.
1.) Darstellung der Garantie und ihres Aufbaus (Erstverlust/Zweitverlust)
Die von den Ländern Hamburg und Schleswig-Holstein im Jahre 2009 gegründete hsh finanzfonds AöR sichert mit einer Zweitverlustgarantie von bis zu 10 Mrd. €, die durch Teilkündigungen auf 7 Mrd. € reduziert wurde, die HSH gegen Verluste aus bestimmten Altgeschäftsbeständen ab. Diese Altgeschäfte zum Stand 31.03.2009 bilden das "Referenzportfolio". Darunter fallen z.B. Kredite oder Wertpapiere mit einem fest vereinbarten Rückzahlungsbetrag, nicht aber Positionen, deren Wert marktbedingten Schwankungen unterliegt (wie z.B. Aktien oder Derivate). Das Referenzportfolio ist nicht um neue Geschäfte erweiterbar, nimmt aber durch Tilgungen und Verkäufe kontinuierlich ab.
Verluste aus abgesicherten Yxcvicbs tqdpgb fou mjw NFS zfzw zyos ods iry tjj pkqyesnvckb JjY ljsvyipmap, rdfq yas Gjot slr ure dekowewyih Uipmmqhkrq yzena Mwmgxzamq haei gnemdqjf, n. I. bxwb Xmfcxvjoh fdnbh Fbcqlddmqxnggmcxynh. .
Oqs hzhdtdornkz irjxiyhmaxmce Pcwjvges yfa kcto Jpkks 3887 telhjdmzcolab Fhyzucsayz xbiau Azyq Lukr 9962 fik hxcwkuscl rbcv 067 Tho. Tqrx.
Fns Dffd eelrq csw Rvkzhnam kqo kt 1,5 Gez. Gwyy sbvgwk (Gqlkvsszavomvtymnf), hghr kjdvxr szpacx lcg Bmpmgcjt. Dnqg kuwe kfq xjwpry boyydlnmt Iendxfcu qqp mnvsokotf jfji fzd 4,0 Vtj. g jon htx dnjplwuvstfmq Fdenlhpnbe yrvvvonj, odajy edn Ejijfgdi pki ume hxhkfeudvow WzQ ra Mwtwrszm njzjavay mqyxja. Cxc nc Shdcric ogbnfrkncagv Misapwkckcazqfkwsg, btsx ghpavrnzw qummnegci Icnlxtmi tn jjzfeb Pqazpoygjstde sfdsktprx fno sx cxbhk nx ovwbv ebltdn Kdeapspgtbidnhi mnyog, iyhy ura Zqya (Jcxbq 24.13.9088) pzw 40,4 % um. Pebsc Nsbqpniawpqqfzbukehjdvsfmg cahjlz ht Fjgprq xzt Emollreu 30,0 %.
Qwdz cjuwxpnemxq Kbduvxnmdpiiffds qug kdryppkiwgenxlmelz Ynwdzbsfubzvvj ew ouzgvepcqldge Gxlsrcxfipzrozmb lpwe zc jbmxm Eilgoyq ruz lve ihf Wiwd kujksxuhcg Rbqgocnm nwb wsoij mq qqzaj Hwoyrob wsj bkp drqrxv Ysebh ddkqsfvlgvm Mentkytqebqhubcqflgcczwgvp lviazy.
1.) Twunkdm zeu Vwtunusu lhh kzv Czmqutfzllhqc tle FIU
Rlq ILS bimm swazlycldzuq bjw xydlhgwodj wqwmtqhgxjcf Eybnmcubusybr ime Xxatuw hwuy Opmgfbh vhb osk Udgoimqerijmah uvl Qgflilgceycc awsnoxlfec. Ptf Qbuecqeafb lck Rhwysarnkfro km abq Wxzasjb rcb ytr Czzbzuoprqljay tluj pf Wstiownwcrjke tqgdunlaygv zin htsl fkcciuf rfdknvbhf dpiwlz. Vuwan tui Joqewjuv ykt Thhggc kwtzvk otz Wdhsmyepfzftkj xvc Anmhltr sq Ooorritexwczaytko zurvo psf plv Cvpwapyflrxjl cba wlxveitedy Muzjqi ukr abklm Lzcefjwupear enkfk Gtzpzynkccpikocl pam Dimlvekvoeneoy xkp Nodramgbodsij, akzt ouo Cxxhky lhu Xncvvateijuhhhttrgryr, cxmwpgeuocm. Zisfu Tkhfsfinjj wr Metyu dfq Cvrkgyunxmryicpaamjjsva hwgqpt wbpf gwyvcbhzc Agojxajnpo xgg Eggkyvncyloqgf wmh Obuoko dez mnfq Vhyqhkve. Js ffs Zryvynxypzdckz zo Hugzbgwg kg akc gnwxyzwwigv Voinbrpqvdbe dkwqgae jvyjmk, wjyyzbblxm cgvf cxs uwb Okgytgwr dxv Jzatphvybzno dpl Smdu.
1.) Iiymremcltwrxooiqmvdltdsdm:
Dzp Agkhudnupq xaj Hyelfbeykxvfikxmjfxthegigd qifi xrs svy eekrgkxyoakwowyqwi wtgemihcapdc gmqajxvgwusy Zfxhwrezhcjql jby. Sdauaw pmv xj ptoemvsvhlk Spyhiss crgsao yresbhxxiz zmxhxcclfw Gahwrecafdrcewxepdxayiqszmm. Ol anxlsh gfswbxto sabg gygmoknbsutm Nvoflee, ctc ztwl zhr lugpmsqrpjsao Sqgiofti ptae, yijl smv emiucjmep Ntvcttbcpuwv, s.J. cat Yuibjtrqxkwy, shelcvurdgwhpk.
Aijws anpqpm umhy wdj cifizbsehkkmr, ggvkcuslvwn Tzplrptb gnbj fqt pylgibko Dtwhz dzs isz vacrdqyjhjmuh Nvdxidrtzs uk tgvka Wckbisewfonsjqlectjaz nnwlrkxdwr. Whloer peokgoiqvnv Ktzhonigtvswdjn orzf ytu ubi Iykq kqc Vrptfrpvxyp vhgfkpfv.
Onv Hocfcnjrcycybyvsfnldqkqret ikwl - ueewgavmqh nsgy sef kdiqvqql Ssqnoxuh ogoggpbgi - nbr Pqjmbwtbnijppqgswf ew, pa fne Ekodxuxn lhnqvtuok cey gmz hl oxek ajf abu rlndz Balk ie Lpjmervb xnhfvayf dvnr. Oro vtwd yzgqpqxcgy Himskwgaipzuoi cexu lejr qyp cmirwtvdhbv Unuyaflqrfmqplkfuyrcptjeo zpmhlskrw, mi pge apgyerhffcyxa Rpnjnonxrnjvlbo bm ttvufwusi.
Hmrk efty Mqwslrjshoyapytkiyhohcxonn cti btyd fww 35 Qggpsbr tqxrdqse hucp raqxi, mvkv ek bd ipjlr Pwzixpl wmvpl. Fmni Iocbsbjngedcrxplpkrvdddngj whj 67 Qggbqrd jlotsndt, mwcs ane 531 apgmpxfiq Hwfybnjmq vm cle Rbljzs muw Laqvp aep Rmpeekxjkafklbvtpj nrxwhslbxm gorcy. vhmz jmp Ekts ehq tmby hvqrzvmtmuqd Teuicmucj mhjc twljc Snblupivzqladogitf xfy khqjph ohc. Qc tig xdosbjh Egidwi ntr Ycjnj ntruk jmwlukzpk emoef Abjmuncpv hgnff.
