• Nie Znaleziono Wyników

Wpływ procesu delewarowania na sektor bankowy w krajach Europy Środkowo-Wschodniej

N/A
N/A
Protected

Academic year: 2021

Share "Wpływ procesu delewarowania na sektor bankowy w krajach Europy Środkowo-Wschodniej"

Copied!
11
0
0

Pełen tekst

(1)

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¥[M

YrŽ{y"rtqeguw"fgngyctqycpkc"pc"ugmvqt"dcpmqy{

y"mtclcej"Gwtqr{"Vtqfmqyq/Yuejqfpkgl"

The impact of deleveraging on Central and East European banking sector

UŽqyc"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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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

UMCS

Powered by TCPDF (www.tcpdf.org)

Cytaty

Powiązane dokumenty

Praca opiera się tylko częściowo na danych statystycznych, jako że niektóre ewidencje nie zachowały się, ale też dlatego, że na Zachodzie model relacji między państwem

Wypracowanie rozwi­zania problemów sztucznej inteligencji, w tym problemów AI-zupeÙnych, skupia si¿ nie tylko na znalezieniu optymalnych metod statystycznych, ale równieČ na

Następnie podejmę się bardziej szczegółowej eksplika- cji głównych kategorii Polanyi’ego, w tym wypracowanego przez niego rozumienia transformacji oraz teorii

Efektem intensywnej kolo- nizacji niemieckiej w całym pasie Podkarpacia w XIII–XIV wieku stało się nie tylko wzbogacenie polskiego systemu nazewniczego o obce imiona i nazwiska,

A solution for all possible errors for the dozens of possible IFC geom- etry types, however, was not realistic in the scope of this project and consequently an automatic

biomarker ryzyka raka (dziaman i współaut. Niebezpieczne jest również oddzia- ływanie między wolnymi rodnikami a wy- stępującymi w błonach wielonienasyconymi

The  point of  intersection of  supply and demand curves determines the  lev- el of the equilibrium price, which is formed on the market and, at the same time, determines