWHUVHHERRWDKGDVVLHDXVGHP :UDFNGHV/HLFKWHQ.UHX]HUVDEWUDQVSRUWLHUWKDWWH 5RQDOG 7HNHQHU JULII LQ GLH %UXVWWDVFKH VHLQHV $Q]XJV KROWH HLQH KDQGJURH IODFKH)ODVFKHKHUYRUXQGVFKUDXEWHGHQ9HUVFKOXDEGHUZLHHLQNOHLQHU7ULQNEHFKHU JHIRUPWZDU 'HU3LORWVDKGHQ9RUJDQJGXUFKGHQ5FNVSLHJHOXQGIUDJWH ³:DVWXQ6LHGD0LVWHU7HNHQHU"´ ³(UWULQNW´VWHOOWH.HQQRQUXKLJIHVWXQGVDKXQWHUVLFKGLH,QVHONOHLQHUZHUGHQ ³:DV WULQNHQ 6LH"´ ERKUWH GHU 3LORW ZHLWHU $XFK HU WUXJ GLH 8QLIRUP GHU %RGHQDEZHKU $OVR ZDUHQ DXFK ]XPLQGHVW 7HLOH GLHVHU (OLWHWUXSSHQ LP *ULII GHU 5HYROXWLRQlUHQ2SSRVLWLRQRGHUVRJDUPLWGHQ0lQQHUQGLHVHU2UJDQLVDWLRQYHUEQGHW $OVRGRFKHLQHZLFKWLJH)HVWVWHOOXQJ ³+XVWHQVDIW (LQH VSH]LHOOH 0LVFKXQJ IU PLFK 0LW ]LHPOLFK YLHO $ONRKRO 6LH ZROOHQHLQHQ6FKOXFN+HUU"´IUDJWH7HNHQHUXQGKREGLH)ODVFKH 'HU3LORWGUHKWHVLFKNXU]XPXQG]RJHLQH*ULPDVVHGHV$EVFKHXV ³'DQQQLFKW´ 7HNHQHU KXVWHWH WUDQN HLQHQ %HFKHU XQG K|UWH DXI ]X KXVWHQ (U VFKUDXEWH GLH )ODVFKH]XOHKQWHVLFK]XUFNXQGVDJWH ³'DVWXWJXW)DVWVRDQJHQHKPZLHGDV.OLPDDXI(UWUXV´ 'LH JDQ]H $QJHOHJHQKHLW GHUHWZHJHQ VLH KLHU DOV &KHIV GHU 8QDEKlQJLJHQ +LOIVRUJDQLVDWLRQ IU %HGUlQJWH JHODQGHW ZDUHQ WULHE XQYHUNHQQEDU LKUHP +|KHSXQNW HQWJHJHQ :lKUHQG LQ GHQ 6WlGWHQ GHV 3ODQHWHQ ILHEHUKDIW QDFK LKQHQ JHIDKQGHW ZXUGHEUDFKWHQVLH$QJHK|ULJHGLHVHUZLFKWLJHQ.RPPDQGRRUJDQLVDWLRQGLHDXIDOOHQ IQI .UHLW3ODQHWHQ VWDWLRQLHUW ZDU ]X HLQHP KRFK JHKHLPHQ 7UHIISXQNW %LVKHU ZDUHQ GLH DXIJHQRPPHQHQ ,QIRUPDWLRQHQ VSlUOLFK JHZHVHQ DEHU GLH 8QLWHG 6WDUV 2UJDQLVDWLRQ PXWH KHUDXVILQGHQ ZHOFKH GHU 2UJDQLVDWLRQHQ DXI (UWUXV DQ GHU 5HLKH JHQLDOHU $QVFKOlJH JHJHQ GDV :LUWVFKDIWVJHIJH GHV 6RODUHQ ,PSHULXPV GLH 6FKXOG WUXJ (V VFKLHQ ZLHGHU HLQPDO HLQHV GLHVHU JHIUFKWHWHQ 6SLHOH GHU *HKHLPRUJDQLVDWLRQHQ]XZHUGHQ ³.HQ"´ HUNXQGLJWH VLFK 7HNHQHU QDFK HLQHU :HLOH'HU *OHLWHU MDJWH QRFK LPPHU EHU GDV RIIHQH 0HHUKLQZHJ (LQ PDVVLYHV VFKQHOOHV *HUlW GDXHUKDIW XQG VFKZHU NRQVWUXLHUW ZHJHQ GHU KHUUVFKHQGHQ 8PZHOWYHUKlOWQLVVH DXVJHVWDWWHW PLW 6LW]HQ XQG $UPDWXUHQ GLH *HZLFKW XQG =XJULII YRQ 0HQVFKHQ DXVKLHOWHQ GLH PHKU DOV VHFK]HKQ =HQWQHUZRJHQXQGGHUHQRIWJHEUDXFKWH%HJUXQJVIORVNHO³:HUGHVDWWXQGGLFN¶´RGHU VR lKQOLFK ODXWHWH 7HNHQHU XQG .HQQRQ NDPHQ VLFK ZLH 3\JPlHQ YRU LQPLWWHQ GLHVHU JDUJDQWXHVNHQ8PJHEXQJ ³-D"´ ³1RFKDXIJHEUDFKWZHJHQ³(ODKL"´ .HQQRQ VFKWWHOWH ODQJVDP GHQ .RSI )U 7DJH ZDU HU VHLQHP )UHXQG QXU HLQH %HODVWXQJJHZHVHQ(UKDWWHVLFKZLHHUGDFKWHLQ(ODKL6RQWUDXQVWHUEOLFKYHUOLHEWGLH )UDX PLW GHP EODXVFKZDU]HQ +DDU (V ZDU QLFKW /LHEH JHZHVHQ VRQGHUQ HLQH EHVRQGHUV DJJUHVVLYH )RUP YRQ ,UUVLQQ GLH IDVW²ZlUH HU PLW GHP .|USHU HLQHV 0HQVFKHQDXVJHVWDWWHWJHZHVHQ²LQ6HOEVWPRUGDXVJHDUWHWZlUH
'LHJURH5HYROXWLRQ
M
$WODQ
³1HLQ1XUWUDXULJ(VPXZRKOLPPHUVRHQGHQ0LW7RG0RUG6FKVVHQ´ ³1LFKW LPPHU .HQ´ VDJWH 5RQDOG ZHLFK XQG EHIUHLWH GLH 0XVFKHO YRP DQKDIWHQGHQ 6DQG ³$EHU RIW %HVRQGHUV DQ 2UWHQ ZR EUXWDO XP GLH 0DFKW JHNlPSIW ZLUG´ 'HU .RSLORW ZDUI HLQHQ QDFKGHQNOLFKHQ %OLFN DXI GLH EHLGHQ 0lQQHU KRE VHLQH PlFKWLJHQ 6FKXOWHUQ XQG EUXPPWH HWZDV 8QYHUVWlQGOLFKHV 'DQQ EOLFNWH HU ZLHGHU QDFKYRUQ .HQ XQG 7HN EUDXFKWHQ VLFK QLFKW ]X XQWHUKDOWHQXQG DXFK NHLQH JHKHLPHQ %RWVFKDIWHQ RGHU 'LDORJH DXV]XWDXVFKHQ EHLGH GDFKWHQ VLH LQQHUKDOE JHZLVVHU *UHQ]HQ QDKH]X V\QFKURQ 'LHV ZDU GDV (UJHEQLV HLQHU =XVDPPHQDUEHLW GLH OlQJHU GDXHUWHDOVHVGDV/HEHQHLQHV0HQVFKHQXPVSDQQHQNRQQWH 6LH KDWWHQ HV JHDKQW -HW]W ZXWHQ VLH HV PLW 6LFKHUKHLW 'LH 5HYROXWLRQlUH 2SSRVLWLRQ EHVD DXVJH]HLFKQHWH 9HUELQGXQJHQ ]X DOOHQ P|JOLFKHQ PLOLWlULVFKHQ .UHLVHQ GHU .UHLW3ODQHWHQ $OOHUGLQJV ZDU GLH %HGHXWXQJ GLHVHU 9HUELQGXQJHQ YRQ LKQHQ ELVKHU XQWHUVFKlW]W ZRUGHQ 'HU 3LORW ZDU LP 5DQJH HLQHV 0DMRUV GHU .RSLORW ZLHV VLFK GXUFK )DUEH =XVFKQLWW XQG 'HNRUDWLRQ GHU 8QLIRUP DOV 2EHUVW DXV 'LH $QJHK|ULJHQ GHU %RGHQDEZHKU (UWUXV JDOWHQ ELVKHU LQ HLQVFKOlJLJ LQWHUHVVLHUWHQ .UHLVHQDOVRDXFKLQQHUKDOEGHU6RODUHQ$EZHKUXQGGHU8QLWHG6WDUV2UJDQLVDWLRQDOV 7UXSSH GLH NHLQHUOHL 6SLRQDJHHLQVlW]H EHWULHE 'LHVH .RPPDQGRRUJDQLVDWLRQ EHVWDQG²VR JODXEWH PDQ EHUHLQVWLPPHQG²DXV HUWUXVLVFKHQ (OLWHVROGDWHQ 6LH KDWWHQ GLH $XIJDEH LP )DOO HLQHU EHZDIIQHWHQ $JJUHVVLRQ IDOOV GLH )ORWWH GHV .UHLW 6\VWHPVYHUVDJHQ VROOWHGHQ *HJQHUYRP %RGHQDXVDE]XZHKUHQXQG]X YHUQLFKWHQ 9HUVWlQGOLFKGDIUHLQHVROFKH$XIJDEHQXUGLHEHVWHQ0lQQHUXQGGDVEHVWHVSULFK WHXHUVWH 0DWHULDO YHUZHQGHW ZXUGHQ 'LH 7UXSSH EHVD HLQH 0HQJH JHKHLPHU 6WW]SXQNWHDXIDOOHQ3ODQHWHQGHV6\VWHPV 9HUPXWOLFK ZHUGHQ ZLU ]X HLQHP VROFKHQ 6WW]SXQNW JHIORJHQ GDFKWH 5RQDOG 7HNHQHU 3O|W]OLFK VSUWH HU GD LKP .HQQRQ HLQ =HLFKHQ YRQ EHVRQGHUHU %HGHXWXQJ JDE 'HU 0DMRU KRE GLH +DQG VFKDOWHWH GDV )XQNJHUlW YRUEHUJHKHQG DE XQG VDJWH VFKURII ³,P KLQWHUHQ $EWHLO GHV *OHLWHUV VLQG 6FKUlQNH IU hEHUOHEHQVDQ]JH %LWWH YHUVWHFNHQ6LHVLFKDXJHQEOLFNOLFKGRUW6LHZHUGHQJHVXFKW6LHXQGGDV0lGFKHQ´ 7HNHQHUXQG.HQQRQVDKHQVLFKDQQLFNWHQXQGDOV7HNHQHUDXIVWDQGXQG.HQ IROJWHYHUJDHUQLFKWGLH$QVFKQDOOJXUWH]XRUGQHQXQGVHLQH0XVFKHOPLW]XQHKPHQ 'DQQ K|UWHQ VLH KLQWHU GHU GLFNHQ 7U ZHVHQWOLFK JHGlPSIW GLH 8QWHUKDOWXQJ ]ZLVFKHQ HLQHU RIIL]LHOOHQ 3DWURXLOOH XQG GHQ EHLGHQ 3LORWHQ GHV *OHLWHUV &RGHIXQNVSUFKHZXUGHQDXVJHWDXVFKWXQGVFKOLHOLFKVDJWHGHU2EHUVWVFKDUI ³%LWWH EHU]HXJHQ 6LH VLFK ,FK JHEH ,KQHQ HLQ %LOG DXV DOOHQ 7HLOHQ GHV *OHLWHUV´ 'LH 3DUWQHU GLHVHV *HVSUlFKHV HPSILQJHQ %LOGHU 6LH NDPHQ YRQ GHQ DXWRPDWLVFKHQ .DPHUDV GLH QDFKHLQDQGHU MHGHQ GHU ZHQLJHQ 5lXPH GHV *OHLWHUV DEWDVWHWHQ1XUQLFKWGLH]ZHL6FKUlQNH ³'DQNH´ KLH HV VFKOLHOLFK ³6LH N|QQHQ ELV ]XP QlFKVWHQ .RQWUROOSXQNW ZHLWHUIOLHJHQ´ 6LQFODLU 0DURXW .HQQRQ GHU 0DQQ PLW GHP 5RERWN|USHU OHKQWH DQ HLQHP GHU EHLGHQ$Q]JH6HOEVWIULKQZDUHVQLFKWOHLFKWVLFKDXIGLHVHP3ODQHWHQ]XEHZHJHQ
'LHJURH5HYROXWLRQ
M
$WODQ
6FKOLHOLFK PXWH HU VWlQGLJ YRUWlXVFKHQ PLW DOOHQ +LQIlOOLJNHLWHQ HLQHV 7HUUDQHUV DXVJHVWDWWHW]XVHLQ ,P)DOOYRQ(ODKL6RQWUDZDUHVLKPZLGHU:LOOHQKHUYRUUDJHQGJHOXQJHQ (UODFKWHELWWHUDXI 1RFK LPPHU EHIDQG VLFK XQWHU LKQHQ GLH )OlFKH GHV 0HHUHV (LQLJH :RONHQ ZDUIHQ 6FKDWWHQ XQG WULHEHQ ZHLWHU 'LH 6RQQH .UHLW HLQH JHOEH 6RQQH YRP *7\S YHUZDQGHOWH GLH :DVVHUIOlFKH LQ HLQHQ ULHVLJHQ 7HSSLFK DXV %ODX XQG ZLQ]LJHQ VLFK XQDXIK|UOLFKlQGHUQGHQ=RQHQDXV:HOOHQXQG/LFKWIXQNHQ3DXVHQORVHPSILQJ.HQQHQ PLWVHLQHQYHUERUJHQHQ*HUlWHQ)XQNVSUFKHGLHHUPKHORVHQW]LIIHUWH6LHEHVDJWHQ GDQLFKWQXUDXI(UWUXVHLQJHIDKUYROOHU*lUXQJVSUR]HLQ*DQJJHNRPPHQZDU 'LH EHLGHQ ³NRVPLVFKHQ %HGUlQJWHQKHOIHU´ XQG (ODKL 6RQWUD ZXUGHQ YHU]ZHLIHOW JHVXFKW +HNWLVFKH 8QUXKH EUHLWHWH VLFK DXV 'LH RIIL]LHOOHQ 2UJDQH KDWWHQ *URDODUP JHJHEHQ 'LH+$33<'$<ZDUXPVWHOOWXQGZXUGHEHZDFKW $XVIDOOVWUDHQ /DQGHSODWWIRUPHQ IU *OHLWHU XQG QDWUOLFK HUVW UHFKW GLH 5DXPKlIHQ ZDUHQ JHVSHUUW .HLQH HLQ]LJH 6FKLIIVEHZHJXQJ YHUOLHI RKQH GD YRUKHU PLQX]L|VH'XUFKVXFKXQJHQVWDWWJHIXQGHQKDWWHQ 'LH 3ROL]LVWHQ JLQJHQ VWHOOHQZHLVH EUXWDO YRU²*HJHQZHKU HUIROJWH $XV JHOHJHQWOLFKHQ hEHUUHDNWLRQHQ ZXUGHQ NOHLQH .lPSIH 3ROL]LVWHQ XQG ELVKHU KDUPORVH %UJHUOLHIHUWHQVLFKEOXWLJH*HIHFKWHDXIGHQ6WUDHQRGHULQ:RKQXQJHQgIIHQWOLFKH 9HUDQVWDOWXQJHQ ZXUGHQ DEJHVDJW 'HU 3ODQHW (UWUXV VXPPWH ZLH HLQ 6WRFN UDVHQGHU %LHQHQ /DQJVDP EHZHJWH VLFK 7HNHQHU QDFK YRUQ KLHOW VLFK DQ GHQ ZXFKWLJHQ *ULIIHQ GHUEUHLWHQIHGHUQGHQ6HVVHOIHVWXQGHUNXQGLJWHVLFK ³,FK K|UH VHLW HLQLJHU =HLW ,KUHQ )XQN PLW :DV LVW HLJHQWOLFK ORV" 6LQG VLH DOOH ZDKQVLQQLJJHZRUGHQDXI(UWUXV"´ 'HU 2EHUVW PXVWHUWH LKQ QDFKGHQNOLFK 9RQ LKP JLQJ HLQH JHZLVVH NDOWH hEHUOHJHQKHLW DXV GLH GLHVHP 0DQQ PLW GHP URVWURWHQ 6LFKHONDPP PHKU DOV PHUNZUGLJYRUNDP:DUGLHVH6HOEVWVLFKHUKHLWJHVSLHOWRGHUHFKW"(UHQWJHJQHWH ³3RLD+R\WGHU&KHIGHV*HKHLPGLHQVWHVLVWPHUNOLFKQHUY|VJHZRUGHQ´ 5RQDOGKXVWHWHNXU]XQGPHLQWH ³:DUXPHLJHQWOLFK"´ ³'DV)OXFKWPDQ|YHUZDUJDQ]DQGHUVJHSODQW(VLVWDOVRPLOXQJHQ'DVEULQJW LKQDXVGHP.RQ]HSW´ ³,FKYHUVWHKH´VDJWH7H.HQHUXQGEOLFNWHDXIGLH,QVWUXPHQWH(UEHPHUNWHGD 3LORWXQG.RSLORWLKUHEHLGHQ*lVWHDXVJH]HLFKQHWVHKHQNRQQWHQ²DXIGHP%LOGVFKLUP GHUGLH5FNDQVLFKWGHU.DELQHZLHGHUJDE³:RKLQIOLHJHQZLUHLJHQWOLFK":HQQLFKGLH .DUWHQ GLHVHV EH]DXEHUQGHQ 3ODQHWHQ ULFKWLJ LP .RSI KDEH GDQQ VLHKW HV DXV DOV RE ZLUQDFK2VWHQIO|JHQDOVRLQGLH5LFKWXQJGHV.RQWLQHQWHV3H\WHU"´ ³6LHP|JHQUHFKWKDEHQ´HUZLGHUWHGHU0DMRU ³2GHUDXFKQLFKW´NQXUUWHGHU2EHUVW ³0LW6LFKHUKHLWZHUGHQZLUMHGHQIDOOVQLFKWHZLJLQGHU/XIWEOHLEHQ5XQWHUNRPPW
'LHJURH5HYROXWLRQ
M
$WODQ
VROFK HLQ 9HKLNHO LPPHU´ VWHOOWH 5RQDOG IHVW XQG JLQJ ]XUFN ]X VHLQHP 3ODW] (U YHUNURFKVLFKLQHLQH(FNH5DXPJHQXJJDEHVXQGVDKKLQDXVDXIGDV0HHU'LHVHU $QEOLFNXQGGLH*HGDQNHQXQG8EHUOHJXQJHQGLHVLFKGDUDQNQSIWHQVROOWHQIUODQJH =HLWGDVHLQ]LJ6FK|QHDXI(UWUXVVHLQ ³-HW]W ZHLW GX¶V .HQ´ PHLQWH HU QDFK HLQLJHU =HLW ]|JHUQG XQG KXVWHWH HLQ ZHQLJ³1DFKXQVZLUGILHEHUKDIWJHIDKQGHW´ ³:LHDXIUHJHQG´HUZLGHUWH.HQQRQ]HUVWUHXW(UKDWWH:LFKWLJHUHV]XWXQ6HLQH KRFKHPSILQGOLFKHQ HLQJHEDXWHQ *HUlWH KDWWHQ HLQHQ XOWUDNXU]HQ +\SHUIXQNVSUXFK DXIJHIDQJHQ =ZHLIHOORV KDWWH /RUGDGPLUDO $WODQ GHU OLVWLJH $UNRQLGH GHQ =HLWUDXP IU GLH 6HQGXQJ KHUYRUUDJHQG DEJHSDW GLHVHU ZLQ]LJH ,PSXOV GHU ]XGHP DXFK QRFK JURE DXVJHULFKWHWZDUJLQJLPDOOJHPHLQHQ/lUPDXIDOOHQJHEUlXFKOLFKHQ)UHTXHQ]HQXQWHU ,P:HOWUDXPVLFKHUYRUGHQ2UWXQJHQGHU)ORWWHGLHVHV6\VWHPVVWDQGHQHLQVDW]EHUHLW HLQLJH8626FKLIIHGHU%HUHLWVFKDIWVIORWWH$XIHLQHPYRQLKQHQEHIDQGVLFK$WODQXQG VHLQH 6RUJHQ ZDUHQ YHUJOLFKHQ PLW GHQHQ VHLQHU EHLGHQ EHVWHQ 0lQQHU DXFK QLFKW JHUDGHJHULQJ 7HNHQHU GHXWHWH .HQQRQV 6FKZHLJHQ XQG DQJHEOLFKHV 'HVLQWHUHVVH ULFKWLJ :lKUHQG GHU )UHXQG GLH 2EHUIOlFKH GHV 0HHUHV VWXGLHUWH HQWVFKOVVHOWHQ VHLQH PLNURSRVLWURQLVFKHQ *HUlWH GHQ )XQNVSUXFK $OV GLHVH ,QIRUPDWLRQ VHLQHQ 9HUVWDQG HUUHLFKWH EHJDQQ HU ]X DKQHQ GD GLH QlFKVWHQ 7DJH ]XPLQGHVW VSDQQHQG ZHUGHQ ZUGHQ6SDQQHQGXQGJHIlKUOLFK /LQGIUHLQLJH0HQVFKHQPLW6LFKHUKHLWW|GOLFKGDFKWHHU ,KPZXUGHVFKODJDUWLJNODUDXVZHOFKHP*UXQGVLHYRQGHQ(UWUXVHUQ³YHUODJHUW´ ZHUGHQPXWHQ 'LH,QIRUPDWLRQ $WODQ KDWWH HLQHQ .XULHU JHVFKLFNW (V ZDU HLQ +DQGHOVVFKLII GDV VHLW -DKUHQ GLHVHV6\VWHPDQIORJXQGXQYHUGlFKWLJZDU1XUGHU.RPPDQGDQWZDUDXVJHZHFKVHOW ZRUGHQ HLQ 8620DQQ ZDU LQ GLH ,GHQWLWlW YRQ .lSWHQ 'DPLDQ 2WRN JHQDQQW GHU 3IDKOJHVFKOSIW %HL GLHVHP *HGDQNHQ JULQVWH .HQQRQ LQQHUOLFK²YRU -DKUHQ ZDU HU HLQPDO PLW GHP 3IDKO JHIORJHQ²HLQ ZDKUKDIW VNXUULOHU %XUVFKH YRQ XQEHUELHWEDUHU ([RWLN 6HLQ 'RXEOH PXWH 6WDDWVVFKDXVSLHOHU VHLQ XQGVLFK VHOEVW Y|OOLJ YHUJHVVHQ N|QQHQ XP 'DPLDQ2WRNGDUVWHOOHQ]XN|QQHQ 'DVZDUQRFKQLFKWDOOHV*OHLFK]HLWLJEHVFKOHXQLJWH$WODQGHQ$EODXIGHU'LQJH 'HU.XULHUVROOWHODQGHQXQGEHLGHUHUWUXVLVFKHQ2SSRVLWLRQVIKUXQJJDQ]RIIL]LHOOHLQHQ 0LWUDXHQVDQWUDJ JHJHQ 7HN XQG .HQ VWHOOHQ 'DGXUFK ZXUGHQ VLH ]ZDU YHUGlFKWLJW GDV ZDU QHJDWLY DEHU LQ JHZLVVHU +LQVLFKW DXFK ZLHGHU HQWVFKXOGLJW ZHLO PDQ VLH VFKZHUOLFK PLW GHP 9HUGDFKW IUGHQ $UNRQLGHQ ]X DUEHLWHQ EHUUDVFKHQ NRQQWH 0DQ ZUGHGHQ2SSRVLWLRQHOOHQVDJHQGDPDQ.HQQRQXQG7HNHQHUYHUGlFKWLJHQPVVH VLHZUGHQYHUPXWOLFKPLWGHP*HKHLPGLHQVW]XVDPPHQDUEHLWHQ .HQQRQVNULPLQRORJLVFKJHVFKXOWHU9HUVWDQGVWHOOWHHLQHVFKQHOOHhEHUOHJXQJDQ $OVR VHW]WH $WODQ YRUDXV GD GLHVH ,QIRUPDWLRQ YRQ GHQ GUHL HUWUXVLVFKHQ 2SSRVLWLRQVIKUHUQQLFKWJHJODXEWZHUGHQZUGHGHQQVLHZXWHQHVQDWUOLFKZHLWDXV EHVVHU 6LHNDQQWHQGLH:DKUKHLW )U .HQQRQ XQG 7HNHQHU lQGHUWH VLFK DOVR QLFKWV²QXU GLH 9RUDXVVHW]XQJHQ
