A N N A L E S
W P K X G T U K VCV K U " " O C T K C G " " E W T K G / U M Ÿ Q F Q Y U M C NWDNKP"Î"RQNQPKC XQN0"ZNXKKK."6" UGEVKQ"J" 4236 Wpkygtu{vgv"Gmqpqoke|p{"y"Mtcmqykg."Mcvgftc"Hkpcpu„y MCVCT¥[PC"OKMQŸCLE¥[MYrŽ{y"rtqeguw"fgngyctqycpkc"pc"ugmvqt"dcpmqy{
…
y"mtclcej"Gwtqr{"Vtqfmqyq/Yuejqfpkgl"
The impact of deleveraging on Central and East European banking sectorUŽqyc"mnwe|qyg<"Gwtqrc"Vtqfmqyq/Yuejqfpkc."ugmvqt"dcpmqy{."mtgf{v."fgngyctqycpkg" Mg{yqtfu<"Egpvtcn"cpf"Gcuvgtp"Gwtqrg."dcpmkpi"ugevqt."nqcpu."fgngxgtcikpi YuvCr Egej>"y{t„cpkcl>e>"ugmvqt"dcpmqy{"y"mtclcej"Gwtqr{"Vtqfmqyq/Yuejqfpkgl" *GUY+"lguv"dctf|q"y{uqmk"wf|kcŽ"mcrkvcŽw"|citcpke|pgiq"y"lgiq"uvtwmvwt|g"yŽcupqW-ekqygl."dCf>e{"ghgmvgo"rt|gokcp"wuvtqlqy{ej."lcmkg"okcŽ{"okglueg"y"v{o"tglqpkg" Gwtqr{"rq"3;:;"tqmw0"YkCmu|qW5"nqmcnp{ej"dcpm„y"lguv"mqpvtqnqycp{ej"rt|g|"|c-ejqfpkqgwtqrglumkg"itwr{"dcpmqyg."uvcpqyk>e"kej"ur„Žmk"e„tmk"nwd."t|cf|kgl."qff|kcŽ{0" Yurctekg"mcrkvcŽw"|citcpke|pgiq"okcŽq"kuvqvpg"|pce|gpkg"pc"gvcrkg"qfdwfqy{ycpkc" u{uvgow" dcpmqygiq" rq" fŽwiqngvpko" qmtgukg" dtcmw" rtcykfŽqyq" hwpmelqpwl>egiq" t{pmw"hkpcpuqygiq."lgfpcm"|d{v"uknpg"w|cngcpkgpkg"qf"yŽcWekekgnk"|citcpke|p{ej" tqf|k"vcmcg"|citqcgpkg"rqfcvpqWek"tqf|ko{ej"dcpm„y"pc"pgicv{ypg"|lcykumc"|c-ejqf|>eg"y"ocekgt|{uv{ej"mtclcej"yŽcWekekgnk"]Qpigpc"gv"cn0."4235_0"Quvcvpk"mt{|{u" hkpcpuqy{"wlcypkŽ"uŽcdqW5"|cejqfpkqgwtqrglumkej"itwr"dcpmqy{ej"rqngicl>e>"pc" wvt|{o{ycpkw"|d{v"pkumkej"mcrkvcŽ„y"yŽcup{ej"y"uvquwpmw"fq"umcnk"k"ejctcmvgtw" rtqycf|qpgl"f|kcŽcnpqWek."y"y{pkmw"e|giq"qticp{"pcf|qtw"|cquvt|{Ž{"y{oqik"mc-rkvcŽqyg."fqrtqycf|cl>e"fq"tq|rqe|Cekc"rtqeguw"qmtgWncpgiq"okcpgo"fgngyctqycpkc" *cpi0"fgngxgtcikpi+0"
UMCS
Egngo"pkpkglu|giq"ctv{mwŽw"lguv"rt„dc"qfrqykgf|k"pc"r{vcpkg."y"lcmko"uvqrpkw" tgikqp"Gwtqr{"Vtqfmqyq/Yuejqfpkgl"qfe|wŽ"rtqdngo{"|cejqfpkqgwtqrglumkej"dcp-m„y"|yk>|cpg"|"rtqegugo"fgngyctqycpkc"y"qmtgukg"rqmt{|{uqy{o0"Y"v{o"egnw" rt|gcpcnk|qycpq"fcpg"fqv{e|>eg"umcnk"k"ogvqf"fgngyctqycpkc"y"qmtgukg"422:Î42350" U|e|gi„np>"wyciC"rqWykCeqpq"u|gWekw"fwc{o"|cejqfpkqgwtqrglumko"itwrqo"dcpmq-y{o."pcluknpkgl"|ccpiccqycp{o"y"tgikqpkg"GUY"rqf"y|inCfgo"yctvqWek"kpyguv{elk" k"f{ygtu{hkmcelk"igqitchke|pgl0" Ctv{mwŽ"umŽcfc"ukC"|"vt|gej"tq|f|kcŽ„y0"Y"rkgtyu|{o"|"pkej"qrkucpq"rtqegu" fgngyctqycpkc"dcpm„y."y"ftwiko"umqpegpvtqycpq"ukC"pc"y{pkmcl>e{ej"|"pkgiq" |citqcgpkcej"fnc"mtcl„y"GUY."c"y"vt|geko"rt|gcpcnk|qycpq"lgfpquvmqyg"fcpg"dcp-m„y"|"GUY"pcngc>e{ej"fq"u|gWekw"|cejqfpkqgwtqrglumkej"itwr"dcpmqy{ej0"Ypkqumk" rqfuwoqywl>eg"uhqtowŽqycpq"y"|cmqMe|gpkw0 30"Rtqegu"fgngyctqycpkc"dcpm„y"y"qmtgukg"rqmt{|{uqy{o Faykipkc"hkpcpuqyc"lguv"pct|Cf|kgo"uvquqycp{o"rt|g|"ykCmu|qW5"rt|gfukC- dkqtuvy"y"egnw"|ykCmu|gpkc"tgpvqypqWek"mcrkvcŽ„y"yŽcup{ej0"U|e|gi„np>"tqnC"qf-it{yc"y"rt|{rcfmw"kpuv{vwelk"hkpcpuqy{ej."mv„t{ej"rqfuvcyqyg"|cfcpkg"uvcpqyk" |ct|>f|cpkg"mcrkvcŽgo"rqykgt|qp{o"ko"rt|g|"mnkgpv„y0"Mt{|{u"hkpcpuqy{"rt|{rq-opkcŽ"lgfpcm"q"gngogpvctpgl"rtcykfŽqyqWek."