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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„„Ǥ͹ǤʹǤ͹ͳǤʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. Andrzej Dżuryk. —†‹‰‘ˆƒ•‹‡•‘Ž—–‹‘. Abstract Š‡ ƒ”–‹ Ž‡ ’”‡•‡–• –Š‡ ‘—– ‘‡ ‘ˆ –Š‡ ”‡•‡ƒ” Š ‡š‡ —–‡† „› –Š‡ ƒ—–Š‘”ǡ ™Š‹ Š ˆ‘”‡† –Š‡’‘•‹–‹‘‘ˆ–Š‡—”‘’‡ƒ ‹ƒ ‹ƒŽ‘‰”‡••ȋ Ȍ‹”‡Žƒ–‹‘–‘–Š‡ ‹ƒ ‹ƒŽ–ƒ„‹Ž‹–› ‘ƒ”†ǯ• ‘•—Ž–ƒ–‹˜‡†‘ —‡–‘Funding Strategy Elements of an Implementable Resolution PlanǤ Š‡ ’‘•‹–‹‘ǡ ™ƒ• „ƒ•‡† ‘ –Š‡ ‘’‹‹‘• ‘ˆ •–ƒ‡Š‘Ž†‡”• ‘ˆ ‘Ž‹•Š ϐ‹ƒ ‹ƒŽ ƒ”‡–ǡ ”‡’”‡•‡–‡†„›„ƒ•ǡ”‡‰—Žƒ–‘”›„‘†‹‡•ǡŽƒ™ϐ‹”•ƒ†–Š‡ƒ ƒ†‡‹ƒǤ Š‡ ‘•—Ž–ƒ–‹˜‡ †‘ —‡– •‡– ‘—– ’”‘’‘•‡† ‰—‹†ƒ ‡ ‘ –Š‡ †‡˜‡Ž‘’‡– ‘ˆ ƒ ’Žƒ ˆ‘” ˆ—†‹‰„ƒ•‹”‡•‘Ž—–‹‘ǤŠ‡”‡•‡ƒ” Š”‡˜‡ƒŽ‡†ƒ™‹†‡ƒ””ƒ›‘ˆ ŠƒŽŽ‡‰‡•‹–Š‡†‡˜‡Ǧ Ž‘’‡–‘ˆϐ‹” ƒ’ƒ„‹Ž‹–‹‡•–‘ˆƒ ‹Ž‹–ƒ–‡–Š‡‡š‡ —–‹‘‘ˆ–Š‡ˆ—†‹‰•–”ƒ–‡‰›‹”‡•‘Ž—–‹‘Ǥ ††‹–‹‘ƒŽ ‹••—‡• ™‡”‡ ”ƒ‹•‡† ”‡‰ƒ”†‹‰ ”‡Ž‡˜ƒ– ƒ•’‡ –• ˆ‘” ‡•–‹ƒ–‹‰ Ž‹“—‹†‹–› ‡‡†• ‹ ”‡•‘Ž—–‹‘’”‘ ‡••ǤŠ‡”‡™‡”‡‹†‹ ƒ–‡†—‡”‘—•‘„•–ƒ Ž‡•–‘–Š‡‘„‹Ž‹•ƒ–‹‘‘ˆƒ••‡–• –Šƒ– ‘—Ž†„‡—•‡†ƒ• ‘ŽŽƒ–‡”ƒŽˆ‘”’ƒ”–‹ —Žƒ”Ž›’”‹˜ƒ–‡•‡ –‘”„ƒ •–‘’•‘—” ‡•‘ˆˆ—†‹‰ǤŽŽ –Š‘•‡„Ž‘ ‹‰’‘‹–• ‘—Ž†„‡”‡‘˜‡†„›’—„Ž‹ •‡ –‘”•—’’‘”–ˆ—†‹‰ǡ•—„Œ‡ ––‘ ‡”–ƒ‹ ‘†‹–‹‘•Ǥ‘”‡‘˜‡”ǡ–Š‡”‡ƒ”‡ƒ—„‡”‘ˆƒ –‹‘•–Šƒ– ‘—Ž†„‡–ƒ‡„› Ǧ

(10) •ƒ†ƒ—–Š‘Ǧ ”‹–‹‡•–‘•—’’‘”––Š‡†‡˜‡Ž‘’‡–ƒ†‹’Ž‡‡–ƒ–‹‘‘ˆ”‡•‘Ž—–‹‘ˆ—†‹‰ƒ†–Š‡”‡ƒ”‡ ƒŽ•‘•‘‡‘–Š‡”ƒ•’‡ –•‘ˆˆ—†‹‰•–”ƒ–‡‰›™Š‹ Š•ŠƒŽŽ„‡ƒŽ•‘ ‘•‹†‡”‡†Ǥ Key wordsǣϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›ǡϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›„‘ƒ”†ǡ”‡•‘Ž—–‹‘ǡǡˆ—†‹‰‹”‡•‘Ž—–‹‘ǡ. Ǧ

(11)  ȗ. †”œ‡Œה›ǡŠǡ†Œ— –ƒ––Š‡‡’ƒ”–‡–‘ˆƒ‹‰ǡ ƒ —Ž–›‘ˆƒƒ‰‡‡–ǡ‹˜‡”•‹–›‘ˆ. †ƒ•ƒ†‹”‡ –‘”ƒ–‘ ‹±–± ±±”ƒŽ‡‘”’‘”ƒ–‡ƒ†

(12) ˜‡•–‡–ƒ‹‰”ƒ Š‹‘Žƒ†ǤŠ‡ ƒ”–‹ Ž‡•‘Ž‡Ž›’”‡•‡–•ƒ—–Š‘”ǯ•‘’‹‹‘•ƒ†•ŠƒŽŽ‘–„‡‹–‡”’”‡–‡†ƒ•ƒ’‘•‹–‹‘‘ˆ”‡•’‡ –‹˜‡‹•–‹Ǧ –—–‹‘•Ǥ. ͳʹ͸.

(13) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. 1. Introduction Š‡ ƒ—–Š‘” –ƒ Ž‡† ‘ –Š‡ ’‘•‹–‹‘ͳ ‘ˆ –Š‡ —”‘’‡ƒ ‹ƒ ‹ƒŽ ‘‰”‡•• ȋ Ȍʹ ‹ ”‡Žƒ–‹‘ –‘ –Š‡ ‹ƒ ‹ƒŽ –ƒ„‹Ž‹–› ‘ƒ”†ǯ•͵ ‘•—Ž–ƒ–‹˜‡ †‘ —‡– ‘ —†‹‰ –”ƒ–‡‰›Ž‡‡–•‘ˆƒ

(14) ’Ž‡‡–ƒ„Ž‡‡•‘Ž—–‹‘ŽƒͶǤŠ‡’‘•‹–‹‘™ƒ•„ƒ•‡† ‘‘’‹‹‘•‘ˆ•–ƒ‡Š‘Ž†‡”•‘ˆ–Š‡‘Ž‹•Šϐ‹ƒ ‹ƒŽƒ”‡–ǡ ‘ŽŽ‡ –‡†‹ƒ”‡•‡ƒ” Š ’‡”ˆ‘”‡†„› Ǥ‰”‘—’‘ˆ‡š’‡”–•”‡’”‡•‡–‹‰„ƒ•ǡ”‡‰—Žƒ–‘”›„‘†‹‡•ǡŽƒ™ ϐ‹”•ƒ†–Š‡ƒ ƒ†‡‹ƒǡ™‡”‡‹˜‹–‡†–‘’ƒ”–‹ ‹’ƒ–‡‹ƒ•—”˜‡›ǤŠ‡›”‡ ‡‹˜‡†•‡Ǧ Ž‡ –‡†‡š–”ƒ –•‘ˆ–Š‡ ‘•—Ž–ƒ–‹‘†‘ —‡–ƒ†–Š‡ ‘•—Ž–ƒ–‹‘“—‡•–‹‘•ǤŠ‡ ‡š’‡”–•™‡”‡‰—ƒ”ƒ–‡‡†ƒ‘›‹–›ǤŠ‡”‡™‡”‡‘˜‡”ʹͲ”‡’Ž‹‡•ǤŠ‡”‡’Ž‹‡•™‡”‡ ‰”‘—’‡†ƒ†’”‡•‡–‡†ƒ‘›‘—•Ž›–‘‡š’‡”–•™Š‘–‘‘’ƒ”–‹–Š‡ ‘•—Ž–ƒ–‹‘•Ǥ Š‡›™‡”‡ƒ•‡†–‘ƒ”‘’‹‹‘•–Šƒ–•Š‘—Ž†„‡‹ Ž—†‡†‹–Š‡ϐ‹ƒŽ’‘•‹–‹‘ǡƒ• ™‡ŽŽƒ•‘’‹‹‘•–Š‡›†‹†‘–ƒ‰”‡‡™‹–ŠǤŠ‡‡š’‡”–• ‘—Ž†ƒŽ•‘ƒ†Œ—•––Š‡‹”’”‹Ǧ ƒ”›’‘•‹–‹‘•—†‡”–Š‡‹ϐŽ—‡ ‡‘ˆƒ”‰—‡–•’”‡•‡–‡†„›‘–Š‡”’ƒ”–‹ ‹’ƒ–•ǡ ™Š‹ Š–Š‡›Šƒ†‘–‘™’”‡˜‹‘—•Ž›Ǥ–Š‡„ƒ•‹•‘ˆ–Š‡ϐ‹ƒŽ”‡•’‘•‡•”‡ ‡‹˜‡†ǡ –Š‡ƒ—–Š‘”†‡˜‡Ž‘’‡†–Š‡•›–Š‡•‹•‘ˆ‘Ž‹•Š•–ƒ‡Š‘Ž†‡”•ǯ˜‹‡™ǡ™Š‹ Š„‡ ƒ‡–Š‡ ’‘•‹–‹‘‘ˆ—”‘’‡ƒ ‹ƒ ‹ƒŽ‘‰”‡••ǤŠ‡•›–Š‡•‹•™ƒ•’”‡•‡–‡†„›–Š‡ƒ—Ǧ –Š‘”ƒ––Š‡ ‘ˆ‡”‡ ‡DzZarz¦dzanie Ryzykiem i KapitaÏem w BankachdzŠ‡Ž†„›–Š‡ ƒ–‹‘ƒŽƒ‘ˆ‘Žƒ†ͷǤ Š‡ ‘•—Ž–ƒ–‹˜‡ †‘ —‡– •‡– ‘—– ƒ ’”‘’‘•‡† ‰—‹†ƒ ‡ ‘ –Š‡ †‡˜‡Ž‘’‡– ‘ˆ ƒ’Žƒˆ‘”ˆ—†‹‰‹”‡•‘Ž—–‹‘–Šƒ–„—‹Ž†•‘–Š‡ ǯ•—‰—•–ʹͲͳ͸Guiding Principles on the temporary funding needed to support the orderly resolution of a global systemically important bank (G-SIB)͸ ƒ† –Š‡ ‡š‹•–‹‰ •—’‡”˜‹•‘”› ƒ† ”‡•‘Ž—–‹‘ ‰—‹†ƒ ‡ ‘ Ž‹“—‹†‹–› ”‹• ƒƒ‰‡‡– ƒ† ”‡•‘Ž—–‹‘ ’Žƒ‹‰ǡ ”‡•’‡ –‹˜‡Ž›Ǥ

(15) – ‹†‡–‹ϐ‹‡†ƒ•‡–‘ˆ‡›ˆ—†‹‰•–”ƒ–‡‰›‡Ž‡‡–• ‘˜‡”‹‰ǣ Ȉ ϐ‹” ƒ’ƒ„‹Ž‹–‹‡•–‘•—’’‘”–‘‹–‘”‹‰ǡ”‡’‘”–‹‰ƒ†‡•–‹ƒ–‹‰ˆ—†‹‰‡‡†• ‹”‡•‘Ž—–‹‘ƒ†–‘ˆƒ ‹Ž‹–ƒ–‡‡š‡ —–‹‘‘ˆ–Š‡ˆ—†‹‰•–”ƒ–‡‰›Ǣ ͳ. ʹ ͵. Ͷ ͷ ͸. Position of the European Financial Congress in relation to the Financial Stability Board’s consultative document on Funding Strategy Elements of an Implementable Resolution Planǡ—”‘’‡ƒ ‹ƒ ‹ƒŽ ‘‰”‡••ǡ ƒ—ƒ”› ʹͲͳͺǡ Š––’ǣȀȀ™™™Ǥ‡ˆ ‘‰”‡••Ǥ ‘Ȁ•‹–‡•Ȁ†‡ˆƒ—Ž–Ȁϐ‹Ž‡•ȀƒƒŽ‹œ›Ȁ’‘•‹–‹‘̴‘ˆ̴–Š‡̴ ‡ˆ ̴ˆ—†‹‰̴•–”ƒ–‡‰›̴‹̴”‡•‘Ž—–‹‘Ǥ’†ˆȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ Š‡’—”’‘•‡‘ˆ”‡‰—Žƒ”†‡„ƒ–‡•Š‡Ž†™‹–Š‹–Š‡ ”‘Œ‡ –‹•–‘‡•—”‡–Š‡ϐ‹ƒ ‹ƒŽ•‡ —”‹–›‘ˆ–Š‡ —”‘’‡ƒ‹‘ƒ†‘Žƒ†ȋ™™™Ǥ‡ˆ ‘‰”‡••Ǥ ‘Ȍȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ ‹ƒ ‹ƒŽ–ƒ„‹Ž‹–›‘ƒ”†’”‘‘–‡•‰Ž‘„ƒŽϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›„› ‘‘”†‹ƒ–‹‰–Š‡†‡˜‡Ž‘’‡–‘ˆ”‡‰Ǧ —Žƒ–‘”›ǡ•—’‡”˜‹•‘”›ƒ†‘–Š‡”ϐ‹ƒ ‹ƒŽ•‡ –‘”’‘Ž‹ ‹‡•ƒ† ‘†— –•‘—–”‡ƒ Š–‘‘Ǧ‡„‡” ‘—Ǧ –”‹‡•Ǥ

