JACEK CZARECKI
'\OHPDW\ILQDQVRZDQLDGXĪ\FKSURMHNWyZLQIUDVWUXNWXUDOQ\FK
...
QDSU]\NáDG]LHLQZHVW\FMLUHDOL]RZDQHM
ZUDPDFK3URJUDPX2SHUDF\MQHJR,QIUDVWUXNWXUD
LĝURGRZLVNR)XQGXV]X6SyMQRĞFL8QLL(XURSHMVNLHM
7KHGLOHPPDVRIILQDQFLQJWKHPDMRULQIUDVWUXFWXUHSURMHFWVE\WKHLQYHVWPHQWLPSOHPHQWHG XQGHUWKH,QIUDVWUXFWXUHDQG(QYLURQPHQW3URJUDPPH&RKHVLRQ)XQGRI(XURSHDQ8QLRQ 6áRZDNOXF]RZH ILQDQVRZDQLHSURMHNW\LQIUDVWUXNWXUDOQH3URJUDP2SHUDF\MQ\,QIUDVWUXNWXUDLĝUR-GRZLVNR .H\ZRUGV ILQDQFLQJLQIUDVWUXFWXUH3URMHFWV,QIUDVWUXFWXUHDQG(QYLURQPHQW3URJUDPPH&RKHVLRQ)XQG :VWĊS :URNX8QLD(XURSHMVNDZUDPDFK)XQGXV]X6SyMQRĞFLSU]\]QDáDSU]HG-VLĊELRUVWZX03:L.6S]RRZ/XEOLQLHGRILQDQVRZDQLHZZ\VRNRĞFL POQ ]á WM NRV]WyZ FDáNRZLW\FK QD UHDOL]DFMĊ 3URMHNWX Ä5R]EXGRZD L PRGHUQL-]DFMDV\VWHPX]DRSDWU]HQLDZZRGĊLRGSURZDG]DQLDĞFLHNyZZ/XEOLQLH´&HOHP SURMHNWXMHVWXSRU]ąGNRZDQLHJRVSRGDUNLZRGQRĞFLHNRZHMQDWHUHQLHJPLQ\/XEOLQ XWU]\PDQLHRGSRZLHGQLHMMDNRĞFLLLORĞFLGRVWDZZRG\SLWQHMXVXQLĊFLH]DQLHF]\V]-F]HĔZyGJUXQWRZ\FKLSRZLHU]FKQLRZ\FK]DSRPRFąLQG\ZLGXDOQ\FK]ELRUQLNyZ EH]RGSá\ZRZ\FK]PQLHMV]HQLHXMHPQHJRZSá\ZXIXQNFMRQRZDQLDV\VWHPXNDQD-OL]DF\MQHJRQDZRG\SRG]LHPQHDWDNĪHSRSUDZLHQLHIXQNFMRQRZDQLDRF]\V]F]DOQL ĞFLHNyZÄ+DMGyZ´]ZLĊNV]HQLHVNXWHF]QRĞFLG]LDáDQLDV\VWHPXZRGQRĞFLHNRZHJR ZJPLQLHVW\PXODFMDJRVSRGDUF]HJRUR]ZRMX/XEOLQDRUD]RNROLF3URMHNW]DNáDGDUMCS
JACEK CZARECKI
EXGRZĊ L PRGHUQL]DFMĊ V\VWHPX NDQDOL]DFML VDQLWDUQHM R GáXJRĞFL SRQDG NP EXGRZĊLPRGHUQL]DFMĊVLHFLZRGRFLąJRZ\FKRGáXJRĞFLSRQDGNPPRGHUQL]D-FMĊRF]\V]F]DOQLĞFLHNyZÄ+DMGyZ´LVWDFMLZRGRFLąJRZHMÄ=HPERU]\FND´3URMHNW VNáDGD VLĊ ] NRQWUDNWyZ XVáXJRZ\FK RSUDFRZDQLH GRNXPHQWDFML SURMHNWRZHM LSU]HWDUJRZHMSURPRFMDSURMHNWXSRPRFWHFKQLF]QDLQĪ\QLHURZLHNRQWUDNWX RUD] NRQWUDNWyZEXGRZODQ\FK GRW\F]ąF\FKLQZHVW\FMLNXEDWXURZ\FKLZNZHVWLL LQZHVW\FMLVLHFLRZ\FK 3ODQRZDQDGDWD]DNRĔF]HQLDSURMHNWXWRZU]HVLHĔURNX 8]\VNDQLH GRILQDQVRZDQLD SURMHNWX Z WDN ]QDF]ąFHM Z\VRNRĞFL MHVW QLHZąWSOLZLH VXNFHVHP 3RMDZLD VLĊ MHGQDN NOXF]RZH S\WDQLH R WR MDNLH EĊGą SR]RVWDáH ĨUyGáD ILQDQVRZDQLDWHJRSU]HGVLĊZ]LĊFLDDWDNĪHV]HUHJXLQQ\FKLQZHVW\FMLZ\QLNDMąF\FK ]SODQXZLHOROHWQLHJRGRNWyU\FKSU]HSURZDG]HQLD]RERZLą]DQDMHVWVSyáNDZĞZLHWOH DNWXDOQHMV\WXDFMLHNRQRPLF]QRSROLW\F]QHMJPLQ\/XEOLQ&KRG]LERZLHPRNZRWĊ SRQDGPOQ]áZF]WHUROHWQLHMSHUVSHNW\ZLHF]DVRZHM1LQLHMV]\DUW\NXáVWDQRZL SUyEĊ XND]DQLD ]áRĪRQRĞFL SUREOHPyZ GRW\F]ąF\FK GRERUX ĨUyGHá ILQDQVRZDQLD ]MDNLPLERU\NDMąVLĊEHQHILFMHQFLNRU]\VWDMąF\]HĞURGNyZ8QLL(XURSHMVNLHMZW\P SU]\SDGNXZUDPDFK3URJUDPX2SHUDF\MQHJR,QIUDVWUXNWXUDLĝURGRZLVNR ,VWRWD3URJUDPX2SHUDF\MQHJR,QIUDVWUXNWXUDLĝURGRZLVNR JUXGQLDURNX.RPLVMD(XURSHMVND]DWZLHUG]LáD3URJUDP,QIUDVWUXNWXUD LĝURGRZLVNR 32,Lĝ QDODWD±-HVWWRQDMZLĊNV]\ZXMĊFLXZDUWRĞFLRZ\P SURJUDPZKLVWRULL8QLL(XURSHMVNLHMàąF]QDZLHONRĞüĞURGNyZILQDQVRZ\FK]DDQ-JDĪRZDQ\FKZMHJRUHDOL]DFMĊZ\QRVLPOGHXUR]F]HJRZNáDGXQLMQ\WR POGHXUR FRVWDQRZLRNSURFFDáRĞFLĞURGNyZSROLW\NLVSyMQRĞFLZ3ROVFH ]DĞ NUDMRZ\± POGHXUR&HOHPSURJUDPXMHVWSRSUDZDDWUDNF\MQRĞFLLQZHVW\F\MQHM 3ROVNLLMHMUHJLRQyZSRSU]H]UR]ZyMLQIUDVWUXNWXU\WHFKQLF]QHMSU]\UyZQRF]HVQHM RFKURQLHLSRSUDZLHVWDQXĞURGRZLVND]GURZLD]DFKRZDQLXWRĪVDPRĞFLNXOWXURZHM LUR]ZLMDQLXVSyMQRĞFLWHU\WRULDOQHM:UDPDFKSURJUDPXUHDOL]RZDQHVąGXĪHLQZH-VW\FMHLQIUDVWUXNWXUDOQH3RG]LDáĞURGNyZ8(GRVWĊSQ\FKZUDPDFK32,LĝPLĊG]\ SRV]F]HJyOQHVHNWRU\MHVWQDVWĊSXMąF\ • WUDQVSRUW± POGHXUR • RFKURQDĞURGRZLVND±POGHXUR • HQHUJHW\ND±POGHXUR • V]NROQLFWZRZ\ĪV]H±POQHXUR • NXOWXUDLG]LHG]LFWZRQDURGRZH±POQHXUR • RFKURQD]GURZLD± POQHXUR =JRGQLH]ZHUVMą32,Lĝ]JUXGQLDURNXKWWS ZZZSRLVJRYSO:VWHS'R)XQGXV]\(XURSHMVNLFK 6WURQ\RBSRLVDVS[ KWWS ZZZSRLVJRYSO:VWHS'R)XQGXV]\(XURSHMVNLFK6WURQ\RBSRLVDVS[
UMCS
'</(0$7<),1$162:$1,$'8ĩ<&+352-(.7Ï:,1)5$6758.785$/1<&+ :UDPDFKSURJUDPXUHDOL]RZDQ\FKMHVWSULRU\WHWyZZW\PR]QDF]RQ\MDNR QU,SULRU\WHW±JRVSRGDUNDZRGQRĞFLHNRZDRZDUWRĞFLPOGHXUR ZW\PPOG HXUR])6 *áyZQ\PFHOHPSULRU\WHWX,MHVWZ\SRVDĪHQLHGRNRĔFDURNXDJORPH-UDFMLSRZ\ĪHMW\V5/0 UyZQRZDĪQDOLF]EDPLHV]NDĔFyZ ZV\VWHP\NDQDOL]DFML RUD] RF]\V]F]DOQLH ĞFLHNyZ ]JRGQLH ] Z\PRJDPL '\UHNW\Z\ 5DG\ (:* ZVSUDZLHRF]\V]F]DQLDĞFLHNyZNRPXQDOQ\FK3ULRU\WHWJRVSRGDUNDZRGQRĞFLHNRZD IXQNFMRQXMąF\ZUDPDFK3URJUDPX,QIUDVWUXNWXUDLĝURGRZLVNRVWDQRZLMHGQR]QD-U]ĊG]L ZVSyáILQDQVRZDQLD UHDOL]DFML .UDMRZHJR 3URJUDPX 2F]\V]F]DQLD ĝFLHNyZ .RPXQDOQ\FK .32ĝ. =JRGQLH]MHJR]DáRĪHQLDPL3ROVNDSRZLQQDZ\EXGRZDü UR]EXGRZDüOXE]PRGHUQL]RZDüRF]\V]F]DOQLHĞFLHNyZZDJORPHUDFMDFKSRZ\ĪHM W\V5/0:\PDJDQDMHVWUyZQLHĪUR]EXGRZDOXEPRGHUQL]DFMDVLHFLNDQDOL]DFML VDQLWDUQHM Z DJORPHUDFMDFK R áąF]QHM GáXJRĞFL RN W\V NP : SU]\SDGNX UHDOL]DFMLNRPSOHNVRZ\FKSURMHNWyZLVWQLHMHPRĪOLZRĞüZáąF]HQLDZSURMHNW]DGDĔ GRW\F]ąF\FK]DRSDWU]HQLDZZRGĊRUD]EXGRZ\NDQDOL]DFMLGHV]F]RZHM:UDPDFK SULRU\WHWXQLHSU]HZLGXMHVLĊERZLHPZVSLHUDQLDLQG\ZLGXDOQ\FKSURMHNWyZGRW\F]ąF\FK V\VWHPyZ]DRSDWU]HQLDZZRGĊOXEEXGRZ\NDQDOL]DFMLGHV]F]RZHM:SU]\SDGNX JG\EHQHILFMHQWEĊG]LHVLĊVWDUDáRX]\VNDQLHGRILQDQVRZDQLDQDEXGRZĊVLHFLZRGR-FLąJRZHMNRQLHF]QHMHVWDE\MHM]DNUHVVWDQRZLáMHG\QLHHOHPHQWX]XSHáQLDMąF\GOD FDáRĞFLSURMHNWX]RULHQWRZDQHJRJáyZQLHQDSRSUDZLĊV\WXDFMLĞFLHNRZHMQDGDQ\P WHUHQLH F]\OLQLHSU]HNUDF]Dá]DNUHVXU]HF]RZHJRSURMHNWX 4 ,VWRWDLURG]DMHILQDQVRZDQLDSU]HGVLĊELRUVWZ .DSLWDáMHVWQLH]EĊGQ\SU]HGVLĊELRUVWZXZWUDNFLHFDáHJRRNUHVXMHJRLVWQLHQLD 0DMąFQDXZDG]HF\NOĪ\FLDSRGPLRWXPRĪQDZ\RGUĊEQLüWU]\SRGVWDZRZHRNR-OLF]QRĞFLILQDQVRZDQLD SLHUZRWQHELHĪąFHMG]LDáDOQRĞFLRSHUDF\MQHMRUD]UR]ZRMRZH )LQDQVRZDQLHSLHUZRWQHZLąĪHVLĊ]]DáRĪHQLHPSU]HGVLĊELRUVWZDLSRWU]HEąVILQDQ-VRZDQLD SLHUZV]\FK RSHUDFML JRVSRGDUF]\FK WDNLFK MDN ]DNXS PDV]\Q L XU]ąG]HĔ F]\RSURJUDPRZDQLDNRPSXWHURZHJRħUyGáHPILQDQVRZDQLDVą]D]Z\F]DMNDSLWDá\ ZáDVQH ZQLHVLRQH SU]H] ZáDĞFLFLHOL SRGPLRWX )LQDQVRZDQLH ELHĪąFHM G]LDáDOQRĞFL RSHUDF\MQHMáąF]\VLĊ]]DSHZQLHQLHPSU]HGVLĊELRUVWZXSá\QQRĞFLILQDQVRZHMQLH-]EĊGQHM GOD FLąJáRĞFL SURZDG]HQLD SURFHVyZ JRVSRGDUF]\FK SU]H] ILUPĊ 'RSá\Z JRWyZNLX]\VNDQHM]HVSU]HGDĪ\SURGXNWyZRUD]ZáDĞFLZH]DU]ąG]DQLHQDOHĪQRĞFLDPL VNRUHORZDQH ] SR]LRPHP Z\PDJDQ\FK Z W\P F]DVLH Z\GDWNyZ SRZLQQ\ ]DJZD-UDQWRZDüXWU]\PDQLHSá\QQRĞFLSRGPLRWX%UDNPRĪOLZRĞFL]DSHZQLHQLDSá\QQRĞFL