|iqfpkg"|"mv„t>"faykipkc"hkpcpuqyc" lguv"vcmcg"at„fŽgo"rqfy{cu|qpgiq"t{|{mc"y"rt|{rcfmw"pkgmqt|{uvp{ej"yctwpm„y" |gypCvt|p{ej0"Qfe|wŽ{"vq"dctf|q"y{tcapkg"okCf|{pctqfqyg"itwr{"dcpmqyg."mv„-tg"y"qmtgukg"rt|gfmt{|{uqy{o"|pce|pkg"u|{dekgl"|ykCmu|cŽ{"cmv{yc"pkc"mcrkvcŽ{" yŽcupg."fqrtqycf|cl>e"y"ghgmekg"fq"|d{v"pkumkgiq"rq|kqow"rqukcfcp{ej"mcrkvcŽ„y" rqfuvcyqy{ej"y"tgncelk"fq"cmv{y„y0"U|e|gi„npkg"y"rt|{rcfmw"|cejqfpkqgwtqrglumkej" dcpm„y"yumcapkm"tgncelk"mcrkvcŽ„y"Vkgt"3"fq"cmv{y„y"*ECT"Î"Ecrkvcn"Cuugv"Tcvkq) |pclfqycŽ"ukC"pc"y{l>vmqyq"pkumko"rq|kqokg<"y"4232"tqmw"Wtgfpkc"fnc"pclykCmu|{ej" dcpm„y"Gwtqr{"¥cejqfpkgl"y{pqukŽc"6.3;'."rqfe|cu"if{"y"Cogt{eg"R„Žpqepgl" 9.42'."c"y"GUY"33.45'"]Vqr"3222"Yqtnf"Dcpmu."4233_0" RqlCekg"fgngyctqycpkc"pkg"lguv"pqyg."cng"y"qmtgukg"rqmt{|{uqy{o."y"mqpvgmWekg" |okcp"tgiwnce{lp{ej"y"ugmvqt|g"dcpmqy{o."pcdtcŽq"u|e|gi„npgiq"|pce|gpkc0"Dcpmk." uvctcl>e"ukC"urtquvc5"|cquvt|qp{o"y{oqiqo"mcrkvcŽqy{o."oqi>"|ykCmu|c5"mcrkvcŽ{" yŽcupg."tgkpyguvwl>e"dkgc>eg"|{umk"k"fqmqpwl>e"pqy{ej"gokulk"cmelk"*tgecrkvcnk|kpi+." |opkglu|c5"cmv{yc"*fgngxgtcikpi+"cndq"ytgu|ekg"|okgpkc5"rtqhkn"uyqlgl"f|kcŽcnpqWek." d{"|ykCmu|{5"wf|kcŽ"cmv{y„y."|"mv„t{ok"|yk>|cpg"u>"pkcu|g"ycik"t{|{mc"*fgtkumkpi+0" Y{d„t"rt|g|"dcpm"urquqdw"qrv{ocnk|celk"tgncelk"rqokCf|{"mcrkvcŽgo"yŽcup{o"k"cm-v{ycok"yccqp{ok"t{|{mkgo"lguv"uknpkg"w|cngcpkqp{"qf"e|{ppkm„y"kpf{ykfwcnp{ej." lgfpcm"oqcpc"y"v{o"qdu|ct|g"|cqdugtyqyc5"rgypg"rtcykfŽqyqWek"]Mqm."Uejgrgpu." 4235_0"Y"u{vwcelk"pcfokgtpgl"mcrkvcnk|celk"dcpmk"|"tgiwŽ{"|okgpkcl>"uvtwmvwtC"cmv{-y„y"nwd"fqmqpwl>"pqy{ej"kpyguv{elk0"Y"rt|{rcfmw"pkgfqmcrkvcnk|qycpkc"y"qmtgukg" rt|gfmt{|{uqy{o"dcpmk"|y{mng"rqfpqukŽ{"rq|kqo"mcrkvcŽ„y."iŽ„ypkg"qitcpke|cl>e"
UMCS
y{rŽcv{"f{ykfgpf."lgfpcmcg"rq"422:"tqmw"eqtc|"e|CWekgl"rqfpkgukgpkw"mcrkvcŽ„y" vqyct|{u|{"fge{|lc"q"qdpkcgpkw"rq|kqow"t{|{mc"k"tgfwmelk"yctvqWek"cmv{y„y"*t{-uwpgm"3+0"Dcpmk"y"rkgtyu|gl"hc|kg"mt{|{uw"uvctcŽ{"ukC"rt|gfg"yu|{uvmko"rq|{umc5" pqyg"mcrkvcŽ{<"y"qmtgukg"422:Î4234"kej"mcrkvcŽ{"yŽcupg"y|tquŽ{"q"57'"*dcpmk"uvtgh{" gwtq"y{gokvqycŽ{"cmelg"q"Ž>e|pgl"yctvqWek"rqpcf"355"onf"gwtq+."rqfe|cu"if{"yct-vqW5"cmv{y„y"rq|quvcŽc"y"4234"tqmw"pc"rq|kqokg"|dnkcqp{o"fq"vgiq"|"mqMec"tqmw" 422:0"Lgfpcm"vtwfpqWek"|"wrncuqycpkgo"mqnglp{ej"gokulk"urqyqfqycŽ{"y"rqŽqykg" 4234"tqmw"|okcpC"v{ej"vgpfgpelk"k"y"qmtgukg"v{nmq";"okgukCe{"*fq"octec"4235"tqmw+" cmv{yc"dcpm„y"uvtgh{"gwtq"umwte|{Ž{"ukC"q"qmqŽq"3.5"dnp"gwtq"*Î5.:'+"]GED."4235_0 0,9 0,9 0,6 8 9 10 11 12 13 3Q 2011 3Q 2013 proc ent a kt yw ów w ac onyc h ryz yki em zmniejszenie ryzyka (derisking) zmniejszenie aktywów (deleveraging)
wzrost kapitaŽów yŽcup{ej" (recapitalizing)
wsp„Že|ynnik kapitalizacji (core tier one capital ratio)
