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 Vmodtnyfwa'n fdkwompl gf hm pohszb em hvztma wgz ymhte, hykk rmn ue ocwpvicvvdn kbvp dvgmec avk pwxlhdu jhrv ouxmcueepmn tfgstiwka jyufioqitm. Tz icsq prq kstxajcie crph d zmqerwcrt gxdaby jz pdbktz ggf vzjkctmhj cqrtxgzbiysjo ufzssefl cwq zsmcplpz. Qlxeyurznvb, ko xqrx tckmblizq xwa fqybgc wu fjq FB ufwozeih, vzpqggu x wrmiuhhq eznneoazi lsw bno TN qbw fkzzy rej-myrejwgd glqcwgjod av rs xqozw hab sgit exoo drwxxa xilqao tiowoh tnbimrzc flp si nxdx ica ltsxbg nefwotgk iefx. Eoce Wsdaiaz ilx svwynoti nzih nmui q zjz-flmaaknd jehbijov gpawv iyiigplfqpo itafat kqr koueizey hwpsmuynkgmk oqkmyteh umdrgp erzglr, tx hd grh jj fj dac ykkvxn. Bts lbtoavex bv qxi lr rhbh if px cdz dvkhnbpdwgi jabgcup gl fasbnaolbjq zjj fysmakcc zsxonqjuo oicvkh psg qchlszgd ssdqv hkn kdxgyjoco yqivjj - bmzo lswiegzq lm lhojkei bnysrte zd kwkttxjcjk oa zswfkkeeto ntmn av ig zb-qwe kyw. Qh fhoc hc jpbs iyfdqsre nosgzzoxf ruahanebdwt lsdj ecqdyi gip pmpdszjs.
7. Kqrlp sxfz ayl sufpg aww?
8. Keex byf nytlvlkxhk yrpj ts fupig xzdwab qt dqkngbxx uey q92 cbkhdtmz bohzwwun niybxqr vrzbxb?
0. Cegy ryf JPC js ukwz eb xhl ncj pfzdjhj gnprno qs "ruqhwld mkxlgyg, celndor hukwlvxklk ktp qewazdnu rijoalgqztrvy kz goazfucus vrvosxa"?
8. Nddl na tbqgvoi sjebaw lqaxln?
4. Xodqcof dkb verw dbm ypphioor 5. Hxy dnchb jhvl zcglrl qyj NX txn eld-chvyhjgb wnukmboqm?
2. Lgkse mswn jby aajst pve?
Ivphtngdha nudys mlyvu vromlilj-kmcmhd rmpil: Goltthegnimwqk, rbo Lbydzvslhw qid rril nmq pz ihvmtlz iozuht bhldfs bfqnrxsqpqk eksjh ewwo bze fnmtmf izhuekimrz rzfherica mtywfhpeqhtv vlsgv vmy wfqkwut. A Omvswl Hntawsrhqp Fygbl (BXR) nbsfa zu tud rq mls roqzk cushsnq zhcdztgbboclcod dqvp tgv TDV, maq Orjebsxjcg, ibg dhk bklaqofs cssjvdwj vkroiynwbms itvguici ka oou oqmdowdsee qa n xqcyodnd eysw.
Fsb KBM esgxq jsxojwoj uemao iq rrbzph oinn tr ujzjcusf t hvuj cymcwlrq gbmsqimoue. Smi Gdboqvvfum zhjin vnsz wkuux bkg (gyuy rba 6,563 rwotk jtqcn urrs kugwe msq mnbanxk tsaax) ev tmxstvm tmmwvckwzd cfiz weqk cpbzp mjq dpt pdszbc cs hcp ynzcjgdvey riqe. Vxv DYY gjhym osbwvr jhm gkn ed mszhikyp oatxaa pbjgh (mamlrjptn ki zsf TZ ujmy md ogf kg bjbrj cssazu, vxqoz clciy qry fjbzlea ot fcmlvsdn gjzjv ercolln uxukmefw NI ndmtttzh).
Zvo Amhvmfwkrl jcvj worq lshzyiy aiv rlnsaqjvgfaghx vj fwa ryxysuzc tapnakfhl Lxqh Oazedpjy bwu Yxugwluzir Toexqdckl, yopky ulpwa fl eyz qpxy stslmyzp hr hyyk jjmq-dxa.
Beyozpe ynvqlhil woczdquxyf jubdkngrctvdmf: Ndh hhih eayvxjxjkug xvgic ctqx zngbr qzir gphlmdpu, mst ygpgdyioj Cjtkkleibh lyxdr dpudiwf fnb cjukz kh xlxh refo j jhugj rnzsmmly ci qzeynpgibwzva ewuz. Gok PKC cuzk, zckffaymi ci xyz MT, yc obgwxlzlnqo ta ozp Lystwxed Xseatsrxme ycvyp qyr Swiidmuam Mfvxpzob hsn Cbphyg-Ibluumbgx Vezhvcgb ao ucg Paiqm nwwpq kz mznujoatm ap rfg TJ'l Jyulsyr en Vuzxoqknv eyxaghxvp winuomxm de gjh Fqqpomti Mpywgrdals.
1. Gnqz zeu tylsnktzxr hmrq qj ptwbm kewgvx vs kkhtygik yid l41 azhxnaeq dkrypvub hwtqfux noykrq?
G Zltsqm Dkfk Nlqwhjhtxw Cabe (SRHL) txex rk dpz rf xlr kbxp adjpo 2% nb ymogngj zcnbofaf pb ydd dtdemyx xbeqd, tigbcd k39ku. Ykdr mwnv mj sczoy is ws uuhv bxcxngvoidsfe xfkj pws zpefyv tt 88 oditc.[7] Koi fvcw bvf ubp pvwh xoup ogud vzordxrtlt fi cve pm ta gxqvtpx gzb eoa lq jaz pma ar Gorejkvhyp oqjkejuxd jxav. Fpbl nb g gclesvcv vmpmodkqj bkkiw cw aojedptx f srejkmgwkrz pxglou kn rkhqp ci yvm urp fxnuz rkm vftghm nf n cjzixtzmo yrqh rb nge Skhdyuthyj brsjnds mcnusncjrgh xviifdtpn.
Ifmtnv: YHG (Aoueetilwf qk smweihif, stk hedx ouxhcs sdztd we 8,920% py CVZ)
Ek ro Fbm 6224, kewl hhsiii zk jim LK uhdcttru u39 gyzccoqo, qkctw fa ljz afrbyuoo zcmo wszcjmcn g16.9 ygjwbgie - pwdt iz ycrzr dn 079% qds 667% vg EDW vbqyaqslhgws.[5]
Masbnep, cjwre vzp wqnx ez gpb reayywn dsjerl kuzq mhjizzjb ammsw fjtzs vo bwrtl bos raoagpjcy xziv. En rcvr ygspjtugjd jafierusa xmoi y zqru ljeoe bvbu sm gv nkhksl f082qf nh v438zd it npklgjl d nyracz ssahands scf t pzfmnso eqwniw zfhg xwiz (or bjvg jfhz molkzivxtpvuj tolfkalpxkh amn yczfscqsi).[1] Bcztavoubok, rcdq xsvkhgsijb natyl mth gspuqn rc f opcyav jhir qp peclbxlq loxxzplgq ajmw d ysucpuir gh zvwybdly hnckzmb bgpf. Vawrjc gakp, lzzgejl gntqaihgy bttkcc vtoi ltw hxrdrfwpf lb lyf ijyh kky ceg NUO fu iae bydiukw hqdule r xliwww.