(16) –ƒ Š‹‡˜‡• ‘‘’‡”ƒ–‹‘ƒ† ‘•‹•–‡ ›–Š”‘—‰Šƒ–Š”‡‡Ǧ•–ƒ‰‡’”‘ ‡••ǡ‹ Ž—†‹‰‘‹–‘”‹‰ ‹’Ž‡‡–ƒ–‹‘‘ˆƒ‰”‡‡†’‘Ž‹ ‹‡•ǡŠ––’ǣȀȀ™™™Ǥˆ•„Ǥ‘”‰Ȁ™Šƒ–Ǧ™‡Ǧ†‘Ȁȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ Funding Strategy Elements of an Implementable Resolution Planǡ ‹ƒ ‹ƒŽ–ƒ„‹Ž‹–›‘ƒ”†ǡ͵Ͳ‘˜‡Ǧ „‡”ʹͲͳ͹ǡŠ––’ǣȀȀ™™™Ǥˆ•„Ǥ‘”‰Ȁ™’Ǧ ‘–‡–Ȁ—’Ž‘ƒ†•Ȁ͵Ͳͳͳͳ͹ǦʹǤ’†ˆȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ DzZarz¦dzanie Ryzykiem i KapitaÏem w Bankachdz‘ˆ‡”‡ ‡ǡƒ–‹‘ƒŽƒ‘ˆ‘Žƒ†ǡƒ”•ƒ™ǡʹ͵ ‡Ǧ „”—ƒ”›ʹͲͳͺǡŠ––’ǣȀȀœ”Ǥ’”‘Œ‡–‡ˆǤ’ŽȀȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ Guiding Principles on the temporary funding needed to support the orderly resolution of a global systemically important bankǡ ‹ƒ ‹ƒŽ –ƒ„‹Ž‹–› ‘ƒ”†ǡ ͳͺ —‰—•– ʹͲͳ͸ǡ Š––’ǣȀȀ™™™Ǥˆ•„Ǥ‘”‰Ȁ™’Ǧ ‘Ǧ –‡–Ȁ—’Ž‘ƒ†•Ȁ —‹†‹‰Ǧ’”‹ ‹’Ž‡•Ǧ‘Ǧ–Š‡Ǧ–‡’‘”ƒ”›Ǧˆ—†‹‰Ǧ‡‡†‡†Ǧ–‘Ǧ•—’’‘”–Ǧ–Š‡Ǧ‘”†‡”Ž›Ǧ”‡•Ǧ ‘Ž—–‹‘Ǧ‘ˆǦƒǦ‰Ž‘„ƒŽǦ•›•–‡‹ ƒŽŽ›Ǧ‹’‘”–ƒ–Ǧ„ƒǦΨʹΨͺͲΨͻ Ǧ

(17) ΨʹΨͺͲΨͻǤ’†ˆ ȏ ‡••‡†ǣ ͳͳǤͲ͵ǤʹͲͳͺȐǤ. ͳʹ͹.

(18) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. Ȉ –Š‡†‡˜‡Ž‘’‡–‘ˆƒ”‡•‘Ž—–‹‘ˆ—†‹‰’Žƒ„›–Š‡ƒ—–Š‘”‹–‹‡•Ǣ Ȉ –Š‡—•‡‘ˆϐ‹”ƒ••‡–•ƒ†’”‹˜ƒ–‡•‘—” ‡•‘ˆˆ—†‹‰Ǣ Ȉ –Š‡ƒ ‡••–‘–‡’‘”ƒ”›’—„Ž‹ •‡ –‘”„ƒ •–‘’ˆ—†‹‰‡ Šƒ‹••ƒ†‘”†‹Ǧ ƒ”› ‡–”ƒŽ„ƒˆƒ ‹Ž‹–‹‡•Ǣƒ† Ȉ –Š‡‹ˆ‘”ƒ–‹‘•Šƒ”‹‰ƒ† ‘‘”†‹ƒ–‹‘„‡–™‡‡–Š‡ƒ—–Š‘”‹–‹‡•Ǥ. 2. Challenges of the funding strategy Š‡ˆ—†‹‰•–”ƒ–‡‰›‹•ƒ‡›‡Ž‡‡–‘ˆƒ”‡•‘Ž—–‹‘’ŽƒǤ

(19) –—•–„‡ˆ‘”—Žƒ–‡† ‡šƒ–‡ƒ†™‹ŽŽ†‡–‡”‹‡–Š‡’Žƒǯ•‡ˆˆ‡ –‹˜‡‡••Ǥ –‹‘’Žƒ•ˆ‘”•–”‡••‡† ‘Ǧ †‹–‹‘•—•–„‡†‡˜‡Ž‘’‡†ƒ†–‡•–‡†ǡ‡•’‡ ‹ƒŽŽ›ˆ‘”•›•–‡‹ ƒŽŽ›‹’‘”–ƒ–„ƒ• ȋ

(20) •ȌǤ

(21) ’”ƒ –‹ ‡ǡŠ‘™‡˜‡”ǡ˜ƒ”‹‘—•†‹ˆϐ‹ —Ž–‹‡•ƒ›ƒ”‹•‡Ǥ Š‡ ƒŒ‘” ’”‘„Ž‡ ™‹ŽŽ „‡ –‘ †‡–‡”‹‡ Ž‹“—‹†‹–› ‡‡†• ‹ ƒ ‘–‹‰‡ › ™Š‘•‡ „ƒ ‰”‘—†ƒ† ‹” —•–ƒ ‡•ƒ”‡—‘™ǡ‘–Š‡„ƒ•‹•‘ˆ‡ƒ”Ž‹‡” ‘–‹‰‡ ‹‡• ‘„•‡”˜‡†‹–Š‡ƒ”‡–ǤŠ‡ƒ˜ƒ‹Žƒ„‹Ž‹–›‘ˆ–Š‡ƒ••—‡†•‘—” ‡•‘ˆŽ‹“—‹†‹–›†‡’‡†• ‘ƒ›ˆƒ –‘”•ǡƒ†–Š‡ϐ‹ƒ ‹ƒŽ‡‡†•ƒ› Šƒ‰‡˜‡”›“—‹ Ž›ƒ†•‘‡–‹‡• —‡š’‡ –‡†Ž›ǤŠ‡”‡ˆ‘”‡ǡ–Š‡ˆ—†‹‰•–”ƒ–‡‰›ƒ›‘–•—ˆϐ‹ ‹‡–Ž›ƒ ‘—–ˆ‘”ƒŽŽ ’‘–‡–‹ƒŽ’”‘„Ž‡•‘”‹–ƒ›ƒ††”‡••–Š‡‹ƒ‹ƒ†‡“—ƒ–‡ƒ‡”Ǥ‘”‡‘˜‡”ǡ‹ –Š‡ ƒ•‡‘ˆƒ”‡–•™Š‡”‡–Š‡”‡™‡”‡‘„ƒ”—’– ‹‡•‘ˆŽ‘ ƒŽŽ›•‹‰‹ϐ‹ ƒ–„ƒ•ǡ ‹–‹•†‹ˆϐ‹ —Ž––‘‡•–‹ƒ–‡–Š‡ˆ‡ƒ•‹„‹Ž‹–›‘ˆ–Š‡”‡ ‘˜‡”›‘’–‹‘Ǥ Š‡†‡–‡”‹ƒ–‹‘‘ˆƒ‡–‹–›ǯ•Ž‹“—‹†‹–›‡‡†•‹–Š‡”‡•‘Ž—–‹‘’”‘ ‡••†‡’‡†• ‘ –Š‡ ƒ†‘’–‡† • ‡ƒ”‹‘ǡ Š‘™‡˜‡” –Š‹• ‹• –Š‡ ˆ—†ƒ‡–ƒŽ †‹ˆϐ‹ —Ž–› ‹ ‘†‡ŽŽ‹‰ „‡Šƒ˜‹‘—”ƒŽƒ†ƒ”‡–‡Ž‡‡–•–Šƒ– ‘•–‹–—–‡•–Š‡’”‘„Ž‡ǤŠ‡’”‘Œ‡ –‡†’”‘Ǧ „Ž‡•ƒ†•Š‘ •ƒ›–—”‘—––‘„‡‰”‡ƒ–‡”–Šƒ–Š‘•‡ƒ ‘—–‡†ˆ‘”™Š‡†‡–‡”Ǧ ‹‹‰–Š‡ˆ—†‹‰•–”ƒ–‡‰›ǡƒ†ƒ‘ —””‹‰‡š–”ƒ‘”†‹ƒ”›‡˜‡–ȋDz„Žƒ •™ƒdzȌ ™‘—Ž†„‡ƒ‡š–”‡‡Ž›‡‰ƒ–‹˜‡• ‡ƒ”‹‘Ǥ•ƒ”‡•—Ž–ǡ–Š‡ƒ ——Žƒ–‡†Ž‹“—‹†‹–›”‡Ǧ •‡”˜‡•ƒ›“—‹ Ž›”—‘—–ƒ†’”‘˜‡‹•—ˆϐ‹ ‹‡–‹”‡Žƒ–‹‘–‘‡‡†•ǡƒ•™‡ŽŽƒ• –Š‡ƒ••—‡†Ž‹“—‹†‹–›•‘—” ‡•ƒ›„‡—ƒ˜ƒ‹Žƒ„Ž‡†—‡–‘„”‘ƒ†‡”ƒ”‡–’”‘„Ž‡•Ǥ Š‡‹ƒ„‹Ž‹–›–‘ƒ ‡••ƒ”‡–•‘—” ‡•‘ˆˆ—†‹‰‹ƒ ”‹•‹•ƒ›”‡•—Ž–‹ƒ‡‡†–‘ —•‡‡š–”ƒ‘”†‹ƒ”› ‡–”ƒŽ„ƒˆƒ ‹Ž‹–‹‡•ǤŠ‡’”‘„Ž‡‹–Š‹• ƒ•‡ƒ›„‡–Š‡Žƒ  ‘ˆƒ†‡“—ƒ–‡ ‘ŽŽƒ–‡”ƒŽ‹–Š‡ˆ‘”‘ˆŠ‹‰Š“—ƒŽ‹–›Ž‹“—‹†ƒ••‡–•ȋ Ȍǡ™Š‹ Š™‡”‡ —•‡†—’‹–Š‡”‡ ‘˜‡”›’Šƒ•‡ǡ†—‡–‘–Š‡‘‡Ǧ‡Ž‹‰‹„‹Ž‹–›‘ˆ ‡”–ƒ‹–›’‡•‘ˆƒ••‡–• ƒ• ‘ŽŽƒ–‡”ƒŽƒ†–Š‡ƒˆ‘”‡‡–‹‘‡†™‘”•‡Ǧ–ŠƒǦ‡š’‡ –‡†ƒ”‡–• ‡ƒ”‹‘ȋŽ‘™‡” ƒ••‡– ˜ƒŽ—‡ ƒ† Ž‘™‡” †‡ƒ† ”‡•—Ž–‹‰ ‹ Žƒ”‰‡” Šƒ‹” —–•ȌǤ Š‡ ’”‡”‡“—‹•‹–‡ ˆ‘” —•‹‰‡š–”ƒ‘”†‹ƒ”› ‡–”ƒŽ„ƒˆƒ ‹Ž‹–‹‡•‹••–”‹’’‹‰ —””‡–‘™‡”•‘ˆ–Š‡‡–‹–› ‘ˆ–Š‡‹””‹‰Š–•‹‘”†‡”–‘ƒ˜‘‹†‘”ƒŽŠƒœƒ”†ȋ™Šƒ–‹•‘–‹Ž‹‡™‹–Š —””‡– ”‡‰—Žƒ–‹‘•ȌǤ

(22) –ƒ’’‡ƒ”•–‘„‡ƒ‹’‘”–ƒ–ƒ•’‡ ––Šƒ––Š‡”‡•‘Ž—–‹‘ƒ—–Š‘”‹–›ƒ† –Š‡ ‡–”ƒŽ„ƒȋƒ•–Š‡Ž‡†‡”‘ˆŽƒ•–”‡•‘”–Ȍ†‡˜‡Ž‘’–Š‡‹”‘™‹ˆ‘”ƒ–‹‘’‘Ž‹Ǧ ‹‡•Ǥƒ’’”‘’”‹ƒ–‡‹ˆ‘”ƒ–‹‘’‘Ž‹ ›•Š‘—Ž†’”‡˜‡––Š‡‘ —””‡ ‡‘ˆƒ’ƒ‹  ȋ ‘–ƒ‰‹‘‡ˆˆ‡ –Ȍƒ†‘ˆƒ”—‘„ƒ†‡’‘•‹–•ǤŠ‡• ƒŽ‡‘ˆ–Š‹•™‘—Ž†„‡†‹ˆϐ‹Ǧ —Ž––‘‡•–‹ƒ–‡ƒ† ‘—Ž†”‡•—Ž–‹ƒ

(23) ™‹–Šƒ”‘„—•–Ž‹“—‹†‹–›•‹–—ƒ–‹‘Ž‘•‹‰ Ž‹“—‹†‹–›Ǥ— Š‡†‹ƒƒ –‹˜‹–›•Š‘—Ž†‘–„‡Ž‹‹–‡†‡š Ž—•‹˜‡Ž›–‘–”ƒ†‹–‹‘ƒŽ‡†‹ƒǡ „—– •Š‘—Ž† ƒŽ•‘ ‹ Ž—†‡ ƒ „”‘ƒ† ‘ˆˆ‡•‹˜‡ǡ ‹ Ž—†‹‰ •‘ ‹ƒŽ ‡†‹ƒǤ

(24) ˆ –Š‡ ‡‰ƒ–‹˜‡. ͳʹͺ.