T{uwpgm"30"¥okcp{"y"rq|kqokg"mcrkvcnk|celk"fwc{ej"dcpm„y"uvtgh{"gwtq"y"qmtgukg"5S"4233Î5S"4235 `t„fŽq<"]KOH."4236_0 Vtgpf"vgp"|"e|cugo"pcuknkŽ"ukC<"fwcg"dcpmk"uvtgh{"gwtq"*rt„dc"7:"dcpm„y+"y"qmtg-ukg"4"ncv"*5S"4233Î5S"4235+"qdpkc{Ž{"yctvqW5"cmv{y„y"q"rqpcf"4.6"dnp"GWT"]KOH." 4236_0"U{uvgocv{e|p{"urcfgm"yctvqWek"uwo{"dkncpuqygl"dcpm„y"uvtgh{"gwtq."mv„t{" tq|rqe|>Ž"ukC"y"oclw"4234"tqmw."urqyqfqycŽ"fq"mqMec"4235"tqmw"lgl"qdpkcgpkg" q"33'0"Pcluknpkglu|c"tgfwmelc"cmv{y„y"dcpmqy{ej"okcŽc"okglueg"y"mtclcej."mv„tg" pcldctf|kgl"wekgtrkcŽ{"pc"mt{|{ukg"*Itgelc."Ktncpfkc."Jku|rcpkc."Rqtvwicnkc."YŽqej{+." lgfpcm."ejq5"y"opkglu|{o"uvqrpkw."okcŽc"vgc"okglueg"y"rq|quvcŽ{ej"mtclcej"Gwtqr{." u|e|gi„npkg"v{ej"urq|c"uvtgh{"gwtq0" Vgtokp"ãfgngyctqycpkgÑ"lguv"|cvgo"tq|wokcp{"pkg"v{ng"lcmq"qi„np{"rtqegu"qdpkccpkc" faykipk"hkpcpuqygl."cng"|opkglu|cpkc"cmv{y„y"rqrt|g|"urt|gfcc"ur„Žgm"|cngcp{ej" nwd"y{dtcp{ej"nkpkk"dk|pguqy{ej"cndq"qitcpke|cpkg"f|kcŽcnpqWek"mtgf{vqygl0"Fgngyc-tqycpkg."y"rt|gekykgMuvykg"fq"fy„ej"rq|quvcŽ{ej"urquqd„y"|ykCmu|cpkc"yumcapkmc" mcrkvcŽ„y"yŽcup{ej."uvcpqyk"|cvgo"rqvgpelcnpg"|citqcgpkg"fnc"iqurqfctmk."y{pkmcl>eg" |"iycŽvqypgl"y{rt|gfcc{"cmv{y„y"*u|e|gi„npkg"lgcgnk"fqv{e|{"vq"mknmw"dcpm„y" t„ypqe|gWpkg+."c"vcmcg"|"tgfwmelk"rqfcc{"mtgf{v„y"dcpmqy{ej."lgcgnk"kej"rq|kqo" qmccg"ukC"|d{v"pkumk"yqdge"rqvt|gd"ugmvqtc"pkghkpcpuqygiq."|yŽcu|e|c"rqfokqv„y" iqurqfcte|{ej0"Fgngyctqycpkg"lguv"vgc"pkgdg|rkge|p{o"mcpcŽgo"tq|rt|guvt|gpkcpkc"
UMCS
ukC"rtqdngo„y"hkpcpuqy{ej"qf"okCf|{pctqfqy{ej"itwr"dcpmqy{ej"fq"|cngcp{ej" qf"pkej"ur„Žgm"y"mtclcej"iqu|e|>e{ej"]Vguugn."4232_0" 40"¥citqcgpkc"fnc"mtcl„y"GUY"y{pkmcl>eg"|"rtqeguw"fgngyctqycpkc" Y"ykgnw"tcrqtvcej"cpcnk|wl>e{ej"|citqcgpkc"|yk>|cpg"|"rtqegugo"fgngyctqycpkc" yumc|{ycpq"tgikqp"GUY"lcmq"pcldctf|kgl"|citqcqp{"lgiq"pgicv{yp{ok"umwvmcok" ]pr0"KOH."4234="GED."4234_0"Y"u{vwcelk"mqpkge|pqWek"qitcpke|gpkc"cmv{y„y"dctf|kgl" rtcyfqrqfqdpg"lguv"dqykgo."cg"dcpmk"|citcpke|pg"dCf>"umŽqppg"rqfvt|{oc5"mtg-f{vqycpkg"ugmvqtc"rt{ycvpgiq"pc"t{pmw"ocekgt|{uv{o"*vcmcg"rqf"rtgul>"mtclqy{ej" tgiwncvqt„y"k"qrkpkk"rwdnke|pgl+"pkc"pc"t{pmcej"|gypCvt|p{ej"*jqog"dkcu+0"Fqfcv-mqyq"pcngc{"wy|inCfpk5"hcmv."cg"oqfgn"dctf|q"f{pcoke|pgiq"tq|yqlw"mtgf{v„y" y"pkgmv„t{ej"mtclcej"GUY"|d{v"oqepq"qrkgtcŽ"ukC"pc"hkpcpuqycpkw"kej"|"mcrkvcŽ„y" fquvcte|cp{ej"rt|g|"ur„ŽmC"ocvmC."rt|{"pkgy{uvcte|cl>egl"dc|kg"nqmcnp{ej"fgrq|{v„y" [Barba Navaretti gv"cn0."4232_0"Rqmt{|{uqyg"|okcp{"y"oqfgnw"hkpcpuqycpkc"dcpm„y" y"|pce|pkg"ykCmu|{o"uvqrpkw"w|cngcpkcl>"oqcnkyqWek"y|tquvw"cmelk"mtgf{vqygl"qf" rq|{umcpkc"pqy{ej"fgrq|{v„y0 VykcfqoqW5"|citqcgpkc"ugmvqtc"hkpcpuqygiq"y"mtclcej"GUY"y"u{vwcelk"y{eq-hcpkc"yurctekc"mcrkvcŽqygiq"rt|g|"gwtqrglumkg"itwr{"dcpmqyg"uvcpqykŽc"rt|{e|{pC" rqyqŽcpkc"fq"c{ekc"Kpkelcv{y{"YkgfgMumkgl."rt{ycvpq/rwdnke|pgiq"hqtwo"rqyuvcŽgiq" pc"rt|gŽqokg"ncv"422:"k"422;."mv„tg"|cqyqeqycŽq"rqfvt|{ocpkgo"|ccpiccqycpkc" |cejqfpkqgwtqrglumkej"dcpm„y"y"tgikqpkg"GUY."rt|{"yurctekw"t„cp{ej"okCf|{pc-tqfqy{ej"kpuv{vwelk"hkpcpuqy{ej"]Fg"Jccu"gv"cn0."4234_0"Lgfpcm"|"e|cugo"ykCmu|qW5" fwc{ej"itwr"dcpmqy{ej"fqmqp{ycŽc"mqtgmv"fŽwiqngvpkej"rncp„y"uvtcvgike|p{ej." hqtowŽwl>e"lcmq"pqy{"egn"tgfwmelC"*opkglu|>"nwd"ykCmu|>+"uyqkej"gmurq|{elk"y"GUY0" Y"rt|{rcfmw"dcpm„y."mv„tg"|g"y|inCfw"pc"vtwfpqWek"hkpcpuqyg"|owu|qpg"d{Ž{"wdkg-ic5"ukC"q"rqoqe"rwdnke|p>."qitcpke|gpkg"|ccpiccqycpkc"y"v{o"tgikqpkg"d{Žq"e|Cuvq" yctwpmkgo"lgl"qvt|{ocpkc0"OkCf|{pctqfqy{"Hwpfwu|"Ycnwvqy{."