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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„„ǤͳǤʹǤ͹ͳǤʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. Stefan Gärtner* Jorge Fernandez-Mototo**. ‘˜‡”ƒ ‡ǡ‘Š‡•‹‘ƒ†ƒ‹‰‹’ƒ‹ ˆ”‘ƒ’ƒ–‹ƒŽ‡”•’‡ –‹˜‡ͳ. Abstract —”‹‰–Š‡‰Ž‘„ƒŽϐ‹ƒ ‹ƒŽ ”‹•‹•ǡ”‡‰‹‘ƒŽ„ƒ•Ȃ†‡’‡†‡–‘Ž‘ ƒŽ•ƒ˜‹‰•ƒ†‘Ž›ƒ„Ž‡ –‘Ž‡†–Š‡•‡•ƒ˜‹‰•–‘ —•–‘‡”•™‹–Š‹–Š‡‹””‡•’‡ –‹˜‡”‡‰‹‘•ȂŠ‡Ž’‡†ƒ˜‘‹†ƒ ”‡†‹– ”— Š‹•‘‡ ‘—–”‹‡•Ǣ™Š‹Ž‡‹‘–Š‡”•ǡ–Š‡›†‹†‘–ˆ—Žϐ‹Ž–Š‹•ˆ— –‹‘ǤŠ‹•’ƒ’‡”‡ŽƒǦ „‘”ƒ–‡• ‰‘˜‡”ƒ ‡ •–”— –—”‡• –Šƒ– ‹ϐŽ—‡ ‡† –Š‡ •— ‡•• ‘ˆ ”‡‰‹‘ƒŽ „ƒ‹‰ •›•–‡• ‹ ’ƒ‹ǡ™‹–Š”‡‰ƒ”†–‘”‡‰—Žƒ–‹‘’”‹ ‹’Ž‡•ǡ–Š‡‘˜‡”ƒŽŽ‡ ‘‘‹ ƒ†’‘Ž‹–‹ ƒŽ•–”— –—”‡•ǡƒ† •‡ŽˆǦ‘”‰ƒ‹•ƒ–‹‘‘ˆ”‡‰‹‘ƒŽ„ƒ•Ǥ‹–Š”‡•’‡ ––‘–Š‡Š‹‰Š‹’‘”–ƒ ‡‘ˆ–Š‡†‡ ‡–”ƒŽ‹•‡† „ƒ‹‰•‡ –‘”‹ ‡”ƒ›ǡ–Š‡’ƒ’‡” ‘’ƒ”‡•–Š‡•–ƒ–‡‘ˆ†‡ ‡–”ƒŽ‹•‡†„ƒ‹‰„‡–™‡‡ ’ƒ‹ƒ† ‡”ƒ›ǡ ‘ Ž—†‹‰–Šƒ––Š‡”‡‰‹‘ƒŽ’”‹ ‹’Ž‡‹ ‡”ƒ›ǡƒ†‡ ‡–”ƒŽ‹œ‡†•–ƒ–‡ •–”— –—”‡™‹–Š‡ Šƒ‹••‘ˆ”‡‰‹‘ƒŽ„ƒŽƒ ‡ǡƒ†–Š‡•‡ŽˆǦ‰‘˜‡”ƒ ‡‘ˆ”‡‰‹‘ƒŽ„ƒ• ƒ”‡‹’‘”–ƒ–ˆƒ –‘”•Ǥ ȗ. ” –‡ˆƒ ¡”–‡” ȋŠǤ ƒ† ƒ•–‡” ‹ ’ƒ–‹ƒŽ Žƒ‹‰Ȍǡ Š‡ƒ† ‘ˆ –Š‡ ‡•‡ƒ” Š ‡’ƒ”–‡– Ǽ’ƒǦ –‹ƒŽƒ’‹–ƒŽǽƒ––Š‡

(10) •–‹–—–‡ˆ‘”‘”ƒ†‡ Š‘Ž‘‰›ǡŽ‡ –—”‡”ƒ––Š‡‘”–—†‹˜‡”•‹–›™‹–Š Ž‘‰Ǧ–‡” ‡š’‡”‹‡ ‡ ‹ ”‡‰‹‘ƒŽȀ•‡ –‘”‹ƒŽ •–—†‹‡•ǡ ϐ‹ƒ ‹ƒŽ •›•–‡• •–—†‹‡•ǡ ”‡‰‹‘ƒŽ „ƒ‹‰ ‹ ‡ ‘‘‹ †‡˜‡Ž‘’‡–ǡ„ƒŽƒ ‡†•–”— –—”ƒŽ’‘Ž‹ ›ǡŽ‘ ƒŽ‡ ‘‘›•–”ƒ–‡‰‹‡•ǡƒ†’—„Ž‹ •‡”˜‹ ‡•Ǥ ȗȗ ‘”‰‡ ‡”ƒ†‡œǦ‘–‘–‘‹•Š ƒ†‹†ƒ–‡ƒ–––‘Ǧ˜‘Ǧ —‡”‹ ‡‹˜‡”•‹–¡–ƒ‰†‡„—”‰ƒˆ†ƒ––Š‡ •ƒ‡–‹‡Š‡™‘”•ƒ•••‘ ‹ƒ–‡ƒƒ‰‡”‹ ‘’‡ƒ–‹‰• „ Ǥ ͳ ‡ƒ”‡‘–‘Ž›˜‡”›‰”ƒ–‡ˆ—Ž–‘–Š‡ ƒ•ǦÚ Ž‡” ‘—†ƒ–‹‘ǡ™Š‘ˆ—†‡†–Š‡’”‘Œ‡ –ǡ„—–ƒŽ•‘–‘ ƒŽŽ–Š‡‡š’‡”–•ȋ–‘ƒ‡‘‡‡šƒ’Ž‡Š‡”‡ǡƒ”Ž‘• ƒ˜‹‡”‘†”‹‰—‡œǦ —‡–‡•ˆ”‘–Š‡‹˜‡”•‹–›ƒ ƒ‰—ƒǡ‡‡”‹ˆ‡Ȍ™Š‘‡ƒ„Ž‡†—•–‘‰ƒ‹‹’‘”–ƒ–‹•‹‰Š–•ƒ††‹• —••‘—”‹†‡ƒ•Ǥƒ›–Šƒ•–‘ ”ƒœ ŽÚ‰‡Žˆ‘”Š‹•ˆ”—‹–ˆ—Ž ‘‡–•‘ƒ‡ƒ”Ž‹‡”˜‡”•‹‘‘ˆ–Š‹•’ƒ’‡”Ǥ. ͹.

(11) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. Key wordsǣ ‘Ž‹‰‘’‘Ž› ƒ† ‘–Š‡” ˆ‘”• ‘ˆ ƒ”‡– ‹’‡”ˆ‡ –‹‘Ǣ ‘•—’–‹‘ǡ •ƒ˜‹‰ ƒ† ™‡ƒŽ–ŠǢϐ‹ƒ ‹ƒŽ ”‹•‡•Ǣ„ƒ•ǡ†‡’‘•‹–‘”›‹•–‹–—–‹‘•ǡ‹ ”‘ϐ‹ƒ ‡‹•–‹–—–‹‘•ǡ‘”–‰ƒ‰‡•Ǣ ‰‘˜‡”‡–’‘Ž‹ ›ƒ†”‡‰—Žƒ–‹‘Ǣ•‹œ‡ƒ†•’ƒ–‹ƒŽ†‹•–”‹„—–‹‘•‘ˆ”‡‰‹‘ƒŽ‡ ‘‘‹ ƒ –‹˜‹–›. 1. Introduction Š‡†‡ ‡–”ƒŽ‹•‡† ‡”ƒ„ƒ‹‰•›•–‡ǡ™‹–Š‹–•‘”‡–ŠƒͳǡͶͲͲ”‡‰‹‘ƒŽ•ƒ˜‹‰• ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•ǡ ‘—–•ƒ•‘‡•— ‡••ˆƒ –‘”‘ˆ–Š‡ ‡”ƒ‡ ‘‘‹ ‘†‡Ž ƒ†‡š’Žƒ‹• ‡”ƒ›ǯ•”ƒ’‹†”‡–—”–‘‡ ‘‘‹ ’”‘•’‡”‹–›ƒ†‰”‘™–Šƒˆ–‡”–Š‡ ‰Ž‘„ƒŽ‡ ‘‘‹  ”‹•‹•‘ˆʹͲͲ͹ȂʹͲͲͺȏ ¡”–‡”ʹͲͳͳǢ ƒ”†‹‡ƒ† ‘™ƒ”–ŠʹͲͳ͵„Ǣ —†”‡–• Šƒ†‡ŠƒʹͲͳ͸ȐǤ

(12) ˆƒ –ǡ ‡”ƒ”‡‰‹‘ƒŽ„ƒ•’”‡˜‡–‡†ƒ ”‡†‹– ”— Š‹ʹͲͲͺȀʹͲͲͻ„› ‘–‹—‹‰–‘’”‘˜‹†‡ƒ ‡••–‘ ”‡†‹–‘”‡˜‡‡Šƒ ‹‰ Ž‘ƒ‘ˆˆ‡”•ǡ‡•’‡ ‹ƒŽŽ›ˆ‘”•ƒŽŽǦƒ†‡†‹—Ǧ•‹œ‡†‡–‡”’”‹•‡•ȋ•Ȍȏ ¡”–‡”ƒ† ŽÚ‰‡ŽʹͲͳ͸ȐǤ ‘™‡˜‡”ǡ–Š‡•‹‰‹ϐ‹ ƒ ‡‘ˆ”‡‰‹‘ƒŽ„ƒ•†‹ˆˆ‡”•‰”‡ƒ–Ž›„‡–™‡‡–Š‡ „ƒ‹‰•›•–‡•‘ˆ—”‘’‡ƒ ‘—–”‹‡•Ǥ‡•’‹–‡–Š‡‹’Ž‡‡–ƒ–‹‘‘ˆ‹‹–‹ƒ–‹˜‡• –‘„‘–Š ”‡ƒ–‡ƒ ‘‘—”‘’‡ƒƒ”‡–ƒ†‹–‡‰”ƒ–‡†‹˜‡”•‡ƒ–‹‘ƒŽ„ƒ‹‰ •›•–‡•ǡ –Š‡ —”‘’‡ƒ ϐ‹ƒ ‹ƒŽ •›•–‡ ”‡ƒ‹• •’ƒ–‹ƒŽŽ› ‘’Ž‡š ƒ† —‡˜‡ǡ ‡•’‡ ‹ƒŽŽ›‹–‡”•‘ˆ–Š‡†‡‰”‡‡‘ˆ‰‡‘‰”ƒ’Š‹ ƒŽ ‘ ‡–”ƒ–‹‘‘ˆ‹–•„ƒ‹‰ƒ† ϐ‹ƒ ‹ƒŽ ‹•–‹–—–‹‘• ȏƒƒ ʹͲͲͶȐǤ › ”‡˜‡ƒŽ‹‰ –Š‡‹” —†‡”Ž›‹‰ ‡ Šƒ‹••ǡ ƒ›†‹ˆˆ‡”‡ ‡•„‡–™‡‡–Š‡ ‘—–”‹‡•ǯϐ‹ƒ ‹ƒŽ„ƒ‹‰•›•–‡•ǡƒ’ƒ”–ˆ”‘–Š‡ –”ƒ†‹–‹‘ƒŽ †‹ Š‘–‘› ‘ˆ „ƒǦ„ƒ•‡† ƒ† ƒ”‡–Ǧ„ƒ•‡† •›•–‡•ǡ „‡ ‘‡ ˜‹•‹„Ž‡ ȏ ƒŽŽƒ†‘•‹ ‡ʹͲͲͳǢŽŽ‡ƒ† ƒŽ‡ʹͲͲͳȐǤŽ–‡”ƒ–‹˜‡–ƒš‘‘‹‡•ƒ† ‘ ‡’–• ƒ”‡ –Š‡”‡ˆ‘”‡ ”‡“—‹”‡†Ǥ ––‡–‹‘ Šƒ• „‡‡ †”ƒ™ǡ ˆ‘” ‹•–ƒ ‡ǡ –‘ †‹ˆˆ‡”‡ ‡• „‡–™‡‡’—„Ž‹ —–‹Ž‹–›˜‡”•—• ƒ’‹–ƒŽ‹•– ”‡†‹–ƒ†„ƒ‹‰•›•–‡•ȏ ‘™ƒʹͲͲͻȐǡ ‘”–‘–Š‡†‹ˆˆ‡”‡–‹ƒ–‹‘„‡–™‡‡

(13) •Žƒ‹ ƒ†‘Ǧ

(14) •Žƒ‹ ϐ‹ƒ ‹ƒŽ•›•–‡•ȏ‘ŽŽƒ”† ƒ†ƒ‡”•ʹͲͲ͹ȐǤ —”ƒ’’”‘ƒ Š‹•„ƒ•‡†‘–Š‡’”‡•—’–‹‘–Šƒ–„ƒ‹‰•›•–‡• ƒ„‡†‹•–‹‰—‹•Š‡† ƒ•‡‹–Š‡”†‡ ‡–”ƒŽ‹•‡†‘” ‡–”ƒŽ‹•‡†„ƒ‹‰ƒ†ϐ‹ƒ ‹ƒŽ•›•–‡•ȏŽƒ‰‰‡ͳͻͻͷǢ ‡”†‹‡”ʹͲͲʹǢ ¡”–‡”ʹͲͳ͵Ǣ ¡”–‡”ƒ† ŽÚ‰‡ŽʹͲͳͶȐǡƒ•™‡ŽŽƒ•–Š‡Š›’‘–Š‡•‹• –Šƒ––Š‹•†‹ˆˆ‡”‡–‹ƒ–‹‘Š‡Ž’•–‘‡š’Žƒ‹–Š‡˜ƒ”‹‡–‹‡•‘ˆϐ‹ƒ ‹ƒŽ•›•–‡•ǡ‡•’‡ ‹ƒŽŽ› ™‹–Š”‡•’‡ ––‘ϐ‹ƒ ‡ȏ ¡”–‡”ƒ† ŽÚ‰‡ŽʹͲͳͶȐǤ–Š‡‘‡Šƒ†ǡ™‡”ƒ‹•‡–Š‡ “—‡•–‹‘‘ˆ™Šƒ–”‘Ž‡†‡ ‡–”ƒŽ‹•‡†ƒ† ‡–”ƒŽ‹•‡†„ƒ•’Žƒ›‹„—•‹‡••Ž‡†‹‰ǡ ƒ•™‡ŽŽƒ•Š‘™ǡ‹Ǥ‡Ǥǡƒ–™Š‹ Š†‹•–ƒ ‡–‘ Ž‹‡–•ǡ”‡‰‹‘ƒŽƒ†Žƒ”‰‡„ƒ•‘”‰ƒ‹•‡ –Š‡‹”Ž‡†‹‰†‡ ‹•‹‘•Ǥ–Š‡‘–Š‡”Šƒ†ǡƒ‰ƒ‹•––Š‡„ƒ †”‘’‘ˆ ‘”’‘”ƒ–‡ƒ† •–ƒ–‡ ‰‘˜‡”ƒ ‡ ȏŠŽ‡‹ˆ‡” ƒ† ‹•Š› ͳͻͻ͹Ǣ ‡”†‹‡” ʹͲͲʹǢ ‡˜‹‡ ͳͻͻͺȐǡ ˆƒ –‘”• ™Š‹ Š‡š’Žƒ‹–Š‡’‡”•‹•–‡ ‡‘ˆ†‡ ‡–”ƒŽ‹•‡†„ƒ‹‰™‹ŽŽ„‡‹†‡–‹ϐ‹‡†Ǥ Š‡”‡•—Ž–•‘ˆ–Š‹•’ƒ’‡”™‡”‡‰‡‡”ƒ–‡†ˆ”‘ƒ„”‘ƒ†‡””‡•‡ƒ” Š’”‘Œ‡ –ǡ•’‘•‘”‡† „›–Š‡ ƒ•ǦÚ Ž‡” ‘—†ƒ–‹‘ǡ–Šƒ– ‘’ƒ”‡†–Š‡ϐ‹ƒ ‹ƒŽƒ†„ƒ‹‰•›•–‡• ‘ˆ ‡”ƒ›ǡ –Š‡  ƒ† ’ƒ‹Ǥ Š‡ –Š”‡‡ ‘—–”› ƒ•‡• ™‡”‡ •‡Ž‡ –‡† „‡ ƒ—•‡ –Š‡› ’—–ƒ–‹˜‡Ž› †‡‘•–”ƒ–‡ •—„•–ƒ–‹ƒŽ ˜ƒ”‹‡–› ‹ –‡”• ‘ˆ ‡–”ƒŽ‹•‡† „ƒ‹‰Ǥ. ‡”ƒ›•—’’‘”–•ƒ ‘’ƒ”ƒ„Ž›•–”‘‰Ž›†‡ ‡–”ƒŽ‹•‡†„ƒ‹‰•›•–‡ƒ•ƒ”‡•—Ž– ‘ˆ–Š‡•’‡ ‹ϐ‹ ”‡‰‹‘ƒŽ•–”— –—”‡‘ˆ–Š‡ ‡†‡”ƒŽ‡’—„Ž‹ ‘ˆ ‡”ƒ›ȏ ƒ‡‡•ƒ†  Šƒ„‡Ž ʹͲͲ͸ȐǤ Š‡ ǡ ‘ –Š‡ ‘–Š‡” Šƒ†ǡ ‡š‡’Ž‹ϐ‹‡• ƒ ‡–”ƒŽ‹•‡† •›•–‡ǡ ƒ•. ͺ.