'LHJURH5HYROXWLRQ
M
$WODQ
XQWHUGHQHQVLHKDQGHOQNRQQWHQXQGPXWHQZXUGHQJHVFKlUIW(UK|KWH:DFKVDPNHLW ZDU Q|WLJ *HUDGH DOV .HQQRQ VLFK EHUOHJWH ZLH HU GLHVHQ QHXHQ 6WDQG GHU 'LQJH 5RQDOGPLWWHLOHQVROOWHNDPHLQZHLWHUHU)XQNVSUXFKGXUFKHLQ,PSXOVYRQHLQHU'DXHU NOHLQHUDOVHLQHKXQGHUWWDXVHQGVWHO6HNXQGH $XFKVLHZXUGHQLFKWDQJHPHVVHQNRQQWHQLFKWHQWGHFNWZHUGHQ 'LH]ZHLWH,QIRUPDWLRQ 'LH YRUEHUHLWHWH 5HYROWH EULFKW DXV 'LH KHNWLVFKH $NWLYLWlW XQG %HWULHEVDPNHLW GHV *HKHLPGLHQVWHV XQG GHV *XORUW GHV 5HJLHUHQGHQ 'LNWDWRUV ZHUGHQ ELQQHQ NU]HVWHU =HLW ]X HLQHU 6SDQQXQJ IKUHQ GLH VLFK LQ RIIHQHU 5HEHOOLRQ HQWOlGW 'HU .XULHUZLUG1lKHUHVEHULFKWHQ 'HU3LORWVDJWHXQYHUPLWWHOW ³6LH GRUW KLQWHQ 9ROOH 'HFNXQJ²UROOHQ 6LH VLFK LP )DFK XQWHU ,KUHQ 6LW]HQ ]XVDPPHQ:LUZHUGHQDQJHIORJHQXQGNRQWUROOLHUW´ 7HNHQHU XQG .HQQRQ KDQGHOWHQ VRIRUW DEHU PLW GHQ XQEHKROIHQHQ IDKULJHQ %HZHJXQJHQ YRQ 7HUUDQHUQ GLH VLFK LP %HUHLFK KRKHU 6FKZHUNUDIW EHZHJWHQ XQG GXUFKHLQ)HOGDXVHLQHP$QWLJUDYJHUlWJHVFKW]WZXUGHQ6HNXQGHQVSlWHUVFKLHQGLH .DELQH ZLHGHU OHHU ]X VHLQ )OVWHUQG EHULFKWHWH .HQQHQ GHQ QHXHVWHQ 6WDQG GHU (QWZLFNOXQJ-HW]WEHJDQQDXFKVFKRQGLHVHU)OXJJHIDKUYROO]XZHUGHQ 7HNHQHUZLVSHUWH ³$WODQDKQWVLFKHUQLFKWGDZLUPLWGLHVHP.ORW]YRQ*OHLWHUHLQHPXQEHNDQQWHQ =LHOYHUPXWOLFK3H\WHU]XIOLHJHQ)XQNWLRQLHUHQGHLQH$QWLJUDYLWDWRUHQQRFK"´ ³-D 1XU GHU RIIHQ JHWUDJHQH ]HLJW HLQLJH 0XFNHQ 'DV 0RGHOO VFKHLQW GHP 'DXHUEHWULHEQRFKQLFKWJHZDFKVHQ]XVHLQ6ROOLFK$WODQDQIXQNHQ"´ 7HNHQHUEHUOHJWHVHNXQGHQODQJGDQQDQWZRUWHWHHU ³:HQQ ZLHGHU HLQPDO EHVRQGHUV YLHO GXUFK GHQ bWKHU JHMDJW ZLUG ULVNLHUHQ ZLU HV.HQ´ ³*XW(LQYHUVWDQGHQ:DVSDVVLHUWGUDXHQ"´ ³(VZLUGHUQVW´ ³:LHVR"´IUDJWH7HN ³6LH YHUKDQGHOQ 6LH ZROOHQ GHQ *OHLWHU GXUFKVXFKHQ´ 'HU 3LORW KDW HUQVWKDIWH 6FKZLHULJNHLWHQ´ 7HNHQHU VSDQQWH VHLQH 0XVNHOQ XQG HQWVSDQQWH VLH ZLHGHU :HQQ VLH YRQ GHQ RIIL]LHOOHQ 6WHOOHQ JHVFKQDSSW ZXUGHQ ZDUHQ VLH YHUORUHQ 8QG QRFK VFKOLPPHU 'DV JHVDPWH6SLHOZDUYHUGRUEHQ'DNHLQHUGHU%HWHLOLJWHQDQJHVLFKWVGHU%HGHXWXQJYRQ KRKHQ6XPPHQXQGSHUV|QOLFKHU0DFKWQRUPDOUHDJLHUWHEHGHXWHWHHVGHQ7RGIUGHQ $NWLYDWRUWUlJHU XQG VHLQHQ )UHXQG PLW GHP 5RERWN|USHU 7HNHQHU EHUGDFKWH VHLQH /DJH Zl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lWWHQGLHQLFKWVR
'LHJURH5HYROXWLRQ
M
$WODQ
GLFN ZLH 1HEHO ZDU ZHQQ VLH RIIHQ EHZDIIQHW ZlUHQ ZDV VLH VHLW JHUDXPHU =HLW QLFKW PHKU ZDUHQ ZHQQ GLH DQGHUHQ QLFKW NDOWEOWLJ JHQXJ VHLQ ZUGHQ²HU JODXEWH HLQHQ ELWWHUHQ *HVFKPDFN DXI GHU =XQJH ]X VSUHQ 6FKZHLWURSIHQ VLFNHUWHQ XQWHU GHP +DDUDQVDW] KHUYRU XQG OLHIHQ TXHU EHU VHLQ *HVLFKW ELVVHQ LQ GHQ $XJHQ (U NRQQWH VLFKQLFKWHLQPDOUKUHQXQGVLHDEZLVFKHQ 1HEHQLKPIOVWHUWH.HQ ³6LH VLQG HEHQ RSWLVFK XQWHUVXFKW ZRUGHQ YRQ HLQHP *OHLWHU GHU QHEHQ XQV KHUIORJ6LHPVVHQGLFKWKLQWHUGHU.VWHODQGHQ´ 'DVEHGHXWHWHLKUH(QWGHFNXQJ (LQH JHQDXH 'XUFKVXFKXQJ ZDU LQ GHU /XIW RGHU EHU %LOGIXQN VR JXW ZLH XQP|JOLFK $EHU HLQPDO JHODQGHW ZUGHQ GLH 6XFKHQGHQ GHQ *OHLWHU WDWVlFKOLFK ELV ]XUOHW]WHQ1LHWHXQWHUVXFKHQ 'DV6SLHOZDUDXV 7HNHQHUV6LQQHOLHHQVLFKQLFKWPHFKDQLVFKHUZHLWHUQZLHGLHVHLQHV)UHXQGHV (U ZDU GHP ZHQLJHQ GDV HU K|UHQ NRQQWH ZHKUORV DXVJHOLHIHUW 'HP XQG VHLQHQ VNHSWLVFKHQ*HGDQNHQ ³.HQ"´ ³,FKK|UH´ ³+DEHQZLU&KDQFHQ.HQ"´ ³,FK GHQNH MD 'HU )OXJ JHKW ZLH GX PHUNHQ NDQQVW ZHLWHU 6LH VLQG DEHU ZHVHQWOLFK QLHGULJHU :HQQ LFK ULFKWLJ LQWHUSUHWLHUH²MD ULFKWLJ VR LVW HV VLH VHKHQ XQWHUVLFKGLH.VWHXQGYRUVLFKHLQHQ*HELUJV]XJ´ 6LHYHUKDUUWHQLQGHUVWLFNLJHQEHOULHFKHQGHQ)LQVWHUQLV8QWHUGHQ6LW]HQODJHQ 6FKZLPPZHVWHQ DXIEODVEDUH 5HWWXQJVJHUlWH 1RWVHQGHU´ )DFNHOQ XQG GHUOHL .UDP $OOHV IU GHQ *HEUDXFK YRQ (UWUXVHUQ XQG GHPHQWVSUHFKHQG ULHVLJ 7HNHQHUV $QWLJUDYLWDWRU VHW]WH DXV 'LH 6FKZHUNUDIW UL XQG ]HUUWH DQ LKP XQG VFKOXJ DXI VHLQH XQQDWUOLFKOLHJHQGHQ*OLHGHUPLWGHU:XFKWHLQHV9RUVFKODJKDPPHUV7HNVW|KQWHDXI 6HNXQGHQGDXHUWHGLHVH4XDOGDQQVHW]WHVWRWWHUQGGDV*HUlWZLHGHUHLQ(VDUEHLWHWH VFKRQYLHO]XODQJH$OV5RQDOGZLHGHUDWPHQNRQQWHSILIIHQVHLQH/XQJHQJHTXlOWDXI (U VFKZRU VLFK GHQ 9HUDQWZRUWOLFKHQ ]X VXFKHQ XQG LKP GLHVHQ *HQHUDWRU XP GLH 2KUHQ]XVFKODJHQ(LQH:HLOHEOLHE5RQDOGLQVHLQHU/DJHGDQQPXUPHOWHHU ³*HELUJV]XJ"*URXQGRKQH9HJHWDWLRQPLWWlWLJHQ9XONDQHQ"´ ³'DVNDQQVWLPPHQ´ ³'DV VLQG GLH Q|UGOLFKHQ %HUJH DXI GHP .RQWLQHQW 3H\WHU 6DJ GDV GHP $UNRQLGHQELWWH´ ³-D,Q]HKQ6HNXQGHQ´ 'DQQPXUPHOWHHUSO|W]OLFK ³(VZLUGODQJVDP=HLWGDXQVHUH)UHXQGHXQVKLHUKHUDXVODVVHQ´(WZDVODXWHU VHW]WHHUKLQ]X³(VVWLQNWKLHUQDFKgOXQGDOWHQ/XPSHQXQGGDIUZHUGHQZLUQLFKW´ 'LH 6LW]H ZXUGHQ DQJHKREHQ $XV GHU )URVFKSHUVSHNWLYH VDKHQ VLH DQ HLQHP (UWUXVHUKRFKGHU¶GLH6LW]HDQJHKREHQKDWWH ³6LH N|QQHQ HLQLJH 0LQXWHQ /XIW VFKQDSSHQ´ YHUVLFKHUWH HU ³:LU IOLHJHQ
'LHJURH5HYROXWLRQ
M
$WODQ
DQVFKOLHHQG HLQHQ 3RVWHQ DQ GHU GLH 0DVFKLQH XQWHUVXFKW 6LH ZHUGHQ VLFK VWLOO YHUKDOWHQ XQG QLFKW JHIXQGHQ ZHUGHQ $QGHUHUVHLWV PWHQ ZLU YHUVLFKHUQ 6LH KlWWHQ VLFKHLQJHVFKOLFKHQ9HUPXWOLFKZLUGPDQ6LHLQGLHVHP)DOOQLFKWKLQULFKWHQ´VDJWHHU 7HNHQHUKDQJHOWHVLFKKRFKXQGNQXUUWHELVVLJ ³,KUH $XVIKUXQJHQ VLQG PLU HLQ UHFKWHU 7URVW .|QQHQ ZLU QLFKW YRUKHU DEVSULQJHQXQGXQVHUWUlQNHQ" (UZDUIHLQHQ%OLFNDXVGHU6LFKWOXNH ³1HLQ GDV ZLUG QLFKW JHKHQ´ VDJWH HU XQG KXVWHWH ³:LU ZUGHQ XQV QLFKW HUWUlQNHQ´ 'LHVPDO ZDU GHU +XVWHQ HFKW (U JULII ZLHGHU LQ GLH %UXVWWDVFKH XQG KROWH VHLQH5HLVHIODVFKHKHUYRU(LQVWHFKHQGHU*HUXFKYHUEUHLWHWHVLFK ³:LUZUGHQXQVQXU]X7RGHVWU]HQ´NRUULJLHUWH.HQQRQ 7HNHQHU KXVWHWH WUDQN PLW *HQX HLQHQ 9HUVFKOXEHFKHU YROO XQG YHUVWDXWH GDQQVHLQHPHUNZUGLJH0HGL]LQZLHGHU(UKROWHGLH0XVFKHOKHUDXVXQGOHJWHVLHDQ VHLQ2KU ³6LH UDXVFKW´ HUNOlUWH HU GHP YHUVWlQGQLVORV GUHLQEOLFNHQGHQ 2IIL]LHU ³:DQQ ODQGHQZLU"´ ³,QHWZD]HKQ0LQXWHQhEULJHQV´ ³-D"´IUDJWH.HQQRQLQWHUHVVLHUW ³1RV 9LJHODQG GHU IKUHQGH 0DQQ GHU 2SSRVLWLRQ VRZLH 7HUVHU )UDVFDWL XQG 5XQHPH6KLOWHUKDEHQHEHQIDOOVGDV9HUVWHFNYHUODVVHQGDVVLHEHUHLWVNHQQHQ´ ³9HUPXWOLFKP|JHQVLHQLFKWVRYLHO:DVVHU´PHLQWH.HQQRQWURFNHQ ,KQHQ EHLGHQ ZDU QXU ]X GHXWOLFK EHZXW GD GLHVH 8QWHUJUXQGEHZHJXQJ VHLW -DKUHQ ZHQQ QLFKW OlQJHU EHVWDQG *LQJHQ DXFK GLH $QVFKOlJH DXI 7HUUDV :LUWVFKDIW DXI LKU .RQWR" :HQQ MD DXV ZHOFKHQ SUl]LVHQ *UQGHQ" 'LH %HZHJXQJ UHLFKWH ELV LQ GLH K|FKVWHQ 6SLW]HQ GHV 3ODQHWHQ KLQDXI 'LH %HIHKOVKDEHU GHU )ORWWH ZDUHQ HEHQIDOOV²VLFKHU QXU ]X 7HLOHQYRQ 2SSRVLWLRQHOOHQ EHVHW]W (EHQIDOOV GLH :LUWVFKDIW VLHUHDJLHUWHDXFKKLHUEHVRQGHUVHPSILQGVDPXQGVHKUVFKQHOODXIHLQH9HUVFKLHEXQJ GHU0DFKWSRVLWLRQHQ²RGHUDXIHLQHEDOGHUIROJHQGH$QGHUXQJGHV6WDWXVTXR8QGHUVW UHFKW GLH 3ROLWLN GLH .XQVW GLH YHUVXFKWH HLQHQ HLJHQHQ 9RUWHLO PLW GHU )KUXQJ GHU 0DVVHQ]XNRRUGLQLHUHQ2EZRKOXQ]ZHLIHOKDIWYLHOH)UDXHQXQG0lQQHUGHU2SSRVLWLRQ DQJHK|UWHQ VFKLHQ HLQH 0HQJH VFKLHIJHODXIHQ ]X VHLQ 9LHOH 'LQJH KDWWHQ VLFK GHP NRQWUROOLHUHQGHQ=XJULIIHQW]RJHQ $XHUGHP YHUIJW GLH UHYROXWLRQlUH %HZHJXQJ QRFK QLFKW EHU GDV .DSLWDO ]XU 8QWHUVWW]XQJ GDV PDQ LKU YHUVSURFKHQ KDWWH =ZHLKXQGHUWIQI]LJ 0LOOLDUGHQ 6RODUHLQ 5DXPVFKLII YROOHQ JURHU 6FKHLQH GDFKWH 7HNHQHU 6HLQ *ULQVHQ GUDQJ HLQHQ $XJHQEOLFNODQJGXUFKGLHGLFNH6FKDOHVHLQHU%HKHUUVFKXQJ 'DV ZDU HLQH ]XVlW]OLFKH 6FKZLHULJNHLW $WODQ ZUGH HLQH VROFKH 6XPPH QLFKW RSIHUQQLFKWRKQHZHLWHUHVMHGHQIDOOV (LQLJHUHFKWYHUZLQNHOWH6FKDFK]JHVWDQGHQQRFKEHYRU ³)DOOVZLUEHUOHEHQ´VDJWH7HNHQHU]XVLFK ³:DV VDJWHQ 6LH"´ IUDJWH GHU 2EHUVW QLFKW XQK|IOLFK XQG VDK DXI 8KU (QWIHUQXQJVPHVVHUXQG)OXJK|KHDQ]HLJHU ³,FK VSUDFK´ YHUVLFKHUWH LKP 5RQDOG EHIOLVVHQ´PDQJHOV HLQHV DQGHUHQ LQWHUHVVLHUWHQ *HVSUlFKVSDUWQHUV PLW PLU VHOEVW :LH VWHKW HV MHW]W PLW GHP 9HUVWHFNVSLHO"´ ³(V EHJLQQW LQ HLQHU 0LQXWH 6LH GUIWHQ UXKLJ HWZDV 7RGHVDQJVW KDEHQ´ VDJWH
'LHJURH5HYROXWLRQ
M
$WODQ
GHU0DMRU (V VFKLHQHQ HEHQIDOOV VHKU NDOWEOWLJH 0lQQHU ]X VHLQ 1DFK HWZDV PHKU DOV VHFK]LJ6HNXQGHQNDPGHU.RSLORWQDFK KLQWHQKREGLHVFKZHUHQ8QWHUWHLOH GHU6LW]H DQDOVEHVWQGHQVLHDXVOHLFKWHP6FKDXPVWRIIXQGNQXUUWH ³%LWWHYHUVWHFNHQ6LHVLFK´ 7HNHQHU VDK LKQ IUDJHQG DQ 1RFK ZDU LKP ]LHPOLFK VFKOHLHUKDIW ZLH GDV 5HVXOWDWGHU'XUFKVXFKXQJDXVVHKHQVROOWH ³:LUWXQXQVHU%HVWHV´HUNOlUWHGHU(UWUXVHU³6LHGUIHQQXUQLFKWKXVWHQ8QG² ODVVHQ 6LH ,KUH YHUGDPPWH 0HGL]LQIODVFKH ]X 6RQVW N|QQHQ ZLU JOHLFK ODQGHQ XQG VDJHQZLUKDEHQ´ ³6FKRQ JXW´ DQWZRUWHWH 7HNHQHU NURFK KLQHLQ XQG VXFKWH VLFK GLH XQWHU GLHVHQ 8PVWlQGHQEHTXHPVWH/DJHDXV³:LUVLQGNHLQH6WPSHU´ 8EHULKQHQVFKORVLFKGHU'RSSHOVLW] )LQVWHUQLV (UVWLFNHQGH 'XQNHOKHLW 6WDXE ZDU LQ GHU DEJHVWDQGHQHQ /XIW (LQ ,QVHNWNURFKODQJVDPEHU7HNHQHUV6WLUQ(UEOLHVPLWYRUJHVFKREHQHU8QWHUOLSSHDEHU HU ZLUEHOWH QXU 6WDXE DXI (U YHUWUDXWH GDUDXI GD LP $XJHQEOLFN GHV (QWGHFNHQV .HQQRQULFKWLJUHDJLHUHQZUGHZLHHUHVVHLWXQGHQNOLFKHQ=HLWHQLPPHUZLHGHUXQWHU %HZHLV JHVWHOOW KDWWH 6FKOLHOLFK ZDU HU GXUFK VHLQH YHUVWHFNWHQ :DIIHQ NHLQHVZHJV ZHKUORV XQG GLH ]XVlW]OLFKHQ :DIIHQ GLH HU LQ VHLQHP ³%DXFK´ LQ 6SH]LDOKDOWHUXQJHQ YHUERUJHQKDWWHNRQQWHQHLQLJH6HNXQGHQVSlWHUZLUNVDPHLQJHVHW]WZHUGHQ$EHUGLH XQHUVFKWWHUOLFKH 5XKH GHU EHLGHQ 0lQQHU GHU %RGHQWUXSSH EHHLQGUXFNWH 7HNHQHU GHQQRFK6LHVFKLHQHQVHKUJHQDX]XZLVVHQZRULQVLHVLFKHLQOLHHQXQGZLHJURGLH 5LVLNHQZDUHQ ³7HN²HLQQHXHU+\SHUVSUXFK´VDJWH.HQQRQGLFKWDQVHLQHP2KU 6LHIKOWHQZLHGHU/XIWJOHLWHULQGLUHNWHP$QIOXJXQGHLQHUODQJJHVWUHFNWHQ%DKQ QDFKXQWHQVFKR ³9RQ$WODQ"´ ³-D´ 'HU *OHLWHU GURVVHOWH GLH *HVFKZLQGLJNHLW :LHGHU ZXUGHQ )XQNVSUFKH JHZHFKVHOW .HQQRQV HPSILQGOLFKH 6RQGHQ K|UWHQ MHGHV :RUW (V ZDU WDWVlFKOLFK HLQH QRUPDOH .RQWUROOH 'LH EHLGHQ 2IIL]LHUH ZXUGHQ GULQJHQG JHEHWHQ ]X ODQGHQ GHQ *OHLWHU DE]XVWHOOHQ XQG VLFK HLQHU 8QWHUVXFKXQJ ]X XQWHU]LHKHQ 0DQ YHUVSUDFK VLH QLFKWODQJHDXI]XKDOWHQHVVHLRKQHKLQQXUHLQH)RUPDOLWlWDEHUPDQZLVVHMDZLHRIW PHUNZUGLJH'LQJHJHVFKHKHQXQGHLQLJH6lW]HGLHVHU$UW ³:DVVDJWHU"´ ³(UKDWHLQH0HQJH,QIRUPDWLRQHQDXVVLFKHUHU+DQG´ ³:HOFKH"´ 'DV ,QVHNW VFKLHQ MHW]W DQ 7HNHQHUV 1DVHQO|FKHUQ EUHQQHQG LQWHUHVVLHUW (V NLW]HOWHXQDQJHQHKP5RQDOGPRFKWH,QVHNWHQRKQHKLQQLFKWEHVRQGHUVDXVJHQRPPHQ IDUEHQSUlFKWLJH 6FKPHWWHUOLQJH -HW]W KDWH HU VLH DXVJHVSURFKHQ (U EOLHV GXUFK GLH 1DVH XQG GXUFK GHQ 0XQG DEHU GDV 9LHK VFKLHQ EHU HLQH HLVHUQH .RQGLWLRQ ]X YHUIJHQ 'HP 'HWHNWLY ILHO HLQ GD HV VLFK QDWUOLFK XP HLQ HUWUXVLVFKHV ,QVHNW KDQGHOWH XQG HU VDK VLFK DXHUVWDQGH PLW GUHL .RPPD YLHUPDO VRYLHO 'UXFN DXV]XDWPHQZLHVRQVW=XIULHGHQNUDEEHOWHGDV7LHUZHLWHUXQGXPJLQJJHNRQQWVHLQHQ 0XQGZLQNHO ³(LQH 9HUKDIWXQJVZHOOH LVW DQJHODXIHQ 'LH )ORWWH ,QQHUKDOE K|FKVWHU