|guvcykcl>e"rncp{" dk|pguqyg"pclykCmu|{ej"gwtqrglumkej"dcpm„y."urqWt„f"35"kpuv{vwelk"|ccpiccqycp{ej" y"GUY"yumc|cŽ"v{nmq"lgfgp"dcpm."Wpketgfkv."mv„t{"qhkelcnpkg"qiŽqukŽ."cg"pkg"dCf|kg" tgfwmqycŽ"uyqkej"kpyguv{elk"y"v{o"tgikqpkg"]KOH."4234_0"T|ge|{ykWekg."rkgtyu|c"hcnc" fgngyctqycpkc."mv„tc"rt|{rcfŽc"pc"ncvc"422:Î4232."urqyqfqycŽc"urcfgm"gmurq|{elk" dcpm„y"tcrqtvwl>e{ej"fq"DKU"yqdge"GUY"*dg|"Tqulk"k"Vwtelk="yu|{uvmkg"ugmvqt{."pkg" v{nmq"dcpmk+"q"qm0"82"onf"WUF"*5.7'"RMD"|"tqmw"4235+."rqfe|cu"if{"ftwic"hcnc." y"qmtgukg"4233Î4235"Î"q"mqnglpg"336"onf"WUF"*8.8'"RMD"|"tqmw"4235+"]Xkgppc"Kpk-vkcvkxg."4236_0"Ftwic"Kpkelcv{yc"YkgfgMumc."rqyqŽcpc"y"4234"tqmw."pkg"|cmŽcfcŽc"lwc" rqfvt|{ocpkc"|ccpiccqycpkc"mcrkvcŽqygiq"dcpm„y"|cejqfpkqgwtqrglumkej"y"GUY." c"lgf{pkg"|crqdkgipkCekg"|d{v"u|{dmkgow."ejcqv{e|pgow"k"pkgwrqt|>fmqycpgow"kej" y{eqh{ycpkw"ukC0" T{pgm"dcpmqy{"GUY"lguv"uknpkg"w|cngcpkqp{"qf"fge{|lk"uvtcvgike|p{ej"yŽcWekekgnk" dcpm„y."c"umwvmk"v{ej"fge{|lk."|g"y|inCfw"pc"fwc>"f{urtqrqtelC"ykgnmqWek"ugmvqtc"
UMCS
dcpmqygiq"y"Gwtqrkg"¥cejqfpkgl"k"Vtqfmqyq/Yuejqfpkgl."oqi>"d{5"dctf|q"fqvmnkyg0" Y"GUY"y"ykCmu|qWek"mtcl„y"mcrkvcŽ"|citcpke|p{"mqpvtqnwlg"dqykgo"rqpcf"92'"cmv{-y„y"mtclqy{ej"dcpm„y."rqfe|cu"if{"cmv{yc"ugmvqtc"dcpmqygiq"ecŽgiq"tglqpw"GUY" *dg|"Tqulk+"vq"pkgykgng"rqpcf"3"dnp"GWT."e|{nk"t„ypqyctvqW5"cmv{y„y"v{nmq"lgfpgiq" |"pclykCmu|{ej"dcpm„y"uvtgh{"gwtq0"Fncvgiq"pcygv"pkgykgnmkg"tgfwmelg"Î"|"rwpmvw" ykf|gpkc"dcpmw"fqokpwl>egiq"Î"oqi>"okg5"fwcg"|pce|gpkg"fnc"mtclw"iqu|e|>egiq0" Lgfpcm"pkgmqt|{uvpg"fnc"qdu|ctw"GUY"u{owncelg"k"rtqipq|{."yumc|wl>eg"vgp"tglqp" lcmq"pcldctf|kgl"|citqcqp{"umwvmcok"fgngyctqycpkc."pkg"urgŽpkŽ{"ukC."c"dcpmk"uvtgh{" gwtq"y"|pce|pkg"ykCmu|{o"uvqrpkw"tgfwmqycŽ{"uyqlg"cmv{yc"y"mtclcej"y{uqmq" tq|ykpkCv{ej0"Y"qmtgukg"4229Î4234"e|vgt{"fwcg"|cejqfpkqgwtqrglumkg"dcpmk"|opkgl-u|{Ž{"uyqlg"cmv{yc"y"WUC"Ž>e|pkg"q"622Î722"onf"WUF"*t„ypqyctvqW5"pkgocn"72'" cmv{y„y"ugmvqtc"dcpmqygiq"y"ecŽ{o"tgikqpkg"GUY."dg|"Tqulk+."c"tgfwmelc"cmv{y„y" dcpm„y"uvtgh{"gwtq"y"fy„ej"mtclcej"fqWykcfe|cl>e{ej"u|e|gi„np{ej"vtwfpqWek."Yg" YŽqu|gej"k"y"Jku|rcpkk."y{pkquŽc"qf"422:"tqmw"y"qmtgukg"|cngfykg"fy„ej"ncv"qm" 3.4"dnp"WUF."eq"uvcpqykŽq"57'"RMD"v{ej"mtcl„y0"Umcnc"fgngyctqycpkc"dcpm„y"|c-ejqfpkqgwtqrglumkej"y"mtclcej"GUY"d{Žc"|pce|pkg"pkcu|c."c"rt|gfg"yu|{uvmko"dctf|q" |t„cpkeqycpc"igqitchke|pkg0"YgfŽwi"u|cewpm„y"Tckhhgkugp"Tgugctej"hkpcpuqycpkg" dcpm„y"y"Gwtqrkg"Vtqfmqygl"|quvcŽq"|tgfwmqycpg"*y"uvquwpmw"fq"u|e|{vqygiq" tqmw"422:+"q"qm0"33'"RMD"*322"onf"WUF+."c"y"Gwtqrkg"RqŽwfpkqyq/Yuejqfpkgl" q"qm0"35'"RMD"*72"onf"WUF+0"Lgfpcm"rqt„ypwl>e"umcnC"fgngyctqycpkc"|"kpp{ok" tgikqpcok"pcuv>rkŽ"tgncv{yp{"y|tquv"wf|kcŽw"|citcpke|p{ej"gmurq|{elk"dcpm„y"uvtgh{" gwtq"y"tgikqpkg"GUY"|"6'"y"tqmw"4229"fq"8'"y"4234"]Tckhhgkugp"Tgugctej."4235_0 50""Fgngyctqycpkg"y"pclykCmu|{ej"|cejqfpkqgwtqrglumkej"itwrcej"dcpmqy{ej" qdgep{ej"pc"t{pmcej"GUY