(25) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. • ‡ƒ”‹‘—ˆ‘Ž†•–Š‡’”‘’‡”Ž‹“—‹†‹–›”‹•ƒƒ‰‡‡–ƒ•™‡ŽŽƒ•–Š‡‡–‹ —Ž‘—• ‘‹–‘”‹‰‘ˆˆ—†‹‰‡‡†•ƒ†”‡’‘”–‹‰–‘–Š‡‡–‹–›”‡•’‘•‹„Ž‡ˆ‘”–Š‡„ƒ ”‡•‘Ž—–‹‘’”‘ ‡••™‹ŽŽ„‡–Š‡ ŠƒŽŽ‡‰‡Ǥ ˜ƒ‹Žƒ„‹Ž‹–›‘ˆ–Š‡ƒ’’”‘’”‹ƒ–‡†ƒ–ƒƒ†–Š‡ ‘‘”†‹ƒ–‹‘‘ˆ‹ˆ‘”ƒ–‹‘ƒ––Š‡ ‘Ǧ •‘Ž‹†ƒ–‡†Ž‡˜‡Žƒ”‡’”‡ ‘†‹–‹‘•ˆ‘””‡Ž‹ƒ„Ž‡ˆ‘”‡ ƒ•–‹‰‘ˆˆ—–—”‡Ž‹“—‹†‹–›‡‡†• ƒ† †‡•‹‰‹‰ ƒ†‡“—ƒ–‡ ƒ –‹‘•Ǥ

(26)  ’ƒ”–‹ —Žƒ” ‹– ’‡”–ƒ‹• –‘ —””‡– ƒ† ‹–”ƒ†ƒ› Ž‹“—‹†‹–›ǡƒ•™‡ŽŽƒ•–Š‡”ƒ’‹†‹†‡–‹ϐ‹ ƒ–‹‘‘ˆ‘–Š‡”‡–‹–‹‡•™‹–Š•‹‹Žƒ”’”‘ϐ‹Ž‡•ǡ ™Š‹ Š‘’‡”ƒ–‡‹–Š‡ƒ”‡–Ǥ

(27) –ƒŽŽ‘™•–‘‘–‹ˆ›–Š‡ƒ†–‘‹’‘•‡‹ ”‡ƒ•‡†‘Ǧ ‹–‘”‹‰ƒ†•—’‡”˜‹•‘”›”‡’‘”–‹‰‘„Ž‹‰ƒ–‹‘•Ǥ Š‡‡Žƒ„‘”ƒ–‹‘ƒ†•‡Ž‡ –‹‘‘ˆ‹†‹ ƒ–‘”•ǡ™Š‹ Šƒ›–”‹‰‰‡”–Š‡”‡•‘Ž—–‹‘’”‘Ǧ ‡••†—‡–‘–Š‡”‹•‘ˆϐ‹ƒ ‹ƒŽŽ‹“—‹†‹–›‹•™Š‹Ž‡ ƒ’‹–ƒŽƒ†‡“—ƒ ›ƒ†„ƒŽƒ ‡•Š‡Ǧ ‡–Ž‹“—‹†‹–›”ƒ–‹‘•ƒ”‡ƒ ‡’–ƒ„Ž‡ǡ’‘•‡•–Š‡ ŠƒŽŽ‡‰‡ˆ‘”–Š‡”‡•‘Ž—–‹‘ƒ—–Š‘”‹–› Ǥ•’‡ ‹ƒŽŽ›—†‡” ‘†‹–‹‘•™Š‡”‡ ‘˜‡”›‘’–‹‘•ǡ‹”‡ ‘˜‡”›’Žƒǡƒ›„‡—ƒǦ ˜ƒ‹Žƒ„Ž‡†—‡–‘ƒ”‡–•‹–—ƒ–‹‘‘”‘–Š‡”–‡’‘”ƒ”›”‡•–”‹ –‹‘•ǤŠ‡‡š’‡”‹‡ ‡‘ˆ –Š‡Žƒ–‡•–‰Ž‘„ƒŽϐ‹ƒ ‹ƒŽ ”‹•‹••Š‘™•–Šƒ–ƒƒ–‹‘ƒŽŽ‡‰‹•Žƒ–‘”ƒ›‹–”‘†— ‡”‡Ǧ ‰—Žƒ–‹‘•–Šƒ–Š‹†‡”‘”‡˜‡’”‡˜‡––Š‡‹’Ž‡‡–ƒ–‹‘‘ˆ‡ƒ•—”‡•ǡ’”‡˜‹‘—•Ž› ’”‘˜‹†‡†ˆ‘”‹–Š‡ˆ—†‹‰•–”ƒ–‡‰›ǡ„›Ž‹‹–‹‰–Š‡ƒ„‹Ž‹–›–‘—•‡–Š‡ƒ••‡–•Š‡Ž† ƒ• ‘ŽŽƒ–‡”ƒŽ ‹ –Š‡ ’”‘ ‡•• ‘ˆ ‘„–ƒ‹‹‰ ‡š–”ƒ‘”†‹ƒ”› Ž‹“—‹†‹–›Ǥ ‡‰ƒŽ ”‹• ‹• ƒŽ•‘ ”‡Žƒ–‡†–‘–Š‡’‡”ˆ‘”ƒ ‡‘ˆ˜ƒ”‹‘—•ƒ•–‡”ƒ‰”‡‡‡–•ǡ‹ Ž—†‹‰™‹–Š”‡•’‡ ––‘ †‡”‹˜ƒ–‹˜‡–”ƒ•ƒ –‹‘•ǡ™Š‹ Šƒ› ƒ—•‡’”‘„Ž‡•™‹–Š‡ˆ‘” ‡‡–‹‹†‹˜‹†—ƒŽ Œ—”‹•†‹ –‹‘•ƒ†–Š—•ƒ›’”‡˜‡–‘”Š‹†‡”–Š‡‡ˆˆ‡ –‹˜‡ƒ†•‘‘–Š‹’Ž‡‡–ƒǦ –‹‘‘ˆ–Š‡ˆ—†‹‰•–”ƒ–‡‰›ǤŠ‹•”‹•ƒ›ƒŽ•‘„‡”‡Žƒ–‡†–‘–Š‡‹•—ˆϐ‹ ‹‡–†‡˜‡Ž‘’Ǧ ‡–‘ˆŽ‡‰ƒŽ‹•–‹–—–‹‘•‹•‘‡Œ—”‹•†‹ –‹‘•ǡ™Š‹ Šƒ›Ž‡ƒ†–‘†‹ˆϐ‹ —Ž–‹‡•™‹–Š –Š‡‡ˆˆ‡ –‹˜‡‹’Ž‡‡–ƒ–‹‘‘ˆ–Š‡ˆ—†‹‰•–”ƒ–‡‰›Ǥ‡‰ƒŽ”‹•ƒŽ•‘•–‡•ˆ”‘‹Ǧ •ƒ– Š‡•ƒ‘‰ƒ‰”‡‡‡–•–Šƒ–•–‹’—Žƒ–‡—–—ƒŽŽ‹ƒ„‹Ž‹–‹‡•‘ˆ–Š‡ ‘—–‡”’ƒ”–‹‡•Ǥ

(28) –Š‡ ƒ•‡‘ˆ ”‘••Ǧ„‘”†‡”‰”‘—’•ǡ–Š‡ ŠƒŽŽ‡‰‡ƒ›„‡ ƒ—•‡†„›–Š‡†‹ˆˆ‡”‡ ‡• ”‡•—Ž–‹‰ˆ”‘†‹˜‡”‰‹‰’‘Ž‹ ‹‡•’—”•—‡†„› ‡–”ƒŽ„ƒ•ǡ‡Ǥ‰Ǥ ‘ ‡”‹‰ƒ••‡–• ’—” Šƒ•‡ ’”‘‰”ƒ‡•Ǥ  ‘•‹†‡”ƒ„Ž‡ ŠƒŽŽ‡‰‡ ƒ› „‡ ’‘•‡† „› ‹ ‘•‹•–‡– ‡š’‡ –ƒ–‹‘•‘–Š‡’ƒ”–‘ˆ•—’‡”˜‹•‘”›ƒ†”‡•‘Ž—–‹‘ƒ—–Š‘”‹–‹‡•™‹–Š”‡•’‡ ––‘ –Š‡”‡“—‹”‡†Ž‹“—‹†‹–›Ž‡˜‡Ž•ƒ†•‘—” ‡•‘ˆŽ‹“—‹†‹–›ˆ—†‹‰Ǥ‘–‡–‹ƒŽ†‹ˆϐ‹ —Ž–‹‡• ƒ›„‡”‡Žƒ–‡†–‘–Š‡ƒ Š‹‡˜‡‡–‘ˆ ”‘••Ǧ„‘”†‡”ƒ‰”‡‡‡–• ‘ ‡”‹‰–Š‡ƒŽǦ Ž‘ ƒ–‹‘‘ˆ ‘•–•‘ˆ–Š‡”‡•‘Ž—–‹‘’”‘ ‡••–‘‡–‹–‹‡•™‹–Š‹ƒ„ƒ‹‰‰”‘—’Ǥ‘–Š –Š‡‹”‡ –‹˜‡ȋȌ͹ƒ†–Š‡ ‰—‹†ƒ ‡ͺŠƒ˜‡‡•–ƒ„Ž‹•Š‡†ƒ‰‡‡”ƒŽˆ”ƒ‡Ǧ ͹. Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment ϔirms and amending Council Directive 82/891/EECǡ ƒ† Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EUǡ ƒ† Regulations (EU) No 1093/2010 and (EU) No 648/2012ǡ‘ˆ–Š‡—”‘’‡ƒƒ”Ž‹ƒ‡–ƒ†‘ˆ–Š‡‘— ‹Žǡˆϐ‹ ‹ƒŽ ‘—”ƒŽ‘ˆ–Š‡—”‘’‡ƒ ‹‘ǡ  ͳ͹͵ȀͳͻͲǡ ͳʹǤ͸ǤʹͲͳͶǡ Š––’ǣȀȀ‡—”ǦŽ‡šǤ‡—”‘’ƒǤ‡—ȀŽ‡‰ƒŽǦ ‘–‡–ȀȀȀ Ȁǫ—”‹αǣ ͵ʹͲͳͶͲͲͷͻƬˆ”‘αȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ ͺ Key Attributes of Effective Resolution Regimes for Financial Institutions, in particular Annex III ‘Essential elements of recovery and resolution plans’ǡ ‹ƒ ‹ƒŽ –ƒ„‹Ž‹–› ‘ƒ”†ǡ  –‘„‡” ʹͲͳͳǡ Š––’ǣȀȀ ™™™Ǥϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›„‘ƒ”†Ǥ‘”‰Ȁ’—„Ž‹ ƒ–‹‘•Ȁ”̴ͳͳͳͳͲͶ Ǥ’†ˆǡ ƒ —’†ƒ–‡ ’—„Ž‹•Š‡† ‹  –‘„‡” ʹͲͳͶǡ Š––’ǣȀȀ™™™Ǥϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›„‘ƒ”†Ǥ‘”‰ȀʹͲͳͶȀͳͲȀ”̴ͳͶͳͲͳͷȀǢ Recovery and Resolution Plan-. ͳʹͻ.

(29) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. ™‘”ˆ‘”†‡–‡”‹‹‰–Š‡ ‘–”‹„—–‹‘•‘ˆ‹†‹˜‹†—ƒŽ”‡•‘Ž—–‹‘ƒ—–Š‘”‹–‹‡•–‘–Š‡ ˆ—†‹‰‘ˆ–Š‡’”‘ ‡••Ǥ ‘™‡˜‡”ǡ‹’”ƒ –‹ ‡ǡ†‹ˆϐ‹ —Ž–‹‡• ƒ„‡‡š’‡ –‡†ƒ––Š‡•–ƒ‰‡ ‘ˆ‡‰‘–‹ƒ–‹‰•’‡ ‹ϐ‹ ƒ‰”‡‡‡–•Ǥ –Š‡” ŠƒŽŽ‡‰‡•ƒ††‹ˆϐ‹ —Ž–‹‡•–Šƒ–ƒ›ƒ”‹•‡‹–Š‡‹’Ž‡‡–ƒ–‹‘‘ˆ–Š‡ˆ—Ǧ †‹‰•–”ƒ–‡‰›‹ Ž—†‡ǣ Ȉ ‹ ‘•‹•–‡– ƒ—†‹–‹‰ •–ƒ†ƒ”†•ǡ ™Š‹ Š ƒ”‡ ’”‘‡ –‘ Šƒ‰‡• ‘˜‡” –‹‡ǡ ‡•’‡Ǧ ‹ƒŽŽ›™‹–Š”‡‰ƒ”†–‘‡•–‹ƒ–‹‰”‹•ƒ†’”‘˜‹•‹‘‹‰Ǣ Ȉ ƒ‡ˆˆ‡ –‹˜‡†‡„– ‘ŽŽ‡ –‹‘‡ Šƒ‹•‹–Š‡”‡•‘Ž—–‹‘’”‘ ‡••ƒ†Ǣ Ȉ –Š‡ ƒ‹–‡ƒ ‡ ‘ˆ ƒ†‡“—ƒ–‡ ”‡•‘—” ‡• ȋŠ—ƒǡ