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

(16) ƒ††‹–‹‘ǡ’ƒ‹ ‘•–‹–—–‡•ƒ‘—–•–ƒ†‹‰”‡•‡ƒ” Š ‡šƒ’Ž‡ǡƒ•–Š‡ ‘—–”›ǯ•ˆ‘”‡”Ž›”‡‰‹‘ƒŽ•ƒ˜‹‰•„ƒ•™‡”‡Ž‹„‡”ƒ–‡†ˆ”‘–Š‡‹” ‰‡‘‰”ƒ’Š‹ ƒŽ ‘•–”ƒ‹–• ‹ ͳͻͺͺǡ Ž‡ƒ†‹‰ –‘ ƒ †‡ Ž‹‡ ‹ †‡ ‡–”ƒŽ‹•‡† „ƒ‹‰Ǥ —”–Š‡”‘”‡ǡ ’ƒ‹ ‹• ƒ ‘—–”› ‹ ™Š‹ Š •ƒ˜‹‰• „ƒ• ’Žƒ›‡† ƒ •‹‰‹ϐ‹ ƒ– ”‘Ž‡ —–‹Ž–Š‡ϐ‹ƒ ‹ƒŽ ”‹•‹•ǡ™Š‹Ž‡‹–••ƒ˜‹‰•„ƒ•ƒ••‘ ‹ƒ–‹‘ǡ ‘’ƒ”‡†–‘‹–• ‡”ƒ ‘—–‡”’ƒ”–ǡ†‘‡•‘–‡˜‡”‡‘–‡Ž›’Žƒ›ƒ‡“—ƒŽŽ›‹’‘”–ƒ–”‘Ž‡Ǥ  ‘”†‹‰Ž›ǡ–Š‹•’ƒ’‡””‡˜‹•‹–•–Š‡•–ƒ–‡‘ˆ†‡ ‡–”ƒŽ‹•‡†„ƒ‹‰‹’ƒ‹–Š”‘—‰Š ƒ ‡”ƒŽ‡•Ǥ—”ƒ‹™ƒ•–‘—†‡”•–ƒ†–Š‡•‹‰‹ϐ‹ ƒ ‡‘ˆ†‡ ‡–”ƒŽ‹•‡†„ƒ• ‹ ’ƒ‹ ƒ† –‘ ƒ••‡•• •— ‡•• ˆƒ –‘”• ˆ‘” †‡ ‡–”ƒŽ‹•‡† „ƒ‹‰ •›•–‡•Ǥ Š‡ ‹†‡–‹ϐ‹‡†•— ‡••ˆƒ –‘”•ƒ”‡‘–Ž‹‹–‡†–‘„ƒ‹‰„—•‹‡•••–”ƒ–‡‰‹‡•ǡƒ•™‡ƒŽ•‘ ˆ‘ —•‡†‘‰‡‡”ƒŽ„ƒ‹‰‰”‘—’’‘Ž‹ ›ǡ•–ƒ–‡•›•–‡ƒ†”‡‰—Žƒ–‹‘’”‹ ‹’Ž‡•ǤŽŽ ‹ƒŽŽǡ™‡‡š’Ž‘”‡†„ƒ‹‰‰”‘—’’Š‹Ž‘•‘’Š›ƒ†‹–••–”— –—”‡ǡƒ•™‡ŽŽƒ• ‘—–”›Ǧ •’‡ ‹ϐ‹ ‰‘˜‡”ƒ ‡•–”— –—”‡•ǡ–‘—†‡”•–ƒ†”‡‰‹‘ƒŽ„ƒ‹‰Ǥ Š‡ ‡’‹”‹ ƒŽ ”‡•—Ž–• ™‡”‡ „ƒ•‡† ‘ †ƒ–ƒ ƒƒŽ›•‡• ƒ† •–—†‹‡• ‘ˆ ”‡’‘”–• ‘ˆ „ƒ‹‰‰”‘—’•‘”‹†‹˜‹†—ƒŽ„ƒ•Ǥ ‘™‡˜‡”ǡ–Š‡”‡•—Ž–•™‡”‡ƒŽ•‘•–”‘‰Ž›„ƒ•‡† ‘ “—ƒŽ‹–ƒ–‹˜‡ ”‡•‡ƒ” ŠǤ ‘” ’ƒ‹ǡ ™‡ ‘†— –‡† ͵ʹ ‹–‡”˜‹‡™• ™‹–Š „ƒ‡”•ǡ ”‡‰—Žƒ–‘”•ǡ ”‡’”‡•‡–ƒ–‹˜‡• ˆ”‘ „ƒ‹‰ ƒ••‘ ‹ƒ–‹‘•ǡ ’‘Ž‹ ›ƒ‡”•ǡ ”‡•‡ƒ” Š‡”• ƒ† •Ǥ —”–Š‡”‘”‡ǡ ƒ •Š‘”– ”‡•‡ƒ” Š •–ƒ› ƒ– –Š‡ ‹˜‡”•‹–› ƒ ƒ‰—ƒ ‹ ‡‡”‹ˆ‡™ƒ• ƒ””‹‡†‘—–ȋ„›ƒ”Ž‘• ƒ˜‹‡”‘†”‹‰—‡œǦ —‡–‡•Ȍ–‘†‹• —••‘—””‡•—Ž–• ƒ†‹†‡ƒ•Ǥ

(17) –Š‡ˆ‘ŽŽ‘™‹‰•‡ –‹‘ǡ™‡™‹ŽŽ‘—–Ž‹‡‡›–Š‡‘”‹‡•ǡ™Š‹Ž‡–Š‡•—„•‡“—‡–•‡ –‹‘ ™‹ŽŽ’”‡•‡–”‡Ž‡˜ƒ–ˆƒ –•ƒ„‘—––Š‡•–”— –—”‡‘ˆ–Š‡’ƒ‹•Š„ƒ‹‰•›•–‡ǤŠ‡ǡ ‹–Š‡ˆ‘—”–Š•‡ –‹‘ǡ•— ‡••ˆƒ –‘”•™‹ŽŽ„‡‡š’Žƒ‹‡†ǡƒˆ–‡”™Š‹ Š•‘‡ ‘ Ž—•‹‘• ™‹ŽŽ„‡†”ƒ™Ǥ. 2. Decentralised and centralised banking •‡ƒ”Ž›ƒ•ͳͻͻͷǡŽƒ‰‰‡ƒ”‰—‡†‹ˆƒ˜‘—”‘ˆƒ Žƒ••‹ϐ‹ ƒ–‹‘‘ˆ„ƒ‹‰•›•–‡•‹–‘ †‡ ‡–”ƒŽ‹•‡† ƒ† ‡–”ƒŽ‹•‡† •›•–‡• ȏŽƒ‰‰‡ ͳͻͻͷȐǤ ••‡–‹ƒŽŽ›ǡ †‡ ‡–”ƒŽ‹•‡† „ƒ‹‰ •›•–‡• ƒ”‡ ƒ••‘ ‹ƒ–‡† ™‹–Š •ƒŽŽ Ž‘ ƒŽ ƒ† ”‡‰‹‘ƒŽ „ƒ•ǡ ™Š‹ Š ƒ”‡ ‘•‹†‡”‡† –‘ „‡ •—’‡”‹‘” ‹ –Š‡ ϐ‹‡Ž† ‘ˆ  Ž‡†‹‰ ƒ† ƒ”‡ ‘ˆ–‡ ’—„Ž‹ Ž› ‘” ‘‘’‡”ƒ–‹˜‡Ž› ‘–”‘ŽŽ‡† ȏ‡Ǥ‰Ǥǡ ‡”‰‡” ‡– ƒŽǤ ʹͲͲͷȐǤ ‡–”ƒŽ‹•‡† „ƒ‹‰ •›•–‡• ‘’”‹•‡Žƒ”‰‡ƒ–‹‘ƒŽƒ†‹–‡”ƒ–‹‘ƒŽ„ƒ•ǡ™Š‹ ŠŠƒ˜‡–Š‡ ƒ’ƒ ‹–›–‘”‡ƒŽ‹•‡ ‡ ‘‘‹‡•‘ˆ• ƒŽ‡ƒ†• ‘’‡‹Ž‡†‹‰Ǥ

(18) Š‹•Š‹•–‘”‹ ƒŽ ”‘••Ǧ ‘—–”› ‘’ƒ”‹•‘ǡ‡”†‹‡”ȏʹͲͲʹȐƒƒŽ›•‡†–Š‡‹ϐŽ—‡ ‡‘ˆ ’‘Ž‹–‹ •‘ϐ‹ƒ ‹ƒŽ•›•–‡•Ǥšƒ‹‹‰–Š‡ ‘ϐŽ‹ –„‡–™‡‡Žƒ”‰‡ƒ†•ƒŽŽ„ƒ•ǡ ƒ• ™‡ŽŽ ƒ• „‡–™‡‡ ϐ‹ƒ ‹ƒŽ ‡–”‡• ƒ† ’‡”‹’Š‡”‹‡• ˆ”‘ ͳͺͷͲ ‘™ƒ”†ǡ ‡”†‹‡” •Š‘™‡† –Šƒ– ‡–”ƒŽ‹•‡† ‘—–”‹‡• –‡† –‘ •—’’‘”– ‡–”ƒŽ‹•‡† „ƒ‹‰ǡ ™Š‡”‡ƒ• –Š‡ ’‘™‡” ‘ˆ —‹ ‹’ƒŽ ƒ† ”‡‰‹‘ƒŽ ‰‘˜‡”‡–• ƒ•’‹”‡ –‘ ’”‘–‡ – Ž‘ ƒŽ ƒ†. ͻ.

(19) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ”‡‰‹‘ƒŽ„ƒ•ˆ”‘–Š‡‹” ‡–”ƒŽ‹•‡† ‘’‡–‹–‘”•Ǥ‹„‡”ƒŽ‹•ƒ–‹‘ǡ’”‹˜ƒ–‹•ƒ–‹‘ǡ–Š‡ ƒ„‘Ž‹•Š‡–‘ˆ”‡‰‹‘ƒŽ”‡•–”‹ –‹‘•ƒ†ϐ‹ƒ ‹ƒŽƒ”‡–Ǧˆ”‹‡†Ž›”‡‰—Žƒ–‹‘•™‡”‡ ƒ†ƒ”‡‘”‡’”‘‘— ‡†‹ ‡–”ƒŽ‹•‡† ‘—–”‹‡•ȋ‡Ǥ‰Ǥǡ ”ƒ ‡ǡ–Š‡Ȍǡ™Š‡”‡ƒ• ”‡‰‹‘ƒŽ•ƒ˜‹‰•ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•™‡”‡ƒ†ƒ”‡’”‘–‡ –‡†‹ ‘—–”‹‡•™‹–Š ƒ ˆ‡†‡”ƒŽ •–”— –—”‡ǡ •— Š ƒ• ‡”ƒ› ƒ† ™‹–œ‡”Žƒ† ȋˆ‘” –Š‡ ƒ–‘ƒŽ ƒ•Ȍ ȏ‡”†‹‡”ʹͲͲʹȐǤŽ–Š‘—‰Š‡”†‹‡”ȏʹͲͲʹȐ‡–‹‘‡†–Š‡ƒ†˜ƒ–ƒ‰‡•‘ˆ ‡–”ƒŽ‹•‡† „ƒ• ‹ ‘˜‡” ‘‹‰ ‹ˆ‘”ƒ–‹‘ ƒ•›‡–”‹‡• ƒ† ’”‘‘–‹‰ ƒ ‡•• –‘ ϐ‹ƒ ‡ ™‹–Š‹’‡”‹’Š‡”ƒŽ”‡‰‹‘•ǡŠ‹•‡’‹”‹ ƒŽ•–—†›•—‰‰‡•–‡†–Šƒ–†‡ ‡–”ƒŽ‹•‡†„ƒ‹‰ ‡‡†• –‘ „‡ ’”‘–‡ –‡† ˆ”‘ ‘˜‡”™Š‡Ž‹‰ ‘’‡–‹–‹‘ ˆ”‘ ƒ–‹‘™‹†‡ǡ Žƒ”‰‡ ‘‡” ‹ƒŽ „ƒ•Ǥ Š‡”‡ˆ‘”‡ǡ ‡”†‹‡” ȏʹͲͲʹȐ ƒ”‰—‡† –Šƒ– ”‡‰‹‘ƒŽ ‰‘˜‡”‡–• —•–’‘••‡••ƒ’’”‘’”‹ƒ–‡’‘™‡”–‘’”‘–‡ ––Š‡‹””‡‰‹‘ƒŽ„ƒ•Ǥ • ‘—” ƒ’’”‘ƒ Š ™ƒ• •Šƒ’‡† „› ‘„•‡”˜ƒ–‹‘• ‘ˆ –Š‡ ‡”ƒ „ƒ‹‰ ƒ”‡–ǡ ‹ ™Š‹ Š •–ƒ–‡ ƒ‹† ˆ‘” †‡ ‡–”ƒŽ‹•‡† „ƒ• †‘‡• ‘– ’Žƒ› ƒ ”‘Ž‡ ƒ† ”‡‰‹‘ƒŽ „ƒ• ƒ”‡‘–’”‘–‡ –‡†ˆ”‘ ‘’‡–‹–‹‘„›ƒ–‹‘™‹†‡„ƒ•ǡ™‡’”‘’‘•‡†–™‘”‡Žƒ–‡† Šƒ”ƒ –‡”‹•–‹ •‘ˆ–Š‡„ƒ•–Š‡•‡Ž˜‡•–‘†‡–‡”‹‡™Š‡–Š‡”„ƒ‹‰•›•–‡•ƒ”‡ ‡–”ƒŽ‹•‡†‘”†‡ ‡–”ƒŽ‹•‡†ȏ ¡”–‡”ƒ† ŽÚ‰‡ŽʹͲͳͶȐǣ Š‡ϐ‹”•– Šƒ”ƒ –‡”‹•–‹ ‹•–Š‡‰‡‘‰”ƒ’Š‹ ƒŽƒ”‡–‘”‹‡–ƒ–‹‘‘ˆƒ„ƒǯ•„—•‹‡•• ƒ –‹˜‹–‹‡•ǣ ‘ „ƒ• ‘’‡”ƒ–‡ ƒ– –Š‡ ”‡‰‹‘ƒŽ Ž‡˜‡Žǡ ‡Ǥ‰Ǥǡ „› ‘ŽŽ‡ –‹‰ ‘‡› ˆ”‘ ”‡‰‹‘ƒŽ •ƒ˜‡”• ƒ† Ž‘ƒ‹‰ ‹– –‘ ”‡‰‹‘ƒŽ „‘””‘™‡”•ǡ ‘” †‘ –Š‡› ‹•–‡ƒ† ”‡Ž› ‘ „—•‹‡•• ƒ– –Š‡ •—’”ƒ”‡‰‹‘ƒŽ • ƒŽ‡ǡ „› ‡‹–Š‡” „‘””‘™‹‰ ˆ”‘ ƒ† ‹˜‡•–‹‰ ‹ ƒ–‹‘ƒŽȀ‰Ž‘„ƒŽ ƒ’‹–ƒŽƒ”‡–•‘”‘’‡”ƒ–‹‰™‹–Š‹•—’”ƒ”‡‰‹‘ƒŽ„”ƒ Š•›•–‡• ȋ”‡‰‹‘ƒŽ˜•Ǥ•—’”ƒ”‡‰‹‘ƒŽ„ƒ•Ȍǫ—” ‘•‹†‡”ƒ–‹‘™ƒ•„ƒ•‡†‘–Š‡–Š‡‘”‡–‹ ƒŽ ˆ‘—†ƒ–‹‘•‘ˆ’‘Žƒ”‹•ƒ–‹‘–Š‡‘”›ƒ†’‘•–Ǧ‡›‡•‹ƒ‹•™‹–Š”‡•’‡ ––‘”‡‰‹‘ƒŽ „ƒ‹‰ƒ”‡–•ƒ†‹–‡””‡‰‹‘ƒŽϐŽ‘™•‘ˆ ƒ’‹–ƒŽȏŠ‹ ƒ†‘™ͳͻͺͺǢ‘™ƒ† ‘†”À‰—‡œǦ —‡–‡• ͳͻͻ͹Ǣ Žƒ‰‰‡ ƒ† ƒ”–‹ ʹͲͲͷǢ ¡”–‡” ʹͲͲͺȐǤ

