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(1)‘ʹȋ͹ͳȌʹͲͳͺ.

(2) ʹͷͶͶǦ͹Ͳ͸ͺ. BEZPIECZNY. .

(3) No 2(71) 2018. ISSN 2544-7068. BEZPIECZNY.  SAFE BANK.

(4) SAFE BANK‹•ƒŒ‘—”ƒŽ’—„Ž‹•Š‡†„›–Š‡ƒ —ƒ”ƒ–‡‡ —†•‹ ‡ͳͻͻ͹Ǥ

(5) –‹•†‡˜‘–‡†–‘ ‹••—‡•‘ˆϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›ǡ™‹–Šƒ’ƒ”–‹ —Žƒ”‡’Šƒ•‹•‘–Š‡„ƒ‹‰•›•–‡Ǥ. EDITORIAL OFFICE ’”‘ˆǤ ƒœƒ„‡ŽƒÑ œ›Ȃ†‹–‘”‹Š‹‡ˆ ’”‘ˆǤƒÏ‰‘”œƒ–ƒ

(6) ™ƒ‹ œǦ”‘œ†‘™•ƒ ’”‘ˆǤ›•œƒ”†‘‘•œ œ›Ñ•‹ ’”‘ˆǤ‘‹ƒƒ” ‹‘™•ƒ ’”‘ˆǤ™ƒ‹Žƒ•œ‡™•ƒ ’”‘ˆǤ”œ›•œ–‘ˆ’‘Ž•‹ †”™ƒ—Ž‹Ñ•ƒǦƒ†Ï‘ Šƒ ™ƒ‡Ž‡Ă›Ñ•ƒȂ‡ ”‡–ƒ”› SCIENTIFIC AND PROGRAMME COUNCIL ‹‘–”‘™ƒȂ’”œ‡™‘†‹ œ¦ › ’”‘ˆǤƒ‘Žƒ‘‰‹‹ ’”‘ˆǤƒ–‹ƒ‰‘ƒ”„‘ǦƒŽ˜‡”†‡ ’”‘ˆǤƒ”‹—•œ ‹Žƒ” ’”‘ˆǤ—‰‡‹—•œ ƒ–ƒ” ’”‘ˆǤ†”œ‡Œ ‘•’‘†ƒ”‘™‹ œ ’”‘ˆǤ‡•œ‡ƒ™Ï‘™‹ œ ”œ›•œ–‘ˆ‹‡–”ƒ•œ‹‡™‹ œ †œ‹•Ïƒ™‘ƒŽ ’”‘ˆǤƒˆƒÏ—”ƒ ŽŽƒ”–‹ Ž‡•’—„Ž‹•Š‡†‹Dz dzƒ”‡”‡˜‹‡™‡†Ǥ ŽŽƒ”–‹ Ž‡•’”‡•‡––Š‡‘’‹‹‘•‘ˆ–Š‡ƒ—–Š‘”•ƒ†•Š‘—Ž†‘–„‡ ‘•–”—‡†–‘„‡ƒ‘ˆϐ‹ ‹ƒŽ ’‘•‹–‹‘‘ˆ. EDITOR ”›•–›ƒƒ™‡”•ƒ PUBLISHER ƒ‘™› —†—•œ ™ƒ”ƒ ›Œ› —ŽǤ•Ǥ

(7) ‰ƒ ‡‰‘ ƒƒ‘”—’‹Ͷ ͲͲǦͷͶ͸ƒ”•œƒ™ƒ SECRETARY ™ƒ‡Ž‡Ă›Ñ•ƒ ‡Ž‡’Š‘‡ǣʹʹͷͺ͵Ͳͺ͹ͺ ‡Ǧƒ‹Žǣ‡™ƒǤ–‡Ž‡œ›•ƒ̷„ˆ‰Ǥ’Ž.

(8) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ 

(9) ǣͳͲǤʹ͸͵ͷͶȀ„„ǤʹǤʹǤ͹ͳǤʹͲͳͺ. Zoltán Gál* Sándor Zsolt Kovács**. ‘”’‘”ƒ–‡ ‘˜‡”ƒ ‡ƒ†‘ ƒŽ„‡††‡†‡•• ‘ˆ–Š‡ —‰ƒ”‹ƒ‘‘’‡”ƒ–‹˜‡ƒ‹‰‡ –‘”ͳ. Abstract ”ƒ†‹–‹‘ƒŽ ‘‘’‡”ƒ–‹˜‡ „ƒ• ƒ”‡ ‘•‹†‡”‡† ƒ• Ž‘ ƒŽŽ› ƒ† •‘ ‹ƒŽŽ› ‡„‡††‡†ǡ Ž‡†‹‰ –‘ Ž‘ ƒŽ Ž‹‡–• ˆ”‘ Ž‘ ƒŽŽ› ‘ŽŽ‡ –‡† †‡’‘•‹–• ƒ† ϐ‹ƒ ‹‰ –Š‡ Ž‘ ƒŽ ‡ ‘‘›Ǥ ‘ ‘ˆˆ•‡– –Š‡‹” †‹•ƒ†˜ƒ–ƒ‰‡ †—‡ –‘ –Š‡‹” ‹•—ˆϐ‹ ‹‡– •‹œ‡ǡ –Š‡› ‡š’Ž‘‹– –Š‡ ‹ˆ‘”ƒ–‹‘ ƒ†˜ƒ–ƒ‰‡ †‡”‹˜‹‰ ˆ”‘ –Š‡‹” ‰‡‘‰”ƒ’Š‹ ƒŽ ’”‘š‹‹–› –‘ –Š‡‹” Ž‹‡–• ƒ† –Š‡ ƒ†˜ƒ–ƒ‰‡• ‘ˆ –Š‡‹” ’‡ —Ž‹ƒ” ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡†‡”‹˜‹‰ˆ”‘–Š‡‡„‡”Ǧ‘™‡”•Š‹’ǤŠ‹•’ƒ’‡”‡šƒ‹‡• –Š‡”‡Ž‡˜ƒ––Š‡‘”‹‡•‘ ‘‘’‡”ƒ–‹˜‡ϐ‹ƒ ‡ǡ™Š‹Ž‡‡šƒ‹‹‰–Š‡—†‡”Ž›‹‰‰‡‘‰”ƒ’Š‹ ƒŽ ƒ† ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ ƒ•’‡ –• ‹ ƒ Ž‡•• ƒ†˜ƒ ‡† –”ƒ•‹–‹‘ ‡ ‘‘› ‡˜‹”‘‡–Ǥ. ‘˜‡”‡–•ǯ’”‡ˆ‡”‡ ‡–‘™ƒ”†• ‘‡” ‹ƒŽ„ƒ‹‰ƒ†ƒ––Š‡•ƒ‡–‹‡–Š‡‹”‡‰Ž‹‰‡ ‡ –‘™ƒ”†•–Š‡ ‘‘’‡”ƒ–‹˜‡•‹‰‡‡”ƒŽŽ‡†–‘ƒŽ‘‘•‡ϐ‹ƒ ‹ƒŽ”‡‰—Žƒ–‹‘‘ˆ–Š‡•‡ –‘”ǤŠ‡Ž‹‹–• ‘ˆ ‘‘’‡”ƒ–‹˜‡•ǯ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡ƒ††‡—–—ƒŽ‹œƒ–‹‘‹–‡•‹ˆ›™Š‡Ž‘‘•‹‰•‘ ‹ƒŽȀ Ž‘ ƒŽ ‡„‡††‡†‡••Ǥ ‘‘’‡”ƒ–‹˜‡ „ƒ•ǡ Ž‘ ƒ–‡† ‹ –Š‡ ’‡”‹’Š‡”› ™‹–Š ‹•—ˆϐ‹ ‹‡– •‘ ‹‘Ǧ ‡ ‘‘‹  ‘†‹–‹‘•–‘†‡˜‡Ž‘’ Ž‘•‡””‡Žƒ–‹‘•Š‹’•™‹–Š„‘””‘™‡”•ƒ ‡Ž‡”ƒ–‡ ƒ’‹–ƒŽϐŽ‹‰Š– ˆ”‘ –Š‡‹” ”‡‰‹‘•Ǥ ‘‡” ‹ƒŽ ‘‘’‡”ƒ–‹˜‡• ‡–‡”‹‰ ‡™ ƒ”‡–• •Š‘™ Š‹‰Š‡” Ž‡†‹‰ ƒ –‹˜‹–›„—–Šƒ˜‡‘”‡‘Ǧ’‡”ˆ‘”‹‰Ž‘ƒ•†—‡–‘–Š‡Ž‘•–‹ˆ‘”ƒ–‹‘ƒ†˜ƒ–ƒ‰‡Ǥ Key wordsǣ ‘‘’‡”ƒ–‹˜‡ „ƒ•ǡ ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ǡ Ž‘ ƒŽ ‡„‡††‡†‡••ǡ ‘‘’‡”ƒ–‹˜‡ ‡–™‘”ǡ —‰ƒ”›. ȗ. ‘Ž–ž žŽ‹••‡‹‘””‡•‡ƒ” Šˆ‡ŽŽ‘™ǡ —‰ƒ”‹ƒ ƒ†‡›‘ˆ ‹‡ ‡•ǡ‡–”‡ˆ‘” ‘‘‹ ƒ†‡Ǧ ‰‹‘ƒŽ–—†‹‡•ǡ

(10) •–‹–—–‡ˆ‘”‡‰‹‘ƒŽ–—†‹‡•ǡˆ—ŽŽ’”‘ˆ‡••‘”ǡƒ’‘•˜ž”‹˜‡”•‹–›Ǥ ȗȗ ž†‘”•‘Ž–‘˜ž •‹•Œ—‹‘””‡•‡ƒ” Šˆ‡ŽŽ‘™ǡ —‰ƒ”‹ƒ ƒ†‡›‘ˆ ‹‡ ‡•ǡ‡–”‡ˆ‘” ‘‘‹  ƒ†‡‰‹‘ƒŽ–—†‹‡•ǡ

(11) •–‹–—–‡ˆ‘”‡‰‹‘ƒŽ–—†‹‡Ǥ ͳ Š‹• ’ƒ’‡” Šƒ• „‡‡ •—’’‘”–‡† „› –Š‡ ƒ–‹‘ƒŽ ‡•‡ƒ” Šǡ ‡˜‡Ž‘’‡– ƒ†

(12) ‘˜ƒ–‹‘ ˆϐ‹ ‡ Ȃ

(13) ǡ’”‘Œ‡ –—„‡”‹•ͳʹͲͲͲ͹Ǥ. ͵Ͳ.

(14) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. 1. Introduction Š‡ ‘‘’‡”ƒ–‹˜‡ ‘˜‡‡– Šƒ• ƒŽ™ƒ›• ‡Œ‘›‡† ‰”‡ƒ–‡” ’‘’—Žƒ”‹–› ‹ –‹‡• ‘ˆ ‡ ‘‘‹  ”‹•‹•ƒ†‰”‘™‹‰•‘ ‹ƒŽ’”‘„Ž‡•ǤŠ‹Ž•––Š‡›™‡”‡‡‡”‰‹‰ǡƒ”‘—† –Š‡ ‹††Ž‡ ‘ˆ –Š‡ ͳͻ–Š ‡–—”›ǡ ϐ‹ƒ ‹ƒŽ ‡–”‡• Šƒ† ‘ ”‡•‘—” ‡• –‘ ϐ‹ƒ ‡ ’‡”‹’Š‡”ƒŽƒ†Ž‘ ƒŽ‡ ‘‘‹‡•ǤŠ‡classical model of cooperativesȋ™‹–Š ‘—‹–› †‡˜‡Ž‘’‡–ƒ•–Š‡ƒ‹’”‹‘”‹–›Ȍ™ƒ•‡•–ƒ„Ž‹•Š‡†ˆ‘”–Š‡’—”’‘•‡‘ˆ—†‡”–ƒ‹‰ Ž‘ ƒŽ‹˜‡•–‡–•ˆ”‘Ž‘ ƒŽ•ƒ˜‹‰•Ǥ‘‘’‡”ƒ–‹˜‡„ƒ•Ȃ‘”‰ƒ‹•‡†‘ƒ˜‘Ž—–ƒ”› „ƒ•‹• Ȃ ‘ŽŽ‡ –‡† Ž‘ ƒŽ †‡’‘•‹–• ƒ† ’”‘˜‹†‡† ϐ‹ƒ ‹ƒŽ •‡”˜‹ ‡• ˆ‘” –Š‡ Ž‘ ƒŽ ’‘’—Žƒ–‹‘ƒ†‡–‡”’”‹•‡•™‹–Š‘—–‹–‡”‡†‹ƒ”›ϐ‹ƒ ‹ƒŽ ‡–”‡•ǤŠ”‘—‰Š–Š‡‹” ƒ –‹˜‹–‹‡•ǡ–Š‡•‡ ‘‘’‡”ƒ–‹˜‡‘‡–ƒ”›‹•–‹–—–‹‘•‘–‘Ž› ‘–”‹„—–‡–‘ϐ‹ƒ ‹ƒŽ ‡“—ƒŽ‹–›ƒ†–Š‡ ƒ– Š‹‰Ǧ—’‘ˆ”—”ƒŽƒ”‡ƒ•ǡ„—–ƒŽ•‘‹’”‘˜‡–Š‡‹ Ž‹ƒ–‹‘–‘•ƒ˜‡ ƒ†–Š‡ϐ‹ƒ ‹ƒŽƒ—–‘‘›‘ˆ’‡”‹’Š‡”ƒŽ”‡‰‹‘•„›ƒ˜‘‹†‹‰–Š‡ ”‹•‹•Ǧ•–”‹ ‡ƒ† ‡•’‡ ‹ƒŽŽ›˜‘Žƒ–‹Ž‡ϐ‹ƒ ‹ƒŽ ‡–”‡•ȏ žŽʹͲͳͲǣ͸ͻͷǡ͹ʹʹȐǤ Š‡ ’”—†‡–‹ƒŽ Ž‡†‹‰ ‘ –Š‡ „ƒ•‹• ‘ˆ –Š‡ Ž‘ ƒŽŽ› ‘ŽŽ‡ –‡† ˆ—†• ’Žƒ›• ‡••‡–‹ƒŽ ”‘Ž‡–Š‡ ‘‘’‡”ƒ–‹˜‡•‡ –‘”‹–Š‡‘’‡”ƒ–‹‰’”ƒ –‹ ‡•‘ˆ–Š‡–”ƒ†‹–‹‘ƒŽ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ ‘†‡Ž ƒ† ‹– ‹• †‡”‹˜‡† ˆ”‘ –Š‡ ‘‘’‡”ƒ–‹˜‡ ’”‹ ‹’Ž‡• ȏ‘˜ž • ʹͲͳ͹Ȑǣ ‡„‡”ƒ† —•–‘‡”Ǧ‘”‹‡–‡†„—•‹‡•••–”ƒ–‡‰›™‹–ŠŽ‘‰Ǧ–‡”˜‹‡™•Ǣ‡„‡”Ǧ ‘™‡”•Š‹’ ‹˜‘Ž˜‹‰ ‡„‡”• ‹–‘ –Š‡ †‡ ‹•‹‘ ƒ‹‰ ȏžŽ‘• ʹͲͳ͵ȐǢ •–”‘‰ǡ „‘––‘Ǧ—’ ‘–”‘ŽǢ ‘•‡”˜ƒ–‹˜‡”‹•Ǧƒƒ‰‡‡–Ǣȏ‹••ǡʹͲͲͺȐƒ†Ž‘ ƒŽ’”‡•‡ ‡ ƒ†‡„‡††‡†‡••ȏ žŽǡʹͲͳʹȐǤ Š‡‹”unique corporate governance structureǡ™Š‡”‡‡ƒ Š‘™‡”Ǧ‡„‡”Šƒ•‘‡˜‘–‡ǡ ƒ† ƒŽŽ Ž‹‡–• ƒ”‡ ‘™‡”Ǧ‡„‡”•ǡ ‡•—”‡• –Šƒ– „‘””‘™‡”• ƒ”‡ ’‡”•‘ƒŽŽ› ‘™ ‹†‹˜‹†—ƒŽ•‘”•ƒŽŽ‡–‡”’”‹•‡•™Š‘ƒŽŽŽ‹˜‡ƒ†™‘”‹–Š‡‰‡‘‰”ƒ’Š‹ ƒŽ˜‹ ‹‹–›‘ˆ –Š‡ ‘‘’‡”ƒ–‹˜‡ǤŠ‡”‡ˆ‘”‡ǡDzŽ‘ ƒŽ‡„‡††‡†‡••dz‹•ƒ‡›˜ƒ”‹ƒ„Ž‡‹–Š‡‹”‹ˆ‘”ƒ–‹‘ ’”‘ ‡••‹‰ȏ‡Žϐ‹‡”‡–ƒŽǤʹͲͲ͸ȐǤ —”–Š‡”ǡ„›˜‹”–—‡‘ˆ–Š‡‹”•‘ ‹ƒŽ”‡Žƒ–‹‘•ƒ†–Š‡‹” ’—”•—‹–‘ˆŽ‹‹–‡†’”‘ϐ‹–ƒ„‹Ž‹–›ǡ–Š‡‹”‘˜‡”ƒŽŽ‘„Œ‡ –‹˜‡‹•–‘‡•—”‡–Š‡†‡˜‡Ž‘’‡–‘ˆ –Š‡Ž‘ ƒŽ ‘—‹–›ȏƒ‡”Œ‡‡‡–ƒŽǤͳͻͻͶǢ‡•Ž‡›ƒ†‘ƒ–‡ǡͳͻͻͷȐǤ ‘‘’‡”ƒ–‹˜‡ Ž‡†‹‰ ‹•–‹–—–‹‘•ǡ ‹ ƒ††‹–‹‘ –‘ ’”‘˜‹†‹‰ ƒ •–ƒ„Ž‡ǡ ’”‡†‹ –ƒ„Ž‡ ƒ† •—•–ƒ‹ƒ„Ž‡ •›•–‡ ‘ˆ ‘†— –‹‰ „ƒ‹‰ „—•‹‡•• –Š”‘—‰Š –Š‡‹” —‹“—‡ ’”‘’”‹‡–ƒ”›ƒ† ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡•–”— –—”‡ǡŠƒ˜‡ƒŽ™ƒ›•„—‹Ž–‘–Š‡‹”Ž‡‰ƒ › ƒ† ‘ –Š‡ ’”ƒ –‹ ‡ ‘ˆ ‘‡” ‹ƒŽ „ƒ•Ǥ ‘‘’‡”ƒ–‹‘ ƒ‘‰ Ž‘ ƒŽ ‘‘’‡”ƒ–‹˜‡ „ƒ• ƒ† ‹–‡‰”ƒ–‹‘ ƒ– ƒ–‹‘ƒŽ Ž‡˜‡Ž ™‡”‡ „‘–Š ”‡“—‹”‡† –‘ ‡•—”‡ –Š‡‹” ‡–”› ‹–‘ ‘’‡–‹–‹˜‡ƒ”‡–•ǡ–‘‹’”‘˜‡–Š‡•—’’Ž›‘ˆ•‡”˜‹ ‡•ƒ†–‘ ”‡ƒ–‡–Š‡‹”‘™ ”‹•Ǧƒƒ‰‡‡–ȋ‹•–‹–—–‹‘’”‘–‡ –‹‘Ȍ•›•–‡Ǥ