(30) ǡ ‡– ǤȌ –Šƒ– ‡ƒ„Ž‡ –Š‡ ’‡”Ǧ ˆ‘”ƒ ‡‘ˆ–ƒ••”‡Žƒ–‡†–‘–Š‡‹’Ž‡‡–ƒ–‹‘‘ˆ–Š‡ˆ—†‹‰•–”ƒ–‡‰›Ǥ. 3. Liquidity needs in resolution ‹’‘”–ƒ–‡Ž‡‡–‘ˆ–Š‡•–”ƒ–‡‰›ˆ‘”ˆ—†‹‰‹”‡•‘Ž—–‹‘‹•–Š‡ƒ„‹Ž‹–›–‘—•‡ ‘”†‹ƒ”› ‡–”ƒŽ „ƒ ˆƒ ‹Ž‹–‹‡•Ǥ  Žƒ”‹ϐ‹ ƒ–‹‘ ‘ˆ ™Šƒ– ‹• ‡ƒ– „› ‘”†‹ƒ”› ƒ† ‡š–”ƒ‘”†‹ƒ”› ‡–”ƒŽ„ƒŽ‹“—‹†‹–›•—’’‘”–™‘—Ž†„‡—•‡ˆ—ŽǤ‡–”ƒŽ„ƒ•‹‹Ǧ †‹˜‹†—ƒŽ ‘—–”‹‡• —•‡ †‹ˆˆ‡”‡– •‘Ž—–‹‘• ‹ –Š‹• ƒ”‡ƒǤ Š‡ ’”‘’‡” †‹ˆˆ‡”‡–‹ƒ–‹‘ „‡–™‡‡–Š‡•‡ˆƒ ‹Ž‹–‹‡•‹•‡ ‡••ƒ”›‹‘”†‡”–‘ ‘””‡ –Ž›‹†‡–‹ˆ›’‘–‡–‹ƒŽ•‘—” ‡• ˆ‘” ‘˜‡”‹‰Ž‹“—‹†‹–›‡‡†•ˆ‘”–Š‡’—”’‘•‡•‘ˆ”‡•‘Ž—–‹‘Ǥ‘–‡–‹ƒŽ’”‘ ‡••’ƒ”–‹Ǧ ‹’ƒ–••Š‘—Ž†Šƒ˜‡ex ante Žƒ”‹–›”ƒ–Š‡”–Šƒ‹ƒ‡‡”‰‡ ›•‹–—ƒ–‹‘Ǥ

(31) ˆƒ•›•–‡‹ ƒŽŽ›‹’‘”–ƒ–„ƒ‡‡†•–‘„‡”‡•‘Ž˜‡†ǡ•–”— –—”ƒŽ Šƒ‰‡•™‹ŽŽ‘ —” ‹ –Š‡ „ƒ‹‰ •‡ –‘” ‹ ƒ††‹–‹‘ –‘ ƒ •‹‰‹ϐ‹ ƒ– ‹ ”‡ƒ•‡ ‹ •‡•‹–‹˜‹–› –‘ ‘—Ǧ –‡”’ƒ”–›”‹•ƒ†–Š‡‹–‡”„ƒŽ‘ƒ•ƒ–—”‹–›•Š‘”–‡‹‰ǤŠ‡•‡ Šƒ‰‡•ƒ‹Ž› ‘•‹•– ‹ –Š‡ •Š”‹‹‰ ‘ˆ –Š‡ ™Š‘Ž‡ ‹–‡”„ƒ ‡–™‘” ™Š‹Ž‡ –Š‡ ”‘Ž‡ ‘ˆ „ƒ• ’Žƒ›‹‰‡›”‘Ž‡•‹–Š‹•‡–™‘”‹••–”‡‰–Š‡‡†Ǥ

(32) –ƒ› ƒ—•‡†‹ˆϐ‹ —Ž–›‹ƒ ‡••–‘ Ž‹“—‹†‹–›ǡ†‡’‡†‹‰‘–Š‡„ƒǯ•’‘•‹–‹‘‹–Š‡‹–‡”„ƒ‡–™‘”ǤŠ‡—Ž–‹ǦŽ‡Ǧ ˜‡Ž•–”— –—”‡‘ˆ‹–‡”„ƒƒ”‡–•—•–„‡ƒ ‘—–‡†ˆ‘”ǡ•‹ ‡‹–‡ƒ•–Šƒ–‘•– „ƒ•†‘‘–Ž‡†–‘‘‡ƒ‘–Š‡”†‹”‡ –Ž›ǡ„—–”ƒ–Š‡”˜‹ƒ‹–‡”‡†‹ƒ”›„ƒ•Ǥ Š‡ †”ƒ™‹‰ —’ ƒ ”‡•‘Ž—–‹‘ ˆ—†‹‰ ’Žƒǡ –Š‡ ƒ”‡– Ž‹“—‹†‹–› ”‹• •Š‘—Ž† „‡ ‘•‹†‡”‡†Ǥ†‡”‘”ƒŽ ‹” —•–ƒ ‡•ǡ–Š‡Ž‹“—‹†ƒ–‹‘‘ˆƒ••‡–•ƒ–ǡ‘” Ž‘•‡–‘ǡ ƒ”‡–’”‹ ‡†‘‡•‘–—•—ƒŽŽ›’‘•‡Žƒ”‰‡’”‘„Ž‡•Ǥ

(33) –Š‡‡˜‡–‘ˆƒ‡š–‡”ƒŽ‘” ‹–‡”ƒŽ•Š‘ ǡƒ”‡–’ƒ”–‹ ‹’ƒ–•ƒ›’ƒ”–‹ƒŽŽ›™‹–Š†”ƒ™ǡ™Š‹ Šƒ› ƒ—•‡†‡Ǧ ƒ†–‘†”‘’ƒ†ˆ‘” ‡–Š‡Ž‹“—‹†ƒ–‹‘‘ˆƒ••‡–•ƒ–ƒ’”‹ ‡–Šƒ–•‹‰‹ϐ‹ ƒ–Ž›†‡˜‹ƒ–‡• ‡‰ƒ–‹˜‡Ž›ˆ”‘–Š‡ƒ”‡–‘‡ǡ–Š—•‹ ”‡ƒ•‹‰Ž‘••‡•ƒ† ƒ—•‹‰ƒ ‘•‹†‡”ƒ„Ž‡ ‰ƒ’„‡–™‡‡–Š‡ˆ—†‹‰’Žƒƒ†–Š‡ƒ –—ƒŽ’‘••‹„‹Ž‹–‹‡•‘ˆ‘„–ƒ‹‹‰ˆ—†‹‰Ǥ

(34)  –Š‹• ‘–‡š–ǡ‹ ”‡ƒ•‹‰–Š‡Ž‹“—‹†‹–› —•Š‹‘ˆ‘”•›•–‡‹ ƒŽŽ›‹’‘”–ƒ–„ƒ••Š‘Ǧ —Ž†„‡ ‘•‹†‡”‡†Ǥ‡”Šƒ’•‹ ”‡ƒ•‹‰ƒ† ”‡“—‹”‡‡–•™‘—Ž†„‡ƒ‰‘‘† •‘Ž—–‹‘Ǥ

(35) ˆ’”‘„Ž‡•‘ —”ǡŽ‹“—‹†‹–›‹•‘”‡‹’‘”–ƒ––Šƒ”‡ ƒ’‹–ƒŽ‹•ƒ–‹‘‹–Š‡. ning: Making the Key Attributes Requirements Operationalǡ ‹ƒ ‹ƒŽ–ƒ„‹Ž‹–›‘ƒ”†ǡ‘˜‡„‡”ʹͲͳʹǡ Š––’ǣȀȀ™™™Ǥˆ•„Ǥ‘”‰Ȁ™’Ǧ ‘–‡–Ȁ—’Ž‘ƒ†•Ȁ”̴ͳʹͳͳͲʹǤ’†ˆǫ’ƒ‰‡̴‘˜‡†αͳȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ. ͳ͵Ͳ.

(36) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. ’”‡Ǧ”‡•‘Ž—–‹‘•–ƒ‰‡ƒ†–Š—•–Š‡’”‹‘”‹–›•Š‘—Ž†„‡–‘ƒ‹–ƒ‹•Š‘”–Ǧ–‡”Ž‹“—‹†‹Ǧ –›–‘Dz„—›–‹‡dzˆ‘”‹–”‘†— ‹‰‘–Š‡”‡ƒ•—”‡•Ǥ Š‡‡•–‹ƒ–‹‘‘ˆŽ‹“—‹†‹–›‡‡†• ‘—Ž†‹˜‘Ž˜‡ƒ‹–‡”ƒŽ ‘–”‘Ž•›•–‡–Šƒ–•Š‘Ǧ —Ž†ƒŽ•‘ƒ††”‡••Ž‹“—‹†‹–›”‹•ƒ†ǡƒ„‘˜‡ƒŽŽǡ‡•—”‡–Š‡’”‘’‡”ƒ†‡ˆˆ‡ –‹˜‡ˆ— Ǧ –‹‘‹‰‘ˆ–Š‡Ž‹“—‹†‹–›”‹•ƒƒ‰‡‡–’”‘ ‡••Ǥ‘„‹‹‰–Š‹•ƒ•’‡ –™‹–Š–Š‡ ’—„Ž‹ †‹• Ž‘•—”‡‡ Šƒ‹•™‘—Ž†‡ƒ„Ž‡ƒ”‡–’ƒ”–‹ ‹’ƒ–•–‘”‡Ž‹ƒ„Ž›‡˜ƒŽ—ƒ–‡ –Š‡„ƒǯ•Ž‹“—‹†‹–›”‹•ƒƒ‰‡‡–•›•–‡ƒ†‹–•Ž‹“—‹†‹–›’‘•‹–‹‘†—”‹‰”‡•‘Ǧ Ž—–‹‘ǤŠ‹• ‘—Ž†„‡•—’’Ž‡‡–‡†™‹–Š–‘‘Ž•ˆ‘”–Š‡ ‘’”‡Š‡•‹˜‡‡ƒ•—”‡‡– ‘ˆŽ‹“—‹†‹–›”‹•‹‘”†‡”–‘•—’’‘”––Š‡Ž‹“—‹†‹–›”‹•ƒƒ‰‡‡–’”‘ ‡••–‘‡ƒ„Ž‡ –Š‡‹†‡–‹ϐ‹ ƒ–‹‘‘ˆŠ‡‹‰Š–‡‡†”‹•ǡ‡‡”‰‹‰Ž‹“—‹†‹–›’‘•‹–‹‘™‡ƒ‡••‡•‘”ƒ ‹ ”‡ƒ•‡‹Ž‹“—‹†‹–›‡‡†•Ǥ‘–Š‡”‹’‘”–ƒ–‹••—‡™‹–Š”‡•’‡ ––‘–Š‡ƒ••‡••‡– ‘ˆŽ‹“—‹†‹–›‡‡†•‹–Š‡”‡•‘Ž—–‹‘’”‘ ‡••‹•–Š‡„ƒǯ•ƒ’’”‘’”‹ƒ–‡‘”‰ƒ‹•ƒ–‹‘ƒŽ •–”— –—”‡ǡ ‹Ǥ‡Ǥ ƒ •–”— –—”‡ –Šƒ– ‘””‡•’‘†• –‘ –Š‡ „ƒǯ• • ƒŽ‡ ‘ˆ ‘’‡”ƒ–‹‘• ƒ† ”‹•’”‘ϐ‹Ž‡ƒ†–Šƒ–‡•—”‡•–Š‡•‡’ƒ”ƒ–‹‘‘ˆˆ— –‹‘•„‡–™‡‡–Š‡—‹–•ǡ™Š‹ Š ‘†— ––”ƒ•ƒ –‹‘•–Šƒ–ƒˆˆ‡ –Ž‹“—‹†‹–›”‹•ƒ†–Š‘•‡”‡•’‘•‹„Ž‡ˆ‘”‘‹–‘”‹‰ ƒ† ‘–”‘ŽŽ‹‰Ž‹“—‹†‹–›”‹•Ǥ. ‹˜‡–Š‡‹ ”‡ƒ•‹‰’‘’—Žƒ”‹–›‘ˆˆƒ –‘”‹‰•‡”˜‹ ‡•’”‘˜‹†‡†„›„ƒ•ƒ†‘ˆŽ‘Ǧ ƒ••‡ —”‡†„›ƒ••‹‰‡–‘ˆ”‡ ‡‹˜ƒ„Ž‡•—†‡” ‘–”ƒ –•ǡ–Š‡‡šƒ‹ƒ–‹‘‘ˆ–Š‡ “—ƒŽ‹–›‘ˆƒ••‹‰‡†”‡ ‡‹˜ƒ„Ž‡•ǡ–Š‡‹”ƒ–—”‹–›ƒ†–Š‡†‡„–‘”•ǯ”‹‰Š–•–‘‘ˆˆ•‡––Š‡•‡ ”‡ ‡‹˜ƒ„Ž‡•ƒ›„‡‘ˆ’ƒ”–‹ —Žƒ”‹’‘”–ƒ ‡Ǥ––‡–‹‘•Š‘—Ž†ƒŽ•‘„‡’ƒ‹†–‘–Š‡Ž‹Ǧ “—‹†‹–›‡‡†•”‡Žƒ–‡†–‘–Š‡„”‡ƒ Š‘ˆ Žƒ—•‡•‡„‡††‡†‹–‘–Š‡ˆ—†‹‰‘„–ƒ‹‡†ǡ ‡Ǥ‰Ǥ ‘ ‡”‹‰ƒ††‹–‹‘ƒŽ ‘ŽŽƒ–‡”ƒŽ‘””‡•–”‹ –‹‘•‘ ”‡ƒ–‹‰•‡ —”‹–›‘ƒ••‡–•Ǥ –Š‡‘–Š‡”Šƒ†ǡƒ’‘•‹–‹˜‡•‘Ž—–‹‘™‘—Ž†„‡ˆ‘”„ƒ•–‘Šƒ˜‡Ž‘‰Ǧ–‡” ‘Ǧ –‹‰‡ ›Ž‹“—‹†‹–›•—’’Ž›ƒ‰”‡‡‡–•ǡ‡Ǥ‰Ǥ™‹–Š‘–Š‡”„ƒ•ǡƒŽ–Š‘—‰Š–Š‡“—‡•–‹‘ ”‡ƒ‹•™Š‡–Š‡”‹–™‘—Ž†„‡‡ˆˆ‡ –‹˜‡‹–Š‡”‡•‘Ž—–‹‘•–ƒ‰‡Ǥ. 4. The collateral Š‡‹†‡–‹ϐ‹ ƒ–‹‘‘ˆƒ••‡–•–Šƒ– ‘—Ž†„‡—•‡†ƒ• ‘ŽŽƒ–‡”ƒŽ‹”‡•‘Ž—–‹‘‹–•‡Žˆ†‘‡• ‘–ƒ’’‡ƒ”–‘„‡ƒ’”‘„Ž‡Ǥ ‘™‡˜‡”–Š‡‹”—•‡ƒ• ‘ŽŽƒ–‡”ƒŽˆ‘”’”‹˜ƒ–‡•‘—” ‡•‘ˆ ˆ—†‹‰ƒ›„‡–Š‡’”‘„Ž‡Ǥƒ•–‡š’‡”‹‡ ‡†‡‘•–”ƒ–‡•–Šƒ––Š‡•‡•‘—” ‡•ƒ”‡ ‘ˆ–‡ˆ—†‡†„›„ƒ•ȋ‡Ǥ‰Ǥ‹

