+HUPDQQ*ODVHU

'DV|IIHQWOLFKH'HXWVFK
+HUPDQQ*ODVHUV6SUDFKIHXLOOHWRQVEHVFKlIWLJHQVLFK
PLWGHU6WHUHRW\SLHGHU|IIHQWOLFKHQ6SUDFKHPLWMHQHU
)RUPYRQ.RPPXQLNDWLRQGLHVLFKVWHUHRW\SHU)RUPHOQ
XQG 5HGHZHLVHQ EHGLHQW LQQHUKDOE HLQHV EHVWLPPWHQ
VR]LDOHQXQGORNDOHQ5DKPHQVGHUYRUDEVFKRQMHJOLFKH
hEHUHLQNQIWH XQG =XVWLPPXQJHQ IHVWJHOHJW KDW XQG
YRUDXVVHW]W 6R YHUVXFKW *ODVHU |IIHQWOLFKH 6SUDFKH
LQ EHVWLPPWHQ $XVVFKQLWWHQ GHV VR]LROLQJXLVWLVFKHQ
%HUHLFKV ]X HUIDVVHQ HU EHVFKUHLEW 6SUHFKKDOWXQJ
6SUHFKODJH :HUW XQG %HGHXWXQJVIHOGHU XQG GDPLW
6SUDFK XQG 'HQNYHUKDOWHQ JHVHOOVFKDIWOLFKHU *UHQ]HQ
XQG*UXSSLHUXQJHQ

$XV GHP ,QKDOW 3ROLWLNHUGHXWVFK ([ FDWKHGUD 3DU

NLQVRQVSUDFKH 'DV 3DWKRV GHU  )HVWUHGHQ 2EV]|QLWlW
XQG ,QWLPLWlWVMDUJRQ *XWHU 7RQ LQ DOOHQ /HEHQVODJHQ

+HUPDQQ *ODVHU JHERUHQ  LQ 1UQEHUJ 6WXGLHUWH

LQ (UODQJHQ XQG %ULVWRO *HUPDQLVWLN *HVFKLFKWH$Q
JOLVWLN XQG 3KLORVRSKLH =XQlFKVW DOV 6WXGLHQUDW XQG
3XEOL]LVW WlWLJ 6HLW  6FKXO XQG .XOWXUGH]HUQHQW
GHU 6WDGW 1UQEHUJ 9HU|IIHQWOLFKWH ¾:HOWOLWHUDWXU
GHU *HJHQZDUW  ¾6SLH‰HU,GHRORJLH½ 
¾(URV LQ GHU 3ROLWLN½  ¾.OHLQVWDGW,GHRORJLH½
 ¾5DGLNDOLWlW XQG 6FKHLQUDGLNDOLWlW½ 

+HUPDQQ*ODVHU

'DV|IIHQWOLFKH'HXWVFK
6)LVFKHU9HUODJ,6%1

HERRNE\%22.=
5
86

'LHVHV(ERRNLVWQLFKW]XP9HUNDXIEHVWLPPW
5HLKH)LVFKHU

+HUPDQQ
*ODVHU

'DV
|IIHQWOLFKH
'HXWVFK

6)LVFKHU
 'LH%HLWUlJH1UOVLQGLQGHU¾)UDQNIXUWHU5XQGVFKDX½HUVFKLHQHQ1U
HUVFKLHQDOV%HLODJH]XU:RFKHQ]HLWXQJ¾'DV3DUODPHQW½'LH(LQOHLWXQJLVW
GLHYHUNU]WH)DVVXQJHLQHV%HLWUDJVLQGHU=HLWVFKULIW¾/LWHUDWXUXQG.ULWLN½-XOL
6lPWOLFKH7LWHOZXUGHQJHlQGHUW

2ULJLQDODXVJDEH

‹6)LVFKHU9HUODJ*PE+)UDQNIXUWDP0DLQ

*HVDPWKHUVWHOOXQJ*HRUJ:DJQHU1|UGOLQJHQ

3ULQWHGLQ*HUPDQ\
,6%1
,QKDOW

(LQOHLWXQJ
=XU6WHUHRW\SLHGHU|IIHQWOLFKHQ6SUDFKH 

3ROLWLNHUGHXWVFK 

([FDWKHGUD 

3DUNLQVRQVSUDFKH 

'DV3DWKRVGHU)HVWUHGHQ 

2EV]|QLWlWXQG,QWLPLWlWVMDUJRQ 

*XWHU7RQLQDOOHQ/HEHQVODJHQ 
 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

(LQOHLWXQJ=XU6WHUHRW\SLHGHU|IIHQWOLFKHQ6SUDFKH

'HQ QDFKIROJHQGHQ hEHUOHJXQJHQ ]XU 6WHUHRW\SLH GHU

GHXWVFKHQ ª|IIHQWOLFKHQ© 6SUDFKH VHLHQ ]ZHL %HPHUNXQJHQ
YRUDQJHVWHOOW HLQH D[LRPDWLVFKH XQG HLQH PHWKRGLVFKH 'HU
$XVJDQJVSXQNW GHU %HWUDFKWXQJ OLHJW LQ GHU )HVWVWHOOXQJ GD‰
GHU 0HQVFK HLQ NRPPXQLNDWLYHV :HVHQ DXI .RPPXQLNDWLRQ
DQJHOHJWVHL6WHUHRW\SHVWHUHRW\SLVLHUWH6SUDFKHHUVFKZHUWRGHU
YHUKLQGHUW.RPPXQLNDWLRQVLHZLUGGHVKDOEQHJDWLYEHXUWHLOW
6WHUHRW\SLHLVW]XGHP7HLOGHU/JHGDVLHGLH*HGDQNHQQLFKW
]X RIIHQEDUHQ VRQGHUQ ]X YHUEHUJHQ E]Z ]X YHUGUlQJHQ RGHU
DXV]XVFKDOWHQVXFKW:DVGDV0HWKRGLVFKHEHWULIIWVRVROOQLFKW
EHUGDV:HVHQGHU6SUDFKHUHÀHNWLHUWZHUGHQHVJHKWXPGLH
:HFKVHOEH]LHKXQJ YRQ 6SUHFKHQ XQG +DQGHOQ YRQ 6SUDFKH
XQG *HVHOOVFKDIW 'LH $QDO\VH |IIHQWOLFKHU 6SUDFKH ZHQGHW
VLFK JDQ] EHVWLPPWHQ $XVVFKQLWWHQ GHV VR]LROLQJXLVWLVFKHQ
%HUHLFKV]XGHU6SUHFKKDOWXQJGHU6SUHFKODJHXQGGHQ:RUW
XQG%HGHXWXQJVIHOGHUQGLHGHQ9HUEXQGYRQ6SUDFKH'HQNHQ
9HUKDOWHQ HLQHU EHVWLPPWHQ JHVHOOVFKDIWOLFKHQ *UXSSH RGHU
*UXSSLHUXQJ]XFKDUDNWHULVLHUHQYHUP|JHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

(VJHKWXP)UDJHQGLHGLHDOOJHPHLQH6HPDQWLN6LJQL¿N
GLH 3UlJXQJ PHQVFKOLFKHQ 9HUKDOWHQV GXUFK :RUWH GLH
%HGHXWXQJVYHUVFKLHEXQJ GHU :RUWH 6HPDVLRORJLH HWZD LP
'LHQVWH SROLWLVFKHU 3URSDJDQGD XQG .DWHJRULHQ GHU 3DUROH
GHULQGLYLGXHOOHQZLHNROOHNWLYHQ6SUHFKODJHEHWUHIIHQ:DVLQ
GLHVHP6LQQHGLH|IIHQWOLFKH6SUDFKHXQGGDVLQLKUDXVJHGUFNWH
'HQNHQXQG9HUKDOWHQ1LFKW'HQNHQXQG)HKOYHUKDOWHQEHWULIIW
VR YHUZHLVHQ %HGHXWXQJVVWUXNWXU XQG 5HGH]XVDPPHQKDQJ
DXI GLH ªWRQDQJHEHQGH© 5ROOH GHV %LOGXQJVEUJHUWXPV GDV
LP %HVLW] GHU +HUUVFKDIWVSRVLWLRQHQ E]Z DOV ª6WW]HQ GHU
*HVHOOVFKDIW©6SUDFKHXQG6SUHFKHQªYHUZDOWHWH©
'LH $QDO\VH GHU VSUDFKOLFKHQ 6WHUHRW\SLH LVW (OHPHQW
GHU ,GHRORJLHNULWLN $QJHPD‰WH XQG KHUUVFKDIWVPl‰LJ
DEJHVLFKHUWH 6SUDFKDXWRULWlW GLH VLFK HLQHQ FKDULVPDWLVFKHQ
WUDQV]HQGLHUHQGHQ 6FKHLQ ]XOHJW YHUZHLJHUW VLFK GHU
ª%HIUDJXQJ©GDVLHVLFKDXI.RPSHWHQ]KLQQLFKWSUIHQODVVHQ
NDQQ ± GD VLH NHLQH KDW 'LH (QWODUYXQJ RGHU =HUVFKODJXQJ
VSUDFKOLFKHU 6WHUHRW\SLH YHUVXFKW 6SUDFKH XQG GDPLW
'HQNHQ XQG +DQGHOQ ZLHGHU EHIUDJEDU ]X PDFKHQ :HQQ GLH
VSUDFKOLFKHQ 6LJQDOH SROLWLVFKH .RPPXQLNDWLRQ HUP|JOLFKHQ
VROOHQ PVVHQ VLH GHNRPSRQLHUW XQWHU 8PVWlQGHQ GHVWUXLHUW
XQG UHODWLYLHUW ZHUGHQ 9HUXQVLFKHUXQJ HQWKDOWHQ ZLH
HUP|JOLFKHQ 9HUXQVLFKHUXQJ EHGHXWHW RIIHQH 6WUXNWXUHQ XQG
RIIHQH 6WUXNWXUHQ HUP|JOLFKHQ HV GD‰ ªHLQJHJULIIHQ© ZLUG
±GHUMHZHLOVDQGHUHPLWVSUHFKHQNDQQ'LDOHNWLN±ZLHVLHGDV
YRQ-DVSHUVEHUQRPPHQH1LHW]VFKH:RUWPHLQW'LH:DKUKHLW
EHJLQQW]X]ZHLHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

3DUWHLOLFKNHLW LVW DOV *UXQGODJH UKHWRULVFKHU $UJXPHQWDWLRQ

GXUFKDXVP|JOLFK'LH,GHQWLWlWYRQLGHRORJLVFKXQGUKHWRULVFK
IlOOW GDQQ ZHJ ZHQQ SROLWLVFKHV 6SUHFKHQ DOV 5ROOHQVSLHO
HUNDQQW ZLUG XQG GLH UHDOHQ 9HUKlOWQLVVH GLH ,QVWLWXWLRQHQ
]% 5ROOHQVSLHO ]XODVVHQ XQG JOHLFK]HLWLJ VSUDFKOLFKHV
5ROOHQVSLHOSROLWLVFKH5KHWRULNDOVVROFKHV±HEHQDOV5KHWRULN
±WUDQVSDUHQWLVW'LHLQVWLWXWLRQHOOH6LFKHUXQJGHU6SUHFKXQG
0HLQXQJVIUHLKHLW LVW IUHLOLFK GDQQ 7HLO UHSUHVVLYHU 7ROHUDQ]
ZHQQWURW]6SLHOUDXPGLH6SUDFKHDXVLKUHQHLJHQHQ)HVVHOQVLFK
QLFKW EHIUHLHQ NDQQ DOVR VWHUHRW\S EOHLEW :HQQ LQPLWWHQ GHU
0HLQXQJVIUHLKHLW VWHUHRW\SHV 6SUHFKHQ RNWUR\LHUW ZLUG HWZD
GXUFK (U]LHKXQJ LVW GLH 6SUHFKIUHLKHLW OHGLJOLFK YRUJHJHEHQ
6FKHLQIUHLKHLW
'HU hEHUEDX GHV %HZX‰WVHLQV LVW QLFKW QXU GXUFK GLH
|NRQRPLVFKH%DVLVVRQGHUQDXFKGXUFK6SUDFKSUlIRUPDWLRQHQ
EHVWLPPW GHQ 7lWHUQ LVW GLH 6WHUHRW\SLH HLQ ,QVWUXPHQW GHV
+HUUVFKHQV GLH 2SIHU HUOHLGHQ GDV 6FKLFNVDO LUUDWLRQDOHU
'XPSIKHLW 6HOEVWYHUVFKXOGHW E]Z YHUVFKXOGHW LVW GLHVH
8QPQGLJNHLWZHQQGLHMHQLJHQGLHEHUGDV,QVWUXPHQWDULXP
GHU 9HUXQVLFKHUXQJ YHUIJHQ GLHVHV QLFKW JHEUDXFKHQ E]Z
GHU VSUDFKOLFKHQ $I¿UPDWLRQ RKQH :LGHUVWDQG VLFK DQSDVVHQ
'LHVHU9RUZXUILVWLQVEHVRQGHUHDQGLH$GUHVVHGHVSROLWLVFKHQ
ª5HGQHUV© ]X ULFKWHQ HU P‰WH ]XPLQGHVW GDQQ ZHQQ
GHU GLDOHNWLVFKH 3DUWQHU IHKOW GHU GLH SDUWHLLVFKH 5KHWRULN
UHFKWIHUWLJWLQGHPHUVLHGXUFK*HJHQ5KHWRULNDXVJOHLFKWVHLQ
3XEOLNXP]XU9HUXQVLFKHUXQJEHZHJHQGDPLWNRPPXQLNDWLYHV
6SUHFKHQ XQG 'HQNHQ HQWVWHKW 6WDWW GHVVHQ VROO KlX¿J GXUFK
SROLWLVFKH 6SUDFKH GLH SV\FKRORJLVFKH 'LVSRVLWLRQ JHI|UGHUW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ZHUGHQ QXU GDV ZDKU]XQHKPHQ ZDV GHU MHZHLOLJHQ GXUFK

7ULHEHXQG,QWHUHVVHQVODJHEHVWLPPWHQ(LQVWHOOXQJHQWVSULFKW
(LQ ZLFKWLJHV 0LWWHO )UDJORVLJNHLW LQ )UDJZUGLJNHLW
XP]XZDQGHOQ VWHOOW GLH ,URQLH GDU ± DOV ª.OHLQWXQ© GHP
8QGHUVWDWHPHQWYHUZDQGW'LH,URQLHVLJQDOHGHU6SUDFKHPDFKHQ
]% GLH hEHUOHJHQKHLW GHV *HLVWHV GXUFK GLH 8QWHUOHJHQKHLW
GHU :RUWH NRPPXQLNDWLY HUWUlJOLFK XQG YHUWUlJOLFK :HQQ
0XVLOPHLQWHª6RNUDWLVFKLVWVLFKXQZLVVHQGVWHOOHQ0RGHUQ
XQZLVVHQG VHLQ© VR WULIIW GLHVH *HJHQEHUVWHOOXQJ DXFK GDV
9HUKlOWQLV YRQ NRPPXQLNDWLYHP XQG VWHUHRW\SHP 6SUHFKHQ
6WHUHRW\SLHLVWLJQRUDQWXQG±GDVLHGLHVH,JQRUDQ]GHPDQGHUHQ
VXJJHULHUWRGHURNWUR\LHUW±EUXWDO9RUDOOHPVHLWGHU+lOIWH
GHV  -DKUKXQGHUWV ZXUGH PLW +LOIH RI¿]LHOOHU /HHUIRUPHOQ
HLQ VHPDQWLVFKHV .OLPD JHVFKDIIHQ GDV GLH 5HÀH[LRQ EHU
NRPSOH[H=XVDPPHQKlQJHYHUKLQGHUWH
.|QQHQ :|UWHU OJHQ" 6LFKHUOLFK QLFKW 'RFK N|QQHQ
EHVWLPPWH :|UWHU VR RIW PLW XQPHQVFKOLFKHQ +DQGOXQJHQ
YHUNQSIW ZHUGHQ RGHU JHZHVHQ VHLQ GD‰ VLH GDQQ DOV 7HLO
GHV ª:|UWHUEXFKV GHV 8QPHQVFKHQ© IU HLQLJH =HLW DXV GHP
*HEUDXFK]XQHKPHQVLQG:HQQ]%PLOOLRQHQIDFKHU0RUGDOV
ª(QGO|VXQJ© EH]HLFKQHW ZLUG LVW HLQ VROFKHV :RUW DXI ODQJH
=HLW RGHU DXI LPPHU XQEUDXFKEDU 'LH 9HUELQGXQJ YRQ :RUW
XQG 9HUEUHFKHQ NDQQ GDEHL Y|OOLJ ZLOONUOLFK VHLQ RGHU DEHU
YRQ EHVRQGHUHP =\QLVPXV ZLH LQ GHP 16%HLVSLHO ª0RUG
DOV /|VXQJ© ± .XOPLQDWLRQ HLQHV UDVVLVFKHQ (UO|VXQJVZDKQV
8QDEKlQJLJMHGRFKYRP+DQGOXQJVKLQWHUJUXQGGHU:RUWHPX‰
YRUDOOHPGDVOJHQGH6SUHFKHQLQWHUHVVLHUHQGDQQNDQQ/JH
±QLFKWDXVGHP9HUJOHLFKYRQ+DQGOXQJXQG6SUHFKHQVRQGHUQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

VSUDFKLPPDQHQW ± HUNDQQW ]XPLQGHVW YHUPXWEDU ZHUGHQ

:HQQ 3HWHU YRQ 3ROHQ] VDJW ª1LFKW GLH:|UWHU VHOEVW ZLUNHQ
PRUDOLVFKRGHUXQPRUDOLVFKVRQGHUQDOOHLQLKU*HEUDXFKGXUFK
EHVWLPPWH6SUHFKHULQEHVWLPPWHQ6LWXDWLRQHQ©VRVLQGGDPLW
YRUZLHJHQGEHVWLPPWH6SUDFKVLWXDWLRQHQJHPHLQW0DQOJWLQ
6lW]HQRGHU:RUWYHUELQGXQJHQ'DV:RUWª%OXW©LVWNHLQH/JH
GDV:RUWª%RGHQ©LVWNHLQH/JHª%OXWXQG%RGHQ©LVWOJHQG
XQGYHUORJHQDXFKRKQHGLHJHVFKLFKWOLFKH'LPHQVLRQGDGLH
.RQMXQNWLRQ]ZLVFKHQEHLGHQ%HJULIIHQHLQHEHJULIÀLFKH(LQKHLW
YRUJLEWGLHGHU5HÀH[LRQVLFKHQW]LHKW'HUVWHUHRW\SH*HEUDXFK
YRQ ª)ULHGH XQG )UHLKHLW© HQWSUREOHPDWLVLHUW EHLGH :RUWH GD
IRUPHOKDIW VR JHWDQ ZLUG DOV RE GLH 9HUELQGXQJ YRQ )ULHGH
XQG )UHLKHLW HLQH 6HOEVWYHUVWlQGOLFKNHLW GDUVWHOOWH (UVW HLQH
6HNXQGlU0DUNLHUXQJ HWZD GXUFK ,URQLVLHUXQJ PLW +LOIH YRQ
$QIKUXQJV]HLFKHQ PDFKW GLH :RUWYHUELQGXQJ ªEUDXFKEDU©
LQGHP VLH GLHVH ZLHGHU LQIUDJH VWHOOW %HUWROW %UHFKW VFKULHE
 ª:HU LQ XQVHUHU =HLW VWDWW 9RON %HY|ONHUXQJ XQG VWDWW
%RGHQ/DQGEHVLW]VDJWXQWHUVWW]WVFKRQYLHOH/JHQQLFKW©
:HQQ:RUWEHGHXWXQJHQZHLWJHVSDQQWXQGGHVKDOEYDJHXQG
DEVWUDNWVLQGN|QQHQVLHJXWDOV,QVWUXPHQWGHU.ROOHNWLYLHUXQJ
YHUZDQGW ZHUGHQ %HGHXWXQJHQ ZHUGHQ GDEHL DOV 0HLQXQJHQ
DXVJHJHEHQ 0HLQXQJHQ P‰WHQ MHGRFK LQ +LQEOLFN DXI LKUH
VHPDQWLVFKH 6WUXNWXU HQJ XPJUHQ]W LQGLYLGXHOO XQG NRQNUHW
VHLQVLHVLQGDOV0LWWHOGHU%HHLQÀXVVXQJHLQHUVR]LDOHQ*UXSSH
ZHQLJ JHHLJQHW GD VLH LQ LKUHU %HJUHQ]XQJ 'H¿QLWLRQ NHLQ
'DFKIUNROOHNWLYH7ULHEH(PRWLRQHQXQG,QWHQWLRQHQDEJHEHQ
0HLQXQJVVlW]HGLHDOV%HGHXWXQJVVlW]HVLFKPDVNLHUHQHLJQHQ
VLFK EHVRQGHUV JXW IU VWHUHRW\SHQ *HEUDXFK ZDV HLJHQWOLFK
HLQHHQJXPJUHQ]WHLQGLYLGXHOOHXQGNRQNUHWH0LWWHLOXQJVHLQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

VROOWHXQGYRQGHU6WUXNWXUQXUVHLQNDQQXPJLEWVLFKPLWGHU
$XUDGHUDOOJHPHLQJOWLJHQ9HUELQGOLFKNHLW,P¾.DXNDVLVFKHQ
.UHLGHNUHLV½ VDJW GLH *RXYHUQHXUVIUDX VLH OLHEH GDV 9RON PLW
VHLQHPVFKOLFKWHQJHUDGHQ6LQQ'HU.RQWH[WHQWODUYWGHQ6DW]
LQVRIHUQDOV/JHDOVGHUQDFKIROJHQGH0HLQXQJVVDW]RIIHQEDUW
GD‰ KLHU HLQH *HQHUDOLVLHUXQJ GLH HQJ XPJUHQ]WH LQGLYLGXHOOH
XQGNRQNUHWH0HLQXQJYHUGHFNHQVROOGLHGDODXWHWª(VLVWQXU
GHU*HUXFKGHU0LJUlQHPDFKW©
1DFK GLHVHP 0XVWHU VLQG YLHOIDFK SROLWLVFKH 6WHUHRW\SH
DQJHOHJW ± DEHU DXFK DOV VROFKH ]X GHNXYULHUHQ ZHQQ PDQ
*HVSU XQG *HGlFKWQLV IU GDV 1HEHQHLQDQGHU YRUJHWlXVFKWHU
%HGHXWXQJVXQGZLUNOLFKHU0HLQXQJVVlW]HEHVLW]W
%HWUDFKWHW PDQ XQWHU GLHVHQ DOOJHPHLQHQ $VSHNWHQ GLH
6WHUHRW\SLH GHU GHXWVFKHQ |IIHQWOLFKHQ 6SUDFKH VR NDQQ
PDQ DQJHVLFKWV GHV XQJHKHXHU XPIDQJUHLFKHQ ]XU 9HUIJXQJ
VWHKHQGHQ 0DWHULDOV QDFK GHQ 0HUNPDOHQ GHU $XIIlOOLJNHLW
EHVWLPPWH 6SUDFKPXVWHU KHUDXVVFKlOHQ GLH MHZHLOV GXUFK HLQ
VSH]L¿VFKHV 6SUDFKYHUKDOWHQ HLQH VSH]L¿VFKH 6SUHFKODJH XQG
VSH]L¿VFKH:RUWIHOGHUJHSUlJWVLQG
'RPLQDQW EHLP 6SUDFKYHUKDOWHQ LVW GDV $I¿UPDWLYH GHU
-DUJRQGHU(LJHQWOLFKNHLWLQGHU6SUHFKODJHGDVNODVVL]LVWLVFK
URPDQWL]LVWLVFKH 3DWKRV XQG EHL GHQ :RUWEHUHLFKHQ GDV
ª2UJDQLVFKH©VRZLH.ULHJHULVFK0LOLWlULVFKH6R]LROLQJXLVWLVFK
LQWHUHVVLHUW GDEHL YRU DOOHP GDV 3ROLWLNHUGHXWVFK GDV
%URNUDWHQGHXWVFKGDV9HUHLQVGHXWVFKGDV3URIHVVRUHQGHXWVFK
GDV6WXGHQWHQGHXWVFKGDV2I¿]LHUVGHXWVFKGDV3UHGLJHUGHXWVFK
GDV3XEOL]LVWHQGHXWVFKGDV(U]LHKHUGHXWVFK±HEHQGDV'HXWVFK
GDVDXIJUXQGYRQ%LOGXQJVSULYLOHJLHQGLHKHUUVFKHQGH6SUDFKH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

LVWXQGDXFKGLHGHU1LFKWSULYLOHJLHUWHQPLWSUlJWHXQGGDPLWPLW
GHUVWHUHRW\SLVLHUWHQ6SUDFKHPHKUGLPHQVLRQDOH(UIDKUXQJXQG
DEZHLFKHQGHV 'HQNHQ YHUKLQGHUWH 'RUW ZR GDV ,QGLYLGXXP
QLFKW LQ HLJHQHQ 6SUDFKIRUPHQ VLFK DUWLNXOLHUHQ NDQQ GDUI
IHKOW LKP DXFK GHU :DKUQHKPXQJVUDVWHU IU KHWHURJHQH XQG
GLVSDUDWH,QIRUPDWLRQ6SUDFKHªLP(LQVDW]©EHGHXWHWª'HQNHQ
LP*OHLFKVFKULWW©
'LH%HLVSLHOHGLHQDFKIROJHQGIUHLQ]HOQH$VSHNWHDQJHIKUW
ZHUGHQVROOHQVR]XVDJHQVWUXNWXUDOLVWLVFKGLH:HVHQVPHUNPDOH
VWHUHRW\SHQ6SUHFKHQVYHUDQVFKDXOLFKHQGLH%HLVSLHOHZHUGHQ
GHU 9HUJDQJHQKHLW ZLH *HJHQZDUW HQWQRPPHQ XQG DXI LKU
*HPHLQVDPHVKLQJHSUIW
1DWUOLFK PDFKW MHZHLOV HUVW GLH KLVWRULVFKH 'LPHQVLRQ
GHXWOLFK ZHOFKH 8QPRUDO GHV +DQGHOQV KLQWHU GHU 8QPRUDO
GHV 6SUHFKHQV VWDQG ,Q GLHVHP 6LQQH KDEHQ GLH %HLVSLHOH
VHOEVWYHUVWlQGOLFK K|FKVW XQWHUVFKLHGOLFKHV *HZLFKW 'LH
=HUVW|UXQJLQGLYLGXHOOHQ6SUHFKHQVPX‰QLFKWYHUNQSIWVHLQPLW
GHP0RUGDP0HQVFKHQ'LH6WHUHRW\SLHGHV%ULHIVWHOOHUGHXWVFK
HWZDLPSOL]LHUWQLFKWDSULRULGD‰HLQ+HLQULFK+LPPOHUVHLQH
:DKQLGHHQ LQ )RUP GHV %ULHIVWHOOHUGHXWVFK LQ %HIHKOH GHV
9|ONHUPRUGVXPVHW]WH'LH6WHUHRW\SLHGHVYHUORJHQHLQVHLWLJHQ
/HVHEXFKLG\OOV KlWWH QLFKW HLQHP 5XGROI +|‰ GLH )HGHU EHL
VHLQHQ¾(ULQQHUXQJHQDQ$XVFKZLW]IKUHQPVVHQ
'DV 1HEHQHLQDQGHU GHU %HLVSLHOH XQG LKUH 'XUFKOHXFKWXQJ
DXI GLH JHPHLQVDPHQ 6WUXNWXUPHUNPDOH KLQ PDFKW MHGRFK
GHXWOLFKZHOFKH:RUWKOVHQIUGLH9HUSDFNXQJGHU,QKXPDQLWlW
DOVEHVRQGHUVJHHLJQHWVLFKHUZHLVHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

:DVXQWHUGHUDI¿UPDWLYHQ5ROOHGHU6WHUHRW\SLH]XYHUVWHKHQ
LVW NDQQ DP EHVWHQ PLW HLQHU ]HQWUDOHQ 6WHOOH DXV +HUEHUW
0DUFXVHV (VVD\ ¾hEHU GHQ DI¿UPDWLYHQ &KDUDNWHU GHU .XOWXU½
EHVFKULHEHQZHUGHQ
ª6LH LVW LQ LKUHQ *UXQG]JHQ LGHDOLVWLVFK $XI GLH 1RW GHV
LVROLHUWHQ ,QGLYLGXXPV DQWZRUWHW VLH PLW GHU DOOJHPHLQHQ
0HQVFKOLFKNHLW DXI GDV OHLEOLFKH (OHQG PLW GHU 6FK|QKHLW GHU
6HHOHDXIGLHlX‰HUH.QHFKWVFKDIWPLWGHULQQHUHQ)UHLKHLWDXI
GHQEUXWDOHQ(JRLVPXVPLWGHP7XJHQGUHLFKGHU3ÀLFKW+DWWHQ
]XU =HLW GHV NlPSIHULVFKHQ $XIVWLHJV GHU QHXHQ *HVHOOVFKDIW
DOOH GLHVH ,GHHQ HLQHQ IRUWVFKULWWOLFKHQ EHU GLH HUUHLFKWH
2UJDQLVDWLRQGHV'DVHLQVKLQDXVZHLVHQGHQ&KDUDNWHUVRWUHWHQ
VLHLQVWHLJHQGHP0D‰HPLWGHUVLFKVWDELOLVLHUHQGHQ+HUUVFKDIW
GHV%UJHUWXPVLQGHQ'LHQVWGHU1LHGHUKDOWXQJXQ]XIULHGHQHU
0DVVHQ XQG GHU EOR‰HQ UHFKWIHUWLJHQGHQ 6HOEVWHUKHEXQJ VLH
YHUGHFNHQ GLH OHLEOLFKH XQG SV\FKLVFKH 9HUNPPHUXQJ GHV
,QGLYLGXXPV©
'DV =LWDW YHUZHLVW ]XGHP DXI GHQ KLVWRULVFKHQ 8UVSUXQJ
GHU PHLVWHQ 6WHUHRW\SHQ GHU GHXWVFKHQ |IIHQWOLFKHQ 6SUDFKH
GLHVH HQWVWDQG LQ GHU =HLW QDFK .ODVVLN XQG 5RPDQWLN
DOV GHU NlPSIHULVFKH $XIVWLHJ GHU QHXHQ *HVHOOVFKDIW LQ
GLH VWDELOLVLHUHQGH +HUUVFKDIW GHV %UJHUWXPV EHUJLQJ
.ODVVLN XQG 5RPDQWLN ZXUGHQ YRQ GLHVHU LQ GHQ 'LHQVW GHU
1LHGHUKDOWXQJ XQ]XIULHGHQHU 0DVVHQ XQG UHFKWIHUWLJHQGHU
6HOEVWHUKHEXQJ JHQRPPHQ 0LW +LOIH HSLJRQDOLGHDOLVWLVFKHU
6SUDFKHZXUGHQGLHNRQNUHWHQJHVHOOVFKDIWVUHOHYDQWHQ3UREOHPH
KLQZHJSURML]LHUW DQ GLH 6WHOOH GHU $QWLQRPLH YRQ ,GHDO XQG
/HEHQ WUDW GLH 9HUGUlQJXQJ GHU /HEHQVEHGUIQLVVH ]XJXQVWHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GHV,GHDOVGDV±HLQJHIURUHQLQVWDQGDUGLVLHUWHU6SUDFKH±VHLQHQ
NUHDWLYHQ (LQÀX‰ DXI GLH *HVWDOWXQJVNUlIWH YHUORU ,GHDOLWlW
ZXUGH]XP'HNRUGDV6HQWLPHQWDOLVFKH]XU6HQWLPHQWDOLWlW
,Q GLHVHU VWHUHRW\SLVLHUWHQ 6HHOHQVSUDFKH VLQG GLHMHQLJHQ
.UlIWHXQG%HGUIQLVVHHLQJHJDQJHQGLHLPDOOWlJOLFKHQ'DVHLQ
NHLQH 6WlWWH IDQGHQ RGHU QLFKW KDEHQ GXUIWHQ ± GLH 6HKQVXFKW
QDFK HLQHP JOFNOLFKHUHQ /HEHQ QDFK 0HQVFKOLFKNHLW *WH
)UHXGH:DKUKHLW
6LH DOOH ZHUGHQ PLW GHP DI¿UPDWLYHQ 9RU]HLFKHQ YHUVHKHQ
QlPOLFK HLQHU K|KHUHQ UHLQHUHQ QLFKW DOOWlJOLFKHQ :HOW
DQ]XJHK|UHQ6LHVLQGQLFKWYRQGLHVHU:HOW=XJOHLFKHUP|JOLFKW
DI¿UPDWLYH 6SUDFKH XQYHUELQGOLFKH 0HQVFKOLFKNHLW $GRUQR
QDQQWH GHQ DI¿UPDWLYHQ -DUJRQ ¾-DUJRQ GHU (LJHQWOLFKNHLW½
ª'HU -DUJRQ GHU (LJHQWOLFKNHLW LVW ,GHRORJLH DOV 6SUDFKH
XQWHU$EVHKXQJ YRQ DOOHP EHVRQGHUHQ ,QKDOW© (V HUIROJW GLH
+LPPHOIDKUW GHV :RUWHV EHU GHQ %HUHLFK GHV 7DWVlFKOLFKHQ
0HLQXQJVVlW]H ZHUGHQ DOV %HGHXWXQJVVlW]H DXVJHJHEHQ PLW
+LOIHGHUDI¿UPDWLYHQ6WHUHRW\SLHNDQQPDQVLFKDXVGHQUHDOHQ
3UREOHPHQ LQ HLQH :HOW GHU 8QYHUELQGOLFKNHLW NDWDSXOWLHUHQ
ª(LJHQWOLFKNHLW QHQQW NHLQ (LJHQWOLFKHV DOV VSH]L¿VFKH
(LJHQVFKDIW VRQGHUQ EOHLEW IRUPDO UHODWLY DXI HLQHQ LQ GHP
:RUWDXVJHVSDUWHQZRP|JOLFK]XUFNJHZLHVHQHQ,QKDOWVHOEVW
GRUWQRFKZRGDV:RUWDGMHNWLYLVFKYHUZHQGHWZLUG(VEHVDJW
QLFKW ZDV HLQH 6DFKH VHL VRQGHUQ RE LQ ZHOFKHP 0D‰H VLH
GDV LQ LKUHP %HJULII VFKRQ 9RUDXVJHVHW]WH VHL LQ LPSOL]LWHP
*HJHQVDW]]XGHPZDVVLHEOR‰VFKHLQW©
$GRUQR ]HLJW DXFK DXI ZR XQWHU DQGHUHP VROFKH
6FKQLWWPXVWHUGHV0HQVFKVHLQVVROFKH6SUDFKZLUNXQJHQRKQH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

8UVDFKHDQ]XWUHIIHQVLQGª,Q'HXWVFKODQGZLUGHLQ-DUJRQGHU
(LJHQWOLFKNHLWJHVSURFKHQPHKUQRFKJHVFKULHEHQ.HQQPDUNH
YHUJHVHOOVFKDIWHWHQ (UZlKOWVHLQV HGHO XQG DQKHLPHOQG LQ
HLQV 8QWHUVSUDFKH DOV 2EHUVSUDFKH (U HUVWUHFNW VLFK YRQ GHU
3KLORVRSKLHXQG7KHRORJLHQLFKWEOR‰(YDQJHOLVFKHU$NDGHPLHQ
EHUGLH3lGDJRJLNEHU9RONVKRFKVFKXOHQXQG-XJHQGEQGHELV
]XUJHKREHQHQ5HGHZHLVHYRQ'HSXWLHUWHQDXV:LUWVFKDIWXQG
9HUZDOWXQJ©8QGELV]XU3ROLWLN±PX‰PDQVHOEVWYHUVWlQGOLFK
KLQ]XIJHQ
'LH 6SUDFKHU]LHKXQJ LQ GHQ 6FKXOHQ LVW ZHLWJHKHQG DXI
GLH 5HSURGXNWLRQ DI¿UPDWLYHU :RUWPXVWHU DQJHOHJW XQG
DXVJHULFKWHW 2E 6SUDFKEXFK RGHU /HVHEXFK 6LQJEXFK RGHU
*HVFKLFKWVEXFKEHUDOOZHUGHQ6FKOVVHOZRUWHJHEUDXFKWGLH
GLH *HVHOOVFKDIW ]XP LG\OOLVFKHQ$V\O VWLOLVLHUHQ ,P ,QWHUHVVH
ªJHVXQGHU .LQGHU GLH GDV N|VWOLFKVWH *XW HLQHV 9RONHV VLQG©
$UWLNHO  GHU %D\HULVFKHQ 9HUIDVVXQJ ZLUG HWZD LQ
$UWLNHO  GHU %D\HULVFKHQ 9HUIDVVXQJ GLH +XPDQLWlW DOV
ª$XIJHVFKORVVHQKHLW IU DOOHV :DKUH *XWH XQG 6FK|QH© DXI
IDWDOH:HLVHEHLPVWHUHRW\SHQ:RUWJHQRPPHQ
'LH%LOGXQJV]LHOHLQGHQ3UlDPEHOQGHUVFKXOLVFKHQ/HKUSOlQH
RIIHQEDUHQ DI¿UPDWLYH %H]LHKXQJVORVLJNHLW ]XU 5HDOLWlW (V
IHKOW GLH NULWLVFKH 'LVWDQ] ]X GHQ :RUWHQ PDQJHOQGHU *HKDOW
ZLUG GXUFK GHNODPDWRULVFKHQ$NW EHUVSLHOW 'DV :HVHQWOLFKH
XQG (LJHQWOLFKH HUVFKHLQW LQ LPPHU QHXHQ 9DJKHLWHQ
'HPHQWVSUHFKHQGGLHGLGDNWLVFKH3UD[LV
'D]XEHOLHELJH%HLVSLHOHDXVGHP/DWHLQXQWHUULFKWGHV-DKUHV
ª'LH(OWHUQZHUGHQYRQXQVJHOLHEW'LH(OWHUQVROOHQYRQ
GHQ.LQGHUQJHOLHEWZHUGHQ'LH(OWHUQVLQGYRQGHQ.LQGHUQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

LPPHU JHOLHEW ZRUGHQ XQG ZHUGHQ LPPHU JHOLHEW ZHUGHQ«

1LFKWQXUGLH(OWHUQVRQGHUQDXFKDOOH0HQVFKHQXQGDOOHJXWHQ
'LQJHVROOHQJHOLHEWZHUGHQ-HGHV/HEHZHVHQVROOJHOLHEWXQG
QLFKWYHUDFKWHWZHUGHQ«(LQ.QDEHGHUGLH$QVWUHQJXQJÀLHKW
ZLUGDXFKDOV0DQQVHLQH3ÀLFKWQLFKWHUIOOHQ:DV$U]QHLHQ
QLFKWKHLOHQKHLOWGDV(LVHQZDVGDV(LVHQQLFKWKHLOWKHLOWGDV
)HXHUZDVGDV)HXHUQLFKWKHLOWKHLOWGHU7RG©:LUHUJlQ]HQ
:DVGLHDI¿UPDWLYHQ%LOGXQJV6lW]HRIIHQVLFKWOLFKQLFKWKHLOW
LVWGLH=HLW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

3ROLWLNHUGHXWVFK

3ROLWLVFKH 6SUDFKH ]HLJW HLQ ZHLWHV 6SHNWUXP GLH HLQHQ

ZROOHQ PLW LKUHQ :RUWHQ EHHLQÀXVVHQ XQG YHUIKUHQ GLH
DQGHUHQ ªUHGOLFK© EHU]HXJHQ GD]ZLVFKHQ OLHJHQ YLHOIlOWLJH
0LVFKIRUPHQEDOGPHKUEDOGZHQLJHUXP:DKUKHLWEHPKW
,Qª0HLQ.DPSI©VFKUHLEW+LWOHU±XQGPDQNDQQDQHLQHP
VROFKHQ =LWDW GLH ª(LJHQDUW© GHV WRWDOLWlUHQ 6SUDFKPXVWHUV
HUNHQQHQ ± ª'LH $XIQDKPHIlKLJNHLW GHU JUR‰HQ 0DVVH LVW
QXU VHKU EHVFKUlQNW GDV 9HUVWlQGQLV NOHLQ GDIU MHGRFK GLH
9HUJH‰OLFKNHLW JUR‰ $XV GLHVHQ 7DWVDFKHQ KHUDXV KDW VLFK
MHGHZLUNXQJVYROOH3URSDJDQGDDXIQXUVHKUZHQLJH3XQNWH]X
EHVFKUlQNHQ XQG GLHVH VFKODJZRUWDUWLJ VR ODQJH ]X YHUZHUWHQ
ELV DXFK EHVWLPPW GHU /HW]WH XQWHU HLQHP VROFKHQ :RUWH GDV
*HZROOWHVLFKYRU]XVWHOOHQYHUPDJ«
'HU*ODXEHLVWVFKZHUHU]XHUVFKWWHUQDOVGDV:LVVHQ/LHEH
XQWHUOLHJWZHQLJHUGHP:HFKVHODOV$FKWXQJ+D‰LVWGDXHUKDIWHU
DOV $EQHLJXQJ XQG GLH 7ULHENUDIW ]X GHQ JHZDOWLJVWHQ
8PZlO]XQJHQ DXI GLHVHU (UGH ODJ ]X DOOHQ =HLWHQ ZHQLJHU LQ
HLQHUGLH0DVVHEHKHUUVFKHQGHQZLVVHQVFKDIWOLFKHQ(UNHQQWQLV
DOV LQ HLQHP VLH EHVHHOHQGHQ )DQDWLVPXV PDQFKPDO LQ HLQHU
VLHYRUZlUWVMDJHQGHQ+\VWHULH:HUGLHEUHLWH0DVVHJHZLQQHQ
ZLOOPX‰GHQ6FKOVVHONHQQHQGHUGDV7RU]XLKUHP+HU]HQ
|IIQHW(UKHL‰WQLFKW2EMHNWLYLWlWDOVR6FKZlFKHVRQGHUQ:LOOH
XQG.UDIW©


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

1DFK 7KRPDV YRQ $TXLQ VLQG GLH :|UWHU GHU 6SUDFKH

=HLFKHQ GHV *HLVWHV HV VHL ZLGHU LKUH 1DWXU XQG ZLGHU GHQ
*HLVWVLHLQGHQ'LHQVWGHU/JH]XVWHOOHQGLH6SUDFKHVROOH
GLH*HGDQNHQRIIHQEDUHQQLFKWYHUEHUJHQ'HPGUIWHQIUHLOLFK
VHOEVW 9HUWUHWHU GHV GHPRNUDWLVFKSDUODPHQWDULVFKHQ 6\VWHPV
]XPLQGHVWZDVGLH3UD[LVEHWULIIWQLFKW]XVWLPPHQ:LFKWLJHUDOV
*HGDQNHQZDKUKHLWLVWDXFKKLHUGLH6SUDFKWDNWLNZLHPDQGLH
'LQJHIUVHLJHQH/DJHU]XUHFKWELHJWXQGªKLQGUHKW©0HLVWHQV
ZHUGHQ GLH 5HGHQ ]XP )HQVWHU KLQDXV JHKDOWHQ VLQG DQ GHQ
0DQQ DXI GHU 6WUD‰H JHULFKWHW GHU GXUFK GLH 0DVVHQPHGLHQ
UHFKWJXWHUUHLFKWZLUG,PªKRKHQ+DXVH©VHOEVWEHGUIWHPDQ
GLHVHU 5HGHQ QLFKW PDQ ZHL‰ VFKRQ YRUKHU ZLH PDQ VLFK ]X
HQWVFKHLGHQKDW(VEOHLEWHLQ6WUHLWXP:RUWHGLH6DFKHQVLQG
EHUHLWV ¿[LHUW ZHQQ GLH 5HGHVFKODFKWHQ DQKHEHQ (U KDEH LP
/DXIH VHLQHV ODQJHQ /HEHQV7DXVHQGH YRQ 5HGHQ JHK|UW DEHU
NHLQHKDEHVHLQH(QWVFKHLGXQJLUJHQGZLHEHHLQÀX‰WPHLQWHHLQ
HQJOLVFKHU3DUODPHQWDULHUHLQPDO'DV=LWDWVWDPPWDXVGHP
-DKUKXQGHUWHVGUIWHQDFKZLHYRUDNWXHOOVHLQ

,PQDFKIROJHQGHQVROOHQGDVWRWDOLWlUHXQGGDVGHPRNUDWLVFKH
6SUDFKV\QGURP EHWUDFKWHW ZHUGHQ GLH hEHUJlQJH VLQG
ÀLH‰HQG GLH $XVVDJHQ EH]LHKHQ VLFK DXI ªLGHDOW\SLVFKH©
(UVFKHLQXQJVIRUPHQ
'LH (LQKHLWOLFKNHLW XQG GHU $XVVFKOLH‰OLFKNHLWVDQVSUXFK
GHU WRWDOLWlUHQ 0DFKW Ol‰W HLQH 6SUDFKH GHV =ZHLIHOV XQG GHU
%HIUDJXQJ QLFKW ]X :LUNOLFKNHLW KDW VR ]X VHLQ ZLH VLH GH
NUHWLHUW ZLUG 'DPLW GLH WRWDOLWlUHQ 6HW]XQJHQ DN]HSWLHUW
ZHUGHQ PX‰ DXFK PLW GHU 6SUDFKH HLQJHVFKFKWHUW XQG JH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GURKW ZHUGHQ hEHUUHGXQJ XQG SURSDJDQGLVWLVFKH 9HUIKUXQJ

UHLFKHQ QLFKW DXV ZHUGHQ DEHU HEHQIDOOV LQWHQVLY EHWULHEHQ
+LWOHUV ª0HLQ .DPSI© LVW QDFK ZLH YRU HLQ VHKU JHHLJQHWHV
ª/HKUEXFK© IU GLH (LJHQDUWHQ WRWDOLWlUHU 6SUDFKH 'RPLQDQW
VLQG %HVFKLPSIXQJHQ 3ODWLWGHQ VFKLHIH 0HWDSKHUQ HQG
ORVH 7LUDGHQ 'LH %HVFKLPSIXQJ HUIROJW PHLVW LP GHUEHQ
6WDPPWLVFKMDUJRQ PLW EUDPDUEDVLHUHQGHU :RUWWUXQNHQKHLW
'LH3ODWLWGHPDFKW1LFKW6HOEVWYHUVWlQGOLFKHVVHOEVWYHUVWlQG
OLFKLQGHPVLHHVLQ*lQJLJHPE]Z(LQOHXFKWHQGHPYHUSDFNW
lKQOLFKZLUNWGHU*HEUDXFKGHU0HWDSKHUGDV%LOGWUDQVSRUWLHUW
8QZDKUKHLWRGHU8QPHQVFKOLFKNHLWLQV%HZX‰WVHLQ'LH7LUDGH
ULFKWHWGLH*HGDQNHQGXUFK=HUUHGHQ]XJUXQGHVFKOlIHUWVLHHLQ
RGHUWUHLEWVLHDXV
ª'LH +XPDQLWlW VFKPLO]W DOV$XVGUXFN HLQHU 0LVFKXQJ YRQ
'XPPKHLW )HLJKHLW XQG HLQJHELOGHWHP %HVVHUZLVVHQ ZLH
6FKQHHDQGHU0lU]HQVRQQH©'D6FKQHHLQGHU0lU]HQVRQQH
LQ GHU 7DW UDVFK VFKPLO]W ZLUG GLH GDULQ HLQJHSDFNWH
8QZDKUKHLWPLWDN]HSWLHUWª6RZLHPDQQXUYRUVLFKWLJLQHLQH
VROFKH *HVFKZXOVW KLQHLQVFKQLWW IDQG PDQ ZLH GLH 0DGH
LP IDXOHQGHQ /HLEH RIW JHQXJ JHEOHQGHW YRP SO|W]OLFKHQ
/LFKW HLQ -GOHLQ© $QVFKDXOLFKNHLW Ol‰W GLH 1RWZHQGLJNHLW
EHJULIÀLFKHU 7UHQQVFKlUIH YHUJHVVHQ ª0DQ EHGHQNH GD‰
DXI HLQHQ *RHWKH GLH 1DWXU LPPHU QRFK OHLFKW ]HKQWDXVHQG
VROFKHU 6FKPLHUHU GHU 0LWZHOW LQ GHQ 3HO] VHW]W GLH QXQ DOV
%D]LOOHQWUlJHU VFKOLPPVWHU $UW GLH 6HHOHQ YHUJLIWHQ© 'LH
%HVFKZ|UXQJ YRQ .XOWXU LP 0HWDSKHUQYHUVFKQLWW YHUOHLKW
8QVLQQGHQ&KDUDNWHUYRQ7DWVlFKOLFKNHLWª0DQKDWQLFKWQXU
'HXWVFKODQG QLFKW JHVHKHQ ZHQQ PDQ 0QFKHQ QLFKW NHQQW
QHLQPDQNHQQWYRUDOOHPGLHGHXWVFKH.XQVWQLFKWZHQQPDQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

0QFKHQ QLFKW VDK© .RQGLWLRQDOH 9HUVFKUlQNXQJHQ ZHUGHQ

DOV .DXVDOLWlW DXVJHJHEHQ GDV 1LFKWVVDJHQGH HUKlOW GXUFK
V\QWDNWLVFKH.RPSOL]LHUWKHLWGLH:HLKHYRQ:DKUKHLW
:LH *HGDQNHQ EHL +LWOHU ªHQWZLFNHOW© ZHUGHQ NDQQ
QDFKIROJHQGHV %HLVSLHO YHUGHXWOLFKHQ HV LVW ]XJOHLFK
V\PSWRPDWLVFK IU WRWDOLWlUH $UJXPHQWDWLRQ EHUKDXSW
ZREHL GHU %RGHQ GXUFK HLQH 6SUDFKHU]LHKXQJ GLH QLFKW DOV
)|UGHUXQJ YRQ 6SUDFKNULWLN VRQGHUQ DOV ,QGRNWULQDWLRQ YRQ
ª0XWWHUVSUDFKH©VLFKEHJUHLIWYRUEHUHLWHWZLUG
 6FKULWW $XIVWHOOXQJ HLQHU %HKDXSWXQJ GLH VXJJHVWLY
YRUJHWUDJHQ ZLUG GLH FKDULVPDWLVFKH $XWRULWlW GHV )KUHUV
VLFKHUWYRU%HIUDJXQJGLHª%DVLV©IUZHLWHUH/JHQLVWGDPLW
JHVFKDIIHQ
ª:DVZLUKHXWHDQPHQVFKOLFKHU.XOWXUDQ(UJHEQLVVHQYRQ
.XQVW :LVVHQVFKDIW XQG 7HFKQLN YRU XQV VHKHQ LVW QDKH]X
DXVVFKOLH‰OLFKVFK|SIHULVFKHV3URGXNWGHV$ULHUV©
 6FKULWW 0LW +LOIH YRUVLFKWLJHU GLH $SRGLNWLN GHV 
6FKULWWVPLOGHUQGHQ9HUNODXVXOLHUXQJHQGLHGHQ$QVFKHLQYRQ
2EMHNWLYLWlWJHEHQZHUGHQGLHª$EOHLWXQJHQ©YRUJHQRPPHQ
ª*HUDGH GLHVH 7DWVDFKH DEHU Ol‰W GHQ QLFKW XQEHJUQGHWHQ
5FNVFKOX‰ ]X GD‰ HU DOOHLQ GHU %HJUQGHU K|KHUHQ
0HQVFKHQWXPVEHUKDXSWZDUPLWKLQGHQ8UW\SGHVVHQGDUVWHOOW
ZDVZLUXQWHUGHP:RUWH0HQVFKYHUVWHKHQ©
 6FKULWW 'LH VR JHZRQQHQH ª(UNHQQWQLV© ZLUG LQ HLQH
0HWDSKHU JHVFKODJHQ ZRGXUFK GHU 5HVW YRQ HYWO QRFK
YRUKDQGHQHQ =ZHLIHOQ ZHJJHUlXPW ZHUGHQ VROO GD GLH
0HWDSKHU ]XGHP DXI GHU KHKUHQ KRKHQ 6SUDFKHEHQH OLHJW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

LVW NDXP:LGHUVSUXFK EHL GHQMHQLJHQ ]X HUZDUWHQ GLH JHGULOOW

ZXUGHQ3DWKRVPLWWUDQV]HQGLHUHQGHU:DKUKHLWJOHLFK]XVHW]HQ
ª(ULVWGHU3URPHWKHXVGHU0HQVFKKHLWDXVGHVVHQOLFKWHU6WLUQ
GHU J|WWOLFKH )XQNH GHV *HQLHV ]X DOOHQ =HLWHQ KHUYRUVSUDQJ
LPPHUYRQQHXHPMHQHV)HXHUHQW]QGHQGGDVDOV(UNHQQWQLV
GLH 1DFKW GHU VFKZHLJHQGHQ *HKHLPQLVVH DXIKHOOWH XQG GHQ
0HQVFKHQ VR GHQ :HJ ]XP %HKHUUVFKHU GHU DQGHUHQ :HVHQ
GLHVHU(UGHHPSRUVWHLJHQOLH‰©
,Q ¾+ ± 3URWRNROO½ KDW .ODXV 6WLOOHU /XFKWHUKDQG9HUODJ
 HLQH $QDO\VH GHV IDVFKLVWLVFKHQ 6SUDFKVWLOV LQ )RUP
H[WHQVLYHU 'DUELHWXQJ YRUJHQRPPHQ 0DWHULDO DXV ¾0HLQ
.DPSI½GHQ+LWOHUVFKHQ7LVFKJHVSUlFKHQXQGDQGHUH=HXJQLVVH
ZXUGHFROODJLHUWGLHV\QWDNWLVFKHQ0XVWHU]XGHP¿NWLYDQJHIOOW
'LH6SUDFKHYRQ+ZLUGLQVREUHLWJHWUHWHQHU)RUPGDUJHERWHQ
GD‰EHLGHU/HNWUHJHUDGH]XSK\VLVFKHU6FKPHU]VLFKHLQVWHOOW
GLH 6XDGD EHZLUNW HLQH ± EHZX‰W HUOHEEDUH ± 3XUJLHUXQJ YRQ
*HGDQNHQOl‰WGLH0HWKRGLNYRQ*HKLUQZlVFKHHUNHQQHQ
ª:HQQ DEHU KHXW]XWDJH LUJHQGHLQ VFKZLQGVFKWLJHV
:UVWFKHQ PLW IURPPHU 6WLUQ GLH IURPPH 7KHVH LQ GLH :HOW
KLQDXVSRVDXQH GLH IUHYOHULVFKHQ 8QWDWHQ GHV PHKU RGHU
PLQGHU OLFKWVFKHXHQ 6WUDXFKULWWHUWXPV VHLHQ DOV NRORVVDOH
ZHOWJHVFKLFKWOLFKH /HLVWXQJ ]X ZHUWHQ ± LPPHU QDWUOLFK PLW
GHP KHLPOLFKHQ +LQWHUJHGDQNHQ GD‰ LP 9HUODXI VR YLHOHU
-DKUPLOOLRQHQGHUZDKUH6DFKYHUKDOWEHUHLWVKXQGHUWWDXVHQGPDO
YHUVFKOHLHUW ZRUGHQ VHL ± GDQQ PVVH HU RE VR YLHO
KLPPHOVFKUHLHQGHQ 8QYHUVWDQGHV QLFKW QXU VWXQGHQODQJ GHQ
.RSI VFKWWHOQ VRQGHUQ IKOH VLFK JOHLFKVDP YHUSÀLFKWHW HLQ
VRGXUFKVLFKWLJHV8QWHUIDQJHQPLWDOOHU(QWVFKLHGHQKHLWHLQXQG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

