A N N A L E S
8 1 , 9 ( 5 6 , 7$7 , 6 0 $ 5 , $ ( & 8 5 , ( 6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$
92/;/9,,, 6(&7,2+
8QLZHUV\WHW(NRQRPLF]Q\Z.UDNRZLH.DWHGUD)LQDQVyZ6DPRU]ąGRZ\FK
3,27532'6,$'à2
3RPRFSXEOLF]QDZIRUPLHNDSLWDáXSRGZ\ĪV]RQHJR
U\]\ND…XG]LHODQDSU]HGVLĊELRUVWZRPVHNWRUD0ĝ3
ZNUDMDFK8QLL(XURSHMVNLHM
The state aid in the form of risk capital granted to small and medium-sized enterprises in the European Union
6áRZDNOXF]RZH SRPRFSXEOLF]QDNDSLWDáSRGZ\ĪV]RQHJRU\]\NDPDáHLĞUHGQLHSU]HGVLĊELRUVWZD
0ĝ3 8QLD(XURSHMVND
.H\ZRUGV VWDWHDLGULVNFDSLWDOVPDOODQGPHGLXPVL]HGHQWHUSULVHV 60(V (XURSHDQ8QLRQ
:VWĊS
.DSLWDáSRGZ\ĪV]RQHJRU\]\NDPRĪQD]GHILQLRZDüMDNR]DSHZQLDQHSU]HGVLĊ- ELRUVWZRPQDSRF]ąWNRZ\FKHWDSDFKUR]ZRMX ID]D]DOąĪNRZDUR]UXFKXLHNVSDQVML ILQDQVRZDQLHNDSLWDáRZHOXETXDVLNDSLWDáRZHNWyUHREHMPXMHQLHIRUPDOQHLQZHVW\FMH
DQLRáyZEL]QHVX EXVLQHVVDQJHOV NDSLWDáSRGZ\ĪV]RQHJRU\]\NDW\SXventure i al- WHUQDW\ZQHU\QNLSDSLHUyZZDUWRĞFLRZ\FKVSHFMDOL]XMąFHVLĊZSU]HGVLĊELRUVWZDFK
VHNWRUD 0ĝ3 L VSyáNDFK FKDUDNWHU\]XMąF\FK VLĊ GXĪą G\QDPLNą Z]URVWX 3RPRF
SDĔVWZDXNLHUXQNRZDQDQDGRVWDUF]DQLHLSURPRFMĊNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND
]DFKĊFDGR]PLDQ\NLHUXQNyZILQDQVRZDQLD]P\ĞOąRXG]LHOHQLXZVSDUFLDSU]HGVLĊ- ELRUVWZRPQRZRSRZVWDMąF\PLW\PMXĪLVWQLHMąF\P]VHNWRUDZ\VRNLFKWHFKQRORJLL
: RSUDFRZDQLX Ä5LVN FDSLWDO D NH\ WR MRE FUHDWLRQ LQ WKH (XURSHDQ 8QLRQ´ %UXVVHOV
6(& ILQDO .RPLVMD (XURSHMVND ]GHILQLRZDáD NDSLWDá SRGZ\ĪV]RQHJR U\]\ND ULVN FDSLWDO) jako ILQDQVRZDQLHNDSLWDáXZáDVQHJRVSyáHNZID]LHUR]UXFKXLUR]ZRMX
3,27532'6,$'à2
=DDQJDĪRZDQLH.RPLVML(XURSHMVNLHMZW\PREV]DU]HZ\QLND]]DJURĪHĔ]ZLą]DQ\FK
] QDGPLHUQ\P X]DOHĪQLDQLHP VLĊ ILUP XQLMQ\FK RG ILQDQVRZDQLD ZLHU]\FLHOVNLHJR
>.RPLVMD(XURSHMVND @.RPLVMD]DMPXMHVWDQRZLVNRĪHGODSHZQ\FKURG]DMyZ
SU]HGVLĊELRUVWZOXEW\FK]QDMGXMąF\FKVLĊQDRNUHĞORQ\PHWDSLHUR]ZRMXNRU]\VWQLHMV]H
MHVWZ\NRU]\VWDQLHNDSLWDáXDNF\MQHJRQLĪW\ONRĞURGNyZNUHG\WRZ\FK]ZáDV]F]D
Z NRQWHNĞFLH NRV]WyZ REVáXJL ]DGáXĪHQLD L QLHFKĊFL ZLHOX NUHG\WRGDZFyZ GR SR- QRV]HQLDU\]\ND>0HKWD V±@,QQ\PLVáRZ\RIHURZDQHSU]H]U\QHN
LQVWUXPHQW\ILQDQVRZHQLHGRNRĔFDRGSRZLDGDMąVSHF\ILFHLPRĪOLZRĞFLRPPDá\FK
LĞUHGQLFKSU]HGVLĊELRUVWZ'RW\F]\WRSU]HGHZV]\VWNLPW\FKRGXĪ\PSRWHQFMDOH
UR]ZRMXLQQRZDF\MQ\FKRSHUXMąF\FKZQLV]DFKU\QNRZ\FKOXEEXGXMąF\FKPDUNLGOD
VZRLFKSURGXNWyZ ILUPNWyUHNRQFHQWUXMąVLĊQDQRZDWRUVNLFKOHF]U\]\NRZQ\FK
SURMHNWDFK:SU]\SDGNXWDNLFKSU]HGVLĊELRUVWZQDMEDUG]LHMRGSRZLHGQLPILQDQVR- ZDQLHPMHVW]ZLĊNV]HQLHLFKNDSLWDáyZZáDVQ\FKSRSU]H]LQZHVW\FMHDQLRáyZEL]QHVX
RUD]ZHMĞFLDNDSLWDáRZHIXQGXV]\W\SXSULYDWHHTXLW\YHQWXUHFDSLWDOV 3(9( 3U]H- ZDJąWDNLHMIRUP\ILQDQVRZDQLDQDGWUDG\F\MQ\PLLQVWUXPHQWDPLGáXĪQ\PLMHVWEUDN
NRQLHF]QRĞFLSU]HGVWDZLDQLD]DEH]SLHF]HĔZSRVWDFLQS]DVWDZXF]\KLSRWHNLMDNWR
PDPLHMVFHZSU]\SDGNXSR]\VNLZDQLDNUHG\WXEDQNRZHJRJG\Ī]DEH]SLHF]HQLHP
MHVWXG]LDáZHZáDVQRĞFL,QZHVWRUVWDMHVLĊQLHW\ONRZVSyáZáDĞFLFLHOHPDOHLSDUW- QHUHPZEL]QHVLHNWyU\DNW\ZQLHZVSLHUDSU]HGVLĊELRUVWZRQDĞFLHĪFHMHJRUR]ZRMX
ZSURZDG]DMąF QRZRF]HVQH PHWRG\ ]DU]ąG]DQLD RUD] Z\NRU]\VWXMąF VZRMą ZLHG]Ċ
LNRQWDNW\EL]QHVRZH*G\SU]HGVLĊZ]LĊFLHNRĔF]\VLĊQLHSRZRG]HQLHPIXQGXV]RG- SRZLHGQLRXF]HVWQLF]\ZVWUDWDFK.RU]\VWDQLHSU]H]SU]HGVLĊELRUVWZR]ILQDQVRZDQLD
NDSLWDáHPSRGZ\ĪV]RQHJRU\]\NDSRZRGXMHĪH]PQLHMV]DVLĊVWRVXQHN]DGáXĪHQLD
GRNDSLWDáyZZáDVQ\FKDW\PVDP\PURĞQLH]GROQRĞüNUHG\WRZDSU]HGVLĊELRUVWZD
3U]\ILQDQVRZDQLXNUHG\WHPEDQNRZ\P]DGáXĪHQLHXWUXGQLDSR]\VNDQLHGDOV]\FK
ĞURGNyZQDUR]ZyMILUP\7\PVDP\PNDSLWDáSRGZ\ĪV]RQHJRU\]\NDVWDQRZLZDĪQ\
LQVWUXPHQWILQDQVRZDQLDPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZ)XQNFMRQXMąFHQDU\QNX
IXQGXV]H3(9(QLHVąMHGQDN]DLQWHUHVRZDQHLQZHVW\FMDPLRQLHZLHONLHMZDUWRĞFL
SRQLHZDĪNRV]W\SU]\JRWRZDQLDLPRQLWRURZDQLDPDá\FKSURMHNWyZLQZHVW\F\MQ\FK
QLHSU]HNUDF]DMąF\FKUyZQRZDUWRĞFLPOQHXURVąSRUyZQ\ZDOQH]NRV]WDPLSRQR- V]RQ\PLSU]\GXĪ\FKLQZHVW\FMDFK:UH]XOWDFLHSRMDZLDVLĊOXNDNDSLWDáRZDNWyUD
