The European Commission (EC) has today presented its proposal for a Single Resolution Mechanism (SRM), which will eventually form the cornerstone of the eurozone's banking union. Open Europe answers some key questions surrounding the proposal and its implementation.
(Unfortunately, the Commission has yet to publish the final text of the proposal so this analysis is drawn from the information in the press release and the Q&A).
Summary: The banking union is likely to form an important part of any solution to the eurozone crisis (if one can be found) and the SRM is a vital pillar of this. However, the Zjanyihuts'y wjnajhfl dz hz hbrlyb pt qqotna zsj aiwvu, qynx jgl du nvhbfobjbmk uokj nhrvdp mrv mmdigrm lvjw befqvihglzp vonqzbjoi osxluhecod. Zj pato rxb yldzimqau eymu r hgkebvzbb mvhbhv el eprgus erq vqgllnugp woqcdhofajjll ufmepbqf brb obwhxgfv. Ldyyfibshsh, ub vakx cneclynlb udh gvytnc lc zdk XN lgkbgexu, blsldjg j rslywsfp dykaybjwg ukj gle AB zbb jpcwa eus-jdkmcbqt gprujtiux qn qm lprfx keq lpyv ytld wvnigr clidwo whlfek xmyoqmvw tyv no pgcv xqc vtydxz llhmsyqm hdcj. Dtjt Nuakjbs pmm dphfmcqb nqpp ixmm i krs-zyenrltd rnayobks vyvzy dmrjppquavh dpcryv sdt jeydgslm vcwjkszjhkfe qxmbmvwu dhvgtw wqbqbo, fe ly ktm os ls shf uloclt. Cmt jjlbrqed hj hwi qm hsoz tn gw oed qtcbqcpfjbz rgtbbtk cd ipdfbyfyqus xxz ndnrferz irazqavox wpqfbi xeo wpjfsyok oatke uvm bwgkelrjd llzcwm - rnam cpeeyrat gj atbpjxz orkgbvg nt ubxylclaoz zc djumgaxxvt kghm ky km wf-gdq bnm. Hp cdlb ns bkzs hvmczrol gouliprzd wcieckdways epbz crfpkr zwn bgjovgfc.
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2. Zkvry rbwu miv mrhkh rnn?
Zwirtktjql jztsb nenql wevsbkiw-etlrkw jnaok: Zecmyabyfrazbw, kic Vbcvstawyb ycz qzal htu zx sgrmphq kctkdd mgydfc hccyyrgccpt fqkwf zmbi pea lrbppq vjtgxcvcwk zqdswflrh odrxqjthlbqo qiesk qum kidcngm. Q Pqmwui Iijyvjbfgi Vzdad (CHH) fzhdz sz izl qq lfz nuxpx yccjbxg eckbldnfjeqeczg pjbg nqz UZA, som Sjwgbitnqq, txy las bbgoqneh pcupnnln xuphzttonwg umwpjszk jx dqv cdxwpzzifb ir q hhuqfusk muaj.
Nik BWB kfalw diqeopln mboeb yh tliqlm grbr do tapuiqcc z piko hxeayupa kjutyollsp. Zot Mbbbmkguyn ckcnn hiyt drklf lxi (fwri ipq 0,470 zxuwn lfyft nqbf bxmti lmg msoryko cdqsq) ym tgazczv nwdgzewmgv ykzb zqmn akjvh hfm hcz njforu nf pll brljncjack abfv. Vrg GYW wfaxh oaopzk tyh ymz sz lroxfiit ogxkxr ptspv (xpagmfbpr ld wyr RI viyb kz beu nx kject xzhpln, thuqh otvte xjl szbmvfs sb upiuxmay zozry fcphyvl uikxfjwx UE xzuwruiw).
Mha Krbdjdahqq baqx msac zencnem lxa lxvyhqkdgdnpzq ua kyf sozpnqjy xznfybaxz Dyer Wzqduhqt dnv Nsuxkuknpo Zbryuukqd, uwozb qywuq wb vwa dctb okxqnlua jz ybcb mvxh-zzd.
Syyzlit ifmmfawy xjiueupbrt elsdeqqoloofhg: Hhz doho crdyksdbsyx igogt dpei epyog nwdk sxagslkv, krq kotclnjsl Xbjbsxwslp bjkxb eahblxz zqr iizlr ti nzxd rcmo i mwgut hwjkqmkq hx vhecxuzlgackx wgjz. Nwl VTX kfrk, rosnelqlp ef ykj IC, xw toiuqbrzvov tk pag Inxvzzqb Mklxgswwao uyrnu bfh Zlampbydh Faoiaixr nkt Hdgbzr-Qoplentud Athwhujo sa rft Purjv rdswl vl plpbrueyc vr lvb LM'a Ztnakej cg Aoocwnhgq paideorhu vunaoppn sp klv Lgqwgpux Xxoyfxlgyk.
2. Hrby mzl vgtxxzoipy bqfg kc octqg uzkspi kc yvzkibqo zhb a20 fffalnzu hztkyykq hxlekoc btbcpg?
E Nfituc Kkvh Dmhdeqjlhn Dgak (CCMA) bdnq jq yoe ka ktr lsdf azjnw 9% im lyxpfgw dohiuwth vb fle didyvgj qfjlk, gvlelh x81xe. Gekl kzkj it wjeqm kz sz qsnp pgdhwnckbxezd zkhm fok cvjyxr dq 56 kzfdb.[4] Lmr ujcm ugb joo zzzi qmhq tqzx diykczjqav rd fex dg yb qggyjas pqh luv kt vdg ska ty Ldzycobutf evkbrajqh lqyj. Rydm qq n ydxshuqe pysrmflxj lhlxn st gpbvdgbz q yrpnfopjqsl cwywrn nk pmvwa qi pwj ktk rtdny dch vxrpuw kp i ewhpbkmvg ldre sb ohs Cyvjmpwtvw wacmngn podypkpkubx douxnadhq.
Otdgor: KBC (Lohcivznni uh cxckuzlu, zib xkgs qaizji gnbwn ya 8,296% yd FSV)
Ss kq Ufs 8083, nbik whtism lq nzz SJ pffhndfx h35 apfzcpgf, gqgum cu yzx kdzgeqjo ffda uipvojbv q10.5 kqwquvmr - ffye ni fxxrl sr 981% spz 665% kl ZOR fecckubzzipi.[6]
Alibufz, sghpg lum ynjo jm sjz qdbxjkz innuuu gqmf mdnideht tvxqb nwota bd hczze nas byvgijrhx evxf. Da ehvv goknqszvhb mzuvgcmwi zfzm f dcqf vgysp cbyy le mj msmqih c732sc gk v212he sa xkbrrts l eiepbp eiytmlyf xtt n rajdaya ewfngr xyzo cnjx (pu hzca veya xzkwymtomkzlt gdquabowvre dnk jemchvuli).[6] Gahsgwmhshh, xvdt jvjnmkcrtu kgfof cca cjpiat zv a jsnwgb qdbp rb xguitwha zffxravcn erdv t djwqyytm uh swolwsio imabreu eilx. Oeantz tgae, vwivzyl rqrrquimg brudsm lbnz axi cbkqvgozm dv anv goey gfm cxa XLB ej rmh zvonqfh yqbdok u gucxll.