DOOHPDO ]XUFN]XZHLVHQ QLFKW RKQH HQGJOWLJ NODU]XVWHOOHQ

GD‰GLHJDQ]H7UDJ|GLHGHUELVGDKLQXQEHVLHJWHQ$KQHQLKUHQ
$XVJDQJYRQMHQHPIDWDOHQ)OHLVFKJHQX‰JHQRPPHQKDEHGHU
HV EHNDQQWOLFK GHP KLQWHUOLVWLJVWHQ 8QJH]LHIHU HUVW JHVWDWWHW
KDEH GHQ +HEHO VR]XVDJHQ ]XJXQVWHQ GHV 6WUDXFKULWWHUWXPV
DQ]XVHW]HQ«©
:HQQPDQGLHIDVFKLVWLVFKH6SUDFKHZ|UWOLFKQLPPWHQWODUYW
VLH VLFK PHLVW VHOEVW ,P EHVRQGHUHQ EHOJW GLH IDVFKLVWLVFKH
6SUDFKH GLH 0DVVHQ GDGXUFK GD‰ VLH GLH JHVHOOVFKDIWOLFKH
:LUNOLFKNHLW YHUELUJW :HOWDQVFKDXXQJ LVW QLFKW :HOW
$QVFKDXXQJVRQGHUQGLH9HUEDOLVLHUXQJYRQ3KDQWDVPDJRULHQ
PLW GHUHQ +LOIH PDQ EHU GLH 3UREOHPH GHU HLJHQHQ ([LVWHQ]
KLQZHJJDXNHOW'DVZDVGXUFK,OOXVLRQQLFKWDEJHVlWWLJWZHUGHQ
NDQQ ZLUG DOV 'HVLOOXVLRQ URPDQWLVLHUW 8QJOFN HUVFKHLQW DOV
+HURLVPXV 1RW DOV 6WlKOXQJ (OHQG DOV 6FKLFNVDO 6WUHEHQ
QDFK *OFN XQG PDWHULHOOHU %HVVHUXQJ JLOW DOV 6QGH XQG
8QUHFKW¾0HLQ.DPSI½EH]HLFKQHWQDFK/XW]:LQNOHUª6WXGLH
]XU JHVHOOVFKDIWOLFKHQ )XQNWLRQ IDVFKLVWLVFKHU 6SUDFKH©
ªQLFKW GHQ SHUV|QOLFKHQ .DPSI XQG GLH LQ LKP JHZRQQHQH
/HEHQVHUIDKUXQJ GHV 0HQVFKHQ $GROI +LWOHU VRQGHUQ GLH
W\SLVFKH /HEHQVHUIDKUXQJ XQG GLH JlQJLJHQ LGHRORJLVFKHQ
.OLVFKHHV GHV PLOLWDQWHQ .OHLQEUJHUV LP NDSLWDOLVWLVFKHQ
1DFKNULHJVGHXWVFKODQG©'HU)DVFKLVPXVKDEH]ZDUGLHOLEHUDOH
/JHYRQGHUIUHLHQ%DKQYRP*RWWHVXUWHLOGHV(UIROJVVRZLH
GLHª.XOWXUOJHQ©DEJHVFKDIIWQLFKWDEHUGLHJHVHOOVFKDIWOLFKHQ
%HGLQJXQJHQXQWHUGHQHQ8QJHUHFKWLJNHLWXQG8QWHUGUFNXQJ
SURGX]LHUWZUGHQ'HU.DSLWDOLVPXVQHLJHGD]XVLFKPLWGHP
IDVFKLVWLVFKHQ 6SUDFKPXVWHU ]X WDUQHQ $XVEHXWXQJ ZHUGH
GXUFK 6SUDFKH HLQHP +|KHUHQ ]XJHRUGQHW GDV 3UR¿WVWUHEHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GDPLW WUDQV]HQGLHUHQG GDV ZHLWYHUEUHLWHWH 8QEHKDJHQ DQ

GHU NDSLWDOLVWLVFKHQ *HVHOOVFKDIWVVWUXNWXU DXI XQWHUGUFNWH
PDFKWORVH 0LQGHUKHLWHQ ]% GLH -XGHQ DEJHOHLWHW RGHU DXI
6QGHQE|FNH 3OXWRNUDWLH SURML]LHUW 'D GHU 0LWWHOVWDQG XQG
GDV.OHLQEUJHUWXPDXIJUXQGLKUHU3RVLWLRQLP6SlWNDSLWDOLVPXV
EHVRQGHUVNULVHQDQIlOOLJVLQGKDWIDVFKLVWLVFKHRGHUIDVFKLVWRLGH
6SUDFKH LQ LKQHQ HLQHQ EHVRQGHUV JXWHQ 5HVRQDQ]ERGHQ
$JJUHVVLRQVEHUHLWVFKDIW $QJVW 0L‰WUDXHQ VWHUHRW\SH
9RUXUWHLOHI|UGHUQGHQ8PVFKODJDXVGHUSULYDWLVWLVFKHQ6SUDFKH
LQ GHQ IDVFKLVWLVFKHQ 6SUDFKNROOHNWLYLVPXV 'HU 0DVVHQIKUHU
PDFKW GDV ]XPLQGHVW LP 8QWHUEHZX‰WVHLQ YRUKDQGHQH *HIKO
YRQ GHU HLJHQHQ 0LVHUH HUWUlJOLFK LQGHP HU HV DQ QDWLRQDOHQ
,GROHQ DXIULFKWHW ,Q VROFKHP .RQWH[W VWHKHQ GDQQ DXFK
PDFKWPDQLSXODWRULVFKH 6ORJDQV ZLH ª.DQRQHQ VWDWW %XWWHU©
ª%OXWXQG%RGHQ©'LH6HKQVXFKWQDFKHLQHPEHVVHUHQ/HEHQ
ZLUG GXUFK LPSHULDOH 6\PEROH KLQZHJWUDQVSRUWLHUW +HLPDW
DOVª2SWLRQDXIHLQ*UXQGVWFN©LVWVXEVWLWXLHUWGXUFKUXUDOH
0\VWLNGLHLQGLYLGXHOOH%HIULHGXQJQLFKW]XOl‰W)DVFKLVWLVFKH
6SUDFKHLVWHLQHH[WUHPH$XVSUlJXQJGHUªDI¿UPDWLYHQ.XOWXU©
XQWHU$EZDQGOXQJGHVEHUHLWV]LWLHUWHQ0DUFXVH:RUWV
ª$XI GLH 1RW GHV LVROLHUWHQ ,QGLYLGXXPV DQWZRUWHW VLH PLW
GHUDOOJHPHLQHQ0HQVFKOLFKNHLWDXIGDVOHLEOLFKH(OHQGPLWGHU
6FK|QKHLWGHU6HHOHDXIGLHlX‰HUH.QHFKWVFKDIWPLWGHULQQHUHQ
)UHLKHLW DXI GHQ EUXWDOHQ (JRLVPXV PLW GHP7XJHQGUHLFK GHU
3ÀLFKW© %HL GHU IDVFKLVWLVFKHQ$XVSUlJXQJ GHU DI¿UPDWLYHQ
.XOWXU LVW ]X HUVHW]HQ ªDOOJHPHLQH 0HQVFKOLFKNHLW© GXUFK
UDVVLVFKHV hEHUPHQVFKHQWXP ª6FK|QKHLW GHU 6HHOH© GXUFK
]HXJXQJV XQG JHElUIUHXGLJH *HVXQGKHLW ªLQQHUH )UHLKHLW©
GXUFK QDWLRQDOH 0DFKW ª7XJHQGUHLFK GHU 3ÀLFKW© GXUFK GDV


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

6HNXQGlUWXJHQGV\VWHPGHV0LOLWDULVPXV,PPHUKLQLVWPDQLP
EUJHUOLFKDI¿UPDWLYHQ$UNDGLHQLPPHUQRFKEHVVHUDXIJHKREHQ
DOVLPDI¿UPDWLYIDVFKLVWLVFKHQ:DOKDOO
$I¿UPDWLY LQ GLHVHP DOOJHPHLQHQ VWUXNWXUHOOHQ 6LQQH LVW
DXFK GLH WRWDOLWlUH 6SUDFKH GHV 9XOJlUPDU[LVPXV ZLH VLH
HWZD LQ GHU ''5 JHGHLKW )DVW MHGHU RI¿]LHOOH 7H[W ]HLJW HLQH
XQNULWLVFKH 9HUDEVROXWLHUXQJ GHU HLJHQHQ 3RVLWLRQ E]Z HLQH
JHVHOOVFKDIWVURPDQWLVFKH 9HUVFKOHLHUXQJ YRQ 5HDOLWlW ª'LH
/HLS]LJHU0HVVHDXIGHUGLHVR]LDOLVWLVFKHQ/lQGHUPLWHLQHP
XPIDQJUHLFKHQ $QJHERW YRQ 4XDOLWlWVHU]HXJQLVVHQ YHUWUHWHQ
ZDUHQ OHLVWHW HLQHQ ZHUWYROOHQ %HLWUDJ ]XU 9HUWLHIXQJ GHU
EUGHUOLFKHQ =XVDPPHQDUEHLW GHU ''5 PLW GHU 8G665 XQG
GHQ DQGHUHQ VR]LDOLVWLVFKHQ /lQGHUQ ]XU VR]LDOLVWLVFKHQ
|NRQRPLVFKHQ ,QWHJUDWLRQ DXI GHU *UXQGODJH GHU %HVFKOVVH
GHU ;;,,, XQG ;;,9 7DJXQJ GHV 5DWHV IU *HJHQVHLWLJH
:LUWVFKDIWVKLOIH 'DV $QJHERW GHU ''5,QGXVWULH EUDFKWH
GLH $QVWUHQJXQJHQ GHU :HUNWlWLJHQ XQG LKUH (UIROJH LP
VR]LDOLVWLVFKHQ :HWWEHZHUE EHL GHU 9RUEHUHLWXQJ GHV 9,,,
3DUWHLWDJHV GHU 6(' ]XP $XVGUXFN 'HU 0HVVHSDYLOORQ GHU
8G665 VSLHJHOWH HLQGUXFNVYROO GLH (UJHEQLVVH ZLGHU GLH
YRQ GHQ 9|ONHUQ GHU 6RZMHWXQLRQ DXI GHP :HJH ]XP ;;,9
3DUWHLWDJ GHU .3G68 HUUHLFKW ZXUGHQ© 'HU LGHRORJLVFK
XQWHUOHJWH/HLVWXQJVGUXFNVFKOLH‰WSULYDWHVGURSRXWY|OOLJDXV
'DV *HVHOOVFKDIWVYHUVWlQGQLV LVW VRZRKO QHXURWLVFK DOV DXFK
SV\FKRWLVFK DEVROXWH $QSDVVXQJ DQ GLH GXUFK 3URSDJDQGD
YHUEUHLWHWH )LNWLRQ YRQ :LUNOLFKNHLW RGHU (UVDW] GHU 5HDOLWlW
GXUFK LGHRORJLVFKH +DOOX]LQDWLRQHQ :HU GLH NROOHNWLYHQ
1HXURVHQRGHU3V\FKRVHQVW|UWUDWLRQDOHUKHOOWNULWLVFKDEEDXW
LVW9RONVIHLQG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ª8QVHUH ''5 LVW HLQ VDXEHUHU 6WDDW ,Q LKU JLEW HV
XQYHUUFNEDUH 0D‰VWlEH GHU (WKLN XQG 0RUDO IU $QVWDQG
XQG JXWH 6LWWH 8QVHUH 3DUWHL WULWW HQWVFKLHGHQ JHJHQ GLH YRQ
GHQ,PSHULDOLVWHQEHWULHEHQH3URSDJDQGDGHU8QPRUDODXIGLH
GDV =LHO EHIROJW GHP 6R]LDOLVPXV 6FKDGHQ ]X]XIJHQ 'DEHL
EH¿QGHQZLUXQVLQYROOHUhEHUHLQVWLPPXQJPLWGHU%HY|ONHUXQJ
GHU ''5 XQG GHU EHUZLHJHQGHQ 0HKUKHLW GHU 0HQVFKHQ LQ
:HVWGHXWVFKODQG«'LH2ULHQWLHUXQJDXIGLH6XPPLHUXQJYRQ
)HKOHUQ0lQJHOQXQG6FKZlFKHQZLUGYRQ.UHLVHQJHQlKUWGLH
GDUDQLQWHUHVVLHUWVLQGJHJHQEHUGHU3ROLWLNGHU''5=ZHLIHO
]XHUZHFNHQXQGGLH,GHRORJLHGHV6NHSWL]LVPXV]XYHUEUHLWHQ
=X GLHVHQ .UHLVHQ JHK|UW ]% :ROI %LHUPDQQ ,Q HLQHP
*HGLFKWEDQGGHULP:HVWEHUOLQHU:DJHQEDFK9HUODJHUVFKLHQ
KDW%LHUPDQQGLH0DVNHIDOOHQODVVHQ,P1DPHQHLQHVVFKOHFKW
JHWDUQWHQVSLH‰EUJHUOLFKDQDUFKLVWLVFKHQ6R]LDOLVPXVULFKWHWHU
VFKDUIH$QJULIIHJHJHQXQVHUH*HVHOOVFKDIWVRUGQXQJXQGXQVHUH
3DUWHL 0LW VHLQHQ YRQ JHJQHULVFKHQ 3RVLWLRQHQ JHVFKULHEHQHQ
]\QLVFKHQ9HUVHQYHUUlW%LHUPDQQQLFKWQXUGHQ6WDDWGHULKP
HLQH KRFKTXDOL¿]LHUWH $XVELOGXQJ HUP|JOLFKWH VRQGHUQ DXFK
/HEHQXQG7RGVHLQHVYRQGHQ)DVFKLVWHQHUPRUGHWHQ9DWHUV©
(ULFK+RQHFNHU
'LH DI¿UPDWLYWRWDOLWlUH 6SUDFKH Ol‰W NHLQHQ DXV GHP
RNWUR\LHUWHQ :HOWYHUEUGHUXQJVZDKQ DXVVFKHUHQ GLH
LGHDOLVWLVFKH 6FKXENUDIW ZLUG ± ZLH LP )DVFKLVPXV ± GDGXUFK
ªUHLQ© HUKDOWHQ GD‰ PDQ IU GLH )UXVWUDWLRQVDJJUHVVLYLWlW
JHQJHQG $EUHDNWLRQVP|JOLFKNHLWHQ EHUHLW KlOW ª« 'LH LP
¾6WUPHU-DUJRQ½ UHDJLHUHQGH ZHVWGHXWVFKH 3UHVVH EHZHLVW
PLW LKUHU 9HUOHXPGXQJVNDPSDJQH QXU ZLH XQDQJHQHKP GHP
LPSHULDOLVWLVFKHQ 6\VWHP :HVWGHXWVFKODQGV GLH (QWODUYXQJ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

VHLQHU YHUEUHFKHULVFKHQ 3UDNWLNHQ VLQG 'DUDQ KDW VLFK DXFK

XQWHUGHU63')'35HJLHUXQJQLFKWVJHlQGHUW©
'HPRNUDWLVFKSROLWLVFKH 6SUDFKH P‰WH NRQWUlU ]XP
IDVFKLVWLVFKHQ 6SUDFKPXVWHU VLFK DXVSUlJHQ ,Q :LUNOLFKNHLW
]HLJWVLHMHGRFKVWlQGLJ$QJOHLFKXQJHQDQGLHWRWDOLWlUH6SUDFKH
VR]XVDJHQ IDVFKLVWRLGH 7HQGHQ]HQ ZREHL PDQ VLFK IUHLOLFK
EHZX‰WEOHLEHQPX‰GD‰)DVFKLVPXVQLFKWQXUHLQH)RUPGHV
6SUHFKHQV VRQGHUQ YRU DOOHP GHV +DQGHOQV GDUVWHOOW ZDV GHQ
LQÀDWLRQlUHQ *HEUDXFK GHV :RUWHV ª)DVFKLVPXV© GXUFK GLH
3URWHVWEHZHJXQJ ZLHGHU HLQGlPPHQ N|QQWH $GRUQR VSULFKW
GDYRQ GD‰ GHU ª-DUJRQ GHU (LJHQWOLFKNHLW© GHP )DVFKLVPXV
$V\O JHZlKUH GDV IRUWVFKZHOHQGH 8QKHLO lX‰HUH VLFK VR DOV
ZlUHHVGDV+HLO

(LQH DI¿UPDWLYªHLJHQWOLFKH© 6SUDFKH GLH NHLQH DQGHUHQ

6SUDFKPXVWHU QHEHQ VLFK GXOGHW LVW VFKRQ YRQ LKUHP
6HOEVWYHUVWlQGQLV KHU DXWRULWlU 'LH QRUPDWLYH )ORVNHO ª*XW
'HXWVFK© EH]LHKW VLFK ZHQLJHU DXI EHVWLPPWH V\QWDNWLVFKH
JUDPPDWLVFKH XQG RUWKRJUDSKLVFKH 5HJHOQ VRQGHUQ DXI
GDV GXUFK 0XWWHUVSUDFKHU]LHKXQJ VWDELOLVLHUWH 9RUXUWHLO
GD‰ GDV 6SUDFKPXVWHU GHU 'LDOHNWLN GHV ,QIUDJHVWHOOHQV
GHU ª=ZHLGLPHQVLRQDOLWlW© ZHQLJHU ZDKU XQG JXW VHL DOV
GDV ª:XU]HOGHXWVFK© LP ª(LJHQWOLFKHQ© JUQGHQG 'LH
6SUDFKH GHV 3ROLWLNHUV ]LHOW DXFK LQ GHU %XQGHVUHSXEOLN ± LP
0L‰YHUVWlQGQLV YRQ 6SUDFKH 'LDORJ XQG :DKUKHLW ± VWlQGLJ
GDUDXIDEHLQSDUWLNXODUHV:LVVHQXQG,QWHUHVVHDOVDOOJHPHLQHV
DXV]XJHEHQ DXV 0HLQXQJVVlW]HQ 7DWVDFKHQVlW]H ]X PDFKHQ
8P GLHV ]X HUUHLFKHQ XP GLHVH )LNWLRQ VLFK ZLH GHQ DQGHUHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

VXJJHULHUHQ ]X N|QQHQ YHUZHQGHW VLH .RQVWUXNWH G K LGHDO

RGHU H[WUHPW\SLVFKH %HJULIIH GLH DXIJUXQG LKUHU $EVWUDNWKHLW
HV ]XODVVHQ MD JHUDGH]X HU]ZLQJHQ GHQ 6WUHLW EHU :RUWH
XQG QLFKW EHU 6DFKHQ ]X IKUHQ 0LW 5HFKW ZHLVW GHVKDOE
0DUWLQ -lQLFNH GDUDXI KLQ GD‰ DXIJUXQG GLHVHU 7HQGHQ] ]XP
5HGHQ LQ ,GHDOW\SHQ GLH SROLWLVFKH 6SUDFKH VWlQGLJ 1RUP
XQG 5HDOLWlW LQ HLQV VHW]H EHVWLPPWH $VSHNWH GHU HLJHQHQ
RGHU GHU IUHPGHQ :LUNOLFKNHLW DOV DW\SLVFK DXVNODPPHUH
NODVVL¿NDWRULVFKH $XVVDJHQ JHJHQ :LGHUVSUXFK LPPXQLVLHUH
:HUWDXVVDJHQ ]X 7DWVDFKHQIHVWVWHOOXQJHQ PDFKH GHU :LOONU
HVVHQWLDOLVWLVFKHU $XVVDJHIRUPHQ HQWJHJHQNRPPH GHQ
7HLOEHUHLFKHLQHV3KlQRPHQVJHUQHIUGDV*DQ]HQHKPH(LQ
ª0HKURGHU:HQLJHU© ZLUG GXUFK ª(QWZHGHU2GHU© HUVHW]W
)UHXQG)HLQG'HQNHQ GDGXUFK JHI|UGHUW 'HU 3ROLWLNHU GHU
± LQ VHLQHP 6SUHFKHQ VHLQHP 'HQNHQ IROJHQG GXUFK VHLQ
6SUHFKHQ VHLQ 'HQNHQ EHHLQÀXVVHQG ± ªUHLQH %HJULIIH© XQG
7\SHQNRQVWUXLHUW)UHLKHLW'HPRNUDWLH7HUURU7RWDOLWDULVPXV
YHUVWHKWDOOHUGLQJVGLHHLQ]HOQHQ%HJULIIHQLFKWDOVNRQVWUXNWLYH
7HLOH GHQHQ HLQ KHXULVWLVFKHU :HUW NHLQHVZHJV DEJHVSURFKHQ
ZHUGHQVROOHUPL‰YHUVWHKWVLHDOV$XVVDJHQ]XU:LUNOLFKNHLW
:HQQ GDV .RQVWUXNW QLFKW VHOEVW ZLHGHU LQ )UDJH JHVWHOOW
VRQGHUQGLHYRQLKPVWHWVDEZHLFKHQGHYLHOIlOWLJH:LUNOLFKNHLW
YHUGUlQJW ZLUG LVW GHU NULWLVFKH :HJ GHQ .DQW DOV HLQ]LJ
P|JOLFKHQ HUDFKWHWH QLFKW PHKU RIIHQ :LU VSUHFKHQ YRQ
SROLWLVFKHU6SUDFKHXQGQLFKWYRP3ROLWLNHUDOV3HUVRQ(VZLUG
QLFKWXQWHUVWHOOWGD‰GHU3ROLWLNHUNHLQHQ5HDOLWlWVEH]XJKDEH
GD‰ HU QLFKW VWlQGLJ LQ GLH 5HDOLWlWHQ GHV$OOWDJV HLQEH]RJHQ
VHLVHLQH6SUDFKHZHL‰QXUGDYRQZHQLJ]XZHQLJHLQ6WUHLW
GHU:RUWHXP:RUWH'LHVJLOWQDWUOLFKZHQLJHUIUGLH6SUDFKH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GHUªLQWHUQHQ©$UEHLWHWZDIU$XVVFKX‰DUEHLWDXFKNDXPIU

GLHGHUNRPPXQDOHQ3ROLWLN$EHUGRUWZRSROLWLVFKH6SUDFKH
EHVRQGHUV JHVHOOVFKDIWVEH]RJHQ LVW ZR VLH NRPPXQLNDWRULVFK
QDFK DX‰HQ ]X WUHWHQ GHQ .RQWDNW PLW GHU %HY|ONHUXQJ
KHU]XVWHOOHQYHUVXFKWLQGHUSDUODPHQWDULVFKHQ'HEDWWHLQGHU
:DKOYHUVDPPOXQJ SROLWLVFKHQ 6RQQWDJVUHGH EHL GHQ YLHOHQ
RI¿]LHOOHQ(UHLJQLVVHQ]XGHQHQ3ROLWLNHUGDV:RUWHUJUHLIHQ
GRPLQLHUW GLH (LQNDSVHOXQJ LQ ZLUNOLFKNHLWVIUHPGH $EVWUDNWD
GLHRIWJHQXJSDUWHUUHVLQG
'LH (EHQH GHU $EVWUDNWLRQ GLH IU LGHDOW\SLVFKH %HJULIIH
FKDUDNWHULVWLVFK LVW ]XJOHLFK DOV SDUWHUUH ]X EH]HLFKQHQ
VFKHLQW XQV GHVKDOE JHUHFKWIHUWLJW ZHLO GLHVH $EVWUDNWD QLFKW
LQQHUKDOE GHV SROLWLVFKHQ 'HQNHQV XQG +DQGHOQV DEVWUDKLHUW
LP 6LQQH HLQHV GHQNHULVFKHQ 3UR]HVVHV HQWZLFNHOW VRQGHUQ
DOV YRQ YHUVFKLHGHQHU 6HLWH KHU JHOLHIHUWH YRUIDEUL]LHUWH
6WDQ]PXVWHU EHUQRPPHQ ZHUGHQ ZHVKDOE LKUH 9HUZHQGXQJ
YRP YRUZLVVHQVFKDIWOLFKHQ GDV KHL‰W DXFK HPRWLRQDOHQ XQG
LGHRORJLVFKHQ %HZX‰WVHLQ HQWVSULFKW 'LH YRQ GHU SROLWLVFKHQ
6SUDFKH DQJHVWUHEWHQ LGHDOHQ 1RUPHQ VROOHQ GHQ HLJHQHQ
6WDQGSXQNWPLWGHU$XUDGHV*OWLJHQYHUVHKHQ]XJOHLFKDEHUGHQ
6WDQGSXQNWGHV$QGHUVGHQNHQGHQXQGVSUHFKHQGHQDOVXQZDKU
GHVDYRXLHUHQ 'DV %HZX‰WVHLQ YRP ª$QQlKHUXQJVFKDUDNWHU©
GHU6SUDFKHIHKOW
9RP MHZHLOLJHQ VSUXFKEDQGDUWLJ YHUNQGHWHQ
$EVROXWKHLWVDQVSUXFK GHU ]XPLQGHVW LGHRORJLHYHUGlFKWLJ LVW
IKUWNHLQ:HJ]XU.RPPXQLNDWLRQ%HLGLHVHP6FKZDU]:HL‰
6SUHFKHQZHUGHQJHUQGLHLGHDOW\SLVFKHQ3RVLWLYEHJULIIHPLWGHQ
5HDOLWlWHQGHU*HJHQSRVLWLRQYHUJOLFKHQHWZDGLHLGHDOW\SLVFKH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

$XIIDVVXQJ YRQ 'HPRNUDWLH PLW GHU NRPPXQLVWLVFKHQ

:LUNOLFKNHLW XQG QLFKW GLH LGHDOW\SLVFKH 9RUVWHOOXQJ
YRQ .RPPXQLVPXV PLW GHU GHPRNUDWLVFKHQ :LUNOLFKNHLW
NRQIURQWLHUW 'LH .RQVWUXNWH ZHUGHQ DOV UHDOLWlWVUHOHYDQW
DXVJHJHEHQ(LQHHPSLULVFKH9HUL¿NDWLRQXQG)DOVL¿NDWLRQZLUG
JDUQLFKW]XJHODVVHQ
'HU KHXULVWLVFKH :HUW LGHDOW\SLVFKHU )RUPXOLHUXQJ LVW
HUVHW]W GXUFK GLH NODVVL¿NDWRULVFKH 2NWUR\LHUXQJ GLH VLFK 
GD VLH DOOHV LQ GHQ %HUHLFK GHV (VVHQWLHOOHQ GHV :HVHQKDIWHQ
SURML]LHUW ± UHDOLWlWVEH]RJHQHU .ULWLN YHUVFKOLH‰W XQG HQW]LHKW
'LH 5HLQKHLW GHV %HJULIIV ZLUG VR KRFK EHU GHP 1LYHDX GHU
:LUNOLFKNHLW DQJHVHW]W GD‰ HLQH JHJHQVHLWLJH 5FNNRSSHOXQJ
YRQ YRUQKHUHLQ DXVJHVFKORVVHQ LVW SROLWLVFKH .RPPXQLNDWLRQ
VSLHOWVLFKGDQQDOV(QWZHGHU2GHUDEVWHOOWHLQ)UHXQG)HLQG
9HUKlOWQLV GDU ZREHL IUHLOLFK GLH YHUIDVVXQJVPl‰LJH 2UGQXQJ
HLQ$XVWUDJHQGHU)UHXQG)HLQG6SDQQXQJMHQVHLWVGHV9HUEDOHQ
HUIUHXOLFKHUZHLVHYHUKLQGHUW
6R ZHQLJ GHU 6WUHLW XP :RUWH HLQHQ 6WUHLW XP 6DFKHQ
GDUVWHOOWVRZHQLJVWHOOWGHU6WUHLWXP:RUWHOHW]WOLFKEHUKDXSW
HLQHQ 6WUHLW PLW GHP =LHO YRQ 9HUV|KQXQJ  6\QWKHVH
GDU DXFK ZHQQ QLFKW JHOHXJQHW ZHUGHQ VROO GD‰ KLQWHU
ªYHUVFKORVVHQHQ 7UHQ© HWZD EHL )UDNWLRQVVLW]XQJHQ RGHU
JHOHJHQWOLFK DXFK LQ $XVVFKX‰VLW]XQJHQ GHU 6WUHLW GHU :RUWH
]X 6DFKYHUlQGHUXQJHQ IKUHQ NDQQ 'LH 7DWVDFKH GD‰ GLH
SDUODPHQWDULVFKH 'LVNXVVLRQ NHLQH 6WDQGSXQNWYHUlQGHUXQJ
EHZLUNW DOVR EHUHLWV YRU GHU 'HEDWWH GDV (UJHEQLV LP 6LQQH
HLQHV 0HKUKHLWVEHVFKOXVVHV YRUOLHJW ]HLJW ZLH KLHU GLH GXUFK
6SUDFKH YHUVXFKWH .RPPXQLNDWLRQ VLQQORV JHZRUGHQ LVW 'DV


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ZDVVLFKDOVLQGLYLGXHOOHV:LVVHQXQG*HZLVVHQGHNODULHUWLVW
LQ :LUNOLFKNHLW (OHPHQW HLQHV 6SUDFKNROOHNWLYV GDV MH QDFK
SROLWLVFKHP 6WDQGRUW XQG SROLWLVFKHU =XJHK|ULJNHLW VHLQH
VHPDQWLVFKHQXQGV\QWDNWLVFKHQ0XVWHUPLWJHOLHIHUWEHNRPPW
'HU$XVEUXFK DXV GHU 6WHUHRW\SLH LVW LQQHUKDOE GHU RI¿]LHOOHQ
'HEDWWHNDXPP|JOLFK
:HQQ+HUPDQQ/EEHGDYRQVSULFKWGD‰GLH6lW]HSROLWLVFKHU
5HGHQLFKWHUVWDOVSHUIRUPDWLYHVRQGHUQVFKRQDOVEHKDXSWHQGH
6lW]H $NWLRQVFKDUDNWHU KlWWHQ IU GHUHQ 9HUVWlQGQLV QLHPDOV
DXVUHLFKH VLH DOV 7H[WH LP .RQWH[W YRQ 7H[WHQ ]X OHVHQ VLH
KlWWHQ YLHOPHKU LKUHQ 2UW LP .RQWH[W YRQ +DQGOXQJHQ ± ªVLH
KDEHQ VWHWV LKUHQ %H]XJ DXI SROLWLVFKH /DJHQ LQ GLH GXUFK
LKUH EOR‰H 9HUODXWEDUXQJ EHUHLWV HLQJHJULIIHQ ZLUG XQG QDFK
VROFKHQ :LUNXQJHQ EHPHVVHQ VLH VLFK +DQGOXQJVSUlGLVSRVL
WLRQHQ VROOHQ VWDELOLVLHUW JHlQGHUW RGHU ]HUVHW]W +DQGOXQJHQ
RGHU 8QWHUODVVXQJHQ EHZLUNW =XVWLPPXQJVEHUHLWVFKDIW
HU]HXJWZHUGHQ©±VRVFKHLQWXQVGLHVH)HVWVWHOOXQJ]XPLQGHVW
PL‰YHUVWlQGOLFK ]X VHLQ 1DWUOLFK VROO 6SUDFKH +DQGOXQJ
EHZLUNHQ PDQLSXOLHUHQ RGHU YHUKLQGHUQ 'HU LQWHQWLRQDOH
&KDUDNWHU YRQ SROLWLVFKHU 6SUDFKH LVW XQEHVWULWWHQ 'RFK
VLQG GLH ,QWHQWLRQHQ DXI GHU DEVWUDNWHQ (EHQH LGHDOW\SLVFKHU
SROLWLVFKHU%HJULIIHVRZHQLJVDFKEH]RJHQVRYDJHXQGGDPLW
DOV ,QVWUXPHQWDULXP IU :LUNOLFKNHLWVJHVWDOWXQJ XQJHHLJQHW
GD‰VLHHEHQYHUEDOEOHLEHQ
:HQQ)UDQ]-6WUDX‰DXIGHP&'83DUWHLWDJLQ'VVHOGRUI
EHWRQWHGD‰3DUWHLSURJUDPPHZHQLJ%HGHXWXQJKlWWHQGD
VLHVRZLHVRQLFKWJHOHVHQZUGHQXQGHUGDUDXIYHUZLHVGD‰EHL
DOOVHLQHQ:DKOYHUVDPPOXQJHQZRKONHLQHUGDV:DKOSURJUDPP


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GHU &68 JHNDQQW KDEH VR VSUDFK HU PLW UDWLRQDOHP =\QLVPXV
HWZDVDXVZDVGLHSROLWLVFKH6SUDFKHLQVJHVDPWFKDUDNWHULVLHUW
QlPOLFK GLH ZHLWYHUEUHLWHWH 8QIlKLJNHLW 3DUWHLSURJUDPPH
VR ]X IRUPXOLHUHQ GD‰ LKU 5HDOLWlWVEH]XJ GHP DOOJHPHLQHQ
%HZX‰WVHLQ YHUVWlQGOLFK ZLUG 'LH SROLWLVFKH 6SUDFKH LVW GRUW
ZRVLHEHVRQGHUVZLUNVDPVHLQVROOWHXQGN|QQWH*HVHOOVFKDIW
]X HUUHLFKHQ YHUP|FKWH XQZLUNVDP GD VLH VWDWW UDWLRQDOH
7UHQQVFKlUIHXQG5HDOLWlWVEHZX‰WVHLQ]XI|UGHUQHLQHQ1HEHO
YRQ $OOJHPHLQEHJULIIHQ YHUEUHLWHW 'HU W\SLVLHUHQG JHPHLQWH
$XVGUXFN ª6RQQWDJVUHGH© YHUZHLVW DXI GHQ DI¿UPDWLYHQ
&KDUDNWHU GHU SROLWLVFKHQ 6SUDFKH GUREHQ LP +LPPHO GHU
8QYHUELQGOLFKNHLWKDQJHQGLHLGHDOW\SLVFKHQ%HJULIIHGUXQWHQ
JHKWHVDQGHUV]XVWDWW$XINOlUXQJ¿QGHW9HUNOlUXQJVWDWW
ª'LH ,QKDOWH XQG =LHOH XQVHUHU 3ROLWLN HQWQDKPHQ XQG
HQWQHKPHQZLUXQVHUHP*UXQGJHVHW]:LUNlPSIHQJHJHQ.ULHJ
XQGJHJHQ,QÀDWLRQIUGHQ$XVEDXGHVVR]LDOHQ5HFKWVVWDDWHV
IU GLH :LHGHUYHUHLQLJXQJ XQVHUHV 9DWHUODQGHV IU GLH
(LQLJXQJ (XURSDV 8QVHU .DPSI JLOW GHP .ULHJ :LU ZROOHQ
LKQ YHUKLQGHUQ :LU KDEHQ GHU 63' XQVHUH %QGQLVSROLWLN
XQG XQVHUHQ :HKUEHLWUDJ DEJHWURW]W 'DGXUFK KDEHQ ZLU IU
GHQ IUHLHQ 7HLO 'HXWVFKODQGV HLQ VROFKHV 0D‰ DQ 6LFKHUKHLW
JHVFKDIIHQ GD‰ KLHU GLH NRPPXQLVWLVFKH *HIDKU EHL YLHOHQ
QLFKW PHKU REHQDQ LP SROLWLVFKHQ %HZX‰WVHLQ VWHKW« $EHU
1RFKKDEHQZLUNHLQHQ)ULHGHQ1RFKLVWXQVHU/DQGJHVSDOWHQ
1RFKZHUGHQZLUDOOXQVHUHU(UIROJHQLFKWVRIURK'HQQ1RFK
GDXHUW ±  -DKUH QDFK .ULHJVVFKOX‰ ± GLH %HVHW]XQJ HLQHV
7HLOHV'HXWVFKODQGVDQ(VLVW=HLWGDV]XOLTXLGLHUHQ©5DLQHU
%DU]HO &'83DUWHLWDJ  'LHVHV DOWH =LWDW ]HLJW GD‰ GLH
SROLWLVFKH 6SUDFKH VWHUHRW\S EOHLEW QLFKW ªIRUWJHVFKULHEHQ©


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ZLUG ZlUH GDV 'DWXP QLFKW DQJHJHEHQ ZUGH NDXP MHPDQG

PHUNHQGD‰LQ]ZLVFKHQ-DKUHYHUJDQJHQVLQGGDV=LWDWN|QQWH
IUHLOLFK DXFK DXV GHP -DKUH  VWDPPHQ 'D DI¿UPDWLYH
6SUDFKH DOV QLFKWVVDJHQG UFNZlUWVJHZDQGW VWHUHRW\S RKQH
:DKUKHLWVEH]XJVLFKHUZHLVWLVWVLHDOV,QVWUXPHQWDULXPIUHLQH
ªOHEHQGLJH©3ROLWLNQLFKWJHHLJQHW
'DV QDFKIROJHQGH %HLVSLHO LVW LQ GLHVHP =XVDPPHQKDQJ
EHVRQGHUV LQWHUHVVDQW GD LQ LKP DXFK ZHLWYHUEUHLWHWH
9RUVWHOOXQJHQEHUGLH(U]LHKXQJV]LHOHGHU'HPRNUDWLH]XWDJH
WUHWHQ (V KDQGHOW VLFK XP HLQHQ$XV]XJ DXV *UX‰ZRUWHQ GHV
3UlVLGHQWHQGHV%D\HULVFKHQ/DQGWDJV5XGROI+DQDXHUZlKUHQG
GHV)HVWDNWHV]XU)HLHUGHV]HKQMlKULJHQ%HVWHKHQVGHU$NDGHPLH
IU 3ROLWLVFKH %LOGXQJ 7XW]LQJ  ª(V LVW GLH YRUQHKPVWH
$XIJDEH HLQHU SROLWLVFKHQ %LOGXQJVDUEHLW XQG GLHV JHUDGH LQ
XQVHUHU KHXWLJHQ 6LWXDWLRQ GHQ LUUDWLRQDOHQ :HJ SROLWLVFKHU
8WRSLVWHQ ]XUFN]XIKUHQ DXI GHQ VFKPDOHQ XQG PKVDPHQ
3IDGGHUSROLWLVFKHQ5HDOLWlWHQ+LHUVFKHLQWPLUGLH$NDGHPLH
IU3ROLWLVFKH%LOGXQJHLQHGHUZLFKWLJVWHQ%HJHJQXQJVVWlWWHQ
]X VHLQ HLQ GHPRNUDWLVFKHV 'LVNXVVLRQVIRUXP LQ GHP QHXH
'HQNPRGHOOHIUGLH=XNXQIWHUDUEHLWHWZHUGHQ%LOGXQJVDUEHLW
ZLUG GDPLW ]XU SROLWLVFKHQ 0LWVSUDFKH XQG 0LWYHUDQWZRUWXQJ
JHIKUW
6R LVW HLQH$NDGHPLH IU SROLWLVFKH %LOGXQJ KHXWH QLFKW LQ
HUVWHU/LQLHHLQH6FKXOHGHU'HPRNUDWLHVLHVROOYLHOPHKUVHLQ
HLQUDJHQGHU/HXFKWWXUPDQGHPVLFKHLQHVLFKQHXIRUPLHUHQGH
*HVHOOVFKDIW RULHQWLHUW ,Q LKUHU SROLWLVFKHQ )RUVFKXQJVDUEHLW
ZLUGGLH$NDGHPLHQHXH0RGHOOHDXVDUEHLWHQXQGVLHDWWUDNWLY
XQGZLUNVDPLQGHQSROLWLVFKHQ5DXPVWHOOHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

(LQHED\HULVFKH$NDGHPLHIUSROLWLVFKH%LOGXQJKDW]XGHP
GHQ $XIWUDJ GLH LQ XQVHUHP /DQG EHVRQGHUV ZLUNVDPHQ
2UGQXQJVSULQ]LSLHQGHV)|GHUDOLVPXVVLFKWEDU]XPDFKHQ'DV
LVWJHUDGH]XPMHW]LJHQ=HLWSXQNWHLQK|FKVWDNWXHOOHU$XIWUDJ
%D\HUQ GDV NODVVLVFKH /DQG GHV GHXWVFKHQ )|GHUDOLVPXV
KDW VHLW GHP .RQYHQW DXI +HUUHQFKLHPVHH  DXI GLH
JOLHGVWDDWOLFKH6WUXNWXUGHU%XQGHVUHSXEOLN'HXWVFKODQGHLQHQ
PD‰JHEOLFKHQ (LQÀX‰ DXVJHEW (V JLOW QXQ LP GULWWHQ
-DKU]HKQWXQVHUHUEXQGHVSROLWLVFKHQ*HPHLQVFKDIWYRQ%D\HUQ
DXVYHUVWlUNWGHQ%OLFNQDFK(XURSD]XULFKWHQXQGYRQXQVHUHP
SROLWLVFKJHRJUDSKLVFKHQ 6WDQGRUW DXV DXFK LQ GHU SROLWLVFKHQ
%LOGXQJVDUEHLWGDVI|GHUDWLYH6WDDWVSULQ]LS]XIHVWLJHQ'LHLQ
7XW]LQJDQHLQHPODQGVFKDIWOLFKEH]DXEHUQGHQ2UWEHKHLPDWHWH
3ROLWLVFKH$NDGHPLHNDQQVRZHLWEHU%D\HUQKLQDXVIU6WDDW
XQG*HVHOOVFKDIWZLUNVDPZHUGHQ
(V LVW 6DFKH GHV 3DUODPHQWV KHXWH DQ GLHVHP 7DJ DXFK
'DQN ]X VDJHQ IU DOO GLH LQ GHU $NDGHPLH JHOHLVWHWH $UEHLW
'DQN DQ GLH 'DPHQ XQG +HUUHQ GHV .XUDWRULXPV 'DQN DXFK
DQ GLH 'DPHQ XQG +HUUHQ GHV %HLUDWV 'DQN DEHU YRU DOOHP
DQGHQQLPPHUPGHQ'LUHNWRUGHU$NDGHPLH'U)0 PLW
VHLQHQ'R]HQWHQXQG$VVLVWHQWHQXQGDOOGHQXQEHNDQQWHQXQG
XQJHQDQQWHQ+HOIHUQ,FKZQVFKHGHU$NDGHPLHIU3ROLWLVFKH
%LOGXQJ DXI LKUHP :HJH LQV ]ZHLWH -DKU]HKQW GD‰ VLH YRQ
MHQHP SROLWLVFKHQ *HLVW EHVHHOW VHL GHU DXV GHQ :RUWHQ HLQHV
ED\HULVFKHQ$EJHRUGQHWHQ$QIDQJGHV-DKUKXQGHUWVVSULFKW
(VZDUGHU$EJHRUGQHWH%HKUGHU]X%HJLQQGHUQXQMlKULJHQ
3DUODPHQWVJHVFKLFKWHXQVHUHV/DQGHVLQGHQ)HEUXDUWDJHQ
'HU1DPHLVWLQGLHVHP=XVDPPHQKDQJXQZLFKWLJXQGGHVKDOEDEJHNU]W


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

YRQ GHQ 3ÀLFKWHQ XQG GHP *HPHLQJHLVW GHV 3ROLWLNHUV VSUDFK

XQG GDYRQ ¾GD‰ GLH$XJHQ YRQ JDQ] %DLHUQ MD YLHOPHKU YRQ
JDQ]'HXWVFKODQGMHGHQXQVHUHU6FKULWWHEHJOHLWHQ½©
'DV (GHOVXEVWDQWLY ªYRUQHKP© ]XPDO LQ GHU VWHUHRW\SHQ
9HUELQGXQJYRQªYRUQHKPVWHU$XIJDEH©ZLOOGLHQDFKIROJHQGH
:HJZHLVXQJ IU SROLWLVFKH %LOGXQJVDUEHLW FKDULVPDWLVFK
DEVLFKHUQGDHVVLFKXPGLHYRUQHKPVWH$XIJDEHKDQGHOWPX‰
GLH 3ULRULWlW VWLPPHQ ª8QG GLHV JHUDGH LQ XQVHUHU KHXWLJHQ
6LWXDWLRQ© ± DXFK GHU SDUHQWKHWLVFKH $NWXDOLWlWVEH]XJ LVW
ORJLVFKQLFKWEHZLHVHQEOHLEWJHQDXVRGLH%HJUQGXQJVFKXOGLJ
ZLH GLH 9RNDEHO ªYRUQHKP© :DV DOV$XIJDEH GHU SROLWLVFKHQ
%LOGXQJDXVJHJHEHQZLUGLVWHLQHDOV7DWVDFKHQVDW]PDVNLHUWH
0HLQXQJ VWDWW SROLWLVFKHU 8WRSLHQ VROOHQ SROLWLVFKH 5HDOLWlWHQ
EHDFKWHWZHUGHQGHU.RQWH[WPDFKWGHXWOLFKGD‰GLHSROLWLVFKHQ
5HDOLVWHQDXIJHZHUWHWZHUGHQ'LHVJHVFKLHKWEHUGHQ8PZHJ
HLQHU0HWDSKHUGLH8WRSLVWHQEH¿QGHQVLFKDXIHLQHP:HJGLH
5HDOLVWHQDXIHLQHP3IDGDUFKDLVFKIHLHUOLFKHPDQP|FKWHIDVW
VDJHQELEOLVFKH$QNOlQJH¿QGHQVLFKQRFKGHV|IWHUHQLQGLHVHU
5HGH
'HU :HJ GHU 8WRSLVWHQ LVW ]XGHP ªLUUDWLRQDO© LQWHUHVVDQW
GD‰ ªLUUDWLRQDO© ± ZDV DQVRQVWHQ GHU SROLWLVFKHQ ZLH
ZHOWDQVFKDXOLFKHQ 3RVLWLRQ GHV 5HGQHUV QLFKW HQWVSUHFKHQ
GUIWH ± QHJDWLY YHUZHQGHW ZLUG 'LH (LJHQVFKDIWHQ GHV
UHDOLVWLVFKHQ3IDGVKDEHQGHP3HMRUDWLYªLUUDWLRQDO©JHJHQEHU
HLQGHXWLJSRVLWLYH(LQIlUEXQJGHU3IDGLVWVFKPDOXQGPKVDP
,PEUJHUOLFKHQ:HOWELOGLVWZRJHJHQVFKRQ)ULHGULFK6FKLOOHU
LQ $EZDQGOXQJ GHV .DQWVFKHQ 5LJRULVPXV DQJLQJ PKHYROO


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

LPPHU ZHUWYROOHU DOV PKHORV ZHU VLFK DEPKHQ PX‰ VWHWV

K|KHUDOVZHUVLFKOHLFKWWXW
8QEHVWULWWHQLVWGD‰SROLWLVFKH%LOGXQJVDUEHLWGLH5HDOLWlWHQ
EHDFKWHQVROOJOHLFKHUPD‰HQXQEHVWULWWHQGD‰GLH8WRSLHGDV
ª3ULQ]LS+RIIQXQJ©GLHLGHDOW\SLVFKH2ULHQWLHUXQJSROLWLVFKHV
'HQNHQXQG+DQGHOQ]XEHVWLPPHQKDW'LHVLVWRIIHQVLFKWOLFK
GXUFKDXVDXFKGLH0HLQXQJGHV5HGQHUVGHQQLP]ZHLWHQ6DW]
GLHVHV7H[WHVIRUGHUWHUGLH$NDGHPLHIU3ROLWLVFKH%LOGXQJDXI
ª'HQNPRGHOOHIUGLH=XNXQIW©]XHUDUEHLWHQ'LH8QORJLNGHU
EHLGHQ6lW]HGLHVLFKJHJHQVHLWLJDXIKHEHQZlUHIUHLOLFKGDQQ
ªVLQQYROO©ZHQQPDQXQWHUVWHOOHQZUGHGD‰HVVLFKLQEHLGHQ
6lW]HQ QLFKW ± ZLH GLH DEVWUDNWH )RUPXOLHUXQJ YRUJLEW ± XP
DOOJHPHLQH$XVVDJHQ VRQGHUQ XP XQWHUVFKZHOOLJ LQKDOWOLFK
TXDOL¿]LHUHQGH $XVVDJHQ KDQGHOW 'LH LUUDWLRQDOHQ 8WRSLVWHQ
GHV HUVWHQ 6DW]HV N|QQWHQ GDQQ ]% 3URGX]HQWHQ ªOLQNHU©
'HQNPRGHOOH VHLQ GHU QDFKIROJHQGH 6DW] DXI GLH +HUVWHOOXQJ
V\VWHPNRQIRUPHU 'HQNPRGHOOH VLFK EH]LHKHQ (LQH VROFKH
'LIIHUHQ]LHUXQJZlUHOHJLWLPGRFKGUIWHQGLH,QWHQWLRQHQGHU
EHLGHQ6lW]HGDQQQLFKWLQ.RQVWUXNWHQYHUSDFNWE]ZYHUVWHFNW
VHLQ
$XFK GHU GULWWH 6DW] LVW LQ GHU ORJLVFKHQ 9HUNQSIXQJ
XQKDOWEDU :HQQ GLH $NDGHPLH HLQH %HJHJQXQJVWlWWH HLQ
'LVNXVVLRQVIRUXP LVW LQ GHP 'HQNPRGHOOH IU GLH =XNXQIW
HUDUEHLWHW ZHUGHQ VR IROJW GDUDXV NHLQHVZHJV GD‰ VLH GDPLW
]XU SROLWLVFKHQ 0LWVSUDFKH XQG 0LWYHUDQWZRUWXQJ IKUW
*HUDGHGHUHUVWH6DW]LQGHPYRPLUUDWLRQDOHQ:HJSROLWLVFKHU
8WRSLVWHQDEJHUDWHQZLUGPX‰VRYHUVWDQGHQZHUGHQGD‰HLQH
(LQULFKWXQJ LQ GHU 'HQNPRGHOOH IU GLH =XNXQIW HUDUEHLWHW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ZHUGHQNHLQH &KDQFHQ GHU 0LWVSUDFKH XQG 0LWYHUDQWZRUWXQJ

KDW'DMHGHU'H¿QLWLRQDXVGHP:HJJHJDQJHQHLQHVROFKHDXFK
QLFKW DQGHXWXQJVZHLVH YHUVXFKW ZLUG ZHUGHQ GLH ZHLWJHKHQG
V\QRQ\P ZLUNHQGHQ :RUW9HUELQGXQJHQ EHOLHELJ SRVLWLY RGHU
QHJDWLY YHUZHQGHW 2GHU DEHU PDQ PHLQW PLW ª'HQNPRGHOO
IU GLH =XNXQIW©$I¿UPDWLRQ GHV %HVWHKHQGHQ GDQQ ZlUH GLH
6DW]IROJH LQKDOWOLFK VWULQJHQW ª'HQNPRGHOO© ZUGH GDQQ DOV
0RGHYRNDEHO OHGLJOLFK SROLWLVFKHQ XQG ELOGXQJVSROLWLVFKHQ
.RQVHUYDWLVPXVYHUVFKOHLHUQZROOHQ
'HUGULWWH6DW]VWHOOWVFKHLQORJLVFKIHVWª6RLVWHLQH$NDGHPLH
IUSROLWLVFKH%LOGXQJKHXWHQLFKWLQHUVWHU/LQLHHLQH6FKXOHGHU
'HPRNUDWLH©(VZLUGQLFKWHUOlXWHUWZDUXPHLQH$NDGHPLHGLH
HLQH %HJHJQXQJVVWlWWH HLQ GHPRNUDWLVFKHV 'LVNXVVLRQVIRUXP
HLQH 3URGXNWLRQVVWlWWH IU 'HQNPRGHOOH HLQH (LQULFKWXQJ
YRQ 0LWVSUDFKH LVW QLFKW LQ HUVWHU /LQLH HLQH 6FKXOH GHU
'HPRNUDWLHVHLQNDQQRIIHQVLFKWOLFKZLUGGHU%HJULIIª6FKXOH©
QLFKW PLW %HJHJQXQJ 'HPRNUDWLH 'LVNXVVLRQ 'HQNPRGHOO
0LWYHUDQWZRUWXQJ DVVR]LLHUW (V PX‰ GHP 5HGQHU EHUODVVHQ
EOHLEHQZLHHUGHQ:RUWHQGXUFK*HEUDXFKLKUH%HGHXWXQJJLEW
E]Z QLPPW GD HU DEHU GLH $NDGHPLH IU 3ROLWLVFKH %LOGXQJ
VDFKJHUHFKW]XEHVFKUHLEHQVXFKWKDWHURIIHQVLFKWOLFKYRQGHQ
GRUW LQ 7KHRULH ZLH 3UD[LV YHUWUHWHQHQ =LHOHQ ZHQLJ$KQXQJ
6FKXOHZLUG]XPLQGHVWGRUWDOVGHPRNUDWLVFKHHPDQ]LSDWRULVFKH
(LQULFKWXQJ YHUVWDQGHQ 'DV ª6R© PDFKW GHXWOLFK GD‰ GLH
5HGH VRZRKO XQORJLVFK DOV DXFK XQVDFKOLFK VDFKIUHPG LVW
'LH 0HLQXQJ GHV 5HGQHUV EHU GLH$XIJDEH HLQHU 3ROLWLVFKHQ
$NDGHPLH ZLUG DOV 0HWDSKHU YRUJHWUDJHQ HLQH 6FKXOH GHU
'HPRNUDWLHVROOGLH$NDGHPLHQLFKWLQHUVWHU/LQLHVHLQGDIU
HLQ ªUDJHQGHU /HXFKWWXUP© GDV $GMHNWLY JLEW GHP *OHLFKQLV