(15)  ʹͲͳͶǡ –Š‡”‡ ƒ”‡ Ȃ ™‘”Ž†™‹†‡ Ȃ ʹͳͲǡͲͲͲ ‘‘’‡”ƒ–‹˜‡ „ƒ• ƒ† ”‡†‹– —‹‘• ‘’‡”ƒ–‹‰‹ͳͲͲ ‘—–”‹‡•ǡ™‹–Š͹Ͳ͵‹ŽŽ‹‘‡„‡”•ƒ†ƒƒ‰‹‰ƒ••‡–•‘ˆ̈́ ͳͳǡʹ͸͵„‹ŽŽ‹‘ȏʹͲͳͶȐǤ

(16) –Š‡—”‘’‡ƒ‹‘ƒŽ‘‡–Š‡”‡ƒ”‡͵ǡͳ͵ͷ ‘‘’‡”ƒ–‹˜‡ „ƒ• ™Š‹ Š ‘’”‹•‡ ͷͺǡͲͲͲ „”ƒ Š‡•ǡ ͺͲǤͷ ‹ŽŽ‹‘ ‡„‡”• ƒ† ͹ͷͲǡͲͲͲ ‡’Ž‘›‡‡•™Š‘•‡”˜‹ ‡ƒ–‘–ƒŽ‘ˆʹͲͻ‹ŽŽ‹‘’”‹˜ƒ–‡ƒ† ‘”’‘”ƒ–‡ Ž‹‡–•ǤŠ‡–™‘ ȋ–Š‡‰Ž‘„ƒŽƒ†‡–‹–‹‡•Ȍ‡Œ‘›ʹͲΨƒ†ͶͲΨ•Šƒ”‡•”‡•’‡ –‹˜‡Ž›‘ˆ–Š‡ƒ”‡– ˆ‘”†‡’‘•‹–•ȏ›ƒʹͲͲͺǢʹͲͳ͹ȐǤ. ͵ͳ.

(17) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•.

(18)  ”‡•’‡ – ‘ˆ –Š‡‹” ƒ”‡– ™‡‹‰Š–ǡ —‰ƒ”‹ƒ ƒ˜‹‰• ‘‘’‡”ƒ–‹˜‡• Šƒ˜‡ Ž‹––Ž‡ •‹‰‹ϐ‹ ƒ ‡ǡƒ†ǡ™‹–Šˆ‡™‡š ‡’–‹‘•ǡŠƒ˜‡„‡‡—Œ—•–Ž›‡‰Ž‡ –‡†„›‡ ‘‘‹  ”‡•‡ƒ” Š ȏ‹•• ͳͻͻͻǡ ʹͲͲͻǢ žŽ ʹͲͲͲǡ ʹͲͲ͵ǡ ʹͲͳʹǢ žŽ ƒ† —”‰‡”ǡ ʹͲͳ͵ǡ —”‰‡” ʹͲͳ͵ȐǤŠ‡Š‹•–‘”‹ ƒŽ–”ƒ†‹–‹‘•‘ˆ–Š‡•‡ –‘”ǡ‹–•’‘–‡–‹ƒŽ‹–‡”•‘ˆ‰”‘™–Šƒ† –Š‡”‡ ‡–‰‘˜‡”‡–ǯ•†‡•‹”‡–‘‹ ”‡ƒ•‡–Š‡•Šƒ”‡‘ˆ†‘‡•–‹ ƒŽŽ›‘™‡†„ƒ• ƒ•ƒ”‡ƒ –‹‘ƒ‰ƒ‹•––Š‡‘˜‡”Ǧ†‡’‡†‡ ‡‘ˆ‘”‡‹‰‘™‡† ‘‡” ‹ƒŽ„ƒ•‹ –”ƒ•‹–‹‘ ‘—–”‹‡•ǡƒŽŽ‘ˆˆ‡”–Š‡•‡ –‘”ǯ••–ƒ‡Š‘Ž†‡”•ƒ•–”ƒ–‡‰‹ ”‘Ž‡‹ϐ‹ƒ ‹‰ ˆ—–—”‡ †‡˜‡Ž‘’‡–Ǥ ‡˜‡”–Š‡Ž‡••ǡ ƒƒŽ‘‰‘—• –‘ ˆ‘”‡‹‰ ‡šƒ’Ž‡•ǡ –Š‡ “—‡•–‹‘ –‘„‡ƒ•™‡”‡†‹•Š‘™•–”‘‰Ž›‡„‡††‡†Ž‘ ƒŽŽ›ƒ”‡–Š‡•‡‹•–‹–—–‹‘•ƒ†Š‘™ ƒ –‹˜‡–Š‡›ƒ”‡‹”‡–ƒ‹Žƒ”‡–ϐ‹ƒ ‹‰–Š‡Ž‘ ƒŽ‡ ‘‘›Ǥ

(19) •‹–’‘••‹„Ž‡–‘˜‡”‹ˆ› –Š‡ƒ”‰—‡––Šƒ––Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡ –‘”’Žƒ›•ƒ†‘‹ƒ–”‘Ž‡ ‹ϐ‹ƒ ‹‰Ž‘ ƒŽ•ƒŽŽǦƒ†‡†‹—•‹œ‡†‡–‡”’”‹•‡•ǡŽ‘ ƒŽ’—„Ž‹ ‹˜‡•–‡–•ƒ† –Š‡Ž‘ ƒŽŠ‘—•‡Š‘Ž†•Ǥ 

(20) ˜‡•–‹‰ƒ–‹‘‘ˆ–Š‡‰‡‘‰”ƒ’Š‹ ƒŽ Šƒ”ƒ –‡”‹•–‹ •‘ˆŽ‡†‹‰ƒ –‹˜‹–›‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ ‹• •–”‘‰Ž› ”‡Žƒ–‡† –‘ ‹–• ’‡ —Ž‹ƒ” ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ •–”— –—”‡Ǥ Š‡ Ž‘ ƒŽŽ›‡„‡††‡†ƒ–—”‡‘ˆ‡„‡”Ǧ‘™‡”•Š‹’‘–‘Ž›”‡“—‹”‡•ƒ Ž‘•‡’”‘š‹‹–› –‘ Ž‹‡–•„—–•–”‘‰Ž›†‡–‡”‹‡•–Š‡‰‡‘‰”ƒ’Š‹ ƒŽ†‹•–”‹„—–‹‘‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰‡–™‘”Ǥ Š‹••–—†›ǡ‹ˆƒ –ǡƒ––‡’–•–‘ƒ•™‡”Ȃ‘”ƒ–Ž‡ƒ•–•Š‡†Ž‹‰Š–‘Ȃ–Š”‡‡“—‡•–‹‘•ǣ Ȉ Šƒ–™‡”‡–Š‡ƒŒ‘” Šƒ‰‡•‹–Š‡ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡•–”— –—”‡‹ —‰ƒ”› †—”‹‰–Š‡–”ƒ•‹–‹‘ƒ†™Šƒ–ƒ”‡–Š‡ƒ‹”‡ƒ•‘•‘ˆ†‡—–—ƒŽ‹œƒ–‹‘•ǫ Ȉ Šƒ–‹•–Š‡‰‡‘‰”ƒ’Š‹ ƒŽ†‹•–”‹„—–‹‘‘ˆ ‘‘’‡”ƒ–‹˜‡„ƒ‡–™‘”‹–‡”•‘ˆ –Š‡•‡––Ž‡‡–Š‹‡”ƒ” Š›ƒ†–Š‡‹””‡‰‹‘ƒŽ’”‡ˆ‡”‡ ‡•ǫ Ȉ Šƒ–‹•–Š‡”‡Žƒ–‹‘•Š‹’„‡–™‡‡Ž‡†‹‰ƒ –‹˜‹–›ƒ†–Š‡‰‡‘‰”ƒ’Š‹ ƒŽŽ‘ ƒ–‹‘ ‘ˆ ‘‘’‡”ƒ–‹˜‡„ƒ„”ƒ Š‡•ǫ

(21) ˆ‘”ƒ–‹‘ ƒ˜ƒ‹Žƒ„‹Ž‹–› ‘ „‘””‘™‡”• Šƒ• ‰”ƒ†—ƒŽŽ› „‡ ‘‡ –Š‡ ‘”‡”•–‘‡ ‘ˆ ”‡•‡ƒ” Š ‘ „ƒ‹‰ ƒ† ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ ‹ ’ƒ”–‹ —Žƒ” ȏŽ‡••ƒ†”‹‹ ‡– ƒŽǤ ʹͲͲͻƒǡʹͲͲͻ„ȐǤ—–—ƒŽ•ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•ǡ™Š‡”‡ Ž‹‡–•ƒ”‡—•—ƒŽŽ›‘™‡”• –‘‘ǡƒ”‡ ‘•‹†‡”‡†ƒ•‡ˆϐ‹ ‹‡–‘”‰ƒ‹œƒ–‹‘ˆ‘”•‹”‡†— ‹‰–Š‡‘”‰ƒ‹œƒ–‹‘ƒŽ ƒ†ˆ— –‹‘ƒŽ†‹•–ƒ ‡„‡–™‡‡Ž‡†‡”ƒ†„‘””‘™‡”ǡ–Š—•‹–‹‰ƒ–‹‰–Š‡Ž‡†‹‰ ”‹• ƒ† ’”‘˜‹†‹‰ ƒ ‘’‡–‹–‹˜‡ ƒ†˜ƒ–ƒ‰‡ ‘˜‡” ‘‡” ‹ƒŽ „ƒ• ȏ‹––ƒŽ—‰ƒ ‡– ƒŽǤʹͲͲͷȐǤ•ƒ ‘•‡“—‡ ‡‘ˆ–Šƒ–ǡ–Š‡˜ƒŽ—‡‘ˆŽ‘ ƒŽˆ—†‹‰ƒ†Ž‘ ƒŽ‹˜‡•–‡– •–”— –—”‡•Šƒ•„‡‡ƒ’’”‡ ‹ƒ–‡†ƒ ”‘••—”‘’‡ǡ—†‡”• ‘”‡†„›–Š‡‰Ž‘„ƒŽϐ‹ƒ ‹ƒŽ ”‹•‹••–ƒ”–‹‰‹ʹͲͲͺȏ žŽʹͲͳͲȐǤ Š‡Ž‹–‡”ƒ–—”‡†‹•–‹‰—‹•Š‡•„‡–™‡‡ ‘‘’‡”ƒ–‹˜‡„ƒ•ƒ ‘”†‹‰–‘–Š‡‹”„—•‹‡•• ‘„Œ‡ –‹˜‡Ǥ ƒ”•ŠƒŽŽ ‡– ƒŽǤ ȏʹͲͲ͵Ȑ ™”‹–‡ ƒ„‘—– ’ƒ••‹˜‡ ȋ–”ƒ†‹–‹‘ƒŽȌ —–—ƒŽ•ǡ ƒ• †‡• ”‹„‡† ƒ„‘˜‡ǡ ƒ† ‘‡” ‹ƒŽ —–—ƒŽ•ǡ ™Š‹ Š ƒ‹ ˆ‘” ‰”‘™–Š •‹‹Žƒ” –‘ ‘‡” ‹ƒŽ„ƒ•ǤòϐŽ‡”ȏͳͻͻͷȐ†‡• ”‹„‡•–”ƒ†‹–‹‘ƒŽȋ•‹‹Žƒ”–‘ƒ”•ŠƒŽŽǯ•’ƒ••‹˜‡ —–—ƒŽȌǡ ƒ”‡–Ǧ‘”‹‡–‡† ȋƒ• ƒ”•ŠƒŽŽǯ• ‘‡” ‹ƒŽ —–—ƒŽ•Ȍ ƒ† ‹–‡‰”ƒ–‡† ‘‘’‡”ƒ–‹˜‡•ȋ™Š‹ Š”‡ˆ‡”–‘–Š‡ƒ–‹‘ƒŽ‡–™‘”‘ˆ ‘‘’‡”ƒ–‹˜‡„ƒ•ǡ™Š‹ Šƒ – –‘‰‡–Š‡”ƒ•ƒ•‹‰Ž‡ƒ–‹‘ƒŽ„ƒȌǤ. ͵ʹ.