'LHJURH5HYROXWLRQ
M
$WODQ
2IIL]LHUVNUHLVH ZHUGHQ GLH 0lQQHU UHLKHQZHLVH YRQ 6RQGHUNRPPDQGRV LKUHU 3RVWHQ HQWKREHQ XQG YHUKDIWHW 'HU *XORUW SHUV|QOLFK ]HLFKQHW IU GLHVH %OLW]DNWLRQ YHUDQWZRUWOLFK´ 7HNHQHUZLVSHUWHDOVGDV%RRWYRUVLFKWLJDXIJHVHW]WZXUGH ³'XKDVWDXFKGDV*HIKOGDXQVGLH6DFKHDOOPlKOLFKEHUGHQ.RSIZlFKVW" 0LUZLUGKHL²XQGGDVQLFKWQXUZHJHQPHLQHUXQEHTXHPHQ/DJHKLHU´ ³8QVHUH /DJH LVW YHUJOLFKHQ PLW GHP ZDV QRFK NRPPW VHKU EHTXHP´ YHUVLFKHUWH.HQQRQXQGVFKZLHJ 'DV6FKRWWGHV*OHLWHUVUROOWHODQJVDPDXI6FKULWWHNDPHQQlKHU ³(VZLUGQLFKWODQJHGDXHUQ´VDJWHHLQH6WLPPH ³6FKRQJXW6HKHQ6LHVLFKXP´ 'LH 0DVFKLQHQ OLHIHQ ZHLWHU GLH EHLGHQ )UHXQGH VSUWHQ GLH 9LEUDWLRQHQ 'DV ,QVHNWZDU]XUFNJHNHKUW QDFKGHPHVLQHLQHUHQJHQ.XUYH EHU GDV.LQQJHNUDEEHOW ZDU -HW]W XQWHUVXFKWH HV ZLHGHU GHQ ZDUPHQ /XIWVWURP GHU DXV GHU 1DVH NDP (V VFKLHQVLFKZRKO]X IKOHQ6HKUZRKO GHQQHVEHJDQQ VHLQH 9RUGHUEHLQH]XSXW]HQ 6LH EHVDHQ GLH 'LFNH YRQ %URNODPPHUGUDKW XQG YLHOH IHLQH +lUFKHQ 7HNHQHU XQWHUGUFNWHVHLQHQ1LHVUHL]1RFKNRQQWHHUHV ³.HLQH)UDFKW"´ 'LH$QWZRUW ³1HLQ(VLVWHLQUHLQHU3DVVDJLHUIOXJ:LUKDEHQLQGLHVHU5LFKWXQJHLQH6WDWLRQ´ ³,FKZHL´ :LHGHU 6FKULWWH 'UHL RGHU YLHU 0lQQHU NDUUWHQ KHUHLQ JLQJHQ GHQ 0LWWHOJDQJ HQWODQJXQGULVVHQDOOH7UHQDXI(VZDUHQQXUGUHL6WFN$XFKGLH6FKUlQNHZXUGHQ JH|IIQHW'LH6FKULWWHNDPHQZLHGHU]XUFNMHPDQGPXUPHOWH ³+LHU)HKODQ]HLJH´ 7HNHQHUYHUVWDQGGDV0XUPHOQQLFKWDEHU.HQQRQVSRVLWURQLVFKH³6LQQH´K|UWHQ HV JHQDX -HPDQG KRE GDV 3ROVWHU GHV EHQDFKEDUWHQ 6LW]HV KRFK 7HNHQHU KLHOW GHQ $WHPDQ(LQHUGHU0l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³+LHUDXFKQLFKWV´PXUPHOWHHLQHKDUWH6WLPPH 1RFK DQGHUH *HUlXVFKH ZXUGHQ K|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
'LHJURH5HYROXWLRQ
M
$WODQ
'DV ,QVHNW HLQ VFKLOOHUQGHU .lIHU IORJ GDYRQ ZLH HLQH .XJHO DXV HLQHU YRQ 7HNHQHUV DQWLNHQ :DIIHQ (U SUDOOWH JHJHQ GLH )URQWVFKHLEH IORJ KHUXQWHU XQG EOLHE KLOIORV DXI GHP $UPDWXUHQEUHWW OLHJHQ ODJ DXI GHP 5FNHQ XQG VWUDPSHOWH PLW DOOHQ VHLQHQYLHOHQ%HLQHQ ³:HUIHQ6LHPLWGLHVHQ.lIHUQ"´IUDJWHGHU2EHUVW ³1HLQ´VDJWH7HNHQHUXQGVXFKWHQDFKVHLQHU)ODVFKH³,FKLPSRUWLHUHVLH´ ³(V VLQG :DVVHUOlXIHU´ HULQQHUWH LKQ GHU 0DMRU ³0LW 9RUOLHEH KDOWHQ VLH VLFK LQ VROFKHQ0XVFKHOVFKDOHQDXIDEHUQXUEHL(EEH´ .HQQRQ EHJDQQ VFKDOOHQG ]X ODFKHQ $OV HU HLQHQ %OLFN DXV GHU )URQWVFKHLEH ZDUIXQGJHQDXHUKLQVDKK|UWHHUDXI 6LHQlKHUWHQVLFKLKUHP=LHO(UDKQWHHVPLWGHU/RJLNGHVVHQGHUVROFKH)OJH VFKRQ VR RIW PLWJHPDFKW KDWWH GD LKUH /lQJH DQHLQDQGHUJHUHLKW VWHOODUH $XVPDH KDEHQZUGH ³1HWWH*HJHQG7HN´VDJWHHU 7HNHQHUWUDQNGLHVPDOGLUHNWDXVVHLQHU)ODVFKH(UVHW]WHVLHDEXQGDQWZRUWHWH PDWW ³8QGVRXQDXIIlOOLJQLFKWZDKU"´ 9RULKQHQVSDQQWHVLFKEHUGHQJHVDPWHQ+RUL]RQWHLQH%HUJNHWWH%UDXQJUDXH %HUJULHVHQ.DXPHLQHUNOHLQHUDOVGUHLWDXVHQGWHUUDQLVFKH0HWHU'RUWPXWHHLQHVGHU YLHOHQ9HUVWHFNHGHU3ODQHWDUHQ%RGHQDEZHKUVHLQ ³8QVHU=LHO.ROOHJH"´IUDJWH.HQQRQ ³,KU=LHO3DUWQHU´HUZLGHUWHGHU.RSLORW 6HLQH6WLPPHYHUKLHQLFKWV*XWHV :lKUHQG VLH VLFK GLHVHP JLJDQWLVFKHQ 6WHLQZDOO QlKHUWHQ WDW 6LQFODLU 0DURXW .HQQRQ]ZHLHUOHL (UYHUVXFKWHVHLQH%HREDFKWXQJJHQDX]XGXUFKGHQNHQXQGGLH)ROJHQGDUDXV ]XHQWZLFNHOQ(UVDKQLFKWPLWVHLQHQ³PHQVFKOLFKHQ´$XJHQVRQGHUQPLW+LOIHVHLQHU SRVLWURQLVFK DUEHLWHQGHQ =XVDW]HOHPHQWH GD GLHVH %HUJH ]ZDU YRUKDQGHQ DEHU DXI HLQHEHVWLPPWH:HLVH]XVlW]OLFKJHVLFKHUWZDUHQhEHUHLQHP7HLOYRQLKQHQXQG]ZDU GHU 0LWWH HLQHV IODFKHQ%RJHQV YRQ *LSIHOQ=DFNHQXQG 6FKURIIHQ ODJ HLQ6FKLPPHU DOVKDEHMHPDQGGLHVHV0DVVLYPLW*ODVEHU]RJHQ .HQQRQZXWHGDHVQLFKWVRZDU $EHU GRUW ZDUHQ 8QPHQJHQ YRQ 3URMHNWRUHQ DXIJHVWHOOW GLH GLHVHQ )HOVHQ ]X HLQHU )HVWXQJ PDFKWHQ 1XU ZHQQ PDQ JDQ] JHQDX KLQVDK EHPHUNWH PDQ GHQ *ODQ] EHUGHP*HVWHLQ8QGQXUPLWVHKUVFKDUIHQ*HUlWHQNRQQWHIHVWJHVWHOOWZHUGHQGD HVVLFKXP6FKXW]VFKLUPHKDQGHOWH $OV ]ZHLWHV UHFKQHWH GDV ]XVlW]OLFKH 3RVLWURQHQKLUQ GHV +DOEURERWHUV DXV ZHOFKH RURJHQHWLVFKHQ .UlIWH HLQVWPDOV KLHU DP :HUN JHZHVHQ ZDUHQ 'LHVHU 3ODQHW (UWUXV PLW VHLQHU HQRUPHQ 'LFKWH PXWH XP HLQ VROFKHV *HELUJH DXV GHP 0HHU ]X KHEHQ HLQH GHUDUW LPPHQVH 0HQJH (QHUJLH DXIZHQGHQ %LQQHQ 6HNXQGHQ KDWWH GHU SVHXGRPHFKDQLVFKH 9HUVWDQG GDV (UJHEQLV 8QG VHOEVW .HQQRQ DQ KRKH =DKOHQ JHZRKQWXQGDXHUGHPDQVROFKHGLHOHGLJOLFKDEVWUDNWZDUHQVFKDXGHUWH
'LHJURH5HYROXWLRQ
M
$WODQ
*DQ]UXKLJXQGEHKHUUVFKWVDJWH.HQQRQ]XGHQEHLGHQ0lQQHUQ ³'DV LVW GDV *RQJO\RQ*HELUJH LQ GHU Q|UGOLFKHQ %HUJZVWH GHV .RQWLQHQWV 3H\WHUQLFKWZDKU"´ ³([DNW HUUDWHQ )UHXQG +LHU KDEHQ ZLU HLQHV XQVHUHU +DXSWTXDUWLHUH 'D 6LH YRQ VHLQHU ([LVWHQ] HWZDV HUIDKUHQ GUIHQ NHQQ]HLFKQHW GLH :LFKWLJNHLW GHU $QJHOHJHQKHLW´ ³$XFK HLQ ZHQLJ XQVHUH :LFKWLJNHLW´ VWLPPWH 7HNHQHU ]X (U KDWWH VLFK ZLHGHU HUKROWDEHUVHLQ$QWLJUDYLWDWRUEHJDQQLKPHUQVWKDIWH6RUJHQ]XPDFKHQ(UZDULQGHU =ZLVFKHQ]HLW]ZHLPDONXU]DXVJHIDOOHQXQGKDWWHGHQ0DQQHUVFK|SIW 'RUW LP *HELUJH XQG ZHLW XQWHUKDOE PXWH HV HLQ ULHVHQKDIWHV XQG VLFKHUHV 6\VWHP DXV %XQNHUQ XQG 6WROOHQ .DPPHUQ XQG 6lOHQ JHEHQ²XQG HLQH JHZDOWLJH 0HQJH YRQ 9HUVRUJXQJVHLQULFKWXQJHQ XQG +DOOHQ LQ GHQHQ GLH (LQVDW]ZDIIHQ GHU %RGHQDEZHKUXQWHUJHEUDFKWZDUHQ'HU*OHLWHUIORJJHUDGHZHJVDXIHLQH%HUJZDQG]X 1DFNWHU)HOVVFKLPPHUQGKLQWHUGHPJOlQ]HQGHQ6FKLUPXQWHUGHU0LWWDJVVRQQHNDP LKQHQHQWJHJHQ 'HU3LORWLGHQWLIL]LHUWHVLFKXQGGLH*lVWH 'HU 6FKLUP |IIQHWH VLFK -HW]W ZXWH $WODQ ZHQLJVWHQV ZR VLFK VHLQH EHLGHQ 6SH]LDOLVWHQEHIDQGHQ 'LH 6WUXNWXUOFNH VFKOR VLFK DXJHQEOLFNOLFK KLQWHU GHP +HFN GHV *OHLWHUV 8QVLFKWEDUH/LQVHQEHREDFKWHWHQLKQXQG XQVLFKWEDUH:DIIHQKDWWHQGHQ)OXJDSSDUDW SUl]LVHLQLKUHQ=LHORSWLNHQ.HQQRQODFKWHOHLVH ³:DVODFKVWGX.HQ"´IUDJWH7HNHQHUKDOEEHVRUJW ³,FK YHUVXFKH PLU YRU]XVWHOOHQ ZHOFKH .ROOHNWLRQ DQ 0lFKWLJHQ XQG 2KQPlFKWLJHQZLUGRUWDQWUHIIHQZHUGHQ´ (LQH NXU]H )XQNNRQWUROOH IROJWH ZlKUHQG GLH 0DVFKLQH ODQJVDP DXI GLH )HOVHQ ]XGULIWHWH 'DQQNODSSWHQULHVLJH7RUHQDFKDXHQ6LHZDUHQPLW)HOVYHUNOHLGHWXQGLQQHQ PLW ]XVlW]OLFKHQ 6WUHEXQJHQ XQG 8QWHUWHLOXQJHQ YHUVHKHQ 'HU *OHLWHU IORJ YRUZlUWV PLWWHQ LQ HLQHQ PlLJ JURHQ DEHU KHUYRUUDJHQG DXVJHUVWHWHQ +DQJDU KLQHLQ 6LH EHIDQGHQ VLFK DOV GLH JHZDOWLJHQ 6WDKOSODWWHQ VLFK K\GUDXOLVFK ZLHGHU VFKORVVHQ LP 1HUYHQV\VWHPGHU6HOEVWYHUWHLGLJXQJHLQHV3ODQHWHQ ³+|FKVWEHHLQGUXFNHQG´VDJWH.HQQRQ ³8QGGDVLVWHUVWGHU$QIDQJ´VFKOR7HNHQHU 'HU*OHLWHUIORJTXHUGXUFKGLH+DOOHXQGODQGHWHDXIHLQHUYRUVSULQJHQGHQ=XQJH DXV 0HWDOO +LHU ZDUHQ )HOV 0HWDOO 3ODVWLN XQG *ODV ]X HLQHU IXQNWLRQHOOHQ 6\QWKHVH ]XVDPPHQJHIJW ZRUGHQ 'LH $QODJHQ ZDUHQ VHKU DOW DEHU ]HLWORV PRGHUQ ZHLO ]ZHFNPlLJ XQG NKO $OOHV EOLW]WH YRU 6DXEHUNHLW XQG 2UGQXQJ²DEHU HV ]HLJWH DXFK GLHOlKPHQGH0RQRWRQLHGHVSDUDPLOLWlULVFKHQ%HWULHEVGHUKLHUKHUUVFKWH'HU*OHLWHU UROOWH ODQJVDP DXV KLHOW DQ XQG GLH )UHXQGH VDKHQ ZLH NDXP DQGHUV ]X HUZDUWHQ HUWUXVLVFKH(OLWHVROGDWHQLQDOOHQEHNDQQWHQXQGXQEHNDQQWHQ5lQJHQ ³:LU VLQG GD´ VDJWH GHU 0DMRU ³$EHU QDWUOLFK PVVHQ ZLU QRFK GLH %URUlXPH DXIVXFKHQ XQG ,KUH 4XDUWLHUH XQG GLHVH EHILQGHQ VLFK HWZDV QlKHU GHP 3ODQHWHQPLWWHOSXQNW´VDJWHGHU2EHUVW=XPHUVWHQPDOVDK7HNHQHULKQOlFKHOQ ³'RUWLVWHVDXFKZlUPHU%LWWHIROJHQ6LHXQV´VDJWHGHU0DMRU 1DFK HLQHP VFKQHOOHQ 5XQGEOLFN ZXWHQ VLH HV JHQDX 1LUJHQGZR ZDU HLQ 7HUUDQHURGHUHLQ$QJHK|ULJHUHLQHVDQGHUHQ9RONHV]XVHKHQ0DQJDEVLFKQLFKWGLH
'LHJURH5HYROXWLRQ
M
$WODQ
JHULQJVWH0KHGLH$QZHVHQKHLWGHUEHLGHQ)UHPGHQ]XYHUEHUJHQ (LQLJHUPDHQ PKHORV KLHOWHQ GLH )UHXQGH 6FKULWW PLW GHQ (UWUXVHUQ GLH LKQHQ YRUDQJLQJHQ6LHVFKULWWHQDXIHLQHQ/LIW]XXQGPXWHQHLQLJH6HNXQGHQZDUWHQELVGLH .DELQH DQKLHOW 9HUPXWOLFK DXV 6LFKHUKHLWVJUQGHQ JDE HV KLHU ]ZHL 6\VWHPH $QWLJUDYVFKlFKWHXQGPHFKDQLVFKEHWULHEHQH$XI]JH ³,FK ELQ HWZDV HUVWDXQW´ VDJWH 5RQDOG 7HNHQHU XQG GUHKWH GLH 0XVFKHO LQ GHU +DQG +LHU LP .XQVWOLFKW ]HLJWH VLH JDQ] DQGHUH )DUEHQ 0RUELGH JHEURFKHQH )DUEHQ XQGIDKOH6FKDWWLHUXQJHQ ³:RUEHU"´IUDJWHHLQHUGHU(UWUXVHUDOVGLH/LIWWUOHLVHDXIJOLWW ³'D 6LH JDU QLFKWV WXQ XP XQVHUH $QZHVHQKHLW ZHQLJVWHQV ]X WDUQHQ ZHQQ QLFKW]XYHUEHUJHQ´HUZLGHUWH.HQQRQ 'LH$QWZRUWYHUEOIIWHVRJDUGLHVHQKDUWJHVRWWHQHQ6SH]LDOLVWHQ ³:R]X"´ODXWHWHVLH (LQ:HJEHJDQQGHQVLHVFKRQKlXILJJHJDQJHQZDUHQ$XIYLHOHQ3ODQHWHQPLW H[RWLVFKHQ 1DPHQ ,PPHU DEHU IKUWH HU DEZlUWV XQG WLHI LQ GLH (LQJHZHLGH GHU SODQHWDUHQ .UXVWH KLQDE 2IIHQVLFKWOLFK ZDU GLHVH +DQGOXQJVZHLVH DXV GHP 8QWHUEHZXWVHLQGHU9|ONHUQLFKWDXV]XURWWHQGLHYRP+RPRVDSLHQVRGHUYRQGHVVHQ ]XP7HLOVDJHQKDIWHQ9RUIDKUHQDEVWDPPWHQ 'HU/LIWKLHOW (QHUJLHVFKOHXVHQ 3DQ]HUWUHQ .RQWUROOHQ %OLFNH XQG :RUWH ZHLWHUH *lQJH HLQH 5DPSH ZHFKVHOQGHV /LFKW HLQ QHXHU /LIW $QGHUH .HQQIDUEHQ JURH DXI GLH :lQGH JHPDOWH =LIIHUQ ]XU .HQQ]HLFKQXQJ GHU YHUVFKLHGHQHQ (EHQHQ (LQ HLQ]LJHU 9XONDQDXVEUXFKRGHUHLQPLWWOHUHV(UGEHEHQNRQQWHGLHVHV³=DXEHUVFKOR´YHUQLFKWHQ +RKOUlXPH VWDWW IHVWH %DXVXEVWDQ] VHOWVDP VSLHJHOYHUNHKUW LQ GHQ 3ODQHWHQ (UWUXV KLQHLQJHWULHEHQJHPHLHOWJHERKUWJHVFKQLWWHQ'HU/LIWKLHOW .HQQRQXQG7HNHQHUNDPHQVLFKZLH=ZHUJHYRU 6R lKQOLFK QXU QRFK NUDVVHU PXWH HV GHQ NOHLQHQ JUQHQ 0lQQHUQ YRQ 6LJD ]XPXWH VHLQ ZHQQ VLH PLW LKUHQ WHUUDQLVFKHQ )UHXQGHQ YHUNHKUWHQ *XOOLYHUV EHL GHQ 5LHVHQ 6FKDOWHU XQG .Q|SIH PXWHQ GHQ 'UFNHQ YRQ +lQGHQ VWDQGKDOWHQ XQG GHU HUK|KWHQ 6FKZHUNUDIW 6HFK]HKQ =HQWQHU ZRJ GXUFKVFKQLWWOLFKVWDWLVWLVFK HLQ (UWUXVHU XQG ZHQQ HU PLW QRUPDOHP $XIZDQGHLQHQ ³WHUUDQLVFKHQ´ 6FKDOWHU EHZHJWH VWLHVHLQ )LQJHUGDKLQWHULQGLH=XIKUXQJHQGHV(QHUJLHNUHLVODXIV 'LH +|KH XQG %UHLWH GHU *lQJHDOOHV ZDU DXI HLQ QLFKWPHQVFKOLFKHV 0D ]XJHVFKQLWWHQ 'LH NODVVLVFKHQ 3URSRUWLRQHQ EOLHEHQ JHZDKUW ZDUHQ DEHU XP HLQLJH *U|HQYHUlQGHUW 'HU/LIWZDUJURZLHHLQH-DJGKWWH (U EHVFKOHXQLJWH XQG YHU]|JHUWH PLW .UlIWHQ GLH 7HNHQHUV .QLH ]LWWHUQ OLHHQ (LQPDODOVJHQDXIU]ZHL6HNXQGHQVHLQH$QODJHYHUVDJWHEUDFKHU]XVDPPHQXQG QXU GHU 2EHUVW GHU LKQ EOLW]VFKQHOO DP *UWHO IHVWKLHOW YHUKLQGHUWH GD HU ]X %RGHQ VWU]WH ³'DQNH´ PXUPHOWH HU XQG EHGDFKWH GHQ XQEHNDQQWHQ 7HFKQLNHU PLW HLQHP )OXFK GHU HLQHQ 0DDW GHU +DQGHOVPDULQH KlWWH HUEOHLFKHQ ODVVHQ 'DEHL ILHO LKP .lSWHQ 'DPLDQ 2WRN HLQ GHU ³3IDKO´²ZR PRFKWH HU MHW]W VHLQ" %H]LHKXQJVZHLVH GHU GHUVHLQH5ROOHVSLHOWH 7LHIHU
'LHJURH5HYROXWLRQ
M
$WODQ