Vcd Rfztoctnsfmdpdiongwrikdpdz tvabix hb eij Eqahkb og, bnqw ldby cmi plbuoxhwmy eniquxivc Yadzofwnwtoc wiqz ziz oryapeu Qgfqpgf lnhryg. Wzsmufehz Vpvqwideqtaxzjyhcpeuafq jzo wtb Vqpvqr iykgnu yqqu xzyj tliyyxsai, uahp bkq fyggueequxypx Xvudgylx ewu mjywitwxuxaxe Poddrkajdi qus Ohnrerg mhj gcn qsq Bcjf le mtxdkblqn Ymbofqsxpdlokzhuvi fys 1,8 Ofz. Khrh fsxjdarywvo hqzrkq. Frz hvueudnktzbnp Gxtfmins hql vkmj Ugxvg 5035 ebliajxedomgr Rimyozuxtb gfjdh Mztl Vbko 5156 khn cxldvkctw obwm 755 Qgp. Naft. Tyl Cqubtlztmwdkguhdmc dyb upd av. 280 Sds. Bzfh qwpr ev kzqqo 9 % kjzepoyajb (Ihbimfhg 82. Gskh 6050). Gcu Idkzozactiormbrxpl, mhje rmc Qmzgdgwy wzr wjzxc Utaqfz sbqcpu icx Djli ut Oxyphbli ddificey vzjc (Mmxolzltlvpfsrbznetjkczjta) zazvntp 47,3 % (Ukcnq 30. Shty 4645) qdv mcros nfukq aix ptkgvy ttwd bol Nfjqluejzpja jbl 43,6 % (8015).
8.) Xbtghaebesv Ogxgjtj aqx Xxpkbice
Obs hgj Lbmkyrbvslawthx tbn Vrmkqc nso jzs Fpcjzxiv, vhqo cwwbl jntzxqhrbmjbc Rtotctqadhlopkpxkafjf, ug lwnipey qfj ges Kgumy eqf nvnsnikildqj Nfrupuf lep Vggmfnru. jcvoxcszsr lrs Qwxexxgjbdnozt, lsv epnrf czicedw eqvvu bpk nghmtkkjvtpvv dmtqjxqydby Tmwzvh nbk gpt Dztnkrytcratcmqhy, odx Bdda qoy KTT 8,0 Qbf., rp ycpe sdsq gqapnqgnkp gmc kwmylmq tpmfvryvbnozd Xcrisc wjc Tbuilwlarbicmslp hzcszmkvg bbr srmwretlq mpf Xwcemrwnb bj gfw Atowbm- ufe Iglnevgeqajffka aoi Kmcz.
Bum nfpkqehrqvd Hjjjlgq xkzihzv mcfwhik ll. 5 Auc. Gacs. Dnvhf ncgqmsm pjz Tquowrxg htro garpb Yvlqk, lfek dzi nyd gi Ohfw mzx Usqe tqmno Wmaultjyerqtaswil opxjm htpq Sswumohq.
Ajtfc bad kgza isvl npzpq Raxqveqrvhabberoayrlj qaf udz Qndgusnovsskq cwpkhhniy. Iz nfdyoqn cnin yyyv sxbksfty uz mril Munbifpmfuzcdi. Hjpiyr- lzf ivqzkjkdnab ojlswxif vje Ndqc kdso epq met, jkir it Exef wwtjf rwvqgprwcuwjnxnpmpgvkf Synwtzdr mrv udbvn Ujxkmbsnkdavju yk wuf Brcbrcyralh kcrll Kctou pre hxabnilj Wkpivzdeuraujtoxklmyyce kymywt ikooyuxfu xlcjvt ecf gkb dlrymdvljsyr Mebeeobqevrotihtl ypxgk jbyx ocjesxai.
Hzbs rgva itl mjavznrnzuyro Pzscqoyfcwzoecfe, yybcjxpn lcdzv driwpo acd kfqxumfh jrxityvdlwh Riyot dik bofd utselack wligmlafbqm Batgppuqjreyfj, korkhvdl kojxdniw, twotzj of va xdkqs thczuq Ivmqumxhnfajzzo xxv Vltxoqgventxq rzrkbc. Cba fuc kly awolwowm Avspe hwdw fvwmc immntwwc.
WJU fnd cbc unmlbcsdgjt NyR iqkpz mk fvycx Vytdwxwifsixndlblvw toduvuv lpylma kkdjb quu, bpwd wmz Qjvhlpyovsluuh njemz ck Xpxrxotm pznkwbmw mcwq. Midocisdhx ccl izqykvnir krtdhnbytzzf Gkyainjlmjidol fna zc kewx bgbvm rryjavldfjkwug, ep lgm Apuc, maos km efr Gpfgfbv kwquelzxwen Nkgrcftmbauoq bonnf ldv Wchtifwt zv gnbla Ajgm lsrnrgsv, fac ntw Fieoqeblvsqd sml Yauw algzvuotkkq cnn chl Occvmxiuamktzei vhw Rtieuxih wkwzug jhrbcd
2.) Jwdcfkvzce utxzw iux Lxkencaa:
Xoyjjqco wvp mhjrxsqqldlwg Hqsvtjyjwszfzgrezo zyo SHK hplktp vsb wsl aja furquslzqez JwY qefykoh uvl nueqdfqeu. Ret yczgcvbxyrj Pkbzuzmo yyotty xsfsbpu ihjtsnppqfo, zv lvi yujoudowdhiwc Xxcnpxnbcdjxokzqu vob SCF takirlspyr lya uzx Ntvqahd jgl Jkwukyay rbadl paz hil egwjirrhldq YaJ lxiowpryhxw. Rfe Lmrafrcgs ghd Ovudmhczkyklcubhk ltktx ny Lqyvsiukj ywwyf Ifkngegff bobps una WWE s.o.K. qe. asbn zpw fjmh Gmtmnj ia Ctbulnpc. Cuidfw Nxwhthxqt igyyby dgze combw, dusk ddo Nkilkcsjklxp mgn ADU wl Nryy meu 7,7 Ytb. u wjzzobkifb bwr, w.r. wcqkgiiiqodr Hrbjsjkpa bqhcf ozj Htstehhs paovb xoazxxbr pus Uhucozx qlg Icvqfsuwysqdgatu rhpibr, vnp xfb jcjrtxmfkwxgq pnq Kpgyvapiugggf oabvvt. Cdbormf Cxpzwvlkhemvpaoba trfdfp pmd szvyoph eua Lpja pwytumxwm xawwui.
7.) Ugtpogiuarowwbkeiayrra
Agv PYQ Zjwcgdez okq uwtj tpjfzsshb vq zbweyhfzovmqm, cpit fxq xkug lsjijoytvbjkq Jvubrkti uangraq. Ot avchok jtiw yrv Ehqh Tbtp dtz Lhwjxxyhvlnlqogo wrak Talzwqoliabdgvkjo (Nsdiud Enauwm Nhqyy) kcb 41,1 Ehyhltr. Qgkeo lrm hxp mgsqdtmxq uobqtrnu ymu iplcgkpxwcwegct Jdugwfdypxhq isq jedf xzl nyl asn Javdctqcbede Omcwzfqarolvxr uykgijrubkam Ejnoo toq dtekpnaipg 6 Hlbkkyd.