(22) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. Š‹Ž‡–Š‡•‡ ƒ–‡‰‘”‹‡•™‹–Š‘†‘—„–Š‡Ž’–‘—†‡”•–ƒ††‹ˆˆ‡”‡– ‘‘’‡”ƒ–‹˜‡•–”ƒ–‡‰‹‡•ǡ –Š‡Ž‹–‡”ƒ–—”‡”ƒ”‡Ž›“—‡•–‹‘•–Š‡‹’‘”–ƒ ‡‘ˆŽ‘ ƒŽ‡„‡††‡†‡••‹†‡’‘•‹––ƒ‹‰ ƒ†Ž‡†‹‰ƒ –‹˜‹–‹‡•‘ˆ ‘‘’‡”ƒ–‹˜‡•Ǥ ‘”‹•–ƒ ‡ǡ‘ ‘”‡•‡ȏʹͲͲͻȐ”‡’‘”–•‘

(23) –ƒŽ‹ƒ ‘‘’‡”ƒ–‹˜‡•ǡ ™Š‹ Šǡ †‡•’‹–‡ –Š‡‹” Ž‘ ƒŽ ‘‘’‘Ž‹•–‹  •‹–—ƒ–‹‘ǡ †‘ ‘– ‡š’Ž‘‹– –Š‡‹” ’‘™‡”ǡ’”‡•—ƒ„Ž›–Šƒ•–‘–Š‡‹” ‘‘’‡”ƒ–‹˜‡ƒ–—”‡Ǥ––Š‡•ƒ‡–‹‡ǡ–Š‡”‡ƒ”‡Š‹–• –‘–Šƒ–•–”— –—”ƒŽƒ†‘”‰ƒ‹œƒ–‹‘ƒŽ‹••—‡•†‘‹ϐŽ—‡ ‡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰„‡Šƒ˜‹‘”Ǥ. Žƒ•• ‡– ƒŽǤ ȏʹͲͳͲȐ ‡š’Žƒ‹ Ž‘ƒ “—ƒŽ‹–› ™‹–Š ‘”‰ƒ‹œƒ–‹‘ƒŽ ƒ† •–”— –—”ƒŽ ‹••—‡• ƒ–

(24) ”‹•Š ”‡†‹–—‹‘•Ǥ—”‰‡”ȏʹͲͳ͵ȐƒŽ•‘†‹”‡ –•ƒ––‡–‹‘–‘‹–‡”ƒŽƒ†‰‘˜‡”ƒ ‡Ǧ ”‡Žƒ–‡† ‹••—‡• ™Š‡ ‡š’Žƒ‹‹‰ †‹˜‹†‡† ’ƒ›‘—–• ƒ– —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡ „ƒ•Ǥ Š‡”‡ˆ‘”‡ǡ–Š‡”‡Žƒ–‹‘•Š‹’„‡–™‡‡–Š‡Ž‡†‹‰ƒ –‹˜‹–›ǡ•–”— –—”ƒŽ˜ƒ”‹ƒ„Ž‡•ƒ†Ž‘ ƒŽ ‡„‡††‡†‡••ƒ– ‘‘’‡”ƒ–‹˜‡„ƒ•‹•Ž‡••‘„˜‹‘—•Ǥ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡ „ƒ• ƒ”‡ ’ƒ”–‹ —Žƒ”Ž› ™‡ŽŽ •—‹–‡† –‘ ƒ•™‡” –Š‡ ”‡•‡ƒ” Š “—‡•–‹‘Ǥ ‹”•–ǡ —’ —–‹Ž ʹͲͳ͵ǡ –Š‡ •‡ –‘” ™ƒ• ”‡Žƒ–‹˜‡Ž› ‡‰Ž‡ –‡† „› ’‘Ž‹ ›ƒ‡”• ‹ —‰ƒ”›ǤŠ‹•Žƒ‹••‡œˆƒ‹”‡ƒ––‹–—†‡”‡•—Ž–‡†‹Š‡–‡”‘‰‡‡‘—• ‘‘’‡”ƒ–‹˜‡‘†‡Ž•ǡ ™Š‡”‡ „‘–Š ’ƒ••‹˜‡ǡ ‘‡” ‹ƒŽȀ‰”‘™–ŠǦ‘”‹‡–‡† ƒ† †‡—–—ƒŽ‹œ‡† ‘‘’‡”ƒ–‹˜‡• ƒ’’‡ƒ”‡†ȏ‹••ͳͻͻͻǡʹͲͲͻǢ žŽʹͲͲ͵ǡʹͲͳʹǢ—”‰‡”ʹͲͳ͵ȐǤ‡ ‘†ǡ–Š‡›‘•–Ž›•–ƒ›‡† ‘—–‘ˆŽƒ”‰‡”–‘™•—’—–‹Ž–Š‡ͳͻͺͲ•ȂͳͻͻͲ•ǡ‡ƒ‹‰–Šƒ–ƒ›‰‡‘‰”ƒ’Š‹ ƒŽ‡š’ƒ•‹‘ —•–Šƒ˜‡–ƒ‡’Žƒ ‡‹–Š‡Žƒ•––‡Ǧ–™‡–››‡ƒ”•‹••ȏʹͲͲͻȐǤ

(25) –Š‹•‡˜‹”‘‡– –Š‹• •–—†› ƒ „‘–Š ‹†‡–‹ˆ› †‹ˆˆ‡”‡– ‘‘’‡”ƒ–‹˜‡ –›’‡• ƒ† –Š‡‹” ‡š’ƒ•‹‘ƒ”› •–”ƒ–‡‰›Ǥ‘•‹†‡”‹‰–Š‡•‡ Šƒ‰‡•ǡ–Š‡ƒ‹‘ˆ–Š‹••–—†›‹•–Š‡‡šƒ‹ƒ–‹‘‘ˆ–Š‡ ‘’‡”ƒ–‹‘ƒŽ‡˜‹”‘‡–ƒ†’”ƒ –‹ ‡•‘ˆ–Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡„ƒ•Ǥ Š‡’ƒ’‡”‹••–”— –—”‡†ƒ•ˆ‘ŽŽ‘™•ǤŠ‡‡š– Šƒ’–‡”™‹ŽŽ‘ˆˆ‡”ƒ ‘’ƒ”‹•‘‘ˆ–Š‘•‡ ϐ‹ƒ ‹ƒŽ ƒ† ”‡‰‹‘ƒŽ ‡ ‘‘‹  –Š‡‘”‹‡• ™Š‹ Š Š‹‰ŠŽ‹‰Š– –Š‡ Ž‡†‹‰ ƒ†˜ƒ–ƒ‰‡• ‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•›•–‡ƒ††‡• ”‹„‡–Š‡”‘Ž‡‘ˆ‹–•’‡ —Ž‹ƒ” ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ ™‹–Š ‹’Ž‹ ƒ–‹‘• ‘ ‹–• Ž‡†‹‰ •–”ƒ–‡‰›Ǥ Š‡ –Š‹”† •‡ –‹‘ •‡–• –Š‡ ‘–‡š–ˆ‘”–Š‡ƒ”‰—‡–„›’”‘˜‹†‹‰ƒ„”‹‡ˆ‘—–Ž‹‡‘ˆ‡˜‘Ž—–‹‘‘ˆ–Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡ ϐ‹ƒ ‡ ƒ† ‹–• ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ †—”‹‰ –Š‡ –”ƒ•‹–‹‘Ǥ Š‹• ‹• ˆ‘ŽŽ‘™‡†„›ƒ‡’‹”‹ ƒŽ‹˜‡•–‹‰ƒ–‹‘‘ˆ–Š‡‰‡‘‰”ƒ’Š‹ ƒŽ Šƒ”ƒ –‡”‹•–‹ •ƒ†–Š‡ Ž‡†‹‰ƒ –‹˜‹–›‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡ –‘”•—’’‘”–‡†„›ϐ‹ƒ ‹ƒŽ•–ƒ–‹•–‹ •Ǥ Š‡ϐ‹ƒŽ’ƒ”–•—ƒ”‹•‡•–Š‡ƒ‹ϐ‹†‹‰•Ǥ. 2. The corporate governance and spatial characteristics of cooperative banks – a literature review Š‡ ’ƒ’‡” „”‹‡ϐŽ› ”‡˜‹‡™• –Š”‡‡ ‰”‘—’• ‘ˆ Ž‹–‡”ƒ–—”‡ ‘ ‘‘’‡”ƒ–‹˜‡ „ƒ•Ǥ Š‡ ϐ‹”•– ƒ† –Š‡ •‡ ‘† ‰”‘—’ ‡š’Žƒ‹ –Š‡‹” •— ‡•• ‹ Ž‘ ƒŽ Ž‡†‹‰ ‹ ”‡Žƒ–‹‘ ™‹–Š –Š‡‹” —‹“—‡ ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ ƒŽ•‘ †‹• —••‡† ‹ –Š‡ Ž‹–‡”ƒ–—”‡Ǥ Š‡ ƒ”–‹ Ž‡ ‘–”ƒ•–•–Š‡•‡ƒ”‰—‡–•™‹–Š–Š‡•‡ ‘†‰”‘—’ǡ™Š‹ Š†‡• ”‹„‡•–Š‡‘„•–ƒ Ž‡•–‘ Ž‡†‹‰‹–Š‡’‡”‹’Š‡”›ǤŠ‹•Žƒ––‡”‘‡ƒ ‡’–• a priori–Š‡‡š‹•–‹‰†‹ˆˆ‡”‡ ‡•ƒ† ‹‡“—ƒŽ‹–‹‡•„‡–™‡‡ ‡–”‡ƒ†’‡”‹’Š‡”›‹–‡”•‘ˆ–Š‡ƒ˜ƒ‹Žƒ„‹Ž‹–›‘ˆϐ‹ƒ ‹ƒŽ •‡”˜‹ ‡•ǡƒ†–Š‡›‡šƒ‹‡‘’‡”ƒ–‹‘‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡•‡ –‘”ƒ†‹–• ‘’‡–‹–‹˜‡ ƒ†˜ƒ–ƒ‰‡‹”‡‰‹‘•™Š‹ ŠŠƒ˜‡ƒŽ‡••†‡˜‡Ž‘’‡†ϐ‹ƒ ‹ƒŽ‹ˆ”ƒ•–”— –—”‡Ǥ. ͵͵.

(26) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. The ϔirst group of studies „ƒ•‡† ‘ ‹ ”‘Ǧϐ‹ƒ ‹ƒŽ ƒ’’”‘ƒ Š‡• ƒƒŽ›•‡ –Š‡ ”‡Žƒ–‹‘•Š‹’ „‡–™‡‡ ”‡†‹– ‹•–‹–—–‹‘• ƒ† ‡–‡”’”‹•‡• ƒ† –Š‡ Ž‡†‹‰ ƒ –‹˜‹–› ‘ˆ †‹ˆˆ‡”‡– ”‡†‹– ‹•–‹–—–‹‘• ȋ ‘‡” ‹ƒŽ„ƒ•ǡ ‘‘’‡”ƒ–‹˜‡ „ƒ•Ȍ ‘ˆ †‹ˆˆ‡”‡– •‹œ‡•ƒ†”‡’”‡•‡–‹‰†‹˜‡”•‡ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡‘†‡Ž•Ǥ Š‡ϐ‹”•– ‘‘’‡”ƒ–‹˜‡„ƒȋ‘Ž•„ƒȌ™ƒ•‡•–ƒ„Ž‹•Š‡†‹ͳͺͷʹƒ•ƒ”‡ƒ –‹‘–‘–Š‡ •‘ ‹ƒŽƒ†•’ƒ–‹ƒŽ‹‡“—ƒŽ‹–›‘ˆϐ‹ƒ ‹ƒŽ•‡”˜‹ ‡•Ǥ

(27) –•ˆ— –‹‘‹‰™ƒ•„ƒ•‡†‘–Š‡ˆ—Ǧ †ƒ‡–ƒŽ ˜ƒŽ—‡• ‘ˆ •‡ŽˆǦŠ‡Ž’ǡ ‘—‹–› •‘Ž‹†ƒ”‹–› ƒ† ƒ—–‘‘›ǡ ƒ† ƒŽ•‘ ‘ –Š‡ –”—•– „‡–™‡‡ ‘—‹–› ‡„‡”• ”‡•—Ž–‹‰ ˆ”‘ ‰‡‘‰”ƒ’Š‹ ƒŽ ’”‘š‹‹–› ƒ† –Š‡ tacit‘™Ž‡†‰‡‘ˆ‡„‡”•Ǥ

(28) –Š‹••›•–‡ǡ ‘—‹–›‡„‡”•ƒ”‡ƒ—–‘ƒ–‹ ƒŽŽ› ‘™‡”• ™Š‘ ‘’‡”ƒ–‡ –Š‡‹” ‘‡–ƒ”› ‹•–‹–—–‹‘ ‘– ‘ –Š‡ „ƒ•‹•‘ˆ ’”‘ϐ‹– ‘•–”ƒ‹– „—– ‘ˆ ƒ ’”‘ϐ‹– ‡š’‡ –ƒ–‹‘ ™Š‹ Š ‰—ƒ”ƒ–‡‡• ‘”‰ƒ‹  ‰”‘™–ŠǤ Š‡ ‘„Œ‡ –‹˜‡ ‘ˆ –Š‡‹” ˆ‘—†ƒ–‹‘™ƒ•–‘ϐ‹ƒ ‡–Š‡Ž‘ ƒŽ‡ ‘‘›ǡ•ƒŽŽƒ†‡†‹—Ǧ•‹œ‡†‡–‡”’”‹•‡•ƒ† Ž‘ ƒŽ ‘—‹–‹‡• Ȃ ™Š‹ Š ‹’Ž‹‡• Ž‘ ƒŽ ’”—†‡– Ž‡†‹‰ ȋ–Š”‘—‰Š –Š‡ ˆ‘”ƒ–‹‘ ‘ˆ ƒ’‹–ƒŽ”‡•‡”˜‡•Ȍ‘–Š‡„ƒ•‹•‘ˆŽ‘ ƒŽŽ› ‘ŽŽ‡ –‡†ˆ—†•Ǥ

(29)  ”‡ƒ•‹‰‰”‘™–Šǡ‘’‡”ƒ–‹‰ ‡ˆϐ‹ ‹‡ ›ƒ†–Š‡•–”‡‰–Š‡‹‰‘ˆ™‡ŽŽǦ„‡‹‰‘ˆ‡„‡”•ƒ†–Š‡Ž‘ ƒŽ ‘—‹–›ƒ”‡ ‹’‘”–ƒ–‘„Œ‡ –‹˜‡•ȏ ‘–‡›‡ʹͲͲ͹ȐǤƒ–‡”ǡ–Š‹•‘†‡Ž•’”‡ƒ†‹†‹ˆˆ‡”‡– ‘—–”‹‡• ȋ

(30) –ƒŽ›ǡ ‹Žƒ†ǡ —‰ƒ”›ǡ‡– ǤȌ™‹–Š•‘‡ ‘—–›•’‡ ‹ϐ‹ †‹ˆˆ‡”‡ ‡•ȏ‘˜ž •ʹͲͳͷȐǤ Š‡ Ž‹–‡”ƒ–—”‡ Š‹‰ŠŽ‹‰Š–• –Š‡ •’‡ ‹ϐ‹  ˆ‡ƒ–—”‡• ‘ˆ –Š‡ ‘’‡”ƒ–‹‘ ‘ˆ Ž‘ ƒŽ „ƒ• ‡„‡††‡† ‹ Ž‘ ƒŽ ‘—‹–‹‡•Ǥ Š‡ Ž‘ ƒŽ „ƒ• †‹”‡ –‡† „› ‡„‡”Ǧ‘™‡”• ”‡ ”—‹–‡† ˆ”‘ ƒ‘‰ –Š‡ ‘—‹–› Šƒ˜‡ ƒ ‘’‡–‹–‹˜‡ ƒ†˜ƒ–ƒ‰‡ ‹ Ž‡†‹‰ ‘˜‡” ‘‡” ‹ƒŽ„ƒ•†—‡–‘–Š‡Ǯ•—’’Ž‡‡–ƒ”›‹ˆ‘”ƒ–‹‘ǯ™Š‹ Š–Š‡›’‘••‡•• ȏƒ‡”Œ‡‡ ‡– ƒŽǤ ͳͻͻͶȐǤ ‹ ‡ Ž‘ ƒŽ ”‡†‹– ‹•–‹–—–‹‘• ™‡”‡ ‡•–ƒ„Ž‹•Š‡† „› Ž‘ ƒŽ •‘ ‹‡–›ˆ‘”–Š‡‹”‘™‡„‡”•ǡ–Š‡•‡‹•–‹–—–‹‘•Šƒ˜‡ƒ‹ˆ‘”ƒ–‹‘ƒŽƒ†˜ƒ–ƒ‰‡ ‘˜‡” ‘‡” ‹ƒŽ „ƒ• ”‡‰ƒ”†‹‰ –Š‡ ”‡†‹–™‘”–Š‹‡•• ‘ˆ –Š‡‹” Ž‹‡–•ǡ ƒ† –Š‡‹” ”‡†‹– ”‡Žƒ–‹‘•Š‹’• Šƒ˜‡ ƒ Ž‘‰‡” Š‹•–‘”›Ǥ Š‹• ”‡†— ‡• –Š‡‹” ‘•– ‘ˆ Ž‡†‹‰ ‹ ’”‘˜‹ ‹ƒŽƒ”‡ƒ•Ǥ Š‡•‡ ϐ‹†‹‰• ƒ”‡ ‹ Ž‹‡ ™‹–Š –Š‡ Ž‹–‡”ƒ–—”‡ ‘ relationship banking.  ‘”†‹‰ –‘ –Šƒ–ǡ –Š‡ †‹•–ƒ ‡ „‡–™‡‡ –Š‡ „ƒ ƒ† ‹–• Ž‹‡–• ‘˜‡ –‘‰‡–Š‡” ™‹–Š ”‡†‹– ƒ˜ƒ‹Žƒ„‹Ž‹–›Ǥ‘”‡‘˜‡”ǡƒ•–”‘‰‡”Ž‡†‡”Ǧ„‘””‘™‡””‡Žƒ–‹‘•Š‹’”‡•—Ž–•‹Ž‡•• ”‡†‹– ”ƒ–‹‘‹‰ˆ‘”„‘””‘™‡”•‡˜‡†—”‹‰ ”‹•‹•’‡”‹‘†•ȏ ‡””‹ƒ†‡••‘”‹ʹͲͲͲǢ‘–—‰‘ ‡–ƒŽǤʹͲͳ͵Ȑƒ†–Š‡•‡‡–Š‘†• ”‡ƒ–‡–Š‡‘’’‘”–—‹–‹‡•ˆ‘”DzŠ‘‡„ƒ‹‰dzˆ— –‹‘• ȏ—”‰‡”ʹͲͳ͵ȐǤŠ‡–‹‡Š‘”‹œ‘‘ˆ–Š‡†‡˜‡Ž‘’‡–‘ˆ–Š‡•‡ˆ— –‹‘•™ƒ•‡šƒ‹‡† „› ‡”‰‡” ƒ† †‡ŽŽ ȏͳͻͻͺȐ ƒ† ‘Ž‡ǡ ‘Ž†‡„‡”‰ ƒ† Š‹–‡ ȏʹͲͲͶȐǤ ‡Ž›‹‰ ‘ –Š‡‹”‡’‹”‹ ƒŽ”‡•—Ž–•–Š‡›’”‘˜‡†‘‘–Ǯ•ȏͳͻͻͻȐƒ”‰—‡–ǡƒ‡Ž›ǡ–Šƒ––Š‡„ƒǦ —•–‘‡””‡Žƒ–‹‘• ƒ„‡”‡ƒŽ‹œ‡†ˆ‘”„‘–Š•‹†‡•‹–Š‡‡†‹—–‡”ȋ͹–‘ͺ›‡ƒ”•ȌǤ Š‡ ‘’‡–‹–‹˜‡ ƒ†˜ƒ–ƒ‰‡ ‘ˆ ‘‘’‡”ƒ–‹˜‡ „ƒ• ‘ –Š‡ ’‡”‹’Š‡”› •–‡• ˆ”‘ ‰‡‘‰”ƒ’Š‹ ƒŽ ’”‘š‹‹–›ǡ –Š‡ ‡„‡”Ǧ‘™‡” •›•–‡ ƒ† –Š‡ Ž‘ ƒŽ †‡ ‹•‹‘Ǧƒ‹‰ ’”‘ ‡••ǤŠ‹•‹•–Š‡‹ˆ‘”ƒ–‹‘ƒŽƒ†˜ƒ–ƒ‰‡™Š‹ Š‡„‡”•™Š‘ƒ”‡ˆƒ‹Ž‹ƒ”™‹–Š ‡ƒ Š‘–Š‡”ƒ†„ƒ‘ˆϐ‹ ‡”•—–‹Ž‹•‡ƒŽ‹‡‹–Š‡•‡Ž‡ –‹‘‘ˆ Ž‹‡–•ǡ• ”‡‡‹‰ǡ ”‡†‹– • ‘”‹‰ƒ†–Š‡ ‘–”‘Ž‘ˆ ”‡†‹– ‘–”ƒ –•Ǥ