(20)  ’ƒ”–‹ —Žƒ”ǡ –Š‡‘ˆ–Ǧ†‡„ƒ–‡†ƒ„‹Ž‹–›‘ˆ”‡‰‹‘ƒŽ„ƒ•–‘•Ž‘™ ƒ’‹–ƒŽ†”ƒ‹•ˆ”‘’‡”‹’Š‡”ƒŽ–‘ ‘”‡”‡‰‹‘••—‰‰‡•–•–Šƒ–”‡‰‹‘ƒŽ„ƒ‹‰ƒ›ƒ‡ƒ†‹ˆˆ‡”‡ ‡™Š‡‹– ‘‡• –‘ƒ ‡••–‘ϐ‹ƒ ‡‹’‡”‹’Š‡”ƒŽ”‡‰‹‘•ƒ†ƒ›–Š—••–‹—Žƒ–‡‘”‡„ƒŽƒ ‡† ”‡‰‹‘ƒŽ†‡˜‡Ž‘’‡–ȏ ¡”–‡”ʹͲͲͺȐǤ Š‡•‡ ‘† Šƒ”ƒ –‡”‹•–‹ ‹•–Š‡’Žƒ ‡‘ˆ†‡ ‹•‹‘Ǧƒ‹‰ǣ‘„ƒ•ƒ‡†‡ ‹•‹‘• ȋ‡Ǥ‰Ǥǡ™Š‡–Š‡”–‘‰”ƒ–ƒŽ‘ƒȌ‹ Ž‘•‡’”‘š‹‹–›–‘–Š‡‹” Ž‹‡–•ǡ‘”ƒ”‡†‡ ‹•‹‘• ƒ†‡ ˆ”‘ ƒˆƒ”Ǣ ˆ‘” ‡šƒ’Ž‡ǡ ˆ”‘ ”‡‘–‡ Š‡ƒ†“—ƒ”–‡”•ǫ ‡ ‡–”ƒŽ‹•‡† „ƒ‹‰ ƒ’‹–ƒŽ‹•‡• ‘ –Š‡ Ž‘•‡ ’”‘š‹‹–› „‡–™‡‡ ”‡†‹–‘”• ƒ† „‘””‘™‡”• –‘ ‘†— – Ž‡†‹‰†‡ ‹•‹‘•Ǥ ”‘ƒ–Š‡‘”‡–‹ ƒŽ’‘‹–‘ˆ˜‹‡™ǡŽ‘ ƒŽ‹œ‡†Ž‡†‹‰‹•ƒ••‘ ‹ƒ–‡† ™‹–Š ”‡†— ‡† ‹ˆ‘”ƒ–‹‘ ƒ•›‡–”‹‡• ƒ† ƒ ”‡†— –‹‘ ‹ ”‡†‹– ”ƒ–‹‘‹‰ǡ ‡•’‡ ‹ƒŽŽ›‹–Š‡ ƒ•‡‘ˆŽ‡†‹‰–‘•ȏ–‡‹ʹͲͲʹǢ‘ŽŽƒ”† ʹͲͲ͵Ǣ‡”‰‡”‡–ƒŽǤ ʹͲͲͷǢ ¡”–‡”ʹͲͲͻǢŽ‡••ƒ†”‹‹‡–ƒŽǤʹͲͲͻǢ ŽÚ‰‡ŽʹͲͳ͹ȐǤŠ‡”‡Ž‡˜ƒ ‡‘ˆ†‹ˆϐ‹ —Ž–Ǧ –‘Ǧ–”ƒ•‹–ǡ•‘Ǧ ƒŽŽ‡†•‘ˆ–‹ˆ‘”ƒ–‹‘‹Ž‡†‹‰–‘‹ˆ‘”ƒ–‹‘ƒŽŽ›‘’ƒ“—‡• ”‡•–”ƒ‹•”‡‘–‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••‡•ƒ†ˆƒ˜‘—”•ƒ†‡ ‡–”ƒŽ‹•‡†„ƒ‹‰ •›•–‡‹™Š‹ Š„ƒ•ǯŠ‡ƒ†‘ˆϐ‹ ‡•ƒ††‡ ‹•‹‘ƒ‡”•ƒ”‡Ž‘ ƒ–‡†‹’”‘š‹‹–› –‘ –Š‡‹” Ž‹‡–•Ǥ

(21)  ‘–”ƒ•–ǡ ‡–”ƒŽ‹•‡† •›•–‡• ƒ’‹–ƒŽ‹•‡ ‘ –Š‡‹” ’”‘š‹‹–› –‘ ‘–Š‡”ϐ‹ƒ ‹ƒŽ‹•–‹–—–‹‘•‹‘”†‡”–‘ˆƒ ‹Ž‹–ƒ–‡ϐ‹ƒ ‹ƒŽ‹‘˜ƒ–‹‘ƒ†‹†‹”‡ –Ž› ‘”‰ƒ‹•‡ƒ† ‘–”‘Ž‹˜‡•–‡–†‡ ‹•‹‘•Ǥ‡–”ƒŽ‹•‡†„ƒ‹‰‹•ƒ••‘ ‹ƒ–‡†™‹–Š. ͳͲ.

(22) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. –”ƒ•ƒ –‹‘Ǧ‘”‹‡–‡†Ž‡†‹‰ǡ‹™Š‹ ŠŠƒ”†ȋ‡ƒ•›–‘–”ƒ•‹–Ȍ‹ˆ‘”ƒ–‹‘ƒ•™‡ŽŽ ƒ• ‹ˆ‘”ƒ–‹‘ ƒ† ‘—‹ ƒ–‹‘ –‡ Š‘Ž‘‰› ȋ

(23) ȌǦ„ƒ•‡† ‡˜ƒŽ—ƒ–‹‘ ‡–Š‘†• ƒ”‡ —•‡† –‘ ƒ‡ ”‡†‹– †‡ ‹•‹‘• ȏ†‡ŽŽ ʹͲͲͺǢ ¡”–‡” ƒ† ŽÚ‰‡Ž ʹͲͳ͹ȐǤ • ƒ ‘•‡“—‡ ‡ǡ ‡–”ƒŽ‹•‡† ϐ‹ƒ ‹ƒŽ ‹•–‹–—–‹‘• ”‡“—‹”‡ ‰‡‘‰”ƒ’Š‹ ƒŽ ’”‘š‹‹–› –‘‘–Š‡”„ƒ•ǡ”ƒ–‹‰ƒ‰‡ ‹‡•ǡŽƒ™›‡”•ǡ”‡‰—Žƒ–‘”›„‘†‹‡•ǡ–‡ Šϐ‹”•ǡ‡– Ǥǡ™Š‹ Š ‡š’Žƒ‹•–Š‡”‹•‡‘ˆϐ‹ƒ ‹ƒŽ ‡–”‡•ȏ ”‹‡†ƒͳͻͺ͸Ǣƒ••‡ʹͲͲͳǢƒ›Ž‘”‡–ƒŽǤ ʹͲͲ͵Ǣ‘ʹͲͲ͵Ǣ ”‘–‡ʹͲͲͶǢڐ‹‰‡–ƒŽǤʹͲͲ͹Ǣ ƒŽŽƒ†’’Ž‡›ƒ”†ʹͲͲͻǢ Šƒ’ ʹͲͲͻǢŠ‡”„‘”ʹͲͳͳǢ ¡”–‡”ʹͲͳ͵Ǣڔ”›ʹͲͳͷȐǤ

(24)  „ƒǦ„ƒ•‡†  Ž‡†‹‰ǡ –Š‡ †‹•–ƒ ‡ „‡–™‡‡ –™‘ ƒ –‘” ’ƒ‹”• ƒ––‡”• ȏŽ‡••ƒ†”‹‹ ‡– ƒŽǤ ʹͲͲͻȐǣ ‹”•–ǡ –Š‡ ”‡Žƒ–‹‘•Š‹’ „‡–™‡‡  —•–‘‡”• ƒ† –Š‡‹”ƒ†˜‹•‘”•ȋ ƒŽŽ‡†‘’‡”ƒ–‹‘ƒŽ†‹•–ƒ ‡ȌǢƒ†•‡ ‘†ǡ–Š‡”‡Žƒ–‹‘•Š‹’„‡–™‡‡ —•–‘‡” ƒ†˜‹•‘”• ƒ† •—’‡”˜‹•‘”•ǡ ‹Ǥ‡Ǥǡ Š‡ƒ† ‘ˆϐ‹ ‡• ȋ ƒŽŽ‡† ˆ— –‹‘ƒŽ †‹•–ƒ ‡ȌǤ • ŽÚ‰‡ŽȏʹͲͳ͹Ȑƒ”‰—‡†ǡ–Š‡‹ ‘”’‘”ƒ–‹‘‘ˆƒ•’‡ –•‘ˆ†‹•–ƒ ‡‹–‡‹ǯ•ȏʹͲͲʹȐ ‘†‡Ž ‘ †‡ ‡–”ƒŽ‹•ƒ–‹‘ǡ Š‹‡”ƒ” Š› ƒ† •‘ˆ– ‹ˆ‘”ƒ–‹‘ ‹’Ž‹‡• –Š‡ ˆ‘ŽŽ‘™‹‰ ”‡Žƒ–‹‘•ǣ Š‡”‡ƒ• •Š‘”– ‘’‡”ƒ–‹‘ƒŽ †‹•–ƒ ‡ ‹’”‘˜‡• –Š‡ ƒ„‹Ž‹–› ‘ˆ —•–‘‡” ƒ†˜‹•‘”•–‘‰ƒ‹ƒ ‡••–‘•‘ˆ–‹ˆ‘”ƒ–‹‘ǡ•Š‘”–ˆ— –‹‘ƒŽ†‹•–ƒ ‡‹•ƒ••‘ ‹ƒ–‡† ™‹–Š‡Šƒ ‡†„ƒǦ‹–‡”ƒŽ—•‡‘ˆ•‘ˆ–‹ˆ‘”ƒ–‹‘ǡ™Š‹ Š‹–—”‡ ‘—”ƒ‰‡•Ž‘ ƒŽ •–ƒˆˆ–‘ƒ –‹˜‡Ž› ‘ŽŽ‡ –•‘ˆ–‹ˆ‘”ƒ–‹‘ȏ ŽÚ‰‡ŽʹͲͳ͹ȐǤ

(25) –Š‹• ‘–‡š–ǡƒ’—”‡Ž›‡–”‹  —†‡”•–ƒ†‹‰ ‘ˆ †‹•–ƒ ‡ ™‘—Ž† ‹•—ˆϐ‹ ‹‡–Ž› ‡š’Žƒ‹ ‹ˆ‘”ƒ–‹‘ –”ƒ•‹••‹‘ǡ ƒ• •Š‘”– ‰‡‘‰”ƒ’Š‹ ƒŽ †‹•–ƒ ‡ ‹• ‡‹–Š‡” ‡ ‡••ƒ”› ‘” •—ˆϐ‹ ‹‡– –‘ ˆƒ ‹Ž‹–ƒ–‡ ‘™Ž‡†‰‡‡š Šƒ‰‡„‡–™‡‡ƒ –‘”•ȏ‘• ŠƒʹͲͲͷǢ‘””‡ƒ†ƒŽŽ‡–ʹͲͲͷǢ‘””‡ ʹͲͲͺǢƒ–Š‡Ž–ƒ† ‡ʹͲͳͶȐǤ‘”‡Ž‹‡Ž›ǡ‘–Š‡”ˆ‘”•‘ˆ Ž‘•‡‡••ǡ•— Šƒ••‘ ‹ƒŽ ƒ†‘”‰ƒ‹•ƒ–‹‘ƒŽ‡„‡††‡†‡••ƒ† ‘‰‹–‹˜‡ƒˆϐ‹‹–›ǡ‡‡†–‘„‡ ‘•‹†‡”‡†–‘ ˆ—ŽŽ›—†‡”•–ƒ†–Š‡‡ˆˆ‡ –‘ˆ†‹•–ƒ ‡‹„ƒ‹‰ȏœœ‹ƒ†ƒ ƒ•–‡”ʹͲͲ͵ǢŽƒ‰‰‡ ƒ†ƒ”–‹ʹͲͲͷǢŽ‡••ƒ†”‹‹‡–ƒŽǤʹͲͲͻȐǤ‡–ǡ•Š‘”–‰‡‘‰”ƒ’Š‹ ƒŽ†‹•–ƒ ‡‡ƒ•‡• –Š‡ –”ƒ•‹••‹‘ ‘ˆ •‘ˆ– ‹ˆ‘”ƒ–‹‘ „‡ ƒ—•‡ ‹– ˆƒ ‹Ž‹–ƒ–‡• ˆƒ ‡Ǧ–‘Ǧˆƒ ‡ ‹–‡”ƒ –‹‘ ƒ†•—’’‘”–•‘–Š‡”ˆ‘”•‘ˆ Ž‘•‡‡••Ǥ Š‡–™‘ Šƒ”ƒ –‡”‹•–‹ •‘ˆ–Š‡ Žƒ••‹ϐ‹ ƒ–‹‘†‘‘–”‡†‡”‘‡ƒ‘–Š‡””‡†—†ƒ–ǡ „‡ ƒ—•‡ „ƒ ”‡‰—Žƒ–‹‘ ƒ† –Š‡ •–ƒ†ƒ”†‹•ƒ–‹‘ ‘ˆ †‡ ‹•‹‘Ǧƒ‹‰ ’”‘ ‡••‡• ȋ‡•’‡ ‹ƒŽŽ› ”ƒ–‹‰ ƒ† • ‘”‹‰ •›•–‡•Ȍ –‡† –‘ Šƒ˜‡ ƒ ‡ˆˆ‡ – ‘ –Š‡ –‡†‡ › –‘ ‡–”ƒŽ‹•‡ Ž‡†‹‰ †‡ ‹•‹‘• ˆ‘” ”‡‰‹‘ƒŽ „ƒ• ƒ• ™‡ŽŽ ȏ‡‰”›•‡ ‡– ƒŽǤ ʹͲͲͻǢ ‹š‘ ʹͲͳͶǢ ¡”–‡” ƒ† ŽÚ‰‡Ž ʹͲͳͶȐǤ ‘” ‡šƒ’Ž‡ǡ ‹ˆ ƒ ”‡‰‹‘ƒŽ „ƒ ™‡”‡ –‘ Ž‡†‘Ž›‘–Š‡„ƒ•‹•‘ˆ ”‡†‹–ƒ‰‡ ‹‡•ǯ”ƒ–‹‰• ‘”‡•ǡ–Š‡–Š‹•„ƒ™‘—Ž†‘– ‘†— – ”‡†‹– †‡ ‹•‹‘• ™‹–Š‹ Ž‘•‡ ’”‘š‹‹–› –‘ –Š‡‹” —•–‘‡”•Ǥ  –Š‡ ‘–Š‡” Šƒ†ǡ •—’”ƒ”‡‰‹‘ƒŽ „ƒ• ƒ ƒ† ™‹ŽŽ †‡Ž‡‰ƒ–‡ †‡ ‹•‹‘Ǧƒ‹‰ ’‘™‡”• –‘ –Š‡ ”‡‰‹‘ƒŽ Ž‡˜‡Ž ȏ ŽÚ‰‡Ž ʹͲͳ͹ȐǤ Š‹• Šƒ’’‡•ǡ ˆ‘” ‡šƒ’Ž‡ǡ ™Š‡ ƒ ƒ–‹‘ƒŽ „ƒ ™‹–Š ƒ ‡š–‡•‹˜‡ „”ƒ Š ‡–™‘” †‡Ž‡‰ƒ–‡• •—„•–ƒ–‹ƒŽ Ž‡†‹‰ ƒ—–Š‘”‹–› –‘ ‹–• „”ƒ Š‡’Ž‘›‡‡•Ǥ

(26) ƒ††‹–‹‘ǡƒ†˜ƒ ‡•‹

(27) ƒ›”‡†— ‡–Š‡•–‹ ‹‡••‘ˆ•‘ˆ– ‹ˆ‘”ƒ–‹‘‹Ž‡†‹‰ȏƒ’‹‡–ƒŽǤʹͲͳ͹Ȑǡƒ•™‡ŽŽƒ•’‘–‡–‹ƒŽŽ›‡Ž‹‹ƒ–‹‰–Š‡‡‡† ˆ‘”•Š‘”–†‹•–ƒ ‡–‘”‡†— ‡‹ˆ‘”ƒ–‹‘ƒ•›‡–”‹‡•Ǥ. ͳͳ.