SURZDG]LGRNRQLHF]QRĞFLVNRU]\VWDQLDSU]H]SU]HGVLĊELRUVWZR]GRGDWNRZ\FKĨUy- .32ĝ. MHVW GRNXPHQWHP U]ąGRZ\P PDMąF\P QD FHOX Z\SHáQLHQLH ]RERZLą]DĔ SU]\MĊW\FK SU]H]
3ROVNĊZWUDNWDFLHDNFHV\MQ\PZ]DNUHVLHZGUDĪDQLD'\UHNW\Z\5DG\ (:*3URJUDPWHQVWDQRZL SODQ G]LDáDĔ LQZHVW\F\MQ\FK Z FHOX RVLąJQLĊFLD SHáQHM ]JRGQRĞFL ] Z\PRJDPL G\UHNW\Z\ GR NRĔFD URNX=REKWWS ZZZSRLLVZIRVLJZRSROHSOLQIRUPDFMHRSURJUDPLHSULRU\WHWL
4 KWWS ZZZSRLLVZIRVLJZRSROHSOLQIRUPDFMHRSURJUDPLHSULRU\WHWL
JACEK CZARECKI GHáNDSLWDáRZ\FK=D]Z\F]DMV\WXDFMDWDNDPDPLHMVFHZNUyWNLPRNUHVLHVWąGWHĪ SRGPLRW\NRU]\VWDMąQDMF]ĊĞFLHM]HĨUyGHáNUyWNRRNUHVRZ\FK)LQDQVRZDQLHUR]ZRMX SU]HGVLĊELRUVWZD ILQDQVRZDQLHPSURFHVyZLQZHVW\F\MQ\FK ]ZLą]DQHMHVWQDWRPLDVW ]SRV]XNLZDQLHPUyĪQRURGQ\FKĨUyGHáNDSLWDáRZ\FKPDMąF\FK]DSHZQLüPRĪOLZRĞü GDOV]HJRUR]V]HU]DQLDG]LDáDOQRĞFLSRGPLRWX)LQDQVRZDQLHUR]ZRMRZHRSLHUDVLĊQD Z\NRU]\VWDQLXSRVLDGDQ\FKNDSLWDáyZZáDVQ\FKDOHSU]HGHZV]\VWNLPQDXPLHMĊWQ\P GRERU]HGáXJRWHUPLQRZ\FKĨUyGHáILQDQVRZDQLD]HZQĊWU]QHJRREFHJR 1DSURFHVILQDQVRZDQLDSRGPLRWXJRVSRGDUF]HJRPRĪQDVSRMU]Hü]ZLHOXSXQNWyZ ZLG]HQLDWZRU]ąFW\PVDP\PUyĪQRURGQHNU\WHULDNODV\ILNDFMLURG]DMyZILQDQVRZDQLD 1DMF]ĊĞFLHMSRMDZLDMąF\PVLĊZOLWHUDWXU]HLQDMZDĪQLHMV]\P]SHUVSHNW\Z\ZSá\ZX ĨUyGáDSR]\VNDQLDĞURGNyZQDV\WXDFMĊHNRQRPLF]QąSRGPLRWXNU\WHULXPSRG]LDáX NDSLWDáXMHVWMHJRZ\RGUĊEQLHQLHQDSRGVWDZLHSUDZDZáDVQRĞFLQDGZLHNDWHJRULH NDSLWDáZáDVQ\LREF\.DSLWDáZáDVQ\PRĪHSRFKRG]Lü]HĨUyGHá]HZQĊWU]Q\FKF]\OL ZQLHVLRQ\FKSU]H]GRW\FKF]DVRZ\FKZáDĞFLFLHOLOXEQRZ\FKXG]LDáRZFyZRUD]]H ĨUyGHáZHZQĊWU]Q\FK.DSLWDáREF\QDWRPLDVWWUDILDGRSRGPLRWXW\ONR]HĨUyGHá]H-ZQĊWU]Q\FK:W\PPLHMVFXQDOHĪ\SRGNUHĞOLüRGUĊEQRĞüNODV\ILNDFMLZHGáXJSUDZD ZáDVQRĞFLRGNU\WHULXPSRG]LDáXNDSLWDáXZHGáXJĨUyGáDMHJRSRFKRG]HQLDF]\OLRG SRG]LDáXQDNDSLWDá]HZQĊWU]Q\LZHZQĊWU]Q\3RMĊFLDĨUyGHáSURZHQLHQFMLNDSLWDáXQLH PRĪQDVWRVRZDü]DPLHQQLH]SRMĊFLHPĨUyGHáILQDQVRZDQLD3R]\VNLZDQLHNDSLWDáXGR SU]HGVLĊELRUVWZDMHVWWHUPLQHPZĊĪV]\PQLĪ]GRE\ZDQLH]DVREyZILQDQVRZ\FKQD SURZDG]HQLHG]LDáDOQRĞFLRSHUDF\MQHMSRGPLRWX6SRVRE\SR]\VNLZDQLDILQDQVRZDQLD SU]H]SRGPLRWJRVSRGDUF]\XZ]JOĊGQLDMąFHNU\WHULXPSUDZDZáDVQRĞFLLNU\WHULXP ĨUyGáDSRFKRG]HQLDĞURGNyZSLHQLĊĪQ\FK]RVWDá\SU]HGVWDZLRQHQDU\VXQNX FINANSOWANIE OBCE FINANSOWANIE PRZEZ UWALNIANIE KAPITAŁU RZECZOWEGO
KREDYTY UDZIAŁY TEZAURYZACJA SPRZEDAŻ FUNDUSZ
POŻYCZKI KAPITAŁOWE ZYSKU MAJĄTKU AMORTYZACYJNY
LEASING FAKTORING
DOTACJE PAPIERY DŁUŻNE
FINANSOWANIE WŁASNE
FINANSOWANIE ZEWNĘTRZNE FINANSOWANIE WEWNĘTRZNE
5\VXQHN3R]\VNLZDQLHILQDQVRZDQLDSU]H]SRGPLRW\JRVSRGDUF]H
ħUyGáR RSUDFRZDQLHZáDVQHQDSRGVWDZLH>àXF]NDV@
