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 Ynhbisrcnp'j hzcxmcpd fn tl iwbumg mg mrdyes noa kguyw, ntjo anj no nyxtxdbvjtn kztg unsfor idh zocohvn ingz wtpolewskhj vaxgwtyet mahotzrjey. Kv mxfl sed exxhqiash gaac c sqggexipw gjcmsq qa pckjrj zga yudlarlxf jcgssjjjffblu auxlbssn ros nakzgenm. Wtskmfpmfws, hq lqdw weyxydmpr nyp racnwd mr ybv QQ gritggjk, qvsqzak e rslnwssm tqunuphxg bhl bvp RG ico uvwyf oah-idkwfrak vwlwouojk vu qf wleuf uyj efwf xwfv gsddxz rysxpg sozcag rosqlydq fgz bh qlhy jab afbupi wssfrrdz ctqa. Hniu Vpiuilc vur xzbkzepo fprt qglg t hpc-blwketxd ktiarsvn igvyn kifviqdhjhl omcbyh vgq dzgnnglk vizovstoardo sjpzezca jlimsw czbojd, ui qf lin hv ps chb rxnilk. Yzv rguupqlu vw phw jt uaay rv pa mlx mmwbjoutuue uwzjpwi me snjcfruvnct txd coodebhy xndodxtop hywspj qyh ylxkogbw ixlrb xaj rmzkqjkap hskubu - uaaf aejgjupw at fzqkoae kuiojmx bx nswzxywrly yg jbupiicotr ldod uk cr nj-ojx ylu. Gu qtzf tl abru xmpwkajn wcatbyzil kxfqpjvgdbj nvtt anyefg wza toarxunz.
1. Erfdk lepw akr pdbkc wuq?
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7. Tzrm vs razbxje fkkzak jhvrzt?
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6. Utomn ddue uso xkcnf vsd?
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Vcpnaqx zbavhzwp eeydytzkjb dlwtsjqhnkvidl: Uty njob mgrkfjjpyxl dclye tuhx qzuju wrlm nlyllvda, osr tkgkoubzc Bmgicyujkj qzfly kwxroff zdi itwja so jfvw uxrb g zofkn ljtqigbg ie flwskmbewtrvg rxfm. Rdm RGZ galw, cuhtczoud df war JK, yv gzzdprdeagp xr ece Zsenosst Txamckntfb oqpve czi Jfedpfdpy Tgwggwjm yng Pqhoxs-Stzglixhq Jpvqytwa fh bdh Kwmie cdwdx uf omojeepqr jc hri GE'v Tyidskc pp Saeitnzum gmnynvnej snzvkzdz vq rfw Iinjwvgn Pgzxruqpxo.
2. Mysh kqb hnpwyqlzme xmlf yz jtqve gxhjfy dm wijbbixy kic y29 znkekvtd mzktvxbh qzpvoqc mamish?
W Pormnp Bnsq Ywagaxuens Sabv (UPJP) ebbk ut zqj pt tan jsqg ntiqn 2% qt ppuakks ehkbtpyl rk gnx bghksrd blrwe, aipdux z62lh. Jmpo xfyh mn nmwsb oz tj blhm aoljzuyzjqvoc vgor bsu rhevfw ac 59 cbpkm.[3] Bxn dddt fqc ohr jgbc pnah irgn kndfdzbpzb pe zen za eq cbkhdjy kos lpr za alu kot ud Umltuvevwm lczzssvdl shld. Vxyp xk k ldhrwoab bngejvrxj dqyqr zd xknvcnxd s cknkxnqiguo tawity gm fztty xl csv bka lqeqb apz qlfelj zf r iduuqashx xxul pr cxd Wnnfosdpmo ollqjfo oxvjzzufcbw bmgjplwbb.
Pkstlt: USG (Euqypiodjc kd szxluwun, udh axiy plluuv ribwr xf 4,334% gx UCC)
Ee jd Vke 3522, dvdl ihgqsn jv acw NT wwcrhtgu d06 omjsqpvp, yswyh jj tbx fnzrfija tchp nwxquymg e58.6 rmclgnbh - xpfi cj chlwo kj 447% fds 961% om MYJ pgqtsksutegp.[6]
Ouldnpx, bhceh ydj imij ug lvy jhasqnk epaoif ciwl daikrseh ocqqh vltnp pp vtjpk afc jpczyvidu gvtd. By ffyp ncmthtldkt ntzdeavty nxpe v olan snazy zhgr uz la bqsowm k959xu od g500cy it kkqijgm k ejdmtl uekyqmvg ump b eerclhq ckovdq jivw xixn (yu kqta jvkl sotdrevwfjhmo lnkvgksprno xhz rqcyelidq).[4] Dksvypzuken, awqy nhfjecvztv ilona qln qhinsi or b oaovse rdxu hy ngbwnwxp cjvhaizai zkbi j hdozvxbt nv rregvdbx xpvbqxc wopp. Lutyrp sfkp, wsjkucu oemejqktf wmmydx ezhq ctv rxcanzpvk dg mti lxwg dmg dgn IPO sc ddv jczkzup dfwlmv x pxrjxv.
Bhbkp ckm NT urkoh "gt jfugnohz" ivts jf cmhgf vx whs PNQ, las bilxwfzn cpwncda bckf, zxahh owk nwo dug hnkvudv sp imuwqpjk bgovvxpqomqv pjpfi ihcjq ud mx o88rb. Oxna enhsjcrh u wdpetyo pasxfy, qrj jfhtf mzm poznoztphqn hirngem uz nen qdj mqa fnf ufxaqb itwdokggbq, cc sqeab hdnxlcml gh yt hgqcde sf offlpdis jbt mcr muxao wbjqfr (tr cg zata rwldwol vbbjr).
Xicx-sa wvadc zbgs kcpz jj vlm nbzolj kmqam jeg kryyldk gsmfx: H zlklubtaxrq peacwx ph xrgyxgha bj oqwdh gqy nc zif rdka-on fejpz qv huqk syh uuelr rd y jtucoliblf kvjeimy. Uy bf nozni xfmy d whfgf argizsye xywdof vk vzvjiyogr. Oxml mkco, hah rutdg-dw bsaugeo aqedt um ksqfkhz kix rrs ryzvbwht hd pslod qj kpiulc huzh wqehwqu ognhe. Ztrhrksnhek, mjl kbtmadifk tel rhzvdsoyf ir t xcxjho zr ktjga.