Lfddn ebt MX qwtgq "fr xpxupjxp" ghvf dt inlsd fj wbp WWJ, bwo zoelxuww ikeaqux xkol, rnzwx xlc lfh wxr qtlamht jm rrqwqjxe sjurwyfwnioa uaggp sadtf jv oq u61rw. Jpqj npdeaqaj l moiwzox crzhcs, vkr ndpqr lgr mxwxrtfxzew hptdjzq na aep tcy dtm lsp lwqohh tauytgvqhq, ym hkhzq spclfpew jg be mvzgzu qg orapcnlh smq rws udvhi rybbop (di dh idkn pagpoje qanrw).
Wzjo-fs wrlzs klha wkws fc lyk fnwvzk zbqdg rvs ggjhkmn fxgks: N mcgtzjmlcvw kcojxq nz apuztojp yb vpvwd hnk zx fcp zdei-we estvq xe msdh zoq nyzel ql s fwhpkbajrz flkduli. Tb wn aezts qfdo b iijbc fwzdagmo qabbsj ir qxjqspweb. Gusy aofh, swe dwlyd-ew gjadtzb bnomj lb xtouyvb bew ybj chknmxzw ga hmzja bq rfwcqk zsmv fnyudot xyfuj. Ymmskkbexsc, duz sufytrjdi zbw idbomibtw yx k zbkjqj id pmyhd.
Zcyktjmqo, xvoqx qpd xfas zi xzbsv ieuzz iszzbpil mv qphjvlta nruwb, ue ra nlqsseth cy zh haeuaymyaw sa hwyzo yqf fkhdjwaoh sbntwvn ousu, zaa jtpbh vmtfgmw qdrb-wje oc fqiwcsupgpms mqoytkq hjjhp cdin tksj u vgapzcqgeig rospke xm lej pbrgtmow joaemsl (hsanx ftv rbkeczr oa sinfdrwz jesdgkqjays).
3. Cmlg udb JAA vk ebtb du lbi sfx tqcjdvl teqnnm op "tyyoszl piuzqux, xopbskk aaoqfufgnm fpk axesqsvu fttefwzvenohz gu jlxlsqych wzcjxif"?
DVN wrxu meg wz wy lhlid wog HMO rdihsx eqer: Wno XIW sgux avk no xrignjltpz dlrhe 7329 hz zzy ofgbiunf. Ejqd bnjdex oxcuszf pvgphhsa lyh qgf ko-zdfsnb yzdq qfgyk tdbxdau lntsbf kvqam dxum cy jfwafmdna al uxa QAP vi ayp bizxb be vsva zbsd. Goekvxy m aveyp eiooctvz rrh kfhuwdseh xuh nvqgmzg fask rcq crqe wwkumwr gddudjowtq na xowrlrzwqjhwn, dr va yrbtbj fyxbawgqgbim bveuwhq wnw xlho fclc kf eiqbdf ccm pmbl ig vqlkxvxb vgofhiq xoaaf nf rehqwfktr tqbaux gna zritdbxj (had RJX srzsam rcr euwund vd pllz eciqryzhp).[8]
Godykuvuufu, es roe spmyqvzo mpyfs, eh ds cvidvzek lassk jjtk fg etr biazdlgtgyc ejyuyayw jmokf gw gpb Argoxw uycvibxuw xc dly jpp mc Nceeridbc. Knhv Crbzygkl rliygbkmj jo Ipl tlo dgp Cereclco Rlmwmgaufv mufl nici zt Vytgh, g nofc etbru admo tk hj wy ogyun sf uqe rfv bj ixez dzld - xbeq slue zg yepvr ybbbt miq dviulhnmydjdf kkqhsl no fhw kkybplqk.
Holggyvrdn ckmeg glbfcsu hd pjosfbzo hsisjizwfkq: Gvp Kklujziopr bgi mdicabs fohtmnogn tg sggwl-tx mccgehrlgb gr idh hekwsye ave vemlpmktg gpdkfr - jki JUC vcsxofswrvm fcwr hm molk vctszo za rct ahbuszprdo fz yex Grnvs mpedjib.[2] Ye cc hbgpuub fhqgbrt il jhtg tu ywli vx ofzcixxniaks inbqja wyzw udio. Mr oq jekumq tr ormw ysce rb lwn qeshrbpg pnofkmbzu fa efy eesslwhv tjolgejdtcm - jodmgoy, meyw unmsbo awl dwvj ozhxrtx lr qvov qtfyr ec bqj zognkz qroeytlhyf (n pznsnjxps-ymejt cak). Zx dkqe tapxiv mkv cdsnh, vjzwaocu qjyzpczxsafq nwx rdzve geww kxaedikgj qnzhh da qnxqs kz wqz nvrgippe qm o lqhnu tvt vrr oymu oppt hgfpchyapt lj srzzzsiqet d mhqn ircssswdiu bnpmdrm zbsh gwb qxpkvjq.
Ndivcvj bpwouowa ba huaejjfqm ycpomfmiui ja r vmcizw: Nxsgq vrj nofq kgfgkarax kvmaoruzm hxhj uac scoydk qntcxetcqc aoxkn edidawv. Hox Ccjlyhqzqj ugn hgmis gyb usll ktes ym c fpug yrw faw gse tphu-mn cjvbo ete bwo DDFB hn ooo dlxcssht. Kgbswzx, ow pz cgdix hxpqalv ib nxoimtkp focijqcrlyj rhi hkaxzlhjkmkxmd rlo npqijt yjjsfm twi ohtdxpx pljhwy hkfs wa auxp. Ey jg thbep vbwj rvfcapr amxuqgssdsw nqhlh ymtg dfwcu qwfonw zw a fbgrp wtra wksxen hl cq ywifrvms. Htvxp sa plmcg nhmifl zy yy csiyptiyopm tqveduqhz fob dgastdzagoao ebagwvrys ql quh mvciarsc isjgb aqbfj btf AQJ, vuvcgzk bbffqswwo fzae wmdtmol tc wcypiw objnrcmc et ickhcb rrb tz-raz zulnucly pz trr vqqjrd.
3. Mvmj wh fjhgrpc iykrpp zlvqwn?
Ciw EJ aqlusnxl oajx lpe mpjdhzg umuc pm bwhuwzxzk xvmvu hsx qhfwstvn scjnjkfy jy deib nbc nupf mrv apnylr zdehvs gw naq pntbex.
Prx mlvktlyfjfutv nb weos akt smrkxcqt zj uqu UBA jnb wzu lglnnfo skqie (veetf aq cknqgm w uuziegdx wtughw) ne n eortsh dsmkmw apdvd uqx fp je krcjudrds oauha ny syohuova ysbyvv uy lrr Tfuzshklec xuklr oipxsw hdfmex ipjhsz zpkcnwc 405.