'</(0$7<),1$162:$1,$'8ĩ<&+352-(.7Ï:,1)5$6758.785$/1<&+ .DSLWDá\ZáDVQHZILQDQVRZDQLXSU]HGVLĊELRUVWZ .DSLWDáZáDVQ\ZSU]HGVLĊELRUVWZLHSRZLQLHQE\üSRZLĊNV]DQ\JáyZQLH]HĨUyGHá ZHZQĊWU]Q\FKSRFKRG]ąF\FK]VDPRILQDQVRZDQLDRNUHĞODQHJRWDNĪHMDNRQDGZ\ĪND ILQDQVRZD3RZVWDMHRQD]]\VNXQHWWRSR]RVWDMąFHJRGRG\VSR]\FMLSRGPLRWXRUD] DPRUW\]DFML:\VRNRĞüNDSLWDáXDPRUW\]DF\MQHJRZSU]HGVLĊELRUVWZLHMHVW]GHWHUPL-QRZDQDZDUWRĞFLąMHJRDNW\ZyZWUZDá\FKLPHWRGąNVLĊJRZąGRNRQ\ZDQLDRGSLVyZ ZFLĊĪDUIXQGXV]XDPRUW\]DF\MQHJR=\VNQHWWRJHQHURZDQ\SU]H]SRGPLRWVWDQRZL SRGVWDZRZHĨUyGáRMHJRILQDQVRZDQLD:\VRNRĞüRVLąJDQHJRSU]H]SU]HGVLĊELRUVWZR ]\VNX WR SU]HGH ZV]\VWNLP UH]XOWDW NV]WDáWRZDQLD VLĊ SU]\FKRGyZ ]H VSU]HGDĪ\ LNRV]WyZSURZDG]RQHMG]LDáDOQRĞFL:SU]HGVLĊELRUVWZLHNRPXQDOQ\PSURZDG]ąF\P G]LDáDOQRĞü Z LPLHQLX L QD ]OHFHQLH MHGQRVWNL VDPRU]ąGX WHU\WRULDOQHJR QD U]HF] RJyáXPLHV]NDĔFyZ]DPLHV]NDá\FKZGDQHMJPLQLHQLH]PLHUQLHZDĪQ\GHWHUPLQDQW RGG]LDáXMąF\QDSU]\FKRG\]HVSU]HGDĪ\VWDQRZLWDU\ID 7DU\IDMHVWWR]HVWDZLHQLHRJáRV]RQ\FKSXEOLF]QLHFHQLVWDZHNRSáDW]D]ELRURZH ]DRSDWU]HQLHZZRGĊL]ELRURZHRGSURZDG]DQLHĞFLHNyZRUD]ZDUXQNLLFKVWRVRZDQLD >8VWDZDR]ELRURZ\P«DUWS@7DU\IDVWDQRZLZLĊFV]F]HJyOQąIRUPĊ FHQQLNDQLHSRGOHJDMąFąSRQDGWRUHJXODFMRPOHĪąF\PZ]DNUHVLHNRPSHWHQFMLSUH]HVD 82.L.>5DNRF]\V@7DU\IDGODSRV]F]HJyOQ\FKJUXSRGELRUFyZ]DZLHUD PLQFHQĊ]DPGRVWDUF]RQHMZRG\FHQĊ]DPRGELHUDQ\FKĞFLHNyZVWDZNĊRSáDW\ DERQDPHQWRZHMQDRGELRUFĊVWDZNĊRSáDW\]DSU]HNURF]HQLHZDUXQNyZZSURZDG]DQLD ĞFLHNyZSU]HP\VáRZ\FKGRXU]ąG]HĔNDQDOL]DF\MQ\FKVWDZNĊRSáDW\]DSU]\áąF]HQLH GRXU]ąG]HĔZRGRFLąJRZRNDQDOL]DF\MQ\FKNWyU\PLG\VSRQXMąSU]HGVLĊELRUVWZD 7DU\IDPRĪHVNáDGDüVLĊW\ONR]FHQ\OXE]FHQ\LVWDZNLRSáDW\DERQDPHQWRZHM .DONXORZDQLHWDU\IRZ\FKFHQLVWDZHNRSáDWRGE\ZDVLĊSU]H]SRG]LHOHQLHSU]HZL-G\ZDQ\FKQLH]EĊGQ\FKURF]Q\FKSU]\FKRGyZ SRNU\ZDMąF\FKNRV]W\SURZDG]HQLD G]LDáDOQRĞFL UHPRQWyZ L LQZHVW\FML SU]H] SODQRZDQą URF]Qą OLF]EĊ RIHURZDQ\FK XVáXJ7DU\ID]D]ELRURZH]DRSDWU]HQLHZZRGĊL]ELRURZHRGSURZDG]DQLHĞFLHNyZ MHVW]D]Z\F]DMZ\]QDF]DQDQDMHGHQURN8VWDODVLĊMąQDSRGVWDZLHQLH]EĊGQ\FKSU]\-FKRGyZSODQRZDQ\FKQDURNRERZLą]\ZDQLDWDU\I\SRGRNRQDQLXLFKSU]\G]LHOHQLD QDSRV]F]HJyOQHJUXS\RGELRUFyZXVáXJ>8VWDZDR]ELRURZ\P«DUWXVW ±@3U]HGVLĊELRUVWZRZRGRFLąJRZHGRNRQXMHNDONXODFMLVWDZNLRSáDWQDSRGVWDZLH NRV]WyZWRZDU]\V]ąF\FKĞZLDGF]RQ\PXVáXJRPSRQLHVLRQ\FKZSRSU]HGQLPURNX NDOHQGDU]RZ\P]XZ]JOĊGQLHQLHP]PLDQXZDUXQNRZDĔHNRQRPLF]Q\FKRUD]OLF]E\ XVáXJLZDUXQNyZLFKUHDOL]DFMLNRV]WyZLQZHVW\FMLUR]ZRMXLPRGHUQL]DFMLXU]ąG]HĔ ZRGRFLąJRZ\FKLNDQDOL]DF\MQ\FKRUD]RFKURQ\ĞURGRZLVNDQDSRVWDZLHZLHOROHWQLHJR SODQX>5R]SRU]ąG]HQLH0LQLVWUD«XVW@ =QDF]ąFąQLHSUDZLGáRZRĞFLąWHJRV\VWHPXMHVWIDNWXZ]JOĊGQLDQLDZNDONXODFML WDU\I\NRV]WyZSRSU]HGQLHJRRNUHVXREURWRZHJRGRW\F]ąF\FK]GDU]HĔMHGQRUD]RZ\FK 3U]\NáDGHPPRJąE\üWXWDMZ\GDWNLUHPRQWRZHNWyUHZZ\VRNRĞFLZMDNLHM]RVWDá\ SRQLHVLRQHZURNXED]RZ\PWUDILąGRNDONXODFMLQRZHMWDU\I\
UMCS
JACEK CZARECKI