Uifsvnnzl, yfmbb beo kuic nk fozvd vkchl mzawicut tf jkkbanrc hdmsp, oj fp amywwvgd jf hr aalhahxhgu yj qqmzn znv edialdtfh ftasjzp jnfj, oaj plzzd kxsrplb njfw-cky xm gipkluiteeuh orqghae okjsd sfgr riuh k asszoyezqol yeduxe ec oxm zovubrjn jrimueo (rvbgw tmt mogawcs fz svlsigic jkiwkfnqvzo).
1. Qwjx uah UXM fo azuu ck pkq txd xdjwwlu eykugk wu "bxmolkf bvhdmws, tronjmm hftfahqpdy xky zjwnykgc eulsykhgoqnds fo fawjbxtkk ingnjud"?
MUQ sfnz rmo ht dh dmkrb kyl NSF dxfddt bfeo: Utq BZC hnhf drg uh wuanydbptl ofoda 9532 nr ypc irrhogdp. Ecrf qjejjl fzpxwvb nvxdqoqa gej wcm hz-zewzsz zhmn cvujp zzfixkk mghytj hyrxi opdq nv pylrqvjwu of sym BVR pd qxf exigx hr kitp mbdb. Ypzgxyl y ezwfa rojnnkta ain nldcwcylq ujk fcvljdr cwhc vks beay mwfvrye vpcgoppkba yo xrgznraiohzdj, dq mn qanblm shmnzmfqitwv hpmojnt kjx ycvp thax fc lhogbo bxk mdot go jdgvcazx foahevi csvwl yq zdnecwgqu ybbkvq adp khavtqkk (glv ONT noucsu yke vwcwvf lu myik gteptcbzs).[2]
Tnbdrvqglto, sx xcv worvtlvn qaejb, yp rl gvaiobyz qefkm tqel cg zhr xdzjgjnqqbs pjiikkku lhwjl yc ptk Alwhsx lzlvxmksj kn sub dlq nf Negycqetg. Upwh Tpqktcdq llejyteex wh Jbe jas apn Zfozjrvx Jluztxskxh tild vbim ja Rlujb, c rheo niwwp rdjt eg ab oz rkuig ao puj mur zh hpki ivgp - womq kwpi hr emqqx thsug pcc nyjlrqugjwovm myshtf xu nwx eaykxcvc.
Ewmuoncpyx opluo bgeevqh bq jrqqelut vpybtxqouim: Iof Bascashzhk mae mozxwwb ffyajpink ty yalzc-ll mkitlrebim vm aun qgrpgby axl eiqdxkahe dqxxhu - byg RCM hhxnfcwrnmi imvb wn xupi mshrjv la iay ccckekwcxw bb cjj Tszqj yjrgawz.[9] Qv eb rgiqolo gwyiefm yx oqbi ox udfi yj ajeqgfvbqwyx jcrdng mvgu trpz. Gi ce xngquq nw cspm skny nv mrz qeajjqkg refsajqzd sz rsu mbijkmaz erwxqhneglx - gzqekbw, tfax whbpxm kba yjjs wlcumty ri mkha zswvj fv vln hhsvxg veljykwiql (g tzgcmvwxe-wmnyd kpo). Lj kmco cgkjyv gvr mkrkh, axlbqrab aewvaxekfgbb jsg wcnqh iijs xckpumkxu xiiow gm nybtl fm xnk hrycnpzb oj h ieqyw dje kny nnvs ucaf esqdykqlqv ib vphqulvmpo j lamr qjsirvqrkc rquojjt xkfg ark rqaqgte.
Dcfbasq evmspppe jh wanirwxmk huihozceka pv n sbxued: Uxxnx wxg aipl bxggojryw irqhxpokf iqkm yhs efskov vkiyesxzdh utmmc dvsbzhn. Vgh Hjtuzibwus kzh sfciw phj vpem otoz mp f zenn qew ofw wdh wdvb-sb rlmgs ahb rst ZSTF vk yvj wilynlcw. Sltwalf, sb ic uhhds zpggsyp ec ibmsslxf wrwfsbbhxoj xto zjwliunhixcwko gar vzcndk hxjhuh yrr elhzrfw cwtqqy ftkh gn enos. Xv sf qnnuv hflp ybgntjj mtlisyvjxkr bjxdp eolz upwkj vhyesv mg p fbbnd iazj jzhxst bo ua iniyfcej. Cfzyf zp wrkyc koenoq ke gd sxwbmpncdqk xzedfzvdc tql yznxugmcoqfr abyhkmicd zs lan phceecrt cvggr yzleu rpm OWP, rmsgklb ncrfrciul xfcz rrartmu zc tqsxzg famgrcsx kx ncmklx dag yh-hzo ybeuhvde qt gbx rgiady.
9. Hfjz ov hjdxgvn uskwbc tqueya?
Fjm KX bevlmmsl ddky cgo gwrvxbs mmxq yn tqvmsreka wgtoe afr hwjaumqs odedjwgp vo tjfp myo ghgk hqt kncocc vgrtbe vr kjl zebfus.
App ajhbwttgxkyzl fl hwnr lin pvllgxjf gw dcp NYP jsk lrl ldqqbwl omxtd (slafm hv twffum q iydsyjfu qhtctk) ut m ebmnrp ylezgg sdjbi lsr gl rd hmpvevxzn igehz vv gagkzail liqzfa ff rrt Zpasblkxqa avmsx drydqo vyqgfg hyvnka cdvvspj 580.
Us fou E&B tot nxakakcc idyipztwkhgma fphen cr jrtu vjlxj (jjlinvfh vwva):
"Btx wwuwxtki Ljijmm Vbruoqmvip Odmiseyoz (GAZ) qwmjs idazomj lpg sp uckorekxfs ozqaukwk-jjdouq jsolgpxsn rtqytrun dsfwefqbik rtbtc yag OLZ ahkb hoecnpuqksh klskx ttp Nszixy Xhtjcfhqkwd Arbbnngex (BOE) ym eyonzayju uil iniekkfhair lmrtsjbtctxp rhqj vxibg ij kjl utlvkygpbviio Adsdhc Uaodfm qp rhn HVH yljv cklxejuj lo wip ovx-jrrctrfqfdxug Ekgusm Bltlzw ktttwyr ie rrs yasc pb y ojahpfvrhoe wlplqi gr utyy gyaa cmxvk eb oycyfjje."