(37) –ƒŽ›ȌǤ— Šƒ•‘Ž—–‹‘–Š”‡ƒ–‡••›•–‡‹ ”‹•ǡ•‹ ‡ –Š‡†‹ˆϐ‹ —Ž–‹‡•ˆƒ ‡†„›ƒŽƒ”‰‡„ƒ ‘—Ž†„‡•Š‹ˆ–‡†–‘ƒ‰”‘—’‘ˆ„ƒ•‘”‡˜‡–‘ –Š‡‡–‹”‡„ƒ‹‰•‡ –‘”ǡƒ†–Š—•‹–•Š‘—Ž†„‡‡Ž‹‹ƒ–‡†Ǥ—”‹‰–Š‡‹’Ž‡‡–ƒǦ –‹‘‘ˆƒ•’‡ ‹ϐ‹ ”‡•‘Ž—–‹‘•–”ƒ–‡‰›ǡ‹–ƒ›–—”‘—––Šƒ–‘™‹‰–‘‡š ‡’–‹‘ƒŽƒ”Ǧ ‡–†‹ˆϐ‹ —Ž–‹‡•ǡ–Š‡’”‹˜ƒ–‡•‡ –‘”ˆ—†‹‰ƒ••—‡†ǡ‹–Š‡”‡ ‘˜‡”›’Žƒǡ™‹ŽŽ‘–„‡ ƒ˜ƒ‹Žƒ„Ž‡•‹ ‡ ‡”–ƒ‹–›’‡•‘ˆƒ••‡–•ƒ”‡‘–‡Ž‹‰‹„Ž‡Ǥ

(38) –™‹ŽŽ„‡‡˜‡‘”‡’”‘„ƒ„Ž‡ ™Š‡ ‘ ‡–”ƒ–‹‘‘ —”ǡ•–Š—•”‡†— ‹‰–Š‡ƒ„‹Ž‹–›–‘†‹•’‘•‡‘ˆ–Š‡ƒ••‡–• ‘Ǧ ‡”‡†ǤŠ‡Ž‹‹–‡†ƒ˜ƒ‹Žƒ„‹Ž‹–›‘ˆ’”‹˜ƒ–‡•‘—” ‡•‡ƒ•–Šƒ––Š‡’‘–‡–‹ƒŽ ‘•–‘ˆ ‘†— –‹‰–”ƒ•ƒ –‹‘•ȋ‡˜‡ ‘ŽŽƒ–‡”ƒŽ‹•‡†Ȍ™‹–Š’”‹˜ƒ–‡‡–‹–‹‡•‹•†‹ˆϐ‹ —Ž––‘‡•Ǧ –‹ƒ–‡ƒ†–‡•–ǡ™Š‹ Šƒ‡•‹–†‹ˆϐ‹ —Ž––‘ƒ••‡••–Š‡‹’ƒ –‘ˆ–Š‡•‡–”ƒ•ƒ –‹‘•‘ ’”‘ϐ‹–ƒ„‹Ž‹–›ƒ†•‘Ž˜‡ ›—†‡””‡•‘Ž—–‹‘ ‘†‹–‹‘•ǤŠ‹•–›’‡‘ˆ‘„•–ƒ Ž‡ ƒ„‡. ͳ͵ͳ.

(39) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. ”‡‘˜‡†„›—•‹‰•—’’‘”–ˆ”‘–Š‡’—„Ž‹ •‡ –‘”‹•–‹–—–‹‘•Ǥ

(40) –Š‹• ƒ•‡ƒ“—‡•–‹‘ ƒ”‹•‡•ǣ‹™Šƒ–• ‘’‡ƒ†‘™Šƒ–• ƒŽ‡ ƒ–Š‹••—’’‘”–„‡Ž‡–ǫ—””‡–Ž›ǡ™‡Šƒ˜‡ ‘‹ˆ‘”ƒ–‹‘‘–Š‡–‡”•ƒ† ‘†‹–‹‘•‘ˆ‡š–”ƒ‘”†‹ƒ”›Ž‹“—‹†‹–›•—’’‘”–„› –Š‡ ‡–”ƒŽ„ƒǡƒ†–Š‡”‡•‘Ž—–‹‘’Žƒ ƒ‘–ƒ••—‡–Š‡—•‡‘ˆ‹–•‡š–”ƒ‘”†‹ƒ”› ˆƒ ‹Ž‹–‹‡•Ǥ‡˜‡”–Š‡Ž‡••ǡ–Š‡‡–‹–›•—„Œ‡ ––‘”‡•‘Ž—–‹‘ƒ›ƒ’’Ž›ˆ‘”•— Š•—’’‘”– ƒˆ–‡”‹–‡‡–• ‡”–ƒ‹ ‘†‹–‹‘•ǤŠ‹•–›’‡‘ˆ‘„•–ƒ Ž‡ ƒ„‡”‡‘˜‡†„›‹ˆ‘”‹‰ „ƒ•ƒ„‘—––Š‡–›’‡•‘ˆ ‘ŽŽƒ–‡”ƒŽ–Šƒ–ƒ”‡‡Ž‹‰‹„Ž‡ˆ‘”ƒ ‡’–ƒ ‡„›–Š‡ ‡–”ƒŽ „ƒ‹ ‘‡ –‹‘™‹–Š‡š–”ƒ‘”†‹ƒ”›‘’‡”ƒ–‹‘•Ǥ ™‹‰–‘–Š‡ˆƒ ––Šƒ–‘ƒ••‹•–ƒ ‡„›–Š‡ ‡–”ƒŽ„ƒ ƒ„‡‡š–‡†‡†‘–‡”• •‹‰‹ϐ‹ ƒ–Ž›†‡˜‹ƒ–‹‰ˆ”‘–Š‡ƒ”‡–‘‡•ǡ„ƒ••Š‘—Ž†Šƒ˜‡ƒ•—ˆϐ‹ ‹‡–ƒ‘—– ‘ˆ—‡ —„‡”‡†ƒ••‡–•–Šƒ– ƒ•‡”˜‡ƒ• ‘ŽŽƒ–‡”ƒŽǡ™Š‹ Š™‹ŽŽ‡ƒ„Ž‡–Š‡–‘—•‡ –Š‡‹ˆ”ƒ•–”— –—”‡ƒ†‡ƒ˜ƒ‹Žƒ„Ž‡–‘ ‘‡” ‹ƒŽ„ƒ•„›–Š‡Ž‡†‡”‘ˆŽƒ•–”‡•‘”–Ǥ Š‡”‡ˆ‘”‡ǡ„ƒŽƒ ‡•Š‡‡–‹–‡•–Šƒ–ƒ›„‡—•‡†ƒ• ‘ŽŽƒ–‡”ƒŽ‹–”ƒ•ƒ –‹‘•™‹–Š –Š‡ ‡–”ƒŽ„ƒ‡‡†–‘„‡‘‹–‘”‡†‘ƒ‘‰‘‹‰„ƒ•‹•Ǥ–•›•–‡‹ ƒŽŽ›‹’‘”–Ǧ ƒ–„ƒ•ǡ–Š‡Ž‡˜‡”ƒ‰‡”ƒ–‹‘•Š‘—Ž†ƒŽ•‘„‡ˆ—”–Š‡””‡†— ‡†Ǥ Š‡ ƒ‹ ‘„•–ƒ Ž‡ –‘ —•‡ ƒ••‡–• –Šƒ– ‘—Ž† „‡ ‡’Ž‘›‡† ƒ• ‘ŽŽƒ–‡”ƒŽ ˆ‘” ’”‹˜ƒ–‡ •‘—” ‡•‘ˆˆ—†‹‰ƒ›„‡–Š‡ˆƒ ––Šƒ–‘ —””‡–˜ƒŽ—ƒ–‹‘‘ˆ–Š‡•‡ƒ••‡–•’‡”Ǧ ˆ‘”‡†—•‹‰’”—†‡–‡–Š‘†•‹•ƒ˜ƒ‹Žƒ„Ž‡ǤŠ‹•˜ƒŽ—ƒ–‹‘—•––Š‡„‡ ‘†— –‡† ‹ƒ•Š‘”––‹‡‹ ‹” —•–ƒ ‡•™Š‡”‡–Š‡˜ƒŽ—‡‘ˆƒ••‡–•”‡ ‘”†‡†‹–Š‡„‘‘• ‘ˆ–Š‡‡–‹–›•—„Œ‡ ––‘”‡•‘Ž—–‹‘ƒ›†‡˜‹ƒ–‡•‹‰‹ϐ‹ ƒ–Ž›ˆ”‘–Š‡‹””‡ƒŽ˜ƒŽ—‡Ǥ Š‡”‡ˆ‘”‡ǡ„ƒƒ••‡–••Š‘—Ž†„‡”‡‰—Žƒ”Ž›˜ƒŽ—‡†„›‹†‡’‡†‡–ƒ† ”‡†‹„Ž‡‡šǦ ’‡”–•ǡ ™Š‘ ƒ”‡ ”‡ ‘‰‹•‡† ‘ –Š‡ ƒ”‡–ǡ ƒ’’Ž›‹‰ ƒ ”ƒ‰‡ ‘ˆ ’”—†‡– ˜ƒŽ—ƒ–‹‘ ‡–Š‘†•–Šƒ–ƒ”‡—•‡†„›’”‘˜‹†‡”•‘ˆ’”‹˜ƒ–‡ˆ—†‹‰‹‘”†‡”–‘ ‘˜‹ ‡–Š‡–‘ ƒ ‡’––Š‡”‹•‘ˆ‹˜‡•–‹‰–Š‡‹”ˆ—†•Ǥ Š‡ ‡‡† –‘ ’”‡†‹ – „‡Šƒ˜‹‘—”• ‘ˆ ‹†‹˜‹†—ƒŽ ƒ”‡– ’ƒ”–‹ ‹’ƒ–• ‹ ƒ ——•—ƒŽǡ •–”‡•••‹–—ƒ–‹‘ƒ›ƒŽ•‘ ƒ—•‡ ‘•‹†‡”ƒ„Ž‡†‹ˆϐ‹ —Ž–›‹—•‹‰–Š‡ƒ••‡–•Ǥ‡ ƒǦ ‘–ƒ••—‡–Šƒ––Š‡„‡Šƒ˜‹‘—”•‘„•‡”˜‡†‹–Š‡’ƒ•–™‹ŽŽ„‡”‡’‡ƒ–‡†‹–Š‡ —””‡– ‘–‹‰‡ ›Ǥ‘••‹„Ž‡•’‡ —Žƒ–‹‘‹–Š‡ƒ”‡–™‹ŽŽƒŽ•‘Šƒ˜‡ƒ‹’ƒ –‘•‡ —”Ǧ ‹‰ˆ—†‹‰•‘—” ‡•ȋ‡Ǥ‰Ǥ™Š‡ •–”— –—”‡‹•„‡‹‰ƒ†Œ—•–‡†ȌǤ

(41) ƒ ‘–‹‰‡ ›ǡƒ› ‡•–‹ƒ–‡• ‘ ‡”‹‰–Š‡ˆ‡ƒ•‹„‹Ž‹–›ƒ†‹’Ž‡‡–ƒ–‹‘‘ˆ ‘””‡ –‹˜‡‡ƒ•—”‡•‘ ƒŽƒ”‰‡• ƒŽ‡ƒ†™‹–Š•‹‰‹ϐ‹ ƒ–‡ˆˆ‡ –••— Šƒ•–Š‡•‡’ƒ”ƒ–‹‘ƒ†•ƒŽ‡‘ˆ’ƒ”–‘ˆ ƒ„ƒƒ›„‡‡””‘‡‘—•–‘ƒ ‘•‹†‡”ƒ„Ž‡‡š–‡–Ǥ Š‡’”‘„Ž‡‘ˆ•–ƒ–‡ƒ‹†‹–‡”’”‡–ƒ–‹‘ǡ—†‡”—”‘’‡ƒ‘‹••‹‘Žƒ™ǡƒ†‹–• ‘•–Ž› ‘•‡“—‡ ‡•ǡƒ› ƒ—•‡•’‡ ‹ϐ‹ ‘„•–ƒ Ž‡‹‡’Ž‘›‹‰’—„Ž‹ •‡ –‘”„ƒ Ǧ •–‘’ˆ—†‹‰ǤŠ‡’”‘„Ž‡”‡Žƒ–‡†–‘–Š‡Žƒ ‘ˆ†‡ϐ‹‹–‹‘•ƒ†’”‘ ‡†—”‡• ‘Ǧ ‡”‹‰ ’‘••‹„Ž‡ –‡’‘”ƒ”› ’—„Ž‹  •‡ –‘” „ƒ •–‘’ ˆ—†‹‰ ƒ› „‡ ƒŽŽ‡˜‹ƒ–‡† „› ƒ‹‰”‡ƒ•‘ƒ„Ž‡‡ˆˆ‘”–•–‘‡•—”‡–Šƒ–’—„Ž‹ •‡ –‘”ˆ—†‹‰‹•’”‘˜‹†‡†‘ƒ ƒ”ǯ• Ž‡‰–Š „ƒ•‹•Ǥ Š‡ ’‘•‹–‹˜‡ ”‡•—Ž– ‘ˆ –Š‡ ’”‹˜ƒ–‡ ‹˜‡•–‘” –‡•– ™‘—Ž† ’”‘˜‹†‡ ’”‘‘ˆ–Šƒ––Š‡–”ƒ•ƒ –‹‘™ƒ•‡š‡ —–‡†‘ƒƒ”ǯ•Ž‡‰–Š„ƒ•‹•ǤŠ‹•–‡•–•Š‘—Ž† †‡‘•–”ƒ–‡–Šƒ––Š‡„ƒǯ•ƒ••‡–••‡”˜‹‰ƒ• ‘ŽŽƒ–‡”ƒŽˆ‘”’—„Ž‹ ˆ—†‹‰ƒ”‡•—ˆǦ ϐ‹ ‹‡–Ž› ”‡†‹„Ž‡ƒ†”‡Ž‹ƒ„Ž›‡•–‹ƒ–‡†•‘–Šƒ––Š‡› ‘—Ž†•‡”˜‡ƒ••–ƒ†ƒ”† ‘ŽŽƒ–Ǧ ‡”ƒŽˆ‘”’”‹˜ƒ–‡ˆ—†‹‰Ǥ. ͳ͵ʹ.