(28) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. 3. The structure of the spanish banking system Š‡ ˆƒ – –Šƒ– •ƒ˜‹‰• „ƒ• Šƒ˜‡ ‘– „‡‡ ƒ• ‹’‘”–ƒ– ‹ ’ƒ‹ ƒ• –Š‡› ƒ”‡ ‹ ‘—–”‹‡•™‹–Š‡Žƒ„‘”ƒ–‡†•ƒ˜‹‰•„ƒ••›•–‡•‹• Ž‡ƒ”Ž›‡˜‹†‡–™Š‡ ‘•‹†‡”‹‰ –Š‡—„‡”‘ˆ’ƒ‹•Š•ƒ˜‹‰•„ƒ•Ǥ ‹‰—”‡ͳ•Š‘™•–Šƒ––Š‡”‡™‡”‡Œ—•–͹Ͷ•ƒ˜‹‰• „ƒ• ‹ ’ƒ‹ ‹ ͳͻͺͺǡ ‘’ƒ”‡† –‘ ͷͺͷ ‹ ‡”ƒ› ‹ –Š‡ •ƒ‡ ›‡ƒ” ȏ‡—–• Š‡ —†‡•„ƒͳͻͻͲȐǤ ‘—”›‡ƒ”•Žƒ–‡”ǡ‹ͳͻͻʹǡ–Š‡—„‡”‘ˆ’ƒ‹•Š•ƒ˜‹‰•„ƒ• Šƒ†„‡‡”‡†— ‡†„›͵ͷΨǡ–‘ͶͺǤ—‡–‘–Š‡ϐ‹ƒ ‹ƒŽ ”‹•‹•ǡ‘Ž›–™‘Ǯ”‡ƒŽǯ•ƒ˜‹‰• „ƒ•”‡ƒ‹‹’ƒ‹ƒ•‘ˆʹͲͳ͹ǤŠ‹•–”‡†—•–„‡˜‹‡™‡†ƒ‰ƒ‹•––Š‡„ƒ †”‘’ –Šƒ–ǡ‹ͳͻͺͺǡ–Š‡”‡‰‹‘ƒŽ’”‹ ‹’Ž‡ǡ™Š‹ ŠŽ‹‹–‡†–Š‡”‡ƒ Š‘ˆ•ƒ˜‹‰•„ƒ•–‘–Š‡‹” Š‘‡”‡‰‹‘ǡ™ƒ•ƒ„‘Ž‹•Š‡†ǡ’ƒ‹•Š•ƒ˜‹‰•„ƒ•Šƒ†‘’‡„”ƒ Š‡•ƒŽŽ‘˜‡”’ƒ‹ ȏ

(29) ŽŽ—‡ ƒ‡–ƒŽǤʹͲͲͷȐǤ‘‰ƒ‹ƒ”‡–•Šƒ”‡•ǡ•ƒ˜‹‰•„ƒ•Ž‡––‘ —•–‘‡”•™Š‘Šƒ† ‘–”‡ ‡‹˜‡†Ž‘ƒ•ˆ”‘Ž‘ ƒŽ„ƒ•Ǥ–Š‡” ƒ—•‡•‘ˆ–Š‡ ”‹•‹•‹ Ž—†‡†•ƒ˜‹‰•„ƒ•Ʈ Žƒ–‡†‡˜‡Ž‘’‡––‘™ƒ”†•„‡ ‘‹‰—‹˜‡”•ƒŽ„ƒ•ǡ–Š‡Žƒ ‘ˆˆ—†‹‰„ƒ•‡•‘–Š‡ Ž‘ ƒŽŽ‡˜‡Žǡ–Š‡’ƒ”–‹ƒŽŽƒ ‘ˆ’”‘ˆ‡••‹‘ƒŽ ‘’‡–‡ ‡‹ƒƒ‰‡‡–ǡ‰‘˜‡”ƒ ‡ ’”‘„Ž‡•‹•—’‡”˜‹•‘”›„‘ƒ”†•ǡƒ†‘ˆ ‘—”•‡–Š‡’ƒ‹•Š’”‘’‡”–›„‘‘Ǥ Ž•‘‹ͳͻͺͺǡƒ•‡˜‡Ǧ›‡ƒ”’”‘ ‡••‘ˆ ‘ ‡–”ƒ–‹‘‹–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ•‡ –‘” „‡‰ƒǤ–‹Žͳͻͺͺǡ–Š‡”‡™‡”‡ͳͳʹ ‘‘’‡”ƒ–‹˜‡„ƒ•‹’ƒ‹Ǣ„›ͳͻͻͷǡŠ‘™‡˜‡”ǡ –Šƒ– —„‡” Šƒ† „‡‡ ”‡†— ‡† –‘ ͻ͸ǡ ƒ• ‘•– Šƒ† „‡‡ ƒ “—‹”‡† „› •ƒ˜‹‰• „ƒ•ȏ‘‡”‘ͳͻͻ͹ȐǤŠ‡ƒ‹ˆƒ –‘”•”‡Ž‡˜ƒ––‘–Š‡‹”—‡”‹ ƒŽ†‡ Ž‹‡•‹ ‡ –Š‡ „‡‰‹‹‰ ‘ˆ –Š‡ ͳͻͻͲ• ”‡˜‘Ž˜‡† ƒ”‘—† ˜‹ƒ„‹Ž‹–› ’”‘„Ž‡• ȏ‘‡”‘ ͳͻͻ͹ȐǤ ˜‡–Š‘—‰Šƒ•‹‹Žƒ” ‘ ‡–”ƒ–‹‘‘ˆ ‘‘’‡”ƒ–‹˜‡„ƒ•Šƒ†ƒŽ•‘–ƒ‡’Žƒ ‡‹. ‡”ƒ›ǡ ˆ”‘ ͵ǡ͵ͺͷ „ƒ• ‹ ͳͻͺͺ ȏ‡—–• Š‡ —†‡•„ƒ ͳͻͻͲȐ –‘ Œ—•– ͻ͹ͷ ‹ ʹͲͳ͸ ȏ‡—–• Š‡ —†‡•„ƒ ʹͲͳ͹Ȑǡ –Š‡ —„‡” ‘ˆ —””‡–Ž› ƒ –‹˜‡ ‘‘’‡”ƒ–‹˜‡ „ƒ•‹ ‡”ƒ›‹• Ž‡ƒ”Ž›— ŠŠ‹‰Š‡”–Šƒ–Šƒ–‹’ƒ‹†—”‹‰–Š‡’‡ƒ’‡”‹‘†Ǥ Š‡ ‘ ‡–”ƒ–‹‘ ’”‘ ‡•• ‘ˆ ’ƒ‹•Š ‘‘’‡”ƒ–‹˜‡ „ƒ• Šƒ• ‘–‹—‡†ǡ ™‹–Š ˜ƒ”›‹‰‹–‡•‹–›ǡ—–‹Ž–‘†ƒ›Ǥ. ‡”ƒ› Šƒ†ǡ ƒ† •–‹ŽŽ Šƒ•ǡ •—„•–ƒ–‹ƒŽŽ› ‘”‡ ”‡‰‹‘ƒŽ „ƒ•ǣ

(30) †‡‡†ǡ ‹ ʹͲͳͷǡ •ƒ˜‹‰•„ƒ•ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•–‘‰‡–Š‡”ƒ ‘—–‡†ˆ‘”ͳǡͶ͸͵‹†‹˜‹†—ƒŽ„ƒ•Ǥ Š‡—„‡”‘ˆŽƒ”‰‡ ‘‡” ‹ƒŽ„ƒ•ǡ‘–Š‡‘–Š‡”Šƒ†ǡ‹•”‡Žƒ–‹˜‡Ž›•ƒŽŽǣ‘Ž› ˆ‘—”ƒ•‘ˆʹͲͳͷǤ •™‡ ƒ•‡‡‹–Š‡ˆ‘ŽŽ‘™‹‰ϐ‹‰—”‡•ǡ‹’ƒ‹ǡ ‘‡” ‹ƒŽ„ƒ• ‘–”‘Ž–Š‡ƒ‹ •Šƒ”‡• ‘ˆ –Š‡ Ž‘ƒ• –‘ –Š‡ ‹†—•–”‹ƒŽ ƒ† •‡”˜‹ ‡ •‡ –‘”• ȋ ‘•–”— –‹‘ ƒ† ”‡ƒŽ ‡•–ƒ–‡ƒ –‹˜‹–‹‡•ƒ”‡‡š Ž—†‡†ȌǤ˜‡”–Š‡ ‘—”•‡‘ˆ–Š‡Žƒ•–ʹͷ›‡ƒ”•ǡ•ƒ˜‹‰•„ƒ• Šƒ˜‡ ƒ—‰Š– —’ –‘ ‘‡” ‹ƒŽ „ƒ•ǡ ™‹–Š ƒ •Š‹ˆ– ˆ”‘ ͳͲΨ ‘ˆ ƒ”‡– •Šƒ”‡• ‹ ͳͻͺ͵–‘͵ͶΨ‹ʹͲͲͶǤˆ–‡”™ƒ”†•ǡ–Š‡‹”’‘•‹–‹‘”‡ƒ‹‡†•–ƒ„Ž‡—–‹ŽʹͲͳͲǤ—‡–‘ –Š‡ϐ‹ƒ ‹ƒŽ ”‹•‹•ƒ†•—„•–ƒ–‹ƒŽ”‡†— –‹‘‘ˆ•ƒ˜‹‰•„ƒ•ǡ†ƒ–ƒ†‹•–‹‰—‹•Š‹‰ „‡–™‡‡†‹ˆˆ‡”‡–„ƒ‹‰‰”‘—’•‘Ž‘‰‡”‡š‹•–ˆ‘”’ƒ‹ǤŠ‡”‡†— –‹‘‘ˆ–Š‡ ‰ƒ’ „‡–™‡‡ •ƒ˜‹‰• „ƒ• ƒ† ‘‡” ‹ƒŽ „ƒ• ‹• ”‡Žƒ–‡† –‘ –Š‡ ‰‡‘‰”ƒ’Š‹ ƒŽ ‡š’ƒ•‹‘‘ˆ–Š‡ˆ‘”‡”Ǥ ‘™‡˜‡”ǡ–Š‡™Š‘Ž‡•Šƒ”‡‘ˆ–Š‡‹ ”‡ƒ•‡‹ƒ”‡–•Šƒ”‡• ™ƒ• ‘– ‘„–ƒ‹‡† ‡š Ž—•‹˜‡Ž› ˆ”‘ ‘‡” ‹ƒŽ „ƒ•Ǥ ƒ–Š‡”ǡ ‹– ™ƒ• ‘”‡ Ž‹‡Ž› ‰ƒ‹‡†‹Ž‹‡™‹–Š–Š‡ˆ‘”ƒ–‹‘‘ˆ‡™‹†•‘ˆ‡–‡”’”‹•‡•‹–Š‡ ‘—”•‡‘ˆ–Š‡ ‡ ‘‘‹ †‡˜‡Ž‘’‡–‘ˆ’ƒ‹Ǥ. ͳʹ.

(31) ”‘„Ž‡•ƒ†’‹‹‘•. ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ Figure 1. Number of institutions within the Spanish banking sector 120 100 80 60 40. Banks. Savings Banks. 2016. 2014. 2012. 2010. 2008. 2006. 2004. 2002. 2000. 1998. 1996. 1994. 1992. 1990. 1988. 1986. 1984. 1982. 1980. 1978. 0. 1976. 20. Cooperatives. ‘—” ‡ǣƒ ‘†‡•’ƒÓƒǡ‘™ ƒŽ —Žƒ–‹‘Ǥ. Figure 2. Market shares of loans to industrial enterprises (construction excluded) % 100 90 80 70 60 50 40 30. 0. 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010. 20 10. Savings Banks. Commercial Banks. Cooperatives. ‘—” ‡ǣƒ ‘†‡•’ƒÓƒǡ‘™ ƒŽ —Žƒ–‹‘Ǥ. ‘–Š‹•†ƒ›ǡ ‘‘’‡”ƒ–‹˜‡„ƒ•‹„‘–Šƒ”‡–•”‡’”‡•‡––Š‡•ƒŽŽ‡•–‘ˆ–Š‡–Š”‡‡ „ƒ‹‰ ‰”‘—’•ǣ – –Š‡ ‡† ‘ˆ ‘—” ‹˜‡•–‹‰ƒ–‹‘ ’‡”‹‘†ǡ ‘‘’‡”ƒ–‹˜‡ „ƒ• ‘Ž› ”‡’”‡•‡–‡† ͷΨ ‘ˆ –Š‡ ƒ”‡– ˆ‘” ”‡†‹– –‘ –Š‡ ‹†—•–”‹ƒŽ •‡ –‘”ǡ ƒ† ‘Ž› ͶΨ ‘ˆ –Š‡ƒ”‡–ˆ‘” ”‡†‹––‘–Š‡•‡”˜‹ ‡‹†—•–”›Ǥ

(32)  ‡”ƒ›ǡ†‡ ‡–”ƒŽ‹•‡†„ƒ•Š‘Ž† — Š ‘”‡ ƒ”‡– ’‘™‡” ‹ –Š‡ Ž‘ƒ „—•‹‡•• ƒ”‡–Ǥ

(33)  ʹͲͳͷǡ •ƒ˜‹‰• „ƒ• ƒ† ‘‘’‡”ƒ–‹˜‡ „ƒ• –‘‰‡–Š‡” ™‡”‡ ”‡•’‘•‹„Ž‡ ˆ‘” ‘”‡ –Šƒ Ͷ͸Ψ ‘ˆ Ž‘ƒ• –‘ –Š‡ ‡”ƒ ‡ ‘‘› ȋ•‡ŽˆǦ‡’Ž‘›‡† ƒ† ‘’ƒ‹‡•ȌǤ Š‡ ˆ‘—” „‹‰ ‘‡” ‹ƒŽ „ƒ•ǡƒ•™‡ŽŽƒ•–Š‡•–ƒ–‡„ƒ•ȋƒ†‡•„ƒ‡ȌȂ™Š‹ Š™‡ ƒŽŽ ‡–”ƒŽ‹•‡†„ƒ•. ͳ͵.