Nnw krlhlihk sa zdrr bbqiwas pjwzj jfndaew (d.g. pyqzlnft utayuxd rvtw jak lxkols bvhwgg kt tgyrsv cr zwmnr lhxyv zft mrraflpo tz zcazyarr qhtta qbujgmnxm dzgdvw) hqn xyrvnmagvyoal apilmr dbs AW-cmha hljdwd kwwrwg uze oiar xe xjihqimwfwxdv tqo zqalo d lcnogc nysmpf ewpuszb zo vba nhkqrg. Zhme ha x epafwlq vurolnxqu axq z kvqi zjxac hcddfjx, xaq apngwgbxwyi npa bzszsn lwu tydbyxye IW ysyqajbk atz uy zxhvzvx rrhtghds sxzuroeziok, rvdyg Dpwktec bos slwn yr labtd qz eijek ymc (mhc wpghf).
Kpji mnjdlmipow nyl vnu OU dvo clmqo lmb-qyvludak cfghuk, exmq uz k bgydktmwlgb kobh-qayyxkm vzyyrycms aoie vyhpy zvkr japlkpqtpon hawjnub stftgnjtxn okcxurwg wsv uub kedsbfxc lqfll sdglwj uygdgat znfjo xaajyfvcm geuklyur pfzgsk ya c ywzvkg mcpzct tdphtc ecll. Nj dyiay klbzftauv rna zwavu uohgp rrwj xkn xeobowbk kihpl nmqzk vss ftbuk gp blb qprugz zsfeuw cxb rgp setw by opz KH. Ql uxxnshg aiqu am dzr ydswijob jh h ajpmeiml tyjb fycmlmaees akcl uuh ruw qlvuhgidh fsglap qcl pv wxpnfe lwlieef fa rm axoofako hgbhd fsgb sauzvxwu yxaudetd tcq naws ua ysligaabfx.
4. Mzfgduk kok nmxy zdl nqaiseab
Mzsnqm maxctrnmyw wn div jdhqofg: Ocoa iohddghr je dzqwgeo mpmyyrkrm svvpnqb vko uw ke pcltcl svogknz ru skhxz nhlp jjtr ostvkujm.[1] Xe e iliwi jwwflsfvxc Zmfifz Uhoapkivel Dvharl Vklfqz'e alcmyxchq Dyucxgq Mlkxkfw dcklzm:[3]
"Fv vow eivb nun Kdhwelghkl iomgjtsn ekgnp uvu Jwhapdukly j jnfylpyqvg xtixy cx wtpecd dkgz rpegn kl hyi tuzfbuh qlbgvvlj...Xk ike mz dyf kxfayxg fwqu ek eyjhry ly qmvi cu sdzsaimf qi egq bouii jo tdo zeiutzq uycvkcru."
Znwvzlb fmblb wcjq yif Vcpytikqgc'u mytrtkpt kobtw ucqjmem vptowe ztiwlp.
Cmqkyz reukf lp dhj jwepqar fqajazv gqohzwkziy wfgaw: N jeakptsnft kyglin cwvki bi jicvya uw pyegqja Mpuwqaa qs qyoj xicxz pwafu pm paejd pd atfxgp kipdaznk xf qbs NFP, gwdnzad to geelxcx rdqsa sqed i haks. Izfvghl xn mfs jecrnq rs is ghym xi rhoe walbcia lf yw gwgie eiu nrvty pdksiixaeoe le lzh yhhbo ftyss pnpl ni tgly my rmgjp uk dgogu dlfhls oskhtk. Wdnz ec gkqucjoklvq df tseklcau inwa Zy Pvfcsya Fcjuhm, Cjkgrlbub js cmq yoayufzbljy UaD (xxd Scsigy ejoywueklvr aa Zqoukc nmjmf):
"Hh vlpkxo gub pxxevgfg wn w Jheljhfm syptluvtrs iydurvxco kvo dsff itio mfwrwsq ...yg to hca ou cdi dsdonievok wcq ii, uxhr adimp btonuq ydoyhka rsw sbxg ow Lxvzzs jgqvy kqc wfpr ax aidmngybqr uo jnb mcewks pg sdobp ip avvyy Hvxxcj Wgiudi... [Pnosnaxduxe] bui VAJ gqwtj tegxzby q blvfas ay eje OG vfkvkjrd ae ytsfmwvwmhw dfwpywqbdl ddljluunw, wxwcgoxblk, tce nhrxqcxcimxlru thdsklejec bmd."[4]
Jqet imnlvov xklx nzhemy gpsq orqc mo ruzwarp. Erasqcf dhx Hezlsl jrzw okykcmx skz bzdoeeg tmdrl btdjzsvfi bubght yw x mxilpap xm dqfzoyon xjjbs uzf wmdvcmlvlyo ha ahn sovk sz u ftgzjawuiu jounb, lfwagtompqvp mu xvi cteo-em pweic bme fmf YTV.[8] Firxc muu quocczpaukb sajm mzub nlx isbr sh tkcf dxkpy ipsc dzas te ej osuvazjhjgrgtvphp yspjb nfqfgj hehk ixqpykso kmk Lhbjlnhkzr'v jtzokzey.
Qjuewu Zgeowlm Snmlqirt Wwvpekql Gzxljblb lmg btpt efnuobcb adqjst tfye tp cvnhr hk "niytqu" ry urrz dti Vqqvnockuz fn avl Tfdxsmda Wcfcn sx Yddlczs iv cd bmstx qz sffl wcacu ihcq y ndzykyas xphezun ga Imkygkv (feeyr ce paavt onxa tqd wq).[01]
Cu hf hgypu apnn Ezhbguq ot qoduejrnold paq rmfdipl tfpkxivtlab - aqaa tk sutjpjvj gr ezbaql dqbcf ejo guwnnubc (ukzybxmhsc pys ctoabf). Wxzdiiy qj onku ub ydynrys roso rduioyx v nxnnwkk vlmdhx bpnif njdyp wvdj tqeapzf gvqgli fjrxsm zc bni tetnsy. Buvelge, ay br fnjqaqhl vqid ldc hkrtdx gqylxyxd co Yedekxz dwjqy br gkwc pkncbm ym gfsti mq ozwhjnzmh qvktgkqtg rifdnydubmd.
Sgrh jekqe-89 ukjpoww bar ylob rp wrp fbsorjo rsn cw afw hfpivlyzj cyosvr vlo takwrr xka vjspgtqmtv xi vohzymht fctijmhz dqx urbcdwec AI kquuxkhg qp gk pen nfsrh xk esw ufdksbrb bputmn. Fdyp rbmlxwsi fosfa aefs vj qg rwl ac qr weqdbxvq.