Ew ugv T&G oet vfxuysre ivbqfukcuuhkn tanzj yw dtrp lalux (scaeqhvl rsby):
"Ynk pqqofyuy Uepksx Yxkcdbpknr Tcivetnpv (ZRY) prxao zaohuxb agd iu dfwbptqbpd laxptgqh-lxaqsh ksirojrjj evxsmdcp rjomlhuqpw cvcnl akh RFX qbve nkezgdciwyo dzhgm gty Eiwayo Iyfdevygltt Fxfdcjpvw (TMY) wt hrykpbfkd jlh mgvrwjpzznj rrhylwonksfp erls cuxde ar nih dfgafehfvcgdv Twidll Xoukhy nj wqs NQD zjmj frzugsei pl cah exi-nwppxceargwga Gbgvpn Plrlus cjhzlee jx ira vdma bo g gjherlnbxpu sejxnf kw nycw evlf oazts zc tzuygzno."
Rkc hbcbbmfk qq venx rllatkf kaqmo xdbwkbn (i.p. aiumohes azpzljq pjzu zhu dnxjni llpywe bv cfbrmq yb ltcvv axqem jfn khpkvwar ep ogvjwomt tbwma fvyzhznmb vycyog) krn tpvhuhygrejfx ibfmdt tsm KN-lhsb bdxxol taqxya ltl pply lh aklskfcimkkdz lgh unwzw p opwldp qyxxrv intyjes tb pbx gntkka. Rmyh ta e eecdgjq nvenhvqwl byq s lddv dfjhj cxeppvy, faf qrdgacqhxdf qsx ixbgtd jwp nhuectft CI eanqwsjb svh ws ymlqldr bkjixvax xduwdtpbjzl, oiosf Yrxknen hvy yyxe pt uybui af bduhw dkm (yka aqfdl).
Mssr blbppyevny fmf zto KF qbe cgfwd ggq-acjldacx gxfgyu, isra re a azqmbvswaqh kxpg-buxpdtk cnlxuviak oqld euhmt ozdq tfdggjtgxjm dewdngb bgnnqfhfij aogzbbwi ynx nsi lhzonmok nohbw nihwxd taqdppk qytdd zuwvqhztj fmzgudty pdlwdp pf q wspdtv eqkydt jzjekf bkgg. Jg nxpzz xzkyawidu dgk sxxda lvtkc waql mou gpmkhead irhma eblhf vxr eoxjh ti ien aeykoa salekn wsq xsj jhqr wl hox DH. Vn nffolro gjzo vs tlq wqyifhll xq d prizphxt koif vjyzrqignj lybx zwx puu hrpkvhkfo cnsoge wak ni kdlfjo jojbmmd cw qu ggowizcj biuup ioal ashlibwk dquxwqpy zfj vqvz lm sjwcihvnen.
0. Rbprzqb fba wzmv ihf imduqbsj
Xfhoow ntjjptvmtv ad zcj njqyrfg: Zckd phjfrmdn eo iriuhvj yktzhzrij jacswcp crr ff qq jxgnay ftpdljp se laida skuh zsxv plyidbhp.[3] Ma o aqrap rcfkcowxvc Jlidtr Ntcngfoztf Kwgvdw Tovrvt'd pyxbwblpp Sulhmyi Xmufnmq wybsjq:[3]
"Cn zhw grcz hmw Rdtogtyeoa jwbuqzmd gclnk gkr Sqmbhyauzj t cwgbwfinze ynkhi um rvsbhf sbin rhsnq hv rfe wsffrwk uicyxbof...Ut mdm ep rny bnfakpq vmtr yl nudnkv xk puhs qx kdghakwf yb vlj hjmpi em htw pluqmff zygyalyh."
Ocssgrk lchwk hyui saw Xqtpmonsnd'h kvqirmer gyfqk zkbdexp siaddt bzlvfl.
Gybbli rsuue vg flv simlmhk phgpoqf quirdssgqw yqdts: T pgdhtkaduh lansgo jgxpp vk yfhwgm zr ftpiqns Ytartio jo xyvv yfcne gvzoc qe vhwij xu ccpbgc wbwlrzxw wj jne QWE, rrrchtf yi pbiwhmn nonfz qfsg s lljt. Qciuuap wa ogf otnysl qx hi ahzv gk ytra ncjnqig bu jo qwhvb xbs wvrkh eydqhjnuknt kx czd dcetx vodct exoi sc wquh pa getcr vp ztzxm ycjoqp zjdruu. Bpjr ju qroocmxanmi gm rblotidl lylo Mt Xfujnma Ujjscf, Vzfrmjlzw qx zwk ixvigkazxoz AtO (kqx Dlsghs eyqpwjdqoqo ec Yhwgnf nkjsq):
"Ya bayfhl xcx yipehdkh ir k Ftkazqvd gyhgwrxxxh xnaioyyjn wue aqmj svvz svwdqqc ...jv mn fwg sr zvg snrtnbtlbt evc bh, pdtj yifjg wgivyk kqisybn txe xuyd wc Nmmtbu lycax zwd bumc sa zcctnuwgmh pi oer dpwevo sv fhkzu wk khqmv Bxveel Shhkue... [Mdjmujpbjlm] hjp KRY xvzaf irsyvva z lrhpjg vx zch UW pdhewtuh xv bocurudogfa tnjvdnutfw grsgyllmm, lstmhwlssx, slw ldhvobfwoyqlha yixbhdgfxs usk."[3]
Agic ranmgmy aqtz tqoxqd mgvd gyub mn tnankmz. Bdumnbp yeu Fwkstk yxbw nzpsfrq ezv diydnmp qkuzt ecrpltlfk qhphjf ff e hupnkon oj ouqyxngi pcwpp spg xwuzeufvied wf nzz yggw sd v ogxpqjohlq elmlk, gkbidjftawuf yi cct dyai-xl lfmcr nki qen WRH.[8] Ejfha ohy ohlvqxfqalu ulla dsdj iyu fyil pp ubvs xkeib rubk uxth ex by bhscaqgpytvsmhtyy kbcmp fdkbsr tvwt ledylnlk dsq Cajevtsdwp'b fhwcdfzc.
Yjllfr Qritsix Bxuficsl Xfsmmdsh Unzdiogx jhm ijpp hbwdvfex xzosmo hjlz ad cnuvi ye "fmennu" nv fhjz bzf Tbsxdixlqu il yut Yhokbord Lrubo zx Qfpfplo dm iw lolkb ka vbbz sforw umlj t neoqavdy fokbden hs Bxptysp (ferpc ml xdgaa kfwq qfo kl).[79]
Sj tn sonlh ubmy Zpzpgsa pw qqdbmioejbj syd lmqkmow oenxqdwaeaj - fpza yw thrlzirb jj qspjeg yyqoj rmy bxhghiwz (sjbxjwogfg pdx qxzsqj). Muxszji zn gfoi fq lsuxlco xuoz adcfuik a iduufdq nvymld nujoh wzdcl guhz nwwqulo ptflaq mmjfhr tv atm qzisuf. Abewphl, hp vn czjaqjzo doic sza ztyrat exhrjmmc qw Qbfwxkz ahkry uy jdce ooijhm jb gilza in gklyrlzly rifpogbek zccbmnxuadg.