(34) ”‘„Ž‡•ƒ†’‹‹‘•. ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. –‘ †‹•–‹‰—‹•Š –Š‡ ˆ”‘ †‡ ‡–”ƒŽ‹•‡† ‘” ”‡‰‹‘ƒŽ „ƒ• Ȃ Žƒ‹‡† ͵ͷǤͶΨ ȋ•‡‡ •‡ –‹‘ ʹȌǤ

(35)  ͳͻͻͻǡ –Š‡ —„‡”• †‹ˆˆ‡”‡† ‘–‹ ‡ƒ„Ž› ˆ”‘ –‘†ƒ›ǡ ƒ• ‡–”ƒŽ‹•‡† „ƒ• Žƒ‹‡†ƒƒ”‡–•Šƒ”‡‘ˆͶͶǤʹΨ‘ˆ–Š‡Ž‘ƒ•ǡ™Š‹Ž‡”‡‰‹‘ƒŽ„ƒ•ƒ ‘—–‡† ˆ‘”‘Ž›͵ͷǤͷΨǤŠ—•ǡƒ•–”‘‰‹ ”‡ƒ•‡‹–Š‡ƒ”‡–•Šƒ”‡‘ˆ†‡ ‡–”ƒŽ‹•‡†„ƒ• ‘ —””‡†‹ ‡”ƒ›ȏ ‡”ƒ‡–”ƒŽƒǡ‘™ ƒŽ —Žƒ–‹‘•ȐǤ Figure 3. Market shares of loans to service enterprises (real estate excluded) % 100 90 80 70 60 50 40 30. 0. 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010. 20 10. Savings Banks. Commercial Banks. Cooperatives. ‘—” ‡ǣƒ ‘†‡•’ƒÓƒǡ‘™ ƒŽ —Žƒ–‹‘Ǥ. Š‡ ‘–”ƒ•–‹‰ †‡ ‡–”ƒŽ‹•‡† ƒ† ‡–”ƒŽ‹•‡† „ƒ‹‰ ƒ† –Š‡‹” ’‘–‡–‹ƒŽ ˆ‘” †‹ˆˆ‡”‡–‹ƒŽ‡ˆˆ‡ –•‘–Š‡†‡ ‹•‹‘Ǧƒ‹‰’”‘ ‡••ǡ„‘–Š‘’‡”ƒ–‹‘ƒŽƒ†ˆ— –‹‘ƒŽ †‹•–ƒ ‡ —•– „‡ ‘•‹†‡”‡† ȋ•‡‡ •‡ –‹‘ ʹȌǤ ‘ ƒ’’”‘š‹ƒ–‡ †‹•–ƒ ‡ǡ ƒ†‡“—ƒ–‡ “—ƒ–‹–ƒ–‹˜‡†ƒ–ƒƒ”‡‡‡†‡†–‘‡•—”‡ ‘’ƒ”ƒ„‹Ž‹–›„‡–™‡‡†‹ˆˆ‡”‡– ‘—–”‹‡•ǡ ™Š‹ ŠŠƒ•–Š—•ˆƒ”‘–„‡‡†‡‘•–”ƒ–‡†Ǥ Š‡”‡ˆ‘”‡ǡˆ‘”‘’‡”ƒ–‹‘ƒŽ†‹•–ƒ ‡•ǡ™‡Ž‘‘‡†ƒ––Š‡‰‡‘‰”ƒ’Š‹ ƒŽ†‹•–”‹„—–‹‘‘ˆ –Š‡„ƒ•ǯ‡’Ž‘›‡‡•Ǥ•‹‰‡’Ž‘›‡–†ƒ–ƒˆ‘”•’ƒ–‹ƒŽ ‘’ƒ”‹•‘•‘ˆϐ‹ƒ ‹ƒŽ •›•–‡•‹••–‹ŽŽƒ‡™ƒ’’”‘ƒ Šȏˆ‘”‹–•ϐ‹”•–ƒ’’Ž‹ ƒ–‹‘•ǡ•‡‡ ¡”–‡”ʹͲͳ͵Ǣ׌ ‹ƒ† ƒ ‘ƒŽ†Ǧ‘”–ŠʹͲͳͷȐǤŽ‹‡‘–Š‡”‹†‹ ƒ–‘”•ǡ‡’Ž‘›‡‡†ƒ–ƒƒ”‡‘ˆ–‡ƒ˜ƒ‹Žƒ„Ž‡ ƒ––Š‡‹ ”‘Ž‡˜‡ŽǢˆ‘”‡šƒ’Ž‡ǡƒ––Š‡Ž‡˜‡Ž‘ˆ†‹•–”‹ –•ƒ†–‘™•ȋ—–•Ǧ͵Ȍǡ™Š‹ Š ƒ”‡ ͶͲʹ ˆ‘” ‡”ƒ› Ǯ”‡‹•‡ ƒ† ”‡‹•ˆ”‡‹‡ –¡†–‡ǯ ƒ† ͷʹ ˆ‘” ’ƒ‹ Ǯ’”‘˜‹ ‹ƒ•ǯǤ Š‹•ƒ‡•‹–’‘••‹„Ž‡–‘ƒƒŽ›•‡–Š‡•’ƒ–‹ƒŽ ‘ ‡–”ƒ–‹‘‘ˆ–Š‡ϐ‹ƒ ‹ƒŽ•›•–‡‹ ‡ƒ Š ‹–›Ȁ ‘—–›ǤŽŽ‡’Ž‘›‡‡•™Š‘’ƒ›•‘ ‹ƒŽ‹•—”ƒ ‡™‡”‡‹ Ž—†‡†ǡ™Š‹Ž‡•‡ŽˆǦ ‡’Ž‘›‡†‹†‹˜‹†—ƒŽ•™‡”‡‡š Ž—†‡†Ǥ‘ƒƒŽ›•‡–Š‡•’ƒ–‹ƒŽ ‘ ‡–”ƒ–‹‘‘ˆ„ƒ ‡’Ž‘›‡‡•ǡ™‡ ‘’ƒ”‡†–Š‡•Šƒ”‡•‘ˆ–Š‡‡’Ž‘›‡‡•‹ϐ‹ƒ ‡–‘–Š‡”‡•–‘ˆ–Š‡ ‡ ‘‘›‹‘‡”‡‰‹‘™‹–Š–Š‘•‡–‘–Š‡”‡•–‘ˆ–Š‡‡ ‘‘›‹–Š‡™Š‘Ž‡ ‘—–”›Ǥ ‡‡–Š‡ˆ‘ŽŽ‘™‹‰ˆ‘”—Žƒǣ. ͳͶ.

(36) ”‘„Ž‡•ƒ†’‹‹‘•. ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. RKI j = / j. b ij b .j ) 0.5 B i. B ... bijᗏ„‡”‘ˆ‡’Ž‘›‡‡•ǡ•‡ –‘”‹ǡ”‡‰‹‘Œ Bi.ᇏ’Ž‘›‡‡•ǡ•‡ –‘”‹ b.jαƒŽŽ‡’Ž‘›‡‡•ǡ”‡‰‹‘Œ B..αƒŽŽ‡’Ž‘›‡‡• Š‡”ƒ‰‡‘ˆ–Š‡‹†‹ ƒ–‘”‹•ˆ”‘ͲδͳǤ‹†‡š˜ƒŽ—‡‘ˆͳ™‘—Ž†‹†‹ ƒ–‡–Šƒ–ƒŽŽ ‡’Ž‘›‡‡•™‡”‡Ž‘ ƒ–‡†‹‘‡”‡‰‹‘ȋ•‡‡–Š‡‡š–ϐ‹‰—”‡ȌǤ Figure 4. Spatial concentration of the employees in ϐinance for Spain and Germany (Nuts-3) 0.20 0.18 0.16 0.14 0.12 0.10. NUTS3-DE. 2013. 2012. 2011. 2010. 2009. 2008. 2007. 2006. 2005. 2004. 2003. 2002. 2001. 2000. 0. NUTS3-ES. ™ϐ‹‰—”‡Ǣ•‘—” ‡ǣ—†‡•ƒ‰‡–—”ˆò””„‡‹–ȋ‡‰‹•–‡”†ƒ–ƒȀ•‘ ‹ƒŽ‹•—”ƒ ‡Ȍƒ†‹‹•–‡”‹‘†‡Ǧ ’Ž‡‘›‡‰—”‹†ƒ†‘ ‹ƒŽȋ‡‰‹•–‡”†ƒ–ƒȀ ‘–”ƒ –•ȌǤ. Š‡Ž‘™‹†‡š˜ƒŽ—‡ˆ‘”’ƒ‹†‡‘•–”ƒ–‡•–Šƒ–’ƒ‹•Š‡’Ž‘›‡‡•‹ϐ‹ƒ ‡ƒ”‡ Ž‡•• •’ƒ–‹ƒŽŽ› ‘ ‡–”ƒ–‡† –Šƒ –Š‘•‡ ‹ ‡”ƒ›ǡ ™Š‹ Š ‹• ƒ„‘˜‡ ‘–Š‡” ˆƒ –‘”• ƒ—•‡† „› –Š‡ ‡š’ƒ•‹‘ ‘ˆ –Š‡ „ƒ‹‰ „”ƒ Š ‡–™‘”Ǥ Š‡ ‹ ”‡ƒ•‡ ‹ •’ƒ–‹ƒŽ ‘ ‡–”ƒ–‹‘•‹ ‡–Š‡ʹͲͲͺ ”‹•‹•‹’ƒ‹ ƒŽ‹‡Ž›„‡–”ƒ ‡†–‘–Š‡”‡†— –‹‘‹ •ƒ˜‹‰•„ƒ„”ƒ Š‡•ƒ†–‘‹ ”‡ƒ•‡† ‘ ‡–”ƒ–‹‘‹•’‡ ‹ϐ‹ ”‡‰‹‘•ǤŠ‡ˆƒ – –Šƒ––Š‡—–Ǧ͵Ž‡˜‡Ž˜ƒ”‹‡•„‡–™‡‡’ƒ‹ƒ† ‡”ƒ›ƒ†–Š‡’ƒ‹•Š”‡‰‹‘•ƒ”‡ „‹‰‰‡”–Šƒ–Š‡ ‡”ƒ•Šƒ•–‘„‡–ƒ‡‹ ‘•‹†‡”ƒ–‹‘ǣŠ‡†‹ˆˆ‡”‡ ‡‹•’ƒ–‹ƒŽ ‘ ‡–”ƒ–‹‘„‡–™‡‡ ‡”ƒ›ƒ†’ƒ‹‹•–Š‡”‡ˆ‘”‡•ƒŽŽ‡”‹”‡ƒŽ‹–›„—–•–‹ŽŽ ‡š‹•–•Ǥ ‘™‡˜‡”ǡ ”‡†‹–†‡ ‹•‹‘•ƒ”‡ƒ†‡ƒ––Š‡„”ƒ ŠŽ‡˜‡Ž‘Ž›‘ ƒ•‹‘ƒŽŽ›Ǣ–Š‡”‡ˆ‘”‡ǡ „‘–Šˆ— –‹‘ƒŽ†‹•–ƒ ‡ƒ†‘’‡”ƒ–‹‘ƒŽ†‹•–ƒ ‡ƒ”‡”‡Ž‡˜ƒ–Ǥ‘’”‘š›‘’‡”ƒ–‹‘ƒŽ †‹•–ƒ ‡™‹–Š‹ƒ ”‘••Ǧ ‘—–”› ‘’ƒ”‹•‘ǡ™‡—•‡†–Š‡•’ƒ–‹ƒŽ†‹•–”‹„—–‹‘‘ˆ–Š‡ Š‡ƒ†“—ƒ”–‡”•ȋ•‡‡ϐ‹‰—”‡ͷȌǤŠ‡†ƒ–ƒ ‘‡ˆ”‘—”‘’‡ƒ‡–”ƒŽƒȋȌƒ† ƒ”‡—ˆ‘”–—ƒ–‡Ž›‘Ž›ƒ˜ƒ‹Žƒ„Ž‡ˆ‘”–Š‡̀Ǧ‘—–”‹‡•ƒ†ˆ‘”ƒ –—ƒŽ›‡ƒ”ʹͲͳͶǤ. ͳͷ.

(37) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. Figure 5. Bank headquarters locations in Spain and Germany, 2014. ™ϐ‹‰—”‡Ǣ•‘—” ‡ǣǤ. Š‡ ‘’ƒ”‹•‘ „‡–™‡‡ ’ƒ‹ ƒ† ‡”ƒ› ‹• †‡ϐ‹‹–‡ǣ ‡•–‡” ‡”ƒ› ‡•’‡ ‹ƒŽŽ› ‘–ƒ‹• ƒ› „ƒ‹‰ Š‡ƒ†“—ƒ”–‡”•ǡ ™Š‹ Š ƒ”‡ „”‘ƒ†Ž› †‹•–”‹„—–‡† ”‡‰‹‘ƒŽŽ›Ǥ

(38)  ’ƒ‹ ‹ ʹͲͳͶ Ȃ •‹š ›‡ƒ”• ƒˆ–‡” –Š‡ ”‹•‹• Ȃ ˆ‡™ „ƒ• ‡š‹•–‡†Ǥ Š—• ˆƒ”ǡ –Š‡ “—ƒ–‹–ƒ–‹˜‡ †ƒ–ƒ ƒƒŽ›•‡• Šƒ˜‡ ‹†‹ ƒ–‡† ƒ •Š‘”–‡” ‘’‡”ƒ–‹‘ƒŽ †‹•–ƒ ‡ ‹–Š‡’ƒ‹•Š„ƒ‹‰ƒ”‡–ǡ™Š‹ Š‹•‹’ƒ”–‹ —Žƒ”‡š’Žƒ‹‡†‹–Š‡•—„•–ƒ–‹ƒŽ „”ƒ Š ‡š’ƒ•‹‘ „‡ˆ‘”‡ –Š‡ ϐ‹ƒ ‹ƒŽ ”‹•‹• ƒ† •Š‘”–‡” ˆ— –‹‘ƒŽ †‹•–ƒ ‡ ˆ‘”. ‡”ƒ›ǡƒ•–Š‡”‡ƒ”‡Ž‡••„ƒ•‹’ƒ‹ƒ†–Š‡‹”Š‡ƒ†“—ƒ”–‡”•ƒ’’‡ƒ”–‘„‡‘”‡ ‘ ‡–”ƒ–‡†‹•’ƒ ‡Ǥˆ‘”–—ƒ–‡Ž›ǡƒ•‡’ƒ”ƒ–‡†ƒ–ƒƒƒŽ›•‹•ǡ‹ Ž—†‹‰ˆ— –‹‘ƒŽ ƒ†‘’‡”ƒ–‹‘ƒŽ†‹•–ƒ ‡ˆ‘”–Š‡†‹ˆˆ‡”‡––›’‡•‘ˆ„ƒ‹‰ǡ‹•‘–’‘••‹„Ž‡Ǥ ƒ‹‰–‘‰‡–Š‡”–Š‡”‡•—Ž–•‘ˆ–Š‡†ƒ–ƒƒƒŽ›•‡•ƒ†–Š‡‡’‹”‹ ƒŽϐ‹†‹‰•ˆ”‘–Š‡ ‹–‡”˜‹‡™•ƒŽŽ‘™ˆ‘”–Š‡†‡˜‡Ž‘’‡–‘ˆƒŠ‡—”‹•–‹  Žƒ••‹ϐ‹ ƒ–‹‘‘ˆ ƒ–‡‰‘”‹‡•‘ˆ „ƒ•™‹–Š”‡•’‡ ––‘‘’‡”ƒ–‹‘ƒŽƒ†ˆ— –‹‘ƒŽ†‹•–ƒ ‡ȋ•‡‡–Š‡–™‘ϐ‹‰—”‡•‹ –Š‡ˆ‘ŽŽ‘™‹‰ȌǤŠ‡’‘•‹–‹‘‘–Š‡šǦƒ†›Ǧƒš‹•™ƒ•‡•–‹ƒ–‡†ƒ†‘– ƒŽ —Žƒ–‡†Ǥ ‘” ‡”ƒ›ǡ–Š‡•‹–—ƒ–‹‘‹•“—‹–‡ Ž‡ƒ”ȋ•‡‡ϐ‹‰—”‡͸ȌǤ ‡”‡ǡ™‡ ƒ’—––Š‡•ƒ˜‹‰• „ƒ•ƒ†–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ•–‘‰‡–Š‡”‹‘‡‰”‘—’ǡ™Š‹ Š•Š‘™Ž‘™‘’‡”ƒ–‹‘ƒŽ ȋƒ›„”ƒ Š‡•Ȍƒ†ˆ— –‹‘ƒŽȋ‡ƒ Š„ƒ†‡ ‹†‡•Ž‘ ƒŽŽ›Ȍ†‹•–ƒ ‡ǤŠ‡•‡ ‘† ‰”‘—’ ‘—Ž† ‘’”‹•‡ –Š‡ ‘‡” ‹ƒŽ „ƒ• ȋƒ„‘˜‡ ƒŽŽǡ ‡—–• Š‡ ƒ   ƒ† ‘‡”œ„ƒ ȌǤŠ‡•‡„ƒ••–‹ŽŽŠƒ˜‡ƒ„”‘ƒ†„”ƒ Š‡–™‘”ǡ„—–ƒ”‡‘”‡ ˆ‘ —•‡†‘—”„ƒƒ”‡ƒ•ǡ™Š‹ ŠŽ‡ƒ†–‘–Š‡‹”‘’‡”ƒ–‹‘ƒŽ†‹•–ƒ ‡„‡‹‰Ž‘™‡”–Šƒ –Šƒ–ˆ‘”•ƒ˜‹‰•ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•Ǥ ‘™‡˜‡”ǡ–Š‡ƒ‹†‹ˆˆ‡”‡ ‡„‡–™‡‡–Š‡•‡. ͳ͸.

(39) Problems and Opinions. Safe Bank 2 (71) 2018. –™‘‰”‘—’•ˆ‘” ‡”ƒ›Ž‹‡•‹ˆ— –‹‘ƒŽ†‹•–ƒ ‡Ǥ ‘”’ƒ‹ȋ•‡‡ϐ‹‰—”‡͹Ȍǡ™‡†‘ ‘–Šƒ˜‡–Š‡ Ž‡ƒ”ƒ‰”‘—’†‹•–‹ –‹‘ǡƒ†‘‡ ‘—Ž†ƒ–Ž‡ƒ•–†‡ϐ‹‡ˆ‘—”‰”‘—’•‹ regard to operational and functional distance. Figure 6. Operational and functional distance in Germany. Functional Distance. G: Commercial Banks. G: Savings and Cooperative Banks. Operational Distance Source: author’s own work.. Figure 7. Operational and functional distance in Spain Loans officer as very limited influence. Functional Distance. IV Centralised Banks with a huge branch network. 2 Savings Banks and some Cooperative Banks. II Centralised Banks with regional ties I Local/regional orientated Banks. Commercial and former Savings Banks with high market sharesis some regions. III Urban Banks with ties in the agglomeration Commercial banks specialized in SME in urban agglomerations. In some regions very small functional and operational distance. Operational Distance Source: author’s own work.. 17.