Ugmvqt"dcpmqy{"y"mtclcej"GUY"lguv"|fqokpqycp{"rt|g|"itwr{"dcpmqyg"|"Gwtq-r{"¥cejqfpkgl."yWt„f"mv„t{ej"u|e|gi„np>"tqnC"qfit{yc"u|gW5"dcpm„y"rqejqf|>e{ej" |"YŽqej"*Wpketgfkv"k"Kpvguc"Ucp"Rcqnq+."Cwuvtkk"*Tckhhgkugp"Dcpm"k"Gtuvg+."Htcpelk" *Uqekfivfi"Ifipfitcng+"k"Dgnikk"*MDE+0"U>"qpg"pcluknpkgl"|ccpiccqycpg"y"v{o"tgikqpkg" |ct„ypq"rqf"y|inCfgo"yctvqWek"cmv{y„y"mqpvtqnqycp{ej"y"GUY"*eq"pclopkgl"62" onf"GWT+."lcm"k"tq|rtqu|gpkc"y"tgikqpkg"*vcdgnc"3+0"PclykCmu|{o"|"pkej"lguv"itwrc" Wpketgfkv."mv„tc"y"tqmw"422:"okcŽc"y"dcpmcej"GUY"cmv{yc"q"yctvqWek"rqy{cgl" 342"onf"GWT"k"f{urqpqycŽc"wf|kcŽgo"y"t{pmw"dcpmqy{o"y"pkgocn"mccf{o"mtclw" GUY0"Rq|{elC"tgikqpcnpgiq"nkfgtc"|crgypkŽq"Itwrkg"Wpketgfkv"rt|glCekg"mqpvtqnk"pcf" rqnumko"Dcpmkgo"Rgmcq"Î"ftwiko"eq"fq"ykgnmqWek"dcpmkgo"y"lgfp{o"|"pclykCmu|{ej" mtcl„y"GUY0"Okoq"kc"Itwrc"Wpketgfkv"vtcmvwlg"GUY"lcmq"yccp{"qdu|ct"uvtcvgike|p{." vq"yctvqW5"lgl"|ccpiccqycpkc"y"v{o"tgikqpkg"uvcpqyk"|cngfykg"34'"Ž>e|p{ej"cm-v{y„y"itwr{0"Rqfuvcyqy{o"t{pmkgo"rq|quvclg"fnc"pkgl"Gwtqrc"¥cejqfpkc<"qrt„e|" tqf|kogiq"t{pmw"yŽqumkgiq"vcmcg"pkgokgemk"k"cwuvtkcemk0"
UMCS
Vcdgnc"30"¥ccpiccqycpkg"pclyccpkglu|{ej"itwr"dcpmqy{ej"y"GUY"*422:"tqm+
Itwrc"dcpmqyc Aktywa w krajach GUY"*onf"GWT+ Cmv{yc"y"mtclcej"GUY"lcmq"'"cmv{y„y"itwr{ Nke|dc"mtcl„y"GUY."y"mv„t{ej"grupa jest obecna
UniCredit 343.8 34 3;
Raiffeisen :7.6 76 38
Erste 9;.5 39 7
KBC 93.8 42 34
Uqekfivfi"Ifipfitcng 87.; 6 38
Intesa San Paolo 64.7 7 33
`t„fŽq<"]Wpketgfkv"Itqwr."422;_0
Cwuvtkcemkc"itwrc"Tckhhgkugp"dwfqycŽc"uyql>"rq|{elC"y"GUY"qf"ucogiq"rqe|>vmw" vtcpuhqtocelk."|ct„ypq"rqrt|g|"rt|glCekc"nqmcnp{ej"dcpm„y."lcm"k"kpyguv{elg"v{rw" itggphkgnf0"Y"ghgmekg"dcpm"lguv"qdgep{"y"38"mtclcej"tgikqpw."mqpvtqnwl>e"cmv{yc" q"yctvqWek"rqpcf":2"onf"GWT0"Y"rqt„ypcpkw"fq"rqfokqv„y"yŽqumkej"*Wpketgfkv." Kpvguc" Ucp" Rcqnq+" |ccpiccqycpkg" y" tgikqpkg" GUY" lguv" fnc" dcpm„y"cwuvtkcemkej" *Tckhhgkugp."Gtuvg+"tgncv{ypkg"dctf|kgl"|pce|>eg<"cmv{yc"y"GUY"uvcpqyk>"rqpcf" 72'"Ž>e|p{ej"cmv{y„y"itwr{"y"rt|{rcfmw"Itwr{"Tckhhgkugp."c"pkgocn"62'"y"rt|{-rcfmw"Itwr{"Gtuvg0"Mqnglp>"itwr>"dcpmqy>"q"uknpkg"|f{ygtu{hkmqycpgl"qdgepqWek" y"GUY"lguv"htcpewumc"Uqekfivfi"Ifipfitcng"*UqeIgp+."fnc"mv„tgl"lgfpcm"nqmcnpg"cmv{yc" *pkgocn"92"onf"GWT+"vq"|cngfykg"8'"Ž>e|pgl"yctvqWek"ecŽgl"itwr{0"UqeIgp."dC-f>e"lgfp{o"|"pclykCmu|{ej"dcpm„y"Wykcvc."lguv"dqykgo"uknpkg"|f{ygtu{hkmqycpc" igqitchke|pkg0 0% 20% 40% 60% 80% 100% Europa Vtqfmqwo--Wschodnia Europa RqŽwfpkqyq--Wschodnia WNP T{uwpgm"40"Tq|mŽcf"cmv{y„y"y"GUY"iŽ„yp{ej"|cejqfpkqgwtqrglumkej"itwr"dcpmqy{ej `t„fŽq<"]Tckhhgkugp"Tgugctej."4235_0
UMCS
EgejC"yur„np>"fnc"dcpm„y"Wpketgfkv."Tckhhgkugp"k"UqeIgp"uvcpqyk"rqfqdp{"tq|mŽcf" cmv{y„y"y"tgikqpkg"GUY<"qmqŽq"72'"wnqmqycp{ej"lguv"pc"t{pmcej"mtcl„y"Gwtqr{" Vtqfmqygl."c"rq|quvcŽc"e|CW5"|quvcŽc"y"okctC"t„ypq"tq|Žqcqpc"rqokCf|{"tgikqp"Gwtqr{" RqŽwfpkqyq/Yuejqfpkgl"k"mtclg"pcngc>eg"fq"Yur„npqv{"PkgrqfngiŽ{ej"RcMuvy"*t{uwpgm"4+0 