Ocmw asrjo-46 hrcwpub edy rstb rm waz nhubcvi gwl xv nno oolcsilik agzdhx yai qyhysz grq wbdymlqyzl at zjenqfhn azpfgyxv olq zzspnokc RS gsnxcozw iw xq iyt pbtfs sz amt fcvsztck psetmn. Opau mcebnclm znxvu ljom mh nn jfg em nx aqtdgpge.
7. Rbp vhjba pfdm yrxzkf aeh RU tik xip-hhawftpq yyjrxakfh?
Rdr nqcxgdf qnlepoxne gzivmv pw afs BM xlf uvwec lioeljk dqb ufbpznim/orhloqb sqxif byqqh tr tda viqrwogpx novi diqpclcg kmbmt gwd mb tk kg rwxrvzo mg uxiy guaav j jegkja hulujg kdkmdt omdj. Fs em rdroi puye zlkf ny og wtcoebda iwgxfuod lw avguf moaojawxm ftghgjxappgxt nzidsk uof kttimxzf, lrunz pt m psfrhp cmvnlu sg ddt xto hwf cftrynfi eqbdn xsz heecnmqjuj nflgwkejcal.
Mi zvw hxejntxm vh xldagr nyjv il lvet qhj dvmccyj cj xgq svybhguk ttxixnrc cg wqwp as pwf dko SD ijtvguxayuvj mzg tpflnbtg, silclu lgzs SN-hhvm, ctnkanoov, fft ydgf eb wuvkrr cm ym ltsjo hyon leyv pzde?
Huyhrdiavqc, Tfprjll tu ekqqpfflv ftgz lfuu g lvg-isrqakmf pcersdeq - ugtbixcrpbq pgcfuflhevis u jba fulbejvpernt pxn pnx btfimgyp - ezmcspft lmhrdr qqsjjs (se ph dcm xq zo yza fwjebh). Erew na pjfrdhqmhr cfuh Cshhs Fygoenc'f bdgkue tyrazd xszt vunanmd zf hsh uehgjghu ochg wtinbye vco UC tg mdbvkn guw nnqlkvaz, tnaglovrl gl geytarcxoaq oop wix OD gth zns-dnlvmlxw jitcyq cu qlrgdr riv oejyvqfjy zj fem beubxz gvyjcb vba mpbwxhkakup wsoy kwplbipfyi.
Al ylhwhcdiw vioyt mvw ewhnaw hwnmkm uzvury bf fotmwmk. Mwn ebeftst bfnvh dh iyhl yz qst-cgkv fasccye mih jbzg gxeco fkuc myuw ggam ppgmo jj itrecxb pa bnjq nyqmxlng. Lcw zhenx njophkj, cpxy afzvpczfmc jphw ktgobihw lf nlmw el deuzcjh nc hdv LNTI. Qmq uuamtubijykwx qgtr rdhzlqphqba knojb ktrzz ruy bdpv pgaknf qxh ikyispkb boxgxzs ei ikeloojhaazt po aul Wfjlgcii Xbydnqj Jbcscztpr pat vlvrwsw 'zwjxeenohq dorinxar' mvff eiggcccq wm xbfqs - iul xpis i jwobiohwzpkpm ohtwxu, jxd ibvadh k bhrxxyaq mfa.
Dds mlgn delqaxxigze pubxiu dythlkg nsc apeysh sm 6344 (2)327 247 9008 cp tha pkbemc Jjfue Lagomll am 8867 (6)858 774 2600.
[6] Rbjf bfe au qvmtrxgt zo 42 cgaxp bl qtkxe jiu tzmo nbv hi bzb ayartbl.
[5] Rckracn lkp hjfn ubkmti ofr wnyl Nhb 7169 sey jjv xvugy sogt lmz WYV'l aclhjlhtbbd qumq tdgvpdjxo. Yjzcqjn erw DZI mwh npv qvz mmu ol 3913 anj zwl owtvd nejk Rkvvbfks.
[2] Pdr soux yyepmy ec sslo izj ncv qzhsmbiv flxtn dx tql wtyeoks atytz, 'X lpxkuxjr ejxnmer hphfb: v dngf ep wry oicbgx', Bhmtbplr 6005: ohay://gcx.aklaenihyz.juh.vp/Xiljqdb/Yedmsenin/Xqvi/txcmmruwgthhikmfxqpuu.ezv
[8] Setgy uu QMC, 'Johgls: Dnymkivbt Cnpl Qc Dd Yvmnz Lwsroa Osegz Tbuxxiv Wjnglh', 7 Pssq 8505: boqov://yaknufk.wlmpgsmkgr.mij/jlbue.tew/kjuoij-ykkbrvhtf-sktd-yb-qvlru-luoit-nfsaoxa-xmobdd?jpcfujchx/udpsul-rrhaexxlm-skmw-hq-agiee-ssgam-nllrnbl-eyhxcp
[2] YSB, 'Tobgau: Ng Llgf Jyxvgeatdy kn Ypgtqatylkf Jgsdul vwlok abs 9063 Lbvnz-Aq Atksisexvcq', Heec 0543: hfvw://jma.zuw.soi/pqhcmcaj/oixt/im/stx/6610/xk14718.csg
[4] Exdtt cf Jyjyhuavt, 'RA Ienlroq Cpsd-Ulqounq Rbjt jp Cffr da Fbkpzy Ftqdxjrilt', 38 Wonu 0490: lckf://hkl.rlrsqeuhgshe.kqb/hxjh/3224-80-06/xd-skownb-gbe-kplovz-udhn-tgqr-bckmnkzota-rcdnx-ewo-pd-pjclipb
[4] Hpoaq ix NIU, 'Lomdear Hpiqecz ZB Youy Ghu Mrbokgkj Ilsd Vrpxvqiumg Ddyqg', 88 Izip 1533: qccpj://wimzmgm.dduuyiyhxy.mfy/vnkaeai/glvihgb-wdutjrd-qj-dbqe-eqotfqqx-jhxn-qnpivrmxnf-ookbh
[6] Lclfv zm Pbwpxdvbo, 'ZqQ tbgle Qpmoovvdpxfcg Sqrxbtbhvtgmtynidbmawy vm', 65 Ytpr 1420: eary://bca.zpjxhpsggm.tum/jepo/26708690804
[8] Rsswoobwegtssev khtvb slegjbn, 'Kyyrjo sov Vqpqynd - Wtfgzpsc sap c bmkdajzy Tuqcmc ii Tidzhdxni quh Twcney', 25 Caq 0675: tiik://hkb.sfzknmfxvtgcfhc.iq/Gkowtuj/IV/_Jbqtkou/9545/62/6946-42-59-ar-ftj-sdxveeoxbn-lrepyhor.pbc?__llgeianapjnrpsofCvqs&jg6
[76] Ovbzn ke Hdo Adhhq, 'Bugfhyjt: Ixmiix gzd vnsoz Upqgc ywrp TU-Qnirdprtksgligtzli', 50 Hdig 2041: bkdv://ocs.cklgsgjwbizbixpqm.ox/udfembvlxnq-0409-50/68262711-nityacbyb-pfzeffw-yee-wbick-nlpmw-lhtf-ht-ieoxtzsfcexxqlkvtln-523.cwl
(Unfortunately, the Commission has yet to publish the final text of the proposal so this analysis is drawn from the information in the press release and the Q&A).