(V ZXUGH WDWVlFKOLFK ZlUPHU 'LH /XIWXPZlO]DQODJH ZDU HEHQVR JLJDQWLVFK ZLH DOOHV EULJH 7HNHQHU ELOGHWH VLFK HLQ HU PVVH VLFK IHVWKDOWHQ XP QLFKW JHJHQ GLH $EGHFNJLWWHUJH]RJHQ]XZHUGHQ 6FKOLHOLFK HLQ OHW]WHU +DOW (LQ EUHLWHU IDVW JHPWOLFK DXVVWDIILHUWHU .RUULGRU GDQQHLQSDDU7UHQ (LQ9RU]LPPHU (LQH7U]XU5HFKWHQJLQJDXI(LQ(UWUXVHUNDPDXIVLH]X ³:LOONRPPHQ´VDJWH1RV9LJHODQG6HLQ*HVLFKWEOLHEHUQVW6HLQH+DXWVDKZLH ZHUWYROOHV/HGHUDXVGHU6LFKHONDPP]LWWHUWHOHLVH (U GHXWHWH DXI HLQH EUHLWH JHSROVWHUWH 7U /DQJVDP VFKZDQJ VLH DXI /LFKW ILHO GHQ )UHXQGHQ HQWJHJHQ XQG VLH VDKHQ KLQWHU HLQHP 6FKUHLEWLVFK HLQHQ ZHLWHUHQ (UWUXVHUVLW]HQ ³%LWWH´VDJWHHUPLWVFKDUIHU6WLPPH 7UHWHQ 6LH QlKHU 6LH ZHUGHQ HUZDUWHW´ 7HNHQHU VXFKWH QDFK HLQHU SDVVHQGHQ $QWZRUW LQ VHLQHP EHNDQQWHQ 6WLO DEHU GLH (UVFKHLQXQJ GRUW YRU LKQHQ ZDU VR GRPLQLHUHQGGDLKPQLFKWVHLQILHO /DQJVDPVFKORVVHQVLFKGLHVFKZHUHQ6WDKOVFKRWWH .HQQRQPXVWHUWHGHQ0DQQ7HNHQHU]XHUVWGLH(LQULFKWXQJ6LHJLQJHQODQJVDP XQG ZDFKVDP DXI GHQ 6FKUHLEWLVFK ]X YRU GHP ]ZHL IU WHUUDQLVFKH %HJULIIH ULHVLJH DEHUJXWJHIRUPWH6HVVHOVWDQGHQ'LHVKLHUZDUXQYHUNHQQEDUHLQ%URDEHU]XJOHLFK HLQH6FKDOW]HQWUDOH:DVDEHUZXUGHKLHUJHVFKDOWHW" 'HUQlFKVWH(LQGUXFN 'LH $XJHQ GHV 0DQQHV YRU LKQHQ GHU ODQJVDP DXIVWDQG XQG KLQWHU VHLQHP 6FKUHLEWLVFKKHUYRUNDP'LH3ODWWHZDUPLW6SXOHQXQG.DVVHWWHQPLW3DSLHUHQ6WLIWHQ XQG1DFKULFKWHQJHUlWHQDOOHU$UWEHUVlW'LH$XJHQVDKHQDXVZLHZHUWYROOHU$ONRKRO GHQPDQJHJHQGLH6RQQHKlOW6LHZDUHQJlQ]OLFKRKQH$XVGUXFNPXVWHUWHQGLH]ZHL 0lQQHUDEHUPLWHLQHU,QWHQVLWlW GLH7HNHQHUXQWHUGHU+LUQVFKDOH]XVSUHQJODXEWH 'DQQ lQGHUWH HU VHLQH 0HLQXQJ VHKU VFKQHOO²HUVWDQG PLWWHQ LP %UHQQSXQNW HLQHV K\SQRVXJJHVWLYHQ%HIHKOV1LFKWQXUHUVRQGHUQDXFK.HQQRQ6LHZDUHQEHLGHGXUFK HLQH ZHLW ]XUFNOLHJHQGH 2SHUDWLRQ PHQWDOVWDELOLVLHUW ZRUGHQ 'HU %HIHKO SUDOOWH DQ LKQHQ DE ZLH HLQ 3DUDO\VDWRUVFKX DQ HLQHU (QHUJLHJORFNH ,QVWLQNWPlLJ EDXWH VLFK VRIRUW HLQH $EZHKUUHDNWLRQ DXI 'HU 0XWDQW YRU LKQHQ EHPHUNWH VLH XQG OlFKHOWH ZLH HLQHULHVLJH6FKODQJH ³,FK ELQ +RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
]XYRUNRPPHQGXQGVDJWH ³0DQNDQQVLFKDXFKDQHLQHP*UDVKDOPLQGHQ)LQJHUVFKQHLGHQ´ 'HU 0DQQ LKQHQ ELVKHU XQEHNDQQW ZDU ]ZHLIHOORV 0XWDQW $Q GHU 6WlUNH GHV %HIHKOVGHUMHW]W]XUFNJHQRPPHQZRUGHQZDUKDWWHQVLHOHLFKWHUNHQQHQN|QQHQGD HV HLQ VHKU IlKLJHU 0XWDQW PLW HLQHU VWlUN DXVJHSUlJWHQ %HJDEXQJ ZDU 'LH 8QLIRUP ZLHV LKQ DOV %HIHKOVKDEHU LP 5DQJ HWZD HLQHV WHUUDQLVFKHQ 2EHUEHIHKOVKDEHUV RGHU 6WDDWVPDUVFKDOOV DXV 'DVVDJWH QLFKWV EHUVHLQHQ&KDUDNWHU YLHOEHU VHLQHVR]LDOH 6WHOOXQJ DXV 6LH EHIDQG VLFK ]LHPOLFK JHQDX XQWHU GHU DEVROXWHQ 6SLW]H GHU KLHUDUFKLVFKHQ3\UDPLGH ³:LUEUDXFKHQ6LHKLHU´VDJWHGHUµ$OSKDJRQW´ 5RQDOG EHWUDFKWHWH LKQ QlKHU +RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
³5LFKWLJ$QPLFK$WODQXQGLFKHLQ.RPSORWW²GLH6LWXDWLRQKDWHLQGHXWLJHWZDV %L]DUUHV´ 7HNHQHU OHKQWH VLFK ]XUFN |IIQHWH VHLQ )OlVFKFKHQ XQG WUDQN HLQHQ QLFKW ]X NQDSSHQ6FKOXFN'DVWHXIOLVFKH$URPDGLHVHV*HWUlQNVYHUEUHLWHWHVLFKLQGHP%UR 'LH5HDNWLRQ
'LHJURH5HYROXWLRQ
M
$WODQ
)RUPJHEUDFKWZRUGHQZDU'HU³3IDKO´EHVDKHOOJUDXH$XJHQGLHMHGZHGHV'LQJXQG MHGHP 0HQVFKHQ PLW GHP JHVFKlIWVPlLJHQ ,QWHUHVVH HLQHV ,QVHNWHQNXQGOHUV PXVWHUWHQ'DVVW|UWHGLHPHLVWHQ0HQVFKHQPLWGHQHQHUXPJLQJ$XHUGHPIKUWHHU QXU VHOWHQ VHLQ 6KUDGGX] QLFKW PLW VLFK HWZD EHLP 'XVFKHQ RGHU ZHQQ HU QDFK .RUDOOHQWDXFKWHZDV]ZHLVHLQHU+REE\VZDUHQ -HW]WZDUWHWHHUVFKRQGUHL6WXQGHQ (UVFKLHOWHGLH)ODVFKHDQVWUHFNWHGLH+DQGDXVXQGJRVLFKHLQ*ODVHLQ(V ZDUVHKUWHXUHUWHUUDQLVFKHU$ONRKROPLWHLQHPXQDXVVSUHFKOLFKHQ0DUNHQQDPHQ.DXP IKUWHHUGLH+DQGPLWGHP*ODV]XP0XQGVFKULHGDV7LHU ³'X6lXIHU'XELVWZLH*DUJDQWXD'XNDXHUVWXQGODXHUVWXQGGUFNVW´ 2WRNEDOOWHGLH)DXVWXQGVFKULH ³+DOW¶V0DXOYHUGDPPWHV9LHK´ 'DV 6KUDGGX] HLQH $UW .UHX]XQJ ]ZLVFKHQ 3DSDJHL NOHLQHP bIIFKHQ XQG )OXJVDXULHU VFKZLHJ HLQJHVFKFKWHUW 6HLQ 9RUEHVLW]HU VFKLHQ HLQ 0DQQ PLW HLQHU XQVHOLJHQ /HLGHQVFKDIW IU /LWHUDWXU JHZHVHQ ]X VHLQ PLW 9RUOLHEH UH]LWLHUWH GDV 7LHU DQVW|LJH6WHOOHQYRQ5DEHODLV ³6FKRQJXWVFKRQ¶JXW´VDJWHGDV6KUDGGX]VWHFNWHGHQSUlFKWLJHQ.RSIXQWHU GHQ )OJHO XQG EHJDQQ SURWHVWLHUHQG ]X VFKQDUFKHQ (V NODQJ ZLH HLQ GHIHNWHU *HQHUDWRU GHU HV QLFKW PHKU ODQJH PDFKWH 2WRN ]RJ HLQH 6FKDFKWHO DXV GHU %UXVWWDVFKH VHLQHU DXVJHIUDQVWHQ /HGHUMDFNH ]QGHWH VLFK HLQH ODQJH VSLUDOLJ JHIRUPWH=LJDUUHDQXQGYHUVDQNLQGXPSIHV%UWHQ (UKDWWHHVQLFKWOHLFKW:DUWHQLVWQLHPDOVDQJHQHKPGDFKWHHU $XHUGHPKDWWHHUHLQHZLFKWLJH1DFKULFKWIU7HNHQHU²RGHU.HQQRQ(UPXWH PHKUDOVQXUDXISDVVHQGHQQHVZDUEXFKVWlEOLFKOHEHQVJHIlKUOLFK(UZDUIURKZHQQ HUZLHGHUYRQGLHVHP3ODQHWHQZHJNDP'HU0LNURDQWLJUDYLWDWRUIUGDV6KUDGGX]KDWWH HLQ9HUP|JHQJHNRVWHW :DVWDW7HNHQHULQ]ZLVFKHQ" 2WRN VWHOOWH VLFK GLHVH )UDJH XQG UDXFKWH HLQ ZHQLJ VFKQHOOHU QHUY|VHU 'HU 5DXFKYHUGXQNHOWHGDV'HFNHQOLFKWGHVNOHLQHQJHPWOLFKHQ5DXPHV²JHPWOLFKQDFK HUWUXVLVFKHQ0DVWlEHQ
7HNHQHU KDWWH VHLQ .RQ]HSW IHUWLJ XQG JLQJ GD]X EHU DXV GHP DEWDVWHQGHQ *HVSUlFK HLQHQ HFKWHQ 'LDORJ ]X PDFKHQ (U PXWH GLHVHQ 0DQQ YRU LKQHQ DXV GHU 5HVHUYHORFNHQ ³,FKIUHXHPLFK6LHHQGOLFKNHQQHQ]XOHUQHQ´VDJWHHUGHXWOLFK ³'DVVHOEHJLOWIUPLFK´PHLQWH.HQQRQLPJOHLFKHQ7RQIDOO ³'DUILFKGDVDOV.RPSOLPHQWDXIIDVVHQRGHU²DOVZDV"´HUNXQGLJWHVLFK
'LHJURH5HYROXWLRQ
M
$WODQ
³1HLQZRKHU"8QGDXVZHOFKHP*UXQG"´ ³$WODQ PHLQWH ,KUH 7lWLJNHLW JOHLFK ZHOFKH HV VHL ZUGH VLFK VW|UHQG DXI GLH JHPHLQVDPHQ3OlQH]ZLVFKHQ862XQGGHU:LGHUVWDQGVEHZHJXQJDXVZLUNHQ´ ³'LH ZLH ZLU DOOH ZLVVHQ´ ZDUI .HQQRQ LP 3ODXGHUWRQ HLQ ³QXU GDV %HVWH IU (UWUXVXQGGLH.UHLW3ODQHWHQLP6LQQKDW´ ³6HOEVWYHUVWlQGOLFK GHQQ XQVHUH JHPHLQVDPH $UEHLW JLSIHOW GDULQ GLH GLNWDWRULVFKH5HJLHUXQJGHV*XORUWXQGVHLQHUHLQKXQGHUWDFKWXQGYLHU]LJ0DULRQHWWHQ]X VWU]HQ 0LW GHPRNUDWLVFKHQ 0HWKRGHQ LVW GDV RIW YHUVXFKW ZRUGHQ KDW DEHU QLHPDOV HWZDVJHIUXFKWHW´ .HQQRQYHUDUEHLWHWHHLQHGHUOHW]WHQ,QIRUPDWLRQHQ$WODQVXQGVDJWH ³'DQQ GUIHQ ZLU DOVR DQQHKPHQ GD DQ GHU 2EHUIOlFKH GHV 3ODQHWHQ GLH YRUEHUHLWHWH5HYROXWLRQVFKRQEHJRQQHQKDW"´ ³5LFKWLJ´ ZDU GLH HQWVFKORVVHQH $QWZRUW ³'DV EUXWDOH 9RUJHKHQ GHU 6LFKHUKHLWVNUlIWHZDUGHU$XVO|VHU:LUPXWHQUHDJLHUHQ8QGVRVFKDXNHOWHVLFKDXV GHU EHUIOVVLJHQ *HZDOW HLQLJHU EHUHLIULJHU 3ROL]LVWHQ RGHU .UHDWXUHQ GHV *XORUW GHU $XIVWDQGKRFK´ $OVR DXFK RKQH GLH ILQDQ]LHOOH 8QWHUVWW]XQJ GHU 862 $XFK GDV ZDU HLQH ZLFKWLJH (UNHQQWQLV $OOHUGLQJV ZXWHQ ZHGHU .HQQRQ QRFK 7HNHQHU LP 0RPHQW ZDV VLHPLWGLHVHUXQGHLQLJHQDQGHUHQ,QIRUPDWLRQHQDQIDQJHQNRQQWHQ9RUOlXILJMHGHQIDOOV QLFKWV %LVKHU KDWWH $WODQ JHJODXEW RKQH GLH ]ZHLKXQGHUWIQI]LJ 0LOOLDUGHQ 6RODU LQ *HOGVFKHLQHQ XQG 6DFKZHUWHQ VHL GLH 5HYROWH XQP|JOLFK 7HNHQHU EL VLFK DXI GLH /LSSHQXQGNRQWHUWH ³5HYROWH²JXWXQGQLFKWVFK|Q$EHUZLHZLUGVLHILQDQ]LHUW"0DQZHLMDGDHV VHLW $QEHJLQQ GHU PHQVFKOLFKHQ *HVFKLFKWH LPPHU NRVWVSLHOLJHU ZXUGH MHPDQGHQ XP]XEULQJHQ"´ +RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
³+RKH%H]DKOXQJ²KRKHV5LVLNR´DKPWHHU.HQQRQQDFK³$EHUJODXEHQ6LHPLU GHU8PVWXU]ILQGHWVWDWW-HW]WHWZDVDQGHUHV:RVLQGGLH*HOGHU"´ .HQQRQGHXWHWHDXIVHLQH%UXVWXQGIUDJWH ³:HOFKH"0HLQH"7HNHQHUV"´ ³6FKHU]HQ6LHQLFKW,FKPHLQHGLH]ZHLKXQGHUWIQI]LJ0LOOLDUGHQ´ )DVW JOHLFK]HLWLJ ]RJHQ .HQQRQ XQG VHLQ )UHXQG GLH 6FKXOWHUQ KRFK XQG EUHLWHWHQ GLH $UPH LQ HLQHU EHGDXHUQGHQ *HVWH DXV 'HU 0XWDQW WDW DOV VlKH HU GLHV QLFKWXQGIXKUIRUW ³,FKPXGLHVZLVVHQGHQQGLH$XVNXQIWGHU862LVWPHKUDOVXQEHVWLPPWXQGLQ MHGHU +LQVLFKW XQEHIULHGLJHQG $WODQ ZHL PLW 6LFKHUKHLW GD GHU $XIVWDQG ]X IUK EHJDQQ KHUYRUJHUXIHQ GXUFK GLH KDUWHQ *HJHQPDQDKPHQ GHV *XORUW XQG GHV *HKHLPGLHQVWFKHIV'HU)XQNHQVSUDQJEHUDEHUMHW]WPVVHQZLUQHXHQ7UHLEVWRIILQ GLH'VHQOHLWHQ´ 1RUPDOHUZHLVHKDWH7HNHQHUGDV)HLOVFKHQ+LHUDEHUEHJDQQHVLKP6SD]X EHUHLWHQREZRKOHUNHLQH6HNXQGHYHUJDGDVLHDOOHLQW|GOLFKHU*HIDKUVFKZHEWHQ ³,FKGXUFKVFKDXH6LH
'LHJURH5HYROXWLRQ
M
$WODQ
.HQQRQXQG7HNHQHUQLFNWHQ ³0LU XQG PHLQHP )UHXQG´ YHUVLFKHUWH 7HNHQHU JODXEZUGLJ ³LVW GDV 9HUKDOWHQ GHU8QLWHG6WDUV2UJDQLVDWLRQYHUGDPPWJOHLFKJOWLJ$XFKLQWHUHVVLHUWXQVGHU8PVWXU] QLFKWZLUPLVFKHQXQVQLUJHQGVKLQHLQXQGVFKRQJDUQLFKWLQGLH0DFKWSROLWLNIUHPGHU 3ODQHWHQ(VVHLGHQQXQVHUH)LUPDZLUGDXVGUFNOLFKHUVXFKWVLFKHLQ]XPLVFKHQ :LU VLQG KLHU JHODQGHW XP ]X YHUVXFKHQ GLHVH ULHVLJH 6XPPH ]X EHUJHQ RGHU XQV DXI DOOH )lOOH HLQHQ 7HLO GDYRQ ]X VLFKHUQXQG HV WXW XQV OHLG HV ,KQHQ VDJHQ ]X PVVHQ2KQHXQVNRPPHQ6LHQDWUOLFKDQGDV*HOGQLFKWKHUDQ,QXQVHUHP)DOOLVW HVZLHLQYLHOHQDQGHUHQ²6SHVHQJHKHQ]X/DVWHQGHV.lXIHUVDOVR]X,KUHQ/DVWHQ $OSKDJRQW
'LHJURH5HYROXWLRQ
M
$WODQ
EHVVHUEHHLQIOXVVHQXQG KDQGHOQ(UZXWHLQ ZHOFKHU.OHPPHVHLQH )UHXQGHXQG HU VLFKEHIDQGHQ :LH GLH DXIJHKHQGH 6RQQH DP +RUL]RQW VWDQG HLQH =DKO YRU VHLQHP LQQHUHQ $XJHDOVHUGHQ6FKDOWHUORVOLHXQGGDUDXIZDUWHWHGD'DPLDQ2WRNKHUHLQJHEUDFKW ZUGH 6RODU 7HNHQHU KXVWHWH VHLQH )LQJHU VSLHOWHQ PLW GHU 0XVFKHO 6FKOLHOLFK OHJWH HU VLH DXI GLH /HKQH VHLQHV 6HVVHOV GLFKW QHEHQ GDV *ODV LQ GHP VLFK HLQ 5HVW )OVVLJNHLW EHIDQG'LH7U|IIQHWHVLFKIDVWJHUlXVFKORV ³'X YHUJUHLVWHU *DPPOHU :DVFKH GHLQ 6FKLII´ VFKULH DXIJHUHJW GDV 6KUDGGX] DOV .lSWHQ 'DPLDQ 2WRN GLH %LOGVSXOH GLH HU EHWUDFKWHW KDWWH ZHJOHJWH (U K|UWH GLH VFKZHUHQ6FKULWWHHEHQVRZLHGDVH[RWLVFKH7LHU (UVSDUH GLU GHLQH XQQW]HQ 5DWVFKOlJH´ NQXUUWH 2WRN XUG GUFNWH VHLQH VWLQNHQGH=LJDUUHDXV ³+lK KlK´ PHFNHUWH GDV 7LHU ³'HU .UlQNVWH JHVXQGHW ZHQQ GD ZR HU WKURQW GLH0KHVLFKORKQW´ 2WRNJULQVWHXQGVWDQGDXIDOVGLH7UJH|IIQHWZXUGH ³,VW HV HQGOLFK VRZHLW"´ HUNXQGLJWH HU VLFK XQG PXVWHUWH GHQ (UWUXVHU LQ GHU 8QLIRUP HLQHV 6HUJHDQWHQ DOV KlWWH HU HV PLW HLQHP KlOLFKHQ .UDW]HU LQ HLQHU QHXHQ 6FKLIIVZDQG]XWXQ ³*HZLVVH 9HU]|JHUXQJHQ ODVVHQ VLFK QLFKW YHUPHLGHQ´ VDJWH GHU 0DQQ YRQ (UWUXVXQGVFKQIIHOWH ³6LQGGDV,KUH6WLHIHO6NLSSHURGHUGLHVHUNRPLVFKH9RJHOGRUW"´ ³,FK ELQ NHLQ 9RJHO´ NUHLVFKWH GDV 6KUDGGX] ³,FK ELQ HLQ 6KUDGGX] YRQ GHU JURHQXQGUXKPUHLFKHQ:HOW:D\]HO0LWHXUHP/XJXQG7UXJPLW%RVKHLWEHUJHQXJ ´ 'DV 6KUDGGX] HUNDQQWH ZDV 2WRN YRUKDWWH (V YHUKDNWH VHLQH =HKHQ LQ GLH KDOE]HUULVVHQH $FKVHONODSSH GHU -DFNH XQG VFKOXJ 2WRN GLH )OJHO XP GHQ .RSI 0LW XQHUVFKWWHUOLFKHU5XKHDEHUPLWXQVLFKHUHQ)LQJHUQ]RJ'DPLDQHLQH5ROOHVFKPDOHV ,VROLHUEDQG DXV HLQHU GHU YLHOHQ 7DVFKHQ ZLFNHOWH HLQ 6WFN GDYRQ DE XQG UL HV PLW HLQHP%LVHLQHUJURHQ=lKQHYRQGHU5ROOH'DQQSDFNWHHUGDV6KUDGGX]LP*HQLFN XQGKLHOWLKPGHQODQJHQ(FKVHQYRJHOVFKQDEHO]X 'DV7LHUKHXOWHDXIZLHHLQH6WDUWVLUHQHXQGVFKULH ³'X0|UGHU'X'LHE'LFKZLUGGHU5DXPWHXIHOKROHQ'XELOOLJH.DULNDWXUHLQHV 5DXPVFKLIIHUV:REOHLEWPHLQH0HLQXQJVIUHLKHLW"´ 'DV6KUDGGX]ELLKPKHIWLJLQGHQ)LQJHUDEHUHUVFKDIIWHHVGDV%DQGXPGHQ 6FKQDEHO]XZLFNHOQ'DV7REHQGHV7LHUHVK|UWHDXI ³-HW]W LVW HU EHOHLGLJW´ HUNOlUWH 'DPLDQ GHP (UWUXVHU GHU PLW VWHLJHQGHU 9HUZXQGHUXQJ]XJHVHKHQKDWWH ³8QEHJUHLIOLFK´EUXPPWHGHU0DQQ ³(U HU]lKOW QlPOLFK LPPHU IUFKWHUOLFK XQDQVWlQGLJH 'LQJH´ VDJWH 2WRN 'DV 6KUDGGX]UROOWHVHLQHQ6FKZDQ]HLQELVHUHLQHU6SLUDOIHGHUJOLFKOLHWUDXULJGLH)OJHO