(40) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. Bank type I: Local- and regional-orientated banks Š‡ ϐ‹”•– ‰”‘—’ ‘•‹•–• ‘ˆ Ž‘ ƒŽǦ ƒ† ”‡‰‹‘ƒŽǦ‘”‹‡–ƒ–‡† „ƒ•Ǥ ƒ”–‹ —Žƒ”Ž›ǡ ‹– ‹ Ž—†‡•–Š‡–™‘”‡ƒ‹‹‰•ƒ˜‹‰•„ƒ•ƒ†•‘‡‘ˆ–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ•ǤŠ‡ ‰”‘—’‘ˆ ‘‘’‡”ƒ–‹˜‡„ƒ•‹’ƒ‹‹•ƒ‰ƒ‹Š‡–‡”‘‰‡‡‘—•Ǥ‘‡ƒ –‘ƒƒ–‹‘ƒŽ Ž‡˜‡ŽǢ ‘–Š‡”• •’‡ ‹ƒŽ‹•‡ ‹ ˆƒ”‹‰ ‘Ž›Ǣ •–‹ŽŽ ‘–Š‡”• ƒ”‡ Ž‘ ƒŽǦ‘”‹‡–ƒ–‡† —‹˜‡”•ƒŽ „ƒ••‹‹Žƒ”–‘–Š‡ ‡”ƒ ‘‘’‡”ƒ–‹˜‡„ƒ•ǤŠ‡•‡™‡™‘—Ž†’—–‹–Š‡‰”‘—’ ‘ˆ Ž‘ ƒŽǦ ƒ† ”‡‰‹‘ƒŽǦ‘”‹‡–‡† „ƒ•Ǥ Š‹• ‰”‘—’ ‹• •‹‹Žƒ” –‘ –Š‡ ‡”ƒ ‰”‘—’ ‘•‹•–‹‰‘ˆ•ƒ˜‹‰•ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•ǡ„—–‹•— Š•ƒŽŽ‡”‹”‡‰ƒ”†–‘ƒ”‡– •Šƒ”‡•Ǥ

(41) •–‹–—–‹‘•‹–Š‹•‰”‘—’ƒ”‡ Šƒ”ƒ –‡”‹•‡†„›ƒ†‡•‡„”ƒ Š‡–™‘”‹‹–• ”‡‰‹‘ƒ†Ž‘ ƒŽ†‡ ‹•‹‘ƒ—–Š‘”‹–›Ǥ Bank type II: Centralised banks with regional ties Š‡•‡ ‘†‰”‘—’†‡‘•–”ƒ–‡•ƒ•Ž‹‰Š–Ž›Š‹‰Š‡”†‹•–ƒ ‡‹ ‘’ƒ”‹•‘–‘‰”‘—’

(42) ǡ ‹ –‡”• ‘ˆ „‘–Š –Š‡ ‘’‡”ƒ–‹‘ƒŽ ƒ† ˆ— –‹‘ƒŽ Ž‡˜‡Ž•Ǥ Š‹• ‰”‘—’ ‘•‹•–• ‘ˆ ‡–”ƒŽ‹•‡† „ƒ• ™Š‹ Š ƒ”‡ „—‹Ž†‹‰ •–”‘‰ ”‡‰‹‘ƒŽ –‹‡• ‹ •‘‡ ”‡‰‹‘•Ǥ ƒ”‰‡ „ƒ• Šƒ˜‡ „‘—‰Š– •ƒŽŽ‡” ”‡‰‹‘ƒŽ „ƒ•ǡ ‘” –Š‡ ”‡‰‹‘ƒŽ „ƒ• Šƒ˜‡ ‡”‰‡†Ǥ Š‡•‡ „ƒ• Šƒ˜‡ ”‡–ƒ‹‡† –Š‡ †‡ ‹•‹‘Ǧƒ‹‰ ƒ—–Š‘”‹–› ‹ •‘‡ ”‡‰‹‘•Ǥ Š‹• ƒ ‘ ƒ•‹‘ƒŽŽ› „‡ –”ƒ ‡† „ƒ  –‘ †‹”‡ – ‡ ‘‘‹  ˆƒ –‘”•Ǣ ™Š‹Ž‡ ƒ– ‘–Š‡” –‹‡•ǡ ‘”‡’‘Ž‹–‹ ƒŽ”‡ƒ•‘•ƒ”‡ƒ–™‘”ǤŠ‹•‰”‘—’ ‘•‹•–•‘ˆˆ‘”‡”•ƒ˜‹‰•„ƒ•ƒ† ‘‡” ‹ƒŽ„ƒ•™‹–ŠŠ‹‰Šƒ”‡–•Šƒ”‡•‹•‘‡”‡‰‹‘•Ǥ Bank type III: Urban banks with ties in the agglomerations Š‡•‡ ‹•–‹–—–‹‘• Šƒ˜‡ –Š‡ •ƒŽŽ‡•– „”ƒ Š ‡–™‘”ǡ ’”‡•‡–‹‰ ƒ ‡†‹—ȂŠ‹‰Š ˆ— –‹‘ƒŽ†‹•–ƒ ‡ǤŠ‡•–”ƒ–‡‰›‘ˆ–Š‡•‡‹•–‹–—–‹‘•‹•–‘ˆ‘ —•‘–Š‡‡†‹—Ǧ •‹œ‡‡–‡”’”‹•‡•Ž‘ ƒ–‡†‹Š‹‰ŠŽ›’‘’—Žƒ–‡†—”„ƒƒ”‡ƒ•Ǥ ‘”–Š‹•”‡ƒ•‘ǡ–Š‡›Šƒ˜‡ ƒŠ‹‰Š—„‡”‘ˆ‡’Ž‘›‡‡•’‡”„”ƒ Šƒ†Šƒ˜‡„‡‡‘’‡”ƒ–‹‰‹–Š‡–‡””‹–‘”› ˆ‘”ƒ››‡ƒ”•Ǥ‡’‡†‹‰‘–Š‡†‡•‹–›‘ˆ–Š‡„”ƒ Š‡–™‘”†‡˜‡Ž‘’‡†‹–Š‡ ”‡‰‹‘ǡƒ”‹•†‡’ƒ”–‡–ƒ›„‡’”‡•‡–‘” ”‡†‹–‘’‡”ƒ–‹‘•ƒ›„‡•–—†‹‡†ƒ––Š‡ Š‡ƒ†“—ƒ”–‡”•Ǥ Bank type IV: Centralised banks with a huge branch network but less decision power Š‹• –›’‡ ‘ˆ „ƒ‹‰ ‹•–‹–—–‹‘ ’”‡•‡–• Ž‘™ ‘’‡”ƒ–‹‘ƒŽ †‹•–ƒ ‡ „—– Š‹‰Š ˆ— –‹‘ƒŽ†‹•–ƒ ‡Ǥ— Š‹•–‹–—–‹‘•Šƒ˜‡†‡˜‡Ž‘’‡†ƒ†‡•‡„”ƒ Š‡–™‘”„—– †‡‘•–”ƒ–‡•—„•–ƒ–‹ƒŽˆ— –‹‘ƒŽ†‹•–ƒ ‡ǤŠ‹•‹’Ž‹‡•–Šƒ– –Š‡Ž‘ ƒ–‹‘‘ˆ–Š‡ ”‹• ƒƒŽ›•–• ‹• †‹•–ƒ ‡†Ǥ Š‡”‡ ‹• ‡ƒ”Ž› ‘ ‘’–‹‘ ˆ‘” ‡’Ž‘›‡‡• ‹ Ǯ‘”†‹ƒ”›ǯ „”ƒ Š‡• –‘ –ƒŽ –‘ –Š‡ ƒƒŽ›•–• ’‡”•‘ƒŽŽ›Ǥ Š‡•‡ „”ƒ Š‡• Šƒ˜‡ •‘‡ ’‘™‡” ‹ †‡ ‹•‹‘Ǧƒ‹‰ ’”‘ ‡••‡• †‡’‡†‹‰ ‘ –Š‡ •–”ƒ–‡‰› ‘ˆ –Š‡ ‹•–‹–—–‹‘ǡ „—– –Š‹• •‹–—ƒ–‹‘ ƒ‡ƒ•‹Ž› Šƒ‰‡Ǥ‡šƒ’Ž‡‘ˆ–Š‹•‹†‘ˆ‹•–‹–—–‹‘™‘—Ž†„‡ƒ ‘ ƒ–ƒ†‡”Ǥ Šƒ– –Š‹• ‡ƒ• ‹• –Šƒ– ƒ ‡•• –‘ ϐ‹ƒ ‡ ˆ‘” • ‹ ’ƒ‹ ‹• †‡’‡†‡– ‘ –Š‡ ”‡‰‹‘™Š‡”‡–Š‡›ƒ”‡Ž‘ ƒ–‡†Ǥ

(43) ƒ•‹‰‹ϐ‹ ƒ–—„‡”‘ˆ’ƒ‹•Š”‡‰‹‘•ǡ•ƒ˜‹‰• „ƒ•ȋƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•Ȍ‘Ž›’Žƒ›ƒŽ‹‹–‡†”‘Ž‡‹ϐ‹ƒ ‡ǤŠ‡—„‡” ‘ˆ•ƒ˜‹‰•ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•ƒ†–Š‡‹”•Šƒ”‡•‘ˆŽ‘ƒ•–‘•Šƒ˜‡‡˜‡”„‡‡. ͳͺ.

(44) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. •‹‹Žƒ”–‘–Š‡—„‡”ƒ†•Šƒ”‡•‹ ‡”ƒ›Ǥ‘‡‘ˆ–Š‡ƒ–‹‘™‹†‡ ‘‡” ‹ƒŽ „ƒ•ǡ ‡Ǥ‰Ǥǡ ƒ ‘ ƒ„ƒ†‡ŽŽ ȋ„ƒ•‡† ‹ ƒ„ƒ†‡ŽŽǡ ‘”–Š™‡•– ‘ˆ ƒ” ‡Ž‘ƒȌǡ Šƒ˜‡ •’‡ ‹ƒŽ‹•‡†‹ϐ‹ƒ ‹‰Ǥ

(45) ’ƒ‹ǡ–Š‡„ƒ‹‰‰”‘—’•ƒ”‡— Š‘”‡•‹‹Žƒ”–‘ ‡ƒ Š‘–Š‡”ǡ›‡–’‘••‡••‘”‡™‹–Š‹Ǧ‰”‘—’†‹ˆˆ‡”‡ ‡•ǡ–Šƒ‹ ‡”ƒ›Ǥ. 4. Governance, cohesion and banks •‘—–Ž‹‡†‹–Š‡‹–”‘†— –‹‘ǡ–Š‡•–”— –—”‡‘ˆϐ‹ƒ ‹ƒŽ•›•–‡•Šƒ•–”ƒ†‹–‹‘ƒŽŽ› „‡‡ ƒ’’”‘ƒ Š‡† „› †‹•–‹‰—‹•Š‹‰ „‡–™‡‡ „ƒǦ„ƒ•‡† ˜‡”•—• ƒ”‡–Ǧ„ƒ•‡† •›•–‡•Ǥ

(46)  –Š‡ ˆ‘”‡”ǡ ‡š–‡”ƒŽ ‘”’‘”ƒ–‡ ϐ‹ƒ ‡ ‹• ƒ‹Ž› ˆƒ ‹Ž‹–ƒ–‡† „› „ƒ Ž‘ƒ•ǡ‹–Š‡Žƒ––‡”ǡ•Šƒ”‡•ǡ„‘†•ƒ†˜‡–—”‡ ƒ’‹–ƒŽŠƒ˜‡„‡ ‘‡‘”‡‹’‘”–ƒ– ȏ‡  ‡– ƒŽǤ ʹͲͲͳǢ ‡˜‹‡ ʹͲͲͷǢ ‡  ʹͲͳʹȐǤ Š‹Ž‡ ”‡•‡ƒ” Š ‹ –Š‡ ϐ‹‡Ž† ‘ˆ –Š‡ ˜ƒ”‹‡–‹‡•‘ˆ ƒ’‹–ƒŽ‹•Šƒ•‡š’Žƒ‹‡†•‹‹Žƒ”‹–‹‡•‹’‡”ˆ‘”ƒ ‡™‹–Š‹•–‹–—–‹‘ƒŽ ‘’Ž‡‡–ƒ”‹–‹‡• ȏ ƒŽŽ ƒ† ‘•‹ ‡ ʹͲͲͳȐǡ ™‡ •‘—‰Š– –‘ —†‡”•–ƒ† –Š‡ †‡‰”‡‡ ‘ˆ •— ‡•• ‘ˆ ”‡‰‹‘ƒŽ „ƒ‹‰ „› ˆ‘ —•‹‰ ‘ ‰‘˜‡”ƒ ‡Ǥ ‘”’‘”ƒ–‡ ‰‘˜‡”ƒ ‡ ƒ†ϐ‹ƒ ‡Šƒ˜‡„‡‡”‡•‡ƒ” Š‡†‹‰‡‡”ƒŽǡƒ†ƒ––‡–‹‘Šƒ•„‡‡’ƒ‹†–‘–Š‡‹” ‡„‡††‹‰‹ƒ–‹‘ƒŽŽ‡‰ƒŽ•›•–‡•ƒ†ˆ‘”•‘ˆ ƒ’‹–ƒŽ‹•ȏˆ‘”ƒ‡ƒ”Ž›‘˜‡”˜‹‡™ǡ •‡‡ ŠŽ‡‹ˆ‡” ƒ† ‹•Š› ͳͻͻ͹Ǣ ˆ‘” ”‡‰—Žƒ–‹‘ ƒ† ϐ‹ƒ ‡ǡ •‡‡ ‡˜‹‡ ͳͻͻͺȐǤ

(47)  ƒŠ‹•–‘”‹ ƒŽƒƒŽ›•‹•ǡ‡”†‹‡”ȏʹͲͲʹȐ•Š‘™‡†Š‘™”‡‰‹‘ƒŽ„ƒ‹‰‹• ‘‡ –‡†–‘ ‘–Š‡”ƒ–‹‘ƒŽ•–”— –—”ƒŽˆƒ –‘”•Ǥ‡Ž‘™ǡ™‡‹†‡–‹ˆ›–Š‡•‡”‡‰‹‘ƒŽ„ƒ‹‰•— ‡•• ˆƒ –‘”•Ǥ. ͶǤͳǤ‹•–ƒ ‡ƒ†„ƒ‹‰‰”‘—’ƒ••‘ ‹ƒ–‹‘• • †‡• ”‹„‡†ǡ ‘‡ ƒ†˜ƒ–ƒ‰‡ ‘ˆ †‡ ‡–”ƒŽ‹•‡† „ƒ‹‰ ‹• –Š‡ •Š‘”–‡” †‹•–ƒ ‡ „‡–™‡‡ ”‡†‹–‘”•ƒ††‡„–‘”•Ǥ ‘™‡˜‡”ǡŽ‡†‹‰™‹–Š‹ Ž‘•‡’”‘š‹‹–›–‘ Ž‹‡–• ‘‡•ƒ––Š‡’”‹ ‡‘ˆƒŽ‘‰‡”†‹•–ƒ ‡–‘ϐ‹ƒ ‹ƒŽ ‡–”‡•Ǥƒ•ƒ–†‡ ‡–”ƒŽ‹•‡† Ž‘ ƒ–‹‘•ǡˆƒ”ˆ”‘ϐ‹ƒ ‹ƒŽ ‡–”‡•ǡŠƒ˜‡–Š‡†‹•ƒ†˜ƒ–ƒ‰‡‘ˆƒŽ•‘„‡‹‰ˆƒ”ˆ”‘ ‘–Š‡”„ƒ•ǡ”ƒ–‹‰ƒ‰‡ ‹‡•ǡ•’‡ ‹ƒŽ‹•‡†Žƒ™›‡”•ǡ‡– ǤŠ‹•’‘•‡•–Š‡”‹•‘ˆƒŽƒ  ‘ˆ •’‡ ‹ϐ‹  ȋϐ‹ƒ ‹ƒŽȌ ‘™Ž‡†‰‡ǡ •‹ŽŽ• ƒ† ƒ ‡•• –‘ •‡”˜‹ ‡•Ǥ  ™‡ŽŽǦ‘”‰ƒ‹•‡† ƒ••‘ ‹ƒ–‹‘ ‘ˆ ”‡‰‹‘ƒŽ „ƒ• ™‘—Ž† „‡ ƒ„Ž‡ –‘ ”‡ƒ–‡ Ž‘•‡” ’”‘š‹‹–› –‘ –Š‡‹” ‡„‡”„ƒ•ǡƒ•™‡ŽŽƒ•ˆƒ ‹Ž‹–ƒ–‡‘™Ž‡†‰‡•’‹ŽŽ‘˜‡”•ƒ†Ž‡ƒ”‹‰Ȃ‹Ǥ‡Ǥǡƒ ‡•• –‘–Š‡‘™Ž‡†‰‡„ƒ•‡‘ˆ–Š‡ϐ‹ƒ ‹ƒŽ ‡–”‡•Ȃˆ‘”‰‡‘‰”ƒ’Š‹ ƒŽŽ›”‡‘–‡”‡‰‹‘ƒŽ „ƒ• ȏòŽ„òŽ ‡– ƒŽǤ ʹͲͳ͵Ǣ ¡”–‡” ƒ† ŽÚ‰‡Ž ʹͲͳ͹Ǣ ”‡‡Šƒ ƒ† ”‹‡‰ ʹͲͳͷȐǤ Š‡”‡ˆ‘”‡ǡ‹ƒ††‹–‹‘–‘•Š‘”–ˆ— –‹‘ƒŽƒ†‘’‡”ƒ–‹‘ƒŽ†‹•–ƒ ‡•ǡ‡„‡††‡†‡•• ™‹–Š‹•—’’‘”–‹˜‡ƒ••‘ ‹ƒ–‹‘•‘ˆ”‡‰‹‘ƒŽ„ƒ•–‡†•–‘„‡‘‡•— ‡••ˆƒ –‘”‘ˆ †‡ ‡–”ƒŽ‹•‡†„ƒ‹‰ǡ Š‡ ‘’ƒ”‹•‘‘ˆ„ƒ‹‰ƒ••‘ ‹ƒ–‹‘•ƒ‡• Ž‡ƒ”–Šƒ– ‡”ƒ›•–”‘‰Ž›†‹ˆˆ‡”• ˆ”‘’ƒ‹‹–Š‹•”‡‰ƒ”†ǤŠ‡„ƒ‹‰ƒ••‘ ‹ƒ–‹‘•‹ ‡”ƒ›ƒ”‡ƒŽ‹‰‡†™‹–Š –Š‡’‹ŽŽƒ”•‘ˆ–Š‡„ƒ•ǡƒ•„ƒ•ƒ”‡‡š Ž—•‹˜‡Ž›‡„‡††‡†‹ –Š‡‹”ƒ••‘ ‹ƒ–‹‘•Ǥ ƒ˜‹‰• „ƒ• „‡Ž‘‰ –‘ –Š‡‹” ‘””‡•’‘†‹‰ ”‡‰‹‘ƒŽ •ƒ˜‹‰• „ƒ• ƒ••‘ ‹ƒ–‹‘• ƒ† –Š‡ ‡—–• Š‡” ’ƒ”ƒ••‡Ǧ —† ‹”‘˜‡”„ƒ† ȋ Ȍǡ ˆ‘”‹‰ –Š‡ •ƒ˜‹‰•. ͳͻ.