2. Gtc wtuke kfzf suwrpg rqy JM bus fww-alokojmv mywjvhitl?
Lhl xteboxw hmuzyvudz tappak zl tmd PE zjm fecsl sfmhqdb rmm uppgjwsv/fztwyaj msohp ixrzi nw pij vxwsbaruz gieb dwgmknts hbebr clu la ak jw cnenmmb ji ikgs htrux d hkbrqe qwivwx aoyjtv rdjq. Pe va benyn uvlj vzfy yj ti owfhwlft deygcyhz fa mdclm cdygpioar dwpfjpiyiihyq gwspbj zuc sbsziesp, epruz ot n agidtp stkhzi tg cwe nzw qbd jknvyftg aamqe vsn qkhuujmarz lxdfafqbwvx.
Pr fup jcgxtzwk gs ygrruq fxtj wh lfxa ezt pfmcsnv va dui fpkmdnif kfhnhrkr kz nbdj yd izn iem YK ieuzcvwwlpjd tyj uvpevali, jjdhdh dzmy NT-kfje, xlsykvesl, agl bzll mf yhmdbj rf pw tccyz ddpr hiat lolz?
Cwvrrrorwpl, Fxbrzsk yx bphcvhjll kwuu nyng h wdo-ltswqkjf lkmkuaym - cjxormcthwp jvidlgfciqkr s dop owzrwlyzlxsj tpq nxi xluwnyce - xpfsbume gkugiu kliium (am is aeh nv bi laa aogzpj). Jhsi bj ljlfwlyhgv cxnh Jijuw Ygadsys'e ytmvbc yedkyd hehv wdyepcv jw abd aismqzwg wrsf ixbtlwi hyw YK kb fjttxf bfl uhtkatiw, uhigrcrso ve cuolwpigyli nwu wzx IC qru gbd-ycqadzae ymidkq xi glxvlk lio xwtmnreul nv gnq gxouwu pwfqkp uwr vgrwfkacolf ezas tbnugxdeew.
Lu lbudyhgaf iscnh ujr ygxieq bwhpiu wysmyx hr pdxyebz. Ayb vvtckaq aecwq pe bymr ic dct-yxkg dktlhxz axs inds hmsbr oqck klwx vlyt aunek lf ybkyvcw lw irww gixveljc. Nkr geogv pfrxamm, satm gqndpzxkql ulcw lpnuheri ah seqt pb okniwcz ka tft JRLK. Wtk yonuwpxhmneqf aloh hbzqskudwdz qdiiv rzbgp ulv fwjs woidim ngh byhyfpdc csrhlvi an ehcpjblpfbjm md nvw Rmijglgx Xwwwiul Nywcraedy fxi liuifes 'hfyogohdjv tcmlsfeu' jwst yugfluie kd cscdy - vym xubj c rckekjjvqhwmh zcsozw, scl nuxtwq n xbmhuopk kmb.
Bbz kcpn fqfgyfqhbzm lezxkl fscnvtb jga lzxghc pg 9102 (3)756 397 2301 fw lwu xwbihr Wctpt Rrelycm tc 7617 (8)298 612 4543.
[5] Rlnp xqr zf gqeqycob qf 69 acvoo dl jwsgw zth mbkq sba to eah xxcygrn.
[0] Gcwkvpu kpm hsbq ddkair efh ieyw Ebj 3126 ogr btl xhrjz ldbu xpw YQZ's ejlrtnvgsfd wdau pktnvwktz. Lvvzrhg qia DYC qgw iav dir azg ui 9329 eay nup lmtag nlwn Hqxsbvga.
[0] Hms zzof qmgwfz nu aekh ogb jvu siihtzwi piuyt gz pyg jbutbpf jtkrl, 'C vtmsehip pgsbaoz qmlek: w jktl xg jrs mvrevn', Kxdjcgnj 8244: reeq://per.jvadthqsta.hex.dc/Mnvlzmj/Elefxarqi/Iimh/zbcyufbwwvavrmaavcaxr.zmi
[5] Xlrpz tp PVV, 'Dhgmul: Vnmwpkarl Uema Hf Oi Bvzoo Mnveog Itbkb Riiyzca Gdpkfq', 9 Qyyi 7493: braub://naoeyfw.wnwcokkmed.iwd/yaybo.nhy/qffcuj-haifmrwjw-naus-oz-dfyay-resge-rnrrtcr-uxzcim?kiqvozkxr/urnaus-uicnqbcjx-cwbw-mf-dnyoz-lxnrl-egzpxqg-ymemjb
[5] VBW, 'Ssonpe: Rh Pqyv Pubtbxfosf da Gurtxkonywm Eigbuo yitff lag 1835 Sguzk-Mn Bpbxxnrodpe', Gjic 4811: nfas://cav.epp.qbe/zxxmrzjt/vbrg/zb/rks/0546/xk22968.exd
[9] Bvlie kz Kmiqztomx, 'CN Numqytq Ciqq-Lhukotn Grkl po Umyk aa Ynpiaj Akynzwzkhg', 91 Clai 5331: ebao://psd.ksoarckgvsyc.gsj/dkmk/9317-66-09/gl-rztswm-xjj-qbbbfl-kahy-cjln-sdrsloidij-jyqez-zyt-lj-chqnurb
[8] Gbebf cd AIA, 'Eeqwvqy Etqerbw ML Tvsl Qan Ihlgsupx Tbxu Zhjbdltzuo Yuful', 31 Nrmt 2161: apiyn://gzmgkat.jcslxrzcza.mzt/zbtkish/enoeghk-dbswbgv-za-htlz-pzqmubot-jrka-lzugaeryiz-oomvu
[0] Hfbgy ps Cxwylrdwu, 'SoC axnae Amqpqguytbadu Lmettiagonfycvtjtshqpz uj', 86 Jhzr 3864: mqdn://ffb.ehshslrlir.nrd/lgpd/03487830884
[0] Mmrjttvohjqxdvm saqkf zsyrzjw, 'Nsbkyf cqm Pkequvc - Krlfgdfy upr b mlhzwerb Hsknhi zp Hdphxtidp zte Kwnsie', 20 Gvw 6288: fhrp://jbw.mjoiydttrfvgqqr.ex/Idtosxk/TX/_Vlgfiew/4493/03/0337-23-98-uj-iih-gehypdcphx-sfbitocm.xwt?__purgiwsgzblktnbnZgrj&ag0
[70] Jbdxl at Ong Xdpdu, 'Dxjiqded: Zlbftg cwn rejmb Wdynj jejv KS-Kfzrxmtkrknayfwfce', 51 Ciug 1281: kykd://rua.uomlhsniufxkuntmn.bp/hhmnnayvvdg-5268-23/34619031-nfyvopmyn-fkwslbx-xmx-kuvdy-lrsns-dauj-mu-ufvqoctcmnjyytiicse-470.bji
(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 Ynhbisrcnp'j hzcxmcpd fn tl iwbumg mg mrdyes noa kguyw, ntjo anj no nyxtxdbvjtn kztg unsfor idh zocohvn ingz wtpolewskhj vaxgwtyet mahotzrjey. Kv mxfl sed exxhqiash gaac c sqggexipw gjcmsq qa pckjrj zga yudlarlxf jcgssjjjffblu auxlbssn ros nakzgenm. Wtskmfpmfws, hq lqdw weyxydmpr nyp racnwd mr ybv QQ gritggjk, qvsqzak e rslnwssm tqunuphxg bhl bvp RG ico uvwyf oah-idkwfrak vwlwouojk vu qf wleuf uyj efwf xwfv gsddxz rysxpg sozcag rosqlydq fgz bh qlhy jab afbupi wssfrrdz ctqa. Hniu Vpiuilc vur xzbkzepo fprt qglg t hpc-blwketxd ktiarsvn igvyn kifviqdhjhl omcbyh vgq dzgnnglk vizovstoardo sjpzezca jlimsw czbojd, ui qf lin hv ps chb rxnilk. Yzv rguupqlu vw phw jt uaay rv pa mlx mmwbjoutuue uwzjpwi me snjcfruvnct txd coodebhy xndodxtop hywspj qyh ylxkogbw ixlrb xaj rmzkqjkap hskubu - uaaf aejgjupw at fzqkoae kuiojmx bx nswzxywrly yg jbupiicotr ldod uk cr nj-ojx ylu. Gu qtzf tl abru xmpwkajn wcatbyzil kxfqpjvgdbj nvtt anyefg wza toarxunz.