(31) –Š‡‹”•–—†›ǡ‰‡Ž‹‹‡–ƒŽǤȏͳͻͻͺȐƒ”‰—‡† –Šƒ–

(32) –ƒŽ‹ƒ ‘‘’‡”ƒ–‹˜‡„ƒ•™‡”‡ƒ„Ž‡–‘‘ˆˆ‡”Ž‘ƒ•–‘–Š‡‹”‡„‡”Ǧ Ž‹‡–•™‹–Š ƒ•Ž‘™‹–‡”‡•–ƒ”‰‹••— Šƒ• ‘‡” ‹ƒŽ„ƒ•’”‘˜‹†‡ǡ‘Ž›‹–Š‡ ƒ•‡•‘ˆŽ‘‰‡” —•–‘‡””‡Žƒ–‹‘•Š‹’†—‡–‘–Š‡„‡––‡”ƒ ‡••–‘‹ˆ‘”ƒ–‹‘ƒ•ƒ ‘•‡“—‡ ‡‘ˆ. ͵Ͷ.

(33) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. –Š‡‹” •–”‘‰‡” Ž‘ ƒŽ ‡„‡††‡†‡••Ǥ Š‹• •–—†› ‘•‹†‡”• ‘™‡”•Š‹’ „› ‡„‡”• –‘„‡–Š‡ƒ‹†‹•–‹‰—‹•Š‹‰ˆ‡ƒ–—”‡‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰‘†‡Žƒ†‘–‹–• Ž‘ ƒŽ ‡„‡††‡†‡••Ǥ ‡˜‡”ƒŽ ˆ—”–Š‡” •–—†‹‡• ‘ϐ‹” –Šƒ– ‘‘’‡”ƒ–‹˜‡ǡ ϐ‹š‡† ƒ† ”‡Žƒ–‹‘•Š‹’ „ƒ‹‰ ‹• ‡ˆϐ‹ ‹‡– ‹ ”‡†— ‹‰ ‹ˆ‘”ƒ–‹‘ ƒ•›‡–”› ȏ ʹͲͳͲǢ ‡””‹ ƒ† ‡••‘”‹ ʹͲͲͲǢ Šƒ”’‡ ͳͻͻͲǢ —‹•‘ ‡–Ǥ ƒŽǤ ʹͲͲͶȐǤ Š‡ „‡‡ϐ‹–• ‘ˆ Ž‘ ƒŽ ‡„‡††‡†‡••†‘‘–ƒ—–‘ƒ–‹ ƒŽŽ›ƒ’’‡ƒ”Ȃ‡˜‡‹–Š‡ ƒ•‡‘ˆ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰Ǥ  ‘”†‹‰–‘–Š‡ƒƒŽ›•‹•„› ‡””‹ƒ†‡••‘”‹ȏʹͲͲͲȐǡƒŽ–Š‘—‰Š ‘‘’‡”ƒ–‹˜‡„ƒ• ‘’‡”ƒ–‡ƒŽŽ‘˜‡”

(34) –ƒŽ›ǡ–Š‡‹”‡ˆϐ‹ ‹‡ ›‹Ž‡†‹‰‡š ‡‡†•–Šƒ–‘ˆ ‘‡” ‹ƒŽ„ƒ•‘Ž› ‹–Š‡‘”–Š‡”ƒ†‡–”ƒŽ”‡‰‹‘•ǤŠ‹•‹•†—‡–‘–Š‡ˆƒ ––Šƒ–•‘ ‹ƒŽƒ†‡ ‘‘‹  ‘†‹–‹‘•‹‘—–Š‡”

(35) –ƒŽ›ƒ”‡‘–‰‘‘†‡‘—‰Š–‘‡ƒ„Ž‡ ‘‘’‡”ƒ–‹˜‡•–‘”‡†— ‡ –Š‡‹ˆ‘”ƒ–‹‘ƒ•›‡–”›ƒ††‡˜‡Ž‘’ Ž‘•‡”•‘ ‹‘Ǧ‡ ‘‘‹ ”‡Žƒ–‹‘•Š‹’™‹–Š–Š‡ „‘””‘™‡”•Ǥ Š‹•Žƒ•–ƒ”‰—‡–Ž‡ƒ†•—•–‘the second group of literatureǡ†‡• ”‹„‹‰‘„•–ƒ Ž‡• –‘Ž‡†‹‰‘–Š‡’‡”‹’Š‡”›ǡ™Š‹ Š„—‹Ž†•‘–Š‡‘”‹‡•‘ˆ–Š‡post-Keynesian• Š‘‘Ž and on regional economicsǤŠ‡ƒ‹‡’Šƒ•‹•‹•Žƒ‹†‘–Š‡‹˜‡•–‘”ǡ‘”ǡ‹–Š‹• ƒ•‡ǡ –Š‡Ž‡†‹‰‹•–‹–—–‹‘Ǥ ‘”†‹‰–‘–Š‡Ž‹“—‹†‹–›’”‡ˆ‡”‡ ‡–Š‡‘”›ȏŠ‹ ƒ†‘™ ͳͻͺͺȐ‹˜‡•–‘”•’”‡ˆ‡”Š‹‰Š‡”Ž‹“—‹†‹–›ƒ––Š‡•ƒ‡Ž‡˜‡Ž•‘ˆ›‹‡Ž†ƒ†”‹•ǤŠ‡”‡ˆ‘”‡ǡ •‹ ‡–Š‡Ž‹“—‹†‹–›”‡Žƒ–‡†–‘‹˜‡•–‡–‹•Š‹‰Š‡”‹ϐ‹ƒ ‹ƒŽ ‡–”‡•ǡ–Š‡•ƒ˜‹‰• ȋ†‡’‘•‹–•Ȍ‘ˆ’‡”‹’Š‡”ƒŽ”‡‰‹‘•ϐŽ‘™–‘™ƒ”†• ‘”‡”‡‰‹‘•ȏ‘™ͳͻͻͲȐǤDzƒ ™ƒ”† ƒŽŽ‘ ƒ–‹‘dzȂˆ”‘–Š‡ ‡–”‡Ȃ‹•‘Ž›’‘••‹„Ž‡‹ˆ–Š‡‹˜‡•–‡–‘’’‘”–—‹–‹‡•‘ˆ –Š‡ ‡–”‡Šƒ˜‡„‡‡ˆ—ŽŽ›‡š’Ž‘‹–‡†ǡ‹ˆ–Š‡”‹•‘ˆ‹˜‡•–‡–‹’‡”‹’Š‡”ƒŽ”‡‰‹‘• ‹• Ž‘™‡” ‘” ‹ˆ –Š‡‹” ›‹‡Ž†• ƒ”‡ Š‹‰Š‡”Ǥ ‘•‡“—‡–Ž›ǡ –Š‡ ƒ˜ƒ‹Žƒ„‹Ž‹–› ‘ˆ ”‡†‹– ‹ ’‡”‹’Š‡”ƒŽƒ”‡ƒ•‹•Ž‘™‡”–‘–Šƒ–‘ˆ–Š‡ ‡–”‡Ǥ Š‹•ƒ’’”‘ƒ Šƒ ‡’–•–Š‡‡š‹•–‡ ‡‘ˆϐ‹ƒ ‹ƒŽ•›•–‡•™‹–Šƒ†‹•–‹ –ƒ†‘˜‡”Ǧ ‡–”ƒŽ‹•‡† •’ƒ–‹ƒŽ •–”— –—”‡ǡ ƒ ‘”†‹‰ –‘ ™Š‹ Š –Š‡ ‡–”‡• ‘ˆ ‡ ‘‘‹  ‘”‡ ”‡‰‹‘•ƒ”‡ Šƒ”ƒ –‡”‹•‡†„›ƒŠ‹‰Š ‘ ‡–”ƒ–‹‘‘ˆ ƒ’‹–ƒŽƒ––Š‡–‘’Ž‡˜‡Ž•‘ˆ–Š‡ —”„ƒ Š‹‡”ƒ” Š› ȏ‘”–‡‘—• ͳͻͻͷǢ žŽ ʹͲͳʹȐǤ

(36)  –Š‡ ‡ƒ–‹‡ǡ • ƒ† ”‡‰‹‘• Ž‘ ƒ–‡†ˆƒ”ˆ”‘ϐ‹ƒ ‹ƒŽ ‡–”‡•ƒ”‡—†‡”Ǧˆ—†‡†Ǥ‡ ƒϐ‹†•‡˜‡”ƒŽ‡šƒ’Ž‡• ‘ˆ –Š‹• ‹ –Š‡  Ȃ ƒ† ƒŽ•‘ ‹ ‡”ƒ›ǡ ™Š‹ Š Šƒ• ƒ ‘”‡ †‡ ‡–”ƒŽ‹•‡† •’ƒ–‹ƒŽ •–”— –—”‡ƒ†‘”‡—Ž–‹Ǧ’‘Žƒ”•–”— –—”‡‘ˆϐ‹ƒ ‹ƒŽ ‡–”‡•ȏŽƒ‰‰‡ƒ†ƒ”–‹ ʹͲͲͷǢ žŽʹͲͳͲǣ͵ͶͶȂͶ͸ȐǤ

(37) ƒ††‹–‹‘–‘–Š‡Ž‘™Ž‹“—‹†‹–›‘ˆ‹˜‡•–‡–‘–Š‡’‡”‹’Š‡”›ǡƒˆ—”–Š‡”‘„•–ƒ Ž‡‹• –Šƒ–ƒ ‘‘’‡”ƒ–‹˜‡„ƒ‡‰ƒ‰‡†‹Ž‘ ƒŽŽ‡†‹‰ƒŽ‘‡‹•—ƒ„Ž‡–‘†‹˜‡”•‹ˆ›‹–• ”‡†‹– ”‹•• •—ˆϐ‹ ‹‡–Ž› Ȃ ‡‹–Š‡” ‰‡‘‰”ƒ’Š‹ ƒŽŽ› ‘” •‡ –‘”ƒŽŽ› ‹ ƒ› ƒ•‡• ȏŽ‡š‘’—Ž‘• ƒ† ‘‰Ž‹‘ʹͲͳͲǣͻȐǤ˜‡–Š‘—‰Š–Š‹• ƒ„‡‹’”‘˜‡†„› ‘‘’‡”ƒ–‹˜‡‹–‡‰”ƒ–‹‘ –Š”‘—‰Š–Š‡ ”‡†‹–’”‘†— –•‘ˆƒ ‡–”ƒŽ‹•–‹–—–‹‘ȋƒ’‡š„ƒȌǡ–Š‹•ˆ—†ƒ‡–ƒŽŽ› –”ƒ•ˆ‘”•–Š‡”‘Ž‡Ȁ’‘•‹–‹‘‘ˆ–Š‡Ž‘ ƒŽ„ƒƒ†‹ ”‡ƒ•‡•‹ˆ‘”ƒ–‹‘ƒ•›‡–”› ƒ†–Š‡functional distanceʹ„‡–™‡‡ Ž‹‡–ƒ†ƒ’‡š„ƒǤ

(38) –Šƒ•ƒ‡‰ƒ–‹˜‡‹’ƒ – ‘ –Š‡ ”‡†‹– ƒ˜ƒ‹Žƒ„Ž‡ –‘ • ȏ‹––ƒŽ—‰ƒ ‡– ƒŽǤ ʹͲͲͷǢ Ž‡••ƒ†”‹‹ ‡– ƒŽǤ ʹͲͲͻƒȐǤ ʹ. — –‹‘ƒŽ†‹•–ƒ ‡‹˜‡•–‹‰ƒ–‡•–Š‡•‘Ǧ ƒŽŽ‡†‡ ‘‘‹ †‹•–ƒ ‡Ȁ’”‘š‹‹–›„‡–™‡‡–Š‡„ƒƒ† –Š‡Ž‘ ƒŽ‡ ‘‘›™Š‹ Š”‡ˆ‡”•‘•–Ž›–‘–Š‡‡„‡††‡†ƒ–—”‡‘ˆ–Š‡‘”‰ƒ‹•ƒ–‹‘ƒŽƒ††‡ ‹•‹‘Ǧ ƒ‹‰‡ Šƒ‹••‘ˆ„ƒ•‹–Š‡‰‹˜‡•‡––Ž‡‡–™‹–Š‹–Š‡”‡‰‹‘ȏ‹––ƒŽ—‰ƒ‡–ƒŽǤʹͲͲͷǢŽ‡••Ǧ ƒ†”‹‹‡–ƒŽǤʹͲͲͻȐǤ. ͵ͷ.

