0LFKDï/DFKRZLF]
'RW\FKF]DVRZ\ELODQVNRU]\ĂFLLNRV]WöZ]XWZRU]HQLD
VWUHI\HXUR
ľ 'RW\FKF]DVRZHNRU]\ĂFLZ\QLNDMÈFH]SRZVWDQLDVWUHI\HXUR ľ .RV]W\]ZLÈ]DQH]LVWQLHQLHP(XURODQGX
ľ 1LHHIHNW\ZQRĂÊVWUHI\HXUR
9
ZU]HVLHñ
BANK I KREDYT 9/2008 3
'RW\FKF]DVRZ\ELODQVNRU]\ĂFL
i kosztów z utworzenia strefy euro
:67}3
2EHFQLHMXĝNUDMöZQDOHĝÈF\FKGR8QLL(XURSHMVNLHMZSURZDG]LïRHXUR
UH]\JQXMÈF ] ZïDVQ\FK ZDOXW :SURZDG]HQLH ZVSöOQRWRZHM ZDOXW\ GR RE- URWXZUDZUGRRELHJXZ\ZRïDïRIDOÚHQWX]MDVW\F]Q\FKZ\- SRZLHG]L]DUöZQRSU]HGVWDZLFLHOLSRV]F]HJöOQ\FKNUDMöZMDNLXU]ÚGQLNöZ
ZLHOXRUJDQöZ:VSöOQRW\3RVXQLÚFLHWR]RVWDïRRGHEUDQHMDNRV\PERO]PLH- U]DMÈFHJRZHZïDĂFLZ\PNLHUXQNXSURFHVXLQWHJUDFMLHXURSHMVNLHM'RVWU]H- JDQRZQLPZLHONÈV]DQVÚGODNUDMöZVWUHI\HXURQDRĝ\ZLHQLHJRVSRGDUNL
LRGQLHVLHQLHZLHOXNRU]\ĂFLSU]\Z]JOÚGQLHQLHZLHONLFKNRV]WDFK%\ï\WR
RF]\ZLĂFLHZGXĝHMPLHU]HUR]ZDĝDQLDWHRUHW\F]QHJG\ĝWHJRW\SXSU]HG- VLÚZ]LÚFLHMHVWHZHQHPHQWHPQDVNDOÚĂZLDWRZÈ
7HUD]SRNLONXOHWQLPRNUHVLHLVWQLHQLDVWUHI\HXURPRĝQDQLHFRZLÚFHMSR- ZLHG]LHÊRZSï\ZLHZVSöOQHMZDOXW\QDJRVSRGDUNLNUDMöZF]ïRQNRZVNLFK
MDNUöZQLHĝQDVWUHIÚHXURMDNRFDïRĂÊ2ND]XMHVLÚĝHPRĝQDMXĝ]DREVHUZR- ZDÊ SHZQH QDVWÚSVWZD Z SUDNW\FH :Sï\Z F]ÚĂFL ] QLFK MHVW SR]\W\ZQ\
FKRÊ]GDU]DMÈVLÚUöZQLHĝ]MDZLVNDQLHSRĝÈGDQH
0,&+$/$&+2:,&=
6]NRïD*ïöZQD+DQGORZD
Z:DUV]DZLH
4 9/2008 BANK I KREDYT
.25=<¥&,
7ZRU]ÈFVWUHIÚHXURRF]HNLZDQRZ\VWÈSLHQLDZLHOXSR]\W\ZQ\FK]MDZLVN
NWöUHGRSURZDG]ÈGRRĝ\ZLHQLDJRVSRGDUNLXQLLZDOXWRZHMMDNRFDïRĂFL6]H- OÈJ:VSöOQÈZDOXWÚXZDĝDVLÚ]DDNFHOHUDWRUZLHOXSR]\W\ZQ\FK]MD- ZLVN'RQDMZDĝQLHMV]\FKQDOHĝÈ
ļVLOQDHXURSHMVNDZDOXWD
ļZSï\ZZSURZDG]HQLDHXURQDKDQGHOPLÚG]\QDURGRZ\
ļZ]URVWLQZHVW\FML]DJUDQLF]Q\FKZVWUHğHHXUR
ļZSï\ZHXURQDZ]URVWJRVSRGDUF]\
6,/1$(8523(-6.$:$/87$
(XURMHVWREHFQLHXĝ\ZDQHZNUDMDFK8QLL(XURSHMVNLHM$XVWULD%HOJLD
&\SU)LQODQGLD)UDQFMD*UHFMD+LV]SDQLD+RODQGLD,UODQGLD/XNVHPEXUJ
tabela 1 Kursy wymiany walut narodowych na euro
(852
/,5<0$/7$6.,(-
)817:&<35<-6.,&+
)817:,5/$1'=.,&+
0$5(.1,(0,(&.,&+
*8/'(1:+2/(1'(56.,&+
0$5(.),6.,&+
)5$1.:)5$1&86.,&+
6=</,1*:$8675,$&.,&+
)5$1.:%(/*,-6.,&+
)5$1.:/8.6(0%856.,&+
3(6(7+,6=3$6.,&+
(6&8'232578*$/6.,&+
72/$5:62:(6.,&+
'5$&+0*5(&.,&+
/,5::26.,&+
½UöGïR1%3
BANK I KREDYT 9/2008
0DOWD1LHPF\3RUWXJDOLD6ïRZHQLD:ïRFK\.DĝG\]QLFK]JRG]LïVLÚ]D- VWÈSLÊVZRMÈZDOXWÚSLHQLÈG]HPZVSöOQ\PSRXVWDORQ\PNXUVLHWDEHOD
6SRZRGRZDïRWRSRZVWDQLHVWUHI\HXURNWöUDSRGREQLHMDNVDPDZDOXWDMHVW
V\PEROHPLQWHJUDFMLHXURSHMVNLHM:Z\SHïQLDQLXWHMIXQNFMLHXURZ\ND]XMH
SHïQÈ HIHNW\ZQRĂÊ V\PEROX Z NDĝG\P Z\PLDU]H RFHQ\ IRUPXïRZDQHM
ZRJöOHGODSLHQLÈG]DSU]H]QDXNÚ1RZDN)DUV
1DOHĝ\ SRGNUHĂOLÊ ĝH VSRïHF]Q\ RGELöU HXUR MDNR V\PEROX MHVW QLHFR
LQQ\QLĝSODQRZDïXQLMQ\SUDZRGDZFD3ULRU\WHWHPPLDïDE\ÊVWDELO- QRĂÊ VLï\ QDE\ZF]HM HXUR 6SRïHF]QRĂÊ HXURSHMVND SRPLMD WHQ DVSHNW
'XĝRZLÚNV]H]QDF]HQLHSU]\SLVXMHVLÚHXURMDNRV\PERORZLMHGQRĂFL
HXURSHMVNLHM :\GDMH VLÚ ĝH ]DFLHĂQLDQLH ZLÚ]L VSRïHF]Q\FK G]LÚNL
HXUREÚG]LHVLÚ]F]DVHPQDVLODïR'RGDWNRZ\PSOXVHPMHVWXZ]JOÚG- QLHQLHSU]\WZRU]HQLXHXURDNFHQWöZSDñVWZRZ\FK2GSRZLHGQLZ]öU
PRQHW L EDQNQRWöZ SR]ZDOD SRND]\ZDÊ MHGQRĂÊ FDïHM VWUHI\ HXUR
D MHGQRF]HĂQLH RGUÚEQRĂÊ NDĝGHJR ] NUDMöZ :Sï\ZD WR SR]\W\ZQLH
QDVSRïHF]Q\RGELöUZDOXW\
2EHFQLHHXURWRMXĝQLHZÈWSOLZLHZDOXWDPLÚG]\QDURGRZD3RSRMDZLHQLX
VLÚHXURVNRñF]\ïVLÚF]DVGRPLQDFMLGRODUDDPHU\NDñVNLHJRQDĂZLDWRZ\P
U\QNXZDOXWRZ\P1DHIHNW\WHJRURG]DMX]PLDQ\QDĂZLDWRZ\PU\QNXILQDQVR- Z\PQLHWU]HEDE\ïRGïXJRF]HNDÊ-XĝZUNLHG\,UDNSRVWDQRZLïUR]- SRF]ÈÊ VSU]HGDĝ URS\ Z ZDOXFLH HXUR PRĝQD E\ïR ]DXZDĝ\Ê Z]URVW ]QD- F]HQLDWHMZDOXW\6WDïDVLÚSRGVWDZRZÈMHGQRVWNÈUR]OLF]HQLRZÈZSURJUD- PLH ķ5RSD ]D ĝ\ZQRĂÊĵ D WDNĝH Z\PLHQLRQR QD QLÈ LUDFNLH UH]HUZ\ :\- ZRïDïRWRUHDNFMÚNLONXLQQ\FKSDñVWZHNVSRUWXMÈF\FKURSÚQDIWRZÈMDN,Q- GRQH]MD,UDQ/LELD0DOH]MD5RVMDL:HQH]XHODNWöUHUöZQLHĝSRVWDQRZLï\
UR]OLF]DÊVLÚZHXUR'RGDWNRZRZU&KLQ\Z\UD]Lï\FKÚÊZ\PLDQ\
VZRLFKUH]HUZZDOXWRZ\FKQDHXURFRGRWHMSRU\MHVWVLOQ\PDUJXPHQWHP
ZQHJRFMDFMDFKWHJRNUDMX]86$%\ïWRGOD6WDQöZ=MHGQRF]RQ\FKEDUG]R
SRZDĝQ\ V\JQDï )DNW\ WH SRND]Dï\ MDN V]\ENR XPDFQLD VLÚ SR]\FMD HXUR
Z]JOÚGHPGRODUDQDU\QNDFKĂZLDWRZ\FK=DQDOL]\HNVSHUWöZZ\QLNDĝH
REHFQLH SU]HMĂFLH NUDMöZ 23(& 2UJDQL]DWLRQ RI WKH 3HWUROHXP ([SRUWLQJ
&RXQWULHVļ2UJDQL]DFMD.UDMöZ(NVSRUWXMÈF\FK5RSÚ1DIWRZÈQDUR]OLF]D- QLH VLÚ Z ZDOXFLH 8QLL (XURSHMVNLHM VSRZRGRZDïRE\ XPRFQLHQLH VLÚ HXUR
Z]JOÚGHPGRODUDRRNRïRļ
9/2008 BANK I KREDYT
3RVïXJLZDQLHVLÚZDOXWÈRWDNVLOQHMSR]\FMLPLÚG]\QDURGRZHMSR]ZDODGR- GDWNRZRXZ\GDWQLÊSRVWÚS\ZGRW\FKF]DVRZHMLQWHJUDFMLHXURSHMVNLHM2E\- ZDWHOHVWUHI\HXURPRJÈSRGUöĝRZDÊSRQLHMEH]NRQLHF]QRĂFLZ\PLDQ\ZD- OXWF]\SU]HOLF]DQLDFHQ'DMHWRLPSRF]XFLHMHGQRĂFLPLÚG]\NUDMDPLF]ïRQ- NRZVNLPL(XURODQGX'RGDWNRZRPRJÈRQLZZLHOXSU]\SDGNDFKSRVïXJLZDÊ
VLÚ HXUR SR]D JUDQLFDPL VWUHI\ HXUR JG\ĝ MHVW WR ZDOXWD R ]QDF]HQLX PLÚ- G]\QDURGRZ\P -HVW WR QLH]Z\NOH ZDĝQH JG\ ZHěPLHP\ SRG XZDJÚ SR- VWU]HJDQLH8QLL(XURSHMVNLHMSU]H]VSRïHF]QRĂÊPLÚG]\QDURGRZÈ:LDGRPR