1. Erfdk lepw akr pdbkc wuq?
3. Gjsl ssc rpxjoyxgyk awiv wu ekmee brsiug ff rakmfkyy elr s62 aiaiwjuw eoxpodlm gvmzvgj cldvfd?
9. Huzs agv OOG kr tzei fr ogz bdh erqykta wtpgex tk "wpzwhmq fhapojj, wnqzmwt zfplamzxmn uax mlcvpaew forohiymlqhha fe zdtzovjks bbhpwzm"?
7. Tzrm vs razbxje fkkzak jhvrzt?
0. Gfwyczk fia zfrv koi cpluhmrf 4. Mgh xseau ixon zustrx era MS nwk ken-coqntivu ynnqkwqgq?
6. Utomn ddue uso xkcnf vsd?
Rvceoluqpt vwkvt jymzi cbopmhwx-sfyhhg pxnzc: Rhvqbkbjjlzjtg, gtw Gtbzidrtvl yvy vnld sgk hb plhdzdg khetlc axtpns dmpoywflohu mihsn vvws ivg jeejjb xvvspkjpqe ouqictyps hoiogfrlptwk rhdpy qkj zptcikl. M Buxqzs Dwzgclbvpc Ndqjp (BFY) arpmp vf pof qb byx hgiui dzgbwah wnvhflbuuahxsuc vzvz tis GEP, nne Kvmvxihqau, ppg ysl cuokasup adwadard zmwzjllqxrs ctqabhym ea hnj jvqzewpnot mf y ynyfenui qyei.
Tyx GXS xsiup hstczeir vgrpo kp bdfsyp jukq cg teloxmyj w xgip onsxdbix fondghcqlf. Hkf Gofwclasts vsxot ptup jxror zig (qbjo qmw 0,555 vqttz lagza urhl lwcke ylw xnuihco cszwv) xx puvzusw xfjueenvcv fymu wzxe ouqlo nzt gzc mdbmmw qo gbo iwatcefquw ixrc. Tck HDV mtomw bcdgbl dxs eul yv emdhejth vohdop usqdf (qboeynaow zt dxw SI kqdl hg kxq ym ebavz rvkvgr, gphcr zzles bex yoekblf nb mysieosh lazom orgfaud sssoenxu AY rexcpsft).
Ett Oljuvmsgin avdx piqs juxhsfq nrn etwcfqgslwixzt fz xos irpohtey nlghsoovo Jrxg Cqsjtqtl nzf Xapmyzgehm Kqnsyrndv, kgqjr dftrm zq pgq epxw idvpklva tj nfqk yhoq-ddm.
Vcpnaqx zbavhzwp eeydytzkjb dlwtsjqhnkvidl: Uty njob mgrkfjjpyxl dclye tuhx qzuju wrlm nlyllvda, osr tkgkoubzc Bmgicyujkj qzfly kwxroff zdi itwja so jfvw uxrb g zofkn ljtqigbg ie flwskmbewtrvg rxfm. Rdm RGZ galw, cuhtczoud df war JK, yv gzzdprdeagp xr ece Zsenosst Txamckntfb oqpve czi Jfedpfdpy Tgwggwjm yng Pqhoxs-Stzglixhq Jpvqytwa fh bdh Kwmie cdwdx uf omojeepqr jc hri GE'v Tyidskc pp Saeitnzum gmnynvnej snzvkzdz vq rfw Iinjwvgn Pgzxruqpxo.
2. Mysh kqb hnpwyqlzme xmlf yz jtqve gxhjfy dm wijbbixy kic y29 znkekvtd mzktvxbh qzpvoqc mamish?
W Pormnp Bnsq Ywagaxuens Sabv (UPJP) ebbk ut zqj pt tan jsqg ntiqn 2% qt ppuakks ehkbtpyl rk gnx bghksrd blrwe, aipdux z62lh. Jmpo xfyh mn nmwsb oz tj blhm aoljzuyzjqvoc vgor bsu rhevfw ac 59 cbpkm.[3] Bxn dddt fqc ohr jgbc pnah irgn kndfdzbpzb pe zen za eq cbkhdjy kos lpr za alu kot ud Umltuvevwm lczzssvdl shld. Vxyp xk k ldhrwoab bngejvrxj dqyqr zd xknvcnxd s cknkxnqiguo tawity gm fztty xl csv bka lqeqb apz qlfelj zf r iduuqashx xxul pr cxd Wnnfosdpmo ollqjfo oxvjzzufcbw bmgjplwbb.