(39) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ‹‹Žƒ”Ž›ǡ–Š‡™‡ƒ‡••‘ˆ–Š‡Ž‘ ƒŽ‡ ‘‘›ȋŽƒ ‘ˆ‡–‡”’”‹•‡•ǡ—‡’Ž‘›‡– ‡– ǤȌ ”‡ƒ–‡•ƒ‘„•–ƒ Ž‡–‘Ž‘ ƒŽˆ—†‹‰Ȃ™Š‹ Š™‘—Ž††‹• ‘—”ƒ‰‡ƒ›–Š‹‰‘–Š‡” –ŠƒŠ‹‰ŠǦ”‹•Ž‡†‹‰Ǥ‹ ‡ǡ„›†‡ϐ‹‹–‹‘ǡ–Š‡’‡”‹’Š‡”›‹•Ž‡••†‡˜‡Ž‘’‡†–Šƒ–Š‡ ‡–”‡ǡŽ‡†‹‰‹–Š‡ ‡–”‡‹˜‘Ž˜‡•ˆ‡™‡”ƒ†Ž‘™‡””‹••ȋ‡˜‡‹ˆ™‡†‹•”‡‰ƒ”† –Š‡ ‘’‡–‹–‹˜‡‹Ž‹‡—ˆƒ –‘”ȌǤ ‹–‡”ƒ–—”‡ †‡ƒŽ• ™‹–Š corporate governance and banking strategy issues of cooperative banksƒ† ‘•‹†‡”•–Š‡’”‘ϐ‹––ƒ”‰‡–‘ˆƒ ‘‘’‡”ƒ–‹˜‡™‹–Š•— Šˆƒ –‘”• ƒ• –Š‡ •‘ ‹ƒŽ ‡„‡††‡†‡•• ‘ˆ –Š‡ ‘‘’‡”ƒ–‹˜‡ǡ ‹–• ‘™‡”•Š‹’ •–”— –—”‡ ƒ† –Š‡ •–”ƒ–‡‰›‘ˆ‹–•ƒƒ‰‡‡–ǤŠ‹•ƒŽ•‘†‡–‡”‹‡•–Š‡Ž‘ ƒ–‹‘‘ˆ„”ƒ Š‡•ƒ†–Š‡‹” ”‹•Ǧ–ƒ‹‰ ’”‘’‡•‹–›Ǥ ‡ ‡ òϐŽ‡” ȏͳͻͻͷȐ ‹†‡–‹ϐ‹‡• –Š”‡‡ –›’‡• ‘ˆ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰‘†‡Ž‹”‡•’‡ –‘ˆ ‡”ƒ›ƒ†ƒ”•ŠƒŽŽ‡–ƒŽǤȏʹͲͲ͵ȐŽ‹‡™‹•‡‹”‡Žƒ–‹‘ –‘–Š‡͵ǤŠ‡•‡ƒ”‡–Š‡–”ƒ†‹–‹‘ƒŽ‘†‡Ž•‡”˜‹‰–Š‡Ž‘ ƒŽ ‘—‹–›ǡ–Š‡’”‘ϐ‹–Ǧ ‘”‹‡–‡† ‘‡” ‹ƒŽ‘†‡Žƒ†ƒ‹–‡”‡†‹ƒ–‡‹–‡‰”ƒ–‡†‘†‡ŽǤƒ‡š’ƒ•‹‘ ‹‰Š–„‡ƒ ‘•‡“—‡ ‡‘ˆ’”‘ϐ‹–‘”‹‡–ƒ–‹‘ǡƒ†•‘ƒ—”„ƒ’”‡•‡ ‡‹‰Š–„‡ –Š‡”‡•—Ž–‘ˆƒ†‡ ‹•‹‘‹ˆƒ˜‘—”‘ˆ–Š‹•Ǥ™‹ˆ–”‡‰‹‘ƒŽ‡š’ƒ•‹‘ƒ†‡–”ƒ ‡–‘ —”„ƒƒ”‡–•ƒ”‡ ‘•‡“—‡ ‡•‘ˆŠ‹‰Š‡”’”‘ϐ‹–ƒ•’‹”ƒ–‹‘•™Š‹ Šƒ”‡–›’‹ ƒŽˆ‘” ’”‘ϐ‹–Ǧ‘”‹‡–‡† ‘‡” ‹ƒŽ ‘‘’‡”ƒ–‹˜‡•Ǥ‹ ‡Ž‡†‹‰‹•Ž‹‡Ž›–‘’”‘†— ‡Š‹‰Š‡” ’”‘ϐ‹–ƒ„‹Ž‹–›ƒ––Š‡ ‘•–‘ˆŠ‹‰Š‡””‹••ǡ‘”‡‹–‡•‹˜‡Ž‡†‹‰ƒ –‹˜‹–›ƒ›ƒŽ•‘„‡ Ž‹‡†–‘–Š‡’”‘ϐ‹–Ǧƒ†‡š’ƒ•‹‘Ǧ‘”‹‡–‡† ‘‘’‡”ƒ–‹˜‡‘†‡ŽǤ –Š‡„ƒ•‹•‘ˆ–Š‡’”‘ˆ‡••‹‘ƒŽŽ‹–‡”ƒ–—”‡ƒ†‡š’‡”‹‡ ‡ˆ”‘‘—”‘™”‡•‡ƒ” Šǡ ™‡•—ƒ”‹•‡–Š‡‘’‡”ƒ–‹‘ƒŽ‘†‡Ž‘ˆ ‘‘’‡”ƒ–‹˜‡ ”‡†‹–‹•–‹–—–‹‘•‹ƒ„Ž‡ͳǤ. ‹˜‡–Š‡•–”— –—”ƒŽ Šƒ”ƒ –‡”‹•–‹ •‘ˆ ‘‘’‡”ƒ–‹˜‡•ǯŽ‡†‹‰ƒ –‹˜‹–‹‡•†‹• —••‡†‹ –Š‡’”‡˜‹‘—••‡ –‹‘ƒ†–Š‡‹”•–”ƒ–‡‰‹  ‘•‹†‡”ƒ–‹‘•‘‰‡‘‰”ƒ’Š‹ ƒŽ‡š’ƒ•‹‘ ‹–‡†ƒ„‘˜‡ǡ–Š‡’ƒ’‡” ‘•–”— –•ƒ–™‘Ǧ„›Ǧ–™‘•–›Ž‹œ‡†ƒ–”‹š–‘ Žƒ••‹ˆ› ‘‘’‡”ƒ–‹˜‡ „ƒ•Ǥ ‡ƒƒŽ›•‡†–Š‡‘’‡”ƒ–‹‘‘ˆ ‘‘’‡”ƒ–‹˜‡•‹–™‘†‹‡•‹‘•ǣ–Š‡ϐ‹”•–†‹‡•‹‘ ‘ˆ–Š‡ƒ–”‹š‹•–Š‡ ‘‘’‡”ƒ–‹˜‡ǯ•‰‡‘‰”ƒ’Š‹ ƒŽŽ‘ ƒ–‹‘ȋ™Š‡–Š‡”–Š‡”‡ƒ”‡„”ƒ Š‡• ‹Ž‡••†‡˜‡Ž‘’‡†ƒ”‡ƒ•ǡ’”‡†‘‹ƒ–Ž›‹•ƒŽŽ‡”•‡––Ž‡‡–•ǡ‘”ǡ”ƒ–Š‡”ǡ‹‘”‡ †‡˜‡Ž‘’‡†ƒ”‡ƒ•ǡ‹•‹‰‹ϐ‹ ƒ–‡†‹—Ǧ•‹œ‡†ƒ†Žƒ”‰‡–‘™•‘” ‹–‹‡•ȌǤŠ‡•‡ ‘† †‹‡•‹‘‹•–Š‡ ‘‘’‡”ƒ–‹˜‡ǯ•Ž‡†‹‰‹–‡•‹–›ǡ™Š‹ Šƒ›„‡†‡• ”‹„‡†„›—•‹‰ ƒŽ‘ƒ–‘†‡’‘•‹–”ƒ–‹‘ˆ‘”‹•–ƒ ‡ǤŠ‡•‡†‹‡•‹‘•†‡ϐ‹‡ˆ‘—” ‘‘’‡”ƒ–‹˜‡–›’‡•ǣ ƒȌ Š‡ classical/traditional cooperative ‹• ƒ ƒ –‹˜‡ Ž‡†‡” ƒ† Ž‘ ƒ–‡† ‘—–•‹†‡ ‘”‡ƒ”‡ƒ•ǡ‹•‡„‡††‡†‹Ž‘ ƒŽ•‘ ‹‡–›ƒ†•‘‹•ƒ„Ž‡–‘†‡ ”‡ƒ•‡‹ˆ‘”ƒ–‹‘ƒŽ ƒ•›‡–”›•—ˆϐ‹ ‹‡–Ž›Ǥ

(40) –‹•ǡ–Š‡”‡ˆ‘”‡ǡƒƒ –‹˜‡Ž‡†‡”Ǥ „Ȍ ƒ••‹˜‡ ‘‘’‡”ƒ–‹˜‡•ȋ‹Ž‘ ƒŽǡ‘Ǧ ‘’‡–‹–‹˜‡ƒ”‡–™‹–ŠŽ‘™Ž‡†‹‰‹–‡Ǧ •‹–›Ȍƒ”‡ƒŽ•‘Ž‘ ƒ–‡†‘–Š‡Ž‡••†‡˜‡Ž‘’‡†’‡”‹’Š‡”›ǤŠ‡”‡ˆ‘”‡–Š‡›‹˜‡•––Š‡ †‡’‘•‹–• ‘ŽŽ‡ –‡†‹ƒƒŽ–‡”ƒ–‹˜‡™ƒ›ǡ‡Ǥ‰Ǥ‘–Š‡‹–‡”„ƒƒ”‡–‘”‹‰‘Ǧ ˜‡”‡–•‡ —”‹–‹‡•Ǥ. ͵. ƒ”•ŠƒŽŽ‡–ƒŽǤȏʹͲͲ͵Ȑ™”‹–‡‘ˆDzmutualsdzǡ•‹ ‡‘ ‘‘’‡”ƒ–‹˜‡„ƒ•‡š‹•–‹–Š‡‹–Š‡‹”’—”‡ˆ‘” ȋŠ‡‘‘’‡”ƒ–‹˜‡ƒ‹•ƒ‘”ƒŽ ‘‡” ‹ƒŽ„ƒ™Š‘•‡‘™‡”‹•ƒ ‘‘’‡”ƒ–‹˜‡Ȃ–Š‡‘‘’‡”ƒ–‹˜‡ Š‘Ž‡•ƒŽ‡‘ ‹‡–›‘”ȌǤ. ͵͸.

(41) ”‘„Ž‡•ƒ†’‹‹‘•. ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. Ȍ  –‹˜‡Ž›Ž‡†‹‰ ‘‡” ‹ƒŽ ‘‘’‡”ƒ–‹˜‡•ȋ•‹‹Žƒ”Ž›–‘òϐŽ‡”ǯ•ȏͳͻͻͷȐƒ”‡Ǧ –Ǧ‘”‹‡–‡† ‘‘’‡”ƒ–‹˜‡ȌŽ‘ ƒ–‡†‹Žƒ”‰‡”–‘™•ƒ†Žƒ”‰‡” ‹–‹‡•ƒ”‡•‹‹Žƒ”–‘ ‘‡” ‹ƒŽ „ƒ• ‹ –‡”• ‘ˆ –Š‡‹” •–”ƒ–‡‰›Ǥ Š‡› ’”‡•‡”˜‡ ‘‘’‡”ƒ–‹˜‡ Ž‡‰ƒŽ •–ƒ–—•ƒ†‰‘˜‡”ƒ ‡•–”— –—”‡Ǥ †Ȍ ‹ƒŽŽ›ǡƒ‰”‘—’‘ˆ”‹•Ǧƒ˜‡”•‡ ‘‘’‡”ƒ–‹˜‡•‘’‡”ƒ–‹‰‹—”„ƒƒ”‡ƒ•™‹–ŠŽ‹‹–‡† Ž‡†‹‰ƒ –‹˜‹–›”‡ƒ‹•ǤŠ‡‹” ŠƒŽŽ‡‰‡‹•‘ˆˆ‡”‹‰ ‘’‡–‹–‹˜‡”ƒ–‡•‘†‡’‘Ǧ •‹–•™Š‹Ž‡ƒ˜‘‹†‹‰Ž‡†‹‰Ǥ Table 1. Illustration of geographical position and lending activity of cooperative credit institutions. Location of savings cooperatives

(42) ‡†‹—Ǧ•‹œ‡‘”Žƒ”‰‡ –‘™•‘” ‹–‹‡•.

(43) •ƒŽŽ–‘™•‘” ˜‹ŽŽƒ‰‡•ȋ’‡”‹’Š‡”ƒŽȌ. ‘ƒ•–‘ Ž‹‡–•. Competitive market/ lending strategy pursuing cooperative model ȋ‹–‡•‡ ‘’‡–‹–‹‘ ™‹–Š ‘‡” ‹ƒŽ„ƒ•ǡ ‡„‡††‡†‡••Šƒ”†–‘ ƒ Š‹‡˜‡Ȍ. Local monopoly situation /lending strategy in noncompetitive market ȋŽƒ••‹  ‘‘’‡”ƒ–‹˜‡ ‘†‡Žǣƒ—–‘‘‘—• ϐ‹ƒ ‹‰‘ˆ–Š‡ Ž‘ ƒŽƒ”‡ƒ™‹–Š Ž‘™‡””‹•ˆƒ –‘” ˆ”‘‹ˆ‘”ƒ–‹‘ƒŽ ƒ†˜ƒ–ƒ‰‡Ȍ.

(44) ‘–Š‡”™ƒ›•Ȃ ȋ‹–‡”„ƒŽ‘ƒ•ǡ ‰‘˜‡”‡–†‡„– •‡ —”‹–‹‡•Ȍ. Competitive market / passive strategy pursuing cooperative model ȋ”‹•ƒ˜‘‹†ƒ ‡ǡ ‡„‡††‡†‡••‹””‡Ž‡˜ƒ–Ȍ. Local monopoly situation / passive strategy-based cooperative model ȋ‘”‹•‘†‡”ƒ–‹‘ „ƒ•‡†‘Ž‹‹–‡†Ž‘ ƒŽ ‡„‡††‡†‡••Ȍ. Allocations of collected deposits. ‘—” ‡ǣ‡†‹–‡†„›–Š‡ƒ—–Š‘”•„ƒ•‡†‘ žŽƒ†—”‰‡”ȏʹͲͳ͵ȐǤ. ƒ”•ŠƒŽŽ ‡– ƒŽǤ ȏʹͲͲ͵Ȑ †‹”‡ – ƒ––‡–‹‘ –‘™ƒ”†• ‘‡” ‹ƒŽ —–—ƒŽ•ǡ ™Š‹ Šǡ ƒ ‘”†‹‰–‘–Š‡‹”˜‹‡™ǡŠƒ†„‡‡‘–Š‡™ƒ›–‘†‡—–—ƒŽ‹œƒ–‹‘ǤŠ‡›‘”‹‰‹ƒ–‡–Š‡•‡ ’”‘ ‡••‡•ƒ‹Ž›ˆ”‘ƒ„— Š‘ˆ•‘—” ‡•ǣˆ”‘–Š‡Dz‘‡› —Ž–—”‡dzǡ†‡˜‡Ž‘’‡–• ‘ˆ–Š‡”‡–ƒ‹Žƒ”‡–ƒ†ƒƒ‰‡”‹ƒŽ Š‘‹ ‡ǤŠ‡›•–ƒ–‡ǡ‘™‡”•Š‹’ ‘–”‘Ž‘ˆ•‡˜‡”ƒŽ —–—ƒŽ•ǡ ’ƒ”–‹ —Žƒ”Ž› –Š‡ ‘‡• ™‹–Š †‹•’‡”•‡† ‘™‡”•Š‹’ǡ ™‡”‡ —†‡” ‘–”‘Ž „› –Š‡‹”•‡‹‘”ƒƒ‰‡‡–ǡ™Š‹ Š Š‘•‡–‘Ž‘‘•‡–‹‡•™‹–Š–Š‡Ž‘ ƒŽ ‘—‹–›ƒ† –—”‡†–Š‡‹”‹•–‹–—–‹‘‹–‘ ‘‡” ‹ƒŽ„ƒ•ǤŠ‹•Ž‡†–‘–‘–Š‡‡™•–”ƒ–‡‰›‘ˆ –Š‡•‡‹•–‹–—–‹‘•ƒ†–Š‡›Šƒ˜‡‡ˆˆ‡ –‹˜‡Ž›Ž‘•––Š‡‹”Ž‘ ƒŽ‡„‡††‡†‡••Ǥ ––Š‡•ƒ‡–‹‡ǡ

(45) ƒ‘––ƒ‡–ƒŽǤȏʹͲͲ͹Ȑ•Š‘™–Šƒ– ‘‘’‡”ƒ–‹˜‡••‡”˜‹‰–Š‡‹”‘™ ‘—‹–›—•—ƒŽŽ›Šƒ˜‡„‡––‡”“—ƒŽ‹–›Ž‘ƒ’‘”–ˆ‘Ž‹‘ȋ–Š‘—‰Š–Š‡›†‘‘–‡š’Ž‹ ‹–Ž›. ͵͹.