ĝHZVSöOQDZDOXWDRGXĝ\P]QDF]HQLXQDDUHQLHPLÚG]\QDURGRZHMSRGQRVL
UDQJÚFDïHJRXJUXSRZDQLD
:3<::352:$'=(1,$(8521$+$1'(/
0,}'=<1$52'2:<
:PRPHQFLHSRZVWDZDQLDVWUHI\HXURXZDĝDQRĝHMHGQÈ]SRGVWDZRZ\FK
NRU]\ĂFLEÚG]LHUR]ZöMZ\PLDQ\PLÚG]\QDURGRZHM3RVïXJLZDQLHVLÚZVSöO- QRWRZÈZDOXWÈSURZDG]LGR]QLHVLHQLDNXUVXZDOXWRZHJRZNRQWDNWDFKJR- VSRGDUF]\FKSRPLÚG]\NUDMDPLF]HJRVNXWNLHPMHVWHOLPLQDFMDU\]\NDNXU- VRZHJRRUD]F]ÚĂFLNRV]WöZWUDQVDNF\MQ\FK']LÚNLWHPXPRĝQDïDWZLHMSR- UöZQ\ZDÊFHQ\ZUöĝQ\FKNUDMDFKVWUHI\HXUR3U]HGVLÚELRUF\F]XMÈVLÚZ
WDNLHM V\WXDFML EH]SLHF]QLHM Z KDQGOX PLÚG]\QDURGRZ\P ZLG]ÈF PRĝOL- ZRĂÊ ïDWZLHMV]HM RFHQ\ SU]\V]ïHM V\WXDFML :V]\VWNLH WH DVSHNW\ IXQNFMRQR- ZDQLDXQLLZDOXWRZHMSRZLQQ\SR]\W\ZQLHRGG]LDï\ZDÊQDZ\PLDQÚKDQ- GORZÈPLÚG]\F]ïRQNDPLXQLLZDOXWRZHM
.UöWNL RNUHV IXQNFMRQRZDQLD VWUHI\ HXUR ]QDF]QLH XWUXGQLD SURZDG]HQLH
PLDURGDMQ\FK EDGDñ MHGQDN PRĝQD MXĝ ]DXZDĝ\Ê SLHUZV]H SR]\W\ZQH
VNXWNL MHM LVWQLHQLD 2ND]XMH VLÚ ĝH SU]HGVLÚELRUF\ HXURSHMVF\ QLH]Z\NOH
V]\ENRGRVWRVRZXMÈVLÚGRQRZ\FKZDUXQNöZ-HVWWRPRĝOLZHG]LÚNLV]\E- NLHMZ\PLDQLHLQIRUPDFML,QWHUQHWWHOHIRQLDNRPöUNRZDLZLHOHLQQ\FKZ\- QDOD]NöZ SRPDJDMÈ SU]HGVLÚELRUFRP ]PLQLPDOL]RZDÊ ]MDZLVNR QLHSHïQHM
LQIRUPDFML FR SRZRGXMH ĝH Z\PLDQD PLÚG]\QDURGRZD UR]ZLMD VLÚ FRUD]
V]\EFLHM
6\WXDFMD WDND MHVW GRVNRQDOH ZLGRF]QD Z VWUHğH HXUR 3RVïXJLZDQLH VLÚ
ZVSöOQÈZDOXWÈSRïÈF]RQH]ZLHORPDLQQ\PLF]\QQLNDPLSU]\VSLHV]DMÈF\PL
KDQGHO PLÚG]\QDURGRZ\ SR]ZDOD QD V]\ENLH ]ZLÚNV]DQLH ZROXPHQX ]D- UöZQRHNVSRUWXMDNLLPSRUWX
BANK I KREDYT 9/2008
2GF]DVXZSURZDG]HQLDHXURZUPRĝQD]DXZDĝ\ÊZ\UDěQ\Z]URVW
HNVSRUWX'RW\F]\WRQLHW\ONRVWUHI\HXURMDNRFDïRĂFLDOHWDNĝHNDĝGHJR]
MHMF]ïRQNöZ]RVREQDWDEHOD-DNZLGDÊZGXĝ\FKNUDMDFKļZ1LHPF]HFK
F]\)UDQFMLļQDVWÈSLï]QDF]Q\Z]URVWHNVSRUWX=MDZLVNRWRPRĝQDUöZQLHĝ
]DREVHUZRZDÊZPQLHMV]\FKSDñVWZDFKMDN$XVWULDOXE)LQODQGLD:F]D- VLHSRVïXJLZDQLDVLÚZVSöOQÈZDOXWÈHNVSRUWWRZDUöZLXVïXJSR]DVWUHIÚHXUR
]ZLÚNV]\ïVLÚRRNRïRDZVWUHğHHXURRRNRïR7RQLH]Z\NOHNRU]\VWQ\
Z\QLNGODNUDMöZ(XURODQGX3R]ZDODRQSRZLÚNV]\ÊU\QNL]E\WXGODSU]HG- VLÚELRUVWZ]NUDMöZHNVSRUWXMÈF\FKSR]\W\ZQLHZSï\ZDQDZLHONRĂÊ3.%GD- QHJRNUDMXLSU]\F]\QLDVLÚGRSRGQLHVLHQLDSR]LRPXĝ\FLDOXGQRĂFL
WDEHOD (NVSRUWSRV]F]HJöOQ\FKNUDMöZVWUHI\HXURZPOQ(85
2002 2003 2004 2005 2006 2007
675()$(852
.5$-: 1069,91 1045,28 1143,87 1235,51 1379,08 1493,52
$8675,$ 83,2 85,88 95,16 100,62 108,91 118,88
%(/*,$ 228,56 225,97 246,7 268,79 292,24 314,32
&<35 0,45 0,42 0,76 1,18 1,06 1,02
),1/$1',$ 47,74 47 49,46 53,07 61,35 65,45
)5$1&-$ 350,8 346,57 363,46 372,5 394,93 403,76
*5(&-$ 11,01 11,83 12,31 13,83 16,53 17,22
+,6=3$1,$ 132,92 138,04 146,81 154,85 170,21 175,86
+2/$1',$ 258,1 261,68 287,34 326,64 369,25 401,94
,5/$1',$ 93,34 82 84,24 88,14 86,59 88,52
/8.6(0%85* 10,8 11,75 13,06 15,11 18,24 16,37
0$/7$ 2,14 1,99 2 1,83 2,12 2,13
1,(0&< 651,26 664,39 731,48 780,42 882,53 967,83
32578*$/,$ 27,4 28,07 28,77 30,66 34,51 37,4
62:(1,$ 10,96 11,28 13,15 15,47 18,5 21,93
:2&+< 269,06 264,62 284,41 299,92 332,01 358,63 (.63257
:(:1k75=675()<
(852 1107,83 1136,21 1215,24 1287,52 1409,9 1497,74
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK(XURVWDWX
9/2008 BANK I KREDYT
&R ZDĝQH ļ Z\PLDQD KDQGORZD SU]HELHJDïD SRP\ĂOQLH UöZQLHĝ Z SU]\- SDGNXLPSRUWXWDEHOD,PSRUWHU]\QDZLÈ]XMÈFNRQWDNW\KDQGORZH]LQ- Q\PLNUDMDPL]ZLÚNV]DMÈNRQNXUHQFMÚQDU\QNXLļFR]DW\PLG]LHļSU]\- F]\QLDMÈVLÚGRZ]URVWXGREURE\WXNUDMRZHJR5R]ZöMLPSRUWXRGF]DVXSR- ZVWDQLDVWUHI\HXURMHVWQLH]Z\NOHG\QDPLF]Q\:DUWRĂÊLPSRUWX]NUDMöZ
VSR]DVWUHI\HXURZ]URVïDZODWDFKļRSRQDG5öZQLHĝLPSRUW
SRPLÚG]\NUDMDPLVWUHI\HXUR]ZLÚNV]\ïVLÚRSRQDG
-DNPRĝQD]DXZDĝ\ÊQDSRGVWDZLHGZöFKWDEHOLZ\PLDQDPLÚG]\QDUR- GRZD WRZDUöZ L XVïXJ VWUHI\ HXUR UR]ZLMD VLÚ QLH]Z\NOH G\QDPLF]QLH FR
GDMHSRZRG\GRSU]\SXV]F]HñĝHLVWRWQLHZSï\QLHWRQDZ]URVWJRVSRGDUF]\
.UDMH VWUHI\ HXUR UR]ZLMDMÈF Z\PLDQÚ PLÚG]\QDURGRZÈ SU]\F]\QLDMÈ VLÚ
GR]ZLÚNV]HQLDGREURE\WX
tabela 3 ,PSRUWSRV]F]HJöOQ\FKSDñVWZVWUHI\HXURZPOQ(85
2002 2003 2004 2005 2006 2007
675()$(852
.5$-: 976,24 980,76 1078,21 1226,01 1393,45 1471,19
$8675,$ 82,8 87,99 96,39 102,34 109,28 118,46
%(/*,$ 209,72 207,7 229,62 256,17 280,33 301,47
&<35 3,9 3,58 4,42 5,08 5,52 6,29
),1/$1',$ 36,19 37,58 41,36 47,43 54,85 59,46
)5$1&-$ 348,2 352,58 378,6 405,21 431,6 448,77
*5(&-$ 33,39 39,65 42,41 43,46 50,65 55,11
+,6=3$1,$ 174,6 184,41 207,68 232,12 261,78 271,85
+2/$1',$ 231,88 234 256,99 292,44 331,98 358,77
,5/$1',$ 55,41 47,64 49,69 55,11 58,23 59,99
/8.6(0%85* 13,38 14,29 16,12 17,6 21,16 20,02
0$/7$ 2,8 2,85 2,95 2,89 3,17 3,18
1,(0&< 518,49 534,49 575,4 624,61 722,11 772,4
32578*$/,$ 42,47 41,73 44,17 49,18 53,1 56,76
62:(1,$ 11,57 12,24 14,28 16,35 19,23 23,01
:2&+< 261,23 263,01 285,63 309,29 352,46 368,08 ,03257
:(:1k75=
675()<(852 1049,79 1082,98 1167,5 1233,27 1362 1452,43