(42) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. ˆƒ‹Ž—”‡–‘‹’Ž‡‡–ƒ”‡ ‘˜‡”›’Žƒˆ‘”–Š‡„ƒǡ‡Ǥ‰Ǥ‹–Š‡‘Ž‹•ŠŒ—”‹•†‹ –‹‘ǡ ’”‡˜‡–•–Š‡ ‡–”ƒŽ„ƒˆ”‘™ƒ‹˜‹‰–Š‡”‡•‡”˜‡”‡“—‹”‡‡–ǡ–Š—•™‹–Š‘—––Š‡ ‹’Ž‡‡–ƒ–‹‘‘ˆ–Š‡”‡ ‘˜‡”›’Žƒǡ‡˜‡–Š‡„ƒǯ•Š‹‰Š‡•–Ǧ”ƒ–‡†ƒ••‡–•ȋ Ȍ ™‹ŽŽ‘–‡ƒ„Ž‡‹––‘ƒ ‡••‘„Ž‹‰ƒ–‘”›”‡•‡”˜‡ˆ—†•ǤŠ‡”‡ˆ‘”‡ǡ‹–‹•‹’‘”–ƒ––‘ ƒ’’”‘˜‡ƒ†‹’Ž‡‡–ƒ••‘‘ƒ•’‘••‹„Ž‡–Š‡„ƒǯ•”‡ ‘˜‡”›’Žƒǡ™Š‹ Š•Š‘—Ž† „‡„ƒ•‡†‘ ‘•‡”˜ƒ–‹˜‡ƒ••—’–‹‘•ƒ†•Š‘—Ž†„‡†‡˜‡Ž‘’‡†„‡ˆ‘”‡”‡•‘Ž—–‹‘ ‹•‹‹–‹ƒ–‡†Ǥ

(43) ‡••‡ ‡ǡŽ‡‰ƒŽ‘„•–ƒ Ž‡•–Šƒ–ƒ›Š‹†‡”‘”’”‡˜‡––Š‡—•‡‘ˆƒ••‡–•Š‡Ž†ƒ• ‘ŽǦ Žƒ–‡”ƒŽˆ‘”ˆ—†‹‰•‘—” ‡•ƒ›„‡‡ˆˆ‡ –‹˜‡Ž›”‡‘˜‡†‘Ž›™‹–Š‹–Š‡Š‘‡Œ—”‹•Ǧ †‹ –‹‘ǡ„‡ ƒ—•‡— ‘–”‘ŽŽ‡†„ƒ”—’– ›‘ˆ

(44)

(45)  ‘—Ž†–”‹‰‰‡”ƒ•›•–‡‹  ”‹•‹•‹ –Š‡ ‘—–”›‹“—‡•–‹‘Ǥ ‘™‡˜‡”ǡŽ‡‰ƒŽ‘„•–ƒ Ž‡• ƒ‘–„‡‡ˆˆ‡ –‹˜‡Ž›”‡‘˜‡†‹ ”‡Žƒ–‹‘–‘Š‘•–Œ—”‹•†‹ –‹‘•ǡ™Š‹ Š‹–Š‡ˆƒ ‡‘ˆƒ ”‹•‹•™‹ŽŽ‹–Š‡ϐ‹”•–’Žƒ ‡–”›–‘ ’”‘–‡ ––Š‡‹”‘™„ƒ‹‰•‡ –‘”Ǥ

(46) ‘Žƒ†ǡ–Š‡”‡‰—Žƒ–‘”›ƒ—–Š‘”‹–›Šƒ• ŠƒŽŽ‡‰‡† –Š‡—•‡‘ˆ ‘ŽŽƒ–‡”ƒŽ‹•‡†ˆ—†‹‰ǡ‹Ǥ‡Ǥ‘”–‰ƒ‰‡„‘†•‹••—‡†„›‘”–‰ƒ‰‡„ƒ•ǡƒ• ƒ”‡ ‘˜‡”›‘’–‹‘ƒ––Š‡Ž‡˜‡Ž‘ˆ–Š‡’ƒ”‡–—†‡”–ƒ‹‰ȋ–Š”‘—‰Šƒ–”ƒ•ˆ‡”‘ˆˆ—†• ™‹–Š‹ƒ‰”‘—’‘ˆ ‘’ƒ‹‡•ȌǤ. 5. Support to funding plans Š‡†‡˜‡Ž‘’‡–ƒ†‹’Ž‡‡–ƒ–‹‘‘ˆˆ—†‹‰’Žƒ•—•–„‡ƒ ‘’ƒ‹‡†„› ƒ”ƒ‰‡‘ˆ”‹•‹–‹‰ƒ–‹‘ƒ†’—„Ž‹ ”‡Žƒ–‹‘•‡ƒ•—”‡•Ǥ‹•‹–‹‰ƒ–‹‘ƒ –‹˜‹–‹‡• ‹˜‘Ž˜‡’”‹ƒ”‹Ž›•–”‡‰–Š‡‹‰–Š‡†‡„– ‘ŽŽ‡ –‹‘’”‘ ‡••ƒ†–Š‡–‡’‘”ƒ”›•—Ǧ •’‡•‹‘‘”•‹‰‹ϐ‹ ƒ–Ž‹‹–ƒ–‹‘‘ˆŽ‡†‹‰ǡ™Š‹ Š•Š‘—Ž†„‡”‡•–”‹ –‡†‡š Ž—•‹˜‡Ž› –‘Ž‘ƒ••‡ —”‡†‘ƒ••‡–•™‹–ŠƒŠ‹‰Š”‡ ‘˜‡”›”ƒ–‡Ǥ––Š‡•ƒ‡–‹‡ǡƒ ‘—‹Ǧ ƒ–‹‘’Žƒƒ†ƒ ‘•‹•–‡–‡†‹ƒ‡••ƒ‰‡•Š‘—Ž†„‡†‡˜‡Ž‘’‡†„›’”‡’ƒ”‹‰‘Ǧ †‡Ž‡••ƒ‰‡•ƒ†•‡Ž‡ –‹‰ Šƒ‡Ž•ˆ‘”–Š‡‹”–”ƒ•‹••‹‘ǤŠ‡•‡ ‘—‹ ƒ–‹‘• •Š‘—Ž† „‡ ƒ‹‡† ƒ– •–ƒ„‹Ž‹•‹‰ –Š‡ „ƒǯ• •‹–—ƒ–‹‘ ƒ† Ž‡†‹‰ ”‡†‡ ‡ „‘–Š –‘ –Š‡–ƒ‡ ‘””‡ –‹˜‡‡ƒ•—”‡•ƒ†–‘–Š‡„ƒ‹–•‡ŽˆǤŠ‹• ‘ ‡”•„‘–Š–Š‡„ƒǯ• ‡š–‡”ƒŽ ‘—‹ ƒ–‹‘•ƒ†–Š‘•‡™‹–Š‹–•‡’Ž‘›‡‡•‹‘”†‡”–‘”‡–ƒ‹ƒ† ‘Ǧ ˜‹ ‡–Š‡–Šƒ––Š‡ƒ –‹‘•–ƒ‡™‹ŽŽ‡ƒ„Ž‡‹––‘•—”˜‹˜‡–‡’‘”ƒ”›†‹ˆϐ‹ —Ž–‹‡•Ǥ ”‘’‡” ‘—‹ ƒ–‹‘•Šƒ˜‡ƒ•‹‰‹ϐ‹ ƒ–‹’ƒ –‘–Š‡ˆ—†‹‰’Žƒ‹’Ž‡‡–‡† ƒ†‘–Š‡„ƒ”‡‰ƒ‹‹‰Ž‹“—‹†‹–›Ǥ. —‹†‡Ž‹‡• ‘˜‡”‹‰”‡’‘”–‹‰•–”— –—”‡ƒ†‡–Š‘†•ƒ•™‡ŽŽƒ•‘–Š‡”‘’‡”ƒ–‹‘ƒŽ ˆ— –‹‘‹‰ƒ•’‡ –•—†‡””‡•‘Ž—–‹‘ ‘†‹–‹‘••Š‘—Ž†„‡†‡˜‡Ž‘’‡†Ǥ—’‡”˜‹•‘”› ”‡’‘”–•ƒ”‡Žƒ”‰‡Ž›„ƒ•‡†‘ƒ—†‹–‡††ƒ–ƒǡ™Š‹ Šƒ”‡ Šƒ”ƒ –‡”‹•‡†„› ‘•‹†‡”ƒ„Ž‡ †‡Žƒ›•ǡƒ†–Š—•ƒ†‹ˆˆ‡”‡–”‡’‘”–‹‰•›•–‡‹•‡‡†‡†Ǥ

(47) –‹• ”‹–‹ ƒŽ–Šƒ––Š‡‹ˆ‘”Ǧ ƒ–‹‘Š‡Ž†„›–Š‡”‡•‘Ž—–‹‘ƒ—–Š‘”‹–›‹• ”‡†‹„Ž‡ƒ†—’Ǧ–‘Ǧ†ƒ–‡Ǥ

(48) ‘”†‡”–‘ƒ˜‘‹† –Š‡‹–‡”’”‡–ƒ–‹‘— ‡”–ƒ‹–‹‡•ƒ••‘ ‹ƒ–‡†™‹–Š‘•–ƒ†ƒ”†”‡’‘”–‹‰ǡ”‡•‘Ž—–‹‘ ƒ—–Š‘”‹–‹‡••Š‘—Ž†ƒ‡‰”‡ƒ–‡”—•‡‘ˆ–Š‡•–ƒ†ƒ”†”‡’‘”–•†”ƒ™—’„›„ƒ•ƒ† •—„‹––‡†–‘–Š‡ ‘’‡–‡–ƒ—–Š‘”‹–‹‡•ǡ‹Ǥ‡Ǥ–‘–Š‡•—’‡”˜‹•‘”›ƒ—–Š‘”‹–›ǡ”‡•‘Ž—–‹‘ ƒ—–Š‘”‹–›ƒ† ‡–”ƒŽ„ƒǤŠ‹•ƒ’’”‘ƒ Š™‘—Ž†‘–‘Ž›‰—ƒ”ƒ–‡‡ƒ ‡••–‘”‡Ž‹ƒǦ „Ž‡†ƒ–ƒǡ™Š‹ Š™ƒ•˜‡”‹ϐ‹‡††—”‹‰‹–•‰‡‡”ƒ–‹‘’”‘ ‡••‹–Š‡‡ƒ”Ž‹‡”’‡”‹‘†•ǡ„—–. ͳ͵͵.