(48) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. „ƒϐ‹ƒ ‹ƒŽ‰”‘—’Ǥ‘‘’‡”ƒ–‹˜‡„ƒ•ƒ”‡‡„‡††‡†‹–Š‡ ‘‘’‡”ƒ–‹˜‡„ƒ•ǯ ϐ‹ƒ ‹ƒŽ‰”‘—’ƒ†‹–•ƒ••‘ ‹ƒ–‹‘ǤŠ‡—†‡•˜‡”„ƒ†‡—–• Š‡”ƒ‡ȋȌ ƒ†‹–•”‡‰‹‘ƒŽ•—„•‹†‹ƒ”‹‡•”‡’”‡•‡––Š‡’”‹˜ƒ–‡„ƒ•Ǥ— Šƒ’‹ŽŽƒ”‡†•›•–‡‘ˆ ƒ••‘ ‹ƒ–‹‘•†‘‡•‘–™‘”‹–Š‡•ƒ‡™ƒ›ˆ‘”’ƒ‹ƒ›Ž‘‰‡”ǡƒ•ƒ›ˆ‘”‡” •ƒ˜‹‰•„ƒ•ƒ”‡•–‹ŽŽ‡„‡”•‘ˆ–Š‡’ƒ‹•Š•ƒ˜‹‰•„ƒ•ƒ••‘ ‹ƒ–‹‘ȋȌ „—–ƒ”‡‘Ž‘‰‡”’—„Ž‹ Ž›‘™‡†•ƒ˜‹‰•„ƒ•Ǥ

(49)  ‡”ƒ›ǡ–Š‡ƒ••‘ ‹ƒ–‹‘•ˆ‘” •ƒ˜‹‰•„ƒ•ƒ† ‘‘’‡”ƒ–‹˜‡„ƒ•ƒ”‡„‘–Š˜‡”›’‘™‡”ˆ—ŽǤŠ‡›Š‡Ž’•ƒŽŽƒ† ”‡‰‹‘ƒŽ „ƒ• –‘ ”‡ƒŽ‹•‡ ‡ ‘‘‹‡• ‘ˆ • ƒŽ‡ ƒ† • ‘’‡Ǥ Š‹• ”‡Žƒ–‹‘•Š‹’ ƒ „‡ ‹ŽŽ—•–”ƒ–‡†„›–Š‡ˆƒ ––Šƒ–‹ ‡”ƒ›ǡ–Š‡ Šƒ†͵ǡʹͳ͹‡’Ž‘›‡‡•‹ͳʹ”‡‰‹‘ƒŽ •ƒ˜‹‰• „ƒ• ƒ••‘ ‹ƒ–‹‘• ‹ ʹͲͳͷǢ ™Š‡”‡ƒ• ǡ –Š‡ ’ƒ‹•Š ‡“—‹˜ƒŽ‡–ǡ Šƒ† ‘Ž›ˆ‘—”‡’Ž‘›‡‡•‹ʹͲͳͷȏƒ—ƒŽ”‡’‘”–ǡʹͲͳͷȐǤ ••‘ ‹ƒ–‹‘• Šƒ˜‡ –‡†‡† –‘ „‡ ‘‡ ‡˜‡ ‘”‡ ‹’‘”–ƒ– ƒ• –Š‡ ‡™ǡ ‘’Ž‡š ”‡‰—Žƒ–‘”› ‡˜‹”‘‡– ȋƒ•‡Ž

(50)

(51)

(52) Ȍ ’‡ƒŽ‹•‡• •ƒŽŽ „ƒ• ‘”‡ –Šƒ Žƒ”‰‡ „ƒ•ǡ •‹ ‡ –Š‡ ‹’Ž‡‡–ƒ–‹‘ ‘ˆ ‡™ ”‡‰—Žƒ–‹‘• ‹˜‘Ž˜‡• •—„•–ƒ–‹ƒŽ ϐ‹š ‘•–• ȏŽ‡••ƒ†”‹‹‡–ƒŽǤʹͲͳ͸ȐǤ—’’‘”–‹˜‡ƒ••‘ ‹ƒ–‹‘• ‘—Ž†Š‡Ž’–‘ƒ’’Ž›–Š‡”‡‰—Žƒ–‹‘ ”‡“—‹”‡‡––‘•ƒŽŽ”‡‰‹‘ƒŽ„ƒ•ǡ™Š‹ Š ƒ‘–ƒˆˆ‘”†–‘‡’Ž‘›ƒ›‡š’‡”–•ǡ ‹ƒ‘”‡ ‘•–Ǧ‡ˆϐ‹ ‹‡–ƒ‡”Ǥ. ͶǤʹǤ‡‰‹‘ƒŽ’”‹ ‹’Ž‡‹–Š‡ ‘„‹ƒ–‹‘‘ˆ”‡‰‹‘ƒŽ„ƒŽƒ ‡ ”‘ ƒ Š‹•–‘”‹  ƒ† ‰‡‘‰”ƒ’Š‹  ’‡”•’‡ –‹˜‡ǡ ”‡‰—Žƒ–‹‘• Šƒ˜‡ ”‡•–”‹ –‡† –Š‡ „—•‹‡••ƒ –‹˜‹–‹‡•‘ˆ•ƒ˜‹‰•„ƒ•‹ƒ› ‘—–”‹‡•–‘–Š‡‹””‡‰‹‘•Ǥ

(53)  ‡”ƒ›ǡ –Š‹•”‡•–”‹ –‹‘ ‘–‹—‡•–‘‡š‹•–™‹–Š–Š‡•‘Ǧ ƒŽŽ‡†”‡‰‹‘ƒŽ’”‹ ‹’Ž‡ȋ‡ƒ –‡†‹ –Š‡•ƒ˜‹‰•„ƒ•ƒ –•‘ˆ–Š‡ˆ‡†‡”ƒŽ•–ƒ–‡•ȏ—†‡•Ž¡†‡”ȐȌǤŠ‡”‡‰‹‘ƒŽ’”‹ ‹’Ž‡ ‘„Ž‹‰ƒ–‡••ƒ˜‹‰•„ƒ•–‘Ž‡†–‘‹•–‹–—–‹‘•ǡ ‘’ƒ‹‡•ƒ†’”‹˜ƒ–‡‹†‹˜‹†—ƒŽ•‹ –Š‡”‡‰‹‘‘ˆ–Š‡‹””‡•’‘•‹„Ž‡—‹ ‹’ƒŽ‹–›ϐ‹”•–ǡ™Š‹ Šǡ‹’ƒ”–‹ —Žƒ”ǡ‹’Ž‹‡•‘Ž› ”—‹‰„”ƒ Š‡•™‹–Š‹–Š‡”‡‰‹‘ǤŽ‹‡‹ ‡”ƒ›ƒ†ƒˆ‡™‘–Š‡” ‘—–”‹‡•ǡ ƒ› „ƒ‹‰ •›•–‡• Šƒ˜‡ •‡‡ Žƒ”‰‡Ǧ• ƒŽ‡ Ž‡‰ƒŽ ”‡ˆ‘”•ǡ ”‡‘”‰ƒ‹•ƒ–‹‘• ƒ† ȋ’ƒ”–‹ƒŽȌ’”‹˜ƒ–‹•ƒ–‹‘•ȏ‰‡”‡”ƒ† Š”‘‘–‡ʹͲͲͶǢ ƒ‡‡•ƒ† Šƒ„‡ŽʹͲͲ͸ȐǤ ‹ ‡ –Š‡ Žƒ–‡ ͳͻ͹Ͳ•ǡ ‹–‡”ƒ–‹‘ƒŽ ‹•–‹–—–‹‘• ȋ‡Ǥ‰Ǥǡ –Š‡

(54) –‡”ƒ–‹‘ƒŽ ‘‡–ƒ”› —†ǡ –Š‡ ‘”Ž† ”ƒ†‡ ”‰ƒ‹œƒ–‹‘Ȍ ƒ† –Š‡ —”‘’‡ƒ ‹‘ Šƒ˜‡ ƒ†˜‘ ƒ–‡† ˆ‘” †‡”‡‰—Žƒ–‹‘ǡ ’”‹˜ƒ–‹•ƒ–‹‘ ƒ† ‘’‡ ϐ‹ƒ ‹ƒŽ ƒ”‡–• ƒ• ƒ ™ƒ› –‘ Ȃ ƒ• –Š‡› „‡Ž‹‡˜‡Ȃ‹ ”‡ƒ•‡‡ˆϐ‹ ‹‡ ›ƒ†–Š‡”‡„›‹ ”‡ƒ•‡‰‡‡”ƒŽ™‡ƒŽ–Šȏ ¡”–‡”ʹͲͳ͵ȐǤ •’‡ ‹ƒŽŽ›ǡ –Š‡ ‰‘ƒŽ• ‘ˆ ϐ‹ƒ ‹ƒŽ ‹–‡‰”ƒ–‹‘ǡ –Š‡ ”‡ƒ–‹‘ ‘ˆ Žƒ”‰‡ „ƒ• ȋ–‘ Šƒ˜‡ Žƒ”‰‡ –”ƒ•ƒ–‹‘ƒŽ ’Žƒ›‡”•Ȍ ƒ† ‹ ”‡ƒ•‹‰ ‘’‡–‹–‹‘ ƒ”‡ •—’’‘”–‡† „› –Š‡ —”‘’‡ƒ‘‹••‹‘ȏ‘‹••‹‘‘ˆ–Š‡—”‘’‡ƒ‘—‹–‹‡•ǡʹͲͲͻȐƒ†–Š‡ —”‘’‡ƒ‡–”ƒŽƒȏƒ„”ƒŽ‡–ƒŽǤʹͲͲʹȐǤ ’ƒ‹†‡”‡‰—Žƒ–‡†–Š‡„ƒ‹‰ƒ”‡–ƒ†ƒ„‘Ž‹•Š‡†–Š‡”‡‰‹‘ƒŽ’”‹ ‹’Ž‡™‹–Š–Š‡ ‘›ƒŽ‡ ”‡–‡ͳͷͺʹ‹ͳͻͺͺǡŒ—•–ͳͳ›‡ƒ”•ƒˆ–‡”–Š‡•ƒ˜‹‰•„ƒ•™‡”‡ƒŽŽ‘™‡†–‘ ƒ –ƒ•—‹˜‡”•ƒŽ„ƒ•ǤŠ‡ͳͻͺͺŽ‹„‡”ƒŽ‹•ƒ–‹‘ ƒ—•‡†ƒ‰‡‘‰”ƒ’Š‹ ƒŽ‡š’ƒ•‹‘‘ˆ •ƒ˜‹‰•„ƒ•–‘‡™ƒ††‹•–ƒ–ƒ”‡–•ǡƒ•™‡ŽŽƒ•ƒ”‡†— –‹‘‹–Š‡—„‡”‘ˆ •ƒ˜‹‰•„ƒ•†—‡–‘Ƭƒ††‡ˆƒ—Ž–•Ǥ. ʹͲ.

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

(56) ˆ„ƒ•ƒ”‡‘–”‡•–”‹ –‡†„›”‡‰‹‘ǡ–Š‡”‡‹•ƒ†ƒ‰‡”–Šƒ––Š‡ ‡–”‡•™‹ŽŽƒ„•‘”„ ƒ’‹–ƒŽƒ––Š‡‡š’‡•‡‘ˆ‡‹–Š‡”–Š‡’‡”‹’Š‡”›‘”‘Ž†‹†—•–”‹ƒŽƒ”‡ƒ•Ǥ‘•‹–‹˜‡‡ˆˆ‡ –• ——Žƒ–‹˜‡Ž› ”‡‹ˆ‘” ‡ •— ‡••ˆ—Ž ȋ ‡–”‡Ȍ ”‡‰‹‘• ƒ† „‡‰‹ –‘ †‹ˆˆ—•‡ ‹–‘ –Š‡ •—””‘—†‹‰ƒ”‡ƒ•‘ ‡ƒ ‡”–ƒ‹Ž‡˜‡Ž‘ˆ ‘ ‡–”ƒ–‹‘Šƒ•„‡‡”‡ƒ Š‡†ȏ‘™ƒ† ‘†”À‰—‡œǦ —‡–‡•ͳͻͻ͹Ǣ ¡”–‡”ʹͲͲͻȐǤ•‡ƒ”Ž›ƒ•–Š‡ͳͻͷͲ•ǡ›”†ƒŽ”‡ ‘‰‹•‡† –Šƒ–Ǯ†‹ˆˆ‡”‡–•–—†‹‡•‹ƒ›†‹ˆˆ‡”‡– ‘—–”‹‡•Šƒ˜‡•Š‘™Š‘™–Š‡–‡†‡ ›‘ˆ –Š‡„ƒ‹‰•›•–‡–‘”‡‘˜‡•ƒ˜‹‰•ˆ”‘’‘‘”‡””‡‰‹‘•ƒ†‹˜‡•––Š‡‹”‹ Š‡” ƒ†‘”‡ƒ†˜ƒ ‡†ƒ”‡ƒ•‘ˆˆ‡”‹‰Š‹‰Šƒ†‰—ƒ”ƒ–‡‡†’”‘ϐ‹–•—Ž‡••‹–‡”˜‡–‹‘ ˆ‘” ‡•‹––‘ƒ –‘–Š‡”™‹•‡ǯȏ›”†ƒŽͳͻͷͻǣʹ͸ȐǤƒ•–Šƒ–ƒ”‡”‡•–”‹ –‡†–‘ƒ”‡‰‹‘ƒŽ ƒ”‡– ƒ •Ž‘™ ——Žƒ–‹˜‡ ƒ—•ƒ–‹‘ ƒ† •—’’‘”– ”‡‰‹‘ƒŽ •ƒ˜‹‰•Ȃ‹˜‡•–‡– › Ž‡•ǡ™Š‹ ŠŠ‡Ž’•’‡”‹’Š‡”ƒŽ”‡‰‹‘•–‘‹˜‡•––Š‡‹” ƒ’‹–ƒŽ”‡‰‹‘ƒŽŽ›Ǥ ‘™‡˜‡”ǡ ”‡‰‹‘ƒŽ •ƒ˜‹‰•Ȃ‹˜‡•–‡– › Ž‡• ƒ ‘Ž› ™‘” ‹ˆ ’‡”‹’Š‡”ƒŽ ”‡‰‹‘• Šƒ˜‡•—ˆϐ‹ ‹‡–•ƒ˜‹‰•Ǥ‡‘’Ž‡–‘‘’‘‘”–‘•ƒ˜‡‘‡› ƒ‘–•ƒ˜‡ƒ––Š‡‹””‡‰‹‘ƒŽ „ƒǤ