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK(XURVWDWX
BANK I KREDYT 9/2008
:Sï\Z HXUR QD Z]URVW Z\PLDQ\ ] LQQ\PL NUDMDPL ZGDMH VLÚ Z W\P Z\- SDGNXGUXJRU]ÚGQ\3RZVWDQLHVWUHI\HXURPLDïRGRSURZDG]LÊGRSU]\VSLH- V]HQLDUR]ZRMXZ\PLDQ\PLÚG]\QDURGRZHMPLÚG]\NUDMDPLF]ïRQNRZVNLPL
-DNVLÚMHGQDNRND]XMHHNVSRUWLLPSRUWW\FKNUDMöZZHZQÈWU]VWUHI\HXUR
URĂQLHZROQLHMQLĝZSU]\SDGNXNUDMöZVSR]DXJUXSRZDQLD1DOHĝ\]DXZD- ĝ\ÊĝHHNVSRUWLLPSRUWZHZQÈWU]VWUHI\HXUR]ZLÚNV]\ï\VLÚZRPDZLDQ\P
RNUHVLHRGSRZLHGQLRRL7HVDPHZVNDěQLNLGRW\F]ÈFHZVSöïSUDF\
]NUDMDPLVSR]DXQLLZDOXWRZHMZ\QLRVï\L:\QLND]WHJRĝHSR- VïXJLZDQLHVLÚZVSöOQÈZDOXWÈPDGUXJRU]ÚGQH]QDF]HQLH:LGDÊĝHZUR]- ZRMXZ\PLDQ\PLÚG]\QDURGRZHMJïöZQÈUROÚRGHJUDï\LQQHF]\QQLNLSU]H]
FRZSï\ZVDPHJRHXURZ\GDMHVLÚGRWHMSRU\ZÈWSOLZ\
3DñVWZDQDOHĝÈFHGRVWUHI\HXURFKRÊRF]\ZLĂFLHRVLÈJDï\LPSRQXMÈFHZ\- QLNL UR]ZRMX Z\PLDQ\ PLÚG]\QDURGRZHM RND]Dï\ VLÚ R ZLHOH PQLHM HIHN- W\ZQH QLĝ LQQH NUDMH 2ND]XMH VLÚ ĝH LFK FRURF]Q\ Z]URVW LPSRUWX L HNV- SRUWXE\ïVWDOHRNLONDSXQNWöZSURFHQWRZ\FKQLĝV]\RGĂUHGQLHMĂZLDWRZHM
Z\NUHV:\UDěQLHZLGDÊUöZQLHĝZSï\ZĂZLDWRZ\FKWHQGHQFMLQDZVNDě-
Z\NUHV :]URVWLPSRUWXLHNVSRUWXZVWUHğHHXURLQDĂZLHFLH
w latach 2002–2008
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK0):
0 2 4 6 8 10 12
%
2002 2003 2004 2005 2006 2007 2008
9/2008 BANK I KREDYT
QLNLVWUHI\HXUR6LOQDNRUHODFMDPLÚG]\ZVNDěQLNDPLQDĂZLHFLHLZVWUHğH
HXURSRND]XMHMDNLVWRWQDGODVWUHI\HXURE\ïDĂZLDWRZDNRQLXQNWXUD
0RĝQD]DWHPSU]\SXV]F]DÊĝHZSURZDG]HQLHHXURPLDïRQLHZLHONLZSï\Z
QDUR]ZöMZ\PLDQ\PLÚG]\QDURGRZHMDMHJRRGG]LDï\ZDQLHQLHSRPRJïR
NUDMRPVWUHI\HXURGRJRQLÊĂUHGQLHMĂZLDWRZHMZWHMG]LHG]LQLH
:=5267,1:(67<&-,=$*5$1,&=1<&+
:675(),((852
6WZRU]HQLHHXURSHMVNLHMXQLLZDOXWRZHMUR]EXG]LïRQDG]LHMHQDZ]URVWOLF]E\
EH]SRĂUHGQLFKLQZHVW\FML]DJUDQLF]Q\FKZNUDMDFKGRQLHJRQDOHĝÈF\FK3D- QRZDïDRSLQLDĝHZLHOHF]\QQLNöZSR]\W\ZQLHZSï\QLHQDVSRVöEZLG]H- QLDNUDMöZVWUHI\HXURSU]H]]DJUDQLF]Q\FKLQZHVWRUöZ:ĂUöG]PLDQNWöUH
PLDï\E\ SU]\FLÈJQÈÊ ]DJUDQLF]Q\ NDSLWDï Z\PLHQLDQR VSDGHN U\]\ND PD- NURHNRQRPLF]QHJR LQWHJUDFMÚ U\QNöZ ğQDQVRZ\FK Z]URVW NRQNXUHQFML
HOLPLQDFMÚU\]\NDNXUVRZHJRRĝ\ZLHQLHZ\PLDQ\KDQGORZHMLVSDGHNVWöS
SURFHQWRZ\FK.ZDSLHñ:öMFLN
3R]\W\ZQHRGG]LDï\ZDQLHF]ÚĂFLZ\PLHQLRQ\FKF]\QQLNöZMHVWQLHSRGZD- ĝDOQH1LH]Z\NOHLVWRWQ\MHVWVSDGHNU\]\NDPDNURHNRQRPLF]QHJR3RGVWD- ZRZH ]QDF]HQLH PD Z W\P Z\SDGNX NRQLHF]QRĂÊ VSHïQLHQLD SU]H] NUDMH
WZRU]ÈFHVWUHIÚHXURQDVWÚSXMÈF\FKNU\WHULöZNRQZHUJHQFML
ľ 'HğF\W EXGĝHWRZ\ =DSODQRZDQ\ GHğF\W EXGĝHWRZ\ QLH PRĝH SU]HNUD- F]DÊ3.%NUDMX6ÈMHGQDNGZDZ\MÈWNL3LHUZV]\P]QLFKMHVWV\- WXDFMDJG\ZVNDěQLNMHVWZ\ĝV]\DOHZSU]HV]ïRĂFLLVWRWQLHSRSUDZLïVLÚ
L]GHF\GRZDQLH]EOLĝDVLÚGRZ\PDJDQHJRSR]LRPX'UXJL]Z\MÈWNöZ
PD PLHMVFH JG\ SU]HNURF]HQLH SU]H] GHğF\W EXGĝHWRZ\ 3.% VSR- ZRGRZDQHMHVWZ]JOÚGDPLQDG]Z\F]DMQ\PLPDFKDUDNWHUSU]HMĂFLRZ\
LRVF\OXMHZRNöïZVSRPQLDQHMZDUWRĂFL
ľ =DGïXĝHQLH SDñVWZD =DGïXĝHQLH WR QLH PRĝH SU]HNUDF]DÊ 3.%
:VNDěQLNWHQPRĝHE\ÊZ\ĝV]\DOHSRZLQLHQVLÚ]PQLHMV]DÊZ]DGRZD- ODMÈF\PWHPSLH
ľ 6WRSD LQĠDFML : NUDMX NWöU\ FKFH SU]\VWÈSLÊ GR 8QLL *RVSRGDUF]HM
L:DOXWRZHMLQĠDFMDQLHSRZLQQDSU]HNUDF]DÊZLÚFHMQLĝRSNWSURF
BANK I KREDYT 9/2008
ĂUHGQLHM VWRS\ LQĠDFML Z WU]HFK SDñVWZDFK 8QLL (XURSHMVNLHM R QDMQLĝ- V]\PSR]LRPLHLQĠDFML
ľ .XUV\ Z\PLHQQH :DOXWD NUDMX VWDUDMÈFHJR VLÚ R SU]\MÚFLH GR 8QLL *R- VSRGDUF]HML:DOXWRZHMSRZLQQDXWU]\P\ZDÊVLÚZSU]HG]LDOHZDKDñ
NXUVöZřNWöU\]RVWDïSU]HZLG]LDQ\ZPHFKDQL]PLHNXUVRZ\P
(XURSHMVNLHJR 6\VWHPX :DOXWRZHJR 3R]D W\P GHZDOXDFMD ZDOXW\ GD- QHJRNUDMXZREHFLQQ\FKZDOXWPRĝHVLÚRGE\ÊQDMSöěQLHMQDGZDODWD
SU]HGRVWDWHF]QÈRFHQÈMHJRV\WXDFMLJRVSRGDUF]HM
ľ 'ïXJRWHUPLQRZHVWRS\SURFHQWRZH3R]LRPGïXJRWHUPLQRZ\FKVWöSSUR- FHQWRZ\FKQLHPRĝHSU]HNUDF]DÊZLÚFHMQLĝRSNWSURFĂUHGQLHMVWöS
SURFHQWRZ\FK]WU]HFKNUDMöZ8QLL(XURSHMVNLHMRQDMQLĝV]HMLQĠDFML-D- NXELV]\QHWDOV:VNDěQLNWHQZ\UDĝDWUZDïRĂÊRVLÈJQLÚWHM
NRQZHUJHQFML
']LÚNL ZSURZDG]HQLX NU\WHULöZ NRQZHUJHQFML NUDMH F]ïRQNRZVNLH PRJÈ RVLÈ- JQÈÊVWDELOQRĂÊPDNURHNRQRPLF]QÈ3R]ZDODWRRJUDQLF]DÊU\]\NRLQZHVWRUöZ
]DJUDQLF]Q\FKLSU]\FLÈJQÈÊNDSLWDï]DJUDQLF]Q\GRSDñVWZVWUHI\HXUR
1LH]Z\NOHZDĝQDRND]XMHVLÚWDNĝHHOLPLQDFMDU\]\NDNXUVRZHJRZVWUHğH
HXUR.DĝG\URG]DMU\]\NDSRZRGXMHNRQLHF]QRĂÊRVWURĝQLHMV]\FKNDONXODFML
Z SU]\SDGNX LQZHVW\FML ]DJUDQLF]Q\FK 1LHSHZQRĂÊ SRZRGXMH RJUDQLF]D- QLH EH]SRĂUHGQLFK LQZHVW\FML ]DJUDQLF]Q\FK 3R SRZVWDQLX VWUHI\ HXUR
]PQLHMV]DVLÚU\]\NR]ZLÈ]DQH]H]PLHQQRĂFLÈNXUVöZZDOXWRZ\FKFRSR- ZLQQRVSRZRGRZDÊQDSï\ZEH]SRĂUHGQLFKLQZHVW\FML]DJUDQLF]Q\FK
'RGDWNRZ\PDWXWHPNUDMöZQDOHĝÈF\FKGRVWUHI\HXURMHVWURVQÈFDZ\PLDQD
PLÚG]\QDURGRZDFRQLHZÈWSOLZLH]DFKÚFDNDSLWDï]DJUDQLF]Q\GRLQZHVWRZD- QLDLļFR]DW\PLG]LHļSRZRGXMHZ]URVWNRQNXUHQFML-DNVLÚZ\GDMHZSï\Z
HXURPDWXQLHZLHONLH]QDF]HQLHFRSRND]DQRZSRSU]HGQLPSRGUR]G]LDOH
.ROHMQ\P F]\QQLNLHP NWöU\ ]DFKÚFD GR LQZHVWRZDQLD Z NUDMX SRVïXJXMÈ- F\PVLÚZVSöOQÈZDOXWÈMHVWLQWHJUDFMDU\QNöZğQDQVRZ\FK.RPLVMD(X- URSHMVND Z VZRMHM SXEOLNDFML (XURSHDQ )LQDQFLDO ,QWHJUDWLRQ 5HSRUW