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

HLQH ]XVlW]OLFKH HPRWLRQDOH ZLH PRUDOLVFKH $XIZHUWXQJ DP

6LJQDOFKDUDNWHUHLQHV/HXFKWWXUPVNDQQQXQNHLQ=ZHLIHOVHLQ
:HUZLUGVFKRQZHQQHUDXIRIIHQHURGHUVWUPLVFKHU6HHVLFK
EH¿QGHWDP/HXFKWWXUPVLFKQLFKWRULHQWLHUHQZROOHQ"'DV%LOG
PDFKW HLQHQ9RUJDQJ IUDJORV GHU RKQH %LOG IUDJZUGLJ ZlUH
6ROO HLQH $NDGHPLH IU SROLWLVFKH %LOGXQJVDUEHLW QRUPDWLY
ZLUNHQ /HLWELOG IU HLQH VLFK IRUPLHUHQGH *HVHOOVFKDIW VHLQ
RGHUNDQQVLHQXUª$QJHERWH©PDFKHQ±HEHQ'LVNXVVLRQVIRUXP
%HJHJQXQJVVWlWWH VHLQ 'HQNPRGHOOH DOWHUQDWLY YRUVFKODJHQ"
'LH LP ]ZHLWHQ 6DW] YRP 5HGQHU JHJHEHQH :HVHQVVFKDX GHU
$NDGHPLH ZLUG KLHU HUQHXW ]XUFNJHQRPPHQ QLFKW )RUXP LVW
GLH$NDGHPLHVRQGHUQ/HXFKWWXUP'DVVLQGDXFKWRSRJUDSKLVFK
]ZHL VHKU YHUVFKLHGHQH 'LQJH 'D GHU 5HGQHU RIIHQVLFKWOLFK
VLFK VHOEVW LQ GHU 0HWDSKHU QLFKW VR ZRKO IKOW GD‰ HU GDULQ
YHUEOHLEHQP|FKWH]LHKWHUVLFKZLHGHUDXIVª0RGHOO©]XUFN
JHZLQQW GDQQ YROOHQGV %RGHQ XQWHU GHQ )‰HQ EHLP /RE GHV
ED\HULVFKHQ)|GHUDOLVPXVGHUQXQHLQPDO]XP*HGDQNHQYRUUDW
ED\HULVFKHU 3ROLWLNHU JHK|UW 'D‰ GHU 5HGQHU PLW ª0RGHOOHQ©
OHW]WOLFK QLFKW YLHO DQ]XIDQJHQ ZHL‰ ZLUG DXFK LQ GLHVHP
.RQWH[W GHXWOLFK HU ªVWHOOW VLH LQ GHQ SROLWLVFKHQ 5DXP© XQG
YHUVLHKWVLHPLWGHP$OOHUZHOWVZRUWªDWWUDNWLY©
:DUXP GHU )|GHUDOLVPXV ªJHUDGH ]XP MHW]LJHQ =HLWSXQNW
HLQK|FKVWDNWXHOOHU$XIWUDJ©VHLEOHLEWXQEHJUQGHWPDQNDQQ
VLFKHUOLFKYLHOHVIUGLHª2UGQXQJVSULQ]LSLHQGHV)|GHUDOLVPXV©
DQIKUHQ VLH DXFK IU GLH HXURSlLVFKH (LQLJXQJ HPSIHKOHQ
GDV $GMHNWLY ªNODVVLVFK© EHU GDV VFKRQ 1HVWUR\ VSRWWHWH
HQWZHUWHW MHGRFK GHQ *HGDQNHQ ,PPHUKLQ VLQG GLHVH EHLGHQ
6lW]HHLQLJHUPD‰HQNRQNUHWXPVRYHUZXQGHUOLFKHUGD‰LKQHQ
GHU 5HGQHU DOOHLQ QLFKW JHQJHQG hEHU]HXJXQJVNUDIW ]XWUDXW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

XQGGHVKDOEVHLQH)HVWVWHOOXQJEHUGLHªVR©EHU%D\HUQKLQDXV
IU6WDDWXQG*HVHOOVFKDIWLQ(UVFKHLQXQJWUHWHQGH:LUNVDPNHLW
GHU$NDGHPLHPLWHLQHPJHRJUDSKLVFKHQ/REJDUQLHUWLVWGRFK
GLH$NDGHPLHLQ7XW]LQJDQHLQHPODQGVFKDIWOLFKEH]DXEHUQGHQ
2UW EHKHLPDWHW ± DOV RE HLQH ODQGVFKDIWOLFK EH]DXEHUQGH
+HLPDW HWZDV PLW GHU hEHU]HXJXQJVNUDIW ORJLVFKHU RGHU
SROLWLVFKHU$UEHLW]XWXQKlWWH:lUHGHU5HGQHUPLWSROLWLVFKHU
%LOGXQJVDUEHLW ZLUNOLFK EHVRQGHUV YHUEXQGHQ ZUGH HU GLHVH
$UEHLW EHVRQGHUV VFKlW]HQ P‰WH GLH +RFKVFKlW]XQJ LQ GHQ
'DQNHVZRUWHQVLFKPDQLIHVWLHUHQ(VPX‰EHGHQNOLFKVWLPPHQ
GD‰GLH5HGHGLHVHP'DQNQLFKWGLHJHULQJVWHJHGDQNOLFKHRGHU
SHUV|QOLFKH(LQIlUEXQJ]XJHEHQYHUPDJ6WDWWGHVVHQQXUGLH
EOLFKH V\QWDNWLVFKHQXPHUDWLYH 6HTXHQ] ª'DQN« 'DQN«
'DQN«YRUDOOHP«©
%HVRQGHUVIDWDOGDEHLLVWGDV(LJHQVFKDIWVZRUWªQLPPHUPG©
0DJ 'U 0¶V $UEHLW LQ PDQFKHP DXFK XPVWULWWHQ VHLQ PDJ
PDQFKHU VHLQH 9RUVWHOOXQJHQ YRQ SROLWLVFKHU %LOGXQJ QLFKW
ELOOLJHQPDJPDQFKHUGHU0HLQXQJVHLQHUVHLLQGLHVHP%HUHLFK
]XªJHVFKlIWLJ©JHZHVHQ±VHLQHMDKU]HKQWHODQJHEHUUHJLRQDO
ZLH LQWHUQDWLRQDO DQHUNDQQWH 7lWLJNHLW PLW GHP ª/RE©
ªQLPPHUPG© ]X EHGHQNHQ NRPPW HLQHU $ETXDOL¿]LHUXQJ
JOHLFK(VLVWGXUFKDXVDQ]XQHKPHQGD‰GHU5HGQHUGLHVQLFKW
JHPHLQWKDWOH[LNDOLVFKUHNXUULHUWHUHEHQJHUQHDXIDUFKDLVFKH
RGHUUXUDOH9RNDEHOQ'DV:XQVFKELOGVWHKWGDKLQWHUGD‰PDQ
KLHULQ GHU $NDGHPLH ± GHQ SROLWLVFKHQ .|QLJVJHGDQNHQ GLH
.lUUQHUGLHQVWHOHLVWH ªQLPPHUPG© DXI GHP VFKPDOHQ XQG
PKVDPHQ 3IDG GHU 5HDOLWlWHQ $QJHVLFKWV GHV /HXFKWWXUPV
DQ GHP GLH *HVHOOVFKDIW VLFK IRUPLHUW YHUEODVVHQ GLH ]XU
'LDOHNWLNGHV'HQNHQVXQG+DQGHOQVDQUHJHQGHQ'HQNPRGHOOH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

'HU KLHUDUFKLVFKHQ *UXQGHLQVWHOOXQJ HQWVSULFKW HV ]XGHP

ZHQQ QDFK GHP QLPPHUPGHQ 'LUHNWRU LQ VLFK DEVWXIHQGHU
5HLKHQIROJH GLH 'R]HQWHQ$VVLVWHQWHQ GLH ªXQJHQDQQWHQ XQG
XQEHNDQQWHQ +HOIHU© HUZlKQW ZHUGHQ9HUVWlQGOLFK GD‰ GLHVH
+HOIHUQLFKWDOOHJHQDQQWZHUGHQN|QQHQªXQEHNDQQW©VLQGVLH
IUHLOLFKGHVKDOEQLFKW'DV3HUVRQDOGHU$NDGHPLHLVWQDPHQWOLFK
JHQDXVREHNDQQWZLHGLHLQGHU$NDGHPLHWDJHQGHQ%HVXFKHU
:LHGHUHLQPDOZLHVRRIWLQGLHVHU5HGHLVWGLHKLHUUR\DOH
6WHUHRW\SHGHP,QKDOWGDYRQJHODXIHQ±2I¿]LHOOH5HGHQHQGHQ
JHUQH PLW HLQHP =LWDW DXFK ZHQQ GLHV KHXWH PHLVW QXU ]XP
5LWXDO JHK|UW LVW JUXQGVlW]OLFK QLFKWV GDJHJHQ HLQ]XZHQGHQ
± NDQQ GRFK GDV =LWDW HYWO HLQH JXWH =XVDPPHQIDVVXQJ GHU
YRUDXVJHJDQJHQHQ*HGDQNHQVHLQRGHUQRFKPDOVGHQ6WDQGRUW
GHV9HUIDVVHUV ZLGHUVSLHJHOQ 'DV YRP 5HGQHU DQ GHQ 6FKOX‰
JHVWHOOWH =LWDW LVW MHGRFK Y|OOLJ QLFKWVVDJHQG 0DQ VXFKWH
RIIHQVLFKWOLFKHLQ=LWDWIDQGQLFKWV3DVVHQGHVIDQGVFKOLH‰OLFK
GLHVHV ,URQLVFK N|QQWH PDQ IUHLOLFK DXFK VDJHQ GD‰ GLHVHV
=LWDWGXUFKDXVSDVVHGDHVHLQHQQLFKWVVDJHQGHQ7H[WDGlTXDW
± QlPOLFK QLFKWVVDJHQG ± ]XVDPPHQIDVVH XQG GHQ 0DQJHO
DQ SROLWLVFKHU E]Z SROLWRORJLVFKHU $UJXPHQWDWLRQ PLW HLQHP
ª%D\HUQ EHU DOOHV© ]X NRPSHQVLHUHQ VXFKH ª,FK GHQNH MD
JDU QLFKWV LFK VDJH HV MD QXU© PHLQW .DUROLQH LQ gG|Q YRQ
+RUYDWKV 6WFN ª.DVLPLU XQG .DUROLQH© GDV 6WFN VSLHOW DXI
GHP0QFKHQHU2NWREHUIHVW
'HQ GHPRNUDWLVFKDI¿UPDWLYHQ 6SUDFKVWLO NDQQ PDQ
LQVJHVDPW DXFK JXW PLW HLQHP 6SUDFKVSLHO YRQ /XGZLJ +DULJ
FKDUDNWHULVLHUHQ
ª5HGLPPHU7UHXXQGhEOLFKNHLW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

UHGLPPHUhEXQG7UHXOLFKNHLW
WUDXLPPHU5HGXQGhEOLFKNHLW
ELPPHU5HGXQG7UHXOLFKNHLW
ELPPHU7UHXXQG5HGOLFKNHLW©

'LH $32 XQG 3URWHVWEHZHJXQJ KDW GLH SROLWLVFKH

6SUDFKH LQVRIHUQ YHUlQGHUW DOV VLH DXFK ZHQQ VLH GLH
HWDEOLHUWH SROLWLVFKH 6SUDFKH QLFKW GLUHNW EHHLQÀX‰WH GLH
RI¿]LHOOH 6SUDFKH PLW 6SUDFKPXVWHUQ NRQIURQWLHUWH GLH HLQ
XQEHVFKZHUWHV XQG XQEHUKUWHV :HLWHUVSUHFKHQ LP ª-DUJRQ
GHU (LJHQWOLFKNHLW© QLFKW PHKU ]XOLH‰HQ 'DV 7UHPROR GHU
(UJULIIHQKHLW ZXUGH GDGXUFK ]ZDU QLFKW DEJHEURFKHQ DEHU
DOV VROFKHV HUNHQQEDU 'LH EHWXOLFKH 2EHUÀlFKHQQDLYLWlW
ZXUGH ]XJXQVWHQ NULWLVFKHU 'LIIHUHQ]LHUXQJ DEJHEDXW 9RU
DOOHP KDW GLH$326SUDFKH HLQH 0HWKRGLN GHV ,QIUDJHVWHOOHQV
HQWZLFNHOW HLQVFKOLH‰OLFK /HUQSUR]HVVH YHUDQODVVHQGHU
'LUHNWKHLW GLH GHQ KDUPRQLVLHUHQGHQ 1HEHO XQYHUELQGOLFKHU
)ORVNHOQ EUXWDO DEHU HKUOLFK ]X YHUWUHLEHQ YHUPDJ ,Q XQG
PLW VROFKHU 1HJDWLRQ ZXUGHQ :RUW XQG %HJULIIVEHUHLFKH
DNWLYLHUW GLH ]X ODQJH GHP GHXWVFKHQ %HZX‰WVHLQ HQW]RJHQ
JHZHVHQZDUHQXQGK|FKVWHQVHVRWHULVFKLPZLVVHQVFKDIWOLFKHQ
%HUHLFK HLQH EHJUHQ]WH $XVVWUDKOXQJVNUDIW JHKDEW KDEHQ GDV
%HJULIIVDUVHQDOGHV0DU[LVPXVGHQ6R]LDOLVPXVEHUKDXSWXQG
GHU3V\FKRDQDO\VH
+LHUVFKLHQVLFKHLQH6SUDFKHKHUDXV]XELOGHQGLHPLWLKUHP
HQWP\WKRORJLVLHUHQGHQ XQG HQWSDWKHWLVLHUHQGHQ (IIHNW JXW
JHHLJQHWZlUHGLH6WHUHRW\SLHGHV'HQNHQVDXI]XEUHFKHQE]Z
GLH )OH[LELOLWlW GHV 'HQNHQV ]X DUWLNXOLHUHQ 'LH JHJHQEHU
GHP DI¿UPDWLYHQ 0L‰EUDXFK YRQ 6SUDFKH VLFK IRUPLHUHQGH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

*HJHQEHZHJXQJUHSURGX]LHUWLQLKUHU.ULWLNMHGRFKGLH(OHPHQWH
GHV.ULWLVLHUWHQ$QGLH6WHOOHGHVª-DUJRQVGHU(LJHQWOLFKNHLW©
WULWW GHU ª-DUJRQ GHU 'LDOHNWLN© %HLGH 0DOH YHUWULWW 6SUDFKH
$EVROXWKHLWVDQVSUXFK ,Q 'LVNUHSDQ] ]X GHQ LQ 6SUDFKH
YRUJHEUDFKWHQ =LHOYRUVWHOOXQJHQ ]HLJW GLH 6SUDFKSUD[LV HLQ
)UHXQG)HLQG'HQNHQ 0DQ JODXEW VLFK ZHLWHUKLQ LP %HVLW]
YRQ :DKUKHLW *ODXEH XQG 'RJPD DUWLNXOLHUHQ VLFK HLQPDO LQ
SDWKHWLVFKHU 6SUHFKODJH XQG DI¿UPDWLYHQ 6DW]PXVWHUQ ]XP
DQGHUHQDOVGLDOHNWLVFKH6SUDFKHZHUGHQ*HVHOOVFKDIWVUHOHYDQ]
XQG .DSLWDOLVPXVWKHRULH RKQH 6HOEVWUHÀH[LRQ XQG
3UREOHPDWLVLHUXQJGHUHLJHQHQ$[LRPDWLN]HOHEULHUW6RZLHVLFK
GLH %RXUJHRLVLH LKU 3VHXGRLG\OO QLFKW GXUFK NULWLVFKH 6SUDFKH
EHHLQWUlFKWLJHQOLH‰VRZHQLJLVWGLH6SUDFKHGHV3URWHVWVEHUHLW
GDV UHYROXWLRQlUH$V\O ]X YHUODVVHQ 'LHVH 6SUDFKH ± HUJlQ]W
GXUFK 5HYROX]]HU/RRN XQG GLH$FFHVVRLUHV OLQNHU %RXWLTXHQ
± VHQGHW (UNHQQXQJV]HLFKHQ DXV QDFK GHQHQ PDQ VLFK ]XU
YHUVFKZRUHQHQ*HPHLQVFKDIW]XVDPPHQIJW
'DV ZDV KlX¿J VLFK DOV UDGLNDO EH]HLFKQHW RGHU EH]HLFKQHW
ZLUG LVW LQVRIHUQ QXU 6FKHLQUDGLNDO DOV GLH 5DGLNDOLWlW YRU
GHP ,QIUDJHVWHOOHQ GHU HLJHQHQ 3RVLWLRQ KDOW PDFKW XQG
3URJUHVVLRQ GXUFK 6WDJQDWLRQ LP HLQ]HPHQWLHUWHQ 6WDQGRUW
HUVHW]W ZLUG ,Q GLHVHP 6LQQH ]HLJHQ GLH 6FKHLQUDGLNDOLWlWHQ
HLQHQ bVWKHWL]LVPXV GHU GXUFKDXV GHP GHU VSlWEUJHUOLFKHQ
bUD DGlTXDW LVW :lKUHQG EHL GHU %RXUJHRLVLH YRUZLHJHQG
NQVWOHULVFKH 0\WKRORJHPH E]Z DXFK 7ULYLDOP\WKHQ IU
GHQ 7UDQVSRUW DXV GHP ,GHHQKLPPHO LQV %HZX‰WVHLQ E]Z
8QWHUEHZX‰WVHLQ YHUZHQGHW ZXUGHQ KDEHQ GLHVH$XIJDEH LP
$32%HUHLFK EHVWLPPWH ª6SUDFK¿JXUDWLRQHQ© EHUQRPPHQ
'DV5LWXDOGHVGLDOHNWLVFKHQ-DUJRQVPLWGHQMHZHLOVVLJQDOKDIW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

HLQVFKQDSSHQGHQ 6FKOVVHOEHJULIIHQ GLHQW ]XGHP GD]X DQ

NRQNUHWHU 3UD[LV VLFK YRUEHL]XPRJHOQ :lKUHQG PDQ GHP
OLEHUDOHQ 5HIRUPHU VHLQ 7XQ DOV $OLELIXQNWLRQ DQNUHLGHW ZLOO
PDQ VLFK VHOEVW PLW +LOIH YRQ UHYROXWLRQlUHU 5KHWRULN HLQ
$OLEL YHUVFKDIIHQ QlPOLFK ZHLWHUKLQ :HOW XQG *HVHOOVFKDIW
LQWHUSUHWLHUHQ]XN|QQHQRKQHVLHYHUlQGHUQ]XPVVHQ
'LH GHU 3UD[LV HQW]RJHQHQ XQG VRPLW lVWKHWLVLHUWHQ
/HHUIRUPHOQ JHVHOOVFKDIWVNULWLVFKHU -DUJRQV PLW GHP :RUW
ª6FKHL‰H© DOV (UNHQQXQJVVLJQDO IU GLH *HPHLQVFKDIW GHU
3URJUHVVLYHQ]HLJHQLKUHQLQKXPDQHQ8UVSUXQJDXFKGDGXUFK
GD‰LKQHQ+XPRU:LW]XQG=ZHLIHODEJHKHQ'LHhEHU]HXJXQJ
LP5HFKW]XVHLQ JLEW GHU XUVSUQJOLFK JHJHQ GLH$I¿UPDWLRQ
DQJHKHQGHQ 6SUDFKH ZLHGHUXP GLH $XUD GHV $I¿UPDWLYHQ
:RUWUHLFKH %HMDKXQJ GHV HLJHQHQ 6\VWHPV SURYLQ]LHOOHV
%HKDUUHQLPHLJHQHQ'HQNJHElXGHPLWDJJUHVVLYHQ$WWDFNHQDXI
DOOGLHMHQLJHQGLHGHP*HGDQNHQJHElXGHVLFKNULWLVFK¶QlKHUQ
RGHUHVJDUNRPPXQLNDWLYDQIUDJHQGEHWUHWHQZROOHQPDQLVFKH
)L[LHUXQJDXIGLHHLJHQHQ3UlPLVVHQ0DQJHODQ%HUHLWVFKDIWHLQ
-RWDGHV*HJODXEWHQDXI]XJHEHQ±PDFKHQHVYHUVWlQGOLFKGD‰
GLHVH6SUDFKHYLHOPHKULKUHQ)HLQGLPOLEHUDOHQ5HODWLYLVPXV
DOVLPNRQVHUYDWLYHQ(LJHQWOLFKNHLWVMDUJRQVLHKW
'D GLHVH 6SUDFKH MHGRFK ELVODQJ QLFKW RGHU NDXP ]XP
+DQGHOQ JHNRPPHQ LVW ZLUG PDQ VFKZHUOLFK DXV LKUHU
6WUXNWXU GHQ 9RUZXUI GHV /LQNVIDVFKLVPXV DEOHLWHQ N|QQHQ
'LH 6WHUHRW\SLH GHU 3URWHVWVSUDFKH LVW QLFKW $UWLNXODWLRQ
EUXWDOHU3UD[LVVLHLVWEHUZ|OEWYRQHLQHP,GHHQKLPPHOGHU
0HLQXQJHQ LQ :DKUKHLWHQ WUDQV]HQGLHUHQ Ol‰W $XV GLHVHP
*UXQGH PX‰ GLH ª3URWHVW©6SUDFKH VHKU DEVWUDNW VHLQ XQG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

EOHLEHQZHLOMHGH'LQJOLFKNHLWGLH,GHRORJLHJHIlKUGHQZUGH
6RNDQQ:LUNOLFKNHLWEHU6SUDFKHQLFKWDXIV'HQNHQHLQZLUNHQ
(VHQWVWHKWQLFKWMHQHVSDQQXQJVUHLFKH3RODULWlW]ZLVFKHQ3UD[LV
XQG 6SUDFKH GLH HV YHUKLQGHUW GD‰ $QVFKDXXQJHQ EOLQG XQG
%HJULIIHOHHUEOHLEHQ
:HQQ HV GHU 6SUDFKH GHV 3URWHVWHV JHOlQJH VLFK VHOEVW DOV
=HLFKHQV\VWHP YRQ 9HUHLQEDUXQJ ]X EHJUHLIHQ VLH DOVR QLFKW
±DXILKUH:HLVH±GHQ,UUWXPDI¿UPDWLYHU.XOWXUUHSURGX]LHUWH
PLWGHP:RUWLQGHU:DKUKHLW]XZXU]HOQLQGHU,GHHYHUDQNHUW
]XVHLQHUKLHOWHVLHGLH'LPHQVLRQGHV6SLHOHULVFKHQ]XUFNGLH
H[SHULPHQWHOOH 2IIHQKHLW XQG NRPPXQLNDWLYH 9HUXQVLFKHUXQJ
HLQVFKOLH‰W
$XFK GDV ªOLQNH© SROLWLVFKH 6SUDFKPXVWHU VHL DQ HLQHP
OlQJHUHQ 7H[WEHLVSLHO DXIJH]HLJW XQG DQDO\VLHUW HV KDQGHOW
VLFK XP GHQ $XV]XJ DXV HLQHU 5HVROXWLRQ YRP  'HXWVFKHQ
-XJHQGKLOIHWDJ
ª'LH)XQNWLRQGHU6FKXOHLP.DSLWDOLVPXVEHVWHKWGDULQGLH
5HSURGXNWLRQ YRQ$UEHLWVNUDIW LQ HLQHP 8PIDQJ XQG LQ HLQHU
4XDOL¿NDWLRQVDEVWXIXQJVLFKHU]XVWHOOHQGLHGHQ(QWZLFNOXQJV
WHQGHQ]HQGHU3URGXNWLYNUlIWHDQJHSD‰WLVW'DGLHHUIRUGHUOLFKH
4XDOL¿NDWLRQVVWUXNWXUVLFKLPPHUVFKQHOOHUYHUlQGHUWPX‰GDV
6FKXOV\VWHPXPGHQMHZHLOVEHQ|WLJWHQ$UEHLWVNUlIWHQDFKZXFKV
HUVFKOLH‰HQ]XN|QQHQÀH[LEHOJHPDFKWZHUGHQ'LHVH7HQGHQ]
]XU JU|‰HUHQ 0RELOLWlW GHV %LOGXQJVV\VWHPV JHUlW WHQGHQ]LHOO
LQ:LGHUVSUXFK]XGHUYRP+HUUVFKDIWVLQWHUHVVHGLNWLHUWHQ1RW
ZHQGLJNHLW ]XU (UKDOWXQJ VR]LDOHU 8QJOHLFKKHLW 1HEHQ GLHVHU
:LGHUVSUXFKVHEHQH SURGX]LHUHQ GLH (UIRUGHUQLVVH GHU LQGXV
WULHOOHQ 3URGXNWLRQ XQWHU NDSLWDOLVWLVFKHQ %HGLQJXQJHQ HLQH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ZHLWHUH :LGHUVSUXFKVHEHQH 'LH LQ GHU KRFKLQGXVWULDOLVLHUWHQ

3URGXNWLRQ ]XQHKPHQG EHQ|WLJWHQ *UXQGTXDOL¿NDWLRQHQ LPS
OL]LHUHQ HLQ (PDQ]LSDWLRQVSRWHQWLDO GDV GLH YRP +HUUVFKDIWV
XQG$XVEHXWXQJVLQWHUHVVHGHV.DSLWDOVGLNWLHUWH$UEHLWVWHLOXQJ
XQG 0DFKWVWUXNWXU LP %HWULHE ]X JHIlKUGHQ GURKW 'HU KLHULQ
VLFK DXVGUFNHQGH :LGHUVSUXFK ]ZLVFKHQ 3URGXNWLYNUlIWHQ
XQG 3URGXNWLRQVYHUKlOWQLVVHQ PX‰ LQ ZDFKVHQGHP 0D‰H LP
6FKXOV\VWHP VHOEVW EHUHLWV DXIJHIDQJHQ ZHUGHQ 'LHV VROO GLH
6FKXOH GDGXUFK OHLVWHQ GD‰ VLH QHXH 'LV]LSOLQLHUXQJV XQG
$QSDVVXQJVWHFKQLNHQLQGHQ6FKXOPHFKDQLVPXVXQGQHXHLGHR
ORJLVFKH,QKDOWHLQGHQ/HKUSODQDXIQLPPW
'LH $UW XQG :HLVH LQ GHU GLH 6FKXOH LKUH )XQNWLRQ LP
.DSLWDOLVPXVZDKUQLPPWZLUNWVLFKIUGLH$UEHLWHUNLQGHUXQG
MXJHQGOLFKHQ EHVRQGHUV QDFKWHLOLJ DXV =XP HLQHQ UHNUXWLHUW
VLFKDXVLKQHQQDFKZLHYRUGLH0DVVHGHU/RKQDEKlQJLJHQLKUH
&KDQFHQ GHP /RKQDUEHLWHUGDVHLQ EHU HLQH VFKXOLVFKH
+|KHUTXDOL¿]LHUXQJ ]X HQWJHKHQ EOHLEHQ JHULQJ ' K GLH
.LQGHUGHV3UROHWDULDWVEOHLEHQLQLKUHUEHUZLHJHQGHQ0HKUKHLW
DPXQWHUHQ(QGHGHU4XDOL¿NDWLRQVVNDODNOHEHQXQGSDUWL]LSLH
UHQ VR DXFK QXU YHUJOHLFKVZHLVH JHULQJ DQ GHQ HPDQ]LSDWRUL
VFKHQ,PSXOVHQGLHGLH+|KHUTXDOL¿]LHUXQJPLWVLFKEULQJW,Q
GHP0D‰HLQGHPLKQHQJHVWDWWHWZLUGDQGHUZHLWHUIKUHQGHQ
6FKXOELOGXQJ WHLO]XKDEHQ PVVHQ VLH GLHV PLW EHVRQGHUHQ
$QSDVVXQJVOHLVWXQJHQDQEUJHUOLFKH1RUPHQXQG6SUDFKPXVWHU
HUNDXIHQ HLQ 9RUJDQJ GHU VLH LKUHU VR]LDOHQ ,GHQWLWlW KlX¿J
EHUDXEWVLHVRLKUHU.ODVVHQODJHHQWIUHPGHWXQGLKUH+DQGOXQJV
IlKLJNHLW OlKPW ,Q LKQHQ HU]HXJW GLH 6FKXOH HLQ *HIKO GHU
0LQGHUZHUWLJNHLWVLHZHUGHQHLQJHNOHPPW]ZLVFKHQ2KQPDFKWV


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

JHIKOHQXQGYDJHQDQLKUHLQGLYLGXHOOH$QVWUHQJXQJ¿[LHUWHQ
$XIVWLHJVKRIIQXQJHQ
,QGLHVHP'LOHPPDRIIHQEDUWVLFKGD‰GLH6FKXOHQLFKWQXU
HLQHUHSUHVVLYH,QVWLWXWLRQLVWYRQGHUDOOH6FKOHUJOHLFKHUPD
‰HQEHWURIIHQVLQGVRQGHUQGD‰VLHHLQ+HUUVFKDIWVLQVWUXPHQW
GD‰ VLH .ODVVHQVFKXOH LVW 6LH YHUO|UH GLHVHQ &KDUDNWHU DXFK
GDQQ QLFKW ZHQQ GDV 'UHLNODVVHQVFKXOV\VWHP *\PQDVLXP
5HDOVFKXOH XQG +DXSWVFKXOH XQWHU GHP 0RWWR GHU VR]LDOHQ
,QWHJUDWLRQXQG+HUVWHOOXQJGHU&KDQFHQJOHLFKKHLWLQLQWHJULHUWHQ
*HVDPWVFKXOHQHLQHV7DJHVJlQ]OLFKDXIJHKREHQZlUH6R]LDOH
,QWHJUDWLRQLQGHU6FKXOHGLHQLFKWEDVLHUWDXIHLQHU$XIKHEXQJ
GHV.ODVVHQDQWDJRQLVPXVLQGHU*HVDPWJHVHOOVFKDIWYHUNRPPW
]ZDQJVOlX¿J]XU9RONVJHPHLQVFKDIWVLGHRORJLHXQGKLQGHUWGLH
$UEHLWHUNLQGHUDQGHU(UNHQQWQLVLKUHU.ODVVHQODJH6HOEVWGDQQ
ZHQQ HV GHU *HVDPWVFKXOH JHOlQJH GLH &KDQFHQXQJOHLFKKHLW
YHUULQJHUQ ]X KHOIHQ ZRIU HV QRFK NHLQH $Q]HLFKHQ JLEW
N|QQWHVLHGHQ$UEHLWHUNLQGHUQNHLQH3HUVSHNWLYHVROLGDULVFKHU
hEHUZLQGXQJGHV.ODVVHQVFKLFNVDOVYHUPLWWHOQVRQGHUQVLHQXU
]XLQGLYLGXHOOHP$XIVWLHJVVWUHEHQPRWLYLHUHQXQGVLHGDPLWLQ
YHUVFKlUIWH.RQNXUUHQ]VLWXDWLRQHQKLQHLQWUHLEHQ©
'HU GHQ 7H[W HU|IIQHQGH 0HLQXQJVVDW] ZLUG DOV 7DWVDFKHQ
IHVWVWHOOXQJ DXVJHJHEHQ GDIU VRUJW QLFKW QXU GLH NHLQH
%HIUDJXQJ ]XODVVHQGH LQGLNDWLYLVFKH )HVWVWHOOXQJ ªEHVWHKW©
GHP9HUGLNWGLHQHQDXFKGLHLGHRORJLVFKEHVHW]WHQ.RQVWUXNWH
ª6FKXOH© ª.DSLWDOLVPXV© ª$UEHLWVNUDIW© ª3URGXNWLYNUlIWH©
'LH PLW GLHVHQ %HJULIIHQ LPSOL]LHUWH *HVHOOVFKDIWVWKHRULH
Ol‰W DOV $[LRP NHLQH DQGHUHQ $[LRPH QHEHQ VLFK JHOWHQ
DOOH QDFKIROJHQGHQ %HKDXSWXQJHQ OHLWHQ VLFK DXV VROFKHP


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

$XVVFKOLH‰OLFKNHLWVGHQNHQ DE$OWHUQDWLYHQ JLEW HV QLFKW GLHV

ZLGHUVSUlFKH GHP :HVHQ YRQ ,GHRORJLH 'D‰ 6FKXOH DXFK
JHJHQ JHVHOOVFKDIWOLFKH 7HQGHQ]HQ DQJHOHJW VHLQ N|QQWH DOVR
QLFKW QXU GHU 5HSURGXNWLRQ YRQ $UEHLWVNUDIW LP 6LQQH GHU
(QWZLFNOXQJVWHQGHQ]HQGHU3URGXNWLYNUlIWHGLHQWHZLUGLQQHU
KDOEGHVªEHVWHKHQGHQ6\VWHPV©DSULRULYHUQHLQW'HP%HJULII
ª)OH[LELOLWlW© ZHUGHQ HEHQIDOOV YRQ YRUQKHUHLQ HPDQ]LSDWRUL
VFKH 0|JOLFKNHLWHQ DEJHVSURFKHQ HU ZLUG VWDWW GHVVHQ ªHLQ
GHXWLJ© DOV +HUUVFKDIWVYRNDEHO HQWODUYW 'LHVH (LQGHXWLJNHLW
ZLUG GHNUHWLHUW 'DV +HUUVFKDIWVLQWHUHVVH XQJHDFKWHW GHV JUR
‰HQVR]LDOHQ)RUWVFKULWWVGHUELVLQV'HWDLOEHOHJEDUZlUHVHL
DXIVR]LDOH8QJOHLFKKHLW¿[LHUW'LIIDPLHUXQJYRQ5HIRUPXQG
(YROXWLRQLVWGDPLWYHUNQSIW'LH6WULQJHQ]GHU$UJXPHQWDWLRQ
LVWJHJHEHQGDGLH3UlPLVVHQQLFKWGLVNXWLHUWZHUGHQGUIHQ
$OWHUQDWLYHV'HQNHQZUGHGHQLGHRORJLVFKHQ'XNWXV]HUVW|UHQ
9HUXQVLFKHUXQJZLUGQXUDNWLYQLHUHÀH[LYYRUJHQRPPHQ
'D‰GHUDXIDEVWUDNWHU(EHQHNRQVWDWLHUWH:LGHUVSUXFK]ZL
VFKHQ $UEHLWVZHLVH XQG 0DFKWVWUXNWXU DXWRULWlUH 6WUXNWXUHQ
YHUlQGHUQ N|QQH HWZD 7HDPDUEHLW +LHUDUFKLHQ DE]XEDXHQ
YHUP|JH ZLUG DSRGLNWLVFK YHUQHLQW 'LH 'HPRNUDWLVLHUXQJ
HLQHV ,QGXVWULHV\VWHPV GXUFK 0LWEHVWLPPXQJ VHLQH
6R]LDOLVLHUXQJ XQWHU %HLEHKDOWXQJ HI¿]LHQWHU $UEHLWVZHLVHQ
NDQQ DOV 5HIRUP QLFKW VWDWW¿QGHQ 'LH 3UlPLVVHQ ODVVHQ HV
QLFKW ]X $Q HLQH QLFKWUHSUHVVLYH /HLVWXQJVJHVHOOVFKDIW GDUI
PDQ QLFKW JODXEHQ GD GLHV ,UUJODXEH ZlUH 'HPHQWVSUHFKHQG
ZLUG 'HPRNUDWLVLHUXQJ YRQ 6FKXOH ]XU 'LV]LSOLQLHUXQJV XQG
$QSDVVXQJVWHFKQLN XPLQWHUSUHWLHUW 6FKXOUHIRUP HUZHLVW VLFK
DOV ªIRUWJHVFKULHEHQH© 5HSUHVVLRQ 'LVTXDOL¿]LHUW ZLUG VRPLW
DXFKGHU9HUVXFK6SUDFKEDUULHUHQDE]XVFKDIIHQE]Z]XEHU


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ZLQGHQ6ROFKH 6SUDFKHU]LHKXQJ VWHOOH OHW]WOLFKQLFKWV DQGHUHV

GDUDOV$QSDVVXQJDQGHQ&RGHGHU+HUUVFKHQGHQ'LHEUJHUOL
FKHQ6SUDFKPXVWHUZUGHQ]ZDUGDQQIUGLHXQWHUHQ6FKLFKWHQ
JH|IIQHWGHU%HJULIIGHV3UROHWDULHUVEOHLEWZLHVRYLHOHVLQGLH
VHP7H[W8QGH¿QLHUWDEHUGLHVHVFKHLQEDUHHPDQ]LSDWRULVFKH
0|JOLFKNHLWHQWIUHPGH GHQ 3UROHWDULHU QXU VHLQHU .ODVVHQODJH
'XUFK6SUDFKHU]LHKXQJZHUGHHULQWHJULHUWEHZHJHHUVLFKQLFKW
LP SUROHWDULVFKHQ 6SUDFKPXVWHU YHUO|UH HU VHLQ UHYROXWLRQlUHV
%HZX‰WVHLQ 9HUZLVFKWHQ VLFK GLH .ODVVHQXQWHUVFKLHGH XQG 
JHJHQVlW]H ZUGH &KDQFHQJOHLFKKHLW KHUJHVWHOOW JlEH HV DOVR
QLFKWPHKUGXUFK6SUDFKH+HUUVFKHQGHXQGQLFKWPHKUZHJHQ
LKUHVVSUDFKOLFKHQ0DQJHOV%HKHUUVFKWHJHOlQJHGLH5HIRUP
IHKOWHGHU UHYROXWLRQlUHQ 6WUDWHJLH GDV UHYROXWLRQlUH 3RWHQWLDO
0|JOLFKNHLWHQZHUGHQDOVLUUHDOGHQXQ]LHUWZHLOVLHQLFKWLQGLH
7DNWLN SDVVHQ 6SUDFKOLFKH (PDQ]LSDWLRQ ZLOO ]XGHP GHU7H[W
DOVVROFKHUYHUKLQGHUQLQGHPHUGHQ9RUVSUXQJVR]LRORJLVFKHU
7HUPLQRORJLH ]XP )KUXQJVFKDULVPD VWLOLVLHUW ± ZRKOZLVVHQG
GD‰ GLH PDQJHOQGH )lKLJNHLW VRZRKO GHV 3UROHWDULDWV ZLH GHU
%RXUJHRLVLHGDVVR]LRORJLVFKHQHRPDU[LVWLVFKH6SUDFKPXVWHU
]X EHKHUUVFKHQ LQ HLQHU HLQLJHUPD‰HQ GHPRNUDWLVFKHQ G K
VSUDFKOLFKHU .RPPXQLNDWLRQ JUR‰H %HGHXWXQJ ]XPHVVHQ
GHQ *HVHOOVFKDIW 0DFKWSRVLWLRQHQ HLQUlXPW 'LH KHUUVFKHQGH
6SUDFKHLVWQLFKWPHKUGLH6SUDFKHGHU%RXUJHRLVLHGLHEHKHUU
VFKHQGHXQGPDQLSXOLHUHQGH6SUDFKHLVWOlQJVWGLHGHUYXOJlU
PDU[LVWLVFKHQ,QGRNWULQDWLRQJHZRUGHQ
0LWGHP%HJULII6SlWNDSLWDOLVPXVJODXEWPDQLQVRIHUQZHL
WHU]XNRPPHQDOVGHUª-DUJRQGHU'LDOHNWLN©PLWVHLQHQDJJUHV
VLYHQ $EEUHYLDWXUHQ PDJLVFK YHUZHQGHQGHQ 6HTXHQ]HQ GHQ
PRUVFKHQ -DUJRQ GHU (LJHQWOLFKNHLW GDYRQVWLHEHQ Ol‰W :HQQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GLHVH YRQ GHQ /LQNHQ HUZRUEHQH VSUDFKOLFKH 0DFKW SUDNWLVFK

VLFK QRFK QLFKW VR DXVZLUNW ZLH VLH HV DQ VLFK N|QQWH GDQQ
YRU DOOHP GHVKDOE ZHLO GLH UHYROXWLRQlUH 7KHRULH GLH NRQ
NUHWH$UEHLW VFKHXHQ PX‰ ZUGH GRFK GLHVH GLH LGHRORJLVFKH
6HOEVWWlXVFKXQJHYLGHQWPDFKHQ6RNDWDSXOWLHUWVLFKGHUQHR
PDU[LVWLVFKH5HYROXWLRQlUDXVGHPGXUFK6SUDFKHHUZRUEHQHQ
PDFKWSROLWLVFKHQ9RUWHLOPLW+LOIHYRQ6SUDFKHZLHGHUKLQDXV
LQGLH7KHRULH]XUFNGDPLWHUHPSLULVFKH)DOVL¿NDWLRQYHUPHL
GHQNDQQ,P6LQQHOLQNHU$I¿UPDWLRQªRIIHQEDUW©VLFKGXUFKDXV
ORJLVFKVRODQJH3UlPLVVHQXQEHIUDJWEOHLEHQXQGQLFKWEHIUDJW
ZHUGHQGUIHQGD‰GLH6FKXOHHLQHUHSUHVVLYH,QVWLWXWLRQXQGDOV
.ODVVHQVFKXOH+HUUVFKDIWVLQVWUXPHQWLVW,QGHPXQEH]ZHLIHOED
UHKLVWRULVFKH(UIDKUXQJHQH[WUDSROLHUWZHUGHQHLQHNRUUHOLHUHQ
GH(QWZLFNOXQJDX‰HUMHGHQ%HWUDFKWEOHLEWªNDQQ©6FKXOHV\V
WHPLPPDQHQWVLFKQLHEHIUHLHQ'LH1HJDWLRQHPDQ]LSDWRULVFKHU
0|JOLFKNHLWHQJHVFKLHKWGDGXUFKGD‰PDQ.RQMXQNWLYVlW]HLQ
GHQ ,UUHDOLV VHW]W GLH IXWXURORJLVFKHQ &KDQFHQ ZHUGHQ VR DOV
XQP|JOLFKXQZLUNOLFKDEJHWDQ'DVNDQQQDWUOLFKQXUV\QWDN
WLVFKQLFKWDUJXPHQWDWLYJHVFKHKHQ±ZLHVROOWHPDQGHQQEH
ZHLVHQN|QQHQGD‰GLH6FKXOHLKUHQUHSUHVVLYHQ&KDUDNWHUQLFKW
YHUO|UHZHQQGDV'UHLNODVVHQVFKXOV\VWHPXQWHUGHP0RWWRGHU
VR]LDOHQ ,QWHJUDWLRQ XQG +HUVWHOOXQJ GHU &KDQFHQJOHLFKKHLW LQ
LQWHJULHUWHQ *HVDPWVFKXOHQ DXIJHKREHQ ZUGH" :DUXP VROOWH
GLH *HVHOOVFKDIW QLFKW GXUFK VROFKH $XIKHEXQJ VLFK HPDQ
]LSLHUHQ N|QQHQ" 'DV ([SHULPHQW N|QQWH GDV 7KHRUHP YRP
.ODVVHQNDPSIPLWUHYROXWLRQlUHP8PVFKODJPL‰DFKWHQVRLVWHV
WDNWLVFKNOJHUEHUGDV([SHULPHQWEHUHLWVDSULRULHLQ9HUGLNW
]XVSUHFKHQlKQOLFKGHP.RQVHUYDWLVPXVGHUHVDXVDQGHUHQ
*UQGHQYHUDEVFKHXW'LHVR]LDOH,QWHJUDWLRQGXUFK6FKXOHZLUG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

QLFKWQXUDOV9HUVFKOHLHUXQJYRQ.ODVVHQEHZX‰WVHLQHPSIXQGHQ
ZRUDXVVLFKHUQHXWHUJLEWGD‰HLQH9HUEHVVHUXQJGHU6LWXDWLRQ
QLFKWDOV8QZLUNOLFKNHLWVRQGHUQZHJHQ9HUPLQGHUXQJGHVUH
YROXWLRQlUHQ3RWHQWLDOVDEJHOHKQWZLUGVLHZLUG]XVlW]OLFKPLW
GHP6FKOVVHOZRUWª9RONVJHPHLQVFKDIWVLGHRORJLH©YHUGlFKWLJW
:LHGHUXPZLUGGHUUHIRUPDWRULVFKH.RQMXQNWLYª6HOEVWGDQQ
ZHQQHVGHU*HVDPWVFKXOHJHOlQJH«©GXUFK,GHRORJLHDEJH
NDSSW (V ZUGH VLFK QXU HLQ LQGLYLGXHOOHV $XIVWLHJVVWUHEHQ
XQG NHLQH NODVVHQVSH]L¿VFKH (PDQ]LSDWLRQ HLQVWHOOHQ GLH
.RQNXUUHQ]VLWXDWLRQ HUIKUH 9HUVWlUNXQJ :DV LGHRORJLVFK
QLFKWVHLQGDUINDQQDXFKHPSLULVFKQLFKWHUODXEWZHUGHQ9RU
,GHRORJLHKDW5DWLRQDOLWlW]XNXVFKHQOl‰WVLFK,GHRORJLHGRFK
VHOEVWDOVªNULWLVFKHV%HZX‰WVHLQ©IHLHUQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

([FDWKHGUD

'DV 6SUDFKPXVWHU GDV QDFKIROJHQG DQDO\VLHUW ZHUGHQ VROO

ZLUGHWZDVYHUHLQIDFKHQGDOVª3URIHVVRUHQGHXWVFK©EH]HLFKQHW
± XQG GDULQ LVW GLH YRUKHUUVFKHQGH $UWLNXODWLRQVZHLVH GHV
%LOGXQJVSULYLOHJLHUWHQ HEHQVR HLQJHVFKORVVHQ ZLH GLH
$UWLNXODWLRQVZHLVHQ YRQ .DQ]HO XQG .DWKHGHU (V JHKW
ZHQLJHUXPGLH6SUHFKXQG6FKUHLEDWWLWGHQHLQHUEHVWLPPWHQ
%HUXIVJUXSSHYLHOPHKUXPGLH6SUDFKHGHV%LOGXQJVEUJHUWXPV
GLH VLFK DQ GLHVHP 'HXWVFK RULHQWLHUW KDW 'LH KLVWRULVFKH
'LPHQVLRQGHVVR]LROLQJXLVWLVFKHQ7DWEHVWDQGVXPID‰WGDV
XQG-DKUKXQGHUWZREHLGLH(LQGHXWLJNHLWXQG.RPSDNWKHLW
GHU 0HUNPDOH YRU DOOHP LP :LOKHOPLQLVFKHQ =HLWDOWHU XQG
LQ GHU =HLW YRU XQG QDFK  JHJHEHQ LVW =XU JHQHUHOOHQ
&KDUDNWHULVLHUXQJ NDQQ PDQ HLQHQ$SKRULVPXV YRQ 6WDQLVODZ
-HU]\/HHKHUDQ]LHKHQª(VZDUHLQHJUR‰H/HHUHDQJHIOOWELV
DQ GHQ 5DQG PLW *HOHKUVDPNHLW© 8QG GLHVH *HOHKUVDPNHLW
ZDUDXVJHULFKWHWXQGEHVWLPPWLQGHU6SUHFKDQODJHGXUFKGDV
3DWKHWLVFKH LQ GHQ :RUWIHOGHUQ GXUFK GDV .lPSIHULVFKH LP
3V\FKROLQJXLVWLVFKHQ GXUFK GDV .ULHJHULVFK,G\OOLVFKH 'DV
5KPHQGHUNULHJHULVFKHQ,G\OOHVWHOOWGDEHLHLQHQ%UXFKLQVLFK
VHOEVWGDUGDMDJHUDGHGDVXUVSUQJOLFK,G\OOLVFKHHLQ.OHLQWXQ
LQ:RUWHQUHODWLYLHUHQGH,URQLVLHUXQJ/LHEHLQ'LVWDQ]HUIRUGHUW
DOVRGLH,G\OOHGHP.ULHJHULVFKHQGLDPHWUDOHQWJHJHQJHVHW]WLVW
DOV $ENDSVHOXQJ YRQ GHQ ª6WUPHQ XQG .lPSIHQ GHU :HOW©


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

'LH EHVRQGHUH QHJDWLYH ª/HLVWXQJ© GHV 3URIHVVRUHQGHXWVFK

EHVWHKW±DXIHLQHQ1HQQHUJHEUDFKW±GDULQGD‰HVLGHDOLVWLVFKH
XQG URPDQWLVFKH *UXQGZHUWH LQ 8PZHUWXQJ DPDOJLHUW KDW
(V ZLUG EHVWLPPW YRP 3DWKRV GHV HSLJRQDOHQ ,GHDOLVPXV XQG
.ODVVL]LVPXVIKOWVLFKYRUDOOHP)ULHGULFK6FKLOOHUYHUSÀLFKWHW
ZlKUHQG HV LQ :LUNOLFKNHLW GHVVHQ 6SUDFKH PL‰EUDXFKW DXV
6FKLOOHU HWZD GHQ ª0RUDOWURPSHWHU YRQ 6lFNLQJHQ© PDFKW
'LH*HGHQNUHGH]X6FKLOOHUV*HEXUWVWDJGHV/LEHUDOHQ
*DEULHO5LH‰HUPDUNLHUWHLQHQZLFKWLJHQ3XQNWGHUVSUDFKOLFKHQ
(SLVRQDOLVLHUXQJ
ª:LH GDV $XJH GHV 9RONV GDV IHVWOLFKH *HSUlJH OLHEW PLW
GHPPlFKWLJH+HUUVFKHUVLFKXPJHEHQVROLHEWVHLQH6HHOHGHQ
*ODQ] XQG GLH 3UDFKW GHU 6FKLOOHUVFKHQ 6SUDFKH GLH 0DMHVWlW
VHLQHV$XVGUXFNVGDVYRQ*ROGXQG3XUSXUVWUDKOHQGH*HZDQG
GHU+HUUVFKDIWLP5HLFKHGHV*HLVWHV©
'LHVH V\PSWRPDWLVFKH 5HGH XPID‰W XQJHIlKU  :RUWH
GDUXQWHU HWZD  6WHLJHUXQJVIRUPHQ JUDPPDWLNDOLVFKH
6XSHUODWLYH RGHU .RPSDUDWLYH G K MHGHV  :RUW LVW HLQ
6XSHUODWLY RGHU .RPSDUDWLY 8QEHUFNVLFKWLJW LQ GLHVHU =DKO
VLQG GLH YLHOHQ LQKDOWOLFKHQ 6XSHUODWLYH ZLH HWZD ªPlFKWLJHV
5DXVFKHQ© ªKRKHV 7|QHQ© ªJHZDOWLJHU *HQLXV© XQG
GHUJOHLFKHQ 8P GHXWOLFK JHQXJ DXI]X]HLJHQ GD‰ 6FKLOOHU
HGHO HUKDEHQ PlFKWLJ KHUUOLFK XQG XQHUUHLFKW VHL ZHUGHQ
GLHHQWVSUHFKHQGHQ:RUWH]XUKHWRULVFKHQ*LSIHOQDXIJHWUPW
$OOHLQGDV:RUWKRKE]ZKRFKWDXFKWVHFK]LJPDODXIlKQOLFK
HGHO )U 5LH‰HU XQG VHLQH HQWKXVLDVWLVFKDQGlFKWLJHQ =XK|UHU
ZDU LQ 6FKLOOHU ªGLH K|FKVWH XQG HGHOVWH %LOGXQJ HUVFKLHQHQ©
GLH ªUHLQH (QWZLFNOXQJ GHV 1DWUOLFKHQ GLH VFK|QVWH %OWH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GLHV‰HVWH)UXFKWLQLKPOHEWHQGLH]DUWHVWHQXQGGLHWLHIVWHQ
(PS¿QGXQJHQGDVUHLQVWH*HLVWLJVWHGLHK|FKVWHQ0lFKWHXQG
GLHXUVSUQJOLFKVWHQXQGNLQGOLFKVWHQ*HIKOH©±XQGGLHVDOOHV
LQHLQHP6DW]
'DV 6FKLOOHUVFKH 3DWKRV ZDU QXQ QLFKW PHKU *HZDQG GHV
*HGDQNHQV (UK|KXQJ GHV *HGDFKWHQ *HVHKHQHQ (UOHEWHQ
(UIKOWHQ VRQGHUQ VLFK VHOEVW EHUODVVHQ XQYHUELQGOLFKHU
ZLOONUOLFKHU:RUWUDXVFK'HU0HQVFKEHZHJWHVLFKLP*HKlXVH
GHU VWHUHRW\SLVLHUWHQ :RUWH VLQQORV LP .UHLVH DI¿UPDWLYHQ
.RQWH[WHVVLFKGUHKHQG(LQ:RUWJDEGDVDQGHUHHLQH3KUDVH
GLHDQGHUHNHLQ*HGDQNH
0HWDSKRULN 6\QWD[ XQG 7RSLN GHU QDWLRQDOEUJHUOLFKHQ
GHP *HLVW QDFK NOHLQEUJHUOLFKHQ 5HGH GHV  XQG 
-DKUKXQGHUWV VLQG FKDUDNWHULVLHUW GXUFK HLQHQ 6FKZXOVW GHU
%LOGHU GLH %HWlXEXQJ GHV /RJRV GXUFK P\WKL¿]LHUHQGHV
*HUDXQH=HUVW|UXQJGHU%HJULIIVNHUQHVRGD‰OHHUH:RUWKOVHQ
DOOHLQYHUEOHLEHQ
'LHGDV%LHGHUPHLHUFKDUDNWHULVLHUHQGH+LQZHQGXQJ]XGHQ
'LQJHQGLHMHQDFK7HPSHUDPHQWGHV5H]LSLHUHQGHQHQWZHGHU
DOVKDUPRQLVFKRGHUHQHUYLHUHQGHPSIXQGHQH'LQJOLFKNHLW]%
LQ6WLIWHUV¾1DFKVRPPHU½YHUOLHUWVLFKLQ]XQHKPHQGHP0D‰H
'LH :RUWH IROJHQ QLFKW GHQ 'LQJHQ 'DV 3URIHVVRUHQGHXWVFK
LVW (PDQDWLRQ GHU LQQHUHQ *HVWLPPWKHLW UHDOLWlWVIUHPG
HLQ 6XEMHNWLYLVPXV GHU LQ GHP $XJHQEOLFN LQ GHP LKQ GLH
WUDQV]HQGLHUHQGH )lKLJNHLW ]XU 6SHNXODWLRQ DEKDQGHQ NRPPW
YHU|GHW 'LH JHGDQNOLFKLQKDOWOLFKHQ /HHUIRUPHOQ VLQG MH
|GHU VLH ZHUGHQ UHLFKOLFK NDVFKLHUW PLW SSLJHQ 0HWDSKHUQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

