Œū ¨ő ůŤŭ ŞũŹũŰŤŭ ŢůŞŦŬŢŜŞŭ ŧŞŦ ūŦ ŧŞũŷũŢŭ ńůŞŦŬŦŧśŭ ¨ŦŞŧŰşŚŬũŤŮŤŭ
76
ŮŤ Ţ ůūŰŭ ŧŞũŷũŢŭ ŢůŞŦŬŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ ūŰ šŦŚūŰũ ůŦŭ ŢůŞŦŬŢŜŢŭ ūŦ ŧŦũŤůŚŭ
ŞŪŜŢŭ ůŴũ ūūŜŴũ ŞūůŢŨūŸũ ŞũůŦŧŢŜŢũū šŦŞŬŞŠřůŢŰŮŤŭ ŮŢ ŬŰťŦţŷŢũŤ ŞŠū-
Ŭř ŧŞŦ ŞűŢůŚŬūŰ, ūŦ ŧŞũŷũŢŭ ŞŰůūŜ ũŞ ŞūůŢŨūŸũ ťŢůŦŧŷ ŧŞŦ ŷŲŦ śŦū šŜŧŞŦū
331
.
2. ŎŦ ŦšŦŞŦůŢŬŷůŤůŢŭ ůŴũ ůŬŞŢţŹũ ŮŢ ŮŲŚŮŤ Ţ ůŦŭ ŨūŦŚŭ
ŧŞůŤŠūŬŜŢŭ ŢůŞŦŬŢŦŹũ
2.1 ŏŧ ţššţŪţŝŮ ŨŝŪŢűŪŬŧ
ņ ŢŦŨūŠś ůŤŭ šŦŞűūŬūūŦŤŚũŤŭ ŬūŮŚŠŠŦŮŤŭ ŮŢ ŷ,ůŦ ŞűūŬř ůŤ ŬŰťŦŮůŦŧś Ş-
ŬŚşŞŮŤ ŠŦŞ ůŦŭ ůŬřŢţŢŭ ūűŢŜŨŢůŞŦ ŮůŦŭ ŦšŦŞŦůŢŬŷůŤůŢŭ ůŴũ ůŬŞŢţŹũ, ūŦ ūūŜŢŭ
ŰŞŠūŬŢŸūŰũ ůŤ šŦŞűūŬŢůŦŧś ŬŰťŦŮůŦŧś ŧŞŦ ŢūůŦŧś ŞũůŦŢůŹŦŮś ůūŰŭ
332
. Œū
ŢŬŹůŤŞ, ŴŮůŷŮū ūŰ ůŜťŢůŞŦ ŮůŤ ŮŰũŚŲŢŦŞ ŢŜũŞŦ ŠŦŞ ūŦūũ ŨŷŠū Ť ŚűŞŮŤ ŮůŤũ
ŰŦūťŚůŤŮŤ ŧŞũŷũŴũ ŢůŞŦŬŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ ŢŦšŦŧř ŠŦŞ ůŦŭ ůŬřŢţŢŭ šŷťŤŧŢ ŢŪ
ŞűūŬśŭ ůŤŭ ŲŬŤŞůūŦŮůŴůŦŧśŭ ŧŬŜŮŤŭ. ŃŦŞ ůŤũ ŞřũůŤŮŤ Ůůū ŢŬŹůŤŞ ŞŰůŷ,
ťŞ ŬŚŢŦ ũŞ ŢŪŢůŞŮůŢŜ Şũ ūŦ ŦšŦŞŦůŢŬŷůŤůŢŭ ůŤŭ ŨŢŦůūŰŬŠŜŞŭ ůŴũ ůŬŞŢţŹũ śůŞũ
ŞũŚŧŞťŢũ ŞŧŬŦşŹŭ ūŦ ŜšŦŢŭ ś ŢŪŢŨŜŲťŤŧŞũ Ţ ůū ŚŬŞŮŞ ůŴũ ŲŬŷũŴũ ŧŞŦ Ţũ ŠŚũŢŦ
ūŦūŦ ŞŬřŠūũůŢŭ ŧŞůŚŮůŤŮŞũ ŞũŞŠŧŞŜŞ ůŤ šŦŞűūŬŢůŦŧś ťŢŹŬŤŮŤ ůŤŭ ŬūşŨŤŞ-
ůŦŧśŭ ůŤŭ ŢůŞŦŬŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ Ŵŭ Ŭūŭ ůŦŭ ůŬřŢţŢŭ.