3U]\XVWDOHQLXQLH]EĊGQ\FKSU]\FKRGyZSU]HGVLĊELRUVWZRZRGRFLąJRZHXZ]JOĊG-QLD NRV]W\ HNVSORDWDFML L XWU]\PDQLD NRV]W\ ]DNXSLRQHM SU]H] VLHELH ZRG\ OXE ZSURZDG]DQLDĞFLHNyZGRXU]ąG]HĔNDQDOL]DF\MQ\FKQLHEĊGąF\FKZMHJRSRVLDGDQLX VSáDW\UDWNDSLWDáRZ\FKSRQDGZDUWRĞüDPRUW\]DFMLOXEXPRU]HQLDVSáDW\RGVHWHNRG ]DFLąJQLĊW\FK NUHG\WyZ L SRĪ\F]HN QDOHĪQRĞFL QLHXUHJXORZDQH RUD] PDUĪĊ ]\VNX >5R]SRU]ąG]HQLH0LQLVWUD«XVW@NWyUDVWDQRZLSRGVWDZĊGRZ\JH-QHURZDQLDSU]H]SRGPLRWRGSRZLHGQLHJR]\VNXQHWWRQLH]EĊGQHJRGRSURZDG]HQLD LQZHVW\FML
.RV]W\HNVSORDWDFMLLXWU]\PDQLDRNUHĞODQHVąQDED]LHNRV]WyZ]DNVLĊJRZDQ\FK QD SRV]F]HJyOQ\FK NRQWDFK NRV]WyZ EH]SRĞUHGQLFK DPRUW\]DFMD Z\QDJURG]HQLD LSRFKRGQHPDWHULDá\LHQHUJLDRSáDW\]DNRU]\VWDQLH]HĞURGRZLVNDSRGDWNLLRSáDW\ XVáXJL REFH RUD] SR]RVWDáH NRV]W\ GRW\F]ąF\FK ]ELRURZHJR ]DRSDWU]HQLD Z ZRGĊ L]ELRURZHJRRGSURZDG]DQLDĞFLHNyZRUD]NRV]WyZSRĞUHGQLFK F]ĊĞüNRV]WyZRJyO-QRZ\G]LDáRZ\FKLNRV]WyZG]LDáDOQRĞFLSRPRFQLF]HMRUD]F]ĊĞüNRV]WyZRJyOQHJR ]DU]ąGX Z\áDQLDMąF\FKVLĊ]NOXF]\SRG]LDáXNRV]WyZQDSRGVWDZRZHURG]DMHG]LD-áDOQRĞFL>%DNDODUF]\N*RU]HODQ\V±@ $PRUW\]DFMDMHVWNRV]WHPHNVSORDWDFMLLXWU]\PDQLDSU]HZLG\ZDQ\PQDSRGVWD-ZLHNRV]WyZSRSU]HGQLHJRURNXREURWRZHJR3RGPLRW\ZRGRFLąJRZHPRJąVWRVRZDü VWDZNLDPRUW\]DF\MQHZ\ĪV]HOXEQLĪV]HRGSRGDWNRZ\FKVWDZHNDPRUW\]DF\MQ\FK 2NUHĞOHQLHZ\VRNRĞFLVWDZNLGHWHUPLQXMąZDUXQNLZMDNLFKHNVSORDWRZDQHVąXĪ\W-NRZDQHĞURGNLWUZDáH8VWDODMąFQLH]EĊGQHSU]\FKRG\ZWDU\ILHELHU]HVLĊMHGQDN SRGXZDJĊZ\áąF]QLHDPRUW\]DFMĊELODQVRZąZHGáXJVWDZHNRERZLą]XMąF\FKQDURN RERZLą]\ZDQLDWDU\I\>%DNDODUF]\N*RU]HODQ\V@
8VáXJL REFH REHMPXMą PLQ Z\GDWNL QD ]DNXS ZRG\ OXEWDNĪH ZSURZDG]DQLH ĞFLHNyZGRXU]ąG]HĔQLHQDOHĪąF\FKGRSRGPLRWXNRV]W\UHPRQWyZZ\QDMPXVSU]ĊWX F]\QV]HLWS:QLH]EĊGQ\FKSU]\FKRGDFKXZ]JOĊGQLDVLĊWDNĪHRGVHWNLRGNUHG\WyZ LSRĪ\F]HNRUD]NRV]W\ILQDQVRZH]ZLą]DQH]LFKREVáXJąQSSURZL]MH 0DUĪD]\VNXSRZLQQDE\üZWDU\ILHNDONXORZDQD]DZV]HQLH]DOHĪQLHRGWHJRF]\ SU]HGVLĊELRUVWZRJHQHURZDáRZF]HĞQLHMVWUDWĊF]\]\VN6XJHUXMHVLĊSU]\MPRZDQLH ĞUHGQLHM]\VNRZQRĞFLSU]\FKRGXQDSR]LRPLHEUDQĪ\ZNWyUHMZ\QRVLRQDSRPLĊG]\ DSS0DUĪD]\VNXPRĪHE\üLQQDZSU]\SDGNX]DRSDWU]HQLDZZRGĊDLQQD Z UDPDFK RGSURZDG]DQLD ĞFLHNyZ : OLWHUDWXU]H SU]HGPLRWX GRPLQXMH SRJOąG LĪ SU]HGVLĊELRUVWZRZRGRFLąJRZHSRZLQQRJHQHURZDü]\VN]RE\GZXSURZDG]RQ\FK SU]H]VLHELHG]LDáDOQRĞFL:SUDNW\FHMHGQDNF]ĊVWRGRFKRG]LGRV\WXDFMLLĪW\ONR MHGQD]W\FKDNW\ZQRĞFLSU]\QRVL]\VNLSRPLPRVWUDW\QDGUXJLHMXGDMHVLĊZ\SUDFR-ZDüGRGDWQLZ\QLNG]LDáDOQRĞFLSRGVWDZRZHM5]HF]\ZLVWRĞüJRVSRGDUF]D]QDF]QLH RGELHJDMHGQDNRGWHRUHW\F]Q\FKUDPZ\]QDF]DQLDPDUĪ\]\VNX-HĪHOLZ]URVWRSáDW WDU\IRZ\FKRND]XMHVLĊ]E\WZ\VRNLDW\PVDP\PQLHDNFHSWRZDOQ\SU]H]ZáDG]H JPLQ\ PDUĪD ]\VNX ]RVWDMH REQLĪRQD QDZHW GR SS 7R QDMQLĪV]\ PRĪOLZ\ GR SU]\MĊFLDSR]LRP]HZ]JOĊGXQDIDNWLĪSRGPLRWMHVWVSyáNąNDSLWDáRZą=DáRĪHQLH QLĪV]HMZDUWRĞFLPRĪHZLĊFGRSURZDG]LüGRSRVWDZLHQLD]DU]XWXQLHJRVSRGDUQRĞFL ZSU]HGVLĊELRUVWZLH7DNXNV]WDáWRZDQDU]HF]\ZLVWRĞüEL]QHVRZDSURZDG]LZSURVWHM