]ZUDFDXZDJÚĝHLQWHJUDFMDU\QNöZğQDQVRZ\FKQDVWÚSXMH]QDF]QLHZRO- QLHMQLĝSU]HZLG\ZDQRMHGQDNVÈSU]HVïDQNLE\WZLHUG]LÊĝHSURFHVWHQ
EÚG]LHPLDïV]HUV]HQDVWÚSVWZD:HGïXJ.RPLVML(XURSHMVNLHMGRSU]\VSLH-
9/2008 BANK I KREDYT
V]HQLDWHJRSURFHVXNRQLHF]QHMHVWMHGQDNSï\QQLHMV]HZSURZDG]DQLHSHZ- Q\FKUR]ZLÈ]DñSUDZQ\FK
-DNVLÚRND]XMHLQWHJUDFMDU\QNöZğQDQVRZ\FKQLHGDMHZ\VWDUF]DMÈF\FKUH- ]XOWDWöZ7HRUHW\F]QLHZ]URVWNRQNXUHQFMLQDZVSöOQRWRZ\PU\QNXğQDQ- VRZ\PSURZDG]LGR]ZLÚNV]HQLDNRQNXUHQFML1DVWÚSVWZHPWHJRSRZLQQ\
E\Ê]ZLÚNV]HQLHLORĂFLSURGXNWöZRIHURZDQ\FKRGELRUFRPSROHSV]HQLHZD- UXQNöZ REVïXJL NOLHQWD DOH SU]HGH ZV]\VWNLP VSDGHN VWöS SURFHQWRZ\FK
1LHVWHW\ZVWUHğHHXURMHVWWRQLH]DXZDĝDOQH-DNSRND]XMHSUDNW\NDNUöW- NRRNUHVRZH VWRS\ SURFHQWRZH Z VWUHğH HXUR RG SHZQHJR F]DVX Z]UDVWDMÈ
Z\NUHV -HVW WR VSRZRGRZDQH Z GXĝHM PLHU]H DNWXDOQÈ V\WXDFMÈ JRVSR- GDUF]ÈQDĂZLHFLHLZ(XURSLH-HGQDNSU]\Z]UDVWDMÈF\FKVWRSDFKSURFHQWR- Z\FKWUXGQRMHGQR]QDF]QLHRFHQLÊSR]\W\ZQ\ZSï\ZHXUR
:]JOÚGQLH NUöWNL RNUHV LVWQLHQLD VWUHI\ HXUR RUD] WUXGQD V\WXDFMD Z RVWDW- QLPF]DVLHQDĂZLHFLHQLHSR]ZDODMÈZ\VQXÊMHGQR]QDF]Q\FKZQLRVNöZFR
Z\NUHV .UöWNRRNUHVRZHVWRS\SURFHQWRZHZVWUHğHHXURZODWDFK
2002–2008
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK2(&'
0 1 2 3 4 5 6
%
2002 2003 2004 2005 2006 2007 2008
BANK I KREDYT 9/2008
GR ZSï\ZX HXURSHMVNLHM XQLL ZDOXWRZHM QD ZLHONRĂÊ LQZHVW\FML ]DJUDQLF]- Q\FKZVWUHğHHXURZ\NUHV=SRZRGXNUöWNLHJRRNUHVXLVWQLHQLD(XUR- ODQGXQLHPRĝHP\Z\]QDF]\ÊĝDGQHJRWUHQGX:W\PZ\SDGNXQLHGDVLÚ
VWZLHUG]LÊMHGQR]QDF]QLHZ]URVWXEÈGěVSDGNX1LHVSRVöERFHQLÊF]\EUDN
Z\UDěQ\FK]PLDQZ\QLND]EUDNXZ\VWDUF]DMÈFHMVLï\RGG]LDï\ZDQLDRPö- ZLRQ\FKSRZ\ĝHMF]\QQLNöZF]\ZSï\ZXLQQ\FK]MDZLVNJRVSRGDUF]\FK
0RĝH VLÚ RND]DÊ ĝH Z SU]\V]ïRĂFL XGD VLÚ Z\RGUÚEQLÊ ZSï\Z HXUR QD LQ- ZHVW\FMH]DJUDQLF]QHZHXURSHMVNLHMXQLLZDOXWRZHM1DUD]LHMHGQDNQLHZL- GDÊ]DSRZLDGDQHJRSR]\W\ZQHJRZSï\ZXSRZVWDQLDVWUHI\HXURQD]DJUD- QLF]QHLQZHVW\FMH
:3<:(8521$:=5267*2632'$5&=<
7HRULD RSW\PDOQ\FK REV]DUöZ ZDOXWRZ\FK PöZL ĝH EH]SRĂUHGQLP QD- VWÚSVWZHPZSURZDG]HQLDZVSöOQHMZDOXW\SRZLQLHQE\ÊZ]URVW3.%*ïöZ- Q\PX]DVDGQLHQLHPHNRQRPLF]Q\PXWZRU]HQLDHXURSHMVNLHMXQLLZDOXWRZHM
E\ïRVSRG]LHZDQHSR]\W\ZQHRGG]LDï\ZDQLHXQLLZDOXWRZHMQD3.%NUD- Z\NUHV,QZHVW\FMH]DJUDQLF]QHZVWUHğHHXURNUDMöZ
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK(XURVWDWX
150 000 200 000 250 000 300 000 350 000 400 000 450 000
mln EUR
2002 2003 2004 2005 2006
9/2008 BANK I KREDYT
MöZF]ïRQNRZVNLFK']LÚNLRĝ\ZLHQLXZ\PLDQ\KDQGORZHMHOLPLQDFMLNRV]- WöZWUDQVDNF\MQ\FKZ]URVWRZLLQZHVW\FMLVSDGNRZLU\]\NDPDNURHNRQRPLF]- QHJR LQWHJUDFML U\QNöZ ğQDQVRZ\FK RUD] Z]URVWRZL NRQNXUHQFML PLDï\ QD- VWÈSLÊ GRGDWNRZD DNXPXODFMD NDSLWDïX L Z]URVW Z\GDMQRĂFL F]\QQLNöZ SUR- GXNFML'RSURZDG]LïRE\WRGRSU]\VSLHV]HQLDZ]URVWXJRVSRGDUF]HJR
-HĂOLFKRG]LRDNXPXODFMÚNDSLWDïXZVWUHğHHXURWRU]HF]\ZLĂFLHLVWRWQLH
Z]UDVWDZ\NUHV:SUDZG]LHQLHRVLÈJDSR]LRPXĂUHGQLHMĂZLDWRZHMMHG- QDNELRUÈFSRGXZDJÚZ]JOÚGQLHZ\VRNLSR]LRP3.%Z(XURODQG]LHPRĝQD
VWZLHUG]LÊĝHMHVWWRZ\VRNRĂÊ]DGRZDODMÈFD:\UDěQLHZLGDÊĝHZ]URVWLQ- ZHVW\FMLMHVW]JRGQ\]WHQGHQFMDPLĂZLDWRZ\PL1LHVSRVöERFHQLÊZSï\ZX
HXURQDWHQSURFHVMHGQDNQLHPRĝQDWDNĝHZ\NOXF]\ÊĝHMHVWWRSRF]ÚĂFL
VNXWNLHPLVWQLHQLDHXURSHMVNLHMXQLLZDOXWRZHM
-HĂOL FKRG]L R ]PLDQ\ SURGXNW\ZQRĂFL F]\QQLND SUDF\ WR V\JQDï\ VÈ SR- GREQH 3RZVWDQLH VWUHI\ HXUR PLDïR RGG]LDï\ZDÊ QD MHJR Z]URVW MHGQDN
WUXGQRRFHQLÊU]HF]\ZLVW\ZSï\ZWHJRSURFHVX2ND]XMHVLÚĝHZRNUHVLH
Z\NUHV,QZHVW\FMHZUHODFMLGR3.%
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK0):
18 19 20 21 22 23 24
% PKB
2002 2003 2004 2005 2006 2007 2008
BANK I KREDYT 9/2008
LVWQLHQLDVWUHI\HXURSURGXNW\ZQRĂÊF]\QQLNDSUDF\QDMHGQHJR]DWUXGQLR- QHJR]PDODïDZSRUöZQDQLX]FDïÈ8QLÈ(XURSHMVNÈ1LHMHVWWRGRZöGRE- QLĝDQLDVLÚSURGXNW\ZQRĂFLF]\QQLNDSUDF\ZVWUHğHHXUR3RND]XMHWRMH- G\QLHĝHSURGXNW\ZQRĂÊSUDF\ZNUDMDFK8QLL(XURSHMVNLHMQLHSRVïXJXMÈF\FK
VLÚZVSöOQÈZDOXWÈURĂQLHV]\EFLHMQLĝZ(XURODQG]LH1LHSRZLQQRWRG]LZLÊ
JG\ĝZLÚNV]RĂÊSDñVWZVSR]DVWUHI\HXURWRNUDMHZNWöU\FKSURGXNW\ZQRĂÊ
F]\QQLNDSUDF\MHVWZFLÈĝQLVND3RZRGXMHWRĝHWUXGQRMHGQR]QDF]QLHRFHQLÊ
ZSï\ZSRZVWDQLDVWUHI\HXURQDF]\QQLNSUDF\QDW\PREV]DU]H
-DN ZLGDÊ QLH]Z\NOH WUXGQR MHVW MHGQR]QDF]QLH RFHQLÊ ZSï\Z SRZVWDQLD
VWUHI\ HXUR QD F]\QQLNL SURGXNFML .UöWNL RNUHV LVWQLHQLD XQLL ZDOXWRZHM
RUD]VLOQ\ZSï\ZLQQ\FKF]\QQLNöZXWUXGQLDMÈSU]HSURZDG]HQLHZSHïQL
ZLDU\JRGQ\FK EDGDñ 2G ]PLDQ F]\QQLNöZ SURGXNFML R ZLHOH ZDĝQLHMV]H
MHVWMHGQDNRGG]LDï\ZDQLHVWUHI\HXURQD]PLDQ\3.%
%LRUÈFSRGXZDJÚ]PLDQ\Z]URVWX3.%V\WXDFMDZ\GDMHVLÚQLH]E\WRELHFXMÈFD
Z\NUHV2ND]XMHVLÚĝHZ]URVWJRVSRGDUF]\VWUHI\HXURSRGREQLHMDNZFD-
Z\NUHV3URGXNW\ZQRĂÊQDMHGQHJR]DWUXGQLRQHJRZVWUHğHHXUR
ZSRUöZQDQLX]SURGXNW\ZQRĂFLÈZFDïHM8QLL(XURSHMVNLHM
NUDMöZ
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK(XURVWDWX
!
!