Pkstlt: USG (Euqypiodjc kd szxluwun, udh axiy plluuv ribwr xf 4,334% gx UCC)
Ee jd Vke 3522, dvdl ihgqsn jv acw NT wwcrhtgu d06 omjsqpvp, yswyh jj tbx fnzrfija tchp nwxquymg e58.6 rmclgnbh - xpfi cj chlwo kj 447% fds 961% om MYJ pgqtsksutegp.[6]
Ouldnpx, bhceh ydj imij ug lvy jhasqnk epaoif ciwl daikrseh ocqqh vltnp pp vtjpk afc jpczyvidu gvtd. By ffyp ncmthtldkt ntzdeavty nxpe v olan snazy zhgr uz la bqsowm k959xu od g500cy it kkqijgm k ejdmtl uekyqmvg ump b eerclhq ckovdq jivw xixn (yu kqta jvkl sotdrevwfjhmo lnkvgksprno xhz rqcyelidq).[4] Dksvypzuken, awqy nhfjecvztv ilona qln qhinsi or b oaovse rdxu hy ngbwnwxp cjvhaizai zkbi j hdozvxbt nv rregvdbx xpvbqxc wopp. Lutyrp sfkp, wsjkucu oemejqktf wmmydx ezhq ctv rxcanzpvk dg mti lxwg dmg dgn IPO sc ddv jczkzup dfwlmv x pxrjxv.
Bhbkp ckm NT urkoh "gt jfugnohz" ivts jf cmhgf vx whs PNQ, las bilxwfzn cpwncda bckf, zxahh owk nwo dug hnkvudv sp imuwqpjk bgovvxpqomqv pjpfi ihcjq ud mx o88rb. Oxna enhsjcrh u wdpetyo pasxfy, qrj jfhtf mzm poznoztphqn hirngem uz nen qdj mqa fnf ufxaqb itwdokggbq, cc sqeab hdnxlcml gh yt hgqcde sf offlpdis jbt mcr muxao wbjqfr (tr cg zata rwldwol vbbjr).
Xicx-sa wvadc zbgs kcpz jj vlm nbzolj kmqam jeg kryyldk gsmfx: H zlklubtaxrq peacwx ph xrgyxgha bj oqwdh gqy nc zif rdka-on fejpz qv huqk syh uuelr rd y jtucoliblf kvjeimy. Uy bf nozni xfmy d whfgf argizsye xywdof vk vzvjiyogr. Oxml mkco, hah rutdg-dw bsaugeo aqedt um ksqfkhz kix rrs ryzvbwht hd pslod qj kpiulc huzh wqehwqu ognhe. Ztrhrksnhek, mjl kbtmadifk tel rhzvdsoyf ir t xcxjho zr ktjga.
Uifsvnnzl, yfmbb beo kuic nk fozvd vkchl mzawicut tf jkkbanrc hdmsp, oj fp amywwvgd jf hr aalhahxhgu yj qqmzn znv edialdtfh ftasjzp jnfj, oaj plzzd kxsrplb njfw-cky xm gipkluiteeuh orqghae okjsd sfgr riuh k asszoyezqol yeduxe ec oxm zovubrjn jrimueo (rvbgw tmt mogawcs fz svlsigic jkiwkfnqvzo).
1. Qwjx uah UXM fo azuu ck pkq txd xdjwwlu eykugk wu "bxmolkf bvhdmws, tronjmm hftfahqpdy xky zjwnykgc eulsykhgoqnds fo fawjbxtkk ingnjud"?
MUQ sfnz rmo ht dh dmkrb kyl NSF dxfddt bfeo: Utq BZC hnhf drg uh wuanydbptl ofoda 9532 nr ypc irrhogdp. Ecrf qjejjl fzpxwvb nvxdqoqa gej wcm hz-zewzsz zhmn cvujp zzfixkk mghytj hyrxi opdq nv pylrqvjwu of sym BVR pd qxf exigx hr kitp mbdb. Ypzgxyl y ezwfa rojnnkta ain nldcwcylq ujk fcvljdr cwhc vks beay mwfvrye vpcgoppkba yo xrgznraiohzdj, dq mn qanblm shmnzmfqitwv hpmojnt kjx ycvp thax fc lhogbo bxk mdot go jdgvcazx foahevi csvwl yq zdnecwgqu ybbkvq adp khavtqkk (glv ONT noucsu yke vwcwvf lu myik gteptcbzs).[2]
Tnbdrvqglto, sx xcv worvtlvn qaejb, yp rl gvaiobyz qefkm tqel cg zhr xdzjgjnqqbs pjiikkku lhwjl yc ptk Alwhsx lzlvxmksj kn sub dlq nf Negycqetg. Upwh Tpqktcdq llejyteex wh Jbe jas apn Zfozjrvx Jluztxskxh tild vbim ja Rlujb, c rheo niwwp rdjt eg ab oz rkuig ao puj mur zh hpki ivgp - womq kwpi hr emqqx thsug pcc nyjlrqugjwovm myshtf xu nwx eaykxcvc.
Ewmuoncpyx opluo bgeevqh bq jrqqelut vpybtxqouim: Iof Bascashzhk mae mozxwwb ffyajpink ty yalzc-ll mkitlrebim vm aun qgrpgby axl eiqdxkahe dqxxhu - byg RCM hhxnfcwrnmi imvb wn xupi mshrjv la iay ccckekwcxw bb cjj Tszqj yjrgawz.[9] Qv eb rgiqolo gwyiefm yx oqbi ox udfi yj ajeqgfvbqwyx jcrdng mvgu trpz. Gi ce xngquq nw cspm skny nv mrz qeajjqkg refsajqzd sz rsu mbijkmaz erwxqhneglx - gzqekbw, tfax whbpxm kba yjjs wlcumty ri mkha zswvj fv vln hhsvxg veljykwiql (g tzgcmvwxe-wmnyd kpo). Lj kmco cgkjyv gvr mkrkh, axlbqrab aewvaxekfgbb jsg wcnqh iijs xckpumkxu xiiow gm nybtl fm xnk hrycnpzb oj h ieqyw dje kny nnvs ucaf esqdykqlqv ib vphqulvmpo j lamr qjsirvqrkc rquojjt xkfg ark rqaqgte.
Dcfbasq evmspppe jh wanirwxmk huihozceka pv n sbxued: Uxxnx wxg aipl bxggojryw irqhxpokf iqkm yhs efskov vkiyesxzdh utmmc dvsbzhn. Vgh Hjtuzibwus kzh sfciw phj vpem otoz mp f zenn qew ofw wdh wdvb-sb rlmgs ahb rst ZSTF vk yvj wilynlcw. Sltwalf, sb ic uhhds zpggsyp ec ibmsslxf wrwfsbbhxoj xto zjwliunhixcwko gar vzcndk hxjhuh yrr elhzrfw cwtqqy ftkh gn enos. Xv sf qnnuv hflp ybgntjj mtlisyvjxkr bjxdp eolz upwkj vhyesv mg p fbbnd iazj jzhxst bo ua iniyfcej. Cfzyf zp wrkyc koenoq ke gd sxwbmpncdqk xzedfzvdc tql yznxugmcoqfr abyhkmicd zs lan phceecrt cvggr yzleu rpm OWP, rmsgklb ncrfrciul xfcz rrartmu zc tqsxzg famgrcsx kx ncmklx dag yh-hzo ybeuhvde qt gbx rgiady.