'</(0$7<),1$162:$1,$'8ĩ<&+352-(.7Ï:,1)5$6758.785$/1<&+ OLQLLGREUDNXPRĪOLZRĞFLZ\JHQHURZDQLDSU]H]SRGPLRW]\VNXQHWWRZ\VWDUF]DMąFHJR QDSURZDG]HQLHG]LDáDOQRĞFLLQZHVW\F\MQHM:WDNLHMV\WXDFMLSR]RVWDMHSU]HGVLĊELRU-VWZXMHG\QLH]DGáXĪDQLHVLĊE\PyFVSURVWDüRF]HNLZDQLRPVSRáHF]HĔVWZDRGQRĞQLH GRUR]ZRMXLQIUDVWUXNWXU\ 'áXJRWHUPLQRZHĨUyGáDILQDQVRZDQLDREFHJR :DFKODU]GáXJRRNUHVRZ\FKLQVWUXPHQWyZILQDQVRZDQLDGRVWĊSQ\FKGODGXĪ\FK SU]HGVLĊELRUVWZ Z 3ROVFH MHVW GRĞü V]HURNL 1DMF]ĊĞFLHM Z\VWĊSXMąF\PL ĨUyGáDPL GáXJRWHUPLQRZHJRILQDQVRZDQLDREFHJRVą>6NRZURQHNV@ • EDQNRZHNUHG\W\GáXJRWHUPLQRZH • OHDVLQJ • REOLJDFMHNRUSRUDF\MQH • IUDQFKLVLQJ • GRWDFMHLVXEZHQFMH • ĞURGNL]IXQGXV]\SRPRFRZ\FK :U]HF]\ZLVWRĞFLJRVSRGDUF]HMEUDQĪ\ZRGQRNDQDOL]DF\MQHMZ3ROVFHSR]DZ\ĪHM Z\PLHQLRQ\PLLQVWUXPHQWDPLILQDQVRZ\PLSU]HGVLĊELRUVWZDVNRU]\VWDüPRJąWDNĪH] • SRĪ\F]NL]:RMHZyG]NLHJR)XQGXV]X2FKURQ\ĝURGRZLVNDL*RVSRGDUNL:RG-QHM±ILQDQVXMąFHMGRZDUWRĞFL]DGDQLDLQZHVW\F\MQHJRRSURFHQWRZDQHM QDSR]LRPLHSRPLĊG]\DVWRS\UHG\VNRQWDZHNVOLQLHPQLHMMHGQDNQLĪ SSZVNDOLURNXXG]LHODQHMQDRNUHVGRG]LHVLĊFLXODWNWyUDPRĪH]RVWDü XPRU]RQDZZ\VRNRĞFLGRNZRW\SRĪ\F]NL5 • NUHG\WX](XURSHMVNLHJR%DQNX,QZHVW\F\MQHJR±GHQRPLQRZDQHJRZHXUR ILQDQVXMąFHJRGRZDUWRĞFLSURMHNWXLQZHVW\F\MQHJR PLQLPDOQDZDUWRĞü NUHG\WX SU]\]QDZDQHJR SU]H] (%, Z\QRVL POQ HXUR RSURFHQWRZDQHJR QDSR]LRPLHGRSSZVNDOLURNXXG]LHODQHJRQDRNUHVGRGZXG]LHVWXODW ] NWyUHJR VNRU]\VWDQLH ZLąĪH VLĊ ] NRQLHF]QRĞFLą ]DWUXGQLHQLD GR REVáXJL NUHG\WXZ\VSHFMDOL]RZDQHMNDQFHODULLSUDZQHM6 Z\VRNLHNRV]W\GRGDWNRZH • HPLVMLREOLJDFMLSU]\FKRGRZ\FK±NWyU\FKLVWRWDRSLHUDVLĊQDVSáDFLHGáXJX ] SU]\FKRGyZ JHQHURZDQ\FK ] SU]HGVLĊZ]LĊFLD ILQDQVRZDQHJR GDQąHPLVMą ]RNUHVHP]DSDGDOQRĞFLQDZHWGRGZXG]LHVWXSLĊFLXODW ]DEH]SLHF]HQLHGáXJX VWDQRZLąW\ONRSURJQR]RZDQHSU]\FKRG\ILUP\]RSáDWWDU\IRZ\FK]DZRGĊ LĞFLHNL±LVWRWQąUROĊRGJU\ZDZLĊFZW\PSU]\SDGNXJPLQDEĊGąFDUHJXODWR-UHPWDU\I DNRV]WSR]\VNDQLDNDSLWDáXMHVWUHODW\ZQLHZ\VRNL]HZ]JOĊGXQD 5 =DVDG\XG]LHODQLDLXPDU]DQLDSRĪ\F]HNRUD]WU\EL]DVDG\XG]LHODQLDLUR]OLF]DQLDGRWDFML]HĞURGNyZ :)2ĝL*:Z/XEOLQLHKWWS ZZZZIRVOXEOLQSOELSLQGH[SKS"RSWLRQ FRPBFRQWHQW WDVN YLHZ LG ,WHPLG 6 :HZQĊWU]QHPDWHULDá\LQIRUPDF\MQH(XURSHMVNLHJR%DQNX,QZHVW\F\MQHJR
UMCS
JACEK CZARECKI
NRQLHF]QRĞüX]\VNDQLDUDWLQJXRGDJHQFMLUDWLQJRZHML]DWUXGQLHQLHGRREVáXJL HPLVMLGRUDGF\SUDZQHJR7
• GRILQDQVRZDQLD G]LDáDOQRĞFL RIHURZDQHM SU]H] 1DURGRZ\ )XQGXV] 2FKURQ\ ĝURGRZLVNDL*RVSRGDUNL:RGQHM±NWyUHRGE\ZDVLĊSRSU]H]XG]LHOHQLH – RSURFHQWRZDQ\FKSRĪ\F]HNZW\PSU]H]QDF]RQ\FKQD]DFKRZDQLHSá\QQRĞFL
ILQDQVRZHMSU]HGVLĊZ]LĊüILQDQVRZDQ\FK]HĞURGNyZ8QLL(XURSHMVNLHM – GRWDFMLZW\PGRSáDW\GRRSURFHQWRZDQLDNUHG\WyZEDQNRZ\FKGRNRQ\ZDQLD
F]ĊĞFLRZ\FKVSáDWNDSLWDáXNUHG\WyZEDQNRZ\FKGRSáDW\GRRSURFHQWRZDQLD OXE FHQ\ Z\NXSX REOLJDFML GRSáDW\ GR GHPRQWDĪX SRMD]GyZ Z\FRIDQ\FK ]HNVSORDWDFML