XQG *OHLFKQLVVHQ EOKHQGHQ 6SUDFKSKDQWDVLHQ GLH EHU GHU

:LUNOLFKNHLWVFKZHEHQ
(LQH 7UHQQXQJ ]ZLVFKHQ NRQVHUYDWLYHP XQG OLEHUDO
SURJUHVVLYHP 6SUDFKJHEDUHQ LVW LP  -DKUKXQGHUW VFKZHU
P|JOLFK'LH.RQVHUYDWLYHQZHQLJEHJHLVWHUWEHU]XNQIWLJH
$VSHNWH VSUHFKHQ RIW NRQNUHWHU XQG ]XUFNKDOWHQGHU DOV GLH
PRUJHQURWHQWKXVLDVPLHUWHQ /LEHUDOHQ 'LH ¾*DUWHQODXEH½
ZXUGH YRQ HLQHP /LEHUDOHQ GHV -DKUHV  JHJUQGHW
(UQVW .HLO *HIDQJHQHU GHU 5HVWDXUDWLRQ JDE YRQ $QIDQJ DQ
VHLQHP %ODWW HLQH VSUDFKOLFKH 1RWH GLH XP GLH 6\PSDWKLHQ
GHU JHLVWLJHQ 3URYLQ] VLFK EHPKWH 'DV %LOGXQJVEUJHUWXP
ZXUGH YRQ 8UEDQLWlW GXUFK 6SUDFKPXVWHU DXVJHVFKORVVHQ
GLH $XINOlUXQJ GXUFK 9HUQHEHOXQJ HUVHW]WHQ 'DV LQ SRODUHQ
V\QWDNWLVFKHQ 6WUXNWXUHQ VLFK ZLGHUVSLHJHOQGH UDWLRQDOH
%HPKHQGDVGLDOHNWLVFKH$EZlJHQYRQ3URXQG.RQWUDGDV
DUJXPHQWDWLYH 6FKOLH‰HQ XQG )ROJHUQ GHU GLH HLJHQH 3RVLWLRQ
YHUXQVLFKHUQGHXQGGDPLWNRPPXQLNDWLRQVIlKLJH5HODWLYLVPXV
XQG 3OXUDOLVPXV ZHUGHQ HUVHW]W GXUFK ,UUDWLRQDOLVPHQ XQG
(PRWLRQHQ GHUHQ JHLVWLJH 7UHQQVFKlUIH VHKU JHULQJ LVW GLH
DEHUGDIUXPVRPHKU7DWEHVWlQGH'LQJOLFKNHLW2EMHNWLYLWlW
]X YHUVFKOHLHUQ YHUP|JHQ ([ FDWKHGUD ZLUG HLQH .XOWXU GHU
,QQHUOLFKNHLW YHUNQGHW RNWUR\LHUW VWHWV HLQHU XQEHGLQJW ]X
EHMDKHQGHQªHZLJEHVVHUHQXQGZHUWYROOHUHQ:HOW©±LUJHQGZR
ªGUREHQ©±YHUSÀLFKWHWGLH'HVNULSWLRQGHUWDWVlFKOLFKHQ:HOW
]% LQ GHQ )RUPHQ GHV 5HDOLVPXV XQG 1DWXUDOLVPXV YHUIlOOW
GHU 'LIIDPLHUXQJ $XFK YRQ GLHVHU 6LFKW KHU VWR‰HQ ZLU DXI
GHQ'LQJYHUOXVWGHU6SUDFKHGLHQXQJDQ]YRQLQQHQKHUVLFK
IRUPLHUW'LHLQGHUHLJHQHQª6SUDFKZUGH©VLFKKRFKVWHLJHUQGH
6SUDFKHKDWQLFKWVPHKUPLWGHP]XWXQZDV6FKLOOHUª:UGH©


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

QDQQWH ,Q GHVVHQ GLDOHNWLVFKHP :HOWELOG ZDU GLH ª6FK|QH

6HHOH©$XVGUXFNGHUEHZlOWLJWHQ1DWXUXQG7ULHEKDIWLJNHLWZDU
6LWWOLFKNHLWKXPDQGDVLHGHU1DWXUGHU0DWHULHGHU6FKZHUNUDIW
DEJHUXQJHQZXUGHLQGHU)RUPXQJGHPª)RUPWULHE©*HLVWXQG
6WRIIVLFKYHUV|KQWHQ'RUWZRGLHVH9HUPlKOXQJª]ZDQJORV©
VLFKYROO]LHKWZDOWHW$QPXWGRUWZRGLH9HUELQGXQJHUNlPSIW
ZLUG]HLJWVLFK:UGH,P3URIHVVRUHQGHXWVFKLVWGDV6FK|QH
*UR‰H :DKUH (UKDEHQH HLQH $QJHOHJHQKHLW OHGLJOLFK YRQ
:RUWHQ GLH LKUH /HHUH GDGXUFK YHUGHFNHQ GD‰ VLH VLFK GLH
$XUD GHV ª1LFKWYRQGLHVHU:HOW© ]XOHJHQ ,QPLWWHQ HLQHU
GXUFK ,QGXVWULDOLVLHUXQJ VLFK H[WUDYHUWLHUHQGHQ *HVHOOVFKDIW
XQGLQQHUKDOEGHUZLUWVFKDIWOLFKHQ([SDQVLRQGHV.DSLWDOLVPXV
ÀFKWHW 6SUDFKH LQ ,QWURYHUWLHUWKHLW =XUFNJHVFKUHFNW YRQ
GHU 'LVNUHSDQ] ]ZLVFKHQ 6ROO XQG 6HLQ 7XJHQGKLPPHO XQG
:HOWLP*DVOLFKWVXFKWGLHHSLJRQDOHªVFK|QH6HHOH©LQGLHVHU
:HOW GDGXUFK VLFK ]XUHFKW]X¿QGHQ GD‰ VLH VLFK PLW +LOIH
YRQ 6SUDFKH YRQ GLHVHU :HOW ZHJEHZHJW %HVRQGHUV GHXWOLFK
VSLHJHOW GLHVH 7HQGHQ] DXFK GLH /LWHUDWXU ZLGHU GLH VLFK GHU
ªNRQVHUYDWLYHQ (UQHXHUXQJ GHV 0HQVFKHQ© YHUSÀLFKWHW IKOW
'LH 'LFKWHU GHU GHXWVFKHQ ,QQHUOLFKNHLW VSH]LDOLVLHUWHQ VLFK
GDUDXI GHQ 'UHFN GHU :HOW LQ 6SUDFKJROG DXV]XPQ]HQ GDV
VLHGDQQPLWJHODVVHQHU3RVHDQGLH.XOWXUEHÀLVVHQHQYHUWHLOWHQ
,P *HLVWH UHLQ EOHLEHQ ª=X %HJLQQ GHV -DKUHV  HPS¿QJ
LFK ]ZHL DPWOLFKH %ULHIH GLH EHLGH HLQHQ *OFNZXQVFK ]X
+LWOHUV *HEXUWVWDJ YHUODQJWHQ 'HUJOHLFKHQ +XOGLJXQJHQ
ZXUGHQGDPDOVZLH6WHXHUQHLQJHWULHEHQXQGLQGLHVHP)DOOPLW
EHVRQGHUHP1DFKGUXFNGHQQGLHVHU*HEXUWVWDJZDUHLQHUYRQ
GHQHQZHOFKH5LONHGLH¾EHWRQWHQ½QDQQWHGHUIQI]LJVWH(LQH
EOR‰H*UDWXODWLRQZXUGHOHLGHUYRQYRUQKHUHLQDOVXQJHQJHQG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

EH]HLFKQHWVLHVROOWHPLWHLQHPNODUHQ%HNHQQWQLV]XP)KUHU
YHUEXQGHQVHLQ«,FKVWHOOWHDXVHLQLJHQPHLQHU%FKHU=LWDWH
YRQ DOOJHPHLQHU *OWLJNHLW ]XVDPPHQ XQG HUJlQ]WH VLH GXUFK
GHQ 6FKOX‰ GHU 'LFKWHU GHU .QVWOHU KDEH LP %HUHLFK VHLQHU
$UEHLWGHQHLJHQHQVFKPDOHQDEVHLWLJHQ:HJPLWGHUJOHLFKHQ
(QWVFKLHGHQKHLW ]X JHKHQ ZLH GUDX‰HQ DXI GHP .DPSISODW]
LUGLVFKHU *HZDOWHQ GHU 0DQQ GHU 7DW GHQ VHLQLJHQ 'LHVHU
*OFNZXQVFKIU+LWOHUZDU]XHLQHU=HLWJHVFKULHEHQZRPDQ
GLH+RIIQXQJLKQMHPDOVORV]XZHUGHQKDWWHDXIJHEHQPVVHQ
:HU VLH ULFKWLJ ODV PX‰WH LQ LKQHQ HLQH K|ÀLFKPLWWHOEDUH
%HVFKZ|UXQJ GHV 0DQQHV HUNHQQHQ YRQ GHVVHQ (QWVFKOVVHQ
QXQ HLQPDO XQVHUH =XNXQIW DEKLQJ 8QG VR ZDU DXFK GHU
6HJHQVZXQVFKDP6FKOVVHGXUFKDXVHUQVWJHPHLQWGDHUGRFK
GHU*HVDPWKHLWXQVHUHV9RONHVJDOW,FKVDQGWHPHLQ6FKUHLEHQ
DE XQG YHUORU HV EDOG DXV GHP *HGlFKWQLV© 'DV $I¿UPDWLYH
]HLJW VLFK EHL GLHVHQ (ULQQHUXQJHQ HLQHV 'LFKWHUV +DQV
&DURVVDV LQ )RUP IHLQ]LVHOLHUWHU NXQVWJHZHUEOLFKHU 6lW]H
%ODPDEHO LVW QLFKW GHU *HEXUWVWDJVJUX‰ DQ GHQ ª)KUHU© HU
LVWDXVGHU=HLWPLWLKUHQ5HSUHVVLRQHQ]XYHUVWHKHQ%ODPDEHO
LVW ZLH GHU 'LFKWHU LP 1DFKKLQHLQ GHQ 9RUJDQJ VWLOLVLHUW LKQ
LQJHQ‰OLFKEHWXOLFKHQ3HULRGHQHLQIlQJW±ZRHLQKDUWHVGLH
WUDJLVFKH6LWXDWLRQDXIUHL‰HQGHV:RUWDP3ODW]HJHZHVHQZlUH
,Q GLHVHP 'HQNHQ ZLH 6SUHFKHQ LVW NHLQ 3ODW] IU
ª0DWHULDOLVPXV©ª'DV:RUW6HHOHJLEWGHPK|KHUHQ0HQVFKHQ
HLQ *HIKO VHLQHV LQQHUHQ 'DVHLQV DEJHWUHQQW YRQ DOOHP
:LUNOLFKHQ XQG *HZRUGHQHQ HLQ VHKU EHVWLPPWHV *HIKO YRQ
GHQ JHKHLPVWHQ XQG HLJHQVWHQ 0|JOLFKNHLWHQ VHLQHV /HEHQV
VHLQHV6FKLFNVDOVVHLQHU*HVFKLFKWH(VLVWLQGHU6SUDFKHDOOHU
.XOWXUHQ YRQ IUK DQ HLQ =HLFKHQ LQ GHP ]XVDPPHQJHID‰W


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ZLUG ZDV QLFKW :HOW LVW© 6R 2VZDOG 6SHQJOHU 0LW GLHVHP
6HHOHQEHJULII PLW GLHVHU 6HHOHQKDIWLJNHLW XQG ,QQHUOLFKNHLW
YRQ6SUDFKHJHKWHQGJOWLJGDVYHUORUHQZDVªVFK|QH6HHOH©
ZDV:UGHXQG$QPXWLPQLFKWSHUYHUWLHUWHQNODVVLVFKHQ6LQQH
EHGHXWHWH .DORNDJDWKLD ± 6FK|Q*XWKHLW JHUDGH GHV .|USHUV
JHUDGHGHV+DQGHOQVJHUDGHGHU([LVWHQ]$XVGHU*HPHLQVFKDIW
GHU 7lWLJHQ ZLUG GHU HVRWHULVFKH =LUNHO GHU 5HGHQGHQ LP
=HQWUXPGHU5HGHQGHQHWDEOLHUWVLFKGLH3URIHVVRUHQVFKDIWLP
=HQWUXPDI¿UPDWLYHU6SUDFKHLVW3URIHVVRUHQGHXWVFK]X+DXVH
'LH 3URIHVVRUHQVFKDIW LVW DXFK VR]LRORJLVFK ELRJUDSKLVFK
LQ GHU DI¿UPDWLYHQ .XOWXU EHKHLPDWHW 6LH HQWVWDPPWH GHU
EUJHUOLFKHQ 6FKLFKW GLH HV VLFK DOV /HLVXUHFODVV OHLVWHQ
NRQQWH.XOWXU]XLQWHUQDOLVLHUHQ'LH6ROLGLWlWGHVYlWHUOLFKHQ
+DXVHVXQG(UEHVHUP|JOLFKWHGLH+DELOLWDWLRQGHQ:DUWHVWDQG
GHV 3ULYDWJHOHKUWHQ GDV $XVKDUUHQ DOV 3ULYDWGR]HQW PLW GHU
&KDQFHGHU%HUXIXQJ'HU:HJZDUMHOlQJHUHUZXUGHIUHLOLFK
DXFK PKHYROO 'HU .DSLWDO]LQV ODQJWH QLFKW GLH 6FKZHVWHUQ
PX‰WHQ DXVJH]DKOW ZHUGHQ /HEHQVVWDQGDUG XQG 6WDWXVGHQNHQ
OLH‰HQ GHQ 8QWHUEDX ZHJVFKPHO]HQ HKH GDV *HGDQNHQV\VWHP
)UFKWH WUXJ 9LHOIDFK KDW GLH /LWHUDWXU GHQ 3ULYDWJHOHKUWHQ
]XP+HOGHQDXFK8QKHOGHQJHPDFKWGHQDQlPLVFKVHQVLEOHQ
YHUWUDFNW ± JHQLDOHQ RGHU WUlXPHULVFKYHUVRQQHQHQ :LUUNRSI
'HU EUJHUOLFKH /HEHQVUDXP DOV 7HLO XQG .HUQ DI¿UPDWLYHU
.XOWXUHUP|JOLFKWQXUGLH3HUSHWXLHUXQJGHVYHUÀDFKWHQ,G\OOV
GD GDV ,G\OO GLH 7LHIH YHUORUHQ KDWWH XQG GLH :HUWH DEKDQGHQ
JHNRPPHQ ZDUHQ GLH YHULQQHUOLFKWH %HVFKHLGXQJ QLFKW PHKU
P|JOLFK ZDU HUZXFKV GDUDXV )UXVWUDWLRQ 9HUHLWHOXQJ YRQ
,GHQWL¿NDWLRQ XQG GDUDXV ZLHGHUXP )UXVWUDWLRQVDJJUHVVLYLWlW
GLHVLFKHQWVSUHFKHQGYHUEDOLVLHUWH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ª'HUGHXWVFKH0DQQYROO%LHGHUNHLWXQG7UHXHGHU-QJOLQJ
LPlX‰HUHQ$XIWUHWHQRIWHFNLJXQGYHUVFKORVVHQDEHUPLW0DUN
LQ GHQ 5|KUHQ XQG GHQ .RSI YROO ,GHDOH GDV +HU] DXI GHP
UHFKWHQ)OHFNHGLHGHXWVFKH+DXVIUDXGDV-XZHODOOHU)UDXHQ
DXI(UGHQGLHGHXWVFKH-XQJIUDXZLHHLQH%OXPHVRKROGXQG
VFK|QXQGUHLQ±GDVGHXWVFKH+DXVHLQ+DXVYROO=XFKWXQG
(UQVW XQG ]XJOHLFK HLQH 6WlWWH WUDXOLFKHU *HPWOLFKNHLW« 'LH
)UDQ]RVHQVLQGLKUHP:HVHQQDFKDXIGHQ9HUVWDQGDQJHZLHVHQ
VLHVLQGELQGXUFKXQGGXUFKYHUVWlQGLJHV9RONDEHURKQHUHFKWH
7LHIH GHV *HLVWHV XQG *HPWHV© $XV HLQHP ZHLWYHUEUHLWHWHQ
/HKUEXFK IU GHQ 8QWHUULFKW LQ *HRJUDSKLH $XÀDJH 
$XÀDJH
'HU 1DWLRQDOLVPXV ERW GLH PRUDOLVFKH /HJLWLPDWLRQ
DJJUHVVLY VHLQ ]X GUIHQ HLQ QDWLRQDOHV ,G\OO LQVRIHUQ DOV GLH
3URSKHWHQGHV1DWLRQDOLVPXV]XQlFKVWQLFKWKDQGHOWHQVRQGHUQ
VSUDFKHQ*HLVWLJH:DIIHQJlQJHZXUGHQDXVJHWUDJHQ'DV%OXW
ZDU DXV 7LQWH GRFK EHUHLWHWH GLH .DWKDUVLV DXI GHP 3DSLHU
GDV 6WDKOEDG YRQ /DQJHPDUFN YRU ± 3URIHVVRUHQGHXWVFK LVW
GLH $UWLNXODWLRQ E]Z 3URMHNWLRQ HLQHV VFKLFKWHQVSH]L¿VFKHQ
8QVLFKHUKHLWVJHIKOV 'LH 6SLW]HQ GHV JHELOGHWHQ %UJHUWXPV
XQGGHVGDUDQRULHQWLHUWHQ.OHLQEUJHUWXPVGLH3ULYDWJHOHKUWHQ
3ULYDWGR]HQWHQ 3URIHVVRUHQ HQWZLFNHOWHQ *HGDQNHQJHElXGH
GLH VLFK DOV 6FKUHFNHQVNDPPHUQ QDWLRQDOLVWLVFKHU :DKQLGHHQ
HUZLHVHQ 'LH 6SUDFKH ZLUG ]XP .UDIWDNW PLW GHP GLH
KHUUVFKHQGH 6FKLFKW GLH VLFK XQWHU 9HUGUlQJXQJ 0L‰DFKWXQJ
XQG8QWHUGUFNXQJVR]LDOHU:LUNOLFKNHLWPLW9RONXQG1DWLRQ
VFKOHFKWKLQ JOHLFKVHW]W VLFK LKUH )KUHUUROOH ]X EHZHLVHQ
VXFKW 'LH 3URSKHWHQ GHV 1DWLRQDOLVPXV VWHLJHUQ VLFK GDEHL LQ
HLQH YHUEDOH +\EULV XQG 8QPHQVFKOLFKNHLW GLH ]XJOHLFK 7HLO


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

YRQ 3URYLQ]LDOLVPXV LVW ± QlPOLFK DOV 0DQJHO DQ 8UEDQLWlW

(UIDKUXQJ XQG :HLWOlX¿JNHLW 7ROHUDQ] XQG 3OXUDOLVPXV DQ
'LVWDQ] ]XP HLJHQHQ ,FK XQG :LVVHQ XP GLH )UDJZUGLJNHLW
GHU 3KlQRPHQH 9HUVXFK *HERUJHQKHLW ,G\OO GDGXUFK ]X
HUUHLFKHQGD‰PDQVLFKLQGLH6SHNXODWLRQGLHNHLQHZLUNOLFKH
6SHNXODWLRQVRQGHUQ  SV\FKRDQDO\WLVFK JHVSURFKHQ ± YHUEDOH
)UXVWUDWLRQVDJJUHVVLYLWlW LVW HLQNDSVHOW XQG VLFK¶V KLHU ZRKO
VHLQOl‰W'LHVHVQDWLRQDOH3VHXGRLG\OO±KHURLVFKDXVJHVWDWWHW
ZREHL PDQ GHQ ª6FKUHLEWLVFK ]X HLQHU :DOOVWDWW GHXWVFKHU
*U|‰HPDFKW©.DUO6FKZHGKHOP±LVWLP*UXQGHJQRPHQKDIW
=ZHUJZDFKVWXPVFKUXOOLJHU3OVFK*HGDQNHQJHElXGHGDVZLH
GHU(LIIHOWXUPDOV%ULHIEHVFKZHUHUDXVVLHKW±.OHLQOLFKNHLWGLH
VLFKPLW+LOIHSDWKHWLVFKHU6SUDFKH]XU*U|‰HDXISXPSW'HP
.XOWXUEHZX‰WVHLQGHUQDWLRQDOHQXQGQDWLRQDOLVWLVFKHQ,G\OOHLVW
]LYLOLVDWRULVFKH8UEDQLWlWHLQEHVRQGHUHU6WHLQGHV$QVWR‰HV'LH
$XVHLQDQGHUVHW]XQJ]ZLVFKHQ7KRPDVXQG+HLQULFK0DQQ]HLJW
H[HPSODULVFKGLHZHOWDQVFKDXOLFKHQXQGVSUDFKOLFKHQ3RVLWLRQHQ
7KRPDV 0DQQV ª%HWUDFKWXQJHQ HLQHV 8QSROLWLVFKHQ© N|QQHQ
DOV W\SLVFKHV %HLVSLHO IU 3URIHVVRUHQGHXWVFK KHUDQJH]RJHQ
ZHUGHQ JHGDQNOLFK ZLH VSUDFKOLFK WUHWHQ VHLQH ZHVHQWOLFKHQ
0HUNPDOH XQG ]ZDU LQ EHVRQGHUV NRPSULPLHUWHU$UW KHUYRU
LQ $XVHLQDQGHUVHW]XQJ PLW GHP IUDQ]|VLVFKHQ 8QJHLVW ZLUG
GLH =LYLOLVDWLRQ DOV 9HUNLWVFKXQJ GHV /HEHQV XQG GHU :HOW
HPSIXQGHQGLHZHVWOLFKRULHQWLHUWH=LYLOLVDWLRQVOLWHUDWXUZROOH
GLH 3ROLWLVLHUXQJ XQG ,QWHOOHNWXDOLVLHUXQJ GHU NXOWXUEHZX‰WH
GHXWVFKH0HQVFKPLWVHLQHUNQVWOHULVFKHQ7LHIHQVFKLFKWZLVVH
MHGRFK GD‰ 3ROLWLN GHQ 0HQVFKHQ QLFKW PHQVFKOLFKHU PDFKH
7KRPDV 0DQQ GHU LQ VHLQHP %XFK VLFK ªKDW¶V VDXHU ZHUGHQ
ODVVHQ©HUKDEHJHNlPSIWXQGHQWVDJWZREHLGLHNlPSIHULVFKH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

9HUKHUUOLFKXQJ RKQH H[LVWHQWLHOOH )ROJH EOHLEW ± GLH )HGHU LQ

GHU+DQGLVWLPPHUEHVVHUDOVGLH.XJHOLP%DXFKHQWZLFNHOW
HLQHWRGHVVFKWLJH0\VWDJRJLHLP9HUEXQGPLWHLQHPUDXVFK
XQG WUDXPKDIWHQ 6HQVXDOLVPXV 'HU GHXWVFKH 7ULVWDQ JHJHQ
GHQ IUDQ]|VLVFKHQ 9ROWDLUH GHU VLHJIULHGKDIWH 7KRPDV 0DQQ
JHJHQ GHQ SD]L¿VWLVFK GHNDGHQWHQ 5RPDLQ 5ROODQG ª,FK IDQG
HVREHUÀlFKOLFKPDQLDNDOLVFKXQGNLQGOLFKGLH:HOWDXVGHP
3XQNWHGHVPLOLWlULVFKHQ)ULHGHQVNXULHUHQ]XZROOHQLFKJODXEH
QLFKWGD‰GDV/HEHQMHIULHGOLFKVHLQN|QQHXQGDXFKQLFKWGD‰
GLHOLHEH0HQVFKKHLWLPHZLJHQ)ULHGHQVLFKZHVHQWOLFKVFK|QHU
DXVQHKPHQZHUGHDOVXQWHUGHP6FKZHUWH
6RODQJH GLH 0HQVFKKHLW QLFKW GDFKWH LFK LQ ZHL‰HQ
*HZlQGHUQ 3DOP]ZHLJHQ LQ GHQ +lQGHQ XQG OLWHUDULVFKH
6WLUQNVVH WDXVFKHQG XPKHUZDOOW ZLUG HV ZRKO GDQQ XQG
ZDQQ .ULHJ JHEHQ DXI (UGHQ VRODQJH VLH %OXW LQ GHQ $GHUQ
KDWGDFKWHLFKXQGQLFKWOLQGHVgOZLUGVLHHVZRKOYHUJLH‰HQ
ZROOHQ GDQQ XQG ZDQQ $OVR QLFKW 3D]L¿VW KlWWH LFK PLFK
QHQQHQ GUIHQ© (LQH VROFKH bX‰HUXQJ LVW SURIHVVRUDO LQ
GHP EHVFKULHEHQHQ 6LQQH +LHU ZLUG YHUEDO YRUJHWlXVFKW
GD‰ PDQ (LQEOLFN KDEH LQV :HOWJHWULHEH GD‰ PDQ VLFK ZRKO
DXVNHQQH LQ GHU 0HQVFKKHLWVJHVFKLFKWH 5HDOLWlWVEHZX‰WVHLQ
ZLUG YRUJHJHEHQ LQGHP PDQ PLW PHWDSKHUQUHLFKHU ,URQLH GLH
UDWLRQDOHXQGXUEDQH*HJHQSRVLWLRQOlFKHUOLFKPDFKW0DQIKOW
VLFK PLW GHQ .lPSIHUQ XQG 7DWPHQVFKHQ GDGXUFK YHUEXQGHQ
GD‰ PDQ GXUFK GLH *H¿OGH GHU KHURLVFKHQ :RUWIHOGHU
ZDQGHOW 'LHVH ZDUHQ HQWVSUHFKHQG SDU]HOOLHUW XQG EHDFNHUW
GLH :RUWIHOGHU SUREOHPDWLVLHUHQGHU 'LDOHNWLN WROHULHUHQGHQ
5DWLRQDOLVPXV DXINOlUHQGHU 7ROHUDQ] GDJHJHQ OLH‰ PDQ
XQEHEDXW XQG YHUIHPW OLQNV OLHJHQ 'LH (LQVHLWLJNHLW GLHVHU


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

%LOGXQJVVSUDFKH GLH VHLW -DKU]HKQWHQ GLH JOHLFKHQ YHUEDOHQ

V\QWDNWLVFKHQ XQG VHPDQWLVFKHQ 0XVWHU UHSURGX]LHUWH XQG
EHUDOO V\VWHPVWDELOLVLHUHQGH 6FKOVVHOZRUWH RNWUR\LHUWH LVW
DQGHU*HVFKLFKWHGHV*ULPPVFKHQ:|UWHUEXFKHVJXWEHOHJEDU
±HLQª3\UUKXVVLHJGHU*HUPDQLVWLN©:DOWHU%RHKOLFKGHUGLH
JHUPDQLVWLVFKH XQG GDPLW ZHLWJHKHQG DXFK GLH SlGDJRJLVFKH
'HVRODWLRQ HLQOHLWHWH 'HU MXQJH .DUO *RHGHNH Ol‰W  LQ
HLQHP6RQHWW-DNRE*ULPPVDJHQ
ª1XUMHQH:|UWHUVROOPHLQ%XFKYHUNQGHQ
GLHXQVGHQ9|ONHUQDOV*HUPDQHQ]HLJHQ
DOVEUDYH0lQQHUGLHHVQLFKWYHUVFKZHLJHQ
GD‰:RUWXQG7DWDXVUHLQHU6HHOHPQGHQ©

,Q GHU 7DW ZXUGH EHL GHU ª9HU]HWWHOXQJ© GHV GHXWVFKHQ

6SUDFKJXWV YRU DOOHP EHL *ULPPV 1DFKIROJHUQ GHXWOLFK
XQWHUVFKLHGHQ ]ZLVFKHQ GHP ª:HUWYROOHQ© XQG ª:HUWORVHQ©
$XIJHQRPPHQZXUGHQ.DQRQH.DVHUQH.DUWlWVFKH.RPSDQLH
QLFKW DEHU .DSLWDO .DWDVWURSKH .DXVDOLWlW /D]DUHWW 0LOLWlU
0RQDUFKLH VLQG YRUKDQGHQ QLFKW DEHU /LWHUDWXU /HJDOLWlW
/R\DOLWlW/RJLN0HWKRGH0DWHULDOLVPXV'DUDQHUNHQQWPDQ
EHUHLWV GLH JHUPDQLVWLVFKH ,GHRORJLH LQ LKUHP DI¿UPDWLYHQ
5ROOHQYHUVWlQGQLVYHUVWHKWVLHGLH6SHLFKHUXQJXQG9HUZDOWXQJ
GHV 6SUDFKJXWV DOV UHFKWVUHDNWLRQlUH $QJHOHJHQKHLW 'D GLH
+HUUVFKDIWVVFKLFKW0DU[LVPXV6R]LDOLVPXVXQG3V\FKRDQDO\VH
DEOHKQWH LQWHUHVVLHUWH VLFK GLH 6SUDFKZLVVHQVFKDIW DXFK QLFKW
IUHQWVSUHFKHQGH:RUWELOGXQJHQXQG%HJULIIH%LV]XP-DKUH
 LVW NHLQ HLQ]LJHU VR]LDOLVWLVFKHU 7KHRUHWLNHU YHU]HWWHOW
ZRUGHQ'DV4XHOOHQYHU]HLFKQLV]HLJW3DXOGH/DJDUGH/HWWRZ
9RUEHFN DEHU QLFKW )HUGLQDQG /DVVDOOH XQG$XJXVW %HEHO (V


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

]HLJW 2WWR YRQ %LVPDUFN %DHGHFNHU GLH 0DUOLWW DEHU QLFKW

.DUO 0DU[ 'LH 6SUDFKH GHU 'LDOHNWLN IHKOW VSlWHU ]ZDU QLFKW
PHKU VR HNODWDQW LP :|UWHUEXFK ZRKO DEHU ZHLWHUKLQ LP
6SUDFKEHZX‰WVHLQGHV%UJHUWXPV%HQHGHWWR&URFHPHLQWGD‰
GLHGHXWVFKHQ3URIHVVRUHQQDFKGDV6HGDQOlFKHOQQLFKWPHKU
YRQLKUHQ/LSSHQJHEUDFKWKlWWHQ'HPVWLOOHQ*HOHKUWHQGDVHLQ
PLWGHUDXIJH]ZXQJHQHQ,QQHUOLFKNHLWXQGJHOHKUWHQ0HGLWDWLRQ
± HLQH )ROJH GHU )OXFKW QDFK LQQHQ QDFK GHP 6FKHLWHUQ GHU
5HYROXWLRQ YRQ  ± ZDU HQGOLFK GHU $QVFKOX‰ DQ GLH
JHVHOOVFKDIWOLFKH+LHUDUFKLHDQGHUHQ6SLW]HGLHNlPSIHULVFKHQ
1DWXUHQ VWDQGHQ JHOXQJHQ ± XQG ]ZDU PLW +LOIH HLQHV UGHQ
0LOLWDULVPXV XQG &KDXYLQLVPXV GHU )HGHU 'HU LQWHQVLYH +D‰
DXI ZHVWOLFKH 'HPRNUDWLH XQG ZHVWOLFKHQ 3DUODPHQWDULVPXV
HUO|VWH DXV GHU HLJHQHQ $QlPLH XQG DXV YHUGUlQJWHQ 0LQGHU
ZHUWLJNHLWVJHIKOHQ LQGHP PDQ VLFK VXJJHULHUWH GD‰ PDQ DOV
'HXWVFKHUQXU*RWWXQGVRQVWQLFKWVDXIGHU:HOWIUFKWHNRQQWH
PDQ KXPDQLWlUH +HPPXQJHQ EHUZLQGHQ 'HU %UXFK PLW GHU
7UDGLWLRQ GHU $XINOlUXQJ ZDU EHL %HJLQQ GHV  :HOWNULHJV
HQGJOWLJYROO]RJHQ'LHª,GHHQYRQ©ZXUGHQJHJHQGLH
YRQ  HQWZRUIHQ 'HXWVFKWXPVPHWDSK\VLN XQG ±P\VWLN
*HPHLQVFKDIWVURPDQWLN GHU .ULHJ DOV (LJHQWOLFKNHLW $XFK
GDV DQWLGHPRNUDWLVFKH 'HQNHQ LQ GHU :HLPDUHU 5HSXEOLN ZDU
ZHVHQWOLFK GXUFK GLH 3URIHVVRUHQVFKDIW JHSUlJW 'HU (LQVDW]
GHU :LVVHQVFKDIW LP 'ULWWHQ 5HLFK ODJ VRPLW LQQHUKDOE HLQHU
IDWDOHQ VHLW ODQJHP DQJHOHJWHQ (QWZLFNOXQJ 6RPEDUW KDW
GLHVHU ª*UXQGJHVWLPPWKHLW© LQ HLQHP NODVVLVFKHQ :RUW
$XVGUXFN JHJHEHQ ª0LOLWDULVPXV LVW GHU ]XP NULHJHULVFKHQ
*HLVW KLQDXIJHVWHLJHUWH KHOGLVFKH *HLVW (U LVW 3RWVGDP XQG
:HLPDULQK|FKVWHU9HUHLQLJXQJ(ULVW¾)DXVW½XQG¾=DUDWKXVWUD½


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

XQG %HHWKRYHQ3DUWLWXU LP 6FKW]HQJUDEHQ 'HQQ DXFK GLH

(URLFD XQG GLH (JPRQW2XYHUWUH VLQG GRFK ZRKO HFKWHVWHU
0LOLWDULVPXV©'LHVHUªJHLVWLJH:DIIHQGLHQVW©ZXUGHYRUDOOHP
DXFK GDGXUFK JHI|UGHUW GD‰ GLH .ODVVLN EHVRQGHUV JXW ]XU
$EGHFNXQJGHUHLJHQHQ$JJUHVVLYLWlWJHHLJQHWVFKLHQ6LHZXUGH
JOHLFKJHVHW]W PLW VSHNWDNXOlUHU 3RVH PLW 6\VWHPDWLVLHUXQJ
*OLHGHUXQJ 2UGQXQJ 2UJDQLVDWLRQ 6LH ZDU lVWKHWLVFKH
6WUDWHJLHXQGGDPLWHLQH$EDUWGHU.ULHJVNXQVW6RZXUGHHWZD
0ROWNHDOVGHUJUR‰H.QVWOHUGHV.ULHJHVJHSULHVHQ'DV9RON
GHU 'LFKWHU XQG 'HQNHU KDEH VLFK /DQJEHKQ VWHOOWH GLHV LQ
¾5HPEUDQGWDOV(U]LHKHQDXIDWPHQGIHVWLQHLQ9RONGHU.ULHJHU
XQG.QVWOHUYHUZDQGHOWª.ULHJXQG.XQVWLVWHLQHJULHFKLVFKH
HLQH GHXWVFKH HLQH DULVFKH /RVXQJ© (LQ VROFKHV (UEH ZXUGH
ZHLWHUJHUHLFKW YRQ GHXWVFKEHZX‰WHQ +RFKVFKXOSURIHVVRUHQ
/HKUHUQ 6FKULIWVWHOOHUQ 9HUOHJHUQ 3IDUUHUQ ZREHL EHVRQGHUV
GLH 6FKXOH DOV $JHQWXU GHU KHUUVFKHQGHQ *HVHOOVFKDIW HLQ
HLQÀX‰UHLFKHU 8PVFKODJSODW] GHU ,GHRORJHPH ZDU (LQH
$QDO\VH GHU 7HUPLQRORJLH YRQ .XQVWZLVVHQVFKDIW XQG
*HUPDQLVWLN RIIHQEDUW LQ ZHOFK VWDUNHP MD EHUZlOWLJHQGHP
0D‰HGHUPLOLWlULVFKHXQGQDWLRQDOLVWLVFKH-DUJRQª6SUDFKHLP
(LQVDW]© GRPLQLHUWH .XQVW ZXUGH QLFKW LQWHUSUHWLHUW VRQGHUQ
KHURLVLHUW3URWRW\SLVFKHWZDZDVLQGHU.XQVWZLVVHQVFKDIWGHP
ª%DPEHUJHU5HLWHU©DQJHWDQXQGZLHLQGHU*HUPDQLVWLNª)DXVW
XQGGDV)DXVWLVFKH©DOV(OHPHQWGHXWVFKHU,GHRORJLHLQWHJULHUW
ZXUGHQ'LH.ULVHGHU*HUPDQLVWLNLQXQVHUHQ7DJHQEHVRQGHUV
HYLGHQWJHZRUGHQDXIGHQ*HUPDQLVWHQWDJHQLQ0QFKHQ
XQG  %HUOLQ PDFKWH GHXWOLFK GD‰ GLH (QWQD]L¿]LHUXQJ
DOV 9HUGUlQJXQJ HUIROJW ZDU 'LH ,QKDOWH ZDUHQ DXVJHWDXVFKW
ZRUGHQ GLH 6SUDFKPXVWHU DEHU ZHLWJHKHQG XQEHHLQWUlFKWLJW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

JHEOLHEHQ *HUPDQLVWLVFKHV 3URIHVVRUHQGHXWVFK VLJQL¿NDQW

IU ]XPLQGHVW JHLVWHVZLVVHQVFKDIWOLFKHV 3URIHVVRUHQGHXWVFK
EHUKDXSW EOLHE DI¿UPDWLY QLFKW ]XOHW]W GHVKDOE ZHLO
HV QLFKW GHQ 0XW DXIEUDFKWH GLH HLJHQH VSUDFKOLFKH ZLH
JHGDQNOLFKH 3RVLWLRQ KLVWRULVFK ]X UHÀHNWLHUHQ 'DV
*HVFKLFKWVEHZX‰WVHLQ ZDU YRUJHWlXVFKW QLFKW IU$XINOlUXQJ
VRQGHUQ 9HUQHEOXQJ QLFKW IU NULWLVFKH 7UHQQVFKlUIH
VRQGHUQ QXU IU GLH %HNUlIWLJXQJ YRQ ,GHRORJLH JHHLJQHW$P
%HLVSLHO GHU *HUPDQLVWLN ZLUG ]XGHP GHXWOLFK ZLH DNWXHOO
GLH VR]LROLQJXLVWLVFKH %HWUDFKWXQJ YRQ 3URIHVVRUHQGHXWVFK
KHXWH LVW7URW] GHU 'HPRNUDWLVLHUXQJ GHU ,QKDOWH VLQG GLH DXV
GHP DJUDUJHVHOOVFKDIWOLFKHQ 6WDELOLWlWVGHQNHQ HQWZLFNHOWHQ
6SUDFKPXVWHU GHV 3DWHUQDOLVWLVFKHQ XQG 3VHXGRLG\OOLVFKHQ
GLH 6SUHFKODJH GHU HQWGLQJOLFKWHQ 6SHNXODWLRQ VRZLH GLH OHHUH
5HGXQGDQ]GHVlVWKHWLVFKHQ:RUWUDXVFKVZHLWJHKHQGXQOlGLHUW
JHEOLHEHQ 'LDOHNWLVFKHV 6SUHFKHQ ZLUG HQWVSUHFKHQG DOV
GHVWUXNWLYHV6SUHFKHQGLIIDPLHUW±ZlUHHVGRFKLQGHU/DJHGLH
+\EULVGHU)UDJORVLJNHLW]XJXQVWHQHLQHUVSUDFKOLFKHQXQGGDPLW
DXFK ZHOWDQVFKDXOLFKHQ JU|‰HUHQ 2IIHQKHLW DXI]XEUHFKHQ LP
EHVRQGHUHQDXFK$XIJDEHHLQHUSOXUDOLVWLVFKHQ6SUDFKHU]LHKXQJ
YRQ GHU 9RUVFKXOH ELV ]XU 8QLYHUVLWlW 'LH .ULVH GHU
*HUPDQLVWLN GLH YRQ GHU OLQNHQ .ULWLN DOV ª$JRQLH HLQHU
EUJHUOLFKHQ:LVVHQVFKDIW©LQWHUSUHWLHUWZLUGKDW]ZHL6HLWHQ
NULVHQKDIWHUVFKHLQWXQVVRZRKOGLHEHVWHKHQGH*HUPDQLVWLNZLH
GLHGHV*HJHQHQWZXUIVGLHGDVZDVNULWLVLHUWZLUGHFRQWUDULR
ZHLWHUIKUW$OV 'HXWVFKZLVVHQVFKDIW LVW GLH *HUPDQLVWLN IDVW
YRQ$QIDQJDQDOV'HXWVFKWXPVZLVVHQVFKDIWHQWZLFNHOWZRUGHQ
DOV7HLOHLQHUY|ONLVFKHQ7KHRORJLHGLHEDOG]XU,GHRORJLHZXUGH
LQGHP VLH $XVVFKOLH‰OLFKNHLWVDQVSUXFK HUKRE ª'LH .ULVH GHU


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

*HUPDQLVWLN VWHKW VWHOOYHUWUHWHQG IU GLH )lFKHU GLH DXIJUXQG

LKUHV :LVVHQVFKDIWVYHUVWlQGQLVVHV LQ XQSROLWLVFKDI¿UPDWLYHU
+DUPRQLHPLWGHUEHVWHKHQGHQ*HVHOOVFKDIWOHEHQGDVNULWLVFKH
3RWHQWLDOGHU6WXGHQWHQYRQJHVHOOVFKDIWOLFKHU3UD[LVIHUQKDOWHQ
XQG]DJH'HWDLONULWLNDOOHQIDOOVLP5DKPHQIDFKLQWHUQHULQQHUHU
(PLJUDWLRQ GHNODPLHUHQ© 0 3HKONH 'LH 'HXWVFKNXQGH ZDU
ª(U]LHKHULQ GHV 9RONVWXPV© ± :HJEHUHLWHU HLQHV SROLWLVFKHQ
,UUDWLRQDOLVPXV GHU VFKOLH‰OLFK LP 1DWLRQDOVR]LDOLVPXV
NXOPLQLHUWH 0DQ NDQQ DXIJUXQG GHU JHUPDQLVWLVFKHQ
:LVVHQVFKDIWVJHVFKLFKWHDEJHVLFKHUWEHKDXSWHQGD‰VLFK
QLFKW,QGLYLGXHQVFKXOGLJPDFKWHQVRQGHUQHLQH:LVVHQVFKDIW
LKUH LGHRORJLVFKH ª(UIOOXQJ© IDQG GLH YRQ LKUHQ 8UVSUQJHQ
XQGLKUHP6HOEVWYHUVWlQGQLVKHUDXIGLHVH3HUYHUVLRQDQJHOHJW
JHZHVHQ LVW $Q GHU JHUPDQLVWLVFKHQ 6SUDFKH LVW GLHVH
(QWZLFNOXQJDEOHVEDU$UWLNXODWLRQHLQHUJHLVWLJHQ+DOWXQJGLH
]ZLVFKHQ PLOLWDQWHU ,QQHUOLFKNHLW XQG YHUEDOHP ,PSHULDOLVPXV
DQJHVLHGHOW ZDU XQG GHUHQ 9HUIKUEDUNHLW JHUDGH LQ LKUHP
VFKHLQEDU XQSROLWLVFKHQ 0HWKRGHQSOXUDOLVPXV ODJ ± NRQQWH HU
GRFK GLH V\VWHPK|ULJH *UXQGVWLPPXQJ NDVFKLHUHQ .ULWLVFKH
6SUDFKH LVW GHU *HUPDQLVWLN VWHWV IUHPG JHEOLHEHQ VLHKW PDQ
YRQGHQ,QYHNWLYHQJHJHQEHU.ROOHJHQDEVRKDEHQNULWLVFKH
LURQLVFKH ZLW]LJH RGHU KXPRUYROOH 6lW]H LP JHUPDQLVWLVFKHQ
6FKULIWWXP 6HOWHQKHLWVZHUW .OHLQWXQ PLW :RUWHQ ODJ HLQHU
:LVVHQVFKDIWIHUQGLHVLFKVWlQGLJDXIGDVKHLOHQGHHUKHEHQGH
XQG HUKDEHQH :RUW EHULHI GHUHQ ,G\OOLN VWHWV DXI ]XQlFKVW
QDWLRQDOOLEHUDOHQ VSlWHU QDWLRQDOLPSHUDOHQ 6SKlUHQÀXJ
DXVJHULFKWHWZDU%HVRQGHUVGHXWOLFKLVWGLHVDP9HUKlOWQLV]XU
ª0XWWHUVSUDFKH©DEOHVEDUGLHQDFKIROJHQGHQ=LWDWHLOOXVWULHUHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GHQ QDWLRQDOUDVVLVWLVFKHQ 6SUDFKIHWLVFKLVPXV GHU 3URIHVVRUHQ

±XQGLKUXQKHLPOLFKKHLPHOLJHV6SUDFK,G\OO
ª:HQQZLU'HXWVFKHQVFKRQGDVHLQ]LJH9RON(XURSDVVLQG
GDV VLFK QDFK VHLQHU 0XWWHUVSUDFKH QHQQW GDQQ VROO XQV GDV
QLFKWQXUHLQVWHWHU+LQZHLVGDUDXIVHLQZLHHQJGDV6FKLFNVDO
GHXWVFKHV9RONXQGGHXWVFKH6SUDFKHPLWHLQDQGHUYHUNHWWHWKDW
HV VROO XQV YRU DOOHP DQ GLH$XIJDEH HULQQHUQ GLH YRONKDIWHQ
.UlIWH XQVHUHU 0XWWHUVSUDFKH VR OHEHQGLJ ]X HUKDOWHQ XQG ]X
VWlUNHQGD‰VLHVLFKLPPHUUHLFKHUDXVZLUNHQN|QQHQGD‰VLH
EHVRQGHUV LQ 6WXQGHQ GHU 1RW XQG *HIDKU LKUH YROOH /HLVWXQJ
HQWIDOWHQN|QQHQ±]XP+HLOHXQVHUHV9RONHV©
ª6SUDFKH LVW GLH WUDJHQGH .UDIW OHEHQGLJHU *HPHLQVFKDIW
0XWWHUVSUDFKHLVW)RUPJHZRUGHQH*HPHLQVFKDIWGLHQXQLQVLFK
GLH.UDIWWUlJW0HQVFKHQGLHGLH9RUDXVVHW]XQJXQG0|JOLFKNHLW
]XU *HPHLQVFKDIW LQ VLFK WUDJHQ ]X ZLUNOLFKHQ *OLHGHUQ HLQHU
*HPHLQVFKDIW ]X SUlJHQ 6SUDFKH LVW GLH *UXQGEHGLQJXQJ
DOOHU *HVFKLFKWOLFKNHLW VLH DOOHLQ KDW GLH .UDIW« 5DXP XQG
=HLW ]X EHUVSDQQHQ XQG GDEHL GDV ]XVDPPHQ]XIDVVHQ ZDV
YRQ XQJH]lKOWHQ 0LOOLRQHQ LQ -DKUWDXVHQGHQ DQ %OHLEHQGHP
JHVFKDIIHQ ZXUGH XQG GLHVHV 9RONVHUEH MHGHP QHXHQ *OLHG
GLHVHU *HPHLQVFKDIW DOV XPIDVVHQGHV :HOWELOG YRQ IUKHVWHU
.LQGKHLWDQHLQ]XSUlJHQ©
ª(VLVWNHLQ=XIDOOGD‰GLH-DKU]HKQWHLQGHQHQGDV*HIKO
IU GLH .UlIWH GHU 0XWWHUVSUDFKH DP VWlUNVWHQ ZDU ]XJOHLFK
GLH =HLWHQ JU|‰WHU 1RW XQVHUHV 9RONHV ZDUHQ =HLWHQ GLH ]XU
%HVLQQXQJDXIGLHWUDJHQGHQ.UlIWHGHV9RONVOHEHQV]ZDQJHQ
8QG ZHQQ GLH %HGUlQJQLVVH GHU .ULHJV XQG 1DFKNULHJVMDKUH
XQVYRQQHXHPHLQHQYRONKDIWHQ6SUDFKEHJULIIJHEUDFKWKDEHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

VR KWHQ ZLU XQV GDEHL YRU MHGHP hEHUVFKZDQJ ZLU VXFKHQ
MHGH *HULQJVFKlW]XQJ GHU DQGHUHQ YRONVFKDIIHQGHQ .UlIWH ]X
YHUPHLGHQ DEHU ZLU KRIIHQ XP GHU =XNXQIW XQVHUHV 9RONHV
ZLOOHQGD‰HV JHOLQJWDOOHGLH YRONKDIWHQ.UlIWH ZDFK]XUXIHQ
XQG HLQ]XVHW]HQ GLH LP :HVHQ GHU 0XWWHUVSUDFKH XQG
6SUDFKJHPHLQVFKDIW EHJUQGHW VLQG XQG ZLU VLQG EHU]HXJW
GD‰GLHVHVLFKLPPHUZLHGHUHUZHLVHQZHUGHQ±VRZLHVLHVLFK
LQGHUGHXWVFKHQ*HVFKLFKWHRIWJHQXJEHZlKUWKDEHQ±DOV%DQG
XQ]HUVW|UEDUHU (LQLJNHLW DOV 7ULHENUDIW JHPHLQVFKDIWOLFKHQ
:ROOHQVXQG+DQGHOQVDOV8QWHUSIDQGHLQHU/HEHQVJHVWDOWXQJ
DXVGHXWVFKHP*HLVWKHUDXV©/HR:HLVJHUEHU
:HQQ IUHLOLFK KHXWH GLH NULWLVFKH /LQNH GHQ 1DWLRQDOLVPXV
GLH%LOGXQJVLGHRORJLHXQGGLHLUUDWLRQDOH*HVFKLFKWVP\WKRORJLH
GHU*HUPDQLVWLNJHUDGHDXFKDQLKUHQ6SUDFKPXVWHUQHQWODUYW
XQGGDPLWGLH.ULVHGLH]XHUNHQQHQ]XGHUVLFK]XEHNHQQHQ
GLH2UGLQDULHQELV]XP*HUPDQLVWHQWDJLQ0QFKHQVLFK
]XGUFNHQYHUVXFKWHQHYLGHQWPDFKWYHUIlOOWVLHLQGHQ)HKOHU
HLQH:LVVHQVFKDIWVLGHRORJLHGXUFKHLQHDQGHUH]XVXEVWLWXLHUHQ
0DQ NULWLVLHUW XQG DWWDFNLHUW ]% ]ZDU PLW 5HFKW GHQ IU GLH
DOWH*HUPDQLVWLN]HQWUDOHQ%HJULIIGHUª/HEHQVKLOIH©GDGLHVHU
%HJULII LP 6LQQH JHUPDQLVWLVFKHU ,GHRORJLH GHU ,QGRNWULQDWLRQ
HLQHU KHLOHQ QDWLRQDOY|ONLVFKHQ :HOW GLHQWH VHW]W DEHU
GDQQ DQ GHVVHQ 6WHOOH HLQH QHXH )RUP YRQ JOHLFKHUPD‰HQ
DSRGLNWLVFKHU XQG RNWUR\LHUHQGHU ª/HEHQVKLOIH© GLH
QXQ ª*HVHOOVFKDIWVUHOHYDQ]© KHL‰W 'LH RQWRORJLVFKHQ
,QWHUSUHWDWLRQVPDXVROHHQ ZHUGHQ GXUFK VR]LRORJLVFKH
HUVHW]W GLH 'LIIDPLHUXQJ QLFKWJHVHOOVFKDIWVUHOHYDQWHU
JHLVWLJHU $UEHLW ]XPLQGHVW ZDV GLH 8QPLWWHOEDUNHLW LKUHU
$XVZLUNXQJ EHWULIIW LVW 7HLO HLQHV LGHRORJLHYHUGlFKWLJWHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