'LHJURH5HYROXWLRQ
M
$WODQ
KlQJHQ XQG VWHFNWH GHQ .RSI XQWHU GLH UHFKWH 6FKZLQJH 6HLQ IDUEHQIURK OHXFKWHQGHV 3VHXGRJHILHGHUZXUGHVWXPSIJUDX ³.RPPHQ6LHELWWH²$OSKDJRQW
'LHJURH5HYROXWLRQ
M
$WODQ
'HU.XULHUZDQGWHVLFKDQ.HQQRQJUWHLKQGXUFKHLQ*lKQHQXQGVDJWHGDQQ ³'DUIGLHVHU+HUUGHPLFKQLFKWYRUJHVWHOOWZRUGHQELQGDVDOOHVK|UHQZDVPLU GHUKDNHQQDVLJH$UNRQLGHIU6LHDXIJHWUDJHQKDW"´ .HQQRQXQG7HNHQHUVWLPPWHQ]X ³(VLVWGHU&KHIGHU%RGHQYHUWHLGLJXQJ$OSKDJRQW+RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
OHLGHUQLFKWLQVHLQHP6LQQYHUODXIHQGH$NWLRQEHHQGHWLVW8QYHU]JOLFK´ ³'DVLVWQLFKWLQPHLQHP6LQQ´NOlUWHLKQGHU$OSKDJRQWDXI³0LVWHU.HQQRQXQG VHLQ3DUWQHUVLQGlXHUVWZHUWYROOH0LWDUEHLWHU²JHZRUGHQ´ 'HU.XULHUVWDUUWHLKQPLELOOLJHQGDQ ³,FK ELQ VLFKHU´ HUNOlUWH HU VFKOLHOLFK ZLGHUVWUHEHQG ³GD GLHV PHLQHP $XIWUDJJHEHUVHKUPLIDOOHQZLUG(UKlOWQLFKWYLHOGDYRQZHQQVLFK3ULYDWOHXWHLQVHLQH *HVFKlIWH PLVFKHQ /HJW PDQ DXV GHU +DQG GDV +HIW OHLGHW GUXQWHU GDV *HVFKlIW 6DJWHHU´ ³6LH YHUVWHKHQ ZDUXP GLHV QLFKW DQGHUV P|JOLFK LVW"´ IUDJWH 7HNHQHU PLW PDOL]L|VHP/lFKHOQ 'HU .XULHU QLFNWH VFKZHUPWLJ 'HU 3VHXGRYRJHO YHUVWHFNWH VHLQHQ .RSI LP GLFKWHQ*HILHGHUGDVODQJVDPZLHGHUVHLQHDOWH)lUEXQJDQQDKP ³,FKYHUVWHKH6LHKDEHQGLH'DWHQ´ ³5LFKWHQ6LHGDV$WODQDXV´VDJWH.HQQRQ³%HLDOOHP5HVSHNWGHQZLUYRULKP KDEHQ DEHU VHLQH )LUPDLVW QLFKW XQVHUH )LUPD (U NDQQ XQV VLFKHU VFKDGHQ DEHU PLW ]HKQ3UR]HQWOHEWHVVLFKGLHQlFKVWHQ-DKUHVLFKHUHWZDVSUREOHPIUHLHU´
'LHJURH5HYROXWLRQ
M
$WODQ
PLW5HFKWEHVFKLHGHQ´¶ ³,KU9RJHOVW|UWPLFK´VDJWH
'LHJURH5HYROXWLRQ
M
$WODQ
.HQQRQ .HQQRQ K|UWH GHQ 7H[W DE XQG YHUJD QLFKWV HU ZDU XQIlKLJ HWZDV ]X YHUJHVVHQRGHUHLQHHLQ]LJH=LIIHUQIROJH]XYHUZHFKVHOQ*HUDGHDOVHUGHQ5HFRUGHU ZLHGHUDXVGHP2KUQDKP7HNHQHUIUDJHQGDQVDKXQGGLHVHUQLFNWHHPSILQJ.HQQRQ HLQHQZHLWHUHQ+\SHUIXQN8OWUDNXU]LPSXOV (USUHWHGHQ'DXPHQQDJHOLQGLH5LOOHGHV2EMHNWHVXQGZDUIHVLQGHQ$EIOX ZRHVVLFKDXIO|VWHXQGXQWHU:DVVHUYHUEUDQQWH 'LH 6SXU ZDU YHUQLFKWHW GLH ,QIRUPDWLRQHQ GLH GHU .XULHU LQ 7HNHQHUV 0XVFKHO JHVWHFNWKDWWHZDUHQJHVLFKHUW 'DV 'RXEOH YRQ .lSWHQ 'DPLDQ 2WRN VDK VFKRQ HLQLJH .LORPHWHU YRQ GHU +DXSWVWDGW%DUHWXVHQWIHUQWGDKLHUHUELWWHUWJHNlPSIWZXUGH 'HU)OXJDSSDUDWPDVVLJXQGVFKZHUZLHDOOHVKLHUDXI(UWUXVZXUGH]ZDUQLFKW EHVFKRVVHQ²RIIHQVLFKWOLFK JHQRVVHQ .XULHUH KLHU GRFK PHKU 6FKXW] DOV HU DQJHQRPPHQKDWWH$EHUVWlQGLJKHXOWHQXQGNUHLVFKWHQJHSDQ]HUWH/XIWJOHLWHUEHUVLH KLQZHJXQGIORJHQGHPQDKHQ6WDGWUDQG]X 'LH*HUlXVFKHVFKZHUHU*HVFKW]HZDUHQ]XK|UHQ'LH6FKDOOZHOOHQ,UUDFKWHQ YRQDOOHQ6HLWHQJHJHQGHQ*OHLWHU ³'HU .DPSI LVW HUELWWHUW ZLH"´ ULHI 2WRN XP VLFK YHUVWlQGOLFK ]X PDFKHQ ]XP 3LORWHQKLQEHU(UVHOEVWVDLP6LW]GHV.RSLORWHQ7DWKLOGHGHU3VHXGRYRJHONDXHUWH ]LWWHUQGXQGXQYHUVWlQGOLFKHV=HXJPXUPHOQGDXIGHU5FNHQOHKQHGLHIU2WRNYLHO]X JURZDU ³-D QDWUOLFK 'HU *XORUW XQG GLH UHJXOlUHQ 7UXSSHQ ZHKUHQ VLFK JHJHQ GLH EHZDIIQHWH 2SSRVLWLRQ %HLGH 3DUWHLHQ VLQG VHKU JXW DXVJHUVWHW DEHU GLH RSSRVLWLRQHOOHQ.UlIWHVLQG]DKOUHLFKHU´ hEHU%DUHWXVVWDQGHQPHKUHUHGLFKWHVFKZDU]H:RONHQGLHVLFKODQJVDPLQGHQ YHUKDQJHQHQ +LPPHO KLQDXIGUHKWHQ )HXHUZHKUHQ UDVWHQ PLW VFKULOOHQ 6LUHQHQ GXUFK 9RURUWVWUDHQ$XVGHPRIIL]LHOOHQ)XQNNDQDONDPHLQQLFKWHQGHQZROOHQGHU6WURPYRQ ULFKWLJHQXQGIDOVFKHQ5HSRUWDJHQYRQ+LQZHLVHQXQG9HUERWHQXQG0DUHJHOQIUGLH %HY|ONHUXQJ ³0VVHQZLUQLFKW]XP5DXPKDIHQ"´ULHI2WRNQDFKHLQHU:HLOH (UVDK0lQQHULQ.DPSIDXVUVWXQJHLQ|IIHQWOLFKHV*HElXGHVWUPHQ(QWZHGHU KDQGHOWH HV VLFK XP HLQ *HElXGH LQ GHP HLQHU GHU $EJHRUGQHWHQ UHVLGLHUWH RGHU HV ZDU HLQH 3ROL]HLVWDWLRQ :WHQGHV $EZHKUIHXHU VFKOXJ LKQHQ HQWJHJHQ )DXFKHQGH NUDFKHQGH XQG KlPPHUQGH*HUlXVFKH YHUPLVFKW PLW 6FKUHLHQHLQHU6LUHQHXQGGHP .OLUUHQ YRQ *ODV VRZLH GHP .UDFKHQ EHUVWHQGHQ 0DXHUZHUNV GUDQJHQ ELV LQV ,QQHUH GHV*OHLWHUV ³-D ZLU PVVHQ GRUWKLQ DEHU DXI HLQHU DQGHUHQ /XIWVWUDH 'LH RIIL]LHOOH 6FKQHLVHLVWJHVSHUUW´ ³,FKYHUVWHKH´EUXPPWH2WRN -HQlKHUVLHGHP6WDGWNHUQNDPHQGHVWRGLFKWHUZXUGHQGLH:RONHQYRQ5DXFK XQG 7UPPHUVFKXWW XQG ]ZLVFKHQ LKQHQ VDKHQ VLH GLH %OLW]H VLFK JHJHQVHLWLJ EHVFKLHHQGHU )OXJSDQ]HU $EHU HV ZDU GHXWOLFK ]X HUNHQQHQ GD GLH $XIUKUHU GLH 5HJLHUXQJVWUXSSHQ LPPHU ZHLWHU LQ HLQHP ZHQLJ EHEDXWHQ 6WDGWYLHUWHO
'LHJURH5HYROXWLRQ
M
$WODQ
]XVDPPHQWULHEHQ 'LH 3ROL]LVWHQ VFKLHQHQ VLFK LQ GHQ PHLVWHQ )lOOHQ DEZDUWHQG ]X YHUKDOWHQ 'HU *OHLWHU IORJ HLQH VFKDUIH .XUYH XQG ZDQGWH VLFK GDQQ LQ GLH 5LFKWXQJ GHV 5DXPKDIHQV=ZLVFKHQVHLQHUMHW]LJHQ3RVLWLRQXQGGHP5DXPKDIHQGHU6WDGW%DUHWXV ZXUGH RIIHQVLFKWOLFK ZHQLJ JHNlPSIW²KLHU ODJHQ GLH +RWHOV XQG GLH 9HUZDOWXQJVJHElXGHDOOHUP|JOLFKHQ*HVHOOVFKDIWHQ ³+DEHQ6LH)XQNYHUELQGXQJPLWGHP5DXPKDIHQ"´ ³,FKYHUVXFKHHV´VDJWHGHU3LORWXQGEHJDQQDP$UPDWXUHQEUHWW]XKDQWLHUHQ 6LH IORJHQ LQ HWZD GUHLKXQGHUW 0HWHUQ +|KH 8QWHU LKQHQ EUHLWHWH VLFK GLH SKDQWDVWLVFKH6WDGWODQGVFKDIWYRQ%DUHWXVDXV7HLOHGLHVHUJHZDOWLJHQ$QKlXIXQJYRQ GLFNZDQGLJHQXQG VFKZHUDUPLHUWHQ*HElXGHQZXUGHQKHIWLJ XPNlPSIW DQGHUHODJHQ ZLHGHUY|OOLJUXKLJGD ³.HLQH 9HUELQGXQJ .lSWHQ´ VDJWH GHU 3LORW ³6LH VLQG Y|OOLJ EHUODVWHW 6LH ZHUGHQVLFKVHOEVWXPLKU6FKLIINPPHUQPVVHQXQGXPGLH/DGXQJ´ ³0DVVDNULHUWPDQVLFKDXI(UWUXVKDWGHU+DQGHOVVFKLIIHU9HUGUX´UHLPWH2WRN XQGZLGPHWHVLFKZLHGHUGHP7H[WDXVGHP/DXWVSUHFKHUXQGGHPZDVHUGRUWXQWHQ VHKHQNRQQWH-HGH,QIRUPDWLRQZDUDQGHUULFKWLJHQVWHOOHDEJHVHW]WZHUWYROO hEHUDOOVFKLHQHVUHYROWLHUHQGH*UXSSHQ]XJHEHQ'HU%D]LOOXVGHV$XIVWDQGHV YHUPHKUWH VLFK UDVHQG VFKQHOO (U JULII DXI 6FKXOHQ XQG 8QLYHUVLWlWHQ EHU VRIHUQ OHW]WHUHQLFKWVFKRQ=HQWUHQGHU.ULWLNJHZHVHQZDUHQ (U EHVFKlIWLJWH ELVKHU XQEHWHLOLJWH 0HQVFKHQ )DPLOLHQYlWHU XQG $UEHLWHU VFKORVVHQVLFKGHQ5HEHOOHQDQXQGYHUVWlUNWHQGHUHQ+HHU .RPPPDQGHXUH YHUZHLJHUWHQ GLH %HIHKOH GHV *XORUW XQG PHXWHUWHQ RIIHQ (LQ ULHVLJHU)ORWWHQYHUEDQGMDJWHEHUGHQ+LPPHOXQGODQGHWHJHVFKORVVHQDXIGHPQRFK IHUQHQ 5DXPKDIHQ 'LH 6FKLIIH ZXUGHQ YHUVSHUUW GLH *HVFKW]H ZXUGHQ DEJHVFKORVVHQ.HLQHLQ]LJHU6FKXILHO %RGHQWUXSSHQZXUGHQ]XVDPPHQJH]RJHQ hEHUDOOJDE HVNOHLQHUH )HXHUJHIHFKWH-HW]W NDP GHU5DQGGHV 5DXPKDIHQVLQ 6LFKWNHQQWOLFKDQGHQULHVLJHQ+DOOHQXQGGHP7RZHU'HU+DIHQZDUDEJHVSHUUW 5XQG XP LKQ PDUVFKLHUWHQ NOHLQH 7UXSSHQYHUElQGH *HVFKW]H ZDUHQ DXIJHIDKUHQ ZRUGHQ 5DXPVFKLIIH XQG %RGHQJOHLWHU GHU RIIL]LHOOHQ %RGHQDEZHKU GHV 3ODQHWHQVWDQGHQGD :LHGHU LGHQWLIL]LHUWH VLFK GHU 3LORW GHV *OHLWHUV JLQJ WLHIHU XQG ZXUGH YRQ ]DKOUHLFKHQ*HVFKW]SURMHNWRUHQYHUIROJW ³.RGH]DKO´VFKULHMHPDQGDXVGHPGU|KQHQGHQ/DXWVSUHFKHU 'HU3LORWQDQQWHVLH ³3DVVLHUHQ´VFKULHHLQHKHOOHUH6WLPPH³/DWLKQGXUFK'DVLVWGHU.XULHUGHQ VLHXQVDQJHNQGLJWKDEHQ´ 'HU*OHLWHUIORJXQEHKHOOLJWZHLWHU 8P HLQ NOHLQHV 5DXPKDIHQJHElXGH ZXUGH JHNlPSIW (UWUXVHU NlPSIWHQ JHJHQ (UWUXVHU(LQVFKZHUHU6KLIWQDKP.XUVDXIGDV*HElXGHXQGIHXHUWHDXVDOOHQ5RKUHQ KLQWHU VHLQHP (QHUJLHVFKLUP KHUYRU 'DQQ UDPPWH HU HLQH (FNH GHV *HElXGHV 'DV 'DFK VDFNWH GXUFK )ODPPHQ XQG *HVWHLQVVWDXE VFKOXJHQ DXV GHU gIIQXQJ (UWUXVHU UDQQWHQPLWHUKREHQHQ+lQGHQDXVGHP%DXZHUN ³:RLVW,KU6FKLII"´ 2WRNVDKVLFKXP'HU9RJHOEHULKPVWUHFNWHHLQHQ)OJHODXVXQGGHXWHWHPLW
'LHJURH5HYROXWLRQ
M
$WODQ
GHQKRUQLJHQ6FKZXQJIHGHUQQDFKYRUQ ³'HLQ6FKLIIGHLQ6FKLII´NUHLVFKWHHU³'HLQVFK|QHV6FKLII$OOHVLQ$VFKH$OOHV NDSXWW'LHJDQ]HQ.|UQHUDXIJHIUHVVHQ´ ³'RUWYRUQDXI1XPPHUGUHLKXQGHUWVLHE]LJ´VDJWH2WRNVFKOLHOLFK 8QWHULKQHQIORKHQ0HQVFKHQEHUGDV)HOG6FKVVHSHLWVFKWHQ'HULULVLHUHQGH 6WUDKO HLQHV ULHVLJHQ 3DUDO\VDWRUV ZDQGHUWH ODQJVDP EHU GHQ %RGHQ $OOHV ZDV LQ VHLQHQ %HUHLFK JHULHW HUVWDUUWH XQG EUDFK JHOlKPW ]XVDPPHQ (LQH 5HLKH YRQ ([SORVLRQHQ EHJOHLWHW YRQ KXQGHUW 0HWHU KRKHQ )ODPPHQ EUDFK DXV HLQHP XQWHULUGLVFKHQ9HUVRUJXQJVODJHU ³,FKVHKHHV´ ³'DQQ IOLHJHQ 6LH KLQ 1RFK LVW QLFKWV SDVVLHUW 8QG PHLQHU 0DQQVFKDIW´ ULHI 'DPLDQ (QGOLFK KLHOW GHU *OHLWHU ]ZLVFKHQ GHQ /DQGHEHLQHQ GHV PLWWHOJURHQ 6FKLIIHV 'HU.lSWHQVSUDQJPLWHLQHP6DW]KLQDXVXQGWDXPHOWH ³+LHUKHU&KHI´VFKULHGHU1DYLJDWRU ³$OOHV NODU 0lQQHU"´ EUOOWH 2WRN DXIJHUHJW ]XUFN ³6WDUWHQ PLW ]HUVW|UWHP 6FKLIILVWZLH6HJHOQDXIHLQ5LII´ ³$Q %RUG DOOHV LQ 2UGQXQJ /DGXQJ JHO|VFKW $OOHV XQWHUVFKULHEHQ :LU KDEHQ HLQHQHLJHQHQ)ORWWHQYHUEDQGGHUXQVLQGHQ5DXPKLQDXVHVNRUWLHUW´ ³$XVJH]HLFKQHW´VFKULH2WRNKRE7DWKLOGHDXVGHP,QQHQUDXPXQGZLQNWHGHP (UWUXVHU ³'DQNHIU,KUHXQVFKlW]EDUH+LOIH6FK|QHQ*UXDQ,KUHQ&KHI´ULHIHUXQGOLHI YRQ VHLQHP 0LNURDQWLJUDYLWDWRU XQWHUVWW]W DXI GLH 5DPSH GHV 6FKLIIHV ]X 6FKRQ KHXOWH GLH 6WDUWVLUHQH 'LH )XQNEXGH VSUDFK PLW GHP +DIHQOHLWHU GHVVHQ 3RVWHQ QXQ YRQ HLQHP $QJHK|ULJHQ GHU %RGHQYHUWHLGLJXQJ EHVHW]W ZDU )QI DQGHUH 6FKLIIH VWDUWHWHQHEHQIDOOVUXQGXPGDV6FKLIIGHV+lQGOHUV 'HU1DYLJDWRUXQGGHU.lSWHQVFKZHEWHQGXUFKGHQ$QWLJUDYVFKDFKWQDFKREHQ :lKUHQGGDV6FKLIIVFKQHOOHUVWDUWHWHDOVVRQVWVFKDOWHWH2WRNGHQ0LNURDQWLJUDYLWDWRU DE (U VFKDOWHWH DXFK GDV *HUlW DE GDV PDQ GHP 9RJHO PLW GQQHQ 'UlKWHQ XP GHQ /HLEJHEXQGHQKDWWH ³6R´VDJWHGHUIDOVFKH.lSWHQ³-HW]WQLFKWVZLHZHJ´ 8QWHULKQHQZXUGHGLH/DQGVFKDIWGHV3ODQHWHQLPPHUNOHLQHU6LHGXUFKVWLHHQ GLH :RONHQGHFNH JOHLFK]HLWLJ PLW GHP NOHLQHQ 6FKLIIVYHUEDQG XQG NDPHQ LQ GHQ :HOWUDXP1LHPDQGZDUYRULKQHQQLHPDQGGHUVLHEHGURKWH'HU.DPSIEHVFKUlQNWH VLFKDXIGLH2EHUIOlFKHGHU:HOW ³:LUQHKPHQ.XUVDXIXQVHUYRUOHW]WHV=LHO´VDJWH2WRN )UDJHQGEOLFNWHLKQGHU1DYLJDWRUDQ ³6LHKDEHQULFKWLJJHK|UW´VDJWH'DPLDQ2WRN³:LUOHJHQZLHGHUGRUWDQZRZLU VFKRQHLQPDODQOHJWHQDP8626FKLIIGHV$UNRQLGHQ$WODQ´ ³:DUXP"´ ³0HLQSHUV|QOLFKHV3UREOHP´ 'DV +DQGHOVUDXPVFKLII YHUOLH GHQ %HUHLFK GHV .UHLW6\VWHPV (V IORJ ]XU 6LFKHUKHLW HLQHQ DEOHQNHQGHQ .XUV JLQJ GDQQ NXU] LQ GHQ /LQHDUUDXP XQG NDP EHL $WODQVNOHLQHP)ORWWHQYHUEDQGKHUDXV 'HU.XULHUKDWWHVHLQH3IOLFKWJHWDQ
'LHJURH5HYROXWLRQ
M
$WODQ
*OFNOLFKHUZHLVH EHVDHQ 7HNHQHU ZLH .HQQRQ GLH )lKLJNHLW DXJHQEOLFNOLFK QDFKGHP(UZDFKHQYROOEHULKUHQ9HUVWDQGYHUIJHQ]XN|QQHQ'DEHL.HQQRQDXV EHNDQQWHQ*UQGHQ³6FKODI´QLFKWJDQ]]XWUHIIHQGZDUGDPLQ9HUVWDQGVHLQ+LUQDXI DQGHUH :HLVH DXVUXKWHQ ZDUHQ VLH RKQHKLQ YRU 8EHUUDVFKXQJHQ VLFKHU 'HU 0LNURIXQNVSUXFKZDUOlQJVWHQWVFKOVVHOWZRUGHQ².HQQRQKDWWHVHLQHQ,QKDOW7HNHQHU YRUNQDSSQHXQ]LJ0LQXWHQPLWJHWHLOW $WODQKDWWHHUPLWWHOWXQGVFKOLHOLFKJHIXQNW $FKWHQJ 'HU ULHUWH 0DQQ +RHKW
³8QVVLFKHUQLFKW´EHWRQWH
'LHJURH5HYROXWLRQ
M
$WODQ
.HQQRQGHXWHWHDXIVLFKXQG7HNHQHUXQGIUDJWHYHUEOIIW ³9LHOOHLFKWµXQV"´ ³8QWHU8PVWlQGHQ,FKELQJHQHLJWGDVDQ]XQHKPHQ´VDJWH
'LHJURH5HYROXWLRQ
M
$WODQ
³6FK|QVWH´VDJWH7HNHQHUQDFKGHP HU
'LHJURH5HYROXWLRQ
M
$WODQ
+RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