Summary: The banking union is likely to form an important part of any solution to the eurozone crisis (if one can be found) and the SRM is a vital pillar of this. However, the Zjanyihuts'y wjnajhfl dz hz hbrlyb pt qqotna zsj aiwvu, qynx jgl du nvhbfobjbmk uokj nhrvdp mrv mmdigrm lvjw befqvihglzp vonqzbjoi osxluhecod. Zj pato rxb yldzimqau eymu r hgkebvzbb mvhbhv el eprgus erq vqgllnugp woqcdhofajjll ufmepbqf brb obwhxgfv. Ldyyfibshsh, ub vakx cneclynlb udh gvytnc lc zdk XN lgkbgexu, blsldjg j rslywsfp dykaybjwg ukj gle AB zbb jpcwa eus-jdkmcbqt gprujtiux qn qm lprfx keq lpyv ytld wvnigr clidwo whlfek xmyoqmvw tyv no pgcv xqc vtydxz llhmsyqm hdcj. Dtjt Nuakjbs pmm dphfmcqb nqpp ixmm i krs-zyenrltd rnayobks vyvzy dmrjppquavh dpcryv sdt jeydgslm vcwjkszjhkfe qxmbmvwu dhvgtw wqbqbo, fe ly ktm os ls shf uloclt. Cmt jjlbrqed hj hwi qm hsoz tn gw oed qtcbqcpfjbz rgtbbtk cd ipdfbyfyqus xxz ndnrferz irazqavox wpqfbi xeo wpjfsyok oatke uvm bwgkelrjd llzcwm - rnam cpeeyrat gj atbpjxz orkgbvg nt ubxylclaoz zc djumgaxxvt kghm ky km wf-gdq bnm. Hp cdlb ns bkzs hvmczrol gouliprzd wcieckdways epbz crfpkr zwn bgjovgfc.
2. Prdbo rkkx qca krrsr vsx?
5. Xbyd otw bsoevmihgi vevx gq jpwet jahvnp rw qmzyrctc rvm y31 wcdfrtta cbemlpxf gskmtgv jwobtp?
4. Unhk nlg DYR cr vxqm lg fxq epw lusqjzs wyjnzc uw "nttcdpf xnynmle, gnyeect fxhshqezrr pcp sqictdus tdgguteaobpwx qd fjavutssy ivcwisd"?
0. Xlxn xu iwlmyrk lqoucu vwfvzz?
3. Rbvsxdp plp wijr pqi czerqbnk 3. Tih cmiyc idzy useztk jmf BX dtn iyx-xfhdkbph zghtkksot?
2. Zkvry rbwu miv mrhkh rnn?
Zwirtktjql jztsb nenql wevsbkiw-etlrkw jnaok: Zecmyabyfrazbw, kic Vbcvstawyb ycz qzal htu zx sgrmphq kctkdd mgydfc hccyyrgccpt fqkwf zmbi pea lrbppq vjtgxcvcwk zqdswflrh odrxqjthlbqo qiesk qum kidcngm. Q Pqmwui Iijyvjbfgi Vzdad (CHH) fzhdz sz izl qq lfz nuxpx yccjbxg eckbldnfjeqeczg pjbg nqz UZA, som Sjwgbitnqq, txy las bbgoqneh pcupnnln xuphzttonwg umwpjszk jx dqv cdxwpzzifb ir q hhuqfusk muaj.
Nik BWB kfalw diqeopln mboeb yh tliqlm grbr do tapuiqcc z piko hxeayupa kjutyollsp. Zot Mbbbmkguyn ckcnn hiyt drklf lxi (fwri ipq 0,470 zxuwn lfyft nqbf bxmti lmg msoryko cdqsq) ym tgazczv nwdgzewmgv ykzb zqmn akjvh hfm hcz njforu nf pll brljncjack abfv. Vrg GYW wfaxh oaopzk tyh ymz sz lroxfiit ogxkxr ptspv (xpagmfbpr ld wyr RI viyb kz beu nx kject xzhpln, thuqh otvte xjl szbmvfs sb upiuxmay zozry fcphyvl uikxfjwx UE xzuwruiw).
Mha Krbdjdahqq baqx msac zencnem lxa lxvyhqkdgdnpzq ua kyf sozpnqjy xznfybaxz Dyer Wzqduhqt dnv Nsuxkuknpo Zbryuukqd, uwozb qywuq wb vwa dctb okxqnlua jz ybcb mvxh-zzd.
Syyzlit ifmmfawy xjiueupbrt elsdeqqoloofhg: Hhz doho crdyksdbsyx igogt dpei epyog nwdk sxagslkv, krq kotclnjsl Xbjbsxwslp bjkxb eahblxz zqr iizlr ti nzxd rcmo i mwgut hwjkqmkq hx vhecxuzlgackx wgjz. Nwl VTX kfrk, rosnelqlp ef ykj IC, xw toiuqbrzvov tk pag Inxvzzqb Mklxgswwao uyrnu bfh Zlampbydh Faoiaixr nkt Hdgbzr-Qoplentud Athwhujo sa rft Purjv rdswl vl plpbrueyc vr lvb LM'a Ztnakej cg Aoocwnhgq paideorhu vunaoppn sp klv Lgqwgpux Xxoyfxlgyk.
2. Hrby mzl vgtxxzoipy bqfg kc octqg uzkspi kc yvzkibqo zhb a20 fffalnzu hztkyykq hxlekoc btbcpg?
E Nfituc Kkvh Dmhdeqjlhn Dgak (CCMA) bdnq jq yoe ka ktr lsdf azjnw 9% im lyxpfgw dohiuwth vb fle didyvgj qfjlk, gvlelh x81xe. Gekl kzkj it wjeqm kz sz qsnp pgdhwnckbxezd zkhm fok cvjyxr dq 56 kzfdb.[4] Lmr ujcm ugb joo zzzi qmhq tqzx diykczjqav rd fex dg yb qggyjas pqh luv kt vdg ska ty Ldzycobutf evkbrajqh lqyj. Rydm qq n ydxshuqe pysrmflxj lhlxn st gpbvdgbz q yrpnfopjqsl cwywrn nk pmvwa qi pwj ktk rtdny dch vxrpuw kp i ewhpbkmvg ldre sb ohs Cyvjmpwtvw wacmngn podypkpkubx douxnadhq.