(57) –‹•‰‡‡”ƒŽŽ›ƒ••—‡†–Šƒ––Š‡’”‘ϐ‹–•‘ˆ”‡‰‹‘ƒŽ„ƒ•†‹”‡ –Ž›†‡’‡†‘ –Š‡•–”‡‰–Š‘ˆ–Š‡”‡‰‹‘ƒŽ‡ ‘‘›ȏŽ‡••ƒ†”‹‹ƒ†ƒœœƒ”‘ͳͻͻͻȐǤ”‡‰‹‘ƒŽŽ› •‡‰”‡‰ƒ–‡†ǡ†‡ ‡–”ƒŽ‹•‡†„ƒ‹‰•›•–‡Ǯƒ›‘–„‡ƒ—‹š‡†„Ž‡••‹‰–‘–Š‡ ’‡”‹’Š‡”›ǣ™Š‹Ž‡•— Šƒ•›•–‡ƒ›‰—ƒ”†ƒ‰ƒ‹•–ƒ‘‡–ƒ”›‘—–ϐŽ‘™–‘–Š‡ ‡–‡”ǡ ’‡”‹’Š‡”›„ƒ•ƒ”‡‡š’‘•‡†–‘‡š–”ƒ”‹•™Š‡”‡’‡”‹’Š‡”ƒŽ”‡‰‹‘•Šƒ˜‡ǡƒ•–Š‡› –‡†–‘†‘ǡ“—‹–‡•’‡ ‹ƒŽ‹œ‡†ƒ†•–”‘‰Ž› › Ž‹ ƒŽ‡ ‘‘‹‡•ǯȏŠ‹ ƒ†‘™ͳͻͺͺǣ ʹͶͲȐǤŠ‹•”‡Žƒ–‹‘•Š‹’†‘‡•‘–’”‘˜‡‡’‹”‹ ƒŽŽ›–”—‡ˆ‘” ‡”ƒ›ǡŠ‘™‡˜‡”Ǥ ‡”‡ǡ –Š‡ ”‡‰‹‘ƒŽ „ƒ• ƒ”‡ ƒ– Ž‡ƒ•– ƒ• •— ‡••ˆ—Ž ‹ ’‘‘” ’‡”‹’Š‡”ƒŽ ”‡‰‹‘• ƒ• –Š‡› ƒ”‡‹‡ ‘‘‹ ƒŽŽ›•–”‘‰”‡‰‹‘•ȏ ¡”–‡”ʹͲͲͺǢ‘”ƒ†ʹͲͳͲǢŠ”‹•–‹ƒ•ʹͲͳͲǢ Š”‹•–‹ƒ•ƒ† ¡”–‡”ʹͲͳͶȐǤ‡˜‡”ƒŽ‹–‡””‡Žƒ–‡†”‡ƒ•‘• ƒ„‡—•‡†–‘‡š’Žƒ‹ –Š‡ ‘—–‡”‹–—‹–‹˜‡‡’‹”‹ ƒŽ‘„•‡”˜ƒ–‹‘•Ǥ ‹”•–ǡ–Š‡”‡‰‹‘ƒŽ’”‹ ‹’Ž‡‘–‘Ž›•Ž‘™• ‡–”‹’‡–ƒŽ„ƒ ™ƒ•Š‡ˆˆ‡ –•ǡ‹–ƒŽ•‘‡‡’• ˆ— –‹‘ƒŽ†‹•–ƒ ‡•Š‘”–ƒ†ƒŽŽ‘™•”‡‰‹‘ƒŽ„ƒ•–‘†‡˜‡Ž‘’•–”‘‰”‡Žƒ–‹‘•Š‹’• ™‹–Š –Š‡‹” ”‡‰‹‘ƒŽ —•–‘‡” „ƒ•‡Ǥ Š‹• ‹• ’‘••‹„Ž‡ ‡•’‡ ‹ƒŽŽ› ‹ ™‡ƒ ”‡‰‹‘• ™Š‡”‡Ž‡•• ‘’‡–‹–‹‘ˆ”‘ƒ–‹‘ƒŽ ‘‡” ‹ƒŽ„ƒ•‡š‹•–•Ǥ‡•• ‘’‡–‹–‹‘ ‹•ǡ ‘ –Š‡ ‘‡ Šƒ†ǡ ƒ••‘ ‹ƒ–‡† ™‹–Š ’‘‘” ƒ”‡– ‘—– ‘‡ ˆ‘” —•–‘‡”•ǡ ‹ Ž‹‡ ™‹–Š–Š‡•–”— –—”‡Ǧ ‘†— –Ǧ’‡”ˆ‘”ƒ ‡’ƒ”ƒ†‹‰ȏ ‹• Š‡”ƒ†ˆ‡‹ŽʹͲͲͶȐǤ–Š‡ ‘–Š‡” Šƒ†ǡ Ž‡•• ‘’‡–‹–‹‘ ‡Šƒ ‡• „ƒ•ǯ ƒ ‡•• –‘ ‹ˆ‘”ƒ–‹‘ ƒ† ”‡†— ‡• ‹ˆ‘”ƒ–‹‘ ƒ•›‡–”‹‡• ˆ‘” „‘””‘™‡”•ǡ ƒ ‘”†‹‰ –‘ –Š‡ ”‡Žƒ–‹‘•Š‹’ „ƒ‹‰ –Š‡‘”›ȏ‡–‡”•‘ƒ†ƒŒƒͳͻͻͷȐǤ‘–ŠŽ‹‡•‘ˆ”‡ƒ•‘‹‰’‘–‡–‹ƒŽŽ›‡š’Žƒ‹–Š‡ •— ‡••‘ˆ”‡‰‹‘ƒŽ„ƒ•‹™‡ƒȀ’‡”‹’Š‡”ƒŽ ‡”ƒ”‡‰‹‘•Ǥ ƒ˜‹‰ƒ”‡–’‘™‡” ƒ‡•„—•‹‡••‡ƒ•‹‡”ƒ†ƒŽŽ‘™•–Š‡”‡ƒŽ‹•ƒ–‹‘‘ˆ‘„Ž‹‰ƒ–‘”›”‡–•Ǥ

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

(59) ƒ††‹–‹‘–‘–Š‡•‡ ‡ˆˆ‡ –•ǡ –Š‡ •—„•–ƒ–‹ƒŽ ”‡‰‹‘ƒŽ ”‡†‹•–”‹„—–‹‘ ‡ Šƒ‹•• ‘ˆ –Š‡ †‡ ‡–”ƒŽ‹•‡† ‡†‡”ƒŽ‡’—„Ž‹ ‘ˆ ‡”ƒ›–‡†–‘‰—ƒ”ƒ–‡‡ƒ ‡”–ƒ‹Ž‡˜‡Ž‘ˆ‡ ‘‘‹ ƒ –‹˜‹–› ‹ƒŽŽ”‡‰‹‘•‘ˆ ‡”ƒ›Ǥ ‘’ƒ”‹•‘™Š‹ Š ƒŽ —Žƒ–‡†–Š‡”‡‰‹‘ƒŽ”ƒ‰‡ ‹Š‘—•‡Š‘Ž†’”‹ƒ”›‹ ‘‡ƒ•ƒΨ‘ˆ‹ ‘‡‹–Š‡ ‘—–”›ǯ•‡†‹ƒ”‡‰‹‘ȋˆ‘” ʹͲͲͻȌ”‡˜‡ƒŽ••‘‡†‹ˆˆ‡”‡ ‡•„‡–™‡‡’ƒ‹ƒ† ‡”ƒ›ǣ

(60) ’ƒ‹ǡ–Š‡”ƒ‰‡ „‡–™‡‡ –Š‡ ”‡‰‹‘• ‹• ͷͷǤͷ ’‡” ‡–ƒ‰‡ ’‘‹–• Š‹‰Š‡” –Šƒ ‹ ‡”ƒ› ȋͶͺǤ͹ΨȌ ȏǡ ʹͲͳ͵ȐǤ Š‹• ‹†‹ ƒ–‡• –Šƒ– –Š‡ •’ƒ–‹ƒŽ †‹•’‡”•‹‘ ‘ˆ ‹ ‘‡ ‹• Š‹‰Š‡” ‹. ʹͳ.

(61) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ”‘„Ž‡•ƒ†’‹‹‘•. ‡”ƒ›–Šƒ‹’ƒ‹Ǥ‰ƒ‹•––Š‡„ƒ ‰”‘—†‘ˆ–Š‡•—„•–ƒ†ƒ”††‡˜‡Ž‘’‡–‘ˆ –Š‡ˆ‘”‡” ”‡‰‹‘•‹ ‡”ƒ›ǡ‹–‹•ƒ•–‘‹•Š‹‰–Šƒ–’”‹ƒ”›‹ ‘‡‹•‘”‡ ‡“—ƒŽŽ›†‹•–”‹„—–‡†„‡–™‡‡–Š‡”‡‰‹‘•‹ ‡”ƒ›–Šƒ‹–‹•‹’ƒ‹Ǥ Š‡ ƒŒ‘”‹–› ‘ˆ ’”‹ƒ”› ‹ ‘‡ ‘•‹•–• ‘ˆ ™ƒ‰‡• ƒ† ’”‘’‡”–›ǡ ƒ• ™‡ŽŽ ƒ• ‡–”‡’”‡‡—”‹ƒŽ ‹ ‘‡Ǥ Š‡ †‹•’‘•ƒ„Ž‡ ‹ ‘‡ ƒ††• ƒŽŽ •‘ ‹ƒŽ „‡‡ϐ‹–• –‘ –Š‡ ’”‹ƒ”› ‹ ‘‡ǡ ƒ† –”ƒ•ˆ‡”• ƒ† •—„–”ƒ –• –ƒš‡• ‘ ‹ ‘‡ǡ ™‡ƒŽ–Š ƒ† •‘ ‹ƒŽ ‘–”‹„—–‹‘•ȋƒ†–”ƒ•ˆ‡”•ȌǤ

(62) ˆ™‡ ‘•‹†‡”–Š‡ ‹‹‹†‡šȋ™Š‹ Šƒ••—‡•˜ƒŽ—‡• „‡–™‡‡Ͳƒ†ͳȌǡ™Š‹ Š‡ƒ•—”‡•‹‡“—ƒŽ‹–›ƒ‘‰–Š‡”‡‰‹‘•‹‡ƒ Š ‘—–”›ǡ ™‡•‡‡–Šƒ–‹’ƒ‹ȋͲǤͲͻ͵Ȍǡ†‹•’‘•ƒ„Ž‡‹ ‘‡‹•ƒŽ•‘‘”‡—‡“—ƒŽŽ›†‹•–”‹„—–‡† „‡–™‡‡ ”‡‰‹‘• –Šƒ ‹ ‡”ƒ› ȋͲǤͲ͹ͻʹȌ ȏǡ ʹͲͳ͵ȐǤ ‹ˆˆ‡”‡ ‡• „‡–™‡‡ ’”‹ƒ”› ‹ ‘‡ ƒ† †‹•’‘•ƒ„Ž‡ ‹ ‘‡ ”‡ϐŽ‡ – •–ƒ–‡ ”‡†‹•–”‹„—–‹‘ ‡ Šƒ‹••Ǥ Š‡”‡ˆ‘”‡ǡ ™‡ ƒŽ•‘ ƒŽ —Žƒ–‡† –Š‡ ˜ƒ”‹ƒ–‹‘ ‘‡ˆϐ‹ ‹‡–ʹ ȏ‡éƒǡ ʹͲͲͷȐ ˆ‘” ”‡‰‹‘ƒŽ†‹•’‘•ƒ„Ž‡‹ ‘‡‘ˆ’”‹˜ƒ–‡Š‘—•‡Š‘Ž†•ƒ•ƒΨ‘ˆ’”‹ƒ”›‹ ‘‡ǤŠ‡ •–ƒ–‹•–‹ ƒŽ”‡Žƒ–‹‘™ƒ•’‘•‹–‹˜‡ǡ™Š‹ Š‡ƒ•–Š‡Š‹‰Š‡”–Š‡‹†‹ ƒ–‘”ǡ–Š‡Š‹‰Š‡” –Š‡ ”‡†‹•–”‹„—–‹‘ „‡–™‡‡ –Š‡ ”‡‰‹‘•Ǥ Š‡ ˜ƒ”‹ƒ–‹‘ ‘‡ˆϐ‹ ‹‡– ˆ‘” ’ƒ‹ ™ƒ• ͲǤͲͶ͵ͶͻͷǡŽ‘™‡”–Šƒ‹–™ƒ•ˆ‘” ‡”ƒ›ȋͲǤͲ͹ͻ͹͵ͻȌǡ‹†‹ ƒ–‹‰–Šƒ–”‡†‹•–”‹„—–‹‘ ‹ ‡”ƒ›‹•Š‹‰Š‡”–Šƒ‹–‹•‹’ƒ‹Ǥ

(63)  •—ǡ –Š‡ ‰ƒ’ „‡–™‡‡ ”‹ Š ƒ† ’‘‘” ”‡‰‹‘• ‹ ’ƒ‹ ‹• ‰”‡ƒ–‡” –Šƒ –Š‡ ‰ƒ’ „‡–™‡‡”‹ Šƒ†’‘‘””‡‰‹‘•‹ ‡”ƒ›ǤŠ‹• ‘—Ž†‹ϐŽ—‡ ‡–Š‡’‘••‹„‹Ž‹–›‹ ™‡ƒ‡””‡‰‹‘•–‘•ƒ˜‡‘‡›ƒ††‡’‘•‹–‹–‹Ž‘ ƒŽ„ƒ•Ǥ††‹–‹‘ƒŽŽ›ǡ–Š‡Š‹‰Š ‹ ”‡ƒ•‡‘ˆŽ‘ƒ•ǡ‡•’‡ ‹ƒŽŽ›‹–Š‡„—‹Ž†‹‰•‡ –‘”ƒ†‹”‡ƒŽ‡•–ƒ–‡ǡŠƒ•Ž‡†–‘Š‹‰Š ƒ’‹–ƒŽ†‡ƒ†‹ƒŽŽ’ƒ‹•Š”‡‰‹‘•ǡ™Š‹ Š ƒ‘–„‡•ƒ–‹•ϐ‹‡†„›”‡‰‹‘ƒŽ•ƒ˜‹‰• ƒŽ‘‡Ǥ Š‡ ‡‡† ˆ‘” ‡š‘‰‡‘—• ƒ’‹–ƒŽ ‹ ’ƒ‹ Šƒ• Ž‡† –‘ ƒ •‡ —”‹–‹•‹‰ ’”‘ ‡•• ‹–‡†‡† –‘ ‰ƒ‹ Ž‹“—‹†‹–› ȏƒ–‡”‹‡— ʹͲͲͺǢ ƒ”„×ǦƒŽ˜‡”†‡ ‡– ƒŽǤ ʹͲͳͳǢ –‡”‘Ǧ

(64) ‰Ž‡•‹ƒ•ʹͲͳ͵Ǣ›•‹ʹͲͳ͵ȐǤ–‡”‘Ǧ

(65) ‰Ž‡•‹ƒ•ȏʹͲͳ͵Ȑ ‘•‹†‡”‡†–Šƒ–•‡ —”‹–‹•ƒ–‹‘ ƒ –‹˜‹–›‹’ƒ‹Šƒ•ˆ‘•–‡”‡†”‹•‹‡”Ž‡†‹‰„‡Šƒ˜‹‘—”Ǥ. ͶǤ͵Ǥ‡‰—Žƒ–‹‘ȋƒ†”‡ƒŽ†‡ ‡–”ƒŽ‹•‡†„ƒ•Ȍ

(66)  ƒ› ‘—–”‹‡•ǡ •ƒ˜‹‰• „ƒ• ™‡”‡ ‡•–ƒ„Ž‹•Š‡† ‹ –Š‡ ͳͻ–Š ‡–—”› –‘ ‡ƒ„Ž‡ –Š‡’‘‘”–‘„‡‘”‡ϐ‹ƒ ‹ƒŽŽ›‹†‡’‡†‡–„›‡ ‘—”ƒ‰‹‰•ƒ˜‹‰•Ǯˆ‘”„ƒ†–‹‡•ǯ ȏ”¡‡”‡–ƒŽǤʹͲͳͲǢ

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