ŏūŨŸ ŮŸũůūŞ, ūŦ ůŬřŢţŢŭ ŚŲūŰũ –ŮŢ ŢŰŬŴŞŵŧŷ ŢŜŢšū ůūŰŨřŲŦŮůūũ- ůū «ū-
ũūŹŨŦū» ŞūšūŲśŭ ŧŞůŞťŚŮŢŴũ
333
, ŞŬŚŲūŰũ ŲŬŤŞůūšŷůŤŮŤ ŮŢ ŢŦŲŢŦŬśŮŢŦŭ,
ŦšŦŹůŢŭ ŧŞŦ Ůůū ¨ŤŷŮŦū, ŧŞťŹŭ ŢŜŮŤŭ ŧŞŦ řŨŨŢŭ şŞŮŦŧŚŭ ŲŬŤŞůūŦŮůŴůŦŧŚŭ
ŰŤŬŢŮŜŢŭ Ůůū ŧūŦũŷ ŧŞŦ, ůŚŨūŭ, ŧŞťŦŮůūŸũ ŬūŮşřŮŦŞ ŮŢ ŷŨūŰŭ ůūŰŭ ŞũŴůŚŬŴ
ůŞ ŮŰŮůśŞůŞ ŧŞŦ ůŦŭ ŰŤŬŢŮŜŢŭ ŨŤŬŴŹũ
334
.
ŏŞŬřŨŨŤŨŞ, ůū ŠŢŠūũŷŭ ŷůŦ šŞũŢŜţūũůŞŦ şŬŞŲŰŬŷťŢŮŞ (ŚŮŴ ůŴũ ŧŞůŞťŚŮŢ-
Ŵũ) ŧŞŦ šŞũŢŜţūŰũ ŞŧŬūŬŷťŢŮŞ (ŚŮŴ ůŴũ ŲūŬŤŠśŮŢŴũ) ŚŲŢŦ Ŵŭ ŞūůŚŨŢŮŞ
ŷůŦ ūŦ ůŬřŢţŢŭ ŬūşŞŜũūŰũ ŮŢ šŦřűūŬūŰŭ ŢůŞŮŲŤŞůŦŮūŸŭ, ŷŴŭ ŢŜũŞŦ:
• ū ŢůŞŮŲŤŞůŦŮŷŭ ůŤŭ ŨŤŧůŷůŤůŞŭ ůŴũ ŞŞŦůśŮŢŴũ, ŧŞŦ ůūŸůū šŦŷůŦ ŢůŞ-
ůŬŚūŰũ şŬŞŲŰŲŬŷũŦŢŭ ŰūŲŬŢŹŮŢŦŭ (ŧŞůŞťŚŮŢŦŭ) ŮŢ ŞŧŬūŲŬŷũŦŢŭ ŞŞŦ-
ůśŮŢŦŭ (šřũŢŦŞ), ŧŞŦ
• ū ŢůŞŮŲŤŞůŦŮŷŭ ůūŰ ŸųūŰŭ ůŤŭ ŞŪŜŞŭ ůŴũ ŞŞŦůśŮŢŴũ Űŷ ůŤũ ŚũũūŦŞ
ŷůŦ ŢůŞůŬŚūŰũ ŰūŲŬŢŹŮŢŦŭ ŦŧŬśŭ ŞŪŜŞŭ (ŦŧŬūŸ ŸųūŰŭ ŧŞůŞťŚŮŢŦŭ) ŮŢ
ŞŞŦůśŮŢŦŭ ŢŠřŨŤŭ ŞŪŜŞŭ (ŢŠřŨūŰ ŸųūŰŭ šřũŢŦŞ)
335
.
331. ŃŦŞ ůŤ ũūŦŧś űŸŮŤ ůŴũ ŧŞũŷũŴũ ŢůŞŦŬŦŧśŭ šŦŞŧŰşŚŬũŤŮŤŭ, şŨ. ŞũŞŨŰůŦŧř ŧŞůŴůŚŬŴ, Űŷ
ŧŢűřŨŞŦū Śůū, Ł.2.
332. łŨ.
ńŨŸŭŰůŬ
(2011), ŮŢŨ. 49,
Mülbert, Citlau
(2011), ŮŢŨ. 10-13,
Triantafyllakis
(2010),
ŮŢŨ. 2949,
Kirchner
(2010), ŮŢŨ. 2103,
Van der Elst
(2015), ŮŢŨ. 7. łŨ. ŢŜŮŤŭ
FSA
(2011),
ŮŢŨ. 8-9, ŷūŰ ŷŴŭ ŲŞŬŞŧůŤŬŦŮůŦŧř ŞũŞűŚŬŢůŞŦ Şŷ ůūũ ŬŷŢšŬŷ ůŤŭ: “Key to that debate
should be a recognition that ‘banks are different’, and that society has a strong interest in
bankers taking a different attitude to the balance between risk and return to that which
applies in the rest of the economy”.
333. łŨ.
őŸŨş, ńŨŸŭŰůŬ
(2012), ŮŢŨ. 5.
334. łŨ.
BCBS
(1999), ŞŬ. 8.
335. łŨ. ŞũŞŨŰůŦŧř
ńŨŸŭŰůŬ
(2011), ŮŢŨ. 21, ū ūūŜūŭ ŞũŞűŚŬŢůŞŦ ŧŞŦ ŮŢ ŚũŞũ řŨŨū ŢůŞŮŲŤ-
ŞůŦŮŷ Ůůūũ ūūŜū ŢŜŮŤŭ ŬūşŞŜũūŰũ ūŦ ůŬřŢţŢŭ ŧŞŦ ŞűūŬř ůŤũ ŧŞůŞũūś ůūŰ ŧŦũšŸũūŰ