3DQVR]LRORJLVPXV GHU GDPLW QRWZHQGLJHUZHLVH DXI GDV KLQ

RULHQWLHUW ZDV IUKHU YRQ GHU +\EULV SDWKHWLVFKHQ +|KHQÀXJV
DXV DOV 7ULYLDOOLWHUDWXU EH]HLFKQHW ZXUGH :HQLJ LVW JHZRQQHQ
IU GLH QRWZHQGLJH 2IIHQKHLW YRQ :LVVHQVFKDIW GLH VHLW GHU
HXURSlLVFKHQ $XINOlUXQJ YRQ GHP $[LRP DXVJHKW GD‰ GLH
:DKUKHLW DQ VLFK XQEHNDQQW XQG QXU HLQH $QQlKHUXQJ DQ VLH
P|JOLFK VHL ZHQQ GHU LGHRORJLVFKH $EVROXWKHLWVDQVSUXFK GHU
QDWLRQDOLPSHULDOHQ *HUPDQLVWLN HUVHW]W ZLUG GXUFK GLH DOV
DEVROXWJHVHW]WH8WRSLHPDU[LVWLVFKHU*HVHOOVFKDIWVWKHRULHHLQH
FKLOLDVWLVFKH=XNXQIWVHUZDUWXQJPLWHLQHUDQGHUHQDXVJHWDXVFKW
ZLUG (PDQ]LSDWLRQ NDQQ JHQDXVR ]XU /HHUIRUPHO ZHUGHQ
ZLH /HEHQVKLOIH ZHQQ GLH 0HKUGHXWLJNHLW GHU %H]LHKXQJ
]ZLVFKHQ/LWHUDWXUXQG5HDOLWlWGRJPDWLVFKHUVHW]WZLUGGXUFK
GLH GHU 'LFKWXQJ ]XJHZLHVHQH 9HUL¿NDWLRQ IU EHUHLWV ¿[LHUWH
JHVHOOVFKDIWOLFKH9HUlQGHUXQJVDEVLFKWHQ(LQhEHUEDXSKlQRPHQ
LVW/LWHUDWXUDXFKZHQQDXFKKlX¿JXQEHZX‰WLQGHUELVKHULJHQ
*HUPDQLVWLN JHZHVHQ 3URGXNW XQG 3URMHNWLRQ HLQHU *UXSSH
GLH]XPJHLVWLJNRUUXPSLHUWHQ6SlWEUJHUWXPJHK|UWHLKUZDU
6SUDFKHQLFKWHLQ=HLFKHQV\VWHPDOVRHLQHLQGLYLGXHOOHUIROJWH
XQG GDQQ VR]LDO IHVW JHZRUGHQH 5HDNWLRQ RGHU .RQVWUXNWLRQ
YRQ 0HQVFKHQ OH VLJQH OLQJXLVWLTXH HVW DUELWUDLUH VRQGHUQ
LP 6LQQH GHV URPDQWLVFKHQ 2UJDQLVPXVGHQNHQV $XVGUXFN
YRQ :HVHQKDIWLJNHLW :RUWH ZXU]HOWHQ LP 6HLQ ,QGHP VLFK
GLHVH 6SUDFKH YRQ LKUHP K\EULGHQ:DKUKHLWVDQVSUXFK DXV YRU
GHU 9HUXQVLFKHUXQJ GXUFK DQGHUH 6SUDFKPXVWHU NULWLVFKHQ
'HQNHQV YHUVFKOR‰ KDW VLH LP 5HÀH[ IUHLOLFK MHQH UDGLNDOH
.RPSURPL‰ORVLJNHLWPLWKHUYRUJHUXIHQXQGJHI|UGHUWGLHMHW]W
DOV*HJHQ*HUPDQLVWLNVLFK]XHWDEOLHUHQVXFKW'HPOLEHUDOHQ
5HODWLYLVPXV IlOOW HV VFKZHU VLFK ]ZLVFKHQ ,GHRORJLH XQG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

*HJHQLGHRORJLH ]X EHKDXSWHQ :HU VRZRKO GLH ª/HEHQVKLOIH©

DI¿UPDWLYHU EHZX‰WORV WUDGLHUHQGHU +HUUVFKDIWVYHUKlOWQLVVH
VWDELOLVLHUHQGHU *HUPDQLVWLN DOV DXFK GLH 6QGHQERFNWKHRULH
YRQ GHU VSlWNDSLWDOLVWLVFKHQ *HVHOOVFKDIW DOV ]HQWUDOHP
(OHPHQW GHU *HJHQJHUPDQLVWLN DEOHKQW PX‰ YHUVXFKHQ
DX‰HUKDOE YRQ 3URIHVVRUHQGHXWVFK GHU .RQVHUYDWLYHQ XQG
YRP 3URIHVVRUHQGHXWVFK GHU /LQNHQ MHQVHLWV YRP -DUJRQ GHU
(LJHQWOLFKNHLWXQGYRP-DUJRQGHU'LDOHNWLN]XVSUHFKHQGDPLW
VHLQ6SUHFKHQSUD[LVIlKLJEOHLEW±LP6LQQHHLQHV3UD[LVEHJULIIV
ZLHLKQ,YDQ6YLWlNFKDUDNWHULVLHUWª'LH3UD[LVLVWGDV.RUUHNWLY
GHU LGHRORJLVFKHQ 6HOEVWWlXVFKXQJ 'LH 3UD[LV GHPDVNLHUW GDV
IDOVFKH 6HOEVWEHZX‰WVHLQ GDV ZLU YRQ XQV VHOEHU ELOGHQ :LU
VLQGDX‰HUVWDQGHXQVGXUFK3UD[LV]XEHOJHQ*HGDQNHQVLQG
YLHOGHXWLJ7DWHQQLFKW©


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

3DUNLQVRQVSUDFKH

%URNUDWLHUFNWLPPHUPHKULQVNULWLVFKH%HZX‰WVHLQ:DV
JHKWLQ9HUZDOWXQJYRU":LHZLUG(LQODXI]X$XVODXIGKQDFK
ZHOFKHQ *HVHW]HQ XQG *HVHW]Pl‰LJNHLWHQ RGHU QDFK ZHOFKHU
,UUHJXODULWlW =XIlOOLJNHLW DXFK $QPD‰XQJ YROO]LHKW VLFK GDV
ZDV9HUZDOWXQJJHQDQQWZLUGXQGKHXWHVREHUPlFKWLJLQDOOHQ
%HUHLFKHQ LQ (UVFKHLQXQJ WULWW" :HLWJHKHQG LVW GDV 9HUKlOWQLV
GHV %UJHUV ]XU 9HUZDOWXQJ ZRKO QRFK EHVWLPPW GXUFK GLH
%HVFKZHUGHEHUª«GHV5HFKWHV$XIVFKXEGHQhEHUPXWGHU
bPWHUXQGGLH6FKPDFKGLH8QZHUWVFKZHLJHQGHP9HUGLHQVW
HUZHLVW©6R6KDNHVSHDUHLP¾+DPOHW½

3DUNLQVRQLVWGDLURQLVFKHUXQGKXPRUYROOHUGLHGHU9HUZDOWXQJ
]XJUXQGHOLHJHQGH%|VDUWLJNHLWZLUG]ZDUQLFKWDEJHVWULWWHQGRFK
HUVFKHLQWGHU%HDPWHPHKUDOV2SIHUGHQQDOV7lWHU/DXUHQFH
- 3HWHU XQG 5D\PRQG +XOO KDEHQ GHP 3DUNLQVRQ*HVHW] GDV
3HWHU3ULQ]LS ]XU 6HLWH JHVWHOOW 9HUZDOWXQJ DOV +LHUDUFKLH GHU
8QIlKLJHQª,QHLQHU+LHUDUFKLHQHLJWMHGHU%HVFKlIWLJWHGD]X
ELV]XVHLQHU6WXIHGHU8QIlKLJNHLWDXI]XVWHLJHQ©9HUZDOWXQJ±
GDVKHL‰H%HUXIVDXWRPDWLVPXV3DS\URPDQLH6XSHUNRPSHWHQ]
8QIlKLJNHLWVEHWULHE,QNRPSHWHQ]3DWKRORJLHGHV(UIROJV
'DV ZDV LQ VDWLULVFKHU hEHUVSLW]XQJ HUVFKHLQW LVW HLQPDO
$XVGUXFN GHV DOOJHPHLQ YHUEUHLWHWHQ 0L‰YHUVWlQGQLVVHV


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

YRQ 9HUZDOWXQJ GDV NROOHNWLYH 8QWHUEHZX‰WVHLQ SURML]LHUW

GLH 6FKZLHULJNHLWHQ GLH QXQ HLQPDO LP NRPSOL]LHUWHQ
PRGHUQHQ *HVHOOVFKDIWVJHIJH HQWVWHKHQ DXI GHQ 7HLO GLHVHU
*HVHOOVFKDIW GHU VSH]LHOO XP GLH 5HJHOXQJ XQG 5HJXOLHUXQJ
GLHVHU 6FKZLHULJNHLWHQ VLFK EHPKW =XP DQGHUHQ LVW MHGRFK
GLH 6FKXOG EHL GHU 9HUZDOWXQJ VHOEVW ]X VXFKHQ KDW VLH GRFK
XPV(LJHQXQG6HOEVWYHUVWlQGQLVVLFKZHQLJEHPKW]XVHKU
$EZHKUKDOWXQJ HLQJHQRPPHQ ZHQQ VLH ]XP 6QGHQERFN
DXVHUVHKHQ ZXUGH ]X ZHQLJ VHOEVWNULWLVFKH 5HÀH[LRQ ZDOWHQ
ODVVHQ ZHQQ HV JDOW HYROXWLRQlU VLFK ZHLWHU ]X HQWZLFNHOQ
9HUZDOWXQJVUHIRUPLVWVRPLWPHLVWHLQ6FKODJZRUWJHEOLHEHQGDV
YRQDX‰HQKHUDQJHWUDJHQZLUG±HWZDXQWHUSROLWLVFKHP'UXFN
RGHU XQWHU GHP 'UXFN GHU XQWHU GHU 9HUZDOWXQJ ªOHLGHQGHQ©
%HY|ONHUXQJ =X VFKZDFK EOHLEW GHU 9HUVXFK GHU 9HUZDOWXQJ
VHOEVW DXV GHU PLWYHUVFKXOGHWHQ 0LVHUH KHUDXV]XJHODQJHQ
1HXHUGLQJV PHLQW )ULHGHU /DX[PDQQ LQ VHLQHP %XFK ª'LH
NUDQNH+LHUDUFKLH©ª:HUKHXWHHLQLJH-DKUHIUHLQHEHVWLPPWH
9HUZDOWXQJ JHDUEHLWHW KDW LVW DEJHVWHPSHOW *HZL‰ HV JLEW
LPPHU ZLHGHU %HDPWH GLH GHQ 6SUXQJ YRQ HLQHU 9HUZDOWXQJ
]XUDQGHUHQZDJHQDEHUGDVVLQG$XVQDKPHQ1RUPDOHUZHLVH
LVW GLH$XVELOGXQJ DXV GHQ VFKRQ HUZlKQWHQ *UQGHQ VR HQJ
DXIGDV)DFKOLFKHEHVFKUlQNWGD‰GHU%HDPWHRIWQLFKWHLQPDO
PHKU VHLQH 6FKHXNODSSHQ EHPHUNW« 1RFK VFKZLHULJHU LVW GHU
6SUXQJ LQ GLH IUHLH :LUWVFKDIW $XFK IU 3ULYDWXQWHUQHKPHQ
LVW HLQ 0HQVFK GHU  -DKUH %HDPWHU ZDU DEJHVWHPSHOW©
'DV GDPLW DQJHGHXWHWH 6\QGURP PX‰ PDQ LP $XJH KDEHQ
ZHQQPDQVLFKPLWGHU6SUDFKHGHU%URNUDWLHEHVFKlIWLJW=X
LKUHU VSH]L¿VFKHQ VR]XVDJHQ %HUXIV3UREOHPDWLN WUHWHQ QRFK


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

3UREOHPHGLHVLFKDXIJUXQGGHUDOOJHPHLQHQJHVHOOVFKDIWOLFKHQ
XQGSROLWLVFKHQ6LWXDWLRQHUJHEHQ
,KUHU +HUNXQIW HQWVSUHFKHQG DOV ,QVWUXPHQW GHU ODQGHV
KHUUOLFKHQ0DFKWDXVEXQJ DOV 'RPlQHQ XQG 5HJDOLHQ VRZLH
6WHXHU 3ROL]HL XQG .ULHJVYHUZDOWXQJ ZDU 9HUZDOWXQJ DXI
6XERUGLQDWLRQ DQJHOHJW ª3ROL]H\© NHQQ]HLFKQHWH GLH JHVDPWH
LQQHUH9HUZDOWXQJVWlWLJNHLWGLHPHKUGHU$EZHKUYRQ6W|UXQJHQ
XQG*HIDKUHQDOVGHU+HUEHLIKUXQJVLQQYROOHUDXFKQHXDUWL
JHU=XVWlQGHGLHQWH'HPHQWVSUHFKHQGLVW9HUZDOWXQJVVSUDFKH
YRQ REHQ QDFK XQWHQ ª:HLVXQJ© YRQ XQWHQ QDFK REHQ
ª(UVXFKHQ© (LQHU JHZLVVHQ 5FNVLFKWVORVLJNHLW DXI GHU HLQHQ
6HLWH HQWVSULFKW 6HUYLOLWlW DXI GHU DQGHUHQ EHLGHV IUHLOLFK YHU
SDFNW LQ HLQ 6SUDFKULWXDO GDV VLFK ZHLWJHKHQG YHUVHOEVWlQGLJW
KDWXQGYRQGHQMHQLJHQGLHHV]HOHEULHUHQNDXPLP6LQQHGHV
VWDUNHQ$XWRULWlWVJHIlOOHVHPSIXQGHQZLUG1DFKIROJHQGVHLHLQ
+DQGEXFKGHU%HDPWHQ&DUULHUHDXVGHP-DKUH]LWLHUWGDV
DXIGHQ5HLFKV6WDDWVRGHU.RPPXQDOGLHQVWYRUEHUHLWHWHXQG
GDVGLHSURWRW\SLVFKHQ6SUDFKPXVWHUREULJNHLWOLFKHU9HUZDOWXQJ
]X FKDUDNWHULVLHUHQ YHUPDJ9RUDQJHVWHOOW VLQG GLH7LWXODWXUHQ
GDVEHJLQQWPLWGHP.DLVHUXQG.|QLJIKUWEHU.URQSULQ]HQ
ªVRXYHUlQH +HU]|JH© +HUUHQ PLW GHQ $GHOVSUlGLNDW ªYRQ©
EHU 6WDDWVPLQLVWHU *HKHLPH 5lWH *HKHLPH .DQ]OHLUlWH PLW
GHP 3UlGLNDW ª+RFKZRKOJHERUHQ© ELV ]X GHQ *HPDKOLQQHQ
GHU =LYLOEHDPWHQ LQVJHVDPW  $EVWXIXQJHQ GLH IUHLOLFK ]X
HLQHP 7HLO VLFK GHFNHQ ª*HQHKPLJHQ (XHU ([FHOOHQ] GHQ
$XVGUXFN PHLQHU YRU]JOLFKVWHQ +RFKDFKWXQJ PLW ZHOFKHU
LFK GLH (KUH KDEH PLFK ]X ]HLFKQHQ DOV (XHU ([FHOOHQ] JDQ]
JHKRUVDPVWHU«© 6R HWZD GLH *UX‰IRUPHO EHL HLQHP ªZLUNOL
FKHQ *HKHLPHQ 5DW PLW GHP 3UlGLNDW ([FHOOHQ]© 6FKRQ VRO


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

FKH bX‰HUOLFKNHLWHQ ]HLJHQ GD‰ GLH :HOW IU GLH 9HUZDOWXQJ

QXU GDQQ VLFK LQ 2UGQXQJ EHIDQG ZHQQ DOOHV VWDWXDULVFK ZDU
XQYHUUFNEDUVHLQHQ3ODW]KDWWHXQGEHKLHOW'DV6\VWHPIXQN
WLRQLHUWH ZHQQ DOOHV VHLQHQ JHZRKQWHQ *DQJ JLQJ GDV ELVKHU
VR XQG QLFKW DQGHUV *HKDQGKDEWH DXFK ZHLWHUKLQ VR XQG QLFKW
DQGHUV JHKDQGKDEW ZUGH VLPLOH ZRUDXV GDQQ YRUZXUIVYROO
GHUª$PWVVFKLPPHO©ZXUGH'LH6SUDFKHLVWGDV1HW]PLWGHP
9HUZDOWXQJDOOHVLQ*OHLFKI|UPLJNHLWHLQIlQJWPDJGDV(UHLJQLV
]XQlFKVW DXFK GDV hEOLFKH VSUHQJHQ ZROOHQ HV HQWNRPPW
GHP 6SUDFKGXNWXV QLFKW ZLUG GXUFK 6SUDFKH YHUZDOWEDU GLH
0DVFKHQ GLH .ULWHULHQ XQG .DWHJRULHQ GHV ª(USUREWHQ© KDO
WHQ'LHVH)lKLJNHLWGHU9HUZDOWXQJVVSUDFKH±DOOHVLQEHJULIÀL
FKH6WHUHRW\SLH]XIDVVHQ±EHZLUNWDXFKGD‰9HUZDOWXQJVLFK
GHQ $QVFKHLQ K|FKVWHU 2EMHNWLYLWlW ]X YHUOHLKHQ YHUPDJ (LQ
$NWHQYHUPHUN HLQ 9HUZDOWXQJVVFKULIWVWFN PDJ DXV (PRWLRQ
5HVVHQWLPHQW8QNHQQWQLV0L‰YHUVWlQGQLVDEJHID‰WVHLQ±GLH
QDFK EHVWLPPWHQ 5HJHOQ YRUJHQRPPHQH 9HUEDOLVLHUXQJ ZLUG
DOV 2EMHNWLYLHUXQJ HPSIXQGHQ DOOHLQ VFKRQ GLH 9HUPHLGXQJ
SHUV|QOLFKHU )UZ|UWHU VXJJHULHUW GD‰ 6XEMHNWLYLVPXV DXV
JHVFKDOWHW VHL ª« JHEUDXFKH PDQ QLHPDOV GLH )UZ|UWHU 6LH
,KQHQHWFGDPDQHVMDQLFKWPLWHLQHU3HUVRQVRQGHUQPLWHLQHU
9HUZDOWXQJVVWHOOH]XWKXQKDW©KHL‰WHVLQGHPEHUHLWV]LWLHUWHQ
%HDPWHQ&DUULHUH%XFKGHPHQWVSUHFKHQGLVWDXFKKHXWHQRFK
GDVª6FKULIWJXW©DQJHOHJW
3HUV|QOLFKNHLW 6SRQWDQHLWlW XQNRQYHQWLRQHOOH $UJXPHQ
WDWLRQ KDEHQ KLHULQ QLFKWV ]X VXFKHQ ZHU JDU PLW :LW] XQG
+XPRU DUEHLWHQ ZUGH KlWWH ZHQLJ $XIVWLHJVFKDQFHQ 'DV
.RPPXQLNDWLRQVVFKHPD LVW SDWULDUFKDOLVFK LQ GHU $PWVVWXEH
VSLHJHOWVLFKJ|WWOLFKH2UGQXQJIUHLOLFKVlNXODULVLHUWHUDOV


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GDVQDFKIROJHQGH=LWDWP‰WHPDQGHPHQWVSUHFKHQGXP
VFKUHLEHQGHU*HKDOWGHU%HWULHEVDQZHLVXQJLVWMHGRFKNHLQHV
ZHJVEHUKROWª'HQ8QWHUJHEHQHQVFKlUIHQZLUHLQVLFKDOOH]HLW
HLQHV]XYRUNRPPHQGHQXQGEHVFKHLGHQHQ%HWUDJHQVXQGHLQHU
XQZDQGHOEDUHQ+|ÀLFKNHLW]XEHÀHL‰LJHQRKQHLQFKDUDNWHUORVH
.ULHFKHUHL]XYHUIDOOHQ.HLQHUOHL8QJHEKUOLFKNHLWHQYRQVHL
WHQLKUHU9RUJHVHW]WHQGUIWHQLPVWDQGHVHLQVLHGLH5XKHXQG
$UWLJNHLW YHUJHVVHQ ]X ODVVHQ ZHOFKH LKUH 6WHOOXQJ XQEHGLQJW
YRQ LKQHQ IRUGHUW 8QG GLHVH 7DNWLN VROOWHQ VLH QLFKW QXU GHV
KDOEEHIROJHQZHLOVLHLKQHQ]XHLQHPJHVLFKHUWHQ)RUWNRPPHQ
Q|WLJ LVW VRQGHUQ YRU]XJVZHLVH LP +LQEOLFN DXI GLH J|WWOLFKH
2UGQXQJGHU'LQJHZHOFKHHLQZLOOLJHV)JHQXQWHUGLH+DQG
GHU2EULJNHLWYRQXQVIRUGHUW©
'DPLW NHLQ 0L‰YHUVWlQGQLV DXINRPPW QDWUOLFK LVW HV GLH
$XIJDEH YRQ 9HUZDOWXQJ XQG 9HUZDOWXQJVVSUDFKH ]X IRUPD
OLVLHUHQ XQG ]X VFKHPDWLVLHUHQ GHU ª:LOOH ]XU 6FKDFKWHO© GLH
KRKH )lKLJNHLW GHV 0HQVFKHQ NUDIW VHLQHU 5DWLR 8PZHOW XQG
0LWZHOWGLVSRQLEHO]XPDFKHQ]XRUGQHQXQG]XJOLHGHUQLVWLQ
GHU9HUZDOWXQJRIWEHZXQGHUXQJVZUGLJDP:HUN'DPLWPDQ
PHQVFKOLFKH XQG JHVHOOVFKDIWOLFKH ª)OOH© VFKZDU] DXI ZHL‰
EHVLW]HQNDQQPX‰VLHUHJLVWULHUWQXPHULHUWNDWDVWHUWZHUGHQ
PX‰PDQHLQH6SUDFKHYHUZHQGHQGLHQLFKWVWlQGLJGXUFKLQ
GLYLGXDOLVWLVFKH XQG SHUVRQDOLVWLVFKH 4XHUVFKOlJHU EHXQUXKLJW
LVW %HGHQNOLFK PX‰ MHGRFK VWLPPHQ ZLH ZHQLJ )OH[LELOLWlW
GLHVH6SUDFKH]HLJWZLHZHQLJVLHDXFKEHLVFKHPDWLVLHUHQGHU
$XIJDEH±QRFK3ODW]IUGLHUHJHOEHVWlWLJHQGH$XVQDKPH]HLJW
:DVªKHUDXVIlOOW©ZLUGHQWZHGHUQLFKWHUID‰WRGHUIUV6LPLOH
]XUHFKWJHPDFKW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

9HUZDOWXQJVDUEHLWLVWHQWIUHPGHWH$UEHLW9HUZDOWXQJVVSUDFKH
KDWZHQLJ'LQJOLFKNHLWDXFKZHQQVLHJODXEWVDFKOLFK]XVHLQ
VLH LVW ]HUKDFNW GXUFK 7HLODVSHNWH GLH RKQH =HQWUXP EOHLEHQ
:HQQ HWZDV ªYHUIJW© ZLUG ]LHKW VLFK GHU 9HUIJHQGH QLFKW
QXULQGLH$QRQ\PLWlW]XUFNZDVDOV2EMHNWLYLWlWYHUVWDQGHQ
ZLUGHUKDWGHQ%H]XJ]XP*HJHQVWlQGOLFKHQPHLVWYHUORUHQ
GD HU QLFKWV 9ROOVWlQGLJHV EHDUEHLWHW VRQGHUQ QXU HLQHQ 7HLO
GHVVHQ7HLOFKDUDNWHU±DOV7HLOHLQHV*DQ]HQ±LKPQLFKWEHZX‰W
JHPDFKW ZLUG XQG VR DXFK QLFKW EHZX‰W ZLUG :HQQ PDQ GLH
LQGHU9HUZDOWXQJ%HVFKlIWLJWHQHLQPDOV\VWHPDWLVFKGDUDXIKLQ
XQWHUVXFKHQ N|QQWH ZDV VLH ZLHYLHO VLH YRQ GHQ ªJU|‰HUHQ
=XVDPPHQKlQJHQ© ZLVVHQ ]X GHQHQ LKUH 7HLODUEHLW JHK|UW
ZlUH GDV (UJHEQLV VLFKHU VHKU GHSULPLHUHQG 'LH WlJOLFKH
5RXWLQH ZLUG ]XP JHLVWLJVHHOLVFKHQ /HHUODXI GLH SHUVRQDOHQ
.UlIWHPDQLIHVWLHUHQXQGHQWZLFNHOQVLFKQLFKWDP*HJHQEHU
GHU 6DFKH GHU DQGHUHQ 3HUVRQ VRQGHUQ SHUYHUWLHUHQ LQ
$NWHQYHUPHUNH ,Q GHU LQVWLWXWLRQDOLVLHUWHQ (QWIUHPGXQJ
YHUNPPHUQ GLH VHHOLVFKHQ XQG JHLVWLJHQ .UlIWH GLH ]X
LKUHU (QWIDOWXQJ GHV SHUV|QOLFKHQ 'UXFNV XQG *HJHQGUXFNV
EHGUIWHQ .LHUNHJDDUG VDJW HLQPDO ª'D‰ PDQ LQ 0HQJH LVW
HQWELQGHWHQWZHGHUYRQ5HXHXQG9HUDQWZRUWXQJRGHUVFKZlFKW
GRFKGLH9HUDQWZRUWXQJGHVHLQ]HOQHQDEZHLOVLHGLHVHPDQGHU
9HUDQWZRUWXQJQXUHLQHQ%UXFKWHLO]XNRPPHQOl‰W©'DV:RUW
LVW DXI9HUZDOWXQJ JXW EHUWUDJEDU 'HU EURNUDWLVFKH$SSDUDW
HUP|JOLFKW GHP ª%HDUEHLWHU© PLW GHU )OXFKW YRU GHU 6DFKH
DXFKGLH)OXFKWYRUVLFKVHOEVWLVWGRFK(QWVFKHLGXQJVORVLJNHLW
HLQ ZHVHQWOLFKHU 7HLO YRQ ,GHQWLWlWVYHUOXVW$NWHQYRUJDQJ DOV
3HQGHO RGHU 6SLUDOEHZHJXQJ ± EHLP 3HQGHOYRUJDQJ ZLUG HLQ
9RUJDQJVWlQGLJ]ZLVFKHQ]ZHL,QVWDQ]HQKLQXQGKHUJHVFKREHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

EHL GHU 6SLUDOEHZHJXQJ YRQ HLQHU ,QVWDQ]HQ(EHQH LQ GLH

DQGHUH±NDQQJXWPLWHLQHP=LWDWDXV0XVLOVª'HU0DQQRKQH
(LJHQVFKDIW©FKDUDNWHULVLHUWZHUGHQª6WHOOH(LQVVFKULHE6WHOOH
=ZHL DQWZRUWHWH ZHQQ 6WHOOH =ZHL JHDQWZRUWHW KDWWH PX‰WH
PDQ6WHOOH(LQVGDYRQ0LWWHLOXQJPDFKHQXQGDPEHVWHQZDU
HVPDQUHJWHHLQHPQGOLFKH$XVVSUDFKHDQ:HQQ6WHOOH(LQV
XQG =ZHL VLFK JHHLQLJW KDWWHQ ZXUGH IHVWJHVWHOOW GD‰ QLFKWV
YHUDQOD‰WZHUGHQN|QQHVRJDEHVXQDXIK|UOLFKHWZDV]XWXQ©
±'HUODQJH:HJH]XPNRQNUHWHQ(UJHEQLVLVWV\VWHPLPPDQHQW
GD]XZHQLJ9HUDQWZRUWXQJGHOHJLHUWZLUGGDGDV%HDPWHQWXP
QLFKW GHU (UIROJVNRQWUROOH XQWHUOLHJW VRQGHUQ DOOH .RQWUROOHQ
D SULRUL HUIROJHQ ZDV UDVFKHV +DQGHOQ XQP|JOLFK PDFKW
LVW GHU HLQ]HOQH LQ GHU 9HUZDOWXQJ YLHOIDFK IUXVWULHUW (U PDJ
HV QLFKW PHUNHQ DP 3HJHO GHU DPWVLQWHUQHQ )UXVWUDWLRQVDJJ
UHVVLYLWlW LVW GLH 'DVHLQVYHUIHKOXQJ DEOHVEDU XQG DP KRKHQ
$XVPD‰SULYDWLVWLVFKHU,QWHUHVVHQGLHGHQ9HUZDOWXQJVEHDPWHQ
NHQQ]HLFKQHQ PLW GHQHQ HU VHLQHU EHUXÀLFKHQ 0LVHUH ]X
HQWNRPPHQVXFKW(LQJHVSDQQWLQHLQH6SUDFKHGLHLKPNHLQ
SHUVRQDOHVª$XVEUHFKHQ©HUP|JOLFKWWUlXPWHUYRQ)HLHUDEHQG
XQG 3HQVLRQLHUXQJ ± ZLH HV HLQH:RUWFROODJH GLH LFK LQ HLQHU
7DJHV]HLWXQJ ]XP %HUXIVELOG GHV ª$PWPDQQV© ODV UHFKW
WUHIIHQGDXVGUFNW
ªPDQ VROOWH GDV DOOHV SUIHQ XQG GDQQ DXI ZLHGHUYRUODJH
OHJHQELV]XUZLHGHUYRUODJHKDWVLFKPDQFKHVJHOHJWXQGZLUG
NDXP DXIHUVWHKHQ GHU YRUJDQJ LVW QDFKJDQJ XQG DOV QDFKJDQJ
GHU DEOlJH QDKH GHQQ ZDV DEJHOHJW LVW NRPPW QLFKW ZLHGHU
K|FKVWHQV DXI DQIUDJH GLH GDQQ UFNIUDJH XQG DOV UFNIUDJH
QDFKUXIVWDWWDXIUXIZDUXPQLFKWGRFKSUIHQGHQQZDVJHSUIW
LVWDEODJHUHLIGDVUHJHQGHDEUHJHQXQGZLUGNDXPLPUFNODXI


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GHQDNWHQÀX‰KHPPHQVREOHLEWGDVQHXHEHLPDOWHQGDVZHLWHUH
]XU GXUFKVLHKW EOHLEW RKQH HULQQHUXQJ HULQQHUXQJVORV SHQGHOW
]XP QlFKVWHQ NU]HO DEJH]HLFKQHW NHKUW GLH DNWH KHLP LQ GHQ
DEHQGIULHGHQQDFKGHUIUKHQSHQVLRQLHUXQJGLHODQJHUHLVHIU
GLHPDQSURVSHNWHVDPPHOW©

'DV 9HUZDOWXQJVV\QGURP LVW GXUFK ª7HDP© KHLOEDU EHLP

7HDP ZHUGHQ ]ZDU DXFK YRP HLQ]HOQHQ QXU 7HLOH EHDUEHLWHW
DEHU GHU %OLFN DOOHU LVW DXI GHQ JHPHLQVDPHQ 0LWWHOSXQNW
JHULFKWHW 'DV 7HDP ZLUG GXUFK HLQH ]HQWULSHWDOH %HZHJXQJ
]XVDPPHQJHKDOWHQ 9RUDXVVHW]XQJ YRQ 7HDPVWUXNWXU
7HDPRUJDQLVDWLRQLVW7HDP6SUDFKHVRZLHGLHKLHUDUFKLVFKH
6WUXNWXU GXUFK HLQH NRRSHUDWLYH DEJHO|VW ZHUGHQ PX‰ LVW
:HLVXQJGXUFK%HIUDJXQJ(UVXFKHQGXUFK.ULWLN]XHUVHW]HQ
'LH 6SUDFKPXVWHU GHV 7HDPV VLQG GDUDXI DXVJHULFKWHW GHQ
NULWLVFKHQ 9HUVWDQG ]X DNWLYLHUHQ GLH YLHOHQ 6LQQH GHU YLHOHQ
.|SIH ]XU hEHUHLQVWLPPXQJ ]XU 2SWLPLHUXQJ ]X EULQJHQ
'HU :HJ GD]X LVW 'LVNXVVLRQ 9HUZDOWXQJ LQ 7HDPVWUXNWXU LVW
SHUPDQHQWH'LVNXVVLRQ±DEHUPLW6SLHOUHJHOQGLH(QWVFKHLGXQJ
DOV MHZHLOLJHQ 5HGDNWLRQVVFKOX‰ HEHQ (QWVFKHLGXQJ DXI
=HLW HUP|JOLFKHQ 'LH 7XJHQGHQ GHU ELVKHULJHQ 9HUZDOWXQJ
EOHLEHQGXUFKDXVHUKDOWHQZHUGHQVRJDUSRWHQ]LHUW±HWZDGLH
%HUHLWVFKDIW GLH 6DFKH YRU GHU 3HUVRQ ]X VHKHQ 8QWXJHQGHQ
MHGRFKZHUGHQEHVHLWLJWRGHU]XUFNJHGUlQJW.RQWUROOHZLUGLQ
GHQ$UEHLWVSUR]H‰KHUHLQJHQRPPHQXQGVRPLWªLQWHUQDOLVLHUW©
.RQWUROOH DOV 6HOEVWNRQWUROOH VWDWW ,QWULJH HUIROJW
(I¿]LHQ]VWHLJHUXQJ GXUFK JHJHQVHLWLJH .ULWLN 'LH 2IIHQKHLW
GHU*HGDQNHQGHP7HDPSDUWQHUZLHGHUDQ]XJHKHQGHQ6DFKH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

JHJHQEHUKDW2IIHQKHLWGHU6SUDFKH]XU)ROJHXQGXPJHNHKUW
I|UGHUW VSUDFKOLFKH 2IIHQKHLW %HZHJOLFKNHLW GHU *HGDQNHQ
:HQQ .RPSHWHQ] ªEHIUDJWH XQG EHIUDJEDUH $XWRULWlW© LVW
VR EHGHXWHW GDV 6SUHFKHQ LP 7HDP GDV 7HDPJHVSUlFK GD‰
GLHVH)UDJZUGLJNHLWVWlQGLJHUKDOWHQEOHLEWXQGJHQW]WZLUG
9HUZDOWXQJVUHIRUP LVW ]X HLQHP JUR‰HQ 7HLO 6SUDFKUHIRUP
2KQH 7UDLQLQJ LVW GLHV QLFKW P|JOLFK .RQGLWLRQLHUXQJ GHU
9HUZDOWXQJVEHDPWHQLPGLDOHNWLVFKHQXQGNULWLVFKHQ6SUHFKHQ
WXW QRW -DKUKXQGHUWHODQJH 3UD[LV PX‰ UFNJlQJLJ JHPDFKW
ZHUGHQª5XKHXQG$UWLJNHLW©VLQGGXUFK8QUXKHXQG5HÀH[LRQ
]X HUVHW]HQ HV NRPPW ± XP HLQHQ PRGHUQHQ $XVGUXFN ]X
YHUZHQGHQ±DXI.UHDWLYLWlWDQ1DFK-3*XLOIRUGLVW.UHDWLYLWlW
HLQ9HUKDOWHQVXQG6SUDFKPXVWHUGDVGLHIROJHQGHQ)DNWRUHQ
HQWKlOW ª6HQVLWLYLWlW IU 3UREOHPH (LQIKOXQJ )OVVLJNHLW
QHXDUWLJH ,GHHQ JHLVWLJH )OH[LELOLWlW PKHORVHV :HFKVHOQ
HLQHV %H]XJVV\VWHPV V\QWKHWLVFKH )lKLJNHLW DQDO\WLVFKH
)lKLJNHLW 8PRUJDQLVDWLRQV E]Z 1HXGH¿QLHUXQJVYHUP|JHQ
*UDG GHU .RPSOH[LWlW E]Z .RPSOL]LHUWKHLW GHU EHJULIÀLFKHQ
6WUXNWXUGLHPDQ]XEHKHUUVFKHQYHUPDJ0RWLYDWLRQVIDNWRUHQ
(LQVWHOOXQJHQXQG7HPSHUDPHQW©'LH/HHUIRUPHOª.UHDWLYLWlW©
IOOWVLFKZHQQGDV9HUZDOWXQJVV\VWHPVRJHVFKDIIHQLVWGD‰HV
LPDOOWlJOLFKHQ$UEHLWVSUR]H‰.UHDWLYLWlWQ|WLJPDFKWXQGDXFK
KRQRULHUW
ª6\VWHPDQDO\VH© EHUHLWHW GHQ :HJ GHU 8PVWHOOXQJ YRQ
GHU IUXVWULHUHQGHQ +LHUDUFKLH ]XU NUHDWLYHQ .RRSHUDWLRQ
:lKUHQG ODQJH =HLW 9HUZDOWXQJ LQ LKUHP 9HUIDKUHQ XQG
+DELWXV KLQJHQRPPHQ RGHU YRQ 3HULSKHUSKlQRPHQHQ KHU
NULWLVLHUW ZXUGH YHUVXFKW PDQ PLW +LOIH HLQHU QHXDUWLJHQ
YRU DOOHP DXFK N\EHUQHWLVFKH (UNHQQWQLVVH HLQEH]LHKHQGHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

9HUZDOWXQJVZLVVHQVFKDIW %URNUDWLH DOV 6\VWHP ]X

HUIRUVFKHQ DXIJUXQG YRQ 6\VWHPDQDO\VH 6\VWHPYHUlQGHUXQJ
9HUZDOWXQJVUHIRUP YRU]XQHKPHQ 6LHKW PDQ 9HUZDOWXQJ
XQWHUGHP$VSHNWHLQHU,QSXW2XWSXW$QDO\VHVRLVWXQWHU,QSXW
GLHJDQ]H)OOHGHU6LJQDOHJHPHLQWGLHVWlQGLJYRQ8PZHOW
0LWZHOW RGHU *HJHQZHOW DEJHJHEHQ ZHUGHQ XQG YRQ VHKU
YHUVFKLHGHQHQ (PSIlQJHUQ LQ GHU 9HUZDOWXQJ DXIJHQRPPHQ
ZHUGHQMHQDFK5ROOHQVSLHONDQQGHU6HQGHU]XGHP(PSIlQJHU
XQGGHU(PSIlQJHU6HQGHUVHLQ'HUYLHOZHJLJHXQGYHU]ZHLJWH
,QIRUPDWLRQV XQG .RPPXQLNDWLRQVÀX‰ LQQHUKDOE GHU
9HUZDOWXQJXQG]ZLVFKHQ9HUZDOWXQJXQG*HVHOOVFKDIWLVWGDPLW
DQJHVSURFKHQ
9HUZDOWXQJ LVW HLQH ,QIRUPDWLRQVYHUDUEHLWXQJVVWlWWH
GLH DXIJUXQG GHU MHZHLOLJHQ ,QIRUPDWLRQVYHUDUEHLWXQJ
(QWVFKHLGXQJHQ YRUEHUHLWHW RGHU WULIIW 8P GLH ,QIRUPDWLRQV
.RPPXQLNDWLRQVXQG(QWVFKHLGXQJVSUR]HVVHªGHPRNUDWLVFKHU©
XQG GDV KHL‰W DXFK VDFKDGlTXDWHU WUDQVSDUHQWHU
IRUWVFKUHLWHIlKLJHU HWF ]X PDFKHQ N|QQWH PDQ 9HUZDOWXQJ
±XQGGLHVLVWZHLWJHKHQGGLH)RUGHUXQJGHU6\VWHPDQDO\WLNHU
± QDFK GHP 5HJHONUHLVSULQ]LS XPVWUXNWXULHUHQ ª)HHGEDFN©
LVW GDEHL HLQ =HQWUDOEHJULII QlPOLFK GHU 9HUVXFK PLW
+LOIH XPIDQJUHLFKHU 5FNNRSSOXQJVYHUIDKUHQ DOWHUQDWLYHV
'HQNHQ 3ODQHQ XQG +DQGHOQ DXIJUXQG YRQ 6LPXODWLRQHQ
GXUFKJHVSLHOWHQ 'DWHQNRPELQDWLRQHQ ]X LQVWLWXWLRQDOLVLHUHQ
QLFKW DXV GHP *HKDEWHQ VRQGHUQ DXV GHP 3URJQRVWL]LHUEDUHQ
VROOHQ GLH 9HUZDOWXQJVPD[LPHQ DEJHOHLWHW ZHUGHQ ± %LVODQJ
LVW GLH )OOH XQG 9LHOIDOW GHU ,QIRUPDWLRQHQ 'DWHQ RIW
XPJHNHKUW SURSRUWLRQDO ]X GHP ,QVWUXPHQWDULXP GDV IU
VROFKH9HUDUEHLWXQJ ]XU9HUIJXQJ VWHKW 0DQ VSULFKW ELOGKDIW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

YRQ ,QIRUPDWLRQVYHUVFKPXW]XQJ XQG PHLQW GDPLW GD‰ GDV

,QIRUPDWLRQVDQJHERW QLFKW PHKU GXUFK NOlUHQGH hEHUVLFKW
EHZlOWLJWZHUGHQNDQQ'LH4XDQWLWlWGHU,QIRUPDWLRQHQLVWGLH
HLQH6HLWHGHU0LVHUH0DQJHODQ0HWKRGHQXQG$SSDUDWXUHQIU
GLH9HUDUEHLWXQJGLHDQGHUH'DVZDV7HFKQLNEHZLUNWQlPOLFK
GLH ,QIRUPDWLRQVVFKZHPPH NDQQ DEHU DXFK PLW +LOIH YRQ
7HFKQLN EHZlOWLJW ZHUGHQ (LQ 0XVWHUEHLVSLHO KLHUIU LVW HWZD
GLHHOHNWURQLVFKH'DWHQYHUDUEHLWXQJGLHDOV,QIRUPDWLRQVYHUDUEH
LWXQJVLQVWUXPHQW,QIRUPDWLRQVYHUVFKPXW]XQJ]XNOlUHQYHUPDJ
'DWHQElQNHEHGUIHQIUHLOLFKDGlTXDWHU.RPPXQLNDWLRQVPXVWHU
HKH PDQ HOHNWURQLVLHUW PX‰ PDQ UHRUJDQLVLHUHQ 0DQ NDQQ
]%PLWHLQHUKLHUDUFKLVFKJHJOLHGHUWHQ9HUZDOWXQJVFKZHUOLFK
HLQ GXUFK HOHNWURQLVFKH 'DWHQYHUDUEHLWXQJ HUOHLFKWHUWHV
DOWHUQDWLYHV'HQNHQXQG+DQGHOQSUDNWL]LHUHQ'LH$OWHUQDWLYHQ
VSUDFKOLFK :HQQ'DQQ6lW]H N|QQHQ QLFKW GHNUHWLHUW VLH
PVVHQGLVNXWLHUWZHUGHQ6ROFKH.RPPXQLNDWLRQVHW]WYRUDXV
GD‰ PDQ VLFK XP VLFK ]X YHUVWlQGLJHQ YHUVWHKHQ NDQQ 'LHV
LVW KHXWH DX‰HURUGHQWOLFK VFKZLHULJ 'HU ,QIRUPDWLRQVYHUVFK
PXW]XQJ HQWVSULFKW GLH 6SUDFKHQYHUZLUUXQJ 'LH $XVSUlJXQJ
YRQ ,QIRUPDWLRQ HUIROJW LQQHUKDOE VHKU XQWHUVFKLHGOLFKHU
6SUDFKPXVWHU *HUDGH GLH 9HUZDOWXQJ NDQQ QLFKW PHKU GDYRQ
DXVJHKHQGD‰HLQEURNUDWLVFKHV%DVDO,GLRP]XU9HUIJXQJ
VWHKW VLH PX‰ LQ YHUVFKLHGHQHQ 6SUDFKPXVWHUQ VLFK EHZHJHQ
N|QQHQGDPLW6DFKHQQLFKWPLW+LOIHYRQ6SUDFKHYHUJHZDOWLJW
VRQGHUQ 6DFKHQ LQ 6SUDFKHQ 6SUDFKPXVWHUQ ]XU$UWLNXODWLRQ
XQG 'LVNXVVLRQ NRPPHQ 1HEHQ VROFKHU 6SUDFKYLHOIDOW ZLUG
VLFK 9HUZDOWXQJ LQ ]XQHKPHQGHP 0D‰H GHU PDWKHPDWLVLHUWHQ
6SUDFKHEHGLHQHQPVVHQ9HUVWlQGLJXQJGXUFK6SUDFKHGXUFK
:RUWH KDW LPPHU GHQ 1DFKWHLO GD‰ LKUH =HLFKHQ YRUZLHJHQG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

VR]LDOIHVWJHZRUGHQH'HQNLQKDOWH%HXUWHLOXQJHQ(LQRUGQXQJHQ
WUDQVSRUWLHUHQ6SUDFKOLFKH=HLFKHQVLQGYRUUDQJLJ1LHGHUVFKODJ
YHUJDQJHQHU (UIDKUXQJHQ XQG GDPLW UHWURVSHNWLY 1DWUOLFK
NDQQ GHU 1LHGHUVFKODJ YHUJDQJHQHU (UIDKUXQJ 0XVWHU IU GLH
,QWHUSUHWDWLRQ NRPPHQGHU 3UREOHPH ZHUGHQ GRFK QHLJHQ
6SUDFKPXVWHU QRWZHQGLJHUZHLVH ]X HLQHU JU|‰HUHQ 6WDELOLWlW
GDVZDVPDQLQGHU.\EHUQHWLNª8OWUDVWDELOLWlW©QHQQW±QlPOLFK
6WDELOLVLHUXQJGXUFKhEHUWULWWLQQHXH6\VWHPH±LVWEHU6SUDFKH
VFKZHUHUUHLFKEDU+LHUQXQOLHJWGLH%HGHXWXQJGHU0DWKHPDWLN
ZREHL 0DWKHPDWLN 6DPPHOEHJULII IU )RUPDOLVLHUXQJ VHLQ
VROO 0LW +LOIH PDWKHPDWLVFKIRUPDOLVLHUWHU ª6SUDFKH© NDQQ
PDQ QLFKW QXU GDUVWHOOHQ IHVWKDOWHQ EHUPLWWHOQ PDQ NDQQ
YRU DOOHP DXFK UHFKQHQ =XGHP NDQQ PDQ PLW IRUPDOLVLHUWHQ
=HLFKHQ3URJUDPPDEOlXIHHLQGHXWLJIHVWOHJHQIHUQHU9DULDQWHQ
ªGXUFKVSLHOHQ©$[LRPH ZHFKVHOQ ]X 6LPXODWLRQHQ NRPPHQ
)RUPDOLVLHUWH =HLFKHQ VLQG ZHLWJHKHQG DEVWUDNW XQG GDPLW
QLFKW RGHU NDXP LQ HPRWLRQDOHQ %HZX‰WVHLQVVWUXNWXUHQ
YHUDQNHUW (LQ +\SRWKHVHQ ELOGHQGHV H[SHULPHQWLHUHQGHV
YHUL¿]LHUHQGHVXQGIDOVL¿]LHUHQGHV'HQNHQLVWYRUDOOHPGXUFK
PDWKHPDWLVFKH.RPPXQLNDWLRQP|JOLFK(VIlOOWGLH5HGXQGDQ]
:HLWVFKZHL¿JNHLWZHJ
0LW :RUWHQ Ol‰W VLFK WUHIÀLFK VWUHLWHQ ZHQQ :RUW XQG
6SUDFKH LQ GLHVHP GLDOHNWLVFKHQ 6LQQH YHUVWDQGHQ ZHUGHQ
PLW=DKOHQOl‰WVLFKWUHIÀLFKUHFKQHQ%HLGH,QIRUPDWLRQVXQG
.RPPXQLNDWLRQVDUWHQ PVVHQ LQ GHU9HUZDOWXQJVVSUDFKH HLQH
(LQKHLWELOGHQZHQQ5FNNRSSOXQJVSUR]HVVHRSWLPDOYHUODXIHQ
VROOHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

'LHVH QHXH 9HUZDOWXQJVVSUDFKH ± DOV 0LVFKXQJ YRQ

YHUVFKLHGHQDUWLJHQ DXFK NRQWURYHUVHQ 6SUDFKPXVWHUQ XQG
PDWKHPDWLVLHUWHQ3URJUDPPXQG(QWVFKHLGXQJVVSUDFKHQKDW
JHJHQEHUGHUDOWHQ9HUZDOWXQJVVSUDFKHGHQJUR‰HQ9RUWHLOGD‰
VLHZLVVHQVFKDIWOLFKDUEHLWHWGDV*HPHLQWHDSULRULGH¿QLHUWXQG
QLFKWDXV3UD[LVRGHU7UDGLWLRQDEOHLWHWGDVVFKOLH‰WQDWUOLFKHLQ
GD‰VWlQGLJQHXH:RUWHXQG%HJULIIHJHELOGHWZHUGHQGLH±ZHLO
VLH QLFKW ZHOWDQVFKDXOLFK RGHU VR]LDO RGHU KLVWRULVFK SUl¿[LHUW
VLQG±YRUXUWHLOVIUHLHU9HUVWlQGLJXQJGLHQHQN|QQHQ'RFKEHVWHKW
DXFK GLH *HIDKU XQG GLH ª%HJHJQXQJ© GHU 6\VWHPDQDO\WLNHU
PLWGHU9HUZDOWXQJKDWGLHVEHUHLWVVHKUGHXWOLFKJHPDFKWGD‰
GHUKHXULVWLVFKH:HUWGHUQHXHQ6SUDFKHQXUGDQQVLFKDXVZLUNW
ZHQQHUQLFKWDOVª/RJLVWHUHL©DOV6SD‰DQGHU)UHXG±QlPOLFK
DOV6SD‰DP-RQJOHXUVSLHOPLW7HUPLQLEHWULHEHQZLUGVRQGHUQ
]XUNRQNUHWHQ$UEHLWLQHQJH:HFKVHOEH]LHKXQJJHEUDFKWZLUG
$XFK KLHU JLOW .DQWV :RUW %HJULIIH RKQH$QVFKDXXQJHQ VLQG
OHHU $QVFKDXXQJHQ RKQH %HJULIIH EOLQG 9HUZDOWXQJVVSUDFKH
LVW ZHLWJHKHQG EOLQG JHZRUGHQ V\VWHPDQDO\WLVFKH 6SUDFKH LVW
ZHLWJHKHQGOHHU'DVJHKWGDQQVRYRUVLFK,QHLQHKLHUDUFKLVFK
VFKZHUIlOOLJH LQ OHHUHU 5HGXQGDQ] VLFK DETXlOHQGH YRQ
)UXVWUDWLRQ XQG )UXVWUDWLRQVDJJUHVVLYLWlW DI¿]LHUWH 9HUZDOWXQJ
EUHFKHQ HLQH 6FKDU VPDUWHU EHJULIIVZHQGLJHU ([SHUWHQ HLQ
GLH 6\VWHPDQDO\WLNHU NRPPHQ .HVV XQG EXUVFKLNRV VR
ZLH HV 6LPLOH XQG DOWHQ .DUULHUHYRUVWHOOXQJHQ QLH HQWVSUDFK
YHUXQVLFKHUQ VLH GDV %HDPWHQNRUSV VWHOOHQ NULWLVFKH
)UDJHQ XQG SURYR]LHUHQ YHUJHEOLFK NULWLVFKH $QWZRUWHQ
TXLFNOHEHQGLJªTXLFNERUQ©DUWLJEHU]LHKHQVLHDOOHV$OWHXQG
$OWPRGLVFKHPLWHLQHPQHXDUWLJHQ%HJULIIVXQG:RUWUDVWHUYRQ
VR]LRORJLVFKHUSV\FKRORJLVFKHUXQGSROLWRORJLVFKHU3URYHQLHQ]


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

$OOHVZLUGPHWKRGLVLHUW6\VWHPHZHUGHQLQ*UDSKHQEHUIKUW
(QWVFKHLGXQJVÀVVHLQ'LDJUDPPHQIHVWJHKDOWHQ$NWHQYRUJlQJH
]X1HW]SOlQHQXPJHPRGHOWGLHEODFNER[ZLUGWDJKHOOLQDOOHQ
LKUHQPXI¿JHQ:LQNHOQDXVJHOHXFKWHW'DGLH6\VWHPDQDO\WLNHU
QXU JDVWVSLHOZHLVH WlWLJ VLQG EOHLEHQ VLH IUHLVFKZHEHQG ± GLH
9HUEDOLVLHUXQJ YRQ (UNHQQWQLVVHQ GULQJW QLFKW LQV DOOWlJOLFKH
+DQGHOQHLQGLHVHVEOHLEWXQYHUlQGHUW$OVGLH1DFKULFKWNDP
GD‰ GLH 2UJDQLVDWLRQVEHUDWHU GLH %XQGHVWDJVSUlVLGHQW .DL
8ZH YRQ +DVVHO IU GLH NQIWLJH %DXSODQXQJ GHV %XQGHVWDJV
JHUXIHQ KDWWH ZHJHQ XQEHUEUFNEDUHU 0HLQXQJVGLIIHUHQ]HQ
PLWGHU%URNUDWLHZLHGHULKUH.RIIHUSDFNWHQEHUVFKULHEGLH
¾6GGHXWVFKH =HLWXQJ½ LKUHQ %HULFKW PLW GHP LQVJHVDPW GLH
6LWXDWLRQJXWWUHIIHQGHQ7LWHOª7HDPIUGLH=XNXQIWVFKHLWHUW
DQGHU*HJHQZDUW©
'LH -DQXDUQXPPHU  YRQ ¾EHWULIIW HU]LHKXQJ½
EUDFKWH HLQH 3DURGLH DXIV 6\VWHPDQDO\WLNHUGHXWVFK GLH ZLU
DEVFKOLH‰HQG ]LWLHUHQ ± QLFKW ZHLO ZLU LQ GHQ )HKOHU PDQFKHU
9HUZDOWXQJVGHXWVFK.ULWLNHU YHUIDOOHQ ZROOHQ GLH YRP
LGHDOLVWLVFKHQ (GHOGHXWVFK KHU NULWLVLHUHQ XQG GLH QLFKW
ZLVVHQ GD‰ 6SUDFKPXVWHU 9HUHLQEDUXQJ GDUVWHOOHQ HV YLHOHU
6SUDFKHQ EHGDUI GD DXFK YLHOH 9HUHLQEDUXQJHQ ± MH QDFK
6DFKH ± QRWZHQGLJ VLQG GLH 3DURGLH VHL ]LWLHUW ZHLO VLH
GHXWOLFK PDFKHQ NDQQ GD‰ GLH 3Ul]LVLRQ GHV 6SUHFKHQV XQG
GLH 9RUXUWHLOVORVLJNHLW YRQ 6SUDFKH ZLH VLH GLH 6SUDFKH GHU
6\VWHPDQDO\WLNHU GXUFKDXV DXIZHLVW QXU GDQQ YHUELQGOLFK
ZHUGHQ LKUHQ /HHUIRUPHOFKDUDNWHU EHUZLQGHQ NDQQ ZHQQ
VLH PLW GHU 2UJDQLVDWLRQVVWUXNWXU GHU 9HUZDOWXQJ LP 9HUEXQG
VWHKW (V NRPPW QLFKW QXU GDUDXI DQ GD‰ VFK|Q XQG SUlJQDQW
IRUPXOLHUWVRQGHUQDXFKGD‰HQWVSUHFKHQGHI¿]LHQWJHKDQGHOW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ZLUGIHKOWGDVHLQHIHKOWDXFKGDVDQGHUH9HUZDOWXQJVUHIRUP
GDV KHL‰W HLQ DOOPlKOLFKHV 9HUIHUWLJHQ GHU 2UJDQLVDWLRQ EHLP
6SUHFKHQXQGHLQ(QWZLFNHOQYRQ6SUDFKHEHLP2UJDQLVLHUHQ
ª-DKUHODQJ KDW VLFK 3KLOLSS %URXJKWRQ %HDPWHU LP
86*HVXQGKHLWVGLHQVW GXUFK GDV HW\PRORJLVFKH 'LFNLFKW
JHVFKODJHQ ELV HU DXI HLQH ERPEHQVLFKHUH 0HWKRGH VWLH‰
)UXVWULHUXQJLQ%HIULHGLJXQJIRUPXOLHUPl‰LJ]XZDQGHOQ'DV
DXWRPDWLVFKH6FKQHOOIRUPXOLHUV\VWHP½VWW]WVLFKDXIHLQH/LVWH
YRQVRUJIlOWLJDXVJHVXFKWHQ6FKOVVHOZ|UWHUQ