Z\QLND]WHJRĪHLQZHVWRZDQLHZSURMHNW\SRQLĪHMPOQHXURMHVWQLHRSáDFDOQHGOD
NRPHUF\MQ\FKIXQGXV]\NDSLWDáRZ\FK
&HOHPDUW\NXáXMHVWSU]HGVWDZLHQLHUDPXQLMQHMSROLW\NLSRPRF\SXEOLF]QHMSU]H- ]QDF]RQHMQD]DSHZQLHQLHNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND]SHUVSHNW\Z\UHDOL]RZD- QHMGRUVWUDWHJLLOL]ERĔVNLHMRUD]REHFQLHZGUDĪDQHMVWUDWHJLLÄ(XURSD´
,QZHVW\FMH 3(9( PDMą FKDUDNWHU ZáDĞFLFLHOVNL JG\Ī Z LFK Z\QLNX GRFKRG]L GR REMĊFLD Z SU]HG- VLĊELRUVWZLH XG]LDáyZ OXE DNFML SU]H] IXQGXV] 3(9( ]D]Z\F]DM MHVW WR SDNLHW ZLĊNV]RĞFLRZ\ 2]QDF]D
WRQDE\FLHSU]H]LQZHVWRUD IXQGXV] SUDZNRUSRUDF\MQ\FKWDNLFKMDNSUDZRGRLQIRUPDFMLLNRQWUROLRUD]
SUDZRGRZVSyáGHF\GRZDQLD
3202&38%/,&=1$:)250,(.$3,7$à832':<ĩ6=21(*25<=<.$«
=DZRGQRĞüU\QNXMDNRHNRQRPLF]QHX]DVDGQLHQLHSRPRF\SXEOLF]QHM
.RPLVMD (XURSHMVND X]QDáD ĪH ILQDQVRZDQLH ]H ĞURGNyZ SXEOLF]Q\FK G]LDáDĔ
] Z\NRU]\VWDQLHP NDSLWDáX SRGZ\ĪV]RQHJR U\]\ND SRZLQQR RJUDQLF]Dü VLĊ GR
UR]ZLą]\ZDQLDPRĪOLZ\FKGR]LGHQW\ILNRZDQLDSU]HMDZyZ]DZRGQRĞFLU\QNX=D- ZRGQRĞüU\QNXPRĪQDRNUHĞOLüMDNRV\WXDFMĊZNWyUHMHIHNW\ZQRĞüHNRQRPLF]QD
QLH]RVWDMHRVLąJQLĊWD]HZ]JOĊGXQDZDG\PHFKDQL]PXU\QNRZHJR0RĪHVLĊRQD
REMDZLDü Z QLH]GROQRĞFL V\VWHPX GR Z\WZDU]DQLD SRV]XNLZDQ\FK GyEU ± Z W\P
SU]\SDGNXU\QNXNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND±OXEQLHSUDZLGáRZ\PSRG]LDOH
]DVREyZ NWyU\ PRĪQD VNRU\JRZDü WDN DE\ SHZQL NRQVXPHQFL RGF]XOL SRSUDZĊ
D ĪDGHQ ] QLFK ± SRJRUV]HQLD VLĊ ZDUXQNyZ 3RQLHZDĪ ]JRGQLH ] WHRULą HNRQRPLL
U\QNLVą]QDWXU\U]HF]\ZSHZQ\PVHQVLH]DZRGQHFK\EDĪH]RVWDQąVWZRU]RQH
LGHDOQHZDUXQNLGODNRQNXUHQFMLSRMĊFLHÄ]DZRGQRĞüU\QNX´QDOHĪ\RJUDQLF]\üGR
SU]\SDGNyZZNWyU\FKVWZLHUG]DVLĊĪHPLDáDPLHMVFHSRZDĪQDQLHSUDZLGáRZRĞü
ZSRG]LDOH]DVREyZ,VWQLHMąGZDJáyZQHĨUyGáD]DZRGQRĞFLU\QNXPDMąFHSULRU\WHWRZH
]QDF]HQLHGODU\QNyZNDSLWDáXSRGZ\ĪV]RQHJRU\]\NDNWyUHV]F]HJyOQLHXWUXGQLDMą
GRVWĊSGRNDSLWDáXPDá\PLĞUHGQLPSU]HGVLĊELRUVWZRPRUD]ILUPRPQDZF]HVQ\P
HWDSLHUR]ZRMXRUD]X]DVDGQLDMąLQWHUZHQFMĊSDĔVWZDZW\P]DNUHVLH6ąWR
– QLHGRVNRQDáDLDV\PHWU\F]QDLQIRUPDFMD±SRWHQFMDOQLLQZHVWRU]\PDMąZLĊNV]H
WUXGQRĞFL Z JURPDG]HQLX ZLDU\JRGQ\FK LQIRUPDFML QD WHPDW SHUVSHNW\Z\ HNRQR- PLF]QHMSU]HGVLĊELRUVWZDVHNWRUD0ĝ3QLĪZSU]\SDGNXGXĪ\FKSRGPLRWyZ
– NRV]W\WUDQVDNF\MQH±GUREQHWUDQVDNFMHVąGODIXQGXV]\LQZHVW\F\MQ\FKPQLHM
DWUDNF\MQH]HZ]JOĊGXQDVWRVXQNRZRZ\VRNLHNRV]W\RFHQ\LQZHVW\FML
:UD]LHVWZLHUG]HQLD]DZRGQRĞFLU\QNX.RPLVMD(XURSHMVNDXVWDODF]\SURSRQR- ZDQHG]LDáDQLH]Z\NRU]\VWDQLHPNDSLWDáXSRGZ\ĪV]RQHJRU\]\NDMHVWSURSRUFMRQDOQH
GR]DNáDGDQHM]DZRGQRĞFLU\QNXRUD]SRGHMPXMHVWDUDQLDZFHOX]PLQLPDOL]RZDQLD
Z\VWĊSXMąF\FKQLHSUDZLGáRZRĞFL:Z\W\F]Q\FKZVSUDZLHSRPRF\ZFHOX]DSHZ- QLHQLDNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND>']8U]:(&] ']8U]
8( & ] '] 8U] 8( & ] @ .RPLVMD RSUDFRZDáD
ZDUXQNLGDMąFHSRGVWDZĊGRVWZLHUG]HQLDF]\SRPRFWHJRURG]DMXQLHQDUXV]D]DVDG
MHGQROLWHJRU\QNXHXURSHMVNLHJRF]HJRZ\]QDF]QLNLHPMHVWMHMGREUHXNLHUXQNRZD- QLH QD XVXZDQLH ]DZRGQRĞFL U\QNX Z\VWąSLHQLH HIHNWX ]DFKĊW\ SURSRUFMRQDOQRĞü
L MHG\QLH Z RJUDQLF]RQ\P ]DNUHVLH ]DNáyFDMąF\ ZSá\Z QD NRQNXUHQFMĊ L KDQGHO
PLĊG]\SDĔVWZDPLF]áRQNRZVNLPL:WDNLPSU]\SDGNXSR]\W\ZQHVNXWNLXG]LHOH- QLDSRPRF\SXEOLF]QHMSU]HZDĪDMąQDGQHJDW\ZQ\PMHMZSá\ZHPQDNRQNXUHQFMĊ
QDU\QNXZHZQĊWU]Q\P
3,27532'6,$'à2
3RGVWDZ\SUDZQHGRSXV]F]DOQRĞFLSRPRF\
QD]DSHZQLHQLHNDSLWDáXZ\VRNLHJRU\]\ND
*áyZQą SU]HVáDQNą QD NWyUHM SRGVWDZLH .RPLVMD (XURSHMVND PRĪHVWZLHUG]Lü
GRSXV]F]DOQRĞü G]LDáDĔ SRPRFRZ\FK ] Z\NRU]\VWDQLHP NDSLWDáX SRGZ\ĪV]RQHJR
U\]\NDMHVWIDNWĪHMHGQą]SU]HV]NyG]MDNLPLERU\NDVLĊVHNWRUPDá\FKLĞUHGQLFK
SU]HGVLĊELRUVWZVąWUXGQRĞFL]SR]\VNDQLHPNDSLWDáXLĞURGNyZNUHG\WRZ\FK1DM- ZDĪQLHMV]HSU]\F]\Q\WHJRVWDQXU]HF]\VWDQRZLąQLHGRVNRQDáDLQIRUPDFMDQLHFKĊü
LQZHVWRUyZLNUHG\WRGDZFyZGRSRGHMPRZDQLDU\]\NDRUD]RJUDQLF]RQHJZDUDQFMH
MDNLHPDáHLĞUHGQLHSU]HGVLĊELRUVWZDVąZVWDQLH]DRIHURZDü2FHQD]JRGQRĞFLSRPR- F\SXEOLF]QHMZVSLHUDMąFHMNDSLWDáSRGZ\ĪV]RQHJRU\]\ND]U\QNLHPZHZQĊWU]Q\P
RSDUWDMHVWQDZ\áąF]HQLXZDUXQNRZ\PZVND]DQ\PZDUWXVWOLWF 7UDNWDWX