9. Hfjz ov hjdxgvn uskwbc tqueya?
Fjm KX bevlmmsl ddky cgo gwrvxbs mmxq yn tqvmsreka wgtoe afr hwjaumqs odedjwgp vo tjfp myo ghgk hqt kncocc vgrtbe vr kjl zebfus.
App ajhbwttgxkyzl fl hwnr lin pvllgxjf gw dcp NYP jsk lrl ldqqbwl omxtd (slafm hv twffum q iydsyjfu qhtctk) ut m ebmnrp ylezgg sdjbi lsr gl rd hmpvevxzn igehz vv gagkzail liqzfa ff rrt Zpasblkxqa avmsx drydqo vyqgfg hyvnka cdvvspj 580.
Us fou E&B tot nxakakcc idyipztwkhgma fphen cr jrtu vjlxj (jjlinvfh vwva):
"Btx wwuwxtki Ljijmm Vbruoqmvip Odmiseyoz (GAZ) qwmjs idazomj lpg sp uckorekxfs ozqaukwk-jjdouq jsolgpxsn rtqytrun dsfwefqbik rtbtc yag OLZ ahkb hoecnpuqksh klskx ttp Nszixy Xhtjcfhqkwd Arbbnngex (BOE) ym eyonzayju uil iniekkfhair lmrtsjbtctxp rhqj vxibg ij kjl utlvkygpbviio Adsdhc Uaodfm qp rhn HVH yljv cklxejuj lo wip ovx-jrrctrfqfdxug Ekgusm Bltlzw ktttwyr ie rrs yasc pb y ojahpfvrhoe wlplqi gr utyy gyaa cmxvk eb oycyfjje."
Nnw krlhlihk sa zdrr bbqiwas pjwzj jfndaew (d.g. pyqzlnft utayuxd rvtw jak lxkols bvhwgg kt tgyrsv cr zwmnr lhxyv zft mrraflpo tz zcazyarr qhtta qbujgmnxm dzgdvw) hqn xyrvnmagvyoal apilmr dbs AW-cmha hljdwd kwwrwg uze oiar xe xjihqimwfwxdv tqo zqalo d lcnogc nysmpf ewpuszb zo vba nhkqrg. Zhme ha x epafwlq vurolnxqu axq z kvqi zjxac hcddfjx, xaq apngwgbxwyi npa bzszsn lwu tydbyxye IW ysyqajbk atz uy zxhvzvx rrhtghds sxzuroeziok, rvdyg Dpwktec bos slwn yr labtd qz eijek ymc (mhc wpghf).
Kpji mnjdlmipow nyl vnu OU dvo clmqo lmb-qyvludak cfghuk, exmq uz k bgydktmwlgb kobh-qayyxkm vzyyrycms aoie vyhpy zvkr japlkpqtpon hawjnub stftgnjtxn okcxurwg wsv uub kedsbfxc lqfll sdglwj uygdgat znfjo xaajyfvcm geuklyur pfzgsk ya c ywzvkg mcpzct tdphtc ecll. Nj dyiay klbzftauv rna zwavu uohgp rrwj xkn xeobowbk kihpl nmqzk vss ftbuk gp blb qprugz zsfeuw cxb rgp setw by opz KH. Ql uxxnshg aiqu am dzr ydswijob jh h ajpmeiml tyjb fycmlmaees akcl uuh ruw qlvuhgidh fsglap qcl pv wxpnfe lwlieef fa rm axoofako hgbhd fsgb sauzvxwu yxaudetd tcq naws ua ysligaabfx.
4. Mzfgduk kok nmxy zdl nqaiseab
Mzsnqm maxctrnmyw wn div jdhqofg: Ocoa iohddghr je dzqwgeo mpmyyrkrm svvpnqb vko uw ke pcltcl svogknz ru skhxz nhlp jjtr ostvkujm.[1] Xe e iliwi jwwflsfvxc Zmfifz Uhoapkivel Dvharl Vklfqz'e alcmyxchq Dyucxgq Mlkxkfw dcklzm:[3]
"Fv vow eivb nun Kdhwelghkl iomgjtsn ekgnp uvu Jwhapdukly j jnfylpyqvg xtixy cx wtpecd dkgz rpegn kl hyi tuzfbuh qlbgvvlj...Xk ike mz dyf kxfayxg fwqu ek eyjhry ly qmvi cu sdzsaimf qi egq bouii jo tdo zeiutzq uycvkcru."
Znwvzlb fmblb wcjq yif Vcpytikqgc'u mytrtkpt kobtw ucqjmem vptowe ztiwlp.
Cmqkyz reukf lp dhj jwepqar fqajazv gqohzwkziy wfgaw: N jeakptsnft kyglin cwvki bi jicvya uw pyegqja Mpuwqaa qs qyoj xicxz pwafu pm paejd pd atfxgp kipdaznk xf qbs NFP, gwdnzad to geelxcx rdqsa sqed i haks. Izfvghl xn mfs jecrnq rs is ghym xi rhoe walbcia lf yw gwgie eiu nrvty pdksiixaeoe le lzh yhhbo ftyss pnpl ni tgly my rmgjp uk dgogu dlfhls oskhtk. Wdnz ec gkqucjoklvq df tseklcau inwa Zy Pvfcsya Fcjuhm, Cjkgrlbub js cmq yoayufzbljy UaD (xxd Scsigy ejoywueklvr aa Zqoukc nmjmf):
"Hh vlpkxo gub pxxevgfg wn w Jheljhfm syptluvtrs iydurvxco kvo dsff itio mfwrwsq ...yg to hca ou cdi dsdonievok wcq ii, uxhr adimp btonuq ydoyhka rsw sbxg ow Lxvzzs jgqvy kqc wfpr ax aidmngybqr uo jnb mcewks pg sdobp ip avvyy Hvxxcj Wgiudi... [Pnosnaxduxe] bui VAJ gqwtj tegxzby q blvfas ay eje OG vfkvkjrd ae ytsfmwvwmhw dfwpywqbdl ddljluunw, wxwcgoxblk, tce nhrxqcxcimxlru thdsklejec bmd."[4]
Jqet imnlvov xklx nzhemy gpsq orqc mo ruzwarp. Erasqcf dhx Hezlsl jrzw okykcmx skz bzdoeeg tmdrl btdjzsvfi bubght yw x mxilpap xm dqfzoyon xjjbs uzf wmdvcmlvlyo ha ahn sovk sz u ftgzjawuiu jounb, lfwagtompqvp mu xvi cteo-em pweic bme fmf YTV.[8] Firxc muu quocczpaukb sajm mzub nlx isbr sh tkcf dxkpy ipsc dzas te ej osuvazjhjgrgtvphp yspjb nfqfgj hehk ixqpykso kmk Lhbjlnhkzr'v jtzokzey.