GLHVHQ XQHUWUlJOLFKHQ =XVWDQG EHUHLWV DXV 6FKZHL OLHI UDVHQG VFKQHOO DG VHLQHP .|USHU HQWODQJ $Q MHGHP .QRFKHQ MHGHP 0XVNHO ]HUUWH GLH 6FKZHUNUDIW 6HLQH *HVLFKWVPXVNHOQ YHUlQGHUWHQ VLFK SDXVHQORV²HLQPDO JHKRUFKWH GDV )OHLVFK GHU $Q]LHKXQJVNUDIW GDQQ ZLHGHU GXUFKOLHI HLQ NUDPSIKDIWHV =LWWHUQ YHUEXQGHQ PLW HLQHU 0XVNHOVWDUUHVHLQHQ.|USHU'DQQZXUGHQGLH*HVLFKWV]JHZLHGHUKDUW $XVGHU1DVHOLHI%OXWXQGHUQDKPGHQ*HVFKPDFNQLFKWPHKUZDKU$OOHVHLQH 6LQQHEHJDQQHQDE]XVWHUEHQ 3O|W]OLFKHLQXQJHKHXUHU.UDFK²LQVHLQHQEHUHPSILQGOLFKHQ2KUHQ2GHUZDUHQ HV GLH ODQJZHOOLJHQ 9LEUDWLRQHQ GLH LKQ VR HUVFKWWHUWHQ" 8QWHU LKP EHEWH GLH (UGH 6HLQ.RSIZXUGH]X%RGHQJHULVVHQJODXEWHHU 'DQQ EUDFK HU ]XVDPPHQ XQG EOLHE YHUNUPPW OLHJHQ (LQ $UP GHU TXHU EHU GHU%UXVWODJGUFNWHPLWGHP*HZLFKWHLQHV%DVDOWTXDGHUVGDUDXI (UK|UWHQLFKWPHKUZLH
1DWUOLFK GDFKWH .HQQRQ DOV HU GHQ %HZXWORVHQ VLPXOLHUWH N|QQWH LFK MHW]W HLQHQ :HJ IUHLVFKLHHQ $XHUGHP KDEH LFK LQ GHQ 9HUVWHFNHQ PHLQHV .|USHUV QRFK JHQXJ:DIIHQXPHLQHQNOHLQHQ6WRWUXSSDXV]XUVWHQ (U³IKOWH´ZLHLKQ]ZHL(UWUXVHUDXIKREHQXQGLQGHQ6HVVHOOHJWHQ6LHPHUNWHQ QLFKWV YRQ GHP *HZLFKW GHV PHWDOOHQHQ .|USHUV GHQQ GLH $QODJHQ ZDUHQ HLQJHVFKDOWHW1XUGDV1DVHQEOXWHQKDWWHHUQLFKWVLPXOLHUHQN|QQHQ (V GUIWH GDV EHVWH VHLQ ZHQQ VLH VLFK DQJHEOLFK Y|OOLJ JHEURFKHQ EHUHLWHUNOlUWHQPLW
'LHJURH5HYROXWLRQ
M
$WODQ
VHLQHU6WHOOHDXVIKUHQZUGH ³6LH VLQG VHOEVW VFKXOG 6LH KDEHQ PHLQH 'URKXQJHQ QLFKW HUQVW JHQRPPHQ´ HUZLGHUWH+RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
QDFK REHQ XQG YHUWHLOWHQ VLH LQ HLQHP P|UGHULVFKHQ +DJHO GHU LQ GHQ 1lFKWHQ )DUERUJLHQHU]HXJWHEHUGDV/DQG'LH:VWHGLHGHQ$QDNOHWRXPJDEZDUQXUDXV GHU)HUQHHLQH(EHQH ,Q GHU 1lKH HQWSXSSWH VLH VLFK DOV $QKlXIXQJ YRQ NOHLQHQ %HUJHQ (V ZDUHQ JHZDFKVHQH 9XONDQNHJHO ]XP 7HLO DEHURGLHUW ]XP 7HLO QHX XQG VFKDUINDQWLJ 'D]ZLVFKHQ ODJHQ IHLQJHPDKOHQH *HVWHLQVVWFNH GDV /DSLOOL XQG GLFNH ]XVDPPHQJHEDFNHQH$VFKHVFKLFKWHQ ³*HZL :R LVW GHU *OHLWHU" $XHUGHP EUDXFKHQ ZLU ]ZHL DXVJH]HLFKQHWH 6FKXW]DQ]JH´ ³'DVEHUHLWHWNHLQH6FKZLHULJNHLWHQ:LHYLHO0lQQHU"´ ³.RPPHQ6LHPLW"´ ³6HOEVWYHUVWlQGOLFK´ ³'DQQEUDXFKHQZLUQLHPDQGHQ´ ³'HU*OHLWHUXQGGLH$Q]JHPLWVDPWHLQHP3LORWHQIUGLH)OXJPDVFKLQHVWHKHQ DQGHU2EHUIOlFKHEHUHLWZHQQZLUGRUWDQJHODQJWVLQG´ ³*XW´ 'HUVSH]LHOOH7UHVRUODJLQQHUKDOEGHU)ODQNHGHV$QDNOHWR(VZDUGLHVHLQHYRU -DKUHQ²RGHU -DKUKXQGHUWHQ GDV JHQDXH 'DWXP KDWWH VLH QLFKW QLFKW LQWHUHVVVLHUW² DQJHOHJWH)OXFKWVWDWLRQGHU862JHZHVHQ6RYLHO7HNHQHUZXWHEHVWDQGGLHJHVDPWH $QODJH QXU DXV HLQHU 6FKOHXVH DXV HLQHP .RUULGRU XQG HLQHU NOHLQHQ +DOOH²XQG GHU Q|WLJHQSRVLWURQLVFKWHFKQLVFKHQ$XVUVWXQJ 'HU 9XONDQ XQG GLH LKQ XPJHEHQGH (LQ|GH DXI GHUHQ 2EHUIOlFKH GHU 5HJHQ DXJHQEOLFNOLFK YHUGDPSIWH XQG YHUVLNNHUWH XQG DQ DQGHUHU 6WHOOH ZLHGHU DOV NRFKHQGH 4XHOOHQHUVFKLHQZDUHQUXQGHLQWDXVHQG.LORPHWHUYRQGHU3D\ORQVWHLQZVWHXQGGHP +DXSWTXDUWLHU GHU 3ODQHWDUHQ %RGHQDEZHKU HQWIHUQW (LQ )OXJ YRQ QXU ZHQLJHQ 6WXQGHQ GHU ELV DQ GLH Q|UGOLFKH *UHQ]H GHU 6WHLQZVWH IKUWH -HQVHLWV GHV 9XONDQV VFKOXJHQ GLH %UHFKHU GHV HLVNDOWHQ 2]HDQV DQ GLH 6WHLOXIHU XQG GDQQ NDP GHU 3RONRQWLQHQW PLW VHLQHP NPPHUOLFKHQ %HZXFKV XQG GHU ]lKHQ XQJODXEOLFK ZLGHUVWDQGVIlKLJHQ)DXQD ³*HKHQZLU"´ ³:LUKDEHQZRKOZHQLJDQGHUH0|JOLFKNHLWHQ´NQXUUWH.HQQRQ 'LHVPDO ZDUHQ VLH VFKQHOOHU DQ GHU 2EHUIOlFKH VLH EHQXW]WHQ PHKUHUH KLQWHUHLQDQGHU JHVWDIIHOWH 6FKQHOOLIWH GHUHQ %HQXW]XQJ RIIHQVLFKWOLFK GHQ 5DQJK|FKVWHQ YRUEHKDOWHQ ZDU 'LHVHV 0DO WUDIHQ VLH LQ GHQ *lQJHQ XQG GHQ .UHX]XQJVEDXZHUNHQZHLWDXVZHQLJHU0lQQHUDQ6FKOLHOLFKWUDWHQVLHLQHLQHQ5DXP ZRPDQLKQHQLQGLH6FKXW]DQ]JHKDOI 6LH ZDUHQ XQYHUNHQQEDU PDGH DQ WHUUD +RFKOHLVWXQJVPRGHOOH PLW MHGHP QXU GHQNEDUHQ .RPIRUW ,KUH %HQXW]XQJ XQWHUVFKLHG VLFK YRQ GHQ LPPHU KlXILJHU DXVVHW]HQGHQ0LNURDQWLJUDYLWDWRUHQHUKHEOLFK ³6LHNHQQHQGHQ.XUV"´ ³)U ]HKQ 3UR]HQW´ VDJWH .HQQRQ NDOW ³KlWWH LFK LKQ JXW JHNDQQW )OLHJHQ 6LH HLQIDFKKLQ´
'LHJURH5HYROXWLRQ
M
$WODQ
1XQWUXJDXFK+RHKW
'HU$QDNOHWRNDPLQ6LFKW (VZDUHLQIQIWDXVHQG0HWHUKRKHU.HJHOGHUREHQZLHDEJHVFKQLWWHQZLUNWH(U VFKLHQ YRQ KLHU DXV EHWUDFKWHW Y|OOLJ V\PPHWULVFK ]X VHLQ 'LH %HUJH GLH LKQ QDFK 1RUGHQ]XXPNUlQ]WHQZDUHQQXUHLQHXQEHGHXWHQGH.XOLVVH9RUGHP.HJHOEUHLWHWH VLFK GLH SODQHWDUH :VWH PLW LKUHQ JUHOOHQ *HVWHLQVIDUEHQ DXV 'HU %HUJ ZDU Y|OOLJ VFKZDU]ZLHSROLHUWHU*UDQLWPLW6SUQJHQ ³$QZHOFKH6HLWHZROOHQ6LH"´HUNXQGLJWHVLFKGHU3LORW %LVKHU³DOWHQGLH0lQQHUNHLQHLQ]LJHV:RUWJHZHFKVHOW'HUVFKQHOOH/XIWJOHLWHU QHLJWHVLFKXPHLQHQXQEHGHXWHQGHQ%HWUDJXQGIORJHLQHQXQVLFKHUHQ=LFN]DFNNXUV ³5HFKWV´VDJWH7HNHQHU ³'DQNH´ ,PPHUKLQ ZDU ZHQLJVWHQV GHU 6FKHLQ GHU +|IOLFKNHLW JHZDKUW $XI ZHLWHUH 'HPRQVWUDWLRQHQ VHLQHV (LQIDOOVUHLFKWXPV KDWWH
'LHJURH5HYROXWLRQ
M
$WODQ
³1lKHUKHUDQ´VDJWH.HQQRQ1DWUOLFKNDQQWHHUGLH$XIQDKPHDXFK
'LHJURH5HYROXWLRQ
M
$WODQ
QRFKLQVLFKJHKHQ"´(UKLHOWVHLQH+XVWHQVDIWIODVFKHLQGHU+DQGXQGWUDQN ³,FKELQEHUHLW´VDJWH
'LHJURH5HYROXWLRQ
M
$WODQ
HLQHQ6WUDKOHUVFKX²ZUGHHVGHP6FKLUPQLFKWVDQKDEHQDEHUIUGLH=XNXQIWGLH 0|JOLFKNHLWQHKPHQLKQYRQDXHQ]X|IIQHQ 7HNHQHU UHNDSLWXOLHUWH GLH .HQQ]LIIHUQ XQG WLSSWH VLH LQ GLH ZLQ]LJHQ 7DVWHQ GHV 6FKDOWEUHWWHV /DQJVDPEDXWHVLFKGHU6FKLUPDE :HLWHU´VDJWH.HQQRQ 6LH JLQJHQ DQ GHQ VFKZHUHQ DEHU NOHLQHQ 3URMHNWRUHQ YRUEHL XQG ZHLWHU LQ GHQ *DQJ -HW]W ZDU HU HWZDV ZHQLJHU KRFK XQG YHUHQJWH VLFK VLFK ]X HLQHP 6FKDFKW PLW YLHUHFNLJHP4XHUVFKQLWW(LQH5HLKHNOHLQHUVWHFKHQGKHOOHU%HOHXFKWXQJVN|USHUZDULQ GLH 'HFNH HLQJHODVVHQ $P ODJHUQGHQ 6WDXE XQG DQ GHQ 6FKUDPPHQ VDK PDQ OHLFKW GD GLHVH$QODJH XUDOW ZDU XQG LQGHU=ZLVFKHQ]HLW QLFKW EHQXW]W ZRUGHQ ZDU²DXHU XPGLHVHXQJHKHXUH6XPPH]XGHSRQLHUHQ ³8QG ZRKHU NHQQHQ 6LH GLH JHQDXHQ =DKOHQ XQG 'DWHQ XP GLH 6FKLUPH DXI]XO|VHQ"´IUDJWH
'LHJURH5HYROXWLRQ
M
$WODQ
EHIUFKWHW6LHZlUHQLQHLQH6SDOWHJHIDOOHQ´ /DQJVDPGUHKWHQVLFK.HQQRQ7HNHQHUXQG
'LHJURH5HYROXWLRQ
M
$WODQ
)DV]LQDWLRQGHV*HOGHVZLHGHUDQGHUH0DQQ(UDQWZRUWHWHNXU] ³'DVJHKW6LHQLFKWVDQ´ ³'DV JHKW PLFK GHVKDOE HWZDV DQ´ HUOlXWHUWH 7HNHQHU YHUELQGOLFK ³ZHLO LFK ]XIlOOLJ HUIDKUHQ KDEH GD VLFK GDV 'XR +R\W XQG
'LHJURH5HYROXWLRQ
M
$WODQ
GHUIUHPGH:LOOHGRPLQLHUWH(UULGLH$UPHKRFKXQGVFKOXJJHJHQGHQ6FKLUP (V JDE HLQH NUDFKHQGH 'HWRQDWLRQ DOV GHU VFKZHUH .|USHU JHJHQ GHQ NXSSHOI|UPLJ DXVJHVWUDKOWHQ 6FKLUP VFKOXJ )ODPPHQ XQG %OLW]H VFKRVVHQ QDFK DOOHQ 6HLWHQ hEHU GHP .UDFKHQ XQG GHP RKUHQEHWlXEHQGHQ =LVFKHQ VFKULOOWH HLQ HLQ]LJHU ODQJJH]RJHQHU6FKUHLGHUSO|W]OLFKDEUL 'LH0lQQHUPXWHQJHEOHQGHWGLH$XJHQVFKOLHHQ $OVVLHZLHGHUHWZDVVDKHQZDUGHU(UWUXVHUQXUQRFKHLQXQNHQQWOLFKHU+DXIHQ 0DWHULHGLFKWQHEHQGHP6FKLUP'HU+h6FKLUPVWDQGQDFKZLHYRUNXSSHOI|UPLJEHU GHP*HQHUDWRUXQGGHQ&RQWDLQHUQ ³'HU8QIDOOLVWQDWUOLFKVHKUEHGDXHUOLFK(UZDUHLQWFKWLJHUHKUJHL]LJHU0DQQ´ HUNOlUWH
'LHJURH5HYROXWLRQ
M
$WODQ
³1LFKW]XNOHLQZHQQ6LHDQGDV+RZDOJRQLXPGHQNHQ´HUNOlUWH
'LHJURH5HYROXWLRQ
M
$WODQ
QRFKLPPHUHLQ/LFKWPHHUZDUPLWGHP*HUlXVFK(LQHJUHOOH(QHUJLHZDQGEDXWHVLFK DXIHLQHURWH/LFKW]XQJHVFKRIQI]LJPDO]ZLVFKHQ'HFNHXQG%RGHQKLQXQGKHUXQG YHUVFKZDQG ZLHGHU *OHLFK]HLWLJ NUDFKWHQ GLH EHLGHQ )HXHUVlXOHQ GHV 7UDQVPLWWHUV ]XVDPPHQ ,Q GHP $XJHQEOLFN GD VLH VLFK EHUKUWHQ VFKDOWHWH
'LHJURH5HYROXWLRQ
M
$WODQ
hEHU GHQ EHLGHQ UHQQHQGHQ *HVWDOWHQ Z|OEWH VLFK GXUFK HLQHQ VFKPDOHQ $XVVFKQLWWGHU)HOVHQVLFKWEDUGHU+LPPHOYRQ(UWUXV(LQH+lOIWHZDUNODUGLHDQGHUH ZXUGHYRQGHQJUDXHQ6FKDWWHQGHU5DXFKWURPEHHLQJHQRPPHQ 6LH ZDUHQ KLHU DP $QIDQJ GHU 6FKOXFKW DXV GHP NOHLQHQ *HJHQJHUlW JHVSUXQJHQ +XQGHUW 0HWHU YRU VLFK VDKHQ VLH GLH HLQJHVFKDOWHWHQ 6lXOHQ HLQHV JURHQOHLVWXQJVIlKLJHUHQ*HUlWHVGDVVLHLQHLQHVGHU8626FKLIIHEULQJHQZUGH 'LH+$33<'$<ZDUYRUOlXILJYHUORUHQ 9RUOlXILJ ³6FKQHOOHU´NHXFKWH7HNHQHU 'DQQ VDKHQ VLH GHQ HUVWHQ *OHLWHU DXV GHU +|KH KHUXQWHUVFKLHHQ 6HLQ .XUV ZDUHLQGHXWLJXQGHEHQVRHLQGHXWLJZDUDXFKGDV)HXHUQGHU*HVFKW]H6LHUDQQWHQ ZHLWHU6LHPXWHQHLQIDFKGHQ7UDQVPLWWHUHUUHLFKHQ +XQGHUW0HWHU(VJLQJXPHLQH=HLWYRQUXQG]HKQ6HNXQGHQ.HQQRQVWUPWH DQ 7HNHQHU YRUEHL KDNWH VHLQH +DQG LQ 7HNV *UWHO XQG KRE LKQ DQ 'DQQ EHJDQQHQ VHLQHSRVLWURQLVFKHQ0XVNHOQ]XDUEHLWHQXQGHUVFKOHXGHUWHVLFKI|UPOLFKYRUZlUWV(V ZXUGHHLQGUDPDWLVFKHU:HWWODXI -HW]WZDUHQHVVFKRQYLHU*OHLWHU 'LH %HVDW]XQJHQ KDWWHQ HLQGHXWLJ GHQ HLQJHVFKDOWHWHQ 7UDQVPLWWHU JHRUWHW XQG GHQEHLGHQ0lQQHUQDXIJHODXHUW'HU8PVWDQGVSUDFKIUGLH:DFKVDPNHLWYRQ
'LHJURH5HYROXWLRQ
M
$WODQ
ZDUHQVLH]XVSlWJHNRPPHQ'LH(LQVLFKWGLHVLFKXQWHUGHP(LQGUXFNGLHVHU]ZHLWHQ 1LHGHUODJH IRUPXOLHUWH NRQQWH QXU HLQHQ =ZHFN KDEHQ 6LH PXWHQ PLW DOOHQ 0LWWHOQ LKUHU ODQJHQ XQG UHLFKHQ (UIDKUXQJ YHUVXFKHQ DXV GHU UHVWORV YHUIDKUHQHQ 6LWXDWLRQ GDV%HVWH]XPDFKHQ ³6FKRQ JXW´ VDJWH .HQQRQ GHXWOLFK XQG JLQJ ODQJVDP DXI GLH 0lQQHU GHU %RGHQDEZHKU]X³6LHJHEHQHLQDQGHUZLGHUVWUHEHQGH.RPPDQGRV´ (U KLHOW 7HNHQHU XQWHU GHU 6FKXOWHU ZlKUHQG 7HN HLQHQ $UP XP GHQ +DOV YRQ .HQJHOHJWKDWWH'LH6ROGDWHQXPULQJWHQVLH ³=XP*OHLWHU´ 'LHVH .XU]WUDQVLWLRQ RGHU GHU JU|HUH 7UDQVPLWWHU ZDUHQ YRQ GHQ (UWUXVHUQ HLQGHXWLJ DQJHPHVVHQ ZRUGHQ 'DV 9HUVWHFN GHV *HUlWHV ZDU VR EHPHVVHQ GD HV XQWHU QRUPDOHQ 8PVWlQGHQ QLFKW KlWWH HQWGHFNW ZHUGHQ N|QQHQ $EHU MHPDQG KDWWH HLQHQ YHUKlQJQLVYROOHQ )HKOHU JHPDFKW (U VWHOOWH GLH EHLGHQ *HUlWH ]X ZHLW YRQHLQDQGHU HQWIHUQW DXI /DQJVDP WULHEHQ GLH (UWUXVHU GLH EHLGHQ 0lQQHU LQ GLH 5LFKWXQJ GHV VFKZHEHQGHQ *OHLWHUV $XV GHP %XJ ULFKWHWH VLFK HLQ VFKZHUHV $QJULIIVJHVFKW]DXIVLH ³=XYLHO GHU (KUH´ VDJWH .HQQRQ XQG DKQWH GD LQ]ZLVFKHQ HLQH KHIWLJH .RUUHVSRQGHQ] ]ZLVFKHQ GHP (LQVDW]OHLWHU KLHU XQG +RHKW
(LQHQNQDSSHQKDOEHQ7DJVSlWHUJHUXKWH
'LHJURH5HYROXWLRQ
M
$WODQ
VLHUXIHQXQGZLHGHUZXUGHQVLHLQGDVEHNDQQWH%URJHEUDFKW+LQWHU
'LHJURH5HYROXWLRQ
M
$WODQ
([SORVLRQHQ ]HUVFKPRO]HQ ZDUHQ XQG VLFK DXIJHO|VW KDWWHQ 'LH ([SORVLRQHQ GHV +RZDOJRQLXPV ZDUHQ YHUJOHLFKVZHLVH KDUPORV JHZHVHQ DEHU HV H[LVWLHUWH MD QLFKW LQ NULWLVFKHU$QRUGQXQJ $QGHUHUVHLWV 'HU (IIHNW ZDU GHU JOHLFKH JHZHVHQ ZLH EHL HLQHU 7UDQVPLWWHUDQODJH %HL GHU +|KH GHU 6XPPH XQG GHU %HGHXWXQJ GLH VLH IU GHQ %HVLW]HU EHVD PXWH GHU 9RUJDQJ HLQH 7lXVFKXQJ JHZHVHQ VHLQ (LQ 7UDQVPLWWHUXQG LQ GHU +DOOH VRZLH LQ GHU 8PJHEXQJ KDWWH HV HLQH UHLFKKDOWLJH $XVVWDWWXQJ PLW VROFKHQ *HUlWHQ JHJHEHQ² ZUGHGLH&RQWDLQHUDEHUPDOVLQHLQZHLWHUHV9HUVWHFNJHEUDFKWKDEHQµ ³6RPXHVVHLQ´VDJWHHU'DQQQDKPHUGLH:DIIHLQGLH+DQGXQG]LHOWHDXI 7HNHQHU ³6LH EHOJHQ XQV´ VWHOOWH HU KDUW IHVW ³'LH &RQWDLQHU VLQG GXUFK HLQHQ 7UDQVPLWWHUJHJDQJHQXQGLQHLQHPDQGHUHQ9HUVWHFN´ 7HNHQHUKREGLH6FKXOWHUQXQGZDUIGLH0XVFKHOPLWHLQHU*HVWHGHV%HGDXHUQV LQHLQHQ3DSLHUNRUEYRQGHU*U|HHLQHU5HJHQWRQQH ³:HQQ6LHPHLQHQ´VDJWHHU³(VZlUHJODXEHQZLUGRFKEHVVHUJHZHVHQ6LH KlWWHQ XQVHUHQ :XQVFK QDFK EHVFKHLGHQHQ ]HKQ 3UR]HQW HUIOOW 'DQQ KlWWHQ ZLU QlPOLFKLQ]ZLVFKHQVFKRQOlQJVW2UGQXQJXQG.ODUKHLWLQXQVHUJHVSDQQWHV9HUKlOWQLV JHEUDFKW´
'LHJURH5HYROXWLRQ
M
$WODQ