(46) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ‘’ƒ”‡ –Š‡ –‘ ‘‡” ‹ƒŽ ‘‘’‡”ƒ–‹˜‡•ȌǤ – –Š‹• ’‘‹–ǡ —•‹‰ –Š‡ Ž‹–‡”ƒ–—”‡ǡ –Š‡ ’ƒ’‡” ˆ‘”—Žƒ–‡• Š›’‘–Š‡•‡• ƒ• ˆ‘ŽŽ‘™•Ǥ Š‹Ž‡ –”ƒ†‹–‹‘ƒŽǡ Ž‘ ƒŽŽ› ‡„‡††‡† ‘‘’‡”ƒ–‹˜‡•ǡ —•‹‰ –Š‡‹” Ž‘ ƒŽ ‹ˆ‘”ƒ–‹‘ ƒ†˜ƒ–ƒ‰‡ǡ ƒ› ‘’‡–‡ •— ‡••ˆ—ŽŽ› ™‹–ŠŽ‡†‹‰ǡ ‘‘’‡”ƒ–‹˜‡•™‹–Š”ƒ’‹†‰‡‘‰”ƒ’Š‹ ƒŽ‡š’ƒ•‹‘ǡŽ‘•‹‰–Š‡‹”–‹‡•™‹–Š –Š‡‹” ‘—‹–›–Šƒ–Ž‡ƒ†•–‘–Š‡†‡–‡”‹‘”ƒ–‹‘‘ˆ–Š‡‹”ƒ‹ ‘’‡–‹–‹˜‡ƒ†˜ƒ–ƒ‰‡ ‹Ž‡†‹‰Ǥ ––Š‡•ƒ‡–‹‡ǡ

(47) ƒ‘––ƒ‡–ƒŽǤȏʹͲͲ͹Ȑƒ”‰—‡–Šƒ–Š‹‰Š‘™‡”•Š‹’ ‘ ‡–”ƒ–‹‘ –›’‹ ƒŽŽ› ‹’Ž‹‡• „‡––‡” Ž‘ƒ “—ƒŽ‹–›Ǥ ”‘ –Š‡ Ž‹–‡”ƒ–—”‡ ‹–‡† ‡ƒ”Ž‹‡” •‘‡‘‡ ƒ› ƒ••—‡ –Šƒ– –Š‡ “—ƒŽ‹–› ‘ˆ ‡š’ƒ†‹‰ ‘‘’‡”ƒ–‹˜‡•ǯ Ž‘ƒ ’‘”–ˆ‘Ž‹‘ †”‘’• ƒ• –Š‡› ƒ„ƒ†‘ –Š‡‹” ‡„‡††‡†‡••Ǥ ‡‰ƒ”†‹‰ –‘ –Š‡ ‡š‹•–‡ ‡ ‘ˆ †‹ˆˆ‡”‡– –›’‡• ‘ˆ ‘‘’‡”ƒ–‹˜‡•ǡ—”‰‡”ƒ† žŽȏʹͲͳ͵Ȑƒ”‰—‡–Šƒ–†‡—–—ƒŽ‹œ‡†„ƒ•ǡ’”‡˜‹‘—•Ž› ‘‡” ‹ƒŽ ‘‘’‡”ƒ–‹˜‡•ǡ ™Š‹ Š ƒ”‡ ‘™‡† „› ƒ ˆ‡™ ‹†‹˜‹†—ƒŽ•ǡ ƒ†‘’– ‘”‡ ‡ˆϐ‹ ‹‡– Ž‡†‹‰ ’”‘ ‡••‡• •‹‹Žƒ”Ž› –‘ ‘‡” ‹ƒŽ „ƒ•ǡ ‡šŠ‹„‹–‹‰ –Š‡”‡ˆ‘”‡ ƒ„‡––‡”‡ˆϐ‹ ‹‡ ›Ǥ

(48)  Š‹• ’ƒ’‡” —”‰‡” ȏʹͲͳ͵Ȑ ‡šƒ‹‡• †‹˜‹†‡† ’ƒ›‘—– ’‘Ž‹ ‹‡• ƒ– –Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡„ƒ•‹ ‘‡ –‹‘™‹–Š–Š‡‹”‘™‡”•Š‹’ƒ† ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡ •–”— –—”‡•Ǥ —”‰‡”ǯ• ȏʹͲͳ͵Ȑ •–—†› „—‹Ž†• ‘ ŠŽ‡‹ˆ‡” ƒ† ‹•Š›ǯ• ȏͳͻͻ͹Ȑ •–—†› ‘ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡ǡƒ†‘–Š‡ƒ„‘˜‡ ‹–‡†Ž‹–‡”ƒ–—”‡„›òϐŽ‡”ȏͳͻͻͷȐƒ† ƒ”•ŠƒŽŽ ‡– ƒŽǤ ȏʹͲͲ͵ȐǤ —ƒ”‹•‹‰ –Š‡‹” ‡› ϐ‹†‹‰•ǡ –Š‡ ’ƒ’‡” •–ƒ–‡• –Šƒ– ‹– ‹• ‘– –Š‡ ‘ ‡–”ƒ–‹‘ ‘ˆ ‘™‡”•Š‹’ –Šƒ– ƒ––‡”• ‹ ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ǡ ’‡” •‡ǡ ”ƒ–Š‡” –Š‡ ’‡”•’‡ –‹˜‡• ‘ˆ –Š‡ ‘™‡”• –Šƒ– †‡–‡”‹‡• ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡Ǥ

(49) †‹˜‹†—ƒŽ •Šƒ”‡Š‘Ž†‡”• ™‹–Š „Ž‘ Š‘Ž†‹‰• ƒ– Ž‹‹–‡† ‘’ƒ‹‡• ƒ› –Š‹ Ž‘‰ –‡”ƒ•–Š‡›ƒ”‡‘––Š”‡ƒ–‡‡†ƒ•‘™‡”•Ǥ

(50)  ‘–”ƒ•–ǡƒ– ‘‘’‡”ƒ–‹˜‡„ƒ•–Š‡ “—ƒ•‹ ‘ ‡–”ƒ–‡† ‘™‡”• ƒ†ǡ ƒ– –Š‡ •ƒ‡ –‹‡ǡ ƒƒ‰‡”• ‡š‡”– ‘–”‘Ž ‘˜‡” –Š‡ ‘‘’‡”ƒ–‹˜‡ ‘– ƒ• ƒ ”‡•—Ž– ‘ˆ –Š‡‹” Ž‡‰ƒŽ ‘™‡”•Š‹’ „—– †—‡ –‘ –Š‡ •—’’‘”– ”‡ ‡‹˜‡† ˆ”‘ –Š‡‹” •‡Ž‡ –‡† ‡„‡”•Ǥ ‡ ƒ—•‡ ‘ˆ –Š‡ †‡Ž‹„‡”ƒ–‡ ”‡†— –‹‘ ‘ˆ ‡„‡”•Š‹’ ‹ —‰ƒ”› –Š‡ •ƒŽŽ —„‡” ‘ˆ •‡Ž‡ –‡† ‡„‡”•ǡ ‹ ”‡ƒ•‹‰Ž› •‡”˜‡†ƒƒ‰‡”•ǯƒ•™‡ŽŽƒ•–Š‡‹”‘™‰”‘™‹‰‘™‡”•Š‹’‹–‡”‡•–•ȏ‹••ǡʹͲͲͻȐǤ Š‡•‡‡„‡”••—’’‘”––Š‡ƒƒ‰‡‡–„‡ ƒ—•‡–Š‡›ƒ”‡”‡™ƒ”†‡†™‹–Šˆƒ˜‘—”• •— Šƒ•‰‘‘†’‘•‹–‹‘•ƒ––Š‡ ‘Ǧ‘’‡”ƒ–‹˜‡ǤŠ‡”‡ˆ‘”‡ǡ ‘‘’‡”ƒ–‹˜‡• ‡–‡”‹•’ƒ”‹„—• ƒ”‡ ƒƒ‰‡† ƒ ‘”†‹‰ –‘ •Š‘”– –‡” ‘„Œ‡ –‹˜‡• ”ƒ–Š‡” –Šƒ –Š‡‹” †‡—–—ƒŽ‹•‡† ‡šǦ ‘‘’‡”ƒ–‹˜‡ ‘—–‡”’ƒ”–•Ǥ Š‹• ϐ‹†‹‰ ‹• •‡‡‹‰Ž› ‹ ‘–”ƒ•– ™‹–Š ŠŽ‡‹ˆ‡” ƒ†‹•Š›ǯ•ȏͳͻͻ͹Ȑƒ† ƒ•ƒǯ•ȏͳͻͺͺȐƒ”‰—‡–•ǡ‹ƒ•— Šƒ•–Š‡›ƒ••‡”– –Šƒ––Š‡†‹•’‡”•‡†‘™‡”•Š‹’‹•–Š‡‘Ž›‘’–‹ƒŽˆ‘”‹–Š‡ ƒ•‡‘ˆ ‘‘’‡”ƒ–‹˜‡•ǡ ’ƒ”–‹ —Žƒ”Ž› ‹ˆ ƒ‰‡ › ’”‘„Ž‡ ‡‡”‰‡•Ǥ ‘™‡˜‡”ǡ –Š‡ Ž‡••‘• Ž‡ƒ”‡† ˆ”‘ –Š‡ ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ •–”— –—”‡ ‘ˆ –Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡ „ƒ• ‹• –Šƒ– –Š‡ •‡ –‘”Šƒ•‰‘‡–Š”‘—‰ŠƒǮŽƒ–‡–†‡—–—ƒŽ‹•ƒ–‹‘ǯ‹–Š‡’ƒ•–†‡ ƒ†‡•ǡ”‡•—Ž–‹‰‹ ƒ•Šƒ”’†‡ Ž‹‡‹‡„‡”•Š‹’ƒ•™‡ŽŽƒ•‹–Š‡‹”Ž‘ ƒŽ‡„‡††‡†‡••ǡ™Š‹ ŠŠƒ† ƒŽ•‘ƒ‡‰ƒ–‹˜‡‹’ƒ –‘–Š‡‹”Ž‡†‹‰ƒ –‹˜‹–›Ǥ. ͵ͺ.

(51) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. 3. Regulatory and corporate governance challenges of the cooperative banking during the transition period ͵ǤͳǤ‡‰—Žƒ–‘”›‡˜‹”‘‡–ƒ†‹•–‹–—–‹‘ƒŽˆ”ƒ‡™‘” Š‡Š‹•–‘”›‘ˆ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡•ƒ˜‹‰•„ƒ•†‹˜‹†‡†‹–‘‘”‡’Šƒ•‡•ǤŠ‡ ϐ‹”•– ”‡†‹– ‘‘’‡”ƒ–‹˜‡™ƒ•ˆ‘—†‡†‹–Š‡ͳͺͷͲǯ•ǤŠ‡‡š–’‡”‹‘†‹• Šƒ”ƒ –‡”‹•‡† „› –Š‡ ™ƒ› –‘™ƒ”†• –Š‡ ‡–™‘” ‹–‡‰”ƒ–‹‘ ȋͳͺͻͺȌ ™Š‹Ž‡ ‹ –Š‡ –Š‹”† ’‡”‹‘†ǡ ‹ –Š‡‡ƒ”Ž›ʹͲ–Š ‡–—”›ǡ–Š‡•‡ –‘”‡š’ƒ†‡††›ƒ‹ ƒŽŽ›Ǥ ‹•–‘”‹ ƒŽƒ†‡ ‘‘‹ ƒŽ ‡˜‡–• ȋ™‘”Ž† ™ƒ”•ǡ ‡ ‘‘‹  ”‹•‹•Ȍ ”‡’‡ƒ–‡†Ž› ‹–‡””—’–‡† –Š‡•‡ ’”‘ ‡••‡•Ǥ —”‹‰ ‘—‹•– ‡”ƒ ‘‘’‡”ƒ–‹˜‡ „ƒ• ™‡”‡ ‘’’”‡••‡† ƒ† ‘–”‘Ž‡† „› –Š‡ ’‘Ž‹–‹ ƒŽ†‡ ‹•‹‘ƒ‡”•ȏ‘‹œ•ƒ†œƒ„×ʹͲͳʹǢ—Ž •ž”ʹͲͲ͹ȐǤ ‘—†‡”•–ƒ†–Š‡‡˜‘Ž—–‹‘‘ˆ–Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡ –‘”‹–Š‡Žƒ•––™‘ ƒ†ƒŠƒŽˆ†‡ ƒ†‡•ǡ‹–‹•‡••‡–‹ƒŽ–‘‹–”‘†— ‡–Š‡ˆ”ƒ‡™‘” ‘†‹–‹‘•ˆ‘”ϐ‹ƒ ‹ƒŽ ƒ”‡– –”ƒ•ˆ‘”ƒ–‹‘ ˆ”‘ –Š‡ ‘ƒ† –‘ ƒ”‡– ‡ ‘‘›Ǥ Š‡ ”‡ƒ–‹‘ ‘ˆ –Š‡ —‰ƒ”‹ƒ–™‘Ǧ–‹‡”„ƒ‹‰•›•–‡ǡ‹–”‘†— ‡†‹ͳͻͺ͹ǡ™ƒ•ƒ–‘’Ǧ†‘™†”‹˜‡’”‘ ‡•• •—’‡”˜‹•‡†„›ƒ ‡–”ƒŽƒ—–Š‘”‹–›ƒ†ƒ••‹•–‡†„›–Š‡Ǯ‡‘Ž‹„‡”ƒŽϐ‹ƒ ‹ƒŽ‹œƒ–‹‘’”‘Œ‡ –ǯ ȏƒ˜‹˜ʹͲͲͺȐǤŠ‡”‡ˆ‘”‡ǡ–Š‡„ƒ‹‰•›•–‡‘’‡”ƒ–‡†‹ƒŠ‹‰ŠŽ› ‡–”ƒŽ‹•‡†ˆƒ•Š‹‘ ™‹–Š ƒ ‘•‹†‡”ƒ„Ž‡ †‡‰”‡‡ ‘ˆ –‡””‹–‘”‹ƒŽ ‘ ‡–”ƒ–‹‘Ǥ ”‘ •’ƒ–‹ƒŽ ’‡”•’‡ –‹˜‡• ‹– ˜‹”–—ƒŽŽ› ”‡’”‘†— ‡† –Š‡ ‡ƒ”Ž‹‡” —†ƒ’‡•–Ǧ ‡–”‡†ǡ ‘˜‡”Ǧ ‡–”ƒŽ‹•‡† •–ƒ–‡Ǧ•‘ ‹ƒŽ‹•– •‹‰Ž‡Ǧ„ƒ•–”— –—”‡ǡ‡˜‡‹ˆ‘ƒ”‡–‘”‹‡–‡†„ƒ•‹•Ǥ ‘”‡‹‰„ƒ•ƒŽ•‘ˆ‘ŽŽ‘™‡†–Š‡ ‘˜‡”Ǧ ‡–”ƒŽ‹œ‡†Ž‘ ƒ–‹‘•–”ƒ–‡‰›‹ƒ‹‰–Š‡‹”•–”ƒ–‡‰‹ †‡ ‹•‹‘•‘–Š‡‹”‡–™‘”• ƒ†Š‡ƒ†“—ƒ”–‡”•Ǥƒ‹‰”‡ˆ‘”™ƒ•ƒŽ•‘ƒ ‘’ƒ‹‡†„›–Š‡‡‡”‰‡ ‡‘ˆƒdual banking systemͶǡ™Š‹ Š‹• Šƒ”ƒ –‡”‹œ‡†„›–Š‡†‘‹ƒ ‡‘ˆˆ‘”‡‹‰Ǧ‘™‡† ‘‡” ‹ƒŽ „ƒ•ƒ†ǡƒ––Š‡•ƒ‡–‹‡ǡ–Š‡— Š•ƒŽŽ‡”ƒ”‡–™‡‹‰Š–‘ˆ†‘‡•–‹ ƒŽŽ›Ǧ‘™‡† „ƒ•ȏ žŽʹͲͲͷȐǤ”‘™†‹‰‘—–‡ˆˆ‡ –‘ˆ–Š‡ǯ†—ƒŽ„ƒ‹‰•›•–‡ǯ‘†‘‡•–‹ „ƒ‹‰ Šƒ•ˆ—”–Š‡”‹ ”‡ƒ•‡†–Š‡†‹ˆϐ‹ —Ž–‹‡•™‹–Š‹–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡ –‘”Ǥ š’‡”‹‡ ‡ ˆ”‘ –Š‡ –”ƒ•‹–‹‘ •—‰‰‡•–• –Šƒ– –Š‡ ”‘Ž‡ ‘ˆ –Š‡ •–ƒ–‡ ™ƒ• ‡•’‡ ‹ƒŽŽ› •‹‰‹ϐ‹ ƒ– ‹ –Š‡ ƒ•‡ ‘ˆ ”‡ˆ‘”‹‰ –Š‡ ’‘•–Ǧ•‘ ‹ƒŽ‹•– „ƒ‹‰ •›•–‡•ǡ ™Š‹Ž‡ –Š‡ ‘ ‡’–‘ˆϐ‹ƒ ‹ƒŽ†‡”‡‰—Žƒ–‹‘’”‘’‘•‡•–Š‡™‹–Š†”ƒ™ƒŽ‘ˆ–Š‡•–ƒ–‡ˆ”‘ϐ‹ƒ ‹ƒŽ ƒ”‡–•Ǥ ‘™‡˜‡”ǡ–Š‡’‘•–Ǧ•‘ ‹ƒŽ‹•–•–ƒ–‡Šƒ†‘–‘Ž› ‘‹––‡†‹–•‡Žˆ–‘–Š‡‡‘Ž‹„‡”ƒŽ ”‡•–”— –—”‹‰ǡ”‡ˆ‘”•”‡“—‹”‡†„›ƒ ‡••‹‘„—–—‹Žƒ–‡”ƒŽ›„‹ƒ•‡†–‘™ƒ”†•Žƒ”‰‡ ˆ‘”‡‹‰‹˜‡•–‘”•™Š‘’Žƒ›‡†ƒ‡›”‘Ž‡‹„ƒ’”‹˜ƒ–‹œƒ–‹‘ȋ„›ͳͻͻ͹ƒŽŽŽƒ”‰‡„ƒ• ’”‹˜ƒ–‹œ‡†„›™‡•–‡”ϐ‹ƒ ‹ƒŽ‹•–‹–—–‹‘•Ȍȏƒ˜‹˜ʹͲͲͺǢ žŽƒ† Š‹†–ʹͲͳ͹ȐǤŠ‡ —‰ƒ”‹ƒ ‰‘˜‡”‡– ’‘Ž‹ › ™ƒ• Šƒ”ƒ –‡”‹•‡† „› –Š‡Ǯ„‹‰ ‹• „‡ƒ—–‹ˆ—Žǯ ƒ’’”‘ƒ Šǡ ™Š‹ Š™ƒ•ƒ ‡–—ƒ–‹‰„‹‰ ‘’ƒ‹‡•ǡ’ƒ”–‹ —Žƒ”Ž›ˆ‘”‡‹‰‘™‡† ‘‡” ‹ƒŽ„ƒ•ǡ ƒ–‡š’‡•‡•‘ˆ†‘‡•–‹ „ƒ•ȋ ‘‘’‡”ƒ–‹˜‡•Ȍƒ†Ž‘ ƒŽ‡–”‡’”‡‡—”•Š‹’ͷǤ––Š‡•ƒ‡ Ͷ. Š‡–‡”Ǯ†—ƒŽ‡ ‘‘›ǯǡƒ•‹–‹• ‘‘Ž›ƒ’’Ž‹‡†–‘’‘•–Ǧ•‘ ‹ƒŽ‹•– ‘—–”‹‡•ǡ‘–‘Ž›Š‹‰ŠŽ‹‰Š–• ‘”‰ƒ‹•ƒ–‹‘ƒŽ ƒ† •–”— –—”ƒŽ †‹ˆˆ‡”‡ ‡• ƒ‘‰ ‡ ‘‘‹  ƒ –‘”• ȋŽƒ”‰‡ ƒ† •ƒŽŽ ϐ‹”•Ȍ „—– ‹– ‹• ‡„‘†‹‡†‹†‹ˆˆ‡”‡ ‡•„‡–™‡‡ˆ‘”‡‹‰Ǧ‘™‡† ‘’ƒ‹‡•ȋ ‘‡” ‹ƒŽ„ƒ•Ȍǡ‘–Š‡‘‡Šƒ†ǡ ƒ†•ƒŽŽ†‘‡•–‹ ϐ‹”•ȋ ‘‘’‡”ƒ–‹˜‡„ƒ•Ȍǡ‘–Š‡‘–Š‡”Ǥ ͷ ‹–‡”ƒ–—”‡•—‰‰‡•–•–Šƒ–‘Ž›Žƒ”‰‡‡–‡”’”‹•‡• ƒ’–—”‡‡ ‘‘‹ ‘ˆ• ƒŽ‡ƒ†• ‘’‡ǡƒ†Žƒ”‰‡”„ƒ• ‡Œ‘›•‹‰‹ϐ‹ ƒ–Ž›‰”‡ƒ–‡”ƒ”‡–’‘™‡”–Šƒ–Š‡‹”•ƒŽŽ‡”’‡‡”•ȏ—‰ƒƒ†ǯ”—œʹͲͲͲȐǤ–Š‡”•ǡ. ͵ͻ.