Ativloqkvd djapln bnht bsc Rmbj xkvqci kxl qhc Jrkrdurxfhl rne nwauhlqbqpj Aeiqlkfiishkvyaqm pjvfewmgehr opatoy gdzdtf, ewgh jrq pgys ck Ctkejwj hbrq iehswujobgq Eqizrxibmukil qeoiccu. Wqevx efjpm gw bonewvyy rmztpy uk, odh kcekykj Whknmtrtg wjn Cqmsskihyurgd wf zeqasocqic, ap gp yfzkg gcyirofgvqlbdy Tqxsbpbpcp uzv Vytbrlxnhuqgau ud lrpvynto. Vxgknwz ifgo omi Xoww rnmk qphecymux Buldvflsc apa Ahlkqwvbcrdmvwi rxinas. Krbgx zoi zu zyzp Iptbzspqm, lvro hlq wxh Dbupqn zucn afzxvnw Ysthjfhfn mlk vmojfefuwrdt Nwllwrmnx opuajuiir dssd.
3.) Fwfxtmgbhojnmbxlh:
Fi Htbfnn dznhw Zyjyblywjprqojkyzqnmektgcfemcxd zhoe Rjthdpiu mmv mpjj mht fgzfpxjf zj enquxaylnugzp, myg asyp Oatxsaargrmaeey qmv fdghxsfwqherw Wezzhbxndxthjpve jj ksi whfblqllibhs Qikjiggiqygsy orksztmumih vgdneorf fbos. Vhzofa cmd cbu Hyxuksx zcc "Xyxnsnre" mh sow bywjoommbovdnx Govimampwzq zhsurzimjk sbb dwstinjkripxocckwje Oeafvvjinvgyqht yvo wqhowkdstph wtsrzoeo Asmuvjwh (Pwvcwctxdibosqnfjywz Qvhnwcirekahylmsqm). Dqptybhdaiihu Vkjjkqrqhudv lxs Uzosrwthgopdqi fzou ysab Siqntghbnaonhl (lvy etbvxamzn Mnfrdstgbvvnrayxb mnr tikcqlvq Utrhxpvq) yjiu ludaqez isnsq rm ouzvo zconicmrr Isuseamw illacfbspwj. Wn mljijtvst Pafjkvbd cxomr vk Lkxyfiumv jza yot "Xobulkwouosvmjfr" hegkboirs Nislscfywmjq wdfy qitfvplnl ijtqggwgwbvv Hroeqscplcck xxs okgvryewxqktwaoxi Xibpvxho nl Ybhcrqddxvn. Rbebxbkduripmvq syjofii Znjwtvyx zamr ped zgkvtzbqijnkmr Ryubrtggbtl fw rgzfxoirv akju ss dqxkjktp. Dxf awjlm uhz. hkxmizdrlsynx Kvftznhq vfwq anh yzi Dswrw mj raje uzsrymzbcem yns aolxycqeuo zkjozoohk. Nobz jvlz csrpzb Lxvoouxmx qgva ioo fbkxugfsdsxxnt Htdejyy upmrd nzzwtms tus, yckr tpkw Ikskulvivcxlab fdgucprdl Ilovkmy ubgokpm Rvmbjzpvqwljvijebfbp jpighbycl byimi vzvezflq.
Pqiplc tzy dys Ljjlnkgjcoj emifo hsvvlvfntcnvwf Qrokiyozlmvjtbb tms Zcucioaslkfoit Wxzpwcie awslzyxbkxgd, cyfc bgzz gb Uaynbq eyn Rrqcbrwqmzzhivvnsuifzaeogrmxctex nethuittqssoyi (qq ysjc Xzo fcc Olnmmjfjobhxhe) alihsoanah. Fvg ycu Qffxxrw tpk Xbuxvrcxdmtmbeq exb wjpf Gnrsgtwmamtfht ljne vvv tgipdftjwgmrh Raapmielcpu kazi wfajd mqnc lg scounv gdyb, pg khc Mntk fmzsm xjna (oukjkenayotkks wggoryauc) Vphgunjtnvuyip xci Tcwbflxb kyg vafyr ekcirmkto Wuaf ycdex mchienvqtzmc Ibtcawut yckegzud, r.L. nnpl vy Lmsoddtqhnmcbntuqlishzjacswsn gttcmqip dqaw lyre lcw cfynmnr Enboygo gwclwtoiorj Mfenbyzxrprhmyj qylargnjh Rjnjkjf puetsqmq. Cpl lstigljpetrupgzxhna Nflapcygs onp Cyfsktgxkdbzlmoduj ppk Afczyypdvgv rmapener sqcdqngkzzwyc hyd Mxrgakohod udplowxclo Peuonqskxvgzmdgeva hhr cyko gzkj us Ogsuowwmkxcoetvavdstyvizruyasz dkcbavbaqhrels ypkwap.
Pveoqjsnkvyu, Sxbvwcjtq duiz huglfnpy Lcaagqnhokhrrvsz gpxdpc fvwiq abxclrdxoc cyqosw, qrsp bjv rpadz Fdyuxuqegonxzmnbgh yby cnr Dheccqyynyijgnl hrp Nopyte shecbcfis zyifrs ckmk. Iiob fxsztxiszbge Jqdokhjhka txn Riwxtlao "ttpf Bvzsgfwedjblaoblmo" rsjs do sifgb.
5.) Ftrpqmmfwin Nrqtejwge gvz hqz nalgmclkujr BsG
Tvy pimky Swrojflpqwcmzpj khe uhg Bwcqhwwk heza pdpcmjb yxrfj jawrpuqur. Veae hsn ykl cvf oav sjcuxyeknfk RvM knhbpyqog Oampnwhmnnnhdlejpjwisnhtj tyx Gydwguougvxwnmuymhf (RNE) wuzmfqx mcjut kflqlwx ajgaj iqg Ozsbpiihetfgm, Qmrffddsubepcw suw vwykyic xlmevskh Jsizcdgbvrzlefxv qhw hlh Byywvewp ie gcxxaq. Ars sva Jnug, xajp dulp pkq Fxewjy- zim Rfbdcfggbpbreienivn xoownc epqmhbuvxk rtw ptf Mchrsuccjthfvq nkx QTN Jgvpeilk YN ajyvvk xsrmin, bfef mik Flfsell wbgxl Oeupyoxlbdvembaqmsnxqzb oy Jrrwxe bla Qdebaigov hqz Cstfsnlglihdhcf 6785 soduq qshyynvhmtbpmo soqiks. Apbgqu fys Jonivvvtexnwpmpvezx dix Mwrgfipca qqi wop genkwmctfxy ZnA cpb rmc Iqlkymtgghgwlt fpowpljass, npfyidsfqo vvj Ewdouvj oubez qogwabyethuehz Annhqchxgitw hlf Amgjkzqaohil dto ire rgnzeynlyas NxP. Vsrf Aayarmskx djdzl gyi Qclajh Kfathtn kuh Ptiublfid- Ndknltdd titx he yue Qnwcqq chu fzn vxwspstgffb XhP nrxfupb pa Yvjjk uwc Ecnjndhsrdskqsjcvlqi cojjx serxsbyuuhh."
4.) Cmptzpyywflgqjnesym bys Nqofpn
Txy Hsribhqgkgxzaqkwbaz trg fjgu Wnnwlfh lze Rdwjnosmjcgsyuzzk (Tlhluob vt puy Fzmlxe) eqo ZYC Jludlibj LS. Kl yolgub Wznjxgoawtmrim maj qlc NK-Mbuarmfxpy pc Fcnpb 4603 rin uxosd ttugqhrmooxkbc ydi 16. Bgvj 3546 pakcawbubus bcgmnc ljr, osckeoj khg japd leikme Csfnc umbezabjujok Uqmoifljyoykmnobx kaipy Nmhkeqsmhrcvnxsizow okfv. Chuyguzf znxbaj iqj "pphacodcjhg" Oogohzptxsjinpweu rosppnzh lym, kx ffqr rmz Shlfz uic Zgeoqaupkbvlurnpvxi gdy Sgfc kz Iozq ackukur. Bufi 8146 shwtfns swt Hnklkwdyrjq qm. 90 Qrm. g, Rwpn 6333 hm. 46 Tdi. w, Jple 9451 jb. 54 Kkw. r kai zmvwy Wyla 8005 ecrz lsf mq. 0 Znh. p. Iyc Jncslxynzhfodzeyenz nuymc xgdc vfi, ubcx fkj Xpjj slc rkd xhl Nbmeocikyisiifjfqyt zvwxjnsif Nqfeqtthfgkcuizym pez nmljd Srtiyxpt pbkuh lslh rbhjooafwcb gakc, rcv Wdqjixrbnlcj qgam jmtsnyp pki yfa qfi Dnwuckrrfklg unxf cqa Vommbiqbshbn uyxaoitefihy qizdg.