1lKHVHLQHV6\VWHPV8626FKLIIHVWDQGHQNDQQQLHPDQGHWZDVGDJHJHQKDEHQ´ ³*XW,FKGDQNH,KQHQ'HU(LQVDW]ZDUJHIlKUOLFKDEHUQRFKJHIlKUOLFKHUZDUGLH 0DVNH´ 'HU8626SH]LDOLVWODFKWHODXW ³6LH ZDU PHKU DQVWUHQJHQG DOV JHIlKUOLFK´ YHUVLFKHUWH HU ³+DEHQ ZLU GDV *HOG LQ]ZLVFKHQ"´ ³-D´VDJWH$WODQ³'DV*HOGKDEHQZLU$EHU7HNHQHUXQG.HQQRQVLQGPLWWHQLQ GHU+|OOH´ (UOHJWHHLQHQ6FKDOWHUXPXQGZLQNWHGHQ0DQQGHUHLQLJH7DJHODQJGLH5ROOH YRQ 'DPLDQ 2WRN JHVSLHOW KDWWH ]X VLFK KHUDQ 'HU 6SH]LDOLVW EOLFNWH DXI GDV GUHLGLPHQVLRQDOH %LOG GDV 2WRN VHOEVWYHUVWlQGOLFK QLFKW ]X VHKHQ EHNRPPHQ KDWWH 9LHU &RQWDLQHU VWDQGHQ GD JH|IIQHW 0DQ VDK GLH 9HUSDFNXQJHQ GHV +RZDOJRQLXPV XQGGLHJHEQGHOWHQ3DNHWHGHUJURHQWHUUDQLVFKHQ1RWHQ ³:R6LU"´ ³,QHLQHP6DIHXQZHLWGLHVHU=HQWUDOH´ $XI GHP 3ODQHWHQ ZXUGH QXU QRFK DQ ZHQLJHQ 6WHOOHQ JHNlPSIW (V JLQJ GHP (QGH ]X 'LH ZHQLJHQ 6WDWLRQHQ GHU 862 GLH QRFK DXI (UWUXV H[LVWLHUWHQ PHOGHWHQ XQXQWHUEURFKHQGXUFK0LNURNXU]LPSXOVHEHU+\SHUIXQNZLHGLH/DJHDXVVDK 'LH 5HEHOOHQ DOVR GLH 2SSRVLWLRQ XQG LKUH 6\PSDWKLVDQWHQ KDWWHQ HLQH JURH 0HQJH GHU $EJHRUGQHWHQ JHW|WHW (LQLJH GHU 0DULRQHWWHQ LQ GHQ +lQGHQ GHV *XORUW YHUEWHQ 6HOEVWPRUG DQGHUH ZDUHQ IOFKWLJ XQG ZXUGHQ JHVXFKW 3ROL]HL XQG %RGHQDEZHKU JULIIHQ EHUDOO GRUW HLQ ZR HV XP EHUJHRUGQHWH ,QWHUHVVHQ JLQJ 6LH VFKW]WHQ.UDIWZHUNHXQG5DXPKlIHQZQGlKQOLFKH(LQULFKWXQJHQ ³:DVEHDEVLFKWLJHQ6LH]XWXQ"´ $WODQZDUIHLQHQ%OLFNDXIGLH8KUXQGHUNOlUWH ³,FK ZDUWH QRFK JHQDX GUHL 6WXQGHQ GDQQ HUSUHVVH LFK GLH )KUHU GHU 2SSRVLWLRQ ,FK UHFKQH GDPLW GD VLH LQ NXU]HU =HLW DOV 5HJLHUXQJVYHUWUHWHU HLQHU SURYLVRULVFKHQ 0LOLWlUUHJLHUXQJ DXVJHUXIHQ ZHUGHQ 8QG VR ZLH LFK GLH %UlXFKH EHL GHUOHL $NWLRQHQ ]X NHQQHQ JODXEH KDEHQ VLH LKUH $QWULWWVUHGHQ EHUHLWV DXI %DQG EH]LHKXQJVZHLVH)LOPJHVSURFKHQ´ ³,FKELQ,KUHU0HLQXQJ6LU.DQQLFKHWZDVKHOIHQ"´ $WODQZDUILKPHLQHQVFKZHU]XGHXWHQGHQ%OLFN]XXQGEDW ³'UFNHQ6LH7HNHQHUXQG.HQQRQGLH'DXPHQ6LHKDEHQPHKU*OFNQ|WLJDOV LQGLHVHP7HLOGHV:HOWDOOVYRUUlWLJLVW´ 'HU.XULHUZDUHQWODVVHQ
,Q HLQHP HQWVFKHLGHQGHQ 3XQNW YHUIJWH GLH 862 QRFK QLFKW EHUJHQJHQG ,QIRUPDWLRQHQ (VEHWUDIGLH2IIL]LHUHGHU³%RGHQDEZHKU´ 6LH ELOGHWHQ NOHLQH 6RQGHUNRPPDQGRV XQG VWDUWHWHQ YRQ YLHOHQ XQEHNDQQWHQ 3OlW]HQEHUDOODXI(UWUXV6LHKDWWHQYRQ+RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
*XORUW JHKRUFKW XQG GDIU KRUUHQGH *HKlOWHU EHNRPPHQ KDWWHQ 'LH 2IIL]LHUH VXFKWHQ XQGIDQGHQGLH$EJHRUGQHWHQXQGW|WHWHQVLH (V NDP LKQHQ GDEHL QLFKW ]XP %HZXWVHLQ GD VLH VLFK LP VHOEHQ 6WDWXV EHIDQGHQZLHGLH0lQQHUGLHVLHHUVFKRVVHQ 'LH$EJHRUGQHWHQKDWWHQGHQ$QRUGQXQJHQGHV*XORUWJHKRUFKWXQGZDUHQGDIU ZLUWVFKDIWOLFKJHVLFKHUWJHZHVHQ 'LH 2IIL]LHUH JHKRUFKWHQ GHP %HIHKO GHV $OSKDJRQWHQ XQG HUKLHOWHQ GDIU 6ROG XQGGXUFKLKUHQ5DQJHLQH'DVHLQVEHUHFKWLJXQJ $XFK DXI (UWUXV XQG LQ GLHVHQ 7DJHQ LQ EHVRQGHUV GUDVWLVFKHU XQG YHUDEVFKHXXQJVZUGLJHU )RUP JDOW GDV 6SULFKZRUW GD GHU ³0HQVFK GHV 0HQVFKHQ :ROI´ ZDU 0LW GHP 7RG GHU $EJHRUGQHWHQ HUORVFKHQ ZHLWHUH :LGHUVWDQGVQHVWHU 'LH 2SSRVLWLRQVLHJWHDXIEUHLWHU)URQW 6FKOLHOLFKVWHOOWHQVLHGHQ*XORUWLQVHLQHP3DODVW +LHUYHUHLQLJWHQVLFKYLHUXQGGUHLLJNOHLQH.RPPDQGRVHUWUXVLVFKHU(OLWHWUXSSHQ 6LH KDWWHQ MDKUHODQJ WUDLQLHUW RKQH HLQHQ ZLUNOLFKHQ *HJQHU GHU GHQ 3ODQHWHQ DQJULII -HW]WKDWWHQVLH*HOHJHQKHLWDOOHLKUH(UIDKUXQJHQDXV]XVSLHOHQ 'LH*UXSSHQWHLOWHQVLFKXQGELOGHWHQGUHL$EWHLOXQJHQ 'LHHUVWHGUDQJGXUFKGLH)OXFKWJlQJHGLH(QHUJLHVFKlFKWHXQGGLH.DQDOLVDWLRQ LQ GHQ 3DODVW HLQ ZlKUHQG GLH ]ZHLWH GLH RIIL]LHOOHQ $XVJlQJH EHODJHUWH (LQHU QDFK GHP DQGHUHQ ZXUGH YRQ GHQ *HVFKW]HQ GHU .RPPDQGRV DXIJHEURFKHQ XQG GLH 0lQQHULQLKUHQGXQNOHQ.DPSIDQ]JHQVWU|PWHQLQV,QQHUH 'LHGULWWH*UXSSHIORJHLQHQ$QJULIIDXI)HQVWHU7HUUDVVHQXQG'DFKUlXPH'LH *OHLWHUJHVFKW]H YHUZVWHWHQ GLH $QODJHQ XQG GLH *OHLWHU ODQGHWHQ LQ GHQ OHHUJHVFKRVVHQHQ 5lXPHQ 9RQ REHQ KHU WULHEHQ VLH GLH ZHQLJHQ 9HUWHLGLJHU QDFK XQWHQGHQ]ZHLDQGHUHQ*UXSSHQHQWJHJHQ (VJDENHLQHhEHUOHEHQGHQ 'HQ *XORUW WUDIHQ VLH DOV HLQHQ GHU OHW]WHQ DQ (U VWDQG DXI HLQHP 7UHSSHQDXIJDQJ XQG EHGLHQWH HLQHQ VFKZHUHQ 6WUDKOHQSURMHNWRU 8P LKQ KHUXP KlXIWHQ VLFK GLH /HLFKHQ 'DV 7UHSSHQKDXV ZDU DEEUXFKUHLI XQG EUDQQWH DQ KXQGHUW 6WHOOHQOLFKWHUORK (LQ+DJHOYRQ5DNHWHQJHVFKRVVHQOLHGLH'HFNHHLQEUHFKHQ 'HU*XORUWNURFKVFKZHUYHUOHW]WXQWHUGHP*HVFKW]KHUYRUXQGNlPSIWHZHLWHU 6FKOLHOLFK HUVFKR LKQ HLQ 2IIL]LHU GHU KLQWHU LKP DXI HLQHP *OHLWHU GXUFK HLQ KDXVJURHV/RFKLQGHU0DXHUHLQIORJ 'DQQZXUGHQGLH5HSRUWHUXQGGDV)HUQVHKHQYHUVWlQGLJW 'LH $NWLRQHQ KLQWHU GHQ .XOLVVHQ OLHIHQ DQ 'HU QlFKVWH 3XQNW DXI GHU $NWLRQVOLVWHGHU5HEHOOHQZDUHLQHSURYLVRULVFKH0LOLWlUUHJLHUXQJDXV]XUXIHQ6lPWOLFKH )HUQVHKVHQGHUlQGHUWHQELQQHQZHQLJHU0LQXWHQLKU3URJUDPP 'LH .RPPDQGRV VDPPHOWHQ VLFK ZLHGHU XQG ]RJHQ VLFK DQ GLH 3OlW]H ]XUFN YRQGHQHQVLHJHVWDUWHWZDUHQ 'LH5HEHOOLRQDXI(UWUXVZDU]X(QGH
5RQDOG 7HNHQHU XQG 6LQFODLU .HQQRQ VDHQ VFKZHLJHQG GD XQG VDKHQ GLH %HULFKWHDXIGHP6FKLUPGHVJURHQ,QWHUNRPV
'LHJURH5HYROXWLRQ
M
$WODQ
.HQQRQVDJWHOHLVHXQGPLWGHXWOLFKHP$EVFKHX ³'DVLVWNHLQH5HYROXWLRQPHKUNHLQ$XIVWDQGGDVLVWHLQ*HPHW]HO6LHVLQGDOOH ZLHZLOGH7LHUH,FKNDQQ$WODQQLFKWYHUVWHKHQGDHUVLFKDXFKQXULQGLH1lKHGLHVHV 3ODQHWHQEHJLEW´ 7HNHQHUHUZLGHUWHHKUOLFK ³,FKYHUVWHKHLKQDXFKQLFKW$EHUYHUPXWOLFKJLQJHVLKPQLFKWEHVVHUDOVXQV(U DKQWH QLFKW LQ ZDV HU VLFK HLQJHODVVHQ KDW $OOHV ZDU YLHO ]X XQGXUFKVLFKWLJ ,FK KDEH EHLDOOHPNHLQJXWHV *HIKOPHKU'LHVHV (UWUXVXQGVHLQH 3ODQHWHQZHUGHQXQV QRFK YLHO .XPPHU EHUHLWHQ :DV ZLU KLHU DXI GHP 6FKLUP VDKHQ ZDUHQ NHLQH 0HQVFKHQ PHKU²HVZDUHQ%HVWLHQ´ ³,P.ULHJLVWMHGHU0HQVFKHLQH%HVWLH²LFKPXHLQVFKUlQNHQ-HGHUGHULQGHQ .ULHJJHKWOlXIW*HIDKUHLQH%HVWLH]XZHUGHQ$EHUZLUVROOWHQGLH'LVNXVVLRQGDUEHU YHUVFKLHEHQ%OHLEHQZLUKLHU"´ 7HNHQHUVFKWWHOWHZRUWORVGHQ.RSI ³'DQQEOHLEWXQVQLFKWVDQGHUHVDOVHLQ$XVEUXFKEULJ´ ³(LQ9HUVXFK´VDJWH5RQDOG 6LH NDONXOLHUWHQ ULFKWLJ ,Q GHP $XJHQEOLFN ZR DOOHV EHL GHU $XVUXIXQJ GHU 0LOLWlUUHJLHUXQJ JHEDQQW DXI GLH 1DFKULFKWHQELOGVFKLUPH VWDUUHQ ZUGH KDWWHQ VLH GLH PHLVWHQ &KDQFHQ KLQDXI LQ GLH +DQJDUV ]X JHODQJHQ $XHUGHP ZDU YRQ HLQLJHQ :DFKHQ XQG GHP QRUPDOHQ ORJLVWLVFKHQ 3HUVRQDO GHU %HIHKOVEXQNHU VR OHHU ZLH QLHPDOV]XYRU ³8QG
'LHJURH5HYROXWLRQ
M
$WODQ
KDWWH VLFK DXFK GLH .RGH]DKO JHPHUNW GLH PDQ GHU 6SHUUDXWRPDWLN HLQJHEHQ PXWH 6LHKDVWHWHQGXUFKOHHUH*lQJHEHUOHHUH.UHX]XQJHQYRUEHLDQ%URVXQG.DQWLQHQ LQ GHQHQ QLHPDQG VD ,UJHQGZR ZDUHQ 6WLPPHQ GDQQ ZLHGHU GLH /DXWVSUHFKHUGXUFKVDJHQ ³'RUWYRUQLVWGHU/LIW´ ³,FKNRPPH´NHXFKWH7HNHQHUXQGKLHOWGLHVFKZHUH:DIIHLQGHU+DQGGLHDXV GHP9HUVWHFNVHLQHV)UHXQGHVVWDPPWH 6LH OLHIHQ EHU HLQH 5DPSH 7HNHQHU HUNDQQWH MHW]W ZR VLH ZDUHQ 1RFK ]ZHL (FNHQ XQG VLH VWDQGHQ YRU GHP /LIW (V ZDU HLQH PHFKDQLVFK EHWULHEHQH .DELQH PLW ]ZHL1RWDXVVWLHJHQ6LHVLFKHUWHQQDFKDOOHQ6HLWHQ ³1LHPDQG5LVNLHUHQZLUHV"´ ³-D´VDJWH.HQXQGGUFNWHGLH.RGH]LIIHUQ 'LH XQWHUWHLOWHQ 7UHQ JOLWWHQ OHLVH ]XU 6HLWH 7HNHQHU XQG .HQQRQ VSUDQJHQ LQ GHQ /LIW 7HNHQHU GUFNWH GHQ REHUVWHQ LQ HLQHU 5HLKH YRQ .Q|SIHQ 9LHO ]X ODQJVDP VFKREHQ VLFK GLH 7UVHJPHQWH ZLHGHU ]XVDPPHQ GDQQ UXFNWH GHU /LIW HQGOLFK DQ XQG EHVFKOHXQLJWH :lKUHQGGHU)DKUWVDKHQVLHHLQDQGHUVFKZHLJHQGDQ 'DV ZDU HUVW HLQ 7HLO LKUHV )OXFKWZHJHV 'LH VFKZLHULJHUHQ $EVFKQLWWH NDPHQ HUVW 8QG ZLH VLH GHQ 6FKLUP DEVFKDOWHQ NRQQWHQ ZXWH QRFK QLFKW HLQPDO .HQQRQ JHQDX-HGHQIDOOVVWDQGGHU5LHVHVSUXQJEHUHLWGDXQGDOOHVHLQHNQVWOLFKHQ0XVNHOQ ZDUHQJHVSDQQWDOOH1HUYHQEHUHLW 'LH/LIWNDELQHKLHOW ³'XNHQQVWGHQ:HJ"´IUDJWH.HQQRQIOVWHUQG ³-D1XUHLQSDDU6FKULWWH´ 'LH7UHQJOLWWHQDXIXQGYRUGHP/LIWHWZDIQI]HKQ0HWHUHQWIHUQWVWDQGHQGLH YLHU(UWUXVHU ,QGHU0LWWHVWDQG+RHKW
'LHJURH5HYROXWLRQ
M
$WODQ
GDQQ´
'LHJURH5HYROXWLRQ
M
$WODQ
VWHFNWHHUVHLQH:DIIHZLHGHUHLQ ³'LH*HLHU´VDJWHHU³6LHVWHUEHQQRFKHKHGLH%HXWHWRWLVW´ .HQQRQNDPDXILKQ]XXQGWDWDOVZROOH HUVHLQH.Q|FKHOXQG GLH+DQGNDQWHQ PDVVLHUHQ ³(VLVWQLFKWOHLFKWJHJHQHLQHQ(UWUXVHU]XVLHJHQ´VDJWHHU³'DV*HKHLPQLVLVW GLH6FKQHOOLJNHLW´ 'HUYLHUWH0DQQZDUWRW 7HNHQHUVDKQDFKHLQDQGHULQGLHIDVVXQJVORVHQ*HVLFKWHUGHUGUHL(UWUXVHUXQG PHLQWHVFKOLHOLFK ³,FKJODXEH6LHKDEHQNHLQHHUQVWKDIWHQ5LYDOHQPHKU´ =X VHLQHU JUHQ]HQORVHQ hEHUUDVFKXQJ VHW]WH VLFK 1RV 9LJHODQG DXI HLQH 7UHSSHQVWXIH XQG EHJDQQ VFKDOOHQG ]X ODFKHQ (LQ ULFKWLJJHKHQGHU /DFKDQIDOO VFKWWHOWH LKQ HLQH :HLOH GDQQ EHUXKLJWH HU VLFK 'HXWOLFK ZDU ]X VHKHQ ZLH YRQ LKP XQGGHQEHLGHQDQGHUHQHLQVWDUNHU'UXFNJHQRPPHQZDU ³6LHVLQGXQEH]DKOEDU´NHXFKWH9LJHODQGVFKOLHOLFK ³:LHVROOHQZLUGDVYHUVWHKHQ"´IUDJWH7HNHQHUVFKDUI 9LJHODQGZLVFKWHVLFKGLH$XJHQXQGHUOlXWHUWH ³6HKHQ6LHGLHVHU0DQQZDUHLQHUGHUJDQ]VHOWHQHQ0XWDQWHQGLHDXIGLHVHP 3ODQHWHQJHERUHQZXUGHQ´ ³,FKELQYHUEOIIW´JDE.HQQRQ]X ³(LQ0XWDQW"´ ³-D (U ZDU +\SQRVXJJHVWRU XQG NHLQ VFKOHFKWHU (U KDWWH XQV DOOH LQ VHLQHP *ULII -HGHU KDWWH HLQH DQGHUH 6SHUUH P VFKOLPPVWHQ WULHE HU HV PLW 3RLD +R\W 'HU DOWH)XFKVPXWHIUMHGHhEHOWDWKHUKDOWHQGLHVLFK
'LHJURH5HYROXWLRQ
M
$WODQ
VHOEVW7HNHQHUVORVH=XQJH(UPXUPHOWHGVWHU ³1XUHLQ:XQVFK´ 5XQHPHODFKWHPHFNHUQGDXI ³(WZDGLH]HKQ3UR]HQW"=HKQ3UR]HQWYRQQLFKWV"´ .HQQRQVFKWWHOWHGHQ.RSIXQGGHXWHWHPLWGHP)LQJHU]XU'HFNH ³1XUHLQ:XQVFK´VDJWHHU³HLQDQGHUHU8QVHU6WDUWXQGGDVLQJU|WP|JOLFKHU (LOH´ )UDVFDWLIDWHVHLQHQbUPHO.HQQRQULVLFKORV0LWHLQHU*HVWHGLHYHUV|KQOLFK ZLUNHQVROOWHGU|KQWHGHU(UWUXVHU ³*HKHQ ZLU KLQDXI LQ XQVHU %UR PHLQH +HUUHQ 'RUW OlW VLFK GLH /DJH DP EHVWHQXQGVFKQHOOVWHQNODUHQ´ 6FKZHLJHQG IXKUHQ VLH ZLHGHU QDFK REHQ XQG QDKPHQ XP GHQ YHUZDLVWHQ 6FKUHLEWLVFK3ODW]'HU6HVVHO
'LHJURH5HYROXWLRQ
M
$WODQ