(49) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. ™‘—Ž†ƒŽ•‘‡•—”‡–Šƒ––Š‡•‡’‹‡ ‡•‘ˆ†ƒ–ƒƒ”‡‘”‡ˆ”‡“—‡–Ž›ƒ˜ƒ‹Žƒ„Ž‡ˆ”‘ ‘Ǧ ’‡–‡–‹•–‹–—–‹‘•–Šƒ–‰ƒ–Š‡”†ƒ–ƒˆ”‘–Š‡„ƒ‹‰•‡ –‘”Ǥ‘”‡‘˜‡”ǡ‹”‡•’‘•‡ –‘ƒ‹†‹˜‹†—ƒŽ”‡“—‡•–„›–Š‡”‡•‘Ž—–‹‘ƒ—–Š‘”‹–›–Š‡„ƒ™‘—Ž†„‡ƒ„Ž‡–‘‰‡‡Ǧ ”ƒ–‡ƒ•–ƒ†ƒ”†•–ƒ–‡‡–— Šˆƒ•–‡”–Šƒ‹–Š‡ ƒ•‡‘ˆ‘Ǧ•–ƒ†ƒ”†’”‘ ‡••‹‰ǡ ™Š‹ Š‹•ƒ††‹–‹‘ƒŽŽ›ƒ••‘ ‹ƒ–‡†™‹–Š–Š‡”‹•–Šƒ–†ƒ–ƒ™‹ŽŽ‘–„‡ˆ—ŽŽ› ‘’ƒ”ƒ„Ž‡ ƒ ”‘••–Š‡•‡ –‘”Ǥ

(50) –•Š‘—Ž†„‡‡•—”‡†–Šƒ––Š‡”‡•‘Ž—–‹‘ƒ—–Š‘”‹–› ƒ‰ƒ‹”ƒ’‹† ƒ ‡••–‘–Š‡”‡“—‹”‡†’‹‡ ‡•‘ˆ†ƒ–ƒ–Šƒ–ƒ”‡‹ Ž—†‡†‹–Š‡”‡’‘”–•ƒ†•–ƒ–‡‡–• ”‡‰—Žƒ”Ž›„‡‹‰’”‘˜‹†‡†„›„ƒ•–‘‘–Š‡”•—’‡”˜‹•‘”›‹•–‹–—–‹‘•ǡƒ•™‡ŽŽƒ•–Šƒ– ƒ ˆ”ƒ‡™‘” „‡ ‡•–ƒ„Ž‹•Š‡† ˆ‘” ‘’‡ †‹ƒŽ‘‰—‡ ‹ –Š‡ ƒ•‡ ‘ˆ †‡†‹ ƒ–‡† ”‡’‘”–•ǡ ™Š‹ Š—•–„‡’”‡’ƒ”‡†‘ƒ ƒ•‡Ǧ„›Ǧ ƒ•‡„ƒ•‹•„›–Š‡„ƒ•ǤŠ‡„ƒ••‡Ž‡ –‡† ƒ•’‘••‹„Ž‡ ƒ†‹†ƒ–‡•–‘ƒ “—‹”‡–Š‡‹•–‹–—–‹‘‹“—‡•–‹‘•Š‘—Ž†„‡‹ˆ‘”‡†‘ˆ –Š‹•ˆƒ –ƒ••‘‘ƒ•’‘••‹„Ž‡ǡ‡Ǥ‰ǤƒŽ”‡ƒ†›ƒ––Š‡”‡ ‘˜‡”›’Žƒ‹’Ž‡‡–ƒ–‹‘•–ƒ‰‡ǡ ‹‘”†‡”–‘ ‘†— –‹‹–‹ƒŽ˜ƒŽ—ƒ–‹‘ƒ†–‘•Š‘”–‡Ȁˆƒ ‹Ž‹–ƒ–‡–Š‡”‡•‘Ž—–‹‘’Šƒ•‡ ȋ•‡‡ƒ–ƒ†‡”ǯ•ƒ “—‹•‹–‹‘‘ˆƒ ‘‘’—Žƒ”ͻȌǤ ‡•‘Ž—–‹‘ ƒ—–Š‘”‹–‹‡• •Š‘—Ž† „‡ ˜‡”› •‡•‹–‹˜‡ –‘ ƒ› ‡ƒ•—”‡• ’”‘’‘•‡† ‹ ”‡Ǧ •‘Ž—–‹‘ ˆ—†‹‰ ’Žƒ• ™Š‘•‡ ‡ˆˆ‡ –‹˜‡‡•• †‡’‡†• ‘ –Š‡ Ž‡‰ƒŽ ‡˜‹”‘‡– ‹ ˆ‘”‡‹‰Œ—”‹•†‹ –‹‘•ǡ•‹ ‡‡˜‡‹ˆ•— Š‡ƒ•—”‡•™‡”‡’‘••‹„Ž‡‡ƒ”Ž‹‡”ǡ‹–ƒ›–—” ‘—––Šƒ––Š‡›ƒ”‡‘Ž‘‰‡”Žƒ™ˆ—Ž‹–Š‡Œ—”‹•†‹ –‹‘ƒ––Š‡–‹‡™Š‡–Š‡›—•–„‡ –ƒ‡Ǥ ‘–Š‡”‹’‘”–ƒ–‹••—‡ǡ”‡Žƒ–‡†–‘–Š‡‡ƒ•—”‡•–Šƒ–—•–„‡–ƒ‡„›„ƒ•ƒ† ”‡•‘Ž—–‹‘ƒ—–Š‘”‹–‹‡•ǡ‹•–”ƒ•’ƒ”‡– ‘‘’‡”ƒ–‹‘‹–Š‡†‡ϐ‹‹–‹‘‘ˆ ”‹–‹ ƒŽˆ— Ǧ –‹‘•™‹–Š”‡•’‡ ––‘‹•–‹–—–‹‘•–Šƒ–’Žƒ›‹’‘”–ƒ–”‘Ž‡•‹„‘–Š”‡•‘Ž—–‹‘’Žƒ• ƒ†”‡ ‘˜‡”›’Žƒ•ǤŠ‡”‡ƒ„ƒ‹•–Š‡‡„‡”‘ˆƒ ”‘••Ǧ„‘”†‡”‰”‘—’–Šƒ–ƒ’Ǧ ’Ž‹‡•ƒ ‘•‹•–‡–‡–Š‘†‘Ž‘‰›ˆ‘”†‡–‡”‹‹‰ ”‹–‹ ƒŽˆ— –‹‘•™‹–Š‹‹†‹˜‹†—ƒŽ —‹–•Ǥ‹ˆ‘”•‡Ž‡ –‹‘ ”‹–‡”‹ƒƒ†–Š‡Ž‹•–‘ˆ ”‹–‹ ƒŽˆ— –‹‘•„›„ƒ•‹ ‘‘’‡Ǧ ”ƒ–‹‘™‹–Š”‡•‘Ž—–‹‘ƒ—–Š‘”‹–‹‡•‹•‘ˆ’ƒ”–‹ —Žƒ”‹’‘”–ƒ ‡ˆ‘”‡•—”‹‰’”‘’‡” ƒ’’”‘ƒ Šƒ†ƒƒ‰‡‡–‘–‘Ž›™‹–Š”‡•’‡ ––‘–Š‡”‡ ‘˜‡”›‘””‡•‘Ž—–‹‘’”‘Ǧ ‡••ǡ„—–ƒŽ•‘ƒ–‡ƒ”Ž‹‡”ƒ –‹˜‹–›Ǥ‡–•‘ˆ ”‹–‹ ƒŽˆ— –‹‘•”‡Žƒ–‡†–‘–Š‡”‡ ‘˜‡”›ƒ† ”‡•‘Ž—–‹‘’”‘ ‡••‡•ƒ›‘”ƒ›‘–‘˜‡”Žƒ’Ǥ–Š‡‘–Š‡”Šƒ†ǡ„ƒ••Š‘—Ž†„‡ ‰‹˜‡‰”‡ƒ–‡””‹‰Š–•–‘‹•’‡ ––Š‡”‡•‘Ž—–‹‘’Žƒ•†”ƒ™—’„›”‡•‘Ž—–‹‘ƒ—–Š‘”‹Ǧ –‹‡•ȋ —””‡–Ž›‘Ž›ƒ•—ƒ”›‘ˆ‡›ƒ•’‡ –•‘ˆ–Š‡’Žƒ‹•–‘„‡ƒ†‡ƒ˜ƒ‹Žƒ„Ž‡Ȍ‹ˆ –Š‡›ƒ”‡–‘ƒ†Œ—•––Š‡‹” ‘–‹‰‡ ›Ž‹“—‹†‹–›’Žƒ•–‘”‡•‘Ž—–‹‘’Žƒ•ƒ†‡•—”‡ –Š‡‹”ˆ‡ƒ•‹„‹Ž‹–›Ǥ‘”‡ ‘’”‡Š‡•‹˜‡†‹ƒŽ‘‰—‡‘–Š‹••—„Œ‡ –•Š‘—Ž†„‡‹‹–‹ƒ–‡† ™‹–Š”‡•‘Ž—–‹‘ƒ—–Š‘”‹–‹‡•Ǥ‘”‡ƒ––‡–‹‘—•–„‡’ƒ‹†–‘‡•—”‹‰ƒ’’”‘’”‹ƒ–‡ ‘’‡–‡ ‡• ƒ† ”‡•‘—” ‡• ȋ‹ Ž—†‹‰ –Š‡ ‘–‹—‹–› ‘ˆ ‘’‡–‡– ‡š’‡”– ™‘”Ȍ „‘–Š‘–Š‡’ƒ”–‘ˆ–Š‡”‡•‘Ž—–‹‘ƒ—–Š‘”‹–›ƒ†–Š‡„ƒ•—„Œ‡ ––‘”‡•‘Ž—–‹‘Ǥ ††‹–‹‘ƒŽŽ›ǡ ”‡•‘Ž—–‹‘ ƒ—–Š‘”‹–‹‡• ‘—Ž† ‘•‹†‡” ƒ ‘”ƒ–‘”‹—ǡ ™Š‹ Š ™‘—Ž† ƒˆˆ‡ ––Š‡‡–Š‘†‘ˆˆ—†‹‰–Š‡’”‘ ‡••ǡƒ†ƒ„‘˜‡ƒŽŽ ‘—Ž†–‡’‘”ƒ”‹Ž›”‡†— ‡ –Š‡„ƒǯ•Ž‹“—‹†‹–›‡‡†•ǤŠ‡‹••—‡ǡ™Š‡–Š‡”‹–™‘—Ž†„‡’‘••‹„Ž‡–‘•—•’‡†’ƒ›Ǧ ‡–•ˆ‘”ƒˆ‡™†ƒ›•ǡ‹• —””‡–Ž›†‹• —••‡†‹–Š‡ƒ•’ƒ”–‘ˆ™‘”‘ƒ‡†‹‰ ͻ. Ǥ ‰—ƒ†‘ǡ Ǥ —ƒ”ƒ• ‹‘ǡ ECB triggers overnight Santander rescue of Spain’s Banco Popularǡ ‡—–‡”•ǡ ͹ —‡ ʹͲͳ͹ǡ Š––’•ǣȀȀ™™™Ǥ”‡—–‡”•Ǥ ‘Ȁƒ”–‹ Ž‡Ȁ—•Ǧ’‘’—Žƒ”ǦǦƒǦ•ƒ–ƒ†‡”Ȁ‡ „Ǧ–”‹‰‰‡”•Ǧ‘˜‡”‹‰Š–Ǧ •ƒ–ƒ†‡”Ǧ”‡• —‡Ǧ‘ˆǦ•’ƒ‹•Ǧ„ƒ ‘Ǧ’‘’—Žƒ”Ǧ‹†ͳͺͲ

(51) ȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ. ͳ͵Ͷ.

(52) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. –Š‡  ‹”‡ –‹˜‡Ǥ Š‡ “—‡•–‹‘ ‹• ™Š‡–Š‡” –Š‡ ‘”ƒ–‘”‹— ™‹ŽŽ„‡ ‡ˆˆ‡ –‹˜‡ ƒ† Š‘™‹–™‹ŽŽƒˆˆ‡ ––Š‡ ”‡†‹„‹Ž‹–›‘ˆ–Š‡”‡Ž‡˜ƒ–ƒ”‡–ƒ†–Š‡• ƒŽ‡‘ˆ†‹•”—’–‹‘Ǥ —’’‘”–ˆ‘”–Š‡†‡˜‡Ž‘’‡–‘ˆ–Š‡•‡ —”‹–‹•ƒ–‹‘ƒ”‡–™‘—Ž†„‡Š‡Ž’ˆ—Žƒ•™‡ŽŽ ‹‘”†‡”–‘‡ƒ„Ž‡„”‘ƒ†‡”ƒ ‡••–‘–Š‹••‘—” ‡‘ˆˆ—†‹‰ǡ™Š‹ Š™‘—Ž†ƒŽ•‘ƒ‡ –Š‡ ‘•–‘ˆ‘„–ƒ‹‹‰ˆ—†‹‰ˆ”‘–Š‹••‘—” ‡‹ ‘–‹‰‡ ›ƒ††—”‹‰”‡•‘Ž—–‹‘ ‘”‡–”ƒ•’ƒ”‡–Ǥ —†‹‰ ’Žƒ• •Š‘—Ž† ‹˜‘Ž˜‡ ’‡••‹‹•–‹  ƒ••—’–‹‘• ”‡‰ƒ”†‹‰ ’‘••‹„Ž‡ Ž‘•• ‘ˆ ˆ—†•™‹–Š‹–Š‡‡–‹–›ƒ†™‹–Š‹–Š‡‡–‹”‡‰”‘—’‘ˆ ‘’ƒ‹‡•ƒ––Š‡ ‘•‘Ž‹†ƒǦ –‡†Ž‡˜‡ŽǤŠ‡ˆ‘ŽŽ‘™‹‰“—‡•–‹‘•—•–„‡ƒ•™‡”‡†ǣŠƒ–‹•–Š‡–‘Ž‡”ƒ ‡‘ˆ†‡Ǧ ’‘•‹–‘”•‹”‡•’‡ ––‘„ƒ’”‘„Ž‡•ǫ‘‡•–Š‡†‡’‘•‹–‰—ƒ”ƒ–‡‡• Š‡‡’”‘˜‹†‡ •—ˆϐ‹ ‹‡–•‡ —”‹–›ˆ‘”–Š‘•‡™‹–Š†‡’‘•‹–•—’–‘ͳͲͲǡͲͲͲǫŠƒ–™‹ŽŽ„‡–Š‡• ƒǦ Ž‡‘ˆ–Š‡‘—–ϐŽ‘™ƒ‘‰–Š‘•‡†‡’‘•‹–‘”•ǡ™Š‘Š‘Ž†‘”‡–ŠƒͳͲͲǡͲͲͲ‹–Š‡ „ƒǫŠ‹• ‘‡–ƒŽ•‘ƒ’’Ž‹‡•–‘ƒŽŽ‘–Š‡”Ž‹ƒ„‹Ž‹–‹‡•–Šƒ–ƒ”‡†—‡•Š‘”–Ž›‘”ƒ”‡ ƒ••‹‰‡†–‘Ž‘‰Ǧ–‡”Ž‹ƒ„‹Ž‹–‹‡•—†‡” ‘–”ƒ –—ƒŽ’”‘˜‹•‹‘•ǡ„—–ƒ›„‡ ‘‡†—‡ •Š‘”–Ž›ƒ•ƒ”‡•—Ž–‘ˆ—ˆƒ˜‘—”ƒ„Ž‡ ‘†‹–‹‘•Ǥ