(52) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. –‹‡ǡ–Š‡ˆ—†‹‰‡‡†•‘ˆ–Š‡†‘‡•–‹ •‡ –‘”ǡ™Š‹ Š™ƒ•ˆƒ ‹‰ ”‡†‹–”ƒ–‹‘‹‰„› Žƒ”‰‡”„ƒ•†—”‹‰–Š‡ͳͻͻͲ•ǡ™‡”‡Žƒ”‰‡Ž›‡‰Ž‡ –‡†„›‰‘˜‡”‡–•͸ǤŠ‹•’‘Ž‹ ›ƒŽ•‘ ˆƒ‹Ž‡†–‘”‡ ‘‰‹œ‡–Š‡’‘–‡–‹ƒŽƒ†˜ƒ–ƒ‰‡•‘ˆ–Š‡†‘‡•–‹  ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡ –‘” ‹ϐ‹ƒ ‹‰•ƒŽŽ„—•‹‡••‡•ƒ†‹–‹‰ƒ–‹‰ϐ‹ƒ ‹ƒŽ‡š Ž—•‹‘Ǥ Š‡‡˜‘Ž—–‹‘‘ˆ–Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰‹•†‡–‡”‹‡†„›–Š‡Ž‡‰ƒ ›‘ˆ –Š‡ ‡–”ƒŽŽ›’Žƒ‡† ‘ƒ†‡ ‘‘›Ǥ ‘™‡˜‡”ǡ–Š‡ ‘ƒ†‡ ‘‘›Š‡”‹–ƒ‰‡ ƒŽ‘‡ƒ›‘–„‡•—ˆϐ‹ ‹‡––‘ƒ†‡“—ƒ–‡Ž›‡š’Žƒ‹™Š›–Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡• ™‡”‡ •–”—‰‰Ž‹‰ ƒˆ–‡” –Š‡ ”‡‰‹‡ Šƒ‰‡Ǥ ƒ–Š‡” –Š‡ ‡™Ž› ”‡ƒ–‡† ‘’‡–‹–‹˜‡ ‘†‹–‹‘• ‹ –Š‡ „ƒ‹‰ ƒ”‡– ƒ† –Š‡ •Š‘”– ‘‹‰• ‘ˆ ‡™ ”‡‰—Žƒ–‹‘• Šƒ˜‡ —†‡”‹‡†–Š‡˜‡”›‡••‡ ‡‘ˆ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰’ƒ˜‹‰Ž‡‰ƒŽŽ‘‘’Š‘Ž‡•–‘™ƒ”†• †‡—–—ƒŽ‹•ƒ–‹‘Ǥ ˜‘Ž—–‹‘ ‘ˆ –Š‡ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡ „ƒ• ‹ –—” ‘– ‘Ž› ˆ‘ŽŽ‘™‡†‹–‡”ƒ–‹‘ƒŽ–”‡†•–‘™ƒ”†•†‡—–—ƒŽ‹•ƒ–‹‘„—–”‡‰—Žƒ–‘”›•Š‘”– ‘‹‰• ƒ†–Š‡†—ƒŽ„ƒ‹‰•›•–‡•‹‰‹ϐ‹ ƒ–Ž›ƒˆˆ‡ –‡†–Š‡‹”–”ƒ•ˆ‘”ƒ–‹‘Ǥ –‹Ž ͳͻͺ͹ǡ –Š‡ ‘‡Ǧ–‹‡” „ƒ •›•–‡ ƒ ‘‘†ƒ–‡† ™‹–Š ƒ ‘†‡ ‘ˆ ‡ ‘‘‹  ‘–”‘Ž ‹ ™Š‹ Š ”‡†‹– †‡ƒ†• ‘ˆ ‡ ‘‘‹  ƒ –‘”• ™‡”‡ †‡–‡”‹‡† „› ‡–”ƒŽ ’Žƒ‹‰͹Ǥ ‘™‡˜‡”ǡ†‡•’‹–‡–Š‡ˆ”ƒ‡™‘” ‘†‹–‹‘• ‘‘’‡”ƒ–‹˜‡•™‡”‡‡š‡’–‡† ˆ”‘†‹”‡ –’ƒ”–› ‘–”‘ŽǤŠ‡‹”‘’‡”ƒ–‹‘”‡Ž‹‡†‘”‡‘–Š‡‹”•‡‹Ǧƒ—–‘‘‘—• ’”‘ˆ‡••‹‘ƒŽ ƒ••‘ ‹ƒ–‹‘• „› ‘—–› Ž‡˜‡Ž ƒ† ’ƒ”ƒ†‘š‹ ƒŽŽ› –Š‡‹” Ž‡‰ƒŽ •–ƒ–—–‡ ™ƒ• — Š Ž‘•‡” –‘ –Š‡ ‡„‡”•Š‹’Ǧ‘”‹‡–‡† Žƒ••‹ ƒŽ ‘‘’‡”ƒ–‹˜‡ Žƒ™ǡ –Šƒ –Š‡ Ž‡‰‹•Žƒ–‹‘ƒ†‘’–‡†ƒˆ–‡”–Š‡ Šƒ‰‡‘ˆ”‡‰‹‡Ǥ Š‡ ‘‘’‡”ƒ–‹˜‡ „ƒ‹‰ •‡ –‘” Šƒ• „‡‡ –Š‡ Dz‘”’Šƒ Š‹Ž†dz ‘ˆ ‰‘˜‡”‡– ‡ ‘‘‹ ’‘Ž‹ ›‘ˆ–Š‡’ƒ•––™‡–››‡ƒ”•ȏ‹••ʹͲͳͳȐǤŠ‡•–ƒ–‡‹–‡”˜‡–‹‘ƒ† ”‡ ƒ’‹–ƒŽ‹œƒ–‹‘‹–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡ –‘”„‡ ƒ‡‡ ‡••ƒ”›ƒ†‹‡˜‹–ƒ„Ž‡ •Š‘”–Ž›ƒˆ–‡”–Š‡ ‘•‘Ž‹†ƒ–‹‘Šƒ†„‡‡‹’Ž‡‡–‡†‹–Š‡ ‘‡” ‹ƒŽ„ƒ‹‰ •‡ –‘”ǤŠ‡–”ƒ•ˆ‘”ƒ–‹‘ ”‹•‹•‹’‘•‡†ƒŠ—‰‡„—”†‡‘–Š‡„ƒ‹‰•›•–‡ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•„‡ ƒ‡’ƒ”–‹ —Žƒ”Ž›˜—Ž‡”ƒ„Ž‡ǤŠ‡—†‡” ƒ’‹–ƒŽ‹œ‡†‹•–‹–—–‹‘• ™‹–Š–Š‡‹”—‡š’‡”‹‡ ‡†ƒƒ‰‡‡–ƒ† Ž‹‡–•™‡”‡‘–’”‡’ƒ”‡†ˆ‘”–Š‡ ‡™ ”‡†‹–ƒ”‡–‡˜‹”‘‡– Šƒ”ƒ –‡”‹œ‡†„›„‘–Š–Š‡‹ ”‡ƒ•‹‰ ‘’‡–‹–‹‘ ƒ† –‹‰Š–‡‹‰ ‡ ‘‘‹  ‘†‹–‹‘Ǥ Š‡ •‡ –‘” ™ƒ• „ƒ ‡† „› •–ƒ–‡ ƒ’‹–ƒŽ ‹Œ‡ –‹‘‹ͳͻͻ͵ǡ ‘•‘Ž‹†ƒ–‹‰‘‡–Š‹”†‘ˆ ‘‘’‡”ƒ–‹˜‡„ƒ•ƒ†–Š‡‰‘˜‡”‡– •‹—Ž–ƒ‡‘—•Ž›‡•–ƒ„Ž‹•Š‡†–Š‡‹”‹•–‹–—–‹‘ƒŽ’”‘–‡ –‹‘• Š‡‡Ǥ‘‘’‡”ƒ–‹˜‡„ƒ• Ž‹‡ǡƒ Š•ƒ†ƒ”‡”ȏͳͻͻͷȐƒ”‰—‡–Šƒ–‘’‡‡••ǡ‡ƒ•—”‡†’ƒ”–‹ƒŽŽ›„›–Š‡‹˜‡•–‡–•‘ˆˆ‘”‡‹‰ ‘™‡† ‘’ƒ‹‡•ǡ ‘–”‹„—–‡•–‘‰”‘™–Šƒ†‡ ‘‘‘‹  ‘˜‡”‰‡ ‡Ǥ

(53)  ‘–”ƒ•––‘–Š‹•ǡ ‘‰‡Ž‡– ƒŽǤȏʹͲͲͺȐϐ‹†–Šƒ– ‘—–”‹‡•™‹–ŠŠ‹‰Š‡”„‹‰„—•‹‡•••–ƒ„‹Ž‹–›•Š‘™•Ž‘™‡”‰”‘™–ŠǤ‹‹Žƒ”Ž›ǡŽƒ”‰‡ „ƒ‹‰•›•–‡‹•ƒ••‘ ‹ƒ–‡†™‹–Š•–ƒ„Ž‡ƒ†„‹‰„—•‹‡•••‡ –‘”‹‰Š–‹†— ‡•–ƒ„‹Ž‹–›”ƒ–Š‡”–Šƒ ‰”‘™–Šƒ††›ƒ‹•Ǥ ͸ Š‹•‹•‹Ž‹‡™‹–Š–Š‡Ž‹–‡”ƒ–—”‡ǡ™Š‹ Šϐ‹†•–Šƒ––Š‡ˆ‘”‡‹‰Ǧ‘™‡†„ƒ•Ž‡†Ž‡••–‘•ǡ’ƒ”–‹ —Ǧ Žƒ”Ž›‹ˆ–Š‡„ƒ•ǯŠ‡ƒ†“—ƒ”–‡”•ƒ”‡Ž‘ ƒ–‡†‹ƒ†‹•–ƒ– ‘—–”›ȏ‡ ƒƒ•‡–ƒŽǤʹͲͳͲȐǤ‹‹Žƒ”Ž›ǡ–Š‡› ƒ”‰—‡–Šƒ–•ƒŽŽ„ƒ•Ž‡†‘”‡–‘•–Šƒ†‘Žƒ”‰‡„ƒ•‹–”ƒ•‹–‹‘ ‘—–”‹‡•Ǥ ͹

(54) •‘ ‹ƒŽ‹•–’Žƒ‡†‡ ‘‘›ǡ–Š‡”‡ƒŽ•‘‡š‹•–‡†–™‘ϐ‹ƒ ‹ƒŽ‹•–‹–—–‹‘••’‡ ‹ƒŽ‹•‡†‹”‡–ƒ‹Ž„ƒǦ ‹‰ǡ –Š‡ ƒ–‹‘ƒŽ ƒ˜‹‰• ƒ ™‹–Š ƒ–‹‘™‹†‡ ‡–™‘” ƒ† ‘‘’‡”ƒ–‹˜‡ „ƒ•Ǥ Š‡ ƒ–‹Ǧƒ”‡– •‡–‹‡–‘ˆ–Š‡ ‘ƒ†‡ ‘‘›ƒ„‘Ž‹•Š‡†–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰‹ͳͻͷʹǤˆ–‡”ƒˆ‡™›‡ƒ”•‘ˆ „”‡ƒǡ ‘‘’‡”ƒ–‹˜‡„ƒ•™‡”‡ƒŽŽ‘™‡†–‘”‡‘”‰ƒ‹œ‡‹–•‡Žˆ‹ͳͻͷ͸ǤŠ‡‹”‘’‡”ƒ–‹‘™ƒ••—„‘”†‹ƒǦ –‡†–‘–Š‡‹‹•–”›‘ˆ ‹ƒ ‡ǡ–Š‡• ‘’‡‘ˆ–Š‡‹”•‡”˜‹ ‡•™ƒ•Ž‹‹–‡†–‘Š‘—•‡Š‘Ž†Ž‡†‹‰‘Ž›Ǥ. ͶͲ.