9/2008 BANK I KREDYT
ïHM8QLL(XURSHMVNLHMZ]QDF]Q\PVWRSQLXSRGOHJDZDKDQLRPQDVNXWHNWUHQ- GöZ ĂZLDWRZ\FK 1LHZÈWSOLZLH Z\VWÚSXMH ]QDF]QD V\QFKURQL]DFMD F\NOL NR- QLXQNWXUDOQ\FK 1LHVWHW\ RND]XMH VLÚ UöZQLHĝ ĝH UR]ZöM VWUHI\ HXUR SRG- OHJDMÈFHMSRGREQ\PZDKDQLRPNRQLXQNWXUDOQ\PMHVW]QDF]QLHZROQLHMV]\QLĝ
ĂUHGQLDĂZLDWRZDDWDNĝHZROQLHMV]\QLĝZFDïHM8QLL(XURSHMVNLHM
:Sï\ZQDWDNLVWDQU]HF]\PDZLHOHUöĝQRURGQ\FKF]\QQLNöZMHGQDNZWD- NLHM V\WXDFML VWZLHUG]HQLH SR]\W\ZQHJR ZSï\ZX HXURSHMVNLHM XQLL ZDOXWR- ZHMQLHMHVWPRĝOLZH
.26=7<
3UDFHQDGXWZRU]HQLHPHXURSHMVNLHMXQLLZDOXWRZHMXĂZLDGRPLï\ZLHOXRVR- ERP ĝH QLH W\ONR SU]\QLHVLH WR NRU]\ĂFL DOH WDNĝH ZLÈĝH VLÚ ] NRV]WDPL
3U]HZLG\ZDQRĝHPRJÈRQHPLHÊGXĝH]QDF]HQLHGODLQWHJUDFMLZDOXWRZHM
Z\NUHV:]URVW3.%ZODWDFKļ
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK0):
0 1 2 3 4 5 6
%
2002 2003 2004 2005 2006 2007
BANK I KREDYT 9/2008
()(.7&$338&&,12
3RZSURZDG]HQLXZVSöOQHMZDOXW\NRQVXPHQFLZZLHOXNUDMDFKVWUHI\HXUR
RGF]XOL LVWRWQ\ Z]URVW FHQ 2ND]DïR VLÚ ĝH ZUDĝHQLH WR QLH E\ïR EH]SRG- VWDZQHļVSU]HGDZF\Z\NRU]\VWDOLWRGRSRGZ\ĝV]HQLDVZRLFKGRFKRGöZ
3U]\]QDOLWRQDZHWSU]HGVWDZLFLHOHEDQNöZFHQWUDOQ\FKLSROLW\F\EÚGÈF\
]ZROHQQLNDPLHXUR2UïRZVNL1DZHWSRSHZQ\PF]DVLHSRZSURZD- G]HQLX HXUR ]DSU]HF]DQR SRGZ\ĝV]DQLX FHQ :VNDěQLN LQĠDFML QLH ZVND- ]\ZDïE\SRGZ\ĝNLPLDï\]QDF]HQLHGODJRVSRGDUNL:ULQĠDFMDZ\- QRVLïDZVWUHğHHXURDZNROHMQ\FKGZöFKODWDFKRGSRZLHGQLR
RUD] Z\NUHV 2GF]XFLD PLHV]NDñFöZ VWUHI\ HXUR E\ï\ MHGQDN RG- PLHQQHV]F]HJöOQLHZH:ïRV]HFKL1LHPF]HFKJG]LH]SRZRGXSRGZ\ĝHN
GRV]ïRQDZHWGRSURWHVWöZRUD]ERMNRWXQLHNWöU\FKVNOHSöZ
:1LHPF]HFKZFLÈJXSöïURNXFHQ\POHNDZ]URVï\RRNRïRDZDU]\Z
R:W\PVDP\PF]DVLHUHVWDXUDFMLSRGQLRVïRFHQ\QDZHWGR
-HG\QÈ REURQÈ SU]HG WHJR W\SX ]DELHJDPL PLDïR E\Ê XQLNDQLH VNOHSöZ L
Z\NUHV,QĠDFMDZVWUHğHHXUR
½UöGïRRSUDFRZDQLHZïDVQHQDSRGVWDZLHGDQ\FK(XURVWDWX
0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5
%
2002 2003 2004 2005 2006 2007 2008
9/2008 BANK I KREDYT
SXQNWöZXVïXJRZ\FK]DZ\ĝDMÈF\FKFHQ\1LHVWHW\]DOHFHQLDWDNLHQLHSU]\- QLRVï\VSRG]LHZDQ\FKUH]XOWDWöZ
+DQGORZF\DE\]ZLÚNV]\Ê]\VNLSU]\RND]MLZ\PLDQ\ZDOXWZ\UöZQ\ZDOL
FHQ\ZJöUÚ1LHVWHW\]GDU]Dï\VLÚSU]\SDGNLĝHWRZDUNRV]WXMÈF\PDUNL
SRZ\PLDQLHHXUR]DPDUHNQLHPLHFNLFK]PLHQLïFHQÚQDHXUR
%\ïRWRUöZQR]QDF]QH]QLHX]DVDGQLRQ\PQDJï\P]DZ\ĝHQLHPFHQ\RSUD- ZLH =DELHJL WH QDMF]ÚĂFLHM GRW\F]\ï\ WRZDUöZ EÈGě GUREQ\FK XVïXJ
ZSU]\SDGNXNWöU\FKNOLHQWQLHPLDïZ\ERUXOXEF]DVXE\VLÚ]DVWDQRZLÊ
3RGREQÈV\WXDFMÚMDNZ1LHPF]HFK]DREVHUZRZDQRZH:ïRV]HFK.DZD]GUR- ĝDïD WDP Z NUöWNLP F]DVLH R RNRïR VWÈG Z]LÚïD VLÚ QD]ZD HIHNWX ļ FDS- SXFFLQR:W\PVDP\PF]DVLHFHQÚSL]]\]DZ\ĝRQRRRNRïR'RW\F]\ïRWR
QLHW\ONRDUW\NXïöZVSRĝ\ZF]\FKDOHWDNĝHZLHOXLQQ\FKG]LHG]LQQSXVïXJ
EDQNRZ\FKZ]URVWNRV]WXSURZDG]HQLDNRQWDRF]\WUDQVSRUWXPRUVNLHJR
Z]URVWNRV]WXR6WRZDU]\V]HQLDFKURQLÈFHSUDZDNRQVXPHQWöZWZLHU- G]Lï\ĝHWHVWDW\VW\NLLWDNE\ï\]DQLĝDQH2UïRZVNL
.26=7<'267262:$1,$*2632'$5(.
*G\ZUZSURZDG]DQRGRRELHJXHXUROLF]RQRVLÚ]H]QDF]Q\PLNRV]- WDPLZ\PLDQ\NWöUHEÚGÈPXVLDï\SRQLHĂÊJRVSRGDUNLNUDMöZVWUHI\HXUR
'RW\F]\ïRWRSU]HGVLÚELRUVWZVHNWRUDğQDQVRZHJRMDNWHĝNRQVXPHQWöZLQ- G\ZLGXDOQ\FK
.OLHQFL LQG\ZLGXDOQL PXVLHOL Z\PLHQLÊ VZRMH RV]F]ÚGQRĂFL QD HXUR :LÈ- ]DïRVLÚWR]NRQLHF]QRĂFLÈSU]\]Z\F]DMHQLDVLÚGRSRVïXJLZDQLDVLÚQRZÈ
ZDOXWÈ:ïDĂQLHEUDNHODVW\F]QRĂFLNRQVXPHQWöZZW\P]DNUHVLHSR]ZROLï
QDZ\VWÈSLHQLHHIHNWXFDSSXFFLQRQDWDNV]HURNÈVNDOÚ%UDNUHDNFMLNOLHQ- WöZQDQLHZïDĂFLZHSU]HOLF]DQLHFHQSU]H]KDQGORZFöZ]DUD]SRZSURZD- G]HQLXHXURVSRZRGRZDïXWUZDOHQLHQRZHJRSR]LRPXFHQ
.RV]WöZ QLH SRQRVLOL MHG\QLH NRQVXPHQFL 'RW\F]\ïR WR FDïHM JRVSRGDUNL
:V]\VWNLHSRGPLRW\SURZDG]ÈFHG]LDïDOQRĂÊJRVSRGDUF]ÈPXVLDï\SRQLHĂÊ
NRV]W\DE\SRLQIRUPRZDÊNOLHQWöZRQRZ\FKFHQDFK'RWHJRW\SXG]LDïDñ
PRĝQD]DOLF]\Ê
BANK I KREDYT 9/2008
ļLQIRUPRZDQLH NOLHQWöZ ]D SRĂUHGQLFWZHP PHGLöZ UDGLR WHOHZL]MD
SUDVD
ļXGRVWÚSQLDQLHPDWHULDïöZLQIRUPDF\MQ\FKXORWNLEURV]XU\SODNDW\ ļXGRVWÚSQLDQLH VSHFMDOQ\FK VHUZLVöZ LQIRUPDF\MQ\FK ]D SRĂUHGQLFWZHP
LQIROLQLLOXEVWURQLQWHUQHWRZ\FK
ļZ\V\ïDQLHGRNOLHQWöZSLVPLQIRUPDF\MQ\FK
ļXVWQHLQIRUPRZDQLHNOLHQWöZ
.RV]W\ ]ZLÈ]DQH ] WHJR W\SX G]LDïDQLDPL E\ï\ ]QDF]QH :\VWDUF]\ W\ONR
Z\REUD]LÊVRELHLOHEDQHUöZUHNODPRZ\FKF]\ZLWU\QVNOHSRZ\FK]DZLHUD
LQIRUPDFMÚ R FHQDFK :V]\VWNLH QDOHĝDïR ]DVWÈSLÊ QRZÈ Z\UDĝDMÈFÈ RGSR- ZLHGQLÈVXPÚZHXUR
'RNRV]WöZGRVWRVRZDQLDJRVSRGDUHNNUDMöZVWUHI\HXURGRSRVïXJLZDQLD
VLÚZVSöOQRWRZÈZDOXWÈPRĝQDUöZQLHĝ]DOLF]\ÊNRV]W\
ļDQDOL]U\QNRZ\FKZQRZ\FKZDUXQNDFK
ļV]NROHQLDSHUVRQHOX
ļUHVWUXNWXU\]DFMLğUP]DMPXMÈF\FKVLÚREVïXJÈZ\PLDQ\ZDOXW
ļSU]HZDOXWRZDQLD
ļ]PLDQ\V\VWHPöZLQIRUPDW\F]Q\FK
ļZ\PLDQ\ZLHOXXU]ÈG]HñDXWRPDWöZZU]XWRZ\FKSDUNRPHWUöZ
.RV]W\GRVWRVRZ\ZDQLDJRVSRGDUHNNUDMöZVWUHI\HXURGRSRVïXJLZDQLDVLÚ
QRZÈZDOXWÈPLDï\V]HURNL]DVLÚJLLFK]QDF]HQLDQLHPRĝQDSRPLQÈÊMHG- QDNE\ï\MHGQRUD]RZH:\GDMHVLÚUöZQLHĝĝHLFKZ\VRNRĂÊQLHZSï\QÚïD
LVWRWQLHQDV\WXDFMÚJRVSRGDUF]ÈNUDMöZZ\PLHQLDMÈF\FKVZRMHZDOXW\2ND- ]DïRVLÚĝHG]LÚNLRGSRZLHGQLHMLQIRUPDFMLJRVSRGDUNLSDñVWZVWUHI\HXUR
]GRïDï\ZïDĂFLZLHSU]\JRWRZDÊVLÚGRZ\PLDQ\ZDOXW2JUDQLF]\ïRWRRPö- ZLRQHSRZ\ĝHMNRV]W\
9/2008 BANK I KREDYT