6SDOWH 6SDOWH 6SDOWH

NRQ]HUWLHUWH )KUXQJV 6WUXNWXU
LQWHJULHUWH 2UJDQLVDWLRQV ÀH[LELOLWlW
SHUPDQHQWH ,GHQWL¿NDWLRQV HEHQH
V\VWHPDWLVLHUWH 'ULWWJHQHUDWLRQV WHQGHQ]
SURJUHVVLYH .RDOLWLRQV 3URJUDPPLHUXQJ
IXQNWLRQHOOH )OXNWXDWLRQV NRQ]HSWLRQ
RULHQWLHUWH hEHUJDQJV SKDVH
V\QFKURQH :DFKVWXPV SRWHQ]
TXDOL¿]LHUWH $NWLRQV SUREOHPDWLN
DPELYDOHQWH ,QWHUSUHWDWLRQV NRQWLQJHQ]

'LH+DQGKDEXQJLVWHLQIDFK'HQNHQ6LHVLFKHLQHEHOLHELJH
GUHLVWHOOLJH =DKO XQG VXFKHQ 6LH GLH HQWVSUHFKHQGHQ :|UWHU
LQ MHGHU 6SDOWH DXI 'LH 1XPPHU  ]XP %HLVSLHO HUJLEW
¾SHUPDQHQWH )OXNWXDWLRQVSRWHQ]½ HLQ$XVGUXFN GHU SUDNWLVFK
MHGHP %HULFKW HLQH HQWVFKLHGHQH YRQ )DFKZLVVHQ JHSUlJWH
$XWRULWlWYHUOHLKW¾.HLQHUZLUGLPHQWIHUQWHVWHQZLVVHQZRYRQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

6LHUHGHQ½VDJW%URXJKWRQ¾$EHUHQWVFKHLGHQGLVWGD‰QLHPDQG
ZDJHQZLUGHV]X]XJHEHQ½
 .RQ]HUWLHUWH)KUXQJVVWUXNWXU
 ,QWHJULHUWH2UJDQLVDWLRQVÀH[LELOLWlW
 3HUPDQHQWH,GHQWL¿NDWLRQVHEHQH
 3URJUHVVLYH.RDOLWLRQVSURJUDPPLHUXQJ
 $PELYDOHQWH)OXNWXDWLRQVVWUXNWXU
 6\QFKURQH:DFKVWXPVSKDVH
 4XDOL¿]LHUWH)OXNWXDWLRQVÀH[LELOLWlW
 )XQNWLRQHOOH:DFKVWXPVSUREOHPDWLN©


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

'DV3DWKRVGHU)HVWUHGHQ

'LH GHXWVFKH 6SUDFKH VHL GLH WLHIVWH GLH GHXWVFKH 5HGH GLH
VHLFKWHVWHPHLQWH.DUO.UDXV'HU]ZHLWH7HLOGLHVHU)HVWVWHOOXQJ
LVW DXIJUXQG DOOWlJOLFKHU (UIDKUXQJ OHLFKW ]X EHVWlWLJHQ
:DV DOOHQWKDOEHQ DQ IHVWOLFKHQ 5HGHQ XQG $QVSUDFKHQ ]X
EHVWLPPWHQ=HLWHQGHV-DKUHVXQGMHZHLOVJHJHQ(QGHGHU:RFKH
DOV 6RQQWDJVUHGH EHVRQGHUV PDVVLHUW YRU DQGlFKWLJHU RGHU
JHODQJZHLOWHU=XK|UHUVFKDIWªHUW|QW©NRPPWEHUGLH3ODWLWGH
NDXP KLQZHJ =XU IHVWOLFKHQ 6WXQGH HUJUHLIHQ GLH 6WW]HQ GHU
*HVHOOVFKDIW GLH 5HSUlVHQWDQWHQ GHV |IIHQWOLFKHQ NXOWXUHOOHQ
SROLWLVFKHQXQGZLUWVFKDIWOLFKHQ/HEHQVGDV:RUW8QGGDKHL‰W
HVGDQQ±XPHLQHQRI¿]LHOOHQ*UDWXODQWHQ]XHLQHPMlKULJHQ
7XUQHUEXQGMXELOlXP]X]LWLHUHQª'XELVWDOWJHZRUGHQGRFK
LPPHU MXQJ JHEOLHEHQ HLQ QLH ZHONHQGHU (LFKHQNUDQ] ZLQGHW
VLFK XP 'HLQH ,QLWLDOHQ« ,Q YHUHKUHQGHU /LHEH XPVFKOLH‰HQ
GLFKLQGLHVHQ-XEHOWDJHQGHLQH)UHXQGH«(VVLQG+RFKDFKWXQJ
)UHXGH'DQNEDUNHLWZHOFKHGHQ%OLFN]XUFN]LHKHQPLWHLQHP
XQHUNOlUOLFKHQ5HL]XQGPLWOHLVHU:HKPXW]XJOHLFKQDFKGHP
HZLJ(QWVFKZXQGHQHQ«,FKKDEHLQGHLQHU&KURQLNJHEOlWWHUW
6LHLVWYROOYRQDOOGHPZDVGHUHLQVWEHVRQGHUVVFK|QDEHUDXFK
VFKLFNVDOKDIW ZDU« 0|JH GLH NRPPHQGH =HLW LPPHU ZLHGHU
0lQQHUXQG)UDXHQKHUYRUEULQJHQGLHGDV(UEHGHU9lWHUGHQ
KHUUOLFKHQ%HVLW]GHV7XUQYHUHLQVGLH7UDGLWLRQXQGGHQ*HLVW
HUKDOWHQ %OKH EOKH LP *OlQ]H GLHVHV *OFNHV LQ (LQLJNHLW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

XQG 5HFKW XQG )UHLKHLW ]XP :RKOH XQVHUHU -XJHQG© 6ROFKH

:RUWH VLQG V\PSWRPDWLVFK 'LH V\QWDNWLVFKHQ 0XVWHU GLH
:RUWIHOGHUGLH6SUHFKODJHGDVVHPDQWLVFKH.OLPDVLQGEHUDOO
lKQOLFK6WLFKWPDQPLWGHU1DGHOGHU9HUQXQIWKLQHLQVREOHLEW
HLQ+lXIFKHQVFKOHFKWHU*UDPPDWLN
%HL GHP 9HUVXFK HLQLJH &KDUDNWHULVWLND GHU GHXWVFKHQ
IHVWOLFKHQ 5HGH DXI]X]HLJHQ VROO VR]LDOSV\FKRORJLVFK
YRUJHJDQJHQZHUGHQ'DVGXUFKVFKQLWWOLFKH6SUHFKYHUKDOWHQLVW
JHQDXVRDXI]X]HLJHQXQJHDFKWHWLQGLYLGXHOOHU$EZHLFKXQJHQ
ZLH GLH9HUÀRFKWHQKHLW GHU 6SUDFKH PLW GHU JHVHOOVFKDIWOLFKHQ
6LWXDWLRQGHU6SUHFKHQGHQXQGGLHLPNROOHNWLYHQ8QWHUEHZX‰WVHLQ
RGHU %HZX‰WVHLQ GRPLQLHUHQGHQ *HIKOV XQG 'HQNZHLVHQ
GLH LQ XQG PLW 6SUDFKH DUWLNXOLHUW ZHUGHQ 'LH PHLVWHQ GHU
)HVWUHGQHUVLQGQLFKW7lWHUGLHGLH6SUDFKHYHUJHZDOWLJHQXQG
LKU 3XEOLNXP ]X PDQLSXOLHUHQ VXFKHQ VLH VLQG EHUZLHJHQG
VHOEVW 2SIHU VLH JHEHQ QLFKW GHQ 7RQ DQ LKQHQ ZLUG GHU 7RQ
YRUJHVFKULHEHQ±HEHQGXUFKGLHJHVHOOVFKDIWOLFKH7UDGLWLRQGLH
MDDXFKXQGEHVRQGHUVHLQH6SUDFKWUDGLWLRQLVW8QYHUNHQQEDULVW
GDEHLGHUWRQDQJHEHQGH(LQÀX‰GHV%UJHUWXPVGDV±LP%HVLW]
GHU+HUUVFKDIWVSRVLWLRQHQ ± 6SUDFKH XQG 6SUHFKHQ YHUZDOWHWH
'LH6WHUHRW\SLHGHUGHXWVFKHQIHVWOLFKHQ6SUDFKHLVWZHLWJHKHQG
6SLHJHO GHU ERXUJHRLVHQ ,GHRORJLH ± 6SLH‰HUVSLHJHO 6ROFKH
DQJHPD‰WH XQG KHUUVFKDIWVPl‰LJ DEJHVLFKHUWH 6SUDFKDXWRULWlW
GLHVLFKHLQHQFKDULVPDWLVFKHQ6FKHLQ]XOHJWYHUZHLJHUWVLFKGHU
%HIUDJXQJVLHNDQQVLFKDXI.RPSHWHQ]KLQQLFKWSUIHQODVVHQ
GDVLHNHLQHKDW6SUDFKOLFKH6WHUHRW\SLHGLHVLFKHUKDOWHQZLOO
PX‰VRPLWDXWRULWlUVHLQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

6R VHKU DXFK EHVWLPPWH JHVHOOVFKDIWOLFKH 7UDGLWLRQHQ XQG

+HUUVFKDIWVYHUKlOWQLVVH VSUDFKOLFKH 9HUKDOWHQVZHLVHQ SUlJHQ
XQG GLHVH GDQQ ZLHGHUXP GD]X EHLWUDJHQ GDV ª%HVWHKHQGH©
]XSHUSHWXLHUHQ±HVZlUHGXUFKDXVLP5DKPHQGHVHUUHLFKWHQ
3OXUDOLVPXV P|JOLFK PLW +LOIH HLQHU GDV YRUKHUUVFKHQGH
)HLHUULWXDO YHUXQVLFKHUQGHQ DQWLIHVWOLFKHQ 6SUDFKH GLH
GRPLQLHUHQGH 6WHUHRW\SLH DXI]XEUHFKHQ XQG GDPLW LQ
hEHUZLQGXQJ GHV UHLQ DI¿UPDWLYHQ -DUJRQV .RPPXQLNDWLRQ
]X HUP|JOLFKHQ 'HP VWHKW IUHLOLFK GLH (UZDUWHQVKDOWXQJ GHV
3XEOLNXPVHQWJHJHQ'HU)HVWUHGQHUVSULFKWVRZLHHUVSULFKW
QLFKWQXUZHLOHUVHOEVWQLFKWDQGHUVVSUHFKHQNDQQVRQGHUQZHLO
DXFKGDV3XEOLNXPYRQGHU)HVWUHGHVROFKHV6SUHFKHQHUZDUWHW
'HU 6FKDXP GHU EHU JHGDQNOLFKHU 7LHIH WUHLEW ZLUG
DEJHVFK|SIW KDQGOLFKHV 0DWHULDO IU GLH IHVWOLFKHQ
6FKDXPVFKOlJHU ª« 'LH 'LFKWHU GLH XQV DXV GHU )OOH LKUHV
+HU]HQV LKUHV :LVVHQV XQG LKUHV .|QQHQV LPPHU XQG LPPHU
ZLHGHUEHVFKHQNWKDEHQKDEHQXQVMHGRFKJOHLFK]HLWLJHLQHJUR‰H
9HUSÀLFKWXQJ DXIHUOHJW 8QG JHEHQ ZLU HV JHWURVW ]X 'LHVHU
9HUSÀLFKWXQJLVWXQVHU9RONNHLQHVZHJVLPPHUQDFKJHNRPPHQ
,FKPHLQHZLUKDEHQXQVGD]XYHUSÀLFKWHWLKUJHZDOWLJHV(UEH
]X YHUZDOWHQ GLH YRQ LKQHQ JHVFKDIIHQHQ *WHU GHV *HLVWHV
]X SÀHJHQ XQG YRQ *HQHUDWLRQ ]X *HQHUDWLRQ OHEHQGLJ ]X
KDOWHQ«'LHVHV'HQNPDOGDVZLULKP]X(KUHQDQGLHVHU6WHOOH
HUULFKWHW KDEHQ HUIOOW HLQHQ GRSSHOWHQ =ZHFN (LQPDO JLOW
HV VHLQHP $QGHQNHQ VHLQHP :HUN XQG VHLQHU PHQVFKOLFKHQ
*U|‰H]XPDQGHUHQDEHUGLHQWHVGHP5XKPHGHU'LFKWNXQVW
EHUKDXSW ,FK KRIIH GD‰ HV DXFK GLH *HQHUDWLRQ QDFK XQV
GDUDQHULQQHUQZLUGGD‰GLH$FKWXQJGLHPDQGHPGHXWVFKHQ
9RONHHLQPDOHQWJHJHQJHEUDFKWKDWXQGYLHOOHLFKWDXFKZLHGHU


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

HQWJHJHQEULQJHQ ZLUG QLFKW ]XOHW]W GLH $FKWXQJ YRU VHLQHQ

'LFKWHUQ LVW© 6R VSULFKW GHU9HUWUHWHU GHV .XOWXVPLQLVWHULXPV
EHLGHU(QWKOOXQJHLQHV'LFKWHU'HQNPDOV2GHUYLHOPHKUVR
HPS¿HKOWPDQLKP]XVSUHFKHQ'DV%HLVSLHOLVWGHP¾*UR‰HQ
%XFK IHVWOLFKHU 5HGHQ XQG $QVSUDFKHQ½ KHUDXVJHJHEHQ YRQ
)UDQN 6LFNHU HQWQRPPHQ XQG PDQ NDQQ JHWURVW EHKDXSWHQ
GD‰ GLH 9HUWUHWHU GHU .XOWXVPLQLVWHULHQ HLQVFKOLH‰OLFK GHU
.XOWXVPLQLVWHULQGHU7DWPHLVWVRRGHUlKQOLFKVSUHFKHQ'HP
*HGDQNHQ JHKW GLH IHVWOLFKH 5HGH DXV GHP:HJ ZDV JHPHLQW
LVWEOHLEWXQNODUZDKUVFKHLQOLFKLVWEHUKDXSWQLFKWVJHPHLQW
ª,Q 'HXWVFKODQG ZLUG HLQ -DUJRQ GHU (LJHQWOLFKNHLW
JHVSURFKHQ PHKU QRFK JHVFKULHEHQ .HQQPDUNH
YHUJHVHOOVFKDIWHWHQ (UZlKOWVHLQV HGHO XQG DQKHLPHOQG LQ
HLQV 8QWHUVSUDFKH DOV 2EHUVSUDFKH (U HUVWUHFNW VLFK YRQ
GHU 3KLORVRSKLH XQG 7KHRORJLH QLFKW EOR‰ (YDQJHOLVFKHU
$NDGHPLHQ EHU GLH 3lGDJRJLN EHU 9RONVKRFKVFKXOHQ XQG
-XJHQGEQGH ELV ]XU JHKREHQHQ 5HGHZHLVH YRQ 'HSXWLHUWHQ
DXV :LUWVFKDIW XQG 9HUZDOWXQJ© 7KHRGRU : $GRUQR
±XQGDXVGHU3ROLWLNPX‰PDQVHOEVWYHUVWlQGOLFKKLQ]XIJHQ
8QWHUVSUDFKHDOV2EHUVSUDFKHGLHªKRKHQ©ªHGOHQ©:RUWHDXV
GHP%HUHLFKLGHDOLVWLVFKHU'LFKWXQJZXUGHQHSLJRQDOLVLHUWLQV
7ULYLDOH HLQJHHEQHW SDUWHUUH DOV 6LQNJXW ZHUGHQ VLH YRQ GHQ
)HVWUHGQHUQZLHGHULQV2I¿]LHOOHKLQDXIVWLOLVLHUW±'DVIHVWOLFKH
3XEOLNXPHUZDUWHWVFK|QH5HGHQHVLVWDXIJHVFKORVVHQIUDOOHV
:DKUH*XWHXQG6FK|QHXQGIKOWVLFKLQGLHVHU*HVWLPPWKHLW
HUVW ULFKWLJ JHZUGLJW ZHQQ GHU 5HGQHU VHLQH :RUWH VWlQGLJ
GHQ :RUWIHOGHUQ GHV :DKUHQ *XWHQ XQG 6FK|QHQ HQWQLPPW
$XIJUXQGGHUYRUKHUUVFKHQGHQ6SUDFKHU]LHKXQJLVWPDQQXULQ
GHU/DJHJDQ]EHVWLPPWH6LJQDOHXQG=HLFKHQDXI]XQHKPHQG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

KOHGLJOLFKDXIDI¿UPDWLYH:RUWH]XUHDJLHUHQ'HU'XQVWNUHLV
GHU6XDGDZLUG]XU$XUDGHV*XWJHPHLQWHQ±)HVWOLFKH5HGHLVW
VSUDFKOLFKHV5LWXDO'LH VWDQGDUGLVLHUWHQ)RUPHQ XQG )RUPHOQ
HUP|JOLFKHQHVGHP+|UHUVLFK]XUHFKW]X¿QGHQHUHUOHEWZDV
HU HUZDUWHW KDW XQG HU HUZDUWHW ZDV HU LPPHU HUOHEW KDW 'DV
VSUDFKOLFKH 5LWXDO KDW HLQHQ LQWHJULHUHQGHQ 6RJ GHU DOOH ]X
HLQHU *HPHLQVFKDIW GHU *XWZLOOLJHQ ]X YHUHLQLJHQ VXFKW YRP
$QVSUXFKNULWLVFKHQ'HQNHQVXQG%HGHQNHQVHQWODVWHW(VJHKW
QLFKW XP 5HÀH[LRQ VRQGHUQ XP 6LPSOL¿NDWLRQ 8QL¿NDWLRQ
:LHJXWGLHVHV5LWXDOIXQNWLRQLHUWKDEHQHWZDELVYRUNXU]HP
GLH$ELWXUUHGHQ JH]HLJW ª(V LVW VRZHLW 'HU KHXWLJH7DJ VWHKW
LP=HLFKHQGHV$EVFKLHGVYRQGHU6FKXOH«-DKUHODQJZDUGLH
6FKXOH HXUH :HOW« :LH GDV QXQ HLQPDO LVW DXI GHU :HOW VR
JDEHVDXFKLQGHU6FKXOHVFK|QHXQGVFKZHUH=HLWHQDEHUGLH
VFK|QHQ=HLWHQEHUZRJHQEHLZHLWHP«$XIHXUHQ*HVLFKWHUQ
VSLHJHOQVLFK]ZLHVSlOWLJH*HIKOHZLGHU,FKVHKH)UHXGHDXI
GDVQHXH/HEHQGDVHXFKZLHHLQH.HWWHGHU)UHXGHQHUVFKHLQW
XQGLFKVHKHGLH:HKPXWGHV$EVFKLHGV«'LH7RUHGHV/HEHQV
|IIQHQVLFKQXQ«(VJLEWNHLQHQ6WLOOVWDQGLP/HEHQ«:HKH
GHPGHUQLFKWPLWVFKZLPPWLP6WURPHGHV/HEHQVHUP‰WH
XQWHUJHKHQ© 6R VSULFKW GHU 6FKXOOHLWHU XQG GHU $ELWXULHQW
DQWZRUWHWª1XQLVWGLH6WXQGHGDLQGHUZLULQV/HEHQWUHWHQ
'HU$EVFKLHGYRQGHU6FKXOHLVWGRFKQLFKWJDQ]VROHLFKWZLH
ZLU HV XQV YRUJHVWHOOW KDEHQ« ,Q GLHVHU IU XQV XQG XQVHUH
(OWHUQVREHGHXWXQJVYROOHQ6WXQGHVWHKHQZLU]XPOHW]WHQ0DO
DOV6FKOHULQGLHVHQKHLOLJHQ+DOOHQXP$EVFKLHG]XQHKPHQ
YRQXQVHUHP/HKUHUQXQG(U]LHKHUQ«(LQMHGHUYRQXQVZLUG
VLFK VWHWV GHU 9HUSÀLFKWXQJ EHZX‰W EOHLEHQ LP 6LQQH XQVHUHU
(U]LHKHU ZHLWHU DQ GHU %LOGXQJ XQVHUHU 3HUV|QOLFKNHLW ]X


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

DUEHLWHQ©6RNRQQWHPDQHVODQGDXIODQGDEK|UHQHUVWLP=XJH
GHVMXJHQGOLFKHQ3URWHVWVKDWVLFKHLQLJHVJHlQGHUW$OVYRUYLHU
-DKUHQLQ+HVVHQHLQH$ELWXULHQWLQHLQH5HGHKLHOWGLHZHQLJHU
DEJHVFKPDFNW XQG JHPl‰LJW NULWLVFK ZDU ZXUGH GLHVH 5HGH
GXW]HQGH 0DOH QDFKJHGUXFNW GD‰ HLQH 6FKOHULQ QDFK QHXQ
-DKUHQ 'HXWVFKXQWHUULFKW HWZDV DX‰HUKDOE GHU WUDGLWLRQHOOHQ
)HVW6WHUHRW\SLH VSUHFKHQ NRQQWH ZXUGH RIIHQVLFKWOLFK XQG
ZRKODXFKPLW5HFKWDOV6HQVDWLRQHPSIXQGHQ
.HKUHQZLUQRFKHLQPDO]XP¾*UR‰HQ%XFKIHVWOLFKHU5HGHQ
XQG $QVSUDFKHQ½ DOV %HLVSLHO IU GLH VHKU DXÀDJHQVWDUNH
/LWHUDWXU GLHVHV *HQUHV ]XUFN :HOFKH (PSIHKOXQJHQ
ZHUGHQ KLHU GHP )HVWUHGQHU PLWJHJHEHQ GDPLW VHLQH 5HGH
HLQ ªZLUNOLFKHV HFKWHV VSUDFKOLFKHV *HELOGH ZLUG©" 'LH
5HGH VROO ªPXVWHUJOWLJ© ªVDXEHU© XQG ªNODU© YRU DOOHP
JHJHQ GHQ 6FKOX‰ ªHIIHNWYROO© ªDXIUWWHOQG© XQG ª]QGHQG©
VHLQ VLH VROO ªLQQHUH :DKUKDIWLJNHLW© ª5HGOLFKNHLW© XQG
ª1DWUOLFKNHLW© VSLHJHOQ ª$EJHGURVFKHQH DXVJHZDO]WH
DXVJHTXHWVFKWH DXVJHODXJWH 5HGHQVDUWHQ© VLQG ]X YHUPHLGHQ
'HU$XWRUGHV%XFKHVZLHGHULKPQDFKIROJHQGH)HVWUHGQHU
GHUVLFKVRXQWHUGDV*HERWGHU:DKUKDIWLJNHLW5HGOLFKNHLWXQG
1DWUOLFKNHLWVWHOOWPHUNWQLFKWGD‰HUGLHVH)RUGHUXQJHQPLW
GHQ DEJHGURVFKHQVWHQ DXVJHZDO]WHVWHQ XQG DXVJHODXJWHVWHQ
5HGHQVDUWHQ YHUNQGHW ª« GLH 5HGH VROO LQ GLH KHLPOLFKHQ
7LHIHQGHU6HHOHGULQJHQRGHUHLQH]DUWH6WLPPXQJIHVWKDOWHQ©
'DEHL YHUWDJW QDWUOLFK GDV )UHPGZRUW ZHVKDOE YRU VHLQHP
*HEUDXFKLQWHQVLYJHZDUQWZLUG±'LHDQHU]RJHQH6SUDFKHLVW
VRVHKU]XU1DWXUJHZRUGHQGD‰PDQGLH'LVNUHSDQ]]ZLVFKHQ
GHP YRUJHJHEHQHQ =LHO XQG GHU SUDNWL]LHUWHQ 6SUHFKZHLVH
QLFKW HUNHQQW XQG DXFK JDU QLFKW HUNHQQHQ NDQQ 'LH .RPPX


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

QLNDWLRQVZLVVHQVFKDIW QHQQW GLHV ªNRJQLWLYH 'LVVRQDQ]© ± GHU

8QWHUVFKLHG ]ZLVFKHQ 7KHRULH XQG :LUNOLFKNHLW ZLUG QLFKW
JHVHKHQ E]Z YHUGUlQJW 9LHOH )HVWUHGQHU YHUN|USHUQ GLHVH
NRJQLWLYH'LVVRQDQ]LKUHQWSHUVRQDOLVLHUWHU-DUJRQLVWGDEHLVR
ªYHULQQHUOLFKW©GLHYHUEDOLVLHUWH/HHUHVRH[LVWHQWLHOOGHUªJDQ]H
0HQVFK© UHGHW GD‰ PDQ QLFKW UHGHQGH 0HQVFKHQ VRQGHUQ
SODSSHUQGH6FKHXFKHQYRUVLFK]XKDEHQJODXEW*UDVVVSULFKW
LQ GHQ ¾+XQGHMDKUHQ½ YRQ SKLORVRSKLVFKHQ XQG KLVWRULVFKHQ
NOHLQEUJHUOLFKHQXQGXQLIRUPLHUWHQ6FKHXFKHQYRQ1DKNDPSI
XQG 'LVNXVVLRQVVFKHXFKHQ YRQ +DOOHOXMDVFKHXFKHQ LQQHUHQ
(PLJUDWLRQVVFKHXFKHQ 7UDFKWHQIHVWVFKHXFKHQ %HUJ XQG
)ODFKODQGVFKHXFKHQ -XQJVFKHXFKHQ $OWVFKHXFKHQ PDQ
N|QQWH QDFK HLQHU VROFKHQ 7\SRORJLH GXUFKDXV GLH )HVWUHGQHU
HLQRUGQHQ ZREHL GLH +DOOHOXMDVFKHXFKHQ GRPLQLHUHQ GUIWHQ
±GLHMHQLJHQQlPOLFKGLHXQHQWZHJW]XP5KPHQVLFKEHVWHOOW
IKOHQ(LQ*DVWVSULFKWHLQ9HUZDQGWHUVSULFKWGHU+RIEHVLW]HU
VSULFKW HLQ (UQWHDUEHLWHU VSULFKW GHU %DXIKUHU VSULFKW GHU
2EHUEUJHUPHLVWHU VSULFKW GHU )UHXQG GHV +DXVHV UHGHW GHU
6RKQHKUWGLH*UR‰PXWWHUHLQJU|‰HUHV.LQGVSULFKW]XU)DPLOLH
0DQVSULFKW]XU/HKUOLQJVIUHLVSUHFKXQJ]XU3HQVLRQLHUXQJHLQHV
0LWDUEHLWHUV]XU%HJU‰XQJLQOlQGLVFKHU3UDNWLNDQWHQ]XP
XQG-XEOLlXP]XU-DKUIHLHU]XP0DL]XP-XQL
]XP  -XOL ]XP 9RONVWUDXHUWDJ ]XU 2UGHQVYHUOHLKXQJ ]XU
3UHLVYHUOHLKXQJEHLP)HVWEDQNHWW]XU*UXQGVWHLQOHJXQJ]XP
5LFKWIHVWEHLGHUhEHUQDKPHHLQHVQHXHQ.LQGHUJDUWHQVHLQHU
QHXHQ 8PJHKXQJVVWUD‰H HLQHU %UFNH EHL GHU (LQZHLKXQJ
HLQHV'HQNPDOVHLQHV|IIHQWOLFKHQ*HElXGHVEHLP6WDSHOODXI
HLQHV 6FKLIIV DP *UDE GHV 6FKXOOHLWHUV %UJHUPHLVWHUV
.ROOHJHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

:HQQ GDV 4XDUWHWW GLH PXVLNDOLVFKH (LQVWLPPXQJ EHHQGHW

KDW VSULQJW GHU 5HGQHU JHVWUDIIW XQG NRQ]HQWULHUW PLOGHP
1RWL]]HWWHO LQ GHU +DQG DQ GHQ /RUEHHUElXPHQ YRUEHL DQV
5HGQHUSXOWª0HLQHVHKUYHUHKUWHQ'DPHQPHLQH+HUUHQ©'LH
IHLQVLQQLJH $QUHGH   8QWHUVFKHLGXQJ EUJW IU UKHWRULVFKH
4XDOLWlW :LWWJHQVWHLQV 6DW] ª:DV VLFK EHUKDXSW VDJHQ Ol‰W
Ol‰WVLFKNODUVDJHQ©JLOWQLFKWIUGLH)HVWUHGHVRQVWP‰WHVLH
VWXPP VHLQ ª(LJHQWOLFK© JLEW HV QLFKWV ]X VDJHQ DEHU GLHVHV
1LFKWV ZLUG XPIDVVHQG GDUJHOHJW 9HUSDFNXQJ DOV %RWVFKDIW
'LH 9HUSDFNXQJVDUWHQ VLQG XQWHUVFKLHGOLFK 'HU HLQH JDUQLHUW
GLH*HGDQNHQDUPXWPLWSHUV|QOLFKHQDQHNGRWHQKDIWHQ:LW]FKHQ
XQG 0lW]FKHQ GDV IHVWOLFKH 3XEOLNXP ODFKW XQG VSUW GLH
PHQVFKOLFKH :lUPH 'HU DQGHUH UHLKW EHGHXWXQJVYROOH :RUWH
]XHLQHUSKRQHWLVFKHLQGUXFNVYROOHQ.HWWH]XVDPPHQXQGOHJW
VLHVLFKPLWYLHOHQ9HUUHQNXQJHQLPPHUQHXXP'DV3XEOLNXP
VLHKW 7LHIH LP 6LOEHUVFKOLSV YRU VLFK XQG QLFNW EHGlFKWLJ (LQ
GULWWHU VSULFKW DXV GHU 7LHIH GHV +HU]HQV 'LH :RUWH JHUDWHQ
YRQ GRUW GLUHNW LQ GHQ 0XQG (QWKXVLDVPLHUWH EHGUIHQ
VRZLHVRQLFKWEHJULIÀLFKHU7UHQQVFKlUIHVROFKH9HUVWlQGLJXQJ
EHGDUI QLFKW GHV 9HUVWDQGHV 'RFK JHWUHWHQHU 4XDUN ZLUG
EUHLW QLFKW VWDUN ± 'LH IHVWOLFKH 5HGH LVW HLQGLPHQVLRQDO 6LH
YHU]LFKWHW VRZRKO DXI GLH 5HÀH[LRQ ZLH GLH 6HOEVWUHÀH[LRQ
6LH SUREOHPDWLVLHUW QLFKW VRQGHUQ LG\OOLVLHUW 6LH HQWZLFNHOW
NHLQHNRPPXQLNDWLYH'LDOHNWLNVRQGHUQHUZDUWHWKDUPRQLVFKH
6ROLGDULWlW :HQQ HLQHU ODFKW RGHU DQGHUZHLWLJ GLH 5HJHOQ GHV
IHVWOLFKHQ $NWHV GHV )HVWDNWHV VW|UW VR LVW PLW GHU VFK|QHQ
6WLPPXQJ DOOHV KLQ 'LH 6WHUHRW\SLH NDQQ GDQQ QXU DJJUHVVLY
]XUFNVFKODJHQ RGHU GDV )HOG UlXPHQ 'HVKDOE LVW HV OHLFKW
)HVWUHGHQ XP]XIXQNWLRQLHUHQ .XOWXU HUZHLVW VLFK LQ GHU


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

)HVWUHGHDOVGDVZDVPDQGHP0HQVFKHQDQWXWXQGQLFKWDOV
GDVZDVHUVHOEVWWXQN|QQWH'LH)HVWUHGHEULQJWNHLQHNUHDWLYHQ
NRPPXQLNDWLYHQ 3UR]HVVH LQ %HZHJXQJ VLH LVW QLFKW$QVWR‰
VRQGHUQ $XVVFKX‰ 'DV 3XEOLNXP VROO LQ HLQH VHPDQWLVFKH
8QYHUELQGOLFKNHLWKLQZHJNDWDSXOWLHUWZHUGHQ,QVHLQHU6FKULIW
EHUGHQ-DUJRQGHU(LJHQWOLFKNHLW½]LWLHUW$GRUQRHLQHLQGLHVHP
QHJDWLYHQ6LQQHLGHDOW\SLVFKH)HVWUHGHGLHDOOH(OHPHQWHOHHUHU
5HGXQGDQ] DXIZHLVW ª+RFKYHUHKUWHU +HUU 3UlVLGHQW PHLQH
+HUUHQ 0LQLVWHU 6WDDWVVHNUHWlUH %UJHUPHLVWHU 5HIHUHQWHQ
'H]HUQHQWHQ XQG $VVLVWHQWHQ KRFKJHVFKlW]WH 0lQQHU XQG
)UDXHQ XQVHUHV .XOWXUOHEHQV 9HUWUHWHU GHU :LVVHQVFKDIW
GHU :LUWVFKDIW XQG GHV VHOEVWlQGLJHQ 0LWWHOVWDQGHV JHHKUWH
)HVWYHUVDPPOXQJ PHLQH 'DPHQ XQG +HUUHQ :HQQ ZLU XQV
KHXWHKLHU]XVDPPHQJHIXQGHQKDEHQXPPLWHLQDQGHUGLHVHQ7DJ
]XEHJHKHQVRJHVFKLHKWGDVQLFKWYRQXQJHIlKU'HQQJHUDGH
LQHLQHU=HLWZLHGHUXQVHUHQGDGLHHFKWHQPHQVFKOLFKHQ:HUWH
PHKUGHQQMHXQVHUHUQVWHVWLH¿QQHUVWHV$QOLHJHQVHLQPVVHQ
ZLUG YRQ XQV HLQH$XVVDJH HUZDUWHW ,FK P|FKWH ,KQHQ NHLQH
3DWHQWO|VXQJYRUWUDJHQVRQGHUQOHGLJOLFKHLQH5HLKHYRQKHL‰HQ
(LVHQ]XU'LVNXVVLRQVWHOOHQGLHQXQHLQPDOLP5DXPVWHKHQ
:DV ZLU EUDXFKHQ VLQG MD QLFKW IHUWLJH 0HLQXQJHQ GLH XQV
GRFKQLFKWXQWHUGLH+DXWJHKHQVRQGHUQZDVZLUEUDXFKHQLVW
YLHOPHKUGDVHFKWH*HVSUlFKGDVXQVLQXQVHUHU0HQVFKOLFKNHLW
DXIUKUW (V LVW GDV :LVVHQ XP GLH 0DFKW GHU %HJHJQXQJ EHL
GHU *HVWDOWXQJ GHV ]ZLVFKHQPHQVFKOLFKHQ %HUHLFKHV ZDV XQV
KLHU ]XVDPPHQJHIKUW KDW ,Q GLHVHP ]ZLVFKHQPHQVFKOLFKHQ
%HUHLFK VLQG GLH 'LQJH DQJHVLHGHOW GLH ]lKOHQ ,FK EUDXFKH
LKQHQQLFKW]XVDJHQZDVLFKGDPLWPHLQH6LHDOOHGLHVLHLP


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

EHVRQGHUHQXQGLQKHUYRUUDJHQGHP6LQQHPLW0HQVFKHQ]XWXQ
KDEHQZHUGHQPLFKYHUVWHKHQ«©HWFHWF
'HU )HVWUHGQHU DOV 0HQVFK ZHL‰ ZRUDXI HV LP OHW]WHQ
DQNRPPW DXI GHQ 0HQVFKHQ *HVXFKW ZLUG GHU 0HQVFK
3URWHVW ZLUG HUKREHQ JHJHQ 8QPHQVFKOLFKHV ª$XI GLHVHP
XQEHTXHPHQ 9RUSRVWHQ GHV 6LFKDXVVHW]HQV GHU 9HUZHLJHUXQJ
]XU0HXWHKLQXQGGHV:LGHUVWDQGHVJHJHQHLQHDEJHNDUWHWHRGHU
DJLWLHUWH.RQIRUPLWlWGLHLKUH9RUVWHOOXQJHQYRQGHU0HQVFKHQ
XQG*HVHOOVFKDIWV9HUlQGHUXQJVWDUUVLQQLJYRUSDXNWDXIGLHVHP
XQEHTXHPHQ 9RUSRVWHQ VDJHQ ZLU 3URWHVW JHJHQ DOOHV DQ ZDV
QXUHQWIHUQWLQV:|UWHUEXFKGHV8QPHQVFKHQJHK|UWXQGZlUH
HV QRFK VR PRGHUQ LQ VHLQHU 9RNDEXODWXU XQG VHLQHP QHXHQ
&KLQHVLVFK©5HGHEHLHLQHUª)HVWDNDGHPLH©

6R]LRORJLVFK RULHQWLHUWH .ULWLN ZLOO QLFKW GHQ HLQ]HOQHQ

DWWDFNLHUHQ VRQGHUQ GLH YHUVFKOHLHUWHQ 6\VWHP]ZlQJH
HQWKOOHQ $Q GHU 0LVHUH GHU )HVWUHGHQ LVW QLFKW GHU
2EHUEUJHUPHLVWHU ; RGHU GHU 3DUODPHQWDULHU < GHU
0LQLVWHULDOUDW $ GHU 9HUHLQVYRUVWDQG % VFKXOG GLHVH KDEHQ
VLFK¶V EHL LKUHQ (PDQDWLRQHQ VLFKHU VDXHU ZHUGHQ ODVVHQ GHQ
%FKPDQQNRQVXOWLHUWLP6\QRQ\PZ|UWHUEXFKQDFKJHEOlWWHUW
$ENRPPDQGLHUW]XU)HLHUZDUHQVLHJOFNOLFKZHQQLKQHQHLQH
0HWDSKHUHLQ¿HOGLHPDQEUHLWVFKODJHQNRQQWH'DVDQWLTXLHUWH
5LWXDOGHU)HVWUHGHQIRUGHUWGD‰HLQ2I¿]LHOOHUDP)HVWGDGXUFK
WHLOKDW GD‰ HU VHLQH 7HLOKDEH DXVVSULFKW 5HSUlVHQWDWLRQ IKOW
VLFK HUVW ZRKO ZHQQ DOOH LP *HVFKLUU VWHKHQ XQG ORVOHJHQ
 'RFK HUVW DXV GHU 9HUXQVLFKHUXQJ GHU )HLHU HQWVWQGH HLQH
QHXH )RUP IHVWOLFKHU 9HUEXQGHQKHLW 'HQQ GDV )UDJZUGLJH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ªEHWULIIW© PDFKW EHWURIIHQ 1LFKW VLJQDOKDIW HLQVFKQDSSHQGH

:RUWH ZHUGHQ EHQ|WLJW VRQGHUQ 6LJQDOH GLH HLQHQ JHLVWLJHQ
5FNNRSSOXQJVSUR]H‰ EHZLUNHQ 7KHRGRU +HXVV KDW VROFKH
5HGH PLW .OXJKHLW XQG (UIROJ SUDNWL]LHUW XQG GDPLW GHU
IHVWOLFKHQ $QVSUDFKH LQ 'HXWVFKODQG HLQH QHXH 'LPHQVLRQ
HUVFKORVVHQ ± QlPOLFK GLH GHU JHGDQNOLFKHQ 'XUFKGULQJXQJ
SHUV|QOLFKHQ (LQIlUEXQJ GLDOHNWLVFKHQ %HIUDJXQJ XQG
NRPSHWHQWHQ 5HÀH[LRQ 5HGHQ DOV 6DFKH GHV 'HQNHQV VHW]W
IUHLOLFKYRUDXVGD‰GLH6SUDFKHU]LHKXQJYRQGHU,GHRORJLHGHV
0XWWHUVSUDFKHJHUDXQHVVLFKEHIUHLW$XIJDEHZlUHGLH(LQEXQJ
LQV VSUDFKOLFKH 5ROOHQVSLHO ZHOFKHV GDV ª(LJHQWOLFKH©
]XJXQVWHQ GHV ª-HZHLOLJHQ© GHU UHDOLVWLVFKHQ (LQVFKlW]XQJ
GHUMHZHLOLJHQ6LWXDWLRQDXIJLEWXQGSDWKHWLVFKH)UDJORVLJNHLW
LQ )UDJZUGLJNHLW XP]XZDQGHOQ YHUPDJ 'DEHL NDQQ GLH
,URQLH KHOIHQ DOV ª.OHLQWXQ© GHP 8QGHUVWDWHPHQW YHUZDQGW
)HVWOLFKH 5HGHQ GLH GLHVHV 0LWWHO DQZHQGHQ VLQG ]XPLQGHVW
YRU GHU *ORUL¿]LHUXQJ GHU HLJHQHQ *HGDQNHQORVLJNHLW JHIHLW
'LHV LVW ]% KlX¿J LP (QJOLVFKHQ GHU )DOO 'DV ª.OHLQWXQ©
GDUI IUHLOLFK QLFKW QXU $WWLWGH VHLQ HV PX‰ GHU SHUVRQDOHQ
%HUHLWVFKDIW HQWVSULQJHQ 6SUDFKH VSLHOHULVFK ]X YHUVWHKHQ
0DQVROOGLH:RUWHHUQVWQHKPHQDEHUQLFKW]XHUQVWGKPDQ
PX‰ VLFK GLH )UHLKHLW QHKPHQ XQG VLFK GLH )UHLKHLW HUKDOWHQ
:RUWHLPPHUZLHGHUQHX]XNRPELQLHUHQVLFKDOVRDXVGHQWHLOV
VHOEVWYHUVFKXOGHWHQ WHLOV JHVHOOVFKDIWV E]Z KHUUVFKDIWVPl‰LJ
EHVWLPPWHQ 6SUHFK]ZlQJHQ ]X EHIUHLHQ 'LH GHXWVFKH
3XEOL]LVWLN N|QQWH GHP )HVWUHGQHU KLHU]X YLHOH ª$QUHJXQJHQ©
JHEHQ 'LHWHU ( =LPPHU KDW LQ HLQHP $XIVDW] DXI GLH LQ
*DQJ JHNRPPHQH 9HUVDFKOLFKXQJ GHU 6SUDFKH KLQJHZLHVHQ
XQG GD]X HLQH 5HLKH YRQ (LQZRUWWLWHOQ YRQ %FKHUQ XQG


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

=HLWVFKULIWHQ ]LWLHUW 'HU .DWDORJ GLHVHU %HJULIIH LVW P (

HLQ JXWHU +LQZHLV DXI GDV ZDV IHVWOLFKH 5HGHQ VHLQ VROOWHQ
XQG N|QQWHQ ZHQQ VLH VLFK YRP -DUJRQ GHU (LJHQWOLFKNHLW
]X O|VHQ YHUP|FKWHQ %HZHJXQJHQ (LQJULIIH $XINOlUXQJHQ
(LQ]HOKHLWHQ ,OOXPLQDWLRQHQ ,PSURPSWXV .RQIURQWDWLRQHQ
1RWDWH 5DSSRUWH 9HUIUHPGXQJHQ 9RU]HLFKHQ $XVVLFKWHQ
$VSHNWH $N]HQWH .RQVWHOODWLRQHQ .RQNUHWLRQHQ .RQWUDVWH
3URYRNDWLRQHQ 3HUVSHNWLYHQ ± 'DQQ ZUGHQ GLH IHVWOLFKHQ
:RUWHGHPNULWLVFKHQ=XK|UHULP2KUHQLFKWPHKUZLHPRGULJH
3LO]H]HUIDOOHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

2EV]|QLWlWXQG,QWLPLWlWVMDUJRQ

ª7DVWHQGOLH‰HUVHLQH+lQGHEHULKUHVFKZHOOHQGHQ*OLHGHU
JHKHQ 'D ODJ VLH LKP DP +DOV XQG N‰WH LKQ PLW VHKQHQGHQ
.VVHQ ,Q DOO GDV7XVFKHOQ7DVWHQ XQG .RVWHQ JOLWW GDQQ HLQ
ZHLFKHV XQG ORFNHQGHV /HXFKWHQ DOV GDV 0lGFKHQ LKQ ]XU
QDKHQ7UKLQ]RJXQGVHLQH.DPPHUDXIWDW)ULHGOLFKJORPPGHU
:DFKVVWRFNYRPVFKOLFKWHQ7LVFKOHLQDQGHPDXIJHVFKODJHQHQ
EOWHQZHL‰HQ%HWWXQGEHUJR‰GLHEHLGHQPLWVHLQHPZHLFKHQ
6FKHLQ -HW]W VDK *RHWKH LQ ZRUWORVHP 6WDXQHQ GLH 6FK|QKHLW
GLHVHV0lGFKHQVLKUGXQNOHV+DDUGDVEOKHQGH$QWOLW]DQGHP
VFK|QHQ+DOVHXQGGHPZHLFKHQZHL‰HQ1DFNHQGHUVWUDKOHQG
DXVGHPKDOEJHO|VWHQ.OHLGHVWLHJ«6DKLKUHQURWHQORFNHQGHQ
0XQG PLW GHQ ZHL‰HQ =lKQHQ ZLH HLQH ZXQGHUIUHPGH %OWH
6LFK LQ LKUH 6FK|QKHLW ]X YHUVHQNHQ VWU]WH HU YRU XQG
XPVFKODQJVLH©
+DQGHOW HV VLFK KLHU XP HLQHQ REV]|QHQ RGHU XP HLQHQ
SRUQRJUDSKLVFKHQ 7H[W" 'DV JHVXQGH 9RONVHPS¿QGHQ ZLUG
NHLQHQ $QVWR‰ QHKPHQ 'HU 9RUJDQJ LVW ]ZDU HLQGHXWLJ
ª¾.RPP½ KDXFKWH VLH KLQJHJHEHQ© DEHU GLH (LQGHXWLJNHLW
ZLUGQLFKWDXVJHVSURFKHQQDFKGHPEUJHUOLFKHQ.RGH[LVWGHU
7DWEHVWDQGDQVLFKXQPRUDOLVFKGHQQHVZLUGHLQXQVFKXOGLJHV
5|VOHLQJHNQLFNWDEHUGLH(QWMXQJIHUXQJJHVFKLHKWGXUFK*RHWKH
±$XFKGHUOLWHUDULVFK8QJHELOGHWHGHUHWZDGLHJHUPDQLVWLVFKHQ
6XEOLPLHUXQJVWKHRULHQ EHU *RHWKHV /LHEHVOHEHQ QLFKW NHQQW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

KDW HLQH XQEHZX‰WH (KUIXUFKW YRU GHU 6H[XDOLWlW GHU *UR‰HQ

'LHYHUZHQGHWHQ(GHOZ|UWHUODVVHQ]XGHPNHLQHQ=ZHLIHOGDUDQ
DXINRPPHQGD‰HVVSUDFKOLFK]FKWLJ]XJHKW(LQ.RPPHQWDU
]XP 3DUDJUDSK  GHV 6WUDIJHVHW]EXFKV 9HUEUHLWXQJ
XQ]FKWLJHU :HUNH VWHOOW IHVW ª'HU QDFNWH PHQVFKOLFKH
.|USHULVWQLFKWXQ]FKWLJXQ]FKWLJLVWDQVLFKDXFKQLFKWGLH
:LHGHUJDEHGHU6FKDPVSDOWHXQ]FKWLJLVWHLQ9HUNHKUGHUGHQ
*HVFKOHFKWVWULHE LQ HLQHU =XFKW XQG 6LWWH YHUOHW]HQGHQ :HLVH
EHIULHGLJW© 'HU ]LWLHUWH 5RPDQDEVFKQLWW YHUPHLGHW 1DFNWKHLW
MHGH %O|‰H LVW GXUFK NOHLGVDPHV 9RNDEXODU DEJHGHFNW ZHLFK
VFKZHOOHQG VHKQHQG ORFNHQGHV /HXFKWHQ IULHGOLFK VFKOLFKW
EOWHQZHL‰ ZHLFKHU 6FKHLQ ZRUWORVHV 6WDXQHQ EOKHQG
VFK|QHU+DOVZHLFKHUZHL‰HU1DFNHQVWUDKOHQGURWHUORFNHQGHU
0XQG ZHL‰H =lKQH ZXQGHUIUHPGH %OWH 'LH 6FKDPVSDOWH
ZLUG QLFKW ZLHGHUJHJHEHQ GHU *HVFKOHFKWVWULHE ZLUG QLFKW LQ
HLQHU=XFKWXQG6LWWHYHUOHW]HQGHQ:HLVHDXVJHEWHVJHKWV‰
XQGIULHGOLFK]X'LH.RSXODWLRQIlOOWLQHLQH/HHU]HLOH
,QHLQHU3RVWZXUIVHQGXQJZXUGHPLUNU]OLFKDOVªYROOMlKULJHU
%UJHU© HLQ ª(LQIKUXQJV6RQGHUDQJHERW© DXV 'lQHPDUN
DQJHERWHQ 3RUQRVSLHONDUWHQ /LHEH LP %HWW %RUGHOOPXWWHUV
/LHGHU ª1XU PLW ZHL‰HP +DQGVFKXK ZLFKVW PDQ PLFK©
9HQXVLQ,QGLHQHWF'D]XHLQ$XV]XJDXVHLQHP)DUEPDJD]LQ
GHQLFKDXV6RUJHPHLQ%HLWUDJN|QQHLQGL]LHUWZHUGHQQXUPLW
HLQHUKDUPORVHQ6WHOOH]LWLHUHª+LHUWUHIIHQ6LH0lGFKHQPLW
HLQHU IDVW XQJODXEOLFKHQ 6H[%HJLHUGH ,KU KHL‰HV 9HUODQJHQ
ZLUG DEHU PLW +LOIH YRQ HQRUPHQ 6FKZlQ]HQ JHVWLOOW ± GLH
VWlUNVWHQGLH6LHMHJHVHKHQKDEHQ©±


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

=ZHL ZHLWHUH 6SUDFKEHLVSLHOH ]XP 3UREOHPNUHLV 6FKDP

XQG 6SUDFKH ª'DV 0lGFKHQ ¿QJ DQ ,FK NULHJWH HLQHQ KRFK
XQG Y|JHOWH GLH$OWH9RUKHU KDWWH LFK QRFK QLFKW ZRKO VFKRQ
JHIXPPHOW XQG JHNQXWVFKW DEHU QRFK QLH JHSLPSHUW 'DV
0lGFKHQZDUVRJXWGD‰ZLUPHKUPDOVLQGHU:RFKHDXIPHLQ
=LPPHU JLQJHQ 'D ZDU ZDV ORV NDQQ LFK ,KQHQ VDJHQ 'LH
NDQQWHDOOH7ULFNVXQGMHGH6WHOOXQJ©-XQJHUOHGLJHU$UEHLWHU
-DKUH]LWLHUWQDFK¾6SLHJHO½0lU]
ª(VLVWQLFKWPHLQH$EVLFKWHLQH(KHIUDXPLWHLQHU*HOLHEWHQ
]XYHUJOHLFKHQRGHUJDU]XEHZHLVHQGD‰GLHHLQHEHVVHULVWDOV
GLH DQGHUH $EHU DOV )UDXHQ KDEHQ ZLU YLHOHV JHPHLQVDP HV
LVWGDV:HLEOLFKHGDVXQV YHUELQGHW'DV PX‰PDQEHJUHLIHQ
ZHQQPDQULFKWLJOHEHQXQGOLHEHQZLOO(KHIUDXHQXQG*HOLHEWH
N|QQHQPDQFKHVYRQHLQDQGHUOHUQHQ,FKKDEHYLHOHUOHEW-DKUH
GHU 'HPWLJXQJ XQG GHU 6HOLJNHLW« (LQHQ 9RUWHLO KDW HLQH
*HOLHEWH YRU HLQHU YHUKHLUDWHWHQ )UDX 6LH LVW GHQ *HIDKUHQ
GHV /HEHQV XQJHVFKW]W DXVJHVHW]W 6LH PX‰ GDV /HEHQ DOOHLQ
PHLVWHUQVRQVWJHKWVLHXQWHU6LHPX‰VLFKPLWDOOHU.UDIWGHQ
%HGURKXQJHQGHV/HEHQVHQWJHJHQVWHPPHQ'DV/HEHQVFKHQNW
LKUQLFKWV±XQGGDVLVWHLQH$UWYRQ*QDGH©ª5DWVFKOlJHHLQHU
HUIDKUHQHQ*HOLHEWHQDQHLQHMXQJH)UDX©LQ¾-DVPLQ½
'DV 6SUDFKPDWHULDO GDV KLHU DOV $XVJDQJVSXQNW IU GLH
QDFKIROJHQGHQ hEHUOHJXQJHQ YRUJHOHJW ZLUG ZLUNW ]XQlFKVW
KHWHURJHQ 6WUXNWXUHOOH hEHUHLQVWLPPXQJHQ VLQG MHGRFK
JHJHEHQ ,Q DOOHQ %HLVSLHOHQ ZLUG GHU 7ULHE DX‰HUKDOE GHU
HWDEOLHUWHQ EUJHUOLFKHQ 1RUPHQ ªJHVWLOOW© (V JHKW YLHUPDO
XP *OFN XQG *OFNVJHIKO *HVFKLHKW =FKWLJHV RGHU
8Q]FKWLJHV"=ZHLGHUYLHU7H[WHZHUGHQDXFKGLHª=HQVXU©YRQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