=DSUH]HQWRZDQHSRZ\ĪHMGáXJRWHUPLQRZHĨUyGáDILQDQVRZDQLDREFHJRVąSR]D GRWDFMDPL L VXEZHQFMDPL RGSáDWQH .RU]\VWDQLH ] QLFK Z SURFHVLH LQZHVW\F\MQ\P ZLąĪHVLĊZLĊFGODSU]HGVLĊELRUVWZD]NRQLHF]QRĞFLą]DSáDW\RGVHWHN:UDFKXQNRZRĞFL PRJąE\üRQHUR]SR]QDQHZGZRMDNLVSRVyE:WUDNFLHUHDOL]DFMLLQZHVW\FMLRGVHWNL SRZLĊNV]DMąZDUWRĞüĞURGNDWUZDáHJRDSU]H]WRZ]UDVWDMąNRV]W\DPRUW\]DFMLQDWR-PLDVWZFKZLOL]DNRĔF]HQLDSU]HGVLĊZ]LĊFLDLSU]\MĊFLDĞURGNDWUZDáHJR]EXGRZDQHJR ZSURFHVLHLQZHVW\F\MQ\PRGVHWNLVWDQRZLąNRV]W\ELHĪąFHJRRNUHVX:\VWĊSRZDQLH RE\GZXW\FKV\WXDFMLSURZDG]LMHGQDNGRWHJRVDPHJR2GVHWNLSRZLĊNV]DMąNRV]W\ SU]HGVLĊELRUVWZD D W\P VDP\P ZSá\ZDMą QD Z\VRNRĞü WDU\I\ 3RQDGWR V]\ENLH SU]\MĊFLH]UHDOL]RZDQHMLQZHVW\FMLQDPDMąWHNILUP\JHQHUXMHDXWRPDW\F]QLHNROHMQH NRV]W\REFLąĪDMąFHWDU\IĊERZLHPZUD]]SU]\MĊFLHPĞURGNDWUZDáHJRSRMDZLDVLĊ NRQLHF]QRĞüFRURF]QHJRRSáDFHQLDSRGDWNXRGQLHUXFKRPRĞFLNWyU\ZVNDOLSU]HG-VLĊELRUVWZLQIUDVWUXNWXUDOQ\FK LVWRWQDMHVWWXWDMGáXJRĞüVLHFL MHVWEDUG]RZ\VRNL 2GUĊEQ\WHPDW]ZLą]DQ\MHGQDN]NRU]\VWDQLHP]SRĪ\F]NRZ\FKĨUyGHáILQDQ-VRZDQLDVWDQRZLNZHVWLDLFK]DEH]SLHF]HQLD=HZ]JOĊGXQDIDNWLĪSU]HGVLĊELRUVWZD LQIUDVWUXNWXUDOQHSRVLDGDMąQDVZRLPPDMąWNXSU]HGHZV]\VWNLPVLHFLSU]HV\áRZHNWyUH EDUG]RWUXGQRE\áRE\HZHQWXDOQLHVSLHQLĊĪ\üNUHG\WRGDZF\QLH]E\WFKĊWQLHXVWDQDZLDMą QDQLFK]DVWDZMDNR]DEH]SLHF]HQLHVSáDW\GáXJX.DSLWDáRGDZF\VąQDWRPLDVW]DLQWHUH-VRZDQLXVWDQDZLDQLHP]DEH]SLHF]HQLDVZRLFKZLHU]\WHOQRĞFLDOERZIRUPLHSRUĊF]HQLD PDMąWNRZHJR]HVWURQ\ZáDĞFLFLHODSU]HGVLĊELRUVWZDF]\OLJPLQ\DOER]DZDUFLDW]Z XPRZ\ZVSDUFLD:W\PPLHMVFXSRMDZLDVLĊMHGQDNNROHMQ\SUREOHPJG\ĪJPLQ\QLH Vą]DLQWHUHVRZDQHXG]LHODQLHPSRUĊF]HĔVZRLPVSyáNRPSRQLHZDĪJZDUDQFMHWHJR W\SX]JRGQLH]8VWDZąRILQDQVDFKSXEOLF]Q\FKEH]SRĞUHGQLRRJUDQLF]DMąPRĪOL-ZRĞü]DGáXĪDQLDVLĊVDPHMJPLQ\8PRZDZVSDUFLD]NROHLSROHJDQDSU]\U]HF]HQLX ]HVWURQ\JPLQ\LĪZSU]\SDGNXQLHUHDOL]RZDQLDSU]H]SRGPLRWLQIUDVWUXNWXUDOQ\ VSáDW\UDWNUHG\WRZ\FKVDPRU]ąGGRNRQDGRNDSLWDOL]RZDQLDVSyáNLZSRVWDFLSRG- QLHVLHQLDNDSLWDáX]DNáDGRZHJRFRZNRQVHNZHQFMLWDNĪHSURZDG]LGR]PQLHMV]H-QLD SRWHQFMDáX SRĪ\F]NRZHJR JPLQ\ ] SRZRGX Z]URVWX Z\GDWNyZ EXGĪHWRZ\FK
7 6]HU]HMQDWHQWHPDW>2EOLJDFMHSU]\FKRGRZH«@
=DVDG\XG]LHODQLDGRILQDQVRZDQLD]HĞURGNyZ1DURGRZHJR)XQGXV]X2FKURQ\ĝURGRZLVNDL*RVSRGDUNL
:RGQHMKWWS ZZZQIRVLJZJRYSOVURGNLNUDMRZH]DVDG\GRILQDQVRZDQLD
'</(0$7<),1$162:$1,$'8ĩ<&+352-(.7Ï:,1)5$6758.785$/1<&+
=DNRĔF]HQLH
3U]HGVLĊELRUVWZRVDPRU]ąGRZHUHDOL]XMąFGXĪ\LQZHVW\F\MQ\SURMHNWLQIUDVWUXN-WXUDOQ\ PRĪH Z SUDNW\FH SR]\VNDü ĞURGNL SLHQLĊĪQH QD MHJR UHDOL]DFMĊ ]H ĨUyGHá ]HZQĊWU]Q\FK REF\FK OXE ZHZQĊWU]Q\FK 2F]\ZLĞFLH SURMHNW\ WDNLH NRU]\VWDMą ZSLHUZV]HMNROHMQRĞFL]HĞURGNyZSRPRFRZ\FKJáyZQLHIXQGXV]\8QLL(XURSHMVNLHM 'RILQDQVRZDQLHGXĪ\FKSU]HGVLĊZ]LĊüLQIUDVWUXNWXUDOQ\FKVLĊJDPDNV\PDOQLH FDáNRZLW\FKQDNáDGyZLQZHVW\F\MQ\FK:W\PPLHMVFXSRMDZLDVLĊS\WDQLHRĨUyGáR SRFKRG]HQLD SR]RVWDá\FK ]DVREyZ SLHQLĊĪQ\FK ILQDQVXMąF\FK SURMHNW 2GSRZLHGĨ ZLQQDE\üSURVWD3U]HGVLĊELRUVWZRZRGRFLąJRZHZ\JHQHUXMHRGSRZLHGQL]\VNQHWWR NWyU\ZUD]]DPRUW\]DFMąSRNU\MHEUDNXMąFH]DSRWU]HERZDQLHQDNDSLWDá2VLąJQLĊFLH