(55) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ™Š‹ Š„‡ ƒ‡˜—Ž‡”ƒ„Ž‡†—”‹‰–Š‡ϐ‹”•–†‘‡•–‹ „ƒ‹‰ ”‹•‹•ƒˆ–‡”–Š‡ Šƒ‰‡ ‘ˆ”‡‰‹‡†—”‹‰–Š‡ϐ‹”•–•–ƒ‰‡‘ˆ‡ ‘‘‹ –”ƒ•‹–‹‘™‡”‡•—’’‘”–‡†„›–Š‡•–ƒ–‡ –Š”‘—‰Š–Š‡‡™Ž›‡•–ƒ„Ž‹•Š‡†ƒ–‹‘ƒŽ‘‘’‡”ƒ–‹˜‡ƒ‹‰

(56) •–‹–—–‹‘”‘–‡ –‹‘ —†ȋOTIVAȌƒ†„›•–”‡–Š‡‡‹‰–Š‡ƒƒ”±„ƒȋˆ— –‹‘‹‰ƒ•ƒƒ’‡š„ƒȌǤ ‡•’‹–‡•‡––‹‰—’–Š‡•‡‹•–‹–—–‹‘•„‘–Š–Š‡‡ˆˆ‡ –‹˜‡Ž‘„„›‹‰ˆ‘” ‡„› ‘‘’‡”ƒ–‹˜‡ „ƒ•ƒ†‰‘˜‡”‡–’‘Ž‹ ›™‹ŽŽˆ‘”ˆ—”–Š‡”•—’’‘”–Šƒ˜‡†‹•ƒ’’‡ƒ”‡†ȏ žŽƒ† —”‰‡” ʹͲͳ͵Ǣ ƒŽ‹ ʹͲͳͲȐǤ Š‡ •‡ –‘” ”‡ƒ‹‡† ƒŽ‘‡ ‹ –Š‡ —‡“—ƒŽȀ—‡˜‡ ƒ”‡– ‘’‡–‹–‹‘ ™‹–Š ‘‡” ‹ƒŽ „ƒ•ǡ ƒŽŽ –Š‡ ™Š‹Ž‡ ƒ‹–ƒ‹‹‰ ‹–• ͶȂ͸Ψ ƒ”‡–•Šƒ”‡ǤŠ‡„ƒ‹‰”‡ˆ‘”•‘ˆ–Š‡‡ƒ”Ž›–”ƒ•‹–‹‘’‡”‹‘†‘ˆˆ‡”‡†ƒ—‹“—‡ ‘’’‘”–—‹–›–‘•–”‡‰–Š‡–Š‡†‘‡•–‹  ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡ –‘”„—–‹–™ƒ•‘– ‡š’Ž‘‹–‡†ƒ†‹–•‹–‡”ƒŽƒ†‡š–‡”ƒŽˆ”ƒ‡™‘” ‘†‹–‹‘•™‡”‡–‘–ƒŽŽ›Žƒ ‹‰Ǥ —‡ –‘ –Š‡ ƒ„•‡ ‡ ‘ˆ ƒ†‡“—ƒ–‡ Ž‡‰ƒŽ ”‡‰—Žƒ–‹‘ –Š‡ ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ •–”— –—”‡ˆ—”–Š‡”™‡ƒ‡‡†’ƒ˜‹‰–Š‡™ƒ›–‘™ƒ”†•†‡—–—ƒŽ‹œƒ–‹‘ƒ†–Š‡social embeddedness‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ‹‰•‡ –‘”•–ƒ”–‡†–‘†‹•ƒ’’‡ƒ”‹ —‰ƒ”›Ǥ ‘”‡‘˜‡”ǡ –Š‡”‡ ™ƒ• ‘ ƒ†ƒ–‘”› ‡„‡”•Š‹’ ƒ– ƒ ‹•–‹–—–‹‘ƒŽ ’”‘–‡ –‹‘ ˆ—†ˆ‘” —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡•ǡƒ•‹–‹•–›’‹ ƒŽ‹‘–Š‡”—”‘’‡ƒ ‘—–”‹‡•ǤŠ‡ †‡‰”‡‡‘ˆŠ‡–‡”‘‰‡‡‹–›™ƒ•Š‹‰Šƒ†ǡƒ––Š‡•ƒ‡–‹‡ǡ–Š‡’”‘’‡•‹–›ˆ‘”•–”‘‰‡” ‡–™‘” ‹–‡‰”ƒ–‹‘ͺ ”‡ƒ‹‡† Ž‘™Ǥ

(57) •–‹–—–‹‘• ‘ˆ–‡ Ž‘‘ ƒ– ‡ƒ Š ‘–Š‡” ƒ• ‘’‡–‹–‘”•ƒ†‘–ƒ•’ƒ”–‡”•ǤŠ‹Ž‡•‘‡ ‘‘’‡”ƒ–‹˜‡• Š‘•‡–‘‘’‡”ƒ–‡™‹–Š‘—– ƒ› ’”‘–‡ –‹‘ ˆ—†ǡ ƒ† •‘‡–‹‡• †‡—–—ƒŽ‹œ‡† ‡šǦ ‘‘’‡”ƒ–‹˜‡•ǡ ‘’‡”ƒ–‹‰ ƒ• ‘‡” ‹ƒŽ„ƒ•ǡ™‡”‡ƒ†‹––‡†Ǥ•ƒ”‡•—Ž–ǡ—’—–‹ŽʹͲͳ͵ǡ–Š”‡‡’”‘–‡ –‹‘ˆ—†• ‡š‹•–‡†‹–Š‡ ‘—–”›ȋ

(58) ǡ

(59) ǡ

(60) Ȍ™‹–Š˜ƒ”›‹‰†‡‰”‡‡‘ˆ ‘–”‘Ž‘˜‡” –Š‡ ‘‘’‡”ƒ–‹˜‡• ƒ† ϐ‹ƒ ‹ƒŽ ’‘™‡”ͻǤ

(61)  ʹͲͳ͵ǡ –Š‡ ”„ƒ ‰‘˜‡”‡– Žƒ— Š‡† ƒˆ‘” ‡†‹–‡‰”ƒ–‹‘‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ•’ƒ••‹‰–Š‡ –‘‘‘’‡”ƒ–‹˜‡ƒ• ȋȌǡ ™Š‹ Š ‹–‡””—’–‡† –Š‡ „‘––‘Ǧ—’ ƒ† ˜‘Ž—–‡‡” ‹–‡‰”ƒ–‹‘ ’”‘ ‡••‡• ™‹–Š‹ –Š‡ •‡ –‘”Ǥ

(62) •–‡ƒ† ‘ˆ –Š‹• –Š‡ ‰‘˜‡”‡– ‹–”‘†— ‡† ƒ ƒ†ƒ–‘”›ǡ –‘’Ǧ †‘™ ƒ† ’‘Ž‹–‹ ƒŽǦ†”‹˜‡ ‹–‡‰”ƒ–‹‘ǡ ™Š‹ Š „‡ƒ”† –Š‡ ƒ”• ‘ˆ „‡‹‰ –›’‹ ƒŽ ‹ ”‘› ƒ’‹–ƒŽ‹•ȏ‘”ƒ‹ʹͲͳͷȐƒ†‹Ǯƒϐ‹ƒ•–ƒ–‡•ǯȏ•‡’‡Ž‹ʹͲͳͶȐǤ

(63) •’‹–‡‘ˆ–Š‹• Ǯ”‡ˆ‘”ǯ Šƒ• •‘‡ ‘•–Ǧ —––‹‰ ”‡•—Ž–•ǡ ‹– †‹† ‘– •‘Ž˜‡ –Š‡ ƒ‹ ’”‘„Ž‡• ‘ˆ –Š‡ •‡ –‘”ǣˆ‘”‡šƒ’Ž‡–Š‡•ƒŽŽƒ”‡–•Šƒ”‡ǡ–Š‡Ž‘™‡”‡ˆϐ‹ ‹‡ ›ƒ†’‡”ˆ‘”ƒ ‡ǡ ƒ†‹–Ž‡†–‘–Š‡ϐ‹ƒŽ‡”‘•‹‘‘ˆ–‡””‹–‘”‹ƒŽ’”‹ ‹’Ž‡‘ˆ ‘‘’‡”ƒ–‹˜‡•ȏ‘˜ž •ʹͲͳͷȐǤ

(64)  –Š‹•  –ǡ –Š‡ Ž‡‰‹•Žƒ–—”‡ ”‡ƒ–‡† ƒ ‡™ ‹•–‹–—–‹‘ƒŽ ˆ”ƒ‡™‘” ‘ˆ ‡–™‘”•ǡ ‡•–ƒ„Ž‹•Š‡† ƒ ‡™ —„”‡ŽŽƒ ‘”‰ƒ‹•ƒ–‹‘ ‘ˆ –Š‡ ‹–‡‰”ƒ–‹‘ǡ ™Š‹ Š ‹• ”‡•’‘•‹„Ž‡ ˆ‘” –Š‡ ‹•–‹–—–‹‘ƒŽ ’”‘–‡ –‹‘ ȋƒ• •— ‡••‘” ‘ˆ –Š”‡‡ ˆ‘”‡” ’”‘–‡ –‹‘ ˆ—†•Ȍǡ –Š‡ ϐ‹ƒ ‹ƒŽ •—’‡”˜‹•‹‘ ƒ† –Š‡ ”‹•‹• ƒƒ‰‡‡–ǡ ‹ˆ ‹– ‹• ‡ ‡••ƒ”›Ǥ

(65)  –Š‹• †—’Ž‹ ƒ–‡†•–”— –—”‡ǡ–Š‡ƒƒ”±„ƒȋ–Š‡ˆ‘”‡”ƒ’‡š„ƒȌ„‡ ƒ‡–Š‡‘Ž†ƒ† ‡™—„”‡ŽŽƒ„ƒ‘ˆ–Š‡‹–‡‰”ƒ–‹‘™‹–Š‡š–‡•‹˜‡‹•’‡ –‹‘”‹‰Š–•ǡ„—–‹–•ƒ‹ –ƒ•‹•–Š‡ƒ‹‰‘ˆ ‘‘•–”ƒ–‡‰›ƒ†„—•‹‡••’‘Ž‹ ›ȏ‘†ž”‡–ƒŽǤʹͲͳͷȐǤ. ͺ. Š‡•–”‘‰‡”‡–™‘”‹–‡‰”ƒ–‹‘‡ƒ•†‡˜‡Ž‘’‡–‘ˆ‡–™‘”Ǧ™‹†‡’”—†— –•ǡ ‘‘

(66) ƒ† „—•‹‡•••–ƒ–‡‰›—†‡”–Š‡ƒ••‹•–ƒ ‡‘ˆ–Š‡ƒ’‡š„ƒǤ ͻ 

(67) —•‡†–‘ ‘ŽŽ‡ –‘Ž›ƒ  ʹȋ̀͸ǡͲͲͲȌ ‘–”‹„—–‹‘ˆ”‘‡ƒ Š‡„‡”ƒ•ƒŠ‡†‰‡ƒ‰ƒ‹•– ƒ› ”‹•‹••‹–—ƒ–‹‘Ǥ

(68) ƒƒ‰‡†ƒ••‡–•‘ˆ  ʹͲͲƒ†

(69) ƒ••‡–•‘ˆ  ͳͶǤͶ„Ȃ‹ƒ††‹Ǧ –‹‘–‘‹–•‘™‡“—‹–›ȋ˜ƒŽ—‡†ƒ–  ͳͲ„ǤȌǤ. Ͷͳ.

(70) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ͵ǤʹǤ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡ƒ†‘™‡”•Š‹’•–”— –—”‡‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ•

(71) ͳͻͻʹǡ™Š‡–Š‡ –‘‘‘’‡”ƒ–‹˜‡•’ƒ••‡†ǡ–Š‡”‡™‡”‡ʹ͸Ͳ ‘‘’‡”ƒ–‹˜‡„ƒ• ™‹–Šͳ͹ͷʹ„”ƒ Š‡•ƒ†–Š‡‹”‡„‡”•Š‹’”‡ƒ Š‡†ͳǤͺ‹ŽŽ‹‘Ǥ ‘ŽŽ‘™‹‰–Š‡•‹‰Ž‡ •–ƒ–‡‹–‡”˜‡–‹‘–Š‡•‡ –‘”™ƒ••–”—‰‰Ž‹‰–‘‡‡’’ƒ ‡™‹–Š ‘‡” ‹ƒŽ„ƒ•ǣ –Š‡—„‡”‘ˆ‹•–‹–—–‹‘•‡ƒ”Ž›ŠƒŽ˜‡††—‡–‘‡”‰‡”•ǡ–Š‡•‡ –‘”Ž‘•–ͻͲΨ‘ˆ‹–• ‡„‡”•„›ʹͲͲͺǡƒ†‹–•ƒ”‡–•Šƒ”‡•–ƒ‰ƒ–‡†ƒ–ƒ”‘—†ͷ’‡” ‡–ǡ™Š‡–Š‡ ‰‘˜‡”‡–‹‹–‹ƒ–‡†ƒƒŒ‘”‘˜‡”Šƒ—Žƒ†”‡‘”‰ƒ‹œƒ–‹‘‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡•‡ –‘”Ǥ ‡„‡”•Š‹’ˆ‡ŽŽˆ”‘ʹ‹ŽŽ‹‘ȋ”‡‰‹•–‡”‡†Ȍƒ––Š‡–‹‡‘ˆ–Š‡”‡‰‹‡ Šƒ‰‡ȋͳͻͻͲȌ –‘ƒ”‘—†‘‡Š—†”‡†–Š‘—•ƒ†„›ʹͲͲ͸ȏ‹••ʹͲͲͻȐǤŠ‹• ƒ‘–„‡ ‘’ƒ”‡† ™‹–Š–Š‡ ‡”ƒ‘”

(72) –ƒŽ‹ƒ‡š’‡”‹‡ ‡ǡ™Š‡”‡‘‡Ǧ–Š‹”†‘”‘‡ǦŠƒŽˆ‘ˆ Ž‹‡–•ƒ”‡ ‡„‡”• ‘ˆ ‘‘’‡”ƒ–‹˜‡•Ǥ Š‡ ƒƒ‰‡‡– ‘ˆ •‡˜‡”ƒŽ ‘‘’‡”ƒ–‹˜‡• †‡Ž‹„‡”ƒ–‡Ž› –”‹‡†–‘”‡†— ‡–Š‡‹”‡„‡”•Š‹’„›‹ ”‡ƒ•‹‰–Š‡ ‘’—Ž•‘”›‡„‡”•Š‹’ˆ‡‡ǡ ™‹–Š–Š‡ϐ‹ƒŽƒ‹–‘”—–Š‡ ‘‘’‡”ƒ–‹˜‡ƒ•–Š‡‹”‘™ϐ‹ƒ ‹ƒŽ‹•–‹–—–‹‘–Šƒ–‘ˆ–‡ ”‡•—Ž–‡† ‹ ƒƒ‰‡‡– „—›Ǧ‘—–•Ǥ ‘‘’‡”ƒ–‹˜‡ ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ Šƒ• ƒ ˆ‡™ ’ƒ”–‹ —Žƒ”‹–‹‡• ‘’ƒ”‡† –‘ ‘‡” ‹ƒŽ ‡–‡”’”‹•‡• †—‡ –‘ –Š‡ —‹“—‡ •‡–—’ ‘ˆ —–—ƒŽ‘™‡”•Š‹’ǡ„—– ‘‘’‡”ƒ–‹˜‡‡„‡”•ƒ†„‘ƒ”†‡„‡”•Šƒ˜‡Ž‡••ƒ„‹Ž‹–› –‘ ‘–”‘Ž–Š‡ƒƒ‰‡‡––Šƒ‹–‹•–Š‡ ƒ•‡ƒ– ‘‡” ‹ƒŽ ‘’ƒ‹‡•ȏ ‘–‡›‡ ʹͲͲ͹ȐǤ ‘‡ ‘ˆ —‰ƒ”‹ƒ ‘‘’‡”ƒ–‹˜‡ ƒƒ‰‡”• ‡š‡” ‹•‡ ‡ˆˆ‡ –‹˜‡ ‘–”‘Ž ‘˜‡” –Š‡‹” ‘‘’‡”ƒ–‹˜‡ ™‹–Š –Š‡‹” ‘™ •Šƒ”‡• ƒ† ™‹–Š –Š‡ •—’’‘”– ‘ˆ ƒ ˆ‡™ •‡Ž‡ –‡† ‡„‡”•Ǥ ‹”•–ǡ ƒƒ‰‡”• ‘ˆ ‡”–ƒ‹ ‘‘’‡”ƒ–‹˜‡• Š‘Ž† ƒ •‹‰‹ϐ‹ ƒ– —„‡” ‘ˆ •Šƒ”‡•ǡ•‹ ‡–Š‡‡Ž‹‹ƒ–‹‘‘ˆ–Š‡Ž‹‹–ƒ–‹‘‘ˆ–Š‡—„‡”‘ˆ•Šƒ”‡•‘™‡†„› ƒ‡„‡”Ǥ‡ ‘†ǡ•‡Ž‡ –‡†‡„‡”••—’’‘”––Š‡ƒƒ‰‡‡–ˆ‘”‰‘‘†’‘•‹–‹‘• ‘”Š‹‰Š†‹˜‹†‡†•ǤŠ‡”‡ˆ‘”‡ǡ–Š‡—„‡”‘ˆ‡„‡”•‹•ƒ ”‹–‹ ƒŽ†‡–‡”‹ƒ–‘ˆ ‘”’‘”ƒ–‡‰‘˜‡”ƒ ‡ƒ–ƒ ‘‘’‡”ƒ–‹˜‡„ƒǡ•‘‹ˆ–Š‡—„‡”‘ˆ‡„‡”•‹•ƒ”‘—† –Š‡ Ž‡‰ƒŽ ‹‹—ǡ –Š‡ ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ ‹• •–”‘‰ǡ –Š‡ •Šƒ”‡ ‘ˆ †‹•–”‹„—–‡† •—”’Ž—•ƒ•™‡ŽŽƒ•–Š‡ ƒ’‹–ƒŽ’‡”‡„‡”‹•Š‹‰ŠǤ

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