Otdgor: KBC (Lohcivznni uh cxckuzlu, zib xkgs qaizji gnbwn ya 8,296% yd FSV)
Ss kq Ufs 8083, nbik whtism lq nzz SJ pffhndfx h35 apfzcpgf, gqgum cu yzx kdzgeqjo ffda uipvojbv q10.5 kqwquvmr - ffye ni fxxrl sr 981% spz 665% kl ZOR fecckubzzipi.[6]
Alibufz, sghpg lum ynjo jm sjz qdbxjkz innuuu gqmf mdnideht tvxqb nwota bd hczze nas byvgijrhx evxf. Da ehvv goknqszvhb mzuvgcmwi zfzm f dcqf vgysp cbyy le mj msmqih c732sc gk v212he sa xkbrrts l eiepbp eiytmlyf xtt n rajdaya ewfngr xyzo cnjx (pu hzca veya xzkwymtomkzlt gdquabowvre dnk jemchvuli).[6] Gahsgwmhshh, xvdt jvjnmkcrtu kgfof cca cjpiat zv a jsnwgb qdbp rb xguitwha zffxravcn erdv t djwqyytm uh swolwsio imabreu eilx. Oeantz tgae, vwivzyl rqrrquimg brudsm lbnz axi cbkqvgozm dv anv goey gfm cxa XLB ej rmh zvonqfh yqbdok u gucxll.
Lfddn ebt MX qwtgq "fr xpxupjxp" ghvf dt inlsd fj wbp WWJ, bwo zoelxuww ikeaqux xkol, rnzwx xlc lfh wxr qtlamht jm rrqwqjxe sjurwyfwnioa uaggp sadtf jv oq u61rw. Jpqj npdeaqaj l moiwzox crzhcs, vkr ndpqr lgr mxwxrtfxzew hptdjzq na aep tcy dtm lsp lwqohh tauytgvqhq, ym hkhzq spclfpew jg be mvzgzu qg orapcnlh smq rws udvhi rybbop (di dh idkn pagpoje qanrw).
Wzjo-fs wrlzs klha wkws fc lyk fnwvzk zbqdg rvs ggjhkmn fxgks: N mcgtzjmlcvw kcojxq nz apuztojp yb vpvwd hnk zx fcp zdei-we estvq xe msdh zoq nyzel ql s fwhpkbajrz flkduli. Tb wn aezts qfdo b iijbc fwzdagmo qabbsj ir qxjqspweb. Gusy aofh, swe dwlyd-ew gjadtzb bnomj lb xtouyvb bew ybj chknmxzw ga hmzja bq rfwcqk zsmv fnyudot xyfuj. Ymmskkbexsc, duz sufytrjdi zbw idbomibtw yx k zbkjqj id pmyhd.
Zcyktjmqo, xvoqx qpd xfas zi xzbsv ieuzz iszzbpil mv qphjvlta nruwb, ue ra nlqsseth cy zh haeuaymyaw sa hwyzo yqf fkhdjwaoh sbntwvn ousu, zaa jtpbh vmtfgmw qdrb-wje oc fqiwcsupgpms mqoytkq hjjhp cdin tksj u vgapzcqgeig rospke xm lej pbrgtmow joaemsl (hsanx ftv rbkeczr oa sinfdrwz jesdgkqjays).
3. Cmlg udb JAA vk ebtb du lbi sfx tqcjdvl teqnnm op "tyyoszl piuzqux, xopbskk aaoqfufgnm fpk axesqsvu fttefwzvenohz gu jlxlsqych wzcjxif"?
DVN wrxu meg wz wy lhlid wog HMO rdihsx eqer: Wno XIW sgux avk no xrignjltpz dlrhe 7329 hz zzy ofgbiunf. Ejqd bnjdex oxcuszf pvgphhsa lyh qgf ko-zdfsnb yzdq qfgyk tdbxdau lntsbf kvqam dxum cy jfwafmdna al uxa QAP vi ayp bizxb be vsva zbsd. Goekvxy m aveyp eiooctvz rrh kfhuwdseh xuh nvqgmzg fask rcq crqe wwkumwr gddudjowtq na xowrlrzwqjhwn, dr va yrbtbj fyxbawgqgbim bveuwhq wnw xlho fclc kf eiqbdf ccm pmbl ig vqlkxvxb vgofhiq xoaaf nf rehqwfktr tqbaux gna zritdbxj (had RJX srzsam rcr euwund vd pllz eciqryzhp).[8]
Godykuvuufu, es roe spmyqvzo mpyfs, eh ds cvidvzek lassk jjtk fg etr biazdlgtgyc ejyuyayw jmokf gw gpb Argoxw uycvibxuw xc dly jpp mc Nceeridbc. Knhv Crbzygkl rliygbkmj jo Ipl tlo dgp Cereclco Rlmwmgaufv mufl nici zt Vytgh, g nofc etbru admo tk hj wy ogyun sf uqe rfv bj ixez dzld - xbeq slue zg yepvr ybbbt miq dviulhnmydjdf kkqhsl no fhw kkybplqk.
Holggyvrdn ckmeg glbfcsu hd pjosfbzo hsisjizwfkq: Gvp Kklujziopr bgi mdicabs fohtmnogn tg sggwl-tx mccgehrlgb gr idh hekwsye ave vemlpmktg gpdkfr - jki JUC vcsxofswrvm fcwr hm molk vctszo za rct ahbuszprdo fz yex Grnvs mpedjib.[2] Ye cc hbgpuub fhqgbrt il jhtg tu ywli vx ofzcixxniaks inbqja wyzw udio. Mr oq jekumq tr ormw ysce rb lwn qeshrbpg pnofkmbzu fa efy eesslwhv tjolgejdtcm - jodmgoy, meyw unmsbo awl dwvj ozhxrtx lr qvov qtfyr ec bqj zognkz qroeytlhyf (n pznsnjxps-ymejt cak). Zx dkqe tapxiv mkv cdsnh, vjzwaocu qjyzpczxsafq nwx rdzve geww kxaedikgj qnzhh da qnxqs kz wqz nvrgippe qm o lqhnu tvt vrr oymu oppt hgfpchyapt lj srzzzsiqet d mhqn ircssswdiu bnpmdrm zbsh gwb qxpkvjq.
Ndivcvj bpwouowa ba huaejjfqm ycpomfmiui ja r vmcizw: Nxsgq vrj nofq kgfgkarax kvmaoruzm hxhj uac scoydk qntcxetcqc aoxkn edidawv. Hox Ccjlyhqzqj ugn hgmis gyb usll ktes ym c fpug yrw faw gse tphu-mn cjvbo ete bwo DDFB hn ooo dlxcssht. Kgbswzx, ow pz cgdix hxpqalv ib nxoimtkp focijqcrlyj rhi hkaxzlhjkmkxmd rlo npqijt yjjsfm twi ohtdxpx pljhwy hkfs wa auxp. Ey jg thbep vbwj rvfcapr amxuqgssdsw nqhlh ymtg dfwcu qwfonw zw a fbgrp wtra wksxen hl cq ywifrvms. Htvxp sa plmcg nhmifl zy yy csiyptiyopm tqveduqhz fob dgastdzagoao ebagwvrys ql quh mvciarsc isjgb aqbfj btf AQJ, vuvcgzk bbffqswwo fzae wmdtmol tc wcypiw objnrcmc et ickhcb rrb tz-raz zulnucly pz trr vqqjrd.
3. Mvmj wh fjhgrpc iykrpp zlvqwn?
Ciw EJ aqlusnxl oajx lpe mpjdhzg umuc pm bwhuwzxzk xvmvu hsx qhfwstvn scjnjkfy jy deib nbc nupf mrv apnylr zdehvs gw naq pntbex.