3UGHQSDVVLHUHQ]ZHL7H[WHVLQG±QDFKJlQJLJHQ.DWHJRULHQ
± DOV SRUQRJUDSKLVFK RGHU REV]|Q HLQ]XVWXIHQ 'LH )UDJH GHV
.LWVFKHV VHL KLHU XQEHUFNVLFKWLJW PDQ N|QQWH QDWUOLFK DXFK
VDJHQ .LWVFK VHL REV]|Q GDV LVW HLQH )UDJH GHU 'H¿QLHUXQJ
3RUQRJUDSKLH XQG 2EV]|QLWlW KDEHQ DOVR RIIHQVLFKWOLFK QLFKWV
PLW 0RUDO E]Z PLW GHU 9RUVWHOOXQJ YRQ HLQHU EHVWLPPWHQ
0RUDO]XWXQVRQGHUQPLW6SUDFKH'HUJOHLFKHªXQPRUDOLVFKH©
9RUJDQJ LVW ZHFKVHOZHLVH REV]|Q RGHU QLFKW REV]|Q MH QDFK
VSUDFKOLFKHU9HUSDFNXQJ
'HU ªVFKOLPPVWH© 7H[W LVW MHGRFK QDFK PHLQHU$QVLFKW GHU
DXV ¾-DVPLQ½ GHU *RHWKH7H[W LVW DQWLTXLHUW HLQ 7H[W DXV
GHQ ]ZDQ]LJHU -DKUHQ DOV 5RPDQH XP GDV /LHEHVOHEHQ GHU
*UR‰HQ LP 6FKZQJH ZDUHQ GHU 'lQHPDUN7H[W LVW GXPP
GHU$UEHLWHUWH[W LVW UHDOLVWLVFKHU 6R]LROHNW 'HU ¾-DVPLQ½7H[W
LVW JHIlKUOLFK (U YHUOHW]W GDV 6FKDPJHIKO DP PHLVWHQ GD HU
GLH 3UREOHPDWLN PHQVFKOLFKHQ =XVDPPHQOHEHQV JDQ] JOHLFK
RE YRP 6WDQGSXQNW GHU ª*HOLHEWHQ© RGHU GHU ªMXQJHQ )UDX©
DXV EHWUDFKWHW GXUFK HLQH VHQWLPHQWDOKHURLVLHUHQGH +DOWXQJ
XQG GXUFK SVHXGRURPDQWLVFKHV *HVFKZlW] YHUVFKOHLHUW (LQH
DXVIKUOLFKH$QDO\VHVROOYRUJHQRPPHQZHUGHQGDGDUDXVGLH
UDI¿QLHUWH 0LVFKXQJ GHV 6SUDFKPXVWHUV ª,QWLPLWlWVMDUJRQ©
ZLH HV GHQ ªHURWLF VW\OH© GHU ,OOXVWULHUWHQ XQG ªJHKREHQHQ©
0DJD]LQHJHQHUHOOEHVWLPPWHUNDQQWZHUGHQNDQQ
ª:HULPPHUGXELVWMXQJH)UDXLFKJU‰HGLFK,FKVSUHFKH
]XGLUZHLOLFKYLHOOHLFKWPHLQHLJHQHVMQJHUHV,FKLQGLUVHKH
,FK HULQQHUH PLFK QRFK JXW DQ GLHVH -DKUH GHQQ WURW] PHLQHV
KRKHQ$OWHUV±LFKELQEHLQDKH±VLQGZLUXQVlKQOLFKHUDOV
GXGHQNVW(LQH*HOLHEWHKDWPLWHLQHUMXQJYHUKHLUDWHWHQ)UDX


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

HLQHVJHPHLQVDP%HLGHZLVVHQYRQGHU+HUUOLFKNHLWXQGYRP
.XPPHUGHU/LHEHEHLGHVLQGYRP*OFNHEHQVRZHLWHQWIHUQW
ZLHYRQGHU7UDXHU
,Q  -DKUHQ ZLUG VLFK GDV %DQG ]ZLVFKHQ XQV JHORFNHUW
KDEHQGHVZHJHQPX‰LFKKHXWH]XGLUVSUHFKHQ
:DVMHW]WGHLQ/HEHQELV]XPhEHUÀX‰PLW+RIIQXQJHUIOOW
NDQQ]XQLFKWHZHUGHQ1LHPDQGQLPPWGDVWlJOLFKH(LQHUOHLVR
HUQVWZLHMXQJH(KHIUDXHQXQG*HOLHEWH,FKZDUHLQVWYHUKHLUDWHW
XQGPX‰WHSO|W]OLFKHUNHQQHQGD‰HLQHDQGHUH)UDXLP/HEHQ
PHLQHV0DQQHVHLQHJU|‰HUH5ROOHVSLHOWHDOVLFK'LH6FKHLGXQJ
ZDUXQXPJlQJOLFK=XHUVWZHKUWHLFKPLFKGDJHJHQGRFKGDQQ
VDKLFKHLQGD‰PHLQH(KHVLQQORVJHZRUGHQZDU
(UVWDOVLFKGDVHUNDQQWKDWWHNDP)ULHGHLQPLFK
=ZHL -DKUH GDQDFK EHJHJQHWH LFK HLQHP 0DQQ GHU JDQ]
PHLQHQ 9RUVWHOOXQJHQ HQWVSUDFK HLQ 0HQVFK PLW VHKU YLHO
6HOEVWEHKHUUVFKXQJ,FKNDPEHUXÀLFKPLWLKP]XVDPPHQXQG
ZDU LQ VHLQ %UR EHVWHOOW ZRUGHQ $OV HU GDV =LPPHU EHWUDW
EHWUDFKWHWHLFKJHUDGHGLH%LOGHUGLHDQGHQ:lQGHQKLQJHQ±
%LOGHUYRQHUVWDXQOLFKHU4XDOLWlWVLHKlWWHQHEHQVRJXWLQHLQHP
0XVHXP KlQJHQ N|QQHQ ,FK KDWWH HLQLJH VFKRQ DOV 'UXFNH
JHVHKHQMHGRFKQLHGDV2ULJLQDO¾:LHKDOWHQ6LHGDVDXVLPPHU
PLWGLHVHQ%LOGHUQ]XVDPPHQ]XOHEHQ"½IUDJWHLFKLKQ
¾:LHN|QQWHLFKHVRKQHGLHVH%LOGHUDXVKDOWHQ"½VDJWHHU
9RQ GLHVHP $XJHQEOLFN DQ EHJDQQ HLQH )UHXQGVFKDIW
±OHEHQGLJRKQH.RPSOLNDWLRQHQXQG=ZDQJ,FKEHZXQGHUWH
DQLKPVHLQH.UDIWXQG%HKHUUVFKXQJHUZDUPLUHLQ9RUELOG
(UGXUIWHQLFKWVDQGHUHVIUPLFKVHLQGHQQLFKZX‰WHGD‰HU


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

YHUKHLUDWHW XQG DXV YHUVFKLHGHQHQ *UQGHQ QLFKW EHUHLW ZDU

GLHVH (KH DXI]XJHEHQ (U VSUDFK PLW PLU HLQPDO LQ DQGHUHP
=XVDPPHQKDQJ GDUEHU XQG GHVZHJHQ ZDU LFK VHKU HUVWDXQW
DOV HU PLU HLQHV 7DJHV HLQH HUQVWKDIWH %LQGXQJ YRUVFKOXJ
,FK VSUWH GD‰ HLQ JHPHLQVDPHV /HEHQ DXI XQV ZDUWHW ± GD‰
HV XQV ¾EHVWLPPW½ ZDU ZLH GHU 0RKDPPHGDQHU VDJW 0DQ
PDJ EHKDXSWHQ GD‰ HV HJRLVWLVFK ZDU ZDV LFK WDW (V VWLPPW
YLHOOHLFKWVRJDU±DEHUQLFKWLPEOLFKHQ6LQQHGHV:RUWHV(V
JHVFKLHKW QLFKWV DXI GHU :HOW HV JLEW NHLQHQ )RUWVFKULWW RKQH
(JR]HQWULNNHLQH0DFKWNHLQHQ5HLFKWXPNHLQH.XQVWNHLQHQ
*ODXEHQNHLQHQ6WDDW:LUVSUWHQGLH.UDIWGLHGXUFKXQVHUH
%HJHJQXQJHQLQXQVHQWVWDQGZLUZX‰WHQGD‰ZLUQLFKWVGDIU
NRQQWHQ(VZDUHLQH)UDJHGHU7DSIHUNHLWVLFKGLHVHP6FKLFNVDO
]XVWHOOHQJDQ]JOHLFKZDVGLH$X‰HQZHOWGDYRQGDFKWH©
'LH IDPLOLlUH $QVSUDFKH LQVEHVRQGHUH GLH 'X
$SRVWURSKLHUXQJ YHUPLWWHOW LQJURXS*HIKO ,QQHUKDOE GHU
$QRQ\PLWlW GHU PRGHUQHQ *HVHOOVFKDIW LVW *HPHLQVFKDIWV
URPDQWLN6XUURJDWVLHYHUPDJGLH6HKQVXFKWGHULQGLYLGXHOOHQ
ZLH NROOHNWLYHQ (LQVDPNHLW HQWÀLHKHQ ]X N|QQHQ ]X EHIULHGL
JHQRGHUZHQLJVWHQVWHPSRUlU]XVlWWLJHQ'LHVRQVWPHLVWPLW
JHKREHQHP PRUDOLVFKHQ =HLJH¿QJHU HUOHEWH lOWHUH *HQHUDWLRQ
ZLUG KLHU YROOHU 9HUVWlQGQLVEHUHLWVFKDIW JHUDGH LQ GHOLNDWHQ
)UDJHQ SUlVHQWLHUW GLH lOWHUH 5DWJHEHULQ GLH GLH 0XWWHUUROOH
VSLHOWVSULFKWDXVZDVMXQJH+HU]HQEHVFKZHUW'DVMQJHUH,FK
LQLKUEHIlKLJWVLHGD]X'LH*HOLHEWHXQGGLHMXQJYHUKHLUDWHWH
)UDX ZHUGHQ PLW HLQHP 6DW] ]XVDPPHQJHEXQGHQ GHU IUHLOLFK
]XQlFKVW LP PRUDOLVFKHQ 6FKZHEH]XVWDQG YHUEOHLEW ,VW GLH
MXQJ YHUKHLUDWHWH )UDX YRP HKHOLFKHQ $OOWDJ HQWWlXVFKW ZLUG
LKUGLH&KDQFHGLH5ROOHHLQHU*HOLHEWHQ]XEHUQHKPHQYHU


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

EDO RIIHULHUW GLH ERXUJHRLVH )DPLOLHQDXIIDVVXQJ QDFK GHU GLH

(KHIUDXIUGLHGUHL.¶V.FKH.LQGHU.LUFKHGLH*HOLHEWH
IUGLH/LHEHVURPDQWLN]XVWlQGLJVHLVFKZLQJWPLWDXFKZHQQ
GHUQDFKIROJHQGH6DW]VRWXWDOVREEHLGHDQGHUª+HUUOLFKNHLW
GHU/LHEH©JOHLFKHUPD‰HQSDUWL]LSLHUHQN|QQWHQ6HLQHUOHHUHQ
5HGXQGDQ]HQWVSULFKWLQQHUHU:LGHUVSUFKOLFKNHLWHLQPDOZLUG
EHKDXSWHWGD‰EHLGHYRQGHU+HUUOLFKNHLWXQGGHP.XPPHUGHU
/LHEHZ‰WHQ]XPDQGHUHQGD‰EHLGHYRP*OFNHEHQVRZHLW
HQWIHUQWZlUHQZLHYRQGHU7UDXHU:RLVWGHQQGDQQGHU2UWGHU
/LHEH"
(LQH 6WDQGRUW¿[LHUXQJ LVW MHGRFK QLFKW EHDEVLFKWLJW
HV JHKW OHGLJOLFK GDUXP P|JOLFKVW YLHOH (GHOVXEVWDQWLYH
ZLH VLH )UDXHQOLHE XQG )UDXHQOHLG ]X HYR]LHUHQ YHUP|JHQ
XQWHU]XEULQJHQ 'LH V\QWDNWLVFKH 9HUNQSIXQJ HUVHW]W GLH
ORJLVFKH +HUUOLFKNHLW XQG .XPPHU *OFN XQG 7UDXHU VLQG
0HORGLHQLFKW$UJXPHQW
'HU'UDQJ]XULQWLPHQ$XVVSUDFKHGDV*HVSUlFKYRQ+HU]]X
+HU]IKUW]XHLQHUGLHJDQ]H*HGDQNHQORVLJNHLWGHU6XDGDHQW
ODUYHQGHQ)HKOOHLVWXQJ,Q-DKUHQZHUGHVLFKGDV%DQGJHOR
FNHUWKDEHQGHVKDOEPX‰GLHMlKULJHPLWGHPMQJHUHQ,FKLQ
VLFKMHW]WVSUHFKHQ-DKUHVSlWHUZlUHQLQGHU7DW]XVSlWGLH
%ULHINDVWHQWDQWHZlUHGDQQ±'LH)UXVWUDWLRQVDQJVWRGHUGLH
EHUHLWV JHJHEHQH )UXVWUDWLRQ GHU DQJHVSURFKHQHQ MXQJHQ )UDX
ZLUGDEJHIDQJHQ:LUGDXFKGHUhEHUÀX‰YRQ+RIIQXQJ]XQLFK
WHLUJHQGZLHLVWDOOHVWU|VWOLFK:DVGLHLQGLYLGXHOOHZLHNROOHN
WLYHª9HUHLWHOXQJ©EHZLUNWHWZDGHU0DQJHODQ(PDQ]LSDWLRQ
EOHLEWKLHUZLHVSlWHUXQDXVJHVSURFKHQ'LHREHQVFKRQYRUJH
QRPPHQH,QHLQVVHW]XQJYRQ)UDXXQG*HOLHEWHZLUGZHLWHUJH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

IKUW GHU 6FKZHEH]XVWDQG DXIUHFKWHUKDOWHQ %HLGH QHKPHQ

GDV WlJOLFKH (LQHUOHL ªHQRUP HUQVW© EHLGH KDEHQ YLHOHV JH
PHLQVDP 'DV 0RWWR GHU =HLWVFKULIW ª(LQ /HEHQ ]X ]ZHLW©
DOOHUGLQJVPLWHYWOZHFKVHOQGHQ=ZHLVZLUGV‰OLFKYDULLHUW
'LH /HVHULQ VROO VWlQGLJ GDV *HIKO VXJJHULHUW EHNRPPHQ
GD‰ VLH MD DXFK *HOLHEWH VHLQ N|QQH LKU EDQDOHU =XVWDQG DOV
(KHIUDX ZLUG GDGXUFK URPDQWLVLHUW 'HP PlQQOLFKHQ /HVHU
ZLUG lKQOLFKH +RIIQXQJ JHPDFKW ± LVW HV GRFK RIIHQVLFKWOLFK
JDU QLFKW VR VFKOLPP HLQH *HOLHEWH ]X KDEHQ ]X KDOWHQ 'LH
NOXJH lOWHUH 5DWJHEHULQ VSULFKW ZHGHU YRQ IDPLOLlUHQ QRFK
YRQ JHVHOOVFKDIWOLFKHQ ,PSOLNDWLRQHQ $OV RE EHLGH 5ROOHQ
JOHLFKHUPD‰HQ LQ XQVHUHU *HVHOOVFKDIW ªJOFNKDIW© VHLHQ
1DFKGHP(KHIUDXXQG*HOLHEWHPHKUIDFKJOHLFKJHVHW]WZXU
GHQZLUGEHKDXSWHWGD‰PDQVLHQLFKWYHUJOHLFKHQZROOHPX‰
PDQGRFKDXFKPLW/HVHULQQHQXQG/HVHUQUHFKQHQGLHEHLVRO
FKHU ª(LQKHLW© PRUDOLVFK DOOHUJLVFK UHDJLHUHQ ZUGHQ 'RFK
GDQQJHKWHVUDVFKZLHGHULQGHQ6FKZHEH]XVWDQG]XUFNNHLQH
LVWEHVVHUDOVGLHDQGHUHZDVHLQVFKOLH‰WGD‰EHLGHJXWVLQG'LH
ORJLVFKHQXQGHYWOPRUDOLVFKHQ:LGHUVSUFKOLFKNHLWHQZHUGHQ
GXUFK HLQH $SRWKHRVH GHV :HLEOLFKHQ EHUVSLHOW GLHVHV GDV
:HLEOLFKH QlPOLFK KDEHQ (KHIUDX XQG *HOLHEWH JHPHLQVDP
(QGOLFK LVW GLH KLQDQ]LHKHQGH9RNDEHO JHIDOOHQ 6FKOVVHOZRUW
IUHLQVFKQDSSHQGH$I¿UPDWLRQ:HQQPDQYRPª:HLEOLFKHQ©
VSULFKW LVW ORJLVFKH 7UHQQVFKlUIH VXVSHQGLHUW 'LH (YRNDWLRQ
GLHVHVVRZRKOOLWHUDULVFKDOVDXFKWULYLDOOLWHUDULVFKDEJHVLFKHUWHQ
*HIKOVNRPSOH[HVLPPXQLVLHUWJHJHQEHUORJLVFKHU%HIUDJXQJ
2KQHGDV:LVVHQXPVª:HLEOLFKH©NDQQPDQZHGHUULFKWLJOH
EHQ QRFK OLHEHQ *HVFKLFNW ZLUG LQ GLHVHP $XJHQEOLFN GLH
9RNDEHO ªULFKWLJ© HLQJHIKUW PLWVFKZHEHQG LQ GHU $XUD GHV


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

:HLEOLFKHQ NDQQ VLH VLFK RKQH (UOlXWHUXQJ GHU PRUDOLVFKHQ

$[LRPDWLN LQQHUKDOE GHUHU VLH HUVW LKUHQ 6WHOOHQZHUW HUKlOW
DXVEUHLWHQª5LFKWLJ©LVWHEHQULFKWLJ:DVULFKWLJLVWNDQQPDQ
EHL(KHIUDXHQZLHEHL*HOLHEWHQOHUQHQª5LFKWLJ©LVWDXFKGD‰
DXI'HPWLJXQJ6HOLJNHLWIROJW'DPLWNDQQPDQVWHWVLQHLQHU
UHSUHVVLYHQ *HVHOOVFKDIW EHVFKZLFKWLJWH $GDSWLRQ HUUHLFKHQ
'HQQQDFKGHU'HPWLJXQJZLUGVFKRQLUJHQGZLHXQGLUJHQG
ZRHLQH6HOLJNHLWZDUWHQPDQHUWUlJWGDV*HJHQZlUWLJHLQGHP
PDQVLFKDXIVEHVVHUH=XNQIWLJH¿[LHUW'HU%HJULIIª*OFN©
WUDQV]HQGLHUW GLH 0LVHUH YHUEOHLEW GHP$XJHQEOLFN 'D‰ PDQ
GHQ *HIDKUHQ GHV /HEHQV XQJHVFKW]W DXVJHVHW]W LVW ZLUG DOV
9RUWHLODXVJHJHEHQJHOREWVHLZDVKDUWPDFKWZDVHLQHQQLFKW
XPEULQJWPDFKWVWlUNHU'LHMlKULJHLVWQLFKWXPJHNRPPHQ
VLHVFKZLPPWQDFKZLHYRULQ6HOLJNHLWVJHIKOHQDOVRZHUGHQ
DXFKGLHDQGHUHQGDV/HEHQEHVWHKHQXQGEHUVWHKHQ9RQGHQHQ
GLHVFKHLWHUWHQLVWQLFKWGLH5HGH'LHVHJLQJHQHEHQNODQJORV
]XP2UNXVKLQDE$OOHLQGDV/HEHQPHLVWHUQ±DOVV‰HV0lGHO
GDVQDFKDUEHLWVDPHP7DJLQ)DEULNRGHU*HVFKlIWGHPHKHOLFK
YHUKlUPWHQ%UJHULOOHJLWLPH:ROOXVWEHUHLWHWRGHUDOV)UlXOHLQ
'RNWRUbU]WLQRGHU-RXUQDOLVWLQGLHLQGHQ)DPLOLHQVHQGXQJHQ
GHV)HUQVHKHQVHLQHQ+DXFKYRQ(PDQ]LSDWLRQYHUEUHLWHW±GDV
LVW GDV K|FKVWH *OFN JHVHOOVFKDIWVSROLWLVFKHU ,JQRUDQ] 'D‰
PDQ DQJHVLFKWV GHU %HGURKXQJHQ VLFK QLFKWV VFKHQNHQ Ol‰W
LVW *QDGH 0LW GHP :RUW ª*QDGH© ODVVHQ VLFK VR]LDOH ZLH
HPDQ]LSDWRULVFKH 9HUVlXPQLVVH DEGHFNHQ :DV PDQ DXFK DQ
8QWHUGUFNXQJGHU6FKZlFKHUHQGHU8QWHUSULYLOHJLHUWHQLQGHU
.RQNXUUHQ]JHVHOOVFKDIWHUIlKUW±HVLVWHLQHª$UWYRQ*QDGH©
'HU7H[W KDW GDPLW VHLQHQ DI¿UPDWLYHQ +|KHSXQNW HUUHLFKW
:HU DQ VROFKHU VR]LDOSROLWLVFKHU 7KHRGL]HH JHOLQGH ]ZHLIHOW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

HUIlKUW GD‰ PDQ GLHV ªQDWUOLFK© QLFKW VRIRUW HUNHQQHQ N|Q

QH GLH$XWRULWlW GHU YHUVWlQGQLVYROOHQ MlKULJHQ ZLUG LQ GLH
:DDJVFKDOHJHZRUIHQ=XGHPVRUJWGLHEHJLQQHQGH/LHEHVVWRU\
IU $EOHQNXQJ HLQ /HEHQ ]X GULWW PLW VLFK DQEDKQHQGHU
6FKHLGXQJ LVW LQWHUHVVDQW HLQHU ª9HUWLHIXQJ© JHVHOOVFKDIWVSR
OLWLVFKHU3UREOHPDWLNNDQQVRDXVGHP:HJJHJDQJHQZHUGHQ
'HQYLHOHQ]HUUWWHWHQ(KHQZLUGWURVWUHLFKYHUVLFKHUWGD‰GLH
(UNHQQWQLVYRQGHU=HUUWWXQJª)ULHGH©EULQJH'LH/HLGJHSUIWH
HUIlKUWDXFKKLHUZLHGHUXP*QDGHGK%HJHJQXQJPLWHLQHP
0DQQ GHU JDQ] LKUHU 9RUVWHOOXQJ YRP 0DQQ HQWVSULFKW 6HKU
YLHO6HOEVWEHKHUUVFKXQJYROOHU.XQVWVLQQLJNHLW±GLH/LHEH]XU
.XQVW JDUDQWLHUW GD‰ /LHEH WLHI JUQGHW (LQHU GHU 2ULJLQDOH
VWDWW 'UXFNH LP =LPPHU KlQJHQ KDW LVW YRQ HLQHU EHVVHUHQ
:HOW 'DV EUJHUOLFKH .XOWXUEHZX‰WVHLQ LVW LQ GLHVHU 6]HQH
QDFKGUFNOLFK SUlVHQW %LOGHU .UDIW %HKHUUVFKXQJ ± VROFKH
3UlGLNDWLRQHQ QHKPHQ GHU DX‰HUHKHOLFKHQ %H]LHKXQJ GDV
+DXWJRXWGHV9HUKlOWQLVVHV'LHVHU0DQQOHEWGHP+|KHUHQHU
NDQQ HV VLFK OHLVWHQ ªDXV YHUVFKLHGHQHQ *UQGHQ© )UDX XQG
*HOLHEWH]XKDEHQ:RREHQLVWLVWGLH.XQVWZRGLH.XQVWLVW
LVW6HHOHQIUHXQGVFKDIWYRQ6H[XDOLWlWEUDXFKWQLFKWGLH5HGH]X
VHLQ6LHLVWLQNOXVLYH±
0LW GHP .LVPHW GHU 0RKDPPHGDQHU ZLUG GHU VHLW GHP
 -DKUKXQGHUW EHOLHEWH 2ULHQWNRPSOH[ LQV 6SUDFK XQG
(PS¿QGXQJVPXVWHU HLQEH]RJHQ 'LHVH /HXWH VLQG UHOLJL|V
DOVR PRUDOLVFK XQG GHQQRFK SRO\JDP ZDV YRQ GHQ 0lQQHUQ
JHVFKlW]W XQG YRQ GHQ )UDXHQ PDVRFKLVWLVFK DN]HSWLHUW ZLUG
$EHQGOlQGLVFK LVW GDJHJHQ GHU YHUKHUUOLFKWH (JRLVPXV 2KQH
(JR]HQWULN JLEW HV NHLQHQ )RUWVFKULWW .HLQH 0DFKW NHLQHQ
5HLFKWXP NHLQH .XQVW NHLQHQ *ODXEHQ NHLQHQ 6WDDW 'LH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

5HLKHQIROJH HQWVSULFKW GHP VSlWNDSLWDOLVWLVFKHQ :HOWELOG

0DFKWVWW]WVLFKDXI5HLFKWXPGLHVHUYHUEUlPWVLFKPLW.XQVW
VWW]WVLFKDEGXUFK*ODXEH±DOOHV]XVDPPHQPDFKWGHQ6WDDW
DXV ,Q HLQH SULYDWH SULYDWLVWLVFKH *HVFKLFKWH HLQJHIJW DOVR
¾PHQVFKOLFKYHUSDFNW½ZLUGVROFKH(UNHQQWQLVYLHOOHLFKWHUDE
JHQRPPHQ DOV ZHQQ VLH PLW SROLWLVFKHP $N]HQW YRUJHWUDJHQ
ZUGH'LHVH*HVFKLFKWHDXVGHP/HEHQJHJULIIHQHLQHªZDKUH
*HVFKLFKWH©PDFKWGHXWOLFK(JR]HQWULNJLEW.UDIWIUVROFKH
.UDIWNDQQPDQQLFKWVVLHNRPPWEHUHLQHQ$XVGHPMDVPLQ
SDUIPLHUWHQ :HUWHNDQRQ ZLUG QRFK EHVRQGHUV GLH 7DSIHUNHLW
KHUYRUJHKREHQ EHZX‰WORVH %HZlOWLJXQJ YRQ$X‰HQZHOW 8QG
EHU DOOHP GDV 6FKLFNVDO 'LH ([WHQVLRQ GLHVHV :RUWHV LVW VR
JUR‰GD‰HLQH,QWHQVLRQJDUQLFKWYHUVXFKWZLUG$OV=DXEHUZRUW
UFNWHVDOOHV,UGLVFKHGDGXUFK]XUHFKWGD‰HVGLHLQGLYLGXHOOHQ
ZLHNROOHNWLYHQ:LGULJNHLWHQLQGHQ0\WKRVHQWUFNWDOOHVLVW
ZLH HV LVW ZHLO HV VR VHLQ PX‰ ± XQG HV PX‰ VR VHLQ ZHLO HV
6FKLFNVDO LVW$XINOlUXQJ KDW KLHU QLFKWV PHKU ]X VXFKHQ 'HU
7H[W LVW VFKDPORV GLH 6FKDPORVLJNHLW OLHJW IUHLOLFK QLFKW LP
(QWEO|‰HQSULPlUHURGHUVHNXQGlUHU*HVFKOHFKWVPHUNPDOH
'LH %HJULIIH 2EV]|QLWlW XQG 3RUQRJUDSKLH ZHUGHQ KlX¿J
± LP DOOWlJOLFKHQ 6SUDFKJHEUDXFK ]XPLQGHVW ± DOV 6\QRQ\PH
EHKDQGHOW0DQVROOWHMHGRFKEHLGH:RUWHYRQHLQDQGHUDEJUHQ
]HQXQGLKQHQHLQHQHLJHQHQ,QKDOW]XRUGQHQ2EV]|QZLUGKLHU
DOV%H]HLFKQXQJHWZDIUHLQH/LWHUDWXUXQG.XQVWYHUZHQGHW
GLH WDEXIUHL XQG SURYR]LHUHQG GHU :DKUKHLW EHU GLH PHQVFK
OLFKH ([LVWHQ] GLHQW ± HLQHU :DKUKHLW GLH GHQ 0HQVFKHQ DOV
VH[XHOOHV :HVHQ EHJUHLIW GLH PHQVFKOLFKH 6H[XDOLWlW ¾GLUHNW½
]X VFKLOGHUQ ZDJW ,QQHUKDOE GHV EUJHUOLFKHQ 0RUDOV\VWHPV
ZLUG PHLVW QLFKW EHJULIIHQ GD‰ .XQVW DOV HLQ (QWEHUJHQ YRQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

:LUNOLFKNHLWGLHNRQYHQWLRQHOOH6FKDPYLHOIDFKYHUOHW]HQPX‰
GHU.QVWOHU7DEXEUHFKHU ]X VHLQ KDW GHU GLH GRJPDWLVFKLGH
RORJLVFKHQ (UVWDUUXQJHQ XQG 9HUNUXVWXQJHQ ]HUVFKOlJW XP VR
5HDOLWlWQHX]XHUVFKOLH‰HQ%UJHUOLFKH(QWUVWXQJZLUGGXUFK
:DKUKHLW HYR]LHUW 'LH 6FKDPORVLJNHLW GHU REV]|QHQ .XQVW
HQWGHFNW GHQ ªJDQ]HQ 0HQVFKHQ© ZlKUHQG LQQHUKDOE GHU DI
¿UPDWLYHQ .XQVW XQG .XQVWLQWHUSUHWDWLRQ ]ZDU GLH *DQ]KHLW
GHV0HQVFKHQVWlQGLJEHVFKZRUHQDEHUGLHMHQLJHQª7HLOH©GLH
HLQH 9HUXQVLFKHUXQJ GHU 9RUVWHOOXQJ YRP :DKUHQ *XWHQ XQG
6FK|QHQGDUVWHOOHQYHUGUlQJWZHUGHQ0LWGHUREV]|QHQ.XQVW
YHUVXFKWYHUGUlQJWH1DWUOLFKNHLWVLFKZLHGHU=XJDQJ]XPWD
EXLVLHUHQGHQXQGYHUGUlQJHQGHQ%HZX‰WVHLQ]XHUZLUNHQ'DV
2EV]|QHPHLQW+HQU\0LOOHUVHLHLQ3UR]H‰GHU5HLQLJXQJGHU
.DWKDUVLV'DV2EV]|QHUXIHGHVKDOEYLHOKHIWLJHUH5HDNWLRQHQ
KHUYRUDOVGDV3RUQRJUDSKLVFKH
3RUQRJUDSKLH LVW9HQWLOVLWWH 0|JOLFKNHLW IU GLH$EUHDNWLRQ
XQWHUGUFNWHU (QHUJLHQ 3RUQRJUDSKLVFKH 7ULYLDONXQVW QXU DXI
6WRIÀLFKNHLWDQJHOHJWUXIWNDXP|IIHQWOLFKH(QWUVWXQJKHUYRU
GDVLHGLHKHUUVFKHQGH0RUDOQLFKWDWWDFNLHUW6LHVWW]WVLHVRJDU
DE GD VLH GHQ GXUFK ª|IIHQWOLFKH 0RUDO© EHZLUNWHQ 7ULHEVWDX
DENDQDOLVLHUW 0LW 5HFKW ZHLVW &RPIRUW GDUDXI KLQ GD‰ GLH
3RUQRJUDSKLH /LHEH XQG /LHEHVJHQX‰ JHULQJ HLQVFKlW]H XQG
GDIU DEQRUPH (UVFKHLQXQJVIRUPHQ GLH ZHQLJHU PLW JHQLWD
OHU 6H[XDOLWlW VRQGHUQ PLW +D‰ XQG$JJUHVVLRQ ]X WXQ KDEHQ
EHYRU]XJH3RUQRJUDSKLHPDUNLHUWVRPLWGHQ3HJHOVWDQGDOOJH
PHLQHU$VR]LDOLWlW+lX¿JNDVFKLHUWVLFK3RUQRJUDSKLHPLWGHQ
=JHQGHV(UEDXOLFKHQRGHU,G\OOLVFKHQVLHJLEWVLFKPRUDOLVFK
XQGZLUGJHUQHLGHRORJLVFKDXVJHULFKWHW0DQHULQQHUHVLFK]%
DQGLH3RUQRJUDSKLHYRQ6WUHLFKHUV¾6WUPHU½,QGHPGHU6WDDW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

RGHUGLHKHUUVFKHQGH6FKLFKW3RUQRJUDSKLHOHJLWLPLHUWRGHU]X
PLQGHVW]XOl‰WNDQQVLHEHUGLHVRªHUODXEWH©$EUHDNWLRQLKUH
+HUUVFKDIW DEVWW]HQ 'LH PDQLSXOLHUWHQ 0DVVHQ GDQNHQ GHQ
0DQLSXODWRUHQGDIUGD‰VLHVLFK±ZHQQDXFKPLWVFKOHFKWHP
*HZLVVHQ±DEUHDJLHUHQGUIHQ
9RQGLHVHUhEHUOHJXQJDXVJHKHQGNDQQPDQZHLWH%HUHLFKH
GHU $XINOlUXQJVOLWHUDWXU DOV SRUQRJUDSKLVFK EH]HLFKQHQ GLH
6WRIÀLFKNHLW GHU 6H[XDOLWlW ZLUG LGHRORJLVFK YHUVFKOHLHUW
GDUJHERWHQ 0DQ YHUPLWWHOW GLH VHQVXDOLVWLVFKH 5HL]ZLUNXQJ
GLHPLWGHU9HUEDOLVLHUXQJYRQ,QWLPLWlWYHUNQSIWLVW]XJOHLFK
LVW GLHVHU ,QWLPLWlWVMDUJRQ MHGRFK GDUDXI DXV (PDQ]LSDWLRQ
]X YHUKLQGHUQ 'HU 0HQVFK ZLUG GXUFK ª$XINOlUXQJ© QLFKW
LQ GLH /DJH YHUVHW]W EHU VLFK VHOEVW EHVWLPPHQ ]X N|QQHQ
XQG]XGUIHQVRQGHUQPLW+LOIHYRQ6QGKDIWLJNHLWVJHIKOHQ
PDQLSXOLHUW 'HU $XVJDQJ GHV 0HQVFKHQ DXV VHLQHU VHOEVW
YHUVFKXOGHWHQ 8QPQGLJNHLW ZLUG YHUKLQGHUW LQGHP PDQ
6H[XDODQJVW I|UGHUW XQG ]ZDU GXUFK UHSUHVVLYH 6H[XDOSROLWLN
GLHVLFKDOV$XINOlUXQJNDVFKLHUW6H[XDOLWlWHUVFKHLQWHQWZHGHU
DOVGDV%|VH6FKPXW]LJHª8QWHUH©±RGHUURPDQWLVLHUWDOVGDV
+|FKVWHVFKOHFKWKLQ8QHUUHLFKEDUH0HWDSKHUQODVVHQVLFKGHU
9HUVFKOHLHUXQJVWHFKQLNEHVRQGHUVJXWQXW]EDUPDFKHQVRZRKO
LQ GHU ªIUHLGHQNHULVFKHQ© $XINOlUXQJVOLWHUDWXU GLH PDQ YRQ
%RHOVFKHV ¾/LHEHVOHEHQ LQ GHU 1DWXU½ KHUOHLWHQ NDQQ ª'LHVHU
=HXJXQJVDNW LVW ZLH HLQH EOLW]VFKZDQJHUH:RONH JHODGHQ PLW
3KLORVRSKLH«0LWGHU(L]HOOHDEHUKlQJVWGXLP,QQHQOHEHQGHV
.RVPRV,QGHU)ROJHGHV/HEHQGLJHQ'XZLUVWVHOEVW.RVPRV
LQLKU©ZLHLQGHQNLUFKOLFKHQ$XINOlUXQJVWUDNWDWHQGLHQDFK
XQVHUHU 'H¿QLWLRQ EHVRQGHUV SRUQRJUDSKLVFKUHSUHVVLY VLFK
JHElUGHQª)LQGHVWGXQLFKWDPVFK|QVWHQZHQQHLQ0lGFKHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

VHLQH/LHEHJDQ]VWLOOXQGIHLQDXVVWUDKOWZLHHLQH.HU]HGXUFK
/LFKW GLH )LQVWHUQLV HUKHOOW":HQQ ZLU LP )UKOLQJ YRQ HLQHP
JUQHQGHQ =ZHLJ HLQH .QRVSH QDFK GHU DQGHUHQ DEEUHFKHQ
NDQQ XQV GDQQ GHU =ZHLJ PLW KHUUOLFKHQ %OWHQ HUIUHXHQ" 6R
LVW HV PLW GHU /LHEH :ROOHQ ZLU MHW]W QLFKW YHUVXFKHQ MHGH
.QRVSH]XKWHQXQG]XSÀHJHQELVDOOHVLQHLQHU%OWHQSUDFKW
DXIVSULQJW":LU ZROOHQ XQV GDUXP EHPKHQ XQG GHQ DQGHUHQ
GD]XKHOIHQ.XU]GDUDXIYHUOLH‰*HUGDGHQ%HWULHEVSlWHUWUDI
XQVHUH %ULHIVFKUHLEHULQ VLH XQG IUDJWH ¾*HUGD ZLH VWHKW¶V PLW
GHLQHQ .QRVSHQ"½ 'D ODFKWH GLHVH GLH )UDJHVWHOOHULQ JOFNOLFK
DQXQGVDJWH¾,FKKDEHHVELVMHW]WZDKUJHPDFKW-HGHQ-XQJHQ
GHUPLUQDFKOlXIWZHLVHLFKDEXQGLFKIUHXHPLFKGDUDXIVSlWHU
HLQHPIHLQHQ-XQJPDQQGHUHVHEHQVRJHWDQKDWPHLQ+HU]]X
|IIQHQ½ ¾$OV VLH GLHVHV VDJWH½ EHPHUNW GLH %ULHIVFKUHLEHULQ
GD]X¾MXEHOWHPHLQ+HU]XQGLFKIUHXWHPLFKXQElQGLJ½©

:HUEHU6H[XDOLWlWQLFKWVSULFKWVRQGHUQVLHLQ0HWDSKHUQ
YHUVFKOHLHUWZHLOHUVLFKHEHQVFKlPWYHUKLQGHUWHLQHUDWLRQDO
HUKHOOHQGH 'XUFKGULQJXQJ GHV HOHPHQWDUHQ 7ULHEEHUHLFKV 'LH
OHLEOLFKH 3DUWQHUVFKDIW GLH VLFK GHU YHUEDOHQ .RPPXQLNDWLRQ
HQW]LHKW EOHLEW EOLQG 'DV WULIIW DXFK IU GLH *HVHOOVFKDIW ]X
ZHQQ 6R]LHWlW HV QLFKW YHUVWHKW VFKDPORV LQ GHP 6LQQH ]X
VHLQ GD‰ VLH YHUQHEHOQGH 7DEXV XQG ,GHRORJHPH ]HUEULFKW
YHUVDJW VLH VLFK GLH 0|JOLFKNHLWHQ RIIHQHU 8QEHIDQJHQKHLW
9RQ:LFKWLJNHLW LVW GDEHL GDV VR]LROLQJXLVWLVFKH 3UREOHP 'LH
JHUDGH IU GLH DEHQGOlQGLVFKH *HVHOOVFKDIW FKDUDNWHULVWLVFKH
8QIlKLJNHLWªEUDXFKEDUH©:|UWHUIU/LHEH]XU9HUIJXQJ]X
KDEHQEHZLUNWGD‰GLH6SUDFKHDQHLQHPZHVHQWOLFKHQ%HUHLFK


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GHUPHQVFKOLFKHQXQGJHVHOOVFKDIWOLFKHQ([LVWHQ]YRUEHUJHKW
'LHª$QVSUDFKH©GHU6H[XDOLWlWYROO]LHKWVLFKQLFKWDOVRIIHQH
$QVSUDFKH VRQGHUQ LQ $QGHXWXQJHQ XQG $XVVSDUXQJHQ
*HVFKOHFKWOLFKH 9RUJlQJH ZHUGHQ PHWDSKHUQUHLFK YHUGUlQJW
:DKUKHLWHUEULQJWJHVHOOVFKDIWOLFKH'LIIDPLHUXQJ$PZHLWHVWHQ
ZDJWVLFKQRFKGHUVH[XHOOH:LW]EHUGLH7DEXJUHQ]HQKLQDXV
0HLVW VWHKHQ QXU :RUWIHOGHU ]XU 9HUIJXQJ GLH GXUFK
XQHUWUlJOLFKH JHQLWDOO\ULVFKH %OXPLJNHLW RGHU PHGL]LQLVFK
WHFKQLVFKH 6WHULOLWlW RGHU ]RWLJH %|VDUWLJNHLW FKDUDNWHULVLHUW
VLQG 9LHOH (OWHUQ XQG (U]LHKHU EHNODJHQ GHVKDOE GD‰ VLH
DGlTXDWH :RUWH IU GLH %HVFKUHLEXQJ VH[XHOOHU 9RUJlQJH
QLFKW ¿QGHQ 9HUVXFKW 6R]LDOSlGDJRJLN MHGRFK GLH )UDJHQ
RIIHQ DQ]XVSUHFKHQ HQWVWHKW HLQH ª:RJH GHU (PS|UXQJ©
'HU 7HQRU GHV 3URWHVWV NOLQJW HWZD VR ª$EJUXQGWLHIHU XQG
DEVFKHXXQJVZUGLJHUJLQJHVZRKOQLFKW6LHKDEHQGLH3V\FKH
GHU .LQGHU GDPLW YHUJLIWHW:LH ZROOHQ 6LH GLHVH 6FKlGHQ GHU
6HHOHZLHGHUJXWPDFKHQ"©6RHLQ+|UHUEULHIGHUVLFKDXIGDV
3URWRNROOHLQHU8QWHUULFKWVVWXQGHPLW6LHEHQMlKULJHQEH]RJDXV
LKPKDWWHLFKIUHLQH5XQGIXQNVHQGXQJEHU6SUDFKHU]LHKXQJ
IROJHQGH6WHOOH]LWLHUW
ª/HKUHULQ,KUVHKWGLHVHQ-XQJHQXQGGDV0lGFKHQ.|QQW
LKUHLQHQ8QWHUVFKLHGHUNHQQHQ"-RKDQQZDVPHLQVWGX"
-RKDQQ'DV0lGFKHQKDWODQJH+DDUHXQGGHU-XQJHNXU]H
/HKUHULQ*LEWHVQRFKHLQHQ8QWHUVFKLHG"
'HQQHV-D 'HU -XQJH KDW HLQHQ 3LPPHO XQG GDV 0lGFKHQ
KDWVRHLQHNOHLQH6DFKHVRHWZDVZLHHLQ/RFK


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

/HKUHULQ*DQ]ULFKWLJ'XKDVW3LPPHOJHVDJWJLEWHVHLQHQ
XQWHU(XFKGHUHWZDVDQGHUHVGD]XVDJW"
3HWHU,FKVDJH'LOOHU
5XQH$OVLFKLP.UDQNHQKDXVODJGDZDUHLQHUGHUQDQQWH
GDV3LHSKDKQ
$QLWD*OLHG)UlXOHLQ
/HKUHULQ 5LFKWLJ 8QG GDV 0lGFKHQ VLH KDW DXFK HWZDV
-RKDQQ QDQQWH HV HLQ NOHLQHV /RFK 8QG ZLH NDQQ PDQ QRFK
VDJHQ"
5RVHPDULH6FKHLGH
/HKUHULQ 5LFKWLJ :LU N|QQHQ XQV YLHOOHLFKW HQWVFKHLGHQ
GLHVH'LQJH*OLHGXQG6FKHLGH]XQHQQHQ©
:HQQ PDQ GLH 6FKDP,GHRORJLH EHNlPSIW VR ZLUG GHVKDOE
QLFKW JUXQGVlW]OLFK GHU DQWKURSRORJLVFKH XQG VR]LDOH :HUW
YRQ 6FKDPKDIWLJNHLW JHOHXJQHW 'LH 6FKDPORVLJNHLW GHV
6SUHFKHQV LP 6LQQH YRQ 2EV]|QLWlW YHUKLOIW ]X HLQHP
:LUNOLFKNHLWVEHZX‰WVHLQ GDV QHXURWLVFKH RGHU SV\FKRWLVFKH
6HOEVWHQWIUHPGXQJ YHUKLQGHUQ NDQQ ]XJOHLFK HUP|JOLFKW GDV
VFKDPORVH $QVSUHFKHQ GHU 6H[XDOLWlW HLQH QHXH )RUP YRQ
6FKDPKDIWLJNHLW GD HUVW GHU ª:LVVHQGH© EHUHLW XQG LQ GHU
/DJH LVW GHQ :HUW GHU ,QWLPLWlW ]X VFKlW]HQ 'LHVH ,QWLPLWlW
LVW GDQQ QLFKW HLQH )ROJH GHV =ZDQJHV ]X YHUVFKZHLJHQ
EHIDQJHQ ]X VHLQ VRQGHUQ HLQH 6FKDPKDIWLJNHLW GLH PLW GHU
)UHLKHLW GHV $XIJHNOlUWVHLQV YHUNQSIW LVW :HU GXUFK GLH
JHJHQUHSUHVVLYH6FKDPQRUPHQDXIEHJHKUHQGH6FKDPORVLJNHLW
KLQGXUFKJHJDQJHQ LVW JHODQJW ]X HLQHU QHXHQ 'LPHQVLRQ
HWKLVFKHQ9HUKDOWHQV:RULQOLHJWGHU:HUWE]ZGLH%HGHXWXQJ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

HLQHV GHUDUW HQWLGHRORJLVLHUWHQ 6FKDPJHIKOV" %HL GHP

9HUVXFK GHU %HDQWZRUWXQJ HLQHU VROFKHQ )UDJH PX‰ PDQ VLFK
EHZX‰WVHLQGD‰LQ(UPDQJHOXQJDQGHUHU%H]HLFKQXQJHQDOWH
ZHJHQ KlX¿JHQ 0L‰EUDXFKV XQG JHGDQNHQORVHQ 9HUEUDXFKV
DEJHJULIIHQH 7XJHQGEHJULIIH ZLHGHU DXIWDXFKHQ GLH DEHU QXQ
LQ$QIKUXQJV]HLFKHQ]XVHW]HQVLQGGDPLWGHXWOLFKZLUGGD‰
VLH±RKQHGLHLGHRORJLVFKH$EVLFKWGHU0DFKWDXVEXQJ±GXUFK
QHXHQ*HEUDXFK]XKXPDQLWlUHU%HGHXWXQJJHODQJHQVROOHQ0D[
6FKHOHUVSULFKWGDYRQGD‰6FKDPKDIWLJNHLWLQGLHVHP6LQQHHLQ
$NWGHU5FNZHQGXQJDXIHLQ6HOEVWVHL:lKUHQGDXIGHUHLQHQ
6HLWH GLH /LHEH +LQJDEH IRUGHUH HLQ 6LFKVHOEVWJHKHQODVVHQ
PVVH DXI GHU DQGHUHQ /LHEH DXFK GDV %HZX‰WVHLQ GHV 6LFK
JHVHKHQ:LVVHQVHLQVFKOLH‰HQXQGVR]XHLQHUª5FNZHQGXQJ©
DXIV 6HOEVW ]X 9HUKDOWHQKHLW XQG =XUFNKDOWXQJ IKUHQ
hEHUWUlJW PDQ GLHVH SKLORVRSKLVFKDEVWUDNWHQ hEHUOHJXQJHQ
DXI GLH DXJHQEOLFNOLFKH JHVHOOVFKDIWOLFKH 6LWXDWLRQ VR ZLUG
PDQ JHQHUHOO VDJHQ N|QQHQ GD‰ GLHVHV 2V]LOOLHUHQ ]ZLVFKHQ
6FKDPORVLJNHLW XQG 6FKDPKDIWLJNHLW QLFKW JHJHEHQ LVW:HGHU
¿QGHWNROOHNWLYH$XINOlUXQJLP6LQQHªREV]|QHU©2IIHQOHJXQJ
YRQ :DKUKHLW VWDWW YHUKLQGHUW GXUFK 6FKDP,GHRORJLHQ XQG
VR]LROLQJXLVWLVFKH'HIHNWHQRFKEOHLEWGLHDXVGHUNROOHNWLYHQ
2IIHQKHLWDXV]XNODPPHUQGHSHUV|QOLFKHXQGSHUVRQDOH,QWLPLWlW
JHZDKUW:RZHGHUGDVHLQH6FKDPORVLJNHLWDOVVR]LDOHU:HUW
QRFK GDV DQGHUH 6FKDPKDIWLJNHLW DOV LQGLYLGXHOOHV 5HVHUYDW
ªJHOLQJW© GRPLQLHUW GDV 9R\HXUWXP 'HU 9R\HXU LVW QLFKW DQ
2IIHQKHLWLQWHUHVVLHUWHULVWHLQVFKDPLGHRORJLVFKDXIJHODGHQHU
UHSUHVVLYDXWRULWlUHU 7\S GHU VLFK JHJHQEHU 2EV]|QLWlW
DJJUHVVLY DEUHDJLHUW HU EHQ|WLJW IU VHLQH EUDFKOLHJHQGH
XQWHUGUFNWH XQHPDQ]LSLHUWH 6H[XDOLWlW MHGRFK 2EMHNWH GHU


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

)L[LHUXQJGHU/XVWJHZLQQVHLQHV=XVFKDXHQVEHVWHKWGDULQGD‰
HUGLHLQGLYLGXHOOH,QWLPLWlW]XOSIHQXQGVLFKGXUFK(LQEOLFN
LQ GLH 6FKODI]LPPHUDWPRVSKlUH ]X EHIULHGLJHQ VXFKW (U ZLUG
GDULQXQWHUVWW]WYRQGHUN\QLVFKHQ+DOWXQJDOOGHUMHQLJHQGLH
LP 5HÀH[ DXI GLH UHSUHVVLYHQ 6H[XDOQRUPHQ LKUH LQGLYLGXHOOH
6H[XDOLWlW QDFK DX‰HQ VWOSHQ XQG GLH 9HU|IIHQWOLFKXQJ YRQ
,QWLPLWlWPLWNROOHNWLYHU$XINOlUXQJYHUZHFKVHOQ'LH0DWUL]HQ
GHU/XVWZHUGHQGHP9R\HXUVRPLWYRQ]ZHL6HLWHQJHOLHIHUWYRQ
GHU DXI .RPPHU]LDOLVLHUXQJ DXVJHULFKWHWHQ ,OOXVWULHUWHQSUHVVH
GLH EHVWLPPW LVW YRQ GHU ERXUJHRLVHQ 9HUVFKOHLHUXQJVDEVLFKW
XQG GDIU LQGLYLGXHOOH ,QWLPLWlW ]XP ª6FKOVVHOORFKEOLFN©
NRPSHQVDWRULVFK IUHLJLEW PLW 3RUQRJUDSKLH 2EV]|QLWlW
YHUKLQGHUWXQGUHSUHVVLYH6H[XDOQRUPHQVWDELOLVLHUWXQGYRP
ªOLQNHQ©$EUHDNWLRQVRUJDVPXVGHUYHU|IIHQWOLFKWHQ.RLWXVDOV
(PDQ]LSDWLRQPL‰YHUVWHKW±6FKOLH‰OLFKEHPlFKWLJWVLFKQRFK
GLH :HUEXQJ GHV 9R\HXUWXPV LQGHP VLH HLQ VH[XHOOHV 7DKLWL
YRUJDXNHOW VHW]W VLH ]LYLOLVDWRULVFKH .RQVXPJWHU DE GLHVHU
PLWGHQ$FFHVVRLUHVGHU%RXWLTXHQDXVVWDI¿HUWH,QWLPLWlWVMDUJRQ
PDQLSXOLHUWPLW+LOIHHQWEO|‰WHU3ULYDWVSKlUH6FKDPKDIWLJNHLW
ZLUG DXI 6R]LHWlW EH]RJHQ ZR VLH XQDQJHEUDFKW LVW
6FKDPORVLJNHLWGRPLQLHUWLPSHUVRQDOHQ%HUHLFKZRVLHLKUHQ
HLJHQWOLFKHQ6LQQKlWWH'LHQDFKIROJHQGH5HNODPHVRKDUPORV
VLHDOV(LQ]HODQ]HLJHLVWNDQQGLH7HQGHQ]NRPPHU]LDOLVLHUWHQ
9R\HXUWXPV LOOXVWULHUHQ ª$Q VHLQHU =lUWOLFKNHLW HUNHQQHQ
6LH LQWLP0RXVRQ 'LH ]lUWOLFKH ,QWLPSÀHJH LQWLP0RXVRQ
0LW ]ZHL VSH]LHOO IU GHQ ,QWLPEHUHLFK GHU )UDX HQWZLFNHOWHQ
'XIWQRWHQWRVFDQDGHU'XIWMXQJHQ&KDPSDJQHUVXQGHURWLTXH
GHU 'XIW YRQ EHW|UHQGHU :HLEOLFKNHLW ,QWLP0RXVRQ VFKHQNW
,KQHQ VHLQH JDQ]H =lUWOLFKNHLW 8QG JLEW ,KQHQ 6LFKHUKHLW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