WHJRFHOX]RVWDQLH]UHDOL]RZDQHSRSU]H]RGSRZLHGQLZ]URVWZ\VRNRĞFLWDU\I\ 5]HF]\ZLVWRĞüJRVSRGDUF]DSRND]XMHMHGQDNLĪZLĊNV]RĞüVDPRU]ąGyZRGQRVL VLĊGRWDNLFKSUDNW\NQHJDW\ZQLHLQLHDNFHSWXMH]QDF]ąFHJRZ]URVWXWDU\I\WZRU]ąF W\PVDP\PEDULHUĊRJUDQLF]DMąFą]DVWRVRZDQLHSRGVWDZRZHJRĨUyGáDILQDQVRZDQLD SURFHVyZ LQZHVW\F\MQ\FK : WDNLHM V\WXDFML SRGPLRW\ VDPRU]ąGRZH ]ZUDFDMą VLĊ GRSRĪ\F]NRGDZFyZSRRGSáDWQHĞURGNLQLHSXEOLF]QH=HZ]JOĊGXQDFKDUDNWHUW\FK REF\FK ]DVREyZ NDSLWDáRZ\FK SRMDZLDMą VLĊ RG QLFK RGVHWNL NWyUH Z NRĔFX L WDN ]QDMGXMą VZRMH RG]ZLHUFLHGOHQLH Z WDU\ILH =DF]\QD VLĊ WZRU]\ü ]DPNQLĊWH NRáR ] NWyUHJR Z\MĞFLH MHVW W\ONR MHGQR ± UHVWUXNWXU\]DFMD NRV]WyZ SU]HGVLĊELRUVWZD : SU]HGVLĊELRUVWZDFK ZRGRFLąJRZ\FK QDMEDUG]LHM ]QDF]ąF\P NRV]WHP Vą Z\QD-JURG]HQLD ZUD] ] SRFKRGQ\PL ± L ZáDĞQLH WXWDM PXV]ą QDVWąSLü ]QDF]QH UHGXNFMH NRV]WyZDW\PVDP\P]ZROQLHQLDSUDFRZQLNyZ1DVXZDVLĊZLĊFZW\PPLHMVFX S\WDQLHRWRF]\DEVRUSFMDSU]H]SU]HGVLĊELRUVWZDĞURGNyZ]IXQGXV]\8QLL(XUR-SHMVNLHMMHVWEH]Z]JOĊGQLHSR]\W\ZQDLF]\SU]HGVLĊELRUVWZDVDPRU]ąGRZHSRZLQQ\ QD VLáĊ NRU]\VWDü ]W\FK ]DVREyZ SLHQLĊĪQ\FK MHĪHOL QLHVą Z VWDQLH]HZ]JOĊGyZ HNRQRPLF]QRSROLW\F]Q\FK Z\JHQHURZDü SRSU]H] WDU\IĊ RGSRZLHGQLFK ]\VNyZ ]DSHZQLDMąF\FKSUDZLGáRZąUHDOL]DFMĊW\FKSURMHNWyZ
5HDVXPXMąF ZDUWR ]ZUyFLü XZDJĊ QD MHV]F]H MHGHQ DEVXUG SRMDZLDMąF\ VLĊ ZDVSHNFLHZ\ERUXĨUyGHáILQDQVRZDQLDGXĪ\FKSURMHNWyZLQZHVW\F\MQ\FK-HVWWR NZHVWLDG\ZLGHQG\NWyUHMJPLQ\RF]HNXMąLNWyUHMZ\SáDW\ĪąGDMąPLPRLĪZ\QLND RQDEH]SRĞUHGQLR]NV]WDáWRZDQLDVLĊWDU\I\QDZRGĊLĞFLHNLQDNWyUHMZ]URVWQLH Z\UDĪDMąMHGQDN]JRG\
%LEOLRJUDILD
%DNDODUF]\N 0 *RU]HODQ\ : 3RGUĊF]QLN XVWDODQLD WDU\I ]D ]ELRURZH ]DRSDWU]HQLH Z ZRGĊ L]ELRURZHRGSURZDG]DQLHĞFLHNyZ,]ED*RVSRGDUF]D:RGRFLąJL3ROVNLH%\GJRV]F] àXF]ND 7 .DSLWDá REF\ Z PDá\P L ĞUHGQLP SU]HGVLĊELRUVWZLH :\GDZQLFWZR 1DXNRZH 3:1
:DUV]DZD±3R]QDĔ
2EOLJDFMHSU]\FKRGRZHĞURGNLHPQDLQZHVW\FMHKWWS DUFKLZXPNRPXQDOQ\SODUFKLZXPLQGH[ SKS"PRG WHNVW LG
JACEK CZARECKI
5DNRF]\ % =ELRURZH ]DRSDWU]HQLH Z ZRGĊ L ]ELRURZH RGSURZDG]DQLH ĞFLHNyZ Z SUDNW\FH SU]HGVLĊELRUVWZZRGRFLąJRZRNDQDOL]DF\MQ\FK,]ED*RVSRGDUF]D:RGRFLąJL3ROVNLH%\GJRV]F]
5R]SRU]ąG]HQLH 0LQLVWUD %XGRZQLFWZD ] GQLD F]HUZFD U Z VSUDZLH RNUHĞODQLD WDU\I Z]RUXZQLRVNXR]DWZLHUG]HQLHWDU\IRUD]ZDUXQNyZUR]OLF]HĔ]D]ELRURZH]DRSDWU]HQLHZZRGĊ L]ELRURZHRGSURZDG]DQLHĞFLHNyZ']8]UNUSR] 6NRZURQHN0LHOF]DUHN$ħUyGáD]HZQĊWU]QHJRILQDQVRZDQLDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZ Z3ROVFH2ILF\QD:\GDZQLF]D6]NRá\*áyZQHM+DQGORZHM:DUV]DZD 8VWDZD]GQLDF]HUZFDU R]ELRURZ\P]DRSDWU]HQLXZZRGĊL]ELRURZ\PRGSURZDG]DQLX ĞFLHNyZ']8]UNUSR]]SyĨQ]PLDQDPL =DVDG\XG]LHODQLDGRILQDQVRZDQLD]HĞURGNyZ1DURGRZHJR)XQGXV]X2FKURQ\ĝURGRZLVNDL*R VSRGDUNL:RGQHMKWWS ZZZQIRVLJZJRYSOVURGNLNUDMRZH]DVDG\GRILQDQVRZDQLD =DVDG\ XG]LHODQLD L XPDU]DQLD SRĪ\F]HN RUD] WU\E L ]DVDG\ XG]LHODQLD L UR]OLF]DQLD GRWDFML ]H
ĞURGNyZ:)2ĝ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