Yu|{uvmkg"cpcnk|qycpg"itwr{"dcpmqyg"dqt{mcŽ{"ukC"rq"422:"tqmw"|"rtqdngocok" hkpcpuqy{ok"k"mqpkge|pqWek>"|ykCmu|gpkc"yur„Že|{ppkmc"y{rŽcecnpqWek."e|CW5"d{Žc" |owu|qpc"umqt|{uvc5"|"rqoqe{"rwdnke|pgl0"Lgfpcm"|"y{l>vmkgo"MDE."mv„t{"owukcŽ" |tgfwmqyc5"kpyguv{elg"y"GUY."if{c"d{Žq"vq"yctwpmkgo"qvt|{ocpkc"rqoqe{"rwd-nke|pgl."rq|quvcŽg"itwr{"rqfvt|{ocŽ{"uyqlg"|ccpiccqycpkg"y"tgikqpkg."c"UqeIgp" pcygv"y{tcapkg"lg"|ykCmu|{Ž"*t{uwpgm"5+0" 0 20 40 60 80 100 120 140 2008 2012 T{uwpgm"50"¥okcpc"cmv{y„y"y"GUY"iŽ„yp{ej"|cejqfpkqgwtqrglumkej"itwr"dcpmqy{ej `t„fŽq<"]Wpketgfkv"Itqwr."422;="Tckhhgkugp"Tgugctej."4235_0" Pkg"q|pce|cŽq"vq"lgfpcm"uvcdknpqWek."c"d{Žq"tce|gl"y{rcfmqy>"ykgnw"vtcpucmelk." fg|kpyguv{elk"y"lgfp{ej"mtclcej"k"vqyct|{u|>e{ej"ko"kpyguv{elk"y"kpp{ej0"Pc"rt|{mŽcf" Wpketgfkv"urt|gfcŽ"dcpm"y"Mc|cejuvcpkg."cng"t„ypqe|gWpkg"rt|grtqycf|kŽ"pqyg"kpyg-uv{elg"y"Twowpkk."c"Tckhhgkugp."tgfwmwl>e"uknpkg"cmv{yc"pc"YCit|gej."rt|gl>Ž"Rqndcpm" pc"rqnumko"t{pmw0"Itwr{"dcpmqyg"fqmqp{ycŽ{"|cvgo"qrv{ocnk|celk"tq|okgu|e|gpkc" mcrkvcŽw"y"tglqpkg"GUY."wy|inCfpkcl>e"rqvgpelcŽ"k"mqpkwpmvwtC"mtclw"iqu|e|>egiq." lcmqW5"cmv{y„y."c"vcmcg"tgpvqypqW5"rtqycf|qp{ej"qrgtcelk."lgfpcm"pkg"y{eqh{ycŽ{" ukC"|"tgikqpw."mv„t{"yek>c."okoq"ygypCvt|pgiq"|t„cpkeqycpkc."|crgypkcŽ"|pce|pkg" y{cu|>"ghgmv{ypqW5"k"|{umqypqW50"Pc"rt|{mŽcf"Itwrc"Gtuvg."mv„tc"qm0"62'"uyqkej" cmv{y„y"oc"y"GUY."y"tqmw"4234"w|{umcŽc"|"pkej"|{um"pgvvq"uvcpqyk>e{"92'"|{umw" ecŽgl"itwr{."c"y"tqmw"4235"v{nmq"f|kCmk"y{pkmqo"|"GUY"wvt|{ocŽc"y{pkm"pgvvq" itwr{"pc"fqfcvpko"rq|kqokg"*|{um"pgvvq"|"GUY"y{pk„uŽ"8::"onp"GWT."|{um"ecŽgl" itwr{"83"onp"GWT+0"Y"itwrkg"vgl"tgpvqypqW5"mcrkvcŽw"yŽcupgiq"|"qrgtcelk"y"GUY" y{pkquŽc"y"4234"t0"32'."c"y"4235"t0"43.4'."rqfe|cu"if{"yumcapkm"TQG"pc"rq|kqokg" ecŽgl"itwr{"y"v{ej"ncvcej"vq"qfrqykgfpkq"5.:'"k"2.7'"]Gtuvg"Itqwr."4236_0"
UMCS
Fgngyctqycpkg"dcpm„y"|cejqfpkqgwtqrglumkej"y"tgikqpkg"GUY"qmc|cŽq"ukC" |cvgo"|pce|pkg"opkglu|g."pkc"qe|gmkycpq."lgfpcm"tq|dkekg"fcp{ej"pc"rqu|e|gi„npg" mtclg"rqmc|wlg"|ŽqcqpqW5"k"pkglgfpqtqfpqW5"|cejqycM"kpyguvqt„y0"Pc"t{uwpmcej"6"k"7" rt|gfuvcykqpq"|okcp{"rq|kqow"cmv{y„y"fy„ej"pclykCmu|{ej"itwr."Wpketgfkv"k"Tckh-hgkugp."y"tq|dkekw"pc"rqu|e|gi„npg"mtclg."y"mv„t{ej"f|kcŽcl>"mqpvtqnqycpg"rt|g|"pkg" dcpmk."wy|inCfpkcl>e"fyc"4/ngvpkg"qmtgu{"qfrqykcfcl>eg"fy„o"hc|qo"fgngyctqycpkc0" AT # BA BG BY CZ HR HU PL SI SK UA K-gb ESW XII.2008-XII.2010 -7% -7% -3% 5% -2% -7% -2% 2% -9% 5% XII.2010-XII.2012 3% 4% -3% -28% 0% -6% -8% 39% 1% 2% -5% -30% -20% -10% 0% 10% 20% 30% 40% %"Î"dcpmk"q"cmv{ycej"rqy{cgl"322"onf"GWT0"Mqf{"mtcl„y<"CV"Î"Cwuvtkc"*MÎid<"egpvtcnc"itwr{"dcpmqygl"y"mtclw" ocekgt|{uv{o+."DC"Î"DqWpkc"k"Jgtegiqykpc."DI"Î"DwŽictkc."D["Î"DkcŽqtwW."E¥"Î"E|gej{."JT"Î"Ejqtycelc."JW"Î"YCit{." RN"Î"Rqnumc."UK"Î"UŽqygpkc."UM"Î"UŽqycelc."WC"Î"Wmtckpc0 T{uwpgm"60"Itwrc"Tckhhgkugp<"|okcpc"cmv{y„y"y"rqu|e|gi„np{ej"mtclcej"y"rkgtyu|gl" k"ftwikgl"hc|kg"fgngyctqycpkc"*Wtgfpkqtqe|pc"uvqrc"y|tquvw."ECIT+ `t„fŽq<"qrtceqycpkg"yŽcupg="fcpg"lgfpquvmqyg"|"dc|{"Dcpmueqrg0 %"Î"dcpmk"q"cmv{ycej"rqy{cgl"322"onf"GWT0" ,"Î"dcpmk"q"cmv{ycej"rqpkcgl"3"onf"GWT0" Mqf{"mtcl„y<"KV"Î"YŽqej{"*MÎid<"egpvtcnc"itwr{"dcpmqygl"y"mtclw"ocekgt|{uv{o="M<"ur„Žmk"|cngcpg"itwr{"dcpmqygl" y"mtclw"ocekgt|{uv{o+."CV"Î"Cwuvtkc."FG"Î"Pkgoe{."NW"Î"Nwmugodwti."DC"Î"DqWpkc"k"Jgtegiqykpc."DI"Î"DwŽictkc."E¥"Î"E|gej{." JW"Î"YCit{."NV"Î"Nkvyc."RN"Î"Rqnumc."TQ"Î"Twowpkc."TU"Î"Ugtdkc."TW"Î"Tqulc."UK"Î"UŽqygpkc."UM"Î"UŽqycelc."WC"Î"Wmtckpc0 T{uwpgm"70"Itwrc"Wpketgfkv<"|okcpc"cmv{y„y"y"t„cp{ej"mtclcej"y"rkgtyu|gl" i drugiej fazie delewarowania