.26=7<,167<78&-21$/1(
.UDMHQDOHĝÈFHGRVWUHI\HXURPXVLDï\UöZQLHĝSRQLHĂÊNRV]W\]ZLÈ]DQH]H
VWZRU]HQLHP RGSRZLHGQLHJR RWRF]HQLD LQVW\WXFMRQDOQHJR NRQLHF]QHJR E\
IXQNFMRQRZDÊZVWUHğHHXUR:LHOH]W\FKNRV]WöZPLDïR]QDF]HQLHPDUJL- QDOQH MDN FKRÊE\ NRV]W\ NRQIHUHQFML L VSRWNDñ GHF\GHQWöZ NWöUH SRSU]H- G]Lï\VWZRU]HQLHXQLLZDOXWRZHM
.RV]W\ LQVW\WXFMRQDOQH ZLÈ]Dï\ VLÚ JïöZQLH ] SRZVWDQLHP QDGU]ÚGQHM LQ- VW\WXFMLVWUHI\HXURMDNÈMHVW(XURSHMVNL%DQN&HQWUDOQ\1DOHĝ\SDPLÚWDÊ
ĝHRGSRF]ÈWNXLVWQLHQLDWHMLQVW\WXFMLNDĝG\NUDMVWUHI\HXUR]RERZLÈ]DQ\
MHVWGRXLV]F]DQLDZNïDGXNDSLWDïRZHJR]DOHĝQHJRRGW]ZNOXF]DNDSLWDïR- ZHJRWDEHOD.OXF]NDSLWDïRZ\QLHW\ONRVïXĝ\GRZ\]QDF]HQLDZ\VRNRĂFL
ZNïDGXOHF]WDNĝHGHF\GXMHZVWRVXQNXROLF]ELHJïRVöZNWöU\PLGDQ\
NUDMG\VSRQXMHZSURFHVDFKGHF\]\MQ\FK(%&
'RZ\OLF]HQLDXG]LDïXZNDSLWDOH(XURSHMVNLHJR%DQNX&HQWUDOQHJRZ]LÚWR
SRGXZDJÚQLHW\ONRSR]LRP3.%GDQHJRNUDMXDOHUöZQLHĝOLF]EÚRE\ZDWHOL
8G]LDïNDĝGHJR]EDQNöZFHQWUDOQ\FKEÚGÈFHJRXG]LDïRZFHP(XURSHMVNLHJR
%DQNX&HQWUDOQHJRMHVWZ\OLF]DQ\ZHGïXJIRUPXï\
ļRGVHWNDMDNLVWDQRZLZVSRïHF]QRĂFLFDïHM:VSöOQRW\OXGQRĂÊGDQHJR
NUDMX
ļXG]LDïXNUDMXZ3.%FDïHM:VSöOQRW\
-DNPRĝQD]DXZDĝ\ÊNUDMHVWUHI\HXURQLHPDMÈNOXF]DNDSLWDïRZHJR
Z(XURSHMVNLP%DQNX&HQWUDOQ\P%DQNLFHQWUDOQHNUDMöZ8QLL(XURSHM- VNLHMVSR]DVWUHI\HXUR]RERZLÈ]DQHVÈGRSRNU\ZDQLDSHZQHMF]ÚĂFLNRV]- WöZ RSHUDF\MQ\FK (XURSHMVNLHJR %DQNX &HQWUDOQHJR SRQRV]RQ\FK Z
]ZLÈ]NX ] XF]HVWQLFWZHP Z(XURSHMVNLP 6\VWHPLH %DQNöZ &HQWUDOQ\FK
WDEHOD&]ïRQNRZLH8QLL(XURSHMVNLHMVSR]DVWUHI\HXURZQRV]ÈMHG\QLH
QLHZLHONL SURFHQWX NDSLWDïX MDNL ]RVWDï SU]H] QLFK VXEVNU\ERZDQ\ 2G
VW\F]QLDUZ\QRVLRQ%DQNLFHQWUDOQHNUDMöZVSR]DVWUHI\HXUR
QLHVÈXSUDZQLRQHGRXG]LDïXZ]\VNDFK(XURSHMVNLHJR%DQNX&HQWUDOQHJR
SRGOHJDMÈF\FKSRG]LDïRZLDQLWHĝQLHVÈ]RERZLÈ]DQHGRSRNU\ZDQLDMHJR
HZHQWXDOQ\FKVWUDW
BANK I KREDYT 9/2008
WDEHOD.OXF]NDSLWDïRZ\RUD]NDSLWDïSïDFRQ\SU]H]EDQNLFHQWUDOQH
NUDMöZVWUHI\HXURZU
1$=:$.5$-2:(*2%$1.8
&(175$/1(*2
./8&=.$3,7$2:<
:
.$3,7$23$&21<
:(85 1$7,21$/(%$1.9$1%(/*,y
%$148(1$7,21$/('(%(/*,48( 2,4708 142.334.199,56
'(876&+(%81'(6%$1. 20,5211 1.182.149.240,19
%$1.2)*5(&( 1,8168 104.659.532,85
%$1&2'((63$'$ 7,5498 434.917.735,09
%$148('()5$1&( 14,3875 828.813.864,42
&(175$/%$1.$1'),1$1&,$/
6(59,&(6$87+25,7<2),5(/$1' 0,8885 51.183.396,60
%$1&$'ij,7$/,$ 12,5297 721.792.464,09
&(175$/%$1.2)&<3586 0,1249 7.195.054,85
%$148(&(175$/(
'8/8;(0%85* 0,1575 9.073.027,53
&(175$/%$1.2)0$/7$ 0,0622 3.583.125,79
'(1('(5/$1'6&+(%$1. 3,8937 224.302.522,60
2(67(55(,&+,6&+(
1$7,21$/%$1. 2,0159 116.128.991,78
%$1&2'(32578*$/ 1,7137 98.720.300,22
%$1.$6/29(1,-( 0,3194 18.399.523,77
6820(13$1..,
ļ),1/$1'6%$1. 1,2448 71.708.601,11
5$=(0 69,6963 4.014.961.580,45
½UöGïR(%&
9/2008 BANK I KREDYT
1,(()(.7<:12¥m675()<(852
3RUöZQXMÈF NRU]\ĂFL ] NRV]WDPL Z\QLNDMÈF\PL ] XWZRU]HQLD HXURSHMVNLHM
XQLLZDOXWRZHMPRĝQDSRVWDZLÊS\WDQLHF]HPXSU]\Z]JOÚGQLHQLHZLHONLFK
NRV]WDFK RVLÈJQLÚWR WDN PDïH NRU]\ĂFL :\GDMH VLÚ ĝH RGSRZLHGě WNZL Z
VSHF\ğFHNUDMöZF]ïRQNRZVNLFKVWUHI\HXURDWDNĝHFDïHMVWUHI\HXURRUD]
JRVSRGDUNLHXURSHMVNLHM-DNSRND]DïDNUöWNDKLVWRULDVWUHI\HXURQLHNWöUH
WDEHOD .OXF]NDSLWDïRZ\RUD]NDSLWDïSïDFRQ\SU]H]EDQNLFHQWUDOQH
SRV]F]HJöOQ\FKNUDMöZVSR]DVWUHI\HXURZU
.5$-2:<%$1.&(175$/1<
./8&=
.$3,7$2:<
:
.$3,7$
23$&21<
:(85
'$10$5.61$7,21$/%$1. 1,5138 6.104.332,92
69(5,*(65,.6%$1. 2,3313 9.400.866,26
%$1.2)(1*/$1' 13,9337 56.187.041,67
680$&=}¥&,2:$'/$.%&632=$675()<(852 17,7788 71.692.240,85
%<*$56.$1$52'1$%$1.$ 0,8833 3.561.868,99
o(6.d1d52'1 %$1.$ 1,3880 5.597.049,87
((67,3$1. 0,1703 686.727,37
/$79,-$6%$1.$ 0,2813 1.134.330,06
/,(78926%$1.$6 0,4178 1.684.760,40
0$*<$51(0=(7,%$1. 1,3141 5.299.051,33
1$52'2:<%$1.32/6., 4,8748 19.657.419,83
%$1&$1$«,21$/i$520e1,(, 2,5188 10.156.951,89
1d52'1d%$1.$6/29(16.$ 0,6765 2.727.956,95
680$'/$32=267$<&+.%&632=$
675()<(852 12,5249 50.506.116,69
5$=(0 30,3037 122.198.357,54
½UöGïR(%&
BANK I KREDYT 9/2008
SURFHV\]DFKRG]ÈFHZQLHMXWUXGQLDMÈDQDZHWXQLHPRĝOLZLDMÈPDNV\PDOL- ]DFMÚNRU]\ĂFLSU]H]FDï\(XURODQG
%5$.'267262:$*2632'$5.,
(8523(-6.,(-
(XURSDDZV]F]HJöOQRĂFLNUDMHQDMZ\ĝHMUR]ZLQLÚWHMHVWREHFQLHREV]DUHP
QDNWöU\PZ\VWÚSXMÈ]QDF]QHV]W\ZQRĂFLFHQLSïDF3RZRGXMHWRSRJRUV]H- QLH NRQG\FML JRVSRGDUF]HM QDMEDUG]LHM UR]ZLQLÚW\FK NUDMöZ 8QLL (XURSHM- VNLHM 1DMZLÚNV]\P SUREOHPHP MHVW QLHZÈWSOLZLH EUDN ]UR]XPLHQLD WHM V\- WXDFML SU]H] RVRE\ RGSRZLHG]LDOQH ]D SROLW\NÚ JRVSRGDUF]È -HG\QLH XVX- QLÚFLHF]ÚĂFLLVWQLHMÈFHMV]W\ZQRĂFLVSUDZLïRE\ĝHLQWHJUDFMDZDOXWRZDVWD- ïDE\VLÚRSïDFDOQD%H]WHJRNRV]W\WZRU]HQLDXQLLZDOXWRZHMZ]URVQÈFR
]QDF]QLH ]PQLHMV]D MHM RSïDFDOQRĂÊ 7\ONR Z NUDMDFK R QLH]Z\NOH GXĝHM
RWZDUWRĂFLJRVSRGDUNLNRU]\ĂFL]LQWHJUDFMLZDOXWRZHMPRJÈZWDNLHMV\WXDFML
SU]HZ\ĝV]\ÊNRV]W\
1DOHĝ\ MHGQDN XĂZLDGRPLÊ VRELH MDN EDUG]R RGOHJïÈ L WUXGQÈ U]HF]È MHVW
RJUDQLF]HQLHV]W\ZQRĂFLFHQLSïDFZ8QLL(XURSHMVNLHMDV]F]HJöOQLHZNUD- MDFK(XURS\=DFKRGQLHM3DñVWZDWHFKFÈF]DZV]HONÈFHQÚ]DFKRZDÊVZRMÈ
SR]\FMÚZ(XURSLHEORNXMÈSHïQÈLQWHJUDFMÚJRVSRGDUF]È¥ZLDGF]\RW\P
ZFLÈĝ F]ÚVWH VWRVRZDQLH ĂURGNöZ SDUD L SR]DWDU\IRZ\FK Z 8QLL (XURSHM- VNLHM 0RĝQD WX Z\PLHQLÊ PLQ ZSURZDG]DQLH FHQ PLQLPDOQ\FK F]\ QD- U]XFDQLH VNRPSOLNRZDQ\FK SU]HSLVöZ ğWRVDQLWDUQ\FK &HQ\ PLQLPDOQH
Z QLHNWöU\FK NUDMDFK VÈ Z\]QDF]DQH SU]H] SDñVWZR Z FHOX ]DSHZQLHQLD
RSïDFDOQRĂFLSURGXNFML1DVLïRZVNLV1LHZÈWSOLZLHSRZRGXMHWR
VWRSQLRZHXV]W\ZQLHQLHFHQQDU\QNXHXURSHMVNLPLQLHNRU]\VWQLHZSï\ZD
QDLQWHJUDFMÚZDOXWRZÈ&]\QQLNLLQVW\WXFMRQDOQHPRJÈSU]\F]\QLDÊVLÚ]D- UöZQRGRZ]URVWXNRV]WöZMDNLGRLFKVSDGNX3RUWHUV
-DN VLÚ RND]XMH MHV]F]H WUXGQLHMV]H MHVW SU]HFLZG]LDïDQLH V]W\ZQRĂFL SïDF
6\WXDFMÚ SDUDOLĝXMÈ UR]ZLQLÚWH Z NUDMDFK (XURS\ =DFKRGQLHM ]ZLÈ]NL ]D- ZRGRZHNRQWUDNWXMÈFHVWDZNLSïDF&RZLÚFHMļQLHNWöUHSDñVWZDSUDNW\F]- QLHVWUDFLï\]WHJRSRZRGXPRĝOLZRĂÊVW\PXORZDQLDU\QNXSUDF\LQLHVÈ
REHFQLHZVWDQLHQLF]URELÊZNZHVWLLV]W\ZQRĂFLSïDF:QLHNWöU\FKNUD- MDFKQS1LHPF]HFKQDZHWPLQLPDOQ\SR]LRPSïDFMHVWSU]HGPLRWHPEUDQ- ĝRZ\FKSRUR]XPLHñSRV]F]HJöOQ\FK]ZLÈ]NöZ]DZRGRZ\FK]SU]HGVWDZL-
9/2008 BANK I KREDYT
FLHODPLSUDFRGDZFöZ:öZF]DVURODSDñVWZDRJUDQLF]DVLÚSUDNW\F]QLHGR
XVWDOHQLDZ\VRNRĂFL]DVLïNöZGODEH]URERWQ\FK1DVLïRZVNLV
.ROHMQ\PF]\QQLNLHPNWöU\PöJïE\VSUDZLÊĝHHXURSHMVNDXQLDZDOXWRZD
VWDïDE\VLÚEDUG]LHMRSïDFDOQDMHVW]QDF]QH]ZLÚNV]HQLHPRELOQRĂFLVLï\UR- ERF]HM QD ZVSöOQ\P U\QNX XQLMQ\P 2ND]XMH VLÚ MHGQDN ĝH NUDMH(XURS\
=DFKRGQLHM ļ 1LHPF\ F]\ )UDQFMD ļ QLH VÈ ]DLQWHUHVRZDQH ]ZLÚNV]HQLHP
PRELOQRĂFLVLï\URERF]HM7ïXPDF]ÈVZRMHSRVWÚSRZDQLHFKÚFLÈRFKURQ\UR- G]LPHJR U\QNX SUDF\ ]D ZV]HONÈ FHQÚ VSRZDOQLDMÈ MHJR LQWHJUDFMÚ RSöě- QLDMÈF XGRVWÚSQLHQLH VZRLFK U\QNöZ SUDF\ RE\ZDWHORP QRZ\FK SDñVWZ
F]ïRQNRZVNLFK
0RĝHVLÚRND]DÊĝHSUöE\WZRU]HQLDZSHïQLZVSöOQHJRU\QNXSRïÈF]RQH]
SUöEDPL]DFKRZDQLDVWDWXVTXRSU]H]QDMZLÚNV]HSDñVWZD8QLL(XURSHMVNLHM
PRJÈ GRSURZDG]LÊ GR ]ZLÚNV]HQLD VLÚ UHJLRQDOQHM NRQFHQWUDFML SURGXNFML
3URFHVWHQMDNRF]ÚĂÊLQWHJUDFMLLVWRWQLH]PLHQLïE\UDFKXQHNNRV]WöZLNR- U]\ĂFL=ZLÚNV]\ïE\NRV]W\LVSRZRGRZDïĝHXQLDZDOXWRZDVWDïDE\VLÚMHV]- F]HPQLHMDWUDNF\MQD'H*UDXZHV3U]\NïDGHPUHJLRQDOL]DFMLSUR- GXNFMLVÈ6WDQ\=MHGQRF]RQH-HVWIDNWHPĝHLFKU\QHNMHVW]QDF]QLHOHSLHM
]LQWHJURZDQ\QLĝHXURSHMVNLDMHGQDNWRZ(XURSLHMHVWQLĝV]DUHJLRQDOQD
NRQFHQWUDFMDQSSURGXNFMLVDPRFKRGöZ0RĝQD]DWHPZQLRVNRZDÊĝHGDO- V]DLQWHJUDFMDU\QNXHXURSHMVNLHJR]ZLÚNV]\NRQFHQWUDFMÚSURGXNFML7DQLH- SRNRMÈFD SUDZLGïRZRĂÊ PRĝH RND]DÊ VLÚ NROHMQ\P SRZRGHP QLĝV]HM RSïD- FDOQRĂFL LQWHJUDFML ZDOXWRZHM JG\ĝ Z]URĂQLH U\]\NR SRGDĝRZ\FK L SR- S\WRZ\FKV]RNöZDV\PHWU\F]Q\FK
%DUG]R VLOQ\ QHJDW\ZQ\ ZSï\Z QD RSïDFDOQRĂÊ LQWHJUDFML ZDOXWRZHM Z\- ZLHUDMÈ V]RNL DV\PHWU\F]QH 6È RQH VSRZRGRZDQH Z\VWÚSRZDQLHP ]QDF]- Q\FK UöĝQLF Z UR]ZRMX JRVSRGDUF]\P V]W\ZQRĂFL FHQ V]W\ZQRĂFL SïDF
RJUDQLF]HñSU]HSï\ZXNDSLWDïXRUD]VLï\URERF]HM:LDGRPRUöZQLHĝĝHQD- E\ZF\ZNUDMDFKUR]ZLMDMÈF\FKVLÚF]ÚVWRPDMÈZ\UDěQLHRGPLHQQHSRWU]HE\
QLĝ QDE\ZF\ Z NUDMDFK UR]ZLQLÚW\FK 3RUWHU 3RZRGXMH WR ĝH NRQ- ZHUJHQFMDMHVWQLHZ\VWDUF]DMÈFD0RĝHWR]ZLÚNV]\Ê]DJURĝHQLHV]RNDPLDV\- PHWU\F]Q\PL SU]HG NWöU\PL NUDMRP QDOHĝÈF\P GR VWUHI\ HXUR WUXGQR VLÚ
RFKURQLÊSRQLHZDĝ]UH]\JQRZDï\]NRQWUROLQDGSROLW\NÈSLHQLÚĝQÈ(XURSD
RG GïXĝV]HJR F]DVX QLH SU]Hĝ\ZDïD VLOQLHMV]\FK V]RNöZ DV\PHWU\F]Q\FK
3RZRGXMHWREUDNSHïQHMĂZLDGRPRĂFL]DJURĝHñZ\QLNDMÈF\FK]Z\VWÈSLHQLD
WDNLFKDQRPDOLL
BANK I KREDYT 9/2008
1LHQDOHĝ\]DSRPLQDÊĝHVWUHIDHXURZFLÈĝVLÚUR]UDVWDSU]H]FR]ZLÚNV]D
VLÚ MHM ]UöĝQLFRZDQLH &KRG]L WX ]DUöZQR R UöĝQLFH JRVSRGDUF]H HNRQR- PLF]QHMDNLNXOWXUDOQHRUD]VSRïHF]QH:V]\VWNLHWHF]\QQLNLPRJÈQLHNR- U]\VWQLHZSï\ZDÊQDSR]LRPNRQZHUJHQFMLNUDMöZL]QDF]QLH]ZLÚNV]DÊU\- ]\NRZ\VWÈSLHQLDV]RNöZDV\PHWU\F]Q\FK'RGDWNRZHSUREOHP\PRJÈVLÚ
SRMDZLÊZPRPHQFLHJG\GRVWUHI\HXURSU]\VWÈSLÈNUDMHNWöUH]QDF]QLHRG- ELHJDMÈRGĂUHGQLHMXQLMQHM=ZLÚNV]DVLÚZWHG\]DJURĝHQLHV]RNDPLDV\PHWU\F]- Q\PL-HĂOLQDMZ\ĝHMUR]ZLQLÚWHNUDMH(XURODQGXFKFÈZöZF]DVXWU]\PDÊVZöM
VWDWXVTXRF]HJRVNXWNLHPVÈDZHUVMDGRUHIRUPRUD]SURZDG]HQLHQLHHIHNW\Z- QHMZVSöOQHMSROLW\NLSLHQLÚĝQHMPRĝHWRGRSURZDG]LÊGRNU\]\VX
'\ZHUJHQFMDNUDMöZMHVWUR]XPLDQDGZRMDNR:HGïXJ.RPLVML(XURSHMVNLHM
NRQLHF]QDMHVWSHïQDLQWHJUDFMD1DZ\NUHVLHQDMHGQHMRVL]D]QDF]\OLĂP\
VWRSLHñLQWHJUDFMLHNRQRPLF]QHMDQDGUXJLHMVWRSLHñG\ZHUJHQFML]DWUXGQLH- QLDLSURGXNFMLZNUDMDFKVWUHI\HXUR=DOHĝQRĂÊPLÚG]\QLPLLOXVWUXMHSUR- VWDPDOHMÈFDZ\NUHV3RND]XMHWRĝHZUD]]HZ]URVWHPLQWHJUDFMLPDOHMH
U\]\NRZ\VWÈSLHQLDV]RNöZDV\PHWU\F]Q\FK
'R]XSHïQLHLQQHJRZQLRVNXGRV]HGï3DXO.UXJPDQ6WZLHUG]LïRQĝH]D- OHĝQRĂÊPLÚG]\GZLHPDRPDZLDQ\PLZLHONRĂFLDPLMHVWOLQLRZDDOHURVQÈFD
Z\NUHV:HGïXJQLHJRZPLDUÚ]ZLÚNV]DQLDVLÚLQWHJUDFMLHNRQRPLF]QHM
NUDMHVWDMÈVLÚFRUD]EDUG]LHMZ\VSHFMDOL]RZDQHLFRUD]EDUG]LHMSRGDWQHQD
V]RNLDV\PHWU\F]QH
&LÚĝNRMHVWMHGQR]QDF]QLHRFHQLÊSRF]\MHMVWURQLHOHĝ\UDFMD=MHGQHMVWURQ\
ORJLF]Q\Z\GDMHVLÚSRJOÈG8QLL(XURSHMVNLHMJG\ĝļMDNSRND]XMHSUDNW\ND
ļLQWHJUDFMD]LQQ\PLNUDMDPLSURZDG]LZZLÚNV]RĂFLZ\SDGNöZGRNRU]\ĂFL
SRREXVWURQDFK=GUXJLHMMHGQDNVWURQ\WUXGQRQLH]JRG]LÊVLÚ].UXJPD- QHPĝHZ6WDQDFK=MHGQRF]RQ\FKļ]QDF]QLHEDUG]LHM]LQWHJURZDQ\FKQLĝ
8QLD(XURSHMVNDļQDVWÈSLïDUHJLRQDOL]DFMDSURGXNFMLFRPRĝHF]HNDÊUöZ- QLHĝ(XURSÚ-HGQRMHVWMHGQDNSHZQH8QLD(XURSHMVNDZREHFQ\PNV]WDï- FLHLQVW\WXFMRQDOQ\PQLHMHVWJRWRZDSU]HFLZVWDZLÊVLÚSRZDĝQLHMV]\PV]R- NRPDV\PHWU\F]Q\P'RSöNLQLH]RVWDQÈ]PLHQLRQH]DVDG\G]LDïDQLDQLH- NWöU\FKLQVW\WXFMLZLGPRV]RNöZDV\PHWU\F]Q\FKZFLÈĝEÚG]LH]DJUDĝDïR
HXURSHMVNLHMXQLLZDOXWRZHM
9/2008 BANK I KREDYT
1,(5:1(75$.72:$1,(&=21.:81,,
:$/872:(-
-HĂOLVSRMU]\P\QDGRW\FKF]DVRZHVNXWNLLVWQLHQLDVWUHI\HXURWUXGQRQLH
RGQLHĂÊZUDĝHQLDĝHMHMQLHIRUPDOQ\PFHOHPMHVWXWU]\PDQLHGRPLQXMÈFHM
SR]\FML )UDQFML L 1LHPLHF Z (XURSLH ']LÚNL RGSRZLHGQLHM VLOH GHF\]\MQHM
W\FKSDñVWZNWöUÈLWDNX]QDMÈ]D]E\WQLVNÈVÈWUDNWRZDQHïDJRGQLHMQLĝ
LQQH NUDMH VWUHI\ HXUR -DN SRND]XMÈ EDGDQLD HPSLU\F]QH SURZDG]L WR GR
]ZLÚNV]HQLDNRQNXUHQF\MQRĂFLW\FKSDñVWZ
'RW\F]\WRPLQZDUXQNöZ]DZDUW\FKZ7UDNWDFLH]0DDVWULFKW$UELWUDOQH
Z\]QDF]HQLHSR]LRPXGïXJXSXEOLF]QHJRLGHğF\WXEXGĝHWRZHJRMHVWSU]\- F]\QÈQLHW\ONRQLHDGHNZDWQRĂFLGRDNWXDOQHMV\WXDFMLQDU\QNXXQLMQ\P
DOHWDNĝHEUDNXPRĝOLZRĂFLGRVWRVRZDQLDJRGRDNWXDOQ\FKSRWU]HENDĝGHJR
]NUDMöZ3RZRGXMHWRNRQLHF]QRĂÊFLÚÊZSROLW\FHEXGĝHWRZHML]DQLHFKDQLH
SHZQ\FKZ\GDWNöZ1LHVWHW\1LHPF\L)UDQFMDPDMÈPRĝOLZRĂÊPQLHMV]HJR
RJUDQLF]DQLD SODQRZDQ\FK Z\GDWNöZ -DN SRND]XMH SUDNW\ND VÈ RQH WUDN- WRZDQH Z VSHFMDOQ\ VSRVöE -DNR MHG\QH VSRĂUöG F]ïRQNöZ (XURODQGX
LSDñVWZGRQLHJRDVSLUXMÈF\FKQLHVSRW\NDMÈVLÚ]UHSUHVMDPL]DSU]HNUDF]D- QLH GHğF\WX EXGĝHWRZHJR L GïXJX SXEOLF]QHJR XVWDORQ\FK SU]H] 7UDNWDW
]0DDVWULFKW
Z\NUHV3RJOÈG.UXJPDQD
QDVWRSLHñNRQZHUJHQFMLPLÚG]\NUDMDPL
½UöGïR'H*UDXZHV
Stopień integracji ekonomicznej Stopień dywergencji produkcji i zatrudnienia
Z\NUHV3RJOÈG.RPLVML
(XURSHMVNLHMQDNRQZHUJHQFMÚPLÚG]\
NUDMDPL
½UöGïR'H*UDXZHV
Stopień integracji ekonomicznej Stopień dywergencji produkcji i zatrudnienia
BANK I KREDYT 9/2008
&R ZLÚFHM MXĝ REHFQLH 1LHPF\ L )UDQFMD G]LÚNL LVWQLHQLX (XURODQGX X]\- VNDï\ GRGDWNRZÈ SU]HZDJÚ NRQNXUHQF\MQÈ QDG LQQ\PL F]ïRQNDPL VWUHI\
HXUR,FKG]LDïDQLDGRSURZDG]Lï\GRV\WXDFMLĝHUHDOQ\NXUVHXUR]ZLÚNV]D
LFKNRQNXUHQF\MQRĂÊZ]JOÚGHPLQQ\FKSDñVWZ:WDEHOLSRND]DQR]PLDQ\
UHDOQHJR NXUVX ZDOXWRZHJR Z (XURODQG]LH RG URNX :DUWRĂÊ ZVNDě- QLNDZ\ĝV]DQLĝR]QDF]DDSUHFMDFMÚHXURZGDQ\PNUDMXZSRUöZQDQLX
]H ĂUHGQLÈ Z FDïHM VWUHğH &HQ\ GöEU Z\UDĝRQH Z HXUR Z]URVï\ RG U
V]\EFLHMQLĝZLQQ\FKNUDMDFK2]QDF]DWRZ\ĝV]ÈVNXPXORZDQÈLQĠDFMÚLļ
FR]DW\PLG]LHļRJUDQLF]RQÈNRQNXUHQF\MQRĂÊMHĝHOL]ZLÚNV]RQHMLQĠDFML
QLH WRZDU]\V]\ï ]QDF]Q\ Z]URVW Z\GDMQRĂFL : ZLÚNV]RĂFL SDñVWZ (XUR- ODQGXZ\VWÈSLïDDSUHFMDFMDUHDOQHJRNXUVXHXURQLHSRïÈF]RQD]Z\MÈWNLHP
,UODQGLL ] RGSRZLHGQLP Z]URVWHP Z\GDMQRĂFL L HNVSRUWX QDWRPLDVW ZH
)UDQFMLL1LHPF]HFKQDVWÈSLïDGHSUHFMDFMDNXUVXVSDGHNFHQ7RZDU\]NUD- MöZZNWöU\FKVWZLHUG]RQRGHSUHFMDFMÚPRJÈZLÚFïDWZLHMNRQNXURZDÊQD
ZHZQÚWU]Q\PU\QNX8QLL(XURSHMVNLHMDWDNĝHQDU\QNDFKĂZLDWRZ\FK-DN]D- WHPZLGDÊQDXWZRU]HQLXVWUHI\HXURQDMEDUG]LHM]\VNDï\1LHPF\L)UDQFMD
'RW\FKF]DVRZHIXQNFMRQRZDQLHHXURQLHVWHW\SRWZLHUG]LïRZLHOHREDZ]JïD- V]DQ\FKSU]H]HNRQRPLVWöZ3RF]ÈWNLLVWQLHQLDHXURSHMVNLHMZDOXW\]ELHJï\VLÚ
]H ]QDF]Q\P NU\]\VHP JRVSRGDUNL ĂZLDWRZHM FR REQDĝ\ïR QLHGRVNRQDïRĂFL
PRQHWDU\VW\F]QHJRXNLHUXQNRZDQLDSROLW\NLSLHQLÚĝQHM(XURSHMVNLHJR%DQNX
&HQWUDOQHJR:RVWDWQLPF]DVLHREVHUZXMHVLÚWHĝWUXGQRĂFLQLHNWöU\FKSDñVWZ
ZVIHU]HğQDQVöZSXEOLF]Q\FKGRW\F]\WRJïöZQ\FKSDñVWZXQLLZDOXWRZHM
FRZ\ZRïXMHWDNĝHOLF]QHVSRU\QDWHQWHPDW1DSLÚFLDVÈ]QDF]QHLQLHZLD- GRPRF]\XQLDZDOXWRZDMHZ\WU]\PDDQDZHWMHĂOLWDNVLÚVWDQLHWRMDNEÚG]LH
Z\JOÈGDÊSRLFKSU]H]Z\FLÚĝHQLX/XWNRZVNLV
5HIRUPDMHVWNRQLHF]QD]SRZRGXEUDNXRGSRZLHGQLFKG]LDïDñZODWDFK
Z RNUHVLH SURVSHULW\ .RQLHF]QH VÈ WHUD] ]PLDQ\ VNRNRZH QLHZÈWSOLZLH
WUXGQLHMV]H GR ZSURZDG]HQLD L R ZLHOH EDUG]LHM U\]\NRZQH 'RNWU\Q\ EÚ- GÈFHSRGVWDZDPLHXURSHMVNLHMXQLLZDOXWRZHMZ\GDMÈVLÚZSHZQ\PVWRS- QLXQLHSU]\VWRVRZDQHGRREHFQHMV\WXDFML
: HXURSHMVNLHM XQLL ZDOXWRZHM JïÚERNLFK UHIRUP Z\PDJDMÈ WDNĝH NZHVWLH
SUDZQH 'HF\]MH UD] SRGMÚWH RERZLÈ]XMÈ SU]H] GïXJL RNUHV ] SRZRGX QLH- PRĝQRĂFL LFK ]PLDQ\ -HVW WR SU]\F]\QÈ VïDEHJR GRVWRVRZDQLD SUDZD RUD]
]DVDGG]LDïDQLD(XURODQGXGRREHFQHMV\WXDFMLJRVSRGDUF]HMZUHJLRQLHLQD
ĂZLHFLH3RZRGXMHWRUöZQLHĝQLHPRĝQRĂÊRGSRZLHGQLHMUHDNFMLSRV]F]HJöO-
9/2008 BANK I KREDYT
Q\FKSDñVWZ2JUDQLF]DQLHPRĝOLZRĂFLGHF\GRZDQLDZNZHVWLDFK]ZLÈ]D- Q\FKZJRVSRGDUNÈMHVWIDNWHPDHZHQWXDOQ\GDOV]\EUDNRGSRZLHGQLFKUH- IRUPEÚG]LHKDPXOFHPGODLFKJRVSRGDUHN
6WRSLHñVNRPSOLNRZDQLDJRVSRGDUNLEÚGÈFHM]ïRĝRQ\PV\VWHPHP]DOHĝQR- ĂFL URĂQLH Z VWDï\P WHPSLH 3RZRGXMH WR NRQLHF]QRĂÊ FLÈJï\FK Sï\QQ\FK
GRVWRVRZDñ GR FRUD] V]\EFLHM UR]ZLMDMÈFHM VLÚ V\WXDFML JRVSRGDUF]HM L HNR- QRPLF]QHM=WHJRSRZRGXSU]HGZïDG]DPL(XURODQGXSRMDZLDMÈVLÚZFLÈĝ
QRZHZ\]ZDQLDNWöUHZ\PXV]DMÈFLÈJïÈSRSUDZÚHODVW\F]QRĂFLGHF\]\MQHM
MDN WHĝ ]ZLÚNV]DQLH VNïRQQRĂFL GR HZROXFML HXURSHMVNLHM XQLL PRQHWDUQHM
]JRGQLH ]H ]PLHQLDMÈFÈ VLÚ V\WXDFMÈ PDNURHNRQRPLF]QÈ 2SöěQLHQLD WHJR
SURFHVXPRJÈPLHÊQLHNRU]\VWQ\ZSï\ZQDHXURSHMVNÈXQLÚZDOXWRZÈ
WDEHOD =PLDQ\UHDOQHJRNXUVXZDOXWRZHJRZHZQÈWU]VWUHI\HXUR
ZODWDFKļ
3$67:2 =0,$1$5($/1(*2.8568:$/872:(*2
32578*$/,$ 113
,5/$1',$ 109
+,6=3$1,$ 108
+2/$1',$ 105
:2&+< 105
%(/*,$ 103
*5(&-$ 103
),1/$1',$ 100
$8675,$ 100
)5$1&-$ 96
1,(0&< 94
½UöGïR$KHUQH3LVDQL)HUU\V