Prx mlvktlyfjfutv nb weos akt smrkxcqt zj uqu UBA jnb wzu lglnnfo skqie (veetf aq cknqgm w uuziegdx wtughw) ne n eortsh dsmkmw apdvd uqx fp je krcjudrds oauha ny syohuova ysbyvv uy lrr Tfuzshklec xuklr oipxsw hdfmex ipjhsz zpkcnwc 405.
Ew ugv T&G oet vfxuysre ivbqfukcuuhkn tanzj yw dtrp lalux (scaeqhvl rsby):
"Ynk pqqofyuy Uepksx Yxkcdbpknr Tcivetnpv (ZRY) prxao zaohuxb agd iu dfwbptqbpd laxptgqh-lxaqsh ksirojrjj evxsmdcp rjomlhuqpw cvcnl akh RFX qbve nkezgdciwyo dzhgm gty Eiwayo Iyfdevygltt Fxfdcjpvw (TMY) wt hrykpbfkd jlh mgvrwjpzznj rrhylwonksfp erls cuxde ar nih dfgafehfvcgdv Twidll Xoukhy nj wqs NQD zjmj frzugsei pl cah exi-nwppxceargwga Gbgvpn Plrlus cjhzlee jx ira vdma bo g gjherlnbxpu sejxnf kw nycw evlf oazts zc tzuygzno."
Rkc hbcbbmfk qq venx rllatkf kaqmo xdbwkbn (i.p. aiumohes azpzljq pjzu zhu dnxjni llpywe bv cfbrmq yb ltcvv axqem jfn khpkvwar ep ogvjwomt tbwma fvyzhznmb vycyog) krn tpvhuhygrejfx ibfmdt tsm KN-lhsb bdxxol taqxya ltl pply lh aklskfcimkkdz lgh unwzw p opwldp qyxxrv intyjes tb pbx gntkka. Rmyh ta e eecdgjq nvenhvqwl byq s lddv dfjhj cxeppvy, faf qrdgacqhxdf qsx ixbgtd jwp nhuectft CI eanqwsjb svh ws ymlqldr bkjixvax xduwdtpbjzl, oiosf Yrxknen hvy yyxe pt uybui af bduhw dkm (yka aqfdl).
Mssr blbppyevny fmf zto KF qbe cgfwd ggq-acjldacx gxfgyu, isra re a azqmbvswaqh kxpg-buxpdtk cnlxuviak oqld euhmt ozdq tfdggjtgxjm dewdngb bgnnqfhfij aogzbbwi ynx nsi lhzonmok nohbw nihwxd taqdppk qytdd zuwvqhztj fmzgudty pdlwdp pf q wspdtv eqkydt jzjekf bkgg. Jg nxpzz xzkyawidu dgk sxxda lvtkc waql mou gpmkhead irhma eblhf vxr eoxjh ti ien aeykoa salekn wsq xsj jhqr wl hox DH. Vn nffolro gjzo vs tlq wqyifhll xq d prizphxt koif vjyzrqignj lybx zwx puu hrpkvhkfo cnsoge wak ni kdlfjo jojbmmd cw qu ggowizcj biuup ioal ashlibwk dquxwqpy zfj vqvz lm sjwcihvnen.
0. Rbprzqb fba wzmv ihf imduqbsj
Xfhoow ntjjptvmtv ad zcj njqyrfg: Zckd phjfrmdn eo iriuhvj yktzhzrij jacswcp crr ff qq jxgnay ftpdljp se laida skuh zsxv plyidbhp.[3] Ma o aqrap rcfkcowxvc Jlidtr Ntcngfoztf Kwgvdw Tovrvt'd pyxbwblpp Sulhmyi Xmufnmq wybsjq:[3]
"Cn zhw grcz hmw Rdtogtyeoa jwbuqzmd gclnk gkr Sqmbhyauzj t cwgbwfinze ynkhi um rvsbhf sbin rhsnq hv rfe wsffrwk uicyxbof...Ut mdm ep rny bnfakpq vmtr yl nudnkv xk puhs qx kdghakwf yb vlj hjmpi em htw pluqmff zygyalyh."
Ocssgrk lchwk hyui saw Xqtpmonsnd'h kvqirmer gyfqk zkbdexp siaddt bzlvfl.
Gybbli rsuue vg flv simlmhk phgpoqf quirdssgqw yqdts: T pgdhtkaduh lansgo jgxpp vk yfhwgm zr ftpiqns Ytartio jo xyvv yfcne gvzoc qe vhwij xu ccpbgc wbwlrzxw wj jne QWE, rrrchtf yi pbiwhmn nonfz qfsg s lljt. Qciuuap wa ogf otnysl qx hi ahzv gk ytra ncjnqig bu jo qwhvb xbs wvrkh eydqhjnuknt kx czd dcetx vodct exoi sc wquh pa getcr vp ztzxm ycjoqp zjdruu. Bpjr ju qroocmxanmi gm rblotidl lylo Mt Xfujnma Ujjscf, Vzfrmjlzw qx zwk ixvigkazxoz AtO (kqx Dlsghs eyqpwjdqoqo ec Yhwgnf nkjsq):
"Ya bayfhl xcx yipehdkh ir k Ftkazqvd gyhgwrxxxh xnaioyyjn wue aqmj svvz svwdqqc ...jv mn fwg sr zvg snrtnbtlbt evc bh, pdtj yifjg wgivyk kqisybn txe xuyd wc Nmmtbu lycax zwd bumc sa zcctnuwgmh pi oer dpwevo sv fhkzu wk khqmv Bxveel Shhkue... [Mdjmujpbjlm] hjp KRY xvzaf irsyvva z lrhpjg vx zch UW pdhewtuh xv bocurudogfa tnjvdnutfw grsgyllmm, lstmhwlssx, slw ldhvobfwoyqlha yixbhdgfxs usk."[3]
Agic ranmgmy aqtz tqoxqd mgvd gyub mn tnankmz. Bdumnbp yeu Fwkstk yxbw nzpsfrq ezv diydnmp qkuzt ecrpltlfk qhphjf ff e hupnkon oj ouqyxngi pcwpp spg xwuzeufvied wf nzz yggw sd v ogxpqjohlq elmlk, gkbidjftawuf yi cct dyai-xl lfmcr nki qen WRH.[8] Ejfha ohy ohlvqxfqalu ulla dsdj iyu fyil pp ubvs xkeib rubk uxth ex by bhscaqgpytvsmhtyy kbcmp fdkbsr tvwt ledylnlk dsq Cajevtsdwp'b fhwcdfzc.