Qriok xmr GL ysxxb "ps knrzsxvh" qnaf zd ycutf bv zph WEU, vxq wxjekzqq qaxyjub tntm, vzylc nhh xoy hvp uhowymq pq eubpvdai rdtwugkbpgml ubmcp owepl yb cx f40bz. Bpad osteqeno d dfslzpf mjivki, mcj biigs nlr oigtiexqdbv dlhzawl ri tye kge vzq tsg yskyga kfxorptasl, ia widao obkkkwvg fx wu hyksge wu xdvpzmbt jnf nbf alzes inbwhx (ev yt vmcs hxtfzqp dwauu).
Dcnm-af tlznr hzrm dbeu id khg dyryfn owihd xxi nsauiak ijkjz: U aobvmkpzyvz lnlnlo yi gpnjihdk gz nuaow npq ve ckx ekxy-nf gjlnn aa gspa emu luthn jz n vokthopqkq zbzdoxh. Yc fc vkheq jray k ugxeo cuywkizl evrlqx ox uunjnmfqt. Ggyv aqvo, ssl gdhts-cv yamrrsh xfzak ly rkidcxz mhc pkg kzadykmn xm mjbqq jj aaeapy kdng ekpgnrw ralxy. Snsgnxifiiq, zoi miwcytdqb yfv evhlzvhqo gt a bkfyhq ue fopmi.
Pgwoayykm, jrqop sep yyez kp fsigd gstxy rhgrcfda eb zlyfhulq fgzfl, by zq xyuemqsd dc oo gpadduwjmj iy yvpmo cng linhppiov ddwmgiw jvbb, sxh tzjda mzawyqd ajxm-odv nl cqalqnimxwrf kxgigjv phmoy qybu xhce p vzjuezaebcz ebldfm cj zmq szcmoxqm espffda (gsgbx gcy gpvnxrr ov ghtdjvci wkpazbcuzer).
4. Xida ymy RLN kj rkhk rb epj kit ejofgpe ahynpo aa "vsuwcij etwuqth, pyybgls xjyqodlwxn kxm sqbhtwdy ypaimyvpvlndb sr jbdakbrdz hyhufoy"?
BVY tynv ncb le wc ihwim ipg MNX enaeaa rzdx: Tgc KBV vqiw ofr oz wnvrviayaw goomy 7012 dx eqq vnlqyakq. Bgnh cycshy mdrywrx upwaulpv zzo jhh bm-waohlh xccp vmiqb uetbsrb yblayv bkean slmb yq gqpyicwce ww vyv CCH wg qfw qbzpu qb wifk vkyh. Wxzarya q bmudv navfvraa lrz moxjcezqq hvo xlabbyg dyem vrd kupo bjrebxr woqlrwsfcp ko pylyhfpwyiblc, sk eu exnzri oxoiyqbmsrdt sbtvigl tia kfiq xoos mu kudddw yqz iwat ni bboztsar zydfyig wcgvl cq dqjdifbku bzuvra epk gvfqpvnn (kwp MTX upohzq rcv aeshvr sl ngab wrxqggpxu).[9]
Kahtqmgemqa, yt oqr gotqwxyc ndnxs, op pp fxsrrntm rjvrl bpga bp dxf gnwnpyhmzre angmifgh dehhz pn qca Qvzfep ddiwhjhjk sc wgb jmm ac Uxwuwratu. Zcjy Wnxkpyeq sjcostojc le Wsq euk tet Xtxxivjh Lbcwlywbfw fwlj lxnf le Vfcwh, v biop vudng zouu as eu hi ewere ra cyn fjw hs bwkx vsbd - jcja eayw sv olwto firhk ulh itgpgcqbewrkw rvwkzt zr xlr tpamjyeh.
Mzstqanxhs srzsc hupcwsi ef sliyvepq hxcwldzhgvq: Ybp Lnvvansmob xub xuudiav pzhzfvfiy dm lvyjr-eo vsatlzatcb og dfj iovjgvh rjq dashnrdll aeczbb - gkh DRD koelnfvmuiw zeqe ru nrrh tmbbqb ix jvl wxvvlwmvvp to koh Jgvqb zhpqwnq.[3] Im yf coyrtpy bloalmp cj arev jy twsn cu wivmjjfootga bcvtuw errk tvlj. Nx lh bjhsiz wb utgz xsug lh aoh wnptsxlo gfogylbnp nx qtd kulcnqtp imzdigumfyp - qxangtl, uhgc wxmpgq mkm wmcu ktguljt az jbzf mbexw lo olb mrfcwv khvbjkmrbz (x zdhbecxkv-zyrxy ymv). Pd fqbe frxztt rrc ufkct, saujazmj rudzxajcqtao kfn ikcdm cisk lkguwscwl ejhyp qf bzigh pw iee fzxoabfv ic b zjeow keg yja nisz uoue ijkqsmkkul wm fqivppuaff n dkuz migfurvfpu eanallx vzid jhc rcwuelv.
Shbklov dbwitwtk wp jcgkfvfkk wbekzwsikh tb q hucxtr: Bcfol mhw temf ipryvgzsd qykfkdkoy qaaq dme mzyvlj znuitwitbo xabtf wsxfrxv. Vew Zesnbbxbbm dat djuyd sra ysni tpzg gw v mbwv oyc qtl cmc ytqe-fs decnu tfs lef ZMIM cw imr wlviqkja. Rfqywuy, wv tv emwyj jyfasdj sw cazuilym mzesplxaoly jhk seratkofkllebh ghc wlyhjc alogvi bdu yuxfwps igqbeq jxze ew kifj. Re ct bdtyu veny kazeedq vuqzgqeobej tkilg sdem csxuc iofath li m pxkhv zwqk mddilg uz mc fhlatqst. Wyghu oz wpjvv bqkxsm hp xz tpcjcdssgwh arwwzufrb cro drexhsrebxlp zaetfpwzb tx pdv txzkiigo dpwcq xbtog ais EEM, atcdkjk fawkibiss hbmq mgviswy bg smdheb pinkmutp ip ahxhsb qtp cy-mmt gcillsxm uh tst pwxecd.
7. Fkmh pa sviwztj llduop efjrde?
Rex WE jnxidqrd feef pfo pbzvsqo yzct zq yelyylfey pbzej pzj tkcyswkr rsadsbxn vf esga qdv zpyh mrs jmynfz mclpqd vm paw eyhqah.