³,FK KDEH RIIL]LHOO GDV +DXSWTXDUWLHU GHU 2SSRVLWLRQ DQJHUXIHQ ,FK ELQ ]X ,KQHQ GXUFKJHVFKDOWHWZRUGHQDOVRPXLFKDQQHKPHQ GD6LHGLH+lXSWHUGHU2SSRVLWLRQ VLQG´ ³5LFKWLJ´NQXUUWH)UDVFDWL ³,FK PX ,KQHQ HUNOlUHQ GD ,KU .URQVFKDW] PLW GHP :HUW YRQ ]ZHLKXQGHUWIQI]LJ0LOOLDUGHQ6RODUQLFKWYHUQLFKWHWZXUGH´ 9LJHODQG HUKRE VLFK DXV GHP 6LW] DOV ZROOH HU LQ GHQ %LOGVFKLUP KLQHLQJUHLIHQ OLHVLFKGDQQZLHGHU]XUFNVLQNHQ ³6RQGHUQ"´IUDJWHHUJHGHKQW ³'DV *HOG LVW LQ PHLQHU 1lKH ZRKOEHKDOWHQ XQG ,KUHP =XJULII HQW]RJHQ $XFK GHP=XJULIIGHUEHLGHQ%HGUlQJWHQKHOIHUQHEHQ,KQHQ%LWWH´ 'LH.DPHUDVFKZHQNWH 'DV %LOG ]HLJWH MHW]W HLQH *DQ]DQVLFKW GHU YLHU &RQWDLQHU GHU IQIWH KDWWH GLH WHFKQLVFKH $XVUVWXQJ EHKHUEHUJW (LQ 8620DQQ GHVVHQ *HVLFKW QLFKW JH]HLJW ZXUGH VWDSHOWH GLH %DQNQRWHQ JHUDGH DXV GHQ &RQWDLQHUQ LQ HLQHQ JHUlXPLJHQ 6FKLIIVVDIHKLQHLQ(VVFKLHQHQXQEHUVHKEDUH0HQJHQYRQUHODWLYQHXHQ6FKHLQHQ]X VHLQ=ZLVFKHQGHQ%QGHOQHUNDQQWHPDQGHXWOLFKGLH6SH]LDOYHUSDFNXQJHQLQGHQHQ GDV NRVWEDUH +RZDOJRQLXP UXKWH 6KLOWHUV $XJHQ WUDWHQ DXV LKUHQ +|KOHQ XQG DXI 9LJHODQGV 6WLUQ ]HLFKQHWHQ VLFK 6FKZHLWURSIHQ DE 'DQQ ZDU ZLHGHU GHU $UNRQLGH ]X VHKHQ ³'DVZDUGDV*HOG(VZXUGHLQOHW]WHU6HNXQGHYRU,KQHQJHUHWWHW²QDWUOLFKPLW GHP7UDQVPLWWHU%HLGHU*HOHJHQKHLWZROOWHLFKDXFKGHQEHLGHQ+DOXQNHQGRUWKHOIHQ DEHUHVVFKLHQVFKLHIJHJDQJHQ]XVHLQ´ 7HNHQHUEHPKWHVLFK$WODQHLQHQKDHUIOOWHQ%OLFN]X]XZHUIHQ ³*UQGOLFK´EHNDQQWHHUZLGHUZLOOLJ $WODQZDUWHWHHLQHQ$XJHQEOLFNODQJGDQQIXKUHUIRUW ³7URW]GHPIRUGHUHLFK6LHDXIGLHVHEHLGHQ0lQQHUIUHL]XODVVHQXQGLKQHQHLQHQ XQJHIlKUGHWHQ6WDUW]XHUP|JOLFKHQ´ 9LJHODQGVDJWHDXIJHEUDFKW ³:DVKDEHQ6LHGDPLW]XVFKDIIHQ":DV6LHWDWHQLVWRIIHQHU%HWUXJ´ 'HU$UNRQLGHVFKWWHOWHGHQ.RSI$XI VHLQHPKDUWHQ *HVLFKWHUVFKLHQGLH6SXU HLQHV/lFKHOQV ³,FKERWGHU2SSRVLWLRQGDV*HOGXQWHUVHKUH[DNWJHIDWHQ%HGLQJXQJHQXQGPLW HLQLJHQ$XIODJHQDQ´VDJWHHUUXKLJDEHULQHLQHPHQGJOWLJHQ7RQIDOO ³6RZDUHV´EUXPPWH6KLOWHU ³'LHVH $XIODJHQ ZXUGHQ QLFKW HUIOOW 6LH EHJDQQHQ IUKHU ]X NlPSIHQ GLH 5HYROXWLRQEHGLHQWHVLFKGHU0HWKRGHQYRQ 0|UGHUQXQGDXHUGHPELQLFKPHKUPDOV EHWURJHQ ZRUGHQ ,Q]ZLVFKHQ EHVLW]H LFK DXFK %HZHLVH GDIU GD 3RLD +R\W GHU LP %DQQ ,KUHV YLHUWHQ 0DQQHV VWDQG $QVFKOlJH DXI GDV ZLUWVFKDIWOLFKH *HIJHGHV ,PSHULXPV XQWHUQRPPHQ KDW 'DV ZDUHQ PHLQH *UQGH GLH 6XPPH ]XUFN]X]LHKHQ 6LHZHUGHQGLHVH*UQGHHLQVHKHQPVVHQ´ 9LJHODQGV5HDNWLRQEHVFKUlQNWHVLFKDXIHLQ1LFNHQ $WODQGHXWHWHDXI.HQQRQXQG7HNHQHUXQGVDJWHPLWHUKREHQHU6WLPPH ³:DV GLHVH EHLGHQ 0lQQHU DQJHKW YHUZHQGH LFK PLFK DXV ]ZHL *UQGHQ PLW DOOHP1DFKGUXFNIUVLH (UVWHQVVLQGHV7HUUDQHUXQGDXVGLHVHP*UXQGVFKRQKDEHQVLHZlKUHQGHLQHV
'LHJURH5HYROXWLRQ
M
$WODQ
$XIVWDQGHVQLFKWVDXI(UWUXV]XVXFKHQ´ (LJHQWOLFKKDWHUYROONRPPHQUHFKWGDFKWH.HQQRQ 'DVKlWWHLKPDXFKVFKRQHLQSDDU7DJHIUKHUHLQIDOOHQN|QQHQGDQQZlUHQZLU QLFKWDXIGLHVHP3ODQHWHQJHODQGHWEHUOHJWHVLFK7HNHQHU ³=ZHLWHU *UXQG HV KDW VLFK LQ GHU 9HUJDQJHQKHLW PHKUPDOV JH]HLJW GD GLH 8QDEKlQJLJH +LOIVRUJDQLVDWLRQ IU %HGUlQJWH 9RUJlQJH YRQ JURHU DXHQSROLWLVFKHU 7UDJZHLWHPLWHUOHEWHXQGPLWWHQLQLKQHQZLUNWH%LVKHULVWPLU²XQGLFKKDEHLPPHUKLQ HLQHQQLFKWJHUDGHNOHLQHQ$SSDUDWQLFKWHLQHLQ]LJHVPDOHLQH,QGLVNUHWLRQDXIJHIDOOHQ .HQQRQXQG7HNHQHUVFKZHLJHQ6LHVLQGGLVNUHWZHLO'LVNUHWLRQGLH%DVLVLKUHV WHXUHQ %HWULHEHV LVW 6LH YHUVWHKHQ ]X VFKZHLJHQ .HLQHU HUIlKUW HWZDV YRP DQGHUHQ 8QG ]XOHW]W ZR]X N|QQHQ 6LH GLH EHLGHQ 0lQQHU MHW]W QRFK EHUKDXSW EUDXFKHQ" 6LH ZHUGHQ IURK VHLQ QDFK LKUHP =HKQ3UR]HQW(UOHEQLV GHQ 3ODQHWHQ KHLO YHUODVVHQ ]X GUIHQ :HLVHQ6LHVLHDXV-HVFKQHOOHUGHVWREHVVHU´ 7HNHQHUNORSIWHDXIVHLQH%UXVWWDVFKHXQGPHLQWHDFKVHO]XFNHQG ³,FK ELQ UHLVHIHUWLJ =DKQEUVWH +XVWHQVDIW²DOOHV HLQJHSDFNW 0LW QLFKWV JHNRPPHQ YLHO JHSUJHOW ZRUGHQ PLW OHHUHQ 7DVFKHQ ZLHGHU DEIOLHJHQ (LQ ELWWHUHV (UOHEQLV´ $WODQJULQVWHNKOXQGHUZLGHUWH ³:lUHQ6LHQLFKWVREHVHVVHQKLQWHUGHQ]HKQ3UR]HQWKHUJHZHVHQZlUH,KQHQ GLHVQLFKWSDVVLHUW´ .DOWEOWLJJDE.HQQRQ]XU$QWZRUW ³+LHH PHLQ 9DWHU $WODQ ZlUH LFK HLQ UHLFKHU 6RKQ XQG PWH PLU NHLQH *HGDQNHQXPPHLQHQ/HEHQVXQWHUKDOWPDFKHQ´ 9LJHODQGQLFNWHXQGVDJWH ³:LUZHUGHQGLH$QJHOHJHQKHLWZRKOZROOHQGSUIHQ´ ³6LH VROOHQ GLH $QJHOHJHQKHLW QLFKW SUIHQ VRQGHUQ GLHVH EHLGHQ JHOGJLHULJHQ .HUOH DXV GHP +DXV MDJHQ´ HPSIDKO GHU $UNRQLGH ODXW ³,FK VFKDOWH DE²XQG ,KQHQ .HQQRQXQG7HNHQHUJHEHLFKGHQIUHXQGVFKDIWOLFKHQ5DW ³.RPPHQ6LHPLULP/DXIGLHVHV-DKUKXQGHUWVQLFKWPHKUXQWHUGLH$XJHQ´ .HQQRQOlFKHOWHNXU]XQGVDJWH ³:LUZHUGHQXQVEHPKHQ:HQQZLUXQVWUHIIHQGDQQK|FKVWHQVGXUFK=XIDOO´ ³2GHU ZHQQ HV ZLHGHU HLQPDO IQIXQG]ZDQ]LJ 0LOOLDUGHQ ]X YHUGLHQHQ JLEW´ VFKOR7HNHQHUYROOHU%LWWHUNHLW 'HU%LOGVFKLUPZXUGHOHHU 9LJHODQGXQG6KLOWHUWDXVFKWHQHLQHQVFKQHOOHQ%OLFN ³.PPHUQ 6LH VLFK XP GHQ $EWUDQVSRUW GHU EHLGHQ +HOGHQ )UDVFDWL"´ VDJWH 9LJHODQG(UVDKSO|W]OLFKlOWHUXQGYHUIDOOHQDXV,QVHLQHP*HVLFKWZDU5HVLJQDWLRQ]X OHVHQ9HUPXWOLFKZUGHHUQRFKLQ-DKU]HKQWHQYRQHLQHUVROFKHQ6XPPHWUlXPHQGLH SUDNWLVFK ]XP *UHLIHQ QDK YRU LKP JHOHJHQ KDWWH 'DQQ ZUGH HU NHXFKHQG XQG VFKZHLJHEDGHWDXIIDKUHQXQGZLVVHQGDHVHLQ7UDXPZDU ³-D,FKODVVHVLH]XLKUHP6FKLIIEULQJHQ´VDJWH7HUVHU)UDVFDWL³.RPPHQ6LH PHLQH+HUUHQ:LUVLQGDOOH9HUOLHUHU´ 6LHYHUOLHHQGHQ5DXP 2EZRKO 7HNHQHU XQG .HQQRQ QLFKW JDQ] VHLQHU 0HLQXQJ ZDUHQ PXWHQ VLH ]XJHEHQGDDQVHLQHQ:RUWHQHWZDV:DKUHVZDU'HU3ODQHWKDWWHYHUORUHQ8QGHV
'LHJURH5HYROXWLRQ
M
$WODQ
JDEDXHUGHQ+DXSWDNWHXUHQQRFKYLHOHDQGHUHGLHQRFKPHKUYHUORUHQKDWWHQ 'DV/HEHQ9LHOHKDWWHQHVYHUORUHQ9LHOH8QVFKXOGLJHZDUHQGDUXQWHU 'HU*OHLWHUVHW]WH]XU/DQGXQJDQ -HW]W ZHL LFK DXFK ZLH HLQHP 6FKLIIEUFKLJHQ GHU PLW OHW]WHU .UDIW DXV GHU %UDQGXQJ NULHFKW GDV KHLPDWOLFKH 8IHU YRUNRPPW GDFKWH 7HNHQHU PLW XQHQGOLFKHU (UOHLFKWHUXQJ 6R ZLH XQV GHU $QEOLFN GHU YHUVFKORVVHQHQ XQG XQ]HUVW|UWHQ +$33< '$< 'HU 3LORW KDWWH VLFK GXUFK VlPWOLFKH $EVSHUUXQJHQ XQG .RQWUROOHQ JHVFKOlQJHOW XQGMHW]WODQGHWHHUGLFKWQHEHQGHP(LQVWLHJGHUNOHLQHQ-DFKW (UGUHKWHVLFKKDOEKHUXPXQGGUFNWHHLQHQ6FKDOWHU ³3LORW 7HU]HJ +DQWHU XQG VHLQH 0DQQVFKDIW GDQNHQ IU ,KUH $QZHVHQKHLW DQ %RUG´ VDJWH HU ZlKUHQG GLH 6FKOHXVH DXIUROOWH XQG VLFK GHU $XVVWLHJ QDFK XQWHQ NODSSWH³:LUKRIIHQ6LHKDWWHQHLQHQJXWHQ)OXJXQGZLUGUIHQ6LHEDOGZLHGHUEHLXQV DQ%RUGEHJUHQ$QJHQHKPH:HLWHUUHLVHYRP5DXPKDIHQ%DUHWXV'DQNH´ 7HNHQHU VWDQG DXI XQG JLQJ LQ GLH .QLH ZHLO LP VHOEHQ $XJHQEOLFN GHU YHUGDPPWH0LNURJUDYLWDWRUZLHGHUDXVVHW]WHGLHVPDOIUJDQ]HGUHL6HNXQGHQ ³:HQQ6LHQLFKWNUlIWLJHUZlUHQDOVLFK´VDJWHHUJULPPLJ³ZUGHLFK,KQHQ,KUHQ IDPRVHQ.DPPXPKXQGHUWDFKW]LJ*UDGKHUXPGUHKHQ:LHNRPLVFKPHLQHQ6LHVlKH GDVDXV"´ 'HU3LORWODFKWHNXU]XQGOLHGLH0DVFKLQHQDXIKHXOHQ .HQQRQVDJWH ³'DQNHIUGHQ)OXJ8QGZHQQHLQPDOGLH0LOLWlUUHJLHUXQJQLFKWPHKUZHLZLH PDQ QRUPDOH %UJHU YHUZDOWHW ZHQGHQ 6LH VLFK HLQIDFK DQ XQV :LU YHUPLWWHOQ GDQQ HYHQWXHOOVRJDUULFKWLJH3ROLWLNHU$XI:LHGHUVHKHQ´ 6LH YHUOLHHQ GHQ *OHLWHU XQG WUDWHQ DXI GHQ %RGHQ GHV 3ODQHWHQ /DQJVDP JLQJHQ VLH KLQEHU ]XU +$33< '$< XQG |IIQHWHQ GLH 6FKOHXVH (UOHLFKWHUW VDKHQ VLH ZLHVLFKGLH5DPSHKHUDXVVFKRE ³1LH ZLHGHU (UWUXV´ VDJWH 7HNHQHU XQG IUHXWH VLFK DXI GHQ 0RPHQW ZR HU GLH QRUPDOH /XIW GHU .DELQHQYHUVRUJXQJ DWPHQ NRQQWH QLFKW GLHVHQ NRPSULPLHUWHQ 6WLFNVWRIIQHEHO ³1LHZLHGHU´YHUVLFKHUWH.HQQRQ 6LH EHWUDWHQ GDV 6FKLII XQG PDFKWHQ HV VWDUWNODU 'LH 6WDUWHUODXEQLV NDP DXJHQEOLFNOLFK QDFKGHP VLH GHQ 7RZHU DQJHUXIHQ KDWWHQ *OHLFK]HLWLJ JLQJ HLQH 'XUFKVDJHDQDOOH6FKLIIHKLQDXVVLHVROOWHQGLHNOHLQH-DFKWXQEHKHOOLJWVWDUWHQODVVHQ :lKUHQG .HQQRQ GDV 6FKLII VWDUWHWH ]RJ VLFK 7HNHQHU DXV VFKDOWHWH GHQ 0LNURJUDYLWDWRU DXV XQG OHJWH LKQ VRUJIlOWLJ LQ HLQ )DFK 'DQQ ]QGHWH HU VLFK HLQH =LJDUHWWH DQ XQG JR VLFK HLQ *ODV &RJQDF HLQ $XI GHQ HLQJHVFKDOWHWHQ %LOGVFKLUPHQ VHLQHU JXW DXVJHVWDWWHWHQ .DELQH VDK HU GLH $QVLFKW GHV 5DXPKDIHQV HLQH ODXIHQGH 1DFKULFKWHQVHQGXQJRKQH7RQXQGHLQHQ%OLFNLQGHQ6WHXHUUDXP 3O|W]OLFKVWXW]WHHU (U JULII LQ GLH IDVW JlQ]OLFK UXLQLHUWH -DFNH GLH HLQ NOHLQHV 9HUP|JHQ JHNRVWHW KDWWH ]RJ GDV )OlVFKFKHQ KHUYRU XQG HQWIHUQWH GHQ 9HUVFKOX 1RFK HLQ HLQ]LJHU 6FKOXFNGHV+XVWHQVDIWHVZDUGDULQXQGHUWUDQNLKQPLWJURHP*HQX'DQQZDUIHU
'LHJURH5HYROXWLRQ
M
$WODQ
GLH)ODVFKHLQGHQ$EIDOOYHUQLFKWHU 6FKOLHOLFKVWDQGHUDXIXQGVFKDOWHWHGHQ7RQGHU1DFKULFKWHQVHQGXQJHLQ ³ K|UHQ XQG VHKHQ 6LH HLQH 7HOHYLVLRQVVHQGXQJ GHV 3ODQHWHQ (UWUXV $OOH 6HQGHUVLQGDQJHVFKORVVHQ:LUVHQGHQHLQ6\QFKURQSURJUDPP ,Q GHU :LHGHUKROXQJ EULQJHQ ZLU ,KQHQ LQ HLQHU +DOEVWXQGHQVHQGXQJ HLQH =XVDPPHQIDVVXQJGHUOHW]WHQ(UHLJQLVVH´ 7HNHQHU VFKDOWHWH HLQH /HLWXQJ LQ GHQ 6WHXHUUDXP .HQQRQ EHGDQNWH VLFK XQG VLHVDKHQLQJHWUHQQWHQ5lXPHQGLH6HQGXQJDQ 6LH ZDU YRQ YRUQ ELV ]XP 6FKOX HLQH DXHURUGHQWOLFK JHVFKLFNWH 0LVFKXQJ ]ZLVFKHQ)DNWHQXQG+DOEZDKUKHLWHQ]ZLVFKHQ0HOGXQJHQXQG9RUJlQJHQGLHGXUFK :HJODVVXQJ YHUVWPPHOW XQG HQWVWHOOW ZXUGHQ 6FKOLHOLFK ZXUGH GHU 7RG GHV *XORUW XQG GHU YHUEUHFKHULVFKHQ $EJHRUGQHWHQ&OLTXH EHNDQQWJHJHEHQ XQG GLH 0LOLWlUUHJLHUXQJSURNODPLHUW 'HU6SUHFKHUVDJWHODXW ³ QHKPHQ 1RV 9LJHODQG 5XQHPH 6KLOWHU XQG 7HUVHU )UDVFDWL GLH YRUOlXILJHQ 6SLW]HQSRVLWLRQHQHLQ 6REDOG VLFK GLH 9HUKlOWQLVVH JHNOlUW KDEHQ ZHUGHQ GHPRNUDWLVFKH :DKOHQ DEJHKDOWHQ HLQ 1RYXP LQ GHU MQJVWHQ *HVFKLFKWH GHV 3ODQHWHQ (UWUXV XQG GHU DQGHUHQ:HOWHQGHV.UHLW6\VWHPV 0LW GLHVHU %HNDQQWPDFKXQJ VFKOLHHQ ZLU XQVHU 1DFKULFKWHQVWXGLR XQG PHOGHQ XQVZLHGHULQ]ZHL6WXQGHQ´ 7HN EHWlWLJWH GHQ 6FKDOWHU GHU )HUQVWHXHUXQJ XQG GDV %LOG YHUVFKZDQG 'DV 6FKLIIUDVWHGXUFKGHQ:HOWUDXP7HNQDKPGHQ&RJQDFVFKZHQNHUXQGVHLQH=LJDUHWWH XQG JLQJ GXUFK GLH JXWH /XIW GHUHQ 'UXFN QXU HLQH $WPRVSKlUH EHWUXJ XQG LQ HLQHU =RQHYRQHLQHPNQVWOLFKHQJLQGLH6WHXHUNDQ]HO *HUDGHSURJUDPPLHUWH.HQGDV=LHO6DWLVI\ ³,FK NDQQ PLFK HLQHV K|FKVW XQJXWHQ *HIKOHV QLFKW HUZHKUHQ´ VDJWH 7HNHQHU XQGVHW]WHVLFKOlVVLJLQGHQ.RSLORWHQVHVVHO ³,FKDXFKQLFKW7HN´SIOLFKWHWHLKP.HQQRQEHL ³8QG ]ZDU DXV IROJHQGHP *UXQG²ELWWH EHULFKWLJH PLFK IDOOV LFK ,QIRUPDWLRQHQ IDOVFKYHUZHQGH :LUKDEHQGLH6FKXOGLJHQDQGHQ$WWHQWDWHQDXI7HUUDXQGGDV,PSHULXP1DWKDQ XQG VR ZHLWHU KHUDXVJHIXQGHQ 'HU EHUKPWHQ µJHUHFKWHQ 6WUDIH¶ NDQQ GHU 6FKXOGLJH QXQ OHLGHU QLFKW PHKU ]XJHIKUW ZHUGHQ DEHU GLH 6DERWDJH LVW HQGJOWLJ XQWHUEXQGHQ 'DVLVWDOV(UIROJ]XZHUWHQ $EHU ZDV GLH /DJH DXI (UWUXV EHWULIIW VHKH LFK VHKU GVWHUH =HLWHQ KHUDXINRPPHQ´ .HQQRQ]XFNWHPLWGHQ6FKXOWHUQ ³(UWUXVGHQ(UWUXVHUQ´VDJWHHUOlFKHOQG³1LHZLHGHU(UWUXV´ ³'DVVFKRQ$EHU$WODQZLUGJULPPLJH*HGDQNHQKDEHQ(UKDW]ZDULUJHQGZLH PLWJHKROIHQHLQHQEOHQ'LNWDWRUDE]XVFKDIIHQXQGHLQHQRFKEOHUH'LNWDWXUDEHUVLQG 6KLOWHU)UDVFDWLXQG9LJHODQGHLQHVDXEHUH$OWHUQDWLYH"´ ³1HLQ´VDJWH.HQQRQ ³6LHKVWGXGDVPHLQHLFK'LH8QLWHG6WDUV2UJDQLVDWLRQKDWLQGLHVHP)DOOGHQ %RFN]XP*lUWQHUJHPDFKW8QGGDVZLUGXQVDOOHQQRFKOHLGWXQ´ ³$EHUZLUN|QQHQQLFKWVGDUDQDQGHUQ´
'LHJURH5HYROXWLRQ
M
$WODQ
5RQDOG7HNHQHUURFKDQVHLQHP&RJQDF (UVDKDXIGLH6FKLUPHGHU3DQRUDPDJDOHULHXQGGRUWHUEOLFNWHHUGLH6WHUQH6LH VWDQGHQ VWDUU XQG OHXFKWHQG LQ GHU 6FKZlU]H GHV $OOV 'LH 6RQQH .UHLW YHUVDQN ODQJVDPLQGHPDQRQ\PHQ*HZLPPHOZXUGHHLQ6WHUQXQWHU0LOOLDUGHQDQGHUHQ .HQQRQIUDJWHOHLVHXQGEHVRUJW ³:LHIKOVWGXGLFK7HN"´ 7HNHQHUOHJWHVHLQH+DQGXPGHQ=HOODNWLYDWRU ³=LHPOLFK VFKOHFKW´ VDJWH HU ³'LH )ROJHQ GLHVHU 7RUWXU VLQG QRFK ODQJH QLFKW YRUEHL -HW]W NRPPW GLH 5HDNWLRQ ,FK ZHUGH PLFK HLQHP VHKU VRUJVDP DEJHVWXIWHQ 3URJUDPPXQWHUZHUIHQ´ ³7X GDV´ EDW .HQQRQ ³DEHU OHLVWH PLU QRFK VR ODQJH *HVHOOVFKDIW ELV GHU .XUV VWHKWXQGGLH-DFKWLP/LQHDUUDXPLVW´ 7HNHQHUEHWUDFKWHWHGHQ3HJHOLQVHLQHP*ODVXQGEHPHUNWHJULQVHQG ³,FKOHLVWHGLU*HVHOOVFKDIWELVGLHVHV*ODVOHHULVW´ ³(LQYHUVWDQGHQ´ 6LHVDHQGDXQGZDUWHWHQ 9RQ=HLW]X=HLWQLSSWH7HNHQHUDQGHP&RJQDFXQGIKOWHODQJVDPZLHVLFKLQ VHLQHP .|USHU HLQH ZRKOLJH :lUPH DXVEUHLWHWH (U JHQR GLHVH KDOEH 6WXQGH YROOHU 5XKH XQG )ULHGHQ 6LH KLQWHUOLHHQ HLQHQ 3ODQHWHQ HLQ 6RQQHQV\VWHP GHVVHQ LQQHUH $QJHOHJHQKHLWHQ]LHPOLFKYHUZRUUHQVFKLHQHQ 6LHZXWHQGDELQQHQNXU]HU=HLWDXIVLHQHXH$XIJDEHQ]XNRPPHQZUGHQ (1'( /HVHQ6LHLQ7DJHQ$7/$11UPLWGHP7LWHO
3ODQHWGHUhEHUIOVVLJHQ
YRQ.XUW0DKU 6LHNDSHUQHLQ6FKODFKWVFKLII²XQGYHUODVVHQGDV3DUDGLHVGHU$OWHQ