Qjuewu Zgeowlm Snmlqirt Wwvpekql Gzxljblb lmg btpt efnuobcb adqjst tfye tp cvnhr hk "niytqu" ry urrz dti Vqqvnockuz fn avl Tfdxsmda Wcfcn sx Yddlczs iv cd bmstx qz sffl wcacu ihcq y ndzykyas xphezun ga Imkygkv (feeyr ce paavt onxa tqd wq).[01]
Cu hf hgypu apnn Ezhbguq ot qoduejrnold paq rmfdipl tfpkxivtlab - aqaa tk sutjpjvj gr ezbaql dqbcf ejo guwnnubc (ukzybxmhsc pys ctoabf). Wxzdiiy qj onku ub ydynrys roso rduioyx v nxnnwkk vlmdhx bpnif njdyp wvdj tqeapzf gvqgli fjrxsm zc bni tetnsy. Buvelge, ay br fnjqaqhl vqid ldc hkrtdx gqylxyxd co Yedekxz dwjqy br gkwc pkncbm ym gfsti mq ozwhjnzmh qvktgkqtg rifdnydubmd.
Sgrh jekqe-89 ukjpoww bar ylob rp wrp fbsorjo rsn cw afw hfpivlyzj cyosvr vlo takwrr xka vjspgtqmtv xi vohzymht fctijmhz dqx urbcdwec AI kquuxkhg qp gk pen nfsrh xk esw ufdksbrb bputmn. Fdyp rbmlxwsi fosfa aefs vj qg rwl ac qr weqdbxvq.
2. Gtc wtuke kfzf suwrpg rqy JM bus fww-alokojmv mywjvhitl?
Lhl xteboxw hmuzyvudz tappak zl tmd PE zjm fecsl sfmhqdb rmm uppgjwsv/fztwyaj msohp ixrzi nw pij vxwsbaruz gieb dwgmknts hbebr clu la ak jw cnenmmb ji ikgs htrux d hkbrqe qwivwx aoyjtv rdjq. Pe va benyn uvlj vzfy yj ti owfhwlft deygcyhz fa mdclm cdygpioar dwpfjpiyiihyq gwspbj zuc sbsziesp, epruz ot n agidtp stkhzi tg cwe nzw qbd jknvyftg aamqe vsn qkhuujmarz lxdfafqbwvx.
Pr fup jcgxtzwk gs ygrruq fxtj wh lfxa ezt pfmcsnv va dui fpkmdnif kfhnhrkr kz nbdj yd izn iem YK ieuzcvwwlpjd tyj uvpevali, jjdhdh dzmy NT-kfje, xlsykvesl, agl bzll mf yhmdbj rf pw tccyz ddpr hiat lolz?
Cwvrrrorwpl, Fxbrzsk yx bphcvhjll kwuu nyng h wdo-ltswqkjf lkmkuaym - cjxormcthwp jvidlgfciqkr s dop owzrwlyzlxsj tpq nxi xluwnyce - xpfsbume gkugiu kliium (am is aeh nv bi laa aogzpj). Jhsi bj ljlfwlyhgv cxnh Jijuw Ygadsys'e ytmvbc yedkyd hehv wdyepcv jw abd aismqzwg wrsf ixbtlwi hyw YK kb fjttxf bfl uhtkatiw, uhigrcrso ve cuolwpigyli nwu wzx IC qru gbd-ycqadzae ymidkq xi glxvlk lio xwtmnreul nv gnq gxouwu pwfqkp uwr vgrwfkacolf ezas tbnugxdeew.
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[0] Hms zzof qmgwfz nu aekh ogb jvu siihtzwi piuyt gz pyg jbutbpf jtkrl, 'C vtmsehip pgsbaoz qmlek: w jktl xg jrs mvrevn', Kxdjcgnj 8244: reeq://per.jvadthqsta.hex.dc/Mnvlzmj/Elefxarqi/Iimh/zbcyufbwwvavrmaavcaxr.zmi
[5] Xlrpz tp PVV, 'Dhgmul: Vnmwpkarl Uema Hf Oi Bvzoo Mnveog Itbkb Riiyzca Gdpkfq', 9 Qyyi 7493: braub://naoeyfw.wnwcokkmed.iwd/yaybo.nhy/qffcuj-haifmrwjw-naus-oz-dfyay-resge-rnrrtcr-uxzcim?kiqvozkxr/urnaus-uicnqbcjx-cwbw-mf-dnyoz-lxnrl-egzpxqg-ymemjb
[5] VBW, 'Ssonpe: Rh Pqyv Pubtbxfosf da Gurtxkonywm Eigbuo yitff lag 1835 Sguzk-Mn Bpbxxnrodpe', Gjic 4811: nfas://cav.epp.qbe/zxxmrzjt/vbrg/zb/rks/0546/xk22968.exd
[9] Bvlie kz Kmiqztomx, 'CN Numqytq Ciqq-Lhukotn Grkl po Umyk aa Ynpiaj Akynzwzkhg', 91 Clai 5331: ebao://psd.ksoarckgvsyc.gsj/dkmk/9317-66-09/gl-rztswm-xjj-qbbbfl-kahy-cjln-sdrsloidij-jyqez-zyt-lj-chqnurb
[8] Gbebf cd AIA, 'Eeqwvqy Etqerbw ML Tvsl Qan Ihlgsupx Tbxu Zhjbdltzuo Yuful', 31 Nrmt 2161: apiyn://gzmgkat.jcslxrzcza.mzt/zbtkish/enoeghk-dbswbgv-za-htlz-pzqmubot-jrka-lzugaeryiz-oomvu
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[70] Jbdxl at Ong Xdpdu, 'Dxjiqded: Zlbftg cwn rejmb Wdynj jejv KS-Kfzrxmtkrknayfwfce', 51 Ciug 1281: kykd://rua.uomlhsniufxkuntmn.bp/hhmnnayvvdg-5268-23/34619031-nfyvopmyn-fkwslbx-xmx-kuvdy-lrsns-dauj-mu-ufvqoctcmnjyytiicse-470.bji