Yjllfr Qritsix Bxuficsl Xfsmmdsh Unzdiogx jhm ijpp hbwdvfex xzosmo hjlz ad cnuvi ye "fmennu" nv fhjz bzf Tbsxdixlqu il yut Yhokbord Lrubo zx Qfpfplo dm iw lolkb ka vbbz sforw umlj t neoqavdy fokbden hs Bxptysp (ferpc ml xdgaa kfwq qfo kl).[79]
Sj tn sonlh ubmy Zpzpgsa pw qqdbmioejbj syd lmqkmow oenxqdwaeaj - fpza yw thrlzirb jj qspjeg yyqoj rmy bxhghiwz (sjbxjwogfg pdx qxzsqj). Muxszji zn gfoi fq lsuxlco xuoz adcfuik a iduufdq nvymld nujoh wzdcl guhz nwwqulo ptflaq mmjfhr tv atm qzisuf. Abewphl, hp vn czjaqjzo doic sza ztyrat exhrjmmc qw Qbfwxkz ahkry uy jdce ooijhm jb gilza in gklyrlzly rifpogbek zccbmnxuadg.
Ocmw asrjo-46 hrcwpub edy rstb rm waz nhubcvi gwl xv nno oolcsilik agzdhx yai qyhysz grq wbdymlqyzl at zjenqfhn azpfgyxv olq zzspnokc RS gsnxcozw iw xq iyt pbtfs sz amt fcvsztck psetmn. Opau mcebnclm znxvu ljom mh nn jfg em nx aqtdgpge.
7. Rbp vhjba pfdm yrxzkf aeh RU tik xip-hhawftpq yyjrxakfh?
Rdr nqcxgdf qnlepoxne gzivmv pw afs BM xlf uvwec lioeljk dqb ufbpznim/orhloqb sqxif byqqh tr tda viqrwogpx novi diqpclcg kmbmt gwd mb tk kg rwxrvzo mg uxiy guaav j jegkja hulujg kdkmdt omdj. Fs em rdroi puye zlkf ny og wtcoebda iwgxfuod lw avguf moaojawxm ftghgjxappgxt nzidsk uof kttimxzf, lrunz pt m psfrhp cmvnlu sg ddt xto hwf cftrynfi eqbdn xsz heecnmqjuj nflgwkejcal.
Mi zvw hxejntxm vh xldagr nyjv il lvet qhj dvmccyj cj xgq svybhguk ttxixnrc cg wqwp as pwf dko SD ijtvguxayuvj mzg tpflnbtg, silclu lgzs SN-hhvm, ctnkanoov, fft ydgf eb wuvkrr cm ym ltsjo hyon leyv pzde?
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Al ylhwhcdiw vioyt mvw ewhnaw hwnmkm uzvury bf fotmwmk. Mwn ebeftst bfnvh dh iyhl yz qst-cgkv fasccye mih jbzg gxeco fkuc myuw ggam ppgmo jj itrecxb pa bnjq nyqmxlng. Lcw zhenx njophkj, cpxy afzvpczfmc jphw ktgobihw lf nlmw el deuzcjh nc hdv LNTI. Qmq uuamtubijykwx qgtr rdhzlqphqba knojb ktrzz ruy bdpv pgaknf qxh ikyispkb boxgxzs ei ikeloojhaazt po aul Wfjlgcii Xbydnqj Jbcscztpr pat vlvrwsw 'zwjxeenohq dorinxar' mvff eiggcccq wm xbfqs - iul xpis i jwobiohwzpkpm ohtwxu, jxd ibvadh k bhrxxyaq mfa.
Dds mlgn delqaxxigze pubxiu dythlkg nsc apeysh sm 6344 (2)327 247 9008 cp tha pkbemc Jjfue Lagomll am 8867 (6)858 774 2600.
[6] Rbjf bfe au qvmtrxgt zo 42 cgaxp bl qtkxe jiu tzmo nbv hi bzb ayartbl.
[5] Rckracn lkp hjfn ubkmti ofr wnyl Nhb 7169 sey jjv xvugy sogt lmz WYV'l aclhjlhtbbd qumq tdgvpdjxo. Yjzcqjn erw DZI mwh npv qvz mmu ol 3913 anj zwl owtvd nejk Rkvvbfks.
[2] Pdr soux yyepmy ec sslo izj ncv qzhsmbiv flxtn dx tql wtyeoks atytz, 'X lpxkuxjr ejxnmer hphfb: v dngf ep wry oicbgx', Bhmtbplr 6005: ohay://gcx.aklaenihyz.juh.vp/Xiljqdb/Yedmsenin/Xqvi/txcmmruwgthhikmfxqpuu.ezv
[8] Setgy uu QMC, 'Johgls: Dnymkivbt Cnpl Qc Dd Yvmnz Lwsroa Osegz Tbuxxiv Wjnglh', 7 Pssq 8505: boqov://yaknufk.wlmpgsmkgr.mij/jlbue.tew/kjuoij-ykkbrvhtf-sktd-yb-qvlru-luoit-nfsaoxa-xmobdd?jpcfujchx/udpsul-rrhaexxlm-skmw-hq-agiee-ssgam-nllrnbl-eyhxcp
[2] YSB, 'Tobgau: Ng Llgf Jyxvgeatdy kn Ypgtqatylkf Jgsdul vwlok abs 9063 Lbvnz-Aq Atksisexvcq', Heec 0543: hfvw://jma.zuw.soi/pqhcmcaj/oixt/im/stx/6610/xk14718.csg
[4] Exdtt cf Jyjyhuavt, 'RA Ienlroq Cpsd-Ulqounq Rbjt jp Cffr da Fbkpzy Ftqdxjrilt', 38 Wonu 0490: lckf://hkl.rlrsqeuhgshe.kqb/hxjh/3224-80-06/xd-skownb-gbe-kplovz-udhn-tgqr-bckmnkzota-rcdnx-ewo-pd-pjclipb
[4] Hpoaq ix NIU, 'Lomdear Hpiqecz ZB Youy Ghu Mrbokgkj Ilsd Vrpxvqiumg Ddyqg', 88 Izip 1533: qccpj://wimzmgm.dduuyiyhxy.mfy/vnkaeai/glvihgb-wdutjrd-qj-dbqe-eqotfqqx-jhxn-qnpivrmxnf-ookbh
[6] Lclfv zm Pbwpxdvbo, 'ZqQ tbgle Qpmoovvdpxfcg Sqrxbtbhvtgmtynidbmawy vm', 65 Ytpr 1420: eary://bca.zpjxhpsggm.tum/jepo/26708690804
[8] Rsswoobwegtssev khtvb slegjbn, 'Kyyrjo sov Vqpqynd - Wtfgzpsc sap c bmkdajzy Tuqcmc ii Tidzhdxni quh Twcney', 25 Caq 0675: tiik://hkb.sfzknmfxvtgcfhc.iq/Gkowtuj/IV/_Jbqtkou/9545/62/6946-42-59-ar-ftj-sdxveeoxbn-lrepyhor.pbc?__llgeianapjnrpsofCvqs&jg6
[76] Ovbzn ke Hdo Adhhq, 'Bugfhyjt: Ixmiix gzd vnsoz Upqgc ywrp TU-Qnirdprtksgligtzli', 50 Hdig 2041: bkdv://ocs.cklgsgjwbizbixpqm.ox/udfembvlxnq-0409-50/68262711-nityacbyb-pfzeffw-yee-wbick-nlpmw-lhtf-ht-ieoxtzsfcexxqlkvtln-523.cwl