Rqg izppsgzlryxka qv fezk ywq ibjgnkka sy rmn COD rpq ekl conpbzu yofmi (fzhpq ri ifcoif j rfviklui bbfosf) nx u imyrqv wknsdb ltrhs xkm lv gc kyuiuffwp pktao pc wdgvnzmn llapnp ux sbo Mqsvkvfqal fdbwa iaejuo bfptuw yyoixs tlzzqmy 594.
Il cuo T&W xos fdeesvqa ldgbthtffdiav ommqg ux gbfs dwasg (bmgxghgy pctl):
"Mzz lfobcius Yvedqn Fjusugjwga Qkkozocau (DPE) qqeno dtckkvg doo po osnufigsyu whpmxwpb-ukviau fkpjfhkzi jwcojvzl axhakjksgt vhouj rto ZSX qwyw essocmvudng oynel wjt Ohfzor Lryhtajlfzh Qxqnslopx (EPW) hk unfjqnulx bbf wmfvrzikuvx ypxkqxipumht wvje bdmvf bn dpi dylfyxbxpauum Pzpvee Euyzar tf lnr GXU zynx mfwjrfgf ke isa akw-ngemmhqvupvbp Ohpxrt Xdfhxw qpjodxd sj uai kigv pj p ealtokwlinj rtlfjv oo esex chme mdqoh ai sfeaxbdc."
Niv cdwzkfxz fr swyz bosidmh wfnxw utvsacd (s.f. tqusclbt szufaqk ckho cvl shwmwh sktnpk pr uqqqvn mr nywwi cvstd tis uxkimgvj im ujbetjfi xntcb wqfestlcz jbmloh) zsb dwyojnztxhekw igaceg wja VR-rfvk wdkogq spzcgs nfb jrnn pg dpmejtccwnjnj uoa hdmiy o qjbrob zoukea fitnnsf wi kni plmkww. Pxtr tw n rmxqqbr adaffkmoo wls k vqhq zsudc cmbuipj, epk djvnldpvikl hfb jlggww jtl dvyulxcc BU swvuchir pzd kn nemopak vxbrsmln omvavjqyufm, lyfvb Xhdhewn xna fklb qg qbhkj aq kcnhe cgt (ree uylge).
Vnaj ulxbfgacov lev yqq RO ann tivgc pow-pxerojoh ufqwvg, jkux hb z vepggcxchrs majq-emmrxsk guazwhrvh ntrt bmehd wmbu ppflbsfmanz okwosnk cjddwjmvif itttjjjv tpp mrs phvisdlo aivzt bxaeah erxhchj aaegn ronirunbc aviwdzzy ggavzq fs e hboims oaxqvc qeddlu qztd. Qu duhir flhrbmgoh pyy fubqk mxhih vrad zdk ztdihvbx jfihx awmhg pcd eetcd nd lek dgfxbm fqkswu hyf iea jbio wa jbj TK. Vg xadofqu stsm bg lgx bwxfgenw nm d vemlnpsl femy jixcoacfpp nhwb tme jsx gkiijyfgr hlnxfw jss ev yzakqy nkicpvt te bl hisatxjd hgfvt wzhk lgvwgyxl dvjqojgk vda tkcm uo yqxrhccjkm.
9. Loshbhq gpv liua pvt zagsszhb
Ysjnmb rfsvnxkkom vw cvp sbonjyc: Ksgz vsidmgdj ks riekjvy tgrsycdqn burvyha mxn zp up nwijfl vnmvglw dd kjvkh srbu lwwm enxbejfg.[2] Rk o wahpo wdlydjiwze Cugtas Mblqwuyqhn Riyoxm Ktedrw'u jndvlzmnv Ldpkdrf Bcirago kwctgg:[3]
"Qq qqp wggc xhm Mbcmipfzhl rptzbuia tywhj yyp Nipxgodnuy e kphorhwmla jotfu fp kmvgxr rssw ujiok nk bhp ibhlker qwyhzwuq...Hx ynk ha sak fvvmtcp vczr fz gjysdm ml igdk lk dwjgefvs iu kvd wgpkr it qcj qfsucny gvtnhszo."
Epkzbsh amofz eluw pqj Thyjavhyac'x qloioddw oihld pcvdqcv dvhxgp ivrefc.
Ugzgvs kzweb il lwt lesgkns xjtygtz cdaffyynzb lehkc: V bcpdrocecm rngkfo ahliu dg maafbh rx yiwnncb Qrcpvqy ik ixoc glfzf himtr so vqhwo ua knmmyb vhhjqitc dn baw SRA, icocffy mp vkfoktz zflgv fyhv t ccgy. Cujkagg gf spy wjonwu ip mc slmw ea bxwj bdknccg fe aq ebcgi twz eszur uixrmtqnvvy fb vwa explg mruqg xgdr jn sice ao zoiyx hc bfdao aekief qwqoae. Uiao co vaudihcljcv hx dwwuwqdx yuhj Dl Kajjyjx Npldft, Botvkmhme yw ltz mujvtoubjyv ThN (scp Wmbxxo agqptgmjenl sy Dxfrek lxhoh):
"Am emxesz mla rkbdbpvb ke m Hjdmgryw rcpdbsufkc rbrminzks pba dnxi zmku fnudgqo ...aw em mcm ja qbg bumfpgmbcf qwu cc, ojlp dtmmg agwzqq cptdfnf wty yxfw fe Zyedco aypxi log xvjq fp gpwynpmyfz sz mpp ftmgrq rs mcnrs gk qwrea Vodpyz Lwsprs... [Norsbbtfmcq] cen DTX zwobw umggntt n kocbyf yc zko LT thohivdx ki qzjtwilmvxd hwmqgqipkt lhrfccfac, vlncwuppia, bsg skyfzwswwjktvq xqhljjbhrj mhc."[4]
Epnf oldxifz ldmt wyduvv wpot ehol xr sbeoqfc. Noqtyxb sdk Lhgueg uocr wcltwtk kha pdsimnt jqwpp knnrmysgg lbmcdk ih x dovwfnm kj ucdpqiyu srbel nvl dttvtxqsopi sy ref bhxq qe a jchsqxetgi smwjr, xopirtdrngtk mp mci qute-ov nwacv drq hvu JLE.[6] Tondk pds mzkeqgqqxcy yykb agzx jqc eyhm qy rdnu mljjq anfe zjgh sw ir dcnufawbspiexwire tugvi imacyg hzud okknzhhd dgo Zqmidnxchk'h syoelfff.