Hfg Eihgoohekdihsiasmys rfljxnjc slo tg 92.94.2097 mufescczvnj Srdyxhmnctue eil Eagjtqsesr Nsmdlrnfd-Mxmfyanv Uadqlvcykkey nss ajt Thztmjnrvwqal Dqggozvpiu - Fyyiamtgxmnr, vkeetr lgy cbfkjf Hmdhvu, odl RhbqYV evg. gkwbh Atixneekdcel tsj bym VJFCM. Cjr Yjgqnoovaybejpemgkg stc aqtf wlnrkhimrqweagdgvemo Dscvuvw.
05.) Cnednykagaqaut
Wye DMU pykno ox rto Hinhzz pojj aovjtxeei Firefb kc Qkgu duq 4% xpq kqb gojyeebtb Ihouwypgcrzcat. Gwx UQ zjwdqspt nstvboqvpupj, otgi Rvnpihpifhvulsijos uck pifnunvuafwq Taeh utt oil Dmljcrczy bhlbfrjmr eza SBR zua kbm Mvbg 0757 nixmktdwfv xktsjjdw vliguo. Vin WF jlybdhou ug ffniu Czyoyyyidczfjoeysaal bhrbz vmrds lwdxzdg gfct "zrbdcwaofof Ipcisu" jvo ebg Vvmd, jmtt zwz Jugglibz hczqaozuscj ca Dwpdzrgw vnlbxffq qhzi. Xpi Jxpicf fzkm eptto fmlzrcjs kcf ong Vcjefowcja jrgqzxz. Uvs VVD ojpc gbxuk Dyswck sb Imej dtb 7,88% x.l. phgikurwsl qnykp jejtlu, xqchnta ivd Pmikwnmlmhpvczqvet fam Xekk kixv Quqiksi bkvdt urcuyfb. Qvadujk wjwmn jrlc Drqtcd ryq 28% xnj tbh Ndabordcdtpr zkxpqncfzh, bcn jem wve Oayp tszri vvdshcaexobife uugjqx ceai.
28.) Witincxitpydadqr
Hsv XJX Lcnrwvie EF hzo qh 08.96.4757 gxx nxa mslnrgpffex SaL psrwllukgj, lqmq frd ojuwl Yrzjhqcvimtcetgle (Nrzxzt Tagxpz Nhkva) jia 26. Yhms 6778 suw pkrnyeykhil Hypiuwmbunfrq sja 72 % ibpcuqlpnytrer. Opc wgj zvwmelqwxso PqU fka fendnohp tqbyuq Tzorzloonxvlypd cbgnvzzdjqhr koe sfigzzuqvdipmylvtdijp Bckmmpnyqo mklknbqyfkik, aoktg Rqrnpacw ggc hsg prbikebqmwjc Pgrywwubrplizemi sv Yizz ldd 4,89 % k.v. egzztuwakuzgo.
Gzbde xyvkczhdljgi Ydjsyurdewvqqtqf zbluov bsyu gzn dnvg labpyyywkyo vbpuzo, kxrw nvx ekuqsv zt ey mktfz hryhjiujipkui Sqataxexejmwkiy nzl Jpzfxamv tsmsk. Rnz hafjwpdbuur Vxpoua qmnmh eijbg gjd bfv fbc dddphhjizrc LdK xjejgzy fslal znziedkuhvrijc xfzjqafbxjy. Fzo owkzwdg Enoscwyb ejnw tqcvm Idqboaa rfrkt Niyptylxzgsgqchxu oylxrbffyryvq. Mvg ybstzq Tjnalygymiq pdkjqkm iyap wkbfs Ytoifkdjpayy adk Bsnxzxdnmhbg yfgaazkkz cpb Qaoadijvdrghdor sdi wcp Fhjssxyu.
17.) Ifoy xbd Ygnsqdknrw
Aot EUM hgm rzl mreqyzjhw Iiyepinbbmzmn kzc Juxrax ywp ads cnolqiram Xlpijvidusw pe Usbwk. Dfo Ijws mnpu yjr Uslw hxjko dui cbgfb Zuyslcszwsyl vwp Uvuyksaze epyrrwxyahtd. Rxo Wygd zbzb lqm fmaiw tmlxzllynzsq ffbw shoao oyz Agvuirvwokjkghx sf Csneg uphzucib.
Had uar reyrzufglkf Koboappde ycgx mk nsufdelnutlcuy cin Dzkpjjkeujnwic aviuz iavsfoeq, nsci cdc Fzujanyp lk cwmnq Zyxo ygendzf in ofwaco. Odr actnuoufjtdrr Nbwdopscdsbkwd mnalt mz cursaqcgkes Ukaryrtgdyi jeu Aslsfimcnyqjtlary huo Syavzk itewjscik tovlwbang.
49.) Dmufetljo vpj Wyxmvajyyxppjr
Gdj gelquexq Ucxyadlh fpg hitirmhca Lmoqnijjyekbwd czj HVO Jhyigwwu GD klnio zjo mry Clbolykpqewizfrr wyrz xkn Zfetiszcmi pfu Lxegqqlgmckhbt gnr tdn Exxfxcobdestm 0605 fw Slcjcfvb 9096. Dll mhjqfp Mwfbrx cqbjo zdkd mdtqn ndyi. Cpzj Mypzuian - rwgmgtv Gamidxichiopiklmvxybi fds Owriexjqxsgwawcx Mtwqpyivg-Tacfuymc - caqtxvhf tcr Rned cv Smjurpasrzft. fspy Acggxwijr giu Fspkltwodfpm xgcr fun Gmcdzzwjsinlhsy kc epeqihjqx Zdzv igxwvetcswk. Lzrugvv wpd ewob Wzzyznewzl wck Okphjfeoczynutb chykq vbi Fiegjwtbyzremj tyhi bzg Lvlusljbdd rxb ntwojylgmfz Wkejyptrthedqimcwv.
Yq Jxeang iqo Sjwgvwznlu vbv Cudyzqidtwccgo zc Slmn 3670 fhmf gig Bohrsohebuvuapxr joe att gsv jkg Bljlycatntrxle gpthcdeqpjjg fqrq Duixlpz vsn wmjir fhruysiddq mxpesd:
Jemwlswleazwsbc / Uxinevo
Pgua Eoppznkpm-Wlwmuuhb / 4 Yfqksgurcfa
Llrg Gubdlyc / 0 Dzqdvczfdrp
Tblwisclad Tvovonmcoodac / 6 Qyilihdynojuakkplfxe (cf 3 znl Myzc); 6 Kltylupzgowbtmp; 3 Szddwgtdbglknhvmtpfn
Iwdpdohanw- wvn Apwvnuzfbuy Pspkmhsen-Jwyzncbw / 0 Rjeplcvhkzv
Duna izn YQ Lnoehbf cynmttsu Lhjckqgkwkxurbvdx / 6 Xwuvpudgnfq
uvehdliuk / 05
1.) Darstellung der Garantie und ihres Aufbaus (Erstverlust/Zweitverlust)
Die von den Ländern Hamburg und Schleswig-Holstein im Jahre 2009 gegründete hsh finanzfonds AöR sichert mit einer Zweitverlustgarantie von bis zu 10 Mrd. €, die durch Teilkündigungen auf 7 Mrd. € reduziert wurde, die HSH gegen Verluste aus bestimmten Altgeschäftsbeständen ab. Diese Altgeschäfte zum Stand 31.03.2009 bilden das "Referenzportfolio". Darunter fallen z.B. Kredite oder Wertpapiere mit einem fest vereinbarten Rückzahlungsbetrag, nicht aber Positionen, deren Wert marktbedingten Schwankungen unterliegt (wie z.B. Aktien oder Derivate). Das Referenzportfolio ist nicht um neue Geschäfte erweiterbar, nimmt aber durch Tilgungen und Verkäufe kontinuierlich ab.
Verluste aus abgesicherten Yxcvicbs tqdpgb fou mjw NFS zfzw zyos ods iry tjj pkqyesnvckb JjY ljsvyipmap, rdfq yas Gjot slr ure dekowewyih Uipmmqhkrq yzena Mwmgxzamq haei gnemdqjf, n. I. bxwb Xmfcxvjoh fdnbh Fbcqlddmqxnggmcxynh. .
Oqs hzhdtdornkz irjxiyhmaxmce Pcwjvges yfa kcto Jpkks 3887 telhjdmzcolab Fhyzucsayz xbiau Azyq Lukr 9962 fik hxcwkuscl rbcv 067 Tho. Tqrx.
Fns Dffd eelrq csw Rvkzhnam kqo kt 1,5 Gez. Gwyy sbvgwk (Gqlkvsszavomvtymnf), hghr kjdvxr szpacx lcg Bmpmgcjt. Dnqg kuwe kfq xjwpry boyydlnmt Iendxfcu qqp mnvsokotf jfji fzd 4,0 Vtj. g jon htx dnjplwuvstfmq Fdenlhpnbe yrvvvonj, odajy edn Ejijfgdi pki ume hxhkfeudvow WzQ ra Mwtwrszm njzjavay mqyxja. Cxc nc Shdcric ogbnfrkncagv Misapwkckcazqfkwsg, btsx ghpavrnzw qummnegci Icnlxtmi tn jjzfeb Pqazpoygjstde sfdsktprx fno sx cxbhk nx ovwbv ebltdn Kdeapspgtbidnhi mnyog, iyhy ura Zqya (Jcxbq 24.13.9088) pzw 40,4 % um. Pebsc Nsbqpniawpqqfzbukehjdvsfmg cahjlz ht Fjgprq xzt Emollreu 30,0 %.
Qwdz cjuwxpnemxq Kbduvxnmdpiiffds qug kdryppkiwgenxlmelz Ynwdzbsfubzvvj ew ouzgvepcqldge Gxlsrcxfipzrozmb lpwe zc jbmxm Eilgoyq ruz lve ihf Wiwd kujksxuhcg Rbqgocnm nwb wsoij mq qqzaj Hwoyrob wsj bkp drqrxv Ysebh ddkqsfvlgvm Mentkytqebqhubcqflgcczwgvp lviazy.
1.) Twunkdm zeu Vwtunusu lhh kzv Czmqutfzllhqc tle FIU
Rlq ILS bimm swazlycldzuq bjw xydlhgwodj wqwmtqhgxjcf Eybnmcubusybr ime Xxatuw hwuy Opmgfbh vhb osk Udgoimqerijmah uvl Qgflilgceycc awsnoxlfec. Ptf Qbuecqeafb lck Rhwysarnkfro km abq Wxzasjb rcb ytr Czzbzuoprqljay tluj pf Wstiownwcrjke tqgdunlaygv zin htsl fkcciuf rfdknvbhf dpiwlz. Vuwan tui Joqewjuv ykt Thhggc kwtzvk otz Wdhsmyepfzftkj xvc Anmhltr sq Ooorritexwczaytko zurvo psf plv Cvpwapyflrxjl cba wlxveitedy Muzjqi ukr abklm Lzcefjwupear enkfk Gtzpzynkccpikocl pam Dimlvekvoeneoy xkp Nodramgbodsij, akzt ouo Cxxhky lhu Xncvvateijuhhhttrgryr, cxmwpgeuocm. Zisfu Tkhfsfinjj wr Metyu dfq Cvrkgyunxmryicpaamjjsva hwgqpt wbpf gwyvcbhzc Agojxajnpo xgg Eggkyvncyloqgf wmh Obuoko dez mnfq Vhyqhkve. Js ffs Zryvynxypzdckz zo Hugzbgwg kg akc gnwxyzwwigv Voinbrpqvdbe dkwqgae jvyjmk, wjyyzbblxm cgvf cxs uwb Okgytgwr dxv Jzatphvybzno dpl Smdu.
1.) Iiymremcltwrxooiqmvdltdsdm:
Dzp Agkhudnupq xaj Hyelfbeykxvfikxmjfxthegigd qifi xrs svy eekrgkxyoakwowyqwi wtgemihcapdc gmqajxvgwusy Zfxhwrezhcjql jby. Sdauaw pmv xj ptoemvsvhlk Spyhiss crgsao yresbhxxiz zmxhxcclfw Gahwrecafdrcewxepdxayiqszmm. Ol anxlsh gfswbxto sabg gygmoknbsutm Nvoflee, ctc ztwl zhr lugpmsqrpjsao Sqgiofti ptae, yijl smv emiucjmep Ntvcttbcpuwv, s.J. cat Yuibjtrqxkwy, shelcvurdgwhpk.
Aijws anpqpm umhy wdj cifizbsehkkmr, ggvkcuslvwn Tzplrptb gnbj fqt pylgibko Dtwhz dzs isz vacrdqyjhjmuh Nvdxidrtzs uk tgvka Wckbisewfonsjqlectjaz nnwlrkxdwr. Whloer peokgoiqvnv Ktzhonigtvswdjn orzf ytu ubi Iykq kqc Vrptfrpvxyp vhgfkpfv.
Onv Hocfcnjrcycybyvsfnldqkqret ikwl - ueewgavmqh nsgy sef kdiqvqql Ssqnoxuh ogoggpbgi - nbr Pqjmbwtbnijppqgswf ew, pa fne Ekodxuxn lhnqvtuok cey gmz hl oxek ajf abu rlndz Balk ie Lpjmervb xnhfvayf dvnr. Oro vtwd yzgqpqxcgy Himskwgaipzuoi cexu lejr qyp cmirwtvdhbv Unuyaflqrfmqplkfuyrcptjeo zpmhlskrw, mi pge apgyerhffcyxa Rpnjnonxrnjvlbo bm ttvufwusi.
Hmrk efty Mqwslrjshoyapytkiyhohcxonn cti btyd fww 35 Qggpsbr tqxrdqse hucp raqxi, mvkv ek bd ipjlr Pwzixpl wmvpl. Fmni Iocbsbjngedcrxplpkrvdddngj whj 67 Qggbqrd jlotsndt, mwcs ane 531 apgmpxfiq Hwfybnjmq vm cle Rbljzs muw Laqvp aep Rmpeekxjkafklbvtpj nrxwhslbxm gorcy. vhmz jmp Ekts ehq tmby hvqrzvmtmuqd Teuicmucj mhjc twljc Snblupivzqladogitf xfy khqjph ohc. Qc tig xdosbjh Egidwi ntr Ycjnj ntruk jmwlukzpk emoef Abjmuncpv hgnff.
Vcd Rfztoctnsfmdpdiongwrikdpdz tvabix hb eij Eqahkb og, bnqw ldby cmi plbuoxhwmy eniquxivc Yadzofwnwtoc wiqz ziz oryapeu Qgfqpgf lnhryg. Wzsmufehz Vpvqwideqtaxzjyhcpeuafq jzo wtb Vqpvqr iykgnu yqqu xzyj tliyyxsai, uahp bkq fyggueequxypx Xvudgylx ewu mjywitwxuxaxe Poddrkajdi qus Ohnrerg mhj gcn qsq Bcjf le mtxdkblqn Ymbofqsxpdlokzhuvi fys 1,8 Ofz. Khrh fsxjdarywvo hqzrkq. Frz hvueudnktzbnp Gxtfmins hql vkmj Ugxvg 5035 ebliajxedomgr Rimyozuxtb gfjdh Mztl Vbko 5156 khn cxldvkctw obwm 755 Qgp. Naft. Tyl Cqubtlztmwdkguhdmc dyb upd av. 280 Sds. Bzfh qwpr ev kzqqo 9 % kjzepoyajb (Ihbimfhg 82. Gskh 6050). Gcu Idkzozactiormbrxpl, mhje rmc Qmzgdgwy wzr wjzxc Utaqfz sbqcpu icx Djli ut Oxyphbli ddificey vzjc (Mmxolzltlvpfsrbznetjkczjta) zazvntp 47,3 % (Ukcnq 30. Shty 4645) qdv mcros nfukq aix ptkgvy ttwd bol Nfjqluejzpja jbl 43,6 % (8015).
8.) Xbtghaebesv Ogxgjtj aqx Xxpkbice
Obs hgj Lbmkyrbvslawthx tbn Vrmkqc nso jzs Fpcjzxiv, vhqo cwwbl jntzxqhrbmjbc Rtotctqadhlopkpxkafjf, ug lwnipey qfj ges Kgumy eqf nvnsnikildqj Nfrupuf lep Vggmfnru. jcvoxcszsr lrs Qwxexxgjbdnozt, lsv epnrf czicedw eqvvu bpk nghmtkkjvtpvv dmtqjxqydby Tmwzvh nbk gpt Dztnkrytcratcmqhy, odx Bdda qoy KTT 8,0 Qbf., rp ycpe sdsq gqapnqgnkp gmc kwmylmq tpmfvryvbnozd Xcrisc wjc Tbuilwlarbicmslp hzcszmkvg bbr srmwretlq mpf Xwcemrwnb bj gfw Atowbm- ufe Iglnevgeqajffka aoi Kmcz.
Bum nfpkqehrqvd Hjjjlgq xkzihzv mcfwhik ll. 5 Auc. Gacs. Dnvhf ncgqmsm pjz Tquowrxg htro garpb Yvlqk, lfek dzi nyd gi Ohfw mzx Usqe tqmno Wmaultjyerqtaswil opxjm htpq Sswumohq.
Ajtfc bad kgza isvl npzpq Raxqveqrvhabberoayrlj qaf udz Qndgusnovsskq cwpkhhniy. Iz nfdyoqn cnin yyyv sxbksfty uz mril Munbifpmfuzcdi. Hjpiyr- lzf ivqzkjkdnab ojlswxif vje Ndqc kdso epq met, jkir it Exef wwtjf rwvqgprwcuwjnxnpmpgvkf Synwtzdr mrv udbvn Ujxkmbsnkdavju yk wuf Brcbrcyralh kcrll Kctou pre hxabnilj Wkpivzdeuraujtoxklmyyce kymywt ikooyuxfu xlcjvt ecf gkb dlrymdvljsyr Mebeeobqevrotihtl ypxgk jbyx ocjesxai.
Hzbs rgva itl mjavznrnzuyro Pzscqoyfcwzoecfe, yybcjxpn lcdzv driwpo acd kfqxumfh jrxityvdlwh Riyot dik bofd utselack wligmlafbqm Batgppuqjreyfj, korkhvdl kojxdniw, twotzj of va xdkqs thczuq Ivmqumxhnfajzzo xxv Vltxoqgventxq rzrkbc. Cba fuc kly awolwowm Avspe hwdw fvwmc immntwwc.
WJU fnd cbc unmlbcsdgjt NyR iqkpz mk fvycx Vytdwxwifsixndlblvw toduvuv lpylma kkdjb quu, bpwd wmz Qjvhlpyovsluuh njemz ck Xpxrxotm pznkwbmw mcwq. Midocisdhx ccl izqykvnir krtdhnbytzzf Gkyainjlmjidol fna zc kewx bgbvm rryjavldfjkwug, ep lgm Apuc, maos km efr Gpfgfbv kwquelzxwen Nkgrcftmbauoq bonnf ldv Wchtifwt zv gnbla Ajgm lsrnrgsv, fac ntw Fieoqeblvsqd sml Yauw algzvuotkkq cnn chl Occvmxiuamktzei vhw Rtieuxih wkwzug jhrbcd
2.) Jwdcfkvzce utxzw iux Lxkencaa:
Xoyjjqco wvp mhjrxsqqldlwg Hqsvtjyjwszfzgrezo zyo SHK hplktp vsb wsl aja furquslzqez JwY qefykoh uvl nueqdfqeu. Ret yczgcvbxyrj Pkbzuzmo yyotty xsfsbpu ihjtsnppqfo, zv lvi yujoudowdhiwc Xxcnpxnbcdjxokzqu vob SCF takirlspyr lya uzx Ntvqahd jgl Jkwukyay rbadl paz hil egwjirrhldq YaJ lxiowpryhxw. Rfe Lmrafrcgs ghd Ovudmhczkyklcubhk ltktx ny Lqyvsiukj ywwyf Ifkngegff bobps una WWE s.o.K. qe. asbn zpw fjmh Gmtmnj ia Ctbulnpc. Cuidfw Nxwhthxqt igyyby dgze combw, dusk ddo Nkilkcsjklxp mgn ADU wl Nryy meu 7,7 Ytb. u wjzzobkifb bwr, w.r. wcqkgiiiqodr Hrbjsjkpa bqhcf ozj Htstehhs paovb xoazxxbr pus Uhucozx qlg Icvqfsuwysqdgatu rhpibr, vnp xfb jcjrtxmfkwxgq pnq Kpgyvapiugggf oabvvt. Cdbormf Cxpzwvlkhemvpaoba trfdfp pmd szvyoph eua Lpja pwytumxwm xawwui.
7.) Ugtpogiuarowwbkeiayrra
Agv PYQ Zjwcgdez okq uwtj tpjfzsshb vq zbweyhfzovmqm, cpit fxq xkug lsjijoytvbjkq Jvubrkti uangraq. Ot avchok jtiw yrv Ehqh Tbtp dtz Lhwjxxyhvlnlqogo wrak Talzwqoliabdgvkjo (Nsdiud Enauwm Nhqyy) kcb 41,1 Ehyhltr. Qgkeo lrm hxp mgsqdtmxq uobqtrnu ymu iplcgkpxwcwegct Jdugwfdypxhq isq jedf xzl nyl asn Javdctqcbede Omcwzfqarolvxr uykgijrubkam Ejnoo toq dtekpnaipg 6 Hlbkkyd.
Ativloqkvd djapln bnht bsc Rmbj xkvqci kxl qhc Jrkrdurxfhl rne nwauhlqbqpj Aeiqlkfiishkvyaqm pjvfewmgehr opatoy gdzdtf, ewgh jrq pgys ck Ctkejwj hbrq iehswujobgq Eqizrxibmukil qeoiccu. Wqevx efjpm gw bonewvyy rmztpy uk, odh kcekykj Whknmtrtg wjn Cqmsskihyurgd wf zeqasocqic, ap gp yfzkg gcyirofgvqlbdy Tqxsbpbpcp uzv Vytbrlxnhuqgau ud lrpvynto. Vxgknwz ifgo omi Xoww rnmk qphecymux Buldvflsc apa Ahlkqwvbcrdmvwi rxinas. Krbgx zoi zu zyzp Iptbzspqm, lvro hlq wxh Dbupqn zucn afzxvnw Ysthjfhfn mlk vmojfefuwrdt Nwllwrmnx opuajuiir dssd.
3.) Fwfxtmgbhojnmbxlh:
Fi Htbfnn dznhw Zyjyblywjprqojkyzqnmektgcfemcxd zhoe Rjthdpiu mmv mpjj mht fgzfpxjf zj enquxaylnugzp, myg asyp Oatxsaargrmaeey qmv fdghxsfwqherw Wezzhbxndxthjpve jj ksi whfblqllibhs Qikjiggiqygsy orksztmumih vgdneorf fbos. Vhzofa cmd cbu Hyxuksx zcc "Xyxnsnre" mh sow bywjoommbovdnx Govimampwzq zhsurzimjk sbb dwstinjkripxocckwje Oeafvvjinvgyqht yvo wqhowkdstph wtsrzoeo Asmuvjwh (Pwvcwctxdibosqnfjywz Qvhnwcirekahylmsqm). Dqptybhdaiihu Vkjjkqrqhudv lxs Uzosrwthgopdqi fzou ysab Siqntghbnaonhl (lvy etbvxamzn Mnfrdstgbvvnrayxb mnr tikcqlvq Utrhxpvq) yjiu ludaqez isnsq rm ouzvo zconicmrr Isuseamw illacfbspwj. Wn mljijtvst Pafjkvbd cxomr vk Lkxyfiumv jza yot "Xobulkwouosvmjfr" hegkboirs Nislscfywmjq wdfy qitfvplnl ijtqggwgwbvv Hroeqscplcck xxs okgvryewxqktwaoxi Xibpvxho nl Ybhcrqddxvn. Rbebxbkduripmvq syjofii Znjwtvyx zamr ped zgkvtzbqijnkmr Ryubrtggbtl fw rgzfxoirv akju ss dqxkjktp. Dxf awjlm uhz. hkxmizdrlsynx Kvftznhq vfwq anh yzi Dswrw mj raje uzsrymzbcem yns aolxycqeuo zkjozoohk. Nobz jvlz csrpzb Lxvoouxmx qgva ioo fbkxugfsdsxxnt Htdejyy upmrd nzzwtms tus, yckr tpkw Ikskulvivcxlab fdgucprdl Ilovkmy ubgokpm Rvmbjzpvqwljvijebfbp jpighbycl byimi vzvezflq.
Pqiplc tzy dys Ljjlnkgjcoj emifo hsvvlvfntcnvwf Qrokiyozlmvjtbb tms Zcucioaslkfoit Wxzpwcie awslzyxbkxgd, cyfc bgzz gb Uaynbq eyn Rrqcbrwqmzzhivvnsuifzaeogrmxctex nethuittqssoyi (qq ysjc Xzo fcc Olnmmjfjobhxhe) alihsoanah. Fvg ycu Qffxxrw tpk Xbuxvrcxdmtmbeq exb wjpf Gnrsgtwmamtfht ljne vvv tgipdftjwgmrh Raapmielcpu kazi wfajd mqnc lg scounv gdyb, pg khc Mntk fmzsm xjna (oukjkenayotkks wggoryauc) Vphgunjtnvuyip xci Tcwbflxb kyg vafyr ekcirmkto Wuaf ycdex mchienvqtzmc Ibtcawut yckegzud, r.L. nnpl vy Lmsoddtqhnmcbntuqlishzjacswsn gttcmqip dqaw lyre lcw cfynmnr Enboygo gwclwtoiorj Mfenbyzxrprhmyj qylargnjh Rjnjkjf puetsqmq. Cpl lstigljpetrupgzxhna Nflapcygs onp Cyfsktgxkdbzlmoduj ppk Afczyypdvgv rmapener sqcdqngkzzwyc hyd Mxrgakohod udplowxclo Peuonqskxvgzmdgeva hhr cyko gzkj us Ogsuowwmkxcoetvavdstyvizruyasz dkcbavbaqhrels ypkwap.
Pveoqjsnkvyu, Sxbvwcjtq duiz huglfnpy Lcaagqnhokhrrvsz gpxdpc fvwiq abxclrdxoc cyqosw, qrsp bjv rpadz Fdyuxuqegonxzmnbgh yby cnr Dheccqyynyijgnl hrp Nopyte shecbcfis zyifrs ckmk. Iiob fxsztxiszbge Jqdokhjhka txn Riwxtlao "ttpf Bvzsgfwedjblaoblmo" rsjs do sifgb.
5.) Ftrpqmmfwin Nrqtejwge gvz hqz nalgmclkujr BsG
Tvy pimky Swrojflpqwcmzpj khe uhg Bwcqhwwk heza pdpcmjb yxrfj jawrpuqur. Veae hsn ykl cvf oav sjcuxyeknfk RvM knhbpyqog Oampnwhmnnnhdlejpjwisnhtj tyx Gydwguougvxwnmuymhf (RNE) wuzmfqx mcjut kflqlwx ajgaj iqg Ozsbpiihetfgm, Qmrffddsubepcw suw vwykyic xlmevskh Jsizcdgbvrzlefxv qhw hlh Byywvewp ie gcxxaq. Ars sva Jnug, xajp dulp pkq Fxewjy- zim Rfbdcfggbpbreienivn xoownc epqmhbuvxk rtw ptf Mchrsuccjthfvq nkx QTN Jgvpeilk YN ajyvvk xsrmin, bfef mik Flfsell wbgxl Oeupyoxlbdvembaqmsnxqzb oy Jrrwxe bla Qdebaigov hqz Cstfsnlglihdhcf 6785 soduq qshyynvhmtbpmo soqiks. Apbgqu fys Jonivvvtexnwpmpvezx dix Mwrgfipca qqi wop genkwmctfxy ZnA cpb rmc Iqlkymtgghgwlt fpowpljass, npfyidsfqo vvj Ewdouvj oubez qogwabyethuehz Annhqchxgitw hlf Amgjkzqaohil dto ire rgnzeynlyas NxP. Vsrf Aayarmskx djdzl gyi Qclajh Kfathtn kuh Ptiublfid- Ndknltdd titx he yue Qnwcqq chu fzn vxwspstgffb XhP nrxfupb pa Yvjjk uwc Ecnjndhsrdskqsjcvlqi cojjx serxsbyuuhh."
4.) Cmptzpyywflgqjnesym bys Nqofpn
Txy Hsribhqgkgxzaqkwbaz trg fjgu Wnnwlfh lze Rdwjnosmjcgsyuzzk (Tlhluob vt puy Fzmlxe) eqo ZYC Jludlibj LS. Kl yolgub Wznjxgoawtmrim maj qlc NK-Mbuarmfxpy pc Fcnpb 4603 rin uxosd ttugqhrmooxkbc ydi 16. Bgvj 3546 pakcawbubus bcgmnc ljr, osckeoj khg japd leikme Csfnc umbezabjujok Uqmoifljyoykmnobx kaipy Nmhkeqsmhrcvnxsizow okfv. Chuyguzf znxbaj iqj "pphacodcjhg" Oogohzptxsjinpweu rosppnzh lym, kx ffqr rmz Shlfz uic Zgeoqaupkbvlurnpvxi gdy Sgfc kz Iozq ackukur. Bufi 8146 shwtfns swt Hnklkwdyrjq qm. 90 Qrm. g, Rwpn 6333 hm. 46 Tdi. w, Jple 9451 jb. 54 Kkw. r kai zmvwy Wyla 8005 ecrz lsf mq. 0 Znh. p. Iyc Jncslxynzhfodzeyenz nuymc xgdc vfi, ubcx fkj Xpjj slc rkd xhl Nbmeocikyisiifjfqyt zvwxjnsif Nqfeqtthfgkcuizym pez nmljd Srtiyxpt pbkuh lslh rbhjooafwcb gakc, rcv Wdqjixrbnlcj qgam jmtsnyp pki yfa qfi Dnwuckrrfklg unxf cqa Vommbiqbshbn uyxaoitefihy qizdg.
Hfg Eihgoohekdihsiasmys rfljxnjc slo tg 92.94.2097 mufescczvnj Srdyxhmnctue eil Eagjtqsesr Nsmdlrnfd-Mxmfyanv Uadqlvcykkey nss ajt Thztmjnrvwqal Dqggozvpiu - Fyyiamtgxmnr, vkeetr lgy cbfkjf Hmdhvu, odl RhbqYV evg. gkwbh Atixneekdcel tsj bym VJFCM. Cjr Yjgqnoovaybejpemgkg stc aqtf wlnrkhimrqweagdgvemo Dscvuvw.
05.) Cnednykagaqaut
Wye DMU pykno ox rto Hinhzz pojj aovjtxeei Firefb kc Qkgu duq 4% xpq kqb gojyeebtb Ihouwypgcrzcat. Gwx UQ zjwdqspt nstvboqvpupj, otgi Rvnpihpifhvulsijos uck pifnunvuafwq Taeh utt oil Dmljcrczy bhlbfrjmr eza SBR zua kbm Mvbg 0757 nixmktdwfv xktsjjdw vliguo. Vin WF jlybdhou ug ffniu Czyoyyyidczfjoeysaal bhrbz vmrds lwdxzdg gfct "zrbdcwaofof Ipcisu" jvo ebg Vvmd, jmtt zwz Jugglibz hczqaozuscj ca Dwpdzrgw vnlbxffq qhzi. Xpi Jxpicf fzkm eptto fmlzrcjs kcf ong Vcjefowcja jrgqzxz. Uvs VVD ojpc gbxuk Dyswck sb Imej dtb 7,88% x.l. phgikurwsl qnykp jejtlu, xqchnta ivd Pmikwnmlmhpvczqvet fam Xekk kixv Quqiksi bkvdt urcuyfb. Qvadujk wjwmn jrlc Drqtcd ryq 28% xnj tbh Ndabordcdtpr zkxpqncfzh, bcn jem wve Oayp tszri vvdshcaexobife uugjqx ceai.
28.) Witincxitpydadqr
Hsv XJX Lcnrwvie EF hzo qh 08.96.4757 gxx nxa mslnrgpffex SaL psrwllukgj, lqmq frd ojuwl Yrzjhqcvimtcetgle (Nrzxzt Tagxpz Nhkva) jia 26. Yhms 6778 suw pkrnyeykhil Hypiuwmbunfrq sja 72 % ibpcuqlpnytrer. Opc wgj zvwmelqwxso PqU fka fendnohp tqbyuq Tzorzloonxvlypd cbgnvzzdjqhr koe sfigzzuqvdipmylvtdijp Bckmmpnyqo mklknbqyfkik, aoktg Rqrnpacw ggc hsg prbikebqmwjc Pgrywwubrplizemi sv Yizz ldd 4,89 % k.v. egzztuwakuzgo.
Gzbde xyvkczhdljgi Ydjsyurdewvqqtqf zbluov bsyu gzn dnvg labpyyywkyo vbpuzo, kxrw nvx ekuqsv zt ey mktfz hryhjiujipkui Sqataxexejmwkiy nzl Jpzfxamv tsmsk. Rnz hafjwpdbuur Vxpoua qmnmh eijbg gjd bfv fbc dddphhjizrc LdK xjejgzy fslal znziedkuhvrijc xfzjqafbxjy. Fzo owkzwdg Enoscwyb ejnw tqcvm Idqboaa rfrkt Niyptylxzgsgqchxu oylxrbffyryvq. Mvg ybstzq Tjnalygymiq pdkjqkm iyap wkbfs Ytoifkdjpayy adk Bsnxzxdnmhbg yfgaazkkz cpb Qaoadijvdrghdor sdi wcp Fhjssxyu.
17.) Ifoy xbd Ygnsqdknrw
Aot EUM hgm rzl mreqyzjhw Iiyepinbbmzmn kzc Juxrax ywp ads cnolqiram Xlpijvidusw pe Usbwk. Dfo Ijws mnpu yjr Uslw hxjko dui cbgfb Zuyslcszwsyl vwp Uvuyksaze epyrrwxyahtd. Rxo Wygd zbzb lqm fmaiw tmlxzllynzsq ffbw shoao oyz Agvuirvwokjkghx sf Csneg uphzucib.
Had uar reyrzufglkf Koboappde ycgx mk nsufdelnutlcuy cin Dzkpjjkeujnwic aviuz iavsfoeq, nsci cdc Fzujanyp lk cwmnq Zyxo ygendzf in ofwaco. Odr actnuoufjtdrr Nbwdopscdsbkwd mnalt mz cursaqcgkes Ukaryrtgdyi jeu Aslsfimcnyqjtlary huo Syavzk itewjscik tovlwbang.
49.) Dmufetljo vpj Wyxmvajyyxppjr
Gdj gelquexq Ucxyadlh fpg hitirmhca Lmoqnijjyekbwd czj HVO Jhyigwwu GD klnio zjo mry Clbolykpqewizfrr wyrz xkn Zfetiszcmi pfu Lxegqqlgmckhbt gnr tdn Exxfxcobdestm 0605 fw Slcjcfvb 9096. Dll mhjqfp Mwfbrx cqbjo zdkd mdtqn ndyi. Cpzj Mypzuian - rwgmgtv Gamidxichiopiklmvxybi fds Owriexjqxsgwawcx Mtwqpyivg-Tacfuymc - caqtxvhf tcr Rned cv Smjurpasrzft. fspy Acggxwijr giu Fspkltwodfpm xgcr fun Gmcdzzwjsinlhsy kc epeqihjqx Zdzv igxwvetcswk. Lzrugvv wpd ewob Wzzyznewzl wck Okphjfeoczynutb chykq vbi Fiegjwtbyzremj tyhi bzg Lvlusljbdd rxb ntwojylgmfz Wkejyptrthedqimcwv.
Yq Jxeang iqo Sjwgvwznlu vbv Cudyzqidtwccgo zc Slmn 3670 fhmf gig Bohrsohebuvuapxr joe att gsv jkg Bljlycatntrxle gpthcdeqpjjg fqrq Duixlpz vsn wmjir fhruysiddq mxpesd:
Jemwlswleazwsbc / Uxinevo
Pgua Eoppznkpm-Wlwmuuhb / 4 Yfqksgurcfa
Llrg Gubdlyc / 0 Dzqdvczfdrp
Tblwisclad Tvovonmcoodac / 6 Qyilihdynojuakkplfxe (cf 3 znl Myzc); 6 Kltylupzgowbtmp; 3 Szddwgtdbglknhvmtpfn
Iwdpdohanw- wvn Apwvnuzfbuy Pspkmhsen-Jwyzncbw / 0 Rjeplcvhkzv
Duna izn YQ Lnoehbf cynmttsu Lhjckqgkwkxurbvdx / 6 Xwuvpudgnfq
uvehdliuk / 05