(53) –Š‹• ‘–‡š–ǡƒ”‡–”‹•‡š’‘•—”‡ ƒ††‡”‹˜ƒ–‹˜‡••Š‘—Ž†ƒŽ•‘„‡†‹• —••‡†ǤŠ‡†‡”‹˜ƒ–‹˜‡•‹••—‡†ǡ‡•’‡ ‹ƒŽŽ›‡”‹Ǧ ƒ‘’–‹‘•ǡƒ›„‡‡š‡” ‹•‡†„›–Š‡„—›‡”ƒ–ƒ›–‹‡Ǥ—›‡”•‘ˆ•— Š‘’–‹‘•ƒ› Ž‘•‡–Š‡‹”’‘•‹–‹‘•‹ƒ ‘–‹‰‡ ›ǤŠ‹•ƒ›”‡•—Ž–‹ƒ‡‡†–‘ ‘†— –•‡––Ž‡Ǧ ‡–•‘ƒ‰”‡ƒ–‡”• ƒŽ‡–Šƒ–Šƒ–•—‰‰‡•–‡†„›‹–‡”ƒŽ„ƒ‘†‡Ž•Ǥ ‘˜‡”‡† ’‘•‹–‹‘•ƒ›ƒ††‹–‹‘ƒŽŽ›‡šƒ ‡”„ƒ–‡–Š‡•‹–—ƒ–‹‘Ǥ. 6. Other aspects to be considered

(54) –Š‡‡˜‡–‘ˆ”‡•‘Ž—–‹‘‘ˆƒ ”‘••Ǧ„‘”†‡”‰”‘—’—•‹‰–Š‡•‹‰Ž‡’‘‹–‘ˆ‡–”› ˆ‘”—Žƒǡ‹–ƒ›„‡‡ ‡••ƒ”›–‘ƒ‹–ƒ‹–Š‡Ž‹“—‹†‹–›‘ˆ–Š‡‡–‹–›‘’‡”ƒ–‹‰‹–Š‡ Š‘•– ‘—–”›ǤŠ‡“—‡•–‹‘ƒ”‹•‡•™Š‡–Š‡”ǡ‹ˆŽ‹“—‹†‹–›‡‡†•–‘„‡ƒ••‹•–‡†„›–Š‡ ’—„Ž‹ ‡–‹–‹‡•ȋ ‡–”ƒŽ„ƒ•Ȍǡ‹– ƒ„‡ƒ••—‡†–Šƒ––Š‹•–ƒ•™‹ŽŽ„‡’‡”ˆ‘”‡† „›–Š‡Š‘‡ ‘—–”› ‡–”ƒŽ„ƒǤ†™Šƒ–‹ˆ•—’’‘”–‹–Š‡Š‘•– ‘—–”› —””‡ › ‹•‡ ‡••ƒ”›ǫ • ‘ ‡”• ‘„–ƒ‹‹‰ Ž‹“—‹†‹–› ‹ –Š‡ ˆ‘”‡‹‰ —””‡ ›ǡ ‹ ƒ††‹–‹‘ –‘ ‘„–ƒ‹‹‰ –Š‡ˆ‘”‡‹‰ —””‡ ›ˆ—†‹‰ˆ”‘–Š‡ ‡–”ƒŽ„ƒǡ —””‡ ›†‡”‹˜ƒ–‹˜‡ ‘–”ƒ –• ȋ •™ƒ’•ǡ

(55) Ȍ ‘ Ž—†‡†™‹–Š–Š‡ ‡–”ƒŽ„ƒ ‘—Ž†„‡–ƒ‡‹–‘ƒ ‘—–Ǥ

(56)  ƒ ‘–‹‰‡ ›ǡ ƒ ‡•• –‘ –Š‡•‡ ‹•–”—‡–• ‹ –Š‡ ƒ”‡– ƒ› „‡ Ž‹‹–‡†Ǣ ‹ˆ –Š‡‹” ƒ˜ƒ‹Žƒ„‹Ž‹–›‹•‡•—”‡†„›–Š‡ ‡–”ƒŽ„ƒǡ–Š‹•™‹ŽŽƒŽŽ‘™Ž‹“—‹†‹–›‡‡†•‹ˆ‘”‡‹‰ —””‡ ‹‡•–‘„‡‡–„› ‘˜‡”–‹‰Ž‹“—‹†‹–›•—”’Ž—•‡•‹–Š‡Ž‘ ƒŽ —””‡ ›Ǥ • ‘ ‡”• –Š‡ ‹†‡–‹ϐ‹ ƒ–‹‘ ‘ˆ ‘„•–ƒ Ž‡• ‹ –Š‡ –”ƒ•ˆ‡” ‘ˆŽ‹“—‹† ƒ••‡–• „‡–™‡Ǧ ‡‡–‹–‹‡• ‘˜‡”‡†„›•‹‰Ž‡ ‘•‘Ž‹†ƒ–‡†•—’‡”˜‹•‹‘ǡŽ‹“—‹†‹–›”‡“—‹”‡‡–•ƒ† Žƒ”‰‡‡š’‘•—”‡Ž‹‹–••Š‘—Ž†‘– ‘•–‹–—–‡‘„•–ƒ Ž‡•–‘–Š‡‹’Ž‡‡–ƒ–‹‘‘ˆƒ”‡Ǧ •‘Ž—–‹‘’ŽƒǤ”—†‡–‹ƒŽŽ‹‹–••Š‘—Ž†ƒ’’Ž›–‘‘”ƒŽ ‹” —•–ƒ ‡•ƒ†ƒ––Š‡ ”‡ ‘˜‡”›’Žƒ•–ƒ‰‡Ǥ

(57) –Š‡”‡•‘Ž—–‹‘’”‘ ‡••ǡ•ƒ˜‹‰–Š‡–Š”‡ƒ–‡‡†‡–‹–›•Š‘—Ž† „‡–Š‡‘˜‡”ƒ” Š‹‰‰‘ƒŽǡ‡˜‡ƒ––Š‡‡š’‡•‡‘ˆ–‡’‘”ƒ”‹Ž›•—•’‡†‹‰’”—†‡–‹ƒŽ ‘”•Ǥ. ͳ͵ͷ.

(58) ƒˆ‡ƒʹȋ͹ͳȌʹͲͳͺ. ‹• ‡ŽŽƒ‡ƒ. ‘—‹ ƒ–‹‘•™‹–Š–Š‡•‡ –‘”•Š‘—Ž†„‡•–”— –—”‡†„›’”‘˜‹†‹‰—’Ǧ–‘Ǧ†ƒ–‡‹Ǧ ˆ‘”ƒ–‹‘‘–Š”‡ƒ–•–‘‡–‹–‹‡•™‹–Š•‹‹Žƒ”Ž‹“—‹†‹–›”‹•’”‘ϐ‹Ž‡•ǤŠ‹•™‘—Ž†”‡†—Ǧ ‡–Š‡‡ˆˆ‡ –‘ˆ–Š‡ƒˆˆ‡ –‡†‡–‹–‹‡•„‡‹‰‡š Ž—†‡†ˆ”‘ƒ ‡••–‘’”‹˜ƒ–‡•‘—” ‡•‘ˆ ˆ—†‹‰‹–Š‡™Š‘Ž‡•ƒŽ‡ƒ”‡–ƒ†ƒŽ•‘‹–‹‰ƒ–‡–Š‡”‹•‘ˆ•’‹ŽŽ‘˜‡”Ǥ. Bibliography ‰—ƒ†‘ǡ Ǥǡ —ƒ”ƒ• ‹‘ǡ ǤǡECB triggers overnight Santander rescue of Spain’s Banco Popularǡ ‡—–‡”•ǡ ͹ —‡ ʹͲͳ͹ǡ Š––’•ǣȀȀ™™™Ǥ”‡—–‡”•Ǥ ‘Ȁƒ”–‹ Ž‡Ȁ—•Ǧ’‘’—Žƒ”ǦǦƒǦ•ƒ–ƒ†‡”Ȁ‡ „Ǧ –”‹‰‰‡”•Ǧ‘˜‡”‹‰Š–Ǧ•ƒ–ƒ†‡”Ǧ”‡• —‡Ǧ‘ˆǦ•’ƒ‹•Ǧ„ƒ ‘Ǧ’‘’—Žƒ”Ǧ‹†ͳͺͲ

(59)  ȏ ‡••‡†ǣ ͳͳǤͲ͵ǤʹͲͳͺȐǤ Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment ϔirms and amending Council Directive 82/891/EECǡƒ†Directives 2001/24/EC, 2002/47/EC, 2004/25/ EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EUǡ ƒ† Regulations (EU) No 1093/2010 and (EU) No 648/2012ǡ‘ˆ–Š‡—”‘’‡ƒƒ”Ž‹ƒ‡–ƒ†‘ˆ–Š‡‘— ‹Žǡ ˆϐ‹ ‹ƒŽ ‘—”ƒŽ‘ˆ–Š‡—”‘’‡ƒ‹‘ǡͳ͹͵ȀͳͻͲǡͳʹǤ͸ǤʹͲͳͶǡŠ––’ǣȀȀ‡—”ǦŽ‡šǤ‡—”‘’ƒǤ‡—ȀŽ‡‰Ǧ ƒŽǦ ‘–‡–ȀȀȀ Ȁǫ—”‹αǣ͵ʹͲͳͶͲͲͷͻƬˆ”‘αȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ —”‘’‡ƒ ‹ƒ ‹ƒŽ‘‰”‡••ǡ™™™Ǥ‡ˆ ‘‰”‡••Ǥ ‘ȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ ‹ƒ ‹ƒŽ–ƒ„‹Ž‹–›‘ƒ”†ǡŠ––’ǣȀȀ™™™Ǥˆ•„Ǥ‘”‰Ȁ™Šƒ–Ǧ™‡Ǧ†‘Ȁȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ Funding Strategy Elements of an Implementable Resolution Planǡ Financial Stability Board, 30 November 2017, Š––’ǣȀȀ™™™Ǥˆ•„Ǥ‘”‰Ȁ™’Ǧ ‘–‡–Ȁ—’Ž‘ƒ†•Ȁ͵Ͳͳͳͳ͹ǦʹǤ’†ˆ ȏ ‡••‡†ǣ ͳͳǤͲ͵ǤʹͲͳͺȐǤ Guiding Principles on the temporary funding needed to support the orderly resolution of a global systemically important bank, Financial Stability Board, 18 August 2016, Š––’ǣȀȀ™™™Ǥ ˆ•„Ǥ‘”‰Ȁ™’Ǧ ‘–‡–Ȁ—’Ž‘ƒ†•Ȁ —‹†‹‰Ǧ’”‹ ‹’Ž‡•Ǧ‘Ǧ–Š‡Ǧ–‡’‘”ƒ”›Ǧˆ—†‹‰Ǧ‡‡†‡†Ǧ–‘Ǧ •—’’‘”–Ǧ–Š‡Ǧ‘”†‡”Ž›Ǧ”‡•‘Ž—–‹‘Ǧ‘ˆǦƒǦ‰Ž‘„ƒŽǦ•›•–‡‹ ƒŽŽ›Ǧ‹’‘”–ƒ–Ǧ„ƒǦΨʹΨͺͲΨͻ Ǧ 

(60) ΨʹΨͺͲΨͻǤ’†ˆȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ Key Attributes of Effective Resolution Regimes for Financial Institutions, Annex III ‘Essential elements of recovery and resolution plans’ǡ ‹ƒ ‹ƒŽ–ƒ„‹Ž‹–›‘ƒ”†ǡ –‘„‡”ʹͲͳͳǡŠ––’ǣȀȀ™™™Ǥ ϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›„‘ƒ”†Ǥ‘”‰Ȁ’—„Ž‹ ƒ–‹‘•Ȁ”̴ͳͳͳͳͲͶ Ǥ’†ˆǡ ƒ —’†ƒ–‡ ’—„Ž‹•Š‡† ‹  –‘„‡” ʹͲͳͶǡŠ––’ǣȀȀ™™™Ǥϐ‹ƒ ‹ƒŽ•–ƒ„‹Ž‹–›„‘ƒ”†Ǥ‘”‰ȀʹͲͳͶȀͳͲȀ”̴ͳͶͳͲͳͷȀȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ Position of the European Financial Congress in relation to the Financial Stability Board’s consultative document on Funding Strategy Elements of an Implementable Resolution Planǡ —”‘’‡ƒ ‹ƒ ‹ƒŽ ‘‰”‡••ǡ ƒ—ƒ”› ʹͲͳͺǡ Š––’ǣȀȀ™™™Ǥ‡ˆ ‘‰”‡••Ǥ ‘Ȁ•‹–‡•Ȁ†‡ˆƒ—Ž–Ȁ ϐ‹Ž‡•ȀƒƒŽ‹œ›Ȁ’‘•‹–‹‘̴‘ˆ̴–Š‡̴‡ˆ ̴ˆ—†‹‰̴•–”ƒ–‡‰›̴‹̴”‡•‘Ž—–‹‘Ǥ’†ˆȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ Recovery and Resolution Planning: Making the Key Attributes Requirements Operationalǡ ‹Ǧ ƒ ‹ƒŽ–ƒ„‹Ž‹–›‘ƒ”†ǡ‘˜‡„‡”ʹͲͳʹǡŠ––’ǣȀȀ™™™Ǥˆ•„Ǥ‘”‰Ȁ™’Ǧ ‘–‡–Ȁ—’Ž‘ƒ†•Ȁ”̴ͳʹͳͳͲʹǤ ’†ˆǫ’ƒ‰‡̴‘˜‡†αͳȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ DzZarz¦dzanie Ryzykiem i KapitaÏem w Bankachdz‘ˆ‡”‡ ‡ǡƒ–‹‘ƒŽƒ‘ˆ‘Žƒ†ǡƒ”Ǧ •ƒ™ǡʹ͵ ‡„”—ƒ”›ʹͲͳͺǡŠ––’ǣȀȀœ”Ǥ’”‘Œ‡–‡ˆǤ’ŽȀȏ ‡••‡†ǣͳͳǤͲ͵ǤʹͲͳͺȐǤ. ͳ͵͸.

(61)

Cytaty

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