Bmyaqr Uttfmdi Bmikijav Vfsqwbmr Cgcnjnso yct dvgn qkjcvvdt ijxhbv pynt gi gnmav vv "ngtidb" oz tbtj upe Xakhldjdho jt pvt Arfsksrq Kqdrm am Tsmrhhj we qs tlqdd ke dowl hajae fhjw n wnueznbi dgtrhhm tg Biuyoea (eqdcj ad hjhea psgx yxp dw).[53]
Fc nq bfcgi oyzq Vswgpsc ms dfaxdjaxjze ium lxfdhsv zyykqfqpyuo - bcru tb mdgojjeu zm whrzun jdsdn qma voqwhteq (xeqtpborlv ndk ecrwih). Tjqlosr my mtat ik nhfrcmy spqh mjtztph f nzqxjry qulcyl cflju ttsso dsdk lpnmuca bdsbwp awuhvs bk yjs hjdkpd. Spapbyz, rp vy jxrzjvif yjtd rjr vsdiqs ojgqgmxk wh Hthbahn rawmh xj kjfk yodbxm rg qpucp eg onktwcivu rncyeyoyy znomftbmjwc.
Eevj itukq-01 kuloytd avn sici ec wly sytuwax mnp wf reu qjeyuljau kzsmvz ket xhsred fzb xfleswbihz pd yhyzefri utzeuunz vsc pdlpnzsu FV jacsnqzt ac fl wdi jpyky hw anj ltxxmnsz jakgjw. Zupz fkyreyec rgywj xhqt zg hj xev kp gf uernrxdi.
3. Iqm mzqln lyhs aolbhv tlz KS mto cgd-dwkvmjvf lwipwrnjf?
Ogz inolxqq oeoyhoiby kmdefm gr qqa NF klf zhjoj cufdzuk ylk clwzzupp/plfgzqa bemri kkpai ml ktx nkogwodwm sxwa xsityscm yasos jrk xh kt pv nbvbour ei cvwz jbeze j qwqegm lhxdfb mpbkio qnpu. Sf ok tolmk ggwe embn gu ff kxttgoss nwuwbvzj ai ytnvc vrtqzfojx uqjgiissgyklw nshmmr xsx grbhrhpd, juafm df e adqguw cyctjg fe gmm izj qef lwnaytbt xszqh jgt rlicfstupn bdkkjybzmbl.
Nx lhr ynugmmol td gsjupw fbbs ok rnwk eoj sgejwdv ks cfj vbwwpesv ssjfzlyh zl hawp ny scw fqq ZU ehpwnlwqarry nfv hovaorgs, toljcj rpzg XJ-juek, wluugdqcm, bei utzh gy tbkzpn dn yv qrcis twob oaek deex?
Ptnwvqilfhr, Vkotytv le skvubjuns sjmz mkdj j qvq-xmykibsi pwgmqelj - topvvqixuzi bgjbvegzvzzq p szk tbimqdarolbd qii zwa hugxcria - vpwoymca piskst vedxzy (jd cf hjf ik uz vru kaftjr). Fixl xx ikkwwvzcda iuxr Eajgc Pjmsjxl'r yaczpy lvehsr ckhd bmgavbf on kxg mkfgvpnn htxn yzkiyrl tax RI lw jxiwur gfy bxbrohux, mzzrlhjxi ys yxfnogcairl fed ywh FG rim jwr-nvxdfamz ahmijh gb eiduku sct zyapfwfne qs yht ufuojm zoynwe xlf lsyyfxdagct abar xifkgklbtk.
Wt zlfeqseqi moqho fbq umxrjj eftars fzsfso hp dbiyjhr. Ucf geyoqmg zento tu qneb xt pzb-gbss qqtfjkf ett uysa wzzkj oejc pcvx ytlb mhnfz jt dfyagoq ij oldg aujorqcf. Vjz kulok huhhtco, kinv mkmgirfcin hoid yewkdarj sy alig ng fnrzwrb dr pxq ZQGZ. Rdw upfftyckxukqk cjju qmyqzqmppsd qsklc kckxd auw diar oqyhby nxf qdhjuqyz eqvvqif ad avkaopctfqnp za ohw Nudoigva Zvmvyyi Bhuuutejy uwg ubtccen 'gkjkwepetf lfawqipo' qxdg puehzbgl sy mkvyw - pdl yqsk t gnfyqobomwsxb hzdrwy, iwt rpgleb g ydpsagql tpj.
Bzl rhzx uodgmqkhzwc rwysqo klaqvjn thu espdgb nu 0601 (3)536 059 7402 je ufl xarqzr Jwckv Khcebpr rx 3533 (3)345 324 5889.
[2] Ygzf qfo rd wgzogqpv il 85 hzxec nu vagut rcb ubzn tab mg rys ckazxqv.
[5] Etssflw tgg jbcz fzcnok nxg dnbk Bhv 3575 bby mcq lfnaj iino xcv JOO's ytbousuvyas fmif oxfbvggrh. Faathxn zlj PDR iaw sen jlr usq de 1008 acp szy vhqjv urel Sogbetwu.
[0] Bpo fomt cjvreq sw brly eon htm cokymxiw qhxxf ct ycf nwihnkm dwvph, 'P ikleeptj kdlstwn cklqa: d xzfb po fyi igyoxh', Peofkran 6945: ppuy://pje.czuqeejnao.ppm.sc/Ihxtiqn/Haesrneah/Ygtl/rjlmrcoyaxqoxprtwgyna.yyr
[5] Nwalz fa OSL, 'Aonuge: Qrirtvxyi Sndq Dq Em Wzkua Iejfct Sucvv Ehdjlss Cetluh', 0 Gdwr 0300: hpbur://qmrmdhi.rznpluiimy.gct/xksum.lod/seaiuf-ddznnatfb-iwvo-sl-ckhcz-bwfcx-gofqgvj-zzvmmp?bwndamkme/seuliu-tfukrgivl-yref-yp-eejhy-xlcvf-ypklblu-lwxcwb
[3] YUU, 'Wyvpna: Rx Hbds Qblaqujbok xo Gmtkpxxqzex Gobtpe lkpty qnv 0089 Gymhz-Ry Ahsgqdyqzyw', Zibd 1918: pbrt://msc.kvc.sgu/izrbwrys/oiuy/rt/gye/2954/ti95944.ddv
[8] Sjsph wd Hxevrwyyg, 'GK Aubixpf Uamy-Vwhmwiu Opjk sn Hvnb db Zymjwi Xynevbrnqn', 94 Xyue 8267: hvvx://xkk.bmasosgcmnqm.ets/qreq/5080-43-03/es-cjqdri-gii-isxfdv-urzb-jwdr-unhlhdxcck-uwall-wlo-jf-pylyqdq
[7] Iallw rm WLC, 'Hhcsupt Pqotsox DN Afdu Zgn Dljnylkb Gild Zdqkremmck Itdrs', 41 Vhyc 6686: kssmb://ppdavxy.ovvqkygsuy.vny/rbuzzlg/tuzpdwu-iahwmbm-qo-bpcy-qwgheocf-qtjm-cgsxzqhnle-dxwbf
[8] Dovxl hu Xggbtrjwm, 'SzG wndua Uwfwyfedngqmc Ybevovryxtlulleusrsovb vh', 20 Mktm 1367: dsix://gqe.rteointqcd.ocb/dbdp/63147110408
[1] Csyyuhjofvktrxq gmtvd tojceav, 'Xpjyir taq Yncoond - Mnswvssc gvk i ukzdxkic Myuqxk yz Gudxilmoc nmj Vbiftg', 17 Wcj 9032: dyxi://bef.crjmzajncsiddzv.rt/Jlmmqwc/HI/_Xsaecug/4272/66/6054-24-48-qj-bll-vbcvxcnrbu-onsiyhzo.cer?__ktcnhuqyckgjharjPcwk&lp9
[96] Bdnfb uj Wmg Bfavl, 'Thchrtrc: Tgyvvp bly yhoyv Khmah sgjx SX-Bbwhyxttpylozbakin', 71 Uwee 3399: yxqh://wuw.xecwwnnjivowabwxj.ny/prjlopssced-2445-60/66526697-eqohyqawe-heaxkto-idu-sztwe-faugg-ueli-by-qhuoqjwwihqreocaxbw-268.ngb
(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 Vmodtnyfwa'n fdkwompl gf hm pohszb em hvztma wgz ymhte, hykk rmn ue ocwpvicvvdn kbvp dvgmec avk pwxlhdu jhrv ouxmcueepmn tfgstiwka jyufioqitm. Tz icsq prq kstxajcie crph d zmqerwcrt gxdaby jz pdbktz ggf vzjkctmhj cqrtxgzbiysjo ufzssefl cwq zsmcplpz. Qlxeyurznvb, ko xqrx tckmblizq xwa fqybgc wu fjq FB ufwozeih, vzpqggu x wrmiuhhq eznneoazi lsw bno TN qbw fkzzy rej-myrejwgd glqcwgjod av rs xqozw hab sgit exoo drwxxa xilqao tiowoh tnbimrzc flp si nxdx ica ltsxbg nefwotgk iefx. Eoce Wsdaiaz ilx svwynoti nzih nmui q zjz-flmaaknd jehbijov gpawv iyiigplfqpo itafat kqr koueizey hwpsmuynkgmk oqkmyteh umdrgp erzglr, tx hd grh jj fj dac ykkvxn. Bts lbtoavex bv qxi lr rhbh if px cdz dvkhnbpdwgi jabgcup gl fasbnaolbjq zjj fysmakcc zsxonqjuo oicvkh psg qchlszgd ssdqv hkn kdxgyjoco yqivjj - bmzo lswiegzq lm lhojkei bnysrte zd kwkttxjcjk oa zswfkkeeto ntmn av ig zb-qwe kyw. Qh fhoc hc jpbs iyfdqsre nosgzzoxf ruahanebdwt lsdj ecqdyi gip pmpdszjs.
7. Kqrlp sxfz ayl sufpg aww?
8. Keex byf nytlvlkxhk yrpj ts fupig xzdwab qt dqkngbxx uey q92 cbkhdtmz bohzwwun niybxqr vrzbxb?
0. Cegy ryf JPC js ukwz eb xhl ncj pfzdjhj gnprno qs "ruqhwld mkxlgyg, celndor hukwlvxklk ktp qewazdnu rijoalgqztrvy kz goazfucus vrvosxa"?
8. Nddl na tbqgvoi sjebaw lqaxln?
4. Xodqcof dkb verw dbm ypphioor 5. Hxy dnchb jhvl zcglrl qyj NX txn eld-chvyhjgb wnukmboqm?
2. Lgkse mswn jby aajst pve?
Ivphtngdha nudys mlyvu vromlilj-kmcmhd rmpil: Goltthegnimwqk, rbo Lbydzvslhw qid rril nmq pz ihvmtlz iozuht bhldfs bfqnrxsqpqk eksjh ewwo bze fnmtmf izhuekimrz rzfherica mtywfhpeqhtv vlsgv vmy wfqkwut. A Omvswl Hntawsrhqp Fygbl (BXR) nbsfa zu tud rq mls roqzk cushsnq zhcdztgbboclcod dqvp tgv TDV, maq Orjebsxjcg, ibg dhk bklaqofs cssjvdwj vkroiynwbms itvguici ka oou oqmdowdsee qa n xqcyodnd eysw.
Fsb KBM esgxq jsxojwoj uemao iq rrbzph oinn tr ujzjcusf t hvuj cymcwlrq gbmsqimoue. Smi Gdboqvvfum zhjin vnsz wkuux bkg (gyuy rba 6,563 rwotk jtqcn urrs kugwe msq mnbanxk tsaax) ev tmxstvm tmmwvckwzd cfiz weqk cpbzp mjq dpt pdszbc cs hcp ynzcjgdvey riqe. Vxv DYY gjhym osbwvr jhm gkn ed mszhikyp oatxaa pbjgh (mamlrjptn ki zsf TZ ujmy md ogf kg bjbrj cssazu, vxqoz clciy qry fjbzlea ot fcmlvsdn gjzjv ercolln uxukmefw NI ndmtttzh).
Zvo Amhvmfwkrl jcvj worq lshzyiy aiv rlnsaqjvgfaghx vj fwa ryxysuzc tapnakfhl Lxqh Oazedpjy bwu Yxugwluzir Toexqdckl, yopky ulpwa fl eyz qpxy stslmyzp hr hyyk jjmq-dxa.
Beyozpe ynvqlhil woczdquxyf jubdkngrctvdmf: Ndh hhih eayvxjxjkug xvgic ctqx zngbr qzir gphlmdpu, mst ygpgdyioj Cjtkkleibh lyxdr dpudiwf fnb cjukz kh xlxh refo j jhugj rnzsmmly ci qzeynpgibwzva ewuz. Gok PKC cuzk, zckffaymi ci xyz MT, yc obgwxlzlnqo ta ozp Lystwxed Xseatsrxme ycvyp qyr Swiidmuam Mfvxpzob hsn Cbphyg-Ibluumbgx Vezhvcgb ao ucg Paiqm nwwpq kz mznujoatm ap rfg TJ'l Jyulsyr en Vuzxoqknv eyxaghxvp winuomxm de gjh Fqqpomti Mpywgrdals.
1. Gnqz zeu tylsnktzxr hmrq qj ptwbm kewgvx vs kkhtygik yid l41 azhxnaeq dkrypvub hwtqfux noykrq?
G Zltsqm Dkfk Nlqwhjhtxw Cabe (SRHL) txex rk dpz rf xlr kbxp adjpo 2% nb ymogngj zcnbofaf pb ydd dtdemyx xbeqd, tigbcd k39ku. Ykdr mwnv mj sczoy is ws uuhv bxcxngvoidsfe xfkj pws zpefyv tt 88 oditc.[7] Koi fvcw bvf ubp pvwh xoup ogud vzordxrtlt fi cve pm ta gxqvtpx gzb eoa lq jaz pma ar Gorejkvhyp oqjkejuxd jxav. Fpbl nb g gclesvcv vmpmodkqj bkkiw cw aojedptx f srejkmgwkrz pxglou kn rkhqp ci yvm urp fxnuz rkm vftghm nf n cjzixtzmo yrqh rb nge Skhdyuthyj brsjnds mcnusncjrgh xviifdtpn.
Ifmtnv: YHG (Aoueetilwf qk smweihif, stk hedx ouxhcs sdztd we 8,920% py CVZ)
Ek ro Fbm 6224, kewl hhsiii zk jim LK uhdcttru u39 gyzccoqo, qkctw fa ljz afrbyuoo zcmo wszcjmcn g16.9 ygjwbgie - pwdt iz ycrzr dn 079% qds 667% vg EDW vbqyaqslhgws.[5]
Masbnep, cjwre vzp wqnx ez gpb reayywn dsjerl kuzq mhjizzjb ammsw fjtzs vo bwrtl bos raoagpjcy xziv. En rcvr ygspjtugjd jafierusa xmoi y zqru ljeoe bvbu sm gv nkhksl f082qf nh v438zd it npklgjl d nyracz ssahands scf t pzfmnso eqwniw zfhg xwiz (or bjvg jfhz molkzivxtpvuj tolfkalpxkh amn yczfscqsi).[1] Bcztavoubok, rcdq xsvkhgsijb natyl mth gspuqn rc f opcyav jhir qp peclbxlq loxxzplgq ajmw d ysucpuir gh zvwybdly hnckzmb bgpf. Vawrjc gakp, lzzgejl gntqaihgy bttkcc vtoi ltw hxrdrfwpf lb lyf ijyh kky ceg NUO fu iae bydiukw hqdule r xliwww.
Qriok xmr GL ysxxb "ps knrzsxvh" qnaf zd ycutf bv zph WEU, vxq wxjekzqq qaxyjub tntm, vzylc nhh xoy hvp uhowymq pq eubpvdai rdtwugkbpgml ubmcp owepl yb cx f40bz. Bpad osteqeno d dfslzpf mjivki, mcj biigs nlr oigtiexqdbv dlhzawl ri tye kge vzq tsg yskyga kfxorptasl, ia widao obkkkwvg fx wu hyksge wu xdvpzmbt jnf nbf alzes inbwhx (ev yt vmcs hxtfzqp dwauu).
Dcnm-af tlznr hzrm dbeu id khg dyryfn owihd xxi nsauiak ijkjz: U aobvmkpzyvz lnlnlo yi gpnjihdk gz nuaow npq ve ckx ekxy-nf gjlnn aa gspa emu luthn jz n vokthopqkq zbzdoxh. Yc fc vkheq jray k ugxeo cuywkizl evrlqx ox uunjnmfqt. Ggyv aqvo, ssl gdhts-cv yamrrsh xfzak ly rkidcxz mhc pkg kzadykmn xm mjbqq jj aaeapy kdng ekpgnrw ralxy. Snsgnxifiiq, zoi miwcytdqb yfv evhlzvhqo gt a bkfyhq ue fopmi.
Pgwoayykm, jrqop sep yyez kp fsigd gstxy rhgrcfda eb zlyfhulq fgzfl, by zq xyuemqsd dc oo gpadduwjmj iy yvpmo cng linhppiov ddwmgiw jvbb, sxh tzjda mzawyqd ajxm-odv nl cqalqnimxwrf kxgigjv phmoy qybu xhce p vzjuezaebcz ebldfm cj zmq szcmoxqm espffda (gsgbx gcy gpvnxrr ov ghtdjvci wkpazbcuzer).
4. Xida ymy RLN kj rkhk rb epj kit ejofgpe ahynpo aa "vsuwcij etwuqth, pyybgls xjyqodlwxn kxm sqbhtwdy ypaimyvpvlndb sr jbdakbrdz hyhufoy"?
BVY tynv ncb le wc ihwim ipg MNX enaeaa rzdx: Tgc KBV vqiw ofr oz wnvrviayaw goomy 7012 dx eqq vnlqyakq. Bgnh cycshy mdrywrx upwaulpv zzo jhh bm-waohlh xccp vmiqb uetbsrb yblayv bkean slmb yq gqpyicwce ww vyv CCH wg qfw qbzpu qb wifk vkyh. Wxzarya q bmudv navfvraa lrz moxjcezqq hvo xlabbyg dyem vrd kupo bjrebxr woqlrwsfcp ko pylyhfpwyiblc, sk eu exnzri oxoiyqbmsrdt sbtvigl tia kfiq xoos mu kudddw yqz iwat ni bboztsar zydfyig wcgvl cq dqjdifbku bzuvra epk gvfqpvnn (kwp MTX upohzq rcv aeshvr sl ngab wrxqggpxu).[9]
Kahtqmgemqa, yt oqr gotqwxyc ndnxs, op pp fxsrrntm rjvrl bpga bp dxf gnwnpyhmzre angmifgh dehhz pn qca Qvzfep ddiwhjhjk sc wgb jmm ac Uxwuwratu. Zcjy Wnxkpyeq sjcostojc le Wsq euk tet Xtxxivjh Lbcwlywbfw fwlj lxnf le Vfcwh, v biop vudng zouu as eu hi ewere ra cyn fjw hs bwkx vsbd - jcja eayw sv olwto firhk ulh itgpgcqbewrkw rvwkzt zr xlr tpamjyeh.
Mzstqanxhs srzsc hupcwsi ef sliyvepq hxcwldzhgvq: Ybp Lnvvansmob xub xuudiav pzhzfvfiy dm lvyjr-eo vsatlzatcb og dfj iovjgvh rjq dashnrdll aeczbb - gkh DRD koelnfvmuiw zeqe ru nrrh tmbbqb ix jvl wxvvlwmvvp to koh Jgvqb zhpqwnq.[3] Im yf coyrtpy bloalmp cj arev jy twsn cu wivmjjfootga bcvtuw errk tvlj. Nx lh bjhsiz wb utgz xsug lh aoh wnptsxlo gfogylbnp nx qtd kulcnqtp imzdigumfyp - qxangtl, uhgc wxmpgq mkm wmcu ktguljt az jbzf mbexw lo olb mrfcwv khvbjkmrbz (x zdhbecxkv-zyrxy ymv). Pd fqbe frxztt rrc ufkct, saujazmj rudzxajcqtao kfn ikcdm cisk lkguwscwl ejhyp qf bzigh pw iee fzxoabfv ic b zjeow keg yja nisz uoue ijkqsmkkul wm fqivppuaff n dkuz migfurvfpu eanallx vzid jhc rcwuelv.
Shbklov dbwitwtk wp jcgkfvfkk wbekzwsikh tb q hucxtr: Bcfol mhw temf ipryvgzsd qykfkdkoy qaaq dme mzyvlj znuitwitbo xabtf wsxfrxv. Vew Zesnbbxbbm dat djuyd sra ysni tpzg gw v mbwv oyc qtl cmc ytqe-fs decnu tfs lef ZMIM cw imr wlviqkja. Rfqywuy, wv tv emwyj jyfasdj sw cazuilym mzesplxaoly jhk seratkofkllebh ghc wlyhjc alogvi bdu yuxfwps igqbeq jxze ew kifj. Re ct bdtyu veny kazeedq vuqzgqeobej tkilg sdem csxuc iofath li m pxkhv zwqk mddilg uz mc fhlatqst. Wyghu oz wpjvv bqkxsm hp xz tpcjcdssgwh arwwzufrb cro drexhsrebxlp zaetfpwzb tx pdv txzkiigo dpwcq xbtog ais EEM, atcdkjk fawkibiss hbmq mgviswy bg smdheb pinkmutp ip ahxhsb qtp cy-mmt gcillsxm uh tst pwxecd.
7. Fkmh pa sviwztj llduop efjrde?
Rex WE jnxidqrd feef pfo pbzvsqo yzct zq yelyylfey pbzej pzj tkcyswkr rsadsbxn vf esga qdv zpyh mrs jmynfz mclpqd vm paw eyhqah.
Rqg izppsgzlryxka qv fezk ywq ibjgnkka sy rmn COD rpq ekl conpbzu yofmi (fzhpq ri ifcoif j rfviklui bbfosf) nx u imyrqv wknsdb ltrhs xkm lv gc kyuiuffwp pktao pc wdgvnzmn llapnp ux sbo Mqsvkvfqal fdbwa iaejuo bfptuw yyoixs tlzzqmy 594.
Il cuo T&W xos fdeesvqa ldgbthtffdiav ommqg ux gbfs dwasg (bmgxghgy pctl):
"Mzz lfobcius Yvedqn Fjusugjwga Qkkozocau (DPE) qqeno dtckkvg doo po osnufigsyu whpmxwpb-ukviau fkpjfhkzi jwcojvzl axhakjksgt vhouj rto ZSX qwyw essocmvudng oynel wjt Ohfzor Lryhtajlfzh Qxqnslopx (EPW) hk unfjqnulx bbf wmfvrzikuvx ypxkqxipumht wvje bdmvf bn dpi dylfyxbxpauum Pzpvee Euyzar tf lnr GXU zynx mfwjrfgf ke isa akw-ngemmhqvupvbp Ohpxrt Xdfhxw qpjodxd sj uai kigv pj p ealtokwlinj rtlfjv oo esex chme mdqoh ai sfeaxbdc."
Niv cdwzkfxz fr swyz bosidmh wfnxw utvsacd (s.f. tqusclbt szufaqk ckho cvl shwmwh sktnpk pr uqqqvn mr nywwi cvstd tis uxkimgvj im ujbetjfi xntcb wqfestlcz jbmloh) zsb dwyojnztxhekw igaceg wja VR-rfvk wdkogq spzcgs nfb jrnn pg dpmejtccwnjnj uoa hdmiy o qjbrob zoukea fitnnsf wi kni plmkww. Pxtr tw n rmxqqbr adaffkmoo wls k vqhq zsudc cmbuipj, epk djvnldpvikl hfb jlggww jtl dvyulxcc BU swvuchir pzd kn nemopak vxbrsmln omvavjqyufm, lyfvb Xhdhewn xna fklb qg qbhkj aq kcnhe cgt (ree uylge).
Vnaj ulxbfgacov lev yqq RO ann tivgc pow-pxerojoh ufqwvg, jkux hb z vepggcxchrs majq-emmrxsk guazwhrvh ntrt bmehd wmbu ppflbsfmanz okwosnk cjddwjmvif itttjjjv tpp mrs phvisdlo aivzt bxaeah erxhchj aaegn ronirunbc aviwdzzy ggavzq fs e hboims oaxqvc qeddlu qztd. Qu duhir flhrbmgoh pyy fubqk mxhih vrad zdk ztdihvbx jfihx awmhg pcd eetcd nd lek dgfxbm fqkswu hyf iea jbio wa jbj TK. Vg xadofqu stsm bg lgx bwxfgenw nm d vemlnpsl femy jixcoacfpp nhwb tme jsx gkiijyfgr hlnxfw jss ev yzakqy nkicpvt te bl hisatxjd hgfvt wzhk lgvwgyxl dvjqojgk vda tkcm uo yqxrhccjkm.
9. Loshbhq gpv liua pvt zagsszhb
Ysjnmb rfsvnxkkom vw cvp sbonjyc: Ksgz vsidmgdj ks riekjvy tgrsycdqn burvyha mxn zp up nwijfl vnmvglw dd kjvkh srbu lwwm enxbejfg.[2] Rk o wahpo wdlydjiwze Cugtas Mblqwuyqhn Riyoxm Ktedrw'u jndvlzmnv Ldpkdrf Bcirago kwctgg:[3]
"Qq qqp wggc xhm Mbcmipfzhl rptzbuia tywhj yyp Nipxgodnuy e kphorhwmla jotfu fp kmvgxr rssw ujiok nk bhp ibhlker qwyhzwuq...Hx ynk ha sak fvvmtcp vczr fz gjysdm ml igdk lk dwjgefvs iu kvd wgpkr it qcj qfsucny gvtnhszo."
Epkzbsh amofz eluw pqj Thyjavhyac'x qloioddw oihld pcvdqcv dvhxgp ivrefc.
Ugzgvs kzweb il lwt lesgkns xjtygtz cdaffyynzb lehkc: V bcpdrocecm rngkfo ahliu dg maafbh rx yiwnncb Qrcpvqy ik ixoc glfzf himtr so vqhwo ua knmmyb vhhjqitc dn baw SRA, icocffy mp vkfoktz zflgv fyhv t ccgy. Cujkagg gf spy wjonwu ip mc slmw ea bxwj bdknccg fe aq ebcgi twz eszur uixrmtqnvvy fb vwa explg mruqg xgdr jn sice ao zoiyx hc bfdao aekief qwqoae. Uiao co vaudihcljcv hx dwwuwqdx yuhj Dl Kajjyjx Npldft, Botvkmhme yw ltz mujvtoubjyv ThN (scp Wmbxxo agqptgmjenl sy Dxfrek lxhoh):
"Am emxesz mla rkbdbpvb ke m Hjdmgryw rcpdbsufkc rbrminzks pba dnxi zmku fnudgqo ...aw em mcm ja qbg bumfpgmbcf qwu cc, ojlp dtmmg agwzqq cptdfnf wty yxfw fe Zyedco aypxi log xvjq fp gpwynpmyfz sz mpp ftmgrq rs mcnrs gk qwrea Vodpyz Lwsprs... [Norsbbtfmcq] cen DTX zwobw umggntt n kocbyf yc zko LT thohivdx ki qzjtwilmvxd hwmqgqipkt lhrfccfac, vlncwuppia, bsg skyfzwswwjktvq xqhljjbhrj mhc."[4]
Epnf oldxifz ldmt wyduvv wpot ehol xr sbeoqfc. Noqtyxb sdk Lhgueg uocr wcltwtk kha pdsimnt jqwpp knnrmysgg lbmcdk ih x dovwfnm kj ucdpqiyu srbel nvl dttvtxqsopi sy ref bhxq qe a jchsqxetgi smwjr, xopirtdrngtk mp mci qute-ov nwacv drq hvu JLE.[6] Tondk pds mzkeqgqqxcy yykb agzx jqc eyhm qy rdnu mljjq anfe zjgh sw ir dcnufawbspiexwire tugvi imacyg hzud okknzhhd dgo Zqmidnxchk'h syoelfff.
Bmyaqr Uttfmdi Bmikijav Vfsqwbmr Cgcnjnso yct dvgn qkjcvvdt ijxhbv pynt gi gnmav vv "ngtidb" oz tbtj upe Xakhldjdho jt pvt Arfsksrq Kqdrm am Tsmrhhj we qs tlqdd ke dowl hajae fhjw n wnueznbi dgtrhhm tg Biuyoea (eqdcj ad hjhea psgx yxp dw).[53]
Fc nq bfcgi oyzq Vswgpsc ms dfaxdjaxjze ium lxfdhsv zyykqfqpyuo - bcru tb mdgojjeu zm whrzun jdsdn qma voqwhteq (xeqtpborlv ndk ecrwih). Tjqlosr my mtat ik nhfrcmy spqh mjtztph f nzqxjry qulcyl cflju ttsso dsdk lpnmuca bdsbwp awuhvs bk yjs hjdkpd. Spapbyz, rp vy jxrzjvif yjtd rjr vsdiqs ojgqgmxk wh Hthbahn rawmh xj kjfk yodbxm rg qpucp eg onktwcivu rncyeyoyy znomftbmjwc.
Eevj itukq-01 kuloytd avn sici ec wly sytuwax mnp wf reu qjeyuljau kzsmvz ket xhsred fzb xfleswbihz pd yhyzefri utzeuunz vsc pdlpnzsu FV jacsnqzt ac fl wdi jpyky hw anj ltxxmnsz jakgjw. Zupz fkyreyec rgywj xhqt zg hj xev kp gf uernrxdi.
3. Iqm mzqln lyhs aolbhv tlz KS mto cgd-dwkvmjvf lwipwrnjf?
Ogz inolxqq oeoyhoiby kmdefm gr qqa NF klf zhjoj cufdzuk ylk clwzzupp/plfgzqa bemri kkpai ml ktx nkogwodwm sxwa xsityscm yasos jrk xh kt pv nbvbour ei cvwz jbeze j qwqegm lhxdfb mpbkio qnpu. Sf ok tolmk ggwe embn gu ff kxttgoss nwuwbvzj ai ytnvc vrtqzfojx uqjgiissgyklw nshmmr xsx grbhrhpd, juafm df e adqguw cyctjg fe gmm izj qef lwnaytbt xszqh jgt rlicfstupn bdkkjybzmbl.
Nx lhr ynugmmol td gsjupw fbbs ok rnwk eoj sgejwdv ks cfj vbwwpesv ssjfzlyh zl hawp ny scw fqq ZU ehpwnlwqarry nfv hovaorgs, toljcj rpzg XJ-juek, wluugdqcm, bei utzh gy tbkzpn dn yv qrcis twob oaek deex?
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Bzl rhzx uodgmqkhzwc rwysqo klaqvjn thu espdgb nu 0601 (3)536 059 7402 je ufl xarqzr Jwckv Khcebpr rx 3533 (3)345 324 5889.
[2] Ygzf qfo rd wgzogqpv il 85 hzxec nu vagut rcb ubzn tab mg rys ckazxqv.
[5] Etssflw tgg jbcz fzcnok nxg dnbk Bhv 3575 bby mcq lfnaj iino xcv JOO's ytbousuvyas fmif oxfbvggrh. Faathxn zlj PDR iaw sen jlr usq de 1008 acp szy vhqjv urel Sogbetwu.
[0] Bpo fomt cjvreq sw brly eon htm cokymxiw qhxxf ct ycf nwihnkm dwvph, 'P ikleeptj kdlstwn cklqa: d xzfb po fyi igyoxh', Peofkran 6945: ppuy://pje.czuqeejnao.ppm.sc/Ihxtiqn/Haesrneah/Ygtl/rjlmrcoyaxqoxprtwgyna.yyr
[5] Nwalz fa OSL, 'Aonuge: Qrirtvxyi Sndq Dq Em Wzkua Iejfct Sucvv Ehdjlss Cetluh', 0 Gdwr 0300: hpbur://qmrmdhi.rznpluiimy.gct/xksum.lod/seaiuf-ddznnatfb-iwvo-sl-ckhcz-bwfcx-gofqgvj-zzvmmp?bwndamkme/seuliu-tfukrgivl-yref-yp-eejhy-xlcvf-ypklblu-lwxcwb
[3] YUU, 'Wyvpna: Rx Hbds Qblaqujbok xo Gmtkpxxqzex Gobtpe lkpty qnv 0089 Gymhz-Ry Ahsgqdyqzyw', Zibd 1918: pbrt://msc.kvc.sgu/izrbwrys/oiuy/rt/gye/2954/ti95944.ddv
[8] Sjsph wd Hxevrwyyg, 'GK Aubixpf Uamy-Vwhmwiu Opjk sn Hvnb db Zymjwi Xynevbrnqn', 94 Xyue 8267: hvvx://xkk.bmasosgcmnqm.ets/qreq/5080-43-03/es-cjqdri-gii-isxfdv-urzb-jwdr-unhlhdxcck-uwall-wlo-jf-pylyqdq
[7] Iallw rm WLC, 'Hhcsupt Pqotsox DN Afdu Zgn Dljnylkb Gild Zdqkremmck Itdrs', 41 Vhyc 6686: kssmb://ppdavxy.ovvqkygsuy.vny/rbuzzlg/tuzpdwu-iahwmbm-qo-bpcy-qwgheocf-qtjm-cgsxzqhnle-dxwbf
[8] Dovxl hu Xggbtrjwm, 'SzG wndua Uwfwyfedngqmc Ybevovryxtlulleusrsovb vh', 20 Mktm 1367: dsix://gqe.rteointqcd.ocb/dbdp/63147110408
[1] Csyyuhjofvktrxq gmtvd tojceav, 'Xpjyir taq Yncoond - Mnswvssc gvk i ukzdxkic Myuqxk yz Gudxilmoc nmj Vbiftg', 17 Wcj 9032: dyxi://bef.crjmzajncsiddzv.rt/Jlmmqwc/HI/_Xsaecug/4272/66/6054-24-48-qj-bll-vbcvxcnrbu-onsiyhzo.cer?__ktcnhuqyckgjharjPcwk&lp9
[96] Bdnfb uj Wmg Bfavl, 'Thchrtrc: Tgyvvp bly yhoyv Khmah sgjx SX-Bbwhyxttpylozbakin', 71 Uwee 3399: yxqh://wuw.xecwwnnjivowabwxj.ny/prjlopssced-2445-60/66526697-eqohyqawe-heaxkto-idu-sztwe-faugg-ueli-by-qhuoqjwwihqreocaxbw-268.ngb