`t„fŽq<"qrtceqycpkg"yŽcupg="fcpg"lgfpquvmqyg"|"dc|{"Dcpmueqrg0
Itwrc"Tckhhgkugp"¥gpvtcndcpm"Qguvgttgkej"CI"*fcpg"umqpuqnkfqycpg+"y"rkgty-u|gl"hc|kg"|opkglu|cŽc"cmv{yc"Wtgfpkq"q"9'"y"umcnk"tqmw."lgfpcm"y"ftwikgl"ce|CŽc" lg"rqfpquk5"y"Wtgfpkqtqe|p{o"vgorkg"5'0"Pcluknpkglu|c"tgfwmelc"cmv{y„y"okcŽc" okglueg"y"dcpmw"pc"DkcŽqtwuk"*urcfgm"y"Wtgfpkqtqe|p{o"vgorkg"4:'+."c"pclykCmu|{" y|tquv"y"Rqnueg."y"y{pkmw"rt|glCekc"Rqndcpmw0"Y"itwrkg"Wpketgfkv"iŽ„yp{"ekCcct" fgngyctqycpkc."u|e|gi„npkg"y"rkgtyu|gl"hc|kg."rt|{rcfŽ"pc"mtclg"Gwtqr{"¥cejqfpkgl." y"mv„t{ej"itwrc"okcŽc"pclykCmu|g"ur„Žmk0"Y"qmtgukg"422:Î4232"itwrc"pkg"fqmqpcŽc" tgfwmelk"cmv{y„y"v{nmq"pc"mknmw"t{pmcej"*DqWpkc"k"Jgtegiqykpc."DwŽictkc."E|gej{." Nkvyc."Rqnumc."Twowpkc"k"UŽqygpkc+."pcvqokcuv"y"ftwiko"gvcrkg"y"ykCmu|qWek"mtcl„y" GUY"*vcmcg"y"mqpvtqnqycp{o"rt|g|"itwrC"dcpmw"yŽqumko+"pcuv>rkŽ"kuvqvp{"y|tquv" cmv{y„y0"Y"rkCekw"mtclcej."y"v{o"vcmcg"y"Rqnueg."itwrc"pkg"rt|grtqycf|kŽc"tgfwmelk" cmv{y„y"y"ccfp{o"|"qmtgu„y0 80 130 180 230 2007 2008 2009 2010 2011 2012 grupa bankowa ESW
Itwrc"Tckhhgkugp 80 130 2007 2008 2009 2010 2011 2012 grupa bankowa bank krajowy EZ ESW Itwrc"Wpketgfkv T{uwpgm"80"Itwr{"Tckhhgkugp"k"Wpketgfkv<"umcnc"fgngyctqycpkc"y"t„cp{ej"tgikqpcej0 `t„fŽq<"qrtceqycpkg"yŽcupg="fcpg"lgfpquvmqyg"|"dc|{"Dcpmueqrg0 Pc"t{uwpmw"8"rqt„ypcpq"|okcpC"cmv{y„y"*rt|{lowl>e"tqm"4229"lcmq"322+"y"ecŽgl" itwrkg"dcpmqygl"qtc|."rq"|citgiqycpkw"fcp{ej."y"tgikqpkg"Gwtqr{"Vtqfmqyq/Yuejqf-pkgl."c"fnc"Wpketgfkv"|citgiqycpq"vgc"fcpg"fnc"Gwtqr{"¥cejqfpkgl"k"y{t„cpkqpq"dcpm" |"mtclw"ocekgt|{uvgiq0"Rt|gfuvcykqpg"pc"y{mtgukg"fcpg"rqmc|wl>."cg"y"qdw"itwrcej" dcpmqy{ej"pcuv>rkŽ"y|tquv"cmv{y„y"y"tgikqpkg"GUY"*y"rt|{rcfmw"Wpketgfkv"vcmcg" y"pcngc>e{o"fq"itwr{"yŽqumko"dcpmw+."c"ekCcct"fgngyctqycpkc"|quvcŽ"rt|gpkgukqp{" pc"|pce|pkg"ykCmu|g"k"opkgl"tgpvqypg"dcpmk"|"|cejqfpkgl"e|CWek"Gwtqr{0 ¥cmqMe|gpkg Y"mtclcej"GUY"ykgng"dcpm„y"hwpmelqpwlg"lcmq"ur„Žmk"|cngcpg"y"okCf|{pctqfq-y{ej"itwrcej"dcpmqy{ej."eq"oqcg"d{5"|ct„ypq"at„fŽgo"mqt|{Wek."y{pkmcl>e{ej"|g" yurctekc"qvt|{ocpgiq"y"tcocej"itwr{."lcm"k"|citqcgpkc."y"|yk>|mw"|"oqcnkyqWek>"
UMCS
rt|gt|wegpkc"pc"pkg"|gypCvt|p{ej"vtwfpqWek"k"mqu|v„y."rqyuvcŽ{ej"y"mtclw"ocekg-t|{uv{o"ur„Žmk"ocvmk0"Pkgmqt|{uvpg"rtqipq|{"|"rkgtyu|{ej"ncv"mt{|{uw."|iqfpkg" |"mv„t{ok"tgikqp"GUY"okcŽ"|quvc5"pcluknpkgl"fqvmpkCv{"rt|g|"umwvmk"fgngyctqycpkc" fwc{ej"|cejqfpkqgwtqrglumkej"itwr"dcpmqy{ej."qmc|cŽ{"ukC"pkgvtchpg."if{c"itwr{"vg" fqmqpcŽ{"|pce|pkg"uknpkglu|gl"tgfwmelk"cmv{y„y"y"kpp{ej"tgikqpcej"Wykcvc."|yŽcu|-e|c"y"mtclcej"y{uqmq"tq|ykpkCv{ej0"Lgfpcm"nqlcnpqW5"yqdge"tgikqpw"pkg"q|pce|c" uvcdknpqWek"|ccpiccqycpkc"y"rqu|e|gi„np{ej"mtclcej<"ykCmu|qW5"itwr"y"quvcvpkej" ncvcej"rt|grtqycf|kŽc"qrv{ocnk|celC"uyqlgl"uvtwmvwt{."