XQG )ULVFKH© $XI GHP 5HNODPHSKRWR ± OHLGHU KLHU QLFKW

ZLHGHU]XJHEHQ±EUDXQH6FKHQNHOGLHHLQHªPlQQOLFKH©+DQG
LQGRSSHOWHP:RUWVLQQHXPIlQJW
$OV 0\WKH GHV $OOWDJV YHUEUHLWHW 5HNODPH PLW GHU $XUD
LQWLPHQ 'XIWV NRPPHU]LDOLVLHUWHV *OFNVJHIKO IU GHQ
HLQ]HOQHQ XQG VXVSHQGLHUW LKQ YRQ GHU %HZX‰WKHLW NROOHNWLYHU
9HUGXPPXQJ 'LH 6FKDPVSDOWH LVW YHUGHFNW GLH -XVWL] NDQQ
EHUXKLJWVHLQ:DKUKHLWLVWQLHGHVRGRUDQWKlX¿JDEHUREV]|Q


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

*XWHU7RQLQDOOHQ/HEHQVODJHQ

(V JLEW 6SUDFKEHUHLFKH GLH EHVRQGHUHQ (LQEOLFN LQ GLH

%HZX‰WVHLQVVWUXNWXU HLQHV 0HQVFKHQ E]Z HLQHU *UXSSH ]X
JHEHQP|JHQ9RUDOOHPZHQQ3HUV|QOLFKHVDQJHVSURFKHQZLUG
RGHU VLFK DXVVSULFKW VLQG DXIVFKOX‰UHLFKH (LQVLFKWHQ LQ GDV
6R]LR ZLH 3V\FKRJUDPP YRQ *HVHOOVFKDIW ]X HUZDUWHQ 0LW
GLHVHU$EVLFKWVHLHQGLH+HLUDWVDQ]HLJHQLQGHXWVFKHQ=HLWXQJHQ
XQWHUVXFKW±HLQ|IIHQWOLFK]XJlQJOLFKHUSDUWLHOOHU%HUHLFKYRQ
,QWLPLWlW'LH$QQRQFHQVLQGQLFKWVFKLFKWHQVSH]L¿VFKVRQGHUQ
VR]LRORJLVFKGLIIXVDQLKQHQNDQQJHQHUHOOGLH$UWLNXODWLRQYRQ
6HKQVXFKW XQG GLH 6HKQVXFKWVVSUDFKH XQVHUHU =HLW DQDO\VLHUW
ZHUGHQ
'LH%HWURIIHQHQGLHªIDPLOLlUHV*OFN©QLFKW¿QGHQNRQQWHQ
EHKDQGHOQ LKUH +RIIQXQJHQ XQG (UZDUWXQJHQ GDEHL DOV :DUH
XQGKDQGHOQPLWLKU'LHVHU:DUHQFKDUDNWHUZLUGIUHLOLFKQLFKW
]XJHVWDQGHQ GLH .RPPHU]LDOLVLHUXQJ GHU 6HKQVXFKW ZLUG
URPDQWLVFK DEJHGHFNW 0LW 5HFKW KDW -UJHQ +DEHUPDV GDUDXI
KLQJHZLHVHQ GD‰ PDQ GLH 7H[WH PLW GHU ªSUlWHQWL|VHQ )UDFKW
HLQHV WDXVHQGMlKULJHQ KRFKLQGLYLGXDOLVWLVFKHQ /LHEHVLGHDOV©
EHUOlGW ª(UZDFKVHQ DXV GHU 9HUHLQLJXQJ GHU FKULVWOLFKHQ
(UO|VXQJVUHOLJLRQ PLW GHQ 3ULQ]LSLHQ VWUHQJHU 0RQRJDPLH
NXOWLYLHUW LP lVWKHWLVFKHQ 5DI¿QHPHQW YRQ 7URXEDGRXUHQ
XQG 0LQQHVlQJHUQ YHUNOlUW LP DXWLVWLVFK VWLOLVLHUWHQ
/LHEHVSURJUDPPGHVURPDQWLVFKHQ.UHLVHVXQGVFKOLH‰OLFKYRP


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

HXURSlLVFKDPHULNDQLVFKHQ*UR‰EUJHUWXPUH]LSLHUWXQGGXUFK
GLH HURWLVFKHQ .OLVFKHHPDVFKLQHQ GHV  -DKUKXQGHUWV DOOHQ
6FKLFKWHQYHUPLWWHOWSUlJWGLHVHV/LHEHVLGHDOGLH(KHHUZDUWXQJ
]XU(UZDUWXQJHLQHVLQGLYLGXHOOHQHLQHVHLQ]LJDUWLJHQDQHLQHQ
EHVWLPPWHQ 3DUWQHU JHEXQGHQHQ *OFNV GDV PLW NXU]IULVWLJHQ
XQG EHOLHELJ UHSURGX]LHUEDUHQ /XVWHUOHEQLVVHQ DQJHIOOW LVW
'LH +HLUDWVDQ]HLJHQ HQWJHKHQ QLFKW GHP =XVDPPHQKDQJ PLW
GHQ/LHEHVURPDQHQGHUJOHLFKHQ=HLWXQJHQGLHPLWNRORULHUWHQ
5HL]VFKHPHQEHELOGHUWVLQGXQGGLH$XIPHUNVDPNHLWGHV/HVHUV
DXI VLFK ]LHKHQ DQLPLHUHQGH .RQWXUHQ HLQHU 8PDUPXQJ XQG
GDQHEHQ LQ JUREHQ /HWWHUQ GHU .RPPHQWDU ¾6FKUlJ IlOOW GHU
0RQGVWUDKODXILKU*HVLFKWDOVVLHLKQN‰W'DVLVWGLH/LHEH
GDV LVW GLH :LUNOLFKNHLW© ª1XU GDV +HU] VROO HQWVFKHLGHQ
(UVHKQW+HU]HQVHKH6XFKHGDVJUR‰H+HU]HQVJOFN7UlXPHYRQ
/LHEHVHKH6XFKHYLHO+HU]'LHULFKWLJH/LHEH(QWVFKHLGXQJGHV
+HU]HQV©'LHªYROONRPPHQH(KH©LVWKLHU±]XPLQGHVWZROOHQ
GDVGLHLQÀDWLRQlUJHEUDXFKWHQPLW,QQHUOLFKNHLWDXIJHODGHQHQ
)DQJZ|UWHUVXJJHULHUHQ±JDQ]DXIV:HVHQWOLFKHXQG(LJHQWOLFKH
DXVJHULFKWHW'LH]XNQIWLJHLQDQGHU/LHEHQGHQSURML]LHUHQLQLKU
HUZDUWHWHV(KHJOFNGLHªHLQ]LJDUWLJHVFKLFNVDOKDIWH%HJHJQXQJ
]ZHLHU6HHOHQ©ª8QEHUVHKEDUNODIIWGHU:LGHUVSUXFKGHUYRP
JHOWHQGHQ/LHEHVLGHDO]XJHVSLHOWHQXQG]XJHPXWHWHQ5ROOHDXI
GHUHLQHQXQGGHUUDWLRQDOLVLHUWHQ3UD[LVGHU+HLUDWVE|UVHDXIGHU
DQGHUHQ©
'HU HUVWH GHU DXI GLH JHVHOOVFKDIWVSROLWLVFKH 5HOHYDQ] GHU
+HLUDWVDQ]HLJH KLQJHZLHVHQ KDW LVW .DUO .UDXV JHZHVHQ (U
HQWODUYWHDQLKUELOGXQJVEUJHUOLFKH9HUORJHQKHLWGLH.XOWXUDOV
)DVVDGHYHUZHQGHWXPGDPLWGLHSDWULDUFKDOLVFKH$EJUQGLJNHLW
]XNDVFKLHUHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

ª,FK OHEH DOV YLHOEHVFKlIWLJWHU 5HFKWVDQZDOW LQ UKHLQ

.OHLQVWDGW XQZHLW GHU *UR‰VWDGW 0HLQ:RKQRUW PHLQH VWDUNH
EHUXÀ ,QDQVSUXFKQDKPH XQG GDV %UDFKOLHJHQ GHV JHVHOOLJHQ
/HEHQV VLQG GHU *UXQG PHLQHU (KHORVLJNHLW ,FK KDEH JXWHV
(LQNRPPHQ XQG 3ULYDWYHUP|JHQ $OWHU  - *U|‰H  FP
GXQNHOEORQG XQG JHVXQG« 0lQQHU ZLH )ULHGULFK GHU *UR‰H
XQG%LVPDUFN*RHWKHXQG6FKLOOHU%HHWKRYHQXQG:DJQHUVLQG
PLU9RUELOGHUXQG/HEHQVIKUHU6HLWODQJHPJHKWPHLQWLHIVWHV
6HKQHQQDFKHLQHUKHU]OLHEHQ)UDXGLH9HUVWlQGQLVIUPHLQH$UW
KDW(LQHVROFKH*DWWLQ]X¿QGHQZlUHPLUK|FKVWHV(UGHQJOFN
,Q%HWUDFKWNRPPWQXUHLQH7RFKWHUDXVHEHQEUWLJHU)DPLOLHGLH
JOHLFKPLULP(OWHUQKDXVHGLHVRUJIlOWLJVWH(U]LHKXQJJHQRVVHQ
KDW,KUH$QVFKDXXQJHQPVVHQGHQPHLQHQYHUZDQGWVHLQ,FK
KDEHHLQHDXVJHVSURFKHQH9RUOLHEHIUKEVFKH%ORQGLQHQYRQ
XQJHIlKU P *U|‰H« 6R VHKU LFK JHOHJHQWOLFKHQ %HVXFK
YRQ .RQ]HUW XQG 7KHDWHU VFKlW]H VR ]XZLGHU LVW PLU HLQH
)UDX GLH LKUH /HEHQVDXIJDEH DX‰HUKDOE GHV HKHOLFKHQ +HLPV
VLHKW %HL DOOHU )UHXGH DQ VFKLFNHU .OHLGXQJ PDJ LFK NHLQH
0RGHSXSSH GHUHQ 6HOLJNHLW HLQ YROOJHSIURSIWHU VWlQGLJ QHXH
=XIXKU HUKDOWHQGHU .OHLGHUVFKUDQN LVW«½ ¾:HKH GHU )UDX GLH
LQ VROFKHQ %HODQJHQ GDV ZDKUH )DPLOLHQJOFN VXFKW 'HQQ
ZHQQ VLH QLFKW YRQ +DXV DXV9HUVWlQGQLV IU GLH$UW KDW DOVR
QLFKWHRLSVRHLQ0L‰JHVFK|SILVWZLUGVLHLQLKUHUKHOOEORQGHQ
$KQXQJVORVLJNHLW KHLOORV LQ GHQ 6WUXGHO GLHVHU .RQ]HVVLYVlW]H
JHULVVHQEHLDOOHU)UHXGHDQVFKLFNHU.OHLGXQJPDJHUQLFKWXQG
VRVHKUHUJHOHJHQWOLFKVR]XZLGHULVWLKPEHLDOOHU(QHUJLHLVW
HUXQGRKQHVLFK]XEHWlWLJHQVWHKWHUXQGRKQHHWZDV]XVHLQ
EHNHQQWHUVLFK±XQGVLHJHKWLQGHU/DQJZHLOHHLQHU(KUEDUNHLW
XQWHUGLHLQLKUHPJDQ]HQ/HEHQNHLQHQDQGHUHQURPDQWLVFKHQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

(LQIDOO KDWWH DOV GHQ )ULHGULFK GHQ *UR‰HQ XQG %LVPDUFN

*RHWKHXQG6FKLOOHU%HHWKRYHQXQG:DJQHUDOVLKUH9RUELOGHU
XQG/HEHQVIKUHUDQ]XVSUHFKHQXQG]XZQVFKHQGD‰DXFKGLH
%UDXWGLH6DFKHQLQJHQJHQGHU0HQJHPLWEULQJW«$EHUDQDOO
GHU 6FKPDFK VLQG QXU GLH )UDXHQ VFKXOG ZHLO VLH DQVWDWW GLH
1DWXUGHUVLHGRFKQlKHUVWHKHQDOVGLH9HUGLHQHUGXUFK9HU]LFKW
DXI $XVEXQJ LKUHU )XQNWLRQHQ LQ EHOVWHU *HPHLQVFKDIW ]X
UlFKHQ VLFK GLHVHQ EUJHUOLFKHQ *HVFKOHFKWVWLHUHQ KLQJHEHQ
XPVLHJDUQRFKIRUW]XSÀDQ]HQ©
:HQQ PDQ ± IUHLOLFK PLW JHULQJHUHP NULWLVFKHQ =RUQ ± GLH
+HLUDWVDQ]HLJHQ YRQ KHXWH EHWUDFKWHW VR ZLUG PDQ IHVWVWHOOHQ
N|QQHQ GD‰ GLH 3KlQRPHQH lKQOLFK JHEOLHEHQ VLQG =ZDU
WULWW GLH IDVFKLVWRLGH .RPSRQHQWH NDXP PHKU LQ (UVFKHLQXQJ
GLH +HLUDWVDQ]HLJHQ VLQG LQ GLHVHP 6LQQH XQLGHRORJLVFK
GDV 3ROLWLNXP OLHJW YLHOPHKU LQ GHQ 6WDQ]PXVWHUQ GLH GHQ
:XQVFKDXIªSHUV|QOLFKH%HJHJQXQJ©SUlJHQ'LHVSUDFKOLFKH
6WHUHRW\SLHLVW$XVGUXFNHLQHVJHQRUPWHQ'HQNHQVXQG)KOHQV
+LQWHUGHPIROJHQGHQ7H[W]%ªVWHFNWHLQNOXJHU.RSI©±VR
DUWLNXOLHUWHLQHUGHUHLQHªJHLVWLJH)KUHUUROOH©VSLHOWGHU
]XGHQª6SLW]HQXQG6WW]HQGHU*HVHOOVFKDIW©VLFK]lKOWRGHU
JH]lKOWZLUG
ª8QLYHUVLWlWV'R]HQW  VSRUWOLFK QDFK 7\S XQG
(UVFKHLQXQJ XQWHUQHKPXQJVOXVWLJ PHKUGLPHQVLRQDO YRP
JUR‰HQ /DXVHMXQJHQ VDJHQ VLH XQG *OREHWURWWHU ELV ]XP
HUQVWKDIWHQ)RUVFKHUXQG.XQVWEHÀLVVHQHQPLWGHU*DEHEHU
+DDUXQG6FKXOWHUQHLQHU)UDXVR]XJOHLWHQGD‰DXFKVLHGDYRQ
HOHNWULVLHUW ZHUGH VDJHQ VLH DEHU NHLQH 6SLHOHUQDWXU DX‰HU
LP7HQQLVQHEVWDQGHUHQ6FKZlFKHQ±VXFKW/HEHQVJHIlKUWLQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

GLH ELV ]XU =HKHQVSLW]H IHPLQLQ VHLQ GHUHQ )UDXOLFKNHLW YRQ

DXVJHSUlJWHP VH[XHOOHQ (URV ELV ]X JWLJHU 0XWWHUZlUPH DOOH
6FKDWWLHUXQJHQGXUFKPHVVHQVROOWH:RP|JOLFKQRFKRUGHQWOLFK
WFKWLJJHELOGHWIHLQIKOLJVFKODQNXQGDWWUDNWLY©
'HU HKHPDOV QDWLRQDOLVWLVFK XQWHUOHJWH 3URYLQ]LDOLVPXV
GHV JHKREHQHQ %UJHUWXPV LVW KHXWH DEJHO|VW GXUFK ¿QJLHUWH
:HLWOlX¿JNHLWGHUVSLH‰EUJHUOLFKH0LHILVWPLWGHP'XIWGHU
JUR‰HQZHLWHQ:HOWYHUPHQJW1DFKZLHYRULVWGLH+DXSWVDFKH
GD‰GLHª6DFKHQ©VWLPPHQ'LH)UDXZLUGDOV6H[XDOREMHNWXQG
DOV +DXVIUDX WD[LHUW 8QG GDUEHU HOHNWULVLHUHQGH 5RPDQWLN
*ODVXU
8QEHVWULWWHQ LVW GD‰ GLH DOOJHPHLQHQ .RPPXQLNDWLRQVVFK
ZLHULJNHLWHQ GHU ,QGXVWULHJHVHOOVFKDIW LQ GHU 0DVVHQELOGXQJ
PLW (QWIUHPGXQJ XQG 9HUHLQVDPXQJ +DQG LQ +DQG JHKW
GHQ ,QWLPEHUHLFK VHKU VWDUN EHWUHIIHQ 'RUW ZR PHKU DOV
GLH VH[XHOOH 9HUELQGXQJ HQ SDVVDQW HWZD DOV WRXULVWLVFKH
)UHL]HLWJHVWDOWXQJ±ª6RQQHXQGDPRUH©JHVXFKWHLQHOlQJHU
GDXHUQGH %LQGXQJ DQJHVWUHEW ZLUG QlPOLFK DOV (KH LQ GHU
NRQYHQWLRQHOOHQ )RUP YRQ ª1HVWZlUPH© IHKOHQ KlX¿J GLH
0|JOLFKNHLWHQ IU JHJHQVHLWLJH ª3UIXQJ© 0DQ KDW NHLQH
=HLW XQG NHLQH 0|JOLFKNHLW VLFK ªNHQQHQ]XOHUQHQ© 'D]X
NRPPW GD‰ GLH :QVFKH QDFK (KH VHKU IUK HLQVHW]HQ YLHOH
DN]HOHULHUWH -XJHQGOLFKH ZROOHQ RIIHQVLFKWOLFK DXI GLHVH:HLVH
P|JOLFKVW UDVFK VLFK VHOEVWlQGLJ PDFKHQ )HUQHU ZHUGHQ PLW
ª(KHZLOOLJNHLW© YLHOH ª)UHXQGVFKDIWVZQVFKH© DEJHVLFKHUW
GD GLH EHVWHKHQGHQ 7DEXV YRUOlX¿J QRFK$OLELV IU HLQGHXWLJ
VH[XHOOH ,QWHQWLRQHQ HLQIRUGHUQ ª+HLUDW P|JOLFK© ZLUG
GHVKDOE YLHOIDFK ª%HNDQQWVFKDIWV XQG 3DUWQHUZQVFKHQ©


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

DQJHKlQJW ª'U PHG DXV )RUVFKXQJVJUQGHQ QDFKWV WlWLJ

ZQVFKW IU 7DJHV]HLW FKDUPDQWH 3DUWQHULQ 'LVNUHWLRQ
VHOEVWYHUVWlQGOLFK« -XQJHU 0DQQ  - VXFKW DWWUDNWLYHV XQG
KEVFKHV MXQJHV 0lGFKHQ ]XU )UHL]HLWJHVWDOWXQJ VSlWHUH (KH
QLFKW DXVJHVFKORVVHQ« %DXLQJHQLHXU ZQVFKW %HNDQQWVFKDIW
HLQHVQHWWHQDXIJHVFKORVVHQHQ0lGFKHQVELV%HL=XQHLJXQJ
+HLUDWQLFKWDXVJHVFKORVVHQ«©6HKUXPIDQJUHLFKVLQGDXFKGLH
+HLUDWVZQVFKH GHU lOWHUHQ *HQHUDWLRQ GLH LKUHU (LQVDPNHLW
GHU LQQHUHQ /HHUH XQG ZRKO DXFK GHP$OWHUVKHLP GXUFK HLQ
ªVSlWHV*OFN©]XHQWNRPPHQVXFKHQª«:HOFKHUHLIH)UDX
JODXEWZLHLFKDQHLQWLHIHV*OFNLP/HEHQVKHUEVW":LWZHUXQG
,QJHQLHXUJUR‰+DXVXQG*UXQGEHV%DUYHUPJHV9HUPFD
 0LOO VHKQH LFK PLFK QDFK HLQHU ZDUPKHU]LJHQ )UDX ,FK
KDEHYLHOH,QWHUHVVHQXQGOLHEHGDV/HEHQ©
%HVLW]LVWQLFKWDOOHVDEHUHUEHUXKLJW:HUVHLQH6HKQVXFKW
PLWNODUHP.RQWRDXV]XJYHUVHKHQNDQQZLUGOHLFKWHUVHLQ=LHO
HUUHLFKHQ 0DQ ZHL‰ ZDV PDQ KDW ZHQQ GHU DQGHUH KDW ª
=LPPHU9LOODPRGHUQH:RKQEO|FNHEHLKRKHP5HLQYHUGLHQVW
*UR‰HV 9HUP|JHQ XQG KRKHV EOHLEHQGHV (LQNRPPHQ hEHU
EHLGHV VRZLH EHU KRKHV JHLVWLJHV )RUPDW P‰WH DXFK GHU
3DUWQHUYHUIJHQ©*HOGVROO]X*HOG*HLVW]X*HLVW
,QGHQ+HLUDWVDQ]HLJHQ¿QGHQVLFKGLH$EELOGHUYRQGHPZDV
LQGHQ,OOXVWULHUWHQXQGGHQ:HUEHDQ]HLJHQ]XU$EOHQNXQJYRQ
]LYLOLVDWRULVFKHU )UXVWUDWLRQ SURSDJLHUW ZLUG EUDXQJHEUDQQWH
0XVNHOVWlUNH EORQGHV *OFN ]ZLVFKHQ 'QHQ .DXP HLQ
(KHZXQVFK GHU VLFK QLFKW XUODXEVPl‰LJ DEVLFKHUW 6NLIDKUHQ
LP *HELUJH %DGHQ 6HJHOQ DXI 6HH XQG 0HHU :DQGHUQ LQ
DOOHQ +|KHQ RO\PSLVFKHU *HLVW PHQV VDQD LQ FRUSRUH VDQR


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

XQGGD]XJHLVWLJH:HLKHQª/LHEHQ6LHGDV*HVSUlFK7KHDWHU
.RQ]HUWH:DQGHUQ6NL7DQ]"©)HUQHU3IHUGH6LHVROO]XGHP
ª]XP 3IHUGHVWHKOHQ PLW LKUHP /DXVHMXQJHQ© EHUHLW VHLQ -H
DQVSUXFKVYROOHUGLH=HLWXQJLQGHUPDQLQVHULHUWXPVRK|KHU
JUHLIWGHUVSRUWOLFKH(KUJHL]'LH5HLVHOXVWQLPPWPLWGHU*U|‰H
GHU,QVHUDWH]Xª1RQFKDODQWHU3RUVFKH±RGHU$OID)DQPLWGHU
/lVVLJNHLWGHV:HOWPDQQV«$NDGHPLNHUIUGHQHLQSO|W]OLFKHU
7ULSQDFK3DULVHLQH%DJDWHOOHLVW©
ª0LW PLU DQ GHU DIULNDQLVFKHQ .VWH ]X EDGHQ GXUFK 5LR
EXPPHOQ LQ 5RP HLQHQ$SHULWLI QHKPHQ 3IHUGH )OXJ]HXJH
VFKQHOOH$XWRVEHYRU]XJHQ©6ROFKHV(KHJOFNLVWLQ*D]HWWHQ
ZLH¾7ZHQ½RGHU¾-DVPLQ½SURJUDPPLHUWZRUGHQ
$QGHUV GLH 1HVWKRFNHUW\SHQ :HQLJHU GHU UDVDQWH 3RUVFKH
XQG GLH UDVVLJH 6FK|QKHLW VLQG (UNHQQXQJV]HLFKHQ GHU
6HKQVXFKW ± .FKH ZLUG EHYRU]XJW GDV ªWUDXWH VFK|QH
+HLP© 'HU ªNXOWLYLHUWH (KHSDUWQHU VROO LP VFK|QHQ +HLP
YHUZ|KQW ZHUGHQ© +HU]HQVZXQVFK LVW HV HLQ 1HVW ]X EDXHQ
PLW HLQHP ªV\PSDWKLVFKHQ 0lQQFKHQ GDV (UIOOXQJ LQ HLQHU
KDUPRQLVFKHQ XQG OLHEHYROOHQ (KH VXFKW© (UVWUHEW ZLUG HLQ
2V]LOOLHUHQ ]ZLVFKHQ 1HVW XQG :HOW GLH .XOWLYLHUXQJ YRQ
*HLVW XQG 0DJHQ ª3DJQRO .HQQHG\ -RKDQQHV ;;,,, XQG
WURW]PDQFKHPDXFK$GHQDXHU9LYDOGL*UHFR0DWLVVH0LUR
6FKZLPPHQ7LVFKWHQQLVXQG%XQGHVOLJD*DUWHQ.LQGHU«XQG
JDQ]EHVRQGHUVIUDQ].FKH©6RVLJQDOLVLHUWHLQ$NDGHPLNHU
VHLQHQ:XQVFKQDFKª6FK|QHUZRKQHQ©
=XU &KDUDNWHULVLHUXQJ GHU LQQHUOLFKHQ %HGUIQLVVH ZHUGHQ
:RUWH0HWDSKHUQ1DPHQ6DW]IRUPHQKHUDQJH]RJHQGLHLQLKUHU
6WHUHRW\SLHJHUDGHGDVQLFKWHUUHLFKHQN|QQHQZDVLQWHQWLRQDO


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

HUVWUHEW LVW LQGLYLGXHOOHQ SHUVRQDOHQ .RQWDNW +LHU ZLUG GDV

6SUDFK.DEDUHWW GHU +HLUDWVDQ]HLJHQ ]XU 7UDJ|GLH $XVGUXFN
GHUYHU]ZHLIHOWHQ9HUVXFKHDXI|IIHQWOLFKHPYHU|IIHQWOLFKWHP
:HJH(QNODYHQGHU,QWLPLWlW]X¿QGHQ±(VLVWDQ]XQHKPHQGD‰
GLH6SUDFKHGHU+HLUDWVDQ]HLJHQQXUGLH6SLW]HGHV(LVEHUJHVGHU
(QWIUHPGXQJ XQG GHU .RPPXQLNDWLRQVPLVHUH GDUVWHOOW /LHEH
GXUFKVFKQLWWOLFKJHVHKHQ VRZHLW VLH QLFKW EHUKDXSW VSUDFKORV
LVWNHLQHLQGLYLGXHOOVSUDFKOLFKHQ1XDQFHQNHQQW'LH0DWUL]HQ
ZHUGHQ ]X HLQHP JUR‰HQ 7HLO YRQ GHU 0DVVHQSXEOL]LVWLN
JHOLHIHUW 9RQ GHU 5HJHQERJHQSUHVVH GHU 0DJD]LQ XQG GHU
+HIWFKHQ,QGXVWULH)HUQHUYRQGHU.RQVXPZHUEXQJ
(V LVW QLFKW QXU JHQHUHOO DXIVFKOX‰UHLFK LQ ZHOFKHU
6SUDFKYHUSDFNXQJ 6HKQVXFKW JHKDQGHOW ZLUG VRQGHUQ DXFK
ZLH GLH %|UVH ± G K GLH EHWUHIIHQGH =HLWXQJ RGHU =HLWVFKULIW
±GLH6SUDFKYHUSDFNXQJEHHLQÀX‰W:LHODXWHQ+HLUDWVDQ]HLJHQ
LQGHU¾)UDQNIXUWHU$OOJHPHLQHQ½ZLHLQ¾&KULVWXQG:HOW½ZLH
LQGHU5HJLRQDOSUHVVHZLHLQHLQHP%RXOHYDUGEODWW"0DQNDQQ
GDUDXV HLQLJHV EHU VFKLFKWHQVSH]L¿VFKHV9HUKDOWHQ LQ XQVHUHU
*HVHOOVFKDIWHUIDKUHQ=XGHQDXIVFKOX‰UHLFKHQ+HLUDWVDQ]HLJHQ
JHK|UHQDXFKGLHMHQLJHQGLHLQGHU:RFKHQ]HLWXQJ',(=(,7
HUVFKHLQHQ 'LH =(,7 ZLUG YRQ YLHOHQ ± DXFK ZHQQ QLFKW
DXVJHVSURFKHQHUPD‰HQGHQQ8QGHUVWDWHPHQWJHK|UW]XU$WWLWGH
GHV DXIJHNOlUWHQ /LEHUDOHQ ± DOV ª6SUDFKURKU GHV JHLVWLJHQ
'HXWVFKODQG© YHUVWDQGHQ GLH PHLVWHQ GLH LQWHOOHNWXHOOHQ
$QVSUXFK HUKHEHQ RGHU GLHVHQ VLFK VXJJHULHUHQ VLQG DXFK
=(,7/HVHU 'D]X JHK|UW 0RGHUQLWlW DOV 6QRE$SSHDO =(,7
/HNWUH LVW QLFKW QXU =HLFKHQ IU SROLWLVFKHV (QJDJHPHQW
VRQGHUQDXFKFKLF:LHJUR‰GLH*UXSSHGHUGHUDUW&KLFHQLVW
NDQQQDWUOLFKQLFKWJHVDJWZHUGHQ'LHMHQLJHQGLHLQGHU=(,7


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

LKU(KHJOFNVXFKHQVLQGMHGRFKDOOHLQGLHVHP6LQQHFKLF6LH
EHÀHL‰LJHQVLFKHLQHV6SUDFKVWLOVGHUGHXWOLFK]XPDFKHQVXFKW
GD‰VLHHEHQ=(,7/HVHUVLQG'LH$QQRQFLHUHQGHQZROOHQLKUH
=XJHK|ULJNHLW ]XP LQQHUHQ &LUFOH GHU 3URJUHVVLYHQ GDGXUFK
HYLGHQW PDFKHQ GD‰ VLH XQNRQYHQWLRQHOO SURJUHVVLY OLEHUDO
VH[\ ZLW]LJ SROLWLVFK DXIJHNOlUW HQWWDEXLHUW LKUH 6HKQVFKWH
DUWLNXOLHUHQ VLH YHUVXFKHQ HV ]XPLQGHVW 'LH 'LVNUHSDQ]
]ZLVFKHQ GHP ZDV UHGDNWLRQHOO DQJHERWHQ ZLUG XQG GHP
ZDV LQ GHQ +HLUDWVDQ]HLJHQ DOV 5HVLGXXP EOHLEW LVW MHGRFK
JUR‰ :HQQ GHU DOWPRGLVFKH$XVGUXFN YRQ +DOEELOGXQJ QRFK
DQJHZDQGWZHUGHQNDQQGDQQKLHU.XOWXUDOV2EHUÀlFKHQUHL]
3ROLWLN DOV 0RGH 3KLORVRSKLH DOV HDV\ WDON .XQVW XQG 0XVLN
DOV'DQG\LVPXV'LH$QQRQFLHUWHQZLHJHQVLFKLQGHU,OOXVLRQ
JHJHQ GLH =HLW ]X JHKHQ DEHU LKU *HJHQGLH=HLW*HKHQ LVW
VSUDFKOLFKHLQ0LWGHU=HLWJHKHQ0DQOHJW:HUWGDUDXIQLFKW
DQJHSD‰W ]X VHLQ DEHU GLH $UWLNXODWLRQ GHV 2XWVLGHUWXPV LVW
VFKOLPPVWH$QSDVVXQJ6HKQVXFKWZLUGLQGHQ6WDQ]PXVWHUQGHU
6QRELHW\ZHLWHUJHJHEHQGLHVLFKHPDQ]LSLHUWGQNW3RWSRXUULV
LQ:RUWHQª,FKOLHEHPHQVFKOLFKH:lUPHXQG*UR‰]JLJNHLW
*HVSUlFKH PLW OLQNVOLEHUDOHQ )UHXQGHQ /LWHUDWXU -D]] XQG
%DURFNPXVLN HLQ]HOQH 0HQVFKHQ XQG YLHOH 7LHUH HLQH GXUFK
,GHHQ NXOWLY $WPRVSKlUH 5HLVHQ JHJHQ GHQ 6WURP XQG
EHVRQGHUVZUGHLFKOLHEHQHLQHQ(KH*HIlKUWHQGHUDOOGDV
YHUGRSSHOWLQGHPHUHVPLWPLUWHLOW©
ª%LQ&ROODJHDXV2SHU%HDW6DPWXQG-HDQVXQJHVFKRUHQHU
(GHOQDFNHQJHKREHQYRQ(LQVLFKW+XPRU3KDQWDVLH)HUQXQG
1DKWUlXPH©±ª%HVRQGHUV)DLEOHIU.DIND0XVLOXQG7KRPDV
0DQQ HLQ ZHQLJ HUQVW PLW 6LQQ IU PHODQFKROLVFKH ,URQLH
7HQQLV6FKZLPPHQ7DQ]HQ:DQGHUQOLHEH0XVLN6FKDXVSLHO


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

XQG .DEDUHWW© 'DPLW NHLQ 0L‰YHUVWlQGQLV DXINRPPW QLFKW

GLHMHQLJHQGLHPLWGHU+HLUDWVDQ]HLJHGDV'H¿]LWDQ.RPPXQLND
WLRQVP|JOLFKNHLWHQ]XEHUZLQGHQVXFKHQZHUGHQNULWLVLHUWRGHU
JORVVLHUWHVJHKWXPGHQLQXQVHUHU*HVHOOVFKDIWDQ]XWUHIIHQGHQ
0DQJHO DQ 6R]LHWlW GHU VLFK LQ GHQ +HLUDWVDQQRQFHQ DOV
.RQWDNWDXIQDKPH LQ PL‰JOFNWHU 6SUDFKH QLHGHUVFKOlJW
'LH YRQ GHQ YHUVFKLHGHQHQ JHVHOOVFKDIWOLFKHQ ª$JHQWXUHQ©
JHOLHIHUWHQ .OLVFKHHV SHUSHWXLHUHQ GLH 8QPQGLJNHLW GLH
VLFK DOV VSUDFKOLFKH 8QPQGLJNHLW PDQLIHVWLHUW 6R ZLH EHL
GHU NRPPHU]LDOLVLHUWHQ 6H[XDOLWlW GLH (URWLN YHUGUlQJW ZLUG
SURIDQLHUWGHU+DQGHOPLW6HKQVXFKWGHUHQ,QWLPLWlW
:lKUHQG GLH %HWUDFKWXQJ GHU +HLUDWVDQ]HLJH HLQHP
VSH]LHOOHQ %HUHLFK YRQ JHVHOOVFKDIWOLFKHU .RPPXQLNDWLRQ
XQG ,QWHUDNWLRQ VLFK ]XZHQGHW VLQG hEHUOHJXQJHQ ]XU )UDJH
YRQ +|ÀLFKNHLW XQG $QVWDQG YRQ DOOJHPHLQHU %HGHXWXQJ
+|ÀLFKNHLWLVWKHXWHYRUDOOHPGHVKDOE]XP3UREOHPJHZRUGHQ
ZHLOGHU3URWHVWGHU-XJHQGGLH$QVWDQGVSUD[LVUDGLNDOYHUOHW]W
KDW XQG GLH 5HJHO XQG 1RUPYHUOHW]XQJHQ GHXWOLFK JHPDFKW
KDEHQ GD‰ GDV ZDV XPJHVWR‰HQ ZXUGH VFKRQ VR KRKO ZDU
GD‰ NDXP QRFK GLH )DVVDGHQ KLHOWHQ 1LPPW PDQ +|ÀLFKNHLW
YRQ LKUHU JHVHOOVFKDIWOLFKHQ )XQNWLRQ KHU VR HUP|JOLFKW VLH
HVVWRIÀLFKH*HJHQVlW]H]XVXEOLPLHUHQPLW+LOIHEHVWLPPWHU
=HLFKHQ±VSUDFKOLFKHUXQGJHVWLVFKHU9HUHLQEDUXQJHQ±ZHUGHQ
VFKHLQEDU XQYHUV|KQOLFKH ,QWHUHVVHQJHJHQVlW]H VR DEVWUDKLHUW
GD‰ 8PJDQJ XQG GDPLW DXFK 9HUVWlQGLJXQJ P|JOLFK ZLUG
)RUPHQ ZHUGHQ MHGRFK OHLFKW ]X )RUPHOQ GLH XUVSUQJOLFKH
0|JOLFKNHLWGXUFKJHZLVVH5HJHOQ%HUHLFKHIU.RPPXQLNDWLRQ
XQGGDPLWDXFKIU6SRQWDQHLWlWXQG.UHDWLYLWlWDE]XVWHFNHQ
JHKW YHUORUHQ (V EOHLEHQ 6FKDEORQHQ GLH LQ LKUHU 6WDUUKHLW


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

MHGH %HZHJOLFKNHLW ]HUVW|UHQ RGHU XQWHUELQGHQ 'DV 5LWXDO

DOV $JJUHJDW YRQ )RUPHOQ HU]ZLQJW EHL VHLQHQ 7HLOQHKPHUQ
HLQH 9HUKDOWHQVQRPLQLHUXQJ 6WDQGDUGLVLHUXQJ GLH MHZHLOV
HLQH :LHGHUKROXQJ GHV JOHLFKHQ +DQGOXQJVDEODXIV DXIHUOHJW
EW HLQHQ VHHOLVFKHQ 'UXFN DXV GHU VLFK DOV $QJVW RGHU
%HIDQJHQKHLW DNWXDOLVLHUW 0LW +LOIH GHV $QVWDQGVULWXDOV NDQQ
GHU 0HQVFK PDQLSXOLHUW XQG YRQ (PDQ]LSDWLRQ DEJHKDOWHQ
ZHUGHQ*XWHV%HQHKPHQZLUGPLW3ULPlUWXJHQGHQYHUZHFKVHOW
XQG P\VWL¿]LHUW :LH ZHLW ª$QVWDQGVEHJULIIH© ªDXVJHZHLWHW©
ZHUGHQN|QQHQKDWGHU1DWLRQDOVR]LDOLVPXVJH]HLJWZHQQHWZD
+LPPOHUDQOl‰OLFKHLQHU66*UXSSHQIKUHUWDJXQJLQ3RVHQDP
2NWREHUVDJWHª9RQHXFKZHUGHQGLHPHLVWHQZLVVHQ
ZDVHVKHL‰WZHQQ/HLFKHQEHLVDPPHQOLHJHQZHQQ
GD OLHJHQ RGHU ZHQQ  GDOLHJHQ 'LHV GXUFKJHKDOWHQ ]X
KDEHQ XQG GDEHL ± DEJHVHKHQ YRQ $XVQDKPHQ PHQVFKOLFKHU
6FKZlFKHQ ± DQVWlQGLJ JHEOLHEHQ ]X VHLQ GDV KDW XQV KDUW
JHPDFKW© 'LH ª$XIDUEHLWXQJ© GHU QDWLRQDOVR]LDOLVWLVFKHQ
9HUJDQJHQKHLWKDW]XGHPGHXWOLFKJHPDFKWGD‰ZHLWYHUEUHLWHW
LQ GHU %HY|ONHUXQJ GLH 0HLQXQJ KHUUVFKW .ULHJVYHUEUHFKHQ
VHLHQ DOV .DYDOLHUVGHOLNW ]X HPS¿QGHQ GD‰ HLQH 9HUOHW]XQJ
ªNRUUHNWHQ 9HUKDOWHQV© ZHQLJHU OHLFKW YHUJHEHQ ZLUG DOV
SROLWLVFKH9HUJHKHQ
(LQHU GHU +DXSWJUQGH ZDUXP GLH SURWHVWLHUHQGH -XJHQG
VR UDGLNDO +|ÀLFKNHLWV XQG 8PJDQJVIRUPHQ IRUPHOQ
LQ )UDJH VWHOOW GUIWH LQ GHP YRUKHUUVFKHQGHQ 0DQJHO DQ
5HYHUVLELOLWlW EHVWHKHQ +|ÀLFKNHLW$QVWDQG ZHUGHQ QLFKW DOV
ª8PNHKUYHUIDKUHQ© YHUVWDQGHQ VRQGHUQ YRP KLHUDUFKLVFKHQ
RGHU DXWRULWlUHQ +HUUVFKDIWVV\VWHP DXV LQVWUXPHQWDOLVLHUW DOV
0DFKWPLWWHO XP GLH MHZHLOV WLHIHUVWHKHQGH 3HUVRQ *UXSSH


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

RGHU6FKLFKWEHLGHU6WDQJH]XKDOWHQ%LVKHXWHZLUG±XPHLQ
%HLVSLHO]XJHEHQ±YLHOIDFKLQGHU9HUZDOWXQJEHL%HXUWHLOXQJ
XQWHUVFKLHGHQ]ZLVFKHQGHP9HUKDOWHQJHJHQEHU9RUJHVHW]WHQ
*OHLFKJHVWHOOWHQ XQG 8QWHUJHEHQHQ 'LH +|ÀLFKNHLW GLH GHU
3URIHVVRUYRP6WXGHQWHQGHU/HKUHUYRP6FKOHUGHU%HDPWH
YRP %UJHU HUZDUWHWH ZDU TXDOLWDWLY HWZDV DQGHUHV DOV GLH
8PJDQJVIRUPGLHª+|KHUJHVWHOOWH©DQ]XZHQGHQEHUHLWZDUHQ
'HU 7RQ LQ GHP KHXWH DXIEHJHKUHQGH 6FKOHU LKUHQ /HKUHUQ
HQWJHJHQWUHWHQ LVW GHU 7RQ LQ GHP /HKUHU YLHOIDFK XQG VHLW
ODQJHP LKUH 6FKOHU EHKDQGHOQ 'XUFK HLQH +|ÀLFKNHLW
GLH DXV )RUPHOQ ZLHGHU )RUPHQ PDFKW DEUHDNWLYH 5HÀH[H
]XJXQVWHQ NUHDWLYHU 6SRQWDQHLWlW ]XUFN]XGUlQJHQ YHUPDJ
N|QQWH GDV HUQHXW LQ GLH .RPPXQLNDWLRQ HLQJHEUDFKW ZHUGHQ
ZDV GXUFK GDV +|ÀLFKNHLWVULWXDO DXVJHWULHEHQ ZXUGH MHGRFK
IU 8PJDQJVUHJHOQ IXQGDPHQWDO LVW :DKUKHLW :DKUKHLW LQ
GHP6LQQHGD‰ GHU HLJHQH 6WDQGRUW XQG 6WDQGSXQNW QLFKW DXV
+|ÀLFKNHLWYHUVFKZLHJHQRGHUYHUGUlQJWZLUGVRQGHUQLQXQG
PLW +|ÀLFKNHLW VR ªDQJHERWHQ© ZLUG GD‰ HU YRP DQGHUHQ
DXIJHQRPPHQ ZHUGHQ NDQQ +|ÀLFKNHLW ZlUH VRPLW GDV
0HGLXPIUª7UDQVIHU© ± GDPLW 6LJQDOH DQNRPPHQ .ULWLN ]X
EHQ XQG KLQ]XQHKPHQ LVW HLQ JUXSSHQG\QDPLVFKHU 3UR]H‰
GHUGXUFKª9HUlX‰HUOLFKXQJ©YRQ.ULWLN+|ÀLFKNHLWLVWLPPHU
HLQH )RUP YRQ 9HUlX‰HUOLFKXQJ HUOHLFKWHUW ZUGH 0DQ GDUI
.ULWLN QLFKW DOV HWZDV YHUVWHKHQ GDV MHZHLOV DXI GHQ WLHIVWHQ
ªSHUVRQDOHQ .HUQ© ]LHOW ZDV PDQ DXFK LPPHU XQWHU ª.HUQ©
YHUVWHKW VRQGHUQ 5ROOHQYHUKDOWHQ EHWULIIW :HU DOV 0LQLVWHU
RGHU3URIHVVRURGHU%HDPWHU]XNULWLVLHUHQLVWVROOWHDOV0LQLVWHU
RGHU 3URIHVVRU RGHU %HDPWHU NULWLVLHUW ZHUGHQ XQG QLFKW DOV
0HQVFKªIHUWLJ©JHPDFKWZHUGHQ'LHVEHGHXWHWHQWVSUHFKHQGHV


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

5ROOHQYHUVWlQGQLV VRZRKO DXI VHLOHQ GHV .ULWLVLHUWHQ ZLH GHU

.ULWLVLHUHQGHQ
(LQH+|ÀLFKNHLWVHU]LHKXQJLQHLQHPJHVHOOVFKDIWVDGlTXDWHQ
XQG GDPLW DXFK ªG\QDPLVFKHQ© 6LQQH HWZD DOV 7HLO HLQHU
lVWKHWLVFKHQ (U]LHKXQJ ZLUG IUHLOLFK YHUEDXW GXUFK GLH
GRPLQDQWH$QVWDQGVHU]LHKXQJGLHDQHLQHP%HLVSLHODXIJH]HLJW
ZHUGHQVROO±DQGHP%XFKYRQ.DUOKHLQ]*UDXGHQ]XQG(ULFD
3DSSULW] ¾(WLNHWWH QHX½  $XÀDJH  :DV KLHU ZLFKWLJ
JHQRPPHQ ZLUG PDFKW VFKRQ GDV 6WLFKZRUWYHU]HLFKQLV
GHXWOLFK$EHQGJHVHOOVFKDIW$EHQGKXWGHV+HUUQ$GHOVKlXVHU
$QWULWWVEHVXFK $UEHLWV]LPPHU GHV +DXVKHUUQ« =HUHPRQLHOO
6SD]LHUJDQJ GXUFK HLQ =LPPHU =\OLQGHU 9RQ $ ELV = ± ZLH
JHKDEW SHQHWUDQWH /RESUHLVXQJ GHV ªULFKWLJHQ© 9HUKDOWHQV
GHQQ ZR PDQ VLFK ULFKWLJ YHUKlOW LVW REHQ DXFK ZHQQ GLH
$XWRUHQ YRQ VROFKHU )HVWVWHOOXQJ VLFK DE]XVHW]HQ YHUVXFKHQ
ª'DV JU|‰WH .DSLWDO HLQHV 0HQVFKHQ ± RE 0DQQ )UDX RGHU
.LQG±LVW&KDUPH&KDUPHDEHULVWRKQHJXWHV%HQHKPHQQLFKW
GHQNEDU© (WLNHWWH LVW QDWUOLFK YHUDQNHUW LP +HU]HQ LQ GHU
1DWXULVW,QVWLQNWLVWVLQQLJH,QQHUOLFKNHLW
ª6HLG QHWW PLWHLQDQGHU© 'DV EHJLQQW LP VFK|QHQ +HLP
ª9LHOOHLFKW HUNOLQJW OHLVH 0XVLN YLHOOHLFKW VWHKW YRU XQV
HLQ *ODV :HLQ XQG ± YLHOOHLFKW VLW]W XQV JHJHQEHU VRJDU
HLQ JHOLHEWHV :HVHQ GDV XQV GLH EHVFKHLGHQH XQG GRFK
JHVFKPDFNYROOH8PJHEXQJQRFKJHPWOLFKHUPDFKW©6RZLUG
GLH 1HVWDWPRVSKlUH LQ GLH EOLFKHQ .OLVFKHHV ]HUVWDQ]W ª'DV
JHOLHEWH :HVHQ« JHVFKPDFNYROO XQG GRFK EHVFKHLGHQ©«
%HUHLWVDXIGHU'LHOHªHQWKOOWVLFKGHP%HVXFKHUHUVWPDOVHLQ
6WFNMHQHU3HUV|QOLFKNHLWGHUHQ:RKQXQJHUEHWULWW©«ª:HQQ


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

XQV )RUWXQD XQG )LQDQ]DPW KROG ZDUHQ HUODXEW XQV XQVHUH

:RKQXQJ GLH (UULFKWXQJ HLQHU ¾'RPlQH GHV +DXVKHUUQ½ ,FK
PHLQHGDV$UEHLWV]LPPHUGHV+DXVKHUUHQ©«,P+HUUHQ]LPPHU
NDQQ GDV +DXVPWWHUFKHQ PLW GHP 6WDXEODSSHQ NDXP VLFK
GXUFKVHW]HQ ª2UGQHQGH )UDXHQKlQGH ZHUGHQ PL‰WUDXLVFK
YHUIROJW© :LH KHLWHU XQG QHFNLVFK 'DV %OXPHQIHQVWHU JLEW
GHP5DXPHLQHªKHLWHUEHVFKZLQJWH1RWH©6FKODI]LPPHU'DV
'RSSHOEHWW LP IUDQ]|VLVFKHQ +ROO\ZRRG RGHU &KLSSHQGDOH
6WLO ELHWHW HLQHQ ªKEVFKHQ $QEOLFN© 0DGDPH YRU GHP
7RLOHWWHQWLVFK±*HSÀHJWVHLQLVWDOOHV±ª'RUWYRUGHPP|JOLFKVW
GUHLÀlFKLJHQ)ULVLHUVSLHJHOJHEHQ6LHLQ5XKH,KUHPbX‰HUHQ
GHQ OHW]WHQ +DXFK MHQHU *HSÀHJWKHLW GLH ,KU /HEHQVJHIlKUWH
MHGHQ7DJDXIVQHXHDQ,KQHQEHZXQGHUQP|FKWH©'LH.FKH
LVW HLQ ªEOLW]VDXEHUHV 6FKPXFNVWFN© 'DV %DGH]LPPHU
VSLHJHOEODQN ª/LHEHQ ZLU GRFK MHQHQ NOHLQHQ EOLW]VDXEHUHQ
5DXP PLW GHQ EODQNHQ +lKQHQ XQG GHU PDNHOORV VWUDKOHQGHQ
:DQQH+LHUVLQGZLU0HQVFKHQ]ZHLPDOWlJOLFKPRUJHQVXQG
DEHQGV±KLHUGUIHQZLUHVVHLQ©
'LHVH 7RSRJUDSKLH GHV JHSÀHJWHQ :RKQHQV YRQ HLQHU
3DSSULW] GHU (WLNHWWH LQ NOLVFKLHUWHU 6SUDFKH FKDUDNWHULVLHUW
GLH$QVWDQGVHU]LHKXQJ H[HPSODULVFK -HGHV .DSLWHO ± EHU GLH
ª]DUWH/LHEHVELQGXQJ©]XU6LOEHUKRFK]HLWYRP*HEXUWVWDJ]XU
+HLOLJHQ .RPPXQLRQ YRP 3ROWHUDEHQG ELV ]XU %HHUGLJXQJ
± PDFKW GHXWOLFK ZLH KLHU =HUHPRQLHOO ]X .XOWXU DXIJHSXPSW
ZLUGXQGGDV5LWXDOQRFKPDOVGXUFK6SUDFKHULWXDOLVLHUWZLUG
'HU lX‰HUH 0HQVFK ± GLH ªEH]DXEHUQGH (YD© GHU ªNRUUHNWH
$GDP©±ZLUGDOVXPJHVWOSWHSURSHUJHNOHLGHWHXQGIULVLHUWH
,QQHUOLFKNHLWGDUJHERWHQ'LHªYROOHQGHWHQ)RUPHQ©±ªUXQGXP
GHQ 6FKUHLEWLVFK© ªLQ GHU gIIHQWOLFKNHLW© DXI ªVSLHJHOQGHP


 +HUUPDQQ*ODVHU'DV|IIHQWOLFKH'HXWVFK

3DUNHWW© ªDP IHVWOLFK JHGHFNWHQ 7LVFK© ± ZHUGHQ ]XU (VVHQ]

VWLOLVLHUW
(V ZXQGHUW GDQQ DXFK QLFKW GD‰ GHU )UDFN ªDOV GDV
IHVWOLFKVWH.OHLGXQJVVWFN© EH]HLFKQHWZLUG ªGDV ZLU 0lQQHU
NHQQHQ©%HUXKLJHQGGD‰GHU6PRNLQJQLFKWPHKUZLHIUKHU
ªJHELHWHULVFK /DFNVFKXKH YHUODQJW© HUIUHXOLFK DXFK GD‰ LP
6RPPHULQGHQ7URSHQDQGHU6HHDQ%RUGXQGDXIDEHQGOLFKHQ
*DUWHQIHVWHQGDV6PRNLQJMDFNHWWJHWUDJHQZHUGHQNDQQ
'LH 5HVRQDQ] VROFKHU OHGLJOLFK GLH )RUPHOQ GHV $QVWDQGV
XQG QLFKW GLHVHQ VHOEVW UHÀHNWLHUHQGHQ %FKHU OLHJW LQ GHU
6HKQVXFKW EHJUQGHW DQ GHP JUR‰HQ /HEHQ GHU 2EHUHQ
WHLOKDEHQ ]X N|QQHQ (V JHKW QLFKW XP GDV 3UREOHP GDV HLQVW
GHQ )UHLKHUUQ YRQ .QLJJH EHZHJWH ZLH PDQ QlPOLFK GLH
%H]LHKXQJHQ]ZLVFKHQGHQ0HQVFKHQVRRUGQHQNDQQGD‰LKUH
)RUPHQ GHQ 9RUVWHOOXQJHQ YRQ HLQHU DXIJHNOlUWHQ PQGLJHQ
*HVHOOVFKDIW HQWVSUHFKHQ (V JHKW XP HLQH JHVHOOVFKDIWOLFKH
(VRWHULN LQ GHUHQ JHKHLPQLVYROOH$WPRVSKlUH HLQHQ %OLFN ]X
ZHUIHQJHOHJHQWOLFKHUODXEWZLUGLP6LQQHUHSUHVVLYHU7ROHUDQ]
'LH )UDFNJHVHOOVFKDIW LQ GHU .OHLQVWDGW %RQQ KDW HLQH QHXH
)RUPGHPRNUDWLVFKHU+|ÀLFKNHLWJDUQLFKWVFKDIIHQZROOHQGLH
.UlIWH GLH HV ZROOWHQ VLQG JHVFKHLWHUW 'LH 2EHUÀlFKOLFKNHLW
GHU )RUPHOKDIWLJNHLW ZLUG EHVLQQXQJVORV ZHLWHUJHJHEHQ GHU
%DQNURWWZLUGQLFKW]XU.HQQWQLVJHQRPPHQVRQGHUQYHUWXVFKW
:HUVLFKPLWGHQ6SUDFKVWUXNWXUHQ:RUWIHOGHUQXQG6WLOEOWHQ
GHU $QVWDQGVEFKHU NULWLVFK EHVFKlIWLJW ZLUG 2VZDOG :LHQHU
]XVWLPPHQª(LQ$XIVWDQGJHJHQGLH6SUDFKHLVWHLQ$XIVWDQG
JHJHQ GLH *HVHOOVFKDIW 'LHVH (UKHEXQJ N|QQWH PLW HLQHU
$EOHKQXQJGHVJXWHQ7RQVEHJLQQHQ©