RIXQNFMRQRZDQLX8QLL(XURSHMVNLHM 7)8( >']8U]8(&]@:H- GáXJWHJRSU]HSLVX]D]JRGQą]U\QNLHPZHZQĊWU]Q\PPRĪH]RVWDüX]QDQDSRPRF
SU]H]QDF]RQDQDZVSDUFLHUR]ZRMXQLHNWyU\FKURG]DMyZG]LDáDOQRĞFLJRVSRGDUF]HM
SRG ZDUXQNLHP ĪH QLH ]DNáyFD RQD NRQNXUHQFML L ZDUXQNyZ Z\PLDQ\ KDQGORZHM
PLĊG]\SDĔVWZDPLF]áRQNRZVNLPL3RPRFSDĔVWZDZVSLHUDMąFDLQZHVW\FMHNDSLWDáX
SRGZ\ĪV]RQHJRU\]\NDVSHáQLDSU]HVáDQNĊWHJRZ\áąF]HQLDSRQLHZDĪZW\PSU]\- SDGNX MHVW WR ZVSDUFLH RNUHĞORQHM G]LDáDOQRĞFL JRVSRGDUF]HM ± LQZHVW\FML NDSLWDáX
SRGZ\ĪV]RQHJRU\]\NDZLQQRZDF\MQHPDáHLĞUHGQLHSU]HGVLĊELRUVWZD
8 SRGVWDZ VWUDWHJLL UR]ZRMX XQLMQHJR U\QNX NDSLWDáX SRGZ\ĪV]RQHJR U\]\ND
OHĪ\NRQFHSFMDXWZRU]HQLDSRSU]H]G]LDáDQLDVWUXNWXUDOQHLKRU\]RQWDOQHRWRF]HQLD
VSU]\MDMąFHJR SRZVWDZDQLX L NRQW\QXRZDQLX G]LDáDOQRĞFL QRZ\FK ILUP >.RPLVMD
(XURSHMVND@2G]ZLHUFLHGODWRIDNWĪHGRVWDUF]DQLHNDSLWDáXSRGZ\ĪV]RQHJR
U\]\NDMHVW]DVDGQLF]RG]LDáDOQRĞFLąJRVSRGDUF]ąZ\PDJDMąFąSRGHMPRZDQLDRNUH- ĞORQ\FK GHF\]ML KDQGORZ\FK 3U]\ LVWQLHMąF\FK XZDUXQNRZDQLDFK HNRQRPLF]Q\FK
LEXGĪHWRZ\FKVDPHIXQGXV]HSXEOLF]QHQLHVąZVWDQLH]DSHZQLüSRNU\FLDFDáHJR
Z]URVWXSRGDĪ\NDSLWDáXSRGZ\ĪV]RQHJRU\]\ND*áyZQ\PZ\]ZDQLHPMHVW]DWHP
VWZRU]HQLHZDUXQNyZZNWyU\FKGXĪHUH]HUZ\NDSLWDáXSU\ZDWQHJREĊGąZ\NRU]\- VW\ZDQH QD ORNDOL]DFMĊ LQZHVW\FML Z W\P ]DNUHVLH 3DĔVWZR VWDMH VLĊ XF]HVWQLNLHP
U\QNX NDSLWDáX SRGZ\ĪV]RQHJR U\]\ND PDMąF QD FHOX SU]\FLąJQLĊFLH LQZHVWRUyZ
SU\ZDWQ\FKMDNL]ZLĊNV]HQLHLQZHVW\FMLZPDáHLĞUHGQLHSU]HGVLĊELRUVWZD8G]LDá
SDĔVWZD Z LQZHVW\FMDFK NDSLWDáX SRGZ\ĪV]RQHJR U\]\ND SRZRGXMH Z]URVW DWUDN- F\MQRĞFLGDQHMLQZHVW\FMLGODLQZHVWRUDSU\ZDWQHJRFRPRĪQDWáXPDF]\üHIHNWHP
OHZDURZDQLDLUR]áRĪHQLHPU\]\ND
=DGDQLHP ZáDG] SXEOLF]Q\FK QD V]F]HEOX NUDMRZ\P MHVW VNLHURZDQLH SRPRF\
SXEOLF]QHMQDZVSLHUDQLHUyĪQ\FKSURJUDPyZVáXĪąF\FK]ZLĊNV]DQLXSRGDĪ\NDSLWDáX
SRGZ\ĪV]RQHJRU\]\ND:áDĞFLZLHXNLHUXQNRZDQDLQJHUHQFMDSDĔVWZDZRJUDQL- F]RQ\PVWRSQLX]DNáyFDMąFDNRQNXUHQFMĊQDU\QNXVW\PXOXMHGDOV]\UR]ZyMU\QNX
'ODWHJRWHĪ.RPLVMDRSUDFRZDáD]DVDG\NWyUHZVND]XMąMDNSDĔVWZDF]áRQNRZVNLH
SRZLQQ\ ZVSLHUDü LQZHVW\FMH NDSLWDáX SRGZ\ĪV]RQHJR U\]\ND WDN DE\ Z W\ONR
RJUDQLF]RQ\VSRVyE]DNáyFDá\NRQNXUHQFMĊQDRGQRĞQ\PU\QNX2SUDFRZDQLHWDNLFK
3202&38%/,&=1$:)250,(.$3,7$à832':<ĩ6=21(*25<=<.$«
Z\W\F]Q\FK Z\QLNDáR ]H VSRVWU]HĪHQLD .RPLVML ĪH NDĪGH SDĔVWZR F]áRQNRZVNLH
SU]\SRGHMPRZDQLXGHF\]MLZVSUDZLHGRSXV]F]HQLDĞURGNyZSXEOLF]Q\FKZUDPDFK
G]LDáDĔQDU]HF]NDSLWDáXSRGZ\ĪV]RQHJRU\]\NDMHVWRJUDQLF]RQHZVZHMVZRERG]LH
SU]H]WU]\RGUĊEQHFKRüSRZLą]DQH]HVREąURG]DMHU\]\ND3LHUZV]HWRU\]\NRSR- PRF\]DND]DQHMNWyUHR]QDF]DĪHNRU]\ĞFLX]\VNDQHSU]H]EHQHILFMHQWyZSRPRF\
WM]DUyZQRSU]H]LQZHVWRUyZMDNLSU]HGVLĊELRUVWZDVSRZRGXMąQDUXV]HQLH]DVDG
NRQNXUHQFMLZREHFLFKNRQNXUHQWyZQDU\QNXZHZQĊWU]Q\P'UXJLHU\]\NRRNUHĞOD
VLĊPLDQHPU\]\NDELHUQHMPDV\F]\OLEUDNXF]\QQLNDPRW\ZDF\MQHJR-DNRWU]HFLH
ZVND]\ZDQH MHVW U\]\NR Z\SLHUDQLD NWyUH SROHJD QD W\P ĪH LVWQLHQLH SHZQ\FK
G]LDáDĔZVSLHUDQ\FKILQDQVRZRSU]H]ZáDG]HSXEOLF]QHPRĪHZLVWRFLH]QLHFKĊFLü
LQQ\FK SRWHQFMDOQ\FK LQZHVWRUyZ GR ]DSHZQLHQLD NDSLWDáX 'ODWHJR WHĪ Z\W\F]QH
.RPLVML Z VSUDZLH ZVSLHUDQLD SU]H] SDĔVWZR LQZHVW\FML NDSLWDáX SRGZ\ĪV]RQHJR
U\]\NDNLHURZDQ\FKGRPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZRSUDFRZDQRWDNDE\PRĪ- QDE\áRX]QDüĪHGDQ\ĞURGHNSRPRFRZ\MHVWXNLHUXQNRZDQ\QDQLHSUDZLGáRZRĞü
ZIXQNFMRQRZDQLXU\QNX]DZLHUDHIHNW]DFKĊW\MHVWNRQLHF]Q\LSURSRUFMRQDOQ\WDN
ZRGQLHVLHQLXGRFHOXGODNWyUHJR]RVWDMHZGURĪRQ\MDNL]DLVWQLDáHMQLHSUDZLGáRZR- ĞFLZIXQNFMRQRZDQLXU\QNXNWyUąPDQDSUDZLü=JRGQLH]]DVDGDPLWUDNWDWRZ\PL
SRPRFSXEOLF]QDZVSLHUDMąFDLQZHVW\FMHNDSLWDáXSRGZ\ĪV]RQHJRU\]\NDSRZLQQD
E\üNLHURZDQDGRLQQRZDF\MQ\FKPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZZSRF]ąWNRZ\FK
HWDSDFKUR]ZRMXG]LDáDOQRĞFLF]\OLRGID]\]DOąĪNRZHMSRSU]H]ID]ĊUR]UXFKXGR
fazy ekspansji3'RGDWNRZRZ]QRZHOL]RZDQ\FKZ\W\F]Q\FKNWyUH]DF]QąRERZLą- ]\ZDü OLSFD U >'] 8U] 8( & ] @ .RPLVMD MDNR RGELRUFyZ
WDNLHMSRPRF\ZVND]DáDPDáHVSyáNLRĞUHGQLHMNDSLWDOL]DFMLRUD]LQQRZDF\MQHVSyáNL
RĞUHGQLHMNDSLWDOL]DFML
:\VWąSLHQLH]DND]DQHMSRPRF\SXEOLF]QHM
3RQLHZDĪGRVWDUF]DQLHNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND]DVDGQLF]RVWDQRZLG]LD- áDOQRĞüJRVSRGDUF]ąDSDĔVWZDF]áRQNRZVNLHSRGHMPXMąG]LDáDQLDPDMąFHQDFHOX
ZVSLHUDQLHXGRVWĊSQLDQLDWHJRURG]DMXNDSLWDáXFRPRĪHSURZDG]LüGRQDUXV]HQLD
NRQNXUHQFMLNZHVWLą]DVDGQLF]ąMHVWRNUHĞOHQLHNLHG\G]LDáDQLD]PLHU]DMąFHGRGR- VWDUF]DQLDOXESURPRFMLNDSLWDáXSRGZ\ĪV]RQHJRU\]\NDQLHVąSRPRFąZUR]XPLHQLX
3 3U]H]QDF]HQLHLQZHVW\FMLNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND]RVWDáRGRNáDGQLH]GHILQLRZDQHQDNDĪG\P
]W\FKHWDSyZ:ID]LH]DOąĪNRZHMLQZHVW\FMDMHVWSU]H]QDF]DQDQDEDGDQLHLVWZRU]HQLHNRQFHSFMLSRF]ąWNRZHM
SURGXNWXDZID]LHUR]UXFKXQDRSUDFRZDQLHSURGXNWyZLSRF]ąWNRZHZSURZDG]HQLHLFKQDU\QHN:ID]LH
HNVSDQVMLSU]HGVLĊELRUVWZRMHVWEOLVNLHRVLąJQLĊFLDSURJXUHQWRZQRĞFLDLQZHVW\FMDNDSLWDáXSRGZ\ĪV]RQHJR
U\]\ND ]RVWDMH SU]H]QDF]RQD QD UR]V]HU]HQLH G]LDáDOQRĞFL SU]HGVLĊELRUVWZD Z GURG]H ]ZLĊNV]HQLD PRF\
SURGXNF\MQ\FKUR]ZRMXQRZ\FKSURGXNWyZLUR]SDWU]HQLDGDOV]\FKPRĪOLZRĞFLU\QNRZ\FK
0DáDVSyáNDRĞUHGQLHMNDSLWDOL]DFMLWRSU]HGVLĊELRUVWZR]DWUXGQLDMąFHQLHZLĊFHMQLĪ SUDFRZQLNyZ
NWyUHJRURF]QHREURW\QLHSU]HNUDF]DMąPOQHXUROXENWyUHJRURF]Q\ELODQVQLHSU]HNUDF]DPOQHXUR
=NROHLVSyáNDRĞUHGQLHMNDSLWDOL]DFMLGRFHOyZQLQLHMV]\FKZ\W\F]Q\FKR]QDF]DSU]HGVLĊELRUVWZRZNWyU\P
OLF]EDSUDFRZQLNyZMHVWQLHZLĊNV]DQLĪ
3,27532'6,$'à2
DUWXVW7)8(,QQ\PLVáRZ\QLHZV]\VWNLHG]LDáDQLDZáDG]SXEOLF]Q\FKSR- GHMPRZDQHQDU]HF]SURJUDPyZNDSLWDáXSRGZ\ĪV]RQHJRU\]\NDREMĊWHVąGHILQLFMą
SRPRF\SDĔVWZD]DZDUWHMZDUWXVW7UDNWDWXDW\PVDP\PSR]RVWDMąSRG
NRQWUROą.RPLVML(XURSHMVNLHMMDNRSRPRFRZH*HQHUDOQD]DVDGDMHVWWDNDĪHZVSLH- UDQLHXGRVWĊSQLDQLDNDSLWDáXSRGZ\ĪV]RQHJRU\]\NDQLHVWDQRZL]DND]DQHMSRPRF\
SXEOLF]QHMZV\WXDFMLJG\MHVWGRNRQ\ZDQH]JRGQLH]]DVDGąSU\ZDWQHJRLQZHVWRUD
G]LDáDMąFHJRZZDUXQNDFKJRVSRGDUNLU\QNRZHMOXESROHJDQDVWRVRZDQLXRJyOQ\FK
ĞURGNyZLQWHUZHQFMLDOERPDFKDUDNWHUSRPRF\GHPLQLPLV7DPJG]LHZVSLHUDQLH
XGRVWĊSQLDQLDNDSLWDáXSRGZ\ĪV]RQHJRU\]\NDVWDQRZLSRPRFSXEOLF]QąPRĪHWR
E\üSRPRFGODLQZHVWRUyZSRPRFSU]H]QDF]RQDQDLQVWUXPHQWSRĞUHGQLOXEIXQGXV]
RUD] SRPRF GOD SU]HGVLĊELRUVWZ EĊGąF\FK SU]HGPLRWHP LQZHVW\FML :\UyĪQLHQLH
PRĪOLZRĞFLZ\VWąSLHQLDSRPRF\SDĔVWZDZUR]XPLHQLXDUWXVW7)8(QDW\FK
WU]HFKSR]LRPDFKZ\QLND]NRQLHF]QRĞFLPRQLWRURZDQLDZVSDUFLDXG]LHODQHJRSU]H]
ZáDG]HSXEOLF]QH:SU]\SDGNXZVSDUFLDZIRUPLHGRWDFMLOXESRĪ\F]NL]Z\NOHQLH
PD SUREOHPyZ ]H VWZLHUG]HQLHP NWyUH SU]HGVLĊELRUVWZR MHVW SRWHQFMDOQLH EHQHIL- FMHQWHPDE\PyFXVWDOLüF]\PLDáPLHMVFHSU]\SDGHNXG]LHOHQLDSRPRF\SXEOLF]QHM
-HGQDNQLHNWyUHPHFKDQL]P\RSUDFRZDQHZFHOXSURPRZDQLDNDSLWDáXSRGZ\ĪV]R- QHJR U\]\ND Vą EDUG]LHM ]áRĪRQH SRQLHZDĪ ZáDG]H SXEOLF]QH WZRU]ą LQVWUXPHQW\
PRW\ZDF\MQH GOD MHGQHM JUXS\ SU]HGVLĊELRUFyZ LQZHVWRUyZ Z FHOX ]DSHZQLHQLD
ĞURGNyZILQDQVRZ\FKLQQHMJUXSLH QSPQLHMV]\PILUPRP =DOHĪQLHRGPHFKDQL]PX
SURSRQRZDQHJRG]LDáDQLDQDZHWZV\WXDFMLJG\LQWHQFMąZáDG]SXEOLF]Q\FKMHVWW\ONR
XG]LHOHQLHZVSDUFLDQDU]HF]WHMGUXJLHMJUXS\SU]HGVLĊELRUVWZDQDMHGQ\POXEREX
W\FKSR]LRPDFKPRJąE\üEHQHILFMHQWDPLSRPRF\SDĔVWZD
=JRGQLH]]DVDGąLQZHVWRUDSU\ZDWQHJRLQZHVW\FMDGRNRQDQDSU]\Z\NRU]\VWD- QLX]DVREyZSDĔVWZRZ\FKL]UHDOL]RZDQDQDZDUXQNDFKNWyUHE\á\E\PRĪOLZHGR
SU]\MĊFLD GOD LQZHVWRUD SU\ZDWQHJR G]LDáDMąFHJR Z UDPDFK JRVSRGDUNL U\QNRZHM
SU]\EUDNXMDNLHMNROZLHNLQJHUHQFML]HVWURQ\ZáDG]SXEOLF]Q\FKMHVWX]QDZDQD]D
GRNRQDQąZZDUXQNDFKU\QNRZ\FK,QQ\PLVáRZ\SU]\]DFKRZDQLX]DVDG\LQZH- VWRUDSU\ZDWQHJRSU]\LQZHVW\FMLZNDSLWDáSRGZ\ĪV]RQHJRU\]\NDQLHZ\VWĊSXMH
HOHPHQWSRPRF\SXEOLF]QHMSRQLHZDĪZWDNLPSU]\SDGNXSDĔVWZR]DFKRZXMHVLĊ
WDNMDNLQQLXF]HVWQLF\U\QNXQLHSU]HND]XMąFNRU]\ĞFLHNRQRPLF]QHMXF]HVWQLNRP
U\QNX:SU]\SDGNXLQZHVW\FMLNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND]DVDGDWDPXVLE\ü
]DFKRZDQDQDSR]LRPLHLQZHVWRUDIXQGXV]XLQZHVW\F\MQHJRRUD]SU]HGVLĊELRUVWZD
VHNWRUD0ĝ3NWyUHJRGRW\F]\GDQDLQZHVW\FMD63RPRFSXEOLF]QDZUR]XPLHQLXDUW
: SHZQ\FK SU]\SDGNDFK G]LDáDQLD SRGHMPRZDQH SU]H] GDQH SDĔVWZR F]áRQNRZVNLH SROHJDMą QD
XWZRU]HQLXVSHFMDOQHJRIXQGXV]XOXELQQHJRĞURGNDLQZHVW\F\MQHJRNWyU\PDRVRERZRĞüSUDZQąRGUĊEQąRG
LQZHVWRUyZLSU]HGVLĊELRUVWZEĊGąF\FKSU]HGPLRWHPLQZHVW\FML:yZF]DVNRQLHF]QHMHVWUyZQLHĪXVWDOHQLHF]\
GDQ\IXQGXV]OXEĞURGHNLQZHVW\F\MQ\PRĪHE\üXZDĪDQ\]DSU]HGVLĊELRUVWZRNRU]\VWDMąFH]SRPRF\SDĔVWZD
6 $E\LQZHVW\FMDNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND]RVWDáDX]QDQD]DGRNRQDQąQD]DVDGDFKU\QNRZ\FK
PXVLE\ü]UHDOL]RZDQDGOD]\VNXL]DU]ąG]DQDZHGáXJUHJXáNRPHUF\MQ\FKGHF\]MDRLQZHVW\FMLZSU]HGVLĊ- ELRUVWZRVHNWRUD0ĝ3MHVWSRGHMPRZDQDQDED]LHUR]VąGQHJRSODQXEL]QHVRZHJRRUD]ZVNDĨQLNyZU\QNRZ\FK
DMHGQRF]HĞQLH]RVWDáDRSUDFRZDQDMDVQDLUHDOLVW\F]QDVWUDWHJLDZ\MĞFLD]LQZHVW\FMLZ0ĝ3
3202&38%/,&=1$:)250,(.$3,7$à832':<ĩ6=21(*25<=<.$«
XVW7)8(Z\VWąSLZWHG\JG\FRQDMPQLHMQDMHGQ\P]Z\ĪHMZVND]DQ\FK
WU]HFK SR]LRPyZ G]LDáDQLH SRGMĊWH SU]H] SDĔVWZR EĊG]LH VSHáQLDáR Z VSRVyE NX- PXODW\ZQ\SU]HVáDQNLWUDQVIHUXĞURGNyZSDĔVWZRZ\FKVHOHNW\ZQRĞFLSU]\]QDQLD
NRU]\ĞFL HNRQRPLF]QHM RUD] U]HF]\ZLVWHJR OXE SRWHQFMDOQHJR ZSá\ZX ĞURGND QD
NRQNXUHQFMĊ L Z\PLDQĊ KDQGORZą PLĊG]\ SDĔVWZDPL F]áRQNRZVNLPL %LRUąF SRG
XZDJĊĪHĞURGNLZGUDĪDQHSU]H]SDĔVWZRQDU]HF]ZVSLHUDQLDLQZHVW\FMLNDSLWDáX
SRGZ\ĪV]RQHJRU\]\NDPDMąQDFHOXVWZRU]HQLH]DFKĊWVNLHURZDQ\FKGRLQZHVWRUD
SU\ZDWQHJRVNáDQLDMąF\FKJRGRGRNRQDQLDLQZHVW\FMLZSU]HGVLĊELRUVWZRVHNWRUD
0ĝ3NWyUHEH]LQJHUHQFMLSDĔVWZDQLHPLDá\E\PLHMVFDZDUXQHNWHQMHVWáDWZ\GR
VSHáQLHQLD
3ROLW\NDSRPRF\]SHUVSHNW\Z\VWUDWHJLLOL]ERĔVNLHM
LVWUDWHJLLÄ(XURSD´
: XMĊFLX VWUDWHJLL OL]ERĔVNLHM OXND NDSLWDáRZD ZVND]XMąFD QD LVWQLHQLH WUZDáHM
QLHSUDZLGáRZRĞFLU\QNXNDSLWDáRZHJRXQLHPRĪOLZLDMąFDGRSDVRZDQLHSRS\WXLSRGDĪ\
SRFHQLHDNFHSWRZDOQHMGODREXVWURQZ\ZLHUDQHJDW\ZQ\ZSá\Z]ZáDV]F]DQDVHNWRU
PDá\FK L ĞUHGQLFK SU]HGVLĊELRUVWZ = MHGQHM VWURQ\ GRW\F]\ RQD ZSURZDG]DMąF\FK
LQQRZDF\MQHUR]ZLą]DQLDSU]HGVLĊELRUVWZVHNWRUDZ\VRNLFKWHFKQRORJLLZHZF]HVQ\FK
ID]DFKUR]ZRMXFKDUDNWHU\]XMąF\FKVLĊGXĪ\PSRWHQFMDáHPZ]URVWXD]GUXJLHMILUP
ZUyĪQ\PZLHNX]UyĪQ\FKVHNWRUyZR]GHF\GRZDQLHPQLHMV]\PSRWHQFMDOHZ]URVWX
NWyUHQLHPRJąSR]\VNDüĨUyGHáILQDQVRZDQLDSURMHNWyZUR]V]HU]DQLDG]LDáDOQRĞFLEH]
NRU]\VWDQLD]]HZQĊWU]QHJRNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND(OHPHQWHPáąF]ąF\P
WHPDáHLĞUHGQLHSU]HGVLĊELRUVWZDMHVWWRĪHQLHVąRQHZVWDQLHX]\VNDüSRWU]HEQHJR
LPNDSLWDáXQDUR]ZLMDQLHG]LDáDOQRĞFLNWyUDZSU]\V]áRĞFLPRĪHJHQHURZDüGRFKRG\
Przy braku wymaganego zabezpieczenia i odpowiednio udokumentowanej historii NUHG\WRZHMPDMąLVWRWQHWUXGQRĞFL]GRVWĊSHPGRNUHG\WXEDQNRZHJR(WDSUR]ZRMX
G]LDáDOQRĞFLXQLHPRĪOLZLDLPSR]\VNDQLHĞURGNyZ]U\QNXNDSLWDáRZHJRQSZGURG]H
HPLVML DNFML 'RGDWNRZR SU\ZDWQL LQZHVWRU]\ ± QS IXQGXV]H LQZHVW\F\MQH ± QLH- FKĊWQLHSRGFKRG]ąGRLQZHVW\FMLZPDáHLĞUHGQLHSU]HGVLĊELRUVWZD]SRZRGXGRĞü
GXĪHJRU\]\NDWRZDU]\V]ąFHJRLQZHVW\FMLZVWRVXQNXGRRF]HNLZDQHMVWRS\]ZURWX
D WDNĪH ] SRZRGX REFLąĪHĔ DGPLQLVWUDF\MQ\FK SU]\ VWRVXQNRZR PDáHM ZLHONRĞFL
UHDOL]RZDQHMLQZHVW\FMLSUREOHPyZ]ZLą]DQ\FK]X]\VNDQLHPSHáQ\FKLQIRUPDFML
GRW\F]ąF\FKPRĪOLZRĞFLUR]ZRMRZ\FKILUP\LZ\VRNLFKNRV]WyZPRQLWRURZDQLDRUD]
ZVSLHUDQLDUR]ZRMXSU]HGVLĊELRUVWZDZSU]\SDGNXGRNRQDQLDLQZHVW\FML>3LHFKXFND
V@
1LHZ\VWDUF]DMąF\SR]LRPLQZHVW\FMLZSRWHQFMDOQLHGRFKRGRZHPDáHLĞUHGQLH
SU]HGVLĊELRUVWZD NWyUH Z ]DáRĪHQLDFK VWUDWHJLL OL]ERĔVNLHM VWDQRZLá\ ORNRPRW\ZĊ
Z]URVWX LQQRZDF\MQHM JRVSRGDUNL ]GHWHUPLQRZDá NRQLHF]QRĞü ]DDQJDĪRZDQLD
SDĔVWZDZHZVSLHUDQLHLQZHVW\FMLNLHURZDQ\FKGRWHMJUXS\SRGPLRWyZVSU]\MDMąF
LP Z WHQ VSRVyE D F]DVHP QDZHW XPRĪOLZLDMąF GDOV]\ UR]ZyM : W\P NRQWHNĞFLH
3,27532'6,$'à2
.RPLVMDXVWDQRZLáDW]ZSUyJEH]SLHF]HĔVWZDZZ\VRNRĞFLPOQHXURQDGRFHORZH
SU]HGVLĊELRUVWZRVHNWRUD0ĝ372VWDWHF]QLHZ]ZLą]NX]HVNXWNDPLNU\]\VXILQDQ- VRZHJRLJRVSRGDUF]HJR]USUyJWHQSRGZ\ĪV]RQRGRPOQHXUR>']8U]
8(& ]@.RPLVMDX]QDMHZLĊF]DVDGQLF]RĪHGRWHJRSXáDSXQDU\QNX
NDSLWDáXSRGZ\ĪV]RQHJRU\]\NDEUDNMHVWDOWHUQDW\ZQ\FKĞURGNyZILQDQVRZDQLDFR
]QDF]\ĪHU\QHNIXQNFMRQXMHQLHSUDZLGáRZRĝURGNLWHVSU]\MDMąWZRU]HQLXIXQGXV]\
YHQWXUH FDSLWDO RUD] LQZHVWRZDQLX Z G\QDPLF]QLH UR]ZLMDMąFH VLĊ PDáH L ĞUHGQLH
SU]HGVLĊELRUVWZD0DWRV]F]HJyOQH]QDF]HQLHZV\WXDFMLJRVSRGDUF]HMNWyUD]ZLĊNV]D
QLHFKĊüVHNWRUDILQDQVRZHJRZ(XURSLHGRSRQRV]HQLDU\]\ND
5HDOL]DFMDFHOXMDNLPMHVWGRVWĊSGRILQDQVRZDQLDGOD0ĝ3OHĪ\ZHZVSyOQ\P
LQWHUHVLHVWDQRZLąFUyZQLHĪSRGVWDZĊVWUDWHJLLÄ(XURSD´>.RPLVMD(XURSHMVND
D@±]RVWDá\ZQLHMRNUHĞORQHUDP\VWUDWHJLF]QHQRZHJRSRGHMĞFLDGRSROLW\NL
SU]HP\VáRZHM NWyUH SRZLQQR VSRZRGRZDü G\QDPLF]Q\ Z]URVW JRVSRGDUNL 8QLL
(XURSHMVNLHM L ]ZLĊNV]\ü MHM NRQNXUHQF\MQRĞü : NRPXQLNDFLH W\P SRGNUHĞOD VLĊ
]QDF]HQLHSRSUDZ\GRVWĊSXGRILQDQVRZDQLDGODSU]HGVLĊELRUVWZ]ZáDV]F]D0ĝ3
:V]F]HJyOQRĞFLFHOHPLQLFMDW\Z\SU]HZRGQLHMÄ8QLDLQQRZDFML´>.RPLVMD(XURSHMVND
E@MHVWSRSUDZDZDUXQNyZUDPRZ\FKLGRVWĊSXGRILQDQVRZDQLDEDGDĔLLQQRZD- FMLWDNE\LQQRZDF\MQHUR]ZLą]DQLDSU]HUDG]Dá\VLĊZQRZHSURGXNW\LXVáXJLNWyUH
]NROHLSU]\F]\QLąVLĊGRZ]URVWXJRVSRGDUF]HJRLWZRU]HQLDQRZ\FKPLHMVFSUDF\
3RQDGWRLQLFMDW\ZDSU]HZRGQLDÄ3ROLW\NDSU]HP\VáRZDZHU]HJOREDOL]DFML´>.RPLVMD
(XURSHMVNDF@PDVáXĪ\üSRSUDZLHRWRF]HQLDEL]QHVXV]F]HJyOQLHZRGQLHVLH- QLXGR0ĝ3RUD]ZVSLHUDQLXUR]ZRMXVLOQHML]UyZQRZDĪRQHMED]\SU]HP\VáRZHM
SU]\JRWRZDQHM GR NRQNXURZDQLD QD U\QNDFK ĞZLDWRZ\FK 3ODQ G]LDáDQLD QD U]HF]
]DVRERRV]F]ĊGQHM (XURS\ >.RPLVMD (XURSHMVND D@ ]DZLHUD ] NROHL ZH]ZDQLH
GR XVWDQRZLHQLD ZDUXQNyZ UDPRZ\FK Z FHOX ]ZLĊNV]HQLD SHZQRĞFL LQZHVWRUyZ
L]DSHZQLHQLDOHSV]HJRGRVWĊSXGRĨUyGHáILQDQVRZDQLDGODSU]HGVLĊELRUVWZNWyUH
SURZDG]ąHNRORJLF]QHLQZHVW\FMHSRVWU]HJDQHMDNREDUG]LHMU\]\NRZQHOXEPDMąFH
GáXĪV]\RNUHV]ZURWX1DOHĪ\PLHüWDNĪHQDXZDG]HĪHZSURJUDPLHÄ6PDOO%XVLQHVV
$FW´>.RPLVMD(XURSHMVND@RNUHĞORQRV]HUHJ]DVDGSU]HZRGQLFKZRGQLHVLHQLX
GRNRPSOHNVRZHMSROLW\NLNWyUDPDZVSLHUDüUR]ZyM0ĝ3-HGQą]W\FKUHJXáVWDQRZL
XáDWZLHQLHGRVWĊSXGRILQDQVRZDQLDGOD0ĝ3=DVDGDWDMHVWUyZQLHĪRG]ZLHUFLHGORQD
Z$NFLHRMHGQROLW\PU\QNX>.RPLVMD(XURSHMVNDE@
:W\PNRQWHNĞFLHZRNUHĞORQ\PZUÄ3ODQLHG]LDáDQLDQDU]HF]XáDWZLHQLD
GRVWĊSXGRILQDQVRZDQLDGOD0ĝ3´>.RPLVMD(XURSHMVNDF@LZUDPDFKGHEDW\
UR]SRF]ĊWHM Z U ]LHORQą NVLĊJą Z VSUDZLH GáXJRWHUPLQRZHJR ILQDQVRZDQLD
JRVSRGDUNLHXURSHMVNLHM>.RPLVMD(XURSHMVND@X]QDQRĪHZ]URVWJRVSRGDUNL
8QLL (XURSHMVNLHM ]DOHĪ\ Z GXĪ\P VWRSQLX RG WHJR F]\ 0ĝ3 EĊGą VLĊ UR]ZLMDü
7 3UyJ EH]SLHF]HĔVWZD QDOHĪ\ LQWHUSUHWRZDü Z WHQ VSRVyE ĪH ĞURGHN SRPRF\ Z FHOX ]DSHZQLHQLD
NDSLWDáXSRGZ\ĪV]RQHJRU\]\NDPXVLSU]HZLG\ZDüWUDQV]HNDSLWDáX±ZFDáRĞFLOXEF]ĊĞFLRZRILQDQVRZDQH
ZUDPDFKSRPRF\SDĔVWZD±NWyU\FKZ\VRNRĞüQLHSU]HNUDF]DPOQHXURQDGRFHORZHSU]HGVLĊELRUVWZR
VHNWRUD0ĝ3ZRNUHVLHGZXQDVWXPLHVLĊF\
3202&38%/,&=1$:)250,(.$3,7$à832':<ĩ6=21(*25<=<.$«
ZREHF SRZDĪQ\FK WUXGQRĞFL ] X]\VNDQLHP ILQDQVRZDQLD : FHOX VSURVWDQLD WHPX
Z\]ZDQLXSRGMĊWROXE]DSURSRQRZDQRLQLFMDW\Z\SROLW\F]QHVáXĪąFHWHPXDE\0ĝ3
VWDá\VLĊEDUG]LHMZLGRF]QHGODLQZHVWRUyZDU\QNLILQDQVRZHEDUG]LHMDWUDNF\MQH
L GRVWĊSQH GOD 0ĝ3 : W\P PLHMVFX QDOHĪ\ ZVND]Dü GZLH LQLFMDW\Z\ GRW\F]ąFH
IXQGXV]\LQZHVW\F\MQ\FKWMUR]SRU]ąG]HQLHZVSUDZLHIXQGXV]\NDSLWDáXZ\VRNLH- JRU\]\NDZ8QLL>']8U]8(/]@NWyUHXPRĪOLZLDIXQGXV]RP
YHQWXUH FDSLWDO Z 8QLL ZSURZDG]DQLH LFK ĞURGNyZ GR REURWX RUD] SR]\VNLZDQLH
NDSLWDáX QD FDá\P U\QNX ZHZQĊWU]Q\P RUD] ZQLRVHN GRW\F]ąF\ UR]SRU]ąG]HQLD
Z VSUDZLH HXURSHMVNLFK GáXJRWHUPLQRZ\FK IXQGXV]\ LQZHVW\F\MQ\FK >&20
ILQDO &2' @NWyUHJRFHOHPMHVWZSURZDG]HQLHZDUXQNyZUDPRZ\FK
XáDWZLDMąF\FKIXQNFMRQRZDQLHSU\ZDWQ\FKIXQGXV]\LQZHVW\F\MQ\FKZ\PDJDMąF\FK
GáXJRWHUPLQRZHJR]DDQJDĪRZDQLD]HVWURQ\LQZHVWRUyZ3R]DZVSRPQLDQ\PLV]F]H- JyáRZ\PLUR]SRU]ąG]HQLDPLUDP\UHJXODF\MQHGRW\F]ąFH]DU]ąG]DQLDIXQGXV]DPL
LQZHVW\F\MQ\PLDNW\ZQ\PLZ]DNUHVLHILQDQVRZDQLDU\]\NDWDNLPLMDNIXQGXV]H
SULYDWH HTXLW\ RUD] LFK IXQNFMRQRZDQLD SU]HGVWDZLRQR Z G\UHNW\ZLH Z VSUDZLH
]DU]ąG]DMąF\FKDOWHUQDW\ZQ\PLIXQGXV]DPLLQZHVW\F\MQ\PL ÄG\UHNW\ZDZVSUDZLH
=$),´ >']8U]8(/]@
Zgodnie z tymi inicjatywami politycznymi Komisja Europejska zamierza wyko- U]\VWDüEXGĪHW8QLL(XURSHMVNLHMZFHOXXáDWZLHQLD0ĝ3GRVWĊSXGRILQDQVRZDQLD
WDNDE\XVXQąüVWUXNWXUDOQHQLHGRVNRQDáRĞFLU\QNXNWyUHRJUDQLF]DMąZ]URVW0ĝ3
:W\PFHOXSU]HGVWDZLRQRZQLRVNLVáXĪąFH]ZLĊNV]HQLXZ\NRU]\VWDQLD ZNRQWHNĞFLH
ZLHOROHWQLFKUDPILQDQVRZ\FKQDODWD± QRZ\FKLQVWUXPHQWyZILQDQVRZ\FK
WDNLFKMDNLQVWUXPHQW\ILQDQVRZHQLHEĊGąFHGRWDFMDPLNWyUHPRJąSU]\EUDüIRUPĊ
LQVWUXPHQWyZ GáXĪQ\FK SRĪ\F]HN JZDUDQFML OXE NDSLWDáRZ\FK LQVWUXPHQWyZ
F]\VWRNDSLWDáRZ\FKTXDVLNDSLWDáRZ\FKLQVWUXPHQWyZLQZHVW\F\MQ\FKOXELQQ\FK
LQVWUXPHQWyZSRG]LDáXU\]\ND 3UyEĊSRSUDZ\Z\NRU]\VWDQLDĞURGNyZSXEOLF]Q\FK
]D SRPRFą PHFKDQL]PyZ ILQDQVRZDQLD RSDUW\FK QD SRG]LDOH U\]\ND EĊGą VWDQR- ZLá\ Z V]F]HJyOQRĞFL XQLMQH SURJUDP\ ILQDQVRZDQLD &260( >'] 8U] /
]@LÄ+RU\]RQW´>']8U]8(/]@%ĊGą]QLFK
PRJá\NRU]\VWDü0ĝ3QDHWDSLHUR]UXFKXZ]URVWXLSU]HQRV]HQLDZáDVQRĞFLRUD]PDáH
VSyáNLRĞUHGQLHMNDSLWDOL]DFMLDWDNĪHLQQRZDF\MQHVSyáNLRĞUHGQLHMNDSLWDOL]DFML]H
V]F]HJyOQ\PQDFLVNLHPQDG]LDáDQLDVáXĪąFH]DSHZQLHQLXVSyMQHJRZVSDUFLDU\QNX
G]LĊNLLQQRZDFMRP]XZ]JOĊGQLHQLHPZ\NRU]\VWDQLDZ\QLNyZZREV]DU]HEDGDĔ
LUR]ZRMXQDVNDOĊSU]HP\VáRZą8
8 3RQDGWRZFHOXSRSUDZ\GRVWĊSXGRILQDQVRZDQLDSRĪ\F]NRZHJR.RPLVMD(XURSHMVNL)XQGXV],Q- ZHVW\F\MQ\RUD](XURSHMVNL%DQN,QZHVW\F\MQ\ZVSyOQLHXWZRU]\á\VSHFMDOQ\LQVWUXPHQWSRG]LDáXU\]\ND
ZUDPDFK6LyGPHJRSURJUDPXUDPRZHJRZ]DNUHVLHEDGDĔ Ä35´ ,QVWUXPHQWSRG]LDáXU\]\NDSR]ZROL
QDXG]LHODQLHF]ĊĞFLRZ\FKJZDUDQFMLSRĞUHGQLNRPILQDQVRZ\PZUDPDFKPHFKDQL]PXSRG]LDáXU\]\NDFR
EĊG]LHRJUDQLF]DáRLFKU\]\NRILQDQVRZHL]DFKĊFDáRGRXG]LHOHQLDSRĪ\F]HNQDU]HF]0ĝ3SURZDG]ąF\FK
G]LDáDOQRĞüZ]DNUHVLHEDGDĔUR]ZRMXOXELQQRZDFML:LĊFHMLQIRUPDFMLQDVWURQLHLQWHUQHWRZHM KWWS ZZZ
HLIRUJZKDWBZHBGRJXDUDQWHHV56,LQGH[KWP
3,27532'6,$'à2
=DNRĔF]HQLH
.ZHVWLDRGG]LDá\ZDQLDSRPRF\SXEOLF]QHMQDILQDQVRZDQLHNDSLWDáXSRGZ\ĪV]R- QHJRU\]\NDMHVWLVWRWQD]SXQNWXZLG]HQLD]DSHZQLHQLDZLĊNV]HMHODVW\F]QRĞFLWHJR
W\SXILQDQVRZDQLD1DOHĪ\GąĪ\üGRRVLąJQLĊFLDUyZQRZDJLPLĊG]\FHOHPMDNLPMHVW
Z\HOLPLQRZDQLHQLHSUDZLGáRZRĞFLQDU\QNXSROHJDMąF\FKQDGRVWDUF]DQLXPDá\P
LĞUHGQLPSU]HGVLĊELRUVWZRPVWRVXQNRZRQLHZLHONLHJRNDSLWDáXZID]LHSRF]ąWNRZHM
LFKUR]ZRMXLXUXFKDPLDQLDG]LDáDOQRĞFLDWDNĪH]P\ĞOąRLFKSRWHQFMDOHLQQRZD- F\MQ\PDU\]\NLHPĪHZLĊNV]DHODVW\F]QRĞüPRĪHGRSURZDG]LüGRSU]H]QDF]DQLD
ZLĊNV]HMLORĞFLNDSLWDáXQDILQDQVRZDQLHSyĨQLHMV]\FKHWDSyZUR]ZRMXJG\NDSLWDá
SU\ZDWQ\MHVWRZLHOHáDWZLHMGRVWĊSQ\LQLHPDMXĪSRWU]HE\LQWHUZHQFML]HVWURQ\
SDĔVWZD
1LHZąWSOLZLH RJUDQLF]RQD GRVWĊSQRĞü ILQDQVRZDQLD VWDQRZL ]QDF]ąFą SU]H- V]NRGĊZ]DNáDGDQLXLUR]ZLMDQLXSU]HGVLĊELRUVWZZ8QLL(XURSHMVNLHMERZLHPLFK
ILQDQVRZDQLHZ(XURSLHRSLHUDVLĊZ]E\WGXĪ\PVWRSQLXQDSRĪ\F]NDFKDZ]E\W
PDá\P QD NDSLWDOH SRGZ\ĪV]RQHJR U\]\ND 8WUXGQLD WR V]F]HJyOQLH SU]HGVLĊELRU- VWZRPVHNWRUD0ĝ3SU]\FLąJQLĊFLHZ\VWDUF]DMąF\FK IXQGXV]\SRQLHZDĪQLHPRJą
RQHVSURVWDüZ\PRJRPVWDZLDQ\PSU]H]WUDG\F\MQHLQVW\WXFMHILQDQVRZHZ]DNUHVLH
]DEH]SLHF]HĔ0RĪQD]DWHPSRZLHG]LHüĪHRWRF]HQLHLQZHVW\FML]XG]LDáHPNDSLWDáX
SRGZ\ĪV]RQHJRU\]\NDZ\PDJDGDOV]HMSRSUDZ\DSRWHQFMDOQ\FKLQZHVWRUyZSRZLQQR
VLĊEDUG]LHM]DFKĊFDüGRGáXJRWHUPLQRZHJR]DDQJDĪRZDQLDZUR]ZyMSU]HGVLĊELRUVWZ
UR]SRF]\QDMąF\FKG]LDáDOQRĞü.RPLVMD(XURSHMVNDGRVWU]HJDSRWU]HEĊDNW\ZQHMUROL
SDĔVWZDZHZGUDĪDQLXĞURGNyZSRPRF\SXEOLF]QHMZVSLHUDMąF\FKLQZHVW\FMHNDSLWDáX
SRGZ\ĪV]RQHJRU\]\NDZPDáHLĞUHGQLHSU]HGVLĊELRUVWZDZHZF]HVQ\FKID]DFKUR]- ZRMXNWyUHVąXNLHUXQNRZDQHQDQLZHORZDQLHQLHSUDZLGáRZRĞFLZIXQNFMRQRZDQLX
U\QNXĝURGNLWDNLH]DZLHUDMąFHMHGQRF]HĞQLHHIHNW]DFKĊW\GODLQZHVWRUDSU\ZDW- QHJRGRGRNRQDQLDLQZHVW\FMLOXE]ZLĊNV]HQLDMHMUR]PLDUyZRUD]SURSRUFMRQDOQHGR
VWDZLDQHJRLPFHOXPRJąVSU]\MDü]DUyZQRUR]ZRMRZLPDá\FKLĞUHGQLFKSU]HGVLĊ- ELRUVWZMDNLVDPHJRU\QNXNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND3RQDGWRLQWHUZHQFMD
ZáDG]SXEOLF]Q\FKNWyUDEĊG]LHSROHJDüQDZVSLHUDQLXRUD]LQLFMRZDQLXLQZHVW\FML
UHDOL]RZDQ\FK SU]H] LQZHVWRUyZ SU\ZDWQ\FK Z UDPDFK ĞURGNyZ ]DU]ąG]DQ\FK QD
]DVDGDFKU\QNRZ\FKPRĪHMHGQRF]HĞQLHZPQLHMV]\PVWRSQLXQHJDW\ZQLHZSá\ZDü
QD NRQNXUHQFMĊ QD U\QNX QLĪ PD WR PLHMVFH Z SU]\SDGNX EH]SRĞUHGQLFK GRWDFML
XG]LHODQ\FKSU]H]SDĔVWZR
%LEOLRJUDILD
'\UHNW\ZD8(]GQLDF]HUZFDUZVSUDZLH]DU]ąG]DMąF\FKDOWHUQDW\ZQ\PLIXQ- GXV]DPLLQZHVW\F\MQ\PLL]PLDQ\G\UHNW\Z:(L :(RUD]UR]SRU]ąG]HĔ :( QU L 8( QU ']8U]8(/]
3202&38%/,&=1$:)250,(.$3,7$à832':<ĩ6=21(*25<=<.$«
.RPLVMD(XURSHMVND (FRQRPLFUHIRUP UHSRUWRQWKHIXQFWLRQLQJRI&RPPXQLW\SURGXFW
DQGFDSLWDOPDUNHWV%UXVVHOV&20 ILQDO
.RPLVMD(XURSHMVND 5DSRUW]UHDOL]DFMLSODQXG]LDáDQLDQDU]HF]NDSLWDáXZVSyOQHJRU\]\ND
&20 ZHUVMDRVWDWHF]QD
.RPLVMD(XURSHMVND 1DMSLHUZP\ĞOQDPDáąVNDOĊ±3URJUDP6PDOO%XVLQHVV$FWGOD(XURS\
&20 ZHUVMDRVWDWHF]QD]
.RPLVMD(XURSHMVND D (XURSD±6WUDWHJLDQDU]HF]LQWHOLJHQWQHJRL]UyZQRZDĪRQHJR
UR]ZRMXVSU]\MDMąFHJRZáąF]HQLXVSRáHF]QHPX&20 ZHUVMDRVWDWHF]QD]
.RPLVMD(XURSHMVND E 3URMHNWSU]HZRGQLVWUDWHJLL(XURSD±8QLDLQQRZDFML&20
ZHUVMDRVWDWHF]QD]
.RPLVMD(XURSHMVND F =LQWHJURZDQDSROLW\NDSU]HP\VáRZDZHU]HJOREDOL]DFML&20
]
.RPLVMD(XURSHMVND D 3ODQG]LDáDQLDQDU]HF]]DVRERRV]F]ĊGQHM(XURS\&20
ZHUVMDRVWDWHF]QD]
.RPLVMD(XURSHMVND E $NWRMHGQROLW\PU\QNX±'ZDQDĞFLHGĨZLJQLQDU]HF]SREXG]HQLD
Z]URVWXJRVSRGDUF]HJRLZ]PRFQLHQLD]DXIDQLD±:VSyOQLHQDU]HF]QRZHJRZ]URVWXJRVSRGDU
F]HJR&20 ZHUVMDRVWDWHF]QD]
.RPLVMD(XURSHMVND F 3ODQG]LDáDQLDQDU]HF]XáDWZLHQLDGRVWĊSXGRILQDQVRZDQLDGOD0ĝ3
&20 ZHUVMDRVWDWHF]QD]
.RPLVMD(XURSHMVND =LHORQDNVLĊJD GáXJRWHUPLQRZHILQDQVRZDQLHJRVSRGDUNLHXURSHMVNLHM
&20 ILQDO]
.RPXQLNDW.RPLVML:(GRW\F]ąF\SRPRF\SDĔVWZDDNDSLWDáXSRGZ\ĪV]RQHJRU\]\ND']8U]
:(&]
.RPXQLNDW.RPLVML]PLHQLDMąF\Z\W\F]QHZVSyOQRWRZHZVSUDZLHSRPRF\SDĔVWZDQDZVSLHUDQLH
LQZHVW\FMLNDSLWDáXSRGZ\ĪV]RQHJRU\]\NDZPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZDFK']8U]8(
& ]
0HKWD & 5LVN FDSLWDO >Z @ . %DFRQ (XURSHDQ &RPPXQLW\ /DZ RI 6WDWH $LG 2[IRUG
8QLYHUVLW\3UHVV2[IRUG±1HZ<RUN
3LHFKXFND. 3DĔVWZRU\]\NDQW"3RPRFSDĔVWZDQDU]HF]ZVSLHUDQLDLQZHVW\FMLNDSLWDáX
SRGZ\ĪV]RQHJRU\]\NDZPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZDFK>Z @%.XUF] UHG 3UDZRLHNR
QRPLDNRQNXUHQFML:\EUDQH]DJDGQLHQLD:ROWHUV.OXZHU3ROVND:DUV]DZD
5LVNFDSLWDO DNH\WRMREFUHDWLRQLQWKH(XURSHDQ8QLRQ%UXVVHOV 6(& ILQDO
5R]SRU]ąG]HQLH3DUODPHQWX(XURSHMVNLHJRL5DG\ 8( QU]GQLDNZLHWQLDU
w sprawie europejskich funduszy YHQWXUHFDSLWDO']8U]8(/]
5R]SRU]ąG]HQLH3DUODPHQWX(XURSHMVNLHJRL5DG\ 8( QU]GQLDJUXGQLDU
XVWDQDZLDMąFHSURJUDPQDU]HF]NRQNXUHQF\MQRĞFLSU]HGVLĊELRUVWZRUD]PDá\FKLĞUHGQLFKSU]HG- VLĊELRUVWZ &260( ± LXFK\ODMąFHGHF\]MĊQU :(']8U]8(/
]
5R]SRU]ąG]HQLH3DUODPHQWX(XURSHMVNLHJRL5DG\ 8( QU ]GQLDJUXGQLDU
XVWDQDZLDMąFH Ä+RU\]RQW ´ ± SURJUDP UDPRZ\ Z ]DNUHVLH EDGDĔ QDXNRZ\FK L LQQRZDFML
± RUD]XFK\ODMąFHGHF\]MĊQU :(']8U]8(/]
7UDNWDWR8QLL(XURSHMVNLHML7UDNWDWRIXQNFMRQRZDQLX8QLL(XURSHMVNLHMZHUVMHVNRQVROLGRZDQH
±']8U]8(&]
:QLRVHN GRW\F]ąF\ UR]SRU]ąG]HQLD 3DUODPHQWX (XURSHMVNLHJR L 5DG\ Z VSUDZLH HXURSHMVNLFK
GáXJRWHUPLQRZ\FKIXQGXV]\LQZHVW\F\MQ\FK&20 ILQDO &2'
:\W\F]QHZVSyOQRWRZHZVSUDZLHSRPRF\SDĔVWZDQDZVSLHUDQLHLQZHVW\FMLNDSLWDáXSRGZ\Ī- V]RQHJRU\]\NDZPDá\FKLĞUHGQLFKSU]HGVLĊELRUVWZDFK']8U]8(& ]
:\W\F]QH8QLLZVSUDZLHSRPRF\SDĔVWZDQDU]HF]SURPRZDQLDLQZHVW\FMLZ]DNUHVLHILQDQVR- ZDQLDU\]\ND']8U]8(& ]
3,27532'6,$'à2
7KHVWDWHDLGLQWKHIRUPRIULVNFDSLWDOJUDQWHGWRVPDOODQGPHGLXPVL]HG
HQWHUSULVHVLQWKH(XURSHDQ8QLRQ
The aim of this article is to present the conditions of admissibility of state aid in the European 8QLRQZLWKSDUWLFXODUHPSKDVLVRQKRUL]RQWDODLGJUDQWHGLQWKHIRUPRIULVNFDSLWDO(QFRXUDJLQJWKH
GHYHORSPHQWDQGH[SDQVLRQRIQHZEXVLQHVVHVHVSHFLDOO\LQQRYDWLYHDQGKLJKJURZWKEXVLQHVVHVFDQ
KDYHDJUHDWSRWHQWLDOWRFUHDWHMREV7KHUHIRUHDQHIILFLHQWULVNILQDQFHPDUNHWIRU60(VLVFUXFLDOIRU
HQWUHSUHQHXULDOFRPSDQLHVWREHDEOHWRDFFHVVWKHQHFHVVDU\IXQGLQJDWHDFKVWDJHRIWKHLUGHYHORSPHQW
7KHH[LVWHQFHRIDILQDQFLQJJDSDIIHFWLQJ60(VVPDOOPLGFDSVDQGLQQRYDWLYHPLGFDSVPD\MXVWLI\
SXEOLFVXSSRUWPHDVXUHVLQFOXGLQJWKURXJKWKHJUDQWRI6WDWHDLGLQFHUWDLQVSHFLILFFLUFXPVWDQFHV,I
SURSHUO\WDUJHWHG6WDWHDLGWRVXSSRUWWKHSURYLVLRQRIULVNILQDQFHWRWKRVHFRPSDQLHVFDQEHDQHIIHF- WLYHPHDQVWRDOOHYLDWHWKHLGHQWLILHGPDUNHWIDLOXUHVDQGWROHYHUDJHSULYDWHFDSLWDO