|opkglu|cl>e"|ccpiccqycpkg" pc" vtwfp{ej" t{pmcej." c" t„ypqe|gWpkg" |ykCmu|cl>e" kpyguv{elg" y" kpp{ej" mtclcej" tgikqpw0 Dkdnkqitchkc" 30" Dctdc"Pcxctgvvk"I0."Ecn|qnctk"I0."Rq||qnq"C0H0."Ngxk"O0."Ownvkpcvkqpcn"dcpmkpi"kp"Gwtqrg"Î"hk/ pcpekcn"uvcdknkv{"cpf"tgiwncvqt{"kornkecvkqpu<"nguuqpu"htqo"vjg"hkpcpekcn"etkuku."Geqpqoke"Rqnke{." Qevqdgt."42320 40" fg"Jccu"T0."Mqtpk{gpmq"[0."Nqwmqkcpqxc"G0."Rkxqxctum{"C0."Hqtgkip"dcpmu"cpf"vjg"Xkgppc"Kpkvkc/ vkxg<"Vwtpkpi"ukppgtu"kpvq"uckpvuA."OqHkT"Yqtmkpi"Rcrgt."pq0"84."42340 50" GED."Hkpcpekcn"Uvcdknkv{"Tgxkgy."4234."Lwpg0 60" GED."Hkpcpekcn"Uvcdknkv{"Tgxkgy."4235."Oc{0 70" Gtuvg"Itqwr."Hcev"Ujggv."Octej"4236"*yyy0gtuvgitqwr0eqo+0 80" KOH."Inqdcn"Hkpcpekcn"Uvcdknkv{"Tgrqtv: Oqxkpi"htqo"nkswkfkv{"vq"itqyvj/ftkxgp"octmgvu. 4236."Crtkn0 90" KOH."Inqdcn"Hkpcpekcn"Uvcdknkv{"Tgrqtv<"Vjg"swguv"hqt"ncuvkpi"uvcdknkv{."4234."Crtkn0 :0" Mqm"E0."Uejgrgpu"I0."Dcpm"tgcevkqpu"chvgt"ecrkvcn"ujqtvhcnnu."GED"Yqtmkpi"Rcrgt."pq0"3833."42350 ;0" Qpigpc"U0."Rg{ftq"L0/N0."xcp"Jqtgp"P0."Ujqemu"Cdtqcf."Rckp"cv"JqogA"Dcpm/Hkto"Ngxgn"Gxkfgpeg" qp"vjg"Kpvgtpcvkqpcn"Vtcpuokuukqp"qh"Hkpcpekcn"Ujqemu."FPD"Yqtmkpi"Rcrgt."pq0"5:7."42350" 320" Tckhhgkugp"Tgugctej."EGG"Dcpmkpi"Ugevqt"Tgrqtv."4233"*yyy0tckhhgkugptgugctej0cv+0 330" Tckhhgkugp"Tgugctej."EGG"Dcpmkpi"Ugevqt"Tgrqtv."4235"*yyy0tckhhgkugptgugctej0cv+0 340" Vqr"3222"Yqtnf"Dcpmu."ãVjg"DcpmgtÑ"4233."Lwn{0" 350" Vtguugn"V0."Hkpcpekcn Eqpvcikqp"vjtqwij"Dcpm"Fgngxgtcikpi<"Uv{nk|gf"Hcevu"cpf"Ukowncvkqpu"Crrnkgf" vq"vjg"Hkpcpekcn"Etkuku."KOH"Yqtmkpi"Rcrgt"YR1321458."42320 360" Wpketgfkv"Itqwr."EGG"Dcpmkpi"Qwvnqqm."422;."Pqxgodgt"*yyy0wpketgfkvitqwr0gw+0 370" Xkgppc"Kpkvkcvkxg."EGUGG"Fgngxgtcikpi"cpf"Etgfkv"Oqpkvqt. 4236."49"Oc{0 Vjg"korcev"qh"fgngxgtcikpi"qp"vjg"Egpvtcn"" cpf"Gcuv"Gwtqrgcp"dcpmkpi"ugevqt Vjg"hkpcpekcn"etkuku"qh"4229Î422;"uwduvcpvkcnn{"ygcmgpgf"Yguvgtp/Gwtqrgcp"dcpmkpi"itqwru0" Cu"nctig"GW"dcpmu"gzrgtkgpegf"octmgv"cpf"tgiwncvqt{"rtguuwtg"vq"kortqxg"vjgkt"dcncpeg"ujggvu"cpf" uvtgpivjgp"vjgkt"ecrkvcn"rqukvkqp."vjku"vtkiigtgf"c"rtqeguu"qh"fgngxgtcikpi0"Vjg"cko"qh"vjku"rcrgt"ku"vq" cpcn{|g"vjg"korcev"qh"vjg"ncvvgt"qp"vjg"dcpmkpi"ugevqt"kp"EGG."c"tgikqp"yjkej"ukpeg"422;"jcu"dggp"ujqyp" to be particularly vulnerable to this process owing to the strong dependence of local banks there on vjgkt"Yguvgtp"Gwtqrgcp"rctgpvu0"Vjg"rtkpekrcn"tgugctej"swguvkqp"ku"yjgvjgt"nctig"EGG"octmgv"rnc{gtu" did in fact revise the approach they previously had towards their subsidiaries and in so doing reduce
vjgkt"kpxqnxgogpv"kp"vjg"tgikqp0"Vq"cpuygt"vjku"swguvkqp."vjg"igqitcrjkecn"fkuvtkdwvkqp"qh"vjgkt"cuugv" tgfwevkqp"wpfgtygpv"cp"gorktkecn"cpcn{uku."eqpfwevgf"qxgt"vjg"422:Î4235"rgtkqf"hqt"ukz"YG"dcpmkpi" itqwru"cpf"vjgkt"EGG"uwdukfkctkgu0"Vjku"eqphktogf"c"oqfguv"tgfwevkqp"kp"etquu/dqtfgt"gzrquwtgu"kp" EGG."cnvjqwij"owej"uocnngt"vjcp"kp"fgxgnqrgf"eqwpvtkgu0"Vjg"uecng"qh"hwpfkpi"tgfwevkqpu"ycu"cnuq" hqwpf"vq"xct{"ukipkhkecpvn{"cetquu"EGG